In 1990, Advanced Information Service (AIS) was awarded the first private BOT mobile project to operate in the NMT and digital GSM 900 MHz frequency range in Thailand. The project duration was initially for 20 years, but was extended to 25 years in 1996.  As a part of its license agreement, AIS had to pay 20-30% of its gross revenues as a royalty fee to the state-owned Telecommunications Organization of Thailand (TOT) during the life of the contract. In early 2003, the Ministry of Finance promulgated a royal decree governing the excise tax rate applicable to the telecommunication industry. This 10% excise tax, collectable on telecommunication service revenues, was deducted from the royalty fees payable to TOT under the previous agreement.  AIS was initially wholly owned by the Shinawatra Communications (Shin Corp) of Thailand. AIS was listed in the Stock Exchange of Thailand (SET) on November 5, 1991.  In February 1999, Shin Corp sold 18% equity to Singtel's subsidiary, Singapore Telecom International Private (STI), which generated over US$218 million (8.28 billion baht).  Of this amount, US$105 million (4 billion baht) was invested in network expansion.  As of 2005, Shin Corp. had a 42.82% stake, STI had 19.25% and various others held the remainder.   The company launched its NMT 900 analogue cellular network in the Bangkok area in October 1990.  The GSM 900 network was launched in October 1994.  In 1996 the company awarded a US$119.3 million contract to Ericsson and a US$18 million contract to Siemens in April 1996. AIS signed additional contracts with Ericsson (US$100 million) and Nokia (US$110 million) in April 1997.  In 1999, AIS again awarded a US$65 million contract to Ericsson to assist in the network expansion to be completed by the first quarter of 2000.  In 2002, the company awarded Nokia with a US$50 million contract to expand its GSM network and a US$155 million contract to Ericsson for its end-to-end GPRS network.  In August 2001, Shin Corp. bought out its then paritaly owned, Digital Phone Company, a mobile competitor of AIS, gaining 98.17% of the company.  Digital had won a 17-year license to launch a nationwide PCN1800 cellular service network in 1996 and was an operator of GSM 1800 digital mobile phone network with registered and paid-up capital of Baht 8,556 million.  Following the US$245 million purchase, Shin Corp made Digital a subsidiary of AIS.   At the end of 2005, AIS served a total of 16.4 million subscribers, comprising 2 million subscribers on AIS GSM and GSM 1800 and 14.4 million subscribers in AIS One-2-Call! and Sawasdee, ahead of major competitors DTAC and TA Orange.    In 2006, AIS expected to spend $407 million in expanding its network footprint and deploying 3G services to its 19.5 million subscribers. Approximately half of the spending was expected to be spent on increasing coverage, while the remainder was expected to be spent on 3G services, pending approval of a 3G telecom policy from the Thai Telecom Regulator, NTC.   In January 2006, the family of Thailand’s former prime minister Thaksin Shinawatra sold its 49.59% stake in Thai conglomerate Shin Corp to Singapore’s Temasek Holdings and a group of Thai investors for THB73.3 billion (USD1.9 billion). Shin Corp owned a 42.9% stake in Advanced Info Systems (AIS). This added the 21.4% share of AIS which Temasek already controlled through its subsdiary company,Singapore Telecommunications (SingTel). Therefore, the total of Temasek shares came to 64.3%.
The project company is responsible for the rehabilitation, improvement and maintenance of Corridor 13 (946 km - 6 toll booths). The project company ownership is divided as follows: Chacofi and EACSA hold 25% each, Nazar holds 20% and Supercemento and Dragados (later part of ACS Group) hold 15% each. The government did not guarantee minimum traffic levels and did not provide any other guarantees initially; the sponsors were also expected to pay a canon during the concession period. When the original contract was re-negociated in 1991, however, the government agreed to pay a subsidy related to VAT contributions, the payment of the canon by the concessionaires was suspended and toll rates were reduced more than 50%. The contract lenght was also extended from 12 to 13 years in 1992. In 1998, the government started negotiating the extention of the contract with the concessionaire.   In 2003 the contract was concluded and the government let six new management contracts that consolidated the twelve toll concessions that concluded in 2003.
The project company is responsible for the rehabilitation, improvement and maintenance of Corridor 12 (481 km - 3 toll booths). The project company ownership is divided as follows: Benito Roggio and Construcciones Civiles J.M. Aragon hold 33.33% each, Nazar holds 13.33% and Supercemento and Dragados hold 10% each. The government did not guarantee minimum traffic levels and did not provide any other guarantees initially; the sponsors were also expected to pay a canon during the concession period. When the original contract was re-negociated in 1991, however, the government agreed to pay a subsidy related to VAT contributions, the payment of the canon by the concessionaires was suspended and toll rates were reduced more than 50%. The contract lenght was also extended from 12 to 13 years in 1992. In 1998, the government started negotiating the extention of the contract with the concessionaire.   In 2003 the contract was concluded and the government let six new management contracts that consolidated the twelve toll concessions that concluded in 2003.
The construction works were concluded in Sep 1992. The US$ 203.1 million project (NP$ 700 million, 1993 value) was financed as follows: 50% with sponsors equity, 20% with transfers from CAPUFE (state owned company that manages public toll roads) and 19% with a loan from Bancomer. The estimate average daily traffic flow was 1,500 vehicles, but the actual volume was 1,250 vehicles. Consorcio del Mayab's ownership is divided as follows: Canteras Peninsulares holds 21.5%, Constructora Mool holds 10.7, Inmobiliaria Sucasa del Sureste holds 8.9 and the remaining shares are divided among other companies.  On April 1, 2008 Mexican constructor and operator Empresas ICA closed the Ps870 million (US $81 million) acquisition of the Autopistas del Mayab toll concession in Mexico. The sellers include Canteras Peninsulares, Constructora Mool, Inmobiliaria Sucasa del Sureste, and CL Construcciones.
The construction of the toll road started in Aug. 1990 and was completed in Feb. 1993. The estimated traffic volume daily was 3,115 vehicles, but the actual volume as lower. Financial closure was initially achieved as follows: 20% in equity; 80% in debt from BANOBRAS (state owned bank). This project was turned back to the government in the end of 1997 (among other 22 projects), because its performance was well below the estimated; the Mexican government agreed to pay the sponsor's debt related to the project and the concessionaire agreed to turn the operations to the government in 1999. (Note: all values were converted to 1990 values from their original 1993 values.)
The project includes the expansion of an existing road and maintenance for a 21-year period. The construction works, which started in 1993, were completed in Jan. 1999. Financial closure for the US$ 330 million invested until 1998 was achieved as follows: of the US$ 330 million, 52.5% was provided by the provincial government, 33% was raised from toll revenues and 14.5% was provided by the consortium. The annual average flow of vehicles is 2.5 million. The project's sponsors include ACS Group (under their subsidiary Dragados Group's Dycasa), Benito Roggio e Hijos S.A., Construcciones Civiles J.M. Aragon S.A., and Esuco S.A.  In 2006 the provincial government requested to terminate the concession contract indicating the concessionaire's inability to finance required work.  In 2011, the provincial government created the "Corredor Vial Integrado del Atlantico" that includes the Ruta Provincial Nº2 (the present concession, project ID 881) and the Rutas Provinciales Nº 11 (project ID 3179), Nº 36, Nº 56, Nº 63 and Nº 74. The whole corridor was transferred to a single new Concessionaire Autovia del Mar (project ID 7580) in June 2011. Covisur remained with only Dolores-Mar del Plata section (Maipur toll) of Ruta Provincial Nº2 till 2016.
The project company was 50% owned by the private operator (Alfa Omega) and 50% by the state of Jalisco. Its construction started in May. 1990 and ended in Jul. 1991. Financial closure was achieved as follows: 33% in equity from the private sponsor, 13% in equity from the state government, 10% in transfers from CAPUFE (state owned company that manages public toll roads), and 45% in debt from Banamex. This project has been selected to be turned over to the government in 1999: the sponsor difficulties in honoring the project related debt led  to the establishment of an agreement in the end of 1997 in which the government will pay the sponsor's debt in exchange for the concession rights (the government will start operating the road in 1999). (Note: all values were converted to 1990 values from their original 1993 values.)
The project company is responsible for the rehabilitation, improvement and maintenance of Corridor 6 (479 km - 3 toll booths). The project company ownership is equally divided among the sponsors: Asfalsud SAICFIIyE, Bacigalupi y De Estefano Ing. Civiles SAICIA, Bonfanti y Di Biasio SC, Cocyvial SRL, Coemyc SA, Copye SACIFAM, Empresa Constructora Delta SA, Enrietto Dante EU, Estructuras SACICIF, Glikstein y Cia SACIAM, ICF SA, Nestor J. Guerechet EU, Noroeste Construcciones SA, and Tesca SA (each holds 7.14285%).   The government did not guarantee minimum traffic levels and did not provide any other guarantees initially; the sponsors were also expected to pay a canon during the concession period. When the original contract was re-negotiated in 1991, however, the government agreed to pay a subsidy related to VAT contributions, the payment of the canon by the concessionaires was suspended and toll rates were reduced more than 50%. The contract length was also extended from 12 to 13 years in 1992. In 1998, the government started negotiating the extension of the contract with the concessionaire.   In 2003 the contract was concluded and the government let six new management contracts that consolidated the twelve toll concessions that concluded in 2003.
In August 1987, the Turkish government, through its Public Participation Administration (KOI), partially divested its shares in state owned electricity supplier Kepez Elektrik TA. S. At the time of the divestiture Kepez owned three hydro plants with a total installed capacity of 261-MW. From 1987 to 1993 KOI continued to sell Kepez shares on the Istanbul stock exchange. By early 1993 about 43.68% of CEAS shares were privately owned and traded on the Istanbul stock market. In February 1993, a local company Rumeli Holding, based in Istanbul and wholly owned by the Uzan family, acquired a 25.4% stake in Kepez from KOI for a reported $33 million.  In the summer of 2003 Turkey’s independent energy market regulator (EPDK) seized Kepez, in effect transferring it back to the Turkish state. The official reasons offered by the Turkish ministry of Energy for the seizure were “constant violations of regulatory and contractual obligations". More specifically, the Uzan family was accused of breaking electricity market legislation passed in September 2002 by owning both electricity producer CEAS and distribution company Kepez Elektrik. The legislation was backed by the IMF and aimed to liberalize the power industry. The Uzan family was required to comply with the legislation by transferring transmission rights from Kepez Elektrik to the state Electricity Transmission Company (TEIAS) by February 2003. The Uzan family refused to comply, leading to the seizure of both companies. Following the seizure of Kepez by the EPDK the company had its operating license suspended in June 2003 and was de-listed from the Istanbul stock market the same month.  In September 2011, the ICSID ruled in favor of Turkey in the dispute against the Uzan family, which started in 2004.
The project company is responsible for the rehabilitation, improvement and maintenance of Corridor 11 (714 km - 3 toll booths). The project company ownership is divided as follows: Benito Roggio and Construcciones Civiles J.M. Aragon hold 33.33% each, Nazar holds 13.33% and Supercemento and Dragados hold 10% each. The government did not guarantee minimum traffic levels and did not provide any other guarantees initially; the sponsors were also expected to pay a canon during the concession period. When the original contract was re-negociated in 1991, however, the government agreed to pay a subsidy related to VAT contributions, the payment of the canon by the concessionaires was suspended and toll rates were reduced more than 50%. The contract lenght was also extended from 12 to 13 years in 1992. In 1998, the government started negotiating the extention of the contract with the concessionaire.   In 2003 the contract was concluded and the government let six new management contracts that consolidated the twelve toll concessions that concluded in 2003.
The project involved a four lane, 25 km highway which run from the Tlaxcala state capital of the same name to neighboring Puebla state's San Martin Texmelucan city. The construction works were concluded in September 1990 and were financed as follows: 20% with private equity, 8% with state government equity, 11% with transfers from CAPUFE (state owned company that manages public toll roads) and 63% with a loan from Bancomer. The actual average daily traffic flow was lower than expected (actual - 3,700; estimated - 4,500), which caused the internal rate of return to fall short of the estimated value (actual -22%; estimated - 29%). The government is studying the possibility of eliminating the toll charges on this road (as of Jan. 1998).   The consortium that won the project tendered was composed by included ICA SA de CV,  Gutsa Construcciones S.A. de C.V.,  Iconsa  ,  Construcciones Urbanas de Mexico , Caminos y Urbanizaciones,  Constructora Estrela , Constructora y Edificadora Mexicana. The ownership of the project company is divided equally among the private partners.  In November 2010, Promotora y Operadora de Infraestructura (PINFRA) a company dedicated to the management of infrastructure projects, purchased for $350 million pesos the road stretch Tlaxcala - San Martin Texmelucan as part of its strategy to accumulate profitable transport concessions.
TeleYemen was a 10-year rehabilitate, operate and transfer concession established in 1989 and renewed in 1999 for another four-years.  The joint venture was led by the UK's Cable and Wireless (51%) and Yemen's state-owned Public Telecommunications Corporation (PTC) (49%). TeleYemen was authorized to provide international direct dialling, internet, and cellular phone services. The international services were in place before the establishment of TeleYemen, and were then operated solely by Cable and Wireless. TeleYemen launched a cellular mobile telephone service in May 1992 which covered the major centres of population in Yemen by 1998. The company had around 40,000 International Direct Dial consumers, 12,245 mobile users and 250,000 fixed line subscribers by 1998. In 2001 and 2002, the company initiated a network upgrade that added significant capacity to the system, and by 2002, it had 400,000 fixed lines, and 27,837 mobile users.   Cable & Wireless (C&W) officially concluded its concession contract with TeleYemen on December 31, 2003.  PTC acquired C&W's shares and became the sole public owner of the company.  Six international companies submitted bids by the October 1, 2003 deadline for the five-year contract to manage TeleYemen.  TeleYemen provided fixed-line, telex, internet and analogue mobile services to some 70,000 subscribers by end 2003.
The project company is responsible for the rehabilitation, improvement and maintenance of Corridor 20 (309 km - 4 toll booths). The project company ownership is divided as follows: Benito Roggio holds 52% and the other sponsors hold 8% each (Boetto y Buttigliengo S.A.; Romero Cammisa Construcciones; Construcciones de Ingenieria S.A.; Arvial S.A.; Vimeco; Afema). The government did not guarantee minimum traffic levels and did not provide any other guarantees initially; the sponsors were also expected to pay a canon during the concession period. When the original contract was re-negociated in 1991, however, the government agreed to pay a subsidy related to VAT contributions, the payment of the canon by the concessionaires was suspended and toll rates were reduced more than 50%. The contract lenght was also extended from 12 to 13 years in 1992. In 1998, the government started negotiating the extention of the contract with the concessionaire.   In 2003 the contract was concluded and the government let six new management contracts that consolidated the twelve toll concessions that concluded in 2003.
Telefonos de Mexico (Telmex) was the state owned company of Mexico which provided local, national, and international long distance services in the whole country. The privatization of Telmex started in 1990 when a 20.4% stake was sold for US$ 1,757 million to a consortium integrated by Grupo Carso (Mexico), France Telecom, and Southwestern Bell International Holdings, a subsidiary of SBC. In a second transaction, a 15.7% stake was sold through domestic and international public offerings for some US$ 2,170 million in 1991. That year, SBC also exercised its option to buy 5.1% stake for US$ 467 million. The Mexican government sold an additional 4.7% stake for US$ 1,500 million through domestic and international public offerings in 1992. The government sold 3.3% stake for US$ 1,000 million in 1993 and the remaining 1.5% stake for US$ 550 million in January 1994.  By 1998, Grupo Carso controlled the company. France Telecom had 6 percent of Telmex, SBC Communications had 10 percent. In 2005 the ownership structure comprised Carsco Telecom (49.1 percent), SBC Communications (8.6 percent), other Mexican investors (1.5 percent) and minority shareholder (40.8 percent).   Telmex received a six year exclusivity period to operate basic local, national and international phone services. In exchange, Telmex committed to increase by 10% the installed lines during the period of exclusivity. Telmex also committed to install a public phone in any rural town inhabitants of 500 or more. In addition, Telmex was obliged to dramatically improve service quality in aspects such as completion for calls, repair response time, operation response time, waiting time for obtaining a new line, among other aspects. Telmex also agreed with the government to progressively eliminate the cross-subsides from long distance to local services. The company obtained one of the two bands to provide cellular phone services to the whole country.   Telmex, under the trademark Telcel, competes with different regional companies in the cellular market since early 1990s. Telmex was also awarded, through a competitive bidding process, one band of 1990 MHz in all nine regions for personal communications services and for two bands of 3.4 and 3.7 GHz in all regions for wireless local loop services in 1998. Telmex increased the number of installed fixed phone lines from 790,000 to 12 million between 1990 and 2000. The company dramatically increased its cellular phone service, which had 10.5 million subscribers by February 2001.    In 2005, Siemens AG's Siemens Communications, Inc. was chosen by Telmex, to deploy its Surpass Next Generation Networks solution and Ciena Corp. for the provision of fiber optic telecommunications equipment.  As of December 31, 2011, America Movil controlled 97.2% of Telmex through direct and indirect ownership.
This toll road project is divided in two sections: Gomez Palacio - Cuencame, which has 103 km extension and cost of US$ 145 million (US$ 160.2 million, 1993 value); and Cuencame - Yerbanis, which has 32 km extension and cost of US$ 55 million (US$ 61.1 million, 1993 value). The first section has an actual average daily traffic flow of 1,525, even though this value was first estimated to be 37,500 (this represented a fall in the internal rate of return from 37% to - 5%). Financing was provided by Banco Internacional. Autopista de Cuota is headed by Coconal, which holds 60% of the shares, while the remaining shares are held by local companies.
In September 1990, Buenos Aires’ provincial government signed a 15 year concession contract with Camino del Atlantico SA CV for the operation of Provincial route 11. In 2002 the concession was extended for additional six years.   Camino del Atlantico SA CV, which was owned by Coarco SA,  was selected based on the highest revenues sharing with the provincial government. The winning consortium offered to transfer 50.01% of gross toll revenues. There was not public information on investment commitments made by the concessionaire.  In 1991 the concession was renegotiated and the new agreement included:  • Eliminating concession fees • Setting different tariffs by station, which were lower than maximum tariff. • Changing investment plan during the concession period. • Relating toll booths. • Accepting the indenmization request by the concessionaire for the temporary suspention of toll fees. The elimnation of concession fees questioned by the provincial comptroller because it was the selection criteria for awarding the contract. In May 2002, the provincial government restablished the concession fees because the concession revenues were higher than tose required for maintaining the concession profiability    In 2006, the provincial government request to cancel the contract due to the financial inability of the concessionaire to finance the investment program planned by the provincial government.  In 2011, the provincial government created the "Corredor Vial Integrado del Atlantico" that includes the Ruta Provincial Nº11 (the present concession, project ID 3179) and the Rutas Provinciales Nº 2 (project ID 881), Nº 36, Nº 56, Nº 63 and Nº 74. The whole corridor was transferred to a single new Concessionaire Autovia del Mar (project ID 7580) in June 2011. Camino del Atlantico SA was financially compensated by Autovia del Mar SA for the early termination of the contract.
The construction works started in Nov. 1989 and were concluded in Mar. 1991. Financing for the project was obtained as follows: 25% as equity, 62% as debt from Bancomer and 13% as transfers from CAPUFE (state owned company that manages public toll roads). The estimated average daily traffic flow was 4,325 vehicles, but the actual volume was only 2,544.  On September 2005, Impulsora Del Desarrollo Y El Empleo En América Latina (IDEAL) bought the road concessionaire Autopista Tijuana Mexicali from previous owner Constructora La Nacional for an undisclosed amount.
The toll road is located in the west coast of Mexico and is one of the main routes to Manzanillo. The construction works started in Sep. 1990 and were concluded in Aug. 1991. PAPSA is 68% owned by Tribasa and 29% by CIESA (Tribasa acquired CIESA in 1993). The construction and initial operations were funded by contractor financing, private local commercial financing and financing obtained through local Mexican capital markets. The toll revenues were securitized in Nov. 1993 (Tribasa Toll Road Trust is the second trust securitization issued by Tribasa). (Note: all values were converted to 1990 values from their original 1993 values.)
The project company is responsible for the rehabilitation, improvement and maintenance of Corridor 16 (404 km - 3 toll booths). The project company ownership is divided equally among the sponsors. The government did not guarantee minimum traffic levels and did not provide any other guarantees initially; the sponsors were also expected to pay a canon during the concession period. When the original contract was re-negociated in 1991, however, the government agreed to pay a subsidy related to VAT contributions, the payment of the canon by the concessionaires was suspended and toll rates were reduced more than 50%. The contract lenght was also extended from 12 to 13 years in 1992. In 1998, the government started negotiating the extention of the contract with the concessionaire.  In 2003 the contract was concluded and the government let six new management contracts that consolidated the twelve toll concessions that concluded in 2003.
The project company is responsible for the rehabilitation, improvement and maintenance of Corridor 10 (322 km - 2 toll booths). The project company ownership is divided as follows: Benito Roggio holds 50%, Construcciones Civiles J.M. Aragon holds 33%, Nazar holds 7% and Supercemento and Dragados hold 5% each. The government did not guarantee minimum traffic levels and did not provide any other guarantees initially; the sponsors were also expected to pay a canon during the concession period. When the original contract was re-negociated in 1991, however, the government agreed to pay a subsidy related to VAT contributions, the payment of the canon by the concessionaires was suspended and toll rates were reduced more than 50%. The contract lenght was also extended from 12 to 13 years in 1992. In 1998, the government started negotiating the extention of the contract with the concessionaire. The total investment in the first 7 years of the project was US$ 97 million; the company is constructing the link between Rosario - Armstrong, which has 80 km of length and will cost US$ 36 million (it should be concluded by 2003).  In 2003 the contract was concluded and the government let six new management contracts that consolidated the twelve toll concessions that concluded in 2003.
Port Authority of Thailand (PAT) is a public utility state enterprise under the general supervision of the Ministry of Transport and Communications. Laem Chabang Port (LCP) is a commercial port under the management of PAT. LCP is comprised of 10 berths, 8 of which are leased to private sector operators who are responsible for investment in cargo handling equipment. In Dec. 1990, TIPS Co. Ltd. has been granted by PAT the concession to operate berth No. B4 in Laem Chabang Port. TIPS Co. Ltd has been established in October 1990 as a joint business venture company between the NGOW HOCK Group (Regional Container Lines Co. Ltd. (RCL), Siam Paetra International Co. Ltd. (SPIC)) and the shipping lines N.Y.K. Line and Mitsui O.S.K. Lines.   15-year contract extensions were signed in Nov. 1997 with Evergreen Container Terminal (Thailand) for terminal B2, Eastern Sea Laem Chabang Terminal for terminal B3, and TIPS for B4 calling for a doubling of container handling capacity and related equipment investments by the companies.
The project company is responsible for the rehabilitation, improvement and maintenance of Corridor 7 (242 km - 2 toll booths), Corridor 8 (694 km - 3 toll booths) and Corridor 9 (298 km - 2 toll booths). The project company ownership is divided as follows: Sideco Americana holds 76.69% and Lippstad S.A. holds 23.31%. The government did not guarantee minimum traffic levels and did not provide any other guarantees initially; the sponsors were also expected to pay a canon during the concession period. When the original contract was re-negociated in 1991, however, the government agreed to pay a subsidy related to VAT contributions, the payment of the canon by the concessionaires was suspended and toll rates were reduced more than 50%. The contract lenght was also extended from 12 to 13 years in 1992. In 1998, the government started negotiating the extention of the contract with the concessionaire.   In 2003 the contract was concluded and the government let six new management contracts that consolidated the twelve toll concessions that concluded in 2003.
The construction of this toll road started in Oct/89 and was completed in May/91. Though the actual average traffic volume of 3,023 vehicles was higher than the estimated amount of 2,450 vehicles, the sponsor internal rate of return on the project was -4%, while the estimated rate was 80%. For this reason, the government included this project among the concessions that were turned back to the government in the end of 1997 (the concessionaire, though, will operate the toll road until 1999). Financial closure for the project was initially achieved as follows: 40% in equity and 60% in debt from Serfin. (Note: all values were converted to 1989 values from their original 1993 values.)
Since November 1999, Telecom Argentina (TelA) has been one of the four providers of fixed and mobile (local and long distance) phone services in Argentina. It competes nationally with Telefonica de Argentina, Movicom Bell South, and Compania de Telefonos del Interior. TelA was created in 1990 from the assets of the state-owned company Empresa Nacional de Telecomunicaciones de Argentina (ENTel) to provide basic telephone services in the Northern region of Argentina. ENTel's assets were also divided into Telefonica de Argentina (basic local and long distance services in the southern region), Telintar (international telephone services), and Startel (competitive services such as value added, telex, trucking, and paging).   The shares of the four companies created from ENtel were separated in two packages for their privatization. One, known as Telecom de Argentina, consisted of Telecom de Argentina (local and long distance services through fixed lines), 50% of Telintar (international services), 50% of Startel (competitive services), and 50% of the right to operate the second band of cellular phone services for the entire country. The other package consisted of Telefonica Argentina and the remaining stakes in Telintar, Startel and the cellular license.   A 60% stake in the package of Telecom de Argentina was sold through a competitive bidding to consortium led by to STET and cable and radio, a subsidiary of France Telecom, in November 1990. The consortium was also integrated by Perez Company  (25%) and JP Morgan (10%). The private consortium paid US$ 100 million in cash and US$ 42,295 million in debt papers valued at their face value. Considering the market value of Argentinean debts papers at the time of the Telecom privatization ($0.19 per $1 nominal debt), the winning consortium paid $538 million for 60% controlling stake. In a second transaction, a 10% stake in TelA was sold to Entel's employees for $16.7 million, which represented the same price per share paid in cash by the winning consortium. In a third transaction, the remaining 30% stake at Telecom was sold through public offerings for 1,227 million in December 1991. TelA privatization included a 7-year exclusive period (from November 1990 to November 1997) to provide local and long distance services within its concession area and to provide international services through its affiliated Telintar.   The exclusive period might be automatically extended for additional three years based on fulfillment of minimum performance requirements. TelA was required to add 609,500 customers (6.2% annual growth rate) in exchange of the seven-year exclusive period, but it would be to increase its customers by 792,000 to secure a three-year extension of its exclusive period. The company increased the number of lines from 1.4 million to 3.09 million between 1990 and 1997, thereby extending the monopoly rights of TelA until November 1999. In addition, Telintar, the joint venture for international phone services, was dissolved in December 1998, and the assets were equally distributed between Telefonica de Argentina and TelA. The other 50% went to Telefonica de Argentina (TCP).   In 2003, Argentine regulators approved the sale of France Telecom's indirect 55 percent stake in fixed-line server Telecom Argentina. Investment group W de Argentina (Los W Group, part of local investment group Werthein) was reported to have agreed to pay US$121 million for France Telecom's 48% stake in Sofora Telecomunicaciones SA. Sofora is a new holding company created by Telecom Italia and France Telecom and owns a 51% stake in Nortel Inversora SA. Nortel Inversora in turn owns 55% of Telecom Argentina.   In 2005, France Telecom filed for arbitration to the International Centre for the Settlement of Investment Disputes (ICSID) against the Argentinean Government on the ground that the price freeze of public services has caused it financial damages.  The claim against the Argentine Government was withdrawn in 2006.  A settlement was agreed upon by the parties and the proceeding  discontinued. (Order taking note of the discontinuance pursuant to Arbitration Rule 44 issued by the Acting Secretary-General on March 30, 2006).
In 1990, Hopewell Holdings' subsidiary Hopewell (Thailand) Ltd signed a 30-year Build, Operate, and Transfer (BOT) contract with the national government of Thailand headed by Chatichai Choonhavan. The contract was for a joint rail and road system, with a 6-lane expressway constructed above a railway and commuter train circuit. It was planned as a one-off project, that gives Hopewell exclusive rights to the route and neighboring land. Of the 60km route, 53km follows the route of the old state railway. Government ownership of this section reduced land acquisition problems. At the time of signing, projected investment required in the project was over US$ 3 billion. Hopewell pledged to give the government US$11.7 million upon signing the agreement, US$ 148.4 million during the first eight years, US$ 544.7 million during the next 15 years, and US$ 1,408 million for the remaining 7 years.   Hopewell envisaged property construction on neighboring land as providing a significant part of the projects' revenue. Political problems, including frequent changes of government, and currency turmoil slowed down the project before its first year ended. Hopewell tried to negotiate tariff increases to cover currency inflation and the downturn in the local property market, but did not receive government consent.   In October 1997 the Thai Government cancelled the project, citing the financing problems and continual delays. Hopewell confirmed that construction had been suspended and indicated that it was making a US$647 million provision in its accounts to cover expected losses from the project.  A new Prime Minster came into power in late 1997. The cancellation was reviewed, but the new Thai Government reaffirmed the decision of the previous administration to cancel the project.  In February 1998, the Thai Minister of Transport and Communications sent a letter to Hopewell, reaffirming the cancellation of the project.    Shortly after cancellation, both parties publicly threatened legal action. Hopewell made a public statement indicating its intention to recover injected equity to the tune of US$640 million through arbitration.  However, the Government stated that no arbitration was required, the project was not completed as contracted, and announced that the project would be re-bid.
The project company is responsible for the rehabilitation, improvement and maintenance of Corridor 3 (508 km) and Corridor 4 (697 km). Each corridor has 3 toll booths. Financing for the project was provided by Techint Cia Tecnica Internacional S.A. The government did not guarantee minimum traffic levels and did not provide any other guarantees initially; the sponsors were also expected to pay a canon during the concession period. When the original contract was re-negotiated in 1991, however, the government agreed to pay a subsidy related to VAT contributions, the payment of the canon by the concessionaires was suspended and toll rates were reduced more than 50%. In 1998, the government started negotiating the extension of the contract with the concessionaire.  In 2003 the contract was concluded and the government let six new management contracts that consolidated the twelve toll concessions that concluded in 2003.
Iusacell was awarded licenses to operate cellular phone services in four regions in Mexico in 1990. The company was owned by Bell Atlantic and Grupo IUSA by 1997. Iusatel, a wholly-owned subsidiary of Iusacell, was awarded a concession to operate as a national and international long distance carrier in February 1996. Iusatel was one of the eight companies that obtained a concession to operate as long distance carrier between 1995 and 1996. Such licenses were issued as part of Mexico's liberalization strategy of its telecommunications market.    Iusatel's project consisted of building a 7,500 km fiber cable in Mexico to provide its long distance services. The total project cost was estimated as US$ 410 million, according to Comision Federal de Telecomunicaciones (Cofetel), the Mexican regulatory agency for telecommunications. The first phase of this project was operational by the end of 1996 and cost around US$ 300 million.   In 1993, the IFC approved an US$ 27 million financing package to Telecomunicaciones del Golfo, the telephone system serving Mexico's VII region (US$ 1 million direct loan; US$ 18 million syndications; US$ 0.6 million equity; and US$ 7.4 million quasi-equity).  Iusacell has invested around US$ 600 million in developing its telecommunications network by 1997. The company invested US$ 283 million in 1998. Such figure included the US$ 58 million that the company paid for PCS license (spectrum fees) in the regions 1 and 4.    In 1999, the company awarded a US$ 60 million contract to Lucent Technologies.  In 2000, the company awarded a US$ 3.8 million contract to Fujitsu Network Communications to construct an SDH fiber optic transport network to construct the three largest cities in Mexico: Mexico City, Monterrey and Guadalajara.  In April the company also raised US$ 250 million through issuing an American Depository Receipt (ADR) arranged by JP Morgan and Warburg Dillon Read to fund cellular capacity, as well as the first phase of the launch of PCS services, which is planned for the third quarter 2000.  By the end of the first quarter 2000, the company had over 1.3 million prepaid subscribers.  Also in 2000, Vodafone of the UK purchased a 34.5% stake in Iusacell for $973.4 million.    In the 4th Quarter 2001, the company closed the acquisition of Grupo Portatel, SA de CV, the A-band cellular carrier in Region 8 (States of Chiapas, Tabasco, Yucatan, Campeche, and Quintana Roo), and successfully completed a $100 million rights offering. Portatel del Sureste was originally awarded a license to operate the cellular phone services in Region 8 in 1990 and started to operate in November 1990. Its operations are now consolidated into Iusacell.   In 2003, Verizon and Vodafone sold their stakes, 39.4 percent and 34.5 percent respectively, in Iusacell to Movil Access. Mexican investor Ricardo Salinas is the owner of the Mexican paging firm Movil Access. Salinas acquired the combined 73.9 percent stake for US$10 million plus US$811 million of debt that was partly in default as of 2003.   In 2005, Isuacell terminated its ADR program and delisted its ADRs from The New York Stock Exchange. Also in 2005, Iusatel was granted an authorization from SCT to provide fixed local wireline telephony nationwide (valid for the duration of the long distance concession) and for which is obligated to build 15 urban fiber rings in 5 Mexican cities.  In April, 2007, the shareholders of Unefon approved the merger with a mobile operator, Iusacell, which issued around 34.2 million new shares to Unefon shareholders. At the time of the merger, Iusacell was valued at US$1.0 billion and Unefon at US$333.3 million.  The newly merged operator will have around 3.4 million subscribers, a market share of around 7%.  In January 2015, the American company AT&T acquired Lusacell for US$ 2.5 billion.
The project company is responsible for the rehabilitation, improvement and maintenance of Corridor 5 (421 km - 2 toll booths; cost: US$ 89 million) and Corridor 17 (540 km - 3 toll booths; cost: US$ 99 million). The project company ownership is equaly divided among the sponsors. The government did not guarantee minimum traffic levels and did not provide any other guarantees initially; the sponsors were also expected to pay a canon during the concession period. When the original contract was re-negociated in 1991, however, the government agreed to pay a subsidy related to VAT contributions, the payment of the canon by the concessionaires was suspended and toll rates were reduced more than 50%. The contract lenght was also extended from 12 to 13 years in 1992. In 1998, the government started negotiating the extention of the contract with the concessionaire.   In 2003 the contract was concluded and the government let six new management contracts that consolidated the twelve toll concessions that concluded in 2003.
This toll road project is divided into two segments: the Cordoba-Veracruz part, which has 98 km of length and cost of US$ 299.5 million; and the La Tinaja-Cosoleacaque part, which has 230 km of length and cost of US$ 874.4 million. The construction of both segments has been completed. Pycsa and GMD held 45% of the project company shares, each; Promocion Empresarial Integracciones held 10%. This project has been selected to be turned over to the government in 1999: the sponsor difficulties in honoring the project related debt led  to the establishment of an agreement in the end of 1997 in which the government will pay the sponsor's debt in exchange for the concession rights. (Note: all values were converted to 1990 values from their original 1993 values.)
This project was divided into two phases: Plan de Barrancas I and II (the first phase had an extension of 22 km). The construction phase has been completed and financial closure was achieved with sponsor's equity (25%) and debt from international financial institutions (75%). The concession period would last until the year 2010, but the financial difficulties faced by the sponsor led the Mexican government to include this project in its "bail out" program (the government will pay the sponsor's debt related to the project and the concession will be turned back to the government in 1999).
The project company is responsible for the rehabilitation, improvement and maintenance of Corridor 18 (618 km - 4 toll booths). The project company ownership is divided as follows: Welbers holds 31%, Parenti and EACA hold 17% each, Babic holds 15% and Conevial and Codi hold 10% each. The government did not guarantee minimum traffic levels and did not provide any other guarantees. When the original contract was re-negociated, however, the government agreed to pay a subsidy related to VAT contributions (the contract lenght was also extended from 12 to 13 years in 1992). In November 1998, the concession length was again extended from 13-year period to 28 years; the consortium is investing US$ 62 million on the 42 km link between Zarate and Ceibas and US$ 10 million on the link between Concordia and Paso de los Libres. The company has invested US$ 171 million in the first 8 years of the concession, US$ 141 million in construction works and US$ 30 million in maintenance; it has achieved US$ 185 million in toll revenues.
The construction works started in Sep. 1990 and were concluded in Aug. 1992. The project company ownership is distributed as follows: ICA has 51% and Tricesa (Tribasa - 80%; CIESA, acquired by Tribasa in 1993 - 20%) has 49%. Financial closure was initially achieved as follows: 25% in equity from private sponsors, 18% in equity from the state government, 25% in transfers from CAPUFE (state owned company that manages public toll roads) and 32% in debt from Bancomer. This project has been selected to be returned to government management: the fact that the project revenues were overestimated and the devaluation crisis contributed for the sponsors difficulties in paying project related debts; the government is bailing out the sponsors and from 1999 on, the management of the toll road will return to the public sector. (Note: all values were converted to 1990 values from their original 1993 values.)
Telecom Services Kiribati Ltd. (TSKL) was established in 1990 as a Joint Venture between the Government of Kiribati (51%) and OTCI (Overseas Telecommunications Commission International) (later known as Telstra) of Australia (49%) to provide all telecommunication services for the republic of Kiribati.  The international services were provided by satellite using Intelsat 174E and VHF and HF radio serve all Outer Islands except Kiritimati Island, which was served via satellite. Outer Island communications were expected to be upgraded with satellite, microwave and WLL systems in 1999-2000. TSKL had an Alcatel E10B Switch on Tarawa and Kiritimati Island, and services were distributed via buried cable.  The company had a mobile unit, FrigateNet, available on South Tarawa only.   Although the joint venture had exclusive rights until 2005, Telstra sold its 49% stake in TSKL back to the government in May 2001. The company reportedly had been profitable in urban areas and claimed to have significantly improved the quality of service, billing operations, and default rates. However, Telstra and the government were unable to find suitable options regarding improvements to outer island service that could be justified on an economic basis. Telstra, therefore, decided to exit the project early due to economic considerations.  As of 2005, the Government of Kiribati continued to operate TSKL.
The project company is responsible for the rehabilitation, improvement and maintenance of Corridor 1 (665 km - 3 toll booths) and Corridor 2 (297 km - 2 toll booths). The project company is 55% owned by Dragados (Dragados later merged with ACS Group) and 45% by Perales Aguiar. The government did not guarantee minimum traffic levels and did not provide any other guarantees initially; the sponsors were also expected to pay a canon during the concession period. When the original contract was re-negotiated in 1991, however, the government agreed to pay a subsidy related to VAT contributions, the payment of the canon by the concessionaires was suspended, and toll rates were reduced more than 50%. The contract length was also extended from 12 to 13 years in 1992. In 1998, the government started negotiating the extension of the contract with the concessionaire.   In 2003 the contract was concluded and the government let six new management contracts that consolidated the twelve toll concessions that concluded in 2003.
Libramiento Poniente de Tampico is a 15- km toll road operated by one of the largest Mexican construction companies, ICA S.A. de C.V. Financial closure was initially achieved as follows: 25% in sponsor's equity; 75% in debt from Serfin. Because of the devaluation occurred in Mexico in 1994 as well as problems related to the concession contract (the volume of actual traffic daily of 800 vehicles is much lower than the estimated amount, 2,500; the toll rates are considered very high), this concession project is among the 23 projects turned back to the government in the end of 1997. The government will pay the debts related to the projects and the private companies will operate the toll roads until 1999. Obs: all values were converted to 1989 values (originally they were in 1993 values).
Telefonica de Argentina (TdA) is one of the four telephone providers in Argentina. Since 1999, it has competed nationally in local, long distance and mobile phone services with Telecom Argentina, Movicom Bell South, and Compania de Telefonos del Interior. Telefonica Argentina was created in 1990 from the state-owned company ENTel Argentina to provide the basic phone services in Southern part of Argentina. ENTel's assets were also divided in: Telecom Argentina (basic phone services in the Northern region), Telintar (international telephone services), and Startel (competitive services such as value added services, telex, trucking, and paging throughout the country). The four companies were separated in two packages for their privatization. One consisted of TdA, 50% of Telintar, 50% of Startel, and 50% of the right to operate the second band of cellular phone services in the country. The other package consisted of Telecom Argentina and the remaining stakes in Telintrar, Startel and the cellular license.   A 60% stake in TdA was sold through a competitive bidding to a consortium led by Telefonica International and CEI Citicorp in November 1990. The private consortium paid US$114 million in cash and US$2,705 million in debt papers valued at their face value. Considering the market value of Argentine debt papers at the time of the privatization (US$0.19 per US$1 nominal debt), the winning consortium paid US$631 million for the 60% controlling stake. In a second transaction, a 10% stake in TdA was sold to ENTel's employees for US$19 million. In a third transaction, the remaining 30% stake in TdA was sold through international public offerings for US$838 million in December 1991. Telefonica de Argentina's privatization included a seven year exclusive period (from Nov 1990 to Nov 1997) to provide local and long distance services within its concession area and to provide international services through Telintar.   The exclusive period might be extended for three years based on fulfillment of minimum performance requirements. TdA was required to add 625,000 customers (or 5.3% annual growth rate) in exchange of the exclusive period, but it would be to increase its customers by 811,000 to secure the extension of its exclusive period. The company was also required to double the number of public phones.  Because of capacity expansion from 1990 to 1997, the government extended the monopoly rights of TdA until November 1999.   Telintar was dissolved in December 1998 and the assets were equally distributed between TdA and Telecom Argentina. The company invested around US$98 million in Telintar between 1991 and 1997.   TdA's mobile assets were restructured in 1999 and 2000 whereby Telefonica Comunicaciones Personales (TCP) assumed control over all of Telefonica's mobile assets in Argentina. Following this reorganization, TdA focused on fixed local and long distance telephone services.  In 2003, Telefonica SA filed a claim against the Argentinean government with an international arbitration tribunal (International Centre for Settlement of Investment Disputes - ICSID). Telefonica claim compensation for losses in its investments in Argentina due to frozen rates and devaluation of currency.  The arbitration was suspended with the Argentine government in 2006 and formally with the ICSID in 2007.
Comcel was granted a nationwide concession to provide cellular phone services in 1989. Comcel is a privately owned consortium led by Millicom International Cellular SA (55%) and Communications Celulares. The company started its commercial operations in October 1990. Comcel signed a $20 million contract with Motorola to expand its Amps network in 1995.   Aggregated investment figures were not available because the company classified such information as confidential. Comcel obtained loans from ABN Amro Bank for US$ 33 million in 1995-97. Comcel competed with Telefonica, Telmex, and Bell South by 2000.  In late 2003, Comcel announced plans to install, by contracting with Millicom International Cellular, a GSM 800 network in its service area. The amount of the investment was not released.
Manila Electric Company or Meralco is the largest electricity distribution company in Manila and one of the largest private sector companies in the Philippines. Meralco has a monopoly franchise with a concession area of 9,328 square km (3% of the country's territory). The concession area comprises the whole of Metro Manila and some parts of Luzon, covering 25 cities and 86 municipalities, an area that produces about 50% of Philippine GDP.   Meralco had an exclusive franchise for the area. In 1996, Meralco served 2.9 million customers to whom it delivered 20.3 billion kWh or 55.4% of the total energy generated in the Philippines.  In 2005 Meralco served 4.3 million customers, and delivered 24.8 billion kWh.  Meralco's main electricity provider is National Power Corporation, a state owned company and the main Philippine generator. Meralco started to sign power purchase agreements with independent power producers (IPPs) in the 1990s. These IPPs were the result of the Philippine Fast Track Power Program and Power Development Program. By December 1997, Meralco had signed power supply agreements with three IPPs with capacity totaling 1,000 MW: First Gas Power, Duracom and Quezon Power.  Meralco was a private company until the Marcos Administration assumed control from the Lopez family. Marcos nationalised Meralco in 1972 when 99.8% of all shares were put into a government foundation. In 1990, the sequestered shares were freed and put on the market. The Philippine government sold through an initial public offering a 20.5% equity stake in Meralco for $54.59 million (P1.5 billion) in 1991. In a second transaction, the government sold 31.5 million A shares representing about a 3.8% equity stake for $76.8 million (P2.6 billion) in 1997. These A shares, for domestic investors only, were bought by a joint venture of First Philippine Holding Corporation and Spanish Union Fenosa. In a third transaction in April 1999, the government sold 11% equity stake of Meralco for US$94 million to First Philippines Holdings (US$31 million) and Union Fenosa (US$63 million). In October 2008, Government Service Insurance Systems (GSIS), a government agency, sold its 27% holding in Meralco to San Miguel Corp. for a total consideration of US$696 million (P30.97 billion). In December 2008, three other state-owned institutions - Landbank, Social Security Systems and Development Bank of the Philippines - sold their combined 10% stake in Meralco to Global 5000 Investment Corp., a private company, for US$223 million (P9.9 billion). These transactions brought the government's equity paricipation in Meraclo to less than 1% as of Dec. 31, 2008.  Meralco's 1989 US$130 million expansion and rehabilitation program included the following: a) construction and upgrading of subtransmission lines, and addition to substation capacity; b) upgrading the existing distribution network; c) improvement and expansion of the radio-multiplex facilities for monitoring and control; and d) provision of equipment and vehicles to improve maintenance. Such expansion received a $65.6 million loan from the World Bank that was repayable over 20 years, including five years grace at the standard variable interest rate.  Meralco has continued to invest in its system; from 2001-2005, it intended to invest P515.13 billion (US$1,118 million) in upgrades and expansion.
In 1990, Compagnie Ivoirienne d'Electricite (CIE) was granted 15 year concession (or “affermage”) contract to operate and manage Energie Electrique de la Cote d'Ivoire (EECI), Cote d’Ivoire national power utility.  EECI was an integrated uitlities wich provided generation, transmission, and distribution services. CIE was the sole provider of transmission and distribution services. The company did not have monopoly in generation.  The contract was set to expire in 2005 but it was renewed for 5 years.  CIE was a joint venture, initially owned by the Societe Internationale de Service Public (SISP, 51%), Saur International (18%), EECI employees (5%) and local investors (26%).  SISP was itself a joint venture between Saur International (65%) and Electricite de France (EDF, 35%), and at the time Saur was a jointly owned by the Bouygues Group (France) and EDF.  As of 2005, CIE was owned by SISP (51%, wholly owned by Bouygues), Finagestion (3%, wholly owned by Bouygues), employees of EECI (5%), the Government of Cote d’Ivoire (15%) and local investors (26%).  The investment commitments under the initial 15 year concession were estimated at US$39.6 million.  In  2005, the government of Cote D’Ivoire also purchased a 15% stake in CIE from Bouygues for 6.75 million euros ($8.4 million), which gave the government the right to be present on the CIE Board of Directors.   In 2005 CIE operated 1241 MW of installed generation capacity, the national transmission grid and 15,000km of distribution lines. The company supplied electricity to 9.5 million people in Cote d’Ivoire as well as exporting power to Benin, Togo, Mali and Ghana.  In 2005, the contract was renewed for 15 years.
In June 1990, New World Infrastructure (NWI) signed a 33-year joint venture contract with Guangzhou Freeway Company for the development and operation of the 22-km Guangzhou City Northern Ring Road (NRR). Phase I of the road, a 7.3-km section from Shabei to Yaotai, was completed and opened to traffic in December 1990. The PRC contributed this section to the joint venture company. Phase II, the 14.7-km Yaotai-Guangdan section, was started in March 1991 and the entire NRR started operating in January 1994. In 1990, NWI aquired a 40% stake in the project for an investment of US$ 19.25 in equity and US$ 22 million as a loan. In 1997, NWI signed an agreement to acquire an additional 25.29% of the Guangzhou Northring Freeway Company for Rmb 406 million (approx. US$ 49 million). Additional investment of US$97.5 million was financed through a syndicated loan. Total project costs were US$172.78 million. The other two major sponsor companies are both state-owned companies, Guangzhou Freeway Company ("GFC") and GZI Transport Limited ("GZIT"). GFC thorugh it's owned subsidiary, Guangzhou YOngtong Freeway Company Ltd., acquired the 10.41% stake in the project, while GZIT through it's owned subsidiary, Asian East Worldwide Ltd. acquired the 24.3% stake in the project.
Movicom-BellSouth changed its name from Compania de Radiocomunicaciones Moviles SA in 1999. It is one of  four companies competing for the market of basic, long distance and mobile telephone services in Argentina. The company secured its domestic and international long distance license as well as its local service license in 1998 as part of opening up the sector to a managed competition. In 1999, Movicom was awarded, through a competitive bidding process, a  40MHz PCS license for the Northern region of the country for US $50 million and a 40MHz PCS license for the Southern region of the country for $40 million. The company paid US$ 39.6 million the first year and plans to pay US$ 26.67 million the second year and US$ 23.9 million the third year to complete license fee obligations (totalling US$90.23 million).    Currently the company is competing nationally with Compania de Telefonos del Interior, Telefonica Comunicaciones Personales (Telefonica de Argentina), and Compania de Comunicaciones Personales del Interior (Telecom Argentina). The company main shareholders are BellSouth (65%), Motorola (25%) and BGH SA(10%). The company, which started its commercial operations in 1989, had 1.6 million customers by the end of 2000. In the end of 2004 and beginning of 2005, Spanish company Telefonica Moviles acquired the Latin American assets of BellSouth. Because the final tranfer of Movicom assets was not completed until January 2005, the merging of Movicom and Telefonica's other mobile assets in Argentina did not occur until 2005.  Telfonica Moviles, S.A. completed the acquisition of all of BellSouth's mobile operators in Latin America with the purchase of 100% of Movicom, BellSouth's wireless operator in Argentina, for an enterprise value of $988 million.
On June 15 1990, Infrastructure Leasing & Financial Services Limited (IL&FS) won a BOT contract for the development and operation of an 11.5km toll road to carry commuter traffic between the Pithampur industrial complex and Indore City, Madhya Pradesh. The project includes the construction of a small bridge. The road cost US$1.9 million in sponsor equity (although Public Works Financing reports a total figure of US$2.8million).   The road opened for operation in November 1993. IL&FS will operate the road until it has recuperated all construction costs and a specified rate of return. The road will then revert to a GOMP designated agency. The project was established as a Special Purpose Vehicle under the name MP Toll Roads Ltd (MPTRL).  The project has a back-ended revenue cash flow under the Indian Toll Act (M P Amendment).
Tele 2000 obtained a twenty-year concession to provide cellular phone services in Lima and surrounding areas in 1982. Tele 2000 received the concession from Radio Tele, company that won it through the creation of a joint venture with the government. Radio Tele was a mixed company in which the government had a 25% stake. Tele 2000 also acquired through a competitive bidding the concession to provide cellular phone services in the rest of the country in May 1998. Tele 2000, which was the sole bidder, won by offering US$ 35.1 million. Tele 2000 was owned by BellSouth (75 percent) and Gerano Delgado Parker by 1999. BellSouth bought its stake from Delgado Parker.   Tele 2000 started operation in 1990 with a US$ 10 million investment and investment an additional US$ 20 million by 1995. After an ownership's transfer to BellSouth, the company expanded significantly its network development.   The company competed with TIM Peru, and Telefonica del Peru, the privatized company that provided local, national, and international long distance services as well as cellular phone services in Peru under exclusive basis until 1999.   BellSouth Peru launched their CDMA network in December 2003, shortly after their competitor Telefonica Moviles Peru launched a similar network. In 2004 BellSouth Peru was sold with the rest of the Latin American telecom assets of BellSouth to the Spanish firm Telefonica SA. Because the regulatory approval for merging Telefonica's two mobile operators in Peru - formerly BellSouth Peru and Telefonica Moviles Peru - occured in mid-2005, Telefonica operated the companies separately for one year and launched the brand Movistar.
The construction started in Aug. 1990 and was completed in Nov. 1991. Financial closure was initially achieved as follows: 30% in equity from private sponsors, 5% in equity from the state government, 10% in transfers from CAPUFE (state owned company that manages public toll roads) and 55% in debt from Comermex. This project has been selected to be turned over to the government in 1999: the sponsor difficulties in honoring the project related debt led to the establishment of an agreement in the end of 1997 in which the government will pay the sponsor's debt in exchange for the concession rights. (Note: all values were converted to 1990 values from the original 1993 values.)
In 1990 PT Jasa Marga (Indonesia's state-owned Highway Corporation) entered into a joint venture BOT contract with PT Marga Mandalasakti for the construction and operation of section I of the Merak-Tangerang toll road. In 1993, the parties signed BOT contracts for 4 additional sections. The first contract expires in 2011 and the others in 2014. All toll road construction and operation in Indonesia requires a joint venture contract (including equity and revenue sharing) with PT Jasa Marga.   The first 69.5km of the Merak-Tangerang toll road were opened in 1993 and the remaining 7.7km were opened in 1996. Total construction costs were Rp.651.22 billion (US$116 approximately).
The construction works started in Jan. 1991 and were concluded in Mar. 1992. The US$ 76.9 million (US$ 85.1 million in 1993 value) project was financed as follows: 33% equity from the private sponsors and 67% debt from Bancomer. The expected internal rate of return was 17%, but the actual rate was -13% (there was an overestimation of the traffic flow: the estimated daily average flow was 4,243 vehicles, but the actual flow has been only 1,458). The project company ownership structure was divided as follows: Cerel holds 49% of the shares and the other 3 sponsors hold 15% of the shares, each.
Telekom Malaysia Berhad (TMB), formerly known as Syarikat Telecom Malaysia, was created to take over all operating responsibilities of Jabatan Telekom Malaysia (JTM) which retained the regulatory responsibilities as part of the 1987 telecom reform in the country. TMB was awarded a 20-year license in the provision of all basic phone services (local, domestic long distance and international phone services) as well as other services such as mobile phone services, paging, trunking, among others.   The company started to be divested in November 1990 when the government sold a 14% stake for US$870 million through an initial public offering. In a second public offering in 1996, a 7.5% stake in TMB was sold for US$417 in the local market. Most of the proceeds were used to prepay company loans from the government and finance capital expenditure programs.  In March 2004, the government sold an additional 300 million TMB shares representing a 9% stake for RM2.91 billion (US$765.8 million).  Temasek Holdings, Singapore's government investment arm, purchased a 5% stake in that offering for RM1.6 billion (US$420 million).  The government's move was seen as aimed at trimming government debt and also making more shares in large listed state-controlled companies    available to investors.  As of end 2005, Telecom Malaysia's four biggest shareholders were still state-owned companies: Khazanah Nasional Bhd. (the investment arm of the Ministry of Finance) (35.1%) the Employees Provident Fund Board (15.47%), Bank Negara Malaysia (the central bank) (7.42%) and Permodalan Nasional Berhad (5.17%).  Foreigners held 18% of the company while private Malaysian interests held the remaining shares not owned by the government.   The company began its mobile services in 1995, with a total investment of US$137 million. Telecom Malaysia committed to spend over US$200 million from 1996-1999 to upgrade and expand its mobile communications network system. This included the acquisition of other private mobile communications providers such as Mobikom and Emartel (known as RTM Cellular or TM touch).  TMB operated its cellular phone services with ATUR 450 and NMT 450 networks under the TM Cellular brand name.   As of January 2003, the Group held a 31.25% equity interest in Celcom Malaysia Berhad (Celcom). The Group acquired additional equity interest of 16.68% in Celcom on April 17, 2003. As a result, Celcom became a subsidiary of the TMB Group with a total shareholding of 47.93%.  TMB's 100% interest in TM Cellular Sdn. Bhd. (TM Cellular) became held via Celcom by way of share swap for a total consideration of RM1,684.0 million which was satisfied by the issuance of 635,471,698 new Celcom ordinary shares of RM1.00 each at RM2.65 per share to Telekom Enterprise Sdn. Bhd. (TESB), a wholly owned subsidiary of the Company.  The TMB Group subsequently acquired the remaining 52.07% equity interest in Celcom, making it a wholly owned subsidiary. At the time of the acquisition, Celcom was the second largest provider of mobile services in Malaysia behind Maxis. The merger with TM Cellular created the nation's largest mobile company with about four million subscribers or about 40% market share.  Telekom Malaysia had planned to relist Celcom in an IPO sometime in 2004 or 2005, but as of end 2005, this had not taken place.    The Government awarded two 3G spectrums to TMB and rival Maxis in March of 2003. TMB paid RM50 million (US$13.2 million) for the license.  Full launch of the 3G technology occured in 2004.   Although the state-owned Telekom Malaysia no longer had a monopoly over the provision of telecommunications services by end 2003, it remained the dominant provider as it continued to benefit from government protection and restrictions on competition. This was especially true in the fixed-line market.  TMB faced most of its competition from new entrants in the cellular sector including Maxis and DiGi.  By end 2005, TMB had about 5 million fixed lines in service and 6.8 million mobile customers under Celcom throughout Malaysia.   On September 28, 2007, Telekom Malaysia announced a revamp of its mobile communication units which include Celcom. The revamp plan was to group Celcom under TM International, which houses other TM regional mobile units and define it as a separate business entity. The restructuring exercise was completed by Q1 2008 and the new business unit listed on the Kuala Lumpur Stock Exchange by Q2 2008. TM International has been renamed as AXIATA as part of a telecom consortium in south east Asia. Its Stock Exchange code is AXIATA.
In 1990, Intertoll (Pty) Ltd was awarded a five-year contract for the operation of the 42km N2 Oribi Toll Road. This contract was renewed for another 5 years in November 1994. Intertoll receives a set management fee. In addition to toll collection, Intertoll undertakes road maintenance.
The project company is responsible for the rehabilitation, improvement and maintenance of Corridor 14 (280 km - 2 toll booths). The project company ownership is divided equally among the sponsors. The government did not guarantee minimum traffic levels and did not provide any other guarantees initially; the sponsors were also expected to pay a canon during the concession period. When the original contract was re-negociated in 1991, however, the government agreed to pay a subsidy related to VAT contributions, the payment of the canon by the concessionaires was suspended and toll rates were reduced more than 50%. The contract lenght was also extended from 12 to 13 years in 1992. In 1998, the government started negotiating the extention of the contract with the concessionaire.  In 2003 the contract was concluded and the government let six new management contracts that consolidated the twelve toll concessions that concluded in 2003.
Port Authority of Thailand (PAT) is a public utility state enterprise under the general supervision of the Ministry of Transport and Communications. Laem Chabang Port (LCP) is a commercial port under the management of PAT. LCP is comprised of 10 berths, 8 of which are leased to private sector operators who are responsible for investment in cargo handling equipment. Eastern Sea Laem Chabang Terminal Co. Ltd. was granted the lease contract for the B3 terminal in Dec. 17, 1990 for 12 years. 15-year contract extensions were signed in Nov. 1997 with Evergreen Container Terminal (Thailand) for terminal B2, Eastern Sea Laem Chabang Terminal for terminal B3, and TIPS for B4 calling for a doubling of container handling capacity and related equipment investments by the companies.
Com-Link was awarded a 20-year BOT contract for the operations of a fiber optic transmission network by the state-owned Telecommunications Organization of Thailand (TOT) in 1991. When completed, the project was to install 4,000 long distance telephone circuits, enabling TOT to use the circuits to support an extra three million phone lines for Bangkok and the provinces.  The network was involve a 3,000 km fiber optic network running along the country's railway lines between Bangkok and Thailand's north, northeast and southern regions.   The company was created as a joint venture signed in 1990 between Thai company Com-Link (70%), and the state-owned Thai Railway Authority (30%).   Major Com-Link shareholders were the Thai Farmers bank and its affiliates (20%), CP group (15%) and Santi Bhirompakdi (10%).   The company started services in 1995, after investing 5 billion baht (US$192 million). Com-Link and TOT had a dispute about payments because Com-Link started to operate ahead of schedule and wanted to bill TOT. Com-Link was supposed to finish the installation of the transmission network in five years, but it completed it in about three years.  The argument of the state-owned company was that it needed only to pay when it put traffic on the network. When TOT started to carry traffic through the Com-link transmission network, it used data compression equipment so that it only used 75% of the total capacity.  The tactic further complicated the dispute.  After a four-year legal battle, the Appeals Court ruled in February 1998 that TOT had to pay Com-Link 3.39 billion baht (US$63 million), plus 7.5% interest on the principal, making up at least 5 billion baht ($US97 milion).   By 2002, the cable network had a capacity of 42,870 circuits. Under the BOT agreement, the TOT was to pay 26% of the revenue to Com-Link from the second to seventh years, with the rate declining in the subsequent years. As of mid 2002, Com-Link had obtained 19.8 billion baht in revenue from the TOT.
In September of 1991, Societe de Distribution d'Eau en Centrafrique (SODECA) signed a 15-year lease (affermage) contract with the government of the Central African Republic. The utility was split into two entities, with the creation of an operating company (SODECA) and an asset-owning company Société Nationale des Eaux (SNE).  At the time of the contract signing, SODECA supplied three million cubic meters of water per year to 10,000 customers and SNE was virtually bankrupt, with a negative equity equivalent to 50% of sales.   SODECA was to manage all aspects of the Central African Republic's water service, but the state, through SNE, was to have responsibility for general policy in the sector, the management of water sources and the supervision of SODECA.  Under the authority of the ministry responsible for water, SNE and SODECA were to fix tariffs and modify them according to an agreed formula.   French company Bouygues (through its local water subsidiary, Saur Afrique) held a 51% stake in SODECA while the state held 25% and local private individuals held the remaining 24%.  SNE remained 100% state-owned.   Saur International was to invest on behalf of the asset holding company during the 15 year contract for the repair of pipes.  By 1995, the number of employees at the utility was at only 79% of its 1991 level after the personnel of SNE and SODECA had been merged. The indicators of productivity of labor pointed to an improvement in performance compared with the situation before privatization. The financial indicators also denoted recovery from a starting-point of near-bankruptcy in 1991.  The principal operating indicators also showed an improvement, although this observation was not qualified. The turnover from water sales soared to around 2.5 billion CFAF in 1995, from 1.5 billion in 1992, the first year of private management. This rise stemmed partly from a tariff increase, which dated only from May 1992, but mostly from works carried out for the account of the asset-owning company, amounting to approximately 1 billion francs in 1995.   In April 2001, Saur withdrew from the project reportedly because government agencies accumulated increasing debts to SODECA.  The management of the company returned to state control.
The airport construction started in 1991 and became operational in March 1996. It has a 2.1 km runway. This is the second privately owned facility developed by Bangkok Airways. The airport was constructed with the goal of becoming a hub for flights to Thailand's northeastern cities.
Combellga, the third largest alternative telecommunications operator in Russia was founded in March 1991 to provide international service in Moscow and St. Petersburg becoming one of the first firms to start its commercial operations in Moscow (August 1992). The company started its operations in St. Petersburg in 1993. Combellga was formed as a joint venture among Alcatel Bell, the Belgian Subsidiary of the French state-owned telecommunications giant, (15.5%), the Belgian state operator Belgacom NV (15.5%), and Comincom, a Russian State company  (69%) by 1998. The system used Alcatel System in its 12 public switch and 12 private switching stations around the city to relay calls to Brussels, from where they are routed to their final destination. The company declined to comment on details and investment figures because they were considered confidential. In 2000, Telenor acquired a 75% controlling stake in Komincom/Combellga for US$ 120 million. Komincom intended to invest US$ 116 million in the development of Combellga. In June 2003 Telenor acquired additional 25% for US$30. In August 2003 Golden Telecom acquired 100% in Combellga from Telenor in exchange for 19.5% of Golden Telecom shares.  In 2002 Kominkom-Combellga network had 40,000 lines servicing over 100,000 subscribers in 22 Russian regions. By the end of the year, the Company planned to launch an exchange with 15,000 new lines in Moscow, 10,000 lines in St. Petersburg, 5,000 lines in Voronezh, and 2,000 lines in Samara, as well as several telephone exchanges of 1,000 lines in several Russian towns and cities.  Combellga planned to invest US$22 million of its own money in its telecommunications network in Russia in 2003.
This 310-MW plant was built in two phases in the Navotas Fishport Complex in Manila. Phase 1, which consisted of three 70-MW turbines totaling an installed capacity of  210-MW, came on-line in 1991; phase 2, which consisted of a fourth 100-MW turbine, came on-line in 1993.  The cost of phase 1 was US$44 million, and the cost of phase 2 was US$39 million. The project was sponsored by a Mirant (known as Southern Electric, Inc. until 2000) subsidiary Consolidated Electric Power Asia (CEPA, previously Hopewell Holdings) (50.1%) and by state-owned Napocor (49.9%).  This was the first BOT project in the Philippines and a pilot project for broad national electric power privatization program.   As of 1995, Phase 1 supplied 10% of all power for Luzon, the largest island in the Philippines. CEPA (the developer) added an additional Westinghouse gas turbine at Navotas following the governent's push to fast-track BOT's. This addition (Navotas II) came on-line ahead of schedule in 1993 to create a total of 310-MW of generating capacity.   Napocor assumed the fuel supply risk for project lifetime. The Philippine government guaranteed Napocor's commercial obligations under its power purchase agreement (PPA), as well as guaranteeing off-take (under a take-or-pay contract) and providing incentives to exceed off-take limits through plant operations. The IFC and ADB provided complimentary debt financing. Napocor paid a capacity fee and an energy fee in US$. The Philippine government provided guarantees to the project and granted it "pioneer" status, which includes a 5-year tax holiday and waived import duties.   In March 2003, the BOT agreement for Novotas I expired and the plant was transferred back to Napocor pursuant to the initial agreemnt.  The Power Sector Assets and Liabilities Management Corporation (PSALM), the state agency handing the privatisation of power assets had hoped to sell the plant back to a private operator by end 2003, but this process was delayed.  The BOT agreement for Navotas II was set to expire in July 2005.   In April 2003, the Government pre-terminated the Navotas II contract.
Aeroports de Paris Management, a subsidiary of the French government, held 34% of the shares of the airport company Aeroports de Madagascar (ADEMA), which managed 12 airports in Madagascar (the remaining shares of ADEMA were held by the government of Madagascar). ADPM held the concession contract since 1991 which was to terminate in February 2006.  In 1999, GTM, a subsidiary of Suez Lyonnaise des Eaux (renamed SUEZ in 2001), acquired the 34% stake from ADP Management.   In 2003, over 876,000 passengers flew through these airports. During the first eight months of 2004 passenger traffic grew by over 50% when compared to the same period of 2003.  The concession contract with ADEMA was temporarily extended in 2006. However, the private operator exited ADEMA in February 2006, which became 100% government owned. The government was looking for a new private operator.
In November of 1991, British shipping group P&O Ports and Hong Kong conglomerate Swire Pacific each took 25-percent stakes in Shekou Container Terminal (SCT) on the Pearl River Delta for a total of HK$615 million (US$78.8 million). Under the deal, P&O, whose full name is Peninsular and Oriental Steam Navigation Co, was to take over management of the terminal in the Shenzhen special economic zone near Hong Kong.  After the deal was completed, Shekou Container Terminals (SCT) was controlled by the state-owned company China Merchants Holding (32.5%), state-owned company COSCO (17.5%), P&O Ports (25%) and Swire Pacific Ltd. (25%).  The port had two berths with annual handling capacity of 800,000 20-ft equivalent units (teu).   In 1997, SCT embarked on a US$5 million investment in new equipment, including an upgraded computer system, four rubber-tired gantry cranes and a second reach stacker. On May 1, 1998, Modern Terminals, 22% owned by China Merchants Holdings and 19% owned by Swire, took over the management of STC from P&O Ports.    In April 2004, the Wharf Group's 55.3%-owned Modern Terminals bought a 7.5% stake in phase one of Shekou Container Terminals from Swire for HK$203.18 million, and another 2.5% from P&O. It also sold 7.48% in phase two of the Shekou Container Terminals project to Swire for HK$128.44 million and another 2.05% to P&O.
In February 1988, Hopewell China Development (Superhighway) Ltd. signed a 30-year joint venture BTO contract with the Guangdong Provincial Highway Construction Company (a state owned enterprise under the supervision of the Guangdong Provincial bureau of communications) for the construction and operation of the Guangzhou-Shenzhen Superhighway (GS Superhighway), after 8 years of negotiation. It was the first expressway directly connecting Guangzhou with Shenzhen and Hong Kong.   In structuring this deal, Hopewell China Development Co. and Guangdong Provincial Highway Construction Co. set up Guangzhou-Shenzhen-Zhuhai Superhighway Company Ltd. (GSZ East) as a 50/50 owned project company. Hopewell China Development was wholly owned by Guangzhou-Shenzhen Superhighway (Holdings) Ltd., a company that had interests in a number of other road concessions and was majority owned (97.5%)by Delta Roads Ltd. a 100% Cayman Island subsidiary of Hong Kong based Hopewell Holdings Ltd.. Hopewell Holdings Ltd. took responsibility for construction and toll collection, while the PRC partner retains ownership of the assets.  The project reached financial closure in January1991 on funds of US$ 1,922 million - US$ 800 million as a loan from international banks, US$ 922 million in equity from Hopewell, and US$ 200 in equity from the government partner.  In order to alleviate the looming debt problem, Guangzhou-Shenzhen Superhighway (Holdings) Ltd., issued in July 1997 US$ 600 million in bullet bonds (US$200 million maturing in 2004 and US$ 400 million maturing in 2007). These bonds were given a S&P BB rating due to several risks associated with the issue. These unsecured notes were subordinated to the US$ 800 million in debt to the GSZ East Company and were thus dependent on toll revenue for their repayment. Whereas the interest payments on these unsecured notes were backed by an irrevocable direct-pay letter of credit issued by the Hong Kong Shanghai Banking Corp. Ltd., this letter of credit expired in August 1999. This meant that the owners of the unsecured notes were now fully relying on Delta Roads Ltd. and Hopewell Holdings Ltd. for the payment of interest.  By the end of June 1999, US$490 million of the original US$800 million syndicated bank loan was still outstanding. In addition to this “passed-on-loan” from Hopewell China Development, the GSZ East joint venture had an amount equal to US$ 680 million in shareholder loans outstanding with Delta Roads Ltd. and US$66 million in long-term obligations outstanding with a commercial bank located in the China.  Further more, GSZ East had a loan of US$46 million loan with bank of China for amounts advanced to cover any shortfall in payments under the syndicated bank loan. The Bank of China, which replaced Guangdong International Trust & Investment Corp (GITIC) as the shortfall guarantor in January 2000, assumed GITIC’s creditor position and paid the US$46 million to GITIC on behalf of GSZ East. The company had finally also US$ 60.39 million (RMB 500 million) in loans outstanding.  The BTO contract gave Hopewell 50% of profits in the first ten years, 48% for the next 10, and 45% for the final 10. The contract set no limit on toll rates. Toll rates were based on vehicle classifications and distance traveled and a portion of the tolls was collected in Hong Kong dollars.  Construction of the 122.8km, dual 3-lane highway started in August 1988, which accommodated vehicles weighing 120 tons and allowed a cruising speed up to 120 kilometers per hour. The highway ran parallel to the Pearl River Delta and to the industrial area of Hong Kong.   The Superhighway had been operational since 1994, but success was not as immediate as originally expected. The project encountered a number of setbacks linked with late completion (loss of early completion bonus of $129 million), significant cost overruns ($718 million) largely due to additional land acquisition costs for property development, and difficulties in achieving the expected initial revenue levels, the traffic levels were above expectations. The final total construction costs were US$2.3 billion compared to the US$1.9 billion originally estimated.
The Ecatepec-Piramides Toll road is a 22.2-kilometer four lane highway that has been operated as a toll road since 1965 (initially operated by the government, it was transferred in 1991 to the private operator). The concession was first granted for a period of 4 years and was later extended until 2011. PAPSA (Tribasa - 70%; CIESA - 30%)  owns 100% of the project company. The rehabilitation work started in Jan. 1991 and finished in Jun. 1991.   The project was funded in part by contractor financing, private local commercial financing and financing obtained through local Mexican capital markets. The revenues of this toll road were securitized in 1993 by Tribasa (the second major toll road trust securitization issued by the company; the first one was the Toluca Toll road deal completed in 1992). (Note: all values were converted to 1991 values from their original 1993 values.)  In July 2006, Mexico's transport and communications ministry (SCT), extended the highway concession by ten years to Pinfra, formerly Tribasa. The extension was given to ensure holders of stock certificates in Bancomext, a national foreign trade bank; and to recover the investment made in construction.
Moscow Cellular Communications (MCC) was awarded the first cellular license in the Moscow region in December 1991. The company paid license fee of US$2 million. The company started its commercial operations in 1992 with a NMT 450 network. The company was founded by MMT – a branch of Rostelecom (23.5%), Moscow City Telephone Network (MGTS - 23.5%), Millicom International (20%), RTDC (22%) and smaller investors as MicroEyesurgery cellular- communications (8%), and Radio and TV State Specialized Project Institute (3%).   In 2000, the company obtained a license to develop GSM-400/1800 services in Moscow.  MCC received a license to offer mobile communications services with a CDMA-450 network in Moscow city and the Moscow region in April 2003. The company launched those services in October 2003.   MCC was the third operator in Russia to launch a CDMA-450 network, following Delta Telecom (December 2002) and Cellular Communications of Bashkortostan (September 2003).  MCC's shareholders in 2003 were Sky Link (23.5%), Moscow City Telephone Network (MGTS) with 23.5% (the shares are trust managed by Tsentr-TS), RTDC (22%), Telco Overseas Limited (20%), NefTekKom K (8%) and Gamma Capital (3%).   Sky Link (50% owned by AFK Systema) was founded in June 2003 by RTDC to upgrade 450 MHz analog networks of Russian cellular operators using the IMT-MS-450 digital standard and to merge it’s cellular assets in Russia.
Ferroexpreso Pampeano (FEPSA) took over the management of the 4,853km Rosario-Bahia Blanca freight railway under a 30 year concession on November 1, 1991. The vertically integrated company took over freight marketing, train operations, equipment and track maintenance and rehabilitation. The concession contract gives the company an exclusive right to the rail infrastructure. The Argentinian government started restructuring the rail sector in the fall of 1990, and decided to concession the six freight lines first. Companies bid for the concessions under a two stage bidding process, and awards were made on the basis of 10 differently-weighted criteria. Contracts were awarded for 30 years with an optional 10 year extension. At the end of 1997, private companies operated and managed five of the six freight lines. FEPSA was awarded the concession for the Rosario-Bahia Blanca line on June 13, 1991 and took over in November. FEPSA comprises Techint (58.94%), EACA Empresa Argentina (8.394%), Gesiemes (8.394%), Chase Manhattan Investments Argentina (8.394%), Riobank (8.394%), Sociedad Commercial del Plata (5.484%) - together making the consortium Coinfer, and Iowa Interstate Railroad (2%, Railroad Development Corp.). Argentine Railways retains 16% of FEPSA and employees hold 4%. FEPSA has agreed to pay annual fee for the lease that sums to US$35.5 million for the first 15 years (in order to calculate the real value of the lease fee, a discount rate of 13.37% was used; this government has used this rate in other infrastructure sectors). FEPSA will also invest approximately US$195 during the first 15 years.   In fiscal year 1992, the IFC provided US$ 11 million as a direct loan, US$ 2 million as quasi-equity, and US$ 16 million as a syndicated loan. In 1993, the IFC approved additiona US$ 2 million in quasi equity and US$ 4 million in syndication. The line experienced severe traffic shortfalls and had not made a profit by the end of 1996.
Jasmine Submarine Telecommunications Company Limited (JSTC) was awarded a 20-year BOT contract as a co-investor with the Telephone Organization of Thailand (TOT) to design, construct, and maintain the submarine optical fiber cable system in the Gulf of Thailand. The contract was awarded in 1991 and operations started in 1993.  The project established a long-haul digital transmission system through optical fiber cable which provided linkages between Bangkok Metropolis via Chonburi and ten other main provinces along the south-eastern coast line of Thailand, including Hua Hin, Prachuap Khiri Khan, Chumporn, Ko Samui, Surat Thani, Pak Phanang, Songkhla, Pattani, Narathiwat and Tak Bai. The total length of the system was approximately 1,270 km.   JSTC was a 100% owned subsidiary of Jasmine International which was controlled by the politically powerful Bodharamik family.  The network linked the existing long distanace communications network between the Bangkok Metropolis and the Eastern Seaboard area and southern provinces of the country. It also provided back-up service to the network in case of land communications break-down due to damage caused by natural disasters such as typhoons. The cable design incorporated a total of 12 optical fiber cores, transmitting digital signals at a speed of 565 Mbps. which provided about 7,500 circuits per fiber pair. Initially TOT planned to use about 15,000 circuits and utilize only 6 fiber cores, with the others available for future network expansion.   In July 1995, TOT approved JSTC to construct, operate and maintain the new submarine optical fiber system along the west coast of Thailand.  JSTC was contracted to install a 500km fiber optic cable network along the west coast of Thailand under a 15 year, Bt940 million (US$37.3 million) contract with TOT, which had a 10% stake in the project. This optical fiber system provided linkage among Ranong, Tai Muang,Phuket,Kantang and Satun. The total length of this system was approximately 630 km. The new cable design incorporated 24 optical fiber cables and utilized the latest technology with data speed of 2.5 GB/S which could provide about 30,000 circuits per fiber pair. Initially, TOT used about 10,000 circuits. The total length of the terrestrial link was approximately 230 km.    For international linkage, JSTC and Malaysia's Time Telecom had signed a memorandum of understanding to connect their respective terrestrial and submarine fiber optic systems for a Thailand-Malaysia linkage. Time Telecom owned and operated a land and submarine fiber optic network around the Malay peninsular.   In 2000, Jasmine International signed a contract with 26 Thai and foreign creditors on a plan to restructure about US$275 million in debts incurred before 1997 Asian financial crisis.  Despite the restructuring plan, Jasmine defaulted on its repayments in February 2002. By 2003, the company was pushing through the bankruptcy courts a new debt-restructuring plan that called for its largest Thai creditor, Bangkok Bank, to be repaid in full, while the remaining financial creditors - mostly foreign banks with smaller exposure - would receive 17 percent of outstanding debts.  Despite the parent company's financial difficulties, JSTC's network continued to provide TOT with capacity to support and backup its traffic volume in south Thailand and with Malaysia in 2003.  By 2004, JSTC was making profits again and focused its activities mainly on broadband services.
PT Surya Cipta Swadaya has a 17 year contract for the widening and operation of the Karawang Timur toll road.
Guyana Telephone and Telegraph Company is the national telecommunications company in the country, offering both fixed and cellular service. The company was partially privatized in 1991 when the government sold a 80% stake for US$16.5 million to Atlantic Tele-Network (ATN), a US operator. The remaining 20% was retained by the government. The highly controversial transaction included a 20-year monopoly on telephone service in the country. Cellular lines have increased from 25,862 in 2001 to 67,931 in 2002, and fixed lines from 77,497 to 83,791 in the same period. The number of mobile clients at GT&T doubled in 2002 from approximately 40,000 to 80,000 subscribers.  The company went to court in 2002 in order to prevent an Inter-American Development Bank loan. The estimated US$20 million loan was found by the company to be an attempt to develop a telephone network that ended the company's monopoly. The monopoly on mobile services ended in 2004 when an additional provider - Cel-Star Guyana - entered the market.
Compania An¢nima Nacional de Telefonos de Venezuela (CANTV) was the state owned company of Venezuela which provided local, national, and international long distance services in the whole country. The privatization of CANTV started in November 1991 when a 40% controlling stake was sold for US$1,885 million to Venworld Telecom consortium which was led by GTE Corp. (51% stake in the consortium) and integrated by Telefonica Internacional (16%), Electricidad de Caracas (16%), Banco Mercantil (12%) and AT&T (5%). In addition to its cash payment, Venworld assumed US$ 125 million out of US$ 600 million owed by CANTV in foreign debt. In a second transaction, a 34.8% stake in CANTV was sold for US$ 1,100 million in November 1996 through an International and Domestic Public Offering. In a third transaction, a 9.04% stake in CANTV was sold for $53 million through a Public Offering in the New York Stock Exchange in July 1997.  In a fourth transaction a 10.98% stake was sold in the domestic market for 15.5 million (8,016 million bolivares) in three tranches (two in December 1997 and one in March 1998). The Venezuelan government owned 14.18% stake in CANTV through Fondo de Inversiones de Venezuela by May 1998. In April 2006, Telmex and its sister company America Movil (AM) agreed to buy Verizon Communications' 28.5% stake in CANTV for USD676.6 million.   CANTV received a thirty-year concession, which included a nine-year exclusivity period to operate basic local, national and international phone services. In exchange, CANTV committed to install 355,000 new digital lines per year and modernize 75,000 lines per year.  CANTV also committed to establish a plan for the development of basic services in rural areas with inhabitants of 5,000 or less. In addition, CANTV was obliged to dramatically improve service quality in aspects such as completion for calls, repair response time, operation response time, waiting time for obtaining a new line, among other aspects. CANTV also had to progressively eliminate the cross-subsides from long distance to local services. The company obtained one of the two bands to provide cellular phone services in 1992. CANTV created its affiliate Telecomunicaciones Movitel to provide cellular phone services.   Although Movitel operates as a separate company from CANTV, all corporate figures of CANTV group are reported consolidated. For that reason, Movitel is recorded as part of CANTV. Movitel competes with Telecel Celular, which won its national cellular phone service concession through a competitive bidding in May 1991.   CANTV increased the number of installed fixed phone lines from 1.5 million to 3.07 million between 1991 and 1997. The company also dramatically increased its cellular phone service, which was created in 1992. CANTV had 1,705,990 subscribers by 2000. CANTV received financial support from IFC in June 1996 when a US$250 million financial package was signed. The funding from IFC had two components: a 10 year loan for up to US$ 75 million for IFC's own account, and a B loan of US$175 million to be syndicated with commercial banks. Movilnet/CANTV also obtained additional US$ 50.6 million in syndication supported by the IFC in 1997, besides US$ 35 million in direct loans. In 1998, Movilnet was granted an additional US$ 20 million in syndication from the IFC.    In 2005, CANTV's net income fell by around 50% from 2004 as a result of an increase in pension payments. Profits fell to USD100 million in 2005, down from USD198 million in 2004, despite revenues rising by 32.7% from USD1.78 billion to USD2.37 billion. CANTV’s financial results were heavily impacted by a Supreme Court ruling in July 2005 ordering it to raise pension payments in line with the new minimum wage requirement. If the company were to comply then it would cost them USD356 million. In a national television, President Chavez threatened to nationalize the Company if it were failed to comply with the ruling.   As of December 31, 2006, Cantv’s customer base numbered 8 million mobile subscribers, 3.4 million fixed telephony subscribers and 467,000 broadband subscribers. On 2007-01-08, President Hugo Chávez announced that Venezuela would nationalize CANTV, a move aimed at returning the company's control to the state. On April 8, 2007, the Venezuelan Government launched a tender offer to acquire Cantv’s shares in Venezuela (Class D) and in the United States (ADS). One month later on expiring the offer, the Government acquired 79.6% of the outstanding shares of the Company, in addition to the 6.6% which it previously owned, obtaining control of the Company with a total of 86.2% of its total shares.  In 2006, CANTV planned to invest USD500 million with the largest chunk earmarked for its cellular business. The firm planed to spend USD260 million in the first half of the year to expand its CDMA-based operations, and is also planning to invest heavily in broadband services.   On May 9, 2007 Venezuela's government bought back an 86.2% share of CANTV after a tender offer for shares outstanding on the NYSE and Caracas stock exchange (BVC), and took control of the company. The government agreed to pay US$1.33 billion for 79.62% of CANTV, including the 28.5% stake that it agreed to buy from Verizon in February 2007 when the government owned a 6.6% stake in the company. The government planned to continue buying remaining shares in the stock exchanges.
The construction of this toll road started in Dec. 1990 and concluded in Mar. 1992. The project company ownership structure was divided as follows: Constructora Escalante holds 32%, Constructora y Edificadora Mexicana holds 20% and Maraton Contratista holds 16% (other private sponsors hold 27%). Financial closure for the project was initially achieved with 25% in equity from private sponsors, 5% in equity from the state government, 25% in transfers from CAPUFE (state owned company that manages public toll roads), and 45% in debt from Bancomer. This project has been selected to be turned over to the government in 1999: the sponsors difficulties in honoring the project related debt led  to the establishment of an agreement in the end of 1997 in which the government will pay the sponsors' debt in exchange for the concession rights. (Note: all values were converted to 1991 values from their original 1993 values.)
In September 1991 the Aguas de Corrientes consortium won a 30 year concession for the provision of potable water, sewerage collection and sewage treatment in the province of Corrientes. The concession was awarded by the provincial government of Corrientes and covered the capital city of Corrientes plus nine major towns in the province. The total population covered by the concession was estimated at 520,000, 70% connected to the drinking water network and 30% to the sewerage network. Aguas de Corrientes was expected to make infrastructure investments worth some $75 million, $11 million being invested in the first five years.  Aguas de Corrientes was created by a consortium led by local companies Sideco Americana and Ingenieria Tauro, with a 2% equity participation by British company Thames Water (from 2003 a RWE subsidiary). By 2005 Aguas de Corrientes was 80% owned by Pablo Chamas and 20% by Jorge Gutniski, two local businessmen. Chamas’ brother Jorge ran Latin Aguas, a company that owned Aguas de la Rioja and Aguas de Salta, water distributors operating in the northwest of Argentina.  In December 2004, the concessionaire renegotiated its contract and extended the duration from 2021 to 2026. As of the end of 2004, the concessionaire served 730,000 residents.
The 27-km toll road has an estimated average traffic volume of 10,000 vehicles per day. It is operated by PACSA (Tribasa holds 70% and CIESA, acquired by Tribasa in 1993, holds 30% of the company's shares). Financial closure was initially achieved as follows: 25% in equity and 75% in debt from BANOBRAS (state owned bank), Cremi and Interacciones. Because of financial difficulties faced by the sponsors (caused by Mexico's devaluation crisis in 1994 and by the overestimation of project's revenues), the Mexican government included this project among those to be transferred to the government in 1999 (the government, in exchange, will pay the related debts of the sponsors). (Note: all values were converted to 1991 values from their original 1993 values.)
The Bombay Suburban Electric Supply Company (BSES) Ltd was incorporated in 1929. In 1995, BSES completed the development of a 500-megawatt  (2x250-MW) coal fired power plant at Dahanu.  The project also involved the construction of three 220/33-kV receiving stations and extensions to BSES's 33-kv and 11-kv distribution and subtransmission systems.   This project was financed in part through loans from the International Finance Corporation (IFC) and The World Bank. In its fiscal year 1991, the IFC approved a $50 million direct loan and a $18 million syndicated loan. The World Bank provided financing through a $200 million loan. Including financing charges, the total project cost was $613.6 million. BSES has a 20-year license to operate the project until 2011, the maturity date of the IFC/IBRD loans.   In 2003, Reliance Group picked up a 58.2 percent stake in BSES.
In July 1991, a consortium consisting of Electricite de France (EdF) and Lyonnaise des Eaux (LYSA, later renamed Suez in March of 2001) signed a performance-based management contract with the government of Guinea-Bissau to operate and manage power generation, transmission, and distribution services as well as the water services run by Electricade e Aguas de Guinea-Bissau (EAGB), the state utility and asset holding company.  The length of the contract was 2.5-years with a 2-year extension, at which point the contract was to be rebid.  The contract specified that 75% of the remuneration was guaranteed, but that the remaining 25% was based on performance. EAGB had an installed capacity of 10.4-MW with an operational capacity estimated at 8.8-MW.   This contract remained in effect until July 30, 1997, when it was concluded and the state, through EAGB, reassumed operational control of the utility.  There were some improvements in the company's administration, maintenance and distribution, but the performance of EAGB under the contractual arrangement with EDF/LYSA was, on the whole, less than satisfactory. There was very little investment in the sectors over the five years of the contract. Production and distribution of both water and electricity remained far below demand and were of deteriorating quality. There were enormous losses in both sectors due to fraud and technical problems. The tariff adjustments were not coherent with inflation or the cost of fuel. The Government was in arrears in paying its bills to the utility. Weak commercial management combined with poor personnel management had only added to the problems of the utility.  Poor quality services had exacerbated poor revenue collection systems, with the result that EAGB was undergoing a severe cash flow crisis.
Jalan Cheras had been in operation since September 1991. The 12 year contract expired in September 2003, as the toll operator and property company, Metacorp Berhad, was seeking an extension even though the government had said the contract would not be extended.
Sakhalin Telecom provides a digital overlay communications network for Sakhalin and a full range of telecommunications services. The company also provides International Private Leased Circuits worldwide via the Cable and Wireless Global Digital Network. Sakhalin Telecom provides local, long distance, and international telephone services. Sakhalin Telekom provides direct communications with 100 international carriers, having access to 221 countries.  Sakhalin Telecom was formed in December 1991, and was the first private Telephone Company in Sakhalin. Main Shareholders of the company were Cable and Wireless Plc. (60%), Comnicom (23%-Moscow), Sakhalin Regional Radio TV Transmitting center (state owned company-13%), and small inevstors (4%).  Sakhalin telekom obtained four licenses from the Ministry of Communications Russian Federation in 1992, 1993 and 1996. Those license was extended for 9 years in 1997. The company also had three construction licenses that are updated every three years. All of those licenses are valid only for the Sakhalin region. Sakhalin telekom invested US$4 million by 1998. The planned investment for 1998-2000 were US$4 million.   On July 13, 2005, VimpelCom purchased 60% of Sakhalin Telecom Limited from Cable & Wireless.  In September 2005, VimpelCom sold this 60% stake to Golden Telecom for approx. US$5.0 million in cash. As a result of this acquisition and combined with its previous ownership interest, Golden Telecom owned 83% of Sakhalin Telecom.   In 2008, Golden Telecom's parent company, EDN Sovintel LLC (Russian: ??? ??? C???????), Sovintel was acquired by Vimpelcom (Beeline). All operations were merged into Vimpelcom's existing company structure.
PT Marga Bumi Matraraya has a 25 year BOT contract for the Surabaya to Gresik toll road in East Java. The road was in three sections and was operational.
Central Termica Guemes was owned by Agua y Energia Electrica Sociedad del Estado, an Argentine state-owned company. The facility had an installed capacity of 245-MW in 1993. The plant had two units of 60-MW (per unit), and one of 125-MW. The generating facilities had access to gas reserves that, at its production levels in 1993, would last 44 years. Central Termica Guemes SA was created in order to privatize the power plant. Central Termica Guemes was partially privatized in September 1993, when a 60% equity stake was sold for $86.2 million to Duke Energy (15%), Sociedad Comercial del Plata (15%), Iberdrola (12%) a Spanish company, TCW Americas Development Association (9%), the Argentine Investment Company (9%). The winning consortium also assumed debt for about $65 million. Company’s employees also acquired a 10% equity stake, and the remaining 30% was kept by the government. The company raised US$60 million in 1996 to fund its investments.  In May 2001 Central Termica Guemes won three, five-year supply contacts with provincial utility Empresa Distribution de Salta and also won a 10-year supply deal with General Guemes Industrial Park.  On December 5, 2006, Pampa signed a share purchase commitment for US$ 381,600 and US$ 3,421,440 for the purchase of i) 2.12% in Powerco S.A., holder of 60% in Central Termica Guemes SA and ii) 21.12% in Dilurey S.A., a company holding 90% in Powerco. As of December 31, 2008, Pampa Energia SA had an indirect stake of 89.68% in Central Termica Guemes SA.  In September 2008 Pampa completed the expansion of Central Térmica Güemes’ installed capacity through the installation of a 100MW General Electric LMS-100 turbine. The project consisted of a new 100 MW open-cycle through the installation of a new natural gas-powered aero-derivative turbogenerator of 43% efficiency.This expansion required a total investment of US $69 million. This was the first of the Energía Plus expansion projects to be completed. Construction was completed in July, 2008, and it began commercial operations on September, 2008.
In July 1992, Government of Pakistan (GoP) divested an additional 15% stake in Sui Northern Gas Pipelines Limited (SNGPL), an integrated gas utility with exclusive distribution and sale license in the provinces of Punjab and North West Frontier Province (NWFP), through a secondary public offering in the local Pakistani capital markets. SNGPL’s transmission network comprised of 6,121 km of high - pressure pipeline from Sui in Balochistan to Peshawar in NWFP. The distribution network included over 42,622 km of pipeline covering over 720 towns and villages in Punjab and NWFP. The Company sold 537,086 million cubic feet (MMCF) of gas during the fiscal year 2004-2005 to over 2.5 million industrial, commercial and domestic customers.  The government had originally planned to divest 40% of its holdings in SNGPL in the 1992 secondary offering and reduce its holding to 50%. However, only 15 percent of SNGPL’s shares were subscribed to by the public. As of December 2003, the GoP owned 59.47% of SNGPL shares, which included indirect holdings through entities in which the government had a majority shareholding. The remaining shares (40.53%) were held by general public and institutional investors.   In March 2002, Oil and Gas Regulatory Authority (OGRA), a statutory body created to regulate Pakistan’s oil and gas sectors, granted a 30 year license to SNGPL for transmission, distribution and sale of natural gas in the provinces of Punjab and NWFP. This license gave exclusive right to SNGPL to distribute and sell natural gas to its existing customers who contracted with it on or before July 2005.
In July 1992, Equiventures Sdn Bhd was awarded a 20-year build, rehabilitate, operate, transfer (BROT) contract by the state government of Johor to treat water for the some 650,000 residents in the Johor Bahru district.  The firm was selected because it offered the lowest cost in an international tender.  Equiventures Sdn Bhd was owned 49% by Kembangan Dinamik Sdn Bhd of Malaysia, 25.5% by Suez Lyonnaise des Eaux (renamed "SUEZ" in 2001) of France, and 25.5% by Pilecon Engineering Bhd. of Malaysia.  The project was to take place in 3 stages until the year 2000.  Stage 1 consisted of the increased plant production capacity at the existing 180,000 litres per day to 320,000 litres per day (320,000 cubic meters per day) and the installation of new pipelines and reservoirs by the end of 1993.  Stage 2 comprised a newly constructed and commissioned 160,000 litres per day (160,000 cubic meters per day) plant at Sg Johor as well as associated transmission pipelines and reservoirs. These first two stages were completed in December 1997.  Stage 3 required the extension of stage 2 with the construction works of another 160,000 litres per day (160,000 cubic meters per day) production capacity and associated transmission pipelines and reservoirs.    Total investment in the project was estimated at RM750 million (about US$284 million).  Financial close was reached in October 1992 when Equiventures secured a RM265 million loan facility from Public Bank.    Strategi Tegas Sdn Bhd was the O&M operator.  The company sold water to the government owned Johor Water Authority who distributed it to the public.
In August of 1992, Water and Sanitation Services South Africa Ltd (WSSA) beat two other companies to win the management contract for the water utility of Queenstown, South Africa. On April 1, 1994, following democratization, the contract was extended to cover Greater Queenstown, which extended the old municipality’s boundaries to include the areas of Mlungisi and Ezibeleni.  WSSA then serviced a population of 170,000, up from 22,000. Other than the Queenstown contract, WSSA also won 10-year management contracts in Stutterheim (17,000 people) in 1993 and in Fort Beaufort (15,000 inhabitants) in 1995.    In 1989 the old Queenstown Municipality was experiencing financial problems which were affecting its ability to adequately provide municipal services. This led to alternative service delivery options being investigated. The result was a management contract between the municipality and Water Services South Africa (WSSA).  This resulted in the operations, maintenance and management of water and sanitation systems becoming the responsibility of WSSA for an initial period of 15 (and later extended to 25) years.  WSSA was to be monitored by the municipality and was under obligation to report on the quality and quantity of water supplied. A monthly report was submitted to the municipality in this regard.  The contract was signed with the Suez-Lyonnaise des Eaux (known as SUEZ as of March 2001) subsidiary Aqua-Gold, which subsequently became WSSA.  WSSA was wholly owned by Lyonnaise Water Southern Africa (Pty) Ltd, itself a joint venture between Suez and Group Five/Everite, a South African construction, manufacturing and property development group.   The initial contract covered management, operation and maintenance of Queenstown's 50km pipeline and pumping station, 5000 house connections, a 40,000m3/day water treatment plant, 100km of sewers and a 15,000m3/day sewage treatment plant. It also provided bulk water for the Mlungisi and Transkei townships and contracted to extend the sewage treatment plant.  Issues of public interest such as the setting of tariffs, standards and level of service were the responsibility of the municipality. The municipality was responsible for paying the contractor at a rate calculated from a combination of a fixed charge component and a variable charge calculated per kilolitre of water metered at the point of sale to the consumer.  According to one report, by 2000 unaccounted for water had been reduced from 45% to 21%, the number of reported bursts fell from two per year to 0.2 per year per kilometre of pipeline, the number of reported sewer overflows fell from 19 to 13 per year per kilometre of network, 65% of ageing water pipes in Mlungisi and Ezibeleni were replaced, and benchmarking based on international best practice was introduced.  However, other reports indicated that poor residents did not experience these benefits directly.  Also, due to problems of non-payment, income had decreased and further tariff hikes were being sought.
Nanhai Port, in the Nanhai Municipality of Guangdong Province, is operated by Nanhai International Container Terminals, a joint venture between HPH and the Nanhai Transport Bureau. Operations commenced in 1994. Hongkong International Terminals, Hutchison Whampoa port operator subsidiary signed a deal with the Ministry of Communications in the 1980s, giving them first right of refusal over all coastal ports south of the Yangtze River. A main advantage to early entry was the ability to assume majority control over many ports, before government regulations restricted foreign investor equity to 50% or less. Equity stakes in Hutchison ports range from 50% to 70%.
The port is located at the mouth of the Quequen River, Quequen on the East shore and Necochea on the West shore. On the Quequen shore, there are two elevator facilities, ACA/FACA Pier No. 2/3 and Terminal Quequen S.A. Pier No. 4/5/6. The latter is operated by a private consortium of several grainhouses including local Grain Stock exchange (Bolsa de Cereales de Buenos Aires, Centro de Acopiadores de Cereales, Zona Puerto Quequen, Centro de Corridores y Comisionistas de Cereales de Bs. As., Confederacion Intercooperativa Agropecuaria Coop. Lda, Confederaciones Rurales Argentinas, Sociedad Rural Argentina, Asociacion de Cooperativas Argentinas Coop. Ltda. (ACA), Bunge y Born Comercial SA, S.A. Genaro Garcfa, La Necochea Quequen S.A., La Plata Cereal Co., SACIAFeI, Mercado a Termino de Bs. As., Nidera Argentina S.A., Productos Sudamericanos S.A., and Tradigrain S.A.). The concession fee is US$ 3.50/ton on board and additional rent for existing port facilities.
Edelap was part of Servicios Electricos del Gran Buenos Aires (Segba), an Argentine state-owned utility. Edelap distributed electricity to 228,000 customers and had a 68-MW gas power plant called Dique (La Plata) in 1992. The company was partially privatized in November 1992 when a 51% equity stake was sold for $139 million to Inversiones Catalinas or Grupo Techint (26%) and Houston Power Corporation (25%). Edelap increased its customers base to 270,000 with investments through 2000.   In May 1998 AES Corporation acquired a 90% stake in Edelap for US$ 350 million. AES acquired the shares from the joint venture of Houston Industries Energy and a subsidiary of Techint S.A. In November 1998 PSEG Global acquired a 30% share in Edelap.  In 2001, PSEG agreed to sell its shares in Edelap and its other shares in Argentina to AES. The sale did not occur until 2003 as AES contested that the stock purchase was of high risk. AES and PSEG reached agreement whereby AES acquired all of PSEG's shares in Argentina. As of 2003, AES held a 90% stake with the remainder of shares (10%) belonging to the employees. In 2003, Edelap served 280,000 customers and had a capacity of 2100 GwH.  In 2002, AES Corporation filed legal proceedings with an international arbitration tribunal (International Centre for Settlement of Investment Disputes - ICSID) against the Argentinean government. The proceeding seeks compensation for losses incurred by the company at the time of the devaluation of the Argentinean currency.
Buenos Aires Al Pacifico (BAP) took over the management of the San Martin freight railway under a 30-year concession on August 26, 1993. The vertically integrated company took over freight marketing, train operations, equipment and track maintenance and rehabilitation. The concession contract gives the company an exclusive right to the rail infrastructure. The Argentinean government started restructuring the rail sector in the fall of 1990, and decided to concession the six freight lines first. Companies bid for the concessions under a two stage bidding process, and awards were made on the basis of 10 differently-weighted criteria. Contracts were awarded for 30 years with an optional 10-year extension. At the end of 1997, private companies operated and managed five of the six freight lines.   BAP was awarded the third concession for the San Martin line on December 29, 1992 and took over in August 1993. BAP comprises Industries Metalurgicas Pescarmona (Impsa - 67.5%), Roman Maritima (25%, but then sold 20% to Impsa), Hugo/Gervasio Bunge (6.25%), and Transapelt (1.25%). The operator is Railroad Development Corp. of the US. BAP pays an annual fee for the lease that sums to US$ 68 million for the first 15 years (in order to calculate the real value of the lease fee, a discount rate of 13.37% was used; this government has used this rate in other infrastructure sectors). BAP plans US$349 million of investment during the first 15 years with US$150 million in the first five years. BAP increased freight carried to 2.47 million tonnes in 1994 from 1.92 million tonnes in 1991. In 1999, Impsa sold its stake in the project to the Brazilian company America Latina Logistica, which operates the Ferrovia Sul Atlantico railway in Brazil. America Latina Logistica is a joint venture of Ralph Partners (45%), Judori (18%), Brazil Private Equity Fund (13%), Varbra (7%), RailTex International of the US (6%), and Interferrea (7%), among others.
Central Costanera (CCSA) was owned by Servicios Electricos del Gran Buenos Aires, an Argentinean state-owned utility. The facility had an installed capacity of 1260-MW in 1992.  In a first transaction, a 60% equity stake was sold for $90.1 million to Endesa (30%), Enersis (9%), Chilectra Metropolitana SA (3%), Inversora Patagonica (7.5%), and Establishment of Grupo Rio (7.5%). The winning consortium also assumed US$150 million in debt. In a second transaction, the remaining 40% equity stake was sold to its workers and small investors.  As of 2004, Endesa (Chile) owned a 64% stake in the company.   After its privatization, the company invested $200 million to upgrade its plants work at maximum efficiency. In December 1996, the company announced an expansion of 832 MW, beginning commercial operations in 1998.   In 2001, CCSA merged with its subsidiary Central Termoelectrica Buenos Aires (CBA) by purchasing a 51% stake in the company.  As of 2004, the company had an installed capacity of 2,311 MW, equivalent to almost 11% of the generating capacity in the country.
Ferrosur Roca signed an agreement to take over the management of the Roca freight railway under a 30 year concession on March 11, 1993. The vertically integrated company took over freight marketing, train operations, equipment and track maintenance, and rehabilitation. The concession contract gives the company an exclusive right to the rail infrastructure. The Argentinean government started restructuring the rail sector in the fall of 1990, and decided to concession the six freight lines first. Companies bid for the concessions under a two stage bidding process, and awards were made on the basis of 10 differently-weighted criteria. Contracts were awarded for 30 years with an optional 10 year extension. At the end of 1997, private companies operated and managed five of the six freight lines.   Ferrosur Roca was the only bidder for the Roca line and was awarded the concession on December 3, 1992 and took over in March 1993. Ferrosur Roca comprises Loma Negra (65%), Decavial (5%), Petr. Comodora Rivadavia (10%), Asosiacion de Cooperativas Argentinas (5%), Banco frances del Rio del la Plata (5%), and Acindar (10%). A Canadian company was the initial operator, but FR planned to take over within five years. The consortium pays an annual fee of for the lease, that will sum to about US$15 million for the first 15 years (in order to calculate the real value of the lease fee, a discount rate of 13.37% was used; this government has used this rate in other infrastructure sectors). FR plans investment of US$ 76.9 million during the first 15 years. By the end of 1996 Ferrosur Roca was making a profit on the line.  In July 2004, the company renegotiated its contract with the government. Under the agreement, known as an "Acta de Entendimiento," Ferrosur pledged to invest a minimum of 7.5mn pesos/yr (US$2.55mn) or 9.5% of sales.
EDN Sovintel provides advanced telecommunications services of voice, data, and video transmission and Internet access based on its own fiber-optic SDH network in Moscow and St. Petersburg. It was founded in 1990 as a telecommunications joint-venture between the majority state-owned Rostelecom and Golden Telecom, a subsidiary of GTE, Inc (US company). Sovintel started building its fiber optic digital network in 1992, with funding provided by the EBRD (a loan of US$ 6.5 million). Its network was a total of 700 km in length; Sovintel also dedicated fiber optic digital circuits connecting its network with leading international carriers, satellite channels for back-up of the fiber-optic circuits and digital microwave links and wireless network access. The network has a capacity to handle 20,000 connections simultaneously. Sovintel is a local company providing services mostly to businesses. In 2000, Sovintel received 10.5 GHz license in the St. Petersburg region and a 3.5 GHz license in Moscow.   Golden Telecom had finalized its purchase of 50% of the Sovintel from Rostelecom in September 2002. Rostelecom received approximately 4 million shares (equivalent to 15% of outstanding common shares) in Golden Telecom and US$ 56 million in cash for the 50% stake in Sovintel.  In April 2003 Golden telecom completed the merger of EDN Sovintel and TeleRoss LLC, into one legal entity. Before the merger TeleRoss was a subsidiary of Golden Telecom which operated in Russian regions. After the merger EDN Sovintel became the legal successor of TeleRoss LLC. All services in the merged company are provided under the Golden Telecom brand.  At the end of 2005 Golden Telecom claimed to be the largest alternative fixed line operator in Russia.  In 2008, VimpelCom announced the completion of the merger of its indirect wholly-owned subsidiary, Lillian Acquisition, Inc. with and into Golden Telecom, Inc. Upon completion of the merger, Golden Telecom became the surviving corporation and an indirect wholly-owned subsidiary of VimpelCom.  Each remaining share of Golden Telecom common stock was canceled and  Golden Telecom common stock ceased trading on NASDAQ at market close on 28 February 2008.
In November 1992, state-owned road operator PT Jasa Marga awarded a 26 year joint venture contract to PT Bangun Tjipta Sarana for the widening of the Cikampek-Cibitung toll road. The company had long been involved in toll roads as a revenue sharing partner with Jasa Marga, but has only recently turned to toll road operation. The Cibitung-Cikampek BOT contract involved widening the road from two to four lanes and then operating the road. The ROT contract is for 26 years. This construction cost Rp.78 billion (US$ 38.5). The investors share of the toll income was to be 69%.
Distribuidora de Gas del Sur SA was one of the eight companies created in 1992 from the distribution assets of Gas del Estado, an Argentine state-owned company. Distribuidora de Gas del Sur was privatized in December 1992, when a 90% equity stake was sold for $144 million to Camuzzi Gazometri SpA (65%) and Sodigas Sur SA (25%).  The consortium paid US$14 million in cash and US$134 million in debt papers valued at their market value. The remaining 10% equity stake was reserved to be sold company's employees, at the same price per share that the winning consortium paid. The winning consortium assumed other liabilities that amounted $16 million.   The winning consortium was awarded with a 35-year concession period with the option for extension for an additional ten years, as long as service quality indicators and investment obligations stipulated in the contract were met. The company's obligations indicated an investment sufficient to meet the required standards during the first five concession years. The standards were based on US standards but adjusted for conditions in Argentina. The conditions for the extension of concession periods were the same for all privatized gas distribution companies.   In March 1996, Sodigas Sur SA sold a 12.5% stake of Distribuidora de Gas del Sur SA. to Sempra Energy International (USA), along with a 12.5% equity stake in Gas Pampeana SA for $48.5 million. In October 2000, Sempra Energy acquired an additional 21.5% stake in Sodigas Sur from Dominion resources (Sempra previously owned another 21.5% stake in the company).  In 2002, Sempra filed legal proceedings in an international arbitration tribunal (International Centre for Settlement of Investment Disputes - ICSID) against the Argentinean government for freezing rates. In 2003, the italian Camuzzi also filed legal proceedings in the same tribunal against the Argentinean government, driven by frozen rates and losses with Argentina's currency devaluation.
Distribuidora de Gas del Noroeste SA was one of the eight companies created in 1992 from the distribution assets of Gas del Estado, an Argentinean state-owned company. Distribuidora de Gas del Noroeste was privatized in December 1992 when a 90% equity stake was sold for $72 million to Construcciones Civiles (36%), Banco Frances del Rio de la Plata (18%), and Gas de Santiago (36%). The winning consortium paid in cash ($10 million) and in debt papers ($62 million) valued at their market value.   The remaining 10% equity stake was retained to be sold to company employees, at the same price per share paid by the consortium.  The winning consortium was awarded with a 35-year concession period and the option to extend for an additional ten years, as long as service quality indicators and investment obligations stipulated in the contract were met.
Central Alto Valle was owned by Agua y Energia Electrica Sociedad del Estado (AyEE), an Argentinean state-owned utility. The facility had an installed capacity of 98-MW in 1992. The government sold the company in two transactions. In the first one (August 1992), a 90% equity stake was sold for $22.15 million to Dominion Energy (54%) and Cooperativa de Servicios Publicos y Comunitarios de Neuquen Ltda. (36%). The remaining 10% was retained to be sold to its workers. Dominion Energy invested $10 million to improve the power plant in 1995. In Mar. 2000, Duke Energy acquired Dominion Energy's equity stake in the project company.  In December 2016, Duke sold all its Latin American assets to Orazul for US$ 1.2 billion.
Distribuidora de Gas del Litoral SA was one of the eight companies created in 1992 from the distribution assets of Gas del Estado, an Argentine state-owned company. Distribuidora de Gas del Litoral was privatized in December 1992, when a 90% equity stake was sold for $103.6 million to Tractebel SA (Belgium - 36%), Iberdrola SA (Spain - 18%), Garovaglio SA (18%), and Diecisiete de Abril (18%). The winning consortium paid in cash ($14 million) and in debt papers ($89.6 million) valued at their market value. The remaining 10% equity stake was retained to be sold to company's employees, at the same price per share paid by the consortium.  The winning consortium was awarded a 35-year concession period and the option to extend for an additional ten years, as long as service quality indicators and investment obligations stipulated in the contract were met.
Terbasa S.A. since 08/1992 operates the Buenos Aires grain terminal for a concession period of 30 years. It is owned by a consortium of several grainhouses including Bolsa de Cereales de Buenos Aires, Centro de Acopiadores de Cereales, Centro de Corridores y Comisionistas de Cereales de Buenos Aires, Confederacion Intercooperativa Agropecuaria Coop. Lda, Confederaciones Rurales Argentinas, Sociedad Rural Argentina, Genaro Garcia, La Plata Cereal Co., SACIAFel, Mercado a termino de Buenos Aires, and Transportadora y Almacenadora a Granel SACyF. It has a berthing front of 585 meters, divided in two loading berths, namely No. 1 and No. 2. Concession fees are US$3/ton on board and rent for existing port installations.
El Angel SA constructed a 4.3 MW hydroelectric power plant in Vara Blanca, Costa Rica. Construction works were completed in 1991, but the power purchase agreement will last from Dec. 1992 until Dec. 2007. Group Saret providing assistance in constructing the facility.  The project uses water from the El Angel River.  The total cost of the project was US$ 3.2 million.  As of December 2009, the project was still operational according to Aresep, the regulator beyond the termination date of the original PPA (December 2007). In 2010 the power plant was destoyed by an earthquake and the private concessionaire was rebuilding with the plant to continuing selling electricity to ICE.
In 1991 the municipality of Pilar, Argentina, through decree 1.993/90, awarded a 25 year concession for its water and sewage systems to local operator Sudamericana de Aguas. Sudamericana de Aguas became responsible for servicing over 7,000 customers in the Pilar municipality, located in the province of Buenos Aires. This was the first water concession awarded to a private operator in Argentina.  The concession was awarded through a public tender. The winner was picked based on the lowest proposed tariffs and prices for network expansion.   In December 2005, Sudamericana de Aguas signed a renegotiation agreement (Acuerdo de Renegociación contractual) through ordinance 319/05 and Decree 020/06 with the municipality.  The renegotiation agreement included an operative plan for technical improvements in the areas currently being served and a potable water network expansion plan for the following two years. The agreement also included an increase in tariffs, the implementation of a subsidized ‘social tariff’ and a specific mechanism for future tariff adjustments.   As of 2005, Sudamericana had expanded the network and had 20,705 customers.
In 1992, CamTel was awarded a 10-year license to operate an AMPS 800 network and the company started its operations in October of that year. The company was a joint venture between TelecomAsia, a subsidiary of Charoen Pokphand Group of Thailand, (70%) and Cambodian Ministry of Posts and Communications (30%).  The initial investment was US$7.6 million. It had 5,000 subscribers by 1997 but only 3,457 by March 1999 due to stiff competition in the provision of mobile phone services.  By 2003, Camtel, which was the pioneer in the market, had just 1,000 users of its low-tech analogue mobile service.  The company's market share had become insignificant.   Closed operations in Q4 2002.
Tenaga Nasional Bhd (TNB) was the Malaysian national electricity utility.  In June 1992, 23 percent of TNB's shares were sold on the Kuala Lumpur Stock Exchange for US$1.2 billion. In 1992 TNB's primary shareholders include: state-owned Khazanah Nasional Bhd. (38.981%); Ministry of Finance Inc. (17.134%); Bank Negara Malaysia (8.226%), the central bank; Amanah Raya Bhd. (5.224%); and the foreign-based Cartaban Nominees S.B. (4.656%). The government also holds a golden share. In 2005, TNB’s primary shareholders were: Khazanah Nasional Berhad (36.41%), Employee Provident Fund Board (9.24%), Amanah Raya Nominees (Tempatan) Sdn Bhd (7.46%), and Bank Negara Malaysia (7.19%).  Further privatization of majority of shares was planned, but only 25% of TNB was private by December 1997. TNB had enjoyed monopoly rights for all power generation, transmission, and distribution activities in Malaysia until licenses for 6 IPPs were issued in 1994. The Government of Malaysia has announced plans to restructure TNB whose sole activity would be power transmission. Under this plan, power generation assets would be transferred to Tenaga Nasional Generating, from which TNB would buy power. TNB will, however, continue to hold its 20 percent equity position in all IPPs, except for the Telok Gong power plant (Powertek IPP).  In addition to generation plants owned directly by TNB, TNB also set up a wholly-owned subsidiary Tenaga Janamanjung Sdn Bhd to develop a 2100-megawatt coal-fired power station at Manjung in Perak State. The project was expected to cost US$ 1.3 billion. In July 1999, TNB signed a $680 million loan agreement with the Midland Bank of the UK. to finance the project. TNB said that about $400 million of the project could be met by equity financing and the remainder through bonds. The first 700 MW entered service in April 2003 with the remaining two units entering service in August/September 2003. Alstom Power was been awarded a $1 billion EPC contract. A PPA has also been signed for TNB to buy the power at 3 cents/kWh.  In 2005, TNB had a total generation capacity of 11,498 MW from 6 thermal and 3 major hydro power plants and accounts for two-thirds of the total capacity in Peninsular Malaysia. TNB owned and operated the 132kV, 275kV and 500kV transmission network for Peninsular Malaysia, which were connected to the Singapore and Thailand networks.  TNB owned and operated the Peninsular Malaysia Distribution network, providing power to roughly 6,500,000 customers (2005).  Finally, TNB owned a stake in a wide range of energy sector businesses in Malaysia, including an 80% stake in Sabah Electricity (the energy utility for Sabah State).  TNB purchased power from 6 IPPs for sale on to consumers: YTL Power, Malakoff Bhd, Powertek, Ranhill, Sime Darby and Genting Sanyen.  Roughly 40% of TNB’s operating costs were energy purchases from IPPs.
WestBalt Telecom is the largest alternative operator in Kaliningrad and the only alternative operator in Russia, outside Moscow and St Petersburg, which owns and operates its own intercity exchange. Westbalt Telecom was created as a joint venture among French France Telecom Cable & Radio (49%), Russian Elektrosvyaz Kaliningrad (41%), a local state-run telecom operator, and Russian Balticom (10%) in 1992. The company was created as result of a tender process won by France Telecom, becoming the first non-state venture granted operator status in Russia. The company was set up with an  authorized capital of US$7.5 million in 1992. The equipment supply contract was signed with Alcatel Bell (Belgium). The Alcatel Bank (France) invested US$2.8 million in development of the project with a total sum of investments of US$4.6 million by 1997. The network is equipped with digital  switchboards all existing telephone lines as well as  to launch 20,000 new telephones. company started its commercial operations in November 1994 and had an installed capacity of 20,000 by 1997. Total project cost for a installed capacity of 120,000 lines was estimated in US$40 million of which US$20 million were planned to be spent during the first three years.  By 2003 it has been allocated approximately 100,000 subscriber lines in Kaliningrad, of which approximately 65,000 are currently in use by clients: 15,000 of these lines are used by mobile operators; 19,000 are used by other operators; 7,500 are used by local corporates; 23,500 are used by residential customers. WestBalt Telecom recorded revenues of approximately $5.0 million in 2003.  In April 2004 Golden Telecom completed the acquisition of 100% of the common shares in OAO Balticom Mobile (“Balticom”) that owned 62% of ZAO WestBalt Telecom for cash consideration of approximately $7.2 million.  In 2008, Vimpelcom acquired Golden Telecom along with its shares in 8 units (including WestBalt Telecom).
Distribuidora de Gas del Sur SA, or Metrogas, was one of the eight companies created in 1992 from the distribution assets of Gas del Estado, an Argentine state-owned company. Metrogas, the largest of Argentina's eight gas distribution companies, served a population of six million (21% of the Argentine population) in the city of Buenos Aires and its southern suburbs in 1992. The company was privatized in three stages. In the first one (December 1992), a 70% equity stake was sold for $300 million to British Gas (28.7%), Cia. Naviera Perez Companc (17.5%), Astra Capsa (14%), and Invertrad (9.8%). The last member of the winning consortium was an Argentine Private Development Trust. The consortium paid US$44 million in cash and US$256 million in debt papers valued at their market value. The winning consortium also assumed liabilities of $177 million. In a second transaction (November 1994), a 20% equity stake was sold through public offering for $121 million. In that transaction British Gas acquired a 5.3% equity stake of Distribuidora de Gas Metropolitana. Since then, British Gas has acquired a 34% equity stake in Metrogas. The remaining 10% equity stake was retained to be sold to Metrogas' employees, at the same price per share that the winning consortium paid. The winning consortium was awarded a 35-year concession period with the option for extension for an additional ten years, as long as service quality indicators and investment obligations stipulated in the contract were met.   During the period 1993-97, Metrogas invested $277.8 million of which $126.8 million was allocated to improve the security of its distribution facilities. The remaining  $151 million were invested in expanding the transmission network and improving the quality of services. In mid-2000, the EIB granted a US$ 50 million loan to finance a gas transmission pipeline and a gas distribution grid. Metrogas sold US$ 100 million in bonds in Mar. 2000 and is also planning to issue an additional US$ 130 million in bonds (the resources will be used to pay off short term debts).   In June 2010, the Argentine government placed MetroGAS under the management of state-owned Energas, after the company filed for bankruptcy protection. The company was to remain under government control until it has successfully restructured its debt. The ministry rejected the company's claims in a filing to the stock exchange that its debt problems were due to the government's failure to raise tariffs and blamed the company's "obstinate refusal" to give up its arbitration claim at the ICSID for not renegotiating its public service contract to date.
Central Puerto was created from Puerto Nuevo and Nuevo Puerto, two generating units owned by Servicios Electricos del Gran Buenos Aires (Segba), an Argentinean state-owned utility. Central Puerto had 1,009-MW in April 1992, but only 500-MW were operational at that time. The government privatized Central Puerto SA in three stages. In the first one, a 60% equity stake was sold for $92.2 million to Chilgener (30%), Distribucion Electrica Quinta Region (9.8%),  and Chilectra Quinta Region (20.2%). The winning consortium also assumed debt for $50 million. A 10% equity stake was retained to be sold to Central Puerto's employees. The remaining 30% equity stake was sold through public offering for $132 million. By 1996, the equity was owned by Gener's subsidiary Hidroandes (30.67%), Chilquinta Argentina (15.34%), Pacific International (15.34%), and other private investors (38.65%).   Central Puerto SA expanded its capacity by building a 370-MW new power plant in Loma de La Lata called Central Neuquen. The total cost of that power plant was $135.68 million. That generating unit started its commercial operations in August 1994.   Central Puerto started a new expansion in 1996. The company awarded a turnkey contract to a consortium of General Electrica Power Systems and Techint Co. to install the new power plant of 769-MW by 1999. The total cost of this expansion was $242 million. In early 2001, TotalFina acquire all of Gener's stake in Central Puerto, which, at that time, owned 63.94% of Central Puerto.  In January 2004, the French company Total SA (TotalFina) filed a claim against the Argentinean government with an international arbitration tribunal (International Centre for Settlement of Investment Disputes - ICSID). The companies claim compensation for the losses caused by the devaluation of the Argetinean currency (peso) and the conversion of dollar-denominated tariffs into pesos.  On November 12, 2006, Sociedad Argentina de Electricidad (Sadesa), owned by the Argentinian Miguens-Bemberg group and Merrill Lynch & Co (USA), signed the contract to purchase 63.94% of the shares of Central Puerto from Total Fina for US $35 million. Sadesa S.A. is now the operator of this plant as well as Piedra del Aguilla after purchasing a controlling interest in their shares. The contract signing for both purchases was supervised by Ministerio de Planificacion Federal, Argentina’s federal planning ministry.  On December 4, 2006 the Company agreed with Sociedad Argentina de Electricidad S.A. (“SADESA”), a company that had acquired with Merril Lynch, Pierce, Fenner & Smith Inc. a controlling interest in Central Puerto S.A. (“Central Puerto”), the purchase of 100% of the assets making up the Loma La Lata thermoelectric plant located in Loma de La Lata (“the assets”), Province of Neuquén, for a total of US$ 60,000,000. The transfer of assets was consumated on May 17, 2007. This decreased the generating capacity of Central Puerto SA by approximately 370 MW.
Central Dock Sud SA was owned by Servicios Electricos del Gran Buenos Aires (Segba), an Argentine state-owned utility. The facility had an installed capacity of 211 MW in 1992. The company was privatized in two stages. In the first one, a 90% equity stake was sold for $25 million to Argentine Polledo SA in May 1992. The remaining 10% was reserved for Central Dock Suds employees. The transfer took place on October 1992 with no associated price or sale guarantees. In October 1993, British Gas acquired 45% of Central Dock Sud SA from Polledo. In 1996, the company was bought by Inversora Dock Sud SA (63%), Bridas S.A.P.I.C. (18%), and Astra C.A.P.S.A. (9%) for $1.3 million. Inversora Dock Sud SA is owned by Endesa Desarrollo (57.2%) and Astra  (42.8%). The new owners plan was to expand the company capacity up to  660-MW. The total planned investment for the consortium was $250 million. In 1998, BP Amoco took over development of the plant from Astra Capsa and Endesa. In 1998, BP Amoco Global Power acquired the new 775 MW gas-fired Dock Sud plant which is due for completion in mid-1999.
Electroquil was created by the private Guayaquil Chamber of Commerce in 1991, but commercial operation started only in 1995 (construction works started in 1992 and were completed in 1993). The plant had four 42-MW units which supplied electricity to the state-owned utility Inecel under a power purchase agreement. Units 1 & 2 commenced operation in 1995, while units 3 & 4 were started up in 1996.   Electroquil had two contracts with Inecel: one signed in 1995 for units 1 & 2 which expired in May 2001 and another signed in 1996 for units 3 & 4 which expired in June 2002.  In 1998, Duke Energy acquired a 51.5% stake in Electroquil from the Chamber of Commerce for US$45 million.  In December 2016, Duke sold all its Latin American assets to Orazul for US$ 1.2 billion.  In 2002, despite discrepancies with the regualtor over unpaid US$4.1 million bills due to Electroquil from the Ministry of Mines and Energy, Duke Energy renewed its contract for an additional five years.  In August of 2004, Duke Energy filed with an international arbitration panel associated with the World Bank seeking some US$23 million in debts from the Ecuadorian government for unpaid generation from its Electroquil subsidiary.  On August 18, 2008, a reward was rendered by ICSID Case No. ARB/04/19 in favor of DUKE ENERGY ELECTROQUIL PARTNERS and ELECTROQUIL S.A. a nominal amount of approximately US $5.5 million plus interest at the simple active rate quoted by the Central Bank of Ecuador from the date on which each fine became due. A PPA was in effect in 2008 and Duke Energy Corp. had an 83% stake in the project.
PT Cikarang Listrindo (PTCL) was developing a 100-MW US$137 million gas-fired power plant at the industrial estates in Cikarang.  PTCL, a joint venture designed to develop the Cikarang Industrial Estate, was owned by the US firm Bankers Trust (30%) and the local tycoon, Mr. Sudwikatmono (70%) who was a cousin of President Suharto.  The plant was constructed by IPCO, a locally-based engineering company that was jointly owned by Malaysian companies and International Petroluem Consultants of Australia and Singapore. Financial closure took place in mid-1992 and the project became operational in 1993, the first independent private power plant in Indonesia.  In July 2005, PTCL began a major expansion project, contracting with GE Energy to expand capacity from 354 MW to 704 MW.  The government put on hold many of the independent power producer (IPP) projects in late 1997 as part of the retrenchment program to cope with the economic crisis. PLN, which was financially troubled by the crisis, asked to renegotiate the PPAs, especially with regards the price.  In 2003, 14 of the 26 IPPs, including Cikarang, agreed to continue their projects under a new pricing scheme, while seven agreed to terminate the PPAs. The government and PLN each agreed to take over two projects.
The Bhoruka Power Co., a joint venture between the Bhoruka Steel Ltd. and INTESCO, completed  the construction of the 18-megawatt Shivpur hydro plant in late 1996. Intesco, a subsidiary of  the US-based Synergic Resources Corporation (SRC), is the project operator.   It is estimated that financial closure was reached in 1992. The Bhoruka Power Co. was the project contractor and remains as the project operator. A power-purchase-agreement was signed with the Karnataka State Electricity Board (KSEB). Built at a cost of Rs 30.6 crore, ($6.5m) the 18 MW Shivapur hydel power was completed in 26 months.  Close on the heels of the Shivapur Plant's success, BPCL was allotted a string of mini hydel power projects, with a total installed capacity of 6.6 MW, at Shahapur in Gulbarga district of Karnataka. The Shahapur schemes were executed between 1995 and 1998.   Rajankollur Mini Hydel Scheme is a 2 MW power station located on the Hunsagi branch canal. This is a distributor of Narayanpur left bank canal flowing in Gulbarga district, Karnataka. Work on the project started in March 1998. The civil & electro-mechanical works were completed in 17 months. Both the units were spun and synchronized in August, 1999.  Spreading its power over a greater part of Karnataka, BPCL initiated the Madhavamantri project across the River Cauvery in February 1999. This project has 3 MW capacity at the toe of the Madhavamantri Anicut situated across River Cauvery in T.Narasipur Taluk. The project site is situated near Hemmige village, 150 kms from Bangalore. This project was commissioned in July 2001.  Sri Rama Devara Katte is a mini hydel scheme of 1.5 MW capacity located downstream of Hemavathy dam near Gorur.The project site is about 24 kms from Hasan district, Karnataka. The plant was commissioned in September 2001.  D9 Shahapur Hydel Plant (1 MW) project was envisaged and located by our team of Engineers when the Shahapur project was under execution. It is in very close proximity to the present Shahapur Schemes. The project became operational in 2003.   Mandagere Hydel Scheme is a 3.5 MW power station located downstream of Gorur dam across River Hemavathy in K.R.Pet taluk of Mandya district, Karnataka. Work on the project started in December 2002 and commercial operation of the plant was effected in September 2004.  Neria mini hydel scheme is a 9 MW power project located near the famous religious place Dharmasthala across Neria river. The project is about 295 kms from Bangalore. Work on the project began in September 2004 and commissioned in August 2006.  BPCL acquired 6.25MW (4x1.563MW) Sattegala Mini Hydel Station from M/s.SLS Power Industries, Bangalore during November 2006. The plant is located across Cauvery River. This station is located between Dhanagere anicut on the upstream and Siva anicut on downstream side. Power station can be reached by road from Bangalore about 140kms distance.  BPCL has acquired 3x1.5MW Sugur Mini Hydel Station from M/s.SLS Power Industries, Bangalore during November 2006. The plant is located across Tungabhadra River about 2kms downstream of M.Sugur village. The station can be reached by road from Bangalore via Bellary (NH 13) and from their on with a deviation on State Highway leading to Siriguppa via Emmiganur
Shajiao plant C's capacity is 1980-MW (3x660-MW) and it has been operational since 1995. It was owned by Guangdong Guanghope Power Co., a joint venture between Guangdong General Power Co. (73%) which was a unit of Guangdong Province, and Consolidated Electric Power Asia Ltd. (27%), previously Hopewell Holdings, which is 80% owned by Mirant (formerly known as Southern Energy). Wardley Ltd. arranged a $750 million financing package involving 36 international banks (7.5 years maturity). The remainder was financed via equity, shareholder loans, and revenue from early operation before full completion. All finance was arranged in foreign currencies. The turnkey contracts were awarded to GEC-Alsthom (turbines), ABB Combustion Engineering (boilers), and Slipform (civil engineering). Coal is being supplied to the station under an agreement with Chinese authorities. Southern Energy renamed itself Mirant Corporation in 2000.  In December of 2002, Mirant closed the $300-million sale of its 33% share to state-owned China Resources Power Holding Co..  After Mirant sold its stake, the project became 100% state owned.  Mirant used $254-million in proceeds from the sale to pay off a loan for its Asian subsidiary. Mirant had no assets left in China following the sale.
In November 1992, Billionable Investment Ltd. (BIL), a subsidiary of New World Infrastructure (NWI), signed a 30 year joint venture contract for the construction and operation of a 35km dual 2-lane expressway between Huizhou City and Shenzhen.  Under the contract, the joint venture company, Huishen (Yantian) Expressway Huizhou Co., Ltd., was created by Huizhou City Huixin Expressway Co., Ltd. (66.7%), which was 50:50 controlled by BIL and a state-owned company (Huizhou City Road & bridge Development Co. ),  and state-owned company, Guangdong Provincial Freeway Co. (33.3%).    NWI invested US$ 23.27 million in the expressway project (at a fixed rate of US$1=Rmb6.6 agreed in the contract). US$ 2.41 million was contributed as equity and US$ 21.31 million as a loan from NWI. NWI invested US$7.23 million in the highway. The total project coast was estimated at US$ 60.8 million.   The expressway started operation in June 1993. Average traffic flow on the expressway in 2001 was 6,312 vehicles per day.
Klang North Port (14 berths) and 8 berths of Klang South Port were transferred to Kelang Port Management Sdn Bhd on December 1st, 1992, for RM 361 Million for a lease period of 21 years. Throughput increased as follows: 137,937 TEUs in 1994, 269,941 TEUs in 1995, 443,656 in 1996, and 578,627 TEUS in 1997(roughly 35% of Port Klangs container traffic). Total allowable annual capacity is 1.2 million TEUs.   KPM has 10 quay cranes. KPM was about to order new quay cranes and was about to convert one more of its berths into a container berth in 1998 but these plans had to be put on hold due to the economic downturn in 1997. Total cargo througput fell considerably for 1998 to total of 8.1 milion tons compared to a peak high in 1995 (13.7 million tons), 1996 (13.3 milion tons) and 1997 (11.3 million tons).   Selangor State Gov. (12.5%), Kontena Nasional Bhd. (52.5%), Malaysia International Shipping Corp. Bhd. (25%) and Lembaga Tabung Haji Bhd (10%) are currently the shareholders of Kelang Port Management Sdn Bhd (total equity of RM377,245,000) with a golden share remaining with the central government. (Permodalan Nasional Berhad (PNB), as a wholly-owned subsidiary of Bumiputra Investment Foundation, holds 86%, MISC Enterprises Holdings Sdn. Bhd. another 9% of Kontena Nasional Bhd.) Amanah Merchant Bank has been appointed to review merger options by June 1998 between Kelang Container Terminal Sdn Bhd and Klang Port Management Sdn Bhd. Kontena Nasional Bhd holds major stakes in both companies. In 2000, a new company Northport Corp. Bhd. (NCB) was created to oversee the operations of both Klang South Port and Klang North Port. NCB now owns all shares of Kontena Nasional, KCT and KPM (Klang North Port).  In 2007, Northport committed to invest US$151 million (RM500 million) to upgrade facilities and construct an additional container berth. Northport aimed to increase its box-handling capacity to 5 million TEUs by 2009.
On March 27, 1992, National Petrochemical (Public) Company (NPC) joined with Paktank International B.V. (PTI) of the Netherlands to establish Thai Tank Terminal Limited (TTT). The partially private NPC holds 51% of equity whereas PTI has 49%. TTT won the Industrial Estate Authority-initiated project for concession of construction and management of the liquid bulk terminal and tank farms which serve as a center for storage and distribution of liquid chemical substances used by manufactories located at the Map Ta Phut Industrial Estate and its vicinities. A $48 million two-tranche, limited-recourse project financing deal for Thai Tank Terminal was syndicated by ABN AMRO Bank. The funds will be used to finance the construction of Phases II and III of the tank terminal facilities at the Map Ta Phut port. The $23 million tranche A, for Phase II, carries a maturity of eight years with an average life of 4.8 years. The $25 million tranche B, for phase III, carries a maturity of nine years with an average life of six years.  The terminal commenced operation in Jund 1996.
In December 1992, New World Guangdong Highway Investments Co. Ltd (in which New World Infrastructure - NWI - has a 100% equity share) took a 25% stake in a cooperative joint venture with a number of SOE partners. The joint-venture company, Bejing-Zhuhai Expressway Guangzhou-Zhuhai Section Co. Ltd.,  developed and operated a 62.4 dual 3-lane expressway linking Guangzhou and Zhuhai.   The other two major sponsor companies were both state-owned companies. The Guangdong Provincial Highway Construction Co. Ltd. ("GPHC") had 55% stake in the project company, while the Guangdong Provincial Expressway Development Co. Ltd. (GPED) had 20% stake in the project.   Phase I has two sections: the 8.6km section I, from Panyu Tangkeng to Tingqiao,  opened in May 1997 and section II, from Panyu Tangwei to Zhongshan Nanlang and from Zhongshan Nanlang to Zhuhai Jinding(53.8km), opened in December 1999. NWI invested US$ 13.98 in equity, and US$ 80.39 as a shareholders loan in phase I. Total project costs for phase I were US$ 471.82 million.
Cambodia Samart Communications (Casacom) was awarded two licenses to provide mobile phone services using a 900 MHz spectrum, one for NMT 900 and the other for GSM 900 by 1998. The company obtained approval by the Cambodian government to extend its 10-year license for both networks to 35 years in 1998.    Cascom was created as a joint venture between Samart Corporation (70%), a subsidiary of Samart of Thailand and the Cambodian Ministry of Posts and Communications (30%).  In August 1998, Telecom Malaysia acquired a 51% stake in Cascom.  Samart retained control over Cascom, even though it held a 49% stake.    The company launched its network, under the brand name Hello GSM, with a US$5 million investment in October 1992. Casacom expanded its cellular NMT 900 network to 10,000 subscribers in 1995. The company covered around 65% of Cambodia by 1997. The expansion was a part of a US$10 million investment to expand coverage from five to seven provinces and install more radio base stations in the capital, Phnom Penh. Other areas covered by Samart's Nokia-supplied network were Sihanoukville, Kampong Chnang and Batambang.   Casacom absorbed the subscriber network of Tricelcam in 1999. Tricelcam (TRI Cellular Communications of Cambodia) was originally a joint venture between Indonesian Technology Resources Industries Berhad (70%) and Cambodia Ministry of Posts and Communications (30%). The company held a 15-year license and operated an ETACS system in Phnom Penh city as well as a nationwide analogue cellular license. The network was launched in September 1993. The company also provided paging, trunk radio, and maritime communications services. The company faced stiff competition and closed down operations in December 1999 whereupon its subscribers were transferred to Cambodia Samart Communication.  In 2005, Casacom got its concession fee to the government reduced from 15% of total revenue to 10% of total revenue.  By end 2005, Casacom had 157,773 subscribers (a 49% rate of growth) of which prepaid subscribers accounted for 97.93% of the total. The company competed with CamGSM, a subsidiary of Denmark's Millicom, which lead the market; Camshin with about 100,000 subscribers; and Camtel, a subsidiary of the Charoen Pokphand Group, which was the pioneer in the market but had just 1,000 users of its low-tech analogue mobile service.   In March 2006, Telekom Malaysia purchased the remaining 49% of Casacom that it did not own from Samart Corporation for US$ 29million, changing the name of the corporation from Cambodia Samart Communication Ltd., to Telekom Malaysia International (Cambodia) Co., Ltd. At the end of June 2006, the provider was the third largest provider of mobile communications in Cambodia, with 187,700 subscribers. Telekom Malaysia planned to spend $50 million during its 2006-2007 fiscal year to expand network coverage and build capacity to support 400,000 users on its network. It had spent $15 million on network infrastructure as of November 2006. In 2007, TMI - the 100% owner of TMI Cambodia annaunced a radical reorganisation of its business in 2008: demerging mobile from fixed. For the mobile side of business a new company is to be created dubbed RegionCo Telekom Malaysia International (Cambodia)among others.   In April 2009, the company rebranded itself into Axiata.  In February 2013, Axiata Group Berhad (Axiata), one of Asia’s largest telecommunications companies, has announced the completion of the strategic merger of Hello Axiata Company Limited (“Hello”) and Latelz Company Limited (“Smart Mobile”) which will operate as one single entity to be legally known as Latelz Company Limited.
Terminal Maritino Muelles del Bosque SA was granted the first concession to operate a private terminal in Colombia in 1992 and it has invested approximately US$ 40 million  in equipment and infrastructure. Annual container throughput is about 25,000 TEUs.  The contract was renewed in 2005 for an additional 20 years.   In 2007, Terminal Maritino Muelles del Bosque SA received a loan from the IFC for US $15million. The loan was used to finance investments totaling US $27 million to expand and modernize the port to international standards.
Utel was created to provide long distance phone services in Ukraine in 1992. The company was created as a joint venture between the state local incumbent Ukrtelecom (51%), AT&T (19.5%), Deutsche Telecom (19.5%), and PTT Telecom of the Netherlands (10%).   The company was formed as a way to attract resources for reconstruction of Ukraine's national telecommunications system. The digital network of Utel captured most of the traffic in the country by 1997. The Ministry of Communications urged Utel to invest profits generated from high tariffs in long-distance calls into the development of non-profitable local networks in rural areas. By 1997, Utel was the only source of financing available for the development of local networks. Utel reinvested all profits into the development of Ukraine's telecommunications infrastructure. By the end of 1996, Utel's investments into Ukraine's telecommunications system amounted to US$138 million (two international gateways were opened, with a third gateway on the way, and 25 new digital long-distance exchanges were built in the major cities of Ukraine).  Utel also opened a computer center, a corporate network, and operations and maintenance centers throughout Ukraine. By the end of 1996, Utel had connections with 36 operators in 32 countries through 2,918 international channels, 85 percent of them digital.  In early 1998, the Ministry of Communications decided to restructure the telecom operators in Ukraine, and combined them under one state-run entity. During 1999, the government was trying to convince its private partners to sell their shares in Utel to the government so that Utel could be packaged with the incumbent Ukrtelecom for privatization.   In 2001, Ukrtelekom bought out the stakes of the private companies in Utel. The assets of Utel were combined to Ukrtelekom's assets, and Ukrtelekom was to privatized some time in 2004 at the earliest.
In July 1992 the municipality of Chihuahua, Mexico, through its Junta Municipal de Agua y Saneamiento, awarded a 13 year build, own and operate contract for a wastewater treatment plant to private company Atlatec Chihuahua SA. The plant was designed to treat 1.2 cubic meters of wastewater per second. The wastewater treatment plant was intended to begin operations in January 1995. The concessionaire was going to operate the plant for a ten year period.   The main shareholders of Atlatec Chihuahua were Promotora de Infraestructura de Mexico, SA de CV and Grupo Consultor en Estudios del Medio Ambiente (Gema) SA de CV, with stakes of 66 and 34 percent, respectively. Once completed, the plant was to be operated by Earth Tech Mexico SA, also owned by the same group as Atlatec Chihuahua.   Financial closure for the $17 million project was reached as follows: Chase Manhattan provided a $9 million 8.5 year limited recourse loan; the municipality offered a $5.4 million as grant; $2.6 million came as equity from the private operator. BANOBRAS also provided a line of credit guaranteeing payment for the project company by the municipality in the case of a shortfall.
PACSA is fully owned by Tribasa. The investments were financed with securities (final maturity is scheduled for October 2003). The average daily traffic flow in the first half of 1998 was 11,908 vehicles, while in 1997 it was 10,020 vehicles. Tribasa will receive a management fee of 14% of its toll revenue. In June 2000, Tribasa sold its participation in the Chamapa-La Venta concession to Grupo Carso for US$ 60 million.  The contract was extended by the State of Mexico until 2024.
This small 22-MW hydroelectric power plant is located in Benguet Province. The main sponsor is Hydro Electric Development Corporation (Hedcor) which is a subsidiary of Aboitiz Equity Ventures. The sponsor signed a PPA with Napocor in 1991. The estimated cost of project was $45 million. The power plant started its commercial operations in June 1992.
In December 1992 the State of Mexico, central Mexico, awarded a 10 year plus construction period build, own and transfer contract for two wastewater treatment plants to private company Ecosys. The plants were designed to treat water from four Mexico State municipalities: Toluca, Metepec, San Mateo Atenco and Lema.   Ecosys was a special purpose company controlled by Grupo Mexicano Desarrollo SA (GMD), which owned 50 percent of its shares. Mexican construction group Fypasa Construcciones SA de CV (FYPASA) owned a 33 percent stake and Italy’s Intensa owned the final 17 percent.  Ecosys committed to design, finance, and operate for ten years two plants: Ecosys I, located in Toluca Norte and capable of treating 1,250 liters per second, and Ecosys II, or Toluca Oriente, with a processing capacity of 1,000 liters per second. The plants cost $155.6 and $138.6 million, respectively.  The plants started operating in November 1994.
dTT&T Public Company Limited was formerly known as Thai Telephone & Telecommunications Pcl. (TT&T). The latter was awarded a 25-year build, transfer, and operate (BTO) concession to construct and operate 1 million local telephone circuits in July 1992. The installation of 1 million telephone lines covered all of Thailand except the Bangkok Metropolitan Area and was expected to reach completion within five years. The agreement required the company to pay 43.1% of its income as a royalty to the Telecommunications Organization of Thailand (TOT).   In September of 1995, TT&T was allowed to install additional 500,000 fixed lines, and was granted immunity from its 43.1% revenue payments to TOT until 1998.  In return, TT&T agreed to wave exclusive rights to offer local services in rural areas starting in 1996.  TT&T also received a license to operate Cordless Access Services (CAS) as a value added services to fixed line subscribers in 1996.  In August of 1997, the company was granted a license to install and render services of 15,000 public payphone lines.  TT&T was originally established as a joint venture by Loxley (Bangkok) Ltd. (25%), Jasmine International Co., Ltd. (25%), Italian-Thai Development Corp. Ltd. (20%), and Phatra Thanakit Co. Ltd. (10%), all Thai companies.  In November 1992, Nippon Telegraph and Telephone Corp (NTT) of Japan joined TT&T as a strategic partner and became a 20% equity stakeholder.  In May 1994, TT&T offered 50 million shares (10% of the company) to the public on the Bangkok stock exchange.  TT&T and its lead underwriters, Phatra Thanakit, for the domestic portion, and US investment bank Goldman Sachs for the international portion, raised US$283 million.       The total cost of the network was estimated to be US$1.6 billion. This figure also included the installation of the CAS network.  France's Alcatel for transmission systems and Sweden's Ericsson for switching equipment were the main suppliers.  By 1995, TT&T had invested approximately US$1 billion in constructing the telephone network and installed 800,000 lines in addition to switching and transmission equipment, outside plant, computerized customer service system, and other network supporting system. By that time, the network covered 72 provinces. The company had installed around 1.5 million fixed lines by the end of 1996.   As a consequence of the Asian financial crisis, TT&T posted losses and reduced the 43.1% revenue payments to 25% in 1997. Commercial banks ceased lending money to TT&T from 1996. This prevented the company from paying its two main equipment suppliers (Ericsson and Alcatel).   By 1997, the company's total debt was US$1.41 billion, most of it was owed to Ericsson and Alcatel. TOT tried to help TT&T by reducing the royalty fee and by acquiring 37% of the company in October 1997. This reduced Jasmine's shares from 20 to 12%, NTT's shares from 18% to 11%, Loxley's from 13.7% to 8.5%, Italian-Thai's from 11.2% to 6.9%, and Phatra Thanakit's shares from 6.4% to 4%. In September 1998, TT&T contracted Pricewaterhouse Coopers to help it restructure its debt. By 2002, the Company succeeded in debt restructuring with financial creditors and major creditors.  By 2003, the TOT had sold its stake back and major stakeholders were Jasmine International Public Company Limited (35.88%), ITD Special Purpose Vehicle Company Limited (13.64%), Nippon Telegraph and Telephone West Corporation (11.45%), and Loxley Public Company Limited (9.92%).   By end 2005, the Company had 1,236,899 fixed connections out of a 1.5 million line capacity.  The company's revenues, however, came largely from the Internet (broadband) and public phone usage, while fixed-line services were not expected to expand.   In 2006, the Company's management planned to reverse the loss by investing roughly five billion baht, of which three billion baht for fixed-line expansion and two billion for broadband network installation.   In February 2006, the National Telecommunications Commission of Thailand granted the first fixed-line telephone and broadband licence to TT&T's telephony and data subsidiary Triple T Broadband to provide telephone and broadband services in Bangkok.
St Petersburg's greater port handles about 20.6 million tons of cargo annually, 20% of Russian import cargo. The Port Authority of St. Petersburg has been established since July 1, 1994 according to the Decree of the Government of Russian Federation and is direct subordinate to the Merchant Marine Service of the Transport Ministry of Russia and owns all infrastructure assets of the St. Petersburg sea ports (Government decree No. 1299, issued in 1993). JSC St. Petersburg Sea Port, the largest stevedoring company in the port, was privatized in 1992 in the second phase of privatization. It owns most of the land in the port area and rents 52 out of 70 berth facilities.  In 1997 JSC (Joint Stock Company) Sea Port St Petersburg processed 16.4 million tons of cargo, 27% more than in 1996. Of this, 83% was exported and 17% imported. Exports of oil rose 54% compared with 1996, containers rose 40% metal cargoes rose 35% and mineral fertilisers rose 26%. A 51% stake was given to the employees, and 48. 79 percent to the state. Since then, the Government stake was divided into two parts: the voting stake of 20 percent, which is owned by the Federal government and managed by the Ministry of Transport, and a non-voting stake of 28.79 percent by the St. Petersburg Property Committee, as a part of the federal debt to the city budget. The latter stake can become voting shares only if they are sold in the market. The 51 percent stake that originally belonged to the employees has changed hands several times and eventually 47 percent was bought by several banks and other legal entities. This cumbersome structure of shareholding has made it difficult to attract investments in the port. In 1997, a consortium of banks (known by the Russian acronym, OBIP) bought 43% of the shares giving it control of 60% voting shares. When registered in January 1998, OBIP had six members: The Peter Information Bureau (20%), Bank Sankt-Peterburg (15%), Baltiyskaya Finance Company (6.9%), Bank Petrovsky (5.1%), Sea Port St. Petersburg (3%), and Nasdor (50%), an offshore company based in Liechtenstein. The Nasdor company was created especially for attracting investments into the Port. A container terminal capable of handling 150,000 containers was the largest planned development project with estimated project costs US$ 76.7 million. US$ 25 million has already been invested into its construction being funded jointly by the Port Authority and the JSC Sea Port of St Petersburg, subsequent funding remains unclear. In 2000, a total of US$ 71.9 million investment expenditure was undertaken at the port.  In 2012, the port experienced a $8.4 million upgrade to its infrastructure and equipment. In 2013, the Sea Port of Saint-Petersburg invested $3.1 million in the renovation of its cargo terminals and infrastructure (RUB 102.5 million).
Transportadora de Gas del Sur SA was one of the two companies created in 1992 from the transmission assets of Gas del Estado, an Argentinean state-owned company (the other company was Transportadora de Gas del Norte SA). Transportadora de Gas del Sur owned 3,800-km of pipelines that provided natural gas transmission services to the southern region of Argentina. The company was partially privatized in December 1992, when a 70% equity stake was sold for $356.2 million to Enron Pipeline Company Argentina (17.5%), Cia. Naviera Perez Companc (17.5%), Citicorp Equity Investments (17.5%), and Development Trust Co. Ltd. (17.5%).  The consortium paid US$100 million in cash and US$256.2 million in debt papers valued at their market value. The winning consortium also assumed other liabilities for $409 million which were not included in the bidding offering. In a second transaction, the government sold a 27% equity stake for $526 million to foreign and local investors in 1994. The remaining 3% equity stake was sold for $15.25 million to the company's workers, at the same price per share paid by the consortium. By December 2000, the ownership structure was as follows: 70% controlled by Ciesa, which was owned 50% by Enron and 50% by Pecom Energia (a company of Perez Companc Group). The remaining 30% was owned by small shareholders. In 2003, Petrobras acquired Pecom Energia's project share. As of 2005, Ciesa controlled 55.3% of TGS, the investment fund D.E. Shaw had acquired Enron's stake and the rest was publicly traded in Buenos Aires and New York.   The winning consortium was awarded with a 35-year concession period and the option to extend for an additional ten years, as long as the service quality indicators and investment obligations stipulated in the contract were met. During the period 1993-97, TGS invested $454 million of which $156.4 million was allocated to improve the security of its transmission facilities. The remaining $297.6 million were invested in expanding its transmission network and improving the quality of its services.   In 2001, the shareholders of TGS filed a request before an international arbitration tribunal (ICSID), to eliminated taxes charged by Argentinean provinces. In March 2003, a second request was filed in the same tribunal regarding tariffs, devaluation and other financial measures adopted by the government of Argentina. As of December 2003, final decisions on both issues were pending.  In 2004 the government announced that two trust funds would be created to finance expansion works for TGS and TGN. One trust fund will be public and the other private. Details of the expansion were to be determined in 2005.
In July 1992, the Colombian government awarded a 20-year concession contract to build and operate a terminal at the Cartagena port to Sociedad Terminal Maritimo Muelles el Bosque S.A. The investment amount allocated to the construction of the port facility was not disclosed. The facility was established with a capacity of 250,000 TEUs.  In 2012, Compas - Cartagena, a partnership of Southern Port Holdings (50%) and Grupo Argos (50%), announced the incorporation of the concessionaire.   In January 2016, Compas announced the establishment of a partnership with the Chilean company APM Terminals to invest US$ 200 million in the port terminal. The joint-venture company Cartagena Container Terminal Operator (CCTO) was created. Compas - Cartagena's shares were transferred to CCTO.
PT Bangun Tjipta Sarana was awarded a 25 year contract for the widening and toll operation of the Cawang-Cibitung Toll Road. The company had long been involved in toll roads as a revenue sharing partner with Jasa Marga, but had turned to toll road operation. PT Bangun Tjipta Sarana had invested US$76 million in new construction.  Of the total funding required, some Rp. 144 billion was provided by Bapindo. On completion, the road was to be operated under a profit sharing arrangement between PT Bangun Tjipta and state-owned PT Jasa Marga.  Under this arrangement, PT BT was to receive 41% of the total net profit and PT JM 59% for a period of 25 years. On April 9, 2002, the concession period was shortened to 22 years.
The project company ownership is distributed as follows: ICA has 35%; Tribasa and Grupo Mexicano de Desarrollo have 25% each. Financial closure was initially achieved as follows: 30% in equity from the private sponsors and 70% in debt from Nafin, Atlantico and other financial institutions. This project has been selected to be turned over to the government in 1999: the sponsors difficulties in honoring the project related debt led  to the establishment of an agreement in the end of 1997 in which the government will pay the sponsors' debt in exchange for the concession rights (the government will start operating the road in 1999).
In August 1992 a joint venture (exact shares unknown) between the U.K.’s Biwater and Engineering Consultants Group (ECG) of Egypt took over the management of Greater Cairo's new sewerage treatment plant and wastewater collection system after winning the four-year management contract in a competitive bid.  The contract was designed to protect a US$3 billion capital investment that began in 1985 and involved the construction of no less than 20 water treatment plants in and around Cairo. The management contract itself was valued at 3.7 million pound sterling (US$7 million), financed through British bilateral aid.    Biwater/ECG was to be responsible for the three pumping stations serving the east bank section of the citywide scheme - Ameria, Khalag and Kossous, all built by UK/local teams, with British finance. These stations were designed to transfer about 30 cubic meters a second of effluent to treatment plants under construction northeast of the city. This was equivalent to the entire sewerage produced by London. The partners also implemented a computerized maintenance system and trained Egyptian staff to take over.    The initial 2 year contract was extended for 18 months until February 1996. Following the conclusion of the management contract, Biwater was retained for additional two years to provide ongoing technical assistance.
Distribuidora de Gas Cuyana SA was one of the eight companies created in 1992 from the distribution facilities of Gas del Estado, an Argentinean state-owned company. Distribuidora de Gas Cuyana was partially privatized in December 1992, when a 60% equity stake was sold for $122 million to Sideco Americana (45%), and Sociedad Italiana Peril Gas SpA - Italgas (15%).  The consortium paid US$26 million in cash and US$96 million in debt papers valued at their market value. The winning consortium also assumed liabilities for $8 million. Government retained a 30% equity stake to be sold later through public offerings, and the remaining 10% equity stake was separated to be sold to company's employees, at the same price per share paid by the consortium. The winning consortium was awarded with a 35-year concession period with the option to extend for an additional ten years, as long as service quality indicators and investment obligations stipulated in the contract were met. As of 2004, the sponsors included Sideo Americana (30 percent), Louisiana Gas and Energy (14 percent), Sociedad Italiana per il Gas (15 perent), and local investors (10 percent).  During the period 1993-97, Distribuidora de Gas Cuyana invested $60.9 million of which $17.9 million was allocated to improve the security of its distribution facilities. The remaining $43 million were invested in expanding its distribution network and improving the quality of its services. In mid-2000, Sideco sold its shares in Distribuidora de Gas Cuyana to its partner in the project Italgas.  In 1999, the provincial government of Mendoza sold the remaining 30% stake through an ininital public offering in the Argentine Stock Exchange for US$60.7 million
The US$ 178.9 million project (US$ 184.2 million, 1992 value) was financed by Banco Mexicano. The estimated average daily traffic flow is 1,750 vehicles. The project company ownership is divided as follows: 60% of the shares is held by Coconal and the remaining shares are held by local companies.
Uzdunrobita, the first cellular network operator in Uzbekistan, began mobile phone service in NMT standard in August 1992. The company introduced its AMPS/DAMPS network in the spring of 1994 and in 1997 introduced the third generation DAMPS IS-136 digital network. In late August 2002, the company began testing a GSM 900/1800 network under a project with Sweden's Ericsson. The first phase of the new network was to cover Tashkent, where it was to operate in GSM 1800.  The company was created as a joint venture between the US International Communications Group (45%) and Uzbekistan Ministry of Communications (55%). The initial investment for the NMT network was US$2.5 million, which was raised through the sales of half of ICG's shares to a Pakistani firm. By 2003, the Uzbek Ministry of Communications held 49% and U.S. corporation International Communication Group (ICG) held 51% of the company.  The company obtained a US$10 million loan to expand the network to 8 more cities through a contract granted to Northern Telecom in March 1996. In addition, the company expanded its network by signing a US$8.4 million contract with Nortel in May 1997. The company served Tashkent, Bukhara, Karshi, Samarkand, Urgench, and Ferghana Valley by 1997. By 2002, the company had invested more than US$87 million in the Uzbek economy since it was founded.   In August 2004 Russian MTS bought 74% of Uzdunrobita for $121 million. As announced at the time of the acquisition, MTS also signed a three-year put and call agreement with the remaining shareholder of Uzdunrobita – thought to be Gulnara Karimova-Maqsudi, the daughter of Uzbek President Islam Kaimov – to purchase the outstanding 26% stake. An amendment to the original option agreement, announced in August 2006, extended the exercise period of the put option to 14 July 2008.The price per customer was five times higher than that of similar acquisitions in Russia at the time. MTS believed the high price would be offset by the huge growth potential of the Uzbekh market, where mobile penetration was only some 2%, while fixed line penetration was a mere 6.8% in a population of 26.2%. MTS had an option to purchase the remaining 26% in Uzdunrobita at any time before 2007. In June 2006, Uzdunrobita changed its name to MTS Uzbekistan.  Uzdunrobita had the largest number of subscribers in the Uzbekistan mobile phone industry by mid 2003. The first mobile operator in Uzbekistan had 98,504 users as of 1 August, of which 61,472 were in Tashkent city and region. The company provided service in 12 regions and Karakalpakstan, which was the broadest area of operation in Uzbekistan. At the end of 2005 Uzdunrobita had some 580,000 subscribers. As of end of 2006, the company reported that its customer base more than doubled in 2006, rising from 600,000 to 1.5 million.  In June 2006, MTS Uzbekistan shut down its legacy AMPS/D-AMPS network, with the last remaining customers being transferred to its GSM network free of charge.  In 2007, MTS Uzbekistan received Uzbekistan 3G licence. The company paid US $ 250 million for the license which is valid until June 2016.
Central Pedro de Mendoza was part of Servicios Eléctricos del Gran Buenos Aires (Segba). In 1992, the facility had an installed capacity of 94-MW which was split in steam turbines (33-MW) and gas tubines (61-MW). The government sold a 90% equity stake for $8.5 million to Acindar SA (67.5%) and Massuh SA (22.5%) in October 1992. The transference took place in 1992 with no associated price or sale guarantees.
This US$ 242.9 million project was 50% financed by the sponsor equity and 50% by a loan from Bancomer. The estimated average daily traffic flow is 5,470 vehicles.
Edesur distributes electricity to the southern half of the Greater Buenos Aires area and the south portion of the Federal District of Argentina. Edesur's market comprised 1.9 million customers by 1992. Edesur was privatized in three stages. In the first stage (August 1992), the government sold a 51% equity stake for $511 million to Cia. Naviera Perez Compac (20.7%), Enersis (10.2%), Distribuidora Chilectra Metropolitana (9.9%), Grupo PSI Energy Inc. (5.1%), and Endesa de Chile (5.1%). The control of Edesur was transferred to the winning consortium with a 95-year exclusive concession contract. In the second stage, a 10% equity stake was sold to Edesur's employees. In the third stage, the remaining 39% equity stake was sold to Enersis for $390 million in 1995. In December 1998, Perez Companc bought Entergy's 10% share in Distrilec Inversora thus increasing its ownership stake in Edesur. In 2000, Perez Companc acquired an additional stake in Distrilec, raising its indirect stake in Edesur to 27.3%. In 2003, Brazil's Petrobras aqcquired Perez Companc and its shares in Edesur. The consortium experienced losses in 2002 due to the devaluation of the peso and the freezing of electricity rates by the regulator. Enersis registered complaints against the Argentine government with the International Centre for Settlement of International Disputes (ICSID) as a result of losses caused by the devaluation of the peso and the conversion of dollar-denominated tariffs into pesos.  The ICSID reported that the proceedings were suspended on March 28, 2006.
New World Port Investment Ltd., a wholly owned subsidiary of New World Infrastructure, signed a 60-year BOT contract with Xiamen Xiangyu Group Co. Ltd. to construct and operate the container in Xiamen, Fujian Province. A joint venture company, Xiamen New World Xiangyu Terminals Co. Ltd., was created to implement the project.   NWI held 50% of the stake in the project company and the state-owned Xiamen Xiang Yu Group Co., Ltd., held the remaining. In 2005, the total investment had been increased from US$ 36.25 million (RMB 300 million) to US$ 144.98 million (RMB 1200 million).   The construction commenced in December 1992 and the operation started in April 1997. The project company completed the assets amalgamation of Berth no. 12-16 in Dongdu Port District in December 2002.
Carborundum Universal Ltd., whose primary activities involve the production of rubber, completed development of the 12-MW Maniyar hydro (hydel) plant in late 1995.  The Maniyar project was built out of the Pamba irrigation barrage.  Carborundum Universal was the project contractor and remains the project operator.  A Power Purchase Agreement was signed with the Kerala State Electricity Board (KSEB).  Financial closure was reached in 1992, with total construction time of approximately three years.  Total project cost was estimated at roughly $6.9 million.
The Port of Vanino started operations in 1943, and, in 1992, as part of the Russian government privatization program, the Joint-Stock Company Vanino Commercial Sea Port was created. Through a voucher program, private individuals hold a 40% stake in the company. The port of Vanino is one of the major ports in Pacific Russia and a cargo-handling hub for the Khabarovsk Territory.
The Cano Grande hydro power plant is located near Venecia, San Carlos in Costa Rica.  The project consist of two stages.  The project began operations in November 1993. The company has a 15-year purchasing power agreement with ICE. The BCIE provided financial assistance to the project in 1992: US$ 0.9 million as direct loan and US$ 0.9 million as intermediated loan. Sponsors equity amounted to US$ 2.6 million.
Nuevo Central Argentino (NCA) took over the management of the 4210km General Mitre freight railway under a 30-year concession on December 23, 1992. The vertically integrated company took over freight marketing, train operations, equipment and track maintenance and rehabilitation. The concession contract gives the company an exclusive right to the rail infrastructure. The Argentinian government started restructuring the rail sector in the fall of 1990, and decided to concession the six freight lines first. Companies bid for the concessions under a two stage bidding process, and awards were made on the basis of 10 differently-weighted criteria. Contracts were awarded for 30 years with an optional 10 year extension. At the end of 1997, private companies operated and managed five of the six freight lines.   NCA was awarded the concession for the Mitre line on March 17, 1992 and took over in December. NCA comprises three Argentinian companies and the IFC, headed by Aceitera General Deheza (45%). The other partners are Asociacion de Cooperativas Argentinas and Banco Frances del Rio de la Plata. The first two members of the consortium are also major freight customers. The Argentinean government holds a 16% share and NCA employees 4%. The operators/associates are Montana Rail Link and Anacostia Pacific. NCA pays an annual fee of US$ 3 million for the lease (in order to calculate the real value of the lease fee, a discount rate of 13.37% was used; this government has used this rate in other infrastructure sectors).   NCA will invest approximately US$ 316 million during the first 15 years. The IFC has a US$ 3 million equity investment, representing 15% of NCA's common shares. In fiscal year 1993, the IFC also provided a US$ 10 million direct loan and a US$ 15 million syndicated loan.
Edenor distributes electricity to the northwestern half of the greater Buenos Aires area and the northern portion of the Federal District of Argentina. In 1992, Edenor's market comprised an area of 4,637-square-kilometers with more than 1.9 million customers. Edenor was privatized in four stages. In the first stage (August 1992), the government sold a 51% equity stake for $427.97 million to Astra Capsa (20.4%), Electricite de France (10.2%), Empresa Nacional Hidroelectrica del Ribogorzana (10.2%), Endesa of Spain (5.1%), and Societe D'Amenagement Urbain et Rural (5.1.%). The control of Edenor was transferred to the winning consortium with a 95-year exclusive concession contract. In the second stage, a 10% equity stake was sold to Edenor's employees. In the third stage (December 1995), a 19.5% equity stake was sold for $156 million to Endesa of Spain. In the fourth and final stage, the remaining 19.5% equity stake was sold for $164 million to Electricite de France. EdF bought out Credit Lyonnais' stake in March 1998. In 2001, Endesa (Spain) and Astra Capsa sold their shares in Edenor to EdF. However, the sale of these assets was later contested in 2003 as EdF sought compensation from Endesa (Spain) and Astra Capsa in Paris' International Chamber of Commerce for a fall in asset value.  Edenor invested $400 million between 1992-1994, mainly to reduce its electricity losses. Edenor was involved in a five year investment plan (1996-2000) which required $507 million and aimed to meet growing electricity demand and increase profitability.   In 2003, EdF filed a claim against the Argentinean government with an international arbitration tribunal (International Centre for Settlement of Investment Disputes - ICSID). EdF claims compensation for the losses caused by frozen rates and devaluation of currency.   In 2005, EdF approved the final terms of the sale of 65% of Edenor for US$100 million to Argentina's Dolphin Fund Management. EdF will retain, for now, a 25% equity stake in the utility and for five years will continue providing technical and operating support to the utility. In addition to the cash payment Dolphin may also assume some portion of Edenor's US$524 million debt but the parties did not disclose any details regarding the debt.  As of December 31, 2008 the ownership of Edenor SA was 51% EASA, controlled 100% indirectly by Pampa Energia SA; the Argentine pension fund ANSES 25.3%; and 22.5% by the public; 1% by the Treasury and .2% by the Employee Stock Ownership Program of Edenor.  In March 2011, Pampa energia paid $50 million to increase its stake to 90% of Empresa Distri­buidora de Energiìa Norte. It bought out 99.99% of AESEBA's stake in the process.  According to Pampa's 20 F "In January 2011, the Company agreed to acquire from certain subsidiaries of AEI, whether directly or through any of its subsidiaries, the following: (i) 77.2% of the outstanding capital stock of Empresa Distribuidora Eléctrica Regional S.A. (?EMDERSA?), a company engaged in the distribution of electricity in the Argentine provinces of San Luis, La Rioja and Salta through its subsidiaries Empresa Distribuidora San Luis S.A. (?EDESAL?), Empresa Distribuidora de Electricidad de La Rioja S.A. (?EDELAR?) and Empresa Distribuidora de Electricidad de Salta S.A. (?EDESA?), and in the generation of electricity through its subsidiary Emdersa Generación Salta S.A. (?EGSSA?), and (ii) 100% of the outstanding capital stock of AESEBA S.A. (?AESEBA?), an electric utility company, which owns 90% of the outstanding capital stock of Empresa Distribuidora de Energía Norte S.A. (?EDEN?), an electricity distribution company with the concession area in the north region of the Province of Buenos Aires." Therefore the investment of these subsidiaries are consolidated into EDENOR SA as the acquiring company for reporting purposes
Transportadora de Gas del Norte SA was one of the two companies created in 1992 from the transmission assets of Gas del Estado, an Argentinean state-owned company (the other company was Transportadora de Gas del Sur SA). TGN owned 4,167-km of pipelines that provided natural gas transmission services to the northern and central parts of Argentina. The company was partially privatized in December 1992, when a 70% equity stake was sold for $300.2 million to a consortium known as Gasinvest which was integrated by TransCanada Pipelines, Techint, Compania General de Combustibles and Petronas. The consortium paid US$28 million in cash and US$182.2 million in debt papers valued at their market value. The winning consortium also assumed liabilities for $76 million. In the second transaction, a 25% equity stake was sold to CMS Energy for $141.6 million. The remaining 5% equity stake was sold to TGN's workers for $21.44 million, at the same price per share paid by the consortium.   The winning consortium was awarded with a 35-year concession period and the option to extend for an additional ten years, as long as the service  quality indicators and investment obligations stipulated in the contract were met. In July 1999, CMS Gas Transmission and Storage Company, the international pipeline unit of CMS Energy Corporation, bought a 4.42% of TGN, which brought its total stake up to 29.42%. The transaction made CMS the largest percentage owner of Transportadora de Gas del Norte by end 1999.  By end of 200, CMS owned 30% of TGN, and Totalfinal owned 19.21% of TGN. The other main shareholders of TGN were Compania General de Combustible, Techint, and Petronas. In 2000, TransCanada sold its 27.2% stake in Gasinvest to TotalFina, which now owns 19% of TGN and 21.8% of TGM.  In 1999, the IADB approved a US$ 70 million loan to TGN, which will use these funds to finance the construction of the Uruguaiana Gas Pipeline. This 440 km pipeline will run from Aldea Brasileira and Paso de Los Libres, border between Argentina and Brazil. The pipeline will provide transportation service of 2.8 million cubic meters/day of natural gas to be delivered to a 600 MW combined cycle thermoelectric power plant located in Uruguaiana, Brazil. The total cost of this project is estimated at US$ 160 million. Construction works on the Uruguanian pipeline concluded in Aug. 2000.  In Jul. 2000, the OPIC approved a political risk insurance coverage to a US$ 175 million bond issuance of TGN on the US capital markets (resources raised from this bond issuance will be used to expand TGN's natural gas pipeline system in central and northern Argentina). In 2003 TGN commenced debt restructuring talks with its major creditors. As a result of the devaluation of the peso and a 2002 freeze on tariff adjustments, TGN became indebted and reached an agreement with its creditors to pay all outstanding interest and agree to pay interest at a cap of 3.5% without paying any of the capital. TotalFina and CMS filed for arbitration with ICSID for the payment of US$1 billion from the government of Argentina.  In 2004 the government announced that two trust funds would be created to finance expansion works for TGS and TGN. One trust fund will be public and the other private. The expansion was expected to cost about US$200 million and US$70 million would be provided by BNDES. It still was not clear where the rest of the funds would come from.
Mobile Telecommunications Services Limited (MTS) was one of the three companies to receive a national cellular license from Nigerian Communications Commission (NCC) in 1992. The license was awarded as part of the telecommunications liberalization of Nigeria in the early 1990s.   MTS was a joint venture between state-owned Nitel (45%) and Atlanta-based Digital Communication Limited (55%). MTS was the only company that succeeded in establishing a mobile network. The license of Telecel International was revoked due to its failure to meeting the standards of NCC. Other cellular contenders were unable to raise enough capital from foreign investors.   MTS installed its cellular network in Abuja in 1992, and two years later the network was launched in Lagos. The company had 3,000 cellular phone subscribers by 1995. However, the company shut down business in 1996, a few months after national operator Nitel unilaterally disconnected MTS service due to claims that the latter owed it US$3.4 million.    By mid-1998, M-Tel was a wholly-owned subsidiary of state-owned Nitel and was the only cellular operator in Nigeria. However, competition entered the market in 2001. MTS was relicensed in 2002 as a private operator under different ownership.
Gas Malaysia was incorporated on May 16, 1992 as a Malaysian-Japanese joint venture company which was to implement the Natural Gas Distribution System (NGDS) project, which involves the distribution of natural gas to industrial, commercial, and residential consumers along the Peninsular Gas Utilisation (PGU) pipelines. Shareholders are: Malaysia Mining Corp (MMC) which is comprised of Shapadu Holdings Sdn Bhd 55%, Petronas 20 %, and Tokyo Mitsui & Co 25%. Malaysia Gas has been operational since December 1992 and serves almost exclusively industrial consumers.   The company obtains gas from city takeoff points along the PGU II transmission pipeline, from which it is authorized to build feeder and distribution pipeline networks. Gas Malaysia has built a 26km network in the Klang Valley, supplying the Subang, Damansara, and Petaling Jaya areas, and intending to extend the Klang Valley grid, to build a ring main to supply Kuala Lumpur, and to expand coverage westward with the completion of the PGU III pipeline in 1998.
The vertically-integrated company in Belize was partially privatized in 1992 when a 37.5% equity stake was sold for US$ 31.9 million to local private investors through a public offering. Its new medium term (1997-2005) investments included the expansion of transmission and distribution facilities (Power II Project). The total costs were estimated at US$ 37 million.   In 1999, the government of Belize sold 62.96% of its equity stakes in Belize Electricity Ltd. to Newfoundland Energy Cayman Inc. and Maritime Electric Cayman Inc. Both companies are affiliates of Fortis Inc. of Canada which provides BEL with strategic advice, access to enhanced technology, financing, and commitment to overall economic development of BEL's service areas.  On June 22, 2011 the government of Belize in Central America expropriated Fortis’s 70% controlling stake in Belize Electricity Limited.
Sudan Telecom was created in November 1992 from the assets of the state-owned company Sudan Telecommunication Public Corporation (STPC) to provide the basic telephone services (local and long distance) in the country. Sudan Telecom was created as a public shareholders' company and founder-shares in Sudan Telecom each went for a minimum of US$100,000. The equity of Sudan Telecom was 35% owned by local banks and other institutions, while the government kept the remaining 65%. The significant equity participation of the government was the result of the lack of interest of private investors in Sudan Telecom. However, the government limited itself to a supervisory role within Sudan Telecom by capping its representation on the Board of Directors at 20% regardless of its ownership level.  The government granted Sudan Telecom a concession encompassing commercially viable towns, including the capital of Khartoum, and awarded a 15 year monopoly over international communications, renewable every five years thereafter. Sudan Telecom was also exempt from import duties and certain taxes.   In March of 1999, Emirates Telecommunications Corp (Etisalat) of the UAE purchased a 7.5% stake in Sudan Telecom, paying around 45 million dirhams (US$12.3 million).  The sale was part of Sudan Telecom's plan to raise capital, enabling it to pursue an ambitious US$620 million investment programme over five years.  Germany's Siemens also owned a small stake in the company and had carried out much of Sudan Telecom's network expansion.  In the year 2000 and early 2001, MSI Cellular concluded the purchase of 2 million shares (10%) in Sudan Telecom and became the second largest shareholder of Sudan Telecom next to the government of Sudan.  In April 2003, Sudan Telecom listed 20% of its shares, valued at US$75 million, on the Abu Dhabi Securities Market. The government retained 35.5%.   Sudan Telecom awarded German vendor Siemens a US$21.9 million contract for the expansion of its telephony network in July 2002. The Croatian unit of Swedish telecom equipment maker Ericsson, Ericsson Nikola Tesla, signed a 12 mln euro (US$14.2 million) contract to upgrade the fixed-line network of Sudan Telecom in May of 2003.  In April 2004, the Bahrain offshore banking unit of Riyadh-based Arab Investment Company (AIC) arranged a US$40 million Islamic financing facility for Sudan Telecom to finance the expansion and upgrade of its fixed-line network. Joining the deal at syndication were Amlak Finance of the UAE, African Export-Import Bank, Dubai Islamic Bank, Investment Bank of Khartoum and National Bank of Kuwait. The four-year loan carried a grace period of two years.   In December of 2004, National Telecommunications Corporation, the telecoms sector regulator, awarded a licence to set up a second fixed-line telephone network in Sudan to a consortium led by Emirates Telecommunications Corporation (Etisalat) of the UAE, ending Sudan Telecom's 12 year monopoly.    Sudan Telecom was also awarded a license to operate a mobile phone network to compete with private mobile operators Mobitel and Areeba. As of 2006, the project was operational, though Sudan Telecom did not announce the number of subscribers or coverage areas. Sudatel paid $230 million to upgrade its fixed-wireless access (FWA) 'limited mobility' licence to a full mobile network concession.  The company had about 500,000 lines by end 2001 and 1.1 million by end 2005. In 2004, it projected that it would have about 1.25 million lines within three years.
Telecom Vanuatu Ltd. was formed based on the combined assets of the national operator National Telecom Vanuatu Limited (NTVL) and the international operator Vanitel Limited in 1992. The company was awarded an exclusive license to provide local and long distance phone services until 2012. The company started its operations in December 1992.   At its creation and as of 2005, Telecom Vanuatu Ltd. was a company equally owned by Government of Vanuatu (33.3%), Cable and Wireless Plc. (33.3%), and France Cables et Radio (33.3%).   International services were provided using a 13-metre satellite earth station antenna situated in the capital, Port Vila, working with the INTELSAT 174E satellite. Direct circuits were established with Australia, New Caledonia, New Zealand, Hong Kong, France and Fiji. Worldwide access was available by switching at the terminations of the direct circuits. The circuits with Australia, New Caledonia, New Zealand, Hong Kong, France and Fiji were all digital (IDR).   Telecom Vanuatu Limited was engaged in an extensive rural development program to replace the old RSS analogue network with an IRT 2000 digital network. This new network covered all the main islands in Vanuatu and provided high quality digital national and international communications from the islands. VHF and HF systems was used for areas which were not easily accessible by the IRT 2000.   In February 1994 commercial operation of a mobile telephone network (AMPS 800) started in Port Vila. Coverage was limited to Port Vila only by 1997, but was to be extended in the future depending on demand. TVL was equpped with an ALCATEL (E10B) telephone exchange, completely digitalized, with a 9,000 line capacity located in Port Vila. A remote division with a 2,000 line capacity (CSN) was installed in Luganville, on the island of Santo.   In April 2002, the company launched its GSM mobile telephony network under the Smile brand name.  Since then, the GSM network had been operating in Port-Vila, Luganville (Santo isl.) and Norsup (Malekula isl.).  As of 2003, there had been more than threefold growth in the number of mobile subscribers since the introduction of the GSM network.
Distribuidora de Gas Pampeana SA was one of the eight companies created in 1992 from the distribution assets of Gas del Estado, an Argentinean state-owned company. Distribuidora de Gas Pampeana was privatized in December 1992, when a 70% equity stake was sold for $235.4 million to Camuzzi Gazometri SPA of Italy, Grupo CG Arg. (a company of the Argentine industrial group Bunge & Born), and Sodigas Pampeana SA.  The consortium paid US$18 million in cash and US$217.4 million in debt papers valued at their market value. Sodigas Pampeana owned 25% of Distribuidora de Gas Pampeana SA. Later, the government retained a 10% equity stake to be sold to company employees, at the same price per share that the winning consortium paid. The remaining 20% equity stake was separated to be sold in the domestic capital market. The winning consortium assumed other liabilities that amounted to $55 million. The winning consortium was awarded with a 35-year concession period and the option to extend for an additional ten years, as long as service quality indicators and investment obligations stipulated in the contract were met.  In March 1996, Sodigas Pampeana sold a stake of 12.5% of Distribuidora de Gas Pampeana SA to Sempra Energy International (USA). That stake was sold jointly with a 12.5% equity stake of Distribuidora de Gas del Sur for $48.5 million. In October 2000, Sempra Energy acquired an additional 21.5% stake in Sodigas Pampeana from Dominion resources (Sempra previously owned another 21.5% stake in the company). Also in October 2000, the government sold its remaining stake in the company in the stock market, raising US$ 73.3 million in divestiture revenues.   In 2002, Sempra filed legal proceedings in an international arbitration tribunal (International Centre for Settlement of Investment Disputes - ICSID) against the Argentinean government for freezing rates. In 2003, the italian Camuzzi also filed legal proceedings in the same tribunal against the Argentinean government, driven by frozen rates and losses with Argentina's currency devaluation.  In 2007, an award had been rendered to Sempra althought the Camuzzi case was still pending.
Distribuidora de Gas del Centro SA was one of the eight companies created in 1992 from the distribution assets of Gas del Estado, an Argentinean state-owned company. Distribuidora de Gas del Centro was privatized in December 1992, when a 90% equity stake was sold for $138 million to Sideco Americana (67.5%) and Sociedad Italiana Peril SpA - Italgas (22.5%).  The consortium paid US$18 million in cash and US$120 million in debt papers valued at their market value. The winning consortium also assumed other liabilities for $39 million. The remaining 10% equity stake was reserved to be sold to company workers, at the same price per share paid by the consortium. In mid-2000, Sideco sold its shares in Distribuidora de Gas Cuyana to its partner in the project Italgas.    The winning consortium was awarded with a 35-year concession period and the option to extend for an additional ten years, as long as service quality indicators and investment obligations stipulated in the contract were met. During the period 1993-97, Distribuidora de Gas del Centro invested $31.7 million of which $8.4 million was allocated to improve the security of its distribution facilities. The remaining $23.3 million were invested in expanding its distribution network and improving the quality of its services.
The joint-stock company "Bashinformsvyaz" was set up in 1992 on the basis of a state-owned communications enterprise founded in 1930. Its more than 70 branches were in all towns and administrative centres of the Republic of Bashkortostan and provided fixed line telephony, computer and fax communications, as well as TV and radio broadcasting. BASHINFORMSVYAZ provided 90 per cent of the total volume of communications, servicing  784533 subscribers at the end of 2000. A trunk network was created on the basis of cable.  JSC "Bashinformsvyaz" was a co-founder of the commercial bank "Informsvyaz" opened in 1990. It did not belong to the Sviazinvest Holding.   As of 2006, 46.08% of shares were state owned, of which 28.24 federally owned, and 17.84 belonged to the republic. Bashinformsvyaz owned 40.83% of Cellular Communications of Bashkortostan (CCB)(project 1319).   In 2002 capex amounted to 299.956 mln.rubles. The Company used depreciation charges (204.3 mil.rubles) and a part of retained profit (45.2 mln.rubles) as its financial resources.   Rostelecom acquired a 39.9% of the ordinary shares in OJSC Bashinformsvyaz from Bashtelekominvest LLC for in June 2011.
The Central Termica Agua del Cajon project was owned and operated by Capex, a subsidiary of Argentine oil and gas company Companias Asociadas Petroleras (Capsa), and had an installed capacity of 371-MW in an area located in the Province of Neuquen. The project was developed in four phases at a total cost of US$160 million. In the first phase 96-MW were installed and in the second, at the end of 1992, 144-MW were added. In the third one, 131-MW were installed in May 1995. In the fourth and last phase, in December 1995, a plant to inject water to turbines was installed in order to reduce the pollution generated by the turbines. The project’s generation of electricity is integrated with the exploitation of gas. Capex sold 65% of its electricity output to Mercado a Termino, the rest to the spot market.  In March 1997, El Paso Energy International acquired a 29% equity stake in Astra Capsa which owned 55% of Capex. Westinghouse International Service Company has a four year management contract with Capex to operate the facility. By 2003, United States-based El Paso Corporation controled 27% of Capsa/Capex.
This is a 24-MW pulverized coal cogeneration plant that also sells electricity to the Xinchang Electric Power Corp. It was phased into service in 1992, 1993, and 1995. It is owned by Illinova Generating (60%) and Zhejiang Xinchang Heat & Power (40%). The project is wholly equity financed.
The $6.7 million, 17-MW, Nishat Power Plant is being developed by the Nishat Group of Industries.  Three German-made generators will produce the 17-MW. 85% of the project is financed through a foreign currency loan. The project will be owned in perpetuity by Nishat Industries.
Distribuidora de Gas Buenos Aires Norte SA was one of the eight companies created in 1992 from the distribution assets of Gas del Estado, an Argentinean state-owned company. Distribuidora de Gas Buenos Aires Norte was partially privatized in December 1992, when a 70% equity stake was sold for $155.5 million to Gas Natural (Spain - 37.8%), Dicogas Soldati (17.5%), and Banco Hispanoamericano (Spain - 14.7%).  The consortium paid US$28 million in cash and US$127.5 million in debt papers valued at their market value. In addition, the winning consortium assumed other liabilities for $111 million. The government reserved a 20% equity stake to be sold through public offerings. This government stake was sold through the Argentina stock exchange for US$82.7 million in February 1998. The remaining 10% equity stake was reserved to be sold to company's employees, at the same price per share that the winning consortium paid.  The winning consortium was awarded with a 35-year concession period and the option to extend for an additional ten years, as long as service quality indicators and investment obligations stipulated in the contract were met. During the period 1993-97, Distribuidora de Gas Buenos Aires Norte invested $235 million of which $92.3 million was allocated to improve the security of its distribution facilities. The remaining $142.7 million were invested in expanding its distribution network and improving the quality of its services.  In 2002, LG&E (a shareholder holding a 25% stake in Distribuidora de Gas Buenos Aires Norte) filed a claim with an international arbitration tribunal (International Centre for the Settlement of Investment Disputes - ICSID) against the Argentinean government for freezing rates. LG&E is controlled by Germany's E.ON., since 2002. In 2003, Spanish company Gas Natural (a shareholder holding a 45% stake in the project company) started a second legal proceeding against the Argentine government with the same tribunal. Company losses of approximately US$ 35 million, resulting from the devaluation of the peso, were the primary driver of arbitration.    Gas Natural BAN's capacity in 2003 was 2.14 million customers in the Buenos Aires province.
Comstar Telecommunications operates a fully digital citywide fiber-optic telecommunications network in Moscow. The company obtained a license from the Ministry of Telecommunications for local, national and international telephone services in Moscow in 1992. The company was founded in 1989 as a Russian-British Limited Liability Partnerhip by the Moscow City Telephone Network –MGTS (50%), and the GPT Limited (50%)- later kown as Marconi Communications. Marconi Telecommunications built Comstar’s network which started its commercial operations in Moscow in 1992 under the name TONE. It began providing ISDN services in 1994 and dial-up Internet access services in 1996. Comstar operated in Moscow by 1998 and planned to expand its services to St. Petersburg and Krasnodar regions. It obtained a credit of US$75 million from the UK government in 1995. The company invested US$65 million in 1998 and US$5 million in 1999.   In 2000, Metromedia International Group acquired the 50% stake in Comstar for US$ 60 million. In April 2003 Metromedia International Group reached an agreement with Adamant Advisory Services to exchange some of its Russian interests (including 50% stake in Comstar) for its own bonds that Adamant acquired in late 2002.   In December 2003 Russian financial-industrial group AFK Sistema finalized the purchase of 50% stake in Comstar From Adamant Advisory Services for US$ 35 million.  In 2003 AFK Sistema and Moscow City Telephone Network (MGTS) shareholders made the decision to unite the three alternative fixed-line operators - ZAO Comstar, MTU-Inform and Telmos companies under the brand name Comstar-United TeleSystems with a Comstar being a central in consolidation. The consolodation was completed in May 2004 when COMSTAR, MTU-Inform and Telmos merged.   The main shareholder in COMSTAR – United TeleSystems was (AFK) Sistema Joint Stock Company Financial Corporation with 51%. Some 35% of the shares were floated on the Moscow exchange and MGTS held the remaining 14%.  With the sale of Sistema’s 50.91% stake in Comstar to Mobile TeleSystems(“MTS”) in October 2009, MTS’s stake in Comstar–UTS increased to 61.97% in December 2009.  As of that date, the remaining shares were held by MGTS (2.75%) and others (35.28%).  On 1 April 2011, MTS completed its merger with Comstar-UTS, which then became a fully-owned subsidiary of MTS. A total of 22,483,791 shares representing a total of 5.38% of share capital was repurchased at a price of RUB212.85.
The Novorossijsk Commercial Sea Port started operations in 1838, and, in 1992, as part of the Russian government privatization program, the Joint-Stock Company Novorossijsk Commercial Sea Port was created. NIKoil is the major shareholder in the joint-stock company, with 32% of the shares; forwarding company Delo and Russkij Generalnyj Bank hold about 30%; individuals hold 18.6% of the shares and the government owns 20%. The port facilities are ideal for break-bulk and consolidation for vessels entering or leaving the river system. The port handles over 50 million tons of general, bulk and liquid cargo annually, and it is the largest port operator in Russia.  Novorossiysk Commercial Sea Port altered its charter in April 2011 to provide for a golden share for the Russian government. The government representative on the board was to have veto rights over amendments to the charter, any reorganization or liquidation of the company, changes to charter capital and major and interested party transactions.  In 2013, the Russian government still owned 20 percent of the port. Transneft, Russian state oil pipeline monopoly, confirmed the company bought 10 percent of NCSP on the open market but declined to say how much it paid. Russian bank Uralsib bought 5.03 percent of NCSP in early September for $117 million. Experts believe the bank acted on behalf of Transneft, which said the final owner of the stake will be the firm's fully affiliated structure. Transneft and Summa Holding, owned by Dagestani billionaire Ziyavudin Magomedov, own Novoport Holding, a 50-50 joint venture that holds 50.1 percent in NCSP. Other interests hold about 24.6 percent.
The concessionaire was responsible for the construction and maintenance of the toll road linking Arriaga to Huixtla. Autopistas Concessionadas de Chiapas has its ownership structure as follows: Autopista del Pacifico holds 40%, Iconsa and Constructora y Edificadora Mexicana hold 15% each, Perez Gil y Associados holds 12% and the remaining shares are divided among three other sponsors. Financial closure for the US$ 213.7 million project (US$ 220.1 million, 1993 value) was initially achieved as follows: 20% as private sponsors' equity; 30% as state government equity; 50% as debt provided by Atlantico and Mexival. According to the information obtained from the Mexican regulatory agency, the concession contract was cancelled in 1996.
Transener was created from the transmission facilities of the three state-owned utilities (Agua y Energia Electrica Sociedad del Estado, Hidroelectrica Norpatagonica, and Servicios Electricos del Gran Buenos Aires). Transener owned 4,238-miles (6823.18-km) of 500kV, 350-miles (563.5-km) of 200kV, and 27 substations in 1993. That infrastructure represented most of the high voltage transmission grid of Argentina. Transener was partially privatized in two stages. In the first one, a 65% equity stake was sold for $234.1 million to Citelec, a consortium integrated by Electrica del Plata (a 9.75% stake in Transener SA), Sade (9.75%), Inter Rio Holding Establishment (9.75%), Duke Transener Inc (9.75%), Entergy Transener (9.75%), The International Grid Finance BV (9.75%), and The Argentine Investment Company (6.5%) in July 1993. The winning consortium was awarded with a 15-year management period to own and operate Transener as part of a 95 year-concession. Then, a 10% equity stake was sold to Transener's employees. The government retained the rest of the equity (25%).   In its fiscal year 1994, MIGA issued $15 million coverage for National Grid Company against the risks of currency transfer, expropriation, and war and civil disturbance. ECGD, the British national insurance agency, is also covering a portion of the investment. In August 2000, the government sold its remaining 25% stake in the stock market, raising US$70 million in revenues.  As of 2004, the sponsor composition changed to include 65 percent project by Citilec SA. Citilec is in turn owned 50 percent by Petrobras and 50 percent by Dolphin Fund Management. Dophin's ownership was increased in two separte transactions in 2004 - acquiring shares from Inversora Taico and from National Grid.   In December 2007, Petrobras was authorized by Argentina's electricity regulator ENRE to divest all of its shares in Citelec SA. As of December 31, 2007, the composition of Citelec SA was as follows: Transelec 50%, Electroingenieria SA 25%, ENARSA 25%. Citelec SA controlled 52.65% of Transener while the rest of the common stock was traded on Buenos Aires Stock Exchange 47.35%. The amount of common stock increased by 8.10% when the former shares of the employee stock ownership fund was relisted on the Buenos Aires Stock Exchange in October 2007. The ownership structure as of December 31, 2007 was: Pampa Energia SA, a subsidiary of Dolphin Fund Management 26.325%; %, Electroingenieria SA 13.1625%; ENARSA 13.1625%; and Others 47.35%.
Nong Yai Co. Ltd. has developed a 16.5-MW waste-to energy power plant at Non Yai, Chon Buri. The plant, currently in operation, uses agricultural waste as fuel and sells 2.2-MW of power to the Electricity Generating Authority of Thailand (EGAT) under the Small Power Producers (SPP) Program. The PPA was signed on August 16, 1993 and has been selling power to EGAT as of February 7, 1995. EGAT signed a "non-firm" contract with the project company. Estimated project cost is $16.5 million ($1.0 million per MW).
AO Kamchatsvyazinform is the regional telecom operator in the Petropavlovski-Kamchatsky Oblast, located in the Far East region. The company provides basic local telephone services. It also provides national and international services through Rostelecom. AO Kamchatsvyazinform was privatized in December 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common stock, and 51% of the voting rights by 1998.  The remaining stake was mainly owned by employees and individual investors.  Became a branch of Dalsvyaz in November 2002.
JSC VolgaTelecom (VT, formerly known as NizhegorodSvyazinform) was partially privatized in 1993 by the Russian government, through the national voucher program. The government maintained operational control over the company, holding 51% of voting shares and 38.5% of common shares. VT provided fixed local telephone services through its own network in the Volga Federal District and used Rostelecom's infrastructure to provide national and international services. VT also provided Internet, IP telephony, data transmission, wave and cable television services. JSC VolgaTelecom was headquartered in Nizhny Nogorod and served an area with a population of 32 million, of which 70% lived in urban communities.  The company was reorganized in November 2002 as one of seven mega-regional companies in which Svyazinvest, the state-controlled holding company, consolidated its 74 regional fixed line operators. JSC VolgaTelecom was the third largest company in the Svyazinvest structure, created by merging 11 regional telecommunications operators from the Upper and Middle Volga region into existing NizhegorodSvyazinform. The 11 regional operators were: Kirovelektrosvyaz, Martelekom, Mordovia Svyazinform, Orenburg Elektrosvyaz, Penza Svyazinform, Samara Svyazinform, Saratovelektrosvyaz, the Telecom Networks of the Udmurtia Republic, Ulyanovsk Elektrosvyaz and Svyazinform of the Chuvashia Republic. The other six mega-regional companies created by Svyazinvest in 2002 were: CenterTelecom North-West Telecom, South Telecom, Uralsvyazinform, Siberia Telecom and Far East Telecom (Dalsvyaz).  At the end of 2004 Svyazinvest controlled JSC VolgaTelecom, owning 38.5% of common shares and 51% of voting shares. Foreign institutional investors held 24.66% of VT shares and employees and managers owned the remaining 12.31%.  At the end of 2009, the company had 4,752,000 fixed and local connections, and 3,832,000 mobile connections.   On April 1, 2011, several companies below merged into Rostelecom: Center Telecom (3171), Skylink (1321), Dalsyaz (3181), Sibirtelecom (3180), Uralsinform (3177), Volgatelecom (3174), North-West Telecom (3173), Southern Telecommunications Company (3175), Dagsvyazinform (1225).
Yartelecom is the main local telecommunications services provider for the Yaroslavl oblast in Central Russia with a population of 1.37 million. The company provides local telephone service through its own network. The company also offers national and international service through Rostelecom's infrastructure. Company provides wide range of traditional and modern telecom services: fixed telephony, cellular communications (NMT 450), paging. In 1993 Russian local telecommunications network operators were partially privatized and Yartelecom was established in October 1993.   In 1995, Svyazinvest, a holding company which consolidated the government stakes in all of the 85 regional telecommunication companies, was created. After the formation of  Svyazinvest it held 38 percent of the common shares and 51 percent of the voting shares in Yartelecom. The second biggest shareholder after Svyazinvest was Taft Enterprises Limited (11.45 percent) in 2000. Within the period of 1999-2000 investments into the development of the local telecommunications amounted to 267, 4 million rubles (US$ 10.14 million). As a result of Svyazinvest’s consolidation Yartelecom became a branch of the mega-regional company JSC Central Telecommunication Company in December 2002.  In the course of the telecommunications industry restructuring during 2000-2002 Svyazinvest created seven large telecom companies in Russia's macro-regions by consolidating 74 local operators. As a result of reorganization, the property and personnel of regional operators was transferred to corresponding regional branches: Center Telecom, North-West Telecom, Volga Telecom, South Telecom, Uralsvyazinform, Siberia Telecom and Far East Telecom (Dalsvyaz).  JSC CenterTelecom (earlier known as AO Electrosvyaz Moscow ) became the base company in the process of consolidation of 16 regional providers in central Russia.   The companies that were removed from the state register and renamed into branches of JSC "CenterTelecom" were: Belsvyaz, Bryansksvyazinform, Voronezhsvyazinform, Ivtelecom, Lipetskelectrosvyaz, Smolensksvyazinform, Tambov Elektrosvyaz, Tulatelecom, Vladimir Region Elektrosvyaz, Kaluga Region Elektrosvyaz, Kostroma Region Elektrosvyaz, Kursk Region Elektrosvyaz, Oryol Region Elektrosvyaz, Ryazan Region Elektrosvyaz, Tver Region Elektrosvyaz, and Yartelecom.
This regional electricity utility has 1453-MW of generating capacity. It was privatized in 1993 and 49% of its stock is held by RAO EES Rossii.  As a result of the RAO UES led power sector reform in Russia that took place over 2003-2008 AO Tulaenergo merged with the Territorial Generating Company TGK-4.
AO Biyskaya is a dual-purpose power station with 660-MW of generating capacity. It was privatized in 1993 and 64% of its stock is held by RAO EES Rossii.  In 2004, the power plant was a subsidiary of  JSC "Novosibirskenergo" which changed its name to JSC "SIBEKO" in July 2011.
A regional electricity utility with 929-MW of generating capacity. It was privatized in 1993 and 64% of its stock is held by RAO EES Rossii. Its market capitalisation was $50.1m at the end of 1996.  The utility merged with the Territorial Generating Company TGK-8 during RAO UES led power sector restructuring in Russia.
This regional electricity utility has a 8,364-MW generating capacity. It was privatized in 1993 and 65% of its stock is held by RAO EES Rossii.
Cubacel was initially a 50-50 joint venture between the state-owned company Etecsa and private investors to provide cellular phone services. Private partners included Canada-based Sherritt International Corp., which owned a 40% stake, and Mexican-based Timsa, which had a 10% holding. Cubacel holds exclusive rights to provide analog and digital cellular services in the 800-MH band throughout Cuba for 20 years. Cubacel started its commercial operations in 1993. The company had 3,000 subscribers 1997.   In 2002, Cubacel received a $60 million credit from BNDES. In the fourth quarter of 2003, Etecsa agreed to buy out the private holdings of Sherritt and Timsa, for a total consideration of US$43 million. In December 2003, Etecsa finalized the merger by absorption of Cubacel. Etecsa thereby became the sole integrated wireline and mobile telecommunications operator in Cuba.
The 1,403-km pipeline stretches from the Hassi R'Mel natural gas fields in Algeria through Morocco (563-km), across the Strait of Gilbraltar (45-km), before continuing to a distribution point in Cordoba, Spain (795-km), and then connecting to distribution networks in Spain and Portugal. The Morroco section may be used to fuel prospective IPPs in Kenitra and Mohemmedia. The government of Algeria pays the government of Morocco for transit rights with a probable guarantee from the project sponsors. Before being bought out by Gas Natural, Enagas of Spain was the primary developer of the project (Enagas includes its 100%-owned Europe Maghreb Pipeline Ltd., having constructed the section in Europe, and its 70%-owned Metragaz, having built the Morocco section). The Algerian section is being developed by the stated-owned company Sonatrach. Al Andalus built the Strait of Gibraltar section. Other developers of the pipeline include EMPL of Spain and Bechtel.   The World Bank is providing technical support and possible financial participation valued at $50 million. Construction of the project began on May 13, 1993 and it became operational in 1996. Total project costs information varies, with one estimate being $2,300 million.
This regional electricity utility had 2061-MW of generating capacity. It was partially privatized in 1993 and 58% of its stock was held by RAO EES Rossii.   OAO AK "Yakutskenergo" was part of JSC "RAO Eastern Energy Systems," established July 1, 2008 as a result of reorganization of RAO" UES of Russia." The state owns 52.7% stake in the company. The Company operates through three electric plants, 163 diesel electric plants and four wholly owned subsidiaries: Sakhaenergo OAO, Yakutskaya energoremontnaya kompaniya OAO, Energotranssnab OAO, as well as Teploenergoservis OAO  As of end 2009, Yakutskenergo was owned by Donalink/SUEK (20.6%), others (32%) and RAO Enyergyetichyeskiye Sistyemy Vostoka (47.4%). In turn, RAO Enyergyetichyeskiye Sistyemy Vostoka was owned 52.68% by the Russian government.     The shareholders remained the same through 2011.
Mobitel was awarded a 20-year license to operate a nationwide cellular service in Srilanka under a BOT agreement between Sri Lanka Telecom (on behalf of the government of Sri Lanka) and Telstra Australia in April 1993. Mobitel was initially a joint venture between Telstra (60%) and Sri Lanka Telecom (40%), a partly state-owned company. In November 2002, Sri Lanka Telecom (SLT) increased its stake to 100% by buying out Telstra's share. Mobitel is now a fully owned subsidiary of SLT.   In 1994, the license fee for all cellular operators was set to 1.2% of annual investment and 0.36% of annual revenues.  Prior to that, the license fee was 1% of annual investment and 0.3% of annual revenues. Telstra invested US$7.6 million in the company between 1993-1996.  In 1999, Mobitel awarded Ericsson a US$20 million contract to digitize the AMPS wireless network.  The equipment supplier was Ericsson.  The company was initially licensed to operate AMPS 800 mobile phone services. Mobitel decided to switch to the GSM mobile standard and the first phase of the GSM roll out was expected to be launched in the second quarter of 2005. In March 2004, Mobitel had raised US$ 86 million in a seven-year loan to fund its GSM roll out. Standard Chartered Bank was the lead arranger of the loan that was denominated in a combination of rupees and dollars. The total investment for the GSM rollout is estimated at around $200 million with the balance sourcing expected through a Swedish credit agency.   As of December 31, 2004, Mobitel had 285,000 customers. Mobitel competed with three other mobile operators - Lanka Cellular Services (Pvt) Limited, MTN Networks, and Celltel Lanka Limited.
AO Kalmykiya Electrosvyaz is the local telecommunications service provider for the Kalmykiya Republic in Central Russia. The company provides local telephone service through its own network. The company also offers national and international service through Rostelecom's infrastructure. The company was partially privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998.
AO Omsk Electrosvyaz is the local telecommunications service provider for the Omsk Oblast in Western Siberia. The company provides local telephone service through its own network. The company also offers national and international service through Rostelecom's infrastructure. The company was partially privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998. AO Omsk Electrosvyaz operated 324,980 access lines in 1996. The company increased its cabacity in 1997, by the help of a $3.6 million fund from the EBRD.  Became a branch of JSC Sibirtelecom in November 2002.
The $500 million, 515-MW power plant at Hazira was developed in two stages by the Essar Power Ltd., a subsidiary of the Essar Group (India). The first 330-MW (3x110-MW) of the combined-cycle plant was commissioned in July 1996, of which 300-MW is to be added to the Gujarat power grid. The second  215-MW became operational in June 1997 and was being used on a captive basis by Essar Steel.  In July 1999, Essar Group sold Essar Power Ltd. to Marathon Power Co. (US) in a deal worth $170 million.  Marathon Power has signed an MoU to acquire 100% equity of Essar Power.    Initial funding was arranged in September 1993 with loans from the Industrial Development Bank of India (IDBI) and the Industrial Credit & Investment Corp of India (ICICI). These loans were guaranteed by US EXIM.  The project ran into financial difficulties in late 1996 as Essar Power Ltd. was unable to pay a short-term loan from the Bank of India and had to use short-term borrowings to finance the project. These difficulties arose due to delays in reaching power purchase and fuel supply agreements.   The Hazira plant became operational in June 1997. A PPA was finally signed with the Gujarat State Electricity Board (GSEB) in 1997. However, the Indian Oil Corporation (IOC) was unwilling to supply fuel oil, which led to a shut down of two out of the three 110-MW units. A temporary agreement had the GSEB paying Essar Group's fuel supply bill for two months, in return power supplied to GSEB.  The 1999 divestment to Marathon Co. is part of conditions laid down by the financial institutions to bail out Essar Steel. The plans for expanding the capacity by 500 MW are underway but financial closure has not been reached (as of Dec. 2000). This second phase envisages an investment of US$ 342.8 million.    In October 2000, Essar Steel said it would divest 42% equity in the project.   In second quarter 2001, the Industrial Development Bank of India threatened to recall its loans to Essar Power because of failure to pay $32 million due in March 1998.  In fourth quarter 2001, expansions plans were put on hold due to an uncertain business climate.
A regional electricity utility with 74-MW of generating capacity. It was privatized in 1993 and 65% of its stock is held by RAO EES Rossii.  As a result of the RAO UES led power sector reform in Russia that took place over 2003-2008, AO Bryanskenergo merged with TGK-4.
This regional electricity utility with 215-MW of generating capacity. It was privatized in 1993 and 65% of its stock is held by RAO EES Rossii.  As a result of RAO UES led power sector retructuring in Russia, AO Kostromaenergo merged with the Territorial Generating Company TGK-2.
Operadora de Carreteras Alfa was awarded the contract to rehabilitate and operate the highway linking Toluca - Atlacomulcol in Mar. 1993.  A total of US$ 40.1 million was invested in the rehabilitation works, which were concluded in Jan. 1997. The highway has 63 Km in extension. Reactions against tolling led the project to be cancelled in May 1999
This is a regional electricity utility a 291-MW generating capacity. It was privatized in 1993 and 65% of its stock is held by RAO EES Rossii.  The utility merged into the Territorial Generating Company TGK-2 as a result of RAO UES led power sector restructuring in Russia.
In 1993, prior to the democratic elections in South Africa, the Stutterheim municipality formed an affermage (lease) contract with Aqua Gold (now Water and Sanitation Services South Africa (WSSA)) to manage, operate and maintain water and sanitation services in the town.  The council's objective was to streamline municipal functions, delegate management and improve efficiency by buying in the necessary technical skills to operate efficient water and sanitation services for the town of 35-40,000.  The contract was signed with the Suez-Lyonnaise des Eaux (known as SUEZ as of March 2001) subsidiary Aqua-Gold, which subsequently became WSSA.  WSSA was wholly owned by Lyonnaise Water Southern Africa (Pty) Ltd, itself a joint venture between Suez and Group Five/Everite, a South African construction, manufacturing and property development group.   WSSA was to be responsible for the cost of operation and maintenance and the Council was to be responsible for all capital investment requirements.  WSSA played no role in setting tariffs, which were tightly controlled by the council.  WSSA was responsible for nearly all sanitation services (with the exception of the small network in the Mlungisi low-income area) including conservancy services and wastewater treatment.  They were also responsible for all bulk water supply and treatment and for distributing water in the former white areas of the town.  The STLC ran a parallel team of municipal workers to construct, operate and maintain water distribution at the tertiary and secondary level in the former township area of Mlungisi.  The council had repeatedly resisted proposals from WSSA to expand the arrangement to distribute in these poorer areas and to take responsibility for customer services.  The operating fee was calculated to cover the fixed expenses of WSSA plus a variable charge for the volume of water supplied and sewage treated.  This variable fee represented approximately one-third of the monthly fee paid by the council.  The nature and scope of the payment was structured to provide a number of incentives for the operator to ensure the ongoing maintenance of the system.  The variable fee was based on the volumes of water used at the meter and sewage effluent treated.  This meant that water leakages in the secondary network were not paid for by the council but WSSA.  The project concluded in June 2003 as the municipality reassumed operational control of its utility.  Studies indicated that by 2000 the average number of leaks in the system had declined by 70%; the average number of bursts in the water network had declined by 20-30%; the average number of sewerage blockages has reduced by over 40%; and UFW in Stutterheim town had steadily declined over the contract period from 38% in 1993, to 33% in 1997 and 24% in 2000.  Water quality also reportedly improved dramatically. However, the municipality perceived the arrangement as being costly and this was one of the primary reasons for the sometimes difficult relations between the council and the operator.
Mobikom was awarded a national analog (NMT 450) cellular license in 1993 and launched its service in December 1993. Mobikom provided cellular, paging, value added, wireless local loop and Internet services by the end of 1999. The company was created as a joint venture integrated by Cable&Wireless (49%), state-owned Bulgarian Telecommunications Company (39%) and Radio Electronic System of Bulgaria (12%). The phone service based on the NMT 450 system is called Mobifon, and had a 90% area coverage includes all main cities and roads by 1999. The company competed with GSM providers Mobil Tel AD and Globul in 2003.  As of 2003, Mobikom served some four percent of Bulgaria's mobile phone market with around 115,000 subscribers.  The company competed with GSM providers Mobiltel, who lead the market with a 75 percent share, and Globul, which had around one million customers.     The shareholders of Mobikom decided on December 22, 2003 to put off the operator's digitisation due to the delayed privatisation of the state telecom operator, Bulgarian Telecommunications Company (BTC).  Mobikom shareholders had gaven the green light to the digitisation project, which was estimated to cost some US$60 million (48.4 mln euro), but decided to put it off hoping that the BTC sell-off will be finalised in early 2004. Mobikom had planned to replace its analogue Nordic Mobile Telephone (NMT) network standard to digital Code Division Multiple Access (CDMA) standard.   In October of 2003, C&W made public its willingness to sell its stake in Mobikom. The Bulgarian Telecommunications Company (BTC) bought the 49% C&W had in Mobikom in early 2005 for $13.44 million. On February 10, 2005, BTC completed the purchase of Mobikom by buying the last 12% from the Radio Electronic System of Bulgaria. BTC launched a nation-wide GSM network in 2005 and intended to close transfer all Mobikom customers to the new operator. BTC intended to close down Mobikom in 2006.
The project includes the rehabilitation, operation and maintenance of a 62 km toll road with a cost of US$ 34.4 million. The rehabilitation works have been concluded and the concessionaire is already operating the toll road.
CMR Engineers and Project Managers Ltd. started running Matola coal terminal in Nov. 1993 under a 15-year lease agreement signed in the aftermath of the civil war in Mozambique. Matola had a capacity of handling up to 4 million tons per year, but throughput in 1993 was 200,000 tons. In 1994, thoughput reached 800,000 tons coal and coke. By 2003 coal throughput reached 1.33 million tons.   CMR invested about US$ 4 million in the rehabilitation of handling equipment, but lacked the resources for further investments. In Feb. 1997, CMR sold the facility to African Portland Industrial Holdings, Namibia, owner of the dry bulk facility at Walvis Bay in Namibia, for an undisclosed sum. CFM, the Mozambique transport parastatal, holded 5% of the shares.  The contract ended in 2003, when the state awarded a concession for most terminals of Maputo Port (3122). The Maputo Port Coal Terminal management contract continued to be active after 2003, but was no longer between the state and a private operator, it became a contract between two private entities.
Mar del Plata is the main fishing harbour of the country and records an annual activity, in terms of ship calls, of 75 ocean going arrivals/sailings. A local consortium comprised by Piacentino Compania Argentina de Comercio S.A., Juan F. Caseros Ramos Mejfa, Pablo Ramos Mejfa, Santiago Ramos Mejfa, and Sara Ramo Mejfa took over management of the grain handling facility in Nov. 1993. Total lease revenues for the concession period of 30 years will be US$ 2.4 million for elevator and US$ 250,000 for the use of adjacent office buildings.
AO Samara Svyazinform is the local telecommunications service provider for the Samara Oblast in the Povolzhsky Region. The company provides local telephone service through its own network. The company also offers  national and international service through Rostelecom's infrastructure. The company was privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998. The company owned 568,080 access lines and had total revenues for US$123 million in 1996.  Became a branch of JSC VolgaTelecom in November 2002.
AO Tver Electrosvyyaz is the regional operator for the Tverskaya Oblast, located between Moscow and St. Petersburg in Eastern Russia. The company provides long distance and international services through Rostelecom. The company was privatized in 1993, after the formation of Svyazinvest - the national holding company. Svyazinvests held 38% of the shares, and 51% of the voting shares by 1998. The rest of the company stock was held by small investors and employees.  Starting from 2003 became a branch of Center Telecom.
A regional electricity utility with 940-MW of generating capacity. It was privatized in 1993 and 64% of its stock is held by RAO EES Rossii.  As a result of RAO UES led power sector reform in Russia that took place over 2003-2008, AO Kirovenergo merged with the Territorial Generating Company TGK-5.
This regional electricity utility has 78-MW of generating capacity. It was privatized in 1993 and 49% of its stock is held by RAO EES Rossii.  As a result of the 2003-2008, power sector restructuring, Sevkavkazenergo became a subsidiary of IDGC Holding (also known as MRSK Holding).JSC IDGC Holding is a company established as a result of the reorganization of RAO UES of Russia to manage interregional distribution grid companies (IDGCs) IDGC Holding holds 49% of the shares.
In November 2002 JSC Uralsvyazinform was picked to become one of seven mega regional companies in which Svyazinvest, the state-controlled holding telecommunications company, consolidated its 74 regional fixed line operators. Six operators from the Urals region were merged into the existing JSC Uralsvyazinform: Uraltelecom of the Sverdlovsk region, Cheliabinsk Svyazinform, Tiumentelecom, Kurgan Electrosvyaz, Khanty-Mansiysk Okrtelecom and Yamal Electrosvyaz. The merger created the leading fixed and mobile operator in the Urals Federal District and Perm oblast, an area with total population of 15.5 million, some 80% urban residents. Uralsvyazinform was headquartered in Perm oblast. In 2004 the company accounted for 87% of the local telephony market and 92% of long distance services.  Prior to 2002 JSC Uralsvyazinform had been a small regional operator, controlled by Svyazinform. The company was partially privatized in 1993-1994, together with other regional fixed line operators. In most cases, 49% of their shares were transferred to the public through the Russian voucher privatization program. During 2002 -2003 Svizinform decided to consolidate its local operators into seven large regional companies. Uralsvyazinform was chosen for the Urals and Perm area. The other six chosen operators were CenterTelecom, North-West Telecom, Volga Telecom, South Telecom, Siberia Telecom and Far East Telecom (Dalsvyaz). At the end of 2004 Svyazinvest owned 51.42% of JSC Uralsvyazinform voting shares. ING Bank Eurasia ZAO held 17.17% of shares, and the rest were held by investors with under 6% stakes.  In 2004 Uralsvyazinform provided fixed local telephone services through its own network and national and international services through Rostelecom's infrastructure. Uralsvyazinform and its subsidiaries also offered mobile communication services on GSM-900/1800, NMT-450i, DAMPS-800 and CDMA standards in the Urals district and Perm oblast. In December 2003 Uralsvyazinform was granted a ten year GSM900/1800 license for the Sverdlovsk and Ekaterinburg regions. Since 2003 the company has been the 4th largest national mobile operator.  At the beginning of 2006 the company had some 3.8 million fixed line customers and 3.6 million mobile subscribers.   On April 1, 2011, several companies below merged into Rostelecom: Center Telecom (3171), Skylink (1321), Dalsyaz (3181), Sibirtelecom (3180), Uralsinform (3177), Volgatelecom (3174), North-West Telecom (3173), Southern Telecommunications Company (3175), Dagsvyazinform (1225).
AO Primorskiy Krai Electrosvyaz is the local telecommunications service provider for the Primorskiy Region in the Russian Far east.  It provides local telephone service through its own network. The company also offers  national and international service through Rostelecom's infrastructure. The company was partially privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998.  A 22% stake in  the company was sold to Russian Owned Novaya telefonniya Kompaniya for US$20 million. The offer had to be paid in investment in the company over first three years. The company failed to fulfill this obligation and sold its shares to Singapore-based Gold-Tron. Gold-Tron fulfilled such obligation in 1997, and gained full rights to its shares. AO Proimorsky Krai Electrosvyaz owned 314,000 access lines and operated 267,000 access lines (85%) in 1996.
Astrakhansvyaz is the regional provider of telephone services in the Astrakhan Oblast in the Povolzhsky region. The company provides basic local telephone services. It also provides national and international services through Rostelecom. Astrakhansvyaz was privatized in December 1993 after the formation of Svyazinvest, the national holding company.  Svyazinform held 38% of the common stock, and 51% of the voting rights by 1998. The employees and individual investors constituted the remaining shareholders by 1998.  Became a branch of Southern Telecom in November 2002.
Shantou Chaoyang Plant is a 90-MW oil-fired power plant comprising five 1-MW  and eight 9.5-MW diesel generators. It is owned and operated by the Shantou Changchao Power Development Co. Ltd., a Sino-foreign cooperative joint venture. The joint venture was established in October 25, 1993 by Shantou Municipal Power Development Company, a PRC state-owned enterprise and Cheung Kong Hutchison Changchao Power Ltd, a subsidiary of Cheung Kong Infrastructure. CKI disposed of its share in the project in 2002.   The plant occupies a land area of 59,300 sq. meters, which is leased from the municipality for the joint venture term. The total project costs approximately $50 million. CKH Changhchao invested 60% of the equity in cash in US dollars, while Shantou Power Development Invested 40% of the equity as an asset contribution consisting of diesel generators, buildings and facilities. The joint venture was formed to build and operate the power plant until December 31, 2010. Upon expiration, the fixed assets of the plant as well as all US dollars in the reserve fund will belong to Shantou Power Development. Current plant assets will be distributed to the joint venture parties in accordance with their initial actual investment ratio. If the CKH Changchao fails to recoup its investment, the municipality company will make up for the short-fall. The joint venture has entered into a long term power purchase contract coterminuous with the joint-venture agreement. To secure the joint venture parties' recoupment of and return on investment, Shantou Power company has agreed to purchase all electricity generated by the plant and guarantees to offtake certain annual minimum quantities. The minimum offtake quantities for the years 1995 and 1996 were 366.7KWh and 331.7KWh, respectively. There is no operations and management contract and Shantou Power Development is responsible for fuel supply, maintaining all power generators and anciliary facilities of Chaoyang Power Plant, and ensuring that the plant can generate sufficient electricity to satisfy the annual minimum quantitities stipulated under the purchase agreement.    The BOT period ended in 2010, and all assets were transferred to the government.
This regional electricity utility has 307-MW of generating capacity. It was privatized in 1993 and 56% of its stock is held by RAO EES Rossii.  As a result of the RAO UES led power sector reform in Russia, AO Tambovenergo merged with the Territorial Generating Company TGK-4.
This regional electricity utility has 719-MW of generating capacity. It was privatized in 1993 and 49% of its stock is held by RAO EES Rossii.
This is a regional electricity transmission company. It was partially privatized in 1993 and 49% of its stock is held by RAO EES Rossii.  As a result of RAO UES led power sector restructuring Russia that took place over 2003-2008 period,  KalugaEnergo merged into the Interregional Distribution Grid Company of Center and PriVolzhya. The latter was a holding company comprising of the power transmission assets of nine former Energos: KalugaEnergo, IvEnergo, KalugaEnergo, KirovEnergo, MariEnergo, NizhnovEnergo, RyazanEnergo, TulEnergo and UdmurtEnergo. These companies were responsible to power transmission and connection to the grid in Vladimir, Ivanov, Kaluga, Kirov, Nishnii Novgorod, Ryazan, and Tulsk Oblasts as well as in of Marii El and Udmurt republics.
In 1995, GED issued "A" shares on the Shenzhen Stock Exchange and raised US$ 48.6 million for a 12% stake in the company. In 1995, GED undertook an additional issuance of shares at the Shenzhen Stock Exchange, but this time the company issued "B" shares for a  25.8% stake, raising US$ 72.9 million. In October 2002, the Guangdong Branch of the China Construction Bank provided a Rmb 10bn (roughly US$1.2 bn) corporate loan to the company. GED currently has three power plants with a total capacity of 1,750 MW.
This is a regional electricity utility with 1,331MW of generating capacity. It was privatized in 1993 and 62% of its stock is held by RAO EES Rossii. As part of the Russian electricity restructuring in 2003-08, the company was merged into Regional Generating Company 6 (TGK-6).
This regional electricity utility with 212-MW of generating capacity. 60% of its stock is held by RAO EES Rossii.  As a result of RAO UES led power sector restructuring in Russia that took place over 2003-2008 period,AO Kurskenergo merged with the Territorial Generating Company TGK-4.
JSC Svyaz of Komi Republic (Komisvyaz) is the regional telecom operator in the Komi Republic. The company provides basic local telephone services. It also provides Internet, data transmission services and access to national and international services through Rostelecom’s infrastructure. The company’s revenues in 2003 totaled US$ 44.5 million and the fixed line tele-density in its area was 28.18 per 100 inhabitants. The divestiture of Komisvyaz took place in 1993 when the regional fixed line operators were corporatized and 49% of shares were transferred to the public through the Russian voucher privatization program. The company was registered in July 1994. Svyazinvest controls JSC Lensyvaz, owning 51% of voting shares and 38% of common shares. The employees and individual investors constituted the remaining shareholders.  JSC Svyaz of Komi merged with mega-regional company JSC North-West Telecom in 2004.
This 273.5-MW power plant went into operation in October 1995 to supply commercial and industrial users in and around the city of Shunde. Annual electricity generation is 1.5billion kWh. The joint venture company was originally formed by Talent Classic Enterprises Ltd. (70%), a subsidiary of Richfirm Industries (Holding) Ltd., and Shunde Electric Development Co. (SEDC) (30%); and equity was committed in April 1993. On January 22, 1997, New World Infrastructure acquired a 60% stake from Talent Classic for $51.38 million. Talent Classic's remaining 10% went to SEDC and the new joint venture period was set at 20 years - expiring in 2017. The total project cost of $254.7 million was raised by equity capital ($86.23 million), a syndicated bank loan ($168 million), and other borrowings of $470,000. In November 1995, Shunde Electric Power Group Co. (SEPGC) entered into an agreement with Shunde De Sheng Power Plant Co. to undertake the operation of the power plant until October 2000 and pay an annual rent fee to Shunde De Sheng Power Plant Co. The rental fee for 1997 amounts to $41.5 million and will increase annually to $52 million in 2000. In addition, SEPGC has agreed to enter into an offtake contract with Shunde De Sheng Power Plant to purchase 1.4 billion kWh/year of electricity for  the 4th to 10th year and 1.3 billion kWh/year for the remaining joint venture period.
Autopistas del Sol is a consortium initially comprising Sideco Americana S.A. (10 percent), Dragados Group (25.3 percent), Confides S.A. (1.6 percent) and Simest S.p.A. (1.6 percent). The consortium changed structure whereby as of 2003 the group comprised Abertis Infraestructuras S.A. (45.15 percent), Impregilo International Infraestructures (18.33 percent), Dycasa S.A. (5.83 percent), and Dragados Group (0.67 percent).   As of January 2007, the structure is as follows: Abertis Infaestrcturas S.A. (31.59%), Impregilo S.p.A. (19.82%), Dycasa S.A. (5.83%), ACS Group (Actividades de Construccion y Servicios) (5.71%).  The agreement with the government includes operations and management of the 95 km Nothern Access Highway toll road and a 24 km toll free section of General Paz Beltway. Project financing consisted of: US$133.3 million in sponsors' equity and US$356 million in debt (the debt was originally raised in a loan from Citibank, Banco Rio de la Plata and Banco de Galicia y Buenos Aires; it was then refinanced with a two-tranche US$380 million bond offering lead managed by Citicorp - US$170 million 7-year bond and US$210 million 12 year bond). MIGA provided a US$5 million guarantee for Impregilo in 1995 (coverage for the company's equity participation). The contract allowed the project company to install service stations along segments of the highway system and subcontract them to retail stores; these subcontracts have already yield US$40 million in prepaid royalties.   In March of 2006, the Argentine government adjusted the tariff rate by 15% for Autopistas del Sol through a contract renegotiation.
The initial phase of this project (Mamonal 1 and 2) with a total capacity of 100-MW was the first private sector power project financed on a non-recourse project-finance basis in Latin America. The first two plants required an investment of US$ 70 million. The facility, which started commercial operation in June 1993, is leased to Proelectrica SA under a 14-year arrangement. Proelectrica, in turn, sells capacity and energy from the plant to its 24 shareholders (primarily petrochemical and other industrial companies). The excess energy is sold to the local grid (Electribol). In a second phase the project included the development of a third power plant (Mamonal 3) that increased the installed capacity up to 200-MW. The total investment in the project was $130 million. The main developers/sponsors are KMR Power (USA), Scudder Latin American Trust, and the Rockerfeller Group. In 2000, AES acquired KMR Power for US$ 53 million, which made AES the controlling shareholder of Proelectrica (62% stake).
AO Kostroma Electrosvyaz is the  local telecommunications service provider for the Kostroma Oblast in Central Russia. The company provides local telephone service through its own network. The company also offers  national and international service through Rostelecom's infrastructure. The company was partially privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998. AO Kostoma Electrosvyaz operated 33,800 access lines in 1996.
This regional electricity utility has 348-MW of generating capacity. It was privatized in 1993 and 49% of its stock is held by RAO EES Rossii.  As a result of RAO UES led power sector restructuring in Russia, AO Mordovenergo merged with the Territorial Generating Company TGK-6.
Aawthai Warehouses Co. Ltd won the 25 year contract to lease the agri-bulk terminal at Laem Chabang Terminal A4 in Bangkok. The contract was awarded by the Port Authority of Thailand in March of 1993. The terminal A4 has one berth of 350 meters length and 14 meters depth and its capacity is designed to accommodate up to 40,000 DWT container vessels 0.7 million TEUs per year. The terminal provides handling of export-oriented sugar and molasses.
In July 1989, United Engineers (Malaysia) Berhad (UEM) submitted a proposal to the government of Malaysia for the construction of a second road link to Singapore. On 27 July 1993, the government and UEM signed a 30-year BOT contract for the construction of a 2-km bridge, 44km of expressway, and customs and toll facilities. The Second Crossing Expressway connects the bridge to the North-South Expressway, and the Perling Expressway connects to the metropolitan area of Johor Bahru. Cooperation of the Singapore government was obtained on 22 March 1994, and each country is responsible for construction and operation of its side of the bridge according to a common design.   In May 1994, UEM handed its contract to a wholly-owned subsidiary, Linkedua (Malaysia) Berhad. Construction started in January 1995, and the bridge opened for operation in early 1998. Construction cost US$ 111 million. The lead underwriter for debt financing was Schroder Wagg.
This regional electricity utility has 141-MW of generating capacity. It was partially privatized in 1993 and 47% of its stock is held by RAO EES Rossii.  The utility merged with the Territorial Generating Company TGK-14 during RAO UES led power sector restructuring in Russia.
PT Adhika Prakarsatama had an 18 year contract for the widening and operation of the Kebon Jeruk to Tangerang toll road. The investors were allowed a 41% share of toll income. As of 2006, the investors' share of the project income was reduced from 41% to 27%.
In December of 1992, Jetama Sdn Bhd was awarded a 20-year build, rehabilitate, operate and transfer concession contract by the Sabah State Government for the bulk supply of treated drinking water to the west coast of Kota Kinabalu.  The project was part of a larger package for the privatization of the supply of treated water to Sabah, while distribution was to remain under the authority of the Sabah Water Department.  The other two concession holders were Timatch Sdn Bhd which supplied treated water in Tawau and Sandakan, and Lahad Datu Water Supply Sdn Bhd, responsible for Lahad Datu and Semporna.  The project comprised the operation of five existing treatment plants at Kasigui, Telibong, Papar, Tamparuli and Tuaran, which had a combined capacity of 132,500 cubic meters per day of potable water. The project also included the construction of new facilities, to take place in 2 phases, and included a 110,000 cubic meters per day water treatment plant, the Babagon Dam, to provide sufficient water reserve; installation of 120km of pipelines; and the construction of six ground concrete water tanks.  Jetama Sdn Bhd was the project company owned 35% by Suez Lyonnaise des Eaux (renamed SUEZ in March 2001), 35% by Hume Industries Group Bhd. of Malaysia, 20% by the Government of Sabah, and 10% by John Holland Bhd. of Malaysia.  In November of 2000, Hume Industries Bhd. sold its 35% stake in Jetama to the Government of Sabah for RM65 million.   John Holland Bhd. was to design and construct RM361 million (US$141 million) worth of the new water supply and treatment systems over four to six years from the beginning of the contract. Lyonnaise des Eaux-Dumez, the local operations subsidiary of Suez Lyonnaise des Eaux, was to operate and maintain the water treatment facilities, the primary network, service reservoirs and impounding reservoir, the Babagon Dam, as well as associated structures and pipelines.   Operations commenced in June 1993. The financing of the project was achieved in April 1993 when Jetama Sdn Bhd signed a RM166 million (US$64.7 million) longterm financing agreement with a group of financial institutions.  Bumiputra Merchant Bankers Bhd (BMB) was the agent bank of the syndicated loan.  Total paid up capital was RM73 million.  The bulk sale contract had an annual value of US$19.9 million.   By the end of 2003, the Sabah state government owed a total of RM648.76 million to the three water concessionaires in the state, RM258.39 million of which was owed to Jetama Sdn Bhd.  The problem was that revenue from bill collections was lower than the amount the government had to pay to the three companies for treatment, mainly because the state-owned distribution company had been unable to control unaccounted for water (UFW) and collect tariffs from consumers.  To resolve this issue, the Sabah state government sought to privatize the distribution system beginning in 2002.  However, negotiations failed and as of 2005, the government was still trying to resolve the problem.
Kaluga Electrosvyaz is the main local telecommunications service provider for the Kaluga oblast in Central Russia with a population of 1.06 million. The company provides local telephone service through its own network. The company also offers national and international service through Rostelecom's infrastructure. Company provides wide range of traditional and modern telecom services: local and long distance communications, paging, Internet, data transmission services, trunk communications.   The company was partially privatized in 1993, after the formation of Svyazinvest, the national holding company which consolidated the government stakes in all of the 85 regional telecommunication companies. Svyazinvest held 38 percent of the common shares and 51 percent of the voting shares in Kaluga Electrosvyaz. The biggest shareholders after Svyazinvest are  DKK (10 percent) and Bank Credit Swiss First Boston AO (9 percent).  As a result of Svyazinvest’s consolidation Kaluga Electrosvyaz became a branch of the mega-regional company JSC Central Telecommunication Company in December 2002.  In the course of the telecommunications industry restructuring during 2000-2002 Svyazinvest created seven large telecom companies in Russia's macro-regions by consolidating 74 local operators. As a result of reorganization, the property and personnel of regional operators was transferred to corresponding regional branches: Center Telecom, North-West Telecom, Volga Telecom, South Telecom, Uralsvyazinform, Siberia Telecom and Far East Telecom (Dalsvyaz).  JSC CenterTelecom (earlier known as AO Electrosvyaz Moscow ) became the base company in the process of consolidation of 16 regional providers in Central Russia.   The companies that were removed from the state register and renamed into branches of JSC "CenterTelecom" were: Belsvyaz, Bryansksvyazinform, Voronezhsvyazinform, Ivtelecom, Lipetskelectrosvyaz, Smolensksvyazinform, Tambov Elektrosvyaz, Tulatelecom, Vladimir Region Elektrosvyaz, Kaluga Region Elektrosvyaz, Kostroma Region Elektrosvyaz, Kursk Region Elektrosvyaz, Oryol Region Elektrosvyaz, Ryazan Region Elektrosvyaz, Tver Region Elektrosvyaz, and Yartelecom.
The construction works on this 15.6 km toll road was concluded in 1994. Financing for the US$ 46.5 million (NP$ 145 million) was achieved with securities which are dollar-indexed and payable in pesos (the interest rate is 11% and they mature in 2009). The management fee constitutes 18% of the toll revenues but it is not currently being paid because it is subordinated to the debt services.  On November 28, 2003, the Federal Government modified the Concession in order to extend the term to 30 years counted from March 26, 1993.  In the Stockholders’ General Regular and Extraordinary Meeting held on December 14, 2005, the name of “Grupo Tribasa, S. A. de C. V.” was replaced by “Promotora y Operadora de Infraestructura, S. A. de C. V.” In the Stockholders’ General Regular and Extraordinary Meeting held on December 22, 2006, the name of “Promotora y Operadora de Infraestructura, S. A. de C. V.” was replaced by “Promotora y Operadora de Infraestructura, S.A.B. de C.V.”
In 1993, the Argentinean government awarded a 30 year build, rehabilitate, operate and transfer concession to Aguas Argentinas (AA) for the Buenos Aires water and sewerage facilities. According to the contract AA was to supply water to some 7.7 million people and collect sewage from 6 million residents living in Buenos Aires and 17 neighboring districts (the number of districts has increased since 1993). Prior to 1993 the Buenos Aires water infrastructure was managed by of Obras Sanitarias de la Nacion (OSN). AA was to keep OSN’s employees. The concession was awarded after a competitive bidding process, following a procedure that was subsequently copied by other Argentinean regions.  Aguas Argentinas (AA) was a consortium comprised of Suez Lyonnaise des Eaux (known as SUEZ as of 2001) (34.73%),  Aguas de Barcelona (Agbar)(25.01%), Programa de Propiedad Participada PPP (10%), Banco de Galicia y Buenos Aires (8.26%), Vivendi (known as Veolia Environnement as of May 2003)(7.55%), Aguas Inversora (5.2%), the International Finance Corporation (5%) and Anglian Water (4.25%). OSN held a 10% stake in AA through the Programa de Propiedad Participada (PPP).  The contract was awarded through a competitive tender in December 2002 to the qualified consortium which requested the minimum tariffs. To win the concession awarded in a December tender, Aguas Argentinas pledged it would cut local water tariffs by 26.9 pct. A consortium led by Thames Water volunteered a 26.1 pct reduction and another group headed by Northwest Water offered an 11.5 pct cut.   The Buenos Aires water and sewerage assets remained the property of the government.  AA's contract required the company to invest $4 billion in construction and rehabilitation works over the lifetime of the concession. Some 30% of this investment (or $1.2 billion) had to be made during the first five years. The contract specified a number of technical parameters that also had to be met: an increase in water supply coverage from 70% in 1993 to 100% in 2023, an increase in sewerage coverage from 58% to 90%, an increase in treated wastewater from 4% to 93%, and a reduction in unaccounted for water from 45% to 25%. By 1997 AA had invested $1 billion. In 1993 AA posted a $150 million performance bond with the Argentinean government. Lyonnaise received an annual management fee of 6% of AA's profits.   In early 2001 negotiations on a new investment plan for Aguas Argentinas were concluded. The plan, approved by the Argentinean Government, stipulated that Aguas Argentinas would invest $1.1 billion over the next five years.  These investments would allow incorporating up to 500,000 users to the drinking water and sewerage systems. To finance the investments tariffs were scheduled to increase by 3.9% annually between 2001-2003 plus and additional 1% for wholesale price index adjustments in USA. Aguas Argentinas developed a $100 million securitization. The issuance was backed by a political risk insurance policy from OPIC.    Aguas Argentinas was hit hard by the financial crisis of 2002, when the national currency was devaluated and water prices were frozen by government decree. In 2003 Aguas Argentinas, Suez, Vivendi and Aguas de Barcelona filed a claim against the Argentinean government with an international arbitration tribunal (International Centre for Settlement of Investment Disputes - ICSID). The plaintiffs demanded US$ 1 billion as compensation for losses in its investments in Argentina due to frozen rates and devaluation of the currency.  In 2004 the consortium also entered court hearings before Argentina's Supreme Court after the consortium was ordered to construct a waste water treatment plant ahead of the date stipulated in their contract. The consortium and the government eventually signed a transitional accord in 2004 whereby AA would undertake additional investments (network expansion and other works) in 2004 and 2005.   In late March 2006 the Argentine central government cancelled the concession contract it had signed with Aguas Argentinas citing failure to meet contractual obligations and to improve the quality of the water it supplied. A new group called Agua y Saneamiento Ambiental, or Aysa, 90% owned by the state and 10% by workers, was to take over the contract.
This was a thermal power plant operated by Agua y Energia Electrica Sociedad del Estado (AyEE), an Argentinean state-owned company. The company was privatized in two stages. In the first one, a 90% equity stake was sold for $8.8 million to Argon (54%), Malvicino SA (16%), IATE (16%), and Eleprint (3.6%). In the second stage, Sorrento's employees and small investors bought the remaining 10% equity stake for $2.5 million.
AO Ulyanovsk Electrosvyaz is the local telecommunications service provider for the Ulyanovsk Oblast in the Povolzhsky Region. The company provides local telephone service through its own network. The company also offers national and international service through Rostelecom's infrastructure. The company was partially privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998. AO Ulyanovsk Electrosvyaz operated 208,430 access lines and had revenues above US$29 million in 1996.  Became a branch of JSC VolgaTelecom in November 2002.
AO Dagsvyazinform is the regional telecom operator in the Republic of Dagestan. The company provides basic local telephone services. It also provides national and international services through Rostelecom.  Dagsvyazinform started to be privatized in December 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common stock, and 51% of the voting rights by 1998. The remaining stake was mainly owned by employees and individual investors. Dagsvyazinform's total equity valuation was $3 million by 1996.   On April 1, 2011, several companies below merged into Rostelecom: Center Telecom (3171), Skylink (1321), Dalsyaz (3181), Sibirtelecom (3180), Uralsinform (3177), Volgatelecom (3174), North-West Telecom (3173), Southern Telecommunications Company (3175), Dagsvyazinform (1225).
Metrovias SA signed a concession contract to operate the Urquiza line of the Buenos Aires Metropolitan Railway and the Buenos Aires Metro system in November 1993, and took over operations in January 1994. To prevent further deterioration of the Buenos Aires metropolitan railway network, the President had created a new state-owned corporation, FEMESA, in March 1990. It was soon prepared for privatization (via lease/concession contracts). FEMESA divided the network into 7 lines: Mitre, Sarmiento, Urquiza, Roca, San Martin, Belgrano North, and Belgrano South. The government called for bids under a 2-stage bidding process. Bids were decided on the basis of lowest subsidy required, and pre-awarded for all 7 lines in January 1993. Each mainline concession contract is for 10 years with optional 10 year extensions. The metro concession contract is for 20 years.   The Metrovias consortium won the contract to operate the Urquiza line, along with a contract to operate the Buenos Aires Metro system (Subterraneos de Buenos Aires - SUBTE). Metrovias initially comprised: Benito Roggio SA, Cometrans, Morrison Knudsen Co., and Burlington Northern Railroad Co. In 1994 Morrison Knudsen sold its stake in Metrovias to Roggio - giving Roggio a 72% stake. Metrovias payed a US$101.7 million lease fee for the Urquiza line, and received a subsidy of US$ 130 million for the first year investment in both lines (in order to calculate the real value of the lease fee, a discount rate of 13.37% was used; this government has used this rate in other infrastructure sectors). Total investment committed for the two lines during the concession was approximately US$561 million (Metrovias intends to finance the project with internal funds and supplier credits). The Urquiza line is 25.6km long, and SUBTE 44.1km long.   The IBRD provided the Argentinean government with a US$ 200 million loan to finance the Buenos Aires Urban Transport (1997); of this amount, US$ 143 million will be directed to Metrovias. As of Apr. 2001, the government and Metrovias are renegotiating the contract, which will lead to changes in the tariff, in the amount to be invested, in the level of subsidies and in the length of the concession contract.  In April 2013, the government and Metrovias agreed on a two-year extension of the concession contract which differs from the initial contract signed by Metrovias. In the new contract, the private sponsor became responsible only for the operation and maintenance of the railways, in exchange for the payment of an yearly management fee to be paid by the government (US$ 133.8 million or Pesos 690 million per year).
This 119-MW project was located in Upper Mahiao on the island of Leyte. The project was a 10-year BOT. 100% of equity financing ($55 million) was provided by project sponsor CalEnergy. Debt financing ($218 million) was provided by US Exim and United Coconut Planters Bank.   The project required the government to build a transmission line from Leyte to neighboring islands; delays in building the line led to delays in transmission of electricity generated by the plant. Steam for the project was provided by Philippine National Oil Co.-Energy Development Corp. (PNOC-EDC). PNOC-EDC was also under a take-or-pay PPA contract for electricity generated by the plant, which it agreed to buy and then sell to Napocor via underwater transmission lines.   The plant became operational in 1996. Transmission lines to be built as components of the project included the Leyte-Cebu line, with a 200-MW capacity, and the Leyte-Luzon line, with a 400-MW capacity. The undersea cables for the transmission line were partially funded by the World Bank. Ormat Inc. was the turnkey contractor for the project. Bank of America served as a financial advisor.  The project was concluded as scheduled in April 2006, with the handover of the plant to the (PNOC-EDC).
Salcon Power Corp. of Singapore won the contract to rehabilitate the 206-MW Naga Thermal Power Plant owned by the state-owned national power corp., Napocor in 1993.  Following rehabilitation, Salcon was to manage and operate the plant. The plant supplied electricity to the povince of Cebu.  Napocor was responsible for fuel supply.  In October of 2003, Napocor announced that it wanted to buy out the contract of Salcon Power Corp. to operate the land-based gas turbines at the Naga power plant complex in Cebu.  Napocor also sought to renegotiate its PPA with Salcon. Salcon said the contract buy-out is limited only to the two gas turbine units and not the entire 203.8-MW power plant units comprising the Naga Power Plant Complex in the central Philippines. In exchange, an extension of Salcon's 15-year concession contract was being considered.
This is a regional electricity utility with 8,023-MW of generating capacity. It was privatized in 1993 and  66% of its stock is held by RAO EES Rossii. 75% of its capacity is supplied by the Krasnoyarsk Hydro Power Plant (GES) which, as of June 19, 1997 was no longer a subsidiary of Krasnoyarskenergo (although Krasnoyarskenergo retains a 27.9% stake in GES). GES will continue to supply Krasnoyarskenergo but will attempt direct deliveries to large customers of about 30-50% of output.  As a result of RAO UES led power sector restructuring in Russia over 2003-2008, AO Krasnoyarskenergo's power generating assets were consolidated with the Territorial Generating Company TGK-13 (Yeniseiskaya).
This is a regional electricity utility with 28-MW of generating capacity. It was privatized in 1993 and 68% of its stock was held by RAO EES Rossii.  As a result of the restructuring of the power sector in Russia during 2003-2008, JSC "Interregional Distribution Grid Company" (IDGC)Holding was established to manage interregional distribution grid companies(IDGCs).    As of end 2009, the main shareholders were Holding IDGC JSC (65.26%), the Federal government (13%), Depositary Clearing Company (6.11%) and others (15.63%). The shareholders remained the same through 2011.  As of September 2011, IDGC's main shareholderes were - the Russian government (55.95%),Depository Clearing Company (14.76%), Depository and Corporate Technologies (13.89%),Gazprom EnergoHolding(4.56%), and National Depository Center (7.57%)
Cherepovetskelectrosvyaz is the local telecommunications service provider for the Cheboksary republic in the Povolzhsky region. The company provides local telephone service through its own network. The company also offers national and international service through Rostelecom's infrastructure. The company was partially privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998. Cherepovetskelectrosvyaz had 61,000 access lines in 1996.
Suan Kitti Reforestation Co. Ltd.has developed a 10.4-MW waste-to energy power plant at Bank Pakong, Cha Choeng Sao. The plant, currently in operation, uses rice husks and wood chips as fuel and sells 6.4MW of power to the Electricity Generating Authority of Thailand (EGAT) under the Small Power Producer (SPP) Program. The PPA was signed on August 13, 1993 and has been selling power to EGAT as of March 6, 1995. Estimated project cost is $10.4 million ($1.0 million per MW).
Regional electricity utility with 212-MW of generating capacity. It was privatized in 1993 and 60% of its stock is held by RAO EES Rossii.  As a result of RAO UES led power sector restructuring in Russia that took place over 2003-2008, AO Oryolenergo merged with the Territorial Generating Company TGK-4.
The company had an installed capacity of 258-MW in November 1993 when it was privatized. The government sold a 51% equity stake for $5.2 million to IATE SA (17%), Federacion Argentina de Trabajadores Luz y Fuerza (17%), and Eleprint (17%). Only $2 million was paid in cash and the remaining $3.2 million was paid in debt papers.
The Colombian government in 1991 offered private companies 20-year concessions to upgrade, administer and operate ports. Proceeds from the concessions were used to create a pension fund for public-sector port workers. As of December 1993, the Colombian ports were given in concession to newly formed, private, regional companies, known as Asociedades Portuarias Regionales with each company being 70% private capital, 15% owned by the local municipality, 13% by the regional authority and just 2% by the state. Santa Marta, on the Caribbean coastline, was the first port to complete this process. The privatization was authorized by Law 1A of 1991, which envisioned the creation of regional entities to operate the ports.   Santa Marta operates 7 multipurpose cargo berths and achieved a throughput of 3,100,000 tons of cargo in 1997, effectively almost doubling the pre-privatization throughput. In 1998, the sponsors undertook a US$ 125 million expansion of the coal-exporting terminal.  In May, Sociedad Portuaria Regional de Santa Marta SA signed a 20 year extension with the Colombian government agency INCO and committed to investing an additional US $128 million.
A regional electricity utility with 480-MW of generating capacity. It was privatized in 1993 and 49% of its stock is held by RAO EES Rossii.  The utility merged with the Territorial Generating Company TGK-8 during RAO UES led power sector restructuring in Russia.
Sankt-Peterburg Telecom and Oblcom, a local cellular phone service provider, serves the area with a population of US$ 7 million in St.Petersburg and Leningrad Region. Sankt-Peterburg Telecom owns network equipment and licenses for services in St. Petersburg and it provides services in Surrounding area - Leningrad region through its partner company “Oblcom”. St. Peterburg Telecom was founded in 1993 as a joint venture between Motorola (60%) and  Soyuzkontrakt (40%). It received 10 year license to operate an AMPS system in St. Petersburg in December 1993. Motorola invested US$10 million in this venture in 1994. The number of subscribers was only 5 thousand in 1996.   In 1997 Motorola sold its 60% equity participation in St.Peterburg Telecom to Millicom International Cellular SA and Oblcom was established. In 2001 St. Peterburg Telecom was owned by Millicom (60.6%), DigiTelCom -Virgin Islands- (25.4%), and St. Petersburg city hall (14%). Oblcom was owned by Millicom (60.6%), DigiTelCom (36.64%), and Lensvyaz (2.76%).  Millicom started to provide its services in Russia under the brand name FORA (previously used by St. Petersburg Telecom) and held controlling stakes in 12 operators covering a population of 48 million. The regions covered by the FORA group were: Moscow, Saint-Petersburg, Belgorod, Izhevsk (Republuic of Udmurtiya), Irkutsk, Kemerovo, Kursk, Nizhny Novgorod, Omsk, Smolensk, Rostov-on-Don, Chelyabinsk. The holding's Russian cellular operators had a total base of 165 thousand subscribers in various parts of Russia in 2001. Since entering the market, Millicom invested over US $100 million into Russian economy.  In December 2001 the shares of Millicom in 12 Russian companies were acquired by Tele2 AB which, along with Millicom, is part of the Kinnevik group. The assets included 11 AMPS carriers and the Moscow Cellular Communications NMT 450 MHz carrier. Tele2 AB paid $80 million for the assets and promised another $30 million after the AMPS carriers, which had to abandon their spectrum according to an agreement with the Communications Ministry, received GSM 1800 MHz licenses. After the acquisition, all of Tele2 subsidiaries switched to Tele2 brand. Tele2 planned to invest up to US$80 million in GSM communications in Russia in 2003.  Sankt-Peterburg Telecom and Oblcom acquired GSM-1800 licenses in April 2002 for 10 years and Tele2 launched GSM-1800 mobile network in this region in August 2003. In September 2003 Tele2 increased it’s ownership in Sankt-Peterburg Telecom to 86% and in Oblcom to 97%.
Penzasvyazinform is the local telecommunications service provider for the Penza region in Central Chernozemny. The company provides local telephone service, as well as national and international service, the latter two through Rostelecom. The company started to be privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998. The rest of the company stock was held by small investors and employees. The company owned 360,700 access lines by 1998.  Became a branch of JSC VolgaTelecom in November 2002.
In December of 1992, Timatch Sdn Bhd was awarded a 20-year build, rehabilitate, operate and transfer concession contract by the Sabah State Government for the bulk supply of treated drinking water to the Sandakan and Tawau areas of Sabah.  The project was part of a larger package for the privatization of the supply of treated water to Sabah, while distribution was to remain under the authority of the Sabah Water Department.  The other two concession holders were Jetama Sdn Bhd which supplied treated water in Kota Kinabalu, and Lahad Datu Water Supply Sdn Bhd, responsible for Lahad Datu and Semporna.  Little information was available on Timatch Sdn Bhd, other than it was a small local company.  It was reportedly receiving support from Thames Water of the UK. The total cost of its project was RM220 million (US$85.5 million). Operations commenced in June 1993.  By the end of 2003, the Sabah state government owed a total of RM648.76 million to the three water concessionaires in the state, RM225.26 million of which was owed to Timatch Sdn. Bhd.  The problem was that revenue from bill collections was lower than the amount the government had to pay to the three companies for treatment, mainly because the state-owned distribution company had been unable to control unaccounted for water (UFW) and collect tariffs from consumers.  To resolve this issue, the Sabah state government sought to privatize the distribution system beginning in 2002.  However, negotiations failed and as of 2005, the government was still trying to resolve the problem.
This regional electricity utility has 455-MW of generating capacity. It was privatized in 1993 and 49% of its stock is held by RAO EES Rossii.  As a result of RAO UES led power sector restructuring in Russia over 2003-2008, AO Vladimirenergo merged with the Territorial Generating Company TGK - 6.
This regional electricity utility has 619-MW of generating capacity. It was privatized in 1993 and 49% of its stock is held by RAO EES Rossii.  As a result of the 2003-2008 power sector restructuring in Russia, JSC Sakhalinenergo"  became a subsidiary of JSC "RAO Energy System of the East."  As of end 2009, AO Sakhalinenergo had a mix of public and private investors: RAO Enyergyetichyeskiye sistyemy Vostoka JSC (48.99%), Depository-Clearing Company CJSC (28.11%), IK ENERGOINVEST (6.54%), Morskiye porty Sakhalina LLC (5.58%), Sakhalinskaya kompaniya Enyergostroy LLC (5.58%) and others (5.20%).   As of end of 2011, the shareholders of Sakhalinenergo were: RAO "Energy System of the East (49%), CJSC Depositary-Clearing Company (34%), "Vostok-Finance" LLC (6.54%), and  CJSC "Sakhalin Leasing Company" (4.12%). "Vostok-Finance" LLC is a subsidiary of RAO "Energy System of the East"
This is a regional electricity utility with a 212-MW generating capacity. It was partially privatized in 1993 and 60% of its stock is held by RAO EES Rossii.  As a result of RAO UES led the power sector restructuring in Russia over 2003-2008, AO Ivernergo merged with the Territorial Generating Company TGK-6.
In May 1993, Indah Water Konsortium (IWK) was awarded a 28-year build, rehabilitate, operate, and transfer concession agreement for improvements to the national sewerage system.  The project included the laying of 4,000 km of new sewers, the modernization of 143 urban waste-water systems, the upgrading of 1,249 treatment facilities, and the cleaning of 1,900 septic tanks.  Phase I of the project took plance in Langkawi, beginning in March 1994, and was followed by another four "priority areas", namely, Kuala Lumpur, Penang, Port Dickson and Labuan beginning in April 1994.  Only 20% of the nation’s treatment plans were operational at the time of the project agreement and fewer than half of urban residents were connected to the network. The contract covered and area with some 11 to 12 million people.  The initial shareholders in IWK consisted of North West Water of the UK (25%), Berjaya Industrial Group of Malaysia (20%), AIMS International Bhd. of Malaysia (15%) along with the state-owned Korporasi Polis Dirija-polis Pension Fund (20%) and Lembaga Tabung Angkatan Armed Forces Fund (20%). The project, which was initiated as an unsolicited proposal by one of the local partners, was awarded without a public tendering process.  In October of 1994, just six months after the company began operating, Garment manufacturer Berjaya South Island (BSouth) Bhd. of Malaysia bought an 80% stake in IWK for RM360 million and purchased the remaining 20% in November 1994 for RM90 million.  Both BSouth and Berjaya Industrial were part of the Berjaya Group which was headed by Malaysian tycoon Vincent Tan Chee Yioun, a close associate of then Prime Minister Mahathir Mohamad.  BSouth was subsequnetly renamed as Prime Utilities Berhad.  North West Water, in turn, acquired 12.5% in Prime Utilities and continued on as the lead technical advisor to the project.  In late 1997, Idris Hydraulic Bhd. paid 552 million ringgit for a 30% controlling interest in IWK, financed largely through borrowings.    The concession agreement required an investment of approximately RM6.27 billion (US$2.3 billion). Soon after concession award, the government extended a  RM475 million (US$182 million) soft loan to the concessionaire to help subsidize lower tariffs in the initial stages of the project.  The consortium also secured a RM1.5 billion external loan and raised RM100 million from shareholders while the rest was expected to be generated from its operating revenue. IWK was guaranteed a certain amount of earnings to recoup its capital investment by the Malaysian government. That profit guarantee agreement, dated November 1995, guaranteed a pre-tax profit of RM84 million for three consecutive financial years ending in 1999.   Household owners were to pay a tariff of between RM2 and RM10 per month for treatment of waste while the commercial, industrial and government sectors were to be billed at the usage rate of 90 sen per cubic meter for septic tank services and RM1.20 per cubic meter for connected services. The tariff policy, however, led to a series of criticisms, protests and political problems.  IWK also experienced continuing difficulties with tariff collection, as they agreed, in November of 1996, to write off 180 million ringgit (US$72 million) in charges owed by customers over the previous two years in return for a two-year contract extension and a RM450 million (US$178 million) government loan to avoid an increase in sewerage charges.    In addition to IWK’s difficulties with tariff levels, fee collections, and shareholder restructuring, the Asian Financial Crisis in 1997 caused further hardships. Direct impacts of the Crisis were a contraction of IWK’s industrial market, an increase in the cost of imported equipments, and the inability to raise local debt.  In 1998, the Government provided IWK an additional RM500 million (US$132 million) in support loans and took a “golden” share in IWK, which was allowed under the original concession agreement.  This share gave the government sweeping powers to review the company’s financial and contracting decisions.  Through 1999, the Government had put in approximately US$492 million in total support loans since project.  In June 2000, the Ministry of Finance (MOF) paid US$52.6 million to the private shareholders for their stake in IWK, which in turn became a wholly-owned subsidiary of the MOF. At the time, IWK had uncollected invoices of approximately US$38 million and was 700 million ringgit (US$184.2 million) in debt.
The Alicura hydroelectric plant was owned by Hidroelectrica Norpatagonica Sociedad del Estado, an Argentine state-owned company. The facility had an installed capacity of 1,000-MW in 1993. Hidroelectrica Alicura SA was created in order to privatize the hydro-power plant. The company was partially privatized in August 1993 when a 59% equity stake was sold for $178 million to Southern Energy, SEI Holding (47.2%), Asociados de Electricidad (8.2%), Diecisiete de Abril S.A. de Inversiones (2.9%), and Resource Development Consultant (0.59%). The consortium paid $48 million in cash and $130 million in debt papers. The winning consortium was awarded a 30-year concession to operate the Alicura hydroelectric plant and an option to renew the concession for 25 years. Later, a 2% equity stake was sold to the company's employees and the remaining 39% was reserved for the provinces of Neuquen and Rio Negro.   In Aug. 2000, AES bought SEI's shares in Alicura by assuming a US$ 200 million debt and paying US$ 1.5 million in cash (at this time, SEI's equity stake was 59%). In Dec. 2000, AES announced it had acquired an additional (39%) stake in Alicura (acquired from the federal and provincial governments). As of January 2001, AES was holding 98% of Alicura's shares, while the employees hold 2%.  In 2002, AES Corporation filed legal proceedings with an international arbitration tribunal (International Centre for Settlement of Investment Disputes - ICSID) against the Argentinean government. The proceeding seeks compensation for losses incurred by the company at the time of the devaluation of the Argentinean currency.
Uraltelecom is the local telecommunications service provider for the Sverdlov Region in the Urals. The company provides local telephone service through its own network. The company also offers  national and international service through Rostelecom's infrastructure. The company was partially privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998. Uraltelecom had 564,010 access lines and revenues for US$$91 million in 1996.
A regional electricity utility, serving the city of Novosibirsk and surrounding region, with 2,640-MW of generating capacity, a 58,000km cable grid and 312km of heat distribution lines. Market capitalisation was $30.2m at the end of 1996.   As of end 2009, shareholders were Depositary Clearing Company CJSC(74.26%), Deutsche Bank (20.7%) and others (5.04%).
The project includes the widening of an existing two-lane to a four-lane toll road.  The Mexican government, by the end of 1997, included this project among those that will be turned back to government operation in 1999; this occurred because the estimated returns on the project were not achieved, and the sponsor had difficulties honoring its debt (the government will pay for the sponsor's debt and, in turn, will receive the toll road back).
The Leshan Electric Power Co. is engaged in the generation, transmission and distribution of electricity in the city of Leshan. It has a generating capacity of 41.1 MW (10 hydro power plants) and a 701-km long transmission line (see http://www.lsep.com.cn). In 1993, the company issued 108 million "A" shares on the Shanghai Stock Exchange. A total of US$ 18.7 million was raised as divestiture revenues.
Two power plants were developed by YTL Power Generation Sdn Bhd that had a combined capacity of 1212-MW, or 808-MW (2x390-MW) at Paka and 404-MW (1x390-MW) at Pasir, respectively. IPP licenses for both plants were granted in April 1993 with construction beginning later that year. The plants went into service in 1994.   The joint venture company, YTL Power Generation Bhd Sdn., was intially owned by YTL International Sdn Bhd (59.56%), Tenaga Nasional Bhd (4.4%), Employees Provident Fund (EPF)(5.9%), Bara Ak Tif (5.39%), Mayban Ventures Sdn Bhd (2.71%), JL Investment Singapore Private Ltd. (0.59%), a unit of John Laing PLC., and local shareholders (18.72%).  The state-controlled Tenaga Nasional Bhd. relinquished its 4.4% stake by selling 71 million shares in December 2003 to YTL Power, and in March 2004 it sold 19.7 million more shares to EPF.    Project costs were US$836.0 million for Paka and US$416 million for Pasir Gudang., or a total cost of M$2.66 billion in local currency. M$1.5 billion was raised via bond subscription with the Employment Provident Fund (EPF) and M$1.16 billion was raised via a syndicated bank loan.   A 21-year power-purchase-agreement with Tenaga (TNB) that includes fuel pass through provisions was signed in March 1993. A fuel supply agreement with Petronas was also signed in March 1993. In Feb. 2000, YTL issued US$197.4 million fixed-rate bond (deal led by Deutsche Bank).
Thai Power Supply Co Ltd has developed a 47.4-MW waste-to energy power plant at Phakam Sarakham, Cha Choeng Sao. This first phase of the project has an estimated cost of $47.4 million ($1.0 million/MW). The plant, currently in operation, uses rice husks and wood chips as fuel and sells 36-megawatts of power to the Electricity Generating Authority of Thailand (EGAT) under the Small Power Producer (SPP) Program. The PPA was signed on August 13, 1993, and the project company has been selling power to EGAT as of June 21, 1996. The Thai Power Supply Co Ltd is also expanding capacity by a 3-MW power plant at an estimated cost of $3.0 million ($1.0 million/MW). The PPA to sell power for the expansion was signed on February 2, 1997 and was expected to go into effect on October 1, 1998. For both PPAs, EGAT signed a "non-firm" contract with the project company. Nominal levelized tariffs are set at 1.29bht/KWh. The estimated project cost is $50.4 million ($1.0 million per MW).
JSC South Telecommunication Company (UTK) was partially privatized in 1993 by the Russian government, through the national voucher program. The government maintained operational control over the company, holding 51% of voting shares and 38.5% of common shares. South telecom provided fixed local telephone services through its own network in the South Federal District and used Rostelecom's infrastructure to provide national and international services. South telecom also provided Internet, IP telephony, data transmission, wave and cable television services. South telecom served an area with a population of 18.6 million people.  The current South telecom was created on June 28 2001, and intended to be one of seven mega-regional companies in which Svyazinvest, the state-controlled holding company, consolidated its 74 regional fixed line operators. The consolidation took place in November 2002 by merging 10 regional telecommunications operators from South Russia into existing Kuban Elektrosvyaz, headquartered in Krasnodar. The 10 regional operators which became branches of South telecom were: Kuban Elektrosvyaz, Adygeya Elektrosvyaz, Kabbalktelecom, Volgograd Elektrosvyaz, Stavropol Elektrosvyaz, North Osetia Elektrosvyaz, Rostov Elektrosvyaz, Astrakhan Svyazinform, Karachaevo-Cherkessia Elektrosvyaz and Kalmykia Elektrosvyaz.  At the end of 2004 Svyazinvest controlled South telecom through 51% of voting shares, and a 18.5% stake of the company’s common shares. Foreign investors owned 35.14% of South telecom and employees had the remaining 16.12%.
Karachajevo-Cherkessk Electrosvyaz is the regional telecom operator in the Cherkessk Republic, located in the Northern Caucasus region. The company provides basic local telephone services. It also provides national and international services through Rostelecom. AO Karachajevo-Cherkessk Electrosvyaz was privatized in December 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common stock, and 51% of the voting rights by 1998. The remaining stake was mainly owned by the employees and individual investors. Karachajevo-Cherkessk Electrosvyaz operated 76,130 lines by 1998. The company's equity was valued at around $10 million.  Became a branch of Southern Telecom in November 2002.
The project capacity is 312-MW (3x12-MW in diesel plants and 2x138-MW in gas plants) with a planned expansion to 1300-MW in two stages (450-MW + 400-MW) over 10 years. The project includes a transmission and distribution network for the local industrial park and is run by Yangpu Power (Hainan) Co. Ltd., a joint venture between Kumagai Gumi (Hong Kong) Ltd. (30%), Siemens AG (20%), Maeda Corp. (20%), and Ringo Trading Ltd. (30%). The initial investment is $257 million with a further $500 million in expected costs for the expansion. The turnkey contract for the power plant went to Kraftwerk Union, a subsidiary of Siemens AG. Yangpu-Siemens, another subsidiary of Siemens, built the transmission and distribution network in a contract worth $25 million. Construction started on June 22, 1992 and the power plant went online in 1994.
Shanghai Container Terminals (SCT), a joint venture set up by Shanghai Port Authority and Hutchison Whampoa Ltd, owns and operates all container facilities in Shanghai. Hutchison Whampoa Ltd. bought 50% of Shanghai Container Terminals (SCT) in 1993, the Shanghai Port Authority holds the remaining 50%. Hutchison sold 10% of shares to COSCO in August 1998 and effectively controls 40% of the shares.  Hutchison installed the handling equipment and contributed a cash payment to the construction of the port facilities. Throughput was 1.290.000 in 1995, 1.400.000 (1996) and 1.760.000 TEU in 1997. Comprising 10 container berths, the facility is one of China's most modern container ports. Further expansion at Shanghai will be constrained unless the channel to the port can be deepened. The approach to the port could be dredged, but this would not provide a long-term solution. Expansion of container facilities could be concentrated on nearby Ningbo, but that proposal has created political difficulties, since Shanghai and Ningbo are located in different provinces.   A regional harbor authority was created in 1997 to coordinate harbor activity around Shanghai to oversee container shipping operations for Shanghai and its neighboring provinces Zhejiang and Jiangsu.
In August 1993, New World Infrastructure (NWI) signed a 22-year joint venture contract with two SOEs for the development and operation of a toll road on Roadway No.324. The 24 km dual 2-lane road connects major cities in Guangxi and Guangdong Provinces. NWI has a 52% stake in the project company. NWI invested US$ 9.8 million in equity and debt. The average traffic flow in 1995 was 10,180 vehicles per day.
This project consists of the construction of a 778km, 36 inch pipeline from the Yacheng 13-1 oil platform to Hong Kong plus a 91km pipeline from the oil field to the Hainan Island. The project is jointly developed by China National Offshore Oil Corp. (51%), ARCO China Inc. (part of BP Plc. as of 2000) (24.2%) and Kuwait Foreign Petrolium Exploration Co. (13.7%). ARCO is the operator. The 778km pipeline is the second longest subsea pipeline in the world and will provide 280 million cubic feet of gas per day to the Castle Peak Power Company, a joint venture of China Light & Power Company and Exxon Energy Ltd as a result of a 20 year power purchase agreement. The 91km pipeline will deliver 53 million cubic feet of gas to local industries on the Hainan Island.  The routing of the pipeline takes into consideration environmental as well as other factors like typhoons and mudslides which are quite common in the region. ARCO, later part of BP Plc., is the first foreign company to be awarded offshore oil exploration rights in China. The Yancheng 1-13 gas field was discovered in 1983, and the pipeline deal with Hong Kong was finalized in 1992. Construction ended in the fourth quarter of 1995, and the pipeline began delivering gas in January 1996. The gas pipeline whose total cost was $600 million is part of bigger project which consists in the development of the Yacheng 13-1 natural gas field. The whole project required an investment of $1.1 billion.
As of December  1993, the Colombian ports were privatized and given in concession to the newly formed private, regional companies, known as Asociedades Portuarias Regionales. Each company was divided as follows: 70% private capital, 15% owned by the local municipality, 13% by the regional authority and just 2% by the state. The privatization was authorized by Law 1A of 1991, which envisioned the creation of regional entities to operate the ports. Sociedad Portuaria Regional de Buenaventura S.A operates the multi purpose terminal with 14 beths (total length 2.000 m).  Throughput in 1997 was as follows: 1,700,000 tons containerized cargo, 1,010,000 tons liquid bulk, 765,000 tons breakbulk and  2,350,000 tons dry bulk.  In May 2008, Sociedad Portuaria Regional de Buenaventura S.A signed a 20 year extension with the Colombian government agency INCO and committed to investing an additional US $450 million, most of which was scheduled for the following six years.   In July 2013, Equimac, the Colombian subsidiary of Chile-based port and logistic group SM-SAAM (BCS: SMSAAM), signed an agreement with PAC Ports Acquisition Corporation (PAC) to sell its minority stake in the concession of Buenaventura's port.  The deal corresponds to a 4.16% participation that Equimac retains in the port's concessionaire Sociedad Portuaria Regional de Buenaventura (SPRBUN). It also consists of an 8.75% stake in Terminal Especializado de Contenedores Buenaventura (TECSA), a logistics firm operating at the terminal. With this deal, main shareholders in Sociedad Portuaria Regional de Buenaventura are: DPWorld (19%), Flour Mill Valley (24%), Buenaventura  Municipality (15%), Asociación de Productores de Azúcar Asocaña (10%), el Ministry of Transport (2%) and minority shareholders (6%).
Voronezhsvyazinform  is the main local telecommunications services provider for the Voronezh  oblast in Central Russia with a population of 2.4 million. The company provides local telephone service through its own network. The company also offers national and international service through Rostelecom's infrastructure. Company provides local communications (urban and rural telephone networks), long distance communications, telegraph, wire and on-air broadcasting.   In 1993 Russian local telecommunications network operators were partially privatized and Voronezhsvyazinform was established in September 1993. In 1995, Svyazinvest, a holding company which consolidated the government stakes in all of the 85 regional telecommunication companies, was created. After the formation of  Svyazinvest it held 38 percent of the common shares and 51 percent of the voting shares in Voronezhsvyazinform. The remaining stake was mainly owned by employees and individual investors. The total equity valuation of the company was $205 million by 1996.  As a result of Svyazinvest’s consolidation Voronezhsvyazinform became a branch of the mega-regional company JSC Central Telecommunication Company in December 2002.  In the course of the telecommunications industry restructuring during 2000-2002 Svyazinvest created seven large telecom companies in Russia's macro-regions by consolidating 74 local operators. As a result of reorganization, the property and personnel of regional operators was transferred to corresponding regional branches: Center Telecom, North-West Telecom, Volga Telecom, South Telecom, Uralsvyazinform, Siberia Telecom and Far East Telecom (Dalsvyaz).  JSC CenterTelecom (earlier known as AO Electrosvyaz Moscow ) became the base company in the process of consolidation of 16 regional providers in central Russia.  The companies that were removed from the state register and renamed into branches of JSC "CenterTelecom" were: Belsvyaz, Bryansksvyazinform, Voronezhsvyazinform, Ivtelecom, Lipetskelectrosvyaz, Smolensksvyazinform, Tambov Elektrosvyaz, Tulatelecom, Vladimir Region Elektrosvyaz, Kaluga Region Elektrosvyaz, Kostroma Region Elektrosvyaz, Kursk Region Elektrosvyaz, Oryol Region Elektrosvyaz, Ryazan Region Elektrosvyaz, Tver Region Elektrosvyaz, and Yartelecom.
JSC CenterTelecom provides fixed local telephone services through its own network in Central Russia. It also provides Internet, IP telephony, data transmission, wave and cable television services and uses Rostelecom's infrastructure to provide national and international services. The company serves the most densely populated area, covering about 26.2% of the total population with the highest per capita income in the country.  The company is one of the seven mega regional companies in which Svyazinvest, the state-owned holding of telecommunications companies in Russia, consolidated its 74 regional fixed line operators in 2002-2003. The other six companies were North-West Telecom, Volga Telecom, South Telecom, Uralsvyazinform, Siberia Telecom and Far East Telecom (Dalsvyaz).  JSC CenterTelecom resulted from the merge of the 17 regional telecommunications operators in Central Russia that took place in November 2002. The company was named after CenterTelecom, previously known as AO Moscow Electrosvyaz, which was fixed line provider in Moscow oblast. The other 16 operators merged were: Belsvyaz, Bryansksvyazinform, Voronezhsvyazinform, Ivtelecom, Lipetskelectrosvyaz, Smolensksvyazinform, Tambov Elektrosvyaz, Tulatelecom, Vladimir Region Elektrosvyaz, Kaluga Region Elektrosvyaz, Kostroma Region Elektrosvyaz, Kursk Region Elektrosvyaz, Oryol Region Elektrosvyaz, Ryazan Region Elektrosvyaz, Tver Region Elektrosvyaz, and Yartelecom.  Svyazinvest controled JSC CenterTelecom, owning 51% of voting shares and 38% of common shares. Foreign investors owned 8%, and other small shareholders have 41% of voting stock. The divestiture of JSC CenterTelecom took place in 1993 when the regional fixed line operators were corporatized and, in most cases, 49% of their voting shares were transferred to the public through the Russian voucher privatization program.  At the end of 2004 JSC Central Telecommunication Company had a total of 630,000 wired communications subscribers and 113,400 mobile subscribers. CenterTelecom was number five in Russia in terms of communications services sales volume.   On April 1, 2011, several companies below merged into Rostelecom: Center Telecom (3171), Skylink (1321), Dalsyaz (3181), Sibirtelecom (3180), Uralsinform (3177), Volgatelecom (3174), North-West Telecom (3173), Southern Telecommunications Company (3175), Dagsvyazinform (1225).
Mordovia Svyazinform is the local telecommunications service provider for the Mordovia region. The company provides local telephone service through its own network. The company also offers  national and international service through Rostelecom's infrastructure. The company was privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998. The company owned 404,400 access lines by 1998.  Became a branch of JSC VolgaTelecom in November 2002.
In 1993, the Indonesian consortium PT Marga Nurindo Bhakti entered into a joint venture with state-owned toll road company Jasa Marga by signing a 29-year BOT contract for the 15 km S section of the Jakarta Outer Ring Road (JORR). In 1995, the consortium also signed an additional 45-year BOT agreement for the 13 km E1 section.   The Asian Crisis created a rapid currency devaluation and economic decline. As a result, the cost of imported construction materials rose sharply and credit became difficult for concessionaires to obtain, even at very high interest rates. On the demand side, toll road traffic in general began to decline be as much as 8.1% in 1998. Social pressures caused the Government to be reluctant to adjust toll rates. Coupled with construction cost overruns, these factors made it increasingly difficult for the concessionaires to repay US Dollar denominated debts to the local banks.  When they defaulted on payments to local banks, Jasa Marga revoked the concession rights to the JORR operators.  As of May 2002, the government was still working on the re-tendering process.
AO Kareliya Electrosvyaz is the local telecommunications service provider for the Kareliya Oblast in North-west Russia. The company provides local telephone service through its own network. The company also offers national and international service through Rostelecom's infrastructure. The company was partially privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998.
The Noida Power Company Ltd. (NPCL) is a joint venture which has taken over power distribution and transmission activities from the Uttar Pradesh State Electricity Board (UPSEB) in Greater Noida, a 325 sq. km area, 25 km from New Delhi. RPG Enterprises has full management control. The Calcutta Electric Supply Corporation, (CESC), through its CESCON subsidiary, and the New Okhla Industrial Development Authority were the initial project sponsors.   This partial divestiture is a pilot project for the restructuring of the UPSEB.  The controversial transaction involved a dispute between NPCL and the UPSEB over asset repayment, temporarily valued at Rs.100 million ($3.05 million) and tariff charges. UPSEB claims that NPCL made only one of the five scheduled payments. In contrast, NCPL suggests that the asset valuation was too high and that tariffs should reflect this lower valuation. A government arbitration panel ruled in NPCL's favor, but UPSEB refused to accept this judgment.   Nevertheless, other aspects of the transaction have gone more smoothly. NPCL has lowered transmission and distribution losses from 29% to 8% and increased the number of customers from 4,634 to 7,629 since taking over in August 1993. At present, NPCL draws 22-MW from the Uttar Pradesh State electricity grid, but has received clearance to develop a 30-MW plant, which would make NPCL a self-sufficient generator. In Aug. 2000, RPG received in-principle clearance to set up a 100-MW gas-fired project (fuel: low sulfur heavy stock).
In 1993, Intertoll (Pty) Ltd was awarded a five-year contract for the operation of the Pelindaba and Quagga toll plazas on the 20km N4 Motorway. This contract was renewed for another 5 years in August 1998. Intertoll received a set management fee. In addition to toll collection, Intertoll undertook road maintenance and route patrol.
Mitr Phol Sugar Co. Ltd. has developed a 24-MW waste-to energy power plant at Dan Chang, Suphan Buri. The plant, currently in operation, uses agricultural waste as fuel and sells 6-MW of power to the Electricity Generating Authority of Thailand (EGAT) under the Small Power Producers (SPP) Program. The PPA was signed on July 19, 1993 and has been selling power to EGAT as of March 23, 1994. EGAT signed a "non-firm" contract with the project company. Estimated project cost is $24.0 million ($1.0 million per MW).
AO Ryazan Electrosvyaz is the local telecommunications service provider for the Ryazan Oblast in Central Russia. The company provides local telephone service through its own network. The company also offers national and international service through Rostelecom's infrastructure. The company was partially privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998. AO Ryazan Electrosvyaz operated 190,260 access lines and had revenues above US$32 million in 1996.  Starting from 2003 became a branch of Center Telecom.
This regional electricity utility had a generating capacity of 5,084-MW. It was partially privatized in 1993.  As of December 31st, 2009 the shareholder structure of the company was as follows: 22.29% - OJSC "FSK  EES" (or LLC "Depository and Corporate Technologies"); 9.19% - CJSC "ING Bank (Eurasia)" (nominee); 8.43% - CJSC "Depository Clearing Company" (nominee); 12.19% - OJSC "ANK Bashneft"; 12.19% - OJSC "Novoil" ; 12.19% - OSJC "UNPZ"; 13.6% - OJSC "UNKh" and 9.92% - Others. The Russian government exercised control via  OJSC "FSK EES" which held 22.29% of the shares.  As of December 31st, 2010 the shareholder structure of the company changed as follows: 50.17% - JSFC "Sistema" (which controls OJSC "ANK Bashneft" which in turn is the parent company of CJSC "Bashkirskie ob'edinennye energeticheskie sistemy" - 12.19%; CJSC "Novoil - Energoinvest" -12.19%; CJSC "UNPZ - Energoinvest -12.19% and CJSC "UNKh -Energoinvest" - 13.60%),22.29% - OJSC "FSK EES" (or LLC "Depository and Corporate Technologies"), 8.93% - CJSC "ING Bank (Eurasia)" (nominee), 6.37% - CJSC "Depository Clearing Company" (nominee) and 12.24% -Others.  As of December 31st, 2011 the shareholder structure of the company changed as follows: 51.2% - JSC "Sistema" (AFK Sistema Group), 26.6% INTER RAO Group, 13% - Organized Funds, and Others - 9.2%.
The company was formed from nine small thermal-fired stations from Argentinean state owned company AyEE SE (Agua y Energia Electrica Sociedad del Estado). The stations were located in the provinces of Tucuman, Salta, Jujuy, Catamarca, La Rioja, and Santiago del Estero. The total capacity of those power plants was 220-MW. The company was privatized in March 1993 when the government sold a 90% equity stake for $15.2 million to Federacion Luz y Fuerza (36%), Giacomo Fiazo (13.5%), Horizonte SA (13.5%), Atahualpa SA (13.5%), and Camino SA (13.5%).
Irkutskenergo is Russia's second largest regional electric utility, serving the Irkutsk region. It possesses generating capacity of 13,000-MW, mainly in hydro power plants. It was corporatized in 1992 and privatized in 1993, although RAO EES Rossii has no shareholding. Future plans include a $1.5bn project for the construction of 2,800km of transmission lines to export power to China. (Possible participation of the World Bank via a loan is in negotiation).  Due a court decision, a 40% stake in Siberia-based energy utility Irkutskenergo was transferred to the federal government and regional authorities. Irkutskenergo is the only power utility in Russia whose power facilities are not managed by RAO EEhS Rossii  That makes its electricity the cheapest in the country as it does not have to pay to RAO EEhS. The Supreme Arbitration Court has ruled that the stake belonged to the State Property Ministry, but allowed the Irkutsk regional property department to own, but not sell, around half of the stake. Irkutskenergo controls all generation, transmission and distribution in Irkutsk region, which has a population of 2.8 mil people. In April 2000, a lower court ruled that 20% would go to the federal government while the regional government should own remaining 20%. Irkutskenergo has charter capital of Rb4.77 bil.   In August 2009, EuroSibEnergo increased its stake in power utility Irkutskenergo to 50.19% from 22.78%. As of Dec. 31, 2009, the major shareholders were EurosibEnergo (50.19%), the Russian government (40%) and other investors (9.81%). At the end of 2010 the shareholders structure remained the same.
This 110-MW bunker-C-diesel-fired plant is located in Pinamucan, in the province of Batangas, 98 miles south of Manila. Electricity generated by the plant was sold to Napocor. Enron Global Power & Pipelines owned 50% of the project. The ADB provided both debt (US$26.5 million loan) and equity (US$3 million) financing.  The ownership of the plant reverted to the state-owned Napocor after its 10-year contract with Enron expired in July 2003. The government had planned to reprivatise the Pinamucan diesel plant which was to be relocated to Panay.
This regional electricity utility has 862-MW of generating capacity. It was partially privatized in 1993 and 65% of its stock is held by RAO EES Rossii.  As a result of RAO UES led power sector restructuring in Russia over 2003-2008, AO Ulyanovskenergo merged with Territorial Generating Company TGK-7 (Vologda TGK).
In 1993, Cheung Kong Infrastructure Holdings Limited (CKI) signed a 35-year joint venture (JV) contract for the construction and operation of the 140-km Shen-Shan Highway between Lufeng and Shantou in Guangdong Province. CKI has a 33.5% equity stake in the JV, and invested HK$ 846 million (US$ 109 million) in the project. Total costs were HK$ 2,525 million (US$ 326 million).
This is a regional electricity utility with 1,345-MW of generating capacity. It was partially privatized in 1993 through voucher program and 51% of its stock is held by RAO EES Rossii.  The utility merged with the Territorial Generating Company TGK-8 during RAO UES led power sector restructuring in Russia.
This regional electricity utility with 1042-MW of generating capacity. It was privatized in 1993 and 59% of its stock is held by RAO EES Rossii.  As a result of RAO UES led power sector reform in Russia that took place over 2003-2008 AO Smolenskenergo merged with the Territorial Generating Company TGK-4.
This regional electricity utility has 187-MW of generating capacity. It was privatized in 1993 and 57% of its stock is held by RAO EES Rossii. In August 2007, an extraordinary general meeting of shareholders of AO Tomskenergo decided to consolidate the company within OAO TGK-11. The final decision to consolidate AO Tomskenergo within TGK-11 was made on Sep. 3, 2007, by the board of the sole shareholder of TGK-11, RAO UES.
The 300-km toll road is operated by the Triciesa/ICA Consortium (Triciesa, owned by Tribasa - 80% - and CIESA - 20% - holds 49% of the concession company shares, while ICA holds 51%; CIESA was acquired by Tribasa in 1993). Financial closure was initially achieved as follows: 40% in equity and 60% in debt from Atlantico and Probursa. The performance below the expected level led the sponsor to face financial problems; for this reason, in 1997, the Mexican government included this project in its "bail-out program" (the government agreed to pay the debt related to the project and the concessionaire will return to toll road to government operation by 1999).
Central Hidroelectrica El Chocon/Arriyito was owned by Hidroelectrica Norpatagonica Sociedad del Estado (Hidronor). The facility had an installed capacity of 1320-MW (1200-MW in El Chocon and 120-MW in Arroyito) in 1993. The government partially privatized the company in August 1993 when it sold a 59% equity stake for $223.9 million to Hidroelectricidad (32.5%) a subsidiary of Chilean Endesa, CMS Generation (USA - 17.2%), BEA Invesora (4.7%), and Sawgrass Limited (Spain - 4.1%). The offer was paid in cash ($87 million) and in debt papers ($136.9 million). The winning consortium was awarded with a 30 year concession period to operate two hydro power plants. The new owners also assumed $174.7 million in debt owed to the Bank of Argentina, and an additional $89 million in taxes owed to the GOA. In the second stage, a 20.8% equity stake was sold for $79 million to the workers of these two power plants. The remaining 20.3% equity stake was transferred to provincial government of Neuquen.The electricity produced by the power plants is converted at the site from 13.8 kV generation voltage to 230 kV for sale to Argentine wholesale electric market on a spot market basis and under certain long-term contracts.
AO Yamalelectrosvyaz is the local Yamal Region in Western Siberia. The company provides local telephone service through its own network. The company also offers national and international service through Rostelecom's infrastructure. The company was partially privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998.
The regional electricity utility has 660-MW of generating capacity. It was privatized in 1993 and 64% of its stock is held by RAO EES Rossii.  As a result of RAO UES led power sector restructuring in Russia over 2003-2008, AO Yarenergo merged with the Territorial Generating Company TGK-2.
Lenergo is the regional electricity supplier and distributor for St. Petersburg. It possesses 5,333 MW in generating capacity. It was corporatized in 1992 and privatized in 1994. Shareholders are RAO EES Rossii (49%), employees (24%), St. Petersburg (17%) and a shareholding fund for employees of Lenenergo (10%). Lenenergo is the only utility exporting electricity (to Finland). By 1997, the only foreign investor in the company was Prussen, a German utility which held a 5.9% equity stake. Current projects include the building of a 900-MW power plant in St. Petersburg by a consortium of Lenenergo and Siemens AG, IVO Energy International and Polar, which will export power to Finland. Two power plants are in construction: a 450 MW Block One whose completion was scheduled in July 1999 and a 450 MW Block II whose completion was schedule for July 2000). The cash payment was secured by power supply to Finland.  Finish power company Fortum Oyi had acquired an additional 9.3% in Lenenergo in an asset swap worth nearly 800million euros with Germany's E.ON energy company. The deal brings Fortums's total stake in Lenenergo to 15.7%. In the swap, Fotum traded power plants in Germany and Ireland, as well as shares in a Swedish power distribution company, for the Lenenergo share and major stakes in number of Norwegian power companies. Fortum also paid 150 million euros to E.ON in the deal.  In June 2003, EBRD and Lenenergo signed an agreement for Lenenergo to get a 40 million euro loan.  The funds obtained under the 7-year loan were to go to complete construction of a 180MW new unit of TETs-5 heating plant. Total project value was 60 million euros.  In August 2004, Fortum Oyi increased its stake in Lenenergo to 30.7% while its voting stock holding became 29.6%. Unified Energy System (UES), the state monopoly electricity company, remained as the main shareholder with 49%.  As a result of RAO UES led power sector restructuring in Russia over 2003-2008, AO Lenenergo merged with Territorial Generating Company TGK-1.
In November of 1993, the Government of São Tomé and Principe awarded Safege, a subsidiary of Lyonnaise des Eaux and Dumez (the water subsidiary of the company later known as SUEZ) a 3-year management contract to operate Empresa de Agua e Electricidade (EMAE), the integrated water and electricity state-owned utility.  At the time of award, EMAE had a total generating capacity of 4.76-MW as well as 80km of 30kv and 40km of 6kv of transmission lines.   The initiative was backed by a FF6.2 (approximately US$ 1.0 million) grant from a French official development agency, Fonds d'Aide et de Cooperation (FAC).    In 1996 the contract term concluded and the government did not extend the contract. EMAE returned to state ownership and operation.
AO Rostov Electrosvyaz is the local telecommunications service provider for the Rostov Region in Central Russia. The company provides local telephone service through its own network. The company also offers national and international service through Rostelecom's infrastructure. The company was partially privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998. A 10.2% stake was owned by legal entities and the remaining by individuals and employees. AO Rostov Electrosvyaz operated 605,000 access lines and 899 switches in 1996. The digitalization rate was 17%. The company's revenues in 1996 exceeded $104 million. AO Rostov Electrosvyaz is a part of the ITUR fiber-optic cable.  Became a branch of Southern Telecom in November 2002.
This regional electricity utility has 508-MW of generating capacity. It was partially privatized in 1993 and 62% of its stock is held by RAO EES Rossii.  The utility merged with the Territorial Generating Company TGK-14 during RAO UES led power sector restructuring in Russia.
JSC Lensyvaz is the regional telecom operator in Leningrad oblast, located in Northwest Russia. The company provides basic local telephone services. It also provides Internet, data transmission services and access to national and international services through Rostelecom’s infrastructure. The company’s revenues in 2003 totaled US$ 45.4 million and the fixed line tele-density in its area was 25.49 per 100 inhabitants. The divestiture of JSC Lensyvaz took place in 1993 when the regional fixed line operators were corporatized and 49% of shares were transferred to the public through the Russian voucher privatization program. Svyazinvest controls JSC Lensyvaz, owning 51% of voting shares and 38% of common shares. The employees and individual investors constituted the remaining shareholders.  JSC Lensyvaz was merged with mega-regional company JSC North-West Telecom in 2004.
Ferrocarril Mesopotamico (FMGU) took over the management of the Urquiza freight railway under a 30 year concession on October 22, 1993. The vertically integrated company took over freight marketing, train operations, equipment and track maintenance, and rehabilitation. The concession contract gives the company an exclusive right to the rail infrastructure. The Argentinean government started restructuring the rail sector in the fall of 1990, and decided to concession the six freight lines first. Companies bid for the concessions under a two stage bidding process, and awards were made on the basis of 10 differently-weighted criteria. Contracts were awarded for 30 years with an optional 10 year extension. At the end of 1997, private companies operated and managed five of the six freight lines.   Ferrocarril Mesopotamico was awarded the concession for the Urquiza line on January 15, 1993 and took over in October. FMGU comprises Impsa (70% - member of Buenos Aires al Pacifico), Alesia, Petersen, Thiele y Cruz, and Railroad Development Corp. The operator is Railroad Development Corp. The consortium pays an annual fee of about US$ 0.1 million for the lease, a total of US$ 2.2 million during the first 15 years (in order to calculate the real value of the lease fee, a discount rate of 13.37% was used; this government has used this rate in other infrastructure sectors). It plans investment of US$ 62.6 million during the first 15 years. FMGU increased freight carried from 0.79 million tonnes in 1991 to 1.17 million tonnes in 1994. In 1999, Impsa sold its stake in the project to the Brazilian company America Latina Logistica, which operates the Ferrovia Sul Atlantico railway in Brazil. America Latina Logistica is a joint venture of Ralph Partners (45%), Judori (18%), Brazil Private Equity Fund (13%), Varbra (7%), RailTex International of the US (6%),  and Interferrea (7%), among others.
AO Kurgan Electrosvyaz is the local telecommunications service provider for the Kurgan Oblast in the Urals. The company provides local telephone service through its own network. The company also offers  national and international service through Rostelecom's infrastructure. The company was partially privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998.  AO Kurgan Electrosvyaz operated 163,400 access lines in 1996.  Became a branch of JSC Uralsvyazinform in November 2002.
This regional electricity utility has 104-MW of generating capacity. 49% of its stock is held by RAO EES Rossii.  As a result of RAO UES led power sector restructuring in Russia over 2003-2008, AO Ryazanenergo merged with the Territorial Generating Company 4 (TGK-4).
A regional electricity utility with 480-MW of generating capacity. It was privatized in 1993 and 54% of its stock is held by RAO EES Rossii.  As a result of RAO UES led power sector restructuring in Russia, AO Kubanenergo merged with the Territorial Generating Company TGK-10.
The Colombian government in 1991 offered private companies 20-year concessions to upgrade, administer and operate ports. Proceeds from the concessions were used to create a pension fund for public-sector port workers. As of December 1993, the Colombian ports were given in concession to newly formed, private, regional companies, known as Asociedades Portuarias Regionales, with each company being 70% private capital, 15% owned by  the local municipality, 13% by the regional authority and just 2% by the state. The privatization was authorized by Law 1A of 1991, which envisioned the creation of regional entities to operate the ports.   Sociedad Portuaria Regional de Cartagena was awarded the operation of the port facilities of the Cartagena Port for a concession period of 20 years and it committed investments of US$ 40 million for an ambitious expansion program designed to transform Cartagena from a general cargo port to a high-volume container terminal.  Further expansion plans require investments of over US$ 100 million. The container terminal handled 231,549 TEUs (162.534 containers) in 1997. Revenues amounted to US$ 25 million in 1996.
Murmanskelectrosvyaz is the regional telecom operator in the Murmansk Region above the Arctic Circle in European Russia. Murmansk Region has a population of 1.06 million and is located in the Kola Peninsula bordering Norway and Finland. The company provides basic local telephone services. It also provides national and international services through Rostelecom. Murmanskelectrosvyaz was privatized in December 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common stock, and 51% of the voting rights by 1998. The employees and individual investors constituted the remaining shareholders. The company's installed capacity was 244,000 lines in 1996.  Became a branch of JSC North-West Telecom in November 2002.
This regional electricity utility with 806-MW of generating capacity was privatized in 1993. 70% of its stock is held by RAO EES Rossii. In 2007, the company was merged into TGK-12 and subsequently further divested.
JSC Rostelecom was created as the monopoly national operator of domestic long-distance and international telecommunications in Russia. It owns and operates an up-to-date nationwide digital trunk network and controlls 93% of the international and domestic traffic. Outside of Moscow, Rostelecom acts as a "carriers’ carrier" - interconnecting all local public operators ’networks into a single transnational network. In Moscow, Rostelecom provides fixed-line domestic long-distance (DLD) and international (ILD) services to end-users through the last-mile infrastructure of a local operator, and bills customers directly.  Rostelecom is the only Russian operator licensed to carry both outgoing and incoming international traffic. The Company has interests in 30 international cable systems and cooperates with 400 international operators. Domestic long-distance (DLD) traffic contributes 34% to Rostelecom revenues. Outgoing international long-distance (ILD) accounts for 30%, and payments from international operators for the incoming international traffic account for 18%. The remaining 18% of revenues is derived from the leased line business, telex, telegraph, TV, radio broadcasting, etc.  The company was partially divested in 1993 under a mass privatization program. Svyazinvest - the State-controlled holding company held 38% of common shares and 51% of the voting shares.   The company was licensed to be the exclusive provider of long distance services until 2004. Rostelecom was involved in joint ventures with foreign partners providing digital, cellular, data transmission services as well as radio and television broadcasting. Rostelecom also owned 50% of Sovintel and Westelcom by 1998. The partially privatized company operated 400 million km of long distance telecommunications channels by 1998. It also had 26 million local lines - including 24 million of which are active- operated through 22 regional branches and 10 international switching centers across Russia. The company used a grid network in European Russia, while it uses radial-node lines in Siberia. The majority of the network was analogue with a digitalization rate of 30% in 1996. The company's main competitors were Sovintel, Westelcom, Comstar, and Combellga by 1998.  Its principal projects were the Central and Southern fiber-optic cable projects which will cost a total of $630 million by 1998. Rostelecom was also involved with foreign partners for some projects such as 50x50 and Globetel. The company's main sources of financing were supplier credits, accelerated depreciation, cash flows, Eurobonds, and ADRs by 1998.   As of Aug. 2000, Rostelecom took over the Moscow Long-Distance and International Telephone (MMT) company, one of the major long-distance and international service provider of Russia. MMT ceased to exist in the end of Aug. 2000, and its activities were undertaken under the Rostelecom brand.  In June 2002 Rostelecom completed the modernization of the line between Moscow and St. Petersburg, which significantly expanded the throughput capacity of this major route. It also completed the construction of the fiber optic line between Russia and Kazakhstan.  In the summer 2002, Rostelecom initiated a major upgrade of the Moscow to Novosibirsk and Moscow to Novorossiisk fiber optic lines. At the end of 2002 Rostelecom began construction of the start-up complex to supply the Astrakhan region.  In 2002 Rostelecom completed the regional restructuring. As of January 2003, Rostelecom's organization has been streamlined to form seven regional business units and three functional branches, down from 24 in the past.  In 2003 Rostelecom began expanding the flexible multiplexer network to over 45 Russian cities.  In Septemeber 2010, Rostelecom acquired the 25%+1 share stake in the charter capital of Svyazinvest from COMSTAR-UTS for RUB 26.0 billion.  On April 1, 2011, several companies below merged into Rostelecom: Center Telecom (3171), Skylink (1321), Dalsyaz (3181), Sibirtelecom (3180), Uralsinform (3177), Volgatelecom (3174), North-West Telecom (3173), Southern Telecommunications Company (3175), Dagsvyazinform (1225).   Before April 2011, Rostelecom's shareholders were - Vnesheconombank -VEB and Deposit Insurance Agency with a joint stake of 40%, Svyazinvest (51%)and Others (9%).  As of 2014, according to Rostelecom's website the Russian government owns 48.1% of share capital(via beneficial ownership through FASPM, Russia Direct Investment Fund and Vnesheconombank VEB), while 30.12% of share capital was constituted by free floating shares or were owned by minor shareholders.   In March 2012, Russian President Medvedev ordered Svyazinvest (the holding company) to merge with Rostelecom (a national operator) to eliminate the complicated cross-holding structure. Process-wise, 14.0547520661157 ordinary Svyazinvest shares were placed with a nominal value of RUB 1 each, and converted into one Rostelecom ordinary share with a nominal value of RUB 0.0025 each. The merger was completed by end 2013, resulting in Vnesheconombank and the Federal Property Management Agency jointly owning 51% of Rostelecom's shares.   Rostelecom is also in the midst of forming a joint venture with Tele2 for the Russian mobile market via a two-stage merger. Rostelecom will spin off its standalone and integrated mobile assets respectively during the two stages. The book value of these assets will total RUB 19.5 billion. The new company will be 55% owned by Tele2 and 45% owned by Rostelecom and will be called T2 RTK Holding.
This 28-MW project is located at the former US naval base in Subic, near the larger Subic Bay Plant also being developed by Enron. Enron rehabilitated the plant and was operating it under a renewable 3-year lease. The rehabilitation consisted primarily of modernizing the fuel treatment system. Electricity generated by the plant was sold to Napocor.   Enron had taken a 65% equity stake in the project, with the remaining 35% taken by Philippine investors. Financing for the project consisted of US$105 million provided by Chase Asia, Bear Stearns, and Citicorp in the form of 15 and 8 year senior secured notes.  The plant was retired by Napocor in January 1998.
Shantou Topou Plant is a 114-MW oil-fired power plant comprising ten 1.22-MW  and eight 2.5-MW diesel generators. Shantou Changpu Power Development Co. Ltd., a Sino-foreign cooperative joint venture, own and operate the project. The joint venture was established in October 25, 1993 by Shantou Municipal Power Development Company, a PRC state-owned enterprise and Cheung Kong Hutchison Changpu Power Ltd, a subsidiary of Cheung Kong Infrastructure. CKI disposed of its share in the plant in 2002.  The plant occupies a land area of 49,500 sq. meters, leased from the municipality for the joint venture term. The total project costs approximately $63 million. CKH Changpu invested 60% of the equity in cash in US dollars, while Shantou Power Development Invested 40% of the equity as an asset contribution consisting of diesel generators (including ten 1.22-kW diesel generators that commenced operation in 1992), buildings and facilities. The joint venture will operate the power plant until December 31, 2010. The fixed assets of the plant, as well as all US dollar reserve fund, will then belong to Shantou Power Development. The current assets of the plant will be distributed to the joint venture parties in accordance with their initial actual investments. If the CKH Changpu fails to recoup its investment, then the municipality company will make up for the short-fall. The joint venture has entered into a long term power purchase contract coterminuous with the joint-venture agreement. To secure the joint venture parties' recoupment of and return on their investment, Shantou Power Company has agreed to purchase all electricity generated by the plant and guarantees to offtake certain annual minimum quantities. The minimum offtake quantities for the years 1995 and 1996 were 464.9KWh and 420.6KWh, respectively. There is no operations and management contract and Shantou Power Development is responsible for fuel supply, maintaining all power generators and anciliary facilities of Topou Power Plant, and ensuring the plant can generate sufficient electricity to satisfy the annual minimum quantitities stipulated under  the purchase agreement.  The BOT period ended in 2010, and all assets were transferred to the government.
This regional electricity utility has 660-MW of generating capacity. It was privatized in 1993 and 64% of its stock is held by RAO EES Rossii.  As a result of RAO UES led power sector restructuring in Russia, AO Kubanenergo merged with the Territorial Generating Company TGK-8.
AO Irkutsk Electrosvyaz is the local telecommunications service provider for the Volgograd Oblast in East-Siberia. The company provides local telephone service through its own network. The company also offers  national and international service through Rostelecom's infrastructure. The company was partially privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998. AO Irkutsk Electrosvyaz operated 378.08 access lines and had  revenues for US$$91 million in 1996.  Became a branch of JSC Sibirtelecom in November 2002.
AO Chita Electrosvyaz is the local telecommunications service provider for the Chita Oblast in Eastern-Siberia Region.The company provides local telephone service through its own network. The company also offers national and international service through Rostelecom's infrastructure. The company was partially privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998. AO Chita Electrosvyaz operated 130,000 and had revenues above  US$209 per access line in 1997.  Became a branch of JSC Sibirtelecom in November 2002.
In March of 1993, Management Service Gambia (MSG) signed a 10-year lease with the state-owned Utilities Holding Corporation (UHC), the owners of The Gambia's water, waste and electricity infrastructure assets.  The government established UHC to monitor MSG’s activities and take decisions on investments.  MSG was to take responsibility for collections, operations, maintenance, and renewal of small infrastructure assets as well as for formulating proposals for more substantial investments in the Greater Banjul Areas and a number of other urban areas.    The Gambia Utility Corporation (GUC) - a public entity - was established in 1972 to provide water supply and electricity distribution services to the capital Banjul and to the provincial cities. Sector performance was poor.  A contract was awarded following an open international tendering procedure. MSG was 99% owned by SOGEA, a group of private French companies headed by Compagnie Generale des Eaux (later renamed to Veolia Environnement in May 2003). The French electricity company GITE owned the other 1%.    UHC was to be financed by the difference between overall sector revenues and the lease fee retained by MSG. However, there was a lack of clarity between the state holding company which owned the water infrastructure (UHC) and MSG regarding responsibilities for maintenance and investment. Relations deteriorated after the 1994 military coup when the private operator initiated a campaign to disconnect non-payers.  In February 1995, less than a year and a half after the private operator took control; the government revoked the contract after it was reported to have arrested staff under allegations of contractual failures.  UHC was left with the management responsibility of the assets and later became the 97% state-owned National Water & Electricity Company (NAWEC).
This 98 MW project consists of two bunker-C diesel fired power plants, Iligan City Diesel Plants I (58 MW) & II (40 MW). The project sponsor is Mindanao Power Corporation which is integrated by Alsons (Alcantara), Tomen, and Oxbow Power. In Apr. 2000, EGCO acquired Alsons' stake in the project.  The Philippine government has provided loan guarantees and the IFC provided a financing package to Northern Mindanao Power Corporation. An additional $18.5 million in syndicated loans will be provided by both local and foreign banks. Foreign financing includes soft loans from the Finnish government and credit from Finnish suppliers.   The contract for Iligan City Diesel Plant I was to terminate after ten years, when ownership transfers to the government, as it did in December 2003; the contract for Iligan City Diesel Plant II was to terminate after 12 years, in December 2005. Wartsila Corp. of Finland supplies diesel engines for the project.    Around 2010, the local city government took over the plant from the state-run National Power Corporation. Subsequently, it tendered the plant in 2011 won by Alsons Consolidated, via its subsidiary Mapalad Power Corporation, which planned to renovate it for PHP 1.2 billion (US$30 million) and have it fully operational by April 2013. The Commission on Audit (COA) approved the sale of plant in October 2012.
The Binga Hydro project is located in the city of Binga in the Benguet Province. China's Chiang Jiang Energy Corp. (CJEC) rehabilitated an existing 100-MW hydroelectric plant, which it then leased from the government and continues to operate. The plant entered service in August 1993. CJEC leases the plant from the government for $210,000 per month. The contract includes provisions for environmental protection including reforestation and watershed soil conservation.  In July 2008, Aboitiz Power assumed operations of the Ambuklao and Binga hydropower plants which they purchased from the Power Sector Assets and Liabilities Management Corporation (PSALM) after submitting the winning bit in November 2007. The bid was valued at US$ 325 million for both plants, 70% of which was paid in July 2008 and the remainder was to be paid over a period of 7 years.   Rehabilitiation of the plants was partially to be funded with CDM credits. US$325 million was for 175MW of hydropower, on a pro rata basis this implies a cost of US$185.7 million for this plant.
In February 1993, PT Satelindo Palapa Indonesia (Satelindo) was granted two telecom licenses: one to operate a national and international GSM network and one for international direct telephone calls (IDDs). Satelindo was to own and operate Indonesia's Palapa C1 and C2 satellites and compete with incumbent operator Indosat in the IDD market. Under its license, Satelindo was prohibited from linking its satellites to the local fixed network and from providing domestic long distance services. For its GSM services, Satelindo was granted 10 MHz of the available GSM frequency bandwidth.  Satelindo won the right to own and operate the mobile network and satellites without an open tender.   Satelindo was originally created as a joint venture between PT Bimaghara Telekomindo (60%), majority state-owned PT Telkom (30%) and PT Indosat directly (10%).  PT Bimaghara Telekomindo was a private company controlled by the Bimantara Citra Group, a private company headed by Mr Bambang Trihatmodjo, then-President Suharto's second son. In April 1995, the company sold a 25% stake to a subsidiary of Deutsche Telecom, DT Mobil, for for US$586 million, following a competitive highest price tender. The sale left Bimagraha holding 45%, PT Telkom 22.5% and PT Indosat 7.5%.    In 1993, PT Satelindo was planning to install 1,800 international trunk lines, 350,000 GSM telephone lines, three satellites (Palapa C1 and C2 satellites with 62 transponders, and Palapa B satellite with 72 transponders), and 1,000 VSAT terminals.  Alcatel of France won the contract to supply the GSM network in October of 1993 at a cost of US$250 million.  In September of 1994, the company awarded Alcatel a contract for the second phase of the network installation at a cost of US$130 million. The new contract was to extend the coverage of Satelindo's network to an additional 18 cities and offer a capacity of 130,000 mobile subscribers.  The GSM network started operations in November 1994.    In May 1996, the company awarded Alcatel a third contract worth US$130 million to extend GSM coverage for Indonesia's key economic areas such as Jakarta, Surabaya, Bandung and Semarang.  At the same time, it also awarded Siemens AG of Germany a contract to plan, supply and install switching systems and base stations to expand the network capacity by 80,000 subscribers under a US$65 million cellular equipment order due to be completed by the end of 1996.  The company also reported that it had invested US$22.45 million for international telephone (IDD) services by mid-1996.   The company closed financing of US$160 million in October 1996 for the launching and insurance of its C1 and C2 satellites.  Some US$135 million of the loan was obtained from the US Export-Import Bank and US$25 million in the form of common commercial borrowings. The company's earlier commercial debts were repaid after its divestment to Deutsche Telekom.  In 1999, the company invested US$170 million towards its prepaid card service.  In 2001, Indosat, a national and international telecommunications provider in Indonesia, acquired from Telkom a direct 22.5% shareholding in Satelindo for US$186 million.  It also purchased the 45% stake of Bimaghara Telekomindo in Satelindo, making it a 75% shareholder of the company and leaving Deutsche Telekom with a 25% shareholding.  In May 2002, Indosat bought the remaining 25% stake of Deutsche Telekom in PT Satelindo Palapa Indonesia for US$325 million. Such transaction was part of Deutsche Telekom's effort to reduce its debt. So, by 2002, Satelindo merged with and became 100% owned by the then majority (65%) government-controlled Indosat.
JSC Dalnevostochnaya Companya Electrosvyazi (Dalsvyaz or Far East Telecommunications Company, FETEC) was one of seven mega regional companies in which Svyazinvest, the state-owned telecommunications holding company in Russia, consolidated its 74 regional fixed line operators in 2002-2003. The other six companies were CenterTelecom, North-West Telecom, Volga Telecom, South Telecom, Uralsvyazinform and Siberia Telecom. Dalsvyaz provided fixed local telephone services through its own network in the Far East region of Russia. It also provided Internet, IP telephony, data transmission, wave and cable television services, using Rostelecom's infrastructure for both national and international services. The company served an area with a population of 5.6 million and covered about 36.4% of Russia’s territory, the most distant from economic center of the country. The company’s revenues totaled US$ 219.2 million and the fixed line tele-density in its area was 20.53 per 100 inhabitants in 2003.   Dalsvyaz was created in November 2002 by the merger of seven regional telecommunications operators in Far East. The company was created from the previous Primorye Elektrosvyaz, into wich six other operators were merged: Amursvyaz, Sakhalinsvyaz, Kamchatsvyazinform, Electrosvyaz of the Khabarovsk Region, Magadansvyazinform and TTK (Telefonno-Telegrafnaya Kompania) of the Jewish Autonomous Area.  Dalsvyaz offered cellular communications in the regions of Magadan (GSM-900) and Kamchatka (GSM-900). Dalsvyaz was one of the founders of the ZAO Sotovaya Svyaz Birobidzhana (NMT-450), ZAO Amursky Sotovy Telefon (NMT-450i) and ZAO Primtelefone (NMT-450, GSM-900/1800). In 2005 Dalsvyaz purchased 92.26% of CJSC AKOS, a mobile operator for the Primorsky region.  As of 2004 Svyazinvest controlled 50.6% of Dalsvyaz voting shares and had 38.1% of common chares. ZAO DKK owned another 16% of voting shares (20.1% common shares), and ZAO ING Bank had 7.3% of voting shares (8.1% common shares).   The divestiture of Dalsvyaz took place in 1993-1994 when the regional fixed line operators were corporatized and, in most cases, 49% of their shares were transferred to the public through the Russian voucher privatization program.   On April 1, 2011, several companies below merged into Rostelecom: Center Telecom (3171), Skylink (1321), Dalsyaz (3181), Sibirtelecom (3180), Uralsinform (3177), Volgatelecom (3174), North-West Telecom (3173), Southern Telecommunications Company (3175), Dagsvyazinform (1225).
The New Telephone Company (NTC), GSM cellular communications operator of the Primorsk region was established in 1993 by Russian shippers and Singaporean traders. In December 1995 the Communications Ministry issued NTK a license for GSM 900 mobile communications. In 1997, the company started to service its first subscribers and Korea Telecom acquired 53.4% of the shares for US$ 13.3 million and Samsung paid US$ 5.2 million for 20% of NTC's shares. NTC had licences for local calling, cellular telephone and other radio services in Vladivostok and neighboring areas. In 1998, NTC started expanding its service. With a loan from the EBRD of US$17 million and capital investment from Korea Telecom, NTC was expected to invest US$70 million in expanding and improving the provision of landline telephone services in Vladivostok and of GSM mobile services in Primorsky Krai. EBRD loan was received under guarantee from Korea Telecom, South Korea's state telecoms company. The US$70 million was expected to be invested over the 1998-2003 period. GSM 900 network was launched in December 1999. In 2001 Siemens has signed a contract to supply equipment worth $5 million - $8 million to develop the GSM-900/1800 network to be supplied in 2001-2003.  During 2006, KT Corporation equity ownership interest in NTC increased from 72.5% at December 31, 2005 to 80.0% at December 31, 2006 due to the retirement of treasury stock of NTC. The rest of shares were held by Russian nominal shareholders and individuals.  In May 2011,  VimpelCom bought New Telephone Company from owners including South Korea's KT Corporation in a $420 million deal.
In 1992, the Government of Lao PDR granted a 15-year BOT contract to build and operate a vehicular bridge across the Nam Ngum River at Tha Ngone to a joint venture between Australina Transfield Holdings and the government. The project was a 200 meter steel box girder bridge to be a more cost effective and time efficient solution than the existing ferry. It was located on a major arterial route about 25 km outside Vientiane, Laos capital.  Financing was arranged by Transfield on behalf of the joint venture company from a Laos bank on a project finance basis with some co-finance being provided by an Australian financial institution.  Construction commenced in October 1993, and the bridge opened to traffic in July 1994. The project, which submitted by Transfield Holdings as an unsolicited proposal, had exclusive rights and, therefore, the ferry had to stop operating. The traffic volume was much lower than the expected by sponsors. Fewer logging trucks were crossing the bridge and many motorists were willing to take longer alternative routes to avoid paying tolls. Tolls increased to a point they doubled the cost of ferry. Such toll created many complaints for Laos government, which decided to exercise its option to buy out Transfield's share in bridge at a pre-agreed price in 1995.
The project had three components: improvement of the existing 16 km Ricchieri Highway connecting Buenos Aires with Ezeiza International Airport; construction of a new highway from the airport to the city of Canuelas; and the maintenance and operation of these roads. Financing for the project had been obtained through the IFC: US$20 million in direct loan and US$61 million in syndicated loan from international commercial banks. The highway system was to have 2 booths; the estimated traffic forecast was 100,000 vehicles per year. As of October 2000, AECSA shares were distributed among the following companies: Huarte S.A., now OHL,(68.6%), Meller Group (20.05%), Banco Galicia (9.95%) and Oscar Grimaux (1.4%).
Lumut Maritime Terminal Sdn Bhd (LMTSB) developed Lumut Port and the adjacent industrial park under a Build/Own/Operate/Transfer concept for a concession period of twenty years.  Lumut Port is located mid-way along the Strait of Malacca on the west coast of Peninsula Malaysia in Perak State. RM80 million (US$21 million) was invested in Lumut Maritime Terminal (LMT), which was designed for geared vessels and could accommodate ships up to 45,000 dwt.   LMTSB was a joint venture between Perbadanan Kemajuan Negeri Perak (PKNP)(30%), Halim Rasip Holdings Sdn Bhd (HRH)(30%) and Ipco International Ltd.(40%). IPCO was the EPC contractor for the construction of the Lumut Port.  As of 2002, the venture was 80% owned by Integrax and 20% by Malakoff Bhd.   By the late 1990s, the port was attracting power producer Tenaga Nasional Bhd. (TNB) to locate a 2,100 MW power station at the port that resulted in the building of the much larger Lekir Bulk Terminal (LBT). Part of the deal with Tenaga was the development of LBT for use by the power station. Some RM400 million was spent on developing LBT which was the largest bulk port in South east Asia.  Under the first phase of development a 830 m berth was built with a capacity to handle up to a 200,000 dwt Capesize vessel. There were two ship unloaders on the berth giving an annual capacity of 12m tonnes of dry bulk a year. The terminal had 20 m natural deepwater meaning that no dredging was required. LBT began operations in May 2002 and managed to handle close to 1.4 million fwt of cargo in the first six months of 2003.  As of 2003, Lumut Port had a combined capacity of 12.2 million metric tonnes per annum, with LMT having 3.2 million metric tonnes and LBT, 9 million metric tonnes.
AO Volgograd Electrosvyaz is the  local telecommunications service provider for the Volgograd Oblast in the Povolzhsky Region. The company provides local telephone service, as well as national and international service through Rostelecom. The company was privatized in 1993, after the formation of Svyazinvest, the national holding company. Currently, Svyazinform holds 38% of the common shares and 51% of the voting shares. AO Volgograd Electrosvyaz 445,560 access lines. The company's revenues for 1996 exceeded $50 million.  Became a branch of Southern Telecom in November 2002.
AO Khabarovsk Electrosvyaz is the local telecommunications service provider for the Khabarovsk Oblast in the Russian Far-East. The company provides local telephone service through its own network. The company also offers national and international service through Rostelecom's infrastructure. The company was partially privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998.  In May 2002, the company selected Alcatel to supply its GSM-900/1800MHz solution to expand its existing network for US$ 2 million. As of May 2002, the company served over 26,000 subscribers in the city of Khabarovsk.  Became a branch of Dalsvyaz in November 2002.
At the time of its privatization, the company owned a 650-MW thermal power plant and two power sales contracts which represent a total of 345-megawatts of electricity or 55% of its total output capability. The contracts, beginning in 1993, were set to expire in seven years. The company was privatized in two stages. In the first stage (April 1993), an 88% equity stake was sold for $66.1 million to AES, CMS Generation, CEA, and Ormas SAICIC. The winning consortium also assumed $61 million in debt. AES acquired the entire 88% stake from its other partners in 1995. In the second stage, 12% of the equity was sold to its workers.   Central Termica San Nicolas (CTSN) consists of five operational generating units, two of which are fueled with oil and coal, two of which can be fueled with oil or natural gas, and one of which is 350-megawatts and can burn on oil, natural gas, or coal and petroleum coke blend. Electricity not sold under contract is sold on the Argentina spot market. CTSN obtained a $60 million loan in December 1, 1996 to finance the construction of a power plant.  In 2002, AES Corporation filed legal proceedings with an international arbitration tribunal (International Centre for Settlement of Investment Disputes - ICSID) against the Argentinean government. The proceeding seeks compensation for losses incurred by the company at the time of the devaluation of the Argentinean currency.
Pier 5-9 of the Ingeniero White subsidiary port of Bahia Blanca has been operated since 1993 by the private consortium Terminal Bahia Blanca S.A. The consortium is controlled by several local grainhouses including local Grain Stock exchange, Bunge y Born Comercial, Techint, Nidera, Asociacion Cooperativas Agrarias, Productos Sudamericanos, Sociedad Comercial del Plata, Genaro Garcfa, Bolsa de Cereales de Bahfa Blanca, Bolsa de Cereales de Buenos Aires, Coninagro, Confederacion Rurales Argentinas, and Sociedad Rural Argentina. The concession fee is US$ 3,78/ton on board. Bahia Blanca port also comprises two captive grain and by-products terminals, run by Platestiba S.A. and Cargill S.A.
St. Petersburg Telephone (PTS) is the second biggest local telephone company that provides local telephone, mobile telephone, and digital data transmission services to the city of St. Petersburg. The company was privatized in 1993, after the formation of Svyazinvest, the national holding company. The initial shareholders were Svyazinvest, and local banks Baltyski and St. Petersburg. However, after STET decided not to buy 25% of the Svyazinvest, the two local banks sold their shares. Svyazinvest held 41.8% of the charter capital by 1998. The remaining shares were held by two offshore companies located in Cyprus (Crawford Holdings Ltd. and Knights Bridge Finance and Investment Ltd.), and CS First Boston. St Petersburg Telephone operated 1,870,710 access lines, of which 17% were digitized by 1998. It owned 4,695,029 km of coaxial cable and 4,000 km of fiber-optic cables. The company had invested $40 million for the expansion and digitalization of the network by 1998. The company run an old systems which urgently needed to be upgraded by 1999. The company was looking for a strategic investor in 1999.  Became a branch of JSC North-West Telecom in November 2002.
Tomsktelekom is the local telecommunications service provider for the Tomsk Oblast in Western Siberia Region. The company provides local telephone service through its own network. The company also offers  national and international service through Rostelecom's infrastructure. The company was privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998. Tomsktelecom had 158,500 access lines by 1998.  Became a branch of JSC Sibirtelecom in November 2002.
Amursvyaz is the regional telecom operator in the Amur Region. The company provides basic local telephone services. It also provides national and international services through Rostelecom. Amursvyaz was privatized in December 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common stock, and 51% of the voting rights by 1998. Regarding the remaining shares, employees and individual investors constituted the biggest shareholders by 1998. Amursvyaz operated 129,000 access lines by 1996.  Became a branch of Dalsvyaz in November 2002.
A regional electricity utility with 1589-MW of generating capacity. It was partially privatized in 1993 and 58% of its stock is held by RAO EES Rossii.
In June 1993, Road King Infrastructure signed a 25-year joint venture agreement for the construction and operation of the 52km Foshan Guangzhou-Sanshui Expressway in Foshan, Guangdong Province. Road King acquired a 35% stake in the joint venture and invested HK$294 million (US$ 38 million) in the project. Road King funds its project from internally generated funds and long-term debt. This includes a US$ 138 million syndicated loan and US$ 140 million 10-year fixed rate notes arranged in 1997.  The first phase opened for operation in November 1994 and the second phase in January 1998. Toll income rose 47.2% between 1996 and 1997. The maximum number of vehicles per day reached 37,000 in 1997.
On October 21st, 1993, the State government of Aguascalientes, Mexico, awarded a 20 year concession for its water and wastewater treatment services to private consortium  Concesionaria de Aguas de Aguascalientes SA (CAASA). Under the concession contract, CAASA became responsible for provision of the water supply, sewage, and sanitation services, including billing and charging, as well as planning, designing and construction of infrastructure in both urban and rural areas of the state of Aguascalientes, central Mexico. CAASA pledged to carry on an investment program aimed at rehabilitating water supply and sewage systems, mainly old pipes in downtown area. The contract included the construction of a sewage plant capable of processing two cubic meters of sludge per second and the expansion of groundwater supply with financing of the federal government. In 1993 Aguascalientes had a population of almost 800,000.  The state government kept regulatory and supervision functions as well as ownership of the assets, which the concessionaire could not use as guarantee for loans. The concessionaire was to pay the Municipality concession fees of 10 percent of the total billing and charges for service provision.  Project company CAASA was created and owned by Ingenieros Civiles Asociados (ICA, Mexico, 36%), Banamex (Mexico, 34%), and Generale des Eaux (renamed Veolia, France, 30%).   CAASA and the State government renegotiated the original contract in April 1996. As a result of the renegotiation water tariffs were changed and the concession term was extended from 20 to 30 years. The Aguascalientes Municipality and Mexico’s National Water Commission (CNA) also agreed to supply the concessionaire with 53 million pesos for network expansion works.
This regional electricity utility has 529-MW of generating capacity. It was privatized in 1993 and 59% of its stock is held by RAO EES Rossii.  The utility merged with Dalnevostochnaya Generating Company during the RAO UES led power sector reform in Russia in 2003-2008.
The Port Authority of Thailand (PAT) is a public utility state enterprise under the general supervision of the Ministry of Transport and Communications. Laem Chabang Port (LCP) is a commercial port under the management of PAT. LCP is comprised of 10 berths, 8 of which are leased to private sector operators who are responsible for investment in cargo handling equipment.  Evergreen Container terminal (Thailand) Co. Ltd. was granted the operating concession for the B2 terminal in Mar. 1993 for a 12 year period. 15-year contract extensions were signed in Nov. 1997 with Evergreen Container Terminal (Thailand) for terminal B2, Eastern Sea Laem Chabang Terminal for terminal B3, and TIPS for B4 calling for a doubling of container handling capacity and related equipment investments by the companies.
St. Petersburg MMT, formerly known as Leningrad Long Distance Telephone Exchange, was created in 1993, after the formation of the state holding company Svyazinvest. Subsequently, the company was privatized. Svyazinvest held 38% of the charter capital and 51% of the voting rights by 1998. The remaining of the shares were held by small investors and employees. Metromedia International Group acquired the company in May 1999. By 1998, the company was the largest communications company in the North-West of Russia, offering long-distance and international calls, as well as value-added services like fax, e-mail.  The company's total revenues exceeded $158 million in 1996. The value of the company was estimated in US$145.4 million.
This regional electricity utility has 176-MW of generating capacity. It was privatized in 1993 and 65% of its stock is held by RAO EES Rossii.  As a result of RAO UES led power sector restructuring in Russia over 2003-2008, AO Voronezhenergo merged with Territorial Generating Company 4 (TGK-4).
This regional electricity utility has 1059-MW of generating capacity. It was privatized in 1993 and 59% of its stock is held by RAO EES Rossii.  As a result of the RAO UES led power sector reform in Russia, AO Arkhenergo merged with the Territorial Generating Company TGK-2.
Sistem Transit Aliran Ringan Sdn Bhd (STAR) won the first concession contract to build and operate a light rail line in Malaysia's Klang Valley. The 60-year BOT franchise contract was signed in two stages: stage I in December 1992, and stage II in June 1995. Construction of phase I (12km) was completed in November 1996, and opened for operation on December of the same year. Construction of phase II (15km) started in August 1995, with completion in 1998. The complete line runs from Sintul Timur (North) to Kimul (South).   The project cost M$3.57 billion (US$1.4 billion): phase 1 cost M$1.27 billion (US$500 million) and phase II cost M$2.3 billion (US$ 900 million). The funding came from share capital, commercial loans, EPF loan, and government support capital. Taylor Woodrow is the main contractor for both phases of the project. In October 1998, the government announced the possible creation of an Infrastructure Fund and was discussing a merger of PUTRA and STAR.  After some years of operation, both the STAR LRT and the PUTRA LRT faced serious financial difficulties in servicing loans related to construction of infrastructure and purchase of rolling stock. In August 2002, the state owned Syarikat Prasarana Nasional Bhd (SPNB) took over of all assets and operations of STAR (Sistem Transit Aliran Ringan Sdn Bhd) and PUTRA Sdn Bhd (Projek Usahasama Transit Ringan Automatik).  SPNB had in November of 2001 purchased the outstanding debts of STAR and PUTRA totaling about RM5.5 billion via the issuance of RM5.5 billion fixed rate serial guaranteed bonds to the lenders of both companies. Upon completion of the second phase which was scheduled for June 2002, the operations of the two systems were to be integrated and improved.
In December 1993 the municipal government of Obregon, Mexico, awarded a build, own and operate contract for a wastewater treatment plant to private firm Solaqua SA de CV. The plant was designed to treat 36 million gallons of wastewater per day (1.5 cubic meters per second). The city of Obregon was located in the state of Sonora and had a population of 250,000.  Solaqua was a special purpose company owned by US firm TCS Enterprises Inc. (TCS, 45 percent) and private Mexican investors.   The project was expected to require an initial investment of 97 million pesos ($8.8 million). Financing was provided by FINFRA (32 percent), the Mexican government (27 percent) and Solaqua (41 percent).  Construction on the plant was completed in 1995.
AO Tambov Electrosvyaz is the regional telecommunications operator for the Tambovskaya Oblast, which is located 400 km south of Moscow. The company provides long-distance and international service through its access lines operated by Rostelecom. Tambov Electrisvyaz has 22 branches, each of them operating a district. The company was privatized in 1995, following the formation of Svyazinvest, the national holding company. Svyazinvest held 38% of the common stock, and 51% of the voting rights by 1998. The biggest stockholder of the company after Svyazinvest is ULM Enterprises Ltd, a subsidiary of NHC Investment Fund. Employees also own a significant portion of the company shares.  Starting from 2003 became a branch of Center Telecom.
Altaytelecom is the regional telecom operator in the Altay Region. The company provides basic local telephone services. It also provides national and international services through Rostelecom. Altaytelecom was privatized in December 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common stock, and 51% of the voting rights by 1998. Regarding the remaining stake, employees and individual investors constituted the biggest shareholders by 1998. The net value of the company was around US$136 million by 1998. The company had $66 million of revenues in 1996.
This regional electricity utility had 1922MW of generating capacity. It was privatized in 1993 and 65% of its stock was held by RAO EES Rossii.  As a result of RAO UES led power sector restructuring in Russia over 2003-2008, AO Kolenergo merged with Territorial Generating Company TGK-1.
Smolensksvyazinform is the local telecommunications service provider for the Smolensk Region, west of Moscow. The total population of the area is around 1.7 million.  The company provides local telephone service through its own network. The company also offers  national and international service through Rostelecom's infrastructure. The company was privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998. Smolensksvyazinform had around 220,000 access lines of which only 90% were utilized by 1998.  Starting from 2003 became a branch of Center Telecom.
Two power plants were developed by YTL Power Generation Bhd. Sdn. that had a combined capacity of 1212-MW, or 808-MW (2x404-MW) at Paka and 404-MW (1x404-MW) at Pasir, respectively. IPP licenses for both plants were granted in April 1993 with construction beginning later that year. The plants went into service in 1994.   The joint venture company, YTL Power Generation Bhd Sdn., was  intially owned by YTL International Sdn Bhd (59.56%), Tenaga Nasional Bhd (4.4%), Employees Provident Fund (EPF)(5.9%), Bara Ak Tif (5.39%), Mayban Ventures Sdn Bhd (2.71%), JL Investment Singapore Private Ltd. (0.59%), a unit of John Laing PLC., and local shareholders (18.72%).  The state-controlled Tenaga Nasional Bhd. relinquished its 4.4% stake by selling 71 million shares in December 2003 to YTL Power, and in March 2004 it sold 19.7 million more shares to EPF.    Project costs were US$836 million for Paka and US$416 million for Pasir Gudang., or a total cost of M$2.66 billion in local currency. M$1.5 billion was raised via bond subscription with the Employment Provident Fund (EPF) and M$1.16 billion was raised via a syndicated bank loan.   A 21-year power-purchase-agreement with Tenaga (TNB) that includes fuel pass through provisions was signed in March 1993. A fuel supply agreement with Petronas was also signed in March 1993. In Feb. 2000, YTL issued US$197.4 million fixed-rate bond (deal led by Deutsche Bank).
Uralsvyazinform is the local telecommunications provider for the Perm region. It provides local, national, and international basic services. It also operates three cellular services at the 450, 800 and 900 MHz frequencies. Apart from telecommunications, Uralsvyazinform is also involved in TV and radio broadcasting.  Uralsvyazinform was partially privatized in 1993, after the formation of the state holding company Svyazinvest. Svyazinvest held 51% of the corporate stock and 51% of the voting rights by 1998. The remaining shareholders were individuals, management, nominees, legal entities, and the treasury. The company's main investment sources were cash flow, depreciation, and loans. The company owned 549,600 access lines, including urban, rural and cellular by 1998. The company investment was US$18 million in 1995, US$ 37 million in 1996, US$37.7 million in 1997, and US$ 39 million in 1998. The total investment in its wireless network was $5.2 million by 1998. The company expected to invest $5.5 in 1998, $4.5 in 1999 and $4 in 2000 only for cellular services.  Became a branch of JSC Uralsvyazinform in November 2002.
The Azov Port started operations in 1904, and, in 1993, as part of the Russian government privatization program, the Azov Sea Port Joint-Stock Company was created. Through a voucher program, 51% of the shares were transferred to private persons and 21% to investors. Loading and unloading of different freights are undertaken at the port, and export cargo transportation dominates. During the 1995-1998 period, a total of US$ 6 million was invested in infrastructure. In 2000, a second stage of the expansion plans started: US$ 35 million will be invested, of which US$ 24.7 million was undertaken in 2000 alone.
Energia Cassol, a family-owned company, is the first independent power producer to operate in the state of Rondonia in Northern Brazil. Energia Cassol started its commercial operation in 1993, when construction works in its first unit were concluded (Santa Luzia - 3.2 MW). In 1995, a new unit with 2.8-MW capacity started operating (Usina Vilhena). Finally, in 2000, the construction works on the 4.6 MW Monte Belo unit were in its final stages (this unit demanded an investment of US$ 4.4 million, of which US$ 2.4 million was financed with loans from Banco da Amazonia (BASA).  In June 2003, BNDES approved a US$4 million (R$12.25 million) financing for the construction of the Rio Branco power plant (6.9 MW) and a 94Km transmission line. The financing represents 63% of the total costs of the project. As of June 2003, Energia Cassol was negotiating a PPA to sell the energy generated by Rio Branco (42,300MWh per year) to CERON, a distribution company in the state of Rondonia.  In April 2011, the 3.6 MW Angelo Cassol power plant commenced operations. The investment amount directed to this unit was not available.
Tulatelecom is the local telecommunications service provider for the Tula Oblast in Central Russia. The company provides local telephone service through its own network. The company also offers  national and international service through Rostelecom's infrastructure. The company was privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998. Tulatelecom had 344,000 access lines and revenues for US$41 million in 1996. The company also started to operate an AMPS cellular network in April 1997. The network used Alcatel switches, and Alcatel and Hughes equipment.  Starting from 2003 became a branch of Center Telecom.
Novosibirskelectrosvyaz is the regional monopoly provider of the telephone services to Novosibirskaya Region in Western Siberia. The company operated more than 250,000 telephone lines in a region with 1.3 million inhabitants surrounding Novosibirsk, Siberia's largest city. Novosibirskelectrosvyaz ranks among the most successful and powerful Siberian telephone companies. The company shared the local market with Novosibirsk City Telephone network by 1998. It also provides national, international services, TV and media broadcasting, telegraph services, and cellular communications through different subsidiaries. In 1996, the company formed a GSM cellular service together with Rostelecom. The company is included in the People's Telephone program that allows it to raise investment from households who want to get a phone. The company was privatized in 1993, following the formation of Svyazinform.  By 1998, the main shareholders were Svyazinvest (38% of the common stock, 50.7% of the voting rights), SibElfin (10.8%); and Praid 5.7%. The rest of the shares were held by private investors and employees.  Became a branch of JSC Sibirtelecom in November 2002.
AO Kemerova Electrosvyaz is the local telecommunications service provider for the Kemerova Oblast in Western-Siberia. The company provides local telephone service through its own network. The company also offers  national and international service through Rostelecom's infrastructure. The company was partially privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998. AO Kemerova Electrosvyaz operated 432,390 access lines and had. revenues US$102 million in 1996.  Became a branch of JSC Sibirtelecom in November 2002.
Udmurttelecom is the local telecommunications provider for the Udmurtia Republic in the Urals region. The company provides local, national and international basic telephone services in an area of 42,000 square km, and a population of 1.6 million. It also operates a NMT 450 cellular network. In addition, the company has a joint venture with Rostelecom (40%) and Svyazbank (11%) for the operation of a GSM 900 network, the Udmurtdigital cellular network.   The company's major sources of capital are tax savings from depreciation, telephone bonds as a part of the "People's Telephone" program, regional funds, and retained earnings. Another significant source of financing is suppliers credits from international equipment vendors.   Udmurtsvtazinform was partially privatized in December 1993, after the restructuring of Rosselectrosvyaz. The company's main shareholders were Svyazinvest (38% of common shares and 51%  of voting rights), Kutno Ltd.(8.49%), Feredo Enterprises Ltd. ( 5.6%), employees and management (10.82%). Udmurttelecom operated 12 switches and 453 local switching centers by 1997. The company faced no competition on the provision of local services by 1998. The company had 323,371 access lines with a capacity utilization of 87% in 1998. The company invested US$7 million in 1995, US$7 million in 1996, and US$10 million in 1997.  Became a branch of JSC VolgaTelecom in November 2002.
Mosenergo is the regional electricity utility covering Moscow and the surrounding areas with a generating capacity of 14,478 MW. It is the largest of the energos, was corporatized in 1992 and privatized in 1993. Mosenergo is considered to be among the most liquid energos. After the divestiture, shareholders were RAO EES Rossii (49%), foreign companies (28.8%), individuals (18%) and other companies (4.2%). In 1996 capital investment was estimated at $480m and is expected to remain at $490m/year for the near future. In June 1998, the EBRD and the IFC extended a US$ 50 million loan to AO Mosenergo; the funds will be used to finance the completion of the Zagorsk 1,200 MW pump-storage power station.  As of Dec. 31, 2009, Mosenergo was owned by Gazprom (53.49%), Dyepartamyent Imushchyestva Goroda Moskvy (26.44%) and others 20.07%, giving government entities a majority share in the company.
Egrisi was established as a joint-stock company in 1993. It provides satellite and fiber optic based international and long-distance telecom services in Georgia.   Egrisi, Goodwillcom (a subsidiary of America's Goodwillcom), Global One, Macrocom and Saktelkomplus were the main alternatives to Telecom Georgia in the market for international fixed-line communications as of 2002.  The largest was Egrisi: it controled roughly 25% of the market. Moreover, it was the only company, aside from Telecom Georgia, with its own transmission lines. All of the other companies routed their traffic through the state monopoly. Egrisi had a network capable of handling 80,000 numbers.
Chelyabinsk Svyazinform is the local telecommunications service provider for the Chelyabisnk Region in the Urals. The company provides local telephone service through its own network. The company also offers  national and international service through Rostelecom's infrastructure. The company was privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998. The company owned 554,000 access lines and had a total revenue about US$127 million in 1996.  Became a branch of JSC Uralsvyazinform in November 2002.
This regional electricity utility has a 2,090-MW generating capacity. It was privatized in 1993 and 64% of its stock is held by RAO EES Rossii.
Cheung Kong Infrastructure has a 35-year joint venture for the construction and operation of the Shantou Bay Bridge in Guangdong Province. The 6-km, dual 3-lane bridge cost HK$668 million (US$ 86 million). CKI has a 30% share in the project and invested HK$200 million (US$26 million). In November 2002, GZI Transport Ltd., primarily owned by state-owned Guangzhou Investment Company Ltd., bought a 30% stake in the project.
The project was awarded by Corecal to a consortium of Illinova Generating Co., Consorcio Colombiano Industrial, and Sevillana de Electricidad in April 1993. This project had three phases. In the first stage, the consortium built two thermal power plants with a total installed capacity of 150-MW and required investment of $152 million. The plants were in service in early 1994. The second phase consisted in the expansion of the capacity by 100-MW. This stage began operation in 1995 and cost $48 million. The third phase was the construction of 150-MW unit which was scheduled to enter service in 1997. The total cost of the third power plant was $58 million. Since the second phase, the partners have developed expansion on a merchant basis.
Kirovelectrosvyaz is the regional telecom operator in the Kirov Region, located in the North-East of Russia. The region is primarily urban, with a population of 1.7 million. Kirovelectrosvyaz provides basic local telephone services. It also provides national and international services through Rostelecom. Kirovelectrosvyaz have started the installation of fiber-optic cables and microwave towers that will allow it to bypass Rostelecom in national services. Kirovelectrosvyaz was privatized in December 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common stock, and 51% of the voting rights by 1998.  The rest of the common shares and voting stock was distributed as follows: Pioneer Fund (7.7%, 10.1%); Treasurt Stovck (10%, 13.5%); Management (3.5%, 5%); employees and private investors (11.3%, 15.1%); other (4.2%; 5.6%). Kirovelectrosvyaz operated 254,000 lines by 1998. The company is also involved in a NMT 450 cellular network operation. Kirovelectrosvyaz holds 51% of the Vyatskaya Cellular communications, and is partners with Moscow Cellular Network (40%), and Radiotekhnika (9%).  Became a branch of JSC VolgaTelecom in November 2002.
This regional electricity utility has 1502-MW of generating capacity. It was privatized in 1993 and 64% of its stock is held by RAO EES Rossii. Its market capitalisation was $16.4m at the end of 1996.  As a result of RAO UES led power sector restructuring in Russia over 2003-2008, AO Saratovenergo merged with Territorial Generating Company TGK-7 (Vologda TGK).   In 2011, OJSC Sbytovoy Holding acquired 9.238% of shares of OJSC Saratovenergo. The company's authorized capital is 128.856 million Rub. This amount is represented by 493.316 million preferred shares at par value 0.02113 Rub. and 4,865,127,996 common shares at par value 0.02 Rub.
Ekatarinburg International Telephone was one of the three companies created in December 1993 from the assets of the Ekaterinburg local telecommunications operator. The other two companies were Ekatarinburg Town Telephone Network and Ekaterinburg Telegraph. Ekaterinburg International Telephone provides international telephone services in Ektarinburgskaya and Sverdlovsk region. The company provides only international services, via coaxial cables and satellite. The company was partially privatized in 1993. Svyazinform held 38% of the common stock, and 51% of the voting rights by 1998. The remaining stake was mainly owned by employees and individual investors.  Ekaterinburg's total equity valuation was $60 million by 1996. In 2000, Svyazinvest transferred its shares in the company to its subsidiary Uraltelecom.
AO Pskov Electrosvyaz is the local telecommunications service provider for the Pskov Oblast in North-West Russia. ovides local telephone service through its own network. The company also offers national and international service through Rostelecom's infrastructure. The company was partially privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998. AO Pskov Electrosvyaz operated 72,900 access lines in 1996.  Became a branch of JSC North-West Telecom in November 2002.
This 90-MW project consisted of 3 barge-mounted diesel-fired turbines anchored off the coast of Calaca. The 3 barges each cost approximately US$28 million and each held one 30-MW diesel-fired turbine. Polar Energy Inc. and Napocor signed a 5-year lease agreement for the facility.  The lease had the option to be extended for an additional 5 years, but the option was not ultimately exercised.   Each barge held a single turbine, measured 250 feet by 60 feet, and had a draft of 16 feet. The turnkey contractor, Far East Levingston Shipbuilding, a susbsidiary of Keppel Corp., was also an equity stakeholder in the project.   The project came on-line in September 1993. After the 5-year termination, the ownership of the barges was transferred to Napocor.  Napocor had signed a PPA with the project including a guaranteed minimum offtake.
This is a regional electricity utility with 65-MW of generating capacity. It was privatized in 1993 and 65% of its stock is held by RAO EES Rossii.  As a result of RAO UES led power sector restructuring in Russia that took place over 2003-2008 period,  Belgorodenergo merged with the Territorial Generating Company 4 (TGK-4).
Kostroma city network (JSC Kostroma GTS) is the local telecom operator in the Kostroma Town, located in Central Russia. The company provides basic local telephone services. It also provides national and international services through Rostelecom and Kostroma Electrosvyaz. Kostroma Municipal Telephone Network was privatized in December 1993, after the formation of Svyazinvest, the national holding company. Svyazinvest held 38% of the common stock, and 51% of the voting rights by 1998. The municipal government, employees and individual investors owned the remaining stake.   JSC Kostroma GTS was not integrated into the consolidated interregional telecom- companies formed by Svyazinvest.  As of 2004, Svyazinvest held a 7.295 stake in Kostroma GTS. In 2006 the company had 85.2 thousand lines. In 2005 the company had 89.2 lines.  As of 2006-2011, Svyazinvest still held a 37% stake in Kostroma GTS.
Artelecom is the regional telecom operator in the Arkhangelsk Region. The company provides basic local telephone services. It also provides national and international services through Rostelecom. Artelecom was privatized in December 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common stock, and 51% of the voting rights by 1998. The remaining stake was mainly owned by employees and individual investors by 1998. Artelecom operated 265,050 access lines by 1996. The company had total revenues of $57 million in 1996.  Became a branch of JSC North-West Telecom in November 2002.
This is a regional electricity utility with 3,483-MW of generating capacity. It was privatized in 1993 and 56% of its stock is held by RAO EES Rossii.  The utility merged with the Territorial Generating Company TGK-7 (ID  4826) during RAO UES led power sector restructuring in Russia.
OAO AvtoVAZ via its subsidiary, OAO Tevis, operates water supply and sewerage system assets in Tolyatti city, serving 706,000 residents.  Up until 1993, AvtoVAZ was state-owned and directly responsible for water supply for AvtoVAZ automobile manufacturing plants and for residents of the surrounding area.  According to the OAO Tevis company website, AvtoVAZ was privatized in 1993.  At the same time, the water supply department within AvtoVAZ was separately incorporated into an open joint-stock company - OAO Tevis.  As of end 2008, OAO Tevis was wholly-owned by AvtoVAZ.
Ukrainian Mobile Communications (UMC) was granted a national license to provide mobile phone services using a NMT 450 network and GSM 900 in 1992. However, the company was forced to bid again for its GSM 900 license in 1996 in order to obtain the necessary frequencies. The government awarded three GSM licenses in 1996. The other two licenses were awarded to Ukrainian Mobile Communications (UMC) and Ukrainian Radio Systems (URS). The tender process was considered controversial since the initial GSM tender call for awarding two licenses, but the Ministry of Communications ended up granting three licenses. In addition, the Ministry awarded a DCS-1800 license to Golden Telecom while the GSM tender was still in process. The Ministry also increased the license fees after awarding the three GSM 900 licenses.   For its 10-year license for GSM 900, the company had to make a US$65 million up-front payment plus US$2 million per year. In May 2001, UMC paid US$0.4 million for the licence to operate a GSM system in Kharkov.  The main owners of UMC were the state-owned local incumbent Urtelecom (51%), PTT Telecom of Netherlands (16.3%), Telecom Danmark (16.3%), and Deutsche Telecom (16.3%) by 1999. On November 5, 2002, Russian based Mobile Telesystems (MTS) purchased 57.7% of UMC for US$194.2 million. Under the terms of the agreement, Mobile Telesystems bought 16.35% stake held by the Netherlands' KPN for $55 million, the 16.3% stake held by Germany's Deutsche Telekom for US$55 million, and the 25% stake held by Ukrtelecom for US$84.2 million. In 2003, Mobile Telesystems acquired the last 26% of UMC shares from Ukrtelecom for US$87.57 million and acquired the 16.3% of UMC shares held by TDC for US$91.7 million, rasing MTS's total stake in UMC to 100%.   The company launched its NMT 450 services in 1993 and its GSM 900 in September 1997. The company had invested US$90 million in the development of its NMT 450 network to cover 45 cities by 1996. In addition, UMC invested US$16 million to launch the first phase of its GSM 900 network. The company had invested US$250 million in its network development by September 1999.   UMC competed with Kievstar (GSM 900), Golden Telecom (DCS-1800), Digital Cellular Communications (D-AMPS), and Ukrainian Radio Systems (GSM 900) by 1998. By end 2005, UMC was a top three mobile operator in Ukraine with 13.3 million subscribers and a network that covered over 90% of the territory of Ukraine.
The 105-MW Subic Bay Bunker-C oil-fired plant is located in Subic Bay, Olongapo, Luzon. Enron formed a joint venture with a local Philippine company, Subic, to win the 15-year BOT contract, following which plant ownership will be transferred to Napocor. Financing closed at the end of 1993 when Subic obtained fixed rate financing of $105 million, 9.5% senior secured notes maturing in 2008. The Subic Notes are guaranteed by recourse to all assets owned by Subic. The bonds were guaranteed by Enron prior to the project's operation; following operation, the bonds were to be assigned to the developer on a non-recourse basis. Agreement between Subic and Enron affiliate Enron Subic Power Corp. (ESPC) calls for ESPC to provide supervisory and management services, for which Subic will reimburse any costs incurred. Power generated by the plant is sold to the Subic Bay Metropolitan Authority.  In 2003, Prisma Energy International Inc. was created to, through its subsidiary Prisma Energy International Services LLC, provide management and operational support for the major international businesses owned by Enron.  In April 2003, the government acquired the Subic Bay Plant.  The early termination of the build-operate-transfer (BOT) agreement with Enron Development Corp./Subic Power Corp. (SPC) was made at a cost of US$113 million.
This regional electricity utility has 387-MW of generating capacity. It was privatized in 1993 and 60% of its stock is held by RAO EES Rossii.  As a result of RAO UES led power sector restructuring in Russia over 2003-2008, AO Penzaenergo merged with the Territorial Generating Company TGK-6.
JSC North-West Telecom (NWT) was partially privatized in 1993 by the Russian government. The government kept operational control over the company holding 51% of voting shares and 38.5% of common shares. NWT provided fixed local telephone services through its own network in the Northwest Region of the Russian Federation, an area with a population of 14.5 million people (10% of national population). 82% of the region’s population is composed of urban residents. The company was headquartered in St. Petersburg. In addition to providing local phone services, NWT was also the region’s base operator, using Rostelecom's infrastructure to provide access to national and international services. NWT also provided Internet, data transmission and telematics services, IN and ISDN services, multiservice network services, leasing of physical channels and trunks and information services. The region’s telecommunication market is Russia’ second in the volume of services rendered. About half of NWT's revenue came from the city of St. Petersburg.  In November 2002 NWT was reorganized as one of seven mega-regional companies in which Svyazinvest, the state-controlled holding of company, consolidated its 74 regional fixed line operators. Nine regional companies were consolidated into JSC North-West Telecom: Artelekom of Arkhangelsk region, Elektrosvyaz of Pskov region, Elektrosvyaz of Vologda region and Cherepovets Elektrosvyaz, Murmanskelektrosvyaz, Novgorodtelecom, Elektrosvyaz of Karelia Republic, Elektrosvyaz of Kaliningrad region, Petersburg Telephone Network. The other six mega-regional companies were CenterTelecom, Volga Telecom, South Telecom, Uralsvyazinform, Siberia Telecom and Far East Telecom (Dalsvyaz).   As a part of the consolidation process NWT at the end of 2000 took over JSC St.Petersburg telegraph and JSC St.Petersburg MMT through their merger with St.Petersburg Telephone Network. In 2003 Cherepovets Elektrosvyaz merged with Elektrosvyaz of Vologda region to become the only NWT subsidiary operating in the Vologda region. Two other operators Lensvyaz and Republic of KomiSvyaz were expected to merge with NWT in 2004.  At the end of 2004 Svyazinvest owned 39.53% of NWT common shares, foreign investors had 38.94%, and employees of the company held 13.92% of shares.    On April 1, 2011, several companies below merged into Rostelecom: Center Telecom (3171), Skylink (1321), Dalsyaz (3181), Sibirtelecom (3180), Uralsinform (3177), Volgatelecom (3174), North-West Telecom (3173), Southern Telecommunications Company (3175), Dagsvyazinform (1225).
This regional electricity utility has 665-MW of generating capacity. It was partially privatized in 1993 and 49% of its stock is held by RAO EES Rossii.  As a result of RAO UES led power sector restructuring in Russia over 2003-2008, AO Vologdaenergo merged with the Territorial Generating Company TGK-2.
This regional electricity utility has 660 MW of generating capacity. It was privatized in 1993 and 64% of its stock is held by RAO EES Rossii.  As a result of RAO UES led power sector restructuring in Russia, AO Kubanenergo merged with the Territorial Generating Company-12 (TGK-12).
Shantou Chenghai Plant is a 75-MW oil-fired power plant comprising four 2.5-MW and six 10.89-MW diesel generators. It is owned and operated by the Shantou Changhai Power Development Co. Ltd., a Sino-foreign cooperative joint venture. The joint venture was established in October 25, 1993 by Shantou Municipal Power Development Company, a PRC state-owned enterprise, and Cheung Kong Hutchison Changhai Power Ltd, a subsidiary of Cheung Kong Infrastructure Holding. Cheung Kong sold its share in the plant in 2002. The plant occupies a land area of 29,800 sq. meters, which is leased from the municipality for the joint venture term. The total project cost is approximately $41 million. CKH Changhai invested 60% of the equity in cash in US dollars, while Shantou Power Development Invested 40% of the equity as an asset contribution consisting of diesel generators, buildings and facilities. The joint venture was formed to construct and operate the power plant until December 31, 2010. The fixed assets of the plant, as well as US dollars in the reserve fund, will then belong to the Shantou Power Development. The current assets of the plant will be distributed to the joint venture parties in accordance with their initial actual investment ratio. If the CKH Changhai fails to recoup its investment, then the municipality company will make up for the short-fall. The joint venture has entered into a long term power purchase contract that is coterminuous with the joint-venture agreement. To secure the joint venture parties' recoupment of and return on their investment, Shantou Power company has agreed to purchase all electricity generated by the plant and guarantees to offtake a certain annual minimum quantities. The minimum offtake quantities for the years 1995 and 1996 were 306.9KWh and 277.7KWh, respectively. There is no operations and management contract and Shantou Power Development is responsible for fuel supply, maintaining all power generators and anciliary facilities of Chaghai Power Plant, and ensuring that the plant can generate sufficient electricity to satisfy the annual minimum quantitities stipulated under  the purchase agreement.  As of first quarter 2002, Cheung Kong was in the process of disposing of its stake in the plant.  The BOT period ended in 2010, and all assets were transferred to the government.
AO Vladimir Electrosvyaz is the local telecommunications service provider for the Vladimir Region in Central Russia. The company provides local telephone service through its own network. The company also offers  national and international service through Rostelecom's infrastructure. The company was partially privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998. Cherepovetskelectrosvyaz had 208,730 access lines by 1996.  Starting from 2003 became a branch of Center Telecom.
Martelecom is the regional telecom operator in the Republic of Mariy-El. The company provides basic local telephone services. It also provides national and international services through Rostelecom.  Martelecom was privatized in December 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common stock, and 51% of the voting rights by 1998. The employees and individual investors constituted the remaining shareholders. The company operated 50,000 access lines by 1996.  Became a branch of JSC VolgaTelecom in November 2002.
Hanty Mansiyskork is the local telecommunications service provider for the Hanty Mansky region in Western Siberia. The company provides local telephone service through its own network. The company also offers  national and international service through Rostelecom's infrastructure. The company was partially privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998. Hanty Maniysk Telecom had 88,200 access lines in 1996.
Central Hidroelectrica Cerros Colorados was owned by Hidroelectrica Norpatagonica Sociedad del Estado (Hidronor). The facility had an installed capacity of 450-MW in 1993. The government partially privatized the company in August 1993 when it sold a 59% equity stake for $72.6 million to Dominion Energy (50%) and Louis Dreyfus Argener SA (9%). The offer was paid in cash ($27 million) and in debt papers ($45.6 million). The winning consortium was awarded with a 30-year concession period to operate Central Hidroelectrica Cerros Colorados. The new owners also agreed to pay $80 million of Hidronor's debt owed to the Central Bank of Argentina within six moths, and $22 million in back taxes. The government reserved up to a 10% equity stake to offer to Hidroelectrica Cerros Colorados employees, and transferred the remaining 39% equity stake to the provincial government of Neuquen. In 1997 Louis Dreyfus sold its stake in Cerros Colorados to Dominion, and in May 1998 Dominion acquired an additional 39% stake in the facility. In Mar. 2000, Duke Energy acquired Dominion's shares in the project company.  In December 2016, Duke sold all its Latin American assets to Orazul for US$ 1.2 billion.
A regional electricity utility with 489-MW of generating capacity. It was privatized in 1993 and 65% of its stock is held by RAO EES Rossii.  As of March 2007, RAO UES of Russia Holding Company held 49% of Grozenergo's stock.  As a result of the restructuring of the power sector in Russia during 2003-2008, Grozenergo was a dependant company within JSC "Interregional Distribution Grid Company" (IDGC). JSC IDGC Holding was established as a result of the reorganization of RAO UES of Russia to manage interregional distribution grid companies (IDGCs)  As of end of 2010, Grozenergo - Open Joint-Stock Company for Energy and Electrification of the Chechen Republic, was 49% owned by IDGC and it was now categorized as a construction, procurement and service organization.
JSC Moscow City Telephone Network (MGTS) is one of Russia's biggest local fixed telecommunications companies in Russia and Europe. It accounts for 80% of the Moscow fixed telecommunications market. MGTS is the basic telephone operator of the Moscow city and the surrounding regions. MGTS offers local, national and international telephones services to its subscribers. The latter two services are offered through Rostelekom and Moscow Long Distance and International Telephone Co. The company also provides data transmission and cellular service through its subsidiaries Comstar, MTU-Inform, MTU-Intel, and Telmos. The company’s revenues in 2003 totaled US$ 383 million and the fixed line tele-density in its area was 41.58 per 100 inhabitants in 2003.  The company was privatized in 1993, after the formation of the Svyazinvest, the state holding company. MGTS was registered in 1994. The main owners of the common shares were Svyazinvest (35%); AO Moscow Committee for Science and Technology, MKNT, (33%); Bank of Bermuda Ltd. (6%); CF First Boston (5.69%).   MKNT gained full control of the company in 1998 when it increased its shares from 25% to 33% by acquiring shares from Svyazinvest in February 1998. In accordance with the terms of the initial auction held in 1993, MKTN gained the right to increase its shares by fulfilling the promise of investing $150 million into the company. MKTN is a subsidiary of AFK System, a company that held interest in Mobile Telesystems of Moscow, Rosiko, and Russian Telephone Company by 1998. MGTS has formed joint ventures with foreign partners for cellular, paging and the provision of overlay network services.   The company invested US$150 million since it was privatized. The funds were used for the following projects: upgrades including 2861 km of fiber and 1,830 km of coaxial cable (increasing the total capacity to 83,776 km), and 6 new switches. In 1998, the company planned to spend $20 million for the installment of SHD equipment.  It has also been involved in the $200 million Golden Bullet project, which aimed at the construction of a digital transport network for 1 million subscribers. The first stage was completed in September 1996 (costing $6 million), and the second stage of implementing SHD equipment started in March 1998. In 2000, MKNT transferred a 28.67% stake in MGTS to OLMA Investment Co. MGTS invested US$ 113.6 million in 1999 and US$ 142.2 million in 2000. Starting from 2004 the investment of the MGTS company in the reconstruction of its network were expected to be around US$120.73 million a year during the next 5 years.  Since the end of 2005 Svyazinvest held 28% of MGTS voting rights and 23% of capital shares and Comstar (AFK Sistema controlled) 56% of capital shares.  In 2009 Mobile TeleSystems (MTS)acquired, through a series of transactions, a 61.97% stake in OJSC Comstar – United TeleSystems (“Comstar-UTS”), a provider of fixed line telecommunication services in Russia and the CIS, from Joint-Stock Financial Corporation Sistema (“Sistema”). In 2009, according to a memorandum of understanding between MTS, AFK Sistema and  Svyazinvest, the latter disposed of its 28% stake in MGTS to Sistema.  In 2010, MTS had a 51.3% stake in MGTS, according  to their annual report. MTS and Comstar-UTS merged under MTS.  In December 2011, Mobile TeleSystems (MTS) bought 29% of the votings tock in MGTS from AFK Sistema for US$ 331.5m (RUB 10.41 billion). MTS acquired Sistema-Inventure which in turn owned 295 of the voting stock in MGTS. As a result of the sale MTS owns 94.1% of the company charter capital.  As of 31 December 2012 MTS owned 94.6% of MGTS shares.
This regional electricity utility has 1,973-MW of generating capacity. It was privatized in 1993 and 61% of its stock is held by RAO EES Rossii.  As a result of the RAO UES let power sector reform in Russia that took place over 2003-2008, AO Khabarovskenergo merged with the Dalnevostochnaya Generating Company.
Zhujiang Power Station I has a generating capacity of 600-MW (2x300-MW). It started operating in January 1994 and is owned by a 50-50 joint venture between New World Infrastructure and Guangzhou Electric Power Enterprise Co. Ltd., a state-owned commercial enterprise under direct supervisory of the Guangzhou City Planning Commission - a department under the Guangzhou City People's Government. The joint venture was formed for a period of 25 years and has a registered capital of $50 million. The remainder of the total project cost of $322 million was financed by shareholder, syndicated bank ($140 million) and ADB ($50 million) loans. A 10 year offtake agreement has been signed (see tariff field).
RAO Gazprom was created by presidential decree on Nov. 5, 1992, as the Russian national gas company responsible for all production, transmission and distribution of natural gas. Gazprom controls more than 95% of Russia's gas production, oversees 8 production associations, owns and operates Russia's 86,000-mile (140,000km) gas pipeline grids, runs 26 trading houses and marketing joint ventures in 13 European countries. Gazprom controls 30% of known world gas reserves and produces one third of the world annual output. It owns 51% of 20 subsidiary companies, which make up the United Gas Supply System of Russia and owns 100% of some 30 other companies involved in natural gas production and transmission. Gazprom is also the main sponsor of Yamal gas pipeline, a $40 billion project to transport gas from Yamal (Russia) to Western Europe through a 2,500-mile pipeline.   The privatization of Gazprom began in late 1993 with a nominal founding capital of $103 million (236.7 billion rubles) and proceeded in stages (1993 - 15%, 1994 - 28.7%, summary numbers for other years are not available). Most of that equity was privatized through voucher programs and domestic auctions. In Sep. 1996, an 1% equity stake in Gazprom was sold through an issue of American Depositary Shares in London, with reported revenues of $373.3 million. By 1997, the shareholders were the Russian government (40%), employees (20%), indigenous populations of regions where Gazprom operates (29%) and other private investors (11%). In Dec. 1998, the Germany company Ruhrgas acquired a 2.5% stake for US$ 660 million; in May 1999, Ruhrgas acquired another 1% for US$ 250 million and Gerosgaz acquired 0.5% for US$ 28 million (Gerosgaz is a joint-venture between Ruhrgas - 49% - and Gazprom's subsidiary GasExport - 51%). Valuation of divestiture revenue is extremely difficult because the equity was divested partly in national auctions at one single price, partly in closed regional auctions with varying prices and partly abroad at mostly higher prices than in domestic issues. Further privatization in Russia proceeded by various means (voucher and cash). On April 28, 1997 Russian president Yeltsin signed a decree ordering the government to retain indefinitely its 40% equity stake in Gazprom, with two additional decrees on May 13 and May 28 which substantially increased the state's role in managing Gazprom.   Gazprom is undergoing an extensive five-year rehabilitation of its gas trunkline system at a total cost of $300 million. Most of the financing for this rehabilitation ($225 million) comes from an EBRD loan approved in Dec. 1996. RAO Gazprom is also the main developer of the $38.7 billion Yamal pipeline project (an estimated $12 billion for total cost excluding gasfield development). Yamal gas pipeline consisted in 2,500-mile transmission pipeline system that will transport gas from Yamal, Siberia, to Western Europe. The project will consist of two parallel pipelines running from Yamal to Frankfurt/Oder, Germany via Belarus and Poland. The first pipeline will be fully operational in 1999. If the project were late, Gazprom would have to start paying penalties. The second pipeline will be completed in 2010. The construction of each line was divided into four main parts which, in turn, are divided in several parts. The four main parts are the Russian, Belarussian, Polish, and German one. The Russian section is entirely developed by Gazprom. Gazprom obtained $5.5 billion for the financing required for its participation in Yamal pipeline. Gazprom signed  up a $3 billion loan form a consortium of 12 banks led by Credit Lyonnais and Dresdner Kleinwort Benson. The year syndicated loan signed in Nov. 1997 is backed by revenues from Grazprom's gas exports to Europe. During the summer 1997, Gazprom also mandated Goldman Sachs adn ABN Amro to arrange a $2.5billion financing package, consisting of convertible bonds and debt eurobond. By June 1997 some 1,200km of the first circuit of the 4000km pipelines mostly near fields in Yamal and in Belarus had reached an advanced stage of construction.  As of December 31, 2009, 38.373% of OAO Gazprom issued shares were directly owned by the Government. Another 11.629% were owned by Government controlled entities, giving the government an overall 50.002% controlling stake in the company.
Ivtelecom is the main regional telecom operator in the Ivanovo oblast with a population of 1.19 million. The company provides local telephone service through its own network. The company also offers national and international service through Rostelecom's infrastructure. The Company provides broad range of services: local, long-distance, international telephone communication, wire broadcasting, data transmission, Internet, ISDN, channels rent providing, paging, radio-telephone communication "Altay". In 1993 Russian local telecommunications network operators were partially privatized and Ivtelecom was established in December 1993. In 1995, Svyazinvest, a holding company which consolidated the government stakes in all of the 85 regional telecommunication companies, was created. After the formation of  Svyazinvest it held 38% of the common stock, and 51% of the voting. The second biggest shareholder after Svyazinvest was Cyprus’ company Taft Enterprises Ltd (15 percent) in 2002. Employees and individual investors constituted the remaining shareholders. By 1998 Ivtelecom's total equity valuation was US$ 65 million.  As a result of Svyazinvest’s consolidation Ivtelecom became a branch of the mega-regional company JSC Central Telecommunication Company in December 2002.  In the course of the telecommunications industry restructuring during 2000-2002 Svyazinvest created seven large telecom companies in Russia's macro-regions by consolidating 74 local operators. As a result of reorganization, the property and personnel of regional operators was transferred to corresponding regional branches: Center Telecom, North-West Telecom, Volga Telecom, South Telecom, Uralsvyazinform, Siberia Telecom and Far East Telecom (Dalsvyaz).   JSC CenterTelecom (earlier known as AO Electrosvyaz Moscow) became the base company in the process of consolidation of 16 regional providers in central Russia. The companies that were removed from the state register and renamed into branches of JSC "CenterTelecom" were: Belsvyaz, Bryansksvyazinform, Voronezhsvyazinform, Ivtelecom, Lipetskelectrosvyaz, Smolensksvyazinform, Tambov Elektrosvyaz, Tulatelecom, Vladimir Region Elektrosvyaz, Kaluga Region Elektrosvyaz, Kostroma Region Elektrosvyaz, Kursk Region Elektrosvyaz, Oryol Region Elektrosvyaz, Ryazan Region Elektrosvyaz, Tver Region Elektrosvyaz, and Yartelecom.
The Pagbilao power plant was a 750 MW plant fuelled by imported coal.  The project was located on Pagbilao Grande Island in Quezon Province, and provides power to the Luzon grid near Manila under a power purchase agreement with the National Power Corporation (NPC).  The plant was initially owned by Consolidated Electric Power Asia (CEPA, 49% with US$20 million equity, a subsidiary of Mirant), Mitsubishi, the IFC, Black & Veatch and Slipform engineering.  By 2005, the plant was owned by Mirant Philippines, a subsidiary of Mirant (USA).   Cofinancing without guarantees was provided by Jexim and USExim Bank, by the IFC ($10 million) and CDC ($10 million).  In its fiscal year 1993, the IFC also provided debt financing in the form of a $60 direct million loan and a $40 million syndicated loan. The US Exim provided an $185 million loan for construction which Citibank arranged.  The first 367.5 MW unit became operational in 1995, and the second in 1996.  In September 2004, Mirant announced intentions to expand the plant by an additional 345 MW, at a cost of US$300 million.  The expansion was expected to be completed by early 2008.  In July 2007, a consortium comprising Japan's Tokyo Electric Power Company (Tepco) and Marubeni Corporation completed its purchase of the US's Mirant Asia Pacific.  The acquisition was made through the TeaM Energy Corporation, a special purpose vehicle established in the Philippines by the consortium.  The newly acquired generating assets were backed by power purchase agreements and back-to-back fuel supply contracts with the state-owned National Power Corporation.  The sale of the portfolio of private generation assets was agreed on December 11, 2006 with the equal joint venture acquiring a 100% equity stake in the 1,218MW Sual coal-fired plant in Pangasinan province; a 100% interest in the 735MW Pagbilao coal-fired plant in Quezon province; and a 20% stake in the 1,251MW Ilijan natural gas-fired combined-cycle plant in Batangas province.     Mirant Asia Pacific reported that it would receive net proceeds of US$3.215 billion after transaction costs and the repayment of US$642 million in debt.   The consortium offered US$3.424 billion in cash and debt assumption following an international competitive tender to secure the 2,203 MW of capacity.  The payment of US$3,424 million included US$724 million of shareholder equity and senior debt of US$2.7 billion, made up of US$1.6 billion Japan Bank of International Cooperation (JBIC) loan and US$1.1 billion commercial bank loan syndication from Sumitomo Mitsui Banking, Mizuho Corporate Bank, Calyon, ING Bank and the Australia and New Zealand Banking Group. The financial close date of the deal was June 22, 2007.  The loan was signed but disbursement of the funds depended on the certification of Sual's operational condition.  In July 2008, TeaM Energy Corporation was reviewing the proposed 345 MW expansion of the Pagbilao plant, announced by Mirant in September 2004. As of July 2008, TeaM Enery had not awarded an EPC contract for the expansion.  The ownership changed from Marubeni (50%) and Tokyo Electric Power (50%) to Marubeni (25%), Tokyo Electric Power (25%) and Aboitiz Power Corp (50%) as of June 2014.
AO Lipetklelectrosvyaz is the regional telecom operator in the Lipetsk, located in Central Chernozemny region. The company provides basic local telephone services. It also provides national and international services through Rostelecom. AO Lipetklelectrosvyaz was privatized in December 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common stock and 51% of the voting rights by 1998. The employees and individual investors constituted the remaining shareholders. The company operated 222,960  access lines and had a total revenues for  $38 million in 1996.  Starting from 2003 became a branch of Center Telecom.
AO Adygeya Electrosvyaz is the local telecommunications service provider for the Adygeya Oblast. The company provides local telephone service through its own network. The company also offers national and international service through Rostelecom's infrastructure. The company was partially privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998.
This regional electricity utility had 531-MW of generating capacity. It was privatized in 1993 and 59% of its stock was held by RAO EES Rossii.    As of end 2009, RAO Enyergyetichyeskiye Sistyemy Vostoka owned 98.68% of Kamchaskenergo. In turn, RAO Enyergyetichyeskiye Sistyemy Vostoka was owned 52.68% by the government. The ownership remained the same through 2011.  The company has contractual relationship with 3246 consumers - juridical persons, including 2998 subscribers for power supply, 248 subscribers for heat supply, and 42642 consumers - physical persons.
Ekatarinburg Town Telephone Network was one of the three companies created in December 1993 from the assets of the Ekaterinburg local telecommunications operator. The other two companies were Ekatarinburg International Telephone and Ekaterinburg Telegraph. Ekaterinburg Telephone is the local telecom operator in Ektarinburgskaya. The company provides only basic local and national telephone services. All international service is provided by Ekaterinburg International Telephone. The national service is provided via  Rostelecom. Ekaterinburg Town Telephone Network was partially privatized in 1993. Svyazinform held 38% of the common stock, and 51% of the voting rights by 1998. The remaining stake was mainly owned by employees and individual investors.  Ekaterinburg's total equity valuation was $1.2 million by 1996.  In 2000, Svyazinvest transferred its shares in the company to its subsidiary Uraltelecom.  Currently part of Ekaterinburg-based branch of JSC Uralsvyazinform.
The project involved the construction of a 600 MW power plant which had two generating units of 300 MW each. The project was developed by a joint venture which was integrated by Hong Kong based China Resources Holding Co. Ltd.,  the State Energy Investment Corporation and parties concerned from Xuzhou and Jiangsu province. CRC was the largest shareholder possessing a 35% stake in the joint venture.
In January 1993, New World Infrastructure (NWI) through its subsidary, Sharp Class Enterprises Ltd., signed a 30 year joint venture contract with the Wuhan Province SOE, Wuhan Airport Road Industrial Development Co. Ltd., for the construction and operation of an 18km toll road connecting Wuhan to Wuhan Tianhe Airport. New World Infrastructure had a 66.67% stake in the jv company, Wuhan Airport Road Development Ltd., and invested US$ 63 million in the project - US$ 60 million as a loan to the project company (with US$ 40 million refinanced through a bank loan to NWI) and Rmb 40 million (US$ 3 million) as equity. The state-owned company held the rest of the stake in the project company.The road opened in April 1995 when the contract period began. In 1995,  the average toll rate was Rmb 10 with an airport surcharge of Rmb 20. The average traffic flow in 1995 was 4,650 vehicles per day.
Saratorelectrosvyaz is the regional provider of telephone services to the Saratorelectrosvyaz Region in Povolzhsky. The company provides basic local telephone services. It also provides national and international services through Rostelecom.  Saratorelectrosvyaz was privatized in December 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common stock, and 51% of the voting rights by 1998. The employees and individual investors constituted the remaining shareholders. The company operated 356,890  access lines by 1998.  Became a branch of JSC VolgaTelecom in November 2002.
OTM was firstly awarded a contract to build, own and operate two marine storage terminals for 12 years in 1992. In 1995, with the restructuring of the Mexican port sector, the contract was extended to 30 years.  The two terminals handle liquid cargo for third parties. Mexplus Puertos, a joint venture between Mexplus (61%) and the IFC (39%), has the full ownership of OTM.
Sevosetinelectrosvyaz is the local telecommunications service provider for the Sevosetin region. The company provides local telephone service through its own network. The company also offers  national and international service through Rostelecom's infrastructure. The company was privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998.  Became a branch of Southern Telecom in November 2002.
This is a regional electricity utility serving the Volgograd oblast with a 1,757-MW of generating capacity and 7,334-gigacalories of heating capacity. It was privatized in 1993 and 61% of its stock is held by RAO EES Rossii. Market capitalization in 1996 was $89.6 million.  The utility merged with the Territorial Generating Company TGK-8 during RAO UES led power sector restructuring in Russia.
Regional electricity utility with 492-MW of generating capacity. It was privatized in 1993 and 55% of its stock is held by RAO EES Rossii. In 2006, the company merged with Territorial Generating Company TGK-5 and subsequently further divested.
Asian Terminals Inc. (P&O (33%), 7R Port Services (33%), All Asia Capital Group (33%)), incorporated in July 1986 as Marina Park Services, was granted in 1992 the exclusive right to container handling at South Harbor on a 15-year concession basis which was later extended by 6 years to 2014 with an option for another extension by 25 years. Asian Terminals is the Philippine's second biggest port operator with its South Harbour operations handling about 40% of the country's international box volume.   In the adjacent North Harbor, box cargo is handled on a similar long franchise by International Container Terminal Services Inc. Asian Terminals Inc. also developed and operates Mariveles Grain Terminal (US$ 36 million), which began commercial operations on July 1, 1998 to ease congestion at the South Harbour.    ATI was listed on the Manila Stock Exchange in Mitsui & Co has purchased a 7.7% stake in Asian Terminals Inc for US$ 140 million in August 1996. Asian Terminals' liabilities grew by approximately 40% from Peso3.7bn in fiscal year 1997 to Peso5.2bn in fiscal year 1998. Among its major creditors are Deutsche Bank (Peso-207.34m), Land  Bank of the Philippines (Peso160m), Standard Chartered Bank  (Peso-108.67m), East West Banking Corp (Peso100m) and Hongkong Bank (Peso98m).  In response, Asian Terminals Inc in Oct. 1998 sought approval from  the Philippine Securities and Exchange Commission (SEC) for a Peso1bn ($22.8m) rights offering. ICTSI and ATI filed petitions for further rate increases due to the Asian financial crisis, which were approved by the Philippine Port Authority, but were being challenged by shipping lines in court.  In March 2006, DP World purchased the Peninsular and Oriental Steam Navigation Company (P&O) of the United Kingdom. Since this date, ATI has been controlled by DP World.   In October 2007, ATI was granted a 25-year extension to its contract to manage and operate the South Harbour terminal until May 18, 2038 -immediately after its first contract expires in 2013. Under ATI's investment plan, the company committed to invest US$300.5 million between 2009 and 2022.
This is a regional electricity utility with 475-MW of generating capacity. It was privatized in 1993 and 71% of its stock is held by RAO EES Rossii.  As a result of RAO UES led power sector restructuring in Russia over 2003-2008, AO Stavropolenergo merged with the Territorial Generating Company TGK-8.
AO Orel Electrosvyaz is the local telecommunications service provider for the Orel Oblast in Central-Chernozemny. The company provides local telephone service through its own network. The company also offers  national and international service through Rostelecom's infrastructure. The company was partially privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998. AO Orel Electrosvyaz operated 182,210 access lines and revenues for US$27 million in 1996.  Starting from 2003 became a branch of Center Telecom.
This regional electricity utility has 190-MW of generating capacity. 63% of its stock is held by RAO EES Rossii.  As a result of RAO UES led power sector restructuring in Russia, AO Kubanenergo merged with the Territorial Generating Company TGK-2.
Okrtelecom is the regional telecom operator in the Khanty-Mansiysk. The company provides basic local telephone services. It also provides national and international services and cellular/GSM900. Okrtelecom was privatized in Apr. 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 50.66% of the company's shares, while local investors held 34.72% and the employees held 14.62%. Okrtelecom operated 310,050 access lines by 2000.  Became a branch of JSC Uralsvyazinform in November 2002.
Dialog Telekom Ltd (DTL)(formerly MTN Networks Ltd.)received its 20-year license to operate a nationwide GSM cellular service on September 29, 1993. The company was a joint venture between local conglomerate Mahajara Oganization Ltd. (10%) and Telecom Malaysia (90%). As of 2001, DTL was a fully-owned subsidiary of Telekom Malaysia Sdn Bhd.(TM). In July 2005, TM sold 9.9% stake in DTL through an initial public offering and raised US$ 85 million.  In May 1994, DTL signed a five-year US$10.1 million contract with Alcatel for the supply of RBS's and switching equipment. By end of 1995, the company invested US$15 million in the network with a capacity of 30,000 lines. In November 2001, DTL awarded a Euro7million (US$6.63million) turnkey contract to Alcatel for expansion of the GSM Network with a completion date targeted for end of 2001. In April 2003, the company announced it was investing an additional $90m in network expansion. In January 2004, MTN Networks secured a US$ 50 million long term loan from the International Finance Corporation to fund an ongoing expansion program.   The company launched its GSM network on April 1, 1995 under the name Dialog. The launch covered areas along the west coast in the cities of Colombo, Kandy, Negombo, Chilaw, and further inland in Matale. In March 2004, DTL launched a pilot 3G ( third generation) mobile telephony services project. As of June 2005, DTL competed with three other mobile operators - Lanka Cellular Services (Pvt) Limited, Mobitel (Pvt) Limited, and Celltel Lanka Limited.  In 2007, Dialog Telekom recieved from IFC a $30 million equity investment to acquire a 1.6 percent holding in Dialog from Telekom Malaysia (TM) and a $70 million loan.   In 2007, Dialog's main shareholder, Telekom Malaysia Bhd announced a demerger of its fixed-line and mobile businesses to create two separate entities - Telekom Malaysia and TM International. The demerger was completed on April 28, 2008, when TM International was listed on Bursa Malaysia as publicly traded, indpendent company. In March 2009, TM International changed its name to Axiata Group Berhad.
This regional electricity utility has 12.5-MW of generating capacity. It was privatized in 1993 and 49% of its stock was held by RAO EES Rossii.  As a result of the restructuring of the power sector in Russia during 2003-2008, Pskovenergo is a branch of JSC "Interregional Distribution Grid Company of the Northwest" (JSC IDGC of the North West). JSC IDGC consists of seven branches - "Arkhenergo", "Vologdaenergo", "Karelenergo", "Kolenergo", "Komienergo", "Novgorodenergo", "Pskovenergo."   55.4% of the share capital of JSC "MRSC North-West" owned by OAO "IDC Holding, a state-owned entity. JSC IDGC Holding is a company established as a result of the reorganization of RAO UES of Russia to manage interregional distribution grid companies (IDGCs)  The main activities of "Pskovenergo" were the provision of services for electric power transmission and grid connection to the grid in the Pskov region. The composition of "Pskovenergo" consists of six production offices - Northern electrical networks, power grids Eastern, Southern electric networks, the Western power grids, power grids and the central Energoavto.  "Pskovenergo" operates energy facilities-voltage 110 kV, 35 kV, 6-10 kV and 0.4 kV. On the balance of power companies are overhead and cable transmission line length of 45 390 km, 170 kV substations 110-35, transformer input is 1983 MVA and 10 988 TP 10/0, 4 kV, the total transformer capacity of which 1643 MVA.
This regional electricity utility has 600-MW of generating capacity. It was privatized in 1993 and 61% of its stock is held by RAO EES Rossii. Magadan Power System operates in the Magadan region, part of the republic of Sakha (Yakutia), and provides centralized electricity consumers in these areas, as well as district heating of cities of Magadan, Anadyr, Pevek and towns of  Myaundzha, Ust-Nera, Lake.   Magadanenergo consists of four subsidiaries: JSC "Chukotenergo" , OAO "Magadanenergoremont", JSC "Magadanelektrosetremont", JSC "Magadanenergonaladka" and other affiliates.  As of Dec 2008, Magadenergo's shareholders were JSC RAO ES - EAST (49%) and others -individuals, legal persons and nominees (51%). The shareholders remained the same through the end of 2011.
Serudong Power Sdn Bhd, a consortium that consists of Mega First Corp. (51%), Premium Trac Industries (22.3%) and Knight Piesold AG (26.7%), has developed a 36-MW (3x12-MW) hydro power plant at Tawau, Sabah. The plant was commissioned in 1996 and received an operational license issued on 03/31/1997.
Vostoktelecom Company Ltd. was founded as a joint venture between Interdaltelecom of Russia and and by two Japanese companies: "Kokusai Denshin Denwa Co., Ltd."(now KDD Corporation) and "Nissho Iwai Corporation" (NIC) in 1992.  KDD and NIC each held a 37.5 % stake in the new firm while Russian company Interdaltelecom (IDT) held the remaining 25% stake. The contract provided for increasing the Russian share to 50% by the year 2000.   Vostoktelecom network has been in operation on the territory of the Russian Far East and East Siberia since January 1993. Vostoktelecom has been licensed to provide local, regional, long distance and international telephone services over an overlay network of Vostoktelecom as well as data transmission and Telematic services. The company was expected to invest US$10m to install equipment which receives and processes signals transmitted through Intelsat space satellites.  The network consisted of an earth-station of Intelsat-A type (16m antenna) in Vladivostok, with an initial capacity of 30 channels. In 1995 the capacity was extended to extended to 60 channels (IDR system linked to KDD-Japan for further transit). The network also had an international switch in Vladivostok, and local switches in Vladivostok, Khabarovsk, Jakutsk, Irkoetsk, Nakhodka, and Sakhalinsk. The network configuration started in Vladivostok using fixed links rented from the Russian Federation railway operator. At each of those sites, a switch will be installed accessible for local subscribers, and will provide long distance and international traffic. The Vladivostok switch was expected to provide long distance transit and international connectivity. In compliance with the status of "dedicated network", the network operated by Vostoktelecom was not connected to the public network operated by Rossvyazyinform.  As of 2005 VostokTelecom also offered wireless internet connections based radio Ethernet as well as dial-up and ADSL internet services.  In January 2008, Dalsvyaz bought a 61% stake in Interdaltelecom, becoming the single owner of the company. As such Dalsvyaz owned 25% of Vostoktelecom Company Ltd.  Vostoktelecom was 25% owned by Interdaltelecom, which was 100% acquired by Dalsvyaz in 2008. Dalsvyaz was then merged with Rostelecom in 2011.
AO Altasvyaz (Altay Regional Electrosvyaz) is the regional telecom operator in the Altay Region. The company provides basic local telephone services. It also provides national and international services through Rostelecom. Altasvyaz was privatized in December 1993, after the formation of Svyazinvest, the national holding company. Svyazinform holds 38% of the common stock, and 51% of the voting rights. Employees and individual investors constitute the biggest shareholders. Altasvyaz had 19,800 access lines by 1995.
This regional electricity utility has 1197-MW of generating capacity. It was privatized in 1993 and 65% of its stock is held by RAO EES Rossii.  The utility merged with the Dalnevostochnaya Generating Company (ID4847)during RAO UES led power sector restructuring in Russia.
Piedra del Aguila hydroelectric plant was owned by Hidroelectrica Norpatagonica Sociedad del Estado, an Argentine state-owned company. The facility had an installed capacity of 1,400-MW and produced about 5,500 gigawatt hours of electric energy (10% of Argentina’s needs) in 1993. Hidroeléctrica Piedra del Aguila SA was created in order to privatized the hydro power plant. The  company was partially privatized in December 1993 when a 59% equity stake was sold for $272.1 million to Duke Hidronor (21.7%), a subsidiary of Duke Energy (USA), TransAlta Energy (USA - 21.7%), Hidroandes (18.1%) a Chilean subsidiary of Chilgener, Emerging Markets Growth Fund (3.2%), and New World Fund (0.3%). The winning consortium paid $100 million in cash and $172 million in debt papers. The consortium also assumed debt for $405 million of company.   The new owners invested $75 million between 1994 and 1996 to complete the plant.  Gener acquired TransAlta's 15.8% stake in 1999 and Duke sold its 16.7% stake to Gener in early 2000.  In early 2001, TotalFina acquired Gener's share in the project company closing the deal in September of 2001.  TotalFina is the sole controlling shareholder with a 70% stake.  In January 2004, the French company Total SA (TotalFina) filed a claim against the Argentinean government with an international arbitration tribunal (International Centre for Settlement of Investment Disputes - ICSID). The companies claim compensation for the losses caused by the devaluation of the Argetinean currency (peso) and the conversion of dollar-denominated tariffs into pesos.  On November 12, 2006, Sociedad Argentina de Electricidad (Sadesa), owned by the Argentinian Miguens-Bemberg group and Merrill Lynch & Co (USA), signed the contract to purchase 59% of the shares of Piedra del Aguila from Total Fina for US $35 million. Sadesa S.A. is now the operator of this plant as well as Central Puerto after purchasing a controlling interest in their shares. The contract signing for both purchases was supervised by Ministerio de Planificacion Federal, Argentina’s federal planning ministry.
Kabardino-Balkarsky Telephone is the regional telecom operator in the Kabardino-Balkariya Republic, which is located in the Northern Caucasus region. The company provides basic local telephone services. It also provides national and international services through Rostelecom.  Kabardino-Balkarsky Telephone was privatized in December 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common stock, and 51% of the voting rights by 1998. The remaining stake was mainly owned by employees and individual investors.  Became a branch of Southern Telecom in November 2002.
This regional electricity utility has 80-MW of generating capacity. It was privatized in 1993 and  72% of its stock is held by RAO EES Rossii. In 2006, the company merged with Territorial Generating Company TGK-5 and subsequently further divested.
AO Stavrapol Electrosvyaz is the local telecommunications service provider for the Stavrapol Oblast in North-West Russia. The company provides local telephone service through its own network. The company also offers national and international service through Rostelecom's infrastructure. The company was partially privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998. AO Stavrapol Electrosvyaz operated 429,840 access lines and revenues above US$64 million in 1996.  Became a branch of Southern Telecom in November 2002.
AO Kursk Electrosvyaz is the local telecommunications service provider for the Kursk Oblast in Central-Chernozemny. The company provides local telephone service through its own network. The company also offers  national and international service through Rostelecom's infrastructure. The company was partially privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998.  AO Kursk Electrosvyaz operated 181,200 access lines and had revenues for US$27 million in 1996.  Starting from 2003 became a branch of Center Telecom.
AO Magadansvyazinform is the regional telecom operator in the Magadan Oblast, located in the Russian Far East region. The company provides basic local telephone services. It also provides national and international services through Rostelecom. AO Magadansvyazinform was privatized in December 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common stock, and 51% of the voting rights by 1998. The employees and individual investors constituted the remaining shareholders. The company operated 117,100 access lines by 1996.  Became a branch of Dalsvyaz in November 2002.
NNSI is the regional provider of the telephone services in the Nizny Novgorod region, which covers an area of 76,700 square km, and has a population of 3.6 million. The company provides basic local, national and international services. It also acts as a long distance transmission center for the neighboring countries. NNSI was privatized in December 1993 after the formation of Svyazinvest, the national holding company.   Svyazinform held 38% of the common stock and 51% of the voting rights by 1998. Foreign investors held 21% of the common shares and 28% of the voting shares. Domestic investors held 10.7% of common shares and 14.3% of voting shares. The employees and individual investors held 5.3% of common shares, 25% of the preferred shares, and 7% of the voting shares. The remaining shareholders are as follows: ULM Enterprises Ltd (3%); Baldwin Enterprises (3%); EEDF Investments Ltd. (4%), employees and individuals (9%), and other legal entities (10%).   The company had invested $30 in its network since 1993, and planned to invest an additional $116 million between 1997 and 1999. It has borrowed from Sumimoto and Alcatel amounting to $4 million. Main equipment suppliers are NEC, Alcatel, Iskratel and Beto. The state-owned company invested US$30 million in 1994, US$35.5 million 1997, land US$41.8 million in 1998.  Became a branch of JSC VolgaTelecom in November 2002.
A regional electricity utility with 1665-MW of generating capacity. It was privatized in 1993 and 60% of its stock is held by RAO EES Rossii. Its market capitalisation was $23.2m at the end of 1996.  In August 2007, an extraordinary general meeting of shareholders of AO Omskenergo resolved to consolidate the company within OAO TGK-11. The final decision to consolidate AO Omskenergo within TGK-11 was made on Sep. 3, 2007, by the board of the sole shareholder of TGK-11, RAO UES.
Empresa Distribuidora de Electricidad de San Luis distributes electricity in the Province of San Luis, Argentina. The provincial government of San Luis privatized the company in 1993 when a consortium formed by Exxel (81%), Union Fenosa (9%), and PPP (10%) bought the company. During the first years after privatization Union Fenosa was responsible for the management and operation of the company. By 2001, Edesal was owned by GPU International (90%) through its subsidiary GPU Arg. Holdings, Inc and by PPP (10%). The company had 81,000 customers in 1994 to whom it provided 489 GWh.   In 2001 GPU International merged with First Energy and therefore control over Emdersa (parent company of Edesal) moved to First Energy. In April 2003, in response to the peso devaluation, First Energy spun off Emdersa –the holding company of electricity distributors Edesal, Edelar and Edesa. In September 2005, Emdersa was acquired by a group of local (40%) and U.S. investors (60% Nextar fund).   In 2009, Ashmore Energy International [USA] increased its shareholding to 77.10% of Emdersa, the parent company of Empresa Distribuidora de San Luis SA, or EDESAL (project #749), Empresa Distribuidora de La Rioja SA, or EDELAR(project #506), and Empresa Distribuidora de Salta SA, or EDESA (project #96)for approximately US $82 million.  In March 2011, AEI sold its shares in holding company EMDERSA to Pampa Energia SA [Argentina] through Pampa's subsidiary Edenor.
TelecomAsia (later to be renamed "True"), was awarded a 25-year contract to build, operate and transfer two million fixed telephone lines in the Bangkok Metropolitan Area by Telecommunications Organization of Thailand (TOT) on August 2, 1991. The government awarded TA another 600,000 lines which brought the total lines to be installed to 2.6 million lines by September 30, 1996.  The construction was to last for five years after which the assets were to be transferred to TOT. Throughout the contract period the company was to be responsible for the operation and maintenance of the network jointly with the TOT. The agreement required the company to pay 21% of its call revenues as a royalty to the Telecommunications organization of Thailand (TOT).   TelecomAsia also received a license to operate a Cordless Access Services as a value added services to fixed line subscribers in 1996. The company also owned a license to provide cable TV services through its subsidiary Universal Cable Television Network (UTV).   The company was initially a wholly-owned subsidiary of the Charoen Pokphand Group (CP Group). In 1992, NYNEX of the U.S. acquired a 15% stake in TA, but later sold that stake to Golden Tower Trading Ltd. and Mission Gain Investments Ltd for an estimated US$38.5 million in July 2003.  Small investors acquired their shares in December 1993 when the company issued approximately 223 million shares (10% of the company) in an initial public offering, raising approximately US$500 million to fund new investment opportunities.  As of December 31, 2005, the major shareholders were CP Group (34%), the state-owned Thai Trust Fund (8.74%), and Kreditanstalt fur Wiederaufbau (8.33%) amoung smaller shareholders.   The total cost of the initial 2 million line network was estimated at US$2.4 billion over five years (the company planned to install the first 100,000 lines by the end of 1992 and all two million lines in the following four years).  The supply contract was  awarded to Germany's Siemens.  The project reached financial closure in August 1993 when the company secured a syndicated loan for US$1.9 billion (about 48 billion baht), raised by 23 Thai banks and finance companies. Siemens received export credit from Kreditanstalt fur Wiederaufbau, the German Government import-export bank.   In August 1996, TelecomAsia was granted approval and began to implement a Personal Communication Telephone (PCT) service (wireless fixed-line) at a project cost of about 15 billion baht (US$412.09 million).  The new service was launched in November of 1999.     TelecomAsia was experiencing problems making its PCT network commercially viable by 1998.  By the end of 1999, the company restructured its debt of US$2.21 billion which included KfW, the German export-credit agency acquiring an equity stake in the company in exchange for US$150 million.  The company restructured its debt again in October of 2002, issuing a 21.75-billion-baht debenture, half of which was guaranteed by the IFC.   TelecomAsia launched a joint-venture mobile service in 2002. TA Orange Wireless, formerly known as Wireless Communications Services, operated a PCN 1800 network. Ownership of the JV was split between France Telecom Orange Plc (49%), TelecomAsia (TA) (44%) and TA's parent, Charoen Pokphand Group (CP Group)(7%). The company re-launched services in March 2002 after obtaining a new 20-year license and investing US$550 million in its network.  In September of 2004, True Corp. PCL completed the purchase of an additional stake in TA Orange Ltd. from France Telecom, raising its holding in the Thai mobile phone operator to 83%, from 44%. Orange, which invested over US$500 million in TA Orange only three years before, was left with a 10% stake in the holding company which was to allow True to use the Orange brand name for another three years. The move came after TA Orange completed a THB33.50 billion debt refinancing plan with local and foreign creditors, which extended the repayment of loans to end-2011.  In early 2003, TA engaged an international branding company to assist in reviewing the branding of all TelecomAsia's products and services, as well as those of its subsidiaries.  As a result, the TA's board approved changing the name of TelecomAsia to TRUE.  The new corporate brand identity became effective in mid 2004.  By 2005, True was Thailand's largest privately owned fixed line telephone operator with about 2 million subscribers.  In 2006, the Company planned to invest between Bt2 billion to Bt3 billion to modernize its networks.
Rajburi Sugar Co. Ltd. has developed a 17.5-MW waste-to energy power plant at Ban Pong, Ratcha  Buri. The plant, currently in operation, uses agricultural waste as fuel and sells 2.5-MW of power to the Electricity Generating Authority of Thailand (EGAT) under the Small Power Producers (SPP) Program. The PPA was signed on October 14, 1993 and has been selling power to EGAT as of April 7, 1994. EGAT signed a "non-firm" contract with the project company. Estimated project cost is $17.5 million ($1.0 million per MW).
Kaset Thai Sugar Co. Ltd. has developed a 52.5-MW waste-to energy power plant at Takhli, Nakhon Sawan. The plant, currently in operation, uses agricultural waste as fuel and sells 8-MW of power to the Electricity Generating Authority of Thailand (EGAT) under the Small Power Producers (SPP) Program. The PPA was signed on August 16, 1993 and has been selling power to EGAT as of January 25, 1994. EGAT signed a "non-firm" contract with the project company. Estimated project cost is $52.5 million ($1.0 million per MW).
AO Kubanelectrosvyaz is the regional telecom operator in the Krasnodar Region, located in Northern Caucasus. The company provides basic local telephone services. It also provides national and international services through Rostelecom. AO Kubanelectrosvyaz was privatized in December 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common stock, and 51% of the voting rights by 1998. The employees and individual investors are the main owner of the remaining stake. The company operated 710,450 access lines and had the total revenues for $181 million in 1996. After the privatization, the company invested US$50 million in the expansion and digitalization of its network, financed trough the revenues.  Became a branch of Southern Telecom in November 2002.
A regional electricity utility with 554-MW of generating capacity. It was privatized in 1993 and 49% of its stock is held by RAO EES Rossii.   As a result of RAO UES led power sector restructuring in Russia, AO Lipetzkenergo merged with the Territorial Generating Company TGK-4.
In 1990, Central Filo Morado was awarded a 16-year contract to build and operate a thermoelectric power plant at Loma de La Lata. The company is a subsidiary of Astra Capsa, which is owned by YPF (50%) and IATE (50%). The power plant initially had a capacity of 42 MW, but this capacity was increased to 63 MW in 1997. The total investment on the facility amounts to US$ 45 million.  YPF owns assets that are part of Filo Morado but it has not been in operation since November 2008.
NGTS is the local telephone operator for the Novosibisrk City in Northwest Russia. NGTS is specialized in providing local phone logs and currently has a capacity of 356,000 access lines allocated to individuals and businesses in the city. NGTS was privatized in December 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common stock, and 51% of the voting rights by 1998. The employees and individual investors constituted the remaining shareholders. The company had digitized 23.3% its network, and had installed SDH equipment (fiber-optic link) for a small part of the city by 1998.  NGTS held stake in the following companies: RINET, for internet services; NOVOCOM, inner-city and international long distance provider; NGTS-PAGE, paging company; and Sibtelesot, cellular operator.
AO Khakasia Electrosvyaz is the local telecommunications service provider for the Khakasia region. The company provides local telephone service through its own network. The company also offers national and international service through Rostelecom's infrastructure. The company was partially privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998. AO Khakasia Electrosvyaz operated 361,800 access lines in 1996.
AO Orenburg Electrosvyaz is the local telecommunications service provider for the Orenburg Oblast in the Urals. The company provides local telephone service through its own network. The company also offers  national and international service through Rostelecom's infrastructure. The company was partially privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998.  AO Orenburg Electrosvyaz operated 297,470 access lines and  revenues for US$62 million in 1996.  Became a branch of JSC VolgaTelecom in November 2002.
TTK is the  local telecommunications service provider for the South-Eastern Russia. The company provides local telephone service through its own network. The company also offers  national and international service through Rostelecom's infrastructure. The company was privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998.
AO Krasnoyark Electrosvyaz is the local telecommunications service provider for the Krasnoyark Oblast in East-Siberia.The company provides local telephone service through its own network. The company also offers  national and international service through Rostelecom's infrastructure. The company was partially privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998. AO Krasnoyark Electrosvyaz operated 371,000 access lines and had for US$110 million in 1996.  Became a branch of JSC Sibirtelecom in November 2002.
JSC Sibirtelecom was the main fixed line local telephone provider for the Siberian region. The company served an area with a population of 20.9 million people (14% of population) and covered about 29% of Russia’s territory. At the end of 2004 the company had some 3,844,000 fixed line customers and a total capacity of over 4.2 million lines. Sibirtelecom provided local fixed line services through its own network in, and national and international services through Rostelecom's infrastructure. The company also provided Internet, IP telephony, data transmission, wave and cable television services. Sibirtelecom offered mobile telephone services to almost two million subscribers at the end of 2005.  The divestiture of Sibirtelecom took place in 1993-1994 when the regional fixed line operators were corporatized and, in most cases, 49% of their shares were transferred to the public through the Russian voucher privatization program. JSC Sibirtelecom was created as one of seven mega-regional companies in which Svyazinvest, the state-owned holding company, consolidated its 74 regional fixed line operators in 2002-2003. The other six companies were CenterTelecom, North-West Telecom, Volga Telecom, South Telecom, Uralsvyazinform and Far East Telecom (Dalsvyaz). JSC Sibirtelecom was created in November 2002 from the merger of 11 regional telecommunications operators in the Siberian region. The company was named after Sibirtelecom, previously known as Novosibirsk Elektrosvyaz, which was fixed line provider in the Novosibirsk region. The other 10 operators merged were: Altai Electrosvyaz, Altaitelecom, Buryat Republic Electrosvyaz, Irkutsk region Electrosvyaz, Kemerovo region Electrosvyaz, Krasnoyarsk Electrosvyaz, Omsk Electrosvyaz, Tomsktelecom, Khakass Republic Electrosvyaz, Chita region Electrosvyaz.  In 2005 Svyazinvest controlled Sibirtelecom, owning 51% of voting shares and 38.5% of common shares. Foreign investors owned 34.99% of common shares, and employees and small shareholders had the remaining 13.63%.  As of 2006, Sibirtelecom had 11 subsidiaries with 4 million fixed line customers and owned 100% of the following mobile operators:  CJSC 'Eniseytelecom', CJSC 'Baikalinvestcom', and CJSC 'STEK GSM', with 2.9 million mobile customers.   On April 1, 2011, several companies below merged into Rostelecom: Center Telecom (3171), Skylink (1321), Dalsyaz (3181), Sibirtelecom (3180), Uralsinform (3177), Volgatelecom (3174), North-West Telecom (3173), Southern Telecommunications Company (3175), Dagsvyazinform (1225).
In May 1993, Hopewell Shunde Roads Limited (a subsidiary of Hopewell Holdings) signed a joint venture contract with the Shunde Municipal Construction Investment Company for the construction, rehabilitation and operation of a 102-km network of 4 interconnected toll roads in the municipality. The partners have 50/50 shares in the joint venture project company: Shunde Shunhope Highways (Shunde Municipal Shunhope Highway Construction Company Limited). The joint venture will continue for 30 years after the construction is complete, at which time the roads will remain with the municipal partner. Hopewell contributed a shareholder loan of HK$ 402 million (US$ 51.9 million; Rmb 1,035 million) in addition to equity of Rmb 155.5 million (US$ 18 million). Total project costs are Rmb 3,611 million (US$ 415  million). The network opened to traffic in June 1995, and official toll operations started in August 1996. The roads have eight toll collection plazas using the open toll collection system.  In 2001, HHI held the stake of 30%.
The 126-km Miskar Gas Pipeline connects the offshore Miskar gas field developed by British Gas (100%) to an on-shore Hannibal gas treatment plant, located about 32-km from Sfax. The state-owned, Entreprise Tunisienne d'Activities Petrolieres (ETAP) has an option to acquire up to 20% ownership of the project. The Miskar gas field is the largest in the country and supplies up to 80% of total demand.  Regular gas production began in June 1996. The project company, Miskar Production Concession signed a take or pay contract with the Societe Tunisienne de l'Electricite du Gaz (STEG) for the first five years of production. The estimated total cost of the project at $627.0 million with the debt/equity ratio being 70:30. In 1995, the project developers obtained political risk guarantees from  MIGA of $64.8 million, which includes a $14.9 million in reinsurance by the ECGD. Ground breaking took place in 1993.
AO Kaliningrad Electrosvyaz is the regional telecom operator in the Kaliningrad Region. The company provides basic local telephone services. It also provides national and international services through Rostelecom. Kaliningrad Electrosvyaz started to be privatized in December 1993, after the formation of Svyazinvest, the national holding company. Svyazinform holds 38% of the common stock, and 51% of the voting rights. Employees and individual investors constitute the biggest shareholders. Kaliningrad Electrosvyaz had 114,000 access lines by 1998. In 1996, it generated a total revenues of $281 million.  Became a branch of JSC North-West Telecom in November 2002.
The company was formed from small thermal-fired station from Argentinean state owned company AyEE SE (Agua y Energia Electrica Socidedad del Estado). The total capacity of the power plants was 248-MW. The company was privatized in two stages. In the first one (March 1993), a 90% equity stake was sold for $0.4 million to IATESA, an Argentine company. In the second stage, the remaining 10% equity stake was sold to company's employees at the same share price that the winning consortium paid.
AO Buryatiya Electrosvyaz is the local telecommunications service provider for the Buryatiya Oblast. The company provides local telephone service through its own network. The company also offers  national and international service through Rostelecom's infrastructure. The company was partially privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998. AO Buryatiya Electrosvyaz operated 143,000 access lines in 1996.
Tyumentelecom is the local telecommunications service provider for the Tyumen Oblast in Western Siberia Region. The population of the Tyumen region is 1.35 million. The company provides local telephone service as well as national and international service. Tyumentelecom also provides long distance services for the Yamalo-Nenets district in Northern Tyumen.   The company was privatized in 1993, after the formation of Svyazinvest, the national holding company. Svyazinform held 38% of the common shares and 51% of the voting shares by 1998. Foreign investors held 18.4% of the common shares, domestic investors held 10.2%, and employees and management held 8.4%. Tyumentelecom had 209,000 access lines and revenues of US$64 million in 1996. Tyumentelecom holds a virtual monopoly in the southern Tyumen region. However, there are two other telecommunication companies operating in the overall Tymen region: Yamalelectrosvyaz and Hanty Maniysk Telecom. Tyumentelecom's major sources of financing are supplier's credits from international equipment suppliers, profits, and funding from regional government. Tyumentelephone also uses "telephone bonds" which entitle the investor to priority installation of a new phone. The company invested US$6 million in 1995, US$14 million in 1996, and US$19 million in 1997.  Became a branch of JSC Uralsvyazinform in November 2002.
As of December 1993, the Colombian ports were privatized and given in concession to the newly formed private, regional companies, known as Asociedades Portuarias Regionales. Each company was divided as follows: 70% private capital, 15% owned by the local municipality, 13% by the regional authority and just 2% by the state. The privatization was authorized by Law 1A of 1991, which envisioned the creation of regional entities to operate the ports. Sociedad Portuaria Regional de Barranquilla (SPRB) S.A. is the second largest terminal in Colombia and the largest on the Atlantic coast.  In May 2008, Sociedad Portuaria Regional de Barranquilla (SPRB) S.A. signed a 20 year extension with the Colombian government agency INCO and committed to investing an additional US $178 million.  In November 2012, Southern Cross, the investment funds manager headed by Norberto Morita, Raul Sottomayor, Ricardo Rodriguez and Horacio Reyser, purchased the majority control of SPRB (Sociedad Portuaria Regional de Barranquilla).
In August 1993, the State of Morelos, Mexico, awarded a 12 year + construction period build, own and transfer contract for a wastewater treatment plant in the City of Cuernavaca to private company Filter SA de CV. The plant was designed to treat wastewater at a rate of 14 million gallons per day and serve an area with 500,000 inhabitants. The treated water was to be used for agricultural irrigation, and the sludge from the plant for soil conditioning.   The plant was expected to cost some $14 million. Construction of the plant was completed in May 1994.   In 2004 US Filter was purchased by German group Siemens AG.  The project concluded as scheduled in 2007.
Penang Bridge Sdn Bhd (PBSB) was the wholly owned subsidiary of UEM Builders as of 2005. It was a single-purpose company with the sole purpose of undertaking the operations, maintenance, tolling and improvement works on the Penang Bridge.   From September 1985 to September 1993, operation and management of the Penang Bridge was managed by Malaysian Highway Authority (MHA).  The Malaysian Government and Mekar Idaman Sdn Bhd (an associate of UEM) entered into a Concession Agreement dated 30 September 1993 in connection with managing, maintaining and operating toll collection services of the Penang Bridge for a concession period of 25 years until 31 May 2018. The consideration of RM550.0 million (US $216 million) to the government was financed by a syndicated term loan issued by Mekar Idaman Sdn Bhd and arranged by RHB Sakura Merchant Bankers Berhad.  On 23 November 1995, Penang Bridge Sdn Bhd, ("PBSB") (a wholly-owned subsidiary of UEM Builders Berhad ("UEM Builders")), and Mekar Idaman Sdn Bhd entered into a Novation Agreement with the Government whereby, with the approval of the Government, Mekar Idaman Sdn Bhd assigned its rights and transferred its liabilities and obligations under the Concession Agreement to PBSB.  The Bridge was built by the Government at a total cost of RM800.00 million (excluding the cost of land acquisition). With 3 interchanges, the 13.5 km Penang Bridge of which 8.4 km was above water was officially open to public on 14 September 1985. It had 533 spans of which 192 spans for the Bridge was above water. Constructed with a 6.2 km dual carriageway and 2.2 km three lanes at the Main span, this Bridge was the only physical link between the Mainland of Peninsular Malaysia and Penang Island.
Mobitel Tanzania Ltd. was awarded a license to operate mobile phone services in the Dar es Salaam area in 1993. Mobitel started its commercial operations in 1994. The license was expanded to nationwide coverage in 1998.   The company was initally a joint venture between Luxembourg-based Millicom International Cellular (57%), the state-owned Tanzania Telecommunications Co. (27%), and the local Ultimate Communications Ltd. (16%). On February 3, 2004, Millicom acquired 25% of Mobitel Tanzania from Tanzania Telecommunications Co., thus incresaing its ownership stake to 84.4%.      By the end of 1999, the company had invested a total of US$33.3 million in network development (a loan of US$12.5 million was provided by the Southern Africa Development Bank in mid-1999).    Mobitel Tanzania acquired Adesemi Communications International in 1999.  Adesemi Communications International, previously known as African Communications, operated public wireless payphones.  Adesemi had 1,000 wireless public pay phones by the end of 1998 with an investment of US$0.2 million.  In July 2003, Mobitel acquired a loan from the Standard Chartered Bank to invest US$15 million in expanding its network in Tanzania. In 2004, the aggregate amount of the facility was increased by US$7.7 million (TZS 8,000.0 million).  By end 2005, Mobitel had 475,000 subscribers, representing a 13.55% market share and placing it third behind market leader Vodacom and Celtel.   In January of 2006, Millicom purchased the remaining 15.6% of Mobitel that it did not own from local Tanzanian investors for $1.3 million, making Mobitel Tanzania a wholly-owned subsidiary. By May, Mobitel spent $1 million to change the branding of Mobitel to bring it in line with its branding in other nations. With 761,000 subscribers, Mobitel maintained its third place position.
The Calcutta Electric Supply Corporation (CESC) Ltd was incorporated in 1897. CESC is responsible for power generation and distribution in Calcutta and its suburbs. An increase of 500-MW (2x250-MW) in capacity was provided through the Budge Budge Coal-Fired Power Plant Expansion project located in Budge Budge, 25-km from Calcutta. This project also involves the construction of two double circuit 132 kV overhead transmission lines.   Financial closure was reached on June 30, 1993 and modified on December 22, 1995. The IFC provided a $20.1 million direct (A) loan in its fiscal year 1990, a $30 million direct loan and a $30 million syndicated (B) loan in fiscal year 1992 and a $37 million syndicated loan in fiscal year 1996. Debt financing was also obtained from the Asian Development Bank (ADB), the Commonwealth Development Corp (CDC) and suppliers credits.   The project was came on line in 1998. The Budge Budge Power Plant is fueled from coal from the Ranigunj Mines in the Eastern Coalfields, but oil may be required for the plant's start up if support fuel falls below 30%. The oil will be supplied by the Indian Oil Corporation. The estimated project cost is $547.7 million. CESC will own the plant in perpetuity. The IFC had previously lent CESC $20 million in 1990 to augment and integrate CESC's transmission system in the Calcutta area. CESC is planning to expand capacity to 3400-MW.
In October 1994, the municipality of Ocona(Norte de Santander Department)granted a 5 year management contract to operate its water and sewerage services to Colombian Empresa de Servicios Publicos de Ocana. The municipality had a population of 78,856 inhabitants in 2005. Upon its expiration (1999) the contract was renewed for another 5 years.
St-Petersburg Taxophones is operator of the first and the biggest network of cardphones for local national and international communications in Russia. The company started its activity in June 1994. It has the largest network of payphones in St. Petersburg (the company has a local market share of 75%). The company's shareholders are Telecominvest, St. Petersburg Telephone Network, St. Petersburg National and Internaitonal Telephone, Great Nordic Payphones (Denmark), Ascom Nordic (Denmark) and the Investment Fund for Central and Eastern Europe. As of 2000, the company had 1,500 cardphones in the city. The company, in association with Svyazinvest, intended to set up a national operator of public phones in the near future.
The project includes the rehabilitation and operation of the 177 km toll road, linking Villavicencio to Cumaral, Granada and Puerto Lopez. The segments included were Villavicencio-Cumaral-Veracruz (30 Km), Villavicencio-Granada (79 Km), and Villavicencio-Puerto Lopez (79,7 Km)   The consortium has commenced operating the toll road. Its ownership is equally divided between the private sponsors.  In November 2005, the Instituto Nacional de Concesiones (INCO - Colombia's National Concessions Institute) anounced that it would renegotiate eight highway contracts. These contracts were costing the Government US$131 million (300,000 million pesos) each year in minimum revenue guarantees. Included in those is the contract for the Malla Vial del Meta concession.  In November 2013, the contract was extended until the award of the new generation of toll road contracts, which was expected to take place in 2014.
In April 1994, the Malaysian government awarded a BOT concession for a link road between the Klang Valley Expressway and a point on the North-South Expressway just north of KL International Airport. The concession went to United Engineers (Malaysia) Berhad, who turned it over to a wholly-owned subsidiary, Expressway Lingkaran Tengah Sdn Bhd (ELITE). Construction of the 48-km highway started in November 1994 and was divided into 3 sections. The first 9.8km section was completed in December 1996, and opened to the public on 16 December. The second, 38km, section opened in October 1997 - seven months ahead of schedule. Construction cost RM1.1 billion (US$430 million).   ELITE's performance was highly hindered by the Asian crisis in 1997/98. In July 1999, ELITE defaulted on M$440m floating rate notes, M$400m bonds, and a M$100m bridging loan from Bank Bumiputra.  In December 2000, the government approved a soft loan of approximately M$100m to part finance the construction of the Putra Jaya Interchange.  In March 2001, the company issued Islamic Bonds with a face of M$1.860bn, M$1.076bn of which was earmarked to repay its debt.  The bond has been rated A2 by Rating Agency of Malaysia and is divided into nine tranches. In October 2002, the government extended the concession period by seven years from 2018 to 2025.
This regional gas distributor for Aktyubinsk with charter capital of Tenge 36,966,000. Privatization began in 1994. Shareholders are Ak-Zhaik (10%), Bazis (10%), Batys-Benzin-Invest (10%), employees (10%), Bastau (5.5%), Azcesinvest (3.5%) and unnamed others (51%). The first six  acquired stakes in coupon auctions in 1994 for a total amount of US414,854 (Tenge 805,979) and the last through two investment tenders in 1996 for Tenge 26,232,000 ($357,872 at the Tenge 73.3/$ exchange rate of early December 1996).
The project includes a 12,000 feet runway, two terminals, four airbridges and an ATC tower. The airport will have a capacity of 1.5 million passengers and 40,000 tons cargo.   Financial closure was achieved through a loan provided by the Housing and Urban Development Corporation (HUDCO) and through shareholders equity; 49% of the shares are held by Gulf based NRIs (non-resident Indians), 6% of the shares are up for sale and 45% of the shares are controlled by the government.  HUDCO is considering converting part of its loan exposure into equity.   In 2000, the company announced that it will issue additional equity and use the funds to pay for part of its debts, to reduce interest costs, and to finance future expansion of the airport. In 2001, it was announced that the government's 51% stake will be reduced to 26%.
Port Vila’s system has been in private hands under the monopoly operator UNELCO (subsidiary of French Suez via Elyo) since 1994. Via tender, the Vanuatu Government granted UNELCO a concession contract in 1994 to supply water and electricity services to Port Vila for a period of 40 years. Under this contract, all management, operating and investment functions were delegated to the concessionaire. Asset ownership and contract performance monitoring was controlled by the Government based on periodic technical and financial reports. Regulation consisted in the Government ensuring that the terms of the contract were respected. Under this concession, UNELCO was required to guarantee quality, quantity and continuity of service and incurs penalties for non-compliance. In return, the operator was allowed charges for services.   UNELCO was to generate and distribute electricity in the two towns of Port Vila and Luganville including Malekula and Tanna and also operate the distribution of water in Port Vila.  Outside of the 15-km mark or on the other islands, anybody was allowed to produce and supply their own electricity and water.   The initial concession was signed in 1994 and comprised mainly the Municipal area of Port Vila. In 1995 an addendum was signed, extending the concession area to include the sectors of Erakor and Ifira. In 1997, a second addendum was signed, adding the sectors of Pango, Manples and Black Sands.   The network remained the property of the Government and was supposed to be returned to the Government free of charge at the end of the contract. The operator has the responsibility to operate, renew, upgrade, maintain and extend the network within the geographical limits of the concession area and within a predetermined budget for the next 40 years. At the end of the contract, the operation was supposed to be returned to the state, or there could be a new contract signed.   A total investment of US $11.6 million was anticipated during the contract period, with US $580,000 per year for the first five years.   As special fund to which the operator allocated 1 vatu per cubic meter, was established. This fund was used at the discretion of the Government to finance water connections for low income earners. When new areas have been serviced, that was Ifira Island, Erakor village, Pango village and others, this fund was used to finance all connections. The contract stipulated that it was the responsibility of the Government to provide access for the service.  The intention in holding a tender was to select the operator which could provide services at the lowest tariff. However, UNELCO won the bid in part because of its ability to crosssubsidize the new rural concessions from its urban services.  UNELCO’s concession contracts in Vanuatu provided that tariffs could be adjusted for changes in the general price level of key inputs, such as wage rates in Port Vila, but not for changes in actual labor costs in the company. Tariffs could be reviewed every five years. The price of the water was fixed and varied by the application of a price adjustment.  By 2003, UNELCO had 9,500 electricity customers, 5,000 water customers, generated 22 mega-watts of electricity and distributed 2.8 million cubic meters of water annually.
Westport was initiated by the Malaysian government through the Klang Port authority and subsequently privatized. The 3 billion Malaysian Ringitt privatization was awarded to Kelang Multi Terminal Sdn Bhd (KMT) with a 30 year-concession with another 30 year option. KMT was promoted by a consortium consisting of Pembinaan Redzai (with a 40% stake), Biobest Bhd (30%), Semakin Ajaib (10%), Lembaga Urusan Tabung Haji, or the Muslim Fund Board, (10%) and Permidalan Negeri Selangor, which is the investment arm of the State of Selangor, (10%). In 1997, Westport handled some 8 million tonnes of conventional cargo and 100,000 TEUs. However, total container throughput for the port is envisaged to rise 400 per cent in 1998 to 400,000 TEUs. Westport's throughput climbed to 158,991 TEUs during the first half of 1998 from 35,956 TEU in the 1997 period. Kelang Multi Terminal (KMT) has nine quay cranes.   Westport's investments are expected to total US$700 million by 2000, compared to US$ 500 million by the end of 1997. The port's 3,000 metres of berths already has a capacity of 1 million TEUs and 18 million tons of conventional capacity. The container wharf is fully equipped with 10 state-of-the-art quay cranes, 30 yard cranes and 66 prime movers. By early 1997, the terminal was expected to have 6 berths of 1,200 metres in length. West Port is expected to become the largest of three ports at Port Klang.  "K" Line, Nippon Yusen Kaisha (NYK) and Mitsui O.S.K. Lines (MOL) jointly established a company to operate a vehicle terminal in Port Kelang, Malaysia, together with Malaysian partners. The company, Vehicle Transit Center (Malaysia) SDN BHD VTC, was founded with an investment of 7.5 million Malaysian dollars (US$3.5 million) in 09/96, with the Japanese partners accounting for 35%, Konsortium Perkapalan Berhad, the biggest inland transporter in Malaysia, 50% of the shares. Kelang Multi Terminal Sdn. Bhd. will hold 15%. In 2000, Hutchison Whampoa acquired the 30% stake in the project held by Beobest Bhd. for US$ 105 million.
The regional gas supplier for Arkalyk with charter capital of Tenge 1,648,440. Shareholders were the Turksib Nompany (51%), employees (10%), Servis-Invest (10%), Silikat-Investestizionnyi (9%) by December 1997. All private stakes were acquired at coupon auctions on September 13, 1994. The divestiture revenues raised by the government in those coupons auctions were US$3,000 (Tenge 168,000). In addition, a 51% stake was sold for undisclosured amount to unknown investors in March 1997.  As of 2000, KazTransGaz (KTG), a subsidiary of KazMunayGas, Kazakstan's national oil and gas company, was set up to maintain, manage and operate the entire gas distribution network in Kazakhstan. Consequently, there were no private sponsors that owned or managed the gas distribution network, since KTG was the sole owner of the network. Also, as of 2000, Alaugas was no longer listed on the Kazakh Stock Exchangce (KASE)
This joint venture, Panyu Hong Kong and China Gas Company Limited, was established in 1994 and began operations in 1995. The project is located in Panyu, Guangdong Province. The Hong Kong and China Gas Company Limited (Towngas) will operate and manage the joint venture for 50 years.
On October 19th 1993, the State Congress of Quintana Roo, Mexico, awarded a 30 year concession for the water and sewage systems in the municipalities of Benito Juarez and Isla Mujeres to private operator Aguakan. The largest city in the concession area was Cancun, the seat of the Benito Juarez municipality. Cancun had a population of 430,000 and received 3.5 million tourists each year. The concession’s goals were to reduce unaccounted for water to 30 percent by the end of 1996, and to increase water coverage from 63 percent to 95 percent by the end of 1996 and sewerage coverage from 35 percent to 95 percent by the end of 1998. Prior to 1994 water and sewage services in the two municipalities had been provided by Comision de Agua Potable y Alcantarillado (CAPA), a decentralized public agency of the state government.  Aguakan was a special purpose company created by Mexican firm Desarrollos Hidráulicos de Cancun (DHC), in turn a subsidiary of national construction company Grupo Mexicano de Desarrollo (GMD).  The concessionaire agreed to pay the state government concession fees the amount of 15 million new pesos ($4.37 million) as a down payment, plus 3.5 million new pesos ($1.02 million) the first year and 7.5 million new pesos ($2.18 million) every subsequent year starting from the second until the end of the concession.   The concession became operational on January 1st, 1994. Aguakan committed to invest 400 million new pesos ($114.73 million) in the first five years of the concession. By 1999 only one fifth of this planned investment had been implemented: $10 million from cash flows and $12 million invested by the concessionaire during the first year of the concession, part of which was funded by DHC.  After the 1995 the Mexican Peso devaluation the private operator stopped funding investments.   A majority of the concession's revenues were derived from the sale of potable water to tourist hotels and other commercial users. Tariffs were approved by CAPA, the main regulatory body, and updated "according to the municipality’s buying power".  In 1999, Azurix Corp acquired a 49% stake in the Cancun project and acquired operational control of the concession, while management control remained shared with the other partners. Azurix also committed $25 million in financing related to improvements in wastewater treatment system.   In 2002 French multinational SUEZ, in a 50:50 partnership with Mexian group Penoles (BAL Group), assumed Azurix's share in the project. The transfer of ownership was for Azurix's share in Cancun Wastewater Systems and four other projects in Mexico. The partnership acquired the shares for $93 million.
The Trainmet (now Metropolitano) consortium signed a concession contract to operate the Roca, San Martin and Belgrano South lines of the Buenos Aires Metropolitan Railway in March 1993. To prevent further deterioration of the Buenos Aires metropolitan railway network, the President had created a new state-owned corporation, FEMESA, in March 1990. It was soon prepared for privatization (via lease/concession contracts). FEMESA divided the network into 7 lines: Mitre, Sarmiento, Urquiza, Roca, San Martin, Belgrano North, and Belgrano South. The government called for bids under a 2-stage bidding process. Bids were decided on the basis of lowest subsidy required, and pre-awarded for all 7 lines in January 1993. Each concession contract is for 10 years with optional 10 year extensions. The government sets maximum tariffs and minimum service frequencies.   Trainmet won the contract to operate the Roca, San Martin and Belgrano South lines. Trainmet comprises: Empresa Argentina de Construcciones, Ormas SA, Roman SA, DGT Electronica and 63 independent bus operators, along with train operators Jarts (Japan) and Bart (US) as partners. Tranmet set up the operator Transportes Metropolitanos Belgrano (TMB) for the line. TMB took over on May 1, 1994. Since Metropolitano took over, passenger numbers have increased 142% on the Belgrano South line. The Belgrano South line is 51.9km. Metropolitano pays an annual lease fee for operation of the Belgrano South line (US$196.7 million; in order to calculate the real value of the lease fee, a discount rate of 13.37% was used; this government has used this rate in other infrastructure sectors).  In November 1999, the concession contract was extended to 2025; the government also approved an increase in the consumer fees of 129% in five years, which will finance the additional US$ 120 million investments (the train fares were expected to be firstly adjusted by June 2000). By 2003, the ownership structure of Metropolitano had changed so that private Argentinian investor Sergio Taselli and Ormas were the majority owners.  In May 2007, President Nestor Kirchner canceled the concession contract of Metropolitano for the Belgrano and Roca railway lines citing failure to comply with contractual standards. The planning minister, Julio de Vido, said that the "Emergency Railway Operation Management Unit" would temporarily take control of running the two lines. The emergency unit was also in charge of the San Martín line.
The project involved the construction of a 110-MW diesel power plant in Puerto Quetzal. In March 1992, Empresa Electrica de Guatemala SA awarded a contract to Enron Global Power & Pipelines which owned 100% of the plant. The contract included a 15-year power purchase agreement with Empresa Electrica de Guatemala SA.   The power plant started commecial operations in March 1993, and reached financial closure in December 1994. The total cost of the project was US$100 million. The IFC partially financed the project. Enron sold part of its shares in the project company, and, as of November 2000, the ownership structure was the following: Enron and Centrans Energy Services held 37.5% each, and Globeleq, the power sector subsidiary of the Commonwealth Development Corporation (UK), held 25% of the shares.  In 2003, Prisma Energy International Inc. was created as a holding company to, through its subsidiary Prisma Energy International Services LLC, provide management and operational support for the remaining major international assets owned by the bankrupt Enron, including Puerto Quetzal Power Corp.  The company was created after Enron's board and creditors decided the Enron estate would raise more revenues from ongoing operations than through individual asset sales.  Once the Enron bankruptcy is concluded, Prisma was to be owned by Enron's creditors. They were likely to sell their positions as soon as market conditions allow.
This project is a 80-MW diesel power plant located in San Pedro Sula, Honduras. The power is owned by Scudder Latin American Power Fund (30%), Illinova Generating (20%, Honduras Electric Corp. (25%), Wartsila Power (10%), and International Financial Corporation (9.2%). The company sells its electricity to Empresa Nacional de Energia Electrica (90%), and Honduras Electric Corp. (10%), under a 15-year power purchase agreement. The second buyer is a company owned by a group of Honduran industrialists.   The total cost of the project was $70 million. The power plant started its commercial operation in December 1993 under phase I and July 1994 under phase II. The IFC partially financed the construction of the power plant. In 1998, the IFC provided a US$ 0.5 million risk management facility to hedge currency risk.  In its fiscal year 1995, MIGA issued $11.8 million in coverage to Wartsila Diesel Development Corporation, Illinova Generating Company, and Scudder Latin American Trust Fund for their investment in Electricidad de Cortes. In separate guarantee contracts totaling $18 million, MIGA coverage was extended to two Dutch banks (Internationale Nederlanden Bank, N.V. and Mees Pierson) for their loans of $10 million each to the project. The IADB also provided financing for the project: in 1995, a US$ 10.5 million direct loan to the concessionaire.
The company was created in 1993, as a joint-venture of AT&T (40%), AFK Systema's subsidiary MGTS (40%) and partially state-owned company Rostelekom (20%). The project involved a four-year investment program of US$ 200 million starting in 1994. When completed, the network was expected to support more than 400,000 new subscribers. As of 1994, Telmos had 10,000 customers. Telmos signed a supply agreement with Lucent Technologies worth US$ 25 million in 1996. Telmos operates a digital overlay network, fully integrated into the MGTS network. It provides local services in Moscow's area. By the end of 1998, Telmos had 50,000 subscribers.  In 2000, Rostelekom acquired AT&T's participation in Telmos for US$ 17 million. In September 2001 Rostelecom sold it’s 40% share in Telmos to AFK Systema. The price of the deal was not disclosed.  In 2003 AFK Sistema and Moscow City Telephone Network (MGTS) shareholders made the decision to unite the three alternative fixed-line operators - ZAO Comstar, MTU-Inform and Telmos companies under the brand name Comstar-United TeleSystems with a Comstar being a central in consolidation. The consolidation was completed in May 2004.
Chuvashia Svyazinform is the regional telecom operator in the Republic of Chuvashia. The company provides basic local and long-distance telephone services. Chuvashia Svyazinform was privatized in June 1994, after the formation of Svyazinvest, the national holding company. Svyazinform holds 50.66% of the company's shares, while local investors holds 42.29% and the employees hold 7.06% of the shares. Chuvashia Svyazinform operated 220,610 access lines by 2000.
In March 1994, Kesas Sdn Bhd signed a 25-year BOT contract with PKNS - a division of the state of Selangor. Kesas agreed to build and operate a 35km expressway linking Kuala Lumpur to the Port Kelang - running from Shah Alam to the KL-Seremban Highway. Kesas Sdn Bhd has sponsorship for the Shah Alam Expressway from Gamuda Berhad and Arab Malaysian Berhad. Construction of phase 1 was started in 1995 and completed in 1998. The toll road opened in 1998. Kesas raised M$2 billion (US$797 million) through debt, equity and a bank guarantee in 1994. Additional funds of US$ 550 million were obtained in 1997 for phase II of the project.
In 1989, Murchison SA bought land for the terminal, on the outskirts of Zarate, some 100 km north-west of Buenos Aires. After various pieces of legislation from the Argentinean government paved the way for further port privatizations, Terminal Zarate SA was founded and construction of the substructure for a port installation started. Terminal Zarate started operations in June 1996 and handles an average of 17,000 cars per month. In 1997, the terminal handled more than 200.000 vehicles, of which 153,000 were destined for exports and 48,000 for imports. The car terminal has involved an investment of US$ 25 million, and has been developed in association with Cotia Trading under the joint-venture Auto Terminal Zarate.  In 2000, the company started the construction of a new container terminal with capacity of 100,000 TEUs. This new facility requires an investment of US$ 20 million and should be completed by mid-2001.
In 1994, the company had an installed capacity of 94-MW which was divided in 40-MW from steam turbines and 54-MW from gas tubines. The goverment sold a 90% equity stake for $0.5 million to Federacion Argentina de Trabajadores de Luz y Fuerza in July 1997.
The company was privatized in January 1994 when the government sold a 90% equity stake for $8.7 million to Banco Feigin (40.5%), Federacion Argentina de Trabajadores Luz y Fuerza (20.7%), IATE SA (22.5%), TECSA (6.3%).
PT Beston Pertiwi has a 10 year contract for the widening and operation of the Kali Hurip toll road.
In August 1994 the Colombian government granted to Sabana de Occidente SA a 194 month concession to rehabilitate 31 km of an existing road and the construction of a new 16 km in the area connecting El Vino - Tobiagrande - Puerto Salgar. The road became operation in 1996.  The concessionaire ownership is divided as follows: Corfigan holds 47.44% of the shares, while the remaining shareholders (Mario Huertas Cotes, Concay LTDA, Icein LTDA, Pavimentos Colombia LTDA, and Aguilar Y Cia LTDA) own 10% each.  The estimated project cost was US$41.1 million and the government contributed with around 13%.  In November 2005, the Instituto Nacional de Concesiones (INCO - Colombia's National Concessions Institute) anounced that it would renegotiate eight highway contracts. These contracts were costing the Government US$131 million (300,000 million pesos) each year in minimum revenue guarantees. Included in those is the contract for the El Cortijo - La Punta - El Vino Toll Road concession. Conversations for the renegotiation of this contract had started at the time of the anouncement.  The contract was renegotiated with several ammendments, the last of which where in 2008. According to INCO, the concession contract had a term of 276 months or 23 years which indicates a contract termination date of 2017.
Tuneles Concesionads de Acapulco (TUCA) was awarded the contract to build and operate the Acapulco Tunnel in Jul. 1994. The tunnel has been operational since Nov. 1996. It cuts through the mountains above the tourist resort of Acapulco to provide faster access to the downtown area. The average daily traffic flow is 4,700 vehicles. TUCA is a subsidiary of Maxpistas, a company wholly-owned by the Mexican construction company ICA.   A total of US$ 112.7 million was invested in the infrastructure works. In 2001, BBVA-Bancomer issued US$ 18 million in securities to refinance part of the debt backing the Acapulco Tunnel concession.
In August 1994, Ribeirao das Conchas was awarded a 20-year concession contract to rehabilitate, expand and operate the water and sewerage system of Pereiras. It started operating the system in October 1994 serving a population of 6,500.  Ribeirao das Conchas was a subsidiary of Novacon Enghenaria.  In 1994, the concessionaire was expected to invest US$2.6 million.  As of 2004, Ribeirao das Conchas had constructed a 2.2 km sewerage collection system, and improved the quality of the water distributed to Pereiras' population.
The 2.5-MW Tanwat Wood-Fired Power Plant was being developed by the Tanganyika Wattle (Tanwat) Company Ltd. Tanwat was a joint venture between Globeleq, the power sector subsidiary of the Commonwealth Development Corporation (UK) (84%) and the Tanzania Development Finance Corporation (TDFL - 16%). The plant was to not only use wood but also waste for fuel. MechMar Corp Bhd of Malaysia was the primary contractor for this project.   The project cost was estimated at 4 million pounds sterling (US$6 million). The wood-fired plant was completed during 1995. Although part of the power was to be used for Tanwat's agricultural and industrial interests, surplus energy was sold to the Tanzania Electricity Supply Company (Tanesco) which resold power to Njombe residents.
In July 1994, Toledo Power Co. purchased for US$53 million a 32.5% stake in two power plants on the island of Cebu from the state-owned Atlas Mining & Development Corp.  The plants were the 93 MW coal and oil-fueled Sangi station at Toledo and the 42 MW oil-fired Carmen station on Atlas Mining property in Barangay Sigpit.  The plants were to be operated by CMS Generation Co. (a subsidiary of CMS Energy, USA), which also assumed the risks of plant cost, financing, in-service debt, plant availability and long-term fuel supply.  Power from the plants were to be sold to Napocor (the Philippine National Generation Company) and CEBECO, the local electric cooperative serving the Toledo City area, under existing power purchase agreements which were transferred to Toledo Power.  These purchase agreements were due to expire in 2004.  Toledo Power was initially owned by CMS Generation Co., A Soriano Corporation (30%, ANSCOR, Phillipines, the owner of Atlas Mining), J.G. Summit Holdings Inc (Philippines) and Chemphil Import & Export Corporation (Philippines).  In July 2003, Mirant Corporation (United States) and Metrobank Group (Philippines) established a 50:50 joint venture - Mirant Global Philippines Corp. - that purchased Toledo Power Co.   In October 2004, Mirant Global announced that it intended to expand the plant by 100 MW at a cost of US$100 million. As of Dec. 31, 2008, the proposed expansion was being implemented a separate project via Cebu Energy Development Corp. consortium.  In May 2006, Mirant Corporation sold its holding in Mirant Global Philippines Corp. to Global Business Power Corporation, a Metrobank subsidiary. As a consequence, Metrobank Group became the 100% owner of Toledo Power Co.
This 15.73-MW geothermal project is located in Makban in the province of Luzon.  The plant consisted of five units with an installed capacity of three megawatts each, and one 0.73-MW unit. It was built by American independent power producer Ormat International.  Upon completion of plant, ownership was then transferred to the Philippine government and Ormat International leased and operated the plant for a period of ten years beginning on June 30, 1994.  On June 30, 2004, following the conclusion of the ten-year agreement, Ormat International turned over its operations to the state-owned Napocor.
Alaugas is a regional gas distributor for Almaty with charter capital of Tenge 12,420,000. Shareholders are the Kazakh State (51%), employees (10%), Munaigas-Invest (10%), Rost-Fond-Kramds (15.2%), Ipf-"Yntymak" (8.7%), Alaugas (5%) and Seimar-Invest (0.1%). All private stakes were acquired via coupon auctions in 1994 and 1996 in which the government raised divestiture revenues for US$20,000 (Tenge 1.08 million).  As of 2000, KazTransGaz (KTG), a subsidiary of KazMunayGas, Kazakstan's national oil and gas company, was set up to maintain, manage and operate the entire gas distribution network in Kazakhstan. Consequently, there were no private sponsors that owned or managed the gas distribution network, since KTG was the sole owner of the network. Also, as of 2000, Alaugas was no longer listed on the Kazakh Stock Exchangce (KASE)
The project, which was awarded to Concesion Santa Marta - Paraguachon SA, includes the rehabilitation of a 170 km road that is part of the "Transversal del Caribe" highway. The construction works have already been finalized. The project company ownership structure is divided as follows: Corfigan holds 50% of the shares, Odinsa holds 30% and Julio G. Echeverria holds 20%. The contract included the following segments: Rio Palomino Riohacha (90 Km), Riohacha - Paraguachon (88 Km), and Santa Marta-Rio Palomino (72 Km).  In November 2005, the Instituto Nacional de Concesiones (INCO - Colombia's National Concessions Institute) anounced that it would renegotiate eight highway contracts. Included in those is the contract for the Santa arta - Riohacha - Paraguachon toll concession. This contract had an annual deficit of US$8.6 million (22,000 million pesos) which the Government had to pay as guaranteed revenue.  According to INCO the contract was extended to 431 months or 35 years and 11 months resulting in a termination date of 07/2040.
Occel was awarded a 10-year concession to provide cellular phone services through the A band in the Western region in April 1994.  Occel paid US$ 165.7 million for its concession which represented 95% of the price paid by Cocelco for a similar concession. In 1997, the company paid US$ 16.6 million to have its license extended for another 10 years. A loan of US$ 10 million was granted by CAF also in 1994. Occel's concession area concentrates around 37% of Colombian population.   The Colombia government divided the country in three regions (North, East, and West) in order to assign the license for cellular phone services. In each region, the Colombian government assigned the B band to a private consortium and the A band to a mixed company.  The B band was awarded through a competitive bidding, while the A band was assigned to a group of state owned telecommunications enterprises which created joint ventures with international telecommunications companies. For the concession, the mixed companies had to pay 95% of the winning bid made for B band.   Initially, Occel was a consortium owned by Bell Canada International (22.3%), municipality-owned Empresas Publicas de Medellin (37%), Antioquia Celular (24%), Itochu (2.7%), and other private companies.  Then the consortium was integrated by Cable and Wireless, but the company sold its participation to Bell Canada International in March 1998.  In December 1998, however, Bell Canada International sold its 68.4% stake to its Comcel subsidiary, Comcel BCI, for US$ 355 million.  The company had 241,000 customers by the end of 1999.  Occel competes with Celumovil in the Western region. The company classified the information about its investments as confidential.  In 1999, the company also suffered heavy financial losses of US$ 225 million due to the devaluation of the Colombian peso in October 1999.  As a result, the company received a capital increase of US$ 75 million from its owners to lessen the effect of the financial losses. In February of 2002, the company was bought by America Movil.  After the acquisition, America Movil in 2004 merged its Colombian operating companies (Comcel, Celcaribe, and Occel) under Comcel; accordingly all investment and other information is under Comcel.
The Shantou Electric Power Development Co. is engaged in the generation of electricity in the city of Shantou. In 1994, the company issued 108 million "A" shares on the Shenzhen Stock Exchange. A total of US$ 80.4 million was raised as divestiture revenues. The company changed its name to Guang Dong Wedge Co, Ltd in 2009.
Centrales Termicas Mendoza SA had a 422-MW capacity in November 1995 when it was privatized. However, the plant produced only 153-MW due to the high level of deterioration. The company was partially privatized in October 1994 when a 51% equity stake was sold for US$45 million to CMS Generation (41%) and Ormas Saicic (10%). In addition, a 4% equity stake was sold to power plant's workers for $2.2 million, at the same share price that the winning consortium paid. By 1996, the equity structure was: 80% CMS Generation, 16% the government of Mendoza province, and 4% power plant workers. The company's privatization did not include a long-term concession agreement as was the case in most power privatizations in Argentina.   In 1996, the company had an investment plan to increase the generating capacity from 274-MW to 506-MW. Such expansion required about $185 million investment. The capacity of the plant was increased to 540 MW in 1998.  In 1996, Mendoza plant signed a two-year power-supply agreement with Energia Mendoza Sociedad del Estado (a local distribution utility) for the sale of 110-MW of capacity beginning in May 1996. When the contract expires, the plant will operate as a merchant plant and deliver its energy to Argentina's power pool.
In December 1994, Road King Infrastructure signed a joint venture agreement for the construction and management of the Suzhou-Shanghai Airport Highway. Road King has a 50% stake in the joint venture and invested HK$ 181 million (US$ 23.4 million). The 52.8km Super Class II road started operating late 1995. Competition from Shanghai-Nanjing Expressway from the end of  1996 reduced toll revenue during 1997. In response, the provincial government approved a toll increase of approx. 60% for 1998. Road King funds its projects from internally generated funds and long term debt. This includes a US$ 138 million syndicated loan and US$ 140 million 10-year fixed rate notes arranged in 1997.
In November of 1994, Saur Water of the UK received a 30-year BOT contract to finance, build and operate a 225,000 cubic meters per day water supply plant in Harbin.  The contract involved the sale of bulk water to the Harbin municipality serving 2.8 million customers.   To implement the contract, Harbin Saur Water Supply company was created as the project company which was owned by Saur International (a subsidiary of Bouygues) (50%) and the state-owned Harbin Municipal Water Company (50%).  In November 2004, Bouygues sold its water sector arm, Saur, to PAI Partners (a French private equity firm).    The total cost of the plant was US$20 million and Saur invested US$10 million of that amount, 1/3 in kind and 2/3 in cash.  The plant was completed on 25 December 1995 as sales started on January 1, 1996.  The joint venture company had a turnover of US$6 million in 1996 and 5.49 million euros in 2000.  Construction of the plant took less than 2 years and the Harbin Saur Water Supply Company was to operate the plant for the next 28 years.
In October 1992, Sino-French Holdings was awarded a 30-year concession contract with the municipal government of Zhongshan to take over and upgrade an existing water treatment plant and distribute drinking water in Tanzhou Township, Guangdong Province.  The plant had a production capacity of 58,000 cubic meters per day for about 100,000 end users in Tanzhou.  To implement the contract, the Zhongsan Tanzhou Water Supply Company Ltd was created as the project company in which Sino-French took a 58% stake while the state-owned Zhangsan Tanzhou Economic Development Company held the remainder.  Sino-French, in turn, was a 50-50 joint venture between Suez water subsidiary Ondeo and New World Infrastructure of Hong Kong.    The total project cost was US$10.8 million.  The project reached financial closure in May 1994 and construction completed in September 1995.  The JV was financed with 40% equity investment, while the remaining 60% was paid for with a shareholder’s loan.  The operations started in November 1997.
In October 1994, the Prefeitura Municipal de Birigui awarded AquaPerola Ltda a 15 year contract to build and operate a water treatment plant for the city of Birigui. AquaPerola was responsible for building a water plant that would generate water for a population of 100,000 in the City of Birigui, state of Sao Paulo.  AquaPerola was a special purpose vehicle (SPE –Sociedade de Proposito Especifico) formed by Isratec and Hidrogesp.  AquaPerola committed to invest US$2 million (2 million reals). A total of US$ 1.3 million was initially invested in a water plant. As of 2002, the company invested US$1.9 million (2 million reals). From the beginning of operations until 2002, the company invested US$ 0.6 million (R$2 million, 2002 value).  Construction works started immediately and was concluded by the end of May 1995. The company has been operating the plant since the completion of construction.  As of 2009, the mayor's offic of Birigui stated that the contract had been renewed. No further information was publically available.
In 1994 the municipal government of Balcarce awarded a 20 year concession contract for the distribution of potable water and sewerage collection and treatment for residential clients in Balcarce (Province of Buenos Aires). A consortium formed of Camuzzi Argentina SA (70%) and Global Water Investments LLC (30%) won the concession following a public tender, by offering a lower tariff than the three other tender participants.  The project had 9304 water and 5074 sewer connections. The contract implied the obligation to improve quality of service, extend and rehabilitate the sewerage treatment plant and to expand the network coverage. This required and investment amount estimated at US$1.9 million.
Time Wireless Sdn. Bhd., formerly known as Sapura Digital Sdn. Bhd., was awarded with a 20-year license to operate a PCN mobile network using DCS 1800 MHz in December 1993. The company was also granted a payphone license, which was operated under the brand Uniphone.   The company was initally owned by Sapura Holding Sdn. Bhd. However, due to the fierce competition among mobile phone service providers, the shareholders sold 75% of Sapura Digital Sdn. Bhd, including the payphone operators, for US$481 million to Time Wireless, a subsidiary of Time Enginering (Renong Bhd.) in 1996.   The company launched its services under the name Adam (Advanced Digital Access for Mobile Telecommunications) in August 1995. The network had full coverage over major areas in Peninsular Malaysia, Sabah and Sarawak. There were two other PCN operators, Mutiara and MRCMB. The latter one was initially a subsidiary of Malaysian Resources Corporation, but Telecom Malaysia bought it in 1996 and operated under the name TeleTouch.   By 1995, Sapura had invested over US$400 million (RMB2 billion) in its network, of which US$117 million was raised through a 1-year bridge facility guaranteed by the Sapura Holdings in 1994, and US$223 million was raised through a three year syndicated loan. Motorola supplied a Digital Communications System 1800 digital display cellular network for the second phase of Sapura Digital's Advanced Digital Access for Mobile Telecommunications for its Personal Communications Network; expanding the coverage to include the cities of Kota Kinabalu, Sandakan, Tawau and Kuching.  The company became known as TIMECel in June 2001.  In December 2001, the company awarded a US$39 million contract to Nokia to supply and install GSM cellular equipment to widen capacity and coverage.  In September 2002, former Time dotcom mobile competitor Maxis began negotiations for the acquisition TimeCel, the mobile business unit of Time dotCom. The deal was completed in May 2003 for RM27 million (US$7.1 million), increasing Maxis mobile market share from about 34% to about 43% following the inclusion of TimeCel's 300,000 subscribers.  TimeCel's parent telecommunications company, Time dotCom, continued to provide fixed local access as well as payphone services in Malaysia.
Dontelekom provides GSM-900 standard cellular communications services using equipment from Siemens and Motorola in Rostov Region, Russia, with a population of 4.5 million. The company offers The company was formed in 1994 by Russian Telecommunications Development Corporation (RTDC) (33%), a subsidiary of US West International, and the partially privatized Elektrosvyaz (33%) and Rostelekom (33%). The venture was formed by a $6 million statuary fund. The GSM 800 system started operations in July 1995. The network had four base stations installed by Siemens and Motorolain in 1997. The total project cost was estimated at US$30 million, and US West invested $10 million by 1998. Dontelekom competed with two other networks, Rostovtelekom (Rostov-Bee-line) and a CDMA network developed by the local telecom company and Qualacomm.   In 2000, MediaOne sold its subsidiary RTDC to MCT Corp. MTS, purchased a 66.66% stake in Dontelekom for $15 million in September 2002, and purchased the remaining 33.33% stake for $7.5 million in October 2002. Dontelecom started using trademark MTS in April 2003. The take over deal was completed in late 2004 when seven liquidated subsidiaries' licenses were handed over to MTS.  As of 2004, MTS controlled 22 Russian operators.
Operation of terminal 4, which handles only minor cargo movements, was awarded to local Stevedoring companies on a concession basis. No major investments have been reported from the  Terminal 4 S.A consortium. In Aug. 2000, Maersk Sealand acquired a 70% stake on the project company (Gabriel y Cia. holds the remaining 30% of the shares). Maersk announced an investment of US$ 40 million in the next four years.
The company built a 140-mile (225.4km) power transmission line that connected Hydroelectric Yacyreta with the town of Resistencia, capital of Chaco Province. Yacylec SA was a joint venture of Argentinian SADE Ingenieria y Construccion SA, Spanish Endesa, Italian Impregilio, French Dumez, and Argentinian Sisdasansye. SADE Ingenieria y Construccion SA is a subsidiary of Perez Companc group that was acquired by Brazil's Petrobras in 2003. The total project cost was $135 million. The construction of the transmission line was partially funded by the IFC.   As of December 2009, Yacylec was owned by Electroingeneria and was still operational.
Fiji Vodaphone was a joint venture between Vodaphone of the UK (49%) and the state-owned Fiji Post & Telecommunications (FPTL- 51%).  The company owned the exclusive rights for the operations of the GSM network in the island as a subsidiary of national operator Telecom Fiji.  Vodafone was to manage the company.  The initial investment in the network was US$21 million and the company started its commercial operations in July 1994. The equipment was delivered by Ericcson.   In March 1998, the government's shares of Vodafone Fiji, Fintel and Telecom Fiji merged to create an umbrella "super monopoly" - Amalgamated Telecom Holdings (ATH). ATH was set up by the Fijian government to combine its investments in the three telecom providers, making it one of the biggest companies in Fiji. ATH thus became the holding company of Telecom Fiji and became the vehicle for privatization of the telecommunications industry.  The government controled 51% of Vodafone Fiji and ATH thus controlled the rights to the government's holding.    On 16 December 1998 the government sold 49% of its shares in Amalgamated Telecom Holdings Limited to the state-owned Fiji National Provident Fund (FNPF), followed in September 1999 by sale of a further 2% to give FNPF controlling interest in ATH.  The Fiji National Provident Fund was a statutory national compulsory savings plan. ATH was formally listed on the South Pacific Stock Exchange (SPSE) on 18 April 2002.  The government then held an effective 25% stake in Vodafone Fiji.  As of end 2005, Vodafone Fiji had about 200,000 subscribers.  There were 97 radio base stations around the country in all the urban centres, along highways and in several rural locations.  Vodafone reported that it had invested approximately US$85 million in its infrastructure since 1994 and intended to invest a further US$100 million in infrastructure within the following 5 years.  Also in 2005, it announced it would build a 3G network. In February 2006, Vodafone Fiji announced plans to spend US$49.82 million to upgrade its mobile network to 3G. Ericsson of Sweden was responsible for the project. In November 2007, the Fiji interim government passed a New Telecommunications Bill that fully deregulated Fiji's telecom sector. The New Bill effectively ends the exclusive privileges granted to Telecom Fiji, Fintel and Vodafone Fiji.   In May 2008, ATH, a telecommunications holding company, has acquired a 51% stake in Vodafone Fiji Limited, a provider of mobile telephony services, from Telecom Fiji Ltd., a provider of local and national (trunk) telephony services.
This 200-MW bunker-C diesel-fired project is located in Mindanao. The power plant, that comprises two units of 100 MW each, will be rehabilitated and operated by Mitsui/BWES joint venture. Napocor singed a PPA with the joint venture. The first unit started its commercial operations in April 1994, while the second one in July 1994. The estimated cost was US$1 million per MW.
In Nov 1994 the government of Colombia granted contract to Union Temporal Devinorte to rehabilitate the existing 46 km of road, construct a new 48 km, and operate them for 265 months. In May 1999, the road became operational. The concessionaire ownership structure is divided as follows: Topco holds 22.27%, IFI holds 16.38%, Corporacion Financiera del Tolima holds 10.20%, Equipo Universal and Castro Tcherassi hold 10.04% each, and the remaning shares are held by several other companies (including Fiduciaria del Estado, which is state owned).  The estimated project cost was US112.4 million of which the government contributed with 30%.
PT Lippo Karawaci has a 10 year contract for the widening and operation of the Karawaci toll road. The investors share of the toll income was to be 17.5%.
The project included the rehabilitation, expansion and operation of the toll road connecting Rosario to Santa Fe for a period of 15 years. The construction was completed in Oct. 1995 and its cost was US$ 59 million with maintenance costs of an estimated US$ 29 million until 1998. The project company Concesionaria de la Autopista Rosario-Santa Fe or AUFE SAC is comprised of Dragados Group (part of ACS Group as of December 2003)(54%), Caminos Australes (24%), Edgardo Gonella (15%), and Bonfanti y Di Biasio (7%). In early 2000, Dycasa acquired Caminos Australes shares for US$ 1.8 million, raising its stake in AUFE to 78%.  The concession contract officially concluded in February 2010 but the concessionaire operated for three additional months until a new tender process was concluded.
In October 1994, MTD Prime Sdn Bhd started building a 60km toll highway between Gombak (Selangor) and Karak (Pahang). MTD Prime holds a 27 year ROT concession to rehabilitate and operate the road, with an additional 5 year operation period for a 5km Genting extension. Phase I of the road was completed ahead of schedule in June 1998. Phase II was started at the end of 1997 and was expected to open in June 1999.   The total project costs M$450 million (US$ 176 million), with funding from equity, a M$250 million syndicated loan and M$ 127 million soft loan from the Government. Project shareholders are MTD Construction, Bintang Bestari Sdn Bhd and an Indonesian company.   The government extended the concession by 6 years in September 2002, and in October 2002, the government reimbursed the concessionaire approximately $11.4m (RM43.26m) because rates being charged were lower than those proposed in the original agreement. The parties also agreed that the rates will be increased every five years instead of every two years as originally stated in the contract.
The road connecting Bogota to Villavicencio has a total extension of 106.5 km. Coviandes will rehabilitate, maintain and operate 31.3 km (from Villavicencio to Puente Real) and maintain and operate the remaining of the road (this section has been rehabilitated by the government agency Invias). Coviandes is 60% owned by Sociedad Financiera de Los Andes and 40% owned by the Spanish construction company Dragados (part of the ACS Group as of 2003). The construction works started on Sep. 1996 and were expected to be completed by 2000. Invias guarantees a minimum traffic flow.  The concession contract was granted for 312 months or 26 years. The segment included were: Tramo 2 Portal Bogotá - El Antojo (9,21 Km), Tramo 3 El Antojo - Puente Real (16,3 Km), Tramo 4 Puente Real - Puente Téllez (12,79 Km), Tramo 5 Puente Téllez - Cano Seco (32,13 Km), and Tramo 6 Cano seco - Villavicencio (15,13 Km)  The last stretch of the Bogota-Villavicencio highway was finalized and opened in August 2002.  The total project required $262 million in total, with the Government paying for the rest. With the final stretch open, the Bogota-Villavicencio highway totals 96km in length.  In November 2005, the Instituto Nacional de Concesiones (INCO - Colombia's National Concessions Institute) anounced that it would renegotiate eight highway contracts. These contracts were costing the Government US$131 million (300,000 million pesos) each year in minimum revenue guarantees. Included in those is the contract for the Bogota - Villavicencio Toll Road concession. Conversations for the renegotiation of this contract had started at the time of the anouncement.  In January 2010, the government renegotiated the contract to include the expansion of the highway at an additional investment of US$ 1 million (Pesos 1835 million). The new contract was set to expire in August 2023.
Transnea had a transmission system consisting of 515-miles (829.15-km) of 500 kV and 220 kV in 1994. The transmission lines linked Salto Grande hydro plant in the Province of Entre Rios and the Transener grid in Province of Chaco. Transnea was privatized in October 1994, when the government sold a 60% equity stake for $3 million to IATE SA (24%), Argon (12%), Federacion Argentina de Trabajadores Luz y Fuerza (12%),  and Eleprint (12%). The government separated a 30% equity stake for the government of the provinces served by the network (Chaco, Corrientes, Formosa, and Entre Rios). The remaining 10% equity stake was reserved to be sold to company's employees.
In August 1994 the government of Colombia granted a 148 month contract to Consorcio Via al Mar to build and operate 109 km  toll road connecting Barranquilla, Puerto Colombia and Cartagena. The road became operation in 1995. The project company shareholding is equally divided between the private sponsors.  In November 2005, the Instituto Nacional de Concesiones (INCO - Colombia's National Concessions Institute) anounced that it would renegotiate eight highway contracts. Included in those is the contract for the Cartagena - Barranquilla Toll Road concession. This contract had an annual deficit of US$3.1 million (8,000 million pesos) which the Government had to pay as guaranteed revenue. Conversations for the renegotiation of this contract had started at the time of the anouncement.  In 2006-2007 the concessionaire and the government agreed additional construction work and the contract was extended until 2019.
This 104-MW coal-fired plant was located at Engineering Island and was developed on a build-operate-transfer basis by Sabah Shipyard Pvt. Ltd., a unit of Westmont Ltd. The project, launched in May 1994, was the world's largest electricity generating barge, built at a cost of 143 million ringgit (US$54.6 million) for the Philippine National Power Corp. (Napocor). Transmission lines servicing the project were 5 kilometers in length. The project generated much needed power to the Philippine capital of Manila.   The management contract for the project was signed by Sabah Shipyard on October 26, 1993 for five years. The annual fee for the management contract was US$2.5 million. The government had provided guarantees to the project, including a PPA.    After its 5 year contract the owner decided to relocate the powerbarge. On 2 March 2000 the 'Victoria One' together with the fuel barge 'Sky One' left the Philippines on dry transport to the Dominican Republic on the deck of the heavy transport vessel Swan.
This 63-MW plant is located in Rosario, Cavite, in the Cavite Export Processing Zone. A first phase (48 MW) came on-line in 1995. The plant was constructed on a build-own-operate basis. The plant was powered by bunker-C diesel fuel.  The second phase, an expansion of 15MW, was expected to be operational by 1998. The electricity was to be sold under a PPA to the Philippine Economic Zone Authority (PEZA), for resale to business located within the zone. The PPA with PEZA was vaild until 2009. Excess capacity was to be sold to Napocor.   Covanta Energy, formerly known as Ogden Corp., acquired 100% ownership of this project from CMS Generation and Magellan Capital Holdings in February 1999.    On January 3, 2002, PEZA, the main off-taker for the project, served the project company with notice of termination of the PPA for alleged non-performance by the project.
PT Puncak Jaya Power was a consortium comprised of Duke Energy (30%), Power Link Corp (30%), PT Freeport Indonesia Co (30%), and local firm PT Austindo Nusantara Jaya (10%). PT Puncak Jaya Power operates a diesel-fired power plant with an expected capacity of 194-MW. The participation of Duke Energy as the project operator resulted in the decision by PT Freeport Indonesia (a subsidiary of Freeport-McMoran Copper & Gold) to concentrate on its core mining business and therefore spin off its captive power plant into a separate company, and buy the power from the new entity.   In 1994, 108-megawatts of existing generation assets from PT Freeport Indonesia were transferred to PT Puncak Jaya Power at a project cost of $100 million. PT Puncak Jaya then agreed to install an additional 70- megawatts and 16-megawatts in new capacity. The shareholders provided $54 million in equity capital and raised $107.5 million through syndicated loans. An additional $54 million was raised through a 12-year loan from Prudential Power Funding.   Nichimen and Mitsubishi Heavy Industries were selected as equipment suppliers, and Imatran Voima Oy was chosen as the primary contractor for the expansion project. PT Freeport Indonesia signed a 20-year take-or-pay power offtake contract, provided broad covenants on dollar cash flow coverage, and took on completion risk.  In July 2003, Duke Energy completed the sale of its 85.7% majority interest in PT Puncak Jaya Power for US$300 million, including US$222 million in project debt, to Freeport-McMoran Copper & Gold Inc.
Chelyabinsk Cellular Communications was created as a joint venture between Millicom International Cellular (51%), and the local Radiotelephone company (49%) in August 1993. In April 1994 it was granted a license for AMPS 800 Mhz network in the Chelyabinsk region with population of 3.6 million people.    The company started its commercial operations in May 1995 with Ericcson as equipment supplier. The network had three cells in Chelyaboinsk, Miass and Ksyty with a radius of connection area of 110 km by 1998. The communications Ministry has awarded three other licenses for GSM, CDMA and NMT networks. The GSM 1800 license was issued in 2002.  Millicom provided its services in Russia under the brand name FORA Telecom and held controlling stakes in 12 operators covering a population of 48 million. The regions covered by the FORA group are: Moscow, Saint-Petersburg, Belgorod, Izhevsk(Republic of Udmurtiya), Irkutsk, Kemerovo, Kursk, Nizhny Novgorod, Omsk, Smolensk, Rostov-on-Don, Chelyabinsk. The holding's Russian cellular operators had a total base of 165 thousand subscribers in various parts of Russia in 2001. Since entering the market, Millicom invested over US$100 million into Russian economy.   In December 2001 the shares of Millicom in 12 Russian companies were acquired by Tele2 AB which, along with Millicom, is part of the Kinnevik group. The assets included 11 AMPS carriers and the Moscow Cellular Communications NMT 450 MHz carrier. Tele2 AB paid $80 million for the assets and promised another $30 million after the AMPS carriers, which had to abandon their spectrum according to an agreement with the Communications Ministry, received GSM 1800 MHz licenses. After the acquisition all of Tele2 subsidiaries switched to Tele2 brand. Tele2 planned to invest up to US$80 million in GSM communications in Russia in 2003.  The GSM-1800 license was issued to Tele2 in 2002 for 10 years. GSM-1800 network was expected to be operational in Chelyabinsk region in 2004.  Tele2 acquired an additional 49% in Chelyabinsk Cellular Communications in September 2003. The price of the transaction was not disclosed.
The 99-MW (3x33-MW), $70.0 million, Vridi Power Plant is being developed by Compagnie Ivoirienne de Production d'Electricite (CIPREL). Ciprel is a consortium of Valener (88%), the International Finance Corp (IFC - 5%), Popareo (5%), and the West African Development Bank (2%). Valener is a French holding company co-owned by Electricite de France (EdF) and Bouyges, a French construction company.   The project, located in Abidjan, is being developed on a 19-year BOOT basis. At the end of the contract, the plant will be transferred to Compagnie Ivoirienne d'Electricite (CIE), the national utility. The assets of CIE are currently being managed by EdF and SAUR through an affermage contract. General Electric (GE) is the contractor and equipment supplier.   The first 99-MW of capacity of the gas/oil-fired plant came on-line in April 1995. The plant intends to use fuel oil for the first seven months of production and then switch to natural gas. Gas is supplied by United Meridian Ivory Coast (UMIC) via the CI-11 gas pipeline from the Lion oil field and the Panthere gasfield located off the shores of Cote d'Ivoire. The CI-II exploration and pipeline project is being developed in conjunction with the IFC. Under the project company, CIPREL, the sponsors plan to expand Vridi I by 65-MW and then build a 210-MW Vridi II. Cirpel partially financed the construction of Vridi Gas-Fired Power Plant with a $79.7 million credit from Republic of Cote D'Ivoire. This credit was financed, in turn, by an International Development Association (IDA) credit to the Republic of Cote D'Ivoire in 1995 with a 40-year maturity and including a ten year grace period during fiscal year 1995. An IDA credit is expected for the financing of Vridi II.  Capacity was expected to 210MW with a 111MW heat element, which was commissioned in 1997. The financial closure date of this expansion was unknown, reported here as 1995 (year of IFC/IBRD financing). Total cost of this expansion was reported to be US$105.6 million by Cape Town University.  In 2009, capacity expanded to 321MW. Total cost of this expansion was unknown, but US$108 million equivalent in XAF in debt was raised from Standard Chartered Bank in 2008 to finance the expansion.    In 2013, the plant was expanded for a fourth time (CIPREL IV A and B). The expansion consisted of the existing CIPREL natural gas-fired power plant in Côte d’Ivoire by adding (4A) 111MW steam cycle capacity to 2 x 111MW open cycle gas turbines, and converting (4B) them into a combined cycle operation. Phase IV B was to allow Ciprel to generate  an additional 800GWh/per annum of low-cost power without any incremental gas consumption and no further greenhouse gas to be emitted. Total cost of the two investments amounted to USD 465 million (€350 million). Total capacity was to increase to 543 MW.  For phase 4B, IFC was providing a USD 132 million (€100 million) loan. PROPARCO, an investment vehicle partly owned by the Agence Francaise de Developpement and partly privately held, as well as the AfDB were each providing USD 66 million (€50 million) loans. IFC also assisted in arranging the remaining financing. The project, phase IV A and B, was developed as a new, 24-year BOOT arrangement.  The sponsor was also updated: Bouygues sold its shares to the company Finagestion, in which it retained a minority participation. Finagestion was held by Bouygues (19 percent), the investment firm Emerging Capital Partners (57 percent), and a further 10 percent by private investors, 9 percent by its employees, and 5 percent by its managers.   In July 2014, additional finance has closed, comprises USD 269 million credit facility, financed by IFC (World Bank group), the African Development Bank and Proparco (Agence Française de Développement group).
This diesel combined-cycle power plant had a generating capacity of 154-MW. In 1997 the plant still ran on distillate fuel, but planned to switch to gas supplied from a local field developed by Enron. The plant had been operational since February 1996 under a 15 year BOT contract. The plant had a PPA with Hainan Electric Power Co..   Enron Development Corp., the original developer of the project, sold 50% of its interest to Enron Global Power & Pipelines L.L.C., with the other 50% sold to Singapore Power International in February 1996 for an undisclosed sum. US$100 million was raised in 144a debt issue with the remainder financed through equity.  In its fiscal year 1996, MIGA issued a US$16.7 million guarantee to Atlantic Commercial Finance, B.V., of the Netherlands, a wholly owned subsidiary of Enron Corporation of the United States, for its equity investment in Qinglan Electric Power Plant. MIGA’s guarantee covers the risks of currency transfer, expropriation, and war and civil disturbance.  In 2000, the Hainan Wenchang Qinglan power plant was bought back from Enron by the Hainan provincial power company.
Peruvian Electrolima was corporatized for the privatization program into five companies including Luz del Sur SA or Empresa Distribuidora del Lima Sur. The other four companies are Empresa de Distribucion Electrica de Lima Norte (Edelnor), Empresa de Generacion Electrica de Lima (Edegel), Empresa de Distribucion Electrica de Canete (Edecanete), and Empresa de Distribucion Electrica de Chancay (Ede-chancay). Luz del Sur was awarded a license to distribute electricity to the Southern metropolitan area of Lima.   By the time of its privatization, the company had 500,000 customers; in Jul. 2000, its customer base increased to 700,000 regular clients. The company was partially privatized in July 1994 when 60% of the equity was sold for $212.1 million to a consortium of Chilquinta (25.2% of Luz del Sur), Latin American Energy and Electricity Fund (19.8%), and Ontario Hydro International, Chilquinta's subsidiary (15%). In a second transaction, the goverment sold 9% of the equity to Luz del Sur's workers at the same share price that the winning consortium paid which represented a sale of $31.94 million. In 1996 the government sold 28% of the equity for $164.48 million in three different transactions: international placement in New York Stock Exchange ($24 million), domestic institutional placement ($41.88 million), and domestic small investors ($87.46 million). The remaining 3% of the equity was sold for US$ 9.7 million (S/33.99 million) on the Lima stock exchange in March 1999. Also in 1999, PSEG Group and Sempra Energy acquired 84.5% of Luz del Sur's shares.   All investment expenditures have been funded with the company's own resources, but, in 2000, the company was planning a US$ 150 million bond issue to finance future investments (the bonds will be placed by Citibank).  In 2007, PSEG sold all of its shares in the company to Ashmore Energy International. As of December 31, 2007, AEI and Sempra Energy each had indirect stakes of 35.9% in Luz del Sur SA.  In February 2011, Sempra paid US $875 million for AEI's 50% of Chilquinta 590,000 and 38% of Peruvian utility Luz del Sur.
Ningbo Zhenhai Port has become an important international transfer base of liquefied products. In the Zhenhai Port area there are 4 docks of liquefied chemical products, and the 50,000 ton dock constructed last year is the biggest dock for liquefied products in China. Storli ASA (which changed its name to Odfjell ASA in 1998) has a 12.5% stake in the first foreign-owned chemical storage terminal in China, the van Ommeren Tank Terminals unit at Ningbo, which was completed in 1994. A second phase was completed in 1997, increasing capacity from 26,500 cu meters to 64,450 cu meters. Van Ommeren later raised its stake in Ningbo Terminal from 7.5% to 37.5%. Helm AG owns 35% and the Ningbo Port Authorities further 15%.
Terminales Portuarias Argentinas S.A. (TPA) began operations in November 1994 after being awarded a 25-year concession to operate Terminal 3 in the Port of Buenos Aires in a competitive bidding process. Terminales Portuarias Argentinas S.A. (Autotransporte Antardida S.A. (64%), Lanco Products Inc./ Mi-Jack Products Inc. (10%), Arpetro S.A. (10%), and Rogge Marine Consulting GmbH (5%)) handled 37,309 containers in 1996 involving 364,567 million tons of cargo and plans 70,000 containers in 1997. The cost of moving a container through the port has decreased from a pre-privatization high of US$ 400-500 per container to an average of less than US$ 300 per container.   The company received an IADB loan in 1997 of US$ 10 million. IFC approved a loan of up to US$ 10 million and an equity investment of up to US$ 2 million for the project in 1995. In Jun. 2000, TPA was acquired by P&O Ports.
In May 1994, New World Infrastructure (NWI) signed a 25 year joint venture contract with three SOEs for the development and operation of a 42km toll road in western Guangdong. The dual 2-lane road started operating in December 1994. NWI has a 60% stake in the joint venture. NWI invested US$ 19.3 million in the project - US$ 6.8 million as equity and US$12.5 million as a loan to the project company.
Hutchison International Port Holdings, has formed a joint venture in 1993, the Zhuhai International Container Terminals (Jiuzhou) Ltd, with the Zhuhai port authority to operate Jiuzhou and develop Gaolan port. Jiuzhou handles export cargo including general cargo, refrigerated foodstuff and hazardous goods, and import cargo include general cargo, timber and cement. Two multi-purpose berths at Gaolan Port have been operated by Zhuhai International Container Terminals (Gaolan) Limited since October 1994.
Open joint-Stock company Vimpel-Communications was formed in 1994 by Russian investors and FGI Wireless. The company was owned by VimpelCom's president (42%), ADS holders (44%), and others (14%) by 1998.The company is the largest private telecommunications service provider in Russia, including the city of Moscow, and three areas constituting the Moscow License Area (its operation regions cover around 68% of Russia's population). The company whose commercial brand was Bee-Line, had licenses to provide the D-AMPS service at 800 MHz in Moscow License Area and in eight regions (Kaluga, Karelia, Ryazan, Samara, Tver, Ulyanovsk, and Volgoda). The company was operated by Macrokom, a Vimplecomm's subsidiary (95% owned).  Macrokom held an D-AMPS license for the Moscow region. The license expired in November 1997, was replaced by a license awarded to VimpelCom. This new license expires in 2007. Vimpel-Comm also operates a GSM 1800 MHz cellular service through its subsidiary KB Impulse (88% owned). It accounts for the 52% of the market share in Moscow. The company closed various loans from international bank consortiums, and raised equity through ADS offerings in 1996, and 1997. The GSM 1800 service was launched in 1997. The Bee-line company had given franchise to 24 different operators in Russia by 1998. Vimpel-Comm had a total of 350,500 subscribers in the Moscow area and an additional 21,800 outside the Moscow area by December 1999. Vimpelcom invested in all its Russian subsidiaries US$99.8 million in 1999 and US$72.5 million in 1998. In Mar. 2000, Vimpelcom was awarded a US$ 80 million credit line from Russia Savings Bank. The resources will be used to finace the development of GSM services and the implementation of modern information technology. In mid-2000, the company undertook an equity and bond issuance which allowed it to raise US$ 225.4 million in additional funding. The EBRD acquired 3.2% of the shares issued for US$ 30 million; Telenor also acquired some shares by paying US$ 51.9 million. In 2000, the company invested US$ 100 million in its network and reached a total of 400,000 subscribers.
The Hub River Power Plant was the first operational IPP in the South Asia region. The plant is a 1292-MW (4x323) oil-fired greenfield power plant. The Hub Power Company Ltd. (HUBCO) signed a 30-year PPA with Pakistan's Water Power Development Authority (WAPDA). Fuel will be supplied through a 78 km pipeline. The company has a fuel supply agreement from the Pakistan State Oil Company (PSOC) on a delivery or pay basis.   The project is being financed through the Private Sector Energy Development Fund (PSEDF), which was funded by the Japan Exim Bank, the Bank of China and the World Bank. In 1988 the PSEDF approved a $150 million loan, partially financed by the World Bank ($144 million) through a loan to the Islamic Republic of Pakistan. In 1995, the PSEDF approved a second loan for $250 million, of which $114 million were funded by a World Bank loan to the government. The World Bank also approved a $240 million partial risk guarantee against specific political risks in support of a $360 million syndicated commercial loan in fiscal year 1992. This and the Uch Power project were the only two PPI power project guaranteed by the World Bank before June 1997.  The plant has been selling power to WAPDA since 1996. As of June 30, 2009, the largest shareholders in the company were International Power (17%), Xenel (12%) and Fauji Foundation (9%).  The remaining equity was held by private investors, local banks, international banks, insurance companies and mutual funds. The company was traded on the Karachi Stock Exchange.   In Aug. 1999, Hubco reached an agreement with the Karachi Electric Supply Corp. (Kesc) to supply 500 MWe directly to Kesc instead of WAPDA. Hubco has faced problems in receiving payments for its electricity supply to WAPDA and has taken the case to the courts. In Dec. 2000, a settlement was reached: Hubco will received around US$100 million to cover previous underpayments, and the new tariff to be paid by WAPDA will be cut by 15%.  Hubco agreed to a reduced tariff of 5.6 cents from the initial 6.62 cents.  Capacity purchase price will be lowered from 4.45 cents to 3.36 cents per kilowatt hour.  The new tariffs will start retrospectively, i.e., it will be adjusted from the first year of commissioning which was in July 1996.    In first quarter 2001, lenders approved the company's settlement agreement with WAPDA.  The company also requested that the government withdraw all criminal and legal charges against it, which the Pakistan government did in the second quarter of 2001.  WAPDA agreed to accelerate payment of unpaid tariffs on the order of $93 million.  WAPDA agreed to pay the full amount within 18 months. In Nov. 1999, National Power announced the split of its international and domestic operations, International Power was created.
The company is a major power supplier to western Inner Mongolia and was the first company from the autonomous region to be listed on the Shanghai Stock Exchange. Approximately 11% of the company's capital stock was listed.
This joint venture, Zhongshan Hong Kong and China Gas Company Limited, was established in 1994. The project is located in Zhongshan, Guangdong Province. The Hong Kong and China Gas Company Limited (Towngas) will operate and manage the joint venture for 50 years. Operations commenced in 1996.
The US$18 million toll bridge was constructed in 1994 by the Beitbridge-Bulawayo Railway (BBR) Ltd. The BOT project has a 20-year duration, when the sponsors will transfer the bridge to the government. BBR was, in turn, owned in part by New Limpopo Project Investments.
The company owns six sets of gas turbines and two sets of steam turbines with a total installed capacity of 350 MW. In 1994, the company issued "A" and "B" shares on the Shenzhen Stock Exchange (29.9% of the company shares). A total of 106.3 million shares were issued at a price of RMB 4.60 per share. This allowed the company to raise US$ 56.7 million in divestiture revenues.
Jaiprakash Hydropower Ltd (JHPL), subsidiary of Jaiprakash Associates Limited (JAL).  JHPL, developed the second stage of a 300-MW, approximately $311.3 million hydroelectric power plant in Baspa, Himachal Pradesh State.   Financing was obtained in part through the public sale of convertible debentures worth $89.2 million in August 1994. A total of $124.2 million has also been obtained from Indian financial institutions. In September 2001, the Jaikprakash group sought and gained additional funding of approximately $36 million for the Baspa project from a financial consortium led by the Industrial Credit & Investment Corp. of India (ICICI).  The project was experiencing a cost overrun of about $58 million due to delays in the project caused by the rupee devaluation and river flooding.  In February 2002, JAL offered itself as collateral security for the additional loans worth in the area of $35.5 million. The Central Bank of India agreed to an additional loan of $10.5 million and the State Banks of Patiala and Indore each extended a loan of just over $5 million.    In March 2005, JAL raised US$ 130 million by selling 36.7 % stake in JHPL to the general public through an initial public offering (IPO). After the IPO, JAL owned 67.3% in JHPL.  JHPL signed a 40 year power purchase agreement (PPA) with Himachal Pradesh State Electricity Board (HPSEB) in 1996. Technical and economic clearances from the Central Electricity Authority (CEA) were invalid on account of the change ownership structure without the proper notification.   Jaiprakash Hydropower Ltd was the primary contractor and operator for the project. International Design Engineering Associates (IDEA) was as the technical consultant and is involved in project design. Bharat Heavy Electricals (BHEL), the equipment supplier, was likely to have aided in lease financing and have taken an equity stake in the venture.  The project began commercial operations in 2003.
Eastern Telecommunications Philippines, Inc. (ETPI) began in 1878 as a company that offered telex and telegram services.  ETPI was awarded a provisional license to operate an international gateway facility in 1992. As a part of its international gateway facility operation license, ETPI committed to install 300,000 local exchange lines in Metro Manila (Manila, Caloocan, Malabon and Navotas) and in Region II (Cagayan Valley), areas within the first five years of operations. ETPI signed its 300,000 fixed lines commitment and obtained its license for the local network in October 1996. The build-out requirements were established for new entrants in mobile phone services (400,000 fixed lines) and international phone services operators (300,000 fixed lines) by Executive Order 109 enacted in 1993. In order to assign the areas to new entrants with buildout requirements, the country was divided into 11 equally viable areas combining profitable urban and costly rural areas.   Eastern Telecommunications Philippines was initially owned by UK-based Cable and Wireless Plc (40%), Smart Communications (9.8%) and Philippino investors (50%).  However, in May 1998, the government sequestered a 40% stake allegedly held by former Philippine president Marcos in (ETPI) after his allies sought a shareholders meeting in a bid to gain control.  The sequestration was ordered by the Presidential Commission on Good Government (PCGG), a special agency responsible for recovering worldwide assets allegedly amassed illegally by the former president during his 20-year rule.   The state-sponsored Presidential Commission on Good Government then held a 40% share in ETPI. Cable & Wireless sold its 40% stake in ETPI in 2000 to the local business group Aerocom Investors & Managers Inc.  In March of 2001, the Philippine unit of Australian Gigahertz Network Pty. Ltd. (AGN Philippines) bought that stake for US$20 million.  In October of 2005, information technology firm ISM Communications Corp (ISM) of the Philippines purchased AGN's stake for US$8.21 million, giving it a total 57.7% share in the company.    ETPI became the second largest international gateway facility (IGF) operator in the Philippines, next to the historically private and national incumbent Philippine Long Distance Telephone Co (PLDT). The company bought its existing System X international gateway facility from GPT for US$9.5 million in 1994. The company invested US$15 million to expand its IGF capacity by 18,000 in 1996. Eastern Telecommunications Philippines completed a US$6.3 million contract with GPT (UK) which covered the supply of SDH products to Manila in 1997. Eastern Telecoms had about 20,500 IDD lines activated in its international gateway network by 1998.   ETPI created a wholly owned subsidiary, Telecommunications Technologies Philippines (Teletech), to deploy and operate lines in Batanes, Cagayan, Isabela, Kalinga Apayao, Nueva Vizcaya, Ifugao, Quirino, Caloocan, and Navotas beginning in 1996 when the NTC expanded ETPI's license area.  The company signed a US$338 million contract with Alcatel for the supply and installation of the lines on a turnkey basis in 1997. Teletech was to handle the land line project which had to be completed by 1999 under the terms of Eastern's license. Alcatel used wireless local loop (WLL) technology.  In 1999, Telecommunication Technologies said ETPI had invested a total of US$120 million to allow the former to lay out 90,000 additional telephone lines in Manila, Caloocan, and Cagayan Valley Region.   However, the company had installed only 71,000 fixed lines by the end of 1998, which accounted for just 23% of its original obligation.  The company indicated that the main reason for the delay in the network development was the lack of an interconnection agreement between the company and the PLDT.  However, the company completed installation of 129,000 lines for the fourth quarter of 1998 and 112,000 lines by end-1999.  Teletech was planning to expand its coverage in 2006.     By 2004, Eastern Telecom was mainly providing integrated communications services for small & growing businesses, larger enterprises and carriers, but was becoming more focused on its Internet Service Provider (ISP) sector.  It owned only a very small capacity on the National Digital Transmission Network (NDTN). In 2005, ETPI, the country's oldest telco, said it recorded losses for a second straight year on higher expenses and weak operating revenues.
Turkcell was one of the two consortia selected by state-owned local incumbent Turk Telekom to build and operate GSM system under 15-year Build-Operate-Transfer agreement in May 1993. The other consortium was Telsim. Under the agreement, the private operators' revenues were constrained to a 25% commission of actual revenues collected. Those commissions were designed to reimburse the operators for their cost of running the cellular networks; while the state assumed ownership, determined tariffs, and was responsible for collecting customer revenues. The government changed those two BOT agreements to 25 year-licenses after each consortium committed to paid US$500 million in April 1998. In the new arrangement, operators are allowed to keep over 75% of their revenues, but they must continue to pay 15% of revenues to the government as licensing fees, and an additional 5%-10% to Turk Telecom for interconnection charges and international long distance fees.   Turkcell was initially owned by Telecom Finland (34%), Ericsson (15%), Cukurova Holding (38%), MV Telekommunikasyon (7%) and Bilka (6%) by 1998. In July 2000, the company raised US$1.9 billion with an IPO. In 2008, Çukurova Holding A.S. sold 90,200,000 shares to JP Morgan Securities Ltd. for sale to foreign investors, bringing the percentage of Turkcell's equity that was publicly traded to 33.48%. The remaining major shareholders were TeliaSonera (37%) and Çukurova Holding A.S. (27%).  The company, which launched its commercial services in 1994, invested around US$430 million in its network development between 1993 and 1997. The company also closed syndication of its US$575 million loan package to finance its US$500 million license fee in 1998. The debt was split between US$3-4 million three-year and three month term loans at 325 basic points over libor, a US$75 million three year and three month revolving credit at 325 basic points, and a US$195 million three year and three month term loan at US$212.5 basic points which carried a 95% political risk guarantee provided by the Finnish Guarantee Board.   Turkcell dramatically increased its subscriber base from 2.3 million in December 1998 to 10 million in December 2000 (68% market share). Its service area covered 99 percent of Turkish geography. Turkcell competed with the privately owned Telsim AS (GSM 900 network) and IS-TIM (GSM 1800), along with state-owned Turkish PTT (NMT 450 network) by 2003.   Turkcell also owned GSM licenses in two other countries: Azercell (Azerbaijan) and Geocell (Georgia).    Turkcell provided comprehensive coverage of an area that, as of year-end 2002, included 100% of the population living in cities of 10,000 or more people and 99% of the population living in cities of 5,000 or more people.  Turkcell was Turkey's market leader in mobile service with 24.3 million customers at end 2004.   In an auction held on Nov. 28, 2008 for a type-A license to provide third generation (3G) services, Turkcell submitted a successful bid to the Information and Communication Technologies Authority (ICTA). Turkcell was expected to launch 3G services in mid-2009. On April 30, 2009, Turkcell signed a license agreement with the ICTA and paid €422.4 million (US$587.1 million), including VAT, to the Turkish Treasury. The investment in 2009 was US$1.24 billion including the license fee.
The company was partially privatized in June 1994 when the government sold a 51% equity stake for $20.8 million to Aluminio Argentino SAIC (Aluar) (20.4%), Camuzzi Gazometri SpA. (12.75%), Grupo CG Argentina (7.65%%), and seven other groups (each holding less than 4%). Only $1 million was paid in cash and the remaining $19.8 million were paid in debt papers.  In 2003, Camuzzi filed a claim against the Argentinean government with an international arbitration tribunal (International Centre for Settlement of Investment Disputes - ICSID). Camuzzi claims compensation for losses in its investments in electricity transmission and distribution in Argentina due to frozen rates and devaluation of the currency.
Moscow Electrosvyaz (currently CenterTelecom Moscow branch) is the main local telecommunications service provider for the Moscow oblast in Central Russia (except the city of Moscow). It is also the base telecommunications operator in Moscow region. The company supports the regional telecommunications infrastructure and provides other regional providers with access to the national PSTN.   In 1993 Russian local telecommunications network operators were partially privatized and AO Moscow Electrosvyaz was established in June 1994. In 1995, Svyazinvest, a holding company which consolidated the government stakes in all of the 85 regional telecommunication companies, was created. After the formation of  Svyazinvest it held 38 percent of the common shares and 51 percent of the voting shares in AO Moscow Electrosvyaz. From June 2001, AO Moscow Electrosvyaz has assumed the name of JSC CenterTelecom (Joint Stock Central Telecommunications Company).  In the course of the telecommunications industry restructuring during 2000-2002 Svyazinvest created seven large telecom companies in Russia's macro-regions by consolidating 74 local operators. As a result of reorganization, the property and personnel of regional operators was transferred to corresponding regional branches: Center Telecom, North-West Telecom, Volga Telecom, South Telecom, Uralsvyazinform, Siberia Telecom and Far East Telecom (Dalsvyaz).  JSC CenterTelecom became the base company in the process of consolidation of 16 regional providers in central Russia and it became a Moscow branch of the mega-regional company JSC Central Telecommunication Company in November 2002. The Moscow branch is the second largest company in terms of revenue and the third largest company in terms of the number of subscriber lines among Svyazinvest holding enterprises.  The 16 companies that were removed from the state register and renamed into branches of JSC "Center Telecom" were: Belsvyaz, Bryansksvyazinform, Voronezhsvyazinform, Ivtelecom, Lipetskelectrosvyaz, Smolensksvyazinform, Tambov Elektrosvyaz, Tulatelecom, Vladimir Region Elektrosvyaz, Kaluga Region Elektrosvyaz, Kostroma Region Elektrosvyaz, Kursk Region Elektrosvyaz, Oryol Region Elektrosvyaz, Ryazan Region Elektrosvyaz, Tver Region Elektrosvyaz, and Yartelecom.
The project consists of eight diesel power units with a total installed capacity of 72-MW (each unit has 9.5-MW of capacity). The project began as a single barge-mounted plant. As of December 2008, the project company, Jamaica Energy Partners, was owned by Scudder Latin American Power Funds (63%), Caribbean Basin Power Fund (34%) and Wartsila (1%). The total cost of the power was $102 million.   The total installed capacity started its commercial operation in October 1995. Jamaica Energy Partners sells its output to the national utility Jamaica Public Services Company, under a 20-year power purchase agreement and an implementation agreement with the government of Jamaica.   The IFC partially financed the construction of the power plant. Additional financing came in the form of a US$ 9.6 million from McDonnell Douglas and the remaining cost as equity.  In its fiscal year 1996, MIGA issued $30 million in coverage to a group of equity and debt investors for the construction and operation of Jamaica Energy Partners (a 74-MW barge-mounted diesel power plant). The insured owners were Barge Energy, L.L.C., Illinova Generating Company, Metra Finance Oy AB, Scudder Latin American Power I-C, L.D.C., Scudder Lating American Power I-P, L.D.C., and Wartsila Power Development Corporation, Inc. In the fiscal year 1997, MIGA consolidated its involvement in the power sector in Jamaica by insuring McDonnell Douglas Finance Corporation of the United States for its $9.6 million loan to Jamaica Energy Partners, L.P. (JEP). MIGA’s $14.3 million guarantee covers McDonnell Douglas's loan against the risks of expropriation, transfer restriction, and war and civil disturbance.  In 2006, the IFC and partner banks packaged US $78 million in financing for the construction and operation of new barge that would add 50MW of capacity to the facility.  Conduit Capital LLC liquidated their ownership in 2007 and repurchased 100% of Jamaica Energy Partners in 2009.
The project consists of two diesel power plants with a total installed capacity of 69-MW. One unit, 19-MW, is located inland and has a 20-year power purchase agreement with Corporacion Dominicana de Electricidad (CDE). The other unit is a 50-MW barge-mounted plant with a 10-year power purchase agreement. The total cost of the project was $75 million. The power plants started commercial operations in 1994. The initial developer, Warsila Power Development, sold the project to a consortium of Coastal Power Production (48.5%), Commonwealth Development Corp. (48.5%), and Basic Energy Ltd. (3%). The project was financed under a foreign export program design to encourage the U.S. shipbuilding industry.  In 2001, El Paso Corporation acquired Coastal Power along with Coastal's 48.5% stake in Puerto Plata Diesel-Power Plant.  In July of 2002, the commission in charge of renegotiating government contracts with private generators reached an agreement that revoked El Paso's contract with Corporacion Electrica Puerto Plata.  The Government paid US$35 million to rescind the contract, claiming the action would save the state US$24 million a year.
First Private Power Corp. has 93% ownership of the 215-MW diesel-fired power plant in Bauang, La Union. The Philippine company American Life Insurance Co. has a 7% stake. As of Dec. 31, 2008, First Private Power Co. was a joint venture between Meralco (20%); First Gen Corporation (40%); PCI Capital Corp. (20%) and JG Summit Corp (20%). First Gen Corporation was 55% owned by First Philippine Holdings Co. and 45% owned by private investors via the stock exchange. Accordingly First Philippine Holdings Co. had a 20% effective holding in Bauang Private Power Corp.  A PPA has been signed with Meralco. The PPA was protected by a sovereign guarantee. The project was financed with government loan guarantees. The project received $85 million in equity financing in 1996 from the following sources: First Private Power Corp. (40%); First Philippine Holdings (20%); JG Summit (20%); PCI Bank (20%). All 4 units came online in 1994. The plant had a 7km transmission line.  On July 26, 2010, at the end of the 15-year BOT period, the Bauang Private Power Corporation formally turned over the plant to the National Power Corporation (NPC) / Power Sector Assets and Liabilities Management Corporation (PSALM).
In November 1994 the Puerto Vallarta Water Authority (SEAPAL-PV), Mexico, awarded a 17 year build-own-transfer contract for a sewage treatment plant to private company Compania Tratadora de Aguas Negras de Puerto Vallarta, S.A. de C.V. (CTAPV). The plant was to be built over a two year period in the municipality of Puerto Vallarta, state of Jalisco. The municipality had some of 150,000 inhabitants and was a popular tourist destination. The sewage plant was designed to treat a maximum sewage flow rate of 2,500 liters per second.   CTAPV was a special purpose company fully owned by Cascal, a joint venture of UK company Biwater and Dutch firm Nuon.   Financial closure for the $33 million plant was reached as follows: $7 million was provided by International Finance Corporation ($5 million in senior loan and $2 million as a subordinated loan); $8 million was invested by Biwater as equity; $17 million in loans was provided by government owned BANOBRAS in the form of loans.  Construction of the plant was completed in early 1995.  CTAPV was paid monthly, according to the volume of water processed, at a tariff linked to the CPI to generate a real ROE of 11 percent.  In September 2004 the BOT contract was canceled, and ownership of the infrastructure was transfered to municipal utility SEAPAL. An operations and maintenance contract was subsequently awarded to Cascal, but the private party no longer took on significant operational risks.
The project, which was granted to Consorcio La Calera in Febraury 1994, included the rehabilitation and operation of a 53 km toll road. The construction works have already been finalized. Cromas S.A. and Incoequipos hold 30% of the consortium shares, Corp. Financiera de Desarrollo holds 25%, and Consultoria Colombiana holds 15%. The contract was granted for 166 months (13 years and 10 months).   The contract included the following segments: El Salitre-Sopó -Briceño (14,5 Km) and Los Patios - La Calera - Guasca (35,5 Km) In November 2005, the Instituto Nacional de Concesiones (INCO - Colombia's National Concessions Institute) anounced that it would renegotiate eight highway contracts. These contracts were costing the Government US$131 million (300,000 million pesos) each year in minimum revenue guarantees. Included in those is the contract for the Los Patios - Guasca - El Salitre - Briceno Toll Road concession. Conversations for the renegotiation of this contract had started at the time of the anouncement.  According to INCO, the project concluded in July 2008.
In November 1994 and February 1995, Road King Infrastructure signed a four 30-year joint venture contracts with a SOEs in Guangdong Province for the construction and operation of the Jieyang Highway Network. The Network comprises: National Highway 206 (Jieyang-Shantou Highway - 20km, Jieyang Fengshun Highway - 36.9km) and Provincial Highway 1930 (Jieyang-Chiwei Highway - 29.7km, Jieyang-Chanzhou Highway - 24.1km). Road King has a 50% stake in the joint ventures and the PRC partner retains ownership of the roads. Road King has invested a total of US$ 62.1 million (HK$ 480 million) in the construction and maintenance of the roads, and receives 50% of toll revenues in return. The network recorded a 26.7% increase in toll revenues between 1996 and 1997. In 1997 tolls ranged from Rmb 2 to Rmb 30 per vehicle. Road King funds its project from internally generated funds and long term debt. This includes a US$ 138 million syndicated loan and US$ 140 million 10-year fixed rate notes arranged in 1997. Roadking sold its share in the project in June 2001.
Centragas has a 357-mile (574.4km) natural gas transmission system with a capacity of 110 million cubic feet of gas per day. The pipeline extends from Ballena, on the northern coast of Colombia, to Barrancabermeja, in the central region of the country. Centragas ownership structure was initially structured as follows: Enron held 75% of the shares and Promigas held 25%. In 1996, Enron sold a 25% stake to Tomen Corp. of Japan. Ecopetrol, Colombia's state-owned oil company, is the sole customer for the gas transportation services under a 15-year contract. The cost of the project is $210 million.  As of 2005, Enron still controlled 55% of Centragas, and was in the midst of liquidating its operations and distributing its assets to its creditors.  As of 2007, Enron was no longer a shareholder of Centragas with Arctas Capital Group LP [United States] as the majority shareholder. Tomen Corp [Japan] and Promigas [Colombia]each held a 25% stake.  Since the 2007 incorporation of Transportadora de Gas del Interior(TGI), a state owned enterprise, Centragas has recieved a fixed tariff from TGI. The contract will expire in February 2011 and ownership of the asset will revert to TGI. The contract period began in 1996 at the start of the pipeline's commercial operations.
This 180 MW geothermal power plant on the island of Leyte was expected to come on-line in 1997. 10-year BOT project was built and operated by CalEnergy. The ownership was transferred to Philippine National Oil Co. and Energy Development Co (PNOC-EDC). Steam was provided by PNOC-EDC. Equity participation of $80 million was provided by CalEnergy (45%), Peter Kiewit Sons (45%) and Marubeni Corp. (10%). Debt financing was provided by term loans of $240 million by Bank of America, USEXIM, and OPIC. OPIC and a consortium of lenders also provided construction debt financing, with Bank of America as lead arranger.  In October 2007, Calenergy turnover the Malitbog Geothermal Power to PNOC-EDC which at that time was 60% owned by the government. The plant was turnover after the BOT contract expired.
Personal Systems Network in region (PSN) in Nizhny Novgorod received its license for the operations of an AMPS 800 cellular network in February 1993. The company was created in 1992 as a limited liability partnership formed by Millicom International Cellular (65%) and the remainder split among five Russian companies, including US West, and Argumenti  Fakty (Russia).   The company started its commercial operations in February 1994. The network consisted of 6 base stations and had 3000 subscribers by 1997. The company services the territory with the population of 4.5 million. The Russian Ministry of Communications issued three more licenses for cellular operations (in NMT 450, GSM 900, and CDMA networks) for this region. The company's main competitor was Nizhegorodskaya Cellular Communications that operates a GSM 900 network.   The company had 7,390 subscribers by end of 1999.  Millicom provided its services in Russia under the brand name FORA Telecom and held controlling stakes in 12 operators covering a population of 48 million. The regions covered by the FORA group were: Moscow, Saint-Petersburg, Belgorod, Izhevsk (Republic of Udmurtiya), Irkutsk, Kemerovo, Kursk, Nizhny Novgorod, Omsk, Smolensk, Rostov-on-Don, Chelyabinsk. The holding's Russian cellular operators had a total base of 165 thousand subscribers in various parts of Russia in 2001. Since entering the market, Millicom invested over US $100 million into Russian economy.   In December 2001 the shares of Millicom in 12 Russian companies were acquired by Tele2 AB which, along with Millicom, is part of the Kinnevik group. The assets included 11 AMPS carriers and the Moscow Cellular Communications NMT 450 MHz carrier. Tele2 AB paid $80 million for the assets and promised another $30 million after the AMPS carriers, which had to abandon their spectrum according to an agreement with the Communications Ministry, received GSM 1800 MHz licenses. After the acquisition, all of Tele2 subsidiaries switched to Tele2 brand. Tele2 planned to invest up to US$80 million in GSM communications in Russia in 2003.  The GSM-1800 license was issued to Personal Systems Network in 2002 for 10 years. GSM-1800 network was expected to be operational in Nizhny Novgorod in March 2004.
The company had a installed capacity of 17-MW in December 1994 when it was privatized. The government sold a 98% equity stake for $4.1 million to Apuaye SA (32.3%), Necon SA (33.4%), and Jose J. Chediak S.A.I.C.A. (32.3%).
Sakhalin Telecom Mobile (ST Mobile) is the first mobile communications operator in Sakhalin. The company was formed as a closed joint stock company between Cable and Wireless (59.2%), Itochu Corporation, Japan (17.2%), Mitsui, Japan (8.6%), and two Russian Companies (Sakhalin Telecom and Regional Radio & TV Broadcasting Center (15%). ST Mobile received its license in October 1994, and started its services in August 1995.  ST Mobile provides an AMPS standard mobile telephone service to the Yuzhno-Sakhalinsk region on the Sakhalin island. The coverage also extends to main southern ports of Korsakov and Kholmsk, and includes towns as Sovetskoye, Starodubskoye, Anvia, and Troitskoye. In addition to full connection to local and international networks, ST Mobile offers roaming to Moscow, Vladivostok, and Khabararovsk regions as a part of the Bee-Line Consortium. ST Mobile spent US$ 1.3 million in 2001 mostly on improving an existing AMPS network. The company spent US$3.3 million in 2002 on building GSM 1800 network which was launched end-August and covered Yuzhno-Sakhalinsk and its suburbs. The company planned to invest in the network over US$5 million in 2003-2005.  In July 2005 VimpelCom bought a 84.4% stake in Sakhalin Telecom Mobile (STM), which held GSM-1800 and D-AMPS licenses on the Sakhalin Island, for $51.2 million from U.K.'s Cable & Wireless and then increased the stake to 89.6%.
Telecel Madagascar received a 15-year national license to build and operate a nationwide AMPS celllular network in 1994.  The company began the construction of its network in February 1994  and started its commercial operations in Antananarivo in July 1994. The network covered three cities, Antananarivo, Tamatave, and Antsirabe. Telecel also had its own international gateway using a satellite earth station in Madagascar.  As of August 1998, the company was a subsidiary of Telecel International.  Telecel International was 80% owned by Orascom of Egypt.  By 2004, the company had a negligiable number of subscribers on its AMPS network, being out-competed by GSM providers Orange and Celtel Madagascar.   Telecel has not reported any subscribers since 2004. Therefore the 2013 update put the status of this contract as 'canceled'.
This local electricity distributor for the region of Kyzyl-Orda has charter capital of 23,887,000 Tenge. Shareholders are the Ulan company (51%), employees (10%), Ipf-"Yntymak" (10%), Blok-Invest (10%), Sham-Invest (7%), Turan-Invest (7%), Baikonyr-Invest (4%) and Seimar-Invest (1%). The last six acquired stakeholdings through the coupon privatisation in June, 1994. The divestiture revenues raised by the government in those coupon auctions were US$7,035 (Tenge 381,700) in 1994. The Ulan Company bought its stake for $200,000 in 1997and has pledged a further investment $1.8 million over the next 5 years.  As of 2000, KazTransGaz (KTG), a subsidiary of KazMunayGas, Kazakstan's national oil and gas company, was set up to maintain, manage and operate the entire gas distribution network in Kazakhstan. Consequently, there were no private sponsors that owned or managed the gas distribution network, since KTG was the sole owner of the network. Also, as of 2000, Alaugas was no longer listed on the Kazakh Stock Exchangce (KASE)
The terminal was constructed by Mexican companies and entered operation in 1994. In 1996, GATX acquired a controlling stake in the project (65%), and the project company name changed into GATX Terminal de Productos Especializados. After a major expansion in 1996, the facility increased its bulk liquid storage capacity from 33,675 to 63,600 cubic meters. The terminal is located in the Gulf Coast of Mexico, close to the largest petrochemical production area of the country (Altamira's production represent 64% of Mexico's total production of key petrochemicals).   In 1999, the sponsors invested US$ 4.4 million in construction a 1.5-km rail spur connection to Mexico's railroads and the setting of new storage tanks.  In early 2002 Dutch logistics and chemicals distribution company Koninklijke Vopak N.V. announced that it bought Gatx's majority interest in the chemical tank storage business of Terminal de Productos Especializados and that it would also acquire the rest of the shares from the remaining owners.
The Genting Sanyen IPP is a 720-MW (700-MW + 20-MW) base-load plant. A 21-year power puchase agreement that included fixed and variable charges and a fuel pass through provision was signed with Tenaga (TNB) which will expire in 2015. A fuel supply agreement was signed with Petronas. The plant also supplies the Genting Sanyen paper mill. An IPP license was granted to the project company in July 1993 and construction began in December 1994. The plant began service in January 1996.   Shareholders were the local Genting Group, through their 97.7%-owned subsidiary Mastika Lagenda Sdn Bhd (40%), British Gas (20%), Worldwide Holdings (20%), and state-owned Tenaga Nasional Bhd (TNB) (20%).  In March of 2003, Genting Bhd completed the acquisition of TNB's 20% stake for US$64 million, bringing its interest in Genting Sanyen Power Station to just under 60%.    The debt-to-equity ratio was 70:30. Except for foreign equity participation, the project was almost entirely financed domestically.
Time Telecom (later renamed Time dotCom) was awarded a 20-year license to provide local telephone services in July 1993. It was also awarded another 20-year license to provide international telephone services in December 1994.    The company had more than 3000 km of fiber and 1865 km of sub-marine cable by 1997. The total investment in the project was US$948.5 million by 1997. Of that amount US$786 million was invested between 1994 and 1995.    The company was created as a fully owned subsidiary of Time Engineering (Renong Bhd.) of Malaysia and was incorporated as a public company in December 1996 under the name Time Telecommunications Berhad.  The company adopted the new name "TIME dotCom Berhad" on January 17, 2000.  Also by 2000, Time Engineering controled 75% of the third-biggest mobile phone firm in Malaysia which operated under the brand name "Adam."   In July 2000, TIME Engineering reached an agreement to sell a 30% stake in TIME dotCom to the Finance Ministry's investment arm, Khazanah Nasional, for RM2.2 billion (US$558 million). Time then had debts of RMB five billion.   Time dotCom was listed on the Main Board of Kuala Lumpur Stock Exchange (KLSE) on 12 March 2001.  The company sold a 25% stake in the company by issuing 572 million shares at 3.30 ringgit (US$0.87) a share, raising US$497 million in total.  At the time, Time dotCom made up more than 75% of Time Engineering's assets.  The offer of the 572 million shares to the public was undersubscribed by 75%.  Three state-owned agencies ultimately owned by Khazanah emerged as owners of the unwanted shares: Employees Provident Fund (3.22%), Kumpulan Wang Amanah Pencen (10.82%), and Pengurusan Danaharta Nasional (3.16%).  Time dotCom's ultimate shareholders were then Time Engineering Bhd (45%), Khazanah (47%), Sapura group (2.41%) and others (5.59%).     However, in December 2001,  Khazanah gained full control of Renong Bhd.. Renong held a 46.8% in Time Engineering which owned 45% of Time dotCom.  Khazanah then had an effective 68% stake in Time dotCom (30% direct, 17% through other state-owned interests and 21% via its 47% owned-unit Time Engineering Bhd).  The company therefore became state-controlled.    By 2003, TIME dotCom provided fixed line, voice and data communications and other value-added services using the 'TIME' brand.  The Group's fixed line and broadband business handled four major product categories, namely Direct Access, which dealt with products that required the Group's infrastructure to be built into customers' premises; Indirect Access covered products that did not require the building of infrastructure; Multimedia; and Broadband and Managed Network systems. TIME dotCom also provided public payphone services throughout Malaysia under the 'TIME' and 'Uniphone' brands. The Group operated an extensive network of 38,000 public payphones strategically located at buildings, shopping complexes and sidewalks throughout the country.  By 2004, Time dotCom was focusing its capital expenditure mainly on expanding its wireless broadband coverage and services.
This regional gas distributor for Jambyl has charter capital of Tenge 3,772,118. Shareholders are the Kazakh State (47.2%), employees (16.8%), Karatau-Invest (10%), Almas-Avto-Invest (9.5%), Begat-Invest (9.5%), Kair-Dostar (5%) and Taraz-Invest (2%). All private parties acquired stakes in coupon auctions in December 1994. The divestiture revenues raised by the government in those coupon auctions were US$20,235 (Tenge 1.09 million) in 1994.  As of 2000, KazTransGaz (KTG), a subsidiary of KazMunayGas, Kazakstan's national oil and gas company, was set up to maintain, manage and operate the entire gas distribution network in Kazakhstan. Consequently, there were no private sponsors that owned or managed the gas distribution network, since KTG was the sole owner of the network. Also, as of 2000, Alaugas was no longer listed on the Kazakh Stock Exchangce (KASE)
Pakistan Telecommunications Corporation Ltd. (PTCL), previously known as Pakistan Telecommunications Council (PTC), was incorporated under the Companies Ordinance on January 1, 1996. PTCL retained 95% of company assets and operated 90% of the country's network. The remaining 5% ownership was transferred to a newly created company, the National telecommunications Corp. to provide services for the government and military.  PTC subsequently transferred all its assets, liabilities, ownership structure, as well as its existing telephone operations to PTLC.    PTC was partially privatized in July 1994 when the government offered 1 million PTC vouchers to the domestic market in denominations of $75.36 convertible into 100 shares of PTCL with in two years.  PTLC then became 89% state owned, with 11% floated  on local and international markets. Soon after the government offer a second tranche of 5 million PTC vouchers to foreign investors. Muslim Commercial Bank was awarded the underwriting mandate and Jardine Fleming was appointed as the global lead manager for the second tranche. These two transactions generated US$450 million. In July 2005, Emirates Telecommunications Corporation (Etisalat) made the highest bid of US$ 2.6 billion to acquire a 26% equity stake in PTCL along with management control. Etisalat paid US$ 1.4 million upfront and the remaining payments would be paid over five years.  The company was awarded a 25 year renewable license, beginning April 1996, and a monopoly on domestic and international fixed line services until December 31, 2002.  PTCL is the sole provider of backbone transmission network in Pakistan. The primary equipment suppliers are Alcatel, Ericsson and Siemens. The company's local exchange capacity was 3.2 million lines by end 1997, trunk network comprises of 300,000 lines, and international switching capacity of 8,000 lines.  In 2001, the company has a total of 4 million digital lines installed.  In July 2000, the company awarded a US$100 million contract to Siemens for the supply and installation of 350,000 new telephone lines throughout Pakistan.  Siemens is expected to complete the project by June 2001.    Pakistan Telecom Mobile, a wholly-owned subsidiary of PTCL, launched its cellular network on January 29, 2000 under the brand name U-Fone.  After less than four months of operation, the company had nearly 100,000 subscribers.  Pakistan Telecom Mobile's GSM 900 network is being built by Nortel Networks under a US$50.7 million contract awarded in March 2000 for launching the mobile network in August 2000.  In addition Habib Bank Limited extended a financing facility of US$38.6 million (Rs2 billion) to the GSM network phone project provided as a fixed term loan for seven years. In 2007,as reported by the Pakistan Telecommunications Authority, PTCL saw a loss in the fixed line market to other operators with its subscribers going down from above 5.0 million in 2006 to 4.5 million in the first quarter of 2007. At the same time, a significant increase in the  wireless local loop (WLL) subscribers was recorded: the number of company's wireless subscribers almost doubled in the same period of time.  The company competes against Pakistan Mobile Communications, Paktel and Pakcom.
In June 1994 the State government of Johor, Malaysia, awarded a 20 year concession for 14 water treatment plants to private operator Southern Water Corporation Sdn Bhd (SWC). The contract was formally granted by state utility Syarikat Air Johor Sdn Bhd (SAJ) and covered rehabilitation, maintenance and operation of the plants. The 14 plants were located in the districts of Muar, Batu Pahat, Segamat and Kluang, and had a total designed capacity of 452 million liters per day.   SWC was a wholly owned subsidiary of Malaysian company Aliran Ihsan Resources Bhd.  Information on the tender process or investment commitments was not publicly available. SWC took over operation of the plants on June 1st, 1994, and by the end of 1995 the concessionaire had reportedly invested some RM 55 million (approximately $22 million) in rehabilitating the treatment plants.  SAJ, the water utility in the state of Johor, was privatized in 2000 (project number 2181). According to the 1994 contract SAJ paid SWC both fixed monthly payments and bulk supply rates for the water it delivered.
PT Bosowa Marga Nusantara has a 30 year BOT contract for two toll roads and a toll bridge in South Sulawesi. The roads and bridge are already operational; the Tallo Lam bridge had been operated by Jasa Marga from 1981 to 1994. The addition of Section III was expected to bring the road to 10.4km.
Hidroelectrica Los Nihuiles was a 265-MW hydro plant which consisted of three plants: Los Nihuiles 1 (a 74-MW, four unit plat built in 1957), Los Nihuiles 2 ( a 139.2-MW, six unit plant built between 1968 and 1972), and Los Nihuiles 3 (a 52-MW, two unit plant built in 1972). The provincial government  of Mendoza privatized the facility in 1994 when it sold 51% equity stake for $74 million to Electricite de France (26.5% - through its subsidiary EDF International), NISA (15.5%), Jacques Matas (4.8%), Banco de Galicia (2.3%), and Saur International (1.8%). The winning consortium received a 30-year concession to operate Hidroelectrica Los Nihuiles. Later, the government sold a 2% equity stake to company’s workers for $2.9 million, at the same price per share that the winning consortium paid. The government of Mendoza kept a 10% equity stake and the remaining 37% equity stake is owned by private investors from the Province of Mendoza.  On October 18, 2006 Pampa's purchases of the shares in INNISA and INDISA under the sale agreements originally signed with Electricite de France Internacional S.A. on May 26, 2006, and Banco de Galicia y Buenos Aires S.A. and Nucleamiento Inversor S.A. on June 7, 2006 became effective. Therefore, Pampa Energia SA controlled Hidroelectrica Los Nihuiles SA through its 90.26% stake in INNISA which, in turn had a 51% stake in Hidroelectrica Los Nihuiles SA.   As of December 31, 2008, it retained operational control through INNISA and had an indirect stake of 46.03% in Hidroelectrica Los Nihuiles SA. Pampa Energia SA was an electricity operator that was acquired by Grupo Dolphin and related companies in 2005.
Algas is the gas distribution concessionaire of the state of Alagoas. Created in 1992, the company started commercial operations only in Aug. 1994, serving mostly industrial consumers (a network of 71.42-KM length). The company expects to start supplying residential consumers after March 2001 (network expansion: 34 KM). Algas is a joint venture of Enron's subsidiary Gaspart (41.5%), state-owned Petrobras' subsidiary Gaspetro (41.5%) and the government of Alagoas (17%).  As of 2005, Enron was in the midst of liquidating its operations and distributing its assets to its creditors. In September 2006, the Japanese company Mitsui acquired Eron's stake in Algas. In the end of 2016, a 49% stake of Gaspetro was sold to the Japanese company Mitsui.
Aeroports du Cameroon (ADC) has a 15-year concession contract to manage five principal airport facilities and services at Douala, Garoua, Yaounde-Nsimalien, N'Gaoundere and Maroua, and to ensure minimum service for two secondary airports (Bamenda and Bertoua). ADC will invest US$ 30.8 million (CFAF 9 billion) over the contract period to renovate and expand facilities for the five major airports. The investment program is divided into two parts: a high-priority renovation program amounting US$ 14 million and financed primarily by the french development agency Caisse Francaise de Developpement (CFD); the remaining investment will by financed with resources from the fourth year of operation by ADC (internal resources).   ADC's shares are divided as follows: Aeroports de Paris, the major shareholder, owns 34%; the government, 29%; ASECNA (Agence pour la Securite de la Navigation Aerienne en Afrique et a Madagascar), 20%. The government transferred to ADC full authority to set ground handling and other non-aeronautical charges. In 1999, GTM, a subsidiary of Suez Lyonnaise des Eaux, acquired a 34% stake from ADP Management.   In March 2001, Suez Lyonnaise des Eaux announced it changes its name to "SUEZ".  In 2004, Aeroports de Paris sold its participation in ADC. The consortium remained in private hands for 37%.   In 2011, ADC SA was still operating the concession.
New China Hong Kong Group has a 30-year joint venture contract with the Sichuan Highway Construction and Development Corporation for the construction and operation of the 90km highway linking Chengdu and Mianyang. New China has a 60% equity stake in the project. In 1994, two Asian infrastructure investors, Peregrine and IAG,  indirectly took equity stakes equal to a total of US$99.6 million through a private placement by New China. The total project cost is estimated at US$170 million. New China has revenue shortfall and currency devaluation guarantees from the provincial partner. The project company plans to raise toll rates every three years. New China also has an option to build two additional roads in Chengdu.
This 90-MW project was located on a barge in the North Harbor.  Keppel FELS, Ltd. (formerly Far East Levingston shipbuilding) operated the barge-mounted diesel facility before tranferring ownership to the government. The operating period, which started in February 1994, was 5 years, following which the developer was to have the option to renew for an additional 5 years before transferring ownership to the government. Napocor, the Philippine electric utility, had signed a PPA with the project incuding a guaranteed minimum offtake.  The plant was retired by Napocor in January of 1999.
Bharti Mobitel was the cellular licensee for the Kolkata (Calcutta) Metro area.  Bharti Mobitel was known as Spice Cell Ltd. until August 2001 when Bharti Cellular acquired 100% of Spice Cell from ModiCorp for approximately US$90 million.  Spice Cell Ltd. had also operated under the name Modi Telstra Ltd which was initially owned by Telstra Corp. of Australia (49%) and ModiCorp (51%).  In June 2000, Telstra sold its stake to ModiCorp.   Originally, the company was awarded a 10 year cellular service license for the circle of Calcutta. This was later extended to a 15 year and then 20 year term.  The company paid US$419,000 in license fee for its first year of operations, US$838,000 for the second year, and US$1.68 million for the third year.  Thereafter, it paid around US$140 per subscriber.    Spice Cell launched its operations of the GSM network under the brand name Mobilenet in July 1995.  The company now operates its pre-paid service under the brand-name "Magic."  Bharti TeleVentures Ltd. announced the completion of a merger of Bharti Mobitel Ltd, which had run the mobile service operations in Kolkata (Calcutta), with Bharti Cellular Ltd. in 2003.  Bharti Cellular Ltd, is a wholly owned subsidiary of Bharti TeleVentures and holds the license for providing cellular mobile services in Delhi, Mumbai, Maharashtra, Gujarat, Madhya Pradesh, Uttar Pradesh (West), Haryana, Tamil Nadu and Kerala. The merger petition was filed in October 2002 before the High Court of Delhi, which was approved in its final hearing in March 2003.
Celcaribe was awarded a 10-year concession to provide cellular phone services through the A band in the Northern region in April 1994. Celcaribe paid US$ 120 million for its concession which represented 95% of the price paid by Celumovil for a similar concession. In 1997, the company paid US$ 9.5 million to have its license extended for another 10 years.    Celcaribe's concession area concentrates around 20% of Colombian population. The Colombia government divided the country in three regions (North, East, and West) in order to assign the license for cellular phone services. In each region, the Colombian government assigned the B band to a private consortium and the A band to a mixed company. The B band was awarded through a competitive bidding, while the A band was assigned to a group of state-owned telecommunications enterprises which created joint ventures with international telecommunications companies.   For the concession, the mixed companies had to pay 95% of the winning bid made for B band. Celcaribe is a consortium owned by Millicom International Cellular and its subsidiary Millicom de Colombia (73.2%). Celcaribe competes with Celumovil in the Northern region.   Investment information was considered confidential by the company. In 2003, America Movil bought Millicom's stake in Celcaribe for US$98.3 million. After the acquisition, America Movil merged its Colombian operating companies (Comcel, Celcaribe, and Occel) under Comcel; accordingly all investment and other information is under Comcel.
SCPL started generating wind power in 1994 with the installation of 2 wind mills with capacity of .250 MW each. In 1997, the company invested US$ 5.3 million in the installation of 8 additional mills with capacity of .750 MW each, increasing its capacity to a total of 6 MW. To finance this investment, SCPL entered into a joint venture agreement with IFU and Micon (both from Denmark), creating the company Pecorsa to develop and operate the wind mill park.  In 2000, Pecorsa  reached a supply agreement with the spanish company Gamesa Eolica for the setting up of 16 wind mills, representing a total investment of US$ 7 million (financing for this investment was provided by the BBV and Credicoop). This last investment will increase SCPL's capacity by 10.6 MW.
Segari Energy Ventures (SEV), formerly Sikap Power Sdn. Bhd., was originally a joint venture consisting of Malakoff Bhd (75%), Tenaga Nasional Bhd (TNB) (20%), and the Employees Provident Fund (EPF) (5%).  Through a BOO arrangment, SEV developed a 1303-MW (2x 651.5-MW) base-load power plant at Lumut Perak State. The project also involved construction of a 120-mile, 500kV transmission line between Ayer Tawar and Kunjong, Kedah, 2x275kV transmission lines connections (91.6km) to the Ayer Tawar sub-station, and a 183km gas pipeline Meru, Klang to Lumut. The first and second generating units were commissioned in May 1996 and May 1997, respectively.    Teknik Janauasa Sdn. Bhd (TJSB) was the project operator. The EPC contractor and equipment supplier was ABB Power Generation Sdn. Bhd and the technical consultant was SWEC Zainal Sdn. Bhd.  Funding for the project was raised entirely from local capital market and secured on a floating charge and assignment of collateral on all contracts. Equity accounted for $440 million, while $550 million was raised via fixed-rate debt securities and another $550 million was raised via floating non-recourse loans (15-year term) from Bank Bumiputra Malaysia Bhd and Malayan Banking Bhd.  A 21-year PPA was signed in 1993 with Tenaga Nasional Bhd. (TNB).   In June of 2004, Malakoff agreed to buy an additional 18.75% in SEV from TNB for US$98 million, increasing its stake to 93.75%.  TNB concurrently sold its remaining 1.25% stake to EPF for US$6.58 million.
In February 1994, a joint venture between Electricite de France (EdF) and Saur-Afrique, a subsidiary of SAUR International, began providing customer management services for the Electricity Corporation of Ghana (ECG). ECG was a state-owned electricity distribution company with a 500,000 customer base. The contract length was 4- years. The objectives of this contract were to reduce technical losses from 12% to 7% and decrease the volume of of unpaid bills. 80% of the contract fees were guaranteed and 20% of the fees were performance-based. Financing was being provided by Caisse Francaise de Developpement (CFD), the French government's official development agency.
LibanCell was awarded a 10 year build-operate-transfer (BOT) contract in August 1994,  with a possibility of a two year extension. The contract required the company to transfer 20% of its annual gross revenues to the Ministry of Post and Telecommunications (MPT) during its first eight years of operations and 40% of its gross revenues for the last two years of operations. If an optional two year extension is granted, 50% of gross revenues will be handed to MPT in years 11-12. The network would be transferred to MPT at the end of the license period or MPT might consider transforming the BOT contract into a proper license agreement.   LibanCell was created in 1994 by a group of local companies, Telecom Finland (14%), and SB Telecom lead by Samawi Brothers. The commercial services were launched in April 1995. LibanCell cellular covered about 95 percent of Lebanese territory and had more than 304,000 subscribers by 1999. The initial network was delivered by Motorola for US$20 million. Motorola  designed, installed and integrated the GSM cellular network based on radio technology from Motorola and D900 technology from Siemens. The company has competed with FTML, which was awarded a similar BOT contract, since 1994.  2001 saw the canceling of the operating license by the Lebanese government over a legal dispute alleging violations of the BOT contract. In 2000, LibanCell offered the government US$1.35 billion to transform their BOT contracts into operating licenses. The government rejected those bids preferring to pursue a claim on back taxes and fines it said the company owed for allegedly exceeding their subscription quota. The company denied infringing on their contract terms and refused to pay. The company continued to run the networks while seeking international arbitration. In July 2002 Sonera sold its 14% holding in the Lebanese GSM operator LibanCell to Lebanese Telecommunications Company S.A.L for US$22.5 million.  With an original state take-over date of August 31, 2002, LibanCell agreed that all revenues after August 2003 would go to the state but that the company would temporarily run the network until January 31, 2003.  The company was compensated US$37 million for the temporary network management.  The temporary management contract was extended in January 2003 whereby LibanCell was paid US$15 million per month plus 70% of all network upgrade costs to run the network until the state finalized a new privatization of the network.  In June 2004, MTC and Dutch firm Detecon replaced Liban Cell and Cellis after winning a four-year contract to manage Lebanon's two state-owned networks for 30 percent less than the amount charged by the outgoing operators.
Bakcell was awarded a 20-year license to operate national TACS & GSM systems in Azerbaijan at the beginning of 1994. The company was created as a joint venture between the Ministry of Communications (51%), and GTIB of Israel (49%). The latter partner is a company owned by Motorola (50%), and Israeli companies (50%). The TACS network has been operational since February 1994, and covers most of Azerbaijan. The GSM network was launched in April 1998, and was expected to cover all of Azerbaijan by the end of 1998. The company refuses to disclose information on the license fee, but the project cost was estimated at US$40 million. In December 2003 the privatization of Bakcell was completed, as the The Azerbaijani Economic Development Ministry sold its stake in the company to GTIB for some $10 million.  The main competitor of Bakcell was AzerCell, with a 15-year GSM system concession which started its commercial operations by late 1996.   As of December 31, 2005, Bakcell had over 300,000 subscribers, which was about 15% of all mobile telecommunications users in Azerbaijan. Over $100 million had been invested in Bakcell since the company was founded.
In 1993, Sterling Cellular Limited was awarded a GSM license for Delhi (including Ghaziabad, Noida, Faridabad, and Gurgaon) by Government of India’s Department of Telecommunication. The company committed to pay US$3.66 million in license fees for Delhi circle during the first three years of operations and US$140 per subscriber per year thereafter.  The license was later extended to a 15 year term. The company has since undergone numerous ownership changes. In December 1999, Hutchison Telecommunications International Limited acquired 49 percent of the equity shares in Sterling Cellular Limited from Swisscom AG and other foreign shareholders. Essar group owned the balance 51%. Sterling Cellular Limited was later renamed Hutchison Essar Telecom Limited (HETL).   In February 2005, Hutchison Group consolidated all its mobile operations in India into its Mumbai subsidiary Hutchison Essar Limited (HEL), formerly called Hutchison Max Telecom Limited (HMTL). As of June 2006, Hutchison Telecommunications International Limited (HTIL), subsidiary of Hong Kong’s Hutchison Whampoa Group, had 67% equity stake in HEL and the balance was held by India’s Essar Group.   The company initially launched its service in January 1996 and marketed under the brand names of Essar or Essar cellphone. After the Hutchison acquisition, HETL offered its services under the brand name Hutch. As of December 31 2004, HETL had 1.41 million subscribers in the Delhi region.
Shenzhen Fuhuade Electric Power Company is a Sino foreign equity joint venture that was established in November 1994. The JV is operating the Dapeng Power Plant in Shenzhen for a period of 30 years. As of June 2003, plant capacity was being increased from the original 70 MW to 285 MW and will be converted into a combined cycle gas plant.
In 1994, Sociedad Terminal de Contenedores de Cartagena SA (CONTECAR) began operations of a new facility in the port of Cartagena. The company was formed in February 1993 by Gremio Cafetero de Colombia [67.1%] and TMM Group [Mexico, 32.9%].   In 2005, both partners sold their shares for approximately US $24 million to Sociedad Portuaria Regional de Cartagena SA who held a concession of the nearby Manga terminal in Cartagena.   In 2007, Sociedad Portuaria Regional de Cartagena SA, who had originally sought to increase its capacity at Manga, chose to invest approximately US $350 million to greatly expand the Contecar facility. The pending expansion of the Panama Canal, along the increasing saturation of Jamaican ports, and the larger are of undeveloped land in Contecar were key drivers in the decision. The investment plan sought to increase the capacity of the Contecar facility from 120,000 TEU to 1.2 million TEU. Manga (project 1715) had a capacity of 900.000 TEU in 2007, but could not be greatly expanded due to its proximity to Cartagena’s city center.
In May 1994, the government of India partially divested Videsh Sanchar Nigam Limited (VSNL) and sold 18 percent stake through an initial public offering for US$ 93.4 million. Incorporated in 1986, VSNL was a state-owned operator of international telephone services and internet service provider in India. . In 1997, the government further sold 17% stake through a Global Depositary Receipt (GDR) issue and raised US$526 million. In February 1999, the government sold another 10.5% of its equity through a second GDR issue and raised US$185. The company raised US$17 million through a secondary public offering in September 1999. In February 2002, Government of India further reduced its stake when it sold an additional 25 percent to Tate Group for $530 million. Consequently, VSNL was taken over under the administrative control of the Tata Group. As of December 2002, VSNL had the following ownership structure - Tata Group had 45 percent equity, Government of India owned approximately 26% equity, the overseas holding (inclusive of FIIs, ADRs, Foreign Banks) was approximately 13% and the balance was owned by Indian institutions and the public. VSNL's main gateway centres were located at Mumbai, Delhi, Calcutta and Chennai. VSNL provided International Telephony Services to 236 countries worldwide from over 5,000 towns and cities of India. In March 2004, VSNL took over the narrow band and broadband business of Dishnet’s ISP division for a consideration of Rs2.7 billion, adding momentum to VSNL’s broadband plans. In 2000, the Indian government announced that the company would lose its international voice and data monopoly two years later on that date. In compensation for this change, VSNL received a reported US$153 million, which was a sum equal to the entry fee and license fee for a period of five years starting from April 1, 2001. A performance bank guarantee of about US$85.6 million required for rolling out the national long distance telecommunications service was also to be waived and the company was to be granted a Class A ISP license, which would enable it to expand its internet services service area from six cities to nationwide. In 2004, VSNL invested US$100 million on a 3,175 km submarine cable link between Chennai and Singapore. The company had exclusive rights to provide international telephone services until April 1, 2004. In January 2008 VSNL was re-christened as Tata Communications Limited. The company operates in three segments viz Wholesale Voice, Enterprise and Carrier Data and Other Services. Originally the company only catered to the national Long-distance Telephony business segment. The Government recently made amendments to telecom licences, under which IP VPN services are to be provided under the ILD and NLD licences. The wireless as well as fibre last-mile network can now be used to provide services under the NLD licence. NLD service providers are also now allowed to make their own arrangements for laying the last mile for providing leased circuits and for connecting Closed User Groups.
In 1993 Randomwin Sdn Bhd (renamed Powertek Sdn Bhd in January 1996) began development of the Telok Gong Power Plant (TGPS1) in Malacca State, receiving an IPP license in December 1993.  The 440MW gas-fired TGPS1 plant was to purchase fuel from Petronas under an agreement signed on March 1, 1994, and would sell electricity to Tenaga Nasional under a 21-year power purchase agreement (PPA) signed on December 10, 1993.  The PPA included fixed and variable charges and a fuel pass-through provision.  Construction began in February 1994, and the plant entered service in April 1995, and was initially operated by Imatran Voima Oy (Finland).  The plant is distinct from the 720MW TGPS2 plant operated by Panglima Power (a Powertek subsidiary) also located at Telok Gong.  Powertek Sdn Bhd was initially owned by the Melaka state government (14.83%), Cergas Unggul Sdn Bhd (25.96%), Arab Malaysian Development Berhad (22.5%) and IVO Group (7.42%, Finland).  Powertek was listed on the Main Board of the Bursa Malaysia Securities Berhad (formerly known as the Kuala Lumpur Stock Exchange Berhad) in 1996, but on 30 April 2003 Powertek became a wholly-owned subsidiary of Tanjong Energy Holdings Sdn Bhd (TEH) and was taken private.  TEH was a wholly-owned subsidiary of Tanjong public limited company, incorporated in England and listed on both the Bursa Malaysia Securities Berhad and the London Stock Exchange.  Financial closure was reached in April 1994.  The project’s initial cost was US$440 million, and had an 80:20 debt:equity ratio financed by a 21-year limited-recourse loan package arranged by Arab Malaysian Merchant Bank Bhd and Bank Bumiputra Malaysia Bhd.  Initially, Powertek planned to upgrade the plant to a 680-MW combined-cycle plant at an expected cost of $240 million.  The expansion was cancelled when in early 1999 Powertek purchased the 330 MW Tanjung Kling power plant from TNB at a cost of US$195 million (and a 28% equity stake in Powertek for TNB).  This was seen as a more cost effective means of expanding capacity than the TGPS1 expansion.  On March 2nd 2012, the state-owned 1Malaysia Development Berhad (1MDB) acquired Tanjong Energy Holdings Sdn Bhd (TEHSB) for RM8.5 billion (US$2,820 million). Tanjong Energy owns equity in 13 IPPs internationally. Tanjong Energy fully acquired Poertek Berhad in April 2003.
In January 1994, Mutiara Telecommunications (later to be known as Digi Telecommunications Bhd) was awarded a 20-year national license to provide mobile phone services with a Personal Communications Network. The company was also awarded a 20-year license to provide international phone services and another 15-year license to operate a domestic trunk fiber-optic network.   The company was originally a joint venture between the local private Berjaya Group (35%), Swiss Telecom (30%), and state-owned incumbent Telekom Malaysia (35%).  In 1999, Swiss Telecom sold its 30% share to Telenor AS of Norway for US$207 million.  In June 2001, Telenor paid US$365 million to increase its stake in the company from 32.9% to 61%, leaving the Berjaya Group and other private investors with the remaining 39%.   The company launched its PCN network under the brand name DIGI 1800 in May 1995.  The company changed its name to Digi telecommunications in 1998.  The company was listed on the Kuala Lumpur Stock Exchange Main Board on 18th December 1997.  Mutiara Swisscom, the listing vehicle, made a public issue of 50 million new ordinary shares at an issue price of $M5.50 ($US1.6) per share, which represented 10% of the enlarged capital of Mutiara Swisscom in 1997.  Of the proceeds, RM$104 million (US$80 million) was planned to be used for the rollout of network infrastructure and other operating equipment, RM$175 million was to be used for the personal communications network (PCN), R$M60 million for the fixed line network, R$M4 million for information technology, R$M28 million as working capital and R$M8 million to partly finance the listing expenses. The company also received a US$295 million non-recourse loan in October 1997.  The total investment in the international and fixed line services was US$70 million by 1997.     In 2003, DiGi opted to invest in EDGE (Enhanced Data Rates for GSM Evolutiontechnology), which was touted as a much cheaper way to offer third generation (3G)-like services. The government had awarded two 3G spectrums to DiGi competitors Telekom Malaysia and Maxis in March of 2003.  In April 2005, DiGi entered into a new fixed rate term loan of RM300 million to refinance previous borrowings which were partially subject to a floating rate.  As of December 31, 2005, DiGi had a customer base of 4.8 million, coming in third behind Celcom Malaysia Bhd. and Maxis Communications Bhd.  Of the company's subscriber base, only 7%, or 350,000 subscribers, were post-paid.  In 2007, Telenor reduced its stake in Malaysian cellco DiGi.Com from 61% to 49%.
Grenada Electricity Services Limited (GRENLEC) was a vertically integrated state-owned utility and the only power company in Grenada. The company is a monopoly, serving a customer base of 41,222 people as of 2008. The company was partially privatized in 1994 when the government sold a 50% equity stake for US$5.6 million to WRB Enterprises, a company located in Miami, Florida. In 1995, the government divested a further 40% of the company's equity to private investors.   As of December 2008, 50% of GRENLEC's shares were held by WRB Enterprises Inc., with the remainder of the equity held by private investors (24.5%), GRENLEC employees (4.5%), Grenada National Insurance Scheme (11%) and the Government of Grenada (10%).  After assuming the government of Grenada, the Mitchell Administration rejected the privatization, asked WRB Enterprise to renegotiate the agreement and threatened to renationalize the company. A settlement agreement between the company and the government was signed in 1998.  At the end of 1996, the EIB provided a US$5 million, 12-year loan to GRENLEC to finance power generation expansion. In July 2005, the EIB signed another loan with GRENLEC, in the amount of US$6.2 million (EUR5 million), to further expand power generation capacity.  In July 2008, GRENLEC's shares were listed on the Eastern Caribbean Securities Exchange (ECSE).
Pursuant to the Russian Program for privatization of state assets and the subsequernt order of the Russian Committee for the management of state property, No.700, 1992, ports in Rusia can be partially privatized with the government retaining 49% of the shares. In Dec. 1993 the Russian Government by Decree No. 299 set out the process for the establishment of port authorities. The port of Kaliningrad has been transformed into a joint stock company in 1994.
The project is a 60-MW diesel power plant (two slow-speed diesel unit and a 4-MW steam combined cycle unit). The project company, Jamaica Private Power Corp. (JPPC) was originally owned by CMS Generation (43.3%), UtilCo Group (21%), International Energy Partners, U.S. Energy Corp. Precursor Sytems. As of Dec. 31, 2008, the major shareholder in JPPC was Ashmore Energy International (84%). The power plants started commercial operation in the first-quarter 1997. The total project cost was $144 million. Jamaica Private Power Corp. sells its output to the national utility Jamaica Public Services Company, under a 20-year power purchase agreement with the government of Jamaica. The project supplies more than 10% of national demand.  In its fiscal year 1995, MIGA guaranteed a combined amount of $50 million to Hydra-Co Enterprises, Inc, International Energy Partners, USEC-Precursor Inc., Rockfort Power Associates, and Energy Investors Funds II to cover the risks of expropriation, currency transfer, and war and civil disturbance for their investment in JPPC. The corporation also received financing from the Private Sector Energy Fund (PSEF) which was set up in Jamaica with initial financing from the World Bank and Inter-American Development Bank. The PSEF approved a $81 million loan, financed by the World Bank ($40.5 million) and the IADB ($40.5 million) in 1995.  In March 2014, Inkia Energy, a subsidiary of the Israeli company IC Power (Israel Corp.), increased its shareholding in JPPC from 15.6% to 100%.
TRP (Terminales Rio de la Plata) won a concession contract to manage piers 1 and 2 of the Buenos Aires port terminal in 1994. The company invested US$ 90 million in infrastructure between 1994 and 1997. It planned to invest an additional US$ 70 million over the next 4 years to develop its operations. TRP had a 44% share of the Buenos Aires container handling market by 1998.   As of 2006 TRP was owned by P&O (53.1%), the Latin American Infrastructure Fund (39.4%), Mitsui & Co. Ltd. (5.0%) and FMO (2.5%). The Latin American Infrastructure fund was in created and operated by AIG (15%) and GE Capital (15%) in 1996.
The company had an installed capacity of 47-MW in October 1994 when it was privatized. The government sold a 59% equity stake for $14.8 million to Camuzzi Argentina (35.4%), Administracion Nacional de Usinas y Transmisiones Electricas of Uruguay (11.8%), and a group of six cooperatives (11.8%). Only $1.2 million was paid in cash and the remaining $12.7 million was paid in debt papers. In Jun. 2000, Independent Power International's subsidiary CIESA acquired Camuzzi shares in the project company. In October 2007, Andes Energia Plc bought 80% of Hidroelectrica del Sur SA which owned 59% of  Hidroelectrica Ameghino SA.
In December 1994, New World Infrastructure (NWI) signed a 25-year joint venture contract with three SOEs for the development and operation of a toll road on the Deqing section of Roadway No.321. This 79-km section of the dual 2-lane road links Zhaoqing, in Guangdong Province with Guangxi Province. NWI has a 55% stake in the project and invested US$ 33 million in equity and debt to the project company. The average traffic flow in 1997 was 4,292 vehicles vehicles per day.
France Telecom Mobile Liban (FTML) was awarded a 10 year build-operate-transfer (BOT) contract in August 1994, with a possibility of a two year extension. The license required the company to transfer 20% of its gross revenues to the Ministry of Post and Telecommunications during the first eight years of operations, 40% of its gross revenues for the last two years of operations, and  if an optional 2 year extension is granted, 50% of gross revenues will be handed to MPT in years 11-12. The network would be transferred to the MPT at the end of the license period or MPT might possibly consider transforming the BOT contract into a proper license agreement.   The company was created as a joint venture led by France Telecom Mobile Liban (67%), a subsidiary of France Telecom, and integrated by the local company Mikati (33%). The company started its commercial operations in January 1995. The initial network cost was US$30 million. Ericsson delivered the network equipment. The company granted a third contract in 1996 to Ericsson which generated an additional investment of $90 million in 1997. According to Ericsson, the network expansion will allow France Telecom to expand the GSM network in the Lebanon to service as many as 160,000 subscribers.   The IFC provided financing of the amount US$ 75 million (US$ 20 million senior loan and a US$10 million subordinated loan from its own resources and a US$45 million syndication) in 1997.  The company operations are carried by France Telecom Mobiles International, subsidiary of France Telecom. The company had 140,000 subscribers and covered 80% of the territory in 1998.   FTML competed with LibanCell, which was granted a similar BOT contract in 1998.   In 1997 a dispute ensued when the Lebanese state claimed that FTML and LibanCell had exceeded a 250,000 subscribers ceiling defined by the contract and demanded higher revenues for the government. The private companies countered the government's claim and argued that the 250,000 figure was not included in the contract, but rather in a Council of Ministers’ decision to grant the BOTs and that it was mentioned only in order to ensure that the operators would invest to expand the network if demand should reach such levels. A lengthy negotiation process ensued, in which FTML offered US$ 1.35 billion for a new 20-year license to replace their existing contract. The government, however, rejected the offer, instead demanding US$ 300 million in fines for the breach of the original contract and past tax arrears.  The government officially canceled the contract in June 2001 and decided to tender a new 20-year license. FTML immediately initiated international arbitration alleging a breach of a Lebanese-French government agreement on investment protection.  FTML continued to run the network while seeking international arbitration. With an original state take-over date of August 31, 2002, the company agreed that all revenues after August 2003 would go to the state but that the company would temporarily run the network until January 31, 2003.  The company was compensated US$37 million for the temporary network management.  The temporary management contract was extended in January 2003 whereby the company was paid US$15 million per month plus 70% of all network upgrade costs to run the network until the state finalized a new privatization of the network. The contracts were to be extended on a rolling basis while the respective political factions continued to fight over how to sell the two licenses at the policy level.  In June 2004, MTC and Dutch firm Detecon replaced Liban Cell and Cellis after winning a four-year contract to manage Lebanon's two state-owned networks for 30 percent less than the amount charged by the outgoing operators.  France Telecom eventually won a US$266 million arbitration decision, but the government disputed the ruling, claiming the French company owed the state US$300 million in unpaid fees.
This 109-MW diesel-fired project, comprising two barge-mounted units, was located in Navotas, in the Metro Manila region, on Luzon island. The project was awarded to Van Der Horst Ltd., a Singapore-based equipment manufacturer, under two build, own and operate contracts, each worth in excess of US$50 million. National Power Corporation (NPC) singed a power supply agreement (PSA) with Van Der Horst Ltd.   Van Der Horst completed the sale of one of the power units to East Asia Diesel Power Corporation (EADPC), a wholly owned subsidiary of East Asia Power Resources Corporation, for US$52.5 million in April 1994.  Van Der Horst completed the sale of the second unit, also to EADPC, for US$57.5 million in June 1994. EADPC in turn entered into two separate five-year secured interest bearing loan agreements with Van Der Horst, for US$52.5 million and US$57.5 million respectively, with an option to convert unpaid balances into shares of EADPC at par.  In December 1997, EADPC and Duracom Mobile Power Corporation (DMPC), a 40%-owned subsidiary of EADPC that operated two additional power barges of 133 MW combined capacity in the Navotas area, concluded an Agency Agreement, whereby DMPC was authorized to sell the electricity generating capacity of EADPC to MERALCO, the electricity distributor for Manila, after EADPC came off-contract with NPC in May 1999. In February 2000, EADPC started to sell electricity to MERALCO under the Addendum to the Power Supply Agreement dated Feb. 26, 1998, between DPMC and MERALCO.  In May and September, 2002, reductions were ordered in NPC's electricity prices. These reductions lowered the price at which EADPC sold electricity to MERALCO, since its electricity prices were indexed to NPC’s selling rates.  These reductions prevented EADPC from recovering its operating costs and, as a result, operations at the two power barges were frequently suspended between September 2002 and February 2006.   DMPC and MERALCO agreed in January 2006 to an Amendment and Interim Extension of the PSA, which featured a benchmark pricing scheme in which the EADPC's selling price to MERALCO would be based initially (prior to the commercial operation of the Wholesale Electricity Spot Market [WESM]) on NPC’s Time of Use rates and the applicable charges of the National Transmission Corporation (TRANSCO), and later (upon the commercial operation of the WESM), on the clearing prices in the WESM, plus the applicable charges of TRANSCO. The use of Time of Use rates enabled EADPC to resume operations of the two power barges on Feb. 26, 2006. This interim PSA was effective until Dec. 25, 2006 or until the two parties singed a new PSA, whichever was sooner.  With the start of commercial operation of WESM on June 23, 2006, the selling price of EADPC to MERALCO would have been equal to the WESM clearing price as stipulated in the interim PSA. However, the WESM clearing prices were not sufficient for EADPC to recover all of its operating costs. Thus, on July 13, 2006, another shutdown of the two power plant barges was implemented. As of Dec. 31, 2008, operations were still suspended.  In October 2006, DMPC received notices of default on project loans from the Philippine National Bank (PNB), purportedly acting on behalf of a majority of the lenders. On October 27, 2006, all of the bank accounts of EADPC were frozen and seized by PNB.  As of Dec. 31, 2008, the project's sponsors were engaged in a legal dispute with some of the project's lenders regarding recovery of debts and the sponsors' proposal to rehabilitate the project.
In 1994, a consotium of private companies, S.S. Istanbul Bati Yakasi Kumculari Üretim ve Pazarlama Kooperatifi, established a greenfield, merchant cargo terminal - Kumport Terminal - in the Port of Ambarli. The consortium was subsequently renamed Kumport Liman Isletmeleri (Kumport Port Services and Logistics Trade Co. Inc.). The Port of Ambarli as a whole has been managed by ALTAS Ambarli Port Facilities Trade Co. Inc. - a private company - since 1992.   Kumport Terminal began to render general and bulk cargo handling services in the Port of Ambarli in 1994. It began to handle containers in 1996, when Arkas Group, through its subsidiary Limar Port & Ship Operators, leased a finger pier within the complex and established 'Limar Kumport Terminal'. Arkas Group reportedly made an initial investment of US$20 million in this facility. In August 2004, Arkas Group incorporated 'Limar Kumport Terminal' into Marport, renaming the terminal 'Marport East Terminal'.  Since opening in 1994, Kumport Terminal has been expanded progressively. However, the amount invested in these expansions has not been publicly discolsed. As of 2009, Kumport Terminal had a total capacity of 1 million TEUs per annum.  Marport West Terminal, formerly Soyakport, a new terminal in Port Ambarli, was incrporated in 2003 with a capacity of 500,000 teu capacity, at an estimated cost of US$85 million.    An equal partnership of Fiba Group [Turkey] and Turkon [Turkey] purchased 96.6% of Kumport Liman Isletmeleri in May 2007 for US$255 million.  Subsequently, Fiba Group bought out Turkon's share in the project company. As a result, as of end 2009, Fiba Group owned 98.65% of Kumport Terminal through its wholly-owned subsidiary, Fina Liman Hizmetleri Lojistik Denizcilik Tic. ve San A.S.
The Trainmet (now Metropolitano) consortium signed a concession contract to operate the Roca, San Martin and Belgrano South lines of the Buenos Aires Metropolitan Railway in March 1993. To prevent further deterioration of the Buenos Aires metropolitan railway network, the President had created a new state-owned corporation, FEMESA, in March 1990. It was soon prepared for privatization (via lease/concession contracts). FEMESA divided the network into 7 lines: Mitre, Sarmiento, Urquiza, Roca, San Martin, Belgrano North, and Belgrano South. The government called for bids under a 2-stage bidding process. Bids were decided on the basis of lowest subsidy required, and pre-awarded for all 7 lines in January 1993. Each concession contract is for 10 years with optional 10 year extensions. The government sets maximum tariffs and minimum service frequencies.   Trainmet won the contract to operate the Roca, San Martin and Belgrano South lines. Trainmet comprises: Empresa Argentina de Construcciones, Ormas SA, Roman SA, DGT Electronica and 63 independent bus operators, along with train operators Jarts (Japan) and Bart (US) as partners. Tranmet set up the operator Transportes Metropolitanos Roca (TMR) for the Roca line. TMR took over on January 1, 1995. Since Metropolitano took over, passenger numbers have increased 52.4% increase on the Roca line. The Roca line is 252.5 km long. The line receives a subsidy from the government.   In November 1999, the concession contract was extended to 2025; the government also approved an increase in the consumer fees of 129% in five years, which will finance the additional US$ 120 million investments (the train fares were expected to be firstly adjusted by June 2000). By 2003, the ownership structure of Metropolitano had changed so that private Argentinian investor Sergio Taselli and Ormas were the majority owners.  In May 2007, President Nestor Kirchner canceled the concession contract of Metropolitano for the Belgrano and Roca railway lines citing failure to comply with contractual standards. The planning minister, Julio de Vido, said that the "Emergency Railway Operation Management Unit" would temporarily take control of running the two lines. The emergency unit was also in charge of the San Martín line.
In March 1994, Road King Infrastructure took a 45% stake in a 30-year joint venture for the construction and operation of the Shenzhen-Meilin Guanlan Expressway in Shenzhen, PRC. Its partner is the SOE, Shenzhen Freeway Development Company. Road King has effective control over the Shenzhen Meiguan Highway Co. and considers it a subsidiary. Road King had invested a total of HK$375 million (US$ 48.4 million) in the road by March 1998.  In November 1996, Road King gave up its preferential profit distribution arrangement in return for a 5 year extension on the joint venture period and the addition of the Huanggang North Road to the project. A toll increase in September 1997 helped raise revenue by 70% between 1996 and 1997. During the same period, the maximum number of daily vehicles rose from 13,500 to 20,000. Road King funds its project from internally generated funds and long term debt. This includes a US$ 138 million syndicated loan and US$ 140 million 10-year fixed rate notes arranged in 1997. On Mar. 1999, Shenzhen Expressway acquired the 45% equity interest that Road King had in the project company.
In 1994 the government of La Paz, Mexico, awarded a 20 year build, operate and transfer contract for a sewage treatment plant to private Mexican constructions group Tribasa SA de CV. The plant was expected to cost $6.9 million (New Pesos - 23.3 million) and was to be fully financed by Tribasa. The plant was designe to treat some 450 liters per second.
Lucelec was partially divested in 1994, when the government floated the company's shares in the stock market. Globeleq, the power sector subsidiary of the Commonwealth Development Corporation (UK), was the major shareholder of the company, with 44.87% of the shares; the remaining shares are held by other private interests and by the government (12.44%). The company's power station, Cul de Sac - constructed in the late 1980s, was expanded in 1995 and in 1997. The last expansion phase was completed in July 1998.   The EIB has provided financing for Lucelec: in 1997, an US$8 million loan was approved (previously to the privatization process, Lucelec was awarded US$ 3 million in 1986 and US$ 3 million in 1988 by the EIB). The company's generating capacity was about 40 MW. Lucelec had an 80-year license from the government which gave the company the right to adopt any measure that guaranteed its set level of returns on its investments each year. This had created concerns regarding the company's pricing policy.  Globeleq sold its 44.87% stake in Lucelec in 2004. The shares were sold in three transactions.  Twenty percent of the shares Lucelec shares were sold in a private transaction in early 2004.  A second transaction, also for 20 percent, was concluded earlier in June 2004 with First Citizens Bank Limited of Trinidad and Tobago.  The sale of the final 4.6 percent of the shares of Lucelec was executed earlier this week through the Eastern Caribbean Stock Exchange (ECSE) at EC$13.90 (US$5.21) per share.  After those transactions, Caribbean Basin Power Fund (CBPF) had its 19% stake and the rest was divided among minority shareholders. In January 2007, CBPF sold its stake to Canadian energy company Emera.
In May 1994, Capitol Wireless Inc (Capwire) obtained authorization to operate an International Gateway Facility. As a part of its international gateway facility operation license, Capwire committed to install 300,000 local exchange lines in the region 4 (Aurora, Laguna, Quezon, Marinduque, Pizal, and Pomblon) within its first five years of concession.  Capwire was one of the four original international record carriers authorized by the Philippine government to provide international communication services. It had been in both domestic and international communications since 1963.   Capwire was initially owned 70% by Republic Telecommunications Holdings (Retelcom), 15% by Philippine Strategic Investment Ltd. and 15% by Hambrecht & Quist's Asia Pacific Growth Fund, both investment funds.  Retelcom, in turn, was a joint venture between Filippino firms Telectronics Systems Inc (TSI) (60%) and A2 Telecommunications Group (20%) as well as foreign partner Korea Telecom (20%) who purchased its stake in July 1994 at a cost of P400 million (US$15 million).   Retelcom also held a 51% interest in Philippine Telephone & Telegraph Co (PT&T).      In 1997, it was decided that Capwire's sister company PT&T would handle the rollout obligation of Capitol Wireless, Inc.  In 1997, PT&T earmarked US$250 million for the company's expansion program over two to three years.  Half of the amount was to be spent for the rollout of the firm's 300,000-line obligation while the other half was to be used to improve PT&T's capital structure which was to involve the payment of long-term and short-term loans.  Of the US$250 million, US$65 million came from the International Finance Corporation (IFC) in July 1997, US$60 million as a loan and the remaining US$5 million as equity.   By mid 1999, Capwire was nearing an agreement with creditor banks for the restructuring of its more than P700 million debts.  Meanwhile, sister company PT&T was also trying to finalize the restructuring of its almost P7 billion debt.  PT&T, in its annual report, said its main problem was the uncollectibility of receivables. One of those considered "uncollectible" was the P300-million long distance revenues from the Philippine Long Distance Telephone Co. (PLDT) subscribers. The company said interconnection dispute with Smart Communications, Inc. cost them additional expenses.  However, PT&T reported an 88% completion rate to NTC (National Telecommunications Commission) as of March 1999. Under the law, the company had substantially complied and were no longer subject to penalties by the commission.    In September 2000, Capwire signed a final debt restructuring agreement with creditor banks yesterday for its P938-million debt.  In January 2003, Capwire and its creditor banks had agreed on final terms and agreements to restructure PP&T's debt. With 12 of its creditors, it signed a master restructuring agreement covering 80% of the listed firm's total debts, amounting to P8.8 billion.  Half of this was to be converted to equity and the creditors were to gain control of between 68% and 70% of the company.  As of end 2004, the company said its debt restructuring efforts involved 34 foreign and local lenders, of which 12 had yet to execute the master restructuring agreement dated Nov. 26, 2002, despite efforts by the company to convince them to join the effort.  By that time, the broadband (DSL) business of PT&T was considered to be the company's growth engine and the target of the company's future investment.
Huaneng Power International Inc. (HPI) was floated in October 1994 at $20/share (31.25 million ADS issued). The issue was coordinated by Lehman Brothers. The offering was for 25% of HPI which is owned by Huaneng International Power Development Corp. (40.23%) and the investment companies of seven local governments in China (34.77%). The company has five operating plants totaling 2,900-MW (Dalian - 700-MW; Fuzhou - 700-MW; Nantong - 700-MW; Shangan - 700-MW; Shantou - 100-MW) and a 700-MW plant under construction in Fujian Province- all 100% owned by the company - and 13 projects representing 11,500-MW under development.  In Dec. 2000, Huaneng Power International acquired all assets of Shandong Huaneng Power Co. in a takeover bid of US$ 696 million. Under the deal, the shareholders of Shandong Huaneng Power exchanged all their shares for a one-time cash payment of US$ 8.09 per ADS, each representing 50 common shares. The company issued roughly 147 million A-shares in December 2001 at a price of RMB 13.30 (USD1.61) per share for a total of $235.5m.  As of 2004, Huaneng Power International had a total generation capacity of 18,832 megawatts.
In November 1993, DH Perfuracao de Pocos was awarded a 10-year concession to operate the water systems of the city of Sao Carlos, in the State of Sao Paulo. It started operating the system in May 1994, attending a population of 25,000.  The project company, DH Perfuracao de Pocos, was a subsidiary of Hidrogesp.  DH Perfuracao de Pocos committed to invest US$ 1.03 million (R$ 0.83 million) throughout the concession period. As of December 2002, the company had already invested US$ 0.27 million (R$ 0.79 million).
Etecsa is the Cuban telecommunications company which provides local, national and international phone services on an exclusive basis. The company started to be privatized in 1994 when Cuban government signed a contract with the Domos, a private Mexican group, for the sale of 49% stake. Under a 55-year contract to rebuild the telecommunications system in Cuba, Domos agreed to buy half of Etecsa for $706 million. Domos envisioned to expand the network by 1 million lines and upgrade 200,000 of the 450,000 existing lines in 1994. The total investment was estimated in $750 million. The partial privatization of Etecsa, which included a 12-year exclusive period, was the flagship foreign investment project in Cuba. Domos created Compania Interamericana de Telecomunicaciones (Citel) to own its participation in Etecsa.   Soon after signing the contract, Domos sold a 12% stake in Etecsa to STET International, a unit of Telecom Italia, leaving Domos with a 37% holding. The joint venture came under strain after Domos failed to pay a final installment of $320 million for its original 49% stake. As a result, Domos relinquished its entire stake in Etecsa.  As of December 1997, Telecom Italia was the sole private investor, with a 29% holding.  In December 2003, Etecsa finalized the merger by absorption of two Cuban mobile operators, Cubacel and C-Com. Ectesa thus became the sole integrated wireline and mobile telecommunications operator in Cuba.  As a result of the merger, Telecom Italia’s equity interest, initially 29%, was reduced to 27% of the share capital of the new Etecsa.
On May 26, 1994, the Mexican state of Sonora, through its Comision del Agua Potable y Alcantarillado del Estado Sonora (COAPAES), awarded a 15 year build, own and transfer contract for a wastewater treatment plant in the city of Hermosillo to private Mexican company Grupo Protexa. The plant was intended to treat some 2.5 cubic meters of water per second.   The project was expected to cost some 200 million new pesos ($24.7 million). Some 70 percent of the project financing was to be achieved from loans, and 30 percent from sponsor’s equity.
Belsvyaz is the leading regional telecom operator in the Belgorod oblast in Central Russia with a population of 1.5 million. The company provides basic local telephone services. It also provides national and international services through Rostelecom. Company provides wide range of traditional and modern telecom services: local and long distance communications, paging, Internet, data transmission services, telematics. In 1993 Russian local telecommunications network operators were partially privatized and Belsvyaz was established in April 1994. In 1995, Svyazinvest, a holding company which consolidated the government stakes in all of the 85 regional telecommunication companies, was created. After the formation of  Svyazinvest it held 38% of the common stock, and 51% of the voting rights in Belsvyaz. The second biggest shareholder after Svyazinvest was Bank Credit Suisse First Boston (18.65 percent) in 2000. The remaining stake was mainly owned by employees and individual investors. The total equity valuation of the company was US$49.5 million in 1996.  As a result of Svyazinvest’s consolidation Belsvyaz became a branch of the mega-regional company JSC Central Telecommunication Company in November 2002.  In the course of the telecommunications industry restructuring during 2000-2002 Svyazinvest created seven large telecom companies in Russia's macro-regions by consolidating 74 local operators. As a result of reorganization, the property and personnel of regional operators was transferred to corresponding regional branches: Center Telecom, North-West Telecom, Volga Telecom, South Telecom, Uralsvyazinform, Siberia Telecom and Far East Telecom (Dalsvyaz).  JSC CenterTelecom (earlier known as AO Electrosvyaz Moscow ) became the base company in the process of consolidation of 16 regional providers in central Russia.   The companies that were removed from the state register and renamed into branches of JSC "CenterTelecom" were: Belsvyaz, Bryansksvyazinform, Voronezhsvyazinform, Ivtelecom, Lipetskelectrosvyaz, Smolensksvyazinform, Tambov Elektrosvyaz, Tulatelecom, Vladimir Region Elektrosvyaz, Kaluga Region Elektrosvyaz, Kostroma Region Elektrosvyaz, Kursk Region Elektrosvyaz, Oryol Region Elektrosvyaz, Ryazan Region Elektrosvyaz, Tver Region Elektrosvyaz, and Yartelecom.
PT Megapolis Manunggal has a 10 year contract for the widening and operation of the Cibitung toll road.
Construction of Shantou International Container Port began in 1994 and was completed in November 1997. The port cost US$90 million to construct and was jointly funded by Shantou City and Hong Kong-based Hutchison Delta Ports Ltd. Hongkong International Terminals, a Hutchison Whampoa port operator subsidiary, signed a deal with the Ministry of Communications in the 1980s, giving them first right of refusal over all coastal ports south of the Yangtze River. A main advantage to early entry was the ability to assume majority control over many ports, before government regulations restricted foreign investor equity to 50% or less. Equity stakes in Hutchison ports range from 50% to 70%.
The private operator PT Citra Marga Nusaphala Persada has a 29 year contract for the construction and operation of two sections of the Harbour Road. The contract reached financial closure in 1994 and the toll road is operational.
This project is a 13.1-MW hydroelectric plant located in San Carlos. The plant was developed on a Build-Own-Operate basis by Hidroelectricas Aguas Zarcas. The project's total cost was $15 million in 1994. The power plant started commercial operations in 1996. Hidroelectricas Aguas Zarcas signed a 15-year power purchase agreement with Instituto Costarricense de Electricidad (ICE), the Costa Rican national electricity utility company. The power purchase agreement was one of the 20 contracts that ICE signed with private developers at the beginning of 1990s. Only six projects have an installed capacity of 10-MW or more. The project partially was financed by the IFC.
PT Citra Marga Nusaphala (CMNP) was established in 1987 as the first private toll road construction and operation company in Indonesia. In 1990, the company completed construction of the 15.5km Cawang-Tanjung Priok toll road and was awarded a concession to operate the road in January 1994. The total construction cost of the Cawang-Tanjung Priok road was Rp 371 billion (approx. - US$190 million).  In January 1995, CMNP was listed on the Jakarta Stock Exchange and 39% of its shares are publicly held. In June 1998, the Japan Credit Rating Agency Ltd revised downward the preliminary rating on long term notes to be issued by CMNP after the company failed to pay US$6.3 million interest due on US$175 million floating rate notes.
In 1994 the State of Mexico awarded a 20 year build, rehabilitate and operate contract for the Lecheria Wastewater Treatment Plant to private operator Coplata SA de CV. The Lecheria wastewater plant was located in the Metropolitan Area of Mexico City, and had a capacity of 400 liters per second. The plant supplied water to customers in the municipalities of Cuautitlan Izcalli and Tlalnepantla, both in the State of Mexico. According to the concession contract CMA was going to rehabilitate and operate the existing wastewater plant and had the right to design, finance and construct an additional 400 liter per second wastewater treatment plan on-site.  Coplata was a joint venture between Compania Mexicana de Aguas, S.A. de C.V. (CMA, 51 percent) and US firm Wheelabrator (49 percent). Wheelabrator also owned a 49 percent stake in CMA. Wheelabrator was integrated into the Veolia group in 1999, and then spun off in 2003. In February 2006 Wheelabrator was acquired by the Mid Europa Partners (MEP) group.
Daya Mitra Ekasejati (DMES), a company from Indonesia, is responsible for the first phase of the two-phase replacement of the existing airport in Fuzhou. The BOT contract includes runways, taxiways, power generation and distribution, and air traffic control facilities. DMES provided 70% of the investment capital, with the remaining coming from the Fuzhou Changle International Airport Company (state-owned company). The airport will have capacity to handle 200 k tons/year and 6.5 million passengers/year.
Telefonica del Peru was created from the assets of Compania Peruana de Telefonos (CPT) and Empresa Nacional de Telecomunicaciones (Entel Peru). CPT, 19 percent owned by the Peruvian government, provided basic local phone services in Lima city and surrounding areas. Entel peru, a state-owned company, provided basic local phone services in provinces as well as national and international phone services in the whole country under exclusive basis. The privatization of CPT and Entel Peru began in February 1994 when a 35 percent stake in each company was jointly sold through competitive bidding for US$2,002 million to a consortium led by Telefonica Internacional, an international subsidiary of Telefonica de Espana. Of the winning bid, US$1,392 million was paid to the government for its stake in Pta nd Entel Peru, while US$610 million was paid to CPT as capital increase. CPT’s acquired capital was used to finance its investment program. At the close of 1994, CPT and Entel Peru merged into Telefonica del Peru (TdP). The Peruvian government maintained a 29 percent stake in TdP.  In a second transaction, the Peruvian government sold a 26.65 percent stake in Telefonica del Peru for US$1,239 million through international and domestic public offerings of 1996. The domestic offering was made through “programa de participacion cuidadana”, a mass privatization program in Peru. Under the program, Peruvian citizens bought small share packages at market prices, but paid for them over three years.   In a third transaction, the Peruvian government soled the remaining 2 percent stake in Telefonica del Peru for US$88.4 million through an international public offering of 1999. Telefonica del Peru received a 20-year concession that included a 5-year exclusivity period to operate basic local, national, and international phone services.  In exchange, TdP committed to install new fixed lines and improve service. Specific project details for TdP’s fixed access (local and long distance) can be seen in the project description of “Telefonica del Peru”. The right to operation as granted by the Peruvian government in 1994 also included the right to one of the two bands to provide cellular phone services.   Telefonica del Peru (TdP) operated as a fixed and mobile operator from the inception of its contract in 1994 until June 2001 when the parent company, Telefonica de Espana, separated the services. Consequentially, Telefonica del Peru was responsible for fixed access whereas the spin-off subsidiary Telefonica Moviles Peru was responsible for mobile telephone services. Telefonica Moviles agreed with other members of the Telefonica Group to exchange shares in the companies in order to complete the spin-off. Investment information for the combined operations (mobile and fixed services) is found below as a distinction between the investment programs before 2001 was not made. Investment information after 2001 reflects investment exclusively in the fixed line services.  Competition in the Peruvian long distance market was expected to increase as a result of the 2003 law passed by the Peruvian telecommunications regutalor, OSPITEL. The passing of the 2003 law enabled multicarrier dial-up service for long distance services.  On April 2005, the Peruvian government approved the takeover of BellSouth Corp by Telefonica del Peru upon the condition TdP returns one of its bandwidths within two years.
Buenos Aires Container Terminal Services S.A. is a joint venture of Bemberg Inversiones S.A. and International Container Terminal Services Inc. (ICTSI) that was awarded the concession to operate the container terminal 5 at Buenos Aires in 1994. Since its full takeover in 6 June 1994, BATSSA has installed new equipment and systems and improved and expanded facilities and computerized operations. With a total project cost of US$ 80 million spread out over 10 years, BACTSSA has already invested US$ 60 million in Terminal 5. Terminal 5 has an annual operating capacity of 450,000 TEU, and handles 24 per cent of all containers passing through the Port of Buenos Aires. In the end of 1999, ICTSI acquired all shares of the project company.  In 2001, Hutchison Port Holdings Acquired Overseas Assets of ICTSI - International Container Terminal Services, Inc. - shareholders of the 100 % of BACTSSA - Terminal 5 - Buenos Aires.   In March 2013, before the contract ended, the concession was extended for 36 more months, including an investment plan for the period 2012-2015 that comprised upgrades in equipment, civil works and IT for a total amount of more than US$ 16 million.
The Thai Co-Generation Company (COCO) developed an 890 MW gas-fired cogeneration plant in the Map Ta Phut Industrial Estate, Rayong Province and a 120 MW cogeneration plant at the adjacent Eastern Industrial Estate, Rayong Province.  The plants were to provide power and steam to industrial users in the Estate, and to sell excess power to the Electricity Generating Authority of Thailand (EGAT) under the Small Power Producers (SPP) program.  COCO was originally owned by Banpu (34.8%, Thailand), Sithe Pacific Holdings (33.6%), Vattenfall's subsidiary Nordic Power (7.4%) and Imatran Voima Holding (7.4%).  In 2000-2001, COCO's ownership structure changed: first, in mid-2000, Sithe Holdings acquired a 22% stake in COCO from Banpu, and a 6% stake held by retailed investors; then, in the end of 2000 and early 2001, Tractebel (SUEZ) acquired all shares held by Sithe, Banpu and Nordic Power, raising its direct and indirect ownership of COCO to approximately 84.5% and delisting the company.  In March 2005, SUEZ-Tractabel created Glow Energy, a company to own its activities in Thailand.  In April 2005, Glow Energy conducted an IPO on the Stock Exchange of Thailand, floating 506 million shares (31%) at 24 baht (US$0.63) per share.  253 million shares were sold to foreign institutional investors, 203 million shares to domestic institutional investors and 50 million with retail investors.  SUEZ International retained 69% Glow Energy said it would use the cash raised to expand the Map Ta Phut plant.  The Map Ta Phut project was divided into four phases. Phase I involved the construction and operation of a water plant at a cost of US$ 32 million. The water produced was sold solely to sixteen industrial companies located in the Map Ta Phut Industrial State.  Phase I became fully operational in July 1994.  Phase II involved the construction of a 300-MW (2x150-MW) gas-fired power plant at an estimated project cost of US$ 432.0 million. Financing for the first stage was obtained from syndicated loans from local and foreign banks and export credits in 1994. GEC-Alstom was the equipment supplier for this phase, which commenced operations in October 1996.  The Electricity Generating Authority of Thailand (EGAT) purchased 180-MW of the Phase II plant.  The remaining 120-MW was sold to industrial clients.  Phases III included a 470 MW hybrid cogeneration plant run on natural gas and bituminous coal (mostly imported from Indonesia).  Construction began in 1997, and began full operation in March 1999.  Phase III was undertaken by COCO's subsidiaries MTP Cogeneration and Thai Cogeneration Co. Black & Veatch, Marubeni, Thai Electric Development and Sino-Thai Construction were selected as the contractors for the expansion. IVO Power Engineering has been selected for the energy management system for this phase of the project. Financial closure for the Phase III was achieved in 1997, with a combination of loans (US$ 340 million), Eurobonds and capital increase. COCO issued $100.0, 10-yr Eurobond which was purchased by European, Asian, and US institutional investors. The first 70-MW gas turbine became operational during 1997 with the remaining 400-MW (140-MW + 160-MW + 100-MW) in capacity concluded in Mar. 2000. Development of transmission lines were also part of the expansion. The estimated project cost of the expansion ws $686.0 million.  The Phase III plant supplied 300 MW of electricity to EGAT under the SPP program, and provided the remaining 170 MW to industrial customers.  Phase IV provided another 120 MW of capacity, bringing the entire plant to 890 MW capacity by December 2005.  Adjacent to the Map Ta Phut project was the 120 MW Glow SPP1 facility.  Completed in February 1998, the facility sells 110 MW of electricity to EGAT, and provides steam and 10 MW of power to industrial customers in the Eastern Industrial Estate in Rayong province through an underground distribution network.  Phase V included the development of 382MW gas-fired cogeneration power plant in Map Ta Phut. In July 2008, Glow Energy Plc. signed US$302 million in contracts with a consortium of Marubeni and Black&Veatch for equipment supply and construction of the plant.
This regional gas distributor supplying Semipalatinsk has charter capital of 918,230 Tenge. Shareholders are Semiinvest (10%), Sham-Invest (10%), Almaskomirga (10%), Apogei (10%), employees (10%) and unnamed others (50%). The first four acquired stakes in coupon auctions in July 1994. The divestiture revenues raised by the government in those coupon auctions totaled US$4,125 (tenge 223,800). The last stake was sold at an open investment auction in September 1996 for Tenge 3,963,000 (US$54,000 at the tenge 73.3/$ exchange rate of December 1996).
The regional gas distributor supplying Mangistau with charter capital of Tenge 1,026,066. Shareholders are the Kazakh State (51%), employees (10%), Butya-Capital (10%), Inizial (10%), Vostokmebeli-Invest (10%), Asad-Invest (5%) and Zhezgazganinvest (4%). All private stakes were acquired at coupon auctions on July 15, 1994. The divestiture revenues raised by the government in those coupon auctions totaled US$4,800 (tenge 265,000).  As of 2000, KazTransGaz (KTG), a subsidiary of KazMunayGas, Kazakstan's national oil and gas company, was set up to maintain, manage and operate the entire gas distribution network in Kazakhstan. Consequently, there were no private sponsors that owned or managed the gas distribution network, since KTG was the sole owner of the network. Also, as of 2000, Alaugas was no longer listed on the Kazakh Stock Exchangce (KASE)
In July 1994, Wuhan Bridge Construction Co. Ltd. was created for the construction and operation of the New Yangtze Bridge and the operation of the two Han River Bridges. The company was a joint venture among New World Infrastructure (NWI), one PRC commercial enterprise, and two Wuhan City SOEs. NWI has a 48.86% stake in the JV. NWI invested a total of US$101.2 million at a fixed rate. The PRC partner has a 50% stake, and contributed the assets of the Han River Bridges and the work in progress on the New Yangtze Bridge. The three bridges connect Hankou and Hanyang. In 1998, the average toll on the bridges is about Rmb 7 per vehicle. Construction was sub-contracted to a local construction company. Toll collection on the bridge ceases on October 1, 2002 due to changes in traffic regulation made by the Wuhan Municipal Government. NWI sold its stake in the company to Wuhan City Construction Fund Management Office for RMBB 1.18 billion.
Alaugas is the regional gas distributor for Pavlodar with charter capital of Tenge 669,490. Shareholders are the Kazakh state (51%), employees (10%), Butya-Capital (10%), Rost-Fond-Kramds (10%), Vash-Vybor (10%) and Irtysh-Invest (10%). All private stakes were acquired at coupon auctions on July 15, 1994. All private stakes were acquired via coupon auctions in 1994 in which the government raised divestiture revenues for US$5,674 (Tenge 307,870).  As of 2000, KazTransGaz (KTG), a subsidiary of KazMunayGas, Kazakstan's national oil and gas company, was set up to maintain, manage and operate the entire gas distribution network in Kazakhstan. Consequently, there were no private sponsors that owned or managed the gas distribution network, since KTG was the sole owner of the network. Also, as of 2000, Alaugas was no longer listed on the Kazakh Stock Exchangce (KASE)
The regional gas distributor serving Southern Kazakhstan with charter capital of Tenge 46,330,000. Shareholders are the Kazakh state (20%), employees (50%), Alaugaz (10%), Sipan-Invest (10%) and Turan-Invest (10%). All private stakes were acquired at coupon auctions on December 22, 1994. The divestiture revenues raised by the government in those coupon actions totaled US$17,400 (tenge 940,000).  As of 2000, KazTransGaz (KTG), a subsidiary of KazMunayGas, Kazakstan's national oil and gas company, was set up to maintain, manage and operate the entire gas distribution network in Kazakhstan. Consequently, there were no private sponsors that owned or managed the gas distribution network, since KTG was the sole owner of the network. Also, as of 2000, Alaugas was no longer listed on the Kazakh Stock Exchangce (KASE)
The project consists of an access system from Florianopolis to the beaches on the northern region of the Santa Catarina Island. The contract includes the expansion, rehabilitation and maintenance of the existing highway. The expected internal rate on return on the project is 18%. Financing was achieved with the sponsor own resources and a US$ 17 million loan from the Brazilian federal government development bank (BNDES). In Oct. 1997, the project company had to suspend the charging of tolls because it had not completed the required construction works (of the total project costs, the regulatory agency informed us that it estimates only 10% has been invested; the project company argues that 19% has been invested). As of Mar. 1998, the private sponsor was negotiating the terms of the contract and no tolls were being charged. According to the regulatory agency (DER/PR), Engepasa is a small construction company and it has been facing difficulties to arrange financing for the remaining investments; it is expected that Engepasa will transfer part of the shares it owns on the project company in order to raise funds.
The project company ownership is distributed as follows: Tribasa has 70% and Colisa has 30%. This major highway that links San Rafael to Quito was completed in Dec. 1994. The short term financing (construction phase) was supplied by the Ecuadorian bank Banco Popular. The average daily traffic flow in the first half of 1998 was 32,066 vehicles, while in 1997 it was 30,185 vehicles. The lease fee is 15% of the toll revenues.  In 2001, the Ecuadorian government sued TribasaColisa for failing to fulfill its obligations, mainly running one year behind in maintenance programs. In 2003, the high court ruled to terminate the contract the decision early. In October 2006, the local court upheld the high court ruling and ordered the TribasaColisa consortium to hand over control of the highway concession to the Pichincha Provincial Council. The TribasaColisa consortium complied, but is seeking arbitration from the Inter-American Court of Human Rights and damages of US $30mn. The TribasaColisa consortium is largely made of the Mexican infrastructure firm Promotora y Operadora de Infraestructura SA (PINFRA.MX).
This power plant has a generating capacity of 26.2-MW. AES ChiGen acquired a 51% stake in the already operating 5.2-MW plant in late 1994 and expanded it by 21-MW. The expansion became operational in late 1996. A total of US$ 14 million has been invested in the expansion (information provided by Jianping Zhao, WB).
Thai Identity Sugar Factory Co. Ltd. has developed a 16.5-MW waste-to energy power plant at Muang Uttaradit. The plant, currently in operation, uses agricultural waste as fuel and sells 5-MW of power to the Electricity Generating Authority of Thailand (EGAT) under the Small Power Producers (SPP) Program. The PPA was signed on February 17, 1994 and has been selling power to EGAT as of January 20, 1995. EGAT signed a "non-firm" contract with the project company. Estimated project cost is US$16.5 million ($1.0 million per MW).
Bahiagas is the natural gas distribution utility of the northeastern state of Bahia. The company is a joint-venture between Enron's subsidiary Gaspart (41.5%), state-owned Petrobras (41.5%) and the state government (17%). Bahiagas was founded in 1994, and inherited its assets from the state-owned Petrobras due to a provision in the constitution that grants the state the monopoly of gas distribution. Petrobras agreed to transfer the assets in exchange for a shareholding in the utility company. Most of Bahiagas clients are from the industrial sector, and the company has a total network of 70 KM in length. However, the company intends to expand its business to supply natural gas to the residential and automotive segments.   Petrobras and the State of Bahia stripped Gaspart of its shareholder rights in Bahiagas  after Enron bankruptcy. In July 2002, Gaspart filed a declaratory action and was granted a temporary injunction partially reinstating its shareholder rights. As of December 2003, the State of Bahia was continuing the appeal process seeking to quash the injunction.   At the end of 2003, State of Bahia was controlling 51% of the voting capital of the company, and Gaspart (Enron) and Gaspetro (Petrobras) had 24.50% of the voting capital each.  As of 2005, Enron was in the midst of liquidating its operations and distributing its assets to its creditors.  The Brazilian subsidiary of the Japanese giant Mitsui concluded in May 2006 the acquisition of Gaspart from the Enron group, by US$250 million. Although the voting capital was controlled by the state of Bahia, the total common and preferred shareholding was as follows in 2006 and 2007: Estado do Bahia 17%, Gaspetro 41.5% and Mitsui 41.5%.  In the end of 2016, a 49% stake of Gaspetro was sold to the Japanese company Mitsui.
In July 1994, Road King Infrastructure signed a 20-year joint venture contract for the construction and operation of National Highway 324. Road King has a 61% share in the project company, and invested HK$ 168 million (US$ 22 million) in the project. The provincial government partner has ownership of the road for the duration of the contract. The number of vehicles per day reached a maximum of 19,000 in 1997. Toll income increased 45.6% between 1996 and 1997. Road King funds its project from internally generated funds and long-term debt. This includes a US$ 138 million syndicated loan and US$ 140 million 10-year fixed rate notes arranged in 1997.
UES is the Russian national electricity utility, which owns and operates 57,400 MW of fossil and hydro generation at 35 plants and holds 49% - 75% in most of the 72 regional utilities. (It owns 100% of the following Energos: AO Yantarenergo, AO Karelenergo, AO Chuvashenergo, AO Karachaevo-CHerkessenergo, AO Kalmenergo, AO Orenburgenergo, AO Tyumenenergo, AO Khakassenergo, AO Kolymaenergo). It also owns the national grid, operates a central dispatch centre and six regional centres and effectively manages the national wholesale market (30% of the total power consumed in the country). Plans for restructuring will be implemented in the near future. The joint company was formed in December 1992, and privatization occured in various stages starting in 1994 (1994 - 25%, 1997 - 10%).The state must by law own at least 51%. Current shareholders are the Russian government (52.5%), CS First Boston (20%), a bank consortium led by Natiolny Reservny Bank (8.5% - this stake was privatized in early 1997 and raised an estimated $350m), employees (9%) with the rest held by Russian and foreign individuals. Values for divestiture revenue are not available but can be very roughly estimated at $1.1bn (based on 41,041,743,984 issued shares as of July 1996 and stock market prices).  RAO UES was dissolved on July 1, 2008 as a result of the power sector restructuring in Russia.
The riverway Parana-Rio de La Plata was handed over to the private consortium Hidrovias S.A. (Jan de Nul/Emepa) for a period of ten years. The private consortium was to received subsidies of US$ 385 million and equipment valued at US$ 78 million; and was expected to perform dredging of the access channel of the San Martin port and maintenance of signaling equipment. The concessionaire would charge direct user fees to ships passing the channel.  To compensate shortcomings in fulfilling the subsidies and equipment offered by the Government, it extended the concession period until 2013.
Chiwan port is managed by the China Nanshan Development (Group) Co., Ltd.  There are 2 container terminal operators, Shenzhen Chiwan Harbour Container Co. (a subsidiary of China Nanshan Development Co., Ltd.) and Shenzhen Kaifeng Container Terminal Co., Ltd. (a Sino-foreign company that became operational in January 1994).   Chiwan Wharf Holdings, which holds 50% of the project, was listed on the Shenzhen Stock Exchange. The projects sponsors used the proceeds of a B-share issue on the Shenzhen Stock Exchange to construct grain warehouses, new berths and other facilities. Merger talks were also underway with Shekou, where China Merchants Holding (a state-owned enterprise that controls China Nanshan Development Co) had become involved in an effort to reach a critical mass to attract cargo from the competing Yantian Port. The project had a throughput of 150.212 TEU in 1997.
In June 1994, New World Infrastructure (NWI) signed a 25 year contract with two SOEs for the construction and operation of a 32km highway linking Zhuhai and Zhaoqing via Jiangmen. Roadway No.1964 opened for operation in December 1995. This dual 2-lane highway had an average traffic flow of 4,610 vehicles per day in 1995, and an average toll of Rmb 5.83 per vehicle. NWI has a 74.07% stake in the project, and invested US$ 17.5 million - US$ 7.7 as equity and US$ 9.8 million as a loan to the project company.
In 1994, Companhia Vale do Rio Doce SA (CVRD) was awarded the contract to manage the Inacio Barbosa Terminal located at Barra dos Coqueiros. The terminal has a 356-meter long pier, with a loading capacity of 1,200 cubic meters per hour. The terminal handles potassium, urea, salt and general cargo. In 2000, the port handled a total of 771,000 tons of cargo.
In June 1994, Hopewell Humen Development Limited, a wholly-owned subsidiary of Hopewell Holdings, signed a cooperative joint-venture contract with the Dongguan and Panyu municipalities The bridge is a 4.6-km dual three-lane suspension bridge linking major cities on each side of the Pearl River and is connected to the GSZ-East Superhighway (also a Hopewell project). The joint venture also involves construction of 11.16 km of approach roads in Guangdong Province for the construction and operation of the Boca Tigris Bridge.   Hopewell Holdings has a 10% equity share in the joint venture, and a 6.7% profit share. Hopewell contributed Rmb 27.39 million (US$ 3.2 million) in equity, and Rmb 246.51 million (US$ 28.3 million) as a shareholder loan. The total project costs were Rmb 3,593 million (US$ 413 million).   The joint venture period is for construction plus thirty years. The bridge opened for trial operations in May 1997. Toll rates require approval from the Guangdong Provincial Price Bureau, and in 1997 ranged from Rmb 5 to Rmb 180 depending on the type of vehicle.
The contract includes the construction and operation of the passenger terminal, fuelling facilities and cargo warehouses. Guoco Investment, a joint venture between Hume Industries (Malaysia) and the Fujian Provincial government will hold the BTO contract for a 50-year period. The construction works started in 1994. The airport started its operations in mid-1997. It will have a capacity of 200,000 tons/year and 6.5 million passengers/year.
Pursuant to the Russian Program for privatization of state assets and the subsequent order of the Russian Committee for the management of state property, No.700, 1992, ports in Rusia could be partially privatized with the government retaining 49% of the shares. In Dec. 1993 the Russian Government, by Decree No. 299, set out the process for the establishment of port authorities. The port of Archangelsk was transformed into a joint stock company in 1994.
Alaugas is a local gas distributor in the region of Taldykorgan. It has charter capital of 2,216,539 Tenge. Shareholers are the Doss-Business company (70%), employees (10%), Munaigaz-Invest (10%), Leginvest (9%) and Pervyi-Ipf-"Nurinvest" (1%). The last three stakeholdings were acquired via coupon auctions in 1994. All private stakes were acquired via coupon auctions in 1994 in which the government raised divestiture revenues for US$2,900 (Tenge 157,800). The Doss-Business company paid $145,000 for its stake in March 1997 and  has pledged further investments of $1.5 million over the next 5 years.  As of 2000, KazTransGaz (KTG), a subsidiary of KazMunayGas, Kazakstan's national oil and gas company, was set up to maintain, manage and operate the entire gas distribution network in Kazakhstan. Consequently, there were no private sponsors that owned or managed the gas distribution network, since KTG was the sole owner of the network. Also, as of 2000, Alaugas was no longer listed on the Kazakh Stock Exchangce (KASE)
Newport West, the first private sector port development in the Western Hemisphere after World War II was developed and operated by two competing companies, Kingston Wharfes Ltd. and Western Terminals Ltd. from 1967 to 1994, when they were merged into Kingston Wharfes Ltd. On September 26, 1995, the company was listed on the Jamaica Stock Exchange. It owns and operates seven berths devoted to breakbulk operations (petroleum products, gypsum, limestone, cement, grain and lumber) averaging 183 m in length with depth alongside varying between 7.5 m and 11.7 m. Subsidiary Kingston Terminal Operators Limited operates the container terminal owned by the Port Authority of Jamaica and committed to an investment programme of US$ 30 million and an undisclosed equity stake in the container terminal for renewal of the management contract. The Port of Kingston in the final stages of a $103 million expansion installed two cranes at the new Gordon Cay Terminal in 08/98, bringing the facility's complement to 10. The US$12.5 million contract for the purchase of these two cranes to handle Post-Panamax vessels was awarded in March 1997 by the Port Authority of Jamaica to Mitsubishi Heavy Industries. 4,000 feet of berthing space to a depth alongside of 48 feet were added, taking total berthing to 25,000 feet at the old container facility. OECF of Japan and USAID contributed funds to the project. In August 1996, Kingston Terminal Operators took possession of the new Gordon Cay facility. Further expansion is slated to come on stream  for the Gordon Cay trans-shipment facility in Kingston by 1999, with an increase in size of 128 acres and an additional 2,500 feet of berthing space.
The construction of the 3.3 km length bridge ended in 1994. The consortium share's is distributed as follows: Tribasa holds 50% and ICA holds 50%. Financial closure for the project was initially achieved as follows: 25% in equity and 75% in debt from Atlantico. This bridge was also included in the "bail out" program implemented by the Mexican government in the end of 1997: the government agreed to pay the remaining of the debt the sponsors had related to the project, and the bridge will be turned back to government management by 1999.
Concar, a subsidiary of the Peruvian company Grana y Montero, was awarded the contract to rehabilitate and operate the Arequipa - Matarani highway in Nov. 1994.  The company committed to invest a total of US$ 6 million in the highway infrastructure during the 6 years and 2 months concession period. However, the cost was initially underestimated and the company actual investment has been US$ 8.1 million. Due to this problem, the company obtained an extension of its contract by one year in 2001. The annual traffic flow in the toll road has increased from 1,206,000 vehicles in 1995 to 1,369,000 vehicles in 1998.
Telecom Georgia was created in 1994 by the Georgian Government in association with Metro Media International (30%) and Bullcom (19%). The company provided international and long-distance telecom services. The company had 210,000 subscribers in 2000 and provided about 80% of Georgia's intercity and international telecommunication services.   On January 24th, 2005, through decree number 31 of the President of Georgia,  the major share (51 %) held by the Government of Georgia was transferred by direct sale to Telecom Georgia co-founder - “International Telcell Inc.”, a fully owned subsidiary of Metromedia International Group (MIG). MIG paid $5 million for the 51% stake. At the end of 2005, MIG held 81% of Telecom Georgia, which was increased in subsequent years to 100%.  In Oct 2006, there was news that Metromedia would sell all its telecomminications assets in Georgia, including its 21% stake in Telecom Georgia, to a consortium of companies including investment firms e.g. Istithmar and Salford Capital Partners. However, the company's financial statements in 2012 note that it only disposed of its stake in Telecom Georgia in 2012. From earlier reports in 2006, Salford Capital Partners owns a 21% stake in Telecom Georgia.
Panjapol Pulp Industry Public Co. Ltd. has developed a 40-MW waste-to energy power plant at Bang Sai, Phra Nakhon Si Ayutthaya. The plant, currently in operation, uses agricultural waste and coal as fuel and sells 10-MW of power to the Electricity Generating Authority of Thailand (EGAT) under the Small Power Producers (SPP) Program. The PPA was signed on December 7, 1994 and has been selling power to EGAT as of November 16, 1995. EGAT signed a "non-firm" contract with the project company. Estimated project cost is $40.0 million ($1.0 million per MW).
PT Indonesian Satellite Corporation, PT Indosat, was a state-owned operator of international phone services. The company was granted a 10-year exclusive rights to provide international long distance services in 1995. The state-owned company PT Telkom, in turn, was granted 15-year exclusive rights to offer local (wire or wireless) telephone services and 10-year exclusive rights to provide domestic long distance services in 1995.   PT Indosat began its divestiture in 1994 when the government sold a 35% stake for US$1.119 billion through an initial public offering. The government retained the 65% stake.  In May 2002, the company sold an additional 83.5 million shares or 8.1% of the company’s total shares for a total of US$110 million (Rp 1 trillion) to undisclosed domestic investors.   In December 2002, a holding company of Singapore Technologies Telemedia (STT) - Asia Mobile Holdings - bought a 41.9% stake in PT Indosat from the government, through a special purpose vehicle named Indonesia Communications Limited (ICL).  This transaction, for US$631.5 million (Rp5,620 billion), gave STT control of PT Indosat. On March 1, 2007, STT sold a 25% equity stake in Asia Mobile Holdings to Qatar Telecom (Qtel). On June 6, 2008, STT entered into a Share Purchase Agreement to sell its remaining 75% ownership in ICL to Qtel. The sale, which closed on June 22, 2008, resulted in Qtel’s acquisition of a 40.8% stake in Indosat. As of December 2008, the other major equity holders in Indosat were the public (39.1%), via the stock exchange, and the government (14.3%).   The company received a "principal" license to provide local telecommunications services in Indonesia in September 2000. Along with a GSM 1800 license granted in August 2000, and the award of a domestic long-distance license, the new concessions formed part of the compensatory measures granted to Indosat for the early liberalization of the Indonesian telecommunications market and the resultant loss of the company's exclusivity rights. The local license was to be valid for a period of three years from the date of issuance. The principal license was to be renewed and become a commercial license once the company was operationally ready and had passed certain operational tests required by the Directorate General of Posts and Telecommunications.  In addition to its core business (providing international telecommunications services), PT Indosat focused on the development of Indonesia's domestic telecommunications infrastructure, including a cellular and fixed network through the BOT concessionaire Mitra Global Telekomunikasi in which it held a 30% stake and the cellular operator PT Telkomsel in which it held a 35% stake. During 2001, PT Telkom acquired that 35% stake in Telkomsel from Indosat as part of the restructuring of the telecommunications service industry in Indonesia. In return, Indosat acquired Telkom’s 22.5% ownership interest in another long distance and mobile company, Satelindo, among other considerations. Later in 2001, Indosat launched PT Indosat Multi Media Mobile (IM3) to provide GSM 1800 cellular services, followed by acquiring full control (75% ownership) of PT Satelindo Palapa Indonesia, thus making Indosat Group the second largest cellular operator in Indonesia.  In 2002, the company acquired the remaining 25.0% equity interest in Satelindo from DeTe Asia, making Satelindo a wholly-owned subsidiary of Indosat.  In November 2003, the company merged Satelindo and IM3 into Indosat.  On May 29, 2004, Indosat launched a fixed wireless service, named “StarOne,” in Surabaya and the surrounding area in Eastern Java.   By end 2005, Indosat was a leading Indonesian telecommunications service provider and one of only two operators authorized to provide a full complement of national and international telecommunications services in Indonesia (PT Telkom was the other).  Indosat was investing heavily to expand the capacity and quality of the network in order to add subscribers.  From the beginning of 2003 through 2005, they had reported a total investment in facilities of Rp17,528.1 billion (US$1,783.1 million), mostly for its mobile segment.  Indosat's mobile unit had 14.5 million subscribers and faced competition from market leader Telkomesel along with Excelcominda, Satelindo and other smaller operators.  The company's network provided coverage in all major cities in Java, Bali and Sumatra, as well as population centers in Sulawesi, Kalimantan and Papua using GSM 900 and GSM 1800 technology.  Indosat was also the dominant provider of international call services in Indonesia, as measured by aggregate incoming and outgoing call minutes.  Indosat also had 271,000 fixed wireless customers.    In February 2006, the Ministry of Communications and Information awarded 3G licences to  Indosat which paid Rp160 billion or USD 17.4 million for the 10-year licences.  By 2013, Ooredoo Asia (former Qatar Telecom / Qtel) owned 65 percent of Indosat. Skagen AS owned another 5.42 percent, the public, 15.29 percent, and the government of Indonesia, 14.29 percent. The operator was now known as Indosat (Ooredoo).
The project started with the construction of 24 MW coal power plant in 1994. The main sponsor is Combined Energy Companies. The facility whose total cost was $14 million started its commercial operation in 1994. An expansion of 12 MW started in 1996. The electricity is sold to Zhejiang provincial government.
Pursuant to the Russian Program for privatization of state assets and the subsequernt order of the Russian Committee for the management of state property, No.700, 1992, ports in Rusia could be partially privatized with the government retaining 49% of the shares. In Dec. 1993 the Russian Government by Decree No. 299 set out the process for the establishment of port authorities. The port of Murmansk was transformed into a joint stock company in 1994.  The Murmansk port was the largest ice-free port in the northern part of Russia, with a handling capacity up to 7.5 million tons. This was mainly dry cargo such as mining products and apatite concentrate. The port had 20 piers with a maximum depth of 10.5 meters. The port was restructured into two units. A joint stock company handled the commercial activities and the government unit took care of the premises.   In February 2012, Russia's largest steam coal miner, Siberian Coeal Energy Company (SUEK), owned by Andrei Melnichenko, acquired 24.9% of the voting shares in SUEK (18.68% of the share capital). The sale agreement was signed on April 17, 0012, by the then-prime minister Vladimir Putin.    In October 2012, 34% of the voting shares (25.5% of the share capital) were acquired via competitive selection by a consortium of companies comprising of SUEK and Cyprus-based Alfa capital Holdings (a subsidiary of the Alpha Bank Group). They offered the maximum price of US$75.5 million (Rb2.2 billion) - the starting price was Rb2 billion. As a result, the shareholders of OJSC Murmansk in October 2012 were SUEK holding 49.85 of the voting shares and Alfa capital holding 9.05% of the voting shares. The sale agreement was approved by the Ministry of Finance in December 2012.  In December 2012, the Federal Antimonopoly Agency approved the purchase of 49.95% of the voting shares in MCS by EuroChem, a mineral and chemical producer, owned by Andrei Melnichenko. EuroChem purchased the shares from the following private entities: Alfa Capital, and two offshore companies Montague Management which owned 21.72% of the voting shares and Roman Capital Holdings which owned 16.95 of the shares.
The power plant had a generating capacity of 66-MW (two 33-MW generators), fired with heavy oil. The joint venture company was formed between Sithe Energies (48%) (majority-owned by France's Vivendi Universal, with Japan's Marubeni Corp. holding a 29.5% stake.) , Donguan Power Industry Corp., Lucky Man Investment, and Dongguan Houjie Technology Development.  Sithe's projects in China were undertaken through Sithe China, which comprised Sithe with a 40% stake and the Government of Singapore Investment Corp. and AIG-Asian Infrastructure Fund with 30% interests each.  The project entered service in 1995. The power was sold to the Dongguan Power Bureau.  In February of 2003, state-owned China Resources Power bought the assets of Sithe China. The assets also included Sithe China's interest in the 600MW coal-fired IPP project at Wenzhou in Zhejiang province and a 100MW coal-fired cogeneration plant at Tangshan in Hebei province.
The Karaha Bodas Company (KBC) was a joint venture among Caithness Energy of Switzerland (40%), Florida Power and Light of the U.S. (40%), Tomen Corporation of Japan and PT Sumarah Daya Sakti of Indonesia for a geothermal project in West Java.  The company entered into contract with Pertamina, the state-owned energy company, for the 400 MW Karaha Bodas project in 1994.  Total cost of the project was estimated at $400m.  The project had a 30 year power purchase agreement, which should have run from 1998 to 2028. The power purchase agreement was with PT Perusahann Listrik Negara (PERSERO).  The project was postponed in September 1997 following the Asian financial crises.  In 1998, KBC filed for arbitration in Switzerland under International Trade Law rules claiming that the Indonesian government had breached the contract when it postponed the project.  Construction of the expected 400 MW plant itself had yet to begin, but KBC claimed to have invested US$100 million on site preparation.  In December 2000, KBC was awarded US$261 million against Pertamina by Swiss arbiters working under the U.S. Commission on International Trade Law rules.  The arbitration award was later confirmed by a U.S. federal court in Houston, Texas.  The Indonesian government; however, still refused to pay and later appealed to the Houston court to prevent enforcement of the award.  KBC later filed suit in Houston to seize Pertamina's assets worldwide due to Pertamina's continued refusal to pay.    In December 2001, the Houston court agreed with KBC and upheld the original $261 million ruling against Pertamina.  In response, Pertamina filed a lawsuit in Jakarta in mid-March 2002 in an effort to stop KBC from collecting payment.  In late March, the Houston court agreed that Pertamina's actions were improper and ordered it to withdraw its request to the Indonesian court.  Pertamina refused, and the Indonesian court subsequently imposed a fine of $500,000 a day on KBC payable to Pertamina.  KBC later asked the Houston court to hold Pertamina in contempt for its failure to withdraw the request from the Indonesian court.    In April 2002, the U.S. District Court in Houston issued a contempt order against Pertamina for violating a U.S. court order.  A New York District Court also ordered U.S. banks to freeze funds worth US$650 million owned by Pertamina and the Indonesian government.  Pertamina appealed the court decision. In addition, the firm launched a lawsuit in the Central Jakarta District Court to nullify the arbitration ruling.  In May 2004, Pertamina lost an appeal in a U.S. court, clearing the way for Karaha Bodas Co. (KBC) to get US$290 million in damages for the canceled power project.  In July 2004 Pertamina appealed a Hong Kong court decision to freeze assets of foreign subsidiaries of Pertamina located in Hong Kong.  The US Supreme Court ruled against Pertamina in October 2004.  In November 2004 the Indonesian tax office accused KBC of failing to pay taxes and penalties of US$180 million and arrested KBC executives.  The Indonesian Supreme Court ruled against Pertamina in November 2004, overturning the ruling by the lower Indonesian court, finding that the lower court had no “authority to examine and adjudicate” the dispute. By August 2005, the debt and penalties had swelled to US$307 million, at which point Pertamina offered to settle the case for US$50 million.  In August 2005 a Singapore appeals court upheld a lower court ruling for KBC to pay Pertamina US$36 million for losses entailed in the seizure of assets.
Copergas is the natural distribution utility of the northeastern state of Pernambuco. Created in 1992, the company started its commercial operations only in Jun. 1994, attending mostly industrial consumers, and distributing around 500,000 cubic meters of gas per day. Copergas is a joint-venture of Enron's subsidiary Gaspart (41.5%), the state-owned Petrobras' subsidiary Gaspetro (41.5%) and the state of Pernambuco (17.8%).  As of 2005, Enron was in the midst of liquidating its operations and distributing its assets to its creditors.  The Brazilian subsidiary of the Japanese giant Mitsui concluded in May 2006 the acquisition of Gaspart from the Enron group, by US $250 million. In August 2016, Mitsui acquired a 49% stake in Gaspetro, increasing  its stake in the project company to 61.8%.
ARL Tenaga was awarded the contract to build, own and operate a 50-MW power plant located adjacent to the existing Melawa Power station that belongs to the state-owned company Sabah Electricity Sdn Bhd (SESB). The power plant comprises four diesel units with 12.5 MW each. The contract was awarded in Sep. 1993, but works only started in Sep. 1994. The first unit commenced commercial operations in Oct. 1995 and the other units started supplying electricity in Apr. 1996. ARL. Tenaga has a 21-year power purchase agreement with SESB starting in Jun. 1994. The project company is a subsidiary of ARL Associates, which is wholly-owned by the Bumiputra Group.
Volgograd River Port JSC was founded in 1994 as the result of the privatization of Volgograd River Port and the Volzhsky steamship company. Volgograd River Port JSC owns and operates three marine ports on the banks of the Volga and is based in Volgograd, South Russia. The company provides cargo, and city and suburban passenger transportation services; organizes pleasure trips; offers cargo handling and warehousing, ferry, and integrated ship maintenance services.  Volgograd River Port JSC was a joint-stock company. 25,5% of shares were state property and 74.5% of shares owned by legal entities and individual holders. As of January 2011, the largest individual share holder is Yuri Skorokhodov, the Chairman of VRP’s Board, who holds 23.14%.  The Federal Agency for Management of State Property (Rosimushchestvo) sold on March 2011 the 25.5 percent state-owned stake in the Volgograd River Port Corporation to the JSC Volga Pipe Plant for US$ 3.9 million. Overall, 122,856 of common stock of Volgograd River Port were put up for auction for an initial price of US$ 890,736 for the entire 25.5% stake. There were 5 bidders at the auction, including Southern River Port JSC and Complex AeroService LLC.
Korach Industry Co. Ltd. has developed a 15-MW waste-to energy power plant at Muang, Nahkon Ratchasima. The plant, currently in operation, uses agricultural waste as fuel and sells 6-MW of power to the Electricity Generating Authority of Thailand (EGAT) under the Small Power Producers (SPP) Program. The PPA was signed on August 11, 1994 and has been selling power to EGAT as of January 10, 1995. EGAT signed a "non-firm" contract with the project company. Estimated project cost is $15.0 million ($1.0 million per MW).
Empresa de Distribucion Electrica Lima Norte (Edelnor) was one of the five companies in which Peruvian Electrolima was corporatized for the privatization program. The other four companies were Empresa de Distribucion Electrica de Lima Sur (Luz del Sur), Empresa de Generacion Electrica de Lima (Edegel), Empresa de Distribucion Electrica de Canete (Edecanete), and Empresa de Distribucion Electrica de Chancay (Edechancay). Edelnor was awarded a license to distribute electricity to the Northern  metropolitan area of Lima.   At privatization the company had 500,000 customers. The company was partially privatized in July 1994 when 60% of the equity was sold for $176.5 million to a consortium integrated by Enersis (Chile), Chilectra (Chile), Endesa (Spain), Cosapi SA (Peru), Inversiones Centenario (Peru), and El Pacifico Peruano Suiza (Peru). In a second transaction, a 3.6% stake was sold to Edelnor's workers at the same share price that the winning consortium paid, which represented a sale of US$10.59 million. The remaining 36.4% was reserved to be sold through a mass privatization scheme. During the 1994-2000 period, the company invested an additional US$225 million (an average of US$37.5 million per year).  Edelnor was subseqently merged with and became apart of Edechancay.  As of December 31, 2008, Enersis [Chile] had a 33.5% economic interest in Edelnor through its 55.9% in Distrilima. Distrilima had a a 60% interest in Edelnor.
The construction works were concluded in 1995 and were financed with Tribasa's own resources (Cost: NP$ 519 million/US$ 68.3 million in 1997 value or US$ 74.4 million in 1994 value). Tribasa receives 50% of the toll revenues as management fee. The expected rate of return on the project is 10.47%, but the revenues are currently insufficient to yield that percentage. Nonetheless, the concession contract allows for an extension of the concession period until such return is obtained. The average daily traffic flow in the first half of 1998 was 3,817 vehicles, while in 1997 it was 3,461 vehicles.  The concession contract was extended until 2026.
This 58-MW plant was located in the Bataan Export Processing Zone. The plant was fueled by bunker C diesel fuel. 8-MW of generated power was sold to the Export Processing Zone (EPZ) and the rest was sold to Napocor. The plant started its commercial operations in 1994, but it was fully operational by mid-1997.  The project was financed by both equity and debt, the latter in the form of loans from sponsor Edison Global Electric of Hong Kong. Public sponsors of the project inlcuded both Napocor and the Bataan Export Processing Zone Authority. In August 1996, Ogden Energy Group, which was renamed Covanta Energy in 2001, acquired an equity stake in the facility.  Due to the inability to obtain a profitable power off-take agreement for this project following the June 2004 expiration of its principal off-take agreement, the project company in August 2004 exercised its option to pre-terminate its remaining off-take agreement and ceased operations.
The Trainmet (now Metropolitano) consortium signed a concession contract to operate the Roca, San Martin and Belgrano South lines of the Buenos Aires Metropolitan Railway in March 1993. To prevent further deterioration of the Buenos Aires metropolitan railway network, the President had created a new state-owned corporation, FEMESA, in March 1990. It was soon prepared for privatization (via lease/concession contracts). FEMESA divided the network into 7 lines: Mitre, Sarmiento, Urquiza, Roca, San Martin, Belgrano North, and Belgrano South. The government called for bids under a 2-stage bidding process. Bids were decided on the basis of lowest subsidy required, and pre-awarded for all 7 lines in January 1993. Each concession contract is for 10 years with optional 10 year extensions. The government sets maximum tariffs and minimum service frequencies.   Trainmet won the contract to operate the Roca, San Martin and Belgrano South lines. Trainmet comprises: Empresa Argentina de Construcciones, Ormas SA, Roman SA, DGT Electronica and 63 independent bus operators, along with train operators Jarts (Japan) and Bart (US) as partners. Tranmet set up the operator Transportes Metropolitanos San Martin (TMS) for the San Martin line. TMS took over operations on April 1, 1994. Since Metropolitano took over, passenger numbers have increased 31.4% on the San Martin line. The San Martin line is 55.4km. The San Martin lines receive a subsidy from the government.  In November 1999, the concession contract was extended to 2025; the government also approved an increase in the consumer fees of 129% in five years, which will finance the additional US$ 120 million investments (the train fares were expected to be firstly adjusted by June 2000). By 2003, the ownership structure of Metropolitano had changed so that private Argentinian investor Sergio Taselli and Ormas were the majority owners.  In June 2004, the contract was cancelled by the government. Despite plans for using an interim operator until another concession could be let, Metropolitano continued to operate the line through December 2004. The government canceled the contract due to reported failure to meet investment targets and meet safety guidelines.
In January 1994, Road King Infrastructure signed a 15 year joint venture contract for the operation of the Zhongshan Shiqi-Jiangmen Highway in Guangdong Province. The road is a 26.5-km class II highway. Road King received a 75% share in the project and 75% of toll revenues in return for an investment of HK$ 78 milliion (US$ 10.1 million). Road King's toll income increased 13.3% from 1996 to 1997; it has increased every year since Road King took over in 1994. Road King funds its project from internally generated funds and long term debt. This includes a US$ 138 million syndicated loan and US$ 140 million 10-year fixed rate notes arranged in 1997.  In June 2003, Road King completed the disposal of its intire interest in the Zhongshan highway project for HK$63 million.
Telsim was one of the two consortia selected by state-owned local incumbent Turk Telekom to build and operate GSM system under a 15-year Build-Operate-Transfer agreement in May 1993. The other consortium was Turkcell. Under the agreement, the private operators' revenues were constrained to a 25% commission of actual revenues collected. Those commission were designed to reimburse the operators for their cost of running the cellular networks; while the state assumed ownership, determined tariffs, and was responsible for collecting customer revenues.   The government changed those two BOT agreements to 25 year-licenses after each consortium committed to pay US$500 million in April 1998. Under the new arrangement, operators are allowed to keep over 75% of their revenues, but they must continue to pay 15% of revenues to the government as licensing fees, and an additional 5%-10% to Turk Telecom for interconnection charges and international long distance fees.   Initially, Telsim was owned by Rumeli Holding, Alcatel, Siemens and Detecon, but Rumeli Holding (Uzan group) owned 98% of Telsim by 1998.   The company launched its network in 1994 with an initial investment of US$20 million. The company invested a total of US$400 million by early 1998. Telsim had more than 360,000 subscribers by March 1998. In addition to paying its US$500 million license fee, the company signed a US$500 million expansion contract with Motorola in 1998.   Telsim competed with the privately owned Turkcell (GSM 900 network) and state-owned Turkish PTT (NMT 450 network). In 2000, Telsim signed an agreement with Motorola to set up a third-generation mobile network, which was to increase its number of subscribers from then level of 5 million to 7 million by the end of 2001.   Beginning early 2001, Telsim begun facing financial difficulties. In May 2001, Telsim defaulted on a vendor facility given by Motorola amounting to US$728 million. In July 2001, Nokia stopped shipments of equipment because Telsim had failed to repay US$240 million on another vendor-financing loan. The borrowings, which dated back to 1998, were backed with a 66% stake in Telsim for Motorola and a 75% stake for Nokia. Motorola and Nokia alleged that subsequently the Uzans illegally diluted the stakes to 22% and 2.5%, respectively.   In 2003, Telsim was among 219 companies owned by Rumeli Holding AS, the Uzan group, that were taken over by the Savings Deposit Insurance Fund to collect the group's debt to the government. The fund managed insolvent banks and guarantees their deposits. Telsim was the largest of the companies seized. The Turkish government believed the Uzans used a double registration accounting system to siphon US$5.2 billion from a bank they owned, Imar Bankasi, an amount roughly equivalent to 2.5 percent of Turkey's gross domestic product.  In August 2003, a U.S. court in New York ordered the Uzan family to pay US$4.3 billion to Motorola. The verdict, which was being appealed by the Uzans, also said Nokia should receive from the Uzans some Telsim stock, or be paid US$1.7 billion in damages. The judge issued arrest warrants for Kemal Uzan and his sons Hakan and Cem if they set foot in the U.S., saying they had committed fraud. In February 2004 the Turkish government seized 219 companies that belonged to the Uzan family, including Teslim SA.  In December 2005 British group Vodafone won an auction for 100% of Telsim's shares. Vodafone agreed to pay some $4.5 billion to the Turkish government for the mobile operator. The transaction was concluded on May 24, 2006. The name was changed to Vodafone Telekomünikasyon A.S.  At the end of 2005 Telsim was Turkey's second-largest mobile operator after Turkcell, with a nationwide network serving some 10.3 million subscribers in a population of 70 million. In May 2006, Vodafone completed the acquisition of Telsim from the Turkish Savings and Deposit Insurance Fund (TMSF). From March 2007, Vodafone became the official name of the project.  In an auction held on Nov. 28, 2008, Vodafone and its competitor, Avea, both bid EUR250 million for the B-type licence to provide 3G services.  After evaluating the bids, the Information and Communication Technologies Authority (BTK) decided to grant the licence to Vodafone. In December 2008, Vodafone signed an equipment supply contract with Huawei Technologies [China]; 3G services were expected to launch in mid-2009. In April 2009, Vodafone completed payment for, and signed the 3G license.
Ferrovias signed a concession contract to operate the Belgrano North line of the Buenos Aires Metropolitan Railway on February 3, 1994, and took over operations on April 30, 1994. To prevent further deterioration of the Buenos Aires metropolitan railway network, the President had created a new state-owned corporation, FEMESA, in March 1990. It was soon prepared for privatization (via lease/concession contracts). FEMESA divided the network into 7 lines: Mitre, Sarmiento, Urquiza, Roca, San Martin, Belgrano North, and Belgrano South. The government called for bids under a 2-stage bidding process. Bids were decided on the basis of lowest subsidy required, and pre-awarded for all 7 lines in January 1993. Each concession contract is for 10 years with optional 10 year extensions.   The Ferrovias consortium won the contract to operate the 58.4km Belgrano North line. Ferrovias comprises: Emepa; Seminara Constructores; TAC Cooperative; Pilar; Codi; Conipa; Conevial; Graglia, Picco and associates. At the time the concession was signed, Ferrovias was led by Leddevi Construcciones but the company was forced to withdraw due to domestic problems. The government pledged a US$196 million subsidy for the concession period, primarily for investment; Ferrovias will contribute an additional $82 million, besides paying a canon of US$ 166.1 million.  In November 1999, the concession contract was extended to 2025; the government also approved an increase in the consumer fees of 129% in five years (the train fares should be firstly adjusted by June 2000).
The 210-MW power plant, known as Igarapava Hydroelectric, is owned by the Brazil's first utility/industrial consumer consortium formed in 1994. The main consortium members are the utility Energetica de Minas Gerais (CEMIG), which owns a 15% stake, and the Brazilian private companies Vale do Rio Doce, Companhia Mineira de Metais, Mineracao Morro Velho, Companhia Siderurgica Nacional, and Eletrosilex. The total cost of the project is estimated at $270 million.   In 1995, the sponsors signed a 30-year concession contract with the federal regulatory agency ANEEL, starting in December 1998.  The plant started operations in January 1999.
In October of 1994, Puncak Niaga (M) Sdn, Bhd., a wholly owned subsidiary of Puncak Niaga Holdings of Malaysia, was awarded a 26-year concession contract by Jabatan Bekalan Air Selangor (JBAS) for the takeover, operation and management of 27 existing water treatment plants in Selangor State in the first phase of the two phase Sungai Selangor Water Supply Scheme.  The total capacity of the 27 plants was 934.5 million liters per day (934,500 cubic meters per day). The second phase of the project included the construction of a new water treatment plant, the 85 hectare Sungai Selangor Water Supply Scheme Phase II project, which had a capacity of 450,000 cubic meters per day when the first stage was completed in October of 1998 and an additional 475,000 cubic meters per day when the second stage was completed in January of 2001, a year ahead of schedule.  The plant was to serve 1.1 million people in Kuala Lumpur.  The concession for the existing plants began on December 1, 1994.  Puncak Niaga was part of a group of companies controlled by Malaysian tycoon Rozali Ismail.  Under a contract signed on May 31, 1995, CGE Utilities, a company owned 55% by Generale des Eaux (later renamed Veolia Environnement) and 45% by Malaysian owned Taliworks Bhd., was sub-contracted to take over the operations and maintenance (O&M) of the plans until December 31, 2020.  The cost of the O&M contract was US$50 million.   Puncak Niaga (M) was, however, directly involved in rehabilitation and upgrading of the water plants.  The Selangor water privatization project was to be undertaken at a total cost of RM2 billion (US$790 million).  In the first phase, Puncak Niaga (M) was responsible for investing RM150 million (US$58.6 million) for the upgrading of the water plants over the first three years of the contract.  In January 1995, the company secured a syndicated loan for US$45.6 million from Bank Bumiputra, Malaysia Berhad (BBMB), and the remaining US$40 million was to come from its equity.  The new water treatment plant, which was to be one of the largest in south-east Asia, was expected to cost RM1.28 billion (US$500 million), about RM700 million for the first stage and RM500 million for the adjacent second stage.  In April 1996, Puncak Niaga (M) secured the necessary financing to undertake the construction of the plant.  The financing came from DCB Sakura Merchant Bankers Bhd and Arab-Malaysian Merchant Bank Bhd (AMMB) which had arranged finance facilities for the total RM1.28 billion.  The facility was the largest banking scheme ever arranged for a locally-owned private entity on a project finance basis in the country. In May of 2000, Puncak Niaga secured an additional RM140 million bridging loan from United Overseas Bank (Malaysia) Bhd, part of Singapore's United Overseas Bank Ltd for the second stage of the new plant.  In October of 2000, Puncak Niaga signed two Islamic financing agreements for a total sum of RM1.37 billion to refinance its existing loans.    The concession included a take-or-pay arrangement with the Selengor State Government in which the State was to purchase no less than approximately 90% of the capacity from the 27 water treatment plants and the new Sungai plant.  In 1997, Puncak Niaga listed on the Main Board of the Kuala Lumpur Stock Exchange.  In March of 1998, Puncak Niaga announced that Puncak Niaga (M) would not be the company to take over the distribution of water supply in Selangor for Jabatan Bekalan Air Selangor (later renamed Perbadanan Urus Air Selangor (PUAS)). That contract was ultimately awarded separately to Syarikat Bekalan Air Selangor Sdn. Bhd (Syabas), a company ultimately 70% owned by Puncak Niaga, in September of 2004.  In 2003, CGE Utilities, which carried out the operations and maintenance (O&M) work under the subcontract, sued Puncak Niaga for MYR84.4 million, allegedly due to late fee payment, costs and late interest charges.  The parties concerned came to an agreement in 2003 to terminate the O&M contract on December 31, 2004, ahead of schedule. Puncak Niaga was to pay CGE about RM59.6 million in fees in three equal annual parts from April 1, 2004.  Puncak Niaga (M) reassumed operational control of the treatment plants on January 1, 2005.   By 2004, the federal and Selangor state governments owed Puncak Niaga (M) RM1.3 billion in arrears for its water treatment services, largely due to high rates of unaccounted for water (UFW) in the state-managed distribution system.  The problem was resolved via the deal for Puncak Niaga's takeover of the PAUS distribution system though Syabas. In December of 2004, the Malaysian government concluded a deal that gave Syabas MYR2.9 billion (US$769 million) in soft loans and grants as part of the water distribution management agreement, including RM1.34 billion to be used to partially settle PUAS' debts to the three private water treatment companies to which it owned money, including Puncak Niaga.
Port Dickson Power Bhd., had developed a 440MW (4x110MW) peak plant at Port Dickson, Tanjung Gernok, Negri Semilban State. Power Dickson Power Bhd. was a consortium of Sime Darby Bhd (40%), Malaysian Resources Corp. Bhd. (MRCB) (20%), Malakoff Bhd wholly-owned subsidary Hypergantic Sdn. Bhd. (20%), and Tenaga Nasional Bhd (TNB) (20%). In February 2000, Sime Darby Bhd. acquired Malaysian Resources' 20% stake in the project and in February 2004, it acquired 15% from TNB for 105.5 million ringgit. Hypergantic Bhd. acquired the remaining 5% stake from TNB for 34.5 million ringgit.    The project company was awarded an IPP license in April 1993; construction began in Dec. 1993; and the plant became operational in April 1995. A 21-year PPA that includes fixed and variable charges and fuel pass-through provisons was signed with Tenaga (TNB). A fuel supply agreement was signed with Petronas. The project company has announced plans to convert the open-cycle gas turbine into a combined-cycle facility with an additional capacity of 220-MW.
Altel, previously known as Becet International, was awarded a 15 year license to provide analog mobile services in 1994. The license gave Altel the rights to operate analogue AMPS mobile services throughout Kazakhstan on exclusive basis for five years, to establish its own transmission when the suitable circuits could not be provided by the national carrier, and to have the first option for any subsequent mobile license that could be issued.   Altel was a 50/50 joint venture between the partially private (40%) Kazakhtelecom, the national long-distance and international network operator monopoly, and the British Wireless Technology Corporation. Wireless Technology Corporation Ltd.'s contribution was US$20 million.  Wireless Technology Corporation Ltd. became part of the United States' Metromedia International Group, Inc. (MIG), owner of telecommunications assets in Commonwealth of Independent States and Eastern European companies.  However, in November of 2002, MIG sold its 50% stake for around US$5 million to an unnamed buyer.   The license was valued by Kazakhtelecom and the company agreed to pay an annual license fee determined by a formula related to the frequency usage and a percentage of revenue with a percentage cap.   The company contracted Ericcson as equipment supplier under a US$33 million deal in 1994. Altel had invested US$30 million by end 1997.  In 2003, Altel launched the first CDMA-standard third generation mobile network in Kazakhstan under the brand name Dalacom.  The overall cost of the project was US$50 million, of which the company had already invested about $20 million by end 2003. The remainder was to be spent in 2004. The equipment supplier was Ericsson which won the US$30 million contract in August of 2003.  The first phase of the project was financed primarily with a seven-year $16 million loan from ABN Amro Bank (Switzerland) that was granted under guarantees from a Swiss insurer, at LIBOR plus 0.5%.   The company had expected the network services to be available in 12 cities by the end of 2003 and to expand coverage to 70 towns and cities in 2004. Altel had planned to migrate its 30,000 analogue subscribers to the CDMA2000 standard, yet there was concern over the potentially insufficient demand for the high-speed wireless data services in Kazakhstan. By April 2006 the company had some 200,000 customers, a 4% market share in Kazakhstan.  Kazakhtelecom announced its intention to purchase Altel in 2006. Kazakhtelecom got full control over CDMA operator Altel in early 2006 and in February 2007 launched its own GSM mobile venture Mobile Telecom Service (MTS).
Distrocuyo had a 778-mile, high voltage transmission system consisting of two lines (one of 229kV and the other of 132kV). The system moved power to market from Hidroeléctrica Los Nuhuiles SA and Hidroeléctrica Rio Diamante. Both plants were previously bought by consortiums led by Electricite de France. Distrocuyo was partially privatized in two stages. In the first one, a 51% equity stake was sold for $20.28 million to Electricite de France (20.9%), Banco de Galicia y Buenos Aires (6%), Nucleamiento Inversor S.A. (21.4%), and Jacques Matas (2.5%). In the second stage, a 10% equity stake was bought by Distrocuyo's employees. The rest of the equity was assigned to the Province of Mendoza (25.5%) and the Province of San Juan (13.5%)
Kazan GTS  (KGTS) is the monopoly local telephone service provider operating in Tatarstan's capital Kazan with a population of 1.2 million. Telephone services for the rest of the republic is provided by the Ministry of Telecommunications's holding company Tattelcom. As opposed to other regional operators in Russia, KGTS is one of the few which are not a subsidiary of Svyazinvest. It is also Russia’s smallest fixed-line operator. In all Tatarstan, services are provided by the Ministry of Telecommunications, independent of the Svyazinvest Holding. For long-distance and international telecommunications, the Ministry splits revenues with Rostelecom. Kazan GTS has no revenues from long-distance and international services. The company derives 94% of its revenues from basic telephone services, including monthly subscription fees and installment fees. The company was privatized in July 1994, with the share capital split between 2% preferred stock, and 98% common stock. The main shareholders of the company were: Ministry of Telecommunications (29.2%), Tatarstan State Property committe (19.9%), Elemte (10.1%), TAIF (5.7%), Treasury Stock (4.8%), CSFB (4.3%), Central Depositary of Tatarstan (3.9%), others (20.1%). The company was subject to regulation of local tariffs. Kazan GTS holds de facto monopoly for fixed line services in Kazan, although there are some independent service providers for radio-telephony, mobile cellular and other value-added services. Kazan GTS's network is mostly analog. The company completed the installment of a SDH fiberoptic network in 1997.  The main shareholders in 2003 were Tatarstan's government (represented by Svyazinvestneftekhim)  (40.43%) and Tatfondbank (14.8%).  In 2006, Kazan GTS became a branch of Tattelecom, a telecom company which was 100% owned by a state-run investment company Svyazinvestneftekhim (SINKh).
Guangdong Qinglian Highway Development (GQHD) is a 33-year joint venture between Changi Specialist Centre of Singapore and the Guangdong Provincial government. GQHD was established to build, operate and maintain a 215-km, dual 2-lane toll highway linking Qingyuan in Guangdong with Hunan Province. The private partner Changi is a wholly owned subsidiary of Pinetree Resorts Pte. and has a 51% share in the joint venture. The road cost US$360 million to construct, and was completed in November 1997. The highway is part of National Highway 107. Toll revenue during the first seven years is expected to reach US$570 million, with a 15% annual toll increase.
The plant had a 335 MW capacity in September 1994 when it was privatized. The goverment sold the main part of the equity in two transactions. In the first one, a 59% equity stake was sold for $32.8 million to Electricite de France (29.5), Nucleamiento Inversor (25%), and Banco de Galicia y Buenos Aires SA (4.5%). The winning consortium paid $4 million in cash and $28.8 in debt papers. In the second transaction, a 2% equity stake was sold for $1.1 million to Diamante’s employees at the same share price that the winning consortium paid. The remaining 39% was retained by the government.  On October 18, 2006 Pampa's purchases of the shares in INNISA and INDISA under the sale agreements originally signed with Electricite de France Internacional S.A. on May 26, 2006, and Banco de Galicia y Buenos Aires S.A. and Nucleamiento Inversor S.A. on June 7, 2006 became effective. Therefore, Pampa Energia SA controlled Hidroelectrica Diamante SA through its 91.6% stake in INDISA which, in turn had a 59% stake in Hidroelectrica Diamante SA.   As of December 31, 2008, it retained operational control through INNISA and had an indirect stake of 56.04% in Hidroelectrica Diamante SA. Pampa Energia SA was an electricity operator that was acquired by Grupo Dolphin and related companies in 2005.
The project consisted of a 12.5-MW diesel power plant. The project which required an average $1 million per 1-MW installed capacity began its commercial operation in 1994. The initial developer was Wartsila Power Development which sold the project to Dominican Republic's investors in 1994. In 2005, Endesa of Spain sold its 40% stake in Consorcio Energetico Punta Cana-Macao (CEPM)for US$23.7 million, resulting in a capital gain for Endesa of US$8.3 million .  The electricity is sold to business and residences located in an area not connected to Corporacion Dominicana de Electricidad (CDE), the state-owned utility. In 2000, MIGA issued an US$ 11.1 million guarantee to a bank providing financing for this project.  In 2005, the project intended to expand its capacity with a 8.25MW wind power plant. The cost for the expansion project was estimated at US$42.5 million, of which IFC was offering a senior loan of $10 million and to fully guarantee up to a $12.5 million loan –in which ABN Amro Bank, Copenhagen Branch, was to provide a loan under a program sponsored by DANIDA, the Danish government’s development agency- for a total exposure to IFC of $22.5 million.  In April 2014, the IFC approved a US$ million loan to CEPM in order to fund a 7 MW solar power plant to be built at Bavaro. The power plant was established with the goat to increase CEPM’s existing thermal generation facilities and displace their dispatch for fuel cost savings. The total investment was estimated at US$ 17 million.
At the end of 1993, Seremban-Port Dickson Sdn Bhd signed a 35 year BOT concession to build and operate a 25km highway between Seremban and Port Dickson. The company comprises: Melewar Corporation (55%), Mancon Bhd (40%) and Malaysia Assurance Alliance Bhd (5%). Mancon Bhd was also the majro project contractor. The company reached financial closure and started construction in early 1994. The road opened in September 1997. The project cost M$173 million (US$67.6 million, approx.) and was financed through equity (25%) and loans (75%).
The $125.7 million, 60-MW, Khimti Khola Hydropower project is being developed by Himal Power Ltd (HPL), a joint venture between three Norweigen companies-- Statkraft (38%), ABB Kraft (5%) and Kvaerner (5%) Energy--and the Butwal Power Company  (BPC) (29%). BPC is 75% owned by the government of Nepal and 25% owned by  the United Mission to Nepal, a cooperative of 39 Christian organization from 18 countries. The International Finance Corporation (IFC), Asian Development Bank (ADB) each have a 9% stake in the project with local investors having the remaining 5% share.   The Khimti Khola project, located approximately 100km from Kathmandu in the east of Nepal, involves diverting a 10km stretch of the the Khimti Khola River and then discharge it into the larger Tama Koshi River. Statkraft Anlegg AS, a subsidiary of Statkraft will undertake the main civil works. Statkraft Engineering, another subsidiary of Statkraft, is responsible for project management during the implementation period. ABB and Kvaerner are the equipment suppliers. A 75-km, 123-kV transmission line to connect to the national grid, constructed by the Nepal Energy Authority (NEA), is not included in the project cost.   The Khimti project is notable in being one of the first private power plants in Nepal. The IFC and ADB are providing debt financing, and exercised an option to convert subordinated debt into equity. Financial closure was reached on June 20, 1994. A 20-year power purchase agreement was signed with the NEA. Average tariffs in Nepal are NRs 2.86 or $0.078. The project is being built on a 50-year BOOT basis.  50% ownership in Himal Power Limited (HML) will be transferred to the NEA at the end of 20 years with no charge. At the end of the 50 years license period, the remaining 50% interest in HML will be transferred to the NEA, also at no cost.  In its fiscal year 1996, MIGA coverage totaling $32.8 million insured the equity investments of Stratkraft SF, ABB Kraft SF, and Kvaerner Energy AS in Khimti Khola Hydropower Plant against currency transfer, expropriation, and war risks.  The plant began generating electricity in July 2000 and officially opened in January 2001.  In 2007 SN Power had a 50.4% voting share in Himal Power Limited (HPL)In 2008, two of the minority shareholders, GE Energy (Norway) AS and Alstom Norway AS, decided to divest their shareholdings in HPL. Consequently, SN Power increased its ownership stake to a 57.1% voting share from Oct. 1, 2008.  In November 2008, the project was granted a survey license to expand the project with 50MW. The project was at early feasibility stage.
Sotovaya Kompaniya (Cellular Company) was established in 1994 to operate an AMPS 800 standard cellular network in the Novosibirsk Region and the Novosibirsk City. The company received its license in May 1994, after paying a US$0.8 million license fee. The license expires in 2006. The main shareholders were Novosibirsk Tin Works (48%), AO Electrosignal (48%), and KB Impuls (4%) by 1998. The total population in the license area was around 4 million in 1997. The company started its operations in November 1994 and operated under the Bee-Line franchise by 1997. Sotovaya served about 9,000 subscribers, which accounts for 85% of the total market in the region by 1997. Its main competitors were the NMT 450 network, which had 1,200 subscribers by 1997, and a GSM 900 network with 350 subscribers. The company invested US$12 million in its network development by 1997. It planned to invest an additional $20 between 1998 and 1999. In 2002 Sotovaya jointly with Vympelkom-Region started construction of a GSM-900/1800 network in Novosibirsk.    Sotovaya purchased Motorola equipment for the installation of its NAMPS-standard network in 90’s, and Ericsson equipment for GSM-standard.  VimpelCom acquired 100% of the company in 2002.
Baria Serece Joint Venture Company constructs a deep water port capable of handling ships of up to 40,000 tons on the Thi Vai river, 70 km from Ho Chi Minh City. Port construction began on 1 September, 1994. Phu My port entered full operations following a two-year period of construction in Oct. 1996. The port is the first privately invested and managed port in the country.   The port has bulk handling facilities and an annual capacity of 600,000 tons. The total project cost is estimated at US$ 10 million. IFC provided a loan of US$ 3 million of its own funds and a syndicated additional US$ 2 million with Banque Indosuez. The Norwegian Agency for Development (NORAD) also provided a US$ 2 million loan.   Baria Serece Joint Venture Company has 60 percent foreign and 40 percent local ownership. Local investors include a group of state-owned companies involved in the trading of fertilizers, agricultural goods, and general merchandise, and a local bank (DOCAM - 40%). Foreign investors include SCPA, a fertilizer supplier and a member of Entreprise Miniere et Chimique(EMC - 40%); SOGEMA, a subsidiary of SCPA, which handles cargo and operates dry bulk terminals in France; and Norsk Hydro (20%). SSI Logistics owned a 50% stake in Baria Serece, the owner/operator of Phu My Port by 2008 but in October Bunge Asia, the Asian operating arm of Bunge Ltd. acquired a 50% of SSI Logistics in the project company.  The port launched the second stage of the development in 1997 with US$ 20-22 million of planned investment.
Vodacom was awarded a 15 year national license to provide mobile phone services in October 1993. Vodacom was granted its license through an international tender process called in 1993 for the selection of two national mobile operators. The other winning consortium was Mobile Telecommunications Network (MTN). The company started its commercial operations in July 1994.    Vodacom was owned by the partially privatized Telekom SA (50%), Vodafone of the U.K. (35%), and VenFin of South Africa (15%). By 2005, Telekom SA was approx. 46% private.    As part of its concession contract, Vodacom committed itself to the generation of R1 billion of economic activity outside its core business within ten years. Such target was achieved in just three years. Vodacom also committed to rolling-out 22,000 subsidized community telephones in areas of greatest need of telecommunications services before June 1999.   The company's mobile cellular telecommunications service license was confirmed and reissued in August 2002 pursuant to the Telecommunications Act, 103 of 1996.  On May 7, 1997, Vodacom was issued with a formal written public switched telecommunications services license, a value-added network services license and a radio frequency spectrum license. The company then operated under this new regulatory regime.  In December 2004, the company became the first to roll out G3 technology in South Africa.    As of 2005, Vodacom was the market leader in South Africa, with 17,500,000 subscribers, representing a 57% market share. Vodacom's South African GSM network consisted of nearly 6400 base stations and covered more than 6% of the total landmass of South Africa and 97.1% of the population.
The Linha Amarela Beltway is a 15 km three lane dual carriageway motorway linking two areas of Rio de Janeiro. The concession contract was awarded to Construtora OAS in 1994. In 1995, an specific purpose enterprise, Linha Amarela SA (LAMSA), was created. In 1997, Previ (Banco do Brasil Pension Fund) acquired 83% of the total capital of LAMSA.   The construction works finished in 1997 and LAMSA started charging toll fares in 1998. Financing for the project has been achieved as follows: the municipality will contribute with US$ 102.8 million and the private company with US$ 56.5 million (of this amount, US$ 24.3 million has been financed with sponsor's (OAS) own resources, US$ 23 million has been provided by the IADB - US$ 14 million IADB loan and US$ 11 million participation of Deutsch-Sudamerikanische Bank - and US$ 5.6 million has been financed by BNDES, the Brazilian development bank). Estimated average daily traffic flow: 50,000 vehicles.(Note: all above values were converted to 1994 values). In 1999, the IADB approved an additional US$ 20 million loan package to Linha Amarela: an US$ 10 million direct loan and an US$ 10 million in syndication.  In 2002, the corporate control of LAMSA was transfered to Invepar - Investimentos e PArticipacoes em Infra-estrutura SA, a holding company that also controls Concessionaria Litoral Norte (CLN). As of December 2003, LAMSA was a wholly-owned subsidiary of Invepar. Invepar, in its turn, was controlled by Construtora OAS (17%) and Previ (83%).
In December 1993, the Province of Valle del Cauca awarded a concession for the rehabilitation and expansion of the existing 60-km highway from Buga to La Paila to PISA consortium comprised of Colombian and Spanish companies. The project involved converting the remaining 37-km section of this highway, between Tulua and La Paila, from two to four lanes, construction of toll facilities, and provisions for security and emergency services.   The consortium PISA has its shares distribution as follows: Ferrovial - 20%; Conciviles - 20%; Corfivalle - 20%; Central de Seguros - 20%; Instituto de Fomento Industrial - 15%; and others - 5%. Financial closure was achieved as follows: US$ 52 million loan and US$ 28 million equity from the sponsors. All revenues in excess of 125% of the base case traffic specified on the bidding documents are transferred to the provincial government. The works on the stretch Buga - Tulua have been completed and the concessionaire is operating it; construction works are underway on the stretch Tulua - La Paila.
The project includes the rehabilitation and expansion of the airport at a cost of US$100 million (financed with resources from the sponsor and federal and state government funds) and operation for a 20-year period. The construction works were completed in Nov. 1997. The sponsor will retain 85% of the revenues and will transfer 15% to the government (the terms of the contract have been recently questioned by the state government, which threatened to cancel the concession; currently, the sponsor and the state government are renegotiating the revenue distribution). The passenger flow increased by 25% in 1997.  In the third trimester of 2001, the government canceled the contract with Consorcio CVM claiming that the operator did not fulfill it's contractual responsibilities. The contract was reawarded in 2002 to a consortium of Chile's Gestion e Ingenieria IDC and Swiss company Unique but the final government approval was expected to be reached in early 2004.
PT Telekomunikasi Indonesia, (TELKOM) was created from Perumtel in 1991 when the state-owned company changed its main corporate purpose from public service to a limited liability corporation. The company was granted 15-year exclusive rights to offer local (wire or wireless) telephone services and 10-year exclusive rights to provide domestic long distance services in 1995. The other state-owned incumbent telecom company, PT Indosat, was granted exclusive rights to provide international telephone services.   The business activities of TELKOM were divided into three main areas: (i) primary businesses, (ii) related businesses and (iii) business support or corporate overhead services. The primary business were to provide local and domestic long distance telephone services.  Related businesses included mobile cellular services, leased lines, telex, satellite transponder leasing, VSAT and certain value-added services.   For the provision of local fixed line phone services, in 1995 the country was divided in seven regional areas which were: Sumatra (division I), Jakarta and the surrounding area (division II), West Java (division III), Central Java (division IV), East Java including Surabaya (division V), Kalimantan (division VI), East Indonesia (division VII). PT Telkom kept the management and operators of the two most profitable regions (Jakarta and the surrounding area, and East Java).  Each of the remaining five regions were awarded to one international consortia under joint operating scheme (Kerjasama Operasi or KSO) in 1995. Under the arrangement, each majority private KSO was treated as a division of PT Telkom and was managed and operated by the KSO consortium on behalf of TELKOM for 15 years staring in 1996. The related businesses, in turn, could be operated by TELKOM either directly or through joint venture companies in which Telkom had a direct or indirect interest.  As part of the agreement, each KSO consortium had to give TELKOM three principal types of payments during the term of the KSO - an up-front fee for joining the KSO scheme; a monthly payment for the annuity-like "Minimum Telkom Revenues"; and an annual "Distributable Telkom Revenues" (a percentage of the KSO's unit revenues after deducting certain allowable operating expenses). The average annual payment was estimated around 30% of the total revenues.   Following the Indonesian financial crisis that began in mid-1997, certain KSO partners experienced difficulties in fulfilling their obligations to TELKOM leading to certain disputes. As a result, TELKOM had acquired or entered into agreements to acquire control of its KSO partners in regions I,III and VI. In 2001, TELKOM acquired 90.32% of the shares of its KSO partner for Regional Division VI, PT Dayamitra Telekomunikasi ("Dayamitra'') and purchased a call option and granted a put option with respect to the remaining shares of Dayamitra. In 2002, TELKOM entered into an agreement to acquire 100%of the shares of its KSO partner in Regional Division I, PT Pramindo Ikat Nusantara ("Pramindo'').  In 2003, TELKOM acquired 100% of the shares of its KSO partner for Regional Division III, PT AriaWest International ("AriaWest'') and settled its arbitration proceeding with AriaWest. On January 20, 2004, TELKOM entered into an agreement to amend and restate the KSO Agreement with respect to Regional Division IV, whereby TELKOM was to assume all management responsibilities and pay the KSO partner a fixed monthly fee for the remainder of the contract period.  TELKOM started to be partially divested in 1995 when the government sold a 19% stake for US$1,590 million through Initial Public Offering. Of that offering, a 12.5% stake was sold for US$1,040 million in the domestic market; while 6.5% was sold for US$540 million in the international market. Merrill Lynch, Goldman Sachs, SBC Warburg and Lehman Brothers were the four security houses which handled the offering from which the government initially expected US$2.5 billion. In 1999, PT Telkom sold an additional 9.62% of shares (898 million shares), earning a total amount of US$429 million.  The government postponed an additional privatization of the company scheduled for the last quarter of 1997 because of unfavorable market conditions.  But in December 2001, the Indonesian government sold US$300 million of TELKOM stock, causing the government's shareholding to drop from 66% to 54%. And in July 2002, another 312 million shares were sold, raising a total of US$125 million and reducing the government's holding to 51.19%.   In 1999, the Government passed Telecommunications Law No.36 which became effective in September, 2000. The law provided key guidelines for industry reforms, including industry liberalization, facilitation of new entrants and enhanced competition. Under the prior telecommunications law, TELKOM and PT Indonesian Satellite Corporation ("Indosat'') maintained joint ownership in most telecommunications companies in Indonesia. The Governments reforms called for the progressive elimination of these joint shareholdings to promote competition. As a result, in 2001, TELKOM acquired Indosat's 35% interest in leading mobile operator Telkomsel, resulting in TELKOM owning 77.72% of the shares of Telkomsel.  In exchange,  Indosat acquired TELKOM's 22.5% interest in Satelindo and 37.7% interest in Lintasarta.  In 2002, TELKOM sold 12.72% of Telkomsel to Singapore Telecom Mobile Pte Ltd ("SingTel Mobile"), resulting in TELKOM's ownership being reduced to 65% of the shares of Telkomsel.   Pursuant to the Telecommunications Law, the Government as of August 1, 2001 terminated the exclusive rights of TELKOM to provide fixed-line services in Indonesia and Indosat to provide international direct dial services. TELKOM's exclusive right to provide domestic local service was terminated in August 2002 and TELKOM's exclusive right to provide domestic long-distance service was likewise terminated in August 2003. The full implementation of the termination of these exclusive rights is expected to result in TELKOM and Indosat providing new telecommunications services in competition with each other.  In December 2002, TELKOM began offering a limited mobility (within a local area code) CDMA-based fixed wireless phone service under the brand name "TELKOM Flexi" for both fixed and portable handsets. TELKOM's rollout of this service began in the three cities of Surabaya, Denpasar and Balikpapan and, as of December 31, 2003, was available in 38 cities.   By 2005, TELKOM was still the principal provider of fixed line services in Indonesia, serving in all Regional Divisions except VII.  As of end 2005, TELKOM had about 4 million subscribers on its fixed wireless telephone service and about 8.7 million fixed wirelines. In December 2007, the Indonesian government ordered PT Telekomunikasi Indonesia to open up its DLD service by April 3, 2008 to its rival PT Indosat.  Telkomsel, TELKOM's 65% owned mobile unit, reported a market leading 24.3 million subscribers (52% share) and covered 90% of the country by end 2005.  Telkomsel provided its subscribers with the option of a prepaid service under the brand name "SimPATI Nusantara" or a postpaid service under the brand name "KartuHALO."  Although majority owned by TELKOM, Telkomsel was considered a separate entity.
In 1995, PT Citra Bhakti Marga Persada signed a 33-year BOT contract for the construction and operation of sections E2, E3 and N of the Jakarta Outer Ring Road. The 9km E2 section was already built and had been operated by PT Jasa Marga since 1990. The remaining 19.12km was under construction (all land has been acquired) and was due to open in December 1999. Project costs were estimated at Rp1,044.3 billion (US$224 million).   The Asian Crisis created a rapid currency devaluation and economic decline. As a result, the cost of imported construction materials rose sharply and credit became difficult for concessionaires to obtain, even at very high interest rates. On the demand side, toll road traffic in general began to decline be as much as 8.1% in 1998. Social pressures caused the Government to be reluctant to adjust toll rates. Coupled with construction cost overruns, these factors made it increasingly difficult for the concessionaires to repay US Dollar denominated debts to the local banks.  When they defaulted on payments to local banks, Jasa Marga revoked the concession rights to the JORR operators.  As of May 2002, the government was still working on the re-tendering process.
BPL Mobile was awarded license by Department of Telecommunications, on behalf of Government of India, to offer cellular phone services in Mumbai region. BPL Mobile was created by BPL Communications (74 percent) and France Telecom (26 percent). BPL Communications was the holding company for BPL Group’s twin cellular ventures – BPL Mobile and BPL Cellular. BPL Communication in turn was led by the BPL Group (approximately 60 percent) and a consortium of investors that included AIG (USA), Actis (formerly CDC Capital), TVG (Hong Kong), Asian infrastructure fund, and AIDEC Management Co (Singapore). In December 2004, France Telecom sold its 26 percent stake in BPL Mobile to a consortium of investors that included Essar Group (9.9 percent) and Mauritius based offshore fund, Asia Pacific Systems. In September 2005, Essar Group increased its stake in BPL mobile to 78% after it acquired the shares of Mr. TPG Nambiar and Mr. Rajiv Chandrashekhar in BPL Communications. It was reported that Essar was in talks with TVG and Aitec to buy their shareholdings in BPL Communications. BPL Mobile achieved financial closure by placing infrastructure bonds worth $70 million with the Industrial Development Bank of India (IDBI) in August 1998. The cost of the bonds worked out to about 13.5%. The bonds had a five-year tenor and the repayment started after a two-year moratorium. BPL Mobile tied up its equity requirement (US$58 million) and had to finalize the debt portion to achieve financial closure. With the infrastructure bonds in place, the company became one of the first cellular operators in the country to have achieved financial closure. The company was also the first to offer national and international roaming services through an agreement with Iridium in November 1999. The company launched its services in November 1995 in Southern Bombay and had invested US$22.3 million by end of 1996. The license fee for the first three years of operation amounted to a total of US$5.02 million. Thereafter, the fee was US$140 per subscriber per year. In December 2008 the company was renamed as Loop Telecom Private Limited.  The Supreme Court on February 2nd, 2012, ordered the cancellation of all the 122 unified access service licences issued in January 2008 by former telecom minister A Raja on account of arbitrary and unconstitutional action taken by the DoT for the grant of UAS (unified access service) licences and allocation of spectrum in 2G band. It also directed the Telecom Regulatory Authority of India (Trai) to make fresh recommendations for the telecom spectrum auction route in future, within four months.  The companies whose licences have been scrapped, were Uninor (22 licenses), Sistema Shyam (21 licenses), S-Tel (6 licenses),Videocon (21 licenses), Idea Cellular (13 licenses), Tata Teleservices (3 licenses), Loop Telecom (21 licenses), Etisalat DB (15 licenses).
In 1996, Bharti Telenet Ltd. (renamed to Bharti Infotel in 2003) was awarded a 15 year license to become the first private provider of basic local phone/landline services for the telecom circle of Madhya Pradesh. Bharti Telenet also acquired cellular service license to operate in Himachal Pradesh. Bharti Telenet was originally owned by Bharti Tele-Ventures Limited (70%), Telecom Italia (30%) in 1999.  As of October 2000, Bharti Telenet Limited became a wholly owned subsidiary of Bharti Tele-Ventures Limited.   Bharti Tele-Ventures decided to consolidate all the non-mobile licenses (fixed line, long distance and broadband businesses) under one entity. In August 2003, the cellular operations of Bharti Telenet Limited (H.P. Division) merged with Bharti Cellular Limited, subsidiary of Bharti Tele-Ventures Limited. In September 2003, Bharti Telesonic Limited and Bharti Broadband Networks Limited merged with Bharti Telenet Limited. Post merger, Bharti Telenet was renamed Bharti Infotel Limited. Bharti Infotel operated fixed line operations in Madhya Pradesh, Chattisgarh, Haryana, Delhi, Karnataka and Tamil Nadu as well as nationwide long distance and broadband networks.   In November 2003, Government of India introduced Uniform Access Licensing covering both fixed and mobile services – service providers were allowed to offer both fixed and mobile services, using technology of their choice with greater flexibility in terms of operation and ownership structure. In 2004, BTVL obtained uniform access service license for all the 23 circles in India and had migrated to the new regime. In June 2004, Bharti Infotel surrendered its redundant fixed line service licenses in four circles namely Delhi, Haryana, Karnataka and Tamil Nadu.  As of June 2002, the company held a 20-year license valid from December 12, 1995 as the original license was extended 5 years.  The company had to pay a license fee of Rs 655 crore under the terms of the original license tenure. In June of 1999, the Industrial Development Bank of India (IDBI) disbursed a loan of Rs 100 crore to Bharti Telenet which was the first part of the Rs 250 crore loan for the project.  However, the company had problems meeting its license fee commitments, prompting the government to switch to a new licensing fee system.   To reduce the financial burden placed on the telecom operators, a new revenue sharing license fee structure was introduced with the New Telecom Policy in July 1999.   This payment structure enabled all telecom license operators to switch to a new 15% revenue sharing policy, provided they complete their payment on accumulating dues by January 31, 2000 and that both operators in the circle agree to switch over to the new system.  The company paid US$3.6 million for its license prior to switching to the new system.    Bharti Telenet awarded a US$175 million contract to Alcatel and Motorola for its switching and CDMA based WLL equipment in 1997.  The company had put in place a 1,000 km fiber optic backbone network between Indore and Bhopal.    The company launched its basic phone telecom network in Indore in June 1998.  Bharti Infotel operated its fixed line business through its Touchtel brand and long distance business through its ‘IndiaOne’ brand.   In May 2005, the operations of BIL and Bharti Cellular Limited, Bharti Group’s mobile service provider, were merged into BTVL. As of 31 December 2005, BTVL offered GSM mobile services in all 23 mobile circles in India and provided broadband & fixed line telephone services in 15 telecom circles covering 79 towns. The total number of subscribers stood at 17.5 million as of 31 December 2005, which included 1.2 million broadbank and fixed line customers. In March 2006, BTVL was renamed Bharti Airtel Limited (BAL).
Geothermal power plant at Malitbog on the island of Leyte is a 231-MW project built in two phases. Phase 1 of 77-MW is in operation. Phase 2 of 154- MW was expected to be operational in 1997. A take-or-pay PPA contract has been signed with Philippines National Oil Co.-Energy Development Corp. (PPOC-EDC). The contract is a 10-year BOT contract sponsored by Credit Suisse and OPIC. OPIC provided political risk insurance for debt and CalEnergy, the wholly owner, provided an equity investment of $70 million.   Two transmission lines were to be constructed by the Philippine government in 1997: one 200-MW line and one 400-MW line to Luzon. Turnkey facility constructed by Sumitomo Corp.  In its fiscal year 1995, MIGA issued $30 million in coverage to Magma Power Company of the United States for its investment in the construction and operation of a 231 MW geothermal conversion facility on the island of Leyte, southeast of Manila. The facility is part of a 440 MW geothermal energy field that will expand Leyte’s generating capacity to 640 MW.  In October 2007, Calenergy turnover the Malitbog Geothermal Power to PNOC-EDC which at that time was 60% owned by the government. The plant was turnover after the BOT contract expired.
Tritel was awarded, through a competitive tender process, a 15-year license to operate mobile phone services in the coastal zone of Tanzania in 1995. The company paid a license fee of US$370,000.   Tritel was a joint venture between TRI Telecommunications, a wholly owned subsidiary of Malaysian mobile operator Celcom (60%) and the local VIP Engineering (40%).   Tritel started its commercial operations in December 1995, operating exclusively on the island of Zanzibar. The company contracted Siemens to supply and install a nationwide GSM network and an initial capacity of 25,000 lines and at total cost of US$25 million.  By 2002, Tritel's revenue could not sustain its operating costs and it was unable to pay its creditors.  Tritel's difficulties were compounded by disputes with Vipem, which in December 2001 filed a suit against TRI claiming US$18.6 million (US$1 = RM3.80) for alleged mismanagement of Tritel.   In January of 2003, the Tanzanian Communications Commission notified Tritel that it would revoke its licence after it failed to 'sustain its operating costs and, as a result, was unable to pay its creditors.' The company's three year-outstanding license fees had amounted to Tsh 3.3 billion. Tritel also owed the Tanzania Revenue Authority over Tsh 5 billion and the Tanzania Telecommunications Company another $2,763,515.  Its subscriber base was subsequently absorbed by the four other mobile operators; Vodacom, Mobitel, Celtel and Zantel.
The 125-MW Industrial Power Company (IPCO) Combined-Cycle Power Plant at Map Ta Phut is being developed at an estimated project cost of $206.1 million. IPCO is a consortium comprised of local firms Hemaraj Land & Development Plc. (85%), Suntech Group (5%), Jatatus Project Co. (5%), and Anut Chatikavanij Group (5%). Hemaraj Land & Development Plc., also known as H-Power, is 50% owned by Tractabel (SUEZ). The plant, which is under construction will use gas and combined cycle technologies. The project also includes construction of a 132kv transmission line. Asea Brown Boveri is the equipment supplier and turnkey contractor.   Two PPAs were signed on February 1, 1996 and February 10, 1997 with Electricity Generating Authority of Thailand (EGAT) to sell 110-MW (2x55-MW) of the plant's output under the Small Producers program (SPP). Nominal levelized tariffs are set at 160bht per Kwh. Remaining output generated by the project will be sold to nearby industrial customers. $176.0 million in 15-yr local and 17-yr foreign currency loans have been obtained from domestic and international banks, respectively.
In January 1995, PT Komselindo was formed as a joint venture between the state-owned local incumbent PT Telkom (35%) and PT Elektrindo Nusantara (65%). The latter was a subsidiary of PT Bimantara Citra Group.  The company was to be in charge of handling all of the activities of the cellular phone business previously operated by Elektrindo Nusantara under a revenue sharing agreement with PT Telkom, which claimed to have about 43,000 subscribers in the greater Jakarta area.    The initial investment in the D-AMPS system network was estimated at Rp300 billion (US$136 million).  By the end of 1995, PT Komselindo had 56 radio base stations  (RBS) in Jakarta and West Java, five in North Sumatra, and one in Ujung Pandang.  The company added 67 radio base stations (RBS) throughout Indonesia with an investment of Rp. 90 billion (around US$40 million) in 1996. In 1997, Komselindo switched from analog to digital technology with the help of Lucent Technologies.  In 1997, Komselindo awarded Lucent a contract worth US$100 million to install a CDMA network and spent total of US$150 million to add 165 base stations to its national network.  Komselindo adopted the technology of CDMA (code division multiple access) in 1999. The company had been holding the license to use the technology of CDMA and AMPS.   On August 8, 2003, PT Telkom disposed of shares in three subsidiaries including its remaining 14.2% stake in Komselindo, to Centralindo Pancasakti for IDR 364.8 billion.   In early December, 2003, PT Mobile-8 Telecom (Mobile-8), a subsidiary of the Bimantara group, launched cellular phone service based on CDMA 2000 1X and EV-Do. Bimantara group had invested US$60 million in December of 2002 for the acquisition of Komselindo (PT. Komunikasi Seluler Indonesia), Metrosel (PT. Metro Seluler Nusantara) and Telesera (PT. Telekomunikasi Seluler Raya). The three former cellular phone operators were merged into Mobile-8. Merger was completed on 12 June 2007.
Cyrus was a joint venture created in 1995 between Nexus International (70%), a subsidiary of France Telecom, and ONPT (30%), the state-owned enterprise, to provide cellular phone serivces. The license was awarded without bidding process. The company developed an analog network. The project cost was US$4.6 million in 1995. The company was created to serve up to 24,000 subscribers. However, the company was reported to have around 1,600 subscribers by early 1998.  By 2003, the company only provided Internet services.
The Jamshedpur Power Company, a joint venture between Mission Energy and the Tata Power Companies (TPC), developed an estimated 240-MW (120-MW x 2) coal-fired power plant at Jojobera, Bihar State. TPC is comprised of 3 private utilities--Tata Power Company, Tata Hydro Power Supply Company, and Andhra Valley Power Supply Company. The estimated project cost was Rs 981 crores, approximately $282.3 million.   Roughly $48.9 million had been sourced by Indian Financial Institutions by 1995.    Located in Jamshedpur, the automated Jojobera Power Plant distributes the bulk of its 300-megawatt power to nearby industrial customers such as Tata Steel, and occasionally sells excess electricity to other power distributors. To maximize the benefits of the 2003 expansion, Tata Power installed a network of 45 ION intelligent energy meters at all key generation and distribution points.  The first 120 mw unit of the Jojobera Thermal Station started commercial operation in February 2001 and the construction of the second 120 mw unit was commissioned in December 2001.  Construction work at TPC's third 120 MW Jojobera expansion plant began in 2003 with an additional investment of approximately 370-cr (US$79m) to be funded internally and through debt.  The power from this additional plant was expected to be commissioned by October 2005.
In 1995, the government of Central African Republic entered into an agreement with France Cable et Radio (FCR) for the purchase of 40% of SOCATEL, the state monopoly provider of fixed and long distance services. The agreement was based on debt swapping on debts owed to French prostates. The arrangement later changed to give FCR a 49% stake in the operator.  It was the intention of the government to sell a further stake sometime in early 2003, but that action was delayed due to a coup.   Centrafrique Telecom Plus was established in 1996 as a 100% subsidiary of Socatel to provide mobile services.  The network operated on a GSM 900 standard.   There were just three telephones per 1,000 people in the Central African Republic by 2003.
In 1994, Aircel Cellular Limited (ACT) (formerly called RPG Cellular Services) was awarded a 10 year license by the Department of Telecommunications, Government of India, to provide cellular phone service in the telecom circle of Chennai (formerly known as Madras).   Aircel Cellular Limited was originally owned by RPG Enterprises (51%), AirTouch (20%), Vodafone (26%), Mitsubishi (1.5%), and Itochu (1.5%) in 1998. The ownership structure had changed a few times since then. In December 2003, Sterling group acquired 100 percent stake in RPG Cellular Limited from RPG Enterprises and Vodafone and renamed the company Aircell Cellular Limited. Aircel Cellular Limited was 100 percent owned by Aircel Televentures, a holding company for Sterling Group’s cellular ventures. In December 2005, Malaysia’s Maxis Communications Berhad in consortium with India’s Reddy Group purchased 100% stake in Aircel Televentures for US$ 1.08 billion. Aircel Televentures was renamed Aircel Limited and ACT was made a 100% subsidiary of Aircel Limited.  The initial investment in the network was about US$17 million. The company committed to pay an annual fee of US$1.9 million for the first three years and US$140 per subscriber per year thereafter. The license term was later changed to 15 years. However, like many other companies, RPG Cellular faced difficulties in paying its license fees. To reduce the financial burden placed on the telecom operators, a new revenue sharing license fee structure was introduced with the New Telecom Policy in July 1999. This payment structure enabled all telecom license operators in 1999 to switch to a new 15% revenue sharing policy, provided they complete their payment on accumulating dues by January 31, 2000 and that both operators in the circle agree to switch over to the new system.   The company launched its commercial service in October 1995. As of December 2004, Aircel Cellular Limited was the leading cellular service provider in Chennai and had close to half a million subscribers.
The company distributes electricity in La Rioja Province, in western Argentina. The company has a concession area of about 55,625 square miles to about 30,000 customers. The total population in its concession area is about 220,000. The company buys all the electricity it distributes on the spot market. The company was privatized in May 1995 when a 90% equity stake was sold for $13.7 million to Electrica La Rioja, a consortium of Grupo Union Fenosa Inversiones and Electric Holding. The winning consortium committed to invest between $35 million and $40 million during its first five years of operation.  In 1998, the US company GPU International purchased a 100 per cent stake in Edelar and two other distribution companies that belong to the holding company Empresa Distribuidora Electrica Regional (Emdersa).  In 2001 GPU International merged with First Energy and therefore control over Emdersa (parent company of Edelar) moved to First Energy. In April 2003, in response to the peso devaluation, First Energy spun off Emdersa –the holding company of electricity distributors Edesal, Edelar and Edesa. In September 2005, Emdersa was acquired by a group of local (40%) and U.S. investors (60% Nextar fund).   In 2009, Ashmore Energy International [USA] increased its shareholding to 77.10% of Emdersa, the parent company of Empresa Distribuidora de San Luis SA, or EDESAL (project #749), Empresa Distribuidora de La Rioja SA, or EDELAR (project #506), and Empresa Distribuidora de Salta SA, or EDESA (project #96) for approximately US $82 million.  In March 2011, AEI sold its shares in holding company EMDERSA to Pampa Energia SA [Argentina] through Pampa's subsidiary Edenor.
The project involved repowering generating stations and increasing to 236-MW the existing 120-MW Los Mina plant. The power plant had been shut down for several years and before being suspended was producing only 22-MW. The initial project developer, Turbine Energy Inc. of Wadesville, negotiated the project with the government of Dominican Republic. In December 1995, a subsidiary of AES Corporation, Destec Energy Inc. assumed responsibility for financing the project in return for a 55% equity stake. Destec Energy Inc. later bought the remaining participation from Turbine Energy Inc. The total cost of the project was estimated at $80 million. As of December 2008, AES Corp. operataed the Los Mina plant through a wholly-owned project company, Dominican Power Partners.   The power plant entered commercial operation in May 1996, and its two generators were converted from diesel to natural gas fuel in February 2003. The electricity was sold to electricitry distribution company Ede Este via a 15-year PPA, which was due to expire in July 2016.  During 2004, the electricity sector in the Dominican Republic entered in a financial crisis.   Although it was vulnerable for years, the 2004 economic downturn, financial crisis and an increase in fuel prices essentially caused the financial collapse of the sector. Specifically, the inability to pass through higher fuel prices and the costs of devaluation led to a gap between collections at the distribution companies and the amounts required to pay generators for electricity generated. By December 2004, the company indicated that there were no assurances that those issues would be resolved in its favor. Negotiations to overcome the crisis were taking placing including the IMF and the World Bank and the private electricity sector. The key issues to negotiate included (i) the failure to provide for full pass through of the costs of electricity supply to consumers; (ii) the failure of the regulator to follow through on subsidy commitments, which had put the distribution companies in the position of effectively financing portions of the subsidy programs; and (iii) the fiscal deficit of the government to reconstitute the sector.  In October 2014, the IFC approved a loan of US$ 100 million to finance the expansion of the power plant generating capacity to 324 MW (A loan of up to US$50 million for its own account, a B loan of up to US$25 million and a syndicated loan of up to US$25 million from IFC acting in its capacity as implementing entity for the Managed Co-Lending Portfolio Program.). Around 84% of the installed capacity was agreed to be used to sell energy under a 6.5 year power purchase agreement with CDEEE (Corporación Dominicana de Empresas Eléctricas Estatales) starting in 2016.The total investment was estimated at US$ 260 million.  In September 2015, the IFC decided to withdrawl from the project for technical reasons. The financing was then provided by a long-term loan from Citigroup (US$ 260 million).  Also in September 2015, AES sold 8% of its shares in the project to local companies Estrella and Grupo Lindo.
The port of Vladivostok was the third largest in the Far East, after Nakhodka and Vostochny. In July 28, 1995 the Government Cooperative Corporation of Commercial Port of Vladivostok has been restructured into Commercial Port of Vladivostok Corporation. Before privatization, it comprised 41 divisions and employed 4,000 people. The port had 18 piers that stretched 4,270 meters along the Vladivostok waterfront, and it serviced both cargo and passenger vessels. The port spun off all 18 of its former divisions into companies. The new companies were headed by former directors of the divisions. Commercial Port of Vladivostok Corporation was held by 46 enterprises of different forms of property, mostly former divisions of the state owned port. This might had been an infraction of federal laws on privatization, which was currently under investigation in midst of political struggles over mayoral elections in the city. Spin-off Vladivostock Industrial Port (VLADINPORT)  was established in 1993 as joint-stock company to construct and operate a new industrial port. Major shareholders of the new company were the Vladivostock Port (37%), Far-Easytern Shipping Co. (FESCO)-(32%), Far Eastern Railroad (17%), Far Eastern Bank (7%) and Far Eastern Industrial Construction Bank (7%) with total equity of US$ 1 million.  The Port had 17 berths available with a total length of 4 200m alongside. Two of them were capable of taking cruise passenger ships. The operating modern container terminal provided the prompt delivery of cargoes to the north-east region of Russia, the SEA countries and US West Coast. Its berthing length was 303m, annual throughput was 70,000TEUs. Different kinds of cargo were handled at the other berths.  The Port was specialized in handling general cargoes, including containers, bulk cargo, as well as lumber ones. Since there was no grain elevator in the port, grain and other bulk cargoes are handled directly from aboard the ship to the rail cars.
New Krung Thai Sugar Factory Co. Ltd. has developed a 23-MW waste-to energy power plant at Tha Maka, Kanchana Buri. The plant, currently in operation, uses agricultural waste as fuel and sells 2.5-MW of power to the Electricity Generating Authority of Thailand (EGAT) under the Small Power Producers (SPP) Program. The PPA was signed on January 5, 1995 and has been selling power to EGAT as of June 5 1995. EGAT signed a "non-firm" contract with the project company. Estimated project cost is $23.0 million ($1.0 million per MW).
Chuvashia Mobile received its license in January 1995 to operate an AMPS network in Republic of Chuvashia with a population of 1.4 million. The company was created as a joint venture between the local Svyazinform company (30%) and Vostok Mobile (70%), an affiliate unit of Global TeleSystems Group Inc. The company was founded in May 1995 and started its services in September 1995. AT&T and Motorola were the equipment suppliers. Its service area included the City of Cheboksary by 1997. The initial investment in the network was US$1.5 million. The network had the capability of supporting 1,000 customers within a radius of 25 miles, but it served around 600 subscribers by 1997. In January 2001 Vostok Mobile B.V  was acquired by MCT Corp.  Chuvashia Mobile company, incorporated into “Indigo Group” holding, was  expected to complete the building of a new network of GSM-1800 standard on the basis of AMPS standard network by the end of March 2004. The network was built on the equipment of the Chinese producer Huawei Technologies Co and covered the territory of Cheboksary city, its suburbs and Novocherkassk city.  In Feb. 2006, US-owned MCT Corp had sold its 100% stake in Russian operator Vostok Mobile Volga to an unnamed investor. Vostok Mobile Volga held controlling stakes in several regional cellcos, including 50% in Saratov Mobile, 70% in Chuvashia Mobile and 60% in Penza Mobile. Saratov Mobile and Chuvashia Mobile launched their GSM-1800 networks in 2004. According to MCT, Saratov Mobile and Chuvashia Mobile had around 130,000 subscribers between them. The company did not release financial details of its latest stake sale.  As of June 2007, VolgaTelecom owned 100% in NSS, or Nizhny Novgorod Cellular Communications; Mordovia’s RTKOM; Saratov Mobile; Penza Mobile; Chuvashia Mobile and Tatarstan’s Tatincom-T.
The Yongqi power plant's capacity is 36-MW (3x12-MW). The plant was constructed, and is now operated, by the Yongqi Power Plant Co., a joint venture between Enserch Development Corp. (EDC) (70%) and Zheqian Thermal Power Co. (30%). The project is entirely equity financed with the total project cost being committed in tranches over the duration of construction. A PPA was signed with the Shaoxing Bureau of Power Utilisation and a subsidizing agreement exists with Three Electricity Office of Shaoxing County People's Government (for details, see the tariff field).
Lipetsk Mobile provides mobile communication services in Lipetsk and Lipetsk Oblast with a population of 1.2 million people. The company received its license to operate a AMPS 800 cellular network in the region in January 1995. The company was created as a joint venture between the local access carrier and Vostok Mobile, a subsidiary of Global Telesystems Group. The company started its commerical operations in June 1995. The network covered Lipetsk, Elets, and Gryazi by the end of 1997 when it had 1,500 subscribers. Luncent Technologies and AT&T delivered the equipment.  In January 2001 Vostok Mobile was acquired by MCT Corp. Lipetsk Mobile provides services under the brand name INDIGO which was introduced in May 2001 by MCT Corp. and unites 13 operators in Russia and CIS.  In November 2005 Tele2 acquired Lipetsk Mobile and incorporated it into the Tele2 Russia brand.
In June 1995, Lebuhraya Shapadu Sdn Bdh signed a 25-year BOT concession contract with the government of Malaysia to build and operate a 17.5-km expressway to carry heavy vehicles from Bukit Raja to Port Klang. Shapadu already had a 25-year BOT contract for a short section of the already existing North Klang Straits Bypass. It obtained this earlier contract in 1984. Construction of the New Bypass started in April 1996, and the expected opening date for the road is July 1998. The project costs are US$ 146 million, with an additional US$7.4 million invested in the original bypass. Financing was arranged by the Arab Malaysian Merchant Bank (lead); Bank Islam Malaysia Bhd, and Periwa Affin Bhd. Sponsors invested US$34.4 million as equity. The government provided a US$12.8 million advance for land acquisition and a US$ 18 million support loan.
The $245 million, 208-MW, Godavari Basin Gas-Fired Power Plant is being developed by Spectrum Power Generation Ltd, a consortium of Spectrum Technologies (US), Jaya Food Industries (India), and state-owned National Thermal Power Corp. A power purchase agreement was signed with the Andhra Pradesh State Electricity Board. Through a fuel supply agreement with the Gas Authority of India Ltd (GAIL), natural gas will be provided from a newly-discovered field near the project site. The developers have also contracted for a two-week backup supply of naphtha. Rolls Royce Industrial Power Group was the contractor and Westinghouse Electric is supplying turbines for the project.   The project is notable in that it lacks guarantees from the Government of India, but relies on a foreign exchange guarantee from the Commonwealth Development Corporation (CDC).   A 400-MW extension is being considered.
This 13Km bridge links the city of Rio de Janeiro and Niteroi and has capacity of 110,000 vehicles. In 1994, the concession was granted to Concessionaria da Ponte Rio-Niteroi SA (Ponte), which was controlled by a consortium comprising Andrade Gutierrez (50%) and Camargo Correa (50%). Ponte will repair, maintain and operate the bridge for 20 years. The total investment is estimated in US$ 82.8 million (R$ 76 million); of this amount, US$ 32.1 million (R$ 35 million) has already been invested by 1998. The BNDES (Brazilian state owned development bank) has provided US$ 38 million as loan.  In 1998, 100% of the total capital of Ponte was transfered to Companhia de Concessoes Rodoviarias (CCR), a newly created holding company that would hold a number of toll-road concessions. CCR was controlled by Andrade Gutierrez, Camargo Correa, Odebretch, Serveng-Civilsan, and Servix and Via Engenharia (SVE). In 2001, Brisa Autoestradas de Portugal SA purchased a 20% stake in CCR, becoming the controller of Ponte. In 2003, both Odebretch and SVE sold their stakes in CCR (16.89% and 5.13% respectively) to stakeholders. As of December 2003, CCr was controlled by Brisa (21.27%), Andrade Gutierrez (20.69%), Camargo Correa (21.27%) and Serveng-Civilsan (21.27%). The remaining stake was traded in stock markets.
Empresa de Generacion Electrica de Lima SA or Edegel is one of the five companies created when Peruvian Electrolima was corporatized for the privatization program. The other four companies are Empresa de Distribucion Electrica de Lima Sur (Luz del Sur), Empresa de Distribucion Electrica de Lima Norte (Edenor), Empresa de Distribucion Electrica de Canete (Edecanete), and Empresa de Distribucion Electrica de Chancay (Ede-chancay).   Edegel assumed all generating facilities of Electrolima that totaled 695-MW and supplied 45% of Lima's electricity demand in 1994. Edegel had six power plants in 1995 of which five were hydro plants (Huinco with 260-MW, Matucana with 120-MW, Callahuanca with 71-MW, Moyopampa with 63-MW, Huampani with 31-MW) and one oil-fired station (Santa Rosa with 120-MW).   The company was partially privatized in November 1995 when 60% of the equity was sold for $424.5 million in cash plus $100 million in Peruvian external debt papers to a consortium of Enersis (Chile), Chilectra (Chile), Endesa (Spain), Cosapi SA (Peru), Inversiones Centenario (Peru), and El Pacifico-Peruano Suiza (Peru).  Between privatization and first-quarter 1997, the new operators increased Edegel capacity by 125-MW. The total cost of the expansion was $41 million.    In a second transaction, the government sold 10% of the equity to Edegel's workers at the same share price that the winning consortium paid, a sale of $74.8 million.  In November 1999, the Government offered an additional 5.4% stake on the Lima stock exchange to private investors.  The 120 million shares sold raised US$24.3 million.  The government still had 389 million shares from Edegel (17.4%) equity and planned to  offer this amount in 2000. In Jan. 2000, the government completed the sale of Edegel's shares, raising US$ 84.1 million in divestiture revenues. Edegel has invested a total of US$ 150 million since 1995 (US$ 41 million up to 1997, and the remaining after that; this implies an average of US$ 36.3 million per year).  As of 2001, Edegal owned 5 power plants in Lima - Huinco (258 MW), Matucana (120 MW), Callahuanca (73 MW), Moyopampa (69 MW) and Huampani (31 MW).
TeleRoss is a wholly owned subsidiary of the Global Telesystems Group Inc (GTS). It operates a nationwide digital overlay network providing switched voice and private line services. The TeleRoss network is comprised of a series of 50/50 equity partnership with the regional Russian PTTs (entered as separate entities in this database). These joint ventures are formed on a legal basis as joint stock companies and are registered both in the region in which they operate, and within the Moscow registration chamber.   The company had operational joint-ventures in Arkangelsk, Ekatrinburg, Irkutsk, Khaboravsk, Krasnodar, Nizhy Novgarod, Novosibirsk, Samara, Skktyvar, Tyumen, Ufa, Vladivostok, Volgograd, and Voronezh by 1997.  Each venture is managed by a locally hired manager. Outside these ventures, TeleRoss also provides VSAT services to large corporations, government entities and telecom providers.   The license is for the operation of inter-city switched voice service within 42 regions of Russia, including Moscow. The licenses for these services were reissued in May 1997, and will expire May 2000. The original license issued to TeleRoss in 1995 had a duration of 5 years. TeleRoss also holds a license to provide private lines in these 42 regions, and a license to provide international private lines in 15 regions. All of these licenses expire in May 2000. The total license cost was $87,000. TeleRoss also pays an additional licensing fee for its VSAT stations at the rate of $600 per station. The VSAT services reached to about 18000 corporate entities by 1998. The investment in VSAT services has been around US$50 million.  In April 2003 Golden Telecom completed the merger of EDN Sovintel and TeleRoss LLC, into one legal entity. Before the merger TeleRoss was a subsidiary of Golden Telecom which operated in Russian regions. After the merger EDN Sovintel became the legal successor of TeleRoss LLC. All services in the merged company are provided under the Golden Telecom brand.
This project is a 10-MW hydroelectric plant located in Rio Hondo, Zacapa. The plant will be developed on a Build-Own-Operate basis by Finca Invesiones Pasabien SA. The total project cost is an estimated $16.4 million. The BCIE provided financial assistance to the project in 1995. The sponsors contributed with US$ 5.8 million in equity. The power plant is scheduled to start commercial operations in July 2000. Inversiones Pasabien SA signed a 15-year power purchase agreement with Instituto Nacional de Electrificacion (INDE), the Guatemalan national electricity utility company, in 1993. This PPA was one of the ten that INDE signed with private developers in order to alleviate energy shortages due to insufficient generation capacity.
PT Royal Sentul Highland had a 9 year contract for the widening and operation of the Sentul Selatan toll road beginning in 1995. The investors share of the toll income was to be 20-41%.
Elfec distributes electricity to 134,836 customers in and around Cochabamba city; it is one of Bolivia's two largest distribution sytems. Elfec is one of the six provincial utilities formed in the restructuring of Empresa Nacional de Electricidad (ENDE). Elfec was partially privatized in December 1995, when the Ministry of Capitalization sold a controlling interest in it for US$ 50.3 million to Chilean utility Empresas Emel SA. In 2000, Emel sold its shares in Elfec to PP&L Global, which controls Emel.  In July 2007, PPL Corporation sold all of its assets in Elfec and Integra to the Management and Employees of the respective companies.   In April 2008, Bolivia's Cochabamba-based multiservice telecommunications cooperative Comteco purchased a 52.2% stake in local distributor Elfec. The purchase price was US $17.6 million.  In October 2009, the electricity ministry confirmed that President Morales aimed to secure state control of the three main electricity companies, with a share of 60–70% as well as the cooperative Empresa de Luz y Fuerza Electrica de Cochabamba.  On May 1st, 2010 President Evo Morales nationalized three electric companies in Bolivia and one distributor in Cochabamba. The companies were: Corani and Valle Hermoso in Cochabamba, and Guaracachi in Santa Cruz are along with Elfec of Cochabamba.
Bridgecon Holdings acquired a 55% stake on the concessionaire of the toll road linking Fuyang to Luzhu through its subsidiary Pesitrans. The remaining shares are held by the provincial government. Bridgecon invested US$ 26 million on the project. Toll collections started in 1995.
Entel Bolivia was the Bolivian state owned company that had the monopoly to provide national and international long distance services in the country.  Local fixed phone services in Bolivia are provided by 13 subscriber cooperatives, each of them serving a specific concession area. The main cooperatives are Cotel (La Paz) and Cotas (Santa Cruz). Entel Bolivia was privatized through the Bolivian Capitalization Program in September 1995 when a 50% stake was sold to STET International for US$610 million investment commitment. The remaining shares of the companies were divided between employees (2.5%) and Bolivian citizens (47.5%) through the Collective Capitalization Fund. Due to the capitalization program's requirements, the US$ 610 million were transferred to Entel Bolivia as a capital flow increase.  As of 2000, the company had utilized over US$500 million of that capital towards network expansion and modernization.    Entel's privatization package included a six year exclusive period to provide national and international long distance services. These monopoly privileges are set to end in November 27th, 2001 when the long distance market will be open for competition.  The privatization package also included the rights to operate the second band of phone cellular service in the whole country, which has not been put to use by the company as of December 2000. The package also included commitments to connect public phones in a predefined number of rural areas. Entel launched its cellular phone services in 1996, signing up approximately 400,000 subscribers by May 2001.  Entel Bolivia had over 3000 KM of fiber optic cable by the end of 2000. By the end of 2000, Entel competed in the mobile market against Telecel and  Nuevatel, which  became the third competitor in the Bolivian Market when it when it started to operate a PCS license in November 2000.   Despite the entry in 2002 of six competitors into the Bolivian long distance and international market, Entel still had 71 percent of the market by end 2003 with their 629,800 long distance customers. The mobile unit of Entel, Movil de Entel, experienced 69 percent growth between 2002 and 2003, elevating the customer base to nearly 800,000 by end 2003. Movil de Entel had 56 percent market share at the end of 2003.  On March 29, 2007, the Bolivian government issued a legislative measure to set up a ministerial commission to start the nationalization of Entel Bolivia.  The Bolivian government further in 2007 adopted two more measures with which it abrogated the laws on the basis of which the previous government had acknowledged that Entel Bolivia had fulfilled the obligations it had assumed when the company was privatized and also annulled a series of further administrative measures, especially one passed in 1995, which had launched the Entel Bolivia privatization process.  On October 12, 2007, after an unsuccessful attempt at conciliation, an arbitration request was filed by Telecom Italia with the International Centre for Settlement of Investment Disputes of the World Bank.  On November 8, 2010 Bolivia's government has reached an agreement to pay European holding ETI US$100mn compensation for the nationalization of incumbent telecoms operator Entel on May 1, 2008.
Nejapa is a 140-MW diesel fired power plant which is the first private power plant in El Salvador. The power plant supplies around 15% of the country's electricity demand. The developers of the project are Coastal Power Production (86.6%) and La Casa Castro (13.4%). Initially the government awarded the project to a consortium of Independent Energy Corp., United Thermal Development Corp., Latin American Energy Development Inc. and La Casa Castro. The consortium sold its participation to Tenneco Inc, which later sold it to Coastal Power Production. The total cost of the project was $106 million.   The first 91-MW phase started to operate in July 1995, the second and final phase started in May 1996. The company has a 20-year power-purchase agreement with Comision Ejecutiva Hidroeletrica del Rio Lempa, the integrated state-owned utility, for 91-MW. This agreement is backed by a government guarantee.  In 2001, El Paso Corporation acquired Coastal Power along with Coastal's 87% stake in Nejapa Power Co..  In 2005, El paso discounted the operation of Nejapa Power plant and was planned to sell it in 2006.  In 2006, Cenergica, a subsidiary of the Israeli company Inkia (Israel Corp.), acquired El Paso's stake in the project. By 2009, Cenergica owned 100% of the project company's shares.
The 1218-MW Sual plant is located in Pangasinan province on Luzon, and was developed on a build-operate-transfer basis for a period of 25 years by the Pangasinan Electric Corporation. Mirant acquired a 92% interest in Pangasinan Electric through its purchase of Hong Kong's Consolidated Electric Power Asia in 1997. The other investors were the UK's CDC Globeleq and the International Finance Corporation (IFC).  In April of 2004, CDC Globeleq completed the sale of its 2.94% equity stake to Mirant for consideration of US$21 million.   The plant was built under an engineering, procurement and construction contract by a consortium comprising CEPA Slipform and Alstom, with the latter supplying the two 600MW sets. The project began construction in 1995 and entered commercial operation in 1999.   The US$1.35 billion project closed finance in mid-1995, with the US$1.04 billion of debt being backed by almost US$800 million of export credit cover from the UK's Export Credit Guarantee Department (US$446 million), the US Eximbank (US$200 million) and France's Coface (US$150 million).  In addition, the IFC was responsible for providing a US$50 million direct loan and a US$200 million syndicated loan to the project.   In July 2007, a consortium comprising Japan's Tokyo Electric Power Company (Tepco) and Marubeni Corporation completed its purchase of the US's Mirant Asia Pacific.  The acquisition was made through the TeaM Energy Corporation, a special purpose vehicle established in the Philippines by the consortium.  The newly acquired generating assets were backed by power purchase agreements and back-to-back fuel supply contracts with the state-owned National Power Corporation. The take-over was partially funded by a mezzanine loan facility agreement with PPF Company BV. The loan was refinanced in July 2012 as a 12-year credit.  The sale of the portfolio of private generation assets was agreed on December 11, 2006 with the equal joint venture acquiring a 100% equity stake in the 1,218MW Sual coal-fired plant in Pangasinan province; a 100% interest in the 735MW Pagbilao coal-fired plant in Quezon province; and a 20% stake in the 1,251MW Ilijan natural gas-fired combined-cycle plant in Batangas province.     Mirant Asia Pacific reported that it would receive net proceeds of US$3.215 billion after transaction costs and the repayment of US$642 million in debt.   The consortium offered US$3.424 billion in cash and debt assumption following an international competitive tender to secure the 2,203 MW of capacity.  The payment of US$3,424 million included US$724 million of shareholder equity and senior debt of US$2.7 billion, made up of US$1.6 billion Japan Bank of International Cooperation (JBIC) loan and US$1.1 billion commercial bank loan syndication from Sumitomo Mitsui Banking, Mizuho Corporate Bank, Calyon, ING Bank and the Australia and New Zealand Banking Group. The financial close date of the deal was June 22, 2007.  The loan was signed but disbursement of the funds depended on the certification of Sual's operational condition.  In June 2012, the project closed a new supply agreement with Meralco, the utility Manila Electric Company (Meralco), securing 500MW of capacity from 2013 onwards.
In June 2005, the Limeira Municipal Council  (Prefeitura Municipal de Limeira) awarded a 30 year contract to rehabilitate, operate and transfer the water and sewerage infrastructure services of Limeria (Servico de Agua e Esgoto do Municipio de Limeira –SAAE) to Lyonnaise des Eaux and CBPO. The Limeira Water and Waste Water project provided water and sewer services in Limeira (State of Sao Paulo), serving a population of 250,000.  Aguas de Limeira was responsible for rehabilitating and expanding Limeira's water network, increasing capacity (especially for the treatment of domestic and industrial wastewater), increasing efficiency through operational improvement, and upgrading equipment and expanding the system to new customers.   Aguas de Limeira SA was formed by SUEZ (formerly Lyonnaise des Eaux), 50%; and Lumina Engenharia Ambiental, a subsidiary of Odebrecht SA, 50%.  The project required the company to invest an estimated US$71 million during the first five years. The sponsor was to provide US$4.8 million in equity and US$25.3 million were to be provided by cash generation. The 30-year contract aimed to bring in annual revenue of about US$20 million.  The contract established that Drinkable water production should increase 25% during the first year of the contract, and 95% of the city's population should have clean water within five years. The tariff was initially set at US$1.25 per cubic meter of water, and the contract established tariff adjustment mechanisms.  This project was Brazil's first private water and sewer service concession.
In May 1995, the Ribeirao Preto City Council awarded a 20 year contract to build, operate and transfer two waste water treatment plants and interceptor lines to Servicos Ambientais de Ribeirao Preto SA (Ambient). The Ribeirao Preto Wastewater Treatment Plants was intended to treat 100% of the waste water of Ribeirao Preto (Sao Paulo), serving a population of about 500 thousand.  Originally the Ambient consortium who obtained the concession was comprised by the Brazilian company Rek Construtora Ltda and the American company CH2M Hill International Ltd. In 1999, the Spanish Group OHL, through its subsidiary Inima, acquired an 80% stake in the company. Rek Construtora Ltda kept the remaining 20%.  The first treatment plant (Caicara Waste Water Treatment Plant) began operating in October 2000, treating about 14% of the 127,000 cubic meters per day (cmd) of sewage produced by the Ribeirao Preto inhabitants. The second plant, with capacity to treat 120,960 cmd of waste water, has been operational since November 2002. With the completion of the second plant, Ribeirao Preto was able to treat 100% of sewage, becoming the largest town in Brazil to do so.  The project cost was estimated at US$ 44.6 million (R$ 43.3 million, 1995 value).  The project was financed as follows: BNDES (Brazil's development bank) approved facilities for US$30.3 million and the Global Environmental Fund provided US$6.2 million (R$ 6 million) as equity and US$ 2.7 million (R$ 2.6 million) as subordinated debt/preferred equity; the remaining financing needs were supplied by the consortium.  Among other contract arrangements, the city water company, Departamento de Aguas e Esgotos de Ribeirao Preto (Daerp), was set to hand over all wastewater charges – about US$200,000 a month – to the concessionaire. Daerp was also set to guarantee payment for customers unable to pay their bills on time (estimated at around 25-30% of Daerp’s clientele).
In 1995, Saneciste was awarded the contract to rehabilitate, expand and operate the water and sewerage system of Mineiros do Tiete. Saneciste has been operating the system since 1995, when Mineiros do Tiete had a population of 9,500.  Saneciste Saneamento e Meio Ambiente was controlled by Resil (60%), a subsidiary of the portuguese company Somague. In 2004, Somague integrated into Grupo SyV - Sacyr Vallehermoso.  Saneciste was expected to invest US$2 million (2 million reals). Construction works were underway in 2000. As of December 2002, Saneciste had fulfilled its initial investment commitments (R$ 2 million).
The construction works are expected to finish at the end of 1998. Tribasa owns 100% of Concemex's shares and it is financing the investments with its internal resources. The total estimated cost is US$ 172.1 million in 1995 value (NP$ 1.235 billion, which is equivalent to US$ 162.5 million in 1997 value).
Dal Telecom International (DTI) is a GSM-1800 and D-AMPS operator with licenses for three regions within the Far East super-region (Khabarovsk Krai, Amur Region and Kamchatka Region) covering a population of 2.7 million. It was established in Khabarovsk as a joint venture between local regional operator and private companies, including United telecom (a joint venture between Rostelecom and Media One International) and VarTelecom.  The company received its license in April 1995 and AMPS cellular network was launched in three Far Eastern regions in June 1995. In 1996 DTI signed a license agreement with VimpelCom about the use of BeeLine trademark. In 2002, GSM-1800 net was launched in Khabarovsk, Komsomolsk-on-Amur and Blagoveshchensk. In 2004 Dal Telecom held a market share of approximately 45% in the areas where it operated, with a total of 322,000 subscribers.  In 2003 DTI management was the company's largest shareholder. In June 2004 Vimpelcom purchased 93.5% of DTI shares for a reported price of approximately US$73.3 million. By 2005 Vimpelcom owned 100% of DTI.
In June 1995 the municipal government of Cartagena, Columbia, awarded a 26-year lease contract for the city’s water and sewerage infrastructure to Aguas de Cartagena S.A. E.S.P. The contract covered the operation and maintenance of the existing water and sanitation system, including billing and tariff collection. Under the contract, Aguas de Cartagena committed to improve water utility management and performance ratios. The overall infrastructure financing responsibility remained with the city government.  Aguas de Cartagena was a joint venture between the District of Cartagena (50%), Aguas de Barcelona (45.9%), and other private participants (4.1%). Aguas de Barcelona was the operating partner in the joint venture through a fee-based management contract signed with Aguas de Cartagena. In the first four years of operation, this management fee was fixed at 2.94%, 3.37%, 3.82%, and 4.25% respectively of gross income.  In 1998 Aguas de Cartagena was awarded a separate contract by the city of Cartagena to manage a major investment program, Plan Maestro de Acueducto y Alcantarillado, on behalf of the municipality.   Although under the 1995 contract Aguas de Cartagena was only responsible for the management of the system, in 1998 it was awarded a separate contract by the municipality to manage a major investment program (Plan Maestro de Acueducto y Alcantarillado) on behalf of the municipality. When Aguas de Cartagena took over the management of water services investment needs were estimated at US$250 million for the first five years of operations. The investment program was partly financed by loans from the World Bank ($85 million) and the Inter-American Development Bank ($24 million).  At the time that Aguas de Cartagena began to operate the water and sewerage services, the provision of those services was in crisis. The city had a deficit of potable water of 60,000 cubic meters and unaccounted water ratio was 60%, primarily due to an old and poorly maintained water pipe system. The pipe system was 30 years old and a third of it needed to be completely replaced. Nevertheless, investments were minimal and revenues could not cover expenses. The collection rate was 45%.   For the 1995-2005 period Aguas de Cartagena claimed to have significantly improved the water services in the city. The potable water service coverage increased from 73% in 1995 to 99.18% in June 2005 thanks to the expansion of distribution network by 485 km to 1,274 km. The ratio of unaccounted water decreased from 60% to 44.4%, and service continuity grew from 60% in 1995 to 100% in 2004. By 2005 the population of Cartagena was close to 900,000 people.
Electropaz and ELF are the electricity distribution companies for La Paz and Oruro cities, respectively. These companies were formed from the distribution assets of Compania Boliviana de Energia Electrica (Cobee) because Bolivian electricity law stipulates that generation companies cannot also operate distribution systems. The companies were privatized together in December 1995 when Cobee sold them for US$ 62.3 million to Iberdrola. Cobee has long term contracts with Electropaz and ELF to supply all of the energy and capacity that they need, and to sell any excess power to third parties.   In the first quarter of 1998 Iberdrola sold a 32.9% stake in Electropaz to a consortium of investment funds led by General Electric and American International Group. Iberdrola is retaining 100% ownership in ELF. In 1999, the IFC approved a US$ 25 million loan to Electropaz. However, as of 2002 the funds had not been committed. Both companies have around 332,000 consumers and their operations represent 40% of the Bolivian market.   In October 2009, the electricity ministry confirmed that President Morales aimed to secure state control of the three main electricity companies, with a share of 60–70% as well as the cooperative Empresa de Luz y Fuerza Electrica de Cochabamba.  In 2010, due to an agreement with Spain to cancel part of Bolivia's debt, Electropaz was not nationalized. As of 2011, the project was operational.
Eronet was set up during the 1992-5 war and had been operating without an official license. It is 49% owned by Croatia's Hrvastske Telekomunikacije (T-HT), in which Deutsche Telekom has a 51% stake. Three private companies bought the remaining 51% in Eronet from a local state telecom company in 1999. The parent bank of one of the three firms sold its 4.48% stake to a local authority in December 2002.   In 2002, a municipal court in Mostar ruled that the sale of the 51% stake was done illegally and in October of 2003 a higher court upheld that ruling. The Supreme Court of the Muslim-Croat Federation ruled that the smallest of Bosnia's three state-owned telecoms, Hrvatske Telekomunikacije (HT) Mostar, owned 51% of Eronet. As a result of the ruling Eronet changed its name to HT Eronet in march 2005, to reflect the company's new ownership structure. HT Mostar won a mobile licence in July 2004 in competition with Eronet, but had no network of its own. Eronet had no licence. At the end of 2004 Eronet had some 160,000 mobile subscribers.  On March 13, 2006 Eronet d.o.o changed its name to .  At the end of 2007, HT Mobilne (formerly Eronet) was 51% owned by the majority state-owned Hrvatske Telekomunikacije (HT) d.o.o. Mostar, BiH (or HT Mostar) and 49% owned by HT Hrvatske Telekomunikacije, d.d. Zagreb, Hrvatska (or T-HT Group). T-HT Group was a leading provider of telecommunication services in Croatia and was 51% owned by Deutsche Telekom and 36.8% owned by private and institutional investors.   In 2012, HT Mostar was 50.1% owned by the government and 39.1% owned by Croatia’s T-Hrvatski Telekom, part of the Deutsche Telecom group.   In Mar 2009, HT Mostar, together with BH Telecom and Telecom Srpske, were awarded 7-year 3G licenses for EUR 15 million ($19.9 million) each. Payment was required only in 2011.
Repsol Mexico SA de CV bought 100% of Distribuidora de Gas de Saltillo, a state-owned company that distributed natural gas in Saltillo. Repsol paid between 2 and 3 million Mexican pesos in September 1995 for the  company. Repsol Mexico was awarded a renewable 30-year concession for the geographic area of Saltillo-Ramos Arizpe-Arteaga in the state of Coahuila in July 1997. The concession period includes 12-year exclusivity to the area. One of the concessionaire's obligations is to increase the service coverage from 8,000 customers to 40,000 customers during its first five years, starting in 1997. The cost of expansion is estimated at $40 million. The company will self-finance the project.
Terminais Portuarios da Ponta do Felix  S.A. won a 20-year concession to expand, rehabilitate and operate a terminal at the Port of Paranagua on April 25th, 1995. The total area of the terminal is 72,000 square meters. The company has to pay monthly installments of US$ 13,800 (R$ 13,400) to APPA, the government agency responsible for the Port of Paranagua. A refrigerating facility, with a capacity to 6,000 m tons and a pier of 300 square meters, with a capacity to receive medium sized ships, will be constructed. The company expects to invest US$ 115.3 million (R$ 112 million) during the concession period to expand and rehabilitate the terminal facilities.         It is expected that the terminal will move 6,000 m tons per day of products, among frozen poultry, cattle meat, frozen juices and others. The terminal will specialize in refrigerated cargo, namely poultry and hogs meat.   As of December 2003, the company was controlled by a Brazilian pension fund, Previ (43% of the total capital).
In December 1994, the Tucuman Provincial Government commenced a competitive tender to supply water and sewerage services to the 1.2 million inhabitants of Tucuman Province. The Government awarded the concession on the basis of lowest tariff increase requested and stipulated investment requirements (approximately $300 million) in the bidding documents. Although 5 consortiums prequalified, the State Government received only one bid for the concession, from Compania de Aguas del Aconquija (CAA). CAA was given the concession rights only after it agreed to reduce its original requested tariff increase of 94.1% to 67.9%, while still meeting required investment targets.  A 30-year concession contract was signed in July 1995.   Initially the shareholders of CAA were General des Eaux of France (CGE, later renamed Vivendi, 30%), Dycasa of Spain (Dragados subsidiary, 22.5%), Argentine construction companies Benito Roggio (22.5%) and Supercemento (15%), and employees of the water system (10%). In June 1996 CGE/Vivendi acquired Dycasas's stake, then later the shares of the remaining constrution companies, giving it 90% of CAA. Company workers maintained a 10% stake.   CAA’s offered to make $367 million in total investment in its bid ($100 million in the first 6 years of the concession).  With CAA’s investment, the Government estimated that water coverage would increase from 70% to 100% by year 2002 and sewerage coverage would increase from 30% to 100% by year 2007. The contract also required the concessionaire to maintain employment of least 90% of the employees of the original state company.  Problems began early in the concession term. In September 1995, CAA, under the water regulator’s (ERSCAT) supervision, raised tariffs by an average of 100%. Disputes arose about whether the 67.9% tariff increase CAA was authorized to impose was exclusive or inclusive of tax.  In October 1995, a new state government, which had campaigned on a platform against the reforms of the previous government, took office and unilaterally passed a resolution to limit tariff increase to 35% plus taxes on the basis of its own legal review. The new government asserted that the 67.9% increase in tariffs allowed under the concession was inclusive of any taxes. CAA’s position was that the agreement allowed for provincial and municipal taxes to be passed on to consumers.  In February 1996, further friction developed when manganese was found in the main water source turning some tap water brown. Public protest, which had began after the tariff increases, intensified after the manganese episode.  There were a number of attempts to renegotiate the contract. In return for lower investment obligations, CAA offered to cut rates further, forego allowed annual tariff increases, and have its concession area reduced to only two large cities in the Province.  The Provincial Congress rejected a compromise reached between CAA and the Provincial Governor in August 1996, however. A second round of negotiations failed in August 1997. By mid-1997, collection rates were down to 21%.   CAA claimed that within the first two years of winning the bid it managed to significantly improve the water system. According to the company, equipment was renovated, new intakes constructed, and wastewater treatment plant refurbished. The concessionaire also claimed a 15% increase in production capacity for drinking water, improvement in water pressure and flow, and over a 90% reduction in consumer complaints.  However, the general public was visibly upset by the large tariff increases and water quality issues.  In August 1997 CAA confirmed that it had written to the Tucuman Provincial Governor “asking for the concession contract for water and wastewater services signed between CAA and Tucuman to be cancelled.”  In this same statement, Generale des Eaux claimed that “CAA has never been able to carry out the initial contract under normal conditions.” In September 1997, the government contested CAA’s claims, but still terminated the concession contract alleging performance deficiency by CAA under the terms. The Government demanded that CAA operate the concession for an additional 18 months while the government found a new operator.  CAA challenged this decision in the local court, but lost and fulfilled the obligation.   Approximately 1 year after cancellation, the Federal Government’s Sector Financing Agency (ENOHSA) assumed the operations of the company. In November 2000, two years after CAA left, Tucuman Government requested the World Bank for technical support to re-bid the water and sanitation services, which by then have deteriorated further after years of disinvestments. ENOHSA was threatening to stop operating the provincial water company. In late 2001, the Provincial Government created a privatization commission again to review future possibilities, but the Argentine Economic Crisis put the process on hold.  In November 2001 ICSID rendered a verdict that CAA should resort to local courts to pursue compensation from the Provincial Government for contract cancellation. CAA appealed the decision in March 2001 and ICSID was reviewing the case for a second time. The final verdict was still pending in September 2005.
The US$168.0 million, 117-MW (5 x 23.4-MW), power plant at Raiwind was developed by the Southern Electric Company Ltd. (SEPCOL). This consortium consisted of Kilborn Engineering Pacific Ltd. (a unit of SNC-Lavalin since 1996) and BC Hydro. In 1999, BC Hydro sold its stake of Raiwind power plant to SNC-Lavalin for US$1.6 million.  As of December 2007, SNC-Lavalin (21%) was the largest single equity holder in SEPCOL.     An equity flotation of 10.5 million shares, underwritten by Crescent Investment Bank and First Capital Securities Corp, is part of the financing package. Additional financing is being obtained through the Private Sector Energy Development Fund (PSEDF), which was funded by the Japan Exim Bank and the World Bank (US$35 million in 1996). The project has a 22-year power purchasing agreement with WAPDA and a 22-year fuel supply agreement with the Pakistan State Oil Co. (PSOC). This project was scheduled to become commercially operational by the end of 1997.  SEPCOL failed to generate sufficient revenues to service its long-term debt (Long-term Credit Fund [LTCF]) and defaulted on October 25, 2006. Although SEPCOL then managed to restructure its debt, rising fuel prices forced it to rely upon advance energy purchase payments from from WAPDA in order to cover its fuel costs. At the end of each month, these advance payments were adjusted in line with SEPCOL's actual monthly energy invoice. This arrangement continued until January 31, 2008. In February 2008, WAPDA discontinued the advance energy payment, leaving SEPCOL unable to to finance its fuel requirements, which resulted in the complete shutdown of the complex on February 15, 2008. Subsequently, Wapda served a default notice to the company and imposed Liquidated Damages (LDs) for failure to operate the plant.  SEPCOL contested the imposition of LDs, filed suit against WAPDA and issued notice for arbitration.  SEPCOL also approached various banks to secure additional Working Capital lines. However, as of 2009, SEPCOL was not able to secure additional WC lines and the dispute with WAPDA was ongoing.
This 135.6-MW plant is being built by Japan Power Generation, a consortium of Mitsubishi Heavy Industries (MHI) and Toyota Tsusho Corp, and the Islamic Investment Company of Bahrain at a cost of $120 million. The company has a power purchase agreement with WAPDA and a fuel supply agreement with the Pakistan State Oil Company (PSOC). Construction works were completed in 1999.   As of June 30, 2009, the principal shareholders in Japan Power Generation Company were the government-owned National Logistics Cell (17%) and Pak Oman Investment Company Limited [a joint venture between the government of Pakistan and Oman] (20%). The remaining equity was held by local banks, investment companies, mutual funds and the general public.
This 180-MW plant will provide heat and hot water for 14,000 new homes and electricity for the public agency, Turkish Electricity Power Generation and Transmission Company (TEAS). The project shareholders are  Doga Enerji (20%) and US-based Edison Mission Energy Company (80%), part of Edison International (USA). The partners hold a power purchase agreement (PPA) with TEAS and a fuel supply agreement with BOTAS.
Prismanet, formerly Syarikat Telefon Wireless (STW), was awarded a 20-year license to operate a fixed cellular network in December 1994. The company was created as a joint venture between Celcom (40%), US International Wireless Communication (30%), and local partners.   The company invested US$600 million into the network for the supply of an analog cellular network. Although the company used AMPS standard, it had a license for fixed network and used WLL technology. Unusually for a new cellular network, the system was to be primarily analog, but was to employ the Digital American Mobile Phone System (D-AMPS) network technology to run in parallel with the standard AMPS network. The use of digital hybrid technology mirrored that seen in the United States at the time.   Ericsson was the main equipment supplier for Syarikat Telefon Wireless Communications. The company had 20,000 subscribers by the end of 1997.  By 2001, Prismanet Sdn Bhd found itself unable to get off the ground beyond a couple of radio base stations on Langkawi.
Metacorp is the operator of the Jalan Pahang concession which was originally awarded in August 1995. Contract concluded in March 2004.
Mongolian Telecom Company (MTC) was the state-owned national operator and monopoly provider of most of the telecommunications services in the country, except for a GSM network owned and operated by Mobicom Corp by 1996.  In 1995 the government issued the decision to divest a part of its share in MTC and divided it into 2 companies: “Mongolian Communications Asset Company” – the government owned company and Mongolian Telecommunications Company - the shareholding company, with majority of shares owned by the Mongolian Government and 40% owned by Korea Telecom company of the Republic of Korea. The government sold the 40% stake for US$4.5 million.  At that time, assets for local services were transferred to the now patially private MTC, while the ownership of backbone transmission and international gateway remained with the government. MTC also acquired the rights to operate the domestic and international long distance services.   Later the government sold 5.33% to a Mongolian financial institution, leaving the government with 54.67%. The government had planned to divest its shares in the backbone transmission and international gateway assets but had not done so as of December 2005.   In 2005, ZTE of China agreed to provide Mongolia Telecom with a range of telecommunications solutions, including NGN (next generation network), DWDM (dense wavelength division multiplexing), ADSL (asymmetric digital subscriber line) and CDMA WLL (code-division multiple access wireless local loop) equipment.  Also in 2005, Huawei Technologies, the largest domestic telecom equipment vendor in China, signed an agreement to supply Mongolia Telecom with NGN (next generation network) solutions.
Telekom Networks Malawi (TNM) was awarded a 15-year license to operate the first GSM service in Malawi. The company was a joint venture between Telekom Malaysia (60%) and Malawi's state-owned Post and Telecommunications Corporation (40%).  TNM signed a US$8 million supply contract for a GSM mobile communications network with Alcatel Telecom. Under this contact Alcatel installed a GSM network to cover Blantyre, Ligongwe, Zombe and Mzuzu. The network was launched by December 1995.   As of end 2005, TNM competed with Celtel Malawi and had 142,200 subscribers.
Local electricity distributor for Zhelezinka, with charter capital of Tenge 121,200. Shareholers are the Kazakh State (50%), employees (10%), Manakbai-Invest (10%), Begat-Invest (10%) and unnamed others (20%). The first two private stakes were acquired at a coupon auction on September 29, 1995. The last stake was sold at an open investment tender on February 28, 1997 for Tenge 69,000.
In 1994 a 15 year concession to rehabilitate and operate a 15km section of provincial route 7 in the province of Neuquen (from Centenario to the city of Neuquen) was awarded to Caminos del Comahue SA a private SPV with Argentine shareholders. The road was taken over by the concessionaire in June 1995.  The capital expenditure of the project was not known but approximately 23 million pesos (US $6 million) in debt was outstanding in June 2010 after a new concession had been awarded. Caminos de Comahue was also to receive compensation for a lowering of tolls in 2001.   The new concessionaire, Corredores Viales del Neuquen SA, signed their concession contract in 2010, but the concession was scheduled to commence in 2011 and end in 2025. This contract was a re-negotiation of the old contract. Corredores Viales del Neuquen SA was to increase tolls up to 150% of 2010 levels in select categories. The increased revenue would be used to pay off the debt of the old concessionaire. In fact, a percentage of the tariff would be earmarked for the state of Neuquen to pay off the debt of Caminos del Comahue SA. Corredores Viales del Neuquen SA was comprised of local companies Neuquén Silvano Cuevas (Argentina, 70%) and Engineer Ricardo Daniel Nellar (Argentina, 30%).   The government of Argentina's Neuquén province terminated the contract with Corredores Viales del Neuquén in August 2011. The concession was renegotiated several times and ultimately proved to be unsustainable, according to a government release.
In July of 1995, Vietnam Mobile Telecom Services Company (VMTS) was awarded a 10-year revenue-sharing agreement with the state-owned Vietnam Posts and Telecommunications Corp. (VNPT) for the operation of mobile phone network under the brand name MobiFone.  Under the terms of the contract, VMTS would receive 50% of the revenues generated by Mobifone for the first five years of operation and 40% thereafter. This was amended in October 2000 whereby VMTS would continue to receive 50% of generated revenues from years 6-10. At the time the revenue sharing agreement expired in 2005, legal title to all equipment was to be transferred to VNPT at a price of US$1, after which the VNPT planned to publically list the company.  The network went live in June 1993.  VMTS was a 50-50 joint venture between the Sweden-based company Comvik International and VNPT.  Comvik International Vietnam AB, in turn, was a 90% owned subsidiary of Millicom International Cellular SA of Luxembourg- a leading investor in and operator of cellular telephone services worldwide.       Under the original contract, Millicom committed to invest US$128 million in the network build-out, which had been met as of December 31, 2002. In 2000, Millicom agreed to an additional investment of US$65 million of which US$18 million had been disbursed by December 2002.  In March of 1996, the company awarded a US$70 million contract to Sweden's L.M. Ericsson AB and a US$30 million contract to France's Alcatel Alsthom for the network supply.  By end 2004, Mobifone had 2.2 million subscribers, which placed it behind market leader Vinaphone, which was wholly owned by VNPT.  By the time the contract concluded in May 2005, VNPT and its partner claimed to have invested nearly US$456 million in the company. VNPT was planning a public listing of the company in 2007, intending to sell a 49% stake in VMTS to the public.
The 73km, CI-11 gas pipeline is part of the Block CI-11 Oil and Gas Development Project. This project is being undertaken by United Meridian Corporation (UMIC - 25%), Global Natural Resources (GNR - 16%), the International Finance Corp (IFC - 23%), Petroci (20%), and Pluspetrol SA (16%). The CI-11 gas pipeline will transport natural gas from the Panthere gasfield located off the shores of Cote d'Ivoire to the Vridi power plant near Abidjan, which is also being developed in conjunction with the IFC. The pipeline cost an estimated $37.6 million.
Citifon was awarded a national license to operate Malaysia's third pay-phone network in 1995. The company was set up June 1994 as a partnership of Telekom Malaysia Berhad's wholly-owned subsidiary, Payphone (30%) and three local private companies: Metro Perkasa (40%), Tabung Haji (20%), and Pesumals (10%). Citifon began commercial services in 1995 when it installed more than 4,000 microchip card phones.   In 1997, the company awarded a contract worth around US$8.6 million (FFr50 million) to Ascom Monetel (France), subsidiary of Ascom (Switzerland), for the supply of 10,000 GNT507 multi-payment payphones and 4 PMS150 regional management systems. In April 1999, majority state-owned Telekom Malaysia Berhad (TMB) entered into a conditional agreement to buy the 70% stake in the company that it did not already own, making Citifon a wholly-owned subsidiary.  At the time, the company owned 20,000 pay phones across the nation.
Losko SA operates a 1.942 MW power plant in Poal, Alajuela.  The agreement was signed in June 1995.  The company has a 15-year purchasing power agreement with ICE.
In 1995, Cambodian Indosat Telecommunication S.A (Camintel) was awarded an 11-year concession contract to undertake the rehabilitation, expansion, operation and maintenance for former UNTAC telecommunication facilities and to utilize those facilities to provide telecommunication services in Cambodia.    Camintel was a joint venture between the Indonesian state-controlled Indosat (49%) and the government of Cambodia (51%).  The joint venture installed a fixed cellular network in both Phnom Penh and Takmao, serving of 1,000 and 500 subscribers, respectively. In 1996, the company received a loan of US$8 million from Bank Bira for network construction.  By 2003, Camintel had the widest fixed-line network coverage area in Cambodia, covering 21 provinces of the Kingdom.   By 2002, Indosat was seeking to sell its 49% stake in the company. In August of 2005 it did so to local Cambodian telecommunication company AZ Communications (AZCOM) for US$1.5 million.  Soon after, AZCOM received a license from the Ministry of Posts and Telecommunications to install a CDMA 2000 system, becoming the fifth mobile service provider in the country.  In the same month, the government of China provided AZCOM with a US$30 million concessional loan for the implementation of the project, a contract that was subsequently awarded to Huawei Technologies of China.  Under the contract, Huawei was to provide and install CDMA equipment, transmission and supporting systems for AZCOM's CDMA 20001X project planned to launch in Cambodia at the end of 2006.   In 2008, with the expected growth in company, Korean investor, KTC Cable Co., Ltd. replaced AZ Communications Co., Ltd. and became the crucial business partner with Camintel serving a nationwide coverage with myriad of Telecommunication services such as Fixed Phone—main service, Internet/E-mail, Leased Line, Public Phone, Pre-paid Calling Card and Pre-paid Internet Card and ranked as the first Leading fixed phone provider in all provinces. Now CAMINTEL is a member of BOOYOUNG group.
Cosipa owns a private port located in its plant in Cubatao. The company was state-owned until 1993, when it was privatized (most of its shares are held by Usiminas). In 1995, the company was authorized to operate one of the terminals in its port as a public use facility. Cosipa invested US$ 15 million in order to set up a port terminal in Cubatao (Sao Paulo) that was inaugurated in November 1996. The terminal was called Rio-Cubatao. By August 1997, Cosipa started to operate its cargo terminal in Cubatao, Sao Paulo state, with its own hired employees, replacing the labor force appointed by the docks trade union (the decision was made in order to improve the competitiveness of steel exports and lowering the local ports cargo handling costs estimated at US$ 16 per ton).    The joint venture between Exolgan, controlled by International Trade Logistics SA and operator of Buenos Aires Dock Sud, and bonded warehouse specialist Armazens Gerais Columbia was awarded a 3-year management contract by steel giant Cosipa for its Rio Cubatao facilities in September 1997 and has invested US$ 8 million in handling equipment from Mannesmann Demag and Belotti since taking over operation. Container handling operations are ongoing on a small scale, but the group announced expansion plans incurring investment of US$ 120 million for which finance has not yet been secured. Port congestion and terminal privatisation wrangling have been avoided by the use of a greenfield site 30 km outside Santos. In a three-month period, the terminal has already managed to attract the likes of CSAV and TMM with rates at least 20% lower than Santos rivals. The Rio Cubatao terminal operation, which is said to handle 7,000 TEU a month, will now be expanded into a two-berth operation with three gantry cranes and a 250,000 TEU capacity.  In 2005, Usiminas announced the end of the partnership with the referred joint-venture, though the last contract signed indicated that Rio Cubatao would remain the operator until 2008. Usiminas decision came as a consequence of its decision to expand its export operations in the port.
Tver Cellular Communications (TCC) was formed in 1994. The company created its NMT 450 network in October 1994, and started its operations in 1995. The network was installed by Ericcson with a total investment of US$2.5  million. The TCC company was formed in Tver by the local Elektrosvyaz communication enterprise (later known as Center Telecom) and the Moscow Cellular Communications company (40%). The new station was expected to support 10,000 users.   The cellular communication network covered major part of territory of the Tver region including serve Tver, Torzhok, Rzhev and Bezhetsk and was an important chain in the series of  similar services to be created between St Petersburg and Moscow. The project later joined the efforts to link all of Russia under an NMT 450 cellular network, which was implemented by Inter-Regional Transit Telecom company (MMT) set up by Rostelekom , MGTS), and a number of other telecom enterprises.   In 2004, CenterTelecom, base communications operators for Russia's Central Federal District, has sold its 40% stake in NMT-450 operator Tver Cellular Communications to an unnamed buyer for an unnamed price.   In October 2004, “Sky Link,” announced the deployment of its network in Tver using equipment, software and services from Lucent Technologies (NYSE: LU).  ZAO Tver Cellular Communications will operate the new network and provide high-quality, mobile voice and high-speed data services at speeds of up to 153 kilobits per second, enabling Sky Link to expand its coverage to include Tver, an important region located between Moscow and St. Petersburg.
Bangkok Transit System Corporation was awarded a 30 year Build, Operate, and Transfer (BOT) contract for the Bangkok Mass Transit System in June 1995. Property developer Tanayong, the parent/major shareholder in BTSC, started constructing the mass transit system in 1994, but the contract was renegotiated as a BOT in 1995 with the assistance of the International Finance Corporation (IFC).   Thailand's Express and Rapid Transit Authority initiated three mass transit projects in the early 1990s to relieve the traffic pressure in Bangkok. One other of these projects, BERTS, is an infrastructure project with private investment. The initial public offering for shares in BTSC was postponed in September 1997 due to the financial crisis in Thailand; in May 1999, BTSC appointed Salomon Smith Barney as the lead manager for the initial public offering, which was expected to take place in the end of 1999 to raise US$ 150 million. In November 1999, the Credit Suisse First Boston acquired a 23% stake in the project company for US$ 82 million.
In 1994, the governments of Burkina Faso and Cote d'Ivoire jointly awarded a 15-year concession contract for the operation of the Abidjan-Ouagadougou railway to Sitarail. After 5 years of operations the goverments and Sitarail agreed to extend the concession by an additional 15 years.  Sitarail (International Company for African Rail Transport) was owned by Societe Ferroviaire Ivoiro-Burkinabe or SOFIB (67%), government of Ivory Coast (15%), government of Burkina Faso (15%), and employees (3%). The private partner is consortium of companies: (32.65% - owned by Saga S.A. of France and SDV - freight forwarders operating in the region), Sofrerail (engineering consultants - 5.1%), Transurb (engineering consultants - 3.06%), SICC (6.11%), and Maersk (international shipping line - 4.08%).  Sitarail was established with a capital of 25 million SFA Francs (US$ 51,000). Sitarail provided freight and transport services, with Sofrerail the operating partner of the consortium. Sitarail took over operations on 20th August 1995. The Burkina Faso and Cote d'Ivoire governments retained ownership of the railway track and most rolling stock and equipment, through national patrimony corporations. Sitarail leased the rolling stock, but might purchase its own if preferred. The state owned corporations were responsible for investments. Sitarail provided investment advice and took responsibility for maintenance. Sitarail agreed to pay its concession fee through: 1) a usage fee related to revenues and renegotiated every three years; 2) debt service payments for investment debts incurred by the governments; and 3) a lease fee for equipment.   The concession contract granted exclusive rights to Sitarail for the first seven years only. After that, Sitarail must grant access to any third parties requested by the governments, at an agreed fee. The estimated investment for the first five years of the concession contract were US$63.3 million.
In February 1995, Sino-French Holdings was awarded a 30-year concession contract from the Shenyang municipal government to rehabilitate an existing water treatment plant with a capacity of 450,000 cubic meters per day in the city of Shenyang, capital of the Liaoning Province.  The project served 474,000 residents out of a city population of 1.9 million.  To implement the contract, the Shenyang Sino-French Water Supply General Company was created as the project company which was owned by Sino-French Holdings (37.75%), the municipal government of Shenyang (50%), and by Lyonnaise Asia Water Ltd, a French investment fund (12.25%).  Sino-French Holdings (Hong Kong) Ltd., in turn, was a 50-50 joint venture company owned by Suez water subsidiary Ondeo and New World Infrastructure  of Hong Kong.    The total project cost was approximately US$150 million.  Operations began in January 1996.  The minimum off-take guarantee was 140 million cubic meters.  On January 1, 2000, the Shenyang No. 8 Water Plant was acquired by the state-owned Shenyang Public Utility (SPU).  The private shareholders of Shenyang Sino-French Water Supply sold their interest in the project in exchange for the right to purchase a 9.99% interest in SPU, which went public on the Hong Kong stock exchange in December of 1999.
Empresa Valle Hermoso is one of the three companies into which Bolivian Empresa Nacional de Electricidad's generation assets were corporatized for the Brazilian capitalization program. The other two companies are Empresa Corani SA and Empresa Guaracahi SA. Valle Hermoso had a capacity of 179-MW in operation or under construction in 1995. Its capacity is made up of four gas-fired combustion turbines representing 71.5-MW and two 54-MW turbines.  By 1998 its capacity had increased to 189 MW. Empresa Valle Hermoso was partially privatized in July 1995 when the Ministry of Capitalization sold 50% of the equity to the Bolivian Generating Group consortium for $33.92 million. The consortium members are Constellation Power, Ogden Energy, Power Market Development, and Energia Andina. The transaction included a debt transfer of $14.3 million. Under the Bolivian capitalization program, each company issued new shares equivalent to 50% of its new equity. This capital increase was sold to a private consortium through a competitive bidding process. The winning offer was in terms of the company's capital increase which would be invested in business expansion. The remaining 50% equity stake was transferred to private citizens and managed through private pension fund managers.  The consortium that won the 50% stake received all management rights for five years, or until the amount of capital to be invested is exhausted. The three new owners, Corani, Guaracachi and Valle Hermoso, plus Compania Boliviana de Energia Electrica (Cobee) have exclusive rights to new generation licenses until 2000, and exclusive rights to licenses for power plants to export power until 1999. However, any private participant of winning consortium cannot own more than one generation company or also own distribution companies.  In 2002 Valle Hermoso's sponsors included Constellation Energy, Pennsylvania Power and Light (PPL), and Covanta Energy. At the conclusion of 2002 the US-based consortium divested their stake to a local consortium of investors - Bolivian Generating Group. In early 2003 Bolivian Generating Group sold Valle Hermoso to Panamerican Investments.  In October 2009, the Bolivian government concluded negotiations with three main generating companies created from the the privatization of ENDE, and aimed to secure state control with a share of 60–70%. As of December 2009, the Bolivian government held the following shares in its generation companies Corani (42.7%), Guaracachi (49.82%), and Valle Hermoso (49.86%). Bolivian Generating Group consortium controlled Empresa Valle Hermoso SA in 2009.  In May 2010, a Bolivian government decree stated that the state was taking control of the stakes that private investors held in four power companies, including Corani, Guaracachi and Valle Hermoso.
This 113.4-MW TriStar Oil Fired Power Plant will consist of 9 diesel gensets of 12.6-MW each. TriStar Energy is the primary developer. The project has a PPA with the Karachi Electric Supply Company (KESC) and a fuel supply agreement with the Pakistan State Oil Co. (PSOC). The project will connect with KESC's 132 kV grid station at Baldia, outside Karachi. The estimated project cost is $110.0 million.
In 1995 the government of Armenia sold a 49% stake in national telephone company ArmenTel to US based Trans-World Telecom (TWT). At the time of the divestiture ArmenTel was the national monopoly switched telephone network provider in Armenia. The company was created in 1993 as part of a sector restructuring effort in the country. As of the end of 2004 ArmenTel provided services to 578,973 fixed-line subscribers and 203,309 cellular communications users.  In 1995 TWT took a 49% stake in ArmenTel. State-owned companies Yerevan City Telephone and Armenian Republic Long Distance assumed the remaining 51% of ArmenTel. The initial capital of the company was US$ 14 million.   TWT's obligations were to provide part of a US$1.3 billion investment plan as well as the technical expertise needed to build a nation-wide digital network. The digitalization rate of the national network was 13% by 1993. By 1996 it became clear that TWT was unable to provide ArmenTel with the investment and expertise it needed. Low tariff for both residential and business customers were a major reason for the failure to obtain the capital needed for the investment. In 1996 subscribers paid only US$0.25 in monthly fees and less than $15 each for installation. Due to the lack of progress in telecommunications development, the Armenian government and TWT mutually decided to re-privatize the operator in June 1997. As part of the deal, the Armenian government took over up to 85% of the equity, while the remaining 15% was owned by TWT.   An second attempt to sell the ArmenTel for a price of $500 million failed in 1996. In December 1997 state-owned Hellenic Telecommunications Organization (OTE), the Greek national operator, won the tender for 90% stake in ArmenTel. After a prolonged privatization process, OTE and the Armenian government signed the respective selling contracts on March 4, 1998. The price of the acquisition by OTE was US$142.5 million which included US$46.7 million in assumed liabilities. Of the divestitures revenues, TWT was paid US$62 million for its equity participation in ArmenTel. The other 10% of ArmenTel remained under Armenian government's control. The OTE deal included a 15-year monopoly of ArmenTel in a wide variety of fixed and mobile telecommunications services, and the government's commitment of tariff adjustments. In turn, ArmenTel was required to invest US$300 million in expanding and modernizing the telecom network over 10 years. OTE expected to finance its investment commitment with retained profits of ArmenTel. In 1997 the Armenian government expected to increase the digitalization rate to 47% by 2008. In the years 1998 – 2003 ArmenTel invested about 200 mln USD for reconstruction and development of telecommunication infrastructure of Armenia, according to company reports.  In early September 2003, the government sought to revoke ArmenTel's mobile telephony monopoly, arguing that, contrary to the initial sale agreement, OTE had failed to ensure the quality of telecoms services and that its investment in developing fixed-line and mobile services had been too low. The government argued that the low level of investments also prevented the development of the Internet in Armenia and resulted in a mobile phone penetration rate of just 2 percent nationwide. ArmenTel, for its part, countered that it had invested more than US$180 million in the sector, and had said that price caps for fixed-line services have prevented it from improving services further. The Armenian government claimed that ArmenTel had inflated the cost of imported equipment from OTE subsidiaries. The government argued that this gave it a legal basis for stripping ArmenTel of its monopoly status because the firm had failed to meet its investment pledges. The government had come under intense pressure to renegotiate the terms of the 1997 privatization agreement.   In December of 2003 OTE brought action against the Armenian government in the International Court of Arbitration in London, over the alleged contract violation of its 15-year monopoly rights over the Armenian telecom industry. In November 2004 OTE and the Armenian government resolved their dispute by reaching a new agreement. Under the new arrangements ArmenTel was allowed to raise tariffs over a period of five years, but was going to lose its monopoly privileges over voice telephony. Under the 2004 deal digitalization of services was to be completed by 2006, but ArmanTel was exempt from this obligation if it could not cover the investment from its own revenues. At the end of 2004 a new mobile license was issued to K-Telecom (VivaCell).  On November 16, 2006, VimpelCom Company became 90% shareholder of ArmenTel Company, increasing its stake to 100% in April, 2007.
Mobile Telecommunications (Namibia) (MTC) became Namibia's only mobile phone operator in 1995 when it recieved a license that included a five year exclusivity period.   MTC was a joint venture between the state-owned Namibia Post and Telecom Holdings (NPTH) (51%) and Swedish investors Telia International (26%) and Sewdfund International (23%). By 2003, the ownership was NPTH (51%), Overseas Telecom AB (26%) and Swedfund International AB (23%).    In June of 2004, NPTH concluded a purchase transaction for the 49% stake held by the two Swedish companies, therefore increasing the government's holdings to 100%. In addition to the N$388 million (US$60.3 million) paid for their combined stake, a further maximum amount of N$110 million was to be paid to the exiting investors over the following three years, depending on the financial performance of MTC.  NPTH announced that it had no intention of keeping the acquired shares in the long term and intended to dispose of 15% of the shares within the Namibian market and sell 34% of the issued share capital of MTC to a strategic partner at a later stage.    MTC's network covered the areas of highest population density, including the corridor from the ports of Walvis Bay and Swakopmund to Windhoek, and on to Gobabis.  MTC, which had expanded its total customer base to about 300,000 at the time of the government take over, including post-paid and pre-paid customers, had invested approximately N$600 million (US$90 million) in the network infrastructure since its launch.   By 2011, Portugal Telecom owned 34% of MTC's operations.
Empresa de Mantenimiento y Construccion Electrica was awarded the rehabilitation and operation of two state-owned diesel power plants in 1995. In May 1998, the BCIE approved a $26.8 million loan to EMCE to be invested in the Choloma Thermo power plant (45 MW). The total investment in the Choloma power plant amounts to US$ 38.5 million (the sponsors have contributed with US$ 11.7 million in equity).
In February of 1995, a Biwater (UK) lead joint venture was awarded a 25 year concession to manage the water supply and distribution network of the Indonesian island of Batam by The Batam Industrial Development Authority. The joint venture was to be responsible for all operational activities including raw water extraction, treatment, distribution, and customer services such as billing and collection during the concession period.  The project was prompted because the island's population was expected to grow to over 800,000 during the term of the concession.    The water supply on Batam Island comprised seven water treatment plants, two of which were to be constructed during the concession.  Production capacity was to increase from 850 litres per second to 1,550 litres per second through both construction and refurbishment of existing water treatment plants.  The project company was called Adhya Titra Batam (ATB) and was composed of Biwater subsidiary Cascal and the local private companies Bangun Cipta Kontractor and Syabata Cemerlang.  Exact shares were unknown, but ATB was 100% privately owned.   Biwater announced that it planned to invest US$200 million in the project.  Operations were to begin in April 1995.   By 2004, ATB served a population of over 600,000 people with 70,000 metered connections.  Over the first two years of operation, ATB reduced leakage from 49% to 30% percent and over the first five years of the concession contract, 196 kilometers of new water mains had been installed.
In December 1995, New World Infrastructure (NWI) signed a 33 year joint venture with a Huizhou City SOE for the operation of the Hui-Dan section of the Hui-Ao Highway, and the construction and operation of the Hui-Ao section. At the time of signing, the Hui-Ao section was due to start operating in March 1997. An expansion of the dual 2-lane highway to dual 5-lane was agreed for when the traffic flow reaches 30,000 vehicles per day. The 36km Hui-Dan section of the road had an average traffic flow of 1,896 vehicles per day, and the 50.6km Hui-Ao section was expected to have 8,050 vehicles per day. NWI had a 50% stake in the jv company, Huizhou City Hui-Ao Roadway Co., Ltd., and invested US$ 35.59 million in the project - US$ 4.52 million as equity and US$ 31.18 million as a loan.The other sponsor company was the state-owned Huizhou City Hui-Ao Roadway Construction and Development Co., who owned the rest of the project company.  NWI planed an additional loan of US$ 12.05 million if the expansion to 5-lanes goes ahead. The project, including extension, cost US$ 94.70 million. Operations commenced in October 2000.
This power plant has a generating capacity of 15-MW and became fully operational in 1996. Electricity is sold to Yangchun Municipal Power Supply Bureau. The joint venture company was formed between AES China Generating (25%), which is a subsidiary of AES Corp., Shenzhen Fujian Gas Turbine Co., which is a subsidiary of China National Aero-Engine Corp., the People's Insurance Co., and Yangchun Municipal Power Supply Bureau. The project cost is estimated at US$ 4.6 million (information provided by Jianping Zhao, WB).
In 1995 the concession contract was granted to Consorcio Solarte Ingenieros Constructores for 246 months and included the rehabilitation and operation of 150 km of road and the construction of an additional 12 km at a cost of US$ 50.8 million. The road became operational in 1998 The shareholders hold equally amounts of consortium shares.
In August 1995 and November 1995, New World Infrastructure (NWI) signed joint venture contracts with four SOEs (two SOEs were parties to both contracts) for the development and operation of the Guangning and Sihui sections of Roadway No.1960. The 46.9km dual 2-lane Sihui section links Sihui City and Guangning County. The 60-km dual 1-lane Guangning section links highways in the Pearl River Delta to networks in Guangxi Province. NWI has a 60% stake in each joint venture. NWI invested US$ 21.88 million in the Sihui section and US$ 19.5 million in the Guangning section.
The coal and oil-fired power plant has a generating capacity of 121-MW consisting of one 3-MW, one 6-MW, one 12-MW, and three 25-MW coal-fired generators, as well as one 25-MW oil-fired generator. The various generators came into operation between 1987 and 1992. The power plant is connected to the Nanhai Muinicipal Grid and was primarily built to provide electricity in order to alleviate power shortages and meet the growing power needs of Nanhai Municipality. On July 30 1994, Cheung Kong Infrastructure entered into a joint venture ("Nanhai Jiangnan Power Co. Ltd.") with Nanhai Municipal Economic with a 36.4% interest. Its stake is worth HK$84 million (roughly US$11 million) and total project cost is US$29.98 million. The investment was formally committed in a supplementary joint venture contract on 05/12/1995. The joint venture contract will expire on 12/31/2004 at which point all assets will return to Nanhai Nantang Power, the wholly-owned Nanhai Municipality subsidiary.
This is a 14-MW hydro power plant located in Sand Miguel de Heredia. The developers are Energia Global and Energy Investors Funds. The total cost of the project is about $25 million. The power plant started commercial operation in January 1997. The company has a 15-year power purchase agreement with the Institute of Electricity (ICE), the state-owned utility.
The residual Oil-Fired Plant in Lal Pir, Punjab Province is a 362-MW, $343 million, project being developed by AES Lal Pir Ltd (AESPL). AESPL was a consortium consisting of Applied Energy System (AES) (90%) and the International Finance Corp. (IFC) (10%). The plant was to run on fuel oil, the most readily available fuel in Pakistan. Mitsubishi Heavy Industries was the EPC contractor and the equipment supplier. AES is providing managerial and technical support during project development. The first generation unit was expected to come on line by the end of 1997. In June 2010, the local company Nishat Group acquired AES's stake in the company.  Financial closure was reached on March 14, 1995. The debt/equity ratio for this project is 72/28. In addition to being a sponsor and providing $9.5 million in equity, the IFC agreed in its fiscal year 1995 to provide a $40 million direct (A) loan. JEXIM and commercial banks are providing an additional $207.0 million in debt financing. AESPL is planning a public issue once the plant becomes operational. The company has a 30-year power purchasing agreement (PPA) (indexed to the US$ and Yen) with the Water and Power Development Authority of Pakistan (WAPDA).  A 30-year fuel supply agreement was agreed with the Pakistan State Oil Corporation (PSOC).
Potigas was a joint-venture of EIT (20.75%), Andrade Gutierrez's subsidiary Gasindustrial (20.75%), Gaspetro, a subsidiary of the state-owned Petrobras (41.5%), and the state of Rio Grande do Norte (17%). Created in 1993, the company has been distributing natural gas since March 1995. Potigas acquired the assets that previously belonged to Petrobras for US$ 4.9 million (the private sponsors paid the equivalent to their participation in the company). Since then, little was invested in infrastructure, but additional investments were expected for 2001. Most of Potigas sales are directed to industrial consumers (90%), and the remaining to commercial users.  In December 2003, Gaspetro bought 24.% of the shares of Potigas, increasing it participation in the company to 49%. The shares were bought from EIT and Andrade Gutierrez, which are no longer shareholders of Potigas. The State of Rio Grande do Norte kept 51% shares of the company.
This 50-MW project is located in General Santos City in southern Mindanao. The plant will be fueled by Bunker-C diesel fuel. Electricity will be delivered to the Mindanao grid under a power purchase agreement (PPA) with Napocor. The project was financed by both $22.5 million in equity and $55 million in debt.   Southern Philippines Power Corporation, the project company, was a partnership among Aboitiz Equity Ventures; Conal Holdings Corporation, a 60:40 joint venture between Alsons Consolidated Resources and EGCO of Thailand; and Tomen Power (Singapore) Pte. Ltd., a subsidiary of Toyota Tsusho Corporation. The Philippines Board of Investment granted several incentives to the project company, including a tax holiday following the construction phase and reduced import tariffs.  Alsons Consolidated Resources was the holding company of the Alcantara Group.
The first project of Centrales Termicas San Miguel de Tucuman was a 114-MW gas fired power plant developed in the Province of Tucuman. The facility started its commercial operation in 1995. In 1995 the equity was divided among Charter Oak Energy (33.3%), LG&E Power (33.3% - a subsidiary of Merrill International), and Sideco Americana (33.3%). The total cost of the power project was $125 million. The electricity produced by this plant is sold to the spot market in Argentina.   The IFC approved an equity participation in Centrales Termicas San Miguel de Tucuman SA of about $0.3 million in its fiscal year 1994.  In the fourth quarter of 2000 San Miguel received a $50 million loan for a 120 MW expansion of the generator.  General Electric is supplying the turbine for the plant.
The project involves the construction and operation of a 18.5-MW natural gas (steam) fired power plant.  Financial closure for the US$13 million power plant was achieved with a loan from NDFC and with equity investment (50/50 debt-equity ratio). A 25-year power purchase agreement has been signed with WAPDA and commercial operation began in 2000.
In 1994 PT Paiton Energy Company began the development of Paiton I, a 1,230MW (2x615 MW) coal-fired power plant located in Paiton, East Java.  The Paiton I plant, one of the first private power plants in Indonesia, was developed through a BOT program that allowed the operation of the project for a maximum of 42 years, including a 30-year production period.  Paiton Energy was to sell power to the state-owned electricity utility Perushaan Listrik Negara (PLN) through a 30-year power purchase agreement signed in 1995.  The plant was to be fueled from coal purchased through a 30-year supply agreement with PT Adaro Indonesia.  The plant was to use low-sulfur Envirocoal, negating the need for flue gas desulfurization equipment and reduced project cost by an estimated $400 million. The Paiton Energy Company that developing Paiton I is distinct from PT Jawa Power which is developing Paiton.  Paiton Energy was initially a joint venture between Mitsui & Co. (Japan, 32.5%), TransCanada Pipelines Ltd (Canada, 10%), General Electric Capital (USA, 2.5%), PT Batu Hikam Perkasa (Indonesia, 15%), and Mission Energy (40%, a subsidiary of SCECorp).  As of Dec. 31, 2008, the major shareholders in PT Pation Energy were IPM Eagle LLP (UK, 45%), a 70:30 joint venture between International Power PLC and Mitsui & Co. Through this partnership, Mitsui & Co. had a 50% effective share in PT Paiton Energy, while International Power had a 31% share in the project company. The remaining shareholders in PT Paiton Energy were Tokyo Electric Power Co. (Japan, 14%) and PT Batu Hitam Perkasa (Indonesia, 5%).  Financial closure took place in June 1995, and the project had a debt/equity ratio of roughly 75:25. The plant was financed through a mixture of syndicated loans, export credits, 144A issues (US$180 million) and sponsor equity (US$650 million). The 144A issues had a BBB rating from Standard & Poors and a Baa3 rating from Moodys. JEXIM, MITI, USEXIM, and OPIC provided a mixture of loans and political risk guarantees.   Flour Daniel International Services, Toyo Engineering Corp, and Mitsui were the project contractors.  ABB was one of the equipment suppliers.  Installation was undertaken jointly between ABB and PT Jurong Engineering Lestari.  PT Hitan Energy, a consortium led by Mission Energy, was responsible for operation and maintenance. The project began construction in September 1994 and became operational during 1999.  In its fiscal year 1996, MIGA issued a $50 million guarantee to Capital Indonesia Power I C.V., an affiliate of General Electric Capital Corporation of the United States (GE), for its $61.2 million equity investment in the construction and operation of PT Paiton Energy Company. MIGA's guarantee covered the risks of currency transfer and war and civil disturbance.  The government of Indonesia had indicated that project development would not be affected despite the mid-1997 devaluation of the rupiah.  However, PLN failed to pay part of its due bills to the consortium in 1999.  This occurred because the utility was stuck with several power purchase agreements for more electricity than it needed. In mid-1999, PLN tried to cancel its supply contract with Paiton Energy on the grounds that the tariff was overpriced (the consortium stated that it tried to reach an agreement with PLN for a tariff half of the original level).  Paiton Energy responded to the move by filling an international arbitration litigation in Stockholm.  In early 2000, the government forced PLN to accept an out-of-court settlement with Paiton Energy. The lack of payment from PLN left Paiton Energy with difficulties in meeting its own debt payments. In January 2000, the US ExIm approved an extension on the refinancing of Paiton Energy's construction loan. In September 2002, Paiton Energy and PLN reached an agreement on the tariff issue, whereby PLN would pay Paiton 4.93 US cents per kWh for 40 years.  In October 2002, Paiton sponsors met with US Exim Bank, Overseas Private Investment Corporation (OPIC), Japan Bank for International Cooperation (JBIC) and Nippon Export and Investment Insurance (Nexi) to discuss its debt restructuring. US Exim agreed to take up 75% of the debt in its US$540m tranche, leaving the banks with US$135 million debt. MIGA issued a guarantee on the equity of General Electric (US$61.2 million), of US$50 million against currency transfer and war & civil disturbance. The guarantee was awarded in 1996, and held by Capital Indonesia Power I C.V., a subsidiary of GE and incorporated in the Netherlands.    In June 2004, Paiton Energy announced intentions for a 815 MW expansion costing US$580 million. In August 2008, PT Paiton Energy signed a 30-year Power Purchase Agreement (PPA) with PT PLN for the proposed 815MW coal-fired expansion plant, named Paiton 3. The project was to be covered by a fixed-price contract and the main equipment was to be supplied by Mitsubishi Heavy Industries Ltd. The project was to be located within the existing Paiton complex and was expected to be fully operational by the end of 2012. As of Dec. 31, 2008, the Paiton 3 expansion had not reached financial closure.
Caminos del Valle, a joint-venture of the construction companies Contreras y Hijos, Burgwardt, Kank y Costilla, and Esuco, was awarded the contract to expand, rehabilitate and operate the Cipolletti - Neuquen highway. A total of US$ 27 million has been invested in infrastructure during the 1995-1999 period. The highway has 27 km in extension and an average traffic flow of 25,000 vehicles.
A new $50 million coal loading terminal at Indonesia's Balikpapan, mid-way on the east coast of the island of Kalimantan, was commissioned in late January with the shipment of 40,000 tonnes of steam coal to Japan. Operating as a public facility, the port was built and is run by a private sector domestic Indonesian company, PT Dermaga Perkasa Pratama. Prominent Indonesian domestic companies, such as Indocement of the large conglomerate Salim group, are shareholders of the company. The port aimed to serve the Mahakam River producers to the north of Balikpapan. These producers barge coal down river for subsequent off-shore loading into bulk carriers. Producers include the large-scale mines operating as contractors to the Indonesian state coal mining company, PT Tambang Batu Bara Bukit Asam (PTBA), PT Multi Harapan Utama and PT Indominco Mandiri (owned by the Salim group and expected to be in production in 1996), and private domestic owned coal mines PT Kitadin, PT Bukit Baiduri and Fajar Bumi Sakti. Together in 1994 these mines produced about 3.5 million tonnes of steam coal and exported about 3 million tonnes.
In Jan 1993, Johor Port Authority (JPA) in Malaysia granted a 30-year concession contract to Johor Port Berhad (JPB) for the development and the operation of the Johor Port with an option for renewal for another 30 years.  Johor Port was the first port located at Parsir Gudang in the southwest of Johor in Peninsular Malaysia and designed as a multi-purpose port that catered to practically all types of cargo.   Johor Port was previously built by JPA and run by JPB since 1997. JPB was a public-listed company on Main board of bursa Malaysia securities Berhad, which was principally involved in operating maintaining, managing and the provision of port facilities and other related services.  In August 1995, the port was fully privatized to the holding company of JPB, Seaport Terminal (Johor) Sdn. Bhd. (Seaport). Seaport was a wholly-owned subsidiary of Indra Cita Sdn bhd. which in turn was approximately 99.99% owned by Y. Bhg. Tan Sir Dato’ Syed Mokhtar Shah bin Syed Nor. The principal activity of Seaport was investment holdings.  However, in March 2006, Seaport sold out its controlling stake (51.7%) in JPB for US$ 112. 29 million (RM 426.7 million) to MMC Corporation Bhd. (MMC), a private investment-holding company. After the transaction, MMC became the major shareholder of Johor Port and it was expected to acquire the remaining stake in Johor Port through a mandatory general offer which was to be finalized by end of June 2006.   With 5,500 ground slots and annual capacity of 1 million TEUs, Johor Port’s equipment and facilities included 7 gantry cranes, 5 of which are post-Panamax, 19 rubber-tyred transfer cranes, 4 reach stackers, 46 prime movers, dedicated rail depot connected to nationwide rail network, Singapore and Thailand, and 70,000 sq. meters of warehouse space for containerized cargo. The port had a fresh water capacity of 1.9 million liters and could handle liquid bulk cargo. Johor Port’s bulk and break bulk (general cargo) facilities included berths with an overall length of almost 2.4 km, with nearly 200,000 sq. meters of storage facilities. The berth offers 13.8 meters natural depth, easily accommodating dry bulk carriers to 60,000 dwt.  Johor Port was the first port in Malaysia to be located within a free trade zone. Johor Port’s warehouses were exempted from customs duties. Duty was only payable when the cargo was released from the warehouse area for local consumption.  In March 2007, the government extended the concession for the Johor Port by 30 years to 2052.
The PT Indonesia Bulk Terminal on the island of Pulau Laut off South Kalimantan involved the design, development and management of the deep water coal receival, stockpiling, blending and ship loading facility servicing Indonesian domestic and export markets. PT Indonesia Bulk Terminal (IBT), a joint-venture company owned at the time of financial close by Australia's Consolidated Bulk Handling (50%) and Indonesian firms PT Swabara Bumi (20%), PT Tritamas Majutama (20%) and PT Dermaga Batu Perkasa (10%), obtained loans totalling US$ 80 million for the construction of a 10m deep-water coal-handling terminal off southern Kalimantan. National Australia Bank and Banque Nationale de Paris provided a 7-year US$ 80 million loan facility as of 10/95 in addition to US$ 30 million provided as equity by the sponsors.   On June 22, 2005, Consolidated Bulk Handling sold its 50% stake in IBT to PT Alam Tri Abadi, a consortium of four private investors.  In July 2008, PT Adaro Energy Tbk, a coal supplier in southern Kalimantan province and the major user of IBT, completed the acquisition of PT Alam Tri Abadi. As of Dec. 31, 2008, PT Adaro Energy Tbk had increased its interest in IBT to 100%.   Civil construction commenced in early 1991. The first stage of the Pulau Laut Coal Handling Terminal in Indonesia was completed in August 1997 by PT Bilfinger+Berger. A second stage of construction will require a further US$ 60 million financing.  PT Adaro which operates mines in southern Kalimantan and supplies coal to Paiton I, was expected to be IBT main user for the first years.
Belgorod Cellular Communications in December 1994 received its license for 824-828 MHz frequency which covered the Belgorod Oblast with population of about 1.512 million people.   The company was created as a closed joint stock company whose main shareholder was Millicom International Cellular (MIC) with a 65% stake. The AMPS network was launched in September 1995 with Stanilite as the equipment supplier. The network had two cell by 1997. The service area included Belgorod, Stary Oskol, Gubkin, Schebelinko and Stroitel by 1997. The Russian Ministry of Communications awarded three other licenses for the region, none of them for AMPS 800 services.   Millicom provided its services in Russia under the brand name FORA Telecom and held controlling stakes in 12 operators covering a population of 48 million. The regions covered by the FORA group are: Moscow, Saint-Petersburg, Belgorod, Izhevsk (Republic of Udmurtiya), Irkutsk, Kemerovo, Kursk, Nizhny Novgorod, Omsk, Smolensk, Rostov-on-Don, Chelyabinsk. The holding's Russian cellular operators had a total base of 165 thousand subscribers in various parts of Russia in 2001. Since entering the market, Millicom invested over US $100 million into Russian economy.   In December 2001 the shares of Millicom in 12 Russian companies were acquired by Tele2 AB which, along with Millicom, is part of the Kinnevik group. The assets included 11 AMPS carriers and the Moscow Cellular Communications NMT 450 MHz carrier. Tele2 AB paid $80 million for the assets and promised another $30 million after the AMPS carriers, which had to abandon their spectrum according to an agreement with the Communications Ministry, received GSM 1800 MHz licenses. After the acquisition all of Tele2 subsidiaries switched to Tele2 brand. Tele2 planned to invest up to US$80 million in GSM communications in Russia in 2003.  The GSM-1800 license was issued to Tele2 in 2001 for 10 years. GSM-1800 network was expected to be operational in Belgorod region in 2004.
PT Metro Selular Nusantara (Metrosel), previously known as PT Centralindo Panca Sakti (Centralindo), was granted an 8-year PBH agreement for an AMPS 800 cellular network in 1993. PBH agreements with PT Telkom were revenue-sharing contracts under which local investors were asked to provide financing and to complete the installation of a targeted number of lines. The government changed these agreements into joint ventures in December 1995.   Telkom acquired a 20.17% stake in the company which changed its name to PT Metro Selular Nusantara (Metrosel) in 1995. After that transaction, Centralindo's stake in the company was reduced to 64%, and the remaining stakes were held by Telkom employees's pension fund Kopnatel (9.83%), PT Diati Yutha Cellular (5%) and the Armed Forces cooperative Kartika Eka Paksi. In November 1996, Asia Link B.V., a unit of Hong Kong's First Pacific Co., purchased a 35% stake, worth US$147 million, in Metrosel.  Metrosel was then 35% owned by Asia Link, 40.2% by the local PT Centralindo Panca Sakti Cellular, and the remainder held by PT Telkom and its employee pension fund.    PT Metrosel provided services in Central Java, East Java, and all the other areas in the eastern part of Indonesia all the way to Irian Jaya.  Metrosel had 23,000 subscribers by the end of 1996. Investment in 1997 was expected to be 196 billion rupiah (US$83 million). The financing was expected to come from foreign strategic partners as equity participation.  In 2001, Metrosel planned to invest US$200 million to replace its current analog Nordic Mobile Telephone (NMT) technology with the more advanced digital technology of Code Division Multiple Access (CDMA). Lucent Technologies provided the CDMA infrastructure at the frequency of 450 megahertz. As of March 2000, Mobisel's subscribers numbered between 12,000 and 13,000, about 70% of the company's subscribers lived in rural areas.   In April of 2003, PT Telkom signed a share swap involving a number of cellular phone subsidiaries with Centralindo valued at Rp364.8 billion (US$43 million).  Under the deal Telkom handed over to CPC its entire 20.17% stake in Metrosel, 14.2% stake in PT Komunikasi Selular Indonesia (Komselindo), and 100% stake in PT Telkomindo Selular Nusantara (Telesera), all valued at Rp185.1 billion.   In early December 2003, PT Mobile-8 Telecom (Mobile-8), a subsidiary of the Bimantara Group, launched cellular phone service based on CDMA 2000 1X and EV-Do. Bimantara Group invested US$60 million (Rp 260 billion) beginning in December of 2002 for the acquisition of Komselindo (PT. Komunikasi Seluler Indonesia), Metrosel (PT. Metro Seluler Nusantara) and Telesera (PT. Telekomunikasi Seluler Raya). The three failing cellular phone operators were merged into Mobile-8.  Metrosel had 51,778 subscribers.   On June, 12 2007 - merger was completed.
Electricite d'Haiti is the national electrical utility in Haiti. The company had 130,000 customers from a total population of seven million in 1994. The electricity system was in a poor condition in 1994. The power was on for only three or four hours per day and no one paid for a large part of the energy delivered. Electricite d&#8217;Haiti signed a management contract with a consortium of Electricite de France and Hydro Quebec in June 1995. Under their contract the private companies work together to assist with the rehabilitation of Electricite d&#8217;Haiti. The contract included reduction of bad debts, increasing customer satisfaction, installing 20,000 meters, rehabilitating generating facilities and the transmission and distribution system, improving maintenance, account reliability, creating a management information system, and studies and planning work. Since the implementation of the contract, most technical and commercial indicators have shown improvement and the collection rate for energy billed has increased sevenfold in a five-month period. The private consortium recives US$ 4.7 million per year in management fees. Electricite d&#8217;Haiti received a $4.6 million grant from the Canadian International Development Agency (CIDA).
The consortium is headed by Dragados y Construcciones S.A. (part of ACS Group as of 2003)(66%); Ogden Corporation holds 19% and Conconcreto Ingenieros Civiles S.A. holds 15%. This second runway at Eldorado Airport has a 3.8 kilometer length and is expected to be completed in May 1998. The consortium will operate and maintain it until 2015. Financial closure was achieved through the issuance of 15-year bonds in the US capital markets worth US$ 116 million (UBS Securities/Rule 144A) and US$ 29 million in equity contributed by the consortium partners. Bogota's Airport handles 70% of Colombia's air traffic.  A revenue guarantee was included in the contract to cover low air-traffic volumes. The terminal was offered for concession in 2006 to OPAIN. See project #3930 El Dorado International Airport.  In September 2007, Abertis Infraestructuras SA acquired for US $381 million ACS's airport concession arm DCA which controlled 66.6% of the shares in the new runway.
Empresa Corani SA is one of the three companies into which Bolivian Empresa Nacional de Electricidad's generation assets were corporatized for the capitalization program. The other two companies are Empresa Valle Hermosa SA and Empresa Guaracahi SA. In 1995, Corani had two hydro projects on the Corani River with a total capacity of 126-MW: Santa Isabel hydro station with 72-MW and Corani station with 54-MW. The company was partially privatized in July 1995 when the Ministry of Capitalization sold 50% of the equity for US$ 58.8 million to Dominion Energy Inc. Under the Bolivian capitalization program, each company issued new shares equivalent to 50% of its new equity. This capital increase was sold to a private consortium through a competitive bidding process. The winning offer represented a capital increase for investment in business expansion. The remaining 50% equity stake was tranferred to private citizens and managed by private pension fund managers.  The winning consortium of the 50% stake receives all management rights for five years, or until the amount of capital to be invested is exhausted. The three new owners of Corani, Guaracachi and Valle Hermoso plus Compania Boliviana de Energia Electrica (Cobee) have exclusive rights for new generation licenses until 2000, and exclusive rights for licenses for power plants that will export power until 1999. However, any private participant of winning consortium cannot own more than one generation company or also own distribution companies.  Corani sold off its stake to Duke Energy for $40.5 million in August 1999.  In February 2007, Duke Energy International [USA] completed the sale of its 50% stake in Empresa Corani SA to Econergy International [USA] for US$20 million.  In October 2009, the Bolivian government concluded negotiations with three main generating companies created from the the privatization of ENDE, and aimed to secure state control with a share of 60–70%. As of December 2009, the Bolivian government held the following shares in its generation companies Corani (42.7%), Guaracachi (49.82%), and Valle Hermoso (49.86%). GDF Suez controlled Corani in 2009.  In May 2010, a Bolivian government decree stated that the state was taking control of the stakes that private investors held in four power companies, including Corani, Guaracachi and Valle Hermoso.
Thai Acrylic Fibre Co. Ltd. has developed a 17.2-MW lignite-fired power plant at Kaeng Khoi, Sara Buri. The plant, currently in operation, sells 6-MW of power to the Electricity Generating Authority of Thailand (EGAT) under the Small Power Producers (SPP) Program. The PPA was signed on April 6, 1995 and has been selling power to EGAT as of May 12, 1995. EGAT signed a "non-firm" contract with the project company. Estimated project cost is $17.2 million ($1.0 million per MW).
The company had a total installed capacity of 112-MW in November 1995 distributed in two hydro power plants: 102-MW Cabra Corral and 10-MW El Tunal. The government sold a 98% equity stake for $41.1 million to Inversora AES Diamante SA, a subsidiary of AES Corporation (USA), in November 1995. The remaining 2% equity stake was sold to Hidroelectrica Rio Juramento's employees for $0.84 million, the same share price that the winning consortium paid.  In 2002, AES Corporation filed legal proceedings with an international arbitration tribunal (International Centre for Settlement of Investment Disputes - ICSID) against the Argentinean government. The proceeding seeks compensation for losses incurred by the company at the time of the devaluation of the Argentinean currency.
Corporation Severnaya Korona (The Northern Crown) received its local license for the development of an AMPS network in the Irkutsk region in August 1995. The company was created as a closed joint stock company whose main shareholder was Millicom International Cellular (80%) by 1998. The population in this region was around 3.1 million by 1997. The company started its commercial operations in November 1995 with Ericsson as equipment supplier. Its service area included Irkutsk, Angarsk, Selekhov, amd Vsolye Sibisrskaye by 1998. The Russian Ministry of Communications has awarded three other licenses for NMT 450, GSM, and DCMA networks in this region.   In December 2001 the shares of Millicom in 12 Russian companies were acquired by Tele2 AB which, along with Millicom, is part of the Kinnevik group. The assets included 11 AMPS carriers and the Moscow Cellular Communications NMT 450 MHz carrier. Tele2 AB paid $80 million for the assets and promised another $30 million after the AMPS carriers, which had to abandon their spectrum according to an agreement with the Communications Ministry, received GSM 1800 MHz licenses. After the acquisition, all of Tele2 subsidiaries switched to Tele2 brand. Tele2 planned to invest up to US$80 million in GSM communications in Russia in 2003.  The GSM-1800 license was issued to Severnaya Korona in September 2001 for 10 years. Tele2 launched GSM-1800 mobile network in Irkutsk in April 2003. Tele2 AB owned 100% of the company in 2003.
Cabo Verde Telecom was the national public telecom operator.  The company was the monopoly provider of fixed, mobile, local and long distance phone services.   The government started to divest the company in December 1995 when it sold a 40% stake for US$20 million to Portugal Telecom. Cabo Verde Telecom started to provide mobile cellular phone services in 1998.  New legislation for further liberalization had been discussed since the beginning of 2003.    CV Telecom's roll-out programme had seen the number of fixed lines increase by 57% in the five-year period between 1998 to 2002, from 39,985 to 70,187.  The number of mobile lines had increased from 1,020 to 42,949 over the same period.  By December 2004, the number of Cabo Verde's fixed line customers stood at 73,000 and the number of mobile subscribers was 66,000.    In 2005, Cabo Verde Telecom reported the revenue of EUR 55 million.
In 1993, Duracom Mobile Power Corporation began development of a 133 MW diesel-fueled barge project, comprising two barges, to be located in Navotas.  Duracom was to sell power to Meralco under a signed a 10-year power supply agreement (PSA) signed in 1993, but the deal was postponed until 1995 because the state-owned Napocor objected to the use of independent power producers.  As of Dec. 31, 2008, Duracom was a joint venture owned by East Asia Diesel Power Corporation (40%), a wholly owned subsidiary of East Asia Power Resources Corporation (EAPRC) [Philippines], and YNN Holdings Corp (60%) [Philippines].  In May and September, 2002, reductions were ordered in NPC's electricity prices. These reductions lowered the price at which Duracom sold electricity to Meralco, since its electricity prices were indexed to NPC’s selling rates.  These reductions prevented Duracom from recovering its operating costs and, as a result, operations at Duracom's two power barges were frequently suspended between September 2002 and February 2006.   Duracom and Meralco agreed in January 2006 to an Amendment and Interim Extension of the PSA, which featured a benchmark pricing scheme in which the Duracom's selling price to Meralco would be based initially (prior to the commercial operation of the Wholesale Electricity Spot Market [WESM]) on NPC’s Time of Use rates and the applicable charges of the National Transmission Corporation (TRANSCO), and later (upon the commercial operation of the WESM), on the clearing prices in the WESM, plus the applicable charges of TRANSCO. The use of Time of Use rates enabled Duracom to resume operations of the two power barges on Feb. 26, 2006. This interim PSA was effective until Dec. 25, 2006 or until the two parties singed a new PSA, whichever was sooner.  With the start of commercial operation of WESM on June 23, 2006, the selling price of Duracom to Meralco would have been equal to the WESM clearing price, as stipulated in the interim PSA. However, the WESM clearing prices were not sufficient for Duracom to recover all of its operating costs. Thus, on July 13, 2006, another shutdown of the two power plant barges was implemented. As of Dec. 31, 2008, operations were still suspended.  In October 2006, Duracom received notices of default on project loans from the Philippine National Bank (PNB), purportedly acting on behalf of a majority of the lenders. On October 27, 2006, all of the bank accounts of Duracom were frozen and seized by PNB.  As of Dec. 31, 2008, the project's sponsors were engaged in a legal dispute with the project's lenders in relation to recovery of debts and the sponsors' proposal to rehabilitate the project.
Metacorp has been operating the New East-West Link Expressway since August 1995. The concession expires in May 2018.
The company is constructing a natural gas pipeline from Mariquita to Cali. The pipeline which began commercial operations in April 1997, consists of  a 213 mile, 20 inch pipeline system and 248 miles of laterals. The total cost of the project was $317 million. The company has a 20-year take or pay contract with Ecopetrol, Colombia's state-owned oil company, that is based on a tariff structure designed to allow TransGas to generate sufficient revenues to recover all operating and financial costs, including a return on equity for its owners.
Saratov Mobile provides the mobile services in Saratov and Saratov region, a major industrial center of the Volga region with a population over 1 million. Saratov Mobile received its license to operate an AMPS network in Saratov in September 1995. The company was created as a joint venture between Vostok Moble, a subsidiary of Global Telesystem Group, and a local operator Satarov electrosvyaz. The company started its commercial operations in November 1995.  The service is based on use of the AMPS-800 standard and the UNICELL technology.  The system consisted of 3 base stations. Lucent Technologies delivered the equipment. Saratov Mobele also holds GSM 1800 license.  In January 2001 Vostok Mobile B.V  was acquired by MCT Corp. Saratov Mobile provides services under the brand name INDIGO which was introduced in May 2001 by MCT Corp. and unites 13 operators in Russia and CIS.  On July 16, 2007, TeliaSonera closed the MCT Corp. (MCT) acquisition announced on July 9. TeliaSonera acquired 100 percent of the shares in MCT.
This is a 20-MW wind power plant located in Tejona, Guanacaste Province. The developer is Charter Oak Energy (100%). Initially, the project developer was Merrill International who no longer holds equity in the project. The Grupo Zeta, a Costa Rican-Italian holding, had equity participation in the project, but it sold to Charter Oak Energy. Plantas Eolicas SA has a 15-year power purchase agreement with the Institute of Electricity (ICE), the state-owned utility.
In January 1995 Astrakhan Mobile obtained a 10 year license to build and operate an AMPS cellular network in Astrakhan city and the rest of the Astrakhan Region.  The region had a population of one million. Astrakhan Mobile started service in the area in September 1995. By mid 2004 the company had some 5,000 subscribers.  Astrakhan Mobile was established in February 1995 as a joint venture between the regional telecommunications operator Svyazinform Astrakhan (50%) and Vostok-Mobile (Netherlands), a unit of Global TeleSystems Group Inc.(50%). In January 2001 Vostok Mobile was acquired by MCT Corp. In August 2003 Mobile TeleSystems (MTS) acquired 50% of Astrakhan Mobile from the US MCT Corp. In August 2004 MTS became the sole owner of Astrakhan Mobile by acquiring the remaining 50% from the Southern Telecommunications Company (UTK) for $1.1 million.  The AMPS network consisted of 5 stations. The project required investment totaling some $10 million by 1997. The Russian partners received funding from Volga-Caspian Bank, the largest commercial bank in the region.  Astrakhan Mobile also held a GSM 1800 license for the Astrakhan region.
Pbgas is the natural distribution utility of Paraiba state. It is a joint-venture of Enron's subsidiary Gaspart (41.5%), the state-owned Petrobras' subsidiary Gaspetro, and the government of Paraiba. The company started its commercial operations in 1995, and currently serves industrial and residential customers. Its distribution network is 32-KM long, but the company intends to expand it by an addition 20 KM.  As of 2005, Enron was in the midst of liquidating its operations and distributing its assets to its creditors.  The Brazilian subsidiary of the Japanese giant Mitsui concluded in May 2006 the acquisition of Gaspart from the Enron group, by US$250 million. In 2016, Mitsui acquired a 49% stake of Gaspetro, increasing its share in the project company to 61.8%.
The first project is a 15.5-MW hydroelectric plant located in Rio Trece Aguas, Alta Verapaz. The plant will be developed on a Build-Own-Operate basis by Finca Trece Aguas SA. The project total cost is estimated as US$ 18.4 million. The power plant is scheduled to start commercial operations in July 1998. Finca Trece Aguas SA signed a 15-year power purchase agreement with Instituto Nacional de Electrificacion (INDE), the Guatemalan national electricity utility company, in 1993. That power purchase agreement was one of the ten that INDE signed with private developers in order to alleviate energy shortages due to insufficient generation capacity.   The BCIE provided financial assistance to the project in 1995: US$ 6.8 million as direct loan and US$ 5.2 million as intermediated loan. The sponsors provided equity of US$ 6.4 million.
Trenes de Buenos Aires (TBA) signed a concession contract to operate the Mitre and Sarmiento lines of the Buenos Aires Metropolitan Railway in 1995, and took over operations on May 29, 1995. To prevent further deterioration of the Buenos Aires metropolitan railway network, the President had created a new state-owned corporation, FEMESA, in March 1990. It was soon prepared for privatization (via lease/concession contracts). FEMESA divided the network into 7 lines: Mitre, Sarmiento, Urquiza, Roca, San Martin, Belgrano North, and Belgrano South. The government called for bids under a 2-stage bidding process. Bids were decided on the basis of lowest subsidy required, and pre-awarded for all 7 lines in January 1993. Each concession contract is for 10 years with optional 10 year extensions.   The TBA consortium set up by members of the Metrovias consortium, comprises: Cometrans (41.65%), Morrison Knudsen Rail Corporation (41.65%), and Burlington Northern Santa Fe (US - 16.7%). The consortium operates a total 350km of track (182km Mitre line and 167km Sarmiento line). TBA paid a canon of US$84 million to the government for the Mitre line, but received a US$177.9 million subsidy for investment in the Sarmiento line. In 1997, TBA invested US$25 million to set up a ticket system, and is undertaking station and track rehabilitation. It signed a US$95 million contract with Siemans in 1995. TBA increased passengers on the Mitre line from 37.8 million in 1994 to 69.8 million in 1996. On the Sarmiento line passenger increased from 59.9 million to 99.3 million over the same period.   In early 1998, TBA negotiated with the government for an extension of its concession for another 20 years together with an expanded investment program.  TBA will receive its final operating subsidy of US$3 million in 2000. The government has waived infrastructure charges in return for increased investment. In March 1999, the government signed a 20-year contract extension with TBA and an up to 100% fare hike in exchange for US$2 billion in additional investments.
Siderurgica Lazaro Cardenas Las Truchas, S.A. de C.V. (SICARTSA) and Ispat Mexicana, S.A. de C.V. (Imexsa) won the 15-year concession to operate the multi-use terminal of the port in 1995. Lease fees are reportedly US$ 1.72 million over the concession period. Though SICARTSA aired considerations to move into intermodal transportation services also for third party users, the facilites are still practically captive.
In August of 1995, Pathum Thani Water Co., Ltd. was awarded a 25-year BOT contract by the Provincial Waterworks Authority (PWA) of Thailand to build a water treatment facility to be located in Rangsit, Bangkok in order to supply drinking water for 800,000 customers with a capacity of 288,000 cubic meters a day.  The project began supplying water in October of 1998.  Thames Water later won a 5-year contract to manage the distribution of the Pathum Thani network and reduce non-revenue water (NRW) in 1999.   Pathum Thani Water was composed of Thames Water of the UK (a subsidiary of RWE) and Ch. Karnchang (a Thailand construction company) each holding a 31% stake in the company, while Berli Jucker (15%), Capital Rice (10%) and state-owned companies PWA (5%) and Krung Thai Bank and Thai Military Bank holding 4% each. In July 2007, Thai Tap Water Supply Public Co acquired 98% stake of Pathum Thain.  The total cost of the project was estimated at 4 billion baht (US$160 million).  Hyder Consulting carried out the tender and detailed design of the civil engineering, structural and geotechnical components of the project.  The new plant was constructed in two phases.  By the end of phase I in 1998, the plant had a capacity of 140,000 cubic meters/day of treated water.  By the end of phase II in 2000, the total capacity of the plant was 288,000 cubic meters/day.  The project was only operating at 50% capacity, however, since most residents in the area prefered water sourced from underground supplies due to its cheaper price.   The project utilized water efficient technology including SCADA system, a telecommunication based computerized water management system for automated water treatment plant and reservoirs, sludge centrifuges, flat-bottomed clarifiers, and recycling of back-washed water.  The project was designed by Thames Water and constructed by CH Karnchang.    In the Pathum Thani contract, about half of the market was commercial and domestic users, while the other half were industries.    After the acquisition, Thai Tap Water planned to expand Pathum Thani’s tap water supply capacity up to about 700,000 m3/day by March 2008.  This expanded capacity will equal as much as one third of the total tap water supplied by Provincial Waterworks Authority of Thailand, which operated throughout the whole of Thailand except in the Bangkok metropolitan area, thereby making Thai Tap Water one of the largest tap water supply companies in South East Asia.
In the 1970s, the 'Production of Water and Utilities' (PViK) department within the state-owned automobile manufacturing company, KAMAZ, began supplying water to KAMAZ's manufacturing facilities, located in the town of Naberezhnye Chelny, Tatarstan region. As the population of Naberezhnye Chelny expanded, PViK began supplying water to residential, commercial and other industrial customers within Naberezhnye Chelny.  On August 23, 1990, KAMAZ was privatized along with its internal water supply unit, PViK.  In February 1995, PViK was incorporated a separate, closed joint-stock company, named ZAO Chelnyvodokanal.  As of end 2009, ZAO Chelnyvodokanal was wholly owned by KAMAZ Inc.
PeterStar operates a digital, fiber optic telecommunication network that is interconnected with incumbent St. Petersburg and Moscow public telephony operators and with various mobile telephone, long distance and domestic and international IP-Service operators. Peterstar was established by St. Petersburg telephone Network Joint Stock company, and Petersburg Long Distance Company (PDL). The main owners of Peterstar were PLD holdings of US, Cyprus-based New Capital, and Telekominvest of Russia by 1999. It invested US$26 million into the project by 1997. By end of 1999, the company invested US$105.5 million in its communications infrastructure and finished its 1,000-km integrated digital fiber-optic network. By 2003 The company’s fiber optic network was about 2,000 km and it serviced around 100,000 telephone lines.  In 2003 Peterstar’s shareholders were Metromedia International Group Inc., (71%) and Telecominvest (29%).  In October 2003 Peterstar acquired  the 100% of Metromedia International stake in Baltic Communications, Ltd. The deal was worth almost US$3.8 million, including US$1 million for BCL shares and a ruble loan for BCL equivalent to US$2.8 million.  On August 1, 2005 Emergent Telecom Ventures S.A. and First National Holding (FNH) completed a transaction on acquiring a 71% stake in ZAO PeterStar from Metromedia International Group, Inc. (MIG). In 2006, OAO Telecominvest owned a 29% stake in the Company, and 71% of its shares were distributed among the European investment funds First National Holding (FNH) and Emergent Telecom Ventures (ETV). ZAO PeterStar owned a 100% stake in the telecommunications company Baltic Communications Ltd. (BCL), 90% stake in OAO Pskov City Telephone Network, 100% stake in OAO Pskovintercom, a 100% stake in OAO ASPOL-Diamant-Murmansk, as well as a 100% stake in a Kaliningrad communication operator ZAO Telecom Western Shipping Company.  First National Holdings (supervising 58% in Telecominvest), the former Peterstar owner acquired a 100% control over the operator in two steps. In March, 2005 Metromedia International Group Inc. (MIG) concluded a treaty with FNH, Emergent Telecom Ventures S.A. and the Cyprus Pisces Investment Ltd., belonging to the first two companies, on JSC Peterstar 71% stake sale for US$ 215m. In November 2006 29% of Peterstar were sold by Telecominvest to FNH for $ 66.7m. Thus, FNH spent $ 281.7m on Peterstar. The same sum has been taken on credit by Synterra group(project 4431), which acquired 100% of  Peterstar in July 2007.
Electricite de France (33%), East Midlands Plc(33%) who was later acquired by E.ON, and the South African national power utility Eskom (33%), have formed the Phambili Nombane joint venture that distributes electricity to the 500,000 residents of the Kayelitisha Township. An estimated 30,000 new power connections have been established.   Phambili Nombane was renamed PN Energy Services (Pty) Ltd, and is a joint venture between Eskom and EDF alone.
This project is part of the federal government road concession program. The concession was granted to CONCER - Companhia de Concessao Rodoviaria Juiz de Fora - Rio. CONCER was controlled  by Odebrecht (33.3%), which has as partners Triunfo (25.8%) and Construcap (14%), among others. The investment of US$ 760 million will be applied as follows: US$ 300 million for construction works and US$ 460 million for maintenance. Financing has been achieved with a US$ 128.7 million loan from the BNDES (Brazilian federal government development bank) and with the sponsor's own resources. The total investment until December 1997 had been US$ 106 million, while the forecasted was US$ 174 million. The estimated average daily traffic is 15,000 vehicles.  As of December 2003, CONCER was controlled by Construtora Triunfo SA, Construcap CCPS Engenharia e Comercio SA, Construtora Metropolitana SA and CCI Concessoes SA.  In May 2015, BNDES provided an additional financing of US$ 125.9 million (BRL 420 million) to the project.
In October 1995, Kelantan Water Sdn Bhd (KWSB) was granted a 25-year concession to operate the water supply for state of Kelantan in Malaysia.  The concession was awarded without competitive bidding. In 1995 approximately 600,000 people lived in the water supply concession area and the total population of the State of Kelantan was 1.2 million.  Kelantan Water Sdn Bhd (KWSB) was the project company owned 30% by the state-owned Yayasan Kelantan Darul Naim (YAKIN) and 70% by Thames Water International of the UK.    The contract required KWSB to invest US$10 million over 5 years. During Phase 1, KWSB was to improve 33 potable water treatment plants and rehabilitation/upgrade of 2,500 kilometers of main piping. In Phase 2, the focus of the concession was to expand water supply to all urban population and replace the ground water source with water from the Kelantan River. Under the terms of the concession, KWSB also had responsibilities for water production, distribution, operations, maintenance, billing, and collection.  Soon after the contract was signed, disputes began between the concessionaire and the State Government, mostly over tariff levels. The responsibility for setting the water tariff rested with the Government. Collected user fees were deposited into an escrow account from which KWSB was to first pay operating costs, secondly debt financing, thirdly return on investment, and finally repayment of older state debt. Tariff levels were raised initially to cost recovery levels, but were quickly rolled back under pressure from public opposition.   By late 1997, KWSB reportedly had made some initial investments required by the agreement and water production had increased 15%.  However, the Asian Financial Crisis, which began in 1997, caused the Malaysian economy to contract by 7% in 1998 and the Ringgit to be devalued by approximately 50%. Raising tariffs became even more difficult for the Government. By 1999 KWSB was over US$25 million in debt. Thames continued to claim that the Government was not willing to raise tariffs to levels necessary to insure profitability.  The Kelantan Government, on the other hand, claimed that KWSB’s extensive debt burden made it “unable to implement any pipe infrastructure works, bringing housing and commercial projects in the State to a standstill.”  There were also reports of a overall deterioration in the quality of service, disruptions in water flow, customers facing low supply pressure, and unhygienic water supply.    In April 1999 Thames Water concluded that the concession agreement was not financially viable in the long term and sold its 70% stake in the company back to the state government for US$15 million in cash. The Kelantan water supply management and services were taken over by the state-owned Air Kelantan Sdn Bhd in April 1999.
In 1995 Sizarail took over the management of the DRC’s national rail network under a 5 year management contract granted by the government of then President Mobuto. The rail network was important to Congo strategically, in particular because copper and cobalt mineral enterprises in the country rely heavily on it for transportation of their production.    Sizarail was woned by South Africa Comazar (51%) with private Congolese companies retaining the remaining shares. Office des Chemins de fer du Sud (13%), Generale des Carrières et des Mines (12%), Banque Commerciale Zairoise (10%), Societe Miniere de Bakwanga (10%), Societe des Chemins de Fer de l'Es (5%), Societe Nationale des Chemins de Fer du Zaire (2%)  After taking over operations, Comazar was reported to have purchased telecommunication systems and spare parts to the value of US$10 million for the operation of the rail network. Under a related arrangement, Spoornet leased locomotives and railcars worth US$50 million to the Congolese rail authorities.    In May 1997, President Mobuto was toppled in a rebellion led by Laurent Kabila. Kabila’s Liberation of Congo-Zaire Movement stormed the headquarters of Sizarail during the rebellion and reportedly seized approximately US$65 million in assets, including the US$50 million in locomotives and railcars owned by Spoornet.  The new government of DRC cancelled the mandate and confiscated all assets in 1997
The power plant has a capacity of 400-MW (2x200-MW) and is connected to the Guangdong Provincial grid. It will primarily supply energy to the Nanhai Municipality. Unit 1 has been operational since 1996 and Unit 2 was expected tol go on-line in late 1997. The plant is owned and operated by a  joint venture company, "Nanhai Power Plant I Co. Ltd.", formed on September 12, 1994 between Cheung Kong Holdings Ltd. (30%) and Nanhai Plant A (70%), a wholly owned subsidiary of the Nanhai municipal government. The joint venture contract will expire in 2012. Financing for the first phase of $130 million closed in two tranches ($40 million and $90 million) in 1995. The joint venture has a registered capital of HK$757 million (roughly US$98 million) and total project cost is estimated at US$228 million. An O&M contract has been signed with Nanhai Plant A, which will expire upon the termination of the joint venture.  In August 2001, Cheung Kong disposed of its stake in the plant for HKD$221m.
Espirito Santo Centrais Eletricas SA (Escelsa) is an integrated electric utility that serves the state of Espirito Santo. The company has a concession area of 41,372 square km and serves a population of 2.6 million located in 67 municipalities. Its main assets were 2,838 km of transmission lines, 30,681 km of distribution lines, and 174 MW of installed capacity. This generating capacity represents 22% of its electricity sales. The remaining electricity (78%) is bought from Electrobras subsidiary Furna and from the joint Brazilian-Paraguayan Itapu hydro facility.   Escelsa was partially privatized in July 1995 when 50% plus one share of the company was sold for $387.33 million to Iven Group, a consortium of Brazilian investment banks (Citibank, Pactual, Icatu and Opportunity) and 10 pension funds through an auction on the Rio de Janeiro Stock Exchange. This sale represented the first privatization transaction in Brazil's electric sector.   In August 1999, Electricidade de Portugal (EdP) bought 49% of Iven Group; the remaining 51% was equally owned by Opportunity and Citibank. In the third quarter of 2001 EdP increased its management control over Escelsa through acquisition of an additional 9% interest in the Iven Group.  Following this acquisition EdP paid $19.2 million in an unusual transaction to gain the "use" of Opportunity's shares in the Iven group for a period of 24 years. As of July 2002, EdP participation in Iven Group had increased to 73.12%, which in turn owned 52% of Escelsa. In October 2002, EdP took control over Escelsa, after a dispute with other shareholders. In December 2003, after finalizing the first stage of a major corporate reestructuring, EdP transfered the control of Escelsa to EdP Brasil, one of the its subsidiaries.  In 2002 the company received a loan of US$ 56.8 million (R$ 166 million) from BNDES (the Brazilian bank for development). This loan was granted by BNDES to compensate the company for the losses incurred during the electricity rationing program implemented by the Brazilian government from Jul. 2001 to Feb. 2002. This program was carried out as a response to the electricity supply crises occurred during 2001.
This plant was a 672MW (6x112-MW), 62.5m high, 2.5km long dam. Total financing for the project was DM2.3bn, comprising DM1.9bn of senior debt, DM300m of equity, and DM100m of start-up revenues. Shareholders were: the public utility Turkiye Elektrik Uretim Iletim A.S. (TEAS) (30%), Gama Endustri Tesisleri Imalat ve Montaj A.S. (18%), Philip Holzmann of Germany (16.9%), GEC-Alsthom (16.7%), Strabag of Austria (8.4%), Verbund Plan of Austria (4.3%), Sulzer Hydro of Germany (3.7%) and TGT (2%). The consortium had a 15 year power purchase agreement (PPA) with TEAS. The financing package was a mixture of $1bn in export credits with a tenor of 15 years and $332m in commercial loans repayable over 7.5 years.
In 1995, China Assets signed a joint-venture agreement with the provincial government to rehabilitate and operate the Dongfu toll road. A total of US$ 26 million was invested in the project. China Assets has not been able to receive the full return on its investment due to delays in payment from the toll road company. As of 2000, China Assets was considering taking legal action.
The project will be constructed in two stages of 47.5 MW each. The second stage was awarded to the same consortium (Oxbow 50%, Marubeni 50%) that won the bidding for the initial stage. Transmission lines were to be installed by Napocor. The sponsors signed a PPA with Philippines National Oil Cp.- Energy Development Corporation (PNOC-EDC).   Financing for the first stage of the project (Mindanao 1) is provided by a $48.7 million non-recourse loan and by a $90 million Eurobond flotation with a 7.25% interest rate and a 5 year maturity period. The project was originally a 50:50 joint venture between Oxbow and Marubeni, but as of Dec. 31, 2008, Marubeni was the 100% sponsor. Equity totaled $15.5 million and the total project cost was $67 million. The $48.7 million debt portion of the financing was raised by a Philippine Bank syndicate. Citibank Manila was the lead arranger in the first instance of a greenfield Philippine power project financed entirely by local banks.   The first stage of the project (Mindanao 1) entered service on March 4, 1997. The second stage of the project, Mindanao 2, reached financial closure in April 1997, and entered service on June 17, 1999. It was also a 48 MW plant and was built by the same consortium under a 10-year BOT contract.   In October 2006, EDC and Mindanao 1 Geothermal Partnership (M1GP), a consortium between Oxbow Power Corp. and Marubeni Corp. agreed to extend Mindanao 1 power plant's BOT contract period to coincide with Mindanao 2 power plant's turnover.   In June 2009, Energy Development Corp. (EDC) earned full ownership and operation of Mindanao 1 and Mindanao 2 geothermal power plants from a Marubeni following the completion of an Energy Conversion Agreement. EDC, formerly known as the Philippine National Oil Company-Energy Development Corporation (PNOC-EDC) was fully privatized in 2008.
Bharti Mobinet, formerly called Skycell Communications Ltd., has a 20-year cellular service license for the telecom circle of Chennai (formerly known as Madras) which was valid from November 30, 1994.  The company was originally owned by Crompton Greaves (40.5%), Bell South International of the US (24.5%),  Millicom International Cellular  of  Luxembourg (24.5%) and DSS Enterprises  of  Delhi (10.5%) in 1998.  As of December 2001, the company was owned by Bharti Televentures (95.33%) and the remainder by DSS Enterprises of Delhi.  In 2003, Bharti Mobinet Limited merged with Bharti Cellular Limited, subsidiary of Bharti Tele-Ventures Limited.  The government of India divided the country into 24 telecom circles to award cellular licenses in two phases.  Phase I entailed the issuance of two licenses in each circle for the cities of Mumbai (formerly Bombay), Delhi, Calcutta and Chennai (formerly Madras).  Phase I tenders were issued in 1992.  Phase II entailed the issuance of two licenses for each of the remaining 20 circles.  Phase II tenders were issued in 1994.  For each circle, the state-owned operator Bharat Sanchar Nigam Limited retained the right to enter as the third operator in all areas of India except Delhi and Mumbai.  Tender evaluations were reviewed and companies were selected based on two criteria: technical and financial.  Of the qualified bids, licenses were awarded to the highest bidders.    The company committed to pay an annual fee of US$1.9 million for the first three years and $140 per subscriber per year thereafter.  However, like many other companies, Skycell faced difficulties in paying its license fees.  To reduce the financial burden placed on the telecom operators, a new revenue sharing license fee structure was introduced with the New Telecom Policy in July 1999.  This payment structure enabled all telecom license operators in 1999 to switch to a new 15% revenue sharing policy, provided they complete their payment on accumulating dues by January 31, 2000 and that both operators in the circle agree to switch over to the new system.    SkyCell Communications launched its services in September 1995.  The company offered it post-paid and pre-paid cellular services under the AirTel and Magic brand names, respectively.
Laem Chabang Container Terminal 1 Co. Ltd won the 27 year contract to lease the container terminal at Laem Chabang Terminal B1 in Bangkok. The contract was awarded by the Port Authority of Thailand in November of 1995. The B1 terminal occupies an area of 500 square meters, has one berth 300 meters length and 1400 depth, and has a capacity designed to accommodate up to 50,000 DWT container vessels 0.5 million TEUs per year.
Advance Agro Public Co. Ltd. has developed a 56.7-MW waste-to energy power plant at Si Maha Phot, Pra Chin Buri. Financing was obtained, in part, through a sale of Advance Agro Public Co. Ltd. shares on the Bankgok stock exchange in January 1995. The plant, currently in operation, uses rice husks and wood chips as fuel and sells 16.865-MW of power to the Electricity Generating Authority of Thailand (EGAT) under the Small Power Producers (SPP) Program. The PPA was signed on January 31, 1995 and has been selling power to EGAT as of December 10, 1995. EGAT signed a "non-firm" contract with the project company. Estimated cost of the project is US$57 million.
AKOS received its license to operate an AMPS/DMPS service in the Vladivostok region in February 1993. AKOS was the first company in Primorsky Kray (with a population of 2.1 million people) to receive a license for cellular communications. The company operated under the Indigo brand name. By the end of 2004 AKOS had some 70,000 subscribers.  AKOS was created in 1994 as a joint stock company by Gor Stroi, GosStrakh Primorye and RTDC (a company then 66.5%–owned by US West and subsequently MediaOne). The company started its service on March 1995, with Motorola, Nokia and Hughes as equipment suppliers. International and long-distance calls were provided via Nakhodka Telecom. The reception zone covered Vladivostok, Artem, the airport and Nakhodka. The company competed with Prim Telecom, which run a NMT 450 system by 1997, and with the New Telecom Company.   In February 2002 AKOS received a license for GSM-1800 standard services. By 2003 the GSM-1800 equipment had been installed. AKOS planned to build 60 base stations to cover almost all the territory of Primorsky Kray. A leading Chinese telecommunications company, Huawei Technologies Co., won the tender held by MCT Corp. for supplying the GSM-1800 standard equipment to Akos. By the end of 2004 65,000 AKOS subscribers were using the GSM-1800 standard.  In December 2004 AKOS became part of JSC Dalsvyaz (Far East Telecommunications Company), who bought JSC Integrator.ru, owner of 92.26% of AKOS shares.
Bharti Mobile, originally known as JT Mobile, operates in Andhra Pradesh, Karnataka and Punjab. It operated under the brand names Airtel (post-paid) and Magic (pre-paid). JT Mobile was originally owned by Jasmine of Thailand (13%), Telia AB (26%), the state-owned Telephone Organization of Thailand (10%), United Telecom Limited (31%) and the Sanmar Group (20%). In 1999 the Bharti Group acquired 74% of the company and Telia retained its 26%. Following this acquisition, the company's name was changed from JT Mobile to Bharti Mobile to reflect the new ownership structure.  In 2003, Telia sold its 26% stake to Bharti Cellular, making Bharti Mobile a 100% subsidiary of Bharti Cellular, which in turn is a wholly-owned subsidiary of Bharti Tele-Ventures Limited, the holding company for the Bharti group's cellular mobile ventures.    The Andhra Pradesh license was valid for 20 years (original period was for 10 then 15 years) from December 22, 1995. The company launched its services in Andhra Pradesh in January 1997. The Karnataka license is valid for 20 years (original period was for 10 then 15 years) beginning February 15, 1996. The company launched its services in Karnataka in November 1996.    The company was obliged to pay US$254.8 million and US$369 million for its licenses in Andhra Pradesh and Karnataka licenses, respectively, over a 10 year period. Bharti Mobile's commitment up to July 1999 was US$285.7 million for its license fee obligations prior to switching to the government’s new revenue sharing system.  The Punjab license was valid for 20 years from December 26, 1999. Bharti acquired this from Evergrowth Telecom. Evergrowth Telecom was initially awarded a 10 year license to operate cellular services in April 1996.    The cellular project in Punjab commenced commercial operation in August 1997 and had a subscriber base of 5,000 by end of 1998.  Prior to this, the license was terminated on a few occasions.  When Evergrowth was awarded the license in 1996, it committed to pay US$353.6 million in licenses fees over a 10 year period but experienced difficulties meeting the requirements.  The company experienced serious financial difficulties in 1998 due to the low subscription base and unpaid-license fee dispute.  In 1998, the license was reinstated after these conditions were met, but there remained disputes over license fees due to DoT in from the period of April 1996 to March 1998 on the order of roughly US$100 million.    Prior to migration to a new revenue sharing arrangement in 1999, the company was obliged to pay US$108.59 million in license fee payments.  Despite this, the company invested US$33.5 million to expand the network in Punjab in July 2000.  In April 2001, the DoT began arbitration hearings against the company over the license fees.  In September of 2001, the company's license to offer basic telecom services in Punjab was restored once again. Entry fee was US$144 million and cost of the license itself was US$102.3 million.
GVK Reddy Group and Houston Industries Energy (HIE) are the primary developers of this $94 million, 49-MW, cogeneration plant.  The plant will be fueled by recovered gases from calcinated petroleum coke, a processed aluminum smelting by-product. At full production, the plant is projected to sell 44-MW of its output to nearby industrial companies under a wheeling agreement with the Andhra Pradesh State Electricty Board.  It will also export 11-MW, primarily to Persian Gulf aluminum producers and use 5-MW internally. The wheeling agreement gives APSEB the right to choose and change customers. Two cement companies have committed to purchase 13-MW. The APSEB is obligated to purchase any electricity that the project can sell. The project will be owned by the developer in perpetuity.  The International Finance Corporation (IFC) has $5.4 million stake in the project. The IFC approved this equity position in its 1995 fiscal year.  At the same time, it approved an $18.3 million direct loan and an US$ 1 million standby loan. In 1998, the IFC approved an additional US$ 0.84 million in equity investment. Applied Industrial Materials Corp. (AIMCOR), a supplier of coke products, has a 5% stake and the remaining 35% of equity finance will be raised through an Initial Public Offering. Financial closure was reached on June 13, 1995.
Megacom was awarded a 10-year national license to operate a nationwide AMPS (800 MHz) network in 1994. The license did not grant exclusive rights over the provision of mobile phone services, but the company obtained the only two bands of 800 MHz for mobile phone services. The government did not require any license fee.   Megacom was created as a subsidiary of Schoma International (100%). The company launched its network in Tbilisi in November 1995.  The company invested around US$10 million in 1995 to have an installed capacity of 50,000 lines. Megacom had two competitors (Geocell with its GSM 900 network and Magticom with its GSM 900 network) by 1997.  By the beginning of 2001 MegaCom's coverage area has included Tbilisi, Mtskheta, Gardabani, Rustavi, Kojori, Dusheti, Gori, Tskhinvali, Khashuri, Zestaponi, Kutaisi, Senaki, Samtredia, Batumi, Kobuketi, Ureki and the surrounding areas of these cities. In 2002, it had 18,000 subscribers, which represented about 5% of Georgia's market.  However, in 2003 the company had come into financial difficulty over owed tax payments to the government.   Megacom's license expired in 2003, and the company was supposed to pay several thousand lari in order to extend the license. It failed to do so despite repeated warnings by Georgia's National Communications Commission (GNCC) and the license was annulled. Subsequently, some of the 800 MHz frequencies to which Megacom previously held the license were sold to the country's biggest cellular operator, Magticom for US$14.4 million (27 million lari). In 2005, some of the remaining frequencies were given back to Megacom (who had to pay US$139.5 thousand), whose license was reinstated based on a ruling by the Tbilisi district court. Georgian Minister for Economic and Structural Reform said the court order was unlawful and said he would ask the Prosecutor General to bring charges against the members of the GNCC. In the meantime, Megacom is free to use its reinstituted spectrum and may choose a new technology instead of the dated TDMA/AMPS as, according to Georgian Law on Communications, a company is free to choose any technology to operate in its licensed spectrum.  In 2005 Megacom had a change of owners. The agreement on the sale of 100% of Megacom to Russian-Georgian joint venture GMC Group was signed in December 2004 and the deal was finalized in January 2005.
In August 1995 the provincial government of Santa Fe awarded a 30-year concession for its water and sewerage systems to the Aguas Provinciales de Santa Fe (APSF) consortium. APSF supplied water to some 1.8 million residents and collected sewage from 1.25 million people living in 15 districts of the Sata Fe province. Most of the customers lived in the cities of Rosario and Santa Fe. The consortium committed to invest about $1 billion over the lifetime of the contract to achieve specific service goals. Half of the investment was supposed to come in the first 10 years of the concession.  The APSF consortium was led by Suez Lyonnaise des Eaux (later renamed SUEZ), which held a 34% stake in the company. APSF won the concession contract following a competitive tender judged by a lowest tariff per cubic meter criterion. In 1995 the remaining APSF shares were divided as follows: Aguas de Barcelona (18.2%) and 3 Argentinian companies, Meller S.A. (10.7%), Banco de Galicia y Buenos Aires (13.3%), and Sociedad Comercial del Plata (21.3%). The ownership of APSF at year-end 2002 had changed to: SUEZ (51.7%), Interagua (14.9%), Banco de Galicia y Buenos Aires (12.5%), Agbar (10.9%) and ASPF workers (10%). In February 2006, a new state-owned company Aguas Santafesinas (ASSA) took over water and sewerage services in 15 cities in the south of Argentine province Santa Fe, replacing the concessionaire Aguas Provinciales de Santa Fe. Aguas Santafesinas was owned by the provincial government (51%), the 15 municipalities were expected to hold 39%, with the employees controlling 10%.   In 1997 APSF reached financial closure on a $300 million investment, with $85 million in debt arranged by Dresdner Bank and Credit Lyonnaise. Banco Interamericano de Desarrollo granted Aguas Provinciales de Santa Fe a $85 million credit with $70 million scheduled for investment in 1997. A World Bank loan financed the privatization process and provided $29.4m for immediate, urgent investments before the consortium took over. In Jun. 2000, the IFC approved a US$ 55 million financing package for the company: US$ 20 million in direct loan, US$ 5 million in equity investment and US$ 30 million in syndication.   APSF was hurt by the Argentinian currency devaluation of 2002, when the Peso fell to about one third of its previous value. The local government refused to allow tariff increases to compensate for the Peso devaluation, making it impossible for APSF to meet its financial commitments.   In 2003, Aguas Provinciales de Santa Fe and Suez filed a claim against the Argentinean government with an international arbitration tribunal (International Centre for Settlement of Investment Disputes - ICSID). They claim compensation for some $310 million invested in Argentina. On January 31 2006, the governor of Santa Fe signed a decree to rescind the concession contract of Aguas Provinciales de Santa Fe.
Manzanillo container terminal was transferred to the private sector in July 1995. Operadora Portuaria de Manazanillo S.A. de C.V. (TMM (80%), SSA (20%)) won the concession by bidding US$33.5 million; while the second bid, made by a group of foreign lines including APL and Nedlloyd, bid only US$8.7 million. The winining consortium paid an additional US$15 million for port equipment, including two container cranes, and contract signing fees. A further US$21 million was allocated to the port to double throughput within a year and to eventually raise handling capacity to 250,000 teu per year.   After taking over operation, the consortium immediately raised the handling fees to the government imposed 3-year ceiling of US$ 160/container. The consortium have become the exclusive users of the terminal with other carriers preferring multi purpose berths in the port that have been leased for 15 years in 1995 to Operadora de la Cuenca del Pacífico, S.A. de C.V., subsidiary of Consorcio Integral de Comercio Exterior, S.A. de C.V.  In May 2002, the joint venture operator received approval from the government for the expansion of 500 meters of waterfront and 24 acres of yard. It was expected that the expanded yard and berth positions would increase handling capacity to 500,000 TEUs per year. The ownership of TMM Ports and Terminals Operations at 2002 year-end was 51% Grupo TMM and 49% SSA Mexico.   By 2003, the company was ultimately wholly-owned by Carrix, Inc., a US-based port and terminal operator. In May 2003, Carrix, through its Mexican subsidiary, SSA Mexico Holdings, acquired 51% of the outstanding shares of TMM PyT. Combined with the remaining 49% of TMM PyT already owned by Carrix through its subsidiary, TMM PyT became a 100% owned subsidiary of Carrix.  Carrix, in turn, was formerly known as FRS Service Companies, Inc., and was the parent company of SSA Marine, formerly known as Stevedoring Services of America.  In late January 2004, IFC agreed to provide a US$45 million medium term facility that included commercial bank co-financing under a Citibank syndicated loan. The financing was to support the acquisition of the 51% stake in TMM PyT by Carrix.
The system included 18-MW of generating capacity as well as distribution lines for a concession area that, in 1993, had approximately 100,000 customers in a total population of 672,000. In that year, the system sold 270 million Kwh, which generated revenues for $27 million. The provincial government of Santiago del Estero sold a 90% equity stake for $15 million to Houston Industries Inc. (USA) in January 1995. Houston Industries is a wholly-owned subsidiary of US-based CenterPoint Energy.   In 2003, Houston (by way of CenterPoint) disposed of its 90% stake in Edese by selling its shares to a group of local investors. The price of the transaction was not disclosed but the local investors did assume the utility's debt.
Votek Mobile, a D-AMPS standard cellular operator in Voronezh, received its license to operate an AMPS cellular network in Voronezh region in January 1995. The company was created as a joint venture between Russian industrial conglomerate Start of Voronezh (49%) and Vostok Mobile (51%), a unit of Global TeleSystems Group Inc. Votek Mobile started its commercial operations in June 1995 and had 2,450 subcribers by end 1997. In January 2001 Vostok Mobile B.V  was acquired by MCT Corp. Votek mobile started providing it’s services under the brand name Indigo since May 2001 when it was introduced by MCT Corp. Votek Mobile received a GSM-1800 license in September 2001. Votek Mobile signed a contract with Huawei Technologies Investment Co in March 2002 for the supply of US$5 million worth of GSM-1800 equipment to Voronezh.   In December 2004 Tele2 AB acquired Votec Mobile and launched a GSM network in the Voronezh region. The company was integrated in the Tele2 brand.
Societe Guineenne d'Electricite (SOGEL) is a consortium comprised of Hydro-Quebec International (33%), Electricite de France (EdF) (16.65%), SAUR International (16.65%), and the Government of Guinea through its holding company Energie Electrique de Guinee (Enelgui - 33.4%). SOGEL signed a 10-year concession contract with the government of Guinea to administer and rehabilitate power generation, transmission, and distribution services. The contract was signed on March, 31 1994 and was made effective on March 31, 1995. SOGEL has an estimated total power generation capacity of 180-MW. Investment included the development of a 5-MW plant at Tombo, the rehabilitation of transmission lines between Conarky and Kindia, and the rehabilitation of distribution connections in Conarky. The International Development Association (IDA), Caisse Francaise de Developpement (CFD), KFW, and ACDI are providing $150 million in concessional support of this project, and for technical assistance for Enelgui (the IBRD/IDA approved an US$50 million credit in 1992).
The Hydrotech Lanka Dickoya project consists of up to six mini-hydro power plants developed on a BOO basis.  It is being undertaken by Jaigxi Machina Corp. (China) and the local-firm, Vidya Silpal.  Commissioned in April 1996, this project represents the first operational private power project in Sri Lanka.   Financial closure was reached in 1995.  No information was available regarding estimated project costs.  As of March 31, 2008, DFCC bank held between a 20% and 50% holding in the project company, Hydrotech Lanka Dickoya Pvt. Ltd.
Mahanagar Gas Limited (MGL) was established in 1995 to construct a piped gas distribution system in Mumbai, India's commercial capital. MGL was a joint venture between UK based BG Group and GAIL (India) Limited, each holding 49.75% equity. The remaining equity (0.5%) was held by the Government of Maharashtra.   As of December 2007, MGL’s piped natural gas network (1863 km) supplied gas to more than 341,703 connections in Mumbai - 341,000 households, 658 commercial and 45 industrial customers. Additionally, MGL's Compressed Natural Gas (CNG) powered 53,500 taxis, 128,177 auto rickshaws and 410 BEST buses and 246 Private Buses and 44 Mini Buses across the city through it's network of 128 CNG stations, thus contributing to more than 750 tonnes reduction of pollutants every day.   BG Group made an initial equity investment of US$ 15 million. British Gas invested US$ 9.0 million in the project as of July 1997.
Kaliningrad Mobile Network (KMN) operates a NMT 450 cellular system that started its commercial operations in April 1995. KMN was jointly established by Balticom and Rostelecom. These companies and the Electrosvyaz (the former Kaliningrad public telephone company, and later North-West telecom) held equal stakes in KMN. In 1999 Rostelecom sold its stake to Balticom Mobile increasing it’s holding to 65.5%.  The network is comprised of 6 base stations with a capacity of 10 thousand subscribers. Ericsson supplied the equipment. In addition, KMN bought three base stations installed in the city by Telecom Finland. Baltikom was responsible for the financing of the project.  End of 2003 Balticum stake was sold to RTDC holding, one of the co-owners of Sky Link.  In June 2004, North-West Telecom (NWT) sold 33.5% of Kaliningrad Mobile Networks to MS Direct, a Sky Link member.
The Société Concessionnaire de l’Aéroport (SCA ) consortium was awarded a 25-year concession contract to expand and modernize the airport at Phnom Penh. The contract included the upgrading of existing infrastructure, the construction of a new runway (3,600 meters long and 45 meters wide) and a new passenger terminal (16,000 square meters) with the capacity to handle around 3 million passengers per year by 2005. In 2006, the contract was extended by 20 years until 2040.   The new terminal officially opened June 6, 2003. Financial closure was achieved as follows: a syndicated loan of US$38 million from Malayan Banking Bhd, a French government grant, capital injection and advances by the shareholders and from the project cash flow.   SCA was 70% controlled by Vinci Group (Vinci) from France and 30% by a local holding company, Muhibbah Masteron (Cambodia) Company Limited (MMC). MMC was 70% owned by Muhibbah Engineering Berhad (ME) and 30% owned by two local Cambodian businessmen, Mr Okhna Kong Triv and Mr Okhna Hann Khieng.  Vinci was one the largest companies in the world providing concession management, construction and related services. It was created in 2000 through the merger of Société Générale d’Entreprises and Groupe GTM, the construction subsidiaries of Veolia Environnement (formerly called Vivendi Environnement) and Suez, respectively, followed by a gradual spin-off of the new entity (Vinci). Vinci was then an independent company trading on the Paris stock exchange with its staff being the largest shareholder with a 9% interest followed by Veolia Environnement with a 2% interest.  Some parts of the operation of the two airports (SCA also managed Siam Reap airport) were subcontracted to Cambodia Airport Management Services Limited (CAMS), a joint venture between Aéroport de Paris, the French government owned company (60%) and Malaysian Airport Berhad (40%).    In January of 2004, the IFC agreed to lend US$10 million to SCA for the continuing operations of the two main Cambodian airports. Proparco, a French bilateral, provided a parallel loan of US$10 million along with IFC.  The loans were part of SCA's 2003-2007 capital expenditure program which included a US$23.2 million upgrade to the facilities of Pochentong Airport, including runway lengthening and widening, construction of a parallel taxiway, expansion of apron and warehouse facilities and modernization of the airport operating equipment.   Pochentong International Airport handled 948,614 passengers and 18,082 aircraft movements in 2002. International passengers represented 76% of the activity, with the remaining 24% domestic passengers which were mainly tourists transferring to Siem Reap.
Suerkata Srl operates a 2.7 MW power plant in Vara Blanca, Heredia. The company received this contract in June 1994 and launched operations in December 1995.  In April 2010, the concession contract was extended for an additional 20-year period.
On 19 September 1995, Grand Saga Sdn Bhd signed a 30 year BOT contract with the government of Malaysia for the rehabilitation and operation of a 11.75km toll highway between Kuala Lumpur and Kajang. The highway is being rehabilited and toll booths constructed and the road is expected to open in 1999. This road is part of the development of the Cheras-Kajang corridor. Upgrading the highway will cost RM329 million (US$ 129 million). Grand Saga is funding the project through RM50 million in equity, RM 50 million as a soft loan from the government, RM 210 million from commercial loans, and RM11 million from other internal funds.
Tanjung Priok is the country's main port for international trade. This port handles 65% of imports and 45% of exports in volume to and from Indonesia. In the past 5 years the flows of containerized goods in Tanjung Priok have grown 20% annually. Since the operation of the conventional container terminal owned by Pelindo II in 1978, loading and unloading of containerized goods have continued to increase via Tanjung Priok.   Terminal construction began in mid-1995. After a trial run for several months the Koja container terminal (TPK) in Jakarta was commissioned by President Suharto in March 1998. The terminal, located near the Tanjung Priok port is the first modem container terminal in the country. The terminal has been built by PT Humpuss Terminal Petikemas, under the Operation Cooperation (KSO) scheme with PT Pelabuhan Indonesia II (Pelindo II) as the port authority.   The terminal includes a 450 meter long quay with a 14 meters LWS deep port basin, container open storage facility over a 15 hectare lot of land and 5 units of crane and 20 units of transtainer. The first phase of the Koja terminal, which has a 600,000 TEUs capacity, was estimated to cost about US$ 111.4 million. PT Humpuss Terminal Petikemas (HTP), a subsidiary of Humpuss Group, delayed construction of the second phase of Koja Container Terminal (TPK). It was scheduled to begin in 1998 and completed in 1999. However, the persistent economic crisis has trimmed down the export-import volume so that the occupancy ratio of Koja Container Terminal I is only 40%.   In July 2000, Hutchison Port Holdings (HPH) bought out PT HTP's 48% share in Koja Container Terminal. As of Dec. 31, 2008, HPH - a joint venture of Hutchison Whampoa Ltd (HWL) (80%) and PSA Corp. (20%) since 2006 - had a 45% equity interest in Koja Container Terminal, equating to a 36% share for HWL and a 9% share for PSA Corp. The remainder of the equity (55%) was owned by Pelindo II.
Gul Ahmed Energy Ltd (GAEL) developed a 125-MW, $138.0 million, power plant. GAEL was a consortium comprising of the Gul Ahmed Group (39.7%), local investors (29.5%), Tomen Corp (19.8%), International Finance Corp. (10%), and Wartsila Diesel (1%). In April 2006, Tomen Corp and Toyota Tsusho Corp merged, with the resulting company named Toyota Tsusho Corp.   The plant was to be powered by nine medium speed diesel engines operating on heavy fuel oil and will be located at the Korangyi Industrial Estates in Karachi. Tomen and Wartsila are the project contractors and Wartsila is the equipment supplier. Wartsila Pakistan will operate the plant for ten years.   Financial closure took place on June 8, 1995. The project is being financed with a 70:30 debt/equity ratio. In addition to $3 million in equity in 1996, the IFC is providing a $27 million direct (A) loan and a $35 million syndicated (B) loan.   The project will have a 22-year power purchase agreement with Karachi Electric Supply Corp. (KESC). A 22-year fuel supply agreement with the Pakistan State Oil Company (PSOC) was also reached. The Government of Pakistan will guarantee payment obligations of KESC and PSOC and ensure currency convertibility.
Central Termoelectrica Buenos Aires (CBA) was created in June 1994 to build and operate a system of combined cycle power plants. The first project of the company was a 220-MW combined cycle power plant which was located inside the area of Central Costanera and operated as the fifth unit of Central Costanera. The investment required by this power plant was $120-million.   In 2001, Central Costanera (CCSA) merged with CBA by purchasing a 51% stake in the company.
A single bid of $2.7 million was submitted for the container terminal at Altamira from Mexican company Rehabilitacion de Maquinaria S.A. (Remaconst). Mexgal Group has a 50% interest in Altamira Terminal Portuaria (ATP). ATP has invested US$ 19 million in a second container crane and additional toploaders, and in building a new warehouse and offices by 1998.  Remaconst announced in June 8, 1998 that it will invest US$ 92 million in the construction of a new international cargo transfer terminal at Altamira and has ended its two year partnership with Grupo Mexgal and its concession to use the all-purpose terminal at Altamira.
The Tolmachevo Airport started operations in 1959, and, the Joint-Stock Company Tolmachevo Airport was created as part of the Russian government privatization program in 1995. Through a voucher program, private individuals acquired 49% stake in the company. The airport was a cargo and passenger hub for West Siberia. The airport was also a relay point for cargo delivered to/from the Asian Republics of the CIS, Mongolia and China. In Feb. 1998, the EBRD approved a US$ 10 million guaranteed-loan to the airport. This funding financed a US$ 16 million investment project undertaken by the company.  On March 3 2011, the state property management agency sold the remaining 51% of shares, owned by the Federal government, through an auction for 2.8 billion rubles (US$ 9.7 million) to AeroService, affiliated with logistics firm Novoport, which made the highest economic offer.
The project consisted in a 185-MW residual oil and gas power plant. The power plant is mounted on two 300 foot-long ocean-going barges. The project is a joint venture between Enron Development Corp. and Smith Cogeneration International. The total cost of the project is estimated at $205 million. The developers have a power purchase agreement with Corporacion Dominicana de Electricidad (CDE), the state-owned utility. Under the agreement CDE pays $6.5 cents/kWh to the joint venture. The power plant started commercial operation in 1995.   The plant suspended operation during the first-quarter 1996 because CDE could not pay for the electricity and owed the joint venture $4.5 million. After a contract renegotiation allowing the utility to make flexible payments, operations were restarted in second-quarter 1996.   In 2003, Prisma Energy International Inc. was created as a holding company to, through its subsidiary Prisma Energy International Services LLC, provide management and operational support for the remaining major international assets owned by the bankrupt Enron, including Puerto Plata.  The company was created after Enron's board and creditors decided the Enron estate would raise more revenues from ongoing operations than through individual asset sales.  Once the Enron bankruptcy is concluded, Prisma was to be owned by Enron's creditors. They were likely to sell their positions as soon as market conditions allow. As of 2005, Enron still had a stake of 85% through Prisma.  By mid 2003, the Dominican Republic was facing a power shortage. Distributors were not making power purchase payments because of the depreciation of the Dominican peso against the US dollar and the high price of oil.  Smith-Enron claimed that government distributors owed them significant amounts of money.  By end 2003, power production at Puerto Plata had ceased completely and the company was threatening to take their plants out of operation unless the government cleared its debt with them.    San Felipe appealed the ruling to the Dominican Republic Supreme Court and the Supreme Court issued its final ruling upholding the appeal court ruling. The Company had accrued $11 million for this claim. In April 2009, San Felipe reached a settlement with the plaintiff for an amount not materially in excess of this accrual and the settlement was paid in May 2009.
Aircel Digilink India Limited (ADIL) was awarded a 10 year cellular service license in March 1995 for three telecom circles: Haryana, Rajasthan, and Uttar Pradesh (East). The company's ownership structure was Swiss Telecom PTT (30%), Essar Group (51%), Cellular Communications International (10%) by end 1998.    The government of India divided the country into 24 telecom circles to award cellular licenses in two phases.  Phase I entailed the issuance of two licenses in each circle for the cities of Mumbai (formerly Bombay), Delhi, Calcutta and Chennai (formerly Madras).  Phase I tenders were issued in 1992.  Phase II entailed the issuance of two licenses for each of the remaining 20 circles.  Phase II tenders were issued in 1994.  For each circle, the state-owned operator Bharat Sanchar Nigam Limited retained the right to enter as the third operator in all areas of India except Delhi and Mumbai.  Tender evaluations were reviewed and companies were selected based on two criteria: technical and financial.  Of the qualified bids, licenses were awarded to the highest bidders.    ADIL had to pay over US$237.4 million in license fees over a period of 10 years for all three circles.  The license was later extended to a 15 year term.  However, like many other companies, Aircel Digilink faced difficulties in paying its license fees.  To reduce the financial burden placed on the telecom operators, a new revenue sharing license fee structure was introduced with the New Telecom Policy in July 1999.  This payment structure enabled all telecom license operators to switch to a new 15% revenue sharing policy, provided they complete their payment on accumulating dues by January 31, 2000 and that both operators in the circle agree to switch over to the new system.  Prior to shifting to the new system, the company owed US$58.27 million (in 1995 dollars) in license fee obligations.    The company launched its services in Haryana in March 1997, in Rajasthan in May 1997, and in Uttar Pradesh (East) in April 1997.  ADIL provides cellular services under the brand name "Essar" also known as Essar Cellphone.  Siemens, Nokia, and Motorola are the equipment suppliers.    In November of 2003, Aircel Digilink completed a merger with Hutchison Essar.  With this merger, the three circles of Aircel Digilink became part of the Hutchison Essar group.  The Hutch brand was to be extended to these circles.  The move was the first step towards the consolidation of the entire Hutch group of companies.
The project had two phases. In the first one, a group of eight small power plants that had total installed capacity of 212 MW were built by a consortium of Union Energy, Saha Union Investments, and local Chinese investors. The power plants started their commercial operation in 1996. The project total cost was estimated in $153.38 million. The facilities are coal and cogeneration power plants. The electricity is sold to local grids and industry, while the steam to industrials. In the second phase, two coal fired power plant were built at an estimated total cost of $126.6 million. The new power plants expand the capacity by 175MW in 1997 when they started their commercial operations.
Formed in July 1994, Qasim International Container Terminal Pakistan Limited (QICT) signed the Implementation Agreement with the Port Qasim Authority (PQA), the Manager of the Port, on July 25, 1995. After many delays, QICT finally received its first vessel, a Maersk feeder vessel Sea Pearl on August 10 1997. A month later the Europe-Pakistan-India Corsortium (EPIC), comprising 14 shipping companies including a number of major container liners shifted their business from Port of Karachi to QICT, some of them fully.   The conversion of the three multipurpose berths 5,6 and 7 at the marginal wharf allows berthing of three vessels at QICT simultaneously. The terminal, comprising three berths each of 200 meters (total 600 meters) in length and 400 meters in width is constructed on a total area of 240,000 square meters.   Originally, the three major shareholders of QICT were P&O Ports (49%), Commonwealth Development Corporation UK (30%), Mackinnons Pakistan, and Pakistan-Kuwait Investment Company (Pvt) Limited, a joint venture enterprise of the two governments (21%). Subsequently, P&O Ports bought out the share of CDC and Pakistan- Kuwait Investment Company. In March 2006, UAE’s DP World took over QICT after it acquired P&O Ports. As of January 2007, DP World was the majority shareholder of QICT with 55% equity and the balance was held by A.P. Moller-Maersk Group (20%) and International Terminal Holdings Limited (25%), an offshore company owned and operated by Mr. Habibullah Khan. In April 2008, DP World increased its share in QICT to 75% by buying out the 20% share attributable to A.P. Moller-Maersk.  According to the lease agreement, QICT will pay a flat rent of Rs 48 million (US$1.2 million) per annum (in order to calculate the real value of the concession fee, a discount rate of 12.1% aa was used; this rate is the money market  rate of the year of financial closure provided by the International Financial Statistics). In addition, the company will pay a wharfage of Rs 400 (approx. US$10) per TEU and a 5 per cent royalty of the load on/load off revenue on cargo exceeding 150,000 TEUs to Port Qasim per annum.  As of December 2008, the cargo handling capacity of QICT stood at 850,000 TEUs per annum. QICT was to set load on/load off, storage and handling charges at the terminal. Recruitment of 12% of the QICT labour from PQA subject to suitability.
The first project consisted of a 123-MW gas fired power plant. The project, requiring a $58 million investment, started its commercial operation in 1995. The company signed a 20-year power purchase agreement with Energia Rio Negro Sociedad del Estado, the electric distribution company of  Rio Negro Province in 1995. Under the contract, excess energy can also be sold on the sport market. General Roca power plant, owned by Turbine Power Co SA (25%) and two other firm-related private investors, was expected to take a 25% equity stake in the project.
Murmansk Mobile Network (MMS), a Russian mobile operator, was founded in 1995 as a joint venture between Murmansk Electrosvyaz and the Vostok Mobile, a unit of Global TeleSystems Group Inc.  The company received its license to operate cellular services in the digital D-AMPS (TDMA) standard in July 1995 and started its commercial operations in October 1995. It has an installed capacity for 1600 subscribers. In January 2001 Vostok Mobile B.V  was acquired by MCT Corp. It provides services under the brand name INDIGO which was introduced in May 2001 by MCT Corp. and unites 13 operators in Russia and CIS.  MMS received a GSM-1800 license in October 2001 and started building GSM 1800 network in September 2002. In November 2003 MMS completed the first phase of a GSM-1800 standard network with 18 base stations and a switchboard from the Chinese company Huawei Technologies and a capacity for 400,000 subscribers, equipment  estimated at over US$1.5 million. Total estimated investments in the project were US$3 million. The GSM network now provides full coverage to the cities of Murmansk and Kola, the town of Murmashi and the airport.  In June 2006 Tele2 purchased 100% of Vostok Mobile Northwest BV from MCT Corp. This deal gave Tele2 control over ZAO Arkhangelsk Mobile Networks, ZAO Novgorod Telecommunications, ZAO Murmansk Mobile Network and Parma Mobile (Komi Republic).
PALTEL was founded in 1995, after the Palestinian Authority was granted the right to build an independent telecommunications network to serve the Palestinians in the West bank and Gaza Strip. Palestine Development and Investment Company (PADICO), PALTEL's parent was created shortly after the 1993 Oslo peace accords between the Palestinian Authority (PA) and Israel. PALTEL was created with 66 institutional investors forming the core of the company. The investors agreed to own 75% of the company and offer the remaining 25% to the public by a local IPO. That IPO was four times oversubscribed, raising about US$65 million. By 1998, PALTEL was a publicly traded company on the Palestinian stock exchange owned by over 6,000 individual shareholders. The small core group of the institutional investors were overseeing both the strategic issues and daily management issues. The most visible of these were the largest PALTEL investor, PADICO (19.44%) and the Palestine Commercial Services Company (PCSC) (5.84%), which represented the interests of the Palestinian Authority in PALTEL. The Arab Bank owned a 7.78% stake in the company, while the Al-Aqqad Company and the Cairo Amman Bank each owned 3.89%. PALTEL began trading on the Palestine Stock Exchange in June of 2000. In 2005, stocks of Paltel were listed on Abu Dhabi Stock Exchange. As of 2002, public shareholders owned 29%, with PADICO holding 25.79%.  PALTEL was granted a 20 year license to operate basic and value added telecommunications services in November 1996. The license could be extended for additional 20 years. The license granted PALTEL monopoly rights for all basic services, including Internet services. In addition PALTEL had exclusive rights to provide cellular services for 5 years or until the subscriber base reacheed 120,000; whichever came first. In addition, PALTEL officially took over operations from the Ministry of Post and Telecommunications in 1997 acquiring the ownership and operation of 77,400 main lines in service and the associated network infrastructure.   The license required PALTEL to have 250,000 fixed lines installed within the first three years of operations including 75,000 acquired from the Ministry of Posts and Telecommunications. By the end of 1997, its first year of operation, PALTEL had added an estimated 25,000 lines. The total investment in its first year was US$50 million, 22% of which came from PADICO. In its first three years PALTEL planned to invest US$300 million; while its long term plans included a total of US$600 million investment over the next 20 years. Ericsson Israel Ltd. received US$40 million of that to build and operate PALTEL's cellular network which was launched in 1998. It had attracted 140,000 subscribers by mid-1998, compared with just over 110,000 lines in place in the West Bank and Gaza in 1997. By end 2004, the number of subscribers totaled about 400,000.   In 1999, PALTEL introduced PALCEL (Jawwal), its own Palestinian cellular network, but then spun it off into its own company in which PALTEL held the majority stake.  By end-2004, PALTEL had 290,010 active fixed-line subscribers, about 193,211 lines in the West Bank and the remaining at Gaza Strip.
Edefor was the state-owned company charged with electricity distribution in Province of Formosa. The company had 59,000 customers to whom it sold 204 GWh in 1994. The company was privatized when the provincial government sold it for $9 million to local investors. The winning consortium committed to invest $11 million in its first four years of operation.
Philippines' International Container Terminal Services Inc. (ICTSI) together with Mexico's Ingenieros Civiles Asociados (Grupo ICA) won the bid for the Veracruz container terminal in 1995. The ICTSI-ICA consortium narrowly outbid Mexico's largest shipping line, Transportation Maritima Mexicana, to win the concession to operate the container terminal at Veracruz, where half the nation's box traffic is processed. ICTSI-ICA's bid was US$ 84.3 million, while TMM bid $81.3 million. A poor third was a group including P&O's Australian affiliate, which bid $24.4 million.   Internacional de Contenedores Asociados de Veracruz, S.A. de C.V. (ICAVE) was awarded on 24 August 1995 the 20-year concession to operate the container terminal of the Port of Veracruz and installed new equipment and systems, improved and expanded facilities and computerized operations. ICAVE handles 78 per cent of Veracruz's container traffic and 29 per cent of Mexico's traffic.The facility has 2 berths with a length of 340 m and a depth of 11 m, rail service, 4 pier cranes, 5 straddle cranes; yard for reefer container storage; electricity; and open yard storage.   ICAVE took over operations just in the middle of the Mexican crisis with traffic flows falling around 20% in 1995 compared to growth in throuput by 18% in the multiple use terminals. The port is just returning to pre-crisis levels, ICAVE raised tarriff levels to the maximum allowed three year ceiling following a indexation formula linking port tarriffs to Mexican inflation, which spurred major protests among the port users.  The multipurpose birth is leased to local Stevedore CICE which has attracted part of ICAVE's cargo customers (Sea Land) due to the tarriff hikes and has received investment in handling equipment by CICE of about US$ 10 million.   In mid 2001 Hong Kong's Hutchinson Ports Holdings (HPH) acquired ICTSI International Holdings CO. (IIHC), including its 50% stake in ICAVE. Later that year, ICA decided to sell its stake in ICAVE to HPH.
Edet distributes electricity in the province of Tucuman. The company had 267,167 customers in 1996. Edet was partially privatized in June 1995 when the provincial government sold a 51% equity stake for $47.8 million to a consortium of Chilean Compania General de Electricidad (CGE); Compania Nacional de Fuerza Electrica, a subsidiary of CGE; and Argentine Jose Cartellone Construcciones Civiles SA. In a second transaction, the provincial government sold a 39% equity stake for $22 million to the same consortium. The remaining 10% equity stake is owned by the provincial regulatory agency in Tucuman. The winning consortium was awarded a 90 year concession period starting in August 1995. The winning consortium committed to invest $75 million in its first five years of operation. Between 1995 and 1996, the new owners invested $27 million in the expansion of the distribution system. In the 1997-1998 period, Edet invested US$ 58.8 million, while in 1999 it invested US$ 19.2 million and in 2000 it invested US$ 15 million.
Societe des Telecommunications de Guinee (Sotelgui) was the national state-owned company responsible for providing local, national and international phone services in the country. The company was partially divested in December 1995 when the government sold through a private sale a 60% stake for US$45 million to Telekom Malaysia (TM).  TM was granted a 10-year exclusivity period for the local wire-line and long distance services.   The divestiture package also included a license to provide cellular phone services in the country. The company had planned to start providing cellular phone services by the end of 1997. Guinea Sotelgui awarded Telular Corp. a US$8 million contract to supply 17,000 digital fixed wireless terminals in January 1998.   An internal audit of Sotelgui in 2002 revealed the embezzlement of Gnf30m (US$140,000) and two senior members of staff were suspended in mid-July pending further investigations. It was only in late 2001, after the sale of the GSM licence to Sotelgui that the company was able to invest in new facilities. As of mid 2002, Sotelgui was by far the biggest mobile operator with 40,000.   The company had more than doubled its telephone subscriber base by December 1999 under the new management of Telekom Malaysia. The Malaysians inherited 19,000 customers from the state-owned operation, but increased this number to 40,000 after only six months in charge.  As of 2003, only the central business district of Conakry, Kaloum, was well served (with 26,000 lines); other parts of Conakry were without coverage. Coverage was lacking elsewhere and large companies tended to rely on their own systems for nationwide links.   In 2003, Telekom Applied Business Sdn Bhd (TAB), a subsidiary of Telekom Malaysia Bhd and a Multimedia Super Corridor (MSC)-status company secured a contract to supply a prepaid fixed line telephony service called Ezeephone System.  Sotelgui had agreed to purchase the Ezeephone System from TAB with an initial capacity for 5,000 lines.  The company was also expanding its GSM coverage, investing about US$12 million, accomplished through a loan contracted by Sotelgui with local banks.   By end 2004, the firm had 150,600 total fixed and mobile subscribers, one-third of the 500,000 new customers that were initially expected. At the end of 2005, Societe des Telecommunications de Guinee had around 165,000 subscribers.  In December 2005 TM decided to cease all operational and managerial control of Sotelgui as the initial step to our total exit from Guinea. Sotelgui was henceforth operated by the Comite Interimaire de Gestion (CIG), made up of representatives of the Ministry of Telecommunications, Ministry of Finance, and a Sotelgui director.
Exolgan S.A. runs a container port terminal at Dock Sud, Buenos Aires, which started operations in March 1995. The contract was awarded in 1993, and Exolgan invested US$ 100 million in reconstructing the abandoned facility. Currently it has an annual container turnover of 250,000 units, representing 35% of the containers foreign trade in Argentina. In 1997, Hamburger Hafen-und Lagerhaus Aktiengesellschaft acquired a 15% share for US$ 25 million. In 2001, Exolgan started the construction of a multipurpose terminal that will cost US$ 30 million, financed by the German bank KFW.  The IFC approved an investment facility on June 9, 2009; signed the loan documents on June 26, 2009 and invested in the project on August 27, 2009. Part of the financing was to refinance existing debt and part of it was earmarked for new construction. It was unclear how much was earmarked for either category. Financing comprised a US $50 million IFC A loan, a $25m B loan and $27.9m equity. The B loan is a syndication of commercial banks under the IFC umbrella.  The work program consisting of the expansion of an existing 500,000 TEU port to include:  dredging to 12 meters, construction and extension of the berths and container yard, purchase of new equipment and land, and other investments including upgrading IT systems and facilities.
Empresa Electrica de Cahua SA is one of the companies created when Peruvian ElectroPeru was corporatized for the privatization program. ElectroCahua's total capacity is 45-MW, distributed in two 20-MW units on a reservoir created from the Pativilca River (Cahua Powe Plant), and an additional 5 MW-unit called Pariac.   The company was partially privatized in May 1995 when the government sold 60% of the equity for $41.814 million to Peruvian Sindicato Pesquero (Sipesa). In a second transaction, the government sold 9.7% of the equity to Cahua's workers at the same share price the winning consortium paid - a sale of $6.76 million. The remaining 30% was reserved for a mass privatization scheme sale. In 2000, the government sold its remaining stake in Cahua to a consortium of Skanska (40%) and Vattenfall's subsidiary Nordic Power (60%) for US$ 33.9 million (US$ 9 million in cash and US$ 24.9 million in debt undertaken from Electroperu).   In Nov. 2000, Skanska and Vattenfall acquired Sipesa's shares in ElectroCahua for US$ 48 million. The sponsors are considering the expansion of the power capacity to 500 MW.  In October of 2001, NRG Energy acquired Vattenfall's 49.5% stake in Cahua comprising the 40 MW Cahua and 5 MW Pariac hydro facilities.  Separately, also in October of 2001, NRG bought out the remaining 40% of Cahua from Skanska. In 2003, Norwegian firm Statkraft Norfund Power (SN Power), a 50-50 JV between Statkraft and Norfund, bought Cahua from the US-based NRG Energy. The transfer also included NRG's Peruvian assets of Energia Pacasmayo.
Vologda Elektrosvyaz is the sole telecommunications provider to most of the Vologodskaya Oblast, an industrialized region in Northern Russia. The company is an open joint-stock company with actively traded shares. It employed around 3,200 employees and operated 127,500 access lines by 1997.   The company was valued at US$104 million (or $11.9 per common share) by 1997. The company's service area extends through the Oblast, except for the Cherepovets region and the surrounding areas (in which Cheropovetselekrosvyaz is the regional operator) with a population of 1.35 million. Vologda's principle lines of business include telephone and telegraph service, and cable radio broadcasting. Together with Rostelecom, the company provides connection to long distance and international access lines.   The company was privatized in 1995, following the creation of Svyazinvest, during which the government's stake was transferred to this new holding (50.7%). The remaining stakes were traded actively, and most of the stakeholders are the employees of the company (29.6%) by 1997. Remaining stock holders were East Investment Company (4.7%), Italtel (7.6%), CS First Boston (4.4%) and Bonarco Ltd (35%). The company is operated by Svyazinvest. Over the next five years, the company planned to invest around US$10 million, financed by its profits. The company also holds 60% stake in Vologda Cellular Communications (a joint venture with Moscow Cellular Communications).  Became a branch of JSC North-West Telecom in November 2002.
This power plant has a generating capacity of 40-MW with an extension by 40-60MW already underway, situated in the State High Technology Development Zone of Wuxi City. It is owned and operated by Wuxi Huada Gas Turbine Electric Co., a joint venture between Coastal Power Production (60%), Wuxi New Energy Investment Co. (20%) (a subsidiary of the local power bureau) and China National Aero-Engine Corp. (20%). Coastal Power's internal funds funded the plant entirely, but the company is expected to refinance the project. The plant went into operation in December 1995. Electricity will be sold to the Wuxi City Power Bureau under the terms of a 15 year take-or-pay contract.  In its fiscal year 1997, MIGA issued two guarantee contracts totaling $13.5 million to cover Coastal Wuxi Power's equity and debt investments against the risks of expropriation, transfer restriction, and war and civil disturbance.  In 2001, El Paso Corporation acquired Coastal Power along with Coastal's 60% stake in Wuxi Huada Power.  In 2005 El Paso Corporation sold its investments in power plants in China to GP China Limited, a subsidiary of Malaysian Genting Group.
The 120-MW (8x15-MW), $138.6 million, Kohinoor Power Plant was developed by the Kohinoor Power Company Ltd, a consortium of Saigol Family and Associates, Tomen, the International Finance Corp., local investors through a public issue and Wartsila Diesel. Tomen was the primary contractor. Tomen subcontracted Toshiba Engineering & Construction to manage project implementation and Asea Brown Boveri (ABB) to supply switchgear equipment. Wartsila Diesel was to operate and maintain the plant for at least four years upon completion and is also an equipment supplier. A 22-year fuel supply agreement was reached with the Pakistan State Oil Company (PSOC). A 22-year power purchase agreement was signed with the Water and Power Development Authority of Pakistan (WAPDA).    Financial closure was reached on January 12, 1995. The project has a 70:30 debt to equity ratio. In addition to being a sponsor and providing $6.3 million for equity, the IFC is providing a $25 million direct (A) loan and a $36.6 million syndicated (B) loan. The IFC approved these transactions in its fiscal year 1995. An additional $35.0 was sourced through loans from commercial banks. The Finnish Guarantee Board was expected to provide a guarantee 85% of  commercial debt. The reference tariff is calculated at 60% capacity utilization and includes a charge for foreign exchange risk insurance provided by the Government of Pakistan.   As of June 30, 2008, the major shareholders in Kohinoor Energy Ltd. were Toyota Tsusho Corp. (36%), Saigol Family and Associates (26%) and International Finance Corp. (15%).
The 1232-MW gas fired combined-cycle plant at Rayong was sold to the Electricity Generating Company (EGCO), a special purpose company that held shares of divested power plants.  EGCO created the Rayong Electricity Generating Co. Ltd. (REGCO) to manage the power plant in 1995.  EGCO also manages three power plants in Khanom through its KEGCO subsidiary.   EGCO was set up in May of 1992 as a holding company to divest some of the assets of the state-owned Electricity Generating Authority of Thailand (EGAT). In November 1994, EGCO floated 204 million shares, or 51% of the company, at 22 baht each, raising US$178.5 million and effectively making it a privately run company.  The shares made their debut on the Thai stock market in January of 1995.  Although EGAT retained a 48% interest in EGCO, the company was to be run as a separate entity and was to be out of the EGAT's sphere.  In July of 1998, Hong Kong utility firm China Light and Power Co. Ltd. (CLP Power) acquired a 14.9% stake in EGCO for US$241 million. EGAT then owned 25% of EGCO.  As of 2004, the stake holders of EGCO were EGAT (25.41%), CLP Power (22.42%), Thai investors (30.09%), and foreign investors (22.08%).  To purchase the Rayong plant, EGCO needed to raise US$687 million, of which US$179.3 million was obtained through a 50% equity flotation on the Bangkok stock exchange and the remainder through loans from domestic and international banks. From the total amount floated, US$97 million was transferred to EGCO as working capital for its other power generation activities. The Electricity Generating Authority of Thailand (EGAT) retained 48% of the Rayong plant and 2% was held by the Crown Property Bureau, a holding company for the royal family. EGAT has agreed to purchase power from the Rayong plant for 20 years. The project was awarded a AA++ rating from the Thai Rating and Info Service (TRIS) due to its strong financial prospects and support from EGAT.
The Jindal Tractebel Power Company developed a 260-megawatt (2x130--MW), gas-fired power plant at Torangallu, Karnataka State.  In 2004, phase II of the project began that involved expansion of the generation capacity by an additional 260 MW, for a total capacity of 520 MW. In addition to providing energy to a steel plant operated by Jindal Group, the project sells energy to the grid and to other industrial customers.   The Jindal Tractebel Power Company was originally a joint venture between Jindal Vijayanagar Steel Ltd. (JVSL) (50%) and the Tractebel Group (50%). In fourth quarter 2001, Tractebel sold its 50% stake in the project to the Jindal Tractebel Power Company and related financial institutions for $50.5 million.  The financial institutions took 38% of the stake while the Jindals Group took 12%.  The Jindal Goup intended to buy the financial institution’s 38% stake over the next five years.  Consequent to this, 100% of the company's shares are owned by Jindal Group of Companies including its investment companies. Consequent to the exit of Tractebel from the joint venture, the name of the company has been changed to Jindal Thermal Power Company Limited. Further, to draw synergy from the JSW Group and to have the group identity the company has been renamed as JSW Energy Ltd. (JSWEL). The total cost of the project was estimated at US$ 343.0 million. The project reached financial closure in mid 1995.  Phase II of the project, estimated to cost US$ 182 million, reached financial closure in 2005.   Raytheon and Bharat Heavy Electricals Ltd. (BHEL) were awarded the EPC construction contract in September 1995. Construction work for the project began in April 1996 and was originally scheduled for completion in May 1998.
Closed joint stock company North-West GSM based in the city of St. Petersburg, Russia, is the third largest cellular operator in Russia. The company North-West GSM, founded in 1993, was awarded 10-year license to provide GSM-900 services in six federal regions of Russia: the city of St. Petersburg and Leningrad Oblast (1994), Arkhangelsk, Murmansk, the Republic of Karelia (November 1995), and Vologda Oblast (1997). The company paid a total license fee of US$41 million. North-West GSM launched its commercial services in December 1995 and was operational in its six regions by 1998.   North-West GSM, a joint-venture between the leading Russian and international telecommunications - Russian Telecominvest holding (31%), Russian partially privatized Lensyvaz (14%), Finnish Sonera Corporation (24%), Swedish Telia AB (13%), Norwegian Telenor AS (13%), and two Russian consulting companies holding the balance. The company bought Northwest DCS, a 50-50 joint venture between Telecominvest and Compuls Holding for US$10 million. There were over 200 base stations operating. The company invested $95 million in infrastructure by 1998. North-West GSM received a $40 million EBRD loan facility in 1998 (US$ 27.5 million in direct loans; US$ 12.5 million in syndication); in addition, the EBRD has a bond investment of US$ 0.4 million, which represents a virtual 6% of the company's current ordinary stock at par (6% of the economic rights). The company had above 130,000 subscribers by December 1999 (63% local market share). The company invested US$ 20 million in 1999.   In May 2002 North-West GSM company merged with 8 regional operators in the process of establishment of the nationwide GSM operator MegaFon. North-West GSM, the oldest subsidiary of Telecominvest, was the basic company around which consolidation occurred.  In spring 2002 North-West GSM bought shares in Sonic Duo (100%), Mobicom-Kavkaz (74.5%), Mobicom-Tsentr (100%), Mobicom-Novosibirsk (51%), Mobicom-Khabarovsk (51%), Mobicom-Kirov (100%), MSS-Povolzhye (100%), Volzhsky GSM (80%) and Uralsky GSM (100%). As a result of the name and  the legal form of North-West GSM was changed and it was incorporated into the company MegaFon.   As a result of rebuilding the company's share capital, Telecominvest held 31.3% of shares of the company, Sonera &#8211; 26%, CT-Mobile - 25.1%, Telia - 8.1%, IPOC Fund - 6.5% and minority shareholders &#8211; 3%.  The Megafon license area covers 68 Russian regions, where 80% of the population is concentrated, or 122 million people. Overall spending on the Megafon project to create a national GSM cellular operator was estimated $600 million by 2005.
Zhujiang II has a generating capacity of 600-MW (2x300-MW) and is an extension of the Zhujiang I power plant. It started operating in early 1997 and is owned by a joint venture (formed in December 1995) between New World Infrastructure (25%),Yue Xiu Enterprises Holdings (30%), which is the overseas commercial arm of the Guangzhou City Government, and GDGC (45%), the state-owned commercial enterprise under direct supervision of Guangdong City Planning Commission (a department of the Guangzhou City Government). Total registered capital is $116.45 million. A $240 million loan facility was signed on September, 1996.
Empresa de Distribucion Electrica de Chancay or Ede-chancay is one of the five companies created when Peruvian Electrolima was corporatized for the privatization program. The four other companies are Empresa de Distribucion Electrica de Lima Sur (Luz del Sur), Empresa de Distribucion Electrica de Lima Norte (Edelnor), Empresa de Generacion Electrica de Lima (Edegel), and Empresa de Distribucion Electrica de Canete SA (Edecanete). Ede-chancay distributes electricity to two small towns north of Lima, Chancay and Huacho. The company was partially privatized in December 1995, when a 60% stake was sold for $10.3 million to Inversiones Distrilima, a consortium of Endesa (Spain), Enersis (Chile), Chilectra (Chile), Inversiones Centenario (Peru), Cosapi (Peru), BCP Trading, El Pacifico-Peruano Suiza SA (Peru). In a second transaction, the government sold a 0.72% stake to Edechancay's workers for $0.12 million.  Edelnor was subsequently merged with Edechancay in 1996.
Srothert Power Corp. developed two mini-hydro power plants which generate 9.35MW at a total estimated cost of $21.7 million. The plants were developed on a BOT basis. Strothert had signed a power purchase agreement with the Ceylon Electricity Board. The length of the PPA has not been specified.
The Yadana Gas Pipeline is a 617 km submarine gas pipeline, with an estimated cost of US$1034.0 million. A consortium led by TotalFina (France) is building the 320 km, US$394.0 million Yadana Gas Pipeline from the Yadana offshore gas field in the Gulf of Matarban in Myanmar to Ban I Thong on the Thai-Myanmar border. The Yadana consortium is held by operator TotalFina SA (31.24%), Unocal Corp. (28.26%), Thai state oil company PTT Exploration & Production (25.5%), and state-owned Myanma Oil & Gas Enterprise (15%).   The state-owned Petroleum Authority of Thailand (PTT) would build the a 297km, US$640 million gas section that connects from Ban I Thong to the 4600MW power plant in Ratchaburi, near Bankgok, operated by the Electricity Generating Authority of Thailand (EGAT). Construction on the pipeline has begun on the Myanmar side. A 30-year PPA between PTT and the Yadana consortium was signed in Febuary 1995. Financial closure was believed to have occurred during 1995. As of February 2000, construction works are almost completed, and commercial operations were expected for April 2000.
Empresa de Generacion Termoelectrica de Ventanilla SA or Etevensa is one of the companies created when Peruvian ElectroPeru was corporatized for the privatization program. This new generation company had total installed capacity of 200-MW in 1995. The company was partially privatized in December 1995 when 60% of the equity was sold to Generalima, a consortium of Spanish Endesa (72.5%), Inversiones Credito del Peru (25%), and Cosapi (2.5%). The winning consortium accepted an obligation to expand the installed capacity by 280-MW in exchange for its equity participation.   In a first phase, Generalima had to bring 140-MW on-line within 12 months. The second and final phase (140-MW) had to be in service by June 1997. The consortium applied $122.3 million in the expansion of Etevensa, although the initial commitment was US$ 120.1 million. In a second transaction, the government sold a 1.7% of Etevensa's new equity to company workers at the same share price that the winning company paid which represented a sale of  $3.46 million. The remaining 38.3% was reserved for a mass privatization scheme sale.
The $349 million, 365-MW AES-Pak Gen Power Plant in Sindnia, Punjab was developed by AES Transport Private Ltd, a consortium of Applied Energy Systems (AES) Corporation, Pak Gen Power and the International Finance Corp. (IFC). AES and the IFC were also developing the nearby AES Lal Pir Power Plant. Nichimen Corp. of Japan was the primary contractor and Mitsubishi Heavy Industries is the equipment supplier. The project was expected to have become operational by late 1997. In June 2010, the local company Nishat Group acquired AES's stake in the company.  The project obtained debt financing from the IFC and the JEXIM Bank. MITI is providing political risk insurance for the buyer's credit financed by the commercial banks. Financial closure was reached in January 1996. The project developers have a 30-year power purchase agreement with the Water and Power Development Authority of Pakistan (WAPDA) and a fuel supply agreement with the Pakistan State Oil Co. (PSOC). The Government of Pakistan has guaranteed currency convertibility as well as WAPDA and PSOC obligations.  In its fiscal year 1996, the IFC approved a $20 million direct loan, a $50 million syndicated loan, and $9.5 million in equity.
Emsergas is the gas distribution utility of the northeastern state of Sergipe. The company was created in 1993 as a joint venture of Enron's subsidiary Gaspart (41.5%), Sergipe state government (17%) and state-owned Petrobras' subsidiary Gaspetro (41.5%). Commercial operations started in early 1995, and Emsergas' network of 43.3 KM serves mostly industrial consumers. The company intends to expand its network in 15.4 KM for industrial supply and in 20 KM for residential supply.  As of 2005, Enron was in the midst of liquidating its operations and distributing its assets to its creditors.  The Brazilian subsidiary of the Japanese giant Mitsui concluded in May 2006 the acquisition of Gaspart from the Enron group, by US$250 million. In August 2016, Mitsui acquired a 49% stake in Gaspetro, raising its participation in the project company to 61.8%.
In December 1995 a local consortium receiving technical assistance from Northumbrian Water won a 30 year concession for the potable water supply and sewage collection and treatment in Formosa and Clorinda, Argentina. At the time the province of Formosa was the poorest in Argentina. The concession covered a population of 185,000, of which 77% were connected to the water supply, and 41% has a sewage connection.  In 1995 the consortium holding the concession contract was made up of local companies Laboratorios Phoenix, Simali and Sagua International. Northumbrian Water withdrew from the contract in 1997.  The consortium planned to invest US$ 11 million in the first five years. The investment was partly financed through a PRONAPAC loan of US$ 5 million.
Thiru Arooran Sugars Ltd. (TASL) is developing two 19-MW sugar-cane waste to power plants in Kollumangudi, Thirumandangudi, in Tamil Nadu State. GEC-Alsthom is the equipment supplier for both plants.  TASL sells 82% of power generated to the Tamil Nadu State Electricity Board at approximately $0.07.  The $14.3m plant at Thirumandangudi was financed through equity offerings and loans from the state-operated, Indian Renewable Energy Development Agency (IREDA) and the Industrial Credit and Investment Corp. of India (ICICI). Financial closure was reached in July 1995.
Engro Vopak Terminal Limited (EVTL) was established as a 50/50 joint venture between Engro Chemical Pakistan Limited and Royal Vopak NV.  EVTL set up Pakistan's first dedicated liquid chemical Jetty Terminal at Port Qasim in 1995.  Royal Vopak NV participated in the joint venture as Paktank Asia Pacific BV until 1999, when Royal Pakhoed NV - the parent company of Paktank Asia Pacific BV - merged with Royal Van Ommeren NV to form Royal Vopak NV.  As a result of the merger, Engro Paktank Terminal (EPTL) changed its name to Engro Vopak Terminal Limited (EVTL).  The IFC contributed a total of US$17 million in loans to EVTL in 1996. Operations commenced in December, 1997. On May 2nd, 1998 the new bulk liquid chemical terminal was officially inaugurated. The total cost of the first phase of the project was US$65 million. An additional implementation agreement was signed between Port Qasim Authority and EPTL in June 1998, allowing EPTL to build and operate an LPG facility at their existing Terminal at Port Qasim.
Petronas Gas Sdn Ghd is a partially owned (75%) subsidiary of Petronas Nasional, the wholly state-owned national gas and oil company of Malaysia. Petronas Gas is responsible for onshore transmission and distribution of gas in Peninsular Malaysia. It was listed on the Kuala Lumpur Stock Exchange on September 4, 1995 following the country's third largest share offer yielding gross proceeds of around US$1.2 billion (RM3 billion). The flotation of Petronas Gas attacted record total subscriptions of RM22.67 billion ($9 billion). After the flotation, small investors had a 25% stake.
The Mojellon Hydroelectric project had aninstalled capacity of 25.2-MW in five stations located on the Macal river, near the Guatemalan border. Dominion Energy Corp., the project developer, constructed the power plant under a 40-year build-own-transfer contract. The developer has a power purchase agreement with Belize Electricity Ltd. (Bel), guaranteed by the government. The project was scheduled to begin commercial operation in September 1995.   In Aug. 1999, Duke Energy acquired Dominion Resources' shares in Belize Electric Company Limited (BECOL). In 2000, Belize Electricity Ltd. (Bel) entered a contract dispute with BECOL, alledging that BECOL cannot supply the agreed base energy of 85 GWh. Bel stated that it would not honor the take-or-pay agreement until BECOL upgraded its plant.  In January of 2001, Fortis Inc. purchased Duke Energy's 95% interest in BECOL for $62 million.  In May 2003, BECOL commenced construction of a US$30 million expansion project. The expansion, known as the Chalillo hydroelectric facility, entailed the construction of an additional 7.3 MW hydroelectric plant on the Macal river.  BECOL was to sell the power produced by the Chalillo plant to Belize Electricity Limited under a 50-year power purchase agreement (PPA). The Chalillo facility entered commercial operations in September 2005.  In 2008, BECOL began construction of a further US$53 million expansion project. The expansion, known as the Vaca hydroelectric facility, entailed the development of an additional 19 MW hydroelectric plant on the Macal river. BECOL was to sell the power produced by the Vaca plant to Belize Electricity Limited under a 50-year power purchase agreement (PPA). Vaca was expected to begin commercial operations at the beginning of 2010.
Synergics Energy Development (50%) and the Lahore-based Power Gencorp Ltd (50%) have agreed to develop, finance, construct, and operate three hyrdoelectric power plants having a total capacity of 75-MW. The total cost of the project is $15 million. The power plant complex was expected to become operational during 1997. The project will be owned the sponsors in perpetuity.
Primtelefon was established as a joint venture in July 1995 by local telecoms operator Electrosvyaz and the American Global Telesystems Group (later known as Golden Telecom). Primtelephone operated in Primorsky Krai and Sakhalin and had licenses for operation in the territories of the Russian Federation and Siberia with population of over 11 million. The company started operation in September 1995 providing cellular services using NTM-450 federal status. The reception zone covered Vladivostok and its suburbs, the airport, Artem and Nakhodka by 1997. The system was expected to cover the bulk of Primorski Krai in next few years. Prim Telephone had standardized Benefon handsets.  In 1998 Primtelefon acquired a GSM 1800 license and end-2000 GSM 900 licence to cover all of the Russian Far East. It also opened a branch on Sakhalin. GSM 900/1800 was launched in August 2001 in Primorsk region and in September 2002 in Sakhalin. The company planned to open branches in Khabarovsk, Irkutsk, Magadan and Kamchatka. In 2003 Primtelefon covered virtually all of southern and central Primorsky Kray. It had 30 base GSM/900 stations and 3 GSM/1800 base stations.   In October 2000 Golden Telecom handed over all shares in its Russian mobile phone companies (including Primtelephone) to the MCT Corp which operated under the Indigo brand name. As a result, the shareholders of Primtelephone at the end of 2000 were Far Eastern Telecommunications Company, or Dalsvyaz (50%), and Vostok Mobile B.V. (50%), a subsidiary of U.S. telecoms holding company MCT Corp. In August 2003 Mobile TeleSystems (MTS) bought Vostok Mobile B.V. from the US MCT Corp and thus acquired a 50% stake in Primtelephone. In 2004 Mobile TeleSystems (or MTS) bought the remaining 50% in Primtelephone from Dalsvyaz for some $31 million, and become the sole owner of the company.
The project involved two transmission lines of 500kV each. One line extends 500km from Rincon Santa Maria (Yacyreta) to Salto Grande. The other extends 85km from Rincon Santa Maria to Posadas. In 1995, the IADB granted a US$ 43 million A loan and a US$ 44 million B loan.
Agrilectric Power Inc is to set up a 10-MW power generation plant using rice hull as fuel. The cost of the project is $10 million.
This 650-MW project is located in Rizal, east of Manila. Korea Electric Power Company will rehabilitate and operate two existing bunker-C oil fired power plants. The contract allows Kepco to spend 4 years rehabilitating the plants, and then 11 years operating and maintaining the plants. Kepco's bid included the posting of a $100 million security deposit by the company. Financing entities for the project included Asahi Bank Ltd., BOT International (HK) Ltd., Citicorp International Ltd., Credit Lyonnais, Dai-Ichi Kangyo Bank, Korea Development Bank, Mitsubishi Trust, Mitsui Trust, Societe Generale Asia and Sumitomo Trust.  Kepco rehabilitated the plant in 10 months and operated it until 2011.  Kepco Philippines contract to operate the plant expired on January 24th, 2011. The Philippine government extended the contract by six months while the Power Sector Assets and Liabilities Management Corp. (PSALM) initiated a bidding process to auction the Independent Power Producer Administrator (IPPA) contract.  In 2011, the ROT contract expired and a 1 year O&M contract was awarded to SPC Power Corporation (previously: known as Salcon Power). After this one year, the contract was formally tendered in 2012, with SPC Power being the sole contender. In 2013, the tender was under investigation.
Empresa Guaracachi SA is one of the three companies in which Bolivian Empresa Nacional de Electricidad's generation assets were corporatized for the capitalization program. The other two companies are Empresa Valle Hermosa SA and Empresa Corani SA. Guracachi had a total installed capacity of 216-MW (in three plants). The company was partially privatized in July 1995 when Ministry of Capitalization sold 50% of the equity for US$ 47.13 million to GPU International (formerly Energy Initiatives). The transaction included a debt transfer of $38 million. Under the Bolivian capitalization program, each company issued new shares equivalent to 50% of its new equity. This capital increase was sold to a private consortium through a competitive bidding process. The winning offer represented a capital increase for investment in business expansion. The remaining 50% equity stake was tranferred to private citizens and managed by private pension fund managers. CAF has granted the project company a loan of US$ 12.5 million and US$ 12.5 million in syndication.  The winning consortium of the 50% stake receives all management rights for five years, or until the amount of capital to be invested is exhausted. The three new owners of Corani, Guaracachi and Valle Hermoso plus Compania Boliviana de Energia Electrica (Cobee) have exclusive rights for new generation licenses until 2000, and exclusive rights for licenses for power plants that will export power until 1999. However, any private participant of winning consortium cannot own more than one generation company or also own distribution companies. In 1998, CAF granted a US$ 25 million loan to Empresa Guaracachi.  In 2004 the sponsor composition changed whereby the shares held by GPU International (First Energy) were sold to UK firm Independent Power Corporation (IPC). Operations will continue through IPC's subsidiary Bolivia Integrated Energy.  In October 2009, the Bolivian government concluded negotiations with three main generating companies created from the the privatization of ENDE, and aimed to secure state control with a share of 60–70%. As of December 2009, the Bolivian government held the following shares in its generation companies Corani (42.7%), Guaracachi (49.82%), and Valle Hermoso (49.86%).   In May 2010, a Bolivian government decree stated that the state was taking control of the stakes that private investors held in four power companies, including Corani, Guaracachi and Valle Hermoso.
Vostochny International Container Service (VICS) was a joint venture with US$ 6 million established capital by P&O PORTS AUSTRALIA LTD (25%), SEA-LAND SERVICES INC (25%), and the VOSTOCHNY PORT (50%). Sector Capital Investment Fund established by EBRD and IFC acquired equity stakes later. The VICS terminal area was 380,000 sqm, stacking capacity was 9.090 TEU; length was 680 m; depth was 10.5 m. VICS had two fully operational berths with four cranes. P&O also holded 10-year management contract. The operating modern container terminal had a berthing length of 303m and annual throughput was 70,000 TEUs. IN 1997, VICS handled 18,169 TEU of imports into Russia and 7,364 TEU of exports. The leases for the two berths were for 25 years.   As of 2009, the international port operator DP World owned 25% of Vostochnaya Stevedoring Company LLC; Global Ports Investments Plc (part of the N-Trans Group) owned 75%.
Mahanagar Telephone  Nigam Ltd. (MTNL) was incorporated by the Department of Telecommunications on February 28, 1986 to provide basic telephone services in New Delhi and Mumbai. The government extended MTNL's license to provide basic telephone services for 15 years in April 1998. In February 2001, MTNL launched GSM cellular mobile service in both the metro cities of Delhi and Mumbai. In March 1995, the government sold 9.57% of the common shares, which represented 5% of the total equity, for US$51.6 million through the local stock exchanges in Mumbai, Delhi, Chennai & Calcutta. The share sale turned out below the government expectations, which offered shares equivalent to a 33% stake. In a second transaction, the government sold 60 million shares through Global Depositary Receipt (GDR) issue for US$358 million in December 1997. As part of this tranche, MTNL granted its managers a greenshoe option exercisable within 30 days to purchase up to an additional 5 million GDRs which resulted in a paid-in capital amount of US$59.8 million to the government. In November 2001, MTNL listed on the New York Stock Exchange (NYSE). Over 31,000 American Depositry Receipts (ADRs) were traded at a price of US$5.90 for a total of US$182,900. After GDR, the government owned 56.25% of MTNL.
Vyatskaya Cellular Communications operated a NMT 450 MHz. cellular network in the Kirov region. The main shareholders of the company were Kirovsvyazinform (the regional telecommunications operator - later known as Volga Telecom)with 51%, Moscow Cellular communications with 40%, and Radiotekhnika (9%) by 1998.  As of 2003 VolgaTelecom still owned a controlling stake (51%) in Vyatskaya Cellular Communications. In February 2005, VolgaTelecom sold its stake to MS-Direct Ltd.
In November 1995, Aguas de Mandaguahy was awarded a 21-year (1 year for construction and 20 years for operation) build, operate and transfer contract to supply potable water in the municipality of Jau, state of Sao Paulo.  The consortium was expected to supply 165 liters/second (17,107 cubic meters/day) of water for a population of 87,000.   The Jau Potable Water BOT contract was granted to a consortium controlled by Amafi Comercial e Construtora Ltda and Multiservice Engenharia Ltda in participation with the Portuguese company Resil (a subsidiary of Somague). In 2001, Multiservice had its name changed to Earth Tech Brasil Ltda and became a subsidiary of Tyco Group. As of December 2002, the project company was controlled by Amafi, Earth Tech Brasil, Empresa Tejofran de Saneamento e Servicos Gerais, and Resil. In 2004, the Portuguese Somague was integrated into the Spanish group Sacyr Vallehermoso.  Financing for an initial investment of US$ 6.2 million (R$ 5.5 million, 1995 value) was supplied by the partners' own resources. In October 1998, the private sponsors started operating the facilities. After the operation started, they were expected to invest and additional US$ 9.4 million (R$ 11 million, 1998 value). As of December 2002, US$ 3.6 million had been invested (R$ 10.7 million, 2002 value).
Nizhny Novgorod Cellular Communications (NCC), was a GSM 900/1800 cellular operator in the Nizhny Novgorod Region. The company was founded as a joint venture between the local network operator Svyazinvest (currently JSC Volgatelecom), and RTDC (US West). The network used GSM 900 technology and consisted of six base stations by 1997. The company started its commercial operations in May 1995. The total population in the license area was around 3.7 million in 1997. In 2003 the company covered about 52% of the market of cellular communication of Nizhny Novgorod and Nizhegorodsky region.  At the end of February 2003, VolgaTelecom (formerly Nizhegorodsvyazinform) became the sole owner of NCC after acquiring RTDC's 50% stake for $20 million. To finance the deal, VolgaTelecom issued a three year bond worth RUR 1 billion (US$31 million) with yield to maturity of 13.65%.  VolgaTelecom (controlled by Svyazinvest) planned to consolidate its cellular assets in the Volga region by setting up a unified mobile phone operator on the basis of Nizhny Novgorod Cellular Communications. This process continued into 2006.  On February 2003 Volga Telecom was 100% owner of the project. At the end of 2006, Volga Telecom (project 3174) owned 50% of capital shares of Nizhny Novgorod Cellular Communications, North-West Finance Company (Severo-zapadnaya finansovaya kompanya), nominal shareholder, held another 50%.
Seaport Terminal Sdn Bhd was awarded a concession to develop a second port at Tanjung Pelepas in 1995. Pelabuhan Tanjung Pelepas Sdn Bhd was initially wholy-owned by Seaport Terminal Sdn Bhd., but in 1998 the government's investment arm KNB acquired 40% of the project company's equity. Total project costs are about $3.9 billion, of which $736 million refers to the first phase. The port was scheduled to begin operations in January 2000, with two berths being expanded into a six berth facility under phase I expected to be finalised by 2001. Phase I was financed by a consortium of local banks and other financial institutions. The project company has a 30-year contract, with automatic extension for 30 additional years, which again may be extended 30 more years. In Jul. 2000, the port started commercial operations, and it reported a record throughput of 418,218 TEUs in its first year of operation.   The ownership structure of the project changed in 2000: Seaport Terminals now holds 70% of PTP and Maersk Sea Land holds 30% of the shares.
Xiamen Paktank Company Limited, a joint venture between the Chinese Fujian Petroleum Corporation (40%), the Dutch Paktank International BV, Rotterdam (40%), and the Hong Kong based Daxin Petroleum (China) Limited (20%), officially opened Phase-1 of its oil storage facilities on April 18th 1997. The Letter of Intent for the Joint Venture was signed on March 18th 1993, construction of the jetty- and terminal facilities started on November 15th 1995. The terminal became operational on February 27th 1997, by receiving its first 40,000 ton gasoil cargo.  Phase-1 of the project consist of 100,000 m3 oil storage terminal for high and low flash clean petroleum products, including jetty facilities for vessels as of 1000 DWT up to 100,000 DWT, and eight (8) loading platforms for road tank trucks. In 1999 the terminal will be connected with the national rail network. Up to 100,000 m3 additional tank capacity for both clean and black petroleum products will become operational in the first quarter of 1998. Total investment of Phase 1 and 2 is approximately US$ 70 million. Further expansion is planned to serve also the chemical- as well LPG industries. The final storage capacity is expected to be approximately 600,000 m3 for petroleum- and (petro)chemical- products and LPG.
Alfa Telecom, a cellular operator in the city of Petrozavodsk was established in 1995 as a joint venture between Telecominvest (57.5%) and the Regional Electrosvyaz (42.5%). Alfa Telecom received a license to provide cellular services in the NMT-450 standard in Karelia Region with a population of 785 thousand people. The service areas included Pertozavdovsk, Kondopoga, Olonets, Kostomuksha, Ladenpohia by 1997 when it had 300 subscribers and 9 base stations connected tom.   In 2001 Telecominvest sold 50.5% share in Alfa Telecom to North-West GSM (later known as MegaFon) for US$145 thousand. In November 2001 also Elektrosvyaz sold its 42.5% share in Alpha Telecom to North-West GSM for US$290 thousand and increased it&#8217;s stake in the company to 93%, and later in the year to 100% through purchasing shares from individual shareholders. Telecominvest was Northwest GSM's biggest shareholder, with a 45% stake in 2002. Alfa Telecom's NMT-450 network consisted of 11 base stations servicing 800 subscribers in mid-2002 and  Alfa Telecom started providing GSM-900/1800 standard mobile services as it&#8217;s license to provide NMT-450 services have expired.   In June 2002 Mobile operator MegaFon (previously Northwest GSM) sold to Delta Telecom the NMT-450 network equipment that formerly belonged to Alfa Telecom. The company currently provides GSM-900/1800 standard mobile services. Its license to provide NMT-450 services has expired.
Tele-Nord provides NMT-450i mobile phone services in the Murmansk region, whose population totals about 1.05 million. Telenord was established as a closed joint stock company between Murmansk Electrosvyaz and Telecominvest and started its commerical operations in 1995 with equipment provided by nokia.   The company’s network with a capacity of 5 thousand subscribers covered the area of 34,000 square km and had 18 base stations and about  3,000 subscribers by 2003.  Tele-Nord's shareholders in 2003 were Delta Telecom (50.1%), Triada Plus (24.9%) and Northwest Telecom (25%). Delta Telecom acquired 24.9% of Triada Plus stake in Tele-Nord in December 2003 and increased it’s stake to to 75%.  Northwest Telecom planned to sell its holdings in NMT-450 analog cellular service providers in 2004.  In 2005, Sky Link (project 1321) owned the control share of Telenord.  In July 2012, Rostelecom established 100% control over Skylink and Tele-Nord by extension. Rostelecom acquired Svyazinvest's 50% stake in Sky Link in exchange for 1.91% of its own shares for a total of 9.4 billion roubles ($291.04 million).
Rokotel (Telekommunikatsii SEZ Nakhodka), Russian-Korean Joint Venture, a company handling high-quality digital communications was created in 1995 to operate a local telephone network in Nakhodka City. Rokotel was created by Dacom International (45%), a subsidiary of Korean Dacom; Goldstar Information and Communications (5%), and local companies (50%). The Korean partners invested US$2 million in the project, while the local partners invested another US$2 million. The company started its commercial services in 1995.  In March 2001 Antitrust Ministry included OAO Telekommunikatsii SEZ Nakhodka (AO Rokotel) in the register of natural monopolies in the area of communications. The Moscow city arbitration court has upheld this decision in August 2003.  In 2003 Rokotel was owned by Dacom International Inc. (45%), the administrative committee of the Free Economic Zone of Nakhodka (28.82%), the Nakhodka city administration (12.59%), telecoms operator Dalsvyaz (8.47%) and LG Electronic Inc (5%).
Usha Martin Telecom, previously known as India telecom, was awarded one of two 10-year licenses to operate cellular networks in the circle of Calcutta in 1995. Usha Martin was originally created by Telecom Malaysia (40%) and the Usha Martin Group (51%). As of December 2002, Hutchison owned a significant stake in the company and renamed it Hutchison Telecom East Limited (HTEL). As of December 2004, HTEL had the following ownership structure – Hutchison Telecommunications International Limited (32.5 percent), Kotak Mahindra Group (33.9 percent) and Essar Group (33.52 percent). HTEL owned 100 percent of Aircel Digilink India Limited that served Uttar Pradesh East, Rajasthan and Haryana regions.  In February 2005, Hutchison Group consolidated all its mobile operations in India into its Mumbai subsidiary Hutchison Essar Limited (HEL), formerly called Hutchison Max Telecom Limited (HMTL). As of June 2006, Hutchison Telecommunications International Limited (HTIL), subsidiary of Hong Kong’s Hutchison Whampoa Group, had 67% equity stake in HEL and the balance was held by India’s Essar Group.   As of December 31, 2004, HTEL had 1.8 million subscribers, out of which 617,000 were in Kolkata.
Siberian Cellular Communications received its license for the operations of an AMPS network in the Omsk region in July 1995, after paying a US$3 million license fee. The company was created as a closed joint stock company whose main shareholder was Millicom International Cellular (60%) by 1997. Other shareholders included Omsk regional operator JSC Electrosvyaz, Property Fund of Omsk region, Omsk JSC Pic&Co, and Omsk JSC KF-Invest. The company started its commercial operations in July 1995. The company had 2900 subscribers by 1997. The company served Omsk, and surrounding areas with two base stations supplied by Ericsson by 1997. The total population in the license area was 1.2 million. The Ministry of Communications issued three additional licenses in this area by 1997. There were two other operators in GSM 9090 and NMT 450 services. The company invested $6 million by 1997 and planned to invest an additional $1.5 million until the year 2000.   Millicom provided its services in Russia under the brand name FORA Telecom and held controlling stakes in 12 operators covering a population of 48 million. The regions covered by the FORA group were: Moscow, Saint-Petersburg, Belgorod, Izhevsk (Republic of Udmurtiya), Irkutsk, Kemerovo, Kursk, Nizhny Novgorod, Omsk, Smolensk, Rostov-on-Don, Chelyabinsk. The holding's Russian cellular operators had a total base of 165 thousand subscribers in various parts of Russia in 2001. Since entering the market, Millicom invested over US $100 million into Russian economy.   In December 2001 the shares of Millicom in 12 Russian companies were acquired by Tele2 AB which, along with Millicom, is part of the Kinnevik group. The assets included 11 AMPS carriers and the Moscow Cellular Communications NMT 450 MHz carrier. Tele2 AB paid $80 million for the assets and promised another $30 million after the AMPS carriers, which had to abandon their spectrum according to an agreement with the Communications Ministry, received GSM 1800 MHz licenses. After the acquisition, all of Tele2 subsidiaries switched to Tele2 brand. Tele2 planned to invest up to US$80 million in GSM communications in Russia in 2003.  The GSM-1800 license was issued Siberian Cellular Communications in September 2001 for 10 years. Tele2 launched GSM-1800 mobile network in Omsk in August 2003.  On June 13, 2006, Tele2 acquired the remaining 30% minority stake in Siberian Cellular Communications in the Russian region of Omsk, for SEK 259 million.
This company had an installed capacity of 448-MW in 1995. The company was privatized in one stage: a 98% equity stake was sold for $225.6 million to Aluminio Argentino SAIC (Aluar).
This is a 76-MW gas simple-cycle power plant, operational since July 1996. The plant is owned by the joint venture Suzhou Coastal Cogeneration, formed between Coastal Power Production (60%) and various departments of the Suzhou municipal government (Suzhou Energy Corp., Suzhou Heat & Power Plant, Hi-Tech New Development).  A second phase expansion to 100-MW and an upgrade to combined-cycle is planned.  In its fiscal year 1998, MIGA issued a guarantee contract for $17.6 million to cover Coastal Suzhou Power Ltd.'s equity and debt investments in Suzhou Coastal Cogeneration Power Plant against the risks of expropriation, transfer restriction, and war and civil disturbance. In 1999, an additional US$ 10.8 million guarantee was issued by MIGA.  In 2001, El Paso Corporation acquired Coastal Power along with Coastal's 60% stake in Suzhou Coastal Cogeneration Power Plant.  In 2005, El Paso Corporation sold its investments in power plants in China to GP China Limited, a subsidiary of Malaysian Genting Group.
This is a 43-MW power plant. The developers are Southernwestern Public Service (99%), and Kenetech Windpower (1%). The power plant started commercial operations in 1995. The developer has a three-year power purchase agreement with Jamaica Public Services. The cost of the project is estimated about $1 million per MW.
This was the first rehabilitate-operate-transfer project in the Philippines. The project is sponsored by Mirant (formerly known as Southern Energy) and consists of 9 power barge units whose capacity is 30 MW each and are located near Navotas at Luzon, Visayas, and Mindanao. Consolidated Electric Power Asia (CEPA) will perform the contract for a 10-year period before transfering ownership to Napocor. At the time of the agreement between CEPA and Napocor (1995), four of the barges were functioning near the Navotas plant, while the others were in operation in Mindanao and Visayas.
Avantel was awarded a concession to operate as a national and international long distance carrier in October 1995.  Avantel was one of the eight companies that obtained a concession to operate as a long distance carrier between 1995 and 1996.  Such licenses were issued as part of Mexican opening of its telecommunications market.  Avantel is a consortium integrated by Grupo Financiero Banamex (55%) and MCI (45%).  Avantel's project consisted of building a 20,000 km fiber cable in Mexico to provide its long distance services. The total project cost was estimated as US$ 1,800 million.   Avantel developed the first phase between 1995 and 1997 which cost US$ 900 million. Such phase, which was operational since 1996, consisted of a 10,570 km fiber optic cable that connected Mexico City, Guadalajara, and Monterrey with thirty other Mexican cities. The company put on hold its investments by February 1998. The argued reason was a lack of impartial regulation by Comision Federal de Telecomunicaciones (Cofetel), the Mexican regulatory agency for telecommunications.    By the beginning of 2001, Avantel had invested a total of US$ 1000 million and developed its network to 6,300 km.  It started to provide local telephone services on December 29th, 2000. In 2001, the company undertook an expansion of its network and data center, and launched local telephony service for corporate clients in Mexico City, Guadalajara and Monterrey.  By 2002, the company's fiberoptic network was almost 8000 km. As of 2003, the company had appoximately 15 percent of the Mexican market in fixed access and long distance telephony.  In December 2006, Axtel, project #999, acquired Avantel for approximately US $516 million and added 38.2 thousand new lines in service. Avantel's assets and expenditures were reflected on Axtel's financial statements for fourth quarter 2006.
This 75-MW hydro power plant is located in Ambuklao, Benguet Province. Sponsored by MIESCOR, the rehabilitate-operate-transfer (ROT) contract reached financial closure on January 1, 1995.  The contract expired five years after construction was complete. The lease fee received by the government was PHP5 million - US$194,000 (at the 1995 exchange rate of 25.714PHP/US$). The government had planned to reprivatise the plant.
Shandong Lanshan GATX Terminal Company Ltd is a joint venture formed in September 1995 to take over an existing storage facility at Lanshang Port from Sinochem. GATX Terminals (Pte) Ltd. has a 60% share while Sinochem Shandong Import Export Corp. holds 40%. The terminal offers liquid bulk storage and shipping services to third party users. The company also constructed a private jetty which began operations in September 1997.
This is a 165-MW power plant project. It was developed by Compania Electrica de Sochagota, a subsidiary of Steag AG. The project was awarded by Corelca (Colombia's state owned electricity utility) to Consorcio Colombiano Industrial (CCI) and Steag AG. CCI later sold its stake in the project to Steag AG. The project contract project stipulated that all electrical output from Termopaipa IV was to be sold purchased under a 15-year power purchase agreement with Corelca. The total cost of the project was around $200 million.  In 2006, STEAG sold 24.5% of its shares of Compania Electrica de Sochagota (CES) to Valorem and an additional 24.5% of its shares to Invernac & CIA S.C.A. STEAG retained the remaining 51% of its shares.
Tapal Energy Ltd., a joint venture between Ameejee Valeejee & Sons (80.1%) and Wartsila Diesel (19.1%), developed a 126-MW Diesel-Fired Power Plant, located approximately 28 km from Karachi in the Sindh Province. The project was constructed under a fixed-price, lump-sum EPC contract with Power Construction Company B.V. Wartsila Diesel Pakistan (WDP) provides operations and maintenance services and Stork-Wartsila Diesel (SWD) is the equipment supplier. WDP and SWD are subsidiaries of Wartsila Diesel.  Construction commenced in December 1995 and the plant was expected to become operational during 1997.  Financial closure took place in 1995. The project has a debt/equity ratio of 75:25. The project has a 22-year PPA with the Karachi Electric Supply Company (KESC) and a 22-year fuel supply agreement with the Pakistan State Oil Co. (PSOC).  Estimated project Cost information is $130.0 million.  In its fiscal year 1998, MIGA issued a guarantee of $8 million to Wartsila Power Development, Inc for its equity investment in Tapal Energy Limited. MIGA&#8217;s guarantee covers the risk of expropriation.  In November 1997, Sithe Mauritius purchased a 24% equity stake in Tapal Energy Limited.  Sithe Mauritius was a subsidiary of Sithe Asia Holdings Limited, which was itself a JV between Sithe Energies Inc. of the United States, AIG Asian Infrastructure Fund LP and the Government of Singapore Investment Corp. Also, in November 1997, Marubeni Corp. of Japan purchased a 25% holding in Tapal. Tapal family retained a 31% stake in the project company while Wartsila Diesel retained a 20% stake.   In November 2003, Marubeni Corp. acquired 100% of Sithe Asia Holdings Limited, thereby increasing its holding in Tapal Energy Limited to 40%.
Local company Luz y Fuerza de San Lorenzo SA (Lufussa) built a 40 MW gas powered plant in the Pavana area, Honduras. The power plant was built as a Greenfield project.   The project reached financial closure in June 1995. At the time Lufussa was owned by private local investors. The total cost of the project was $25.3 million, partially financed by the Central American Bank for Economic Integration (CABEI) through a $12.8 million loan. The plant started commercial operation in the first quarter of 1996.  In 1998 Lufussa secured financing for a second Greenfield power plant. The second plant built in Pavana had a 60 MW capacity and burnt heavy fuel. This second facility had a total cost of US$ 48.3 million, and the sponsors contributed with US$ 15 million in equity. The IAIC also provided financing assistance through a $10.75 million loan, granted in 1998. Financing was also provided by CABEI, through a $33.2 million loan. The second plant was constructed by Wartsila NSD of Sweeden. The power plant entered service in May 1999.  In 2003 Lufussa contracted with Wartsila for the construction of a third power plant. The plant would run on heavy fuel oil and have a total capacity of 251 MW. The total cost of the plant was $190 million. CABEI provided $67 million as a direct loan, and arranged for another $20 million to be contracted from local banks. Financial closure was reached in May, 2003. The plant started commercial operation on January 28, 2005, 12 months ahead of schedule.
Liberty Power Company developed a $244 million, 235-MW, power plant. Liberty Power was a consortium of Infrastructure Capital Group, Tenaga Nasional Berhad, and Entergy Power Development Corporation, a subsidiary of Entergy Corporation. Total equity for the project was $70 million. The target completion date for the project was Nov. 30, 1997, but the plant did not reach its commercial operations date until Sep. 10, 2001.  There were plans to expand the project to 470-MW at a later stage.   Through a fuel supply agreement with the Qadirpur Co, low BTU gas from the Qadirpur gas field was to fuel the plant. Tenaga Nasional increased its stake in Liberty Power from an initial 20% to 62% in 1998 and to 100% in 1999. As of December 2008, Tenaga Nasional was operating the plant through its wholly owned subsidiary, TNB Liberty Power Ltd. The company has a 25-year power purchase agreement with WAPDA, with a tariff of US$ 0.05 per unit for the first 10 years.
In September 1995, a BOT contract for the construction and operation of a 25.5km toll road between Manila and Cavite was awarded to the Manila-Cavite Toll Road joint venture. The project was to be undertaken by UEM-MARA Philippines Corp. (UMPC), a subsidiary of United Engineers Malaysia (UEM) (90%) in which Majlis Amanah Rakyat (MARA), also Malaysian, had a 10% stake. A privately owned Filipino compay, Coastal Road Corporation subsequently bought out UEM and MARA's shares in UMPC.   The Manila-Cavite Tollway project was to include three phases. Phase one involved the upgrade of the existing 6.6 km R-1 expressway, known as Coastal Road. Phase two involved the construction of the 11.3 km R-1 extension from Zapote to Noveleta. Phase two was to be carried out in two sections: a 7 km section from Zapote to Kawit, known as Segment 4, and a 4.3 km section from Kawit to Noveleta, known as Segment 5. Phase three involved the construction of the 7.5 km C-5 link connecting the R-1 expressway with the South Luzon Expressway.   In May 2003, UEM-MARA Philippines Corp. (UMPC), the project company, and IFC inked a memorandum of understanding signifying IFC's intent to provide financing amounting to US$70 million for phase two of the project. IFC approved this loan in September 2003 but cancelled it on Nov. 23, 2004, citing UMPC's failure to find a strategic foreign equity partner to join the project.  In August 2006, UMPC secured a US$71 million syndicated term loan facility to finance Segment 4 of the project. Development Bank of the Philippines and BDO Capital and Investment Corp. were joint arrangers of the loan facility while the other facility members were Chinabank, Equitable PCI Bank and UnionBank. The loan facility was payable in eight years, including a grace period of two and a half years. It was be priced every six months at MART 1 rates. In addition to this debt financing, UMPC announced its commitment of US$31 million in equity financing for Segment 4.  Phase one of the project became operational in 2000. Construction of Segment 4 was 39% complete as of May 31, 2008, and was expected to be fully complete in 2010.
Termobarranquilla SA (TEBSA) was created to develop, operate and own a 750-MW gas-fired combined-cycle plant. The company also had to rehabilitate and operate an existing 230-MW thermal power plant. The total cost of the project is about $750 million. The project contract stipulates that all electrical output from Tebsa will be purchased under a 20.5-year power purchase agreement with Corelca, Colombia's state owned electricity utility. Payments under the power purchase agreement are guaranteed under a Colombian program for private power administration by Financera Energetica Nacional (FEN), a division of the Ministry of Energy. The project was awarded by Corelca to ABB Energy Ventures and Energy Initiatives in July 1993. Termobarranquilla's equity is owned by ABB Energy Ventures (28.5%), Energy Initiatives (28.5%), and Corelca (43%). Corelca's contribution is its existing assets. ABB is the turnkey contractor for the project and Energy Initiatives is the O&M manager. Construction began in April 1995 and is expected to be complete within three years from the construction start date.
Electrogoes was first awarded the contract to build and operate the Cachoeira power plant in 1994. The construction works on this plant, which has a capacity of 11.4 MW, started in Aug. 1994, and commercial operations commenced in Apr. 1997. The Cachoeira power plant involved investments of US$ 12 million, and the power generated by the utility will be sold to the state-owned electricity company Ceron under a 30-year power purchase agreement. Prior to the contract for the Cachoeira power plant, Eletrogoes had been awarded another concession contract to build and operate the Rondon II power plant (Jun. 1993). Construction works on this 73.5 MW plant were expected to start in Jun. 2001 and be completed by 2003. Electrogoes also ha a 30-year power purchase agreement with Ceron to supply the power generated by the Rondon II plant. The power generated by the two plants would provide electricity to 6 municipalities in the southern region of Rondonia state.  The Rondon II Hydroeletric power plant started operations only in March 2011.  In 2012, Eletrogoes concluded the construction of a 24-MW thermal power plant named UTE Rondon II.
Group Libra won a 20-year concession to rehabilitate and operate container terminal 37 (Ponta da Praia) at Santos Port on September 04, 1995. It was the first private operator to take over a terminal at Santos. The total area of the conteiner terminal is 20,141 square meters. For the concession, the company has to pay monthly installments of US$ 395,000 (R$ 359,600) to CODESP, the government agency responsible for the Santos Port. The company announced that it expected to invest US$ 27.2 million (R$ 24.5 million) in the terminals facilities during the concession period.   Group Libra took over operations by November 1995 with equipment leased from CODESP and minor investments (US$ 700,000) in new software and hardware. The concessionaires managed to increase productivity from 1,034 containers/month to 7,000 containers/month.   The terminal was reopened in November 1997 with new equipment allowing for handling productivity to be increased from 22 containers/hour to 50 containers/hour and increasing actual cargo from 15,000 containers/month to 25,000 containers/month during 1998.   Grupo Libra signed the additional 20-year concession for piers 34, 35, 36, Ponta da Praia for expansion of T37 in 1998.   In July 1999, Libra was facing the possibility of government sanctions and service disruptions due to a dispute with regulators over past due debts (about US$ 7.2 million). In addition, in January 2003, the concession for terminals 34,35 and 36 was cancelled, due to ilegal clauses in the contract, according to an administrative oversight body (Tribunal de Contas da Uniao). In 2003, the past due debts issue was still pending a final decision.   From 1995 to 2003, Grupo Libra has invested US$ 70 million in Terminal 37 - an ammount that surpases the initial estimated investment in US$ 42.8 million.  Between 1995 and 2009, a total of US$ 170 million have been invested in the terminal infrastructure. In November 2009, Libra announced its intention to invest US$ 220 million (BRL 440 million) to unify the operation of its three terminals at Santos Port (T33, T35 and T37), which would also require the construction of a new berth. Such project would require the approval of Codesp and ANTAQ, the Santos Port authority and federal government regulatory agency, respectively.
Water and Sanitation Services South Africa Ltd (WSSA) won a 10 year management contract in 1995 with the former Fort Beaufort transitional local council (TLC) to operate water and waste services for the municipality on the Eastern Cape.  The area later became part of the enlarged Nkonkobe municipality and included the towns Alice, Fort Beaufort, Middledrift and Seymour.  WSSA was a subsidiary of Lyonnaise Water Southern Africa (Pty) Ltd, itself a joint venture between Suez-Lyonnaise des Eaux (known as SUEZ as of March 2001), and Group Five/Everite, a South African construction, manufacturing and property development group.   In 1999, the municipality started defaulting on its payments of R400,000 per month to WSSA. In July 2001, WSSA sent a letter saying the municipality was in breach of the agreement. The municipality responded by saying that the contract was invalid because there had not been a public notice and the Municipal Executive Council (MEC) had not approved the contract.   In December 2001, the Nkonkobe municipality won a court case against WSSA, effectively canceling its contract with the company. The Court ruled that the public had not been adequately notified of the municipality's intention to enter into the partnership. There was a smooth hand-over of assets and employees to the Municipality and no service disruptions.
In 1995 PT Energi Sengkang (PTES) began development of a 135 MW gas and combined-cycle power plant in Sengkang.  The project consisted of a 32-km gas pipeline (from the Kampung Buru natural gas fields) which was being developed by the sponsors and the state oil company Pertamina, and a 156-kV transmission line to connect with the national grid at Soppeng, South Sulawesi.  PTES was to purchase gas from Pertamina (the state oil company) under a 20 year purchase contract, and to sell electricity to PT Perseo Listrik Negara (the Indonesian state electric utility) under a 20 year power purchase agreement signed in early 1996.  PTES was a joint venture of Sulawesi Energy Pty (95%) and the local firm PT Trihasra Sarana Jaya Purnama (5%).  Sulawesi Energy Pty was a consortium of El Paso Energy (formally Tenneco Energy -- 47.5%) and Energy Equity of Australia (47.5%). On Dec. 18, 2001, Energy Equity formally changed its name to Energy World Corporation Ltd.  In October, 2006, El Paso Corporation completed the sale of its shares in PT Energi Sengkang to Energy World Holdings (Cayman) Limited - a subsidiary of Energy World Corporation Ltd. - for US$61 million. As a result, Energy World Corporation attained a 95% interest in PTES. As of 2008, a local company - PT Medco Energi International Tbk - held the remaining 5% interest in PTES.  The total project cost was US$225 million.  PT Energi Sengkang secured US$178.9 million in debt financing in November 1996. Financing was to come from syndicated loans and sponsor equity. The first US$115 million debt tranche had a 90% export insurance and political risk coverage from the Swiss Export Credit Agency, Geschaftsstelle fur die Exportrisikogarantie.   Construction began in 1996, with 80MW of open cycle capacity entering operation in September 1997 and 55MW of combined cycle operation commencing in September 1998.  Asea Brown Boveri was the equipment supplier and the primary contractor, and was expected to operate the plant for the first six years. In May 2007, PT Energi Sengkang commenced construction works for a 60MW Siemens gas-fired turbine generator unit to be installed at the plant, which was to increase electrical output from 135 MW to 195 MW. The additional power was to be sold to PT. PLN under a long term power purchase agreement.   Financial crisis of 1997 forced PT. PLN (a state-owned enterprise which is reponsible for electricity generation and distribution in Indonesia) to renegotiate the PPAs, especially with regards the price with 26 independent power producers (IPPs). In 2003, 14 of the 26 IPPs agreed to continue their projects under a new PLN proposed pricing scheme while 7 decided to terminate their PPAs. As a part of the plan, PLN gave PTES the right to add 60MW of capacity to the plant in return for a reduction in the power sales tariff. In addition, the PPA was extended until September 2022.  In August 2008, Standard Chartered Bank and Mizuho Corporate Bank announced that they had closed syndication of a seven-year US$102 million financing of the project. The financial package consisted of a US$97.7 million debt package, and US$4.3 million in equity (debt to equity: 96/4). The financing was signed in October 2007 and was to mature in October 2013. The debt was split between Standard Chartered (US$48.85 million) and Mizuho Group (US$48.85 million), and arranged by KBC Bank. The rates were: +325bps floating (6 year tenor); and +150bps floating (6 year tenor)  The proceeds were to refinance an existing US$60 million loan from Standard Chartered, and to provide US$44 million of new funds for the ongoing 60MW expansion of the power plant. The refinanced portion was to benefit from export credit agency cover provided by Swiss credit agency, SERV (formerly ERG), which was transferred from the original deal. The 60MW of additional capacity was commissioned on Nov. 17, 2008.  On 31 July 2008, PTES received approval from the Indonesian Minister of Energy and Mineral Resources for a further 120 MW capacity expansion, increasing output from 195 MW to 315 MW. Negotiations began with PLN to amend the PPA to accommodate this increase in capacity and, potentially, to extend the period of the PPA. This expansion reached financial closure on July 15th 2011, totalling US$200 million to refinance existing loans and expand the project. The debt consisted of three tranches:  US$ 105 million (7 years), equally split between SMBC, Standard Chartered, Mizuho, Natixis (US$26.25 million each).  US$ 40 million (7 years), equally split between SMBC, Standard Chartered, Mizuho, and Natixis (US$10 million each). US$ 55 million (7 years), equally split between SMBC, Standard Chartered, Mizuho, and Natixis  (US$13.75 million).  Legal advisers were Clifford Chance (lenders), and Baker & McKenzie (lenders).  In 2012, however, it was noted that PROPARCO, DEG, and FMO committed a further US$80 million to the expansion effort. It appears the debt was syndicated out further to these institutions, but this remains unconfirmed. FMO reports total investment to be US$205 million (2012), of which US31.7 million senior debt. This is the amount used below.
The first project of Central Genelba was a 660-MW power plant which was compounded by two gas turbines (each one of 220-MW) and a steam turbine of 110 MW. The gas-turbines first operated in 1996, while the steam turbine was scheduled to be completed by the end of 1997. The project total cost was $226 million. The power plant provides electricity to the spot market. The project main sponsor was a subsidiary of Cia. Naviera Perez Companc. The subsidiary was acquired in 2003 by Brazil's Petrobras.
In June of 1996, Giantmost Ltd. of the U.S. was awarded a 20-year BOT agreement to design, build and operate a plant in Nanhai City, Guangdong province, with the capacity to purify 250,000 cubic meters of water daily.    To implement the contract, Nanhai Tap Water Resources Development Company was created as the project company which was owned by Giantmost (50%) and the state-owned Nanhai Tap Water Share Company (50%).  The total cost of the plant was US$16 million.
Cosan - Operadora Portuaria S.A. won a 20-year concession to rehabilitate and operate the Teacu II Dry Bulk Terminal (Teacu II - Armazens 5, 10, 20, and 23) at the Port of Santos on March 7th of 1996. The total area of the terminal is 60,109 square meters. Cosan has to pay monthly installments of US$ 75,100 (R$ 78,100) to CODESP, the government agency responsible for the Port of Santos. The company announced that it expect to invest US$ 32.3 million (R$ 33.6 million) during the concession period to rehabilitate the terminal facilities.  In 2008, Cosan and Grupo Nova America agreed to the creation of Rumo Logistica S.A., a company that would own the port assets of these two groups, including Cosan - Operadora Portuaria S.A. and Teacu Armazens Gerais (ID 2976). Rumo Logistica shares were divided as follows: Cosan (71.2%) and Nova America (28.8%).  In 2012, Rumo Logistica invested US$ 102.5 million (BRL 200 million) in the rehabilitation and expansion of its port facilities in Santos, which  were established with a handling capacity of 11 million tons per year.
PT Makasar Power was awarded the license to build, own and operate a six-units diesel power plants with total capacity of 60 MW. PT Makasar Power was a joint-venture between Singapore Power, Ashtor and Tomen Corp. (each partner held one third of the company's shares). The Pare Pare Power Plant required investments amounting to US$70 million. Construction works had completed and the sponsors were negotiating a power purchase agreement (PPA) with the electricity authority of Indonesia.   The government put on hold many of the independent power producer (IPP) projects in late 1997 as part of the retrenchment program to cope with the economic crisis. PLN, which was financially troubled by the crisis, asked to renegotiate the PPAs, especially with regards the price.  In 2003, 14 of the 26 IPPs, including Pare Pare, agreed to continue their projects under a new pricing scheme, while seven agreed to terminate the PPAs. The government and PLN each agreed to take over two projects.
Volgograd-Mobile was awarded a license to operate an 800 Mhz AMPS network in the Volgograd region in July 1995. The area had a total population of 2.7 million. The company started services in February 1996.  Volgograd-Mobile was created as a joint venture between the local telecom company Volgogradelektrosvyaz (50%) and a foreign firm, Vostok Mobile – Netherlands (50%). The investments of Vostok Mobile in the project were estimated at US$1.25 million. Vostok-Mobile Netherlands was a unit of Global TeleSystems Group Inc.   In January 2001 Vostok Mobile was acquired by MCT Corp. Volgograd Mobile received GSM 1800 license for Volgograd region and installed 79 base stations and a switchboard supplied by China's Huawei Technologies and launched its network in commercial operation in September 2002. In August 2003 Mobile TeleSystems (MTS) bought Vostok Mobile B.V. from the US MCT Corp.   In August 2004 MTS became the sole owner of Volgograd-Mobile by purchasing 50% of shares from the Southern Telecommunications Company (UTK) for a reported $2.9 million. At the time Volgograd-Mobile had some 5,000 customers.
Bayindir was awarded the contract to build, own and operate a passenger terminal in Antalya Airport in 1996. Construction works lasted 20 months and Bayindir started operating the terminal in Mar. 1998. A total of US$ 85 million was invested in constructing the facility, which has an area of 56,000 square meters and can handle 22 airplanes at a time (4,000 passengers per hour). The total capacity amounts to 12 million passengers per year. In 1999, Flughafen Frankfurt (Fraport AG) acquired a 50% stake in the project company from Bayindir. The project was expected to last 10 years: 20 months for construction and 8 years for operation of the facility. In April 2006, Fraport AG bought the 50% share from Bayindir and became the sole owner of Antalya Airport International Terminal Investment and Management Inc.
Optimum is a AMPS 800 Mhz network operator that operates as a franchise of Vimpelcom. The company uses the license received by Vimpelcom on September 16, 1994. The company started its commercial operations in July 1996. The company provided cellular services in Rysazan and adjacent areas, having around 100 subscribers by 1997. Vimpelcom financed the project. The project cost was included under the Bee-Line project.
FACB, through its wholly-owned subsidiary Alpha Terrace, entered into a joint-venture with Tonglu Transportation Investment Co. Ltd. (state owned company) to construct and operate the toll road linking Tonglu and Zhaqi. FACB acquired 55% of the project company's shares, while Tonglu acquired 45%; subsequently, Tonglu divested 12.5% of its shares to Zhejiang Oil Refinery Investment Co. Ltd. The total investment of the project amounted to US$ 19.2 million (Rmb$ 160 million), of which US$ 10.6 million (Rmb$ 88 million) was to be supplied by FACB. The toll road has been in operation since the joint-venture agreement was signed, but toll collections only started in 3/97. Of the US$ 10.6 million (Rmb$ 88 million) to be paid by FACB for the 55% equity, US$ 4.2 million (Rmb$ 35.2 million) was paid between 01/97 and 03/97; FACB was required to pay 15% on the outstanding balance. On 3/99, FACB sold its 55% shares back to Tonglu Transportation for US$ 4.3 million (Rmb$ 35.7 million); the company argued that the rate of return on the project was not enough to match the 15% interest rate of the outstanding balance the company had to pay to Tonglu Transportation.
Miditel was awarded a concession to operate as a national and international long distance carrier in May 1996.  Miditel was one of the eight companies that obtained a concession to operate as long distance carrier between 1995 and 1996. Such licenses were issued as part of Mexican liberalization of its telecommunications market. Miditel was a consortium owned by Korea Telecom and Antonio Canahuati. Miditel's project consisted of building a national satellite network for telephony and data services. The total project cost was estimated as $265 million of which $20 million were invested in 1996 and $56.5 million in 1997, according to Comision Federal de Telecomunicaciones (Cofetel), the Mexican regulatory agency for telecommunications. Miditel awarded Direct-to-Phone International, STM Wireless subsidiary, a 10 year service contract for the provision of its national satellite network.   Under the contract, Direct-to-phone was required to install, at least, 7,500 satellite phone lines in an initial 2,500 locations. The installations were scheduled for completion by December 1999. In the auction of four band for PCS services in the nine regions of Mexico by Cofetel in 1997, Miditel won the band B in the region 7 and the band E in the regions 2, 6, and 9 for PCS services. The company offered to pay US$ 71 million (651 million pesos) for the PCS licenses. The company also won two bands (B and E) in all the regions for Wireless Local Loop offered by Cofetel in 1998. Miditel offered to pay  US$ 40 million for the Wireless Local Loop spectrum. But, the company was unable to pay its spectrum fees by end 1998 and asked Cofetel for a second extension until March 1999.  In May 1999, the company had its wireless license revoked after it failed to pay US$ 22 million in interest charges on an outstanding balance of US$ 135.9 million it owned on the national license fee.  In 2001, Miditel did not account with Korea Telecom as a partner which quit from the venture on grounds that it would not be able to meet a $500 million investment commitment.    In 2001, Mexico's Transport & Communications Secretariat ruled that Miditel cannot receive mobile licenses that it won in 1998. In 2003, a federal judge in Mexico gave Miditel one year to reach an agreement with creditors before being declared bankrupt.  The country's dominant telephone company Telmex brought the lawsuit against Miditel to recover unpaid debts. In 2003, Telmex cut service to Miditel with the authorization of the communications ministry.
Empresa de Generacion Electrica Nor Peru SA or Egenor is one of the companies created when Peruvian ElectroPeru was corporatized for the privatization program. This new generation company had total installed capacity of 405-MW in 1996. It also owned 100 miles of transmission lines.  Egenor's generating assets are two hydro power plants (75-MW Carhuaquero and 150-MW Ca¤on del Pato) and six thermal plants (60-MW Chimbote, 20-MW Trujillo and four additional thermal plants totaling 100-MW).   The company was partially privatized June 1996 when 60% of the equity was sold for $228.2 million to Dominion Energy who invested $100 million in the expansion of the facilities until 1999.  In August 1998, Duke Energy acquired 100% of Dominion Energy's share in this project through Duke's acquisition of Dominion Resources in Latin America.  The government next sold 9.65% of the equity to Egenor's workers at the same share price that the winning company paid - a sale of $36.3 million.  Finally, the remaining 30% was reserved for a mass privatization scheme sale which in October 1999 was acquired by Duke Energy for a cost of US$ 60 million.  This raised Duke's stake in Egenor to 90% with the remaining 10% owned by Egenor's workers by the end of 1999. In 2000, Egenor invested US$ 16 million in the San Diego project, which consists in the construction of two water tanks at the Canon de Pato power plant (construction works started in Mar. 2000 and were expected to be completed by Mar. 2001).  In July 2001 Duke acquired an additional 9% of Egenor bringing its total ownership to 99%.  With the completion of the tender offer Duke closed the capital of the generator.  In 2003, Duke Energy filed a claim against the Peruvean government with an international arbitration tribunal (International Centre for Settlement of Investment Disputes - ICSID). Duke Energy claims that the national tax office in Peru has discriminated against the project company.   In December 2016, Duke sold all its Latin American assets to Orazul for US$ 1.2 billion.
The Salto Andersen Generacion Hidraulica is a 7-MW hydro power plant located in Andersen Falls (Province of Rio Negro). The principal sponsor of the project is New World Power Corp. The total project cost was about US$8.5 million. The power plant started commercial operation in 1996. All electricity produced by the power plant is sold to state owned utility Energía Río Negro Sociedad del Estado.  In its fiscal year 1996, MIGA issued New World Power Corporation (NWP) a $2.3 million guarantee covering NWP’s $2.6 million equity investment in Salto Andersen Generacion Hidraulica, SA. MIGA insurance covers the risks of currency transfer and expropriation.
Marcatel was awarded a concession to operate as national and international long distance carrier in February 1996. Marcatel was one of the eight companies that obtained a concession to operate as a long distance carrier between 1995 and 1996. Such licenses were issued as part of Mexican openness of its telecommunications market. Marcatel was a consortium owned by IXC Communications, Westel and Grupo Radio Beep. Marcatel's project consisted of building a 11,700 km fiber cable in Mexico to provide its long distance services. The total project cost was estimated as US$ 550 million, according to Comision Federal de Telecomunicaciones (Cofetel), the Mexican regulatory agency for telecommunications. The first phase of this project was a 2000 km fiber-optic cable which was operational by the end of 1996 and cost around US$ 143 million. By 2002 Marcatel's fiberoptic network covers over 2500 km. In 2002, Marcatel signed an agreement with Telefonica Moviles de Mexico to colloborate in their expansion in the cellular market. In 2003 Marcatel announced that they were expanding services into 20 additional cities and towns during 2004. The company expected to select to select a vender for the services in January 2004.  In 2005, Marcatel chose Sonus' Open Services Architecture (OSA) to deliver VoIP functionality over Marcatel's fiber optic network. In this same year, Marcatel started to offer fixed line services (Conexion 21) in Monterrey after reaching an interconnection agreement with Telmex, the largest Mexican local telephony supplier. Also in this year, Marcatel has 80,000 corporate customers and operates a 2500 km fiber optic network .
Ban-Pong Sugar Co. Ltd. has developed an 18-MW waste-to energy power plant at Ban Pong, Ratcha Buri. The plant will use agricultural waste as fuel and sell 3-MW of power to the Electricity Generating Authority of Thailand (EGAT) under the Small Power Producers (SPP) Program. The PPA was signed on July 4, 1996 and began selling power to EGAT as of August 24, 1997. EGAT signed a "non-firm" contract with the project company. Estimated project cost is $18.0 million ($1.0 million per MW).
The 15-km railway system includes eleven stations, four of which were built by the concessionaire and seven which were rehabilitated. Sociedad Comercial del Plata, the private sponsor, invested US$ 400 million in this project. As of Sep. 1999, the private sponsor was facing financial difficulties because the project has not yielded the expected return. In January 2000, the sponsor restructured its debt with creditor banks; the US$ 141 million in debt will be settled in annual installments, with the first payment due in September 2001 (70% of the debt was raised from Banco Provincia and Dresdner Bank; the remaining 30% was raised from Citibank, Banco Roberts and BNL).  In June 2013, the government cancelled the contract. The main reason was that the private partner didn't  pay for the use of government assets for more than six months. It also had fines for more than 30% of contract warranty, stretch abandoning, and not fulfilling the annual investment program. The private partner claimed that the government didn't invest the money committed. The Tren de la Costa was underperforming from long ago, in 1996 had 3.600.000 passengers, and during the last years before cancellation only had 500.000 passengers yearly, due to its bad state. Operation after the cancellation to be carried out by a SOE: Sociedad Operadora Ferroviaria Sociedad del Estado(SOFSE) .
In February 1996, Aguas de Esmeralda was awarded a 17-year contract for the construction and operation of a water generation plant and for the operation of the water distribution in Ourinhos. The construction works started in February and were concluded in October 1996, when the company started operations. Aguas de Esmeralda was to serve a population of 22,000 in the municipality of Ourinhos (state of Sao Paulo).  Aguas de Esmeralda was originally formed by Hidrogesp and Multiservice Engheneria. In 2001, Multiservice had its name changed to Earth Tech Brasil, and became a company of Tyco Group. As of 2003, Aguas de Esmeralda was owned by Earth Tech and DH Perfuracao de Pocos Ltda (a subsidiary of Hidrogesp). In 2009, Earth Tech was acquired by the company Saneamento Ambiental Aguas do Brasil, a partnership of the Brazilian companies Developer, Queiroz Galvao, Trana and Construtora Cowan.  Aguas de Esmeralda was expected to invest US$1.75 million.
Cheung Kong Infrastructure (CKI) has a 32-year joint venture agreement for the construction and operation of the 12-km, dual 3-lane class 1 toll highway in Shenyang. CKI has a 30% stake in the project. Total project costs are HK$395 million (US$ 51 million) and CKI has invested HK$ 118 million (US$ 14.22 million).
The National Power Supply Co. Ltd. is developing a 300-MW (2x150-MW) at an estimated cost of $400 million. National Power Supply Co. is jointly owned by CMS Energy Corporation (66%) and Soon Hua Seng Group (34%).  The plant will use anthracite, wood chips and excess steam as fuel. Two PPAs were signed in December 1996 with the Electricity Generating Authority of Thailand (EGAT) to sell 90-MW for each of the plants' 150-MW turbines. The remaining steam energy generated by the project will be used by the Advance Power Supply Group. The plant is being developed under the Small Power Producer (SPP) Program that encourages the sale of excess output to EGAT upon completion, expected to occur during 1998. GEC-Alsthom will supply two 150-MW turbines. Foster Wheeler Energia Oy will design and install the equipment.   Financing is being obtained from Bangkok Bank, Krung Thai Bank, Industrial Finance Corp. of Thailand and Siam City Bank. The power plant commenced operations in Jul. 1999.
Compania Electrica de Salta resulted from the merger of  two formerly state-owned companies, Empresa Distribuidora de Electricidad de Salta SA (EDESA SA) and  Empresa de Sistema Electricos Dispersos SA (ESED SA). Edesa and Esedsa served about 200,000 customers and had a generating capacity of 471-MW in 1996. Both companies were partially privatized together in May 1996 when the provincial government of Salta sold a 60% stake of their equities for $45 million to International Electric Holding, Union Fenosa, and Accion Exterior.  By 2001, Edesa was owned by GPU International under the holding company Emdersa. In 2001 GPU International merged with First Energy and therefore control over Emdersa (parent company of Edesa) moved to First Energy. In April 2003, in response to the peso devaluation, First Energy spun off Emdersa –the holding company of electricity distributors Edesal, Edelar and Edesa. In September 2005,  Emdersa was acquired by a group of local (40%) and U.S. investors (60% Nextar fund).   In 2009, Ashmore Energy International [USA] increased its shareholding to 77.10% of Emdersa, the parent company of Empresa Distribuidora de San Luis SA, or EDESAL (project #749), Empresa Distribuidora de La Rioja SA, or EDELAR (project #506), and Empresa Distribuidora de Salta SA, or EDESA (project #96) for approximately US $82 million.  In March 2011, AEI sold its shares in holding company EMDERSA to Pampa Energia SA [Argentina] through Pampa's subsidiary Edenor.
The Philippine government has awarded two BOT contracts for the construction and operation on the Metro Manila Skyway to Citra Metro Manila Tollways Corp. (CMMTC). CMMTC is a consortium whose members were, as of Dec. 31, 2008, PT Citra Marga Nusaphala Persada (20%), PT Citra Lamtorogung Persada (14%), PT Bhaskara Duniajaya (16%), PT Mara Sarana Arsitama (5%), Filipina Stradec (10%), Phillippine National Construction Corporation (PNCC) (20%), and AIG (15%).  CMMTC had already completed part of the first 9km section when it was awarded the contract for the second section in 1997. CMMTC reached financial closure on funding for the first section in 1996. Stage 1 cost US$ 514 million (of which, US$ 262 million was to be financed with a 5-year loan). As of Dec. 31, 2008, CMMTC was finalizing a US$195 million loan agreement with local banks to provide funding for Stage II, a 6.88 km stretch connecting Bicutan and Alabang.    In 1999, the sponsors raised toll rates by 420%; in response to this action, the government ordered the freezing of new increases. The sponsors have argued that this move by the government is a contract breach and may jeopardise the project.
In 1996, the company had a total capacity of 78-MW distributed in a 45-MW hydro plant (Ullum power plant) and 33-MW gas tubines (Sarmiento power plants). The government sold a 98% equity stake for $12 million to Inversora AES Diamante SA in January 1996. The remaining 2% was sold to employees.  In 2002, AES Corporation filed legal proceedings with an international arbitration tribunal (International Centre for Settlement of Investment Disputes - ICSID) against the Argentinean government. The proceeding seeks compensation for losses incurred by the company at the time of the devaluation of the Argentinean currency.
VS Hydro developed the 1MW Dick Oya small hydropower plant, the first privately owned small hydropower plant in Sri Lanka. The subsidiary responsible for the development of the project was Hydro Tech Lanka (Private) Limited.  The project was commissioned in April 1996.   Financing was provided by DFCC, Sri Lanka’s pioneering Development Financial Institution. Total project cost was unknown, but conservatively estimated at US$1 million. Financial closure date was unknown, but ESTIMATED at April 1996, commissioning date.
In September 1996, Thailand's Express and Rapid Transit Authority (ETA) granted a 30 year BOT contract to Northern Bangkok Expressway Co. Ltd. (NECL) to build and operate the 32 Km. Udon Ratthaya Expressway Project. The project was also known as Bang Pa-in - Pak Kret Expressway. Undon Ratthaya Expressway was an elevated and ground level 4 traffic lane expressway which linked with Sector  C of Si Rat Expressway and Chaeng watthana to end at Amphur Bang Pa-in, Ayutthaya Province.  NECL was created as wholly owned subsidiary of Bangkok Expressway Co. Ltd. (BECL). However, it reduced its participation in the company. By 2005, BECL held 53.33% of NECL’s, and Cargo Village Co. Ltd., held 30%. There was no information on other investors.  The estimated project cost was US$150 million. The 30 year BOT agreement commenced from 27 September 1996 and was to expire on 26 September 2026. Under the agreement, the contract could be extended twice for 10 year periods in the form of a lease contract and subject to the conditions to be agreed upon between ETA and NECL.  NECL was entitled to receive all toll revenue throughout the contract period. The expressway was open for full service in 1999.
In 1995, the municipal government of Jundiai awarded a 20 year contract to build, operate and transfer the Jundiai Wastewater Treatment Plant (Estacao de Tratamento de Esgotos de Jundiai – ETEJ) to the Companhia de Saneamento de Jundiai (CSJ) consortium. The project will treat domestic and industrial sewerage from the city of Jundiai, which had a population of 266,000 when the concession was granted. By the end of 1998, CSJ started operating the facilities.  Companhia de Saneamento de Jundiai was formed by Construtora Coveg (33.34%), Construtora Augusto Velloso (33.33%), and Tejofran (33.33%).   The project financing has been achieved as follows: 50% was financed by BNDES, the Brazilian state owned development bank; 12.5% was financed by FMO (Netherlands Development Finance Company) and 37.5% was financed by the wining consortium.  CSJ won a public tender based on the lowest offered tariff and was granted a BOT contract.
Yantian International Container Terminals (YICT) was established in 1994 as a joint venture between Shenzhen Yantian Port Holdings (27%) and Hutchison Port Yantian Investment Ltd. (73%). Shenzhen Yantian Port Holdings Limited (SYPHL) is a subsidiary of the state-owned Shenzhen Yantian Port Group Co., Ltd. (SYPGC) which issued shares in July 1997 on the Shenzen Stock Exchange. Hutchison Port Yantian Investment Ltd. issued shares in 1997. Total investment in the project is estimated at US$ 477.8 million.   The construction of the second phase started in December 1996 to expand annual capacity to 1.2 mil 20-foot equivalent units per year. The first step is a single berth with an 18 hectare facility for container storage. Basic construction on the first berth has been completed. The water channel is also being dredged from a depth of 8 meters to 14 meters to provide access for the newest container ships. YICT took delivery of 12 rubber-tyred gantry cranes at the end of 1997 and announced the purchase of two new post-panamax quay cranes Hyundai Corporation and Hyundai Heavy Industries Co Ltd  scheduled for delivery in October 1998 for the port's phase two facilities.  Yantian International Container Terminals Ltd was one of southern China's busiest terminals for ocean-going ships and a world-class international container port. Yantian Port accepted an average 30 calls each month, servicing more than 10 major shipping companies. YICT had a annual throughput of 131.000 TEU (1996), 640.000 (1997) and 418.000 TEU  in the first half of 1998.
Companhia de Electricidade do Estado Rio de Janeiro SA (CERJ) is the electricity distribution company in the state of Rio de Janeiro. The company has about 1.2 million customers, located in some of Rio's poorest neighborhoods. CERJ distributes 20% of the power in the state, while Light Rio Servicos de Electricidade SA distributes the remaining 80%. Rio de Janeiro State's equity participation in CERJ (78.1%) was sold in two transactions. In the first one, 7.8% of the equity was sold to company employees at a 30% discount from the minimum auction price for a controlling stake ($451 million for 70.3% of the equity). This represented $50 million in divestiture revenues. In a second transaction, 70.3% of the equity was sold for US$588 million to a consortium comprised by Enersis (21% of CERJ's equity), Chilectra (21%), Electricidade de Portugal (21%) and Spanish Endesa (7%) in November 1996.   In 2000, Endesa (Spain) increased its participation in Cerj directly and indirectly through its affiliates (Endesa raised its stake to 75.9% through a capital increase, and by acquiring shares from minority shareholders, who kept only 1% of Cerj's shares, and from EdP, which kept a 19% stake in the company). Later that year, Enersis increased its share in Cerj to 58.2% through an IPO launched by Endesa (Spain)  As of December 2003, Enesis increased its share of Cerj to 78.1% ( 53.1% directly and 28.1% through its subsidiary Chilectra) after capitalizing its R$370 million intercompany loan to Cerj.   In September 2004, CERJ changed its name and became Ampla.
Companhia Telefonica de Ribeirao Preto (Ceterp) was a fixed phone company that provided local and long distance services in the municipality of Ribeirao Preto in the state of Sao Paulo. Ceterp also operated the band A for cellular phone services within its concession area. The company was one of the four Brazilian telecom companies that did not belong to the Telebras' system which was privatized in July 1998. The other three independent telecom operating companies were Companhia Riograndense de Telecomunicacoes (CRT) the municipality-owned Servico Municipal de Comunicacoes Telefonicas de Londrina-Parana (Sercomtel) and the privately owned Companhia de Telefones do Brazil Central (CTBC).   Ceterp was partially privatized in January 1996 when a 40% stake of its voting stock was sold for US$49 million (R$50.5 million) to a group of Brazilian pension funds (Telos, Sistel, and Previ). In 1999, Telesp acquired 96% of the voting shares from both the municipal government and pension funds for around US$255 (R$420) million. Telesp was planning to buy the remaining stake in Ceterp. In the transaction, Telesp had also acquired Ceterp Celular, a wholly-owned subsidiary of Ceterp created in 1998 to operate mobile cellular services. Telesp would be required to sell Ceterp's cellular phone operations (Ceterp Celular) in 2000 to comply with Anatel's regulations. Ceterp had 175,000 fixed terminals and 61,000 mobile cellular terminals by December 1999.   In November of 2000 Ceterp Celular was acquired by Telesp Celular from Companhia Telefonica de Ribeirao Preto SA. Ceterp Celular was merged into Telesp Celular and ceased to exist. In the transaction, Portugal Telecom and Spain's Telefonica split their respective participation in Telesp and Telesp Celular so that Portugal Telecom would hold assets only in mobile phone services and Telefonica would hold assets only in wireline phone services.
Three power plants in Khanom, a 678-MW gas-fired and combined-cycle and two 75-MW barge-mounted, oil and gas plants, were sold to the Electricity Generating Company (EGCO).   EGCO created the Khanom Electricity Generating Co. Ltd. (KEGCO) to manage the three purchased power plants in 1996 and also managed the divested power plant in Rayong through its REGCO subsidiary.   EGCO was set up in May of 1992 as a holding company to divest some of the assets of the state-owned Electricity Generating Authority of Thailand (EGAT). In November 1994, EGCO floated 204 million shares, or 51% of the company, at 22 baht each, raising US$178.5 million and effectively making it a privately run company.  The shares made their debut on the Thai stock market in January of 1995.  Although EGAT retained a 48% interest in EGCO, the company was to be run as a separate entity and was to be out of the EGAT's sphere.  In July of 1998, Hong Kong utility firm China Light and Power Co. Ltd. (CLP Power) acquired a 14.9% stake in EGCO for US$241 million. EGAT then owned 25% of EGCO.  As of 2004, the stake holders of EGCO were EGAT (25.41%), CLP Power (22.42%), Thai investors (30.09%), and foreign investors (22.08%).  To purchase the Rayong plant, EGCO needed to raise US$687 million, of which US$179.3 million was obtained through a 50% equity flotation on the Bangkok stock exchange and the remainder through loans from domestic and international banks. From the total amount floated, US$97 million was transferred to EGCO as working capital for its other power generation activities. The Electricity Generating Authority of Thailand (EGAT) retained 48% of the Rayong plant and 2% was held by the Crown Property Bureau, a holding company for the royal family. EGAT has agreed to purchase power from the Rayong plant for 20 years. The project was awarded a AA++ rating from the Thai Rating and Info Service (TRIS) due to its strong financial prospects and support from EGAT.  To purchase the Khanom plant, EGGO needed to raise US$619 million obtained through the sale of equity as well as loans from domestic and international banks. The Electricity Generating Authority of Thailand (EGAT) retained 48% of the Rayong plant and 2% was held by the Crown Property Bureau, a holding company for the royal family. EGAT agreed to purchase power from the three Khanom plants for 15-20 years for $0.049/kwH.
Chivor SA owns a 1,000-MW hydro electric power plant located 160 kilometers northeast of Bogota. Chivor generates 10% of Colombia's electricity and sells most of its power on a merchant basis. The company was fully privatized in December 1996, when the government sold 99.9% of the equity to GENER (Chilgener), which in turn was owned by AES Corporation of the US, for US$644 million.  In 1997, CAF syndicated a US$ 50 million loan to Chivor to finance the acquision of a hydro power plant.  In 2005, Chivor went to the international capital markets and local bank markets to refinance US$253 million in outstanding debt. Chivor privately placed US$170 million of 9.75% cupon senior secured notes due in 2014 in the international dollar market and a seven year US$83 million peso-denominated bank loan in the local markets.   As of October 2014, AES Chivor was nearly completing the construction of a small hydro power plant named PCH Tunjita (19.8 MW) in Macanal, Boyaca. The construction works commenced in 2012, and by the end of 2014 88% of the works were completed. The project demanded investments of US$ 40 million, and commissioning was set to take place in 2015.  In 2013, PCH Tunjita applied for carbon credit.
TCE operates installation on an area of 33,363 m2 including the preferential use of pier Nr. 6(length: 160 m., depth: 10 m.) including rail connection, covered warehouses, tank storage, and conveyor belts for the handling of agricultural solid and liquid bulk.
In 1996, Cheung Kong Infrastructure Holdings Limited (CKI) signed two joint venture (JV) contracts with the municipal government in Jiangmen - a 30 year contract for the construction and operation of the Jianghe Highway - and a 32 year contract for the operation of the Jiangsha Highway. Both highways are dual 2-lane, and are 20km and 21km respectively. In January 1997, CKI signed a third JV contract for the operation of the 2-km Chaolian Bridge for 30 years. The Jiangsha highway is operational and the Jianghe highway and Chaolian bridge are expected to open in 1999. CKI has a 50% share in each JV, and has invested US$ 48 million in the projects. Total project costs are HK$ 759 million (US$ 99 million). CKI is negotiating two additional highway projects in Jiangmen.
Ghana Telecom (GT) was the national fixed local and long distance carrier in the country. The government started to privatize the company in December 1996 when it sold, through competitive bidding, a 30% stake for US$38 million to Volta Communications, a consortium controlled by Telekom Malaysia. At the same time that GT was divested, a second national operator license was awarded through competitive bidding to ACG Telesystems, a private consortium of mainly U.S. investors that would operate under the brand name Westel.   GT was divested with network expansion commitments, which added up to around US$350 million over the first 5 years. The basic phone services (fixed local and long distance) were to be provided by only GT and Westel at least until 2001.  In May 1997, the divested company signed a US$12 million turnkey contract with Telecommunications Consultants India Ltd. (TCIL) for the provision of equipment and installation of 10,000 lines within 18 months. The company had over 55,000 subscribers by the end of 1999.  IFC financing was intending to make the company more responsive to local business by reducing network congestion and extending coverage into rural areas.   GT also offered GSM mobile services through the One Touch brand name.  One Touch had 100,000 subscribers by December 2002.    By early 2000, Ghana Telecom needed a cash injection. Telekom Malaysia agreed to pay US$100 million for an additional 15% in the company, which valued the whole company at US$667 million. In August of that year, Telekom Malaysia paid half of the amount, US$50 million, as a good-faith deposit. At about the same time, IFC promised US$100 million -- but only if Telekom Malaysia retained management authority.   In February 2002, GT ended the management contract with Telekom Malaysia, which had run the company for four years. The state bought back the 30% of Ghana Telecom shares it sold to Telekom Malaysia's local subsidiary, G-Com.  The Malaysian group had originally intended to increase its stake in Ghana Telecom, but this plan was abandoned and the government terminated its management services agreement in February 2002.  The government claimed that Telekom Malaysia failed to meet all its agreed terms. In particular, it did not meet targets for installation of telephone lines and improvement in the infrastructural and financial base of the company.   Telekom Malaysia said it had filed an international arbitration claim seeking to force the Ghanaian government to buy back the Malaysian firm's share of Ghana Telecom. Telekom Malaysia had offered to sell its stake back to the government for up to US$103 million, but the negotiations collapsed as the Ghanaian government was not prepared to pay this amount. Apart from the US$103 million, Telekom Malaysia was also demanding a reimbursement of the US$54 million it paid to the government in 2000 for a further 15 percent share to bring their total investment in Ghana Telecom to 45 percent. The Malaysians claim that though the money was paid, the deal could not go through. Telekom Malaysia was also demanding a sum of US$10 million in outstanding fees for managing Ghana Telecom from 1997 to April 2002.
The company serves as the electricity utility for Heilongjiang province. The company sold both "A" and "B" shares in the Shanghai Stock Exchange in 1996 (47.09% of its total equity). It sold 60 million "A" shares (8.56%), raising a total of US$ 7 million in divestiture revenues. It sold 100 million B shares, representing a 38.53% stake raising $67.04 million. The placement was arranged by Shenyin & Wabguo Securities and ING Barings. Shares were issued at US$0.838 each, a 7.9% discount to the day's close of US$0.91. In Dec. 1998, China Prosperity Holdings Ltd. of Hong Kong acquired a stake in the project from an independent third party.
This project is a 66-MW hydroelectric plant located in Rio Cahabon, Alta Verapaz. The plant will be developed on a Build-Own-Operate basis by Renace SA(Corporación Multi Inversiones/CMI). The total project total was estimated at $90 million in 1997. The power plant was scheduled to start commercial operations in January 1999, but it actually commenced operations in April 2004.   Renace SA signed a 15 year power purchase agreement with Instituto Nacional de Electrificacion (INDE), the Guatemalan national electricity utility company, in 1993. This PPA was one of the ten that INDE signed with private developers in order to alleviate energy shortages due to insufficient generation capacity.  In , CMI announced the expansion of the power plant. The company planned to develop three more generating units at the Rio Cahabon (total capacity of the power complex was expected to reach 306 MW). The total investment was estimated at US$ 760 million.  The Renace Phase II (114 MW) demanded an investment of US$ 270 million, and it was constructed by the Spanish company ACS. The construccion works, which started in January 2012, were in its final stages by February 2015.  The Renace Phase III (66 MW) was also set to be built by ACS at a cost of US$ 160 million.  The sponsor had also guaranteed PPAs for Phase II and Phase III of the project in 2011.
Penza Mobile provides mobile telecommunications services in Penza and Penza region with a population of 1.5 million. The company received its license to provide an AMPS 800 Mhz cellular network service in May 1995. Penza Mobile was created as a joint venture between the regional operator in Penza and Vostok Mobile, a subsidiary of Global Telesystems Group. The company started its commercial operations in January 1996. The company served 800 customers in Penza and surrounding areas by 1997. Lucent Technologoes Delivered the Equipment. In January 2001 Vostok Mobile was acquired by MCT Corp.  Penza Mobile has a license to operate in the GSM-1800 standard. Penza Mobile signed a contract with Alcatel for the delivery of 17 base stations in 2003.   The main shareholders of Penza Mobile in 2003 were VolgaTelecom (40%), the incumbent fixed telecommunications operator in the Volga region and MCT Corp.(60%). Penza Mobile provides services under the brand name INDIGO which was introduced in May 2001 by MCT Corp. and unites 13 operators in Russia and CIS.  In September 2006, Volga Telecom acquired 100% of Penza Mobile and consolidatet it into its cellular unified subsidiary on the basis of Nizhny Novgorod Cellular Communications.
In 1995, Shanghai Bovis Lend Lease Thames Da Chang Waterworks Co. Ltd. signed an agreement with the Shanghai Municipal Water Company to build, operate, and transfer (BOT) a water treatment plant serving the Da Chang district of Shanghai. The plant was designed to filter water from the Yangtze River and sell it to the fast growing Da Chang district, home to some two million people in 1996. The BOT contract gave the JV the right to operate the plant for 20.5 years.  Shanghai Bovis Lend Lease Thames Da Chang Waterworks Co. Ltd. was wholly owned by Bovis Lend Lease (50%) and RWE Thames Water (50%), both of the UK.  The Da Chang contract was the first BOT awarded to a joint venture wholly owned by foreign entities in China.   The total project cost was US$73 million.  US$53.5 million of the cost was funded by debt and the remaining amount was supplied by equity.  Financial closure was achieved on April 25, 1996.  The debt components were arranged by BZW, Credit Lyonnais, Standard Chartered and Sumitomo Bank.  Both tranches had a 10 year term and were priced at LIBOR + 190bp.  The amount of tranche 1 and tranche 2 was US$51 million and US$2.5 million, respectively.  Devaluation and interest rate risks were mitigated through a swap structure arranged by Citic.  The government of Shanghai provided a letter of support for the project. Most importantly, the Chinese government guaranteed a fixed annual investment return of 15%.  Bovis was responsible for the construction of the plant. Work on the facility started in April 1996 and was finished in October 1998. The treatment plant was built in two phases. Phase one allowed some 200,000 cubic meters of water to be treated each day. Phase two expanded treatment capacity to 400,000 cubic meters of water/day. After construction was complete the plant was managed by Thames Water. Shanghai Urban Construction Investment and Development General Corporation supported the off-take.  The Chinese government decided to terminate the guaranteed return on investments for all foreign investors in 2002.  On July 6, 2004, Thames Water signed an agreement to sell its entire stake in the Da Chang Water Treatment Plant to the state-owned Shanghai Waterworks Shibei Co. following the payment of an approximate US$30 million settlement from the Shanghai Water Resource Management Company. The full US$73 million had been invested in the project at the time of the cancellation.  The Shanghai Municipal Waterworks North Company took over management of the plant on July 26, 2004. The plant was originally meant to be operated by Thames Water until 2018.
Mobile Telephone of Veliky Novgorod was founded by Finland's operator Sonera and Novgorodtelecom. In 1996, Telecominvest re-purchased Sonera's stock. Telecominvest owned 60% and Novgorodtelecom 40% shares in the company in 1997.  Mobile Telephone started it commercial activities in April 1996. It served 300 subscribers through its NMT-450 cellular network and four base stations  in the Novgorod Area in 1997. In 2000 Mobile Telephone served about 3 thousand subscribers (about 1 thousand in NMT and 2 thousand in GSM standard). In April, 2001 Northwest GSM (later known as MegaFon) bought 100% of Telecominvest in Mobile Telephone of Veliky Novgorod for US$800. Shares of Mobile telephone were sold also by Novgorodtelecom (40% of authorized capital), and or. private shareholders from Novgorod (9.9%).   In 2001 Megafon (previously Northwest GSM) sold Delta Telecom NMT-450 network equipment belonging to subsidiary Mobile Telephone of Veliky Novgorod. The company currently provides GSM-900/1800 standard mobile services. Its license to provide NMT-450 services have expired.
In February of 1995, Sino-French Holdings was awarded a 28-year contract to rehabilitate and operate the existing Nanchang Water Plant in Nanchang city, Jiangxi province. The plant had a capacity of 50,000 cubic meters per day but was to be expanded to 200,000 cubic meters per day under the contract.  The plant had a 7% market share of Nanchang City's water production capacity and served an estimated population of 105,000.  To implement the contract, the Nanchang Shuanggang Water Supply Company Ltd. was created as the project company in which Sino-French took a 50% stake, while the state-owned Nanchang Water Supply Company held the remainder.  Sino-French, in turn, was a joint venture company owned 50% by Suez water subsidiary Ondeo and 50% by New World Infrastructure of Hong Kong.  The total project cost was estimated at 200 million francs (US$35.3 million).  Operations started in January 1996.
This company's first project was a 160-MW gas-fired power plant that started operating commercially in 1996. The total cost of the project was $90 million and was sponsored by two US companies: Charter Oak Energy and Merrill International. The electricity produced is sold to the grid.
In 1996 the Albanian government started the divestiture process for three local energy distribution companies: the Shkodra Distribution Company, the Elbasan Distribution Company and the Vlore Distribution Company. In each company the government decided to divest 30% of shares through a voucher program. Under the program the government kept a 70% stake and complete control of the distribution firms. The Shkodra Distribution Company was given a concession area of 1,000 square kilometers in northern Albania, where it served some 38,000 customers.   In 1996 the Albanian government planned to sell majority stakes in the three distribution companies to strategic investors. These plans were not carried through by 1997, and that year the country’s government fell following a crisis triggered by the collapse of a number of pyramid financing schemes that had become endemic in Albania. Over the following years the local distribution companies had very poor results. Seeking a solution to this poor performance the government attempted to merge the firms back into the state owned Albanian Power Corporation (KESH). In 2003 control over all energy distribution reverted to KESH. To avoid any disputes with the voucher investors no formal merger of the companies took place: only the assets of the three distribution companies were sold back to KESH, reducing the distribution firms to mere shells.
The company provides the electricity distribution services in Rio Negro Province. The company was privatized in 1996 when the government sold a 90% equity stake for $98 million to the winning consortium that comprised Sociedad Austral de Electricidad, Camuzzi Argentina, and CEI. The company was privatized with a 20-year power purchase agreement with General Roca Gas-Fired Power Plant.  In 2003, Camuzzi filed a claim against the Argentinean government with an international arbitration tribuanl (International Centre for Settlement of Investment Disputes - ICSID). Camuzzi claims compensation for losses in its investments in electricity distribution in Argentina due to frozen rates and devaluation of the currency.  In January 2007, Camuzzi International S.A. v. Argentine Republic (ICSID Case No. ARB/03/7) the proceeding discontinued at at the request of the parties. (Order taking note of the discontinuance issued by the Tribunal on January 25, 2007 pursuant to Arbitration Rule 43(1)).
The 151-MW, $174.3 million, Kabirwala Power Plant is being developed by the Fauji Foundation (45%); El Paso Corporation (42%); and the Asian Development Bank (13%). The company has signed a 30-year power purchase agreement with the Water and Power  Development Authority of Pakistan (WAPDA) and a fuel supply agreement with the Pakistan State Oil Corporation. (PSOC). The parties reached financial closure on September 13, 1996. Tariffs have been set at $0.065/Kwh. The project is currently under construction and is expected to become operational by November 1998.  In its fiscal year 1997, MIGA issued a guarantee of $16.1 million to El Paso Energy International Company (now El Paso Corporation) to cover the risks of transfer restriction, expropriation, and war and civil disturbance.  On July 5, 2006, El Paso Corporation sold its entire 42% share in Fauji Kabirwala Power Co. to Globeleq, the wholly-owned power development subsidiary of the UK-based private equity firm, CDC Group plc. On Nov. 21, 2007, Globeleq sold its 42% share in the power plant to Pendekar Energy Limtited, a consortium in which Malaysian-based Tanjong had a 55% holding and Al Jomaih Holding Co. of Saudi Arabia had a 45% share.
This power plant had a generating capacity of 478-MW. Construction started in September 1996 and was expected to be complete by mid-1999. A 20-year power purchase agreement (PPA) had been concluded with TEAS and a fuel supply agreement had been struck with BOTAS. Ownership was to transfer to the Turkish government after 20 years. The shareholders in the joint venture (JV) company Trakya Elektrik Uretim ve Ticaret AS were Enron Power Holdings C.V. (50%), Midlands Power International (31%), Gama Endustri A.S. (8%), Gama Pazarlama A.S. (2%), and the Wing Group (9%).  The project was 75% financed by debt (US Eximbank construction loan facility of US$246.21 million; US$91million loan from OPIC; and US$115.96 million supplier facilities provided by Bayerische Landesbank) and 25% by equity (US$151.04 million).  In 2003, Prisma Energy International Inc. was created as a holding company to, through its subsidiary Prisma Energy International Services LLC, provide management and operational support for the remaining major international assets owned by the bankrupt Enron, including Trakya Power Plant.  The company was created after Enron's board and creditors decided the Enron estate would raise more revenues from ongoing operations than through individual asset sales.  Once the Enron bankruptcy is concluded, Prisma was to be owned by Enron's creditors. They were likely to sell their positions as soon as market conditions allow.  By end 2003, Enron/Prisma was continuing an attempt to sell its stake in the Trakya power plant.   In December 2012, the power plant was acquired by Inter RAO UES (state-owned, Russia) for 90% for US$67.5 million from AEI (from USA) which included the project companies debt of US$139. This valued the project at US$214 million. The project operates under a BOT model, with a 20 year PPA originating in 1996 (TETAS). The fuel supply agreement is held with Botas (state-owned) until 2014, but expected to be prolongued to 2019. Both TETAS and BOTAS are guaranteed by the Turkish government. The project consists of 2x Siemens V94.2 combustion turbines, and heat recovery generators (2x) from Nooter/Eriksen, as well as a single Siemens steam turbine.
GVK Power Ratlam Ltd, a subsidiary of GVK Group and the merged Novopan Industries, is developing a 120-MW, approximately $113.7m oil-fired power plant in Ratlam, Madhya Pradesh State. GVK Power Ratlam will be the primary contractor and operator of the project.    $43.7 million in debt financing was obtained from Indian financial institutions in 1996. A fuel supply agreement was signed in September 1997. The project company negotiated an 18 year PPA with the Madhya Pradesh State Electricity Board (MPSEB).   The IFC approved a $40 million direct loan, a US$ 70 million syndicated loan and a $8.3 million equity stake in its fiscal year 1994. In addition, in its fiscal year 1996, the IFC approved a $2.5 million guarantee.  The power plant has been operational since June 1997.
Edecat was the state-owned company charged with electricity distribution in Province of Catamarca. The company had 63,000 customers to whom it sold 196 GWh in 1994. The company was partially privatized when the provincial government sold a 90% equity stake for $12.1 million to a consortium of IATE SA and Siemens.  In October, 2008. The government of Argentine Catamarca province resorted to a clause in the concession contract with the regional electricity distributor Empresa Distribuidora de Energia Catamarca SA (Edecat) and intervened in the company by taking charge of Edecat A shares. The shares would have to be sold or the province would take control of them. Also in October, Edecat requested cancellation of the contract and alleged that the province of Catamarca had breached the contract.
This is a 17-MW hydro power plant located in San Miguel de Heredia. The developers are Energia Global and Energy Investors Funds. The total cost of the project is approximately US$ 33 million. The commercial operation was scheduled for late 1997. The company has a 15-year power purchase agreement with the Institute of Electricity (ICE), the state-owned utility.
In 1996, the municipality of Tunja, Columbia, awarded a 30 year concession contract to private operator SERA QA TUNJA E.S.P., S.A. for the town’s water and sewerage systems. The town of Tunja was the capital of the Boyaca department and had some 160,000 inhabitants. SERA served some 137,000 people in Tunja.  In 1996 SERA QA TUNJA E.S.P., S.A. was a fully owned subsidiary of Spanish company Fomento de Construcciones y Contratas S.A. (FCC). SERA pledged to invest some $20 million in the town’s water infrastructure over the concession period. By 2005 the company was owned by Proactiva, a subsiary of FCC and Veolia  During the first five years of the concession, company indicators improved: water supply coverage went up from 80% to 98% and sewerage coverage from 45% to 80%, and the average service hours during the day went up from 6 to 22 hours.
Jupiter Communications operated public payphones in Tanzania. The company was owned by Equity Investment Management which invested US$200,000 in the project by 1997. The company had around 200 payphones installed in the country.
The power plant has a generating capapcity of 250-MW (2x 125-MW) and has been operational since mid-1997. Shareholders in the joint venture are China Power International Holding Ltd. (45%), a unit of China's Ministry of Electric Power, AES China Generating (25%), a subsidiary of AES Corp, Anhui Liyuan Electric Power Development Co. (20%), and Wuhu Energy Development Co. (10%). The project is in part financed by a $65 million senior loan arranged by AES ChiGen and a $18 million subordinated loan.
Empresa Ferroviaria Andina S.A. (EFA) took over the management of the Andina line in March 1996. The consortium won the concession when the Bolivian government decided to award concessions to run its two railways under the government's new capitalization process. Under capitalization, private companies purchase a 50% stake in government utilities, but this remains as equity in the project company and is used for investment. The consortium pays an annual lease fee to the government. Empresa Ferroviaria Andina (EFA) won its concession on March 16, 1996. The company's sponsors are Empresa Cruz Blanca (CB Group, Chile - 17%) and Antofagasta and Boliva Railway plc (FCAB - 33%). FCAB is owned by Luksic Group of Chile.   EFA made an initial investment of US$ 13.25 million for 50% of the company. EFA pays an annual lease fee of US$418,000. It has made no additional investments and has none planned.
The company will build and operate the Central Termica Patagonia. The merchant plant consists of  two General Electric Frame-6 Gas Turbines that produces a total of 77 MW of  electricity. The plant started operation at the end of 1996. The owners of Energia del Sur SA are Amoco Corp. (part of BP Plc. as of 1998) (40%) and Camuzzi Argentina (60%). The Inter-American Development Bank has approved $330 million in financing to enable Energia del Sur S.A. to expand its capacity by 287 MW.  In 2004, BP America filed a claim against the Argentinean government with an international arbitration tribunal (International Centre for Settlement of Investment Disputes - ICSID). The companies claim compensation for the losses caused by the devaluation of the Argetinean currency (peso) and the conversion of dollar-denominated tariffs into pesos.  In August 2008, settlement was agreed by the parties and proceeding discontinued at their request (Order taking note of the discontinuance issued by the Tribunal on August 20, 2008 pursuant to Arbitration Rule 43(1)).
The Western Access Tollway project is divided in two phases. The first one, costing an estimated US$240 million with an expected completion date of 9/98, involves land expropriation (at a cost of US$ 52 million) and construction of an 8.7 km dual four-lane carriageway to link the existing 46.8 km carriageway to the city of Buenos Aires (cost: US$105 million). The first phase also includes the construction of 16 toll gates, two toll plazas and rest areas (this phase has been financed as follows: US$80 million in equity and US$160 million financing package from the IFC). The second phase will be implemented three years after toll operations begin, and it involves the upgrading of the toll highway, repaving and construction of interchanges and service roads (this phase will cost US$220 million and will be financed by revenues generated from the toll operations).   Private participation is shared as follows: Roggio - 25.5%; CBPO - 24.8%; IJM - 24.8%; GMD - 24.8%.   In July 1999, the concessionaire listed a 30% secondary share stake on the Buenos Aires Stock Exchange, with the shares trading at approximately US$ 2.10 (this is the first private highway concessionaire placement in LAC). In 2000, the Spanish company Acesa bought the equity stakes of Benito Roggio and Odebrecht's subsidiary CPBO in the project (49%).  In March of 2006, a new contract was signed by the Argentine government and Grupo Concessionario del Oeste S.A. adjusting the tariff rate by 15% for the Western Access Tollway (Acceso Oeste).
This is a 500-MW hydro power plant. It was privatized in December 1996. The government sold 99% of the equity for $302 million to a consortium composed of Chilean Endesa, Northern Power, and Colombian finance company Corfivalle (24.75%). Endesa also agreed to assume around $187 million in debts. As of December 2005, Enersis had an economic interest of 31.13% (85.63% of voting interest) in the project.
Containerization and Packaging (C&P) Holdings of Singapore is a building container facility at Thilawa port under a 25-year BOT contract with the Myanmar Port Authority. Total project cost was estimated at US$ 160 million, but the first two berths, which became operational in January 1997, cost US$50 million. The berths remain underutilized due to poor land transportation links with Rangoon.   Mitsui Engineering and Shipbuilding is engaged in building bridges, jetties, barges, buildings and sluice gates for the Thilawa port. Facilities for C&P's operation will include a 750,000 square metre back-up area; two dedicated ship-to-shore gantry cranes; four rubber tyre gantry cranes in the container storage area or up to six empty front loaders; at least 20,000 square metres of warehouse space; and office buildings for port users. Shanghai Zhenhua Port Machinery Co., Ltd. supplied two Quay Side Container Cranes and three Rubber Tyred Gantry Cranes in 1997. Located 25 kilometers from the country's capital city Yangon, the new terminal occupies 185 acres (75 hectares), with a total berth length of 3,280 feet (1,000 meters). The facility currently has two only quay cranes, but the number will be increased to seven when the terminal is fully developed. The whole project was expected to be finished by 1998.   Hutchison Whampoa Group increased its holdings in the container port facility at Thilawa (Yangon) from 20% to 100% as of March 2009.
The project includes the construction, maintenance and operation of the 1.4-km bridge that connects Sao Borja (BR) and Santo Tome (AR) and of the access on both sides (7-km accesses in each side of the bridge).The construction of this new bridge was completed in Dec. 1997. The project company is headed by Iglys (Impregilo subsidiary), which has as its partners Cigla (also Impregilo subsidiary), Necon, Chediak and Usifast (Iglys and Cigla owns 59% of Mercovia). The total cost of the project was US$ 32 million and US$ 16 million was provided by the government of Argentina and Brazil (US$ 8 million each). The average daily traffic has been lower than expected because of the high toll rates.
Midcon Gas Natural SA de CV, a subsidiary of MidCon Corp. (Occidental Petroleum Corporation) was awarded a license to build and develop a 150km gas pipeline from the city of Miguel Aleman, Tamaulipas, to General Trevino to Monterry city, Nuevo Leon in October 1996. The project stipulates natural gas can be imported from or exported to the US through this pipeline. The pipeline has a 24-inch diameter and a capacity of 270 million cf/d.  The total cost of the project is $43.5 million.
Road King Infrastructure and a local SOE signed a 30-year joint venture contract for the construction and management of the Shenzhen Airport-Heao Expressway in October 1996. Road King receives a 45% share of the joint venture's toll revenue and invested HK$ 547 million (US$ 70.6 million) in the project. Road King funds its project from internally generated funds and long term debt. This includes a US$ 138 million syndicated loan and US$ 140 million 10-year fixed rate notes arranged in 1997.
This mine-mouth coal power plant has a generating capacity of 250-MW (2x125MW). The first unit was scheduled to go on-line during the 3rd quarter of 1997 with the second unit expected to be operational by the second quarter of 1998. The joint venture consists of AES China Generating Co. (70%), a subsidiary of AES Corp., and Jiazuo Aluminium Mill (30%). The latter has agreed to purchase 90-MW of the electricity, the rest is covered by a PPA with Henan Provincial Electric Power Board.
In October 1996, Billionable Investment Ltd. (BIL), a subsidiary of New World Infrastructure (NWI), signed a 26 year joint venture contract for the construction and operation of a 21.77km dual 2-lane road between Huizhou City and Shenzhen.  For the project, BIL had a 50% profit-share in Huizhou City Huixin Expressway Co. Ltd. with state-owned Huizhou City Road & Bridge Development Co. (HRBD).  The toll road started operation in December 1997 when the contract period began. Average traffic flow on the expressway in 2001 was 11,383 vehicles per day.  BIL was previously awarded a 30-year joint venture contract for the consturction and operation of 35 km 2-lane Shenzhen-Huizhou expressway (Huizhou Section).
This is a 160-MW merchant power plant. The project was initially awarded to Merrill International, but later Conoco Global Power and Wing Group entered as developers. The equity is owned by Conoco Global Power (33%), Wing Group (33%), Prospeccion, and Merrill International. The plant, which was scheduled to start commercial operation in December 1997, is sited near an Ecopetrol refinery. Westinghouse holds a turnkey contract for the project. The cost of the project was around $71.4 million. The electricity output is sold to spot market and industrial consumers.
This 480-MW power plant is being built by Uni-Mar, a joint venture between Marubeni Corp. (33.3%), National Power (33.3%) and Unit International S.A. (33.3%). Uni-Mar has a 20 year PPA with the public utility TEAS and fuel supply agreement with BOTAS. ABB has been awarded the turnkey contract and the plant was scheduled to become operational in April 1999, but it is expected to go into operation end 1998.. The  project is 80% financed by sindicated loans and 20% by equity. In Nov. 1999, National Power announced the split of its international and domestic operations, International Power was created.
The Presidente Dutra Highway - NovaDutra is the main road link between Sao Paulo and Rio de Janeiro. Since 1996, the concession was granted to Concessionaria da Rodovia Presidente Dutras SA (NovaDutra). The concessionaire is resposible for upgrading and rehabilitating the highway. At the time the concession was granted, NovaDutras was controlled by a consortium of four private companies, each one holding a 25% stake of the concessionaire. The consortium revenue stream per month is on average US$ 15 million.   Financing for the first five years of the concession (US$ 525.5 million) has been achieved as follows: US$ 213.2 million as equity; US$ 115 million from the IFC (US$ 35 million as loan and US$ 80 as syndications); US$ 171 million as loan from the BNDES (brazilian federal owned development bank); US$ 36.5 million as supplier credits and other sources. The total amount to be invested during the 25 year concession period is estimated as US$ 748 million (until Dez/1997, the total invested has been US$ 406 million, while the estimated was US$ 346 million). Estimated average number of vehicles daily was 80,000 in 1998.   In 1998, 100% of the total capital of NovaDutra was transfered to Companhia de Concessoes Rodoviarias (CCR), a newly created holding company that would hold a number of toll-road concessions. CCR was controlled by Andrade Gutierrez, Camargo Correa, Odebretch, Serveng-Civilsan and  Servix and Via Engenharia (SVE).   As of August 1999, the private sponsors have slowed the pace of the investments because of disagreements with the government regarding toll rate adjustments and tax payments.  In 2001, Brisa Autoestradas de Portugal SA purchased a 20% stake in CCR. In 2003, both Odebrecht and SVE sold their stake in CCR (16.89% and 5.13%, respectively) to the other stakeholders. As of December 2003, CCR was controlled by Brisa (21.27%), Andrade Gutierrez (20.69%), Camargo Correa (21.27%), and Serveng-Civilsan (21.27%). The remaining stake (15.5%) was traded in stock markets.  In 2004, BNDES approved a BRL 39.4 million loan to Nova Dutra to finance the rehabilitation works on the highway (previously, in 1997, a BRL 171 million loan had been granted to the company). Between March 1996 and December 2009, the concessionaire invested US$ 3.7 billion (BRL 7.4 billion), of which US$ 1.3 billion (BRL 2.6 billion )was directed to the roadway infrastructure and the rest constituted operation expenditures.
Bee-Line Vladimir was an open joint stock company that operated as a franchise of the Bee-Line network operated by Vimpelcom. Bee-Line Vladimir received its license for the operation of a 800 MHz cellular network in September 1994. Operation started in July 1996. The company served the Vladimir city and 25% of the whole Vladimir region in 1997, with a total of some 200 subscribers.
In August 1996, New World Infrastructure (NWI) signed a 26 year joint-venture contract with the SOE, Guangning Highway Development Company, to build and operate a 19.5km dual 1-lane toll road linking Guangning County with Gaoyao City in Zhaoqing. NWI has a 55% stake in the jv, and invested US$ 4.66 million in the project - US$ 1.55 million as equity and US$ 3.11 million as a loan to the project company. The project costs US$ 7.77 million. The road includes a 301m bridge. In late 1997, it was expected to open for operation in early 1998. NWI predicted an average traffic flow of 3,500 vehicles per day in the first year and an average toll of Rmb 8 per vehicle.
The Guangshen Railway administration runs a 152km section of the Kowloon-Canton Railway, from Guangshen (Canton) to the Hong Kong border. The administration was corporatized and given the freedom to set its own fares in April 1996. In 13 May 1996, the Company floated ADRs on the NYSE, and on 14 May issued 'H' shares on the Hong Kong stock exchange. The total share issue represented about 30% of the Company and raised approximately US$544 million; the remaining 70% is owned by Guangzhou Railway. This move follows the PRCs decision in 1993 to end the government's railway monopoly, and to encourage autonomous regional railway companies and local authority joint ventures with the private sector. Guangshen Railway issued a total of 2.75 billion IPO shares (out of total 7.08 billion shares) and raised 10.08 billion Yuan (US$1.26 billion) through the offer, which was listed on the Shanghai Stock Exchange in December 2006. Guangzhou Railway (Group) Co. Ltd. owns 41% of the equity of the company as the representative of the Ministry of Railway.
The project envisages the construction and operation of a 6-MW coal-fired power plant. Northern Electric Co. is undertaking the project, which reached financial closure in Nov. 1996.  An agreement has been signed with the government authority in which the required commercial operation date was extended to June 2003. Electricity from the power plant will be sold to WAPDA under a power purchase agreement.
In May 1996, Road Builder (M) Sdn Bhd signed a 30 year BOT concession contract for the construction and operation of a 16km, 6-lane Sungei Besi toll road (including an upgrade of the existing 4km). Road Builder established a project company, Besraya Sdn Bhd, with co-sponsors HMS Resource Sdn Bhd (35%) and Gagah Garuda Sdn Bhd (5%). Road Builder started construction on August 6, 1996 and expects to complete in February 1999. The road includes 3 bridges and 2 toll plazas. The project will cost M$305 million (US$120.7 million - excluding land acquisition costs). Financing is part equity (30%) and part project financing (70%) that includes a soft loan and interest free loan from the government. Road Builder has been arranging a M$90 million syndicated loan for this and other road projects.
Uraltel was created in 1993 as a closed joint-stock company by the Uraltelecom (regional operator), Yekaterinburg's City Telephone Network, some local Russian companies, and MST Investor from the US, which owned 50% of the company. In August 1994 Uraltel received a license to operate an AMPS 800 cellular network in the Sverdlovsk region. The area had a total population of 4.5 million. Uraltel started commercial operation in April 1996. By 1997 the company served in the Yekaterinburg and Koltsovo regions, with a total of 500 subscribers that year and network capacity of 2000 lines. Plexsys delivered the network.  From July 1997 Uraltel has been providing GSM-900 mobile services in the Sverdlovsk region. The company had 40 GSM-900 base stations in Yekaterinburg in mid-2003, and also had a license to provide GSM-1800 services. The company's network covers 27 large cities and towns in the region, including Yekaterinburg.  In August 2003 Mobile TeleSystems (MTS) acquired a 46.65% stake in Uraltel by purchasing Vostok Mobile B.V. from the US MCT Corp. At the time, MTS already held a 53.2% stake in Uraltel through its 100%-owned subsidiary Telecom-900. At the end of 2004 MTS owned 98.85% of Uraltel stock.
The project includes the rehabilitation, maintenance and operation of the toll road. The consortium is led by Caminos Australes, which holds 51% of the shares, while Herdoiza Crespo Construcciones and Consermin hold 34% and 15%, respectively. Financial closure was achieved with the sponsors' own resources and a credit facility granted by the IADB and CAF banks (the debt/equity ratio is 35%/65%). CAF has granted a US$ 38.2 million loan in 1997, while the IADB provided US$ 30 million.
The 50.8-MW, $62.0 million, Sapugaskanda Power Station is being developed by Asia Power Private Ltd. (APPL). APPL is a consortium consisting of Kloeckner Humbolt Deutz (KHD) Great Britain (31.8%), Nissho Iwai (18.2%), the International Finance Corp. (11.4%), IFC/Commonwealth Development Corp (CDC) quasi-equity (11.4%), DEG (11.4%), Wain Scandinavian Contractor A/S (BWSC) (6.8%), IFU (6.8%), and John Keels Holding Ltd. (2.3%).    The plant is designed as a base load facility with minimum guaranteed annual energy output of GWh and yielding a net plant load factor of 76.8%. The project is being built under a BOO contractual framework.  KHD Humbolt Wedag is the contractor and Duetz Engine is the equipment suppliers.  The plant was expected to become operational during 1998.  The project has a 65:35 debt/equity ratio. In addition to its $2.5 million of equity and $2.5 million quasi-equity, the IFC is providing a $10 million direct (A) loan and a $25 million syndicated (B) loan. The IFC approved these transactions in its fiscal year 1996. In fiscal year 1997 it provided $2 million for risk management. Financial closure was reached on June 24, 1996. APPL signed a 20-year PPA with the Ceylon Electricity Board (CEB).  A 20-year fuel supply agreement was reached with the Ceylon Petroleum Company (CPC). In 1998, MIGA approved an US$ 1.7 million guarantee to Nissho Iwai for its US$ 4.1 million investment in the project.  In the fourth quarter of 2007, Kloekner Humbolt Deutz AG sold Deutz UK Ltd.'s 31.8% shareholding in APPL to the private equity firm, 3i.
In 1996, China Assets signed a joint-venture agreement with the provincial government to rehabilitate and operate the Nangang toll road. A total of US$ 20.5 million was invested in the project. However, China Assets has not been able to receive the full return on its investment due to delays in the payment from the toll road company. In 1999, China Assets decided to take legal measures.
Empresa Electrica San Juan SA is an electricity utility that operates generation, transmission, and distribution facilities of the San Juan Province. The company supplies energy to about 130,000 customers, meeting a demand for 514 GWh in 1996. Empresa Electrica San Juan was privatized in January 1996 when a consortium led by Chilean Emec and Chilgener paid $63.3 million for a 90% equity stake of Empresa Electrica San Juan SA. The winning consortium was awarded with a 50-year concession for the distribution and generation of electricity in the province of San Juan. In Nov. 1999, Gener agreed to sell all its equity participation in the project to Emec for US$ 20.8 million. In 1999, the company invested US$ 13.9 million, while in 2000, the company invested US$ 11 million to increase its power distribution capacity.  As of 2006, Energia San Juan S.A. was controlled by Agua Negra S.A. which was ultimately controlled by Compania General de Electricidad. In 2006, Energia San Juan S.A. invested approximately 4 million on its facilities and had 171,000 users.
This 400 MW project is located in the Zhabei district of Shanghai. The project consists of a residual fuel-fired simple-cycle gas turbine peak-load power plant. The project was developed jointly by General Electric Capital Corporation and Shanghai Municipal Electric Power Company (SMEPC). The project was financed through both equity and debt.  Equity of US $73 million was provided by SMEPC (70%) and by GE Capital (30%). The sponsors also raised local currency debt equivalent to US $56 million. An additional US $124 million in US dollar debt was provided by a syndicate of international banks. The Zhabei project was the first power plant of its size in China to be financed on a non-recourse basis, with no guarantees provided by either the sponsors or the Chinese government. At the termination of the 17-year contract, full ownership of the plant is transferred to SMEPC. The financial statements of SMEPC were audited according to international accounting standards by Arthur Andersen prior to financing of the project. SMEPC has signed a PPA agreeing to purchase all of the output from the plant.
Alpha Power Company Ltd., a partially-owned subsidiary of Alphatec Group, is developing a 420-MW (2x210-MW) gas, combined-cycle cogeneration power plant at the Alpha Technopolis Industrial Park in Chanaoengsao Province. Sight, a power company based in the US, has taken a partial stake in the project. Estimated project cost is $400.0 million. GEC-Alsthom was the equipment supplier. The first 210-MW turbine came on line during late-1996. The plant appears to be self financed by the Alphatec Group.  Alpha Power Company signed a 5-yr PPA with Electricity Generating Authority of Thailand (EGAT) in Oct. 1996 to sell 70-MW of the plant's output under the Small Producers Program (SPP). The remainder sold to residential and industrial customers located in the industrial Park. Alpha Power Company also signed a 21-yr fuel supply agreement with the Petroleum Authority of Thailand (PTT) to supply 17.5 cubic ft/day of gas, which would be increased to 41-million cubic ft/day once the second phase of the project becomes operational, expected during late-1998.
PT Mitra Global Telekomunikasi (MGTI) was granted a 15-year concession agreement for the provision of fixed local phone services in Central Java (division IV) in 1995. The company was one of the five international consortia that were granted such agreements when the country was divided in seven regional areas in 1995. Those regions were Sumatra (division I), Jakarta and the surrounding area (division II), West Java (division III), Central Java (division IV), East Java including Surabaya (division V), Kalimantan (division VI), and East Indonesia (division VII). The state-owned company PT Telkom kept the management and operators of the two most profitable regions (Jakarta and East Java). Each of the remaining five regions were awarded to one international consortia under a joint operating scheme (Kerja Sama Operasi or KSO) in 1995.   Under the arrangement, each KSO was treated as a division of PT Telkom and was managed and operated by the KSO consortium on behalf of PT Telkom for 15 years staring in 1996. Collectively, the KSO investors were charged with the planning, engineering, financing, and constructing of a minimum of 2 million lines by 1999. Of that amount, PT Mitra Global Telekomunikasi committed to install an additional 400,000 lines. In addition, the company took over the management of the 372,267 existing fixed lines from PT Telekom in Central Java in January 1996. At the end of the 15-year period, all lines constructed had to be transferred to PT Telkom for a nominal payment. As part of the agreement, each KSO consortium had to give PT Telkom three principal types of payments during the term of the KSO - an up-front fee for joining the KSO scheme, which was US$10 million for PT Mitra Global Telekomunikasi; a monthly payment for the annuity-like "Minimum Telkom Revenues"; and an annual "Distributable Telkom Revenues" (a percentage of the KSO's unit revenues after deducting certain allowable operating expenses). The average annual payment was estimated around 30% of the total revenues.    PT Mitra Global Telekomunikasi was created as a joint venture between PT Widya Duta Informindo (31.31%), PT Indosat Tbk (30.55%), Telstra Global Ltd (20.37%), Nippon Telegraph & Telephone Corporation (15.27%), Itochu Corporation (1.25%), and Sumitomo Corporation (1.25%). On September 24, 2003, PT Alberta Telecommunication, a subsidiary of Indonesian investment firm PT Saratoga Investama Sedaya, agreed to purchase 100% of MGTI's shares for US$266 million.    The total cost of the network expansion was estimated at US$550 million. Mitra Global Telekomunikasi closed financing for US$95 million through a domestic loan in February 1996. In addition, the company secured a US$480 million non-recursive project finance facility in October 1996, becoming the third of Indonesia's 5 regional KSO telecom projects to seal a loan agreement.   The company was seriously affected by the financial crisis in the country during the late 1990s. Telstra had written down its investment in the company to zero. The company, as the other KSO arrangements, was unable to meet the deadline of March 1999 to finish its build out commitments. The company tried to renegotiate its contract with the government and restructure its foreign debt by end of 1998.    In order to assist the KSO partners in meeting their obligations and to maintain the continuity of the KSO Agreements, all of the KSO partners entered into a Memorandum of Understanding with TELKOM on June 5, 1998 which reduced the minimum line construction obligations of the KSO partners, decreased TELKOM's share of KSO revenues for 1998 and 1999 and cancelled TELKOM's option to purchase the assets of the KSO before the end of the KSO period. Beginning January 1, 2000, the parties reverted to the terms of the original KSO agreements with respect to MTR and DTR payments.   In January of 2004, Saratoga Investama Sedaya closed on a five-year, US$215 million syndicated term loan facility through Singapore's DBS Bank and PT Bank Mandiri.  Proceeds from the loan were to be used by Saratoga Investama Sedaya finance the purchase of MGTI and refinance its existing debts which it assumed.  By the close of 2003, PT TELKOM had reacquired and consolidated all of the KSOs except division IV (MGTI) and division VII (Bukaka Singtel).  On January 20, 2004, however, TELKOM and MGTI entered into an agreement to amend and restate the KSO Agreement with respect to Regional Division IV. Under this amendment agreement, for the remaining KSO period, TELKOM was to be entitled at its sole discretion and expense to construct new telecommunications facilities in Regional Division IV and MGTI was to receive fixed monthly payments derived from revenues generated by the Regional Division IV operations.  These monthly payments to MGTI were expected to be between US$5.4 million and US$6.8 million until the expiry of the contract in 2010. TELKOM thus obtained the right to manage KSO Unit IV and assume the risk and rewards of the KSO operation. MGTI was to receive the fixed monthly payment regardless of the performance of KSO Unit IV.
The Palestinian Water Authority (PWA) signed a 4-year management contract with Lyonnaise des Eaux Khatib & Alami (LEKA) in July 1996 to provide water and wastewater services for the Gaza Strip area. There were 52 expressions of interest, of which eight bidders were short listed. The basic goals pursued under the contract were to enhance efficiency and rapidly improve service quality, quantity and overall management of water supply and wastewater services in local&#8206;, &#8206;municipal and village council water departments&#8206;.  The situation of the water sector in Gaza at the time of the initial contract signing was critical, as good quality resources were extremely limited, over-utilized and badly contaminated.  Under this back drop, the Palestinian Water Authority (PWA) was created in April 1995 as the institution responsible for policy-making and regulation of the sector. It was concluded that private sector involvement was the only way to rapidly improve the water supply and wastewater disposal services. Since any long-term arrangement posed significant risks to both the Palestinian Authority (PA) and potential private investors, a management contract was considered most appropriate, as it would allow the Palestinians to assess the advantages of private sector management without committing to a long-term relationship.  LEKA was a 50-50 joint venture between Lyonnaise des Eaux (Suez since 2001) and a local Palestinian company, Khatib and Alami. The partners received a management fee of US$9.5 million (US$6 million as a basic fee and $0.75 million/year for meeting performance targets). They also received US$12 million in working capital.   The project involved a World Bank investment of US$25 million through a special trust fund created for this project in 1995. The EIB also provided funds for the project: a loan of US$30 million in 1996 and of US$30 million in 1998 (both loans were granted to the Palestinian Authority). The funds were committed to finance the management fees, provide operating investment funds, and support the project through technical assistance. In June of 2001, the World Bank approved a Supplemental Credit of US$6.0 million while the Palestinian Authority contributed US$0.8 million.  The contract was due to expire in August 2000, but was extended until September 2003 to enable a seamless transition into Gaza II, which had aimed to rehabilitate, upgrade and expand the existing water and sanitation facilities and services in Gaza. However, all the companies short listed for the eight-year management contract declined to bid because of the deteriorated security situation.  The PWA was negotiating with the World Bank, which was to fund the original contract, to transform the project into a three-year emergency scheme. The proposed plan entailed the PWA forming an operating management unit in place of the previously-envisaged private operator.  The new state-owned company, Coastal Municipalities Water Utility (CMWU), took over in September of 2003 at the conclusion of the management contract.    Despite extremely difficult circumstances, the initial project achieved its key development objective of improving water and sanitation services.  After a somewhat slow first year, almost all the performance indicators as agreed upon in the management contract were attained from the second year onwards until the project concluded. In particular, the per capita use of water was reported to have increased from a level of 70 liters per capita per day (lcd) in 1996 to about 100 lcd by 2000. By the end of the project, close to 100% of the water delivered was chlorinated which reduced considerably the health hazards associated with poor water quality.  However, following the outbreak of renewed hostilities in October 2000, this improving trend was no longer sustainable and by the end of the project in September 2003, per capita usage had declined to around 80 lcd.
In February 1993, the  Dabhol Power Company (DPC), which was 80% owned by Enron Corporation, 10%  by General Electric, and 10% owned by Bechtel, negotiated a 20-year Power Purchase Agreement (PPA) with the State Government of Maharashtra for Phase-I of a combined two-phase 2,184 MW gas-fired power plant located near the City of Mumbai. The Dabhol Plant was part of the Federal Government’s IPP (Independent Power Producer) scheme to involve the private sector in meeting a 5-year target (1992-1997) of adding 48,000 MW of new power generation.  Phase-I’s capacity was expected to be 695 MW, with Phase II following a few years later. The PPA did not legally bind either Enron or the Maharashtra State Electricity Board (MSEB), who actually purchased the power on behalf of the State, to take up Phase II of the project. When completed, the entire project was expected to cost approximately $2.875 billion, of which the Phase I cost was roughly $930 million. Phase I was funded by $275 million in equity and the remainder through a mix of local and foreign debt.  The terms of the agreement, which were directly negotiated between the DPC and the State Government, included government acceptance of dollar denominated power tariff rates to ensure a 16% post tax return on investment. The initial estimate was that DPC would receive a 1997 base price of roughly $0.076 per kWh, while retail customers were paying $0.032 per kWh. There were also two payment guarantees - one from the State Government and a 12-year counter guarantee from the Central Government.  The DPC deal immediately came under severe criticism from media and opposition political parties for a lack of transparency. With a change in state government in March 1995, the new government set up a Review Committee which unilaterally recommended termination of the contract. In addition, in August 1995 the government unilaterally refused to honor the PPA and DPC was asked to immediately stop construction on the 23% complete Phase I, on which over $300 million had already been spent.   The DPC initiated arbitration proceedings against MSEB in London. Almost immediately, the State Government sued DPC from the Mumbai High Court alleging fraud and misrepresentation of data. After several months of intense negotiations, both sides eventually agreed to a revised PPA agreement by March 1996 that combined Phase-I and Phase-II of the project. In the revised PPA, the combined project capacity of Phase I and II was raised from 2,184 MW to 2,450 MW, annual 4% escalation in power tariffs was disallowed and the proposed tariff was cut from $0.076 per kWh for Phase I to $0.059 for both Phase-I and II at the same dollar rate for 17 years with no inflation adjustment. Phase-I was commissioned in May 1999.  Phase-I continued selling power to MSEB, which by early 2000 was facing a revenue shortfall of around $275 million. This shortfall was also projected to increase sharply after Phase II became operational towards the end of 2001, absorbing half of MSEB’s revenue at the existing tariff rates. By early 2001, MSEB stopped paying DPC for its power bill saying that the “power from the plant is unneeded and too expensive” and imposed a $89.9 million penalty on the company for “technical under-performance.” In May 2001, after DPC was served a 6-month pre-termination notice, MSEB unilaterally rescinded the contract and stopped drawing power from the project, forcing the plant shut down.  In July 2005 Bechtel and GE settled their dispute with the Indian government over the Dabhol project in exchange for payments of $160 million and $145 million, respectively.
The mine-mouth, fluidized-bed power plant has a generating capacity of 50-MW. It is currently under construction and at financial closure was expected to go on-line in February 1998. Construction started after AES put forward about $28 million as initial funds. The joint venture company is owned by AES China Generating (70%) and Sichuan Fuling Banxi Colliery (30%), an affiliate of the Ministry of Coal. A PPA exists with Sichuan Fuling Power Co. Shanghai Electric Corp provides engineering, procurement, and construction services for the plant, as well as funding during construction, and completion and performance guarantees.
The 400-MW (180-MW + 220-MW), US$1,000 million Dieng Geothermal Power Plant was being developed by the Himpurna California Energy Ltd., a consortium of Mid American Energy Holdings (formerly CalEnergy) subsidiary (94%), and the local firm, PT Himpurna Enersindo Abadi (6%) through a 30-yr BOT.   The first phase, which consisted of 180-MW, closed financing in the fourth quarter of 1996 and consisted of a mixture of syndicated loans, a loan facility, and sponsor equity. Some of these funds were coming from the US$400.0 million loan facility to CE Indonesia Funding Corporation, a special purpose company formed by CalEnergy, to finance its Indonesia projects in Dieng, Patuha and possibly four other geothermal projects. DPC and the Patuha Power Company planned to issue project bonds to repay the facility. The US Overseas Private Investment Corp. (OPIC) provided political risk insurance for CalEnergy's equity capital.   PT Kiewit Holt of Indonesia, a subsidiary of Kiewet Energy Co., and Ansaldo were the project contractors. CalEnergy was responsible for operation and maintenance activities once the first facility becomes operational. DPC signed a 30-yr PPA with the national utility, Perushaan Listrik Negara (PLN) in 1995. The company commissioned the first 60 MW in March 1998 and started working on the construction of an additional 80MW geothermal plant. However, PLN failed to pay for the electricity provided by this project due in part to the Asian finicial crisis. The unpaid amount exceeded US$60 million in March 1999 when Mid American Energy Holdings called for international arbitration on its two projects (the other one was Patuha Power Ltd.).   The dispute was taken to an international arbitration panel under the United Nations Commission on International Trade Law (UNCITRAL) rules in 1999. After a favorable interim decision of the international arbitration panel, OPIC and Lloyds paid in full Mid American Energy Holdings' claims under its political risks insurance policies in November 1999.  In July 2001, the Indonesian Ministry of Finance signed an agreement to pay OPIC’s claim. The terms were cited as US$400 million to be paid over 14 years at an interest of 6.21% with a 3-year grace period, broken down as US$260 million to OPIC and US$140 million to various creditors.  In September 2001, the Indonesian government stated that PLN would manage the operating components of Dieng and continue construction on the unfinished components of both plants. The revenue from the plants  would be used to pay OPIC and the other creditors.  14 of the 26 IPPs had agreed to continue their projects under a new pricing scheme, while seven agreed to terminate the PPAs.   On August 27, 2001, Indonesian Government and OPIC representatives signed a settlement agreement transferring OPIC’s shares in the Dieng and Patuha project to the Indonesian Government. A Recommissioning Loan Agreement and Note also provided OPIC funding to recommission the Dieng Geothermal project’s 60-MW unit.
In 1996, Cheung Kong Infrastructure (CKI) signed a joint venture agreement for 24 to 28 years. Under the joint venture they will operate a 140km dual 2 or 3 lane class 1 highway in Nanhai. At financial closure, the road was expected to be operational in 1999. The total project costs are HK$2,554 million (US$ 330 million), of which CKI is investing HK$1,394 million (US$180 million). CKI has shares in the joint venture ranging from 49% to 64.4% depending on the road.  CKI disposed of its shares in the project in 2002.
The concession agreement includes the operation of three airports in Bolivia which combined handle 80% of the airports traffic (air-side and land-side operations, maintenance and management; expansion of passenger terminals, which will cost approximately US$ 100 million). The project company is headed by Airport Group International, whose shares are distributed as follows: Lockheed Air Terminal - 30%; Soros Capital L.P. - 30%; GE Capital - 30%; remaining shares are held by DFS Group Ltd., SunAmerica and United Infrastructure Co. (joint venture of Bechtel and Kiewit). The expected revenues are US$ 20 million per year (20.8% will be held by the government as a lease fee).  In February 2013, the government unilaterally cancelled the concession contract on the grounds that the private sponsors failed to undertake the investment committed to the facilities.
Mar Mobile received its license to operate an AMPS network on September 5, 1995. The company was created as a joint venture between the local telecom operator Martelecom and local companies in the region. The company started operations in January 1996 and had 650 subscribers by the end of 1997. The company provided services in Yoshkar-Ola, Volzhsk, Zvenigovo, and Kozmodemyansk. Luncent Technologies delivered the equipment.  Mar Mobile held a GSM-license for the Republic of Mari El in the Volga part of Russia, with a population of 730 000.   In August 2003 Mobile TeleSystems (MTS) acquired 100% of Mar Mobile from the US MCT Corp.
This is a 50-MW gas-fired power plant in Caldas state, with gas from state-onwed enterprise Ecopetrol. Termoelectrica de La Dorada is owned by the Colombia firm I.C. Industries SA (70%) and the state-owned utility Central Hidroelectrica de Caldas SA (30%). The total cost of the project was $41.93 million. The total electricity produced by this power plant is sold under a 15-year power purchase agreement (PPA) to CHEC, the local state-owned utility. In 1996, the IAIC approved US$ 4.9 million in loan and US$ 20 million in syndication for Termodorada.  The project company ceased operations in September 2012.
The project has a total installed capacity of 150-MW in three units (a 40-MW unit in Santa Elena, and two 55-MW units in Santo Domingo). The owners of the project are Anglo Energy Co. (50%), MCI Power Group (25%), and Energy Services Inc (25%). The total cost of the project was estimated at $29 million. The facilities started their commercial operations in 1996. The output is sold to Instituto Ecuatoriano de Electrificacion (Inecel), the Ecuadorian state-owned utility.
Fairyoung Holdings Ltd. announced in August 1996 that it would take 60% in a joint venture with Xiamen Xiangyu Free Trade Zone Construction Co. and the Xiamen Port Bureau.    In 1996, the IFC approved US$ 14 million in direct loans and US$ 5 million in equity for the project. Investment was projected at 500 million yuan (US$ 60 million). The Asian Development Bank approved a US$ 50 million loan in November 1997 to expand multipurpose berths at the Dongdu Terminal and a technical assistance grant of US$ 575,000, financed by the Japan Special Fund, to help restructure the Xiamen Harbor Bureau.   The construction of the container terminal at Berth No. 12 of Dongdu Harbour (the "Xiangyu Quay") was completed in September 1996 and started operation in April 1997. The facility is located at Berth No. 12 of Dongdu Port District of Xiamen, Fujian province. It has a quay length of 220 meters, an alongside depth of 12.2m and a backup area of 110,000 square meters which provides total container handling capacity of 250,000 TEUs per year. Sea-Land Orient China, a subsidiary of Sea-Land Orient operates the terminal. The terminal is erected with two ship-to-shore cranes and four rubber-tyred gantry cranes which are all brand-new cargo handling equipment sourced from German crane manufacturer, Noell GmbH. Pacific Ports Company Limited (the port subsidiary of Fairyoung Holdings), was listed on the Stock Exchange of Hong Kong on April 25 1997, raising HK$ 673 million.   The significant growth rate of cargo handling in Xiamen, with an average annual growth of over 30% in recent years, has induced the Group to speed up the development of other port projects, namely Berth Nos. 13 and 14 of Dongdu Harbour (a container terminal and a general cargo terminal, respectively) and the adjacent warehouse and processing zone. Construction works of these two projects have been started in the fourth quarter of 1996.   New World Infrastructure acquired a 43.7% stake in Pacific Ports Co in 1998 from Fairyoung Holdings. Xiamen Port handled 400,168 TEUs in 1996, up 129 per cent compare with 1995.
The Wak Port Qasim is a $515.0 million project that has six barges with a total capacity of 450-MW. Three have two gas turbines and three have one steam turbine each. A consortium of Wak Orient Power & Light tld., Westinghouse Electric Corp and Raytheon Engineers & Constructors, a Raytheon subsidiary, was awarded the $382.0 EPC contract on April 22, 1996. Westinghouse will operate and maintain the barges for 12 years and supply equipment for the project. Construction, engineering, and procurement are being provided by Raytheon Engineers & Constructors. The barges are expected to become operational during 1999.   The U.S. Maritime Administration (MARAD), which provides funding for barge-mounted projects constructed in the US, approved a $410.0 million export credit for the project.  A 30-year power purchasing agreement was signed with the Karachi Electric Supply Corp. (KESC).
The first project is a 15-MW hydroelectric plant located in San Ramon. The plant was developed on a Build-Own-Operate basis by Conelectricas R.L. The project's total cost was estimated at US$ 22.8 million. The power plant started commercial operations in August 1997. Conelectricas R.L signed a 15-year power purchase agreement with Instituto Costarricense de Electricidad (ICE), the Costa Rican national electricity utility company. The power purchase agreement was one of the 20 contracts that ICE signed with private developers at the beginning of 1990s. Only six projects have an installed capacity of 10-MW or more. The IAIC and BCIE have provided financing for this project. The sponsors contributed with US$ 8.3 million in equity.
In 1995 PT Jawa Power began the development of the 1,220 MW (2x615-MW) Painton II power plant in Paiton, East Java.  Jawa Power was distinct from the more well known Paiton I developed by the Paiton Energy Company and was also located in Paiton, East Java. The Jawa plant was being developed through a 30-year BOT-scheme that was to take effect after construction had been completed.  The plant was to sell power to Perushaan Listrik Negara (PLN, the state-owned electricity utility) under a power purchase agreement signed in 1995.  The plant would be fueled by coal purchased through a supply agreement with PT Kideco Jaya and PT Berau Coal.  The plant would be operated by Powergen subsidiary JPT Powergen Jawa Timur.  Jawa Power was a joint venture between Siemens Power Ventures (50%), a subsidiary of Siemens AG (Germany), PowerGen Plc (UK, 35%) and PT Bumipertiwi Tatapradipta (15%), which was controlled by the PT Bimantara Citra Group (Indonesia).  In 2004, PT Bumipertiwi Tatapradipta, exercised its preferential purchase rights to purchase PowerGen’s 35% stake, which it immediately sold on to Malaysian power company YTL Power for US$139 million.  YTL also gained operating rights of the plant as part of the deal.  The Jawa Power plant was being financed from a mixture of syndicated loans, export credits and sponsor equity. The project had a debt/equity ratio of roughly 80:20. Siemens, Black & Veatch, and ABB Combustion Engineering were project contractors and Siemens was the main equipment supplier. ABB Combustion Engineering was to deliver boilers for the project.  The project was expected to become operational during 1999.  The government put on hold many of the independent power producer projects in late 1997 as part of the retrenchment program to cope with the economic crisis. PLN, which was financially troubled by the crisis, asked to renegotiate the PPAs, especially with regards the price.  In 2003, 14 of the 26 IPPs, including PT Jawa, agreed to continue their projects under a new pricing scheme, while seven agreed to terminate the PPAs. The government and PLN each agreed to take over two projects.
In November 1996, Road King Infrastructure signed two 25-year joint venture contract for the operation and management of the Yulin City Ring Roads and the Yulin section of the Yulin-Gonguan Highway. The 27-km of ring road and 39-km highway are a combination of class I and class II highways. The roads were already operational, and started contributing revenue immediately. Road King has a 70% stake in the joint venture contracts. Road King invested HK$ 163 million (US$ 21 million) in the ring road project and HK$ 134 million (US$ 17.3 million) in the Yulin-Gongguan highway. Road King funds its projects from internally generated funds and long term debt. This includes a US$ 138 million syndicated loan and US$ 140 million 10-year fixed rate notes arranged in 1997.
Portia Management Services, overseas port consultancy unit of Mersey Docks and Harbour Co. and Clarke Chapman, materials handling subsidiary of Rolls-Royce, took over the management of a port terminal from the steel company Siderar in Oct. 1996.  The San Nicolas, Buenos Aires province, port expects investment of US$ 30 million to modernize the facility. Siderar will pay a management fee of US$ 10 million per year and expects to save US$ 20 mil over the 12-year concession term, since the winning consortium will curb operation costs. San Nicolas has a turnover of 4 million tons of mineral ores, a figure to rise to 4.5 million tons of cargo over the next 4 years, and 5.7 million after year 2000. San Nicolas also exports the output from Siderar. Profits from exploiting the facility to third companies will be shared.
Empresa Ferroviaria Oriental (FCO) is the consortium company that has improved and operates Bolivia's 1244km Oriental railway network. The consortium leases the track and passenger cars under a 40-year contract. The project is part of Bolivia's capitalization process, under which private companies make a payment for 50% of a public utility, but the payment remains with the project as equity. Empresa Ferroviaria Oriental signed its capitalization contract on 15 March 1996, and invested US$25.85 million. FCO has subsequently invested US$6.5 million. The contract gives FCO exclusive rights to operate freight and passenger transport on the network. FCO comprises Trenes Continentales (50%), AFP Futuro Bolivia (24.95%), AFP Prevision BBVA (24.95%), and workers (0.08%). Trenes Continentales is itself owned by EFO S.A. (Chile; 67.7%), Blue Ocean Overseas (23.9%), General Belgrano (2%), and CB Bolivia (6.4%). In Nov. 2000, the shareholding structure of Trenes Continentales changed with the exit of CB Bolivia. The new partners in Trenes Continentales are the following: Genesee & Wyoming (48.61%), Las Americas (27.8%), IFC (18.05%) and other partners with small shareholdings. In 2000, CAF granted a US$ 5 million loan to the company.
In 1996 Nomura Haiphong Industrial Zone Development Corporation (NHIZ) began development of a 50 MW thermal power plant the Nomura industrial park in Haiphong, and in 1999 sought permission to sell power from the plant to the national grid.  The plant was to provide power to the industrial zone, and to sell excess power to Electricite de Vietnam (EVN).  The initial power purchase agreement was a 2-year contract at US$ 4.5 cents per kWh signed in April 2001 for up to 40MW (peaking in the dry season).  By the end of 2005, the plant continued to sell power to EVN under a subsequent contract.  No information on project costs was publicly available.
This concession was granted to Concessionaria Rio-Teresopolis SA (CRT) and is part of the federal roads concession program in Brazil. The ownership of CRT is divided as follows: OAS has 28% and the remaining partners, Carioca Christiani-Nielsen, EIT and Queiroz Galvao, have 24% each. The total cost of the project is US$ 476.6 million (R$ 450 million, in November 1995 value). A loan of US$ 31.8 million has been acquired from the BNDES, the Brazilian federal government development bank (R$ 30 million, in Nov. 1995 value). The remaining project cost still need to reach financial closure. The estimated average daily traffic flow in the road is 9,000 vehicles.
The Hunan Huayin Electric Power Co. is engaged in the generation of electricity in the city of Changsha. In 1996, the company issued 108 million "A" shares on the Shanghai Stock Exchange. A total of US$ 105.3 million was raised as divestiture revenues.
In February 1996, Taliworks (Langkawi) Sdn. Bhd., a wholly owned subsidiary of Taliworks Corp. Bhd. of Malaysia, was awarded a 25-year management contract to operate four water treatment plants in Padang Saga, Bukit Kemoja, Pulau Tuba and Sungai Baru and distribute the treated water on the Pulau Langkawi island in Kendah state.  New capital works were to be the responsibility of the state government, while the management fees gave Taliworks an annual revenue of RM12 million.  Taliworks, formally known as Carpets International Malaysia Bhd, was controlled by businessman Datuk Lim Ah Bak, who held 65.61% of its shares while the Selangor state investment arm Kumpulan Darul Ehsan Bhd owned 20% of the company.  Taliworks was listed on the then Kuala Lumpur Stock Exchange in October 2000 through the reverse takeover of Carpets International Bhd.
In September 1996, MRS Logistica won a 30-year concession to rehabilitate and operate the 1,674 km southeastern railway network. In 1995, the Brazilian government decided to divide the national railway, RFFSA, into six exclusive regional systems and to offer a 30-year concession contract for each system. This is one of the six concessions that were awarded between March 1996 and July 1997. Concessions were awarded on the basis of the highest bid above the government's minimum price. Concessionaires paid an upfront lump sum, and a stream of pre-determined payments over the life of the concession. Unlike in Argentina, concessionaires have no control over initial employment decisions.   The winning consortium, MRS Logistica, comprised: Cia Siderurgica Nacional and Usinas, Brazil's largest two steel mills; Mineracoes Reunidas Brasileiras and Ferteco, two major Brazilian iron ore producers; and Cia Siderurgica da Guanabara. MRS Logistica paid R$888.9 million (approximately US$ 855 million) for the concession. It plans to invest R$100 million in 1997, and another R$100 in 1998. Financing for this investment was raised through eurobonds placed on the market in 1997. The operators were planning to expand the network's freight capacity by 50% by 2001.   As of December 2003, MRS Logistica was controlled by Companhia Siderurgica Nacional (32.2%), Mineracao Brasileira Reunidas (31.6%), Companhia Vale do Rio Doce (10.3%), Usinas Siderurgicas de Minas Gerais (10.1%), and Ultrafertil SA (3.5%).  As of March 2009, the shareholding structure was: MBR held 32.93% of the shares; CSN held 22.93%; Vale held 10.89%; Usiminas held 11.13%; Gerdau held 1.31%; and other investores held 20.79%. In 2008, the total investment in rolling stock and infrastructure added up to US$ 570.7 million (BRL 1044.4 million).  A total of US$ 274.5 million (BRL 549 million) was invested in 2009 (US$ 89 million - BRL 178 million - in rolling stock; US$ 110.5 million - BRL 221 million - in infrastructure; US$ 56 million - BRL 112 million - in signalling, energy and telecomunication; and US$ 19 million - BRL 38 million - in other expenditures).  In 2014, the state-owned BNDES approved two loans to the company finance acquisition of rolling stock and the modernizadion of the network: US$ 48.8 million (BRL 114.6 million) in February and US$ 46 million (BRL 108.2 million) in November.
Parma Mobile was founded in October 1995 to provide mobile telecommunications services within the territory of the Republic of Komi with a population over 1 million. The company received its license to operate an AMPS cellular network in December 1995. The company was created as a joint venture between regional operator in Komi (Komisvyazinform) and Vostok Mobile, a subsidiary of Global Telesystem Group. Parma Mobile provided mobile phone service in Ukhta and Skytyvkar and had 500 subscribers by 1997. Lucent Technologes delivered the equipment.   In January 2001 Vostok Mobile B.V  was acquired by MCT Corp which controls 75% in Parma mobile. Parma Mobile provides services under the brand name INDIGO which was introduced in May 2001 by MCT Corp. and unites 13 operators in Russia and CIS.  Parma Mobile expected to launch a GSM network in Komi Republic in the second quarter of 2004. Huawei Technologies supplied the equipment.  At the end of October, 2005 Parma Mobile subscriber base had risen to 70,000 users, an increase from 50,000 in September.  Tele2 acquired 100% of Parma Mobile in July 2006 as part of a deal for the acquisition of four north-western operators that offered services under the "Indigo" brand. The other operators acquired were Arkhangelsk Mobile Networks, Novgorod Telecommunications, and Murmansk Mobile Network.
Altern Energy was awarded the contract to build and operate a 14-MW gas fired power plant in Attock. Financial closure for the US$10 million project was achieved in Jul. 1996. Commercial operation was expected start in Dec. 1997. Nespak is the O&M operator.
In November 1996, Soundfull Developments, a wholly-owned subsidiary of New World Infrastructure (NWI), signed a joint venture contract with the SOE, Guangzhou City Tunnels Development Company. The jv led to the creation Guangzhou New World Bridges Construction Limited to build and operate three bridges: the 2.3km Hedong Bridge, 0.98km Jiefang Bridge, and 0.98km Jiangwan Bridge. Hedong and Jiangwan are dual 3-lane bridges, and Jiefang is a dual 2-lane bridge. NWI has a 70% equity stake in the jv and a 50% profit share. NWI contributed a total of US$ 208.23 million - US$ 181.88 million as equity and US$ 26.35 million as a loan. In early 1998, the company expected an average annual traffic flow of 36,000 vehicles per day on the Hedong Bridge and 51,000 vehicles per day on the other bridges. The Jiefang and Jiangwan bridges were opened to the public in February 1998. In Jan. 2001, New World sold its stake in the company to a Chinese party, Guangzhou Construction Investment Development Company Limited, for US$ 174 million.
Arkhangelsk Mobile Networks provides mobile services in the Arkhangelsk Region with a population of 1.5 million and currently provides coverage to the cities of Arkhangelsk, Severodvinsk, Novodvinsk and other cities in the region. Arkhangelsk mobile network received its license to operate a 800 Mhz AMPS cellular network in July 1995. The company was created as a closed joint stock company by US West (Media One International) and the local operator. The company started its operations on January 1996. By the end of 1997, the company had 300 subscribers. Luncent Technologies supplied the equipment. In 2000, MediaOne sold its subsidiary RTDC to MCT Corp.  From 2000 Arkhangelsk Mobile Networks has been 100% owned by MCT Corp. Arkhangelsk Mobile Networks provided service under the brand name INDIGO, introduced in May 2001 by MCT Corp. uniting some 13 operators in Russia and CIS.  The company also holds GSM 1800 license. GSM network was expected to be launched in the second quarter of 2004. Huawei Technologies supplied the equipment.  In June 2006 Tele2 purchased 100% of Vostok Mobile Northwest BV from MCT Corp. This deal gave Tele2 control over ZAO Arkhangelsk Mobile Networks, ZAO Novgorod Telecommunications, ZAO Murmansk Mobile Network and Parma Mobile (Komi Republic).
In March 1996, the local government of Izmit, Turkey, granted a 15 year build-own- transfer (BOT) contract for a new water supply system to private consortium Izmit Su AS. The project included the construction of a 110 meter high and 400 meter wide earth damn with a 60 billion liter reservoir. The dam was designed to have a catchment area of 258 square kilometers and connect to a treatment plant with a capacity of 480 million liters a day and a pipeline network with a total length of 146 km. Along the way, some 38 service reservoirs and 6 pumping stations would complete the water delivery system. The project included a three year building period followed by a 15 year period in which the private concern would operate the system. The water system was designed to serve some 1.2 million people using 50% of its capacity. The remaining 50% of the water was to be used by the local industry. In 1996 this was the largest privately funded water project in the world.   Izmit Su AS was a special purpose joint venture company created by Thames Water (25%), local private contractors Gama Endustri (25%) and Guris Insaat (25%), and Japanese trading houses Mitsui and Sumimoto (25%). The Japanese trading houses raised debt finance guaranteed by the Turkish government for 85% of the project cost. The remaining 15% was financed by equity. There was an indirect guarantee via sub loans from the Municipality of Izmit. By March 2001 Thames had increased its stake in the project to 55%. No information on the remaining sponsors was available. Thames Water became a subsidiary of RWE in 2001.  The project was expected to cost some $900 million. The construction phase of the project was completed in November 1998, five months ahead of schedule. Operation began in January 1999.
The DLF Group, a real estate and property company in Assam, entered the power generation market through its DLF Power Ltd subsidiary. DLF Power Ltd. Was responsible for developing the 9.5-MW Adamtilla and 15.5-MW Baskandi gas-fired power plants located in the Barak Valley.  The cost of the Adamtilla and Baskandi hydro power plants is approximately. $11.3 million and $19.8 million, respectively.  The plants were under construction in 1997 and were expected to start operating in 1998. DLF Power is the primary contractor and operator.   Debt financing was obtained from local Indian financial institutions and arranged in part by ANZ Investment Bank. The Adamtilla and Baskandi power plants are being established in conjunction with the Assam Gas Company Ltd. (AGCL), the natural gas transmission and distribution subsidiary of the Assam State Electricity Board (ASEB). The estimated project cost is $31.1 million.
The power plant has a generating capacity of 48-MW. Construction commenced in September 1996 after an equity commitment from AES Chigen. The facility has been in operation since July 1997. The joint venture is owned by AES China Generating Co. Ltd. (35%), China National Aero-Engine Corp. (30%), and Chengdu Huaxi Electric Power Shareholding Co. (10%).
In March 1996, Road King Infrastructure signed a 20-year joint venture contract for the construction and management of Provincial Highway 211, a class I toll road in Changzhou. Road King took a 60% stake in the joint venture project and invested HK$ 140 million (US$ 18 million). Maximum daily traffic on the highway reached 7,350 vehicles in 1997. Road King funds its projects from internally generated funds and long term debt. This includes a US$ 138 million syndicated loan and US$ 140 million 10-year fixed rate notes arranged in 1997.
This project involves the construction of a 120-MW coal power plant in Puerto Quetzal. This is the first coal fired plant in Guatemala and will use low-sulfur coal to meet the World Bank's environmental standards. Empresa Electrica de Guatemala SA awarded a contract to TECO Power Services and Coastal Power Production in November 1996. The contract included a 15-year power purchase agreement with Empresa Electrica de Guatemala SA. The project's total cost is about $170 million. It will be self-financing. The plant was scheduled to start its commercial operation by mid-1999. The plant is being constructed by J.A. Jones and Black & Veatch. In Mar. 2000, the power station started generating electricity.  In 2001, El Paso Corporation acquired Coastal Power along with Coastal's 92% stake in Compania Centroamericana de Electricidad.
In July 1996, 135 million B-shares in the Guangdong Provincial Expressway Development Company, Ltd (GPEDC), about 20% of the company, were sold on the Shenzhen Stock Exchange. The IPO raised US$62 million, with 6.5% of the shares being placed with the Malaysian construction company, IJM Corporation, prior to the public share offering. The remaining shares in GPEDC are held by company employees and by the Guangdong Provincial Freeway Company (GPFC), a 100% state-owned company under the jurisdiction of the Guangdong Provincial Government.   GPFC has a contract to build the 80km Fo-Kai Expressway and the Guangfo Expressway. Construction of Fo-Kai is being financed through GPEDC's B-shares, GPEDC's own funds, GPFC own funds, and a US$120 million loan from the World Bank to GPFC (part of a global loan approved by the IBRD in 1992 to finance highway improvement in Guangdong province). GPEDC has a 25% operating interest in the Fo-Kai Expressway, through its share in the Fo-Kai Operating Company. GPEDC also has operating interests in the Jiujiang Bridge and Guangzhou-Foshan Expressway of 100% and 75% respectively. Construction started in early 1993 with World Bank support.   The share issue was chosen as the best way to raise additional financing.  In January 1998, the company issued 100-million A-shares raising US$ 63.8 million (Rmb$ 528 million) in divestiture revenues to fund the acquisition of part of Fokai Company's shareholding rights and the expansion project of Guangfo Expressway (although the purchase of Fokai Company's shares ended up not happening).    In 1999, GPEDC announced that it would be constructing a new highway from Yangjiang to Dianbai.  Total length will be an 83km stretch with 4 lanes.  Cost will be 3 billion yuan, 70% of which will be financed by the state-affiliated Hongyuan group.  During 2001, IJM partially cashed out from its investment in the company for a capital gain of approximately RM122.26m.
The Nanjing City power plant's capacity is 72-MW. Construction began in April 1996 and was completed in early 1997. Power is sold to local communities. The joint venture is between Coastal Power Production (80%), Nanjing Power Generating  Set Corp. and Nanjing City Zibei Power Plant. The project was financed entirely out of equity. In 1999, MIGA provided an US$20.7 million guarantee to cover the  investment risk exposure of the project company.  In 2001, El Paso Corporation acquired Coastal Power along with Coastal's 80% stake in Nanjing City Power Plant.  In 2005 El Paso Corporation sold its investments in power plants in China to GP China Limited, a subsidiary of Malaysian Genting Group.
The Gujarat Industrial Power Corporation Ltd (GIPCL) is a joint venture between the Gujurat State Fertilisers Company (GSFC, 27% stake), Gujarat Alkalies and Chemicals Ltd (GACL, 19% stake), Gujarat State Electricity Board (GSEB, 19% stake) and the Petrofils Cooperative (8% stake).  GIPCL is developing concurrently a 162.5-MW combined cycle power plant in Baroda and a 250-MW lignite-fired power plant in Mangrol, Surat District. GIPCL is the project operator and Bharat Heavy Electricals Ltd (BHEL) is the equipment supplier for both plants. Siemens is an additional equipment supplier.    The Baroda project, which has an estimated cost of approximately $111.6 million, is an expansion of an existing 145-MW power plant commissioned in 1992. The older unit sells to its' sponsor companies and also feeds into the Gujarat state electricity grid. The new unit, commissioned in August 1997, is able to burn multiple fuels such as naptha and diesel as required.   The first unit of the Surat project is expected to become operational in mid-1998.  Upon completion of the Surat project, GIPCL will have a total capacity of 547.7-MW. Estimated total cost of the two projects is $432.5 million.    A 20-year PPA with the GSEB and a fuel supply agreement with the Indian Oil Corporation (IOC) were reached in 1995. It is estimated that financial closure for the Baroda expansion was reached in 1996. The Investment Development Bank of India (IDBI) and other local financial institutions have sanctioned term loans worth $44.6 million. GIPCL floated $51.4 million in convertible debentures on the local stock exchange in April 1996. In addition, $15.6 million is being sourced from internal resources. Construction for the Surat Lignite (2x1250-MW) plant has begun despite the lack of formal financing from local lending institutions.  Financing from the state-owned Power Finance Corp. (PFC) was being negotiated.   The Surat project, which has an estimated cost of $320.9 million, is being partially financed through a second GIPCL flotation worth approximately $130.7 million.
The power plant has a generating capacity of 600-MW (2x300-MW) and has been fully operational since August 1997 (the first unit in February 1996 and second unit in August 97). The joint venture is formed by State Development & Investment Corp. (50%), Community Energy Alternatives, through Meiya Power Co. (MPC) (30%), Gansu Electric Power Construction Investment & Development Corp. (15%), and Gansu Electric Power (5%). A coal supply and transportation agreement was signed with Gansu Electric Power Fuel Corp. for up to 20 years. $84 million of the costs was provided via equity and the remaining US$253 million was obtained via limited-recourse loans.  MPC was jointly owned by PSEG Global Inc (50%), the Asian Infrastructure Fund (30%), and Hydro-Quebec International (20%).  In July 2004, Darby Asia Investors, Ltd. ("DAI"), acquired Hydro-Quebec's 20% stake for a total cash consideration of US$84.6 million.
On 4 July 1996, New World Infrastructure (NWI) through its subsidiary, Phonic Investments Ltd., signed a 25 year joint venture contract with the Foshan City Gaoming District Transportation Infrastructure Co., Ltd.,for the construction and operation of the 1.1km Gaoming Bridge. The bridge linked Gaoming and Nanhai to the eastern part of the Pearl River Delta. NWI had a 51% share of the joint venture company, Foshan Gaoming Xinming Bridge Co., Ltd., and invested US$9.22 million in the project (US$ 3.69 in equity and US$ 5.53 as a loan). The state-owned company held the rest of the share. The bridge opened for operation in November 1996. The first year (1996-97)  toll was estimated at Rmb 5.7 per vehicle and average traffic flow at 10,000 vehicles per day.
In May 1996, Sacel Madagascar S.A. was granted an exclusive 15-year licence to operate a Global System for Mobile Communication (GSM) service by the Madagascar Ministry of Post and Telecommunications.  In December of 1997, Sacel started operations within the capital city of Antananarivo. The company was the third mobile operator after Telecel and Antaris.   Sacel was a joint venture between Malaysian company Samen Holding Berhad (66%) and the state-owned fixed-line incumbent operator Telecom Malagasy (34%).    The project required an initial investment of US$20 million (RM50 million).  In December of 1996, Samen Holding arranged for finance facilities of US$9.2 million guaranteed by Finnish Export Credit with a maturity of 18 months. Ericsson Radio Systems AB won the contract to install the network.     Sacel Madagascar targeted to initially have 3,000 subscribers for its mobile telephone service. After five years, it hoped for 60,000. However, Sacel had to shutdown on October 25, 2001 after getting its license revoked by national regulator OMERT. The company was accused of not having settled the US$2.6 million worth of arrears overdue to the Customs and Fiscal Administration within the alloted time.
The plant has a generating capacity of 100-MW (2x50-MW) and was to provide heat and electricity to the city of Tangshan, 154km east of Beijing. The two units entered service in 1997 and 1998 respectively. The power was sold under a 20-year PPA, while the thermal energy was sold to the municipal authorities. The coal was supplied from the Kailuan mine under a 20-year agreement.   Project sponsors were Sithe China (60%) and Tangshan municipal government (40%), which provided US$45.5 million in equity. Sithe China's shareholders are Sithe Energies, Inc. (39%), AIG Asian Infrastructure Fund (30.5%), and Government of Singapore Investment Corp. (30.5%). Sithe Energies was in turn majority-owned by France's Vivendi Universal, with Japan's Marubeni Corp. holding a 29.5% stake.  The remaining US$128.5 million was financed by syndicated 10 year loans. The deal was backed by a comprehensive security package, including strong letters of support from Hebei provincial government and Tangshan municipal government; an assignment of the insurance contracts between the borrower and People's Insurance Company of China; a termination agreement whereby the Tangshan local utility will purchase Sithe China's interest in the project in the event of fuel interruption, politilal unrest, or natural disasters; and a pledge of the borrower's operating contracts with Sithe China Operating Group Ltd.  In March 2003, Sithe China sold it stake in the Tangshan plant, along with three other projects, to state-owned China Resources Power.
Ferrovia Novoeste won an exclusive 30-year concession over the 1,621 km of track in the Western region of Brazil. In 1995, the Brazilian government decided to divide the national railway, RFFSA, into six exclusive regional systems and to offer a 30-year concession contract for each system. This is one of the six concessions which were between March 1996 and July 1997. Concessions were awarded on the basis of the highest bid above the government's minimum price. Concessionaires must pay an upfront lump sum, and a stream of pre-determined payments over the life of the concession. Unlike in Argentina, concessionaires have no control over initial employment decisions.   The winning consortium for this concession, Novoeste consortium, comprised: Noel Group (20% - US), Brazil Rail Partners (20%), Western Rail Investors (20%), Chemical Latin America Equity (20%), Bankamerica International Investors (18%), and DK Partners (2%). The consortium paid R$ 63.4 million (US$ 61 million, approx.) for the concession. The line links Bauru (Sao Paulo) to Corumba (Mato Grosso do Sul). The main cargo is petroleum derivatives, soybean, steel products, manganese and soy bran.   In 1998, the corporate control (100%) of Ferrovia Novoeste was transfered to a holding named Ferropasa. The shareholders of Ferrovia Novoeste acquired 9% of the shares of Ferropasa, while the remaining 91% was transfered to the shareholders of Ferronorte. In 2002, Ferropasa had its name changed to Brasil Ferrovias SA, a holding company controlling Ferrovia Novoeste, Ferronorte, and Ferroban. As of December 2002, Ferropasa's shareholders were Brazilian companies and pension funds: Previ (Caixa Previdencia dos Funcionarios do Banco do Brasil - 26.65%), Funcep (Fundacao dos Economiarios Federais - 22.31%), Constran S.A. (Construcoes e Comercio - 16%), Laif V Ltda (15.36%), BRP Ferronorte LLC (5.6%), Chase Capital Partners (5.98%), Banco Bradesco S.A. (3.56%) and others (5.69%).
Aeroenergia SA operates a 6.4 MW wind power plant in Tilaran, Guanacaste.  This is one of two wind power projects in Costa Rica.  The project began operations in July 1998.  The company has a 15-year purchasing power agreement with ICE. The BCIE provided financial assistance to the project in 1996: US$ 2.3 million as direct loan and US$ 4.5 million as intermediated loan. The sponsors have contributed with US$ 2.5 million in equity.
In 1996, Telar Enghenaria was awarded a 20-year concession contract to build operate and transfer a sewerage treatment plant for the city of Ourinhos, in the state of Sao Paulo. When the concession was granted, Ourinhos had a population of 80,000.  Telar was expecting to invest US$ 10 million (R$ 10 million, 1996 value) throughout the 20-year concession period (that would be preceded by a construction period).
Operadora Protel SA, formerly known as Investcom, was awarded a concession to operate as a national and international long distance carrier in April 1996. Investcom was one of the eight companies that obtained a concession to operate as a long distance carrier between 1995 and 1996. Such licenses were issued as part of Mexican liberalization of its telecommunications market.   Investcom was a consortium owned by Nextel and Grupo San Luis. Investcom's project consisted of building a 8,900 km fiber cable in Mexico to provide its long distance services. The total project cost was estimated in US$ 398 million, according to Comision Federal de Telecomunicaciones (Cofetel), the Mexican regulatory agency for telecommunications. The first phase of this project was operation by end 1996. The company invested in expanding its long distance telephone network in 65 cities in 1998. In 2002 the company selected Marconi plc to provide an optical backbone network based on dense wavelength division multiplexing (DWDM) technology to support a nationwide network in Mexico. As of 2003, Protel had 130,000 fixed lines in service.  In 2005, Lucent Technologies upgraded Protel i-Nexts IP/MPLS backbone with Juniper Networks M-series routing platforms.
The 200-MW (4x50-MW), $236m Basin Bridge Diesel-Fired Power Plant was originally developed by a joint venture between local firm GMR Vasavi Group (26%), CMS Energy Corporation (49%), and Energy Electricity Corporation (EEC, 25%).  CMS Generation Co, a subsidiary of CMS Energy, acquired its interest in the plant in November 1997 and will provide operational and maintenance services for the plant upon completion.  EEC acquired its stake in January 1999 from GMR Vasavi Group.  In fourth quarter 2001, CMS Energy announced its plans to sell all interests in its India power projects.  In 2003, the GMR Energy Group picked up the equity stake of CMS Energy.    Construction began in March 1997 and the plant was expected to be completed during 1999.  The plant will serve as a base-load facility with its entire electric output sold to the Tamil Nadu State Electricity Board under a 15-year take-or-pay PPA that is renewable for two 5-year periods.  Hyundai Heavy Industries Ltd. is the engineering, procurement, and construction (EPC) Contractor and Tata Consulting Engineers is the technical advisor.    Financial closure was reached in October 1996 with Peregrine Capital as the financial advisor. The project has debt/equity ratio of roughly 70:30. The Industrial Bank of India (IBI) is providing $94.3 million and the Korean Export-Import Bank is providing suppliers credit worth $70.7 million.  A 15-year fuel supply agreement was signed with the Hindustan Petroleum Corp Ltd. The necessary clearances for this project have been obtained.
Hutchison International Port Holdings Ltd. of Hong Kong signed a 49/51 joint-venture contract with Xiamen Haicang Port Co. in December 1996 to own and operate two new berths at Haicang in Xiamen through its Hutchison Delta Ports subsidiary. The Hong Kong firm will run two berths with total quay length of 1,600 feet on a depth of 43 feet (13.3 meters). The storage yard will occupy some 4 million square feet. Known as Xiamen International Container Terminals, the undertaking commenced operations in second quarter 1997. Total investment is estimated at 800 million yuan (US$ 96 million).
CPVV was awarded the concession contract to build and operate a terminal at the Port of Vitoria. The project involves an investment of US$ 31.6 million, which has been financed with resources from the state-owned bank BNDES and the sponsors equity. The contract was awarded in 1995, and will have a duration of 25 years. The terminal will handle containers and general cargo. It will have a pier with 205 meters in length and an area of 25,382 square meters. CPVV is owned by Multitex, a subsidiary of Coimex (50%) and Nativa Engenharia (40%).
Acapulco is the second largest port in Mexico. It receives 110 cruise ships annually, carrying approximately 120,000 passengers. TMM was awarded a 25-year contract, renewable for 25 additional years, to expand, rehabilitate and operate the port facilities in June 1996; the private sponsor took over the port operations in July of the same year. TMM is expected to invest US$ 16.5 million in the project, besides the US$ 7.9 million for the concession rights.
Construction of the first phase 50-MW phase of the 240-MW hydro-power plant at Sounda commenced in July 1996. Located on the the Kouilou River, the project was expected to produce an estimated 14 billion cubic meters behind a 45-meter high dam. The plant was being developed by a joint venture between the Government of the Republic of Congo and Interpro of South Africa, which is the majority partner. Interpro was the project's primary contractor and Sulzer and ABB were the equipement suppliers.   Financial closure of the first stage of the project was achieved in February 1996. Debt financing was obtained from the Rand Merchant Bank of South Africa. The South African Credit Guarantee Agency is providing political risk guarantees. The initial estimated cost of the project is $325 million. The plant was expected to become operational during 1999. The developers indicated interest in expanding the project to 1000-MW at a later date.  Many of the works for the Sounda project were halted in 1997 during the country's civil war. The anticipated project expansion to 1000-MW underwent feasibility studies in 2000. The added capacity was expected from completion of a hydroelectric dam. A determination on the proposed dam's future had not been determined by 2005.
Yamal gas pipeline consisted in 2,500-mile transmission pipeline system that will transport gas from Yamal, Western Siberia, to Western Europe. The project will consist of two parallel pipelines running from Yamal to Frankfurt/Oder, Germany via Belarus and Poland. Yamal gas pipeline is the cornerstone of Gazprom's strategy.   The estimated project cost is $35 billion of which $12 billion will be invested in the development of the gas fields. The first pipeline will be fully operational in 1999. If the project is late, Gazprom would have to start paying penalties. The second pipeline will be completed in 2010. The construction of each line was divided into four main sections which, in turn, are divided in several parts. The four main parts are the Russian, Belarussian, Polish, and German. The Russian section is being developed by Gazprom.  The project consists of the Belarussian section of the Yamal pipeline with a length of 575km. Currently under construction (started October 23, 1996), the pipeline is a joint project between Gazprom and the Belarussian state-owned pipeline company Beltransgaz. Financing comes partly from outstanding Belarussian gas payment debts of about $500 million. By June 1997, some 1,200 km of the first circuit of the 4000 km pipeline moostly near fields in Yamal and in Belarus had reached an advanced stage of construction. (Note: it is here listed as a separate project since it has a legal identity different from the Polish section and is built by a consortium of companies, and not, as in Russia, Gazprom alone).
In March 1996, CAVO was awarded a 20 year contract to build, own, operate and transfer the wastewater treatment facilities to provide service to the municipality of Itu in the State of Sao Paulo. In May 1998, the private sponsor started operating the facilities, serving a population of 110,000.   CAVO was a subsidiary of the Brazilian Construcoes e Comercio Camargo Correa.   The wastewater treatment project had an estimated cost of US$ 17.7 million (R$ 18.2 million, 1996 value). CAVO, was expected to invest R$ 6.35 million with internal funds; a loan of R$ 12.15 million was acquired from the BNDES (Brazilian development bank) to be paid back in 10 years. The expected rate of return on the investment is 12.9%.   In January 2003, CAVO returned the concession to the local government of Itu, claiming that the payment for the sewerage services was not being made according to the terms of the concession contract. Since then, the state-owned company SAEE was delivering the services. The past due debit was under judicial dispute, as of December 2003.
Companhia Riograndesen de Telecommunicacoes (CRT) is the fixed phone company that provides local and long distance services in the State of Rio Grande do Sul. The company was one of the four Brazilian telecom companies that did not belong to the Telebras' system, which was privatized in July 1998. The other three independent telecom operating companies were the state-owned Companhia Telefonica de Ribeirao Preto (Ceterp), the municipality-owned Servicio Municipal de Comunicacoes Telefonicas de Londria-Parana (Sercomtel) and the privately owned Companhia de Telefones do Brazil Central (CTBC). CRT was partially privatized in late 1996 when a 35% stake of the preferred stock was sold for US$ 656 million to a consortium led by Telefonica International Holdings and integrated by Telefonica de Argentina, CTC (Chile), and Citicorp. The 35% stake privatized represented 13.45% of the total stock but it transferred the management control to the winning consortium. In a second transaction, a stake representing 50.12% on its voting capital (19.2% of equity) was sold through a competitive bidding process for $1.02 billion (R$1.18 billion) to a consortium led by Telefonica International of Spain. The winning bid represented a premium of 26.9 percent over the minimum price.   By end of 2000, CRT was controlled by Brasil Telecom which was owned by a consortium controlled by Telecom Italia. Brasil telcom bought the controlling stake from Telefonica. According to Anatel, Telefonica should sell its participation in CRT because it already controlled Celular CRT in the area. CRT, responsible for 35% of the lines and the income of Brasil Telecom, was supposed to get 33% of the investments earmarked for 2001.
The project includes the construction and operation of the 11.44 km toll road during 30 years. The toll collection started in Nov. 1996. The ownership structure of the project company has been recently modified. Initially, the company was owned by Ampex Corporation Bhd (65%) and by Guilin Guifa United Engineering Co. Ltd. (35%); in Sep. 1998, Guilin Guifa agreed to purchase Ampex's stake in the project company. Ampex shareholders are the following: Bridgecon Holdings Bhd. (55%), Jasatera (35%) and Capital Eastern Ventures Sdn. Bhd. (10%).
Uralwestcom, an NMT-450 standard mobile operator, based in the Russian city of Yekaterinburg, is a member of Sotel association and represents the Indigo trademark in the Urals. The company was established in December 1995 as a joint venture between the RTDC Holdings (49%) and Uralsvyazinform (51%) (previously known as Uraltelecom). The company started the commercial operations of its NMT 450 network in March 1996. Its services covered major part  of the Ural area by 1997. Cost of the project was US$5 million by 1997. At the first stage, the network started operation in Ekaterinburg with an extension to  the area close to the Koltsovo airport. The company had around 3,000 subscribers by 1997. The population in the licensed area was 4.7 million by 1997. In 2000, MediaOne sold its subsidiary RTDC to MCT Corp. RTDC, formerly a part of MCT Corp, was acquired by RTC-Leasing in April 2002 as payment of MCT's debt to AT&T.  The project to pursue the CDMA-2000 standard was approved by the Sotel association of NMT-450 operators in April 2002. During the first stage of the network building the company intended to install 28 base stations, covering 28% of the region's territory. The company planned to put the network into commercial operation in 2004. In total, the company planned to invest US$25 million by the end of 2007.  Since March 2005 the company operated under Sky Link brand as Sky Link Ekaterenburg.
Udmurtia Cellular Communications (UCC) was awarded a 10 year license to provide mobile phone services in Republic of Udmurtiya in May 1997. Its service area covers the city of Izhevsk and the surrounding area of 30-40 km radius around the city center with a population of 1.6 million. The company was established in April 1996 as a closed Joint-Stock Company. The main owners were the Russian Invest Consulting Ltd., and the Millicom International Cellular (MIC) with a 55% stake. The company had Ericsson as equipment supplier. The network had four base stations RBS 884 macro, AXE-10 switches mounted for 2000 numbers, and OKS-7 signaling system with the common network by 1998. The company had around 3,600 subscribers by end of 1999. In mid-2001 Udmurtia Cellular Communications provided services under two trademarks - Bee Line and FORA.    Millicom provided its services in Russia under the brand name FORA Telecom and held controlling stakes in 12 operators covering a population of 48 million. The regions covered by the FORA group were: Moscow, Saint-Petersburg, Belgorod, Izhevsk (Republic of Udmurtiya), Irkutsk, Kemerovo, Kursk, Nizhny Novgorod, Omsk, Smolensk, Rostov-on-Don, Chelyabinsk. The holding's Russian cellular operators had a total base of 165 thousand subscribers in various parts of Russia in 2001. Since entering the market, Millicom invested over US $100 million into Russian economy.  In December 2001 the shares of Millicom in 12 Russian companies were acquired by Tele2 AB which, along with Millicom, is part of the Kinnevik group. The assets included 11 AMPS carriers and the Moscow Cellular Communications NMT 450 MHz carrier. Tele2 AB paid $80 million for the assets and promised another $30 million after the AMPS carriers, which had to abandon their spectrum according to an agreement with the Communications Ministry, received GSM 1800 MHz licenses. After the acquisition Udmurtia Cellular Communications and other Tele2 subsidiaries switched to Tele2 brand. Tele2 planned to invest up to US$80 million in GSM communications in Russia in 2003.   Udmurtia Cellular Communications has received GSM-1800 license in August 2001 for 10 years. Tele2 launched GSM-1800 mobile network in Izhevsk in September 2003 and UCC received a supplement to its GSM-1800 license allowing it to provide services in the GSM-900 standard. In September 2003 Tele2 increased it’s ownership in UCC to 77.5% remaining stake held by the Regional Investment Company of Izhevsk.
In early 1995, the Moldovan government established Terminal S.A., a joint Moldovan-Greek venture to build and maintain the Giurgiulesti oil terminal. Tirex-Petrol (Moldova’s state oil company at the time) owned 41% of the shares in the terminal. Technovax, a company formed by several Greek construction companies specifically for the project, owned 39%. The main shareholders of Technovax, which was also to undertake the management of the project, were construction companies Avax, Hellenic Technodomiki, Triton and Planning Development Company. The EBRD held the remaining 20%.  Terminal S.A. signed a B.O.T agreement with the Moldovan government, which was later approved by parliament. The total construction costs for the project were estimated to be $38 million. The project has been partly financed by EBRD in the form of equity and loans with the balance covered by the stockholders. In December 1996, EBRD signed a $19 million financing package to build the Giurgiulesti terminal. There was also a $9 million loan syndicated to several Greek banks (Greece-based banks National, Commercial and General).   The 25 year agreement run through 2022; after that, the Moldovan government was to possess the terminal unless other arrangements were agreed upon.   The cornerstone for the terminal was laid in November 1998. The construction of the terminal was advanced when the sides went into pending arbitration. The construction was frozen in 1999.  In January 2005, the Government of Moldova and Azpetrol Azerbaijan Company signed a package of agreements on several investment projects amounting to US$250 million. Under one of the agreements, the strategic investor was to assume the direct debts of Moldova to the EBRD in the amount of $15.3 million and to undertake the completion of the Giurgiulesti oil terminal. $10 million out of the entire amount of investments was to be spent for the construction of the oil terminal.  In addition, Azpetrol was going to build a cargo-and-passenger port in Giurgiulesti, to construct a nearby petroleum refinery, and to create its own network of 50 filling stations in Moldova. The investment program was to be financed from Azpetrol's funds, and by credits from international financing institutions and banks. $200 million out of the entire amount was to be spent for the construction of the petroleum refinery, $15 million for dry-cargo and passenger terminals, and $35 million for the construction of the refuelling stations and creation of the corresponding transport infrastructure. It was estimated that the oil terminal and the cargo-and-passenger port would be operational at the end of 2005, and another 5 years would be necessary for the construction of the petroleum refinery.  Azpetrol was to lease the land under the construction of the terminal for the period of 99 years, after which period the investor could extend the term of lease. Three independent companies - Azpetrol SRL, Azertrans SRL, and Azpetrol Refinery SRL - were created for the implementation of all those agreements.   In June 2006, Azpetrol sold all three companies to the Dutch investor EasEur Holding B.V., a subsidiary of Eastern Capital N.V., a venture capital fund. EasEur Holding subsequently renamed the companies to Bemol Retail, Danube Logistics, and Bemol Refinery. Danube Logistics, former Azertrans SRL, was responsible for constructing and operating the oil terminal. 20% of the shares in the project remained with the EBRD.    The Danube Logistics direct investments in the Giurgiulesti oil terminal's construction amounted to about 23-27 million dollars. The terminal had been put in operation in the end of 2006. The throughput capacity of the terminal was about 2 million tonns of oil products per year.  In 2008-2010 Danube Logistics planned to construct the multi-purpose dry cargo terminal and committed to spend US$60 million into the facility. As of end 2009, construction work on the new cargo terminal was due to begin in the first quarter of 2010.
In March 1998, Hopewell Holdings and Cheung Kong Infrastructure (CKI) signed a joint venture contract for the construction and operation of the Guangzhou East South West Ring Road - a 39-km, dual 3-lane expressway. The municipal JV partner is the Guangzhou Freeway Company. The original JV contract was signed in 1992.   The partners signed an additional contract for the South East section in 1996. This contract brought together the South East and South West sections under one contract and gave the partners a 30-year operation period after the full road becomes operational. Completion of the 19-km SE section was due in June 1999, and a 6-km section has been operational since September 1997. The 20-km SW section was due to open by July 1997.   Total project costs are HK$4.225 billion (Rmb4.5 billion, US$ 542 million). CKI and Hopewell agreed to invest Rmb 2 billion and Guangzhou Freeway Rmb 500 million. 80% of the capital was invested by March 1998, and the remaining 20% was expected in April. CKI owned 44.4% stake in the JV company.   Guangzhou Freeway has a turnkey construction contract on a fixed price basis. The private participants share of profits during the contract is 90% for the first 10 years, 75% for the second 10 year, and 65% for the final 10 years.
Empresa Jujena de Energia SA was created from the merger of two state-owned companies, Empresa Jujena de Energia SA (EJE SA) and Empresa Jujena de Sistemas Energeticos Dispersos SA (EJSED SA). EJE SA produced 20,890,000 kWh and bought 33,919,400 kWh from electricity markets in 1994. EJE SA also had two transmission lines and the distribution facilities in its concession area that had 102,439 customers in 1994. EJSED SA had a pontential market of 6,800 customers. Both companies were jointly privatized in July 1996 when a 90% stake of their equity was sold for $46.09 million. The winning consortium was integrated by Compania General de Electricidad (CGE), Cartellone, and Edet.
Kyrgyz-American Telephone (Katel) was a Kyrgyz-US joint-stock company which received its cellular license for national operations on March 10, 1992. The local partner is Kyrgyztelecom, the state-owned local operator.  In July 1994 the company started commercial operations in the country.  The company had 580 subscribers in Bishkek in 1996. This figure reached 1,500 by the end of 1997.  The project costed over US$12 million dollars, which had been invested by the American side.   In 1999 the technical capacity of Katel was substantially increased, when it installed new digital main stations and a new commutative center in Bishkek. Additionally it started the installation of a second commutative center in the south of the Republic. By 2002, installation activities were underway in the Osh, Chui and Issyk-Kul Oblasts. The equipment supplier was Ericsson.  The company was looking for investors who could help increase the company's network and market share.   By 2002, Katel provided mobile communication services for 15,000 subscribers in the digital standard TDMA (IS-136). Its network covered about 7% of the territory of the Republic, a number that sounds small, but consider that 76% of the Kyrgyz population lives in this area. The company had access to automatic roaming in 71 foreign countries.   The company had competed with the GSM network of BITEL, a company that had 80,000 subscribers in 2003. In late 2003, a third mobile service operator named AkTel, which provided services under the FONEX brand name, came online.
Adesemi Tanzania Ltd. (first known as the ACG Telesystems Tanzania) was a private payphone operator in Tanzania which started to operate in 1996.   The company was created as a joint venture between US-based African Communications Group (75%) and Computer Corporation of Tanzania (25%). Computer Corporation of Tanzania raised US$5 million for the project.    The Commonwealth Development Corporation of the UK and Comafin invested US$3 million in ACG Telesystems to expand the network throughout Tanzania in 1998.   In 1999, Mobitel Tanzania acquired Adesemi Communications International. In January 2001, Mobitel relaunched the pay phone and pre-paid card network of Adesemi under the brand name 'Simu Poa'.
In April 1996, the Xiamen Airport Development Company offered 25% of its shares on the Shanghai Stock Exchange to small domestic investors. It was the first company in the civil aviation industry in China to list securities in the stock market. The IPO involved 107 million "A" shares at RMB 8.80 per share, for a total of US$ 113.3 million.
The project involves the rehabilitation of the highway, construction of a bridge and maintenance throughout the concession period. Aucoven will not pay taxes on the toll revenues . From the total estimated investment, the sponsors have already invested US$ 10 million; the financing for the remaining cost has been requested from the BID. The estimated average daily traffic flow is 57,030 vehicles. As of January 2000, the government is considering the possibility of canceling the contract with Aucoven on the grounds that the tolls being charged are too high to the quality of the service provided. In Jun. 2000, Aucoven has started an international litigation process arguing that the government has failed to follow the concession contract clauses.
Companhia Auxiliar Armazens Gerais won a 20-year concession to rehabilitate and operate the Teacu III Dry Bulk Terminal (Teacu III - Armazens) at the Port of Santos on March 7th of 1996. The total area of the terminal is 36,932 square meters. Companhia Auxiliar Armazens Gerais has to pay monthly installments of US$ 35,000 (R$ 36,300) to CODESP, the government agency responsible for the Port of Santos. The company expected to invest US$ 15.64 million (R$ 16.2 million) during the concession period to rehabilitate the terminal facilities. As of December 2000, the company had invested 31.6 million (R$ 32.8 million) -US$ 15.94 million in addition to the initial estimated investment.  Companhia Auxiliar Armazens Gerais was established as a subsidiary of Coopersucar, one of the largest Brazilian companies operating in the sugar cane and ethanol business. In 2011, the company announced US$ 64 million (BRL 125 million) to expand its handling capacity from 5 to 10 million tons per year. As of 2012, construction works were underway and were expected to be concluded by mid-2013.
National Petrochemicals Public Co. Ltd has developed a 100MW natural gas and waste-to energy power plant at Muang Rayong. The plant will use agricultural waste as fuel and sell 32MW of power to the Electricity Generating Authority of Thailand (EGAT) under the Small Power Producers (SPP) Program. A 21-year PPA was signed on October 29, 1996 and began selling power to EGAT as of April 1, 1997. EGAT signed a "firm" contract with the project company. Nominal levelized tariffs are set 1.60bht per Kwh. Estimated project cost is $98.7 million ($1.0 million per MW).  In 2005, oil and gas company PTT acquired National Petrochemical Public Co. Ltd. and combined it with its Thai Olefins unit, forming the PTT Chemical. PTT owns just under 50% of the PTT Chemical.
Dalian Container Terminal (DCT) (comprised of Dalian Port Authority (51%) and Singapore-Dalian Port Investments (SDPI) (49%)) started operations in July 1996. The joint venture contract for the port project was signed in March 1996. Under the contract, DCT will own, develop, manage and operate three container berths in Dalian's Dayaowan Container Terminal. The three-berth container terminal is, in effect, a consolidation of the area's three previous container facilities: Westport, Xiangliujiao and Dayaowan Container Terminal where the venture is now located - 50 kilometers outside the city.   The company invested US$ 30 million in new quay cranes, yard cranes, and Computer Integrated Terminal Operations System 1 (CITOS 1) to further strengthen its operational capability. The total Singaporean investment in the project was reportedly US$ 480 million. Dalian Container Terminal handled approximately 460,000 TEUs in 1997. Three container berths were currently in operation while a fourth was near completion. The terminal was expected to operate 5 berths by 1999.  Sembawang Maritime & Logistics, subsidiary of SembCorp Industries, AIG Asian Infrastructure Fund and Jurong Town International each originally held a 9.8% equity in SDPI. Sembawang Marine & Logistics entered into a sale and purchase agreement with PSA China, 70.6%-owner of SDPI, in November 1998 to dispose of its equity interest for US$ 10.5 million. Maersk Line (Denmark), shipping company later acquired an undisclosed share from PSA Corp.
The US$ 6 million terminal, which has an initial capacity of 15,000 cubic meters and can store 180,000 metric tons of styrene annually, was constructed in 1997 by BASF Mexicana and Compania Mexicana de Terminales (CMT), which is a joint venture between TMM (51%) and Van Ommeren (49%). It brings total storage capacity to 40,000 cbm for chemicals and gases. The terminal supports both companies and complements existing ports in Coatzacoalcos, Manzanillo and Veracruz, which have similar facilities. In Dec. 1999, TMM sold its equity stake in the project to Van Ommeren (Royal Vopak).
In August 1996, Acuantioquia SA (state-owned) awarded a 15 year operation contract (operation, maintenence and administration) for the water and sewerage services of Turbo Municipality to SAGAS-HYDRA. The contract was signed in Nov 10996 and the operator started to provide the services in Nov 1996. At that time only 2,549 connections were paying water bills although the total number of users was estimated at 8,000. By 2004, the paying user amounted to 8,158 and water coverage ratio to 74,16%.   Sep 18 1997 consortium SAGAS-HYDRA transfered its position to Conhydra S.A. ESP, On Dec 14 1999 Acuantioquia S.A. ESP sold the system to Turbo Municipality. May 19 2006 Turbo gave its position in the contract to Aguas de Urabá S.A. ESP. (state-owned enterprise.  When the concession ended the contract went managed by Aguas de Uraba.
In July 1996, Acuantioquia ESP (state-owned) signed with Grupon Lctd. a 15 year contract to opeate the water utility of the municipality of Apartado since 26 August.   On April 3 1997, Grupon transfered the concession to Prestadora de Servicios Publicos Dominiciliarios SA (Presea SA ESP). Presea Apartado SA ESP was the actual operator of the utility.   The municipality had a population of 114,840 inhabitants in 2005.  Acuantioquia ESP sold the utility to the Municipality of Apartado. In 2006, the municipality transferred the regulator power to Aguas de Uraba SA (regional and municipal government owned enterprise) on September 13.   The contract was terminated on Jan 31 2012.
The power plant has a generating capacity of 1400-MW (2x700), representing the first phase of a 3960-MW project. It will supply electricity to the Guangdong Province grid. Completion of these two units is expected by the end of 1998. The joint venture company, Guangdong Zhuhai Power Station Co. Ltd., was formed between Bytes Investments Ltd. (45%), a wholly owned subsidiary of Cheung Kong Infrastructure Holdings  Ltd., Guangdong Electric Development Co. (27.5%), representing the Zhuhai municipality, and Guangdong Electric Power Holding Co. Ltd. (27.5%), the corporate unit of the Guangdong Electric Power Bureau. Project finance was closed in 09/1996, with the total cost being split between a $125.5 million 12-year commercial loan, a $670 million 16-year loan from Jexim and Miti, $360 million in equity from the sponsors, and a Remnibi portion. The turnkey contract went to Mitsubishi Heavy Industries and Mitsubishi Corp.
Beta Telecom, a cellular operator (in the city of Pskov) began its commercial activities in September of 1996. It was established as a joint venture between Telecominvest (60%) and the local operator Electrosvyaz of Pskov (30%). The company offered an entire spectrum of NMT-450i-standard mobile telecommunications services on the territory of Pskov Oblast, with a population of 823.2 thousand people and it had 300 subscribers by 1997. The network had four base stations covering the territory around Pskov, including highways to St. Petersburg.   In mid-2001 Telecominvest sold 51% share in Beta Telecom to North-West GSM (later known as MegaFon) for US$53 thousand. In November 2001 also Elektrosvyaz sold its 40% share in Beta Telecom to North-West GSM for US$210 thousand and increased it&#8217;s stake in the company to 91%, and later in the year to 100% through purchasing 9% shares from individual shareholders. Telecominvest is Northwest GSM's biggest shareholder, with a 45% stake in 2002. Beta Telecom's NMT-450 network consisted of 11 base stations servicing 500 subscribers in mid-2002.   In June 2002 Mobile operator MegaFon (previously Northwest GSM) sold to Delta Telecom the NMT-450 network equipment formerly belonged to Beta Telecom. The company currently provides GSM-900/1800 standard mobile services. Its license to provide NMT-450 services has expired.
A joint-venture of Vietnam Airlines (55%), Singapore Airport Terminal Service (30%) and Southern Airports Services Corp. (15%), has undertaken the construction and operation of a cargo terminal at Ho Chi Minh's Airport. Construction works were concluded in early 1997 and the terminal has been in operation since then. The joint-venture handles all the air cargo flowing to the airport (around 5,000 to 6,000 tonnes of cargo per week). The cargo is handled in terminal with an area of 14,000 square meters. The company intends to construct an additional terminal.
London Supply finished the reform and modernization of the Ushuaia airport terminal in mid-1997. It invested US$ 8 million on the facility whose area is 5,500 square meters. Ushuaia is one of the main airports in the Patagonia.  London Supply finished the reform and modernization of the Ushuaia airport terminal in mid-1997. It invested US $8 million on the facility whose area is 5,500 square meters. Ushuaia is one of the main airports in the Patagonia.  In 2007, London Supply began investing US $6.1 million in an airport expansion and was granted an extension of 10 years to its original contract period of 20 years.
TCI Infrastructure Finance Ltd. was awarded the project to build and operate a bridge linking Sirohi and Disa. The project involved an investment of US$0.8 million. Construction works started in March 1996 and were completed in 11 months (7 months ahead of the schedule).
Gecor has three themal power plants: General Valle, with 46 MW capacity; Villa Maria, with 48 MW capacity; and Pilar, with 216 MW capacity. Gecor is a consortium comprised of Luz y Fuerza Villa Maria, a union which holds 36% of the shares, Inepar (26%), and the electric cooperatives Ucelca (16.3%), Fesescor (16.3%) and Face (0.3%). Gecor started operating in Feb. 1996, under a 10-year concession agreement with the Cordoba Province (the agreement can be renewed for 5 more years). The sponsors have invested US$ 15 million during the 1996-1999 period in rehabilitating the power plants, and they are considering the construction of a new power station of 240 MW capacity in Villa Maria.  In February 2006, Gencor agreed to leave its concession area to the state run EPEC in April 2006. In exchange, recognized a US $13.1 million debt. The concession areas included the Pilar, Villa Maria and Las Playas power stations. This event left almost all genterating capacity of Cordoba under state control.
JIES Heat and Power Company, Ltd was established in December 1996.  This coal-fired, 36MW, combined heat and power plant was sponsored by Alliant Energy International (50%) and Jiaxing Heat and Power Plant (50%).  Terms of the contract were for 15 years.  Power and steam were to be sold to local customers.  Investment date was in December 1996 though specific project cost was not disclosed by the sponsor.  As of August 2001, Alliant's investments in China amounted to a total of 500MW spread across 9 projects.  Total investments in these projects were approximately US$150 million.  Most of these investments were made through Peak Pacific Investment Company, a development company which Alliant had a 93.5% stake.  For most of its investments in China, Alliant contributed equity while the local counterpart contributed assets.
Mundra port was developed by Adani Ports Ltd, subsidiary of trading house Adani Group. Initial investments amount to US$95.8 million. Industrial Finance Corporation of India (which received a US$ 100 million loan from ADB under a private sector infrastructure facility in 11/96) has sanctioned a US$ 56.7 million loan. The first stage was completed in 10/98.   In June 1998, Adani Ports Ltd. set up a joint venture, Mundra Port and Special Economic Zone Limited (MPSEZL), with Gujarat Port Infrastructure Development Company Ltd. (GPIDCL). GPIDCL is a subsidiary of Gujarat Maritime Board (66%) and Gujarat Industrial Investment Corporation (GIIC) (34%).   Also in 2002, the Adani Port Ltd. signed a long term agreement with Hindustan Petroleum Corporation for the set up of a US$71.57 million oil import terminal at Mundra Port.  This will be a multi-purpose all weather port that can receive dry, liquid cargo and container ships up to 1,30,000 DWT with a clear and deep water approach and a minimum natural depth of 18 Mts. at any state of the tide.  In November 2006, the MPSEZL was able to secure US$123.7 million from a consortium of banks led by SBI to finance the expansion of the port to meet the growing demand, including a dedicated jetty mainly for the coal import for the Mundra ultra mega power plant. The port was to be expanded to have an enclosed basin with 16 berths.
Atlanta Limited has a 11 year, 8 month concession contract for the rehabilitation and operation of the Udaipur Bypass in Rajasthan State. The company agreed to complete construction in 18 months (not part of the concession term) and to operate the bypass to recover the costs of construction.   The government provides a minimum revenue guarantee and will extend the contract length in the case of a shortfall. The total project costs are US$6.7 million. Financing includes a term loan from financial institutions and equity participation by Atlanta Limited. The government sets tolls for the bypass.  India’s first greenfield BOT project on National Highways in 1996. This project involved the construction of a 11-km long two-lane bypass road, with five major structures. The company successfully constructed the Bypass in a record time, enabling the SPV (Ideal Toll Road Investments) to begin toll collection way ahead of schedule and generate revenues higher than projected.
Escotel Mobile Communications Limited was awarded a 10 year cellular service license for each of the following telecom circles: Haryana, Uttar Pradesh (West), and Kerala.  Escotel Mobile Communications Limited is owned by Escorts Limited (51%) and First Pacific Company of Hong Kong (49%).  In August 2001, the company won licenses for four additional circles including Punjab, Uttar Pradesh (East), Rajasthan and Himachal Pradesh.    In February 2004, Idea Cellular Ltd. acquired 100 percent stake in Escotel Mobile Communications Limited and Escorts Telecommunications Limited for an enterprise value of around Rs 115,000 lakh (US$ 261 million). Idea Cellular Limited is jointly owned by Aditya Birla Group (33.33 percent), Tata Group (33.3 percent) and Cingular Wireless LLC (33.33 percent). Cingular Wireless LLC in turn is a joint venture between SBC Communications Inc. and BellSouth Corp.  The company launched its commercial services in Haryana in November 1996.  The company committed to pay US$325 million in license fees for the three circles over the first 10 years.  The license was later extended to a 15 year term.  However, like many other companies, Escotel Mobile faced difficulties in paying its license fees.  To reduce the financial burden placed on the telecom operators, a new revenue sharing license fee structure was introduced with the New Telecom Policy in July 1999.  This payment structure enabled all telecom license operators in 1999 to switch to a new 15% revenue sharing policy, provided they complete their payment on accumulating dues by January 31, 2000 and that both operators in the circle agree to switch over to the new system.  By July 1999, the company was obliged to pay US$94.1 million in license fees prior to switching to the revenue sharing system.  In 1999, the company paid US$9.4 million to complete the license fee obligation before moving to the new revenue sharing scheme.   By 1997, the company mobilized a total of US$245 million to finance its first three years of operations.  Of that, US$78 million was raised through equity, US$23 million through subordinate debt, US$129 million through term loans, and the remaining from short-term loans, international accruals and security deposits. The company reached financial closure for its cellular networks requirements in 1997, which included US$129 million external commercial borrowing syndication lead by Chase Manhattan Bank and included the Export - Import Bank of the United States, Eksportfinance Bank of Norway and other Asian and European banks.
Light Servicos de Electricidade SA is an integrated electric utility that serves the state of Rio de Janeiro. The company has a concession area of 10,970 square kilometers with a 174,500km distribution system to serve 2.75 million customers in 1995. In 1995, its main assets were 2,215km of transmission lines, 6,300km of distribution lines, and 776-MW of installed potential. This generating capacity represents 18% of its electricity sales. The remaining electricity (83%) is bought from Electrobras subsidiary Furnas and from the joint Brazilian-Paraguayan Itapu hydro facility. Light Rio distributed 21-billion kWh/year in 1996 which represented 80% of the power in Rio de Janeiro state. The company was partially privatized in May 1996 when Electrobras sold 60% of the equity for $2,200 million in two transactions. In the first one, a controlling stake (51%) was sold for $1,700 million to a consortium comprising AES Corp., Houston Industries Energy (Reliant Energy), Electricite de France (EDF) and Companhia Siderurgica Nacional. In a second transaction, 9% of the equity was sold for $500 million to Brazilian banks and pension funds.   In its fiscal year 1997, MIGA reinsured a guarantee issued by the Overseas Private Investment Corporation of the United States to AES Corporation and Houston Industries Energy, Inc. The two companies each received a $7.5 million ($15 million total) guarantee for their equity investments in the privatization of Light-Servicos de Electricidade SA (Light) in Brazil. MIGA's guarantee covers the risk of transfer restriction and expropriation. In 2000, the IADB issued an US$ 100 million guarantee to cover a US$ 200 million senior notes issuance by Light (the notes will be purchased by US banks). In Jan. 2000, BNDES sold a 23% stake in Light to EDF for US$ 379.6 million (R$ 680.6 million); in a second transaction in Mar. 2000, EDF acquired an additional 9.23% of the shares sold by BNDES for US$ 289.6 million (R$ 506.3 million).  In Oct. 2000, Reliant Energy sold its 11.7% stake in Light to AES Corporation and EDF (AES Corp. and EDF acquired 30% and 70% of these shares, respectively, for US$ 430 million). In addition, EDF and AES Corp. acquired CSN's stake in the end of 2000. In July 2001, Electricite de France became the sole private shareholder of Light through a restructuring that intends to separate the ownership of Light and Electropaulo Metropolitana. In July 2002, EDF increased its stake to 94.5% of the total capital of Light; and in 2005 it reduced it to 89.4%.  In July 2003, Light Rio failed to pay US$130 million to a variety of private creditors.    In March 2006 Rio Minas Energia Participações S.A., a company constituted by Cemig, in partnership with Andrade Gutierrez Concessões SA, J.L.A. Participações SA, Pactual Energia Participações SA, and Luce Brasil Fundo de Investimentos em Participações,each with 25%, acquired the 79.39% stake held by EDF International SA in Light SA. The transfer of shares took place on August 10, 2006.  As of December 31, 2007 33.7% of the shares were held by BNDESPAR, a state owned enterprise.   In November 2014, the state-owned bank BNDES approved a US$ 246.8 million (BRL 580.1 million) loan to the company.
S. Thunder Co. Ltd., a consortium of Zurn Industries of the US (90%) and Thai Agro Power (10%), started developing a 21.5-MW, US$32.0 million waste to energy plant that would use rice husks as fuel. Zurn Industries was responsible for project technology and development and Thai Agro Power was to supply fuel to the project. The developers agreed to sell 18.5-MW of the plant's output to the Electricity Generating Authority of Thailand under a 20-year PPA. The plant was developed under the Small Power Producer (SPP) Program that encourages the sale of excess output to EGAT. The project was expected to become operational in late-1998.
Bell Lanka received its 20 year license to operate a fixed basic telephony network based on WLL technology on February 22, 1996.  The company is owned by Transasia Telecom Limited (60%), Asian Infrastructure Development Co. (26.8%), Northern Telecom International Finance B.V. (5%), and the remaining shares are owned by small local investors. In July 2005, Milford Holdings (Private) Limited, a subsidiary of Distilleries Company of Sri Lanka Limited acquired 76% of the issued capital of Lanka Bell.   Lanka Bell was required to install 100,000 lines by 2000 in order to satisfy the license requirements established by the Telecommunications Regulatory Commission.  For every line that Lanka Bell installs in a rural area, the government considers it to be ten lines.    Nortel was the initial equipment  supplier.  Lanka Bell also awarded a contract to Alphatel for the supply of 14,000 telephones in 1997.  Lanka Bell had 37,000 residential subscribers as of May 2001.  The total project cost (for 100,000 lines) was estimated at US$180 million. One third of the required funds are planned to be raised through equity and the rest through debt. The equity in the company as of September 1997 was $36 million. The company had invested $50 million in the project by end 1998. Although the company planned raising $100 million for its required 100,000 lines by debt financing, it was facing difficulties raising additional financing.  As of 2003, Lanka Bell had 44,000 subscribers on its network, a market share of only 7%, primarily in Colombo. The company had not made profits since its inception in 1997. Sri Lanka Telecom (SLT), the local fixed-line monopoly, announced in September of 2003 that it had launched a bid to buy Lanka Bell.  The deal was almost complete at the end of 2003.
Empresa de Distribucion Electrica de Canete SA or Edecanete is one of the five companies created when Peruvian Electrolima was corporatized for the privatization program. The other companies are Empresa de Distribucion Electrica de Lima Sur (Luz del Sur), Empresa de Distribucion Electrica de Lima Norte (Edelnor), Empresa de Generacion Electrica de Lima (Edegel), and Empresa de Distribucion Electrica de Chancay (Ede-chancay). Edecanete distributes electricity to 20,000 customers in a valley about 87 miles south of Lima. The company annual sales were about 40,000 MWh in 1996. The company was privatized in June 1996, when the government sold 100% of its equity for $8.6 million to Luz del Sur, the distribution company serving Southern Lima.
Koshika Telecom Limited was awarded a 10 year cellular service license in 1996 for each of the following telecom circles: Uttar Pradesh East, Uttar Pradesh West, Bihar, and Orissa.  By 1999, Koshika Telecom Limited was owned by Usha Group (82%), Filipino cellular provider Piltel (10%), Alcatel (3%).  The remaining 5% was owned by non-resident Indians.  In July 2001, the Usha Group sold 49% of its ownership in the company to US-based NRI Chiranjiv Kathuria and associates for US$120 million.  The company launched its services in Uttar Pradesh East in 1997 and provided services under the name Ushaphone.  In 1996, Alcatel signed a 10 year $100 million contract with Koshika Telecom to supply and install GSM networks in the regions of east and  west Uttar Pradesh, Bihar and Orissa.  The company had invested US$125 million in installing equipment and network by end of 1998.  Due to Koshika's rural marketing strategy more than 350 villages were connected via the Ushafone network by 1998.    The company committed to pay US$213.1 million in license fees for the four circles over a period of 10 years.  However, like many other companies, Koshika faced difficulties in paying its license fees.  To reduce the financial burden placed on the telecom operators, a new revenue sharing license fee structure was introduced with the New Telecom Policy in July 1999.  This payment structure enabled all telecom license operators in 1999 to switch to a new 15% revenue sharing policy, provided they complete their payment on accumulated dues by January 31, 2000 and that both operators in the circle agree to switch over to the new system.  In September 1999, the Department of Telecommunications (DoT) terminated Koshika's cellular service licenses in Uttar Pradesh West, Bihar, and Orissa due to the company's inability to pay the license fees.  The DoT refused to allow the company to migrate to the new revenue sharing mechanism since the company failed to pay 20% of its outstanding dues by February 1999.    In 2000, the government cancelled its three licenses of UP West, Orissa and Bihar due to unpaid license fees worth almost US$100 million. The company had only paid about US$21.5 million towards its license fee obligation.  In 2001, the company continued to owe license fees to the DoT.  In October 2002, the government cancelled the remaining license for UP East.
Trituradores Basalticos y Derviados won the concession for the multi use terminal in Altamira in 03/96. Tribasa offered about US$ 41.8 million for the 20 year contract and offered to invest 31.1 million pesos (US$ 4.1 million) in the first year and further 118.4 million pesos (US$ 15.8 million) by 2016 in equipment. In addition, Tribasa committed to invest  14.6 million pesos (US$ 1.9 million ) in infrastructure. Tribasa paid 62 million pesos (US$ 8.5 million) for the terminal's five cranes. Tribasa's bid was substantially higher than a bid from TMM/SSA consortium of 231 million pesos (about US$ 30 million). ICTSI had been blocked by the Federal Competition Commission to participate in the bidding for a second important terminal on the Gulf of Mexico.
The project includes maintenance and operation of the 1.17 km toll bridge. The project company is a joint venture between JWS Projects (51%) and the provincial government (49%). JWS is owned by IJM (50%), Southern Acids (30%) and Falcrest (20%). The total investment cost will be financed with equity and borrowings (IJM has already obtained an approval from the Bank Negara Malaysia to finance its share of the costs).
In December 1996, Ferrovia Sul Atlantico won a 30-year concession for the rehabilitation and operation of the Malha Sul railway line linking the southern Brazilian states of Parana, Santa Catarina and Rio Grande do Sul. In 1995, the Brazilian government decided to divide the national railway, RFFSA, into six exclusive regional systems and to offer a 30-year concession contract for each system. This is one of the six concessions awarded between March 1996 and July 1997. Concessions were awarded on the basis of the highest bid above the government's minimum price. Concessionaires paid an upfront lump sum, and a stream of pre-determined payments over the life of the concession. Unlike in Argentina, concessionaires have no control over initial employment decisions.   The winning consortium, Sul Atlantico consortium, comprised: Ralph Partners (45%), Judori (18%), Brazil Private Equity Fund (13%), Varbra (7%), RailTex International of the US (6%),  and Interferrea (7%), among others. The consortium paid R$216.6 million (US$211.3 million) for the concession. The consortium was expected to invest US$ 8.3 billion in the network during the concession, with US$ 276 million planned for during the first 5 years.  IFC's approved investment in FSA consists of a quasi-equity investment of US$10 million, an IFC loan of US$ 35 million, and US$ 45 million in loans from participants. However, as of 2002, the funds had not been committed.  In 1999, the project sponsors created the company America Latina Logistica (ALL), which became the shareholder of Ferrovia Sul Atlantico. Ferrovia Sul Atlantico, in its turn, had its name changed to America Latina Logistica do Brasil (ALL Brasil). In that same year, America Latina Logistica acquired controlling interests in the Argentinean railroad operators Ferrocarril Mesopotamico and BAP. This acquisition gave America Latina Logistica the control of the cargo railways network connecting Sao Paulo (Brazil), Buenos Aires (Argentina) and Santiago (Chile). In November 2000, the company reached an agreement with the state-owned railway company AFE from Uruguay that will allow America Latina Logistica to operate an express transport line from Sao Paulo to Montevideo.  As of December 2003, the controlling shareholder of the project company, ALL, comprised Emerging Markets Capital Investments (11.9%), Judori (10%), Delara Brasil (8.6%), Brazil Private Equity Fund (6.8%), Ralph Partners (5.1%), Latin Freight Company (5%), RailTex International of the US (3.15%), among others (49.28%).
Yermovskaya is a 2,400-MW (8x300-MW) power plant. A 53% stake was acquired by Japan Chrome Co. (JCC) in May 1996 for Tenge 100m with a pledge for further investment of Tenge 17,225bn.
Bestel SA de CV, previously known as Cableados y Sistemas, was awarded a concession to operate as a national and international long distance carrier in May 1996. Bestel was one of the eight companies that obtained a concession to operate as long distance carrier between 1995 and 1996. Such licenses were issued as part of Mexican openness of its telecommunications market.   Bestel was a consortium owned by Mexican Grupo Varo. Bestel's project consisted of building a 2,250 km fiber cable in Mexico to provide its long distance services in 14 cities. The total project cost was estimated in US$ 156 million of which US$ 140 million were invested between 1996 and 1997, according to Comision Federal de Telecomunicaciones (Cofetel), the Mexican regulatory agency for telecommunications. Bestel's fiber optic cable was designed to be parallel to Mexico's railway system. Bestel planned to cut third party costs by expanding its fiber backbone to 38 cities by end 2002, in addition to the 19 cities currently connected by its 4,100 km network.  The company will either build new fiber or acquire it from third parties, which currently constitute a 3,000 km extension to the network. In 2005, Bestel's fiber optic network reached 6,000 km.  In December 2007, Televisa’s indirect majority-owned subsidiary, Cablestar, completed the acquisition of shares of companies owning the majority of the assets of Bestel.  Cablestar paid U.S.$256.0 million in cash plus an additional capital contribution of U.S.$69.0 million.
Tuntex Petrochemicals Public Company Ltd. has developed a 55-MW at Muang Rayong. The plant uses coal as fuel.  A PPA was signed with the Electricity Generating Authority of Thailand (EGAT) on October 16, 1996 to sell 12-MW under the Small Power Producers Program (SPP), which went into effect on February 1, 1997. The remaining generated by the project will be used by Tuntex Petrochemical. The estimated project cost is $77.0 million.
The project consists of a 10-MW hydro power plant located on Rio Bobos. The total cost of the project was estimated at $15 million. The developer is Fabrigas SA which owns 100% of the plant.
The project consists of a 12-MW hydro power plant located on the Mopan River in the Peten Department of Guatemala, near the border with Belize. The total cost of the project was estimated at $27 million. Hydro Mopan SA, the developer, has a 25-year power purchase agreement with Instituto Nacional de Electrificacion (INDE) which was signed in January 1995. Hydro Mopan is a joint-venture of Rio Mopan, H&M Engineering, Synergics and Sorenson Engineering. The power plant was scheduled to start commercial operation in January 1997.
In August 1996, Bourbon (France) built a 24MW bagasse-fueled power plant at the Bourbon Sugar Refinery in Tay Ninh,.  The plant would supply 10 MW of power to the refinery, but would also sell 14 MW of power to Electricite de Vietnam (EVN, the state-owned utility) at a price of US$ 4.04 cents per kWh.  In August 1999, Bourbon announced a US$95 million expansion of the plant to 124 MW to be completed by 2002, but the expansion was put on hold after failure to reach an agreement with EVN over the power tariff.
Road King entered a 20-year joint venture agreement with a SOE in Shanxi Province for the development, operation and management of the 38km Yuci Dongchangshou-Qixian Dongguan section of National Highway 108. Road King obtained a 65% profit share in the venture in return for investment of HK$150 million (US$ 19 million).  National Highway 108 is a class 1 highway. Road King funds its project from internally generated funds and long term debt. This includes a US$ 138 million syndicated loan and US$ 140 million 10-year fixed rate notes arranged in 1997.
In 1996 the Albanian government started the divestiture process for three local energy distribution companies: the Shkodra Distribution Company, the Elbasan Distribution Company and the Vlore Distribution Company. In each company the government decided to divest 30% of shares through a voucher program. Under the program the government kept a 70% stake and complete control of the distribution firms. The Elbasan Distribution Company has a concession area of 1,000 square kilometers in central Albania, where it served some 41,000 customers in 1996.  In 1996 the Albanian government planned to sell majority stakes in the three distribution companies to strategic investors. These plans were not carried through by 1997, and that year the country’s government fell following a crisis triggered by the collapse of a number of pyramid financing schemes that had become endemic in Albania. Over the following years the local distribution companies had very poor results. Seeking a solution to this poor performance the government attempted to merge the firms back into the state owned Albanian Power Corporation (KESH). In 2003 control over all energy distribution reverted to KESH. To avoid any disputes with the voucher investors no formal merger of the companies took place: only the assets of the three distribution companies were sold back to KESH, reducing the distribution firms to mere shells.
In November 1996 the municipality of Navojoa, Mexico, through its Organismo Operator Municipal de Agua Potable, Alcantarillado y Saneamiento Ambiental de Navojoa (OOMAPASN), awarded a 20-year lease contract for the city’s water and sewage systems to Mexican de Gestion del Agua (MGA). The contract granted MGA management, operation, and maintenance rights over the water and sewerage systems in the Navojoa municipality, home to some 140,000 people. In 1996 water losses in Navojoa were estimated at 60 percent. MGA committed improve efficiency and pay OOMAPASN $350,000 to at the start of the contract and 4.5 percent of revenues for the lifetime of the contract.  MGA was awarded the concession through a competitive tender in November 1996. Eight consortiums were qualified and three submitted final bids: MGA, Servicios de Construction de Sonora and Mejoramiento Empresarial de Monterrey. The contract between the municipality and MGA was signed on December 4th, 1996.   In 1996 MGA was a wholly owned subsidiary of Mexican Triturados Basalticos SA de CV (Tribasa). In December 2005 Tribasa changed its name to Promotora Y Operadora de Infraestructura SA de CV (Pinfra SA).  Tariffs were set by OOMAPASN, which committed to ensure the financial viability of the operation by setting rates covering costs.   In 2005 OOMAPASN unilaterally terminated the lease contract, a decision challenged in Mexican courts by MGA.
In November 1996, the local government of the city of Antalya, Turkey, granted a 10 year lease contract to private consortium ANTSU for the provision of water and sewage services in the city. The contract followed a competitive tender based on the lowest bid price. On the part of the city of Antalya the contract was signed by the metropolitan municipality’s water and sanitation authority (ASAT). The contract was expected to serve a population of 535,000. Antalya was a popular tourist destination in the summer, making water demand highly cyclical. ANTSU was expected to reduce the large loss of water from the pipeline system down to a manageable level.  Private operator ANTSU was a joint-venture between Suez Lyonnaise des Eaux and Enka A.S.  The project was funded with a $100 million loan from the World Bank (IBRD) and a $44.5 million loan from the European Investment Bank.  The private operator and the local municipality started having disagreements over compliance with specific obligations in the contract in the late 1990s. ANTSU notified ASAT in February 2002 that it was initiating international arbitration proceedings because of various breaches of the contract by ASAT. In May 2002, ANTSU cancelled the lease contract and notified ASAT it was in liquidation because of losses incurred due to ASAT’s contract breaches. From mid 2002 ASAT took over the water and sewage services in Antalya.
In September 1996 the municipal government of Laprida awarded a 20 year concession contract to Camuzzi Argentina SA for the distribution of potable water and sewerage collection and treatment for residential clients in Laprida (Province of Buenos Aires). Camuzzi Argentina SA won the concession following a public tender, where other 3 participants were disqualified after the offers they presented were challenged.  In 1996 the company had 2861 water and 711 sewer connections. The contract implied the obligation to improve quality of service and extend infrastructure coverage, with commitment for infrastructure specific investments estimated at US$896,000.
The 165-MW (3x55-MW), $434 million, Gunung Salak Geothermal Power Plant was being developed by Unocal affiliate PT Dayabumi Salak Pratama (50%) and PT Nusamba Geothermal (50%). The project is located near the Awinbengkok geothermal field in West Java and involves the addition of a fourth, fifth, and sixth turbine to an existing plant operated by the national utility, Perushaan Listrik Negara (PLN). PLN installed units 1 and 2 in the mid-1980s and is developing a third unit at the site.   Steam for PLN's 3x55-MW turbines is being provided from a joint venture between Unocal and Pertamina, the state oil company. Unocal will continue to sell geothermal steam for 30 years. Project construction commenced in August 1995; the target completion date is set for 1998.    Financial closure was reached in August/September 1996.  Financing has been sourced from a mixture of syndicated loans, 144A bonds issued by Unocal, and sponsor equity. To support the bond issue, Unocal, the primary project contractor, has provided a completion guarantee. A 30-year power purchase agreement was signed with PLN in 1995.   The government put on hold many of the independent power producer (IPP) projects in late 1997 as part of the retrenchment program to cope with the economic crisis. PLN, which was financially troubled by the crisis, asked to renegotiate the PPAs, especially with regards the price.  In 2003, 14 of the 26 IPPs, including Salak, agreed to continue their projects under a new pricing scheme, while seven agreed to terminate the PPAs. The government and PLN each agreed to take over two projects.     In August 2005, Chevron acquired Unocal Corporation. The aggregate purchase price was $17.3 billion, which included $7.5 billion cash, approximately 169 million shares of Chevron common stock valued at $9.6 billion, and $0.2 billion for stock options on approximately 5 million shares and merger-related fees. As a result, the 50% ownership in Salak Geothermal Plant was transferred to Chevron.  In 2009 the project received a haul over, and its turbines were upgraded from 3x55MW to 3x60MW, bringing total nameplate capacity to 180MW. The upgrade was done by: changing turbine diaphragm of unit 1 and 2, and, modifying the gas extraction system or ejector for unit 3.
Capital Telecom was licensed by the Ghanaian government to improve rural telephony access in the Southern areas of the country, largely unserved by Ghana Telecom. While Capital Telecom's Southern Regional Rural Telecommunications Network project was initially licensed on the basis of a build-operate-transfer (BOT) scheme, the project's status was formally changed to a rural concession in 1997.   The company, which started its commercial operations in 1996, had completed installation and commissioning of four networks hubs and terminal equipment to support subscribers.    By February 2003 the company had rolled out less than 500 lines.  In June 2003, Capital Telecom was awarded a grant of US$275,000 by the US Trade Development Agency (USTDA) to support a feasibility study to test unspecified low-cost wireless services for rural telephony.
The 126MW, US$220.0 Houay Ho Hydro Power Plant is located in Attapu province. It was originally being developed through a 25-year BOT through a consortium of Daewoo Corp of Korea (60%), Loxley Plc. of Thailand (20%) and Electricite du Laos (20%), a special purpose company created by the Govt of Laos. In January 2002, Daewoo Engineering and Construction sold its 60% stake to Tractebel for US$121 million. The project company name is Houay Ho Power Co. Loxley sold its share in the plant in 2002.  Sulzer and ABB were the turnkey contractors and equipment was being purchased from Voest Alpine Industrienlangenbau. Initial financing came in the form of a $20.0 million bullet loan from the Korea Long Term Credit Bank and was obtained in December 1996. Taylor DeJongh was the financial advisor to the consortium. The project is currently under construction and was expected to become operational in 1999.  A 30-year PPA was signed with the Electricity Generating Authority of Thailand (EGAT) in June 1996 to export power output from the project.   In December 2002, the project company obtained additional financing in the form of a debt amount of US$95 million which was provided by a syndicate of Thai Banks led by Bangkok Bank but including Bank of Ayudhya, Bank Thai, Thai Exim Bank and Thanachart Bank. ONDD, a Belgian export credit agency, is providing political risk insurance. There was also a US$3 million facility which was for bankers' letter of guarantee to Egat.   In January 2015 refinancing of the project reached financial closure.  Borrower was Houay Ho Power Co Ltd. Sponsors were Glow Co (67.25%) (a subsidiary of Glow Energy PCL which is majority owned by GDF SUEZ), the Electricite du Laos (20%), and Hemaraj Land and Development (12.75%). Financing comprised a US$84 million 9-year term loan. Credit Agricole and SMBC are MLAs. SMBC was also the facility agent. Financial close was expected to happen 24 Sept 2014, but it was delayed.
Cegas is the gas distribution utility of the Ceara state, with a 50-year exclusive concession agreement. Cegas was created in 1993, as a joint-venture between the government of Ceara and the state-owned company Petrobras, and started commercial operations in 1994. In Apr. 1995, Vicunha's subsidiary Textilia acquired a 24.5% stake in Cegas from Petrobras in 1996 for approximately US$ 1 million. Cegas has a distribution network of 478 KM, and supplies natural gas mostly to industrial consumers.  In 2014, Mitsui acquired a stake at Cegas. The shareholding structure was established as follows: state of Ceara, 17%; Petrobras subsidiary Gaspetro, 41,5%; and Mitsui, 41,5%.  In the end of 2016, a 49% stake of Gaspetro was sold to the Japanese company Mitsui.
PT Pramindo Ikat International was granted a 15-year concession agreement for the provision of fixed local phone services in Sumatra (division I) in 1995. The company was one of the five international consortia that were granted such agreements when the country was divided in seven regional areas in 1995. Those regions were Sumatra (division I), Jakarta and the surrounding area (division II), West Java (division III), Central Java (division IV), East Java including Surabaya (division V), Kalimantan (division VI), and East Indonesia (division VII). The state-owned company PT Telkom kept the management and operators of the two most profitable regions (Jakarta and East Java). Each of the remaining five regions were awarded to one international consortia under a joint operating scheme (Kerjasama Operasi or KSO) in 1995. Under the arrangement, each KSO was treated as a division of PT Telkom and was managed and operated by the KSO consortium on behalf of PT Telkom for 15 years starting in 1996.   Collectively, the KSO investors were charged with the planning, engineering, financing, and construction of a minimum of 2 million lines by 1999. Of that amount, PT Pramindo Ikat International committed to install additional 516,487 lines. In addition, the company took over the management of 684,000 exiting fixed lines from PT Telekom in Sumatra in January 1996. At the end of the 15-year period, all lines constructed had to be transferred to PT Telkom for a nominal payment.   As part of the agreement, each KSO consortium had to give PT Telkom three principal types of payments during the term of the KSO. An up-front fee for joining the KSO scheme, which was US$35 million for PT Pramindo Ikat International; a monthly payment for the annuity-like "Minimum Telkom Revenues"; and an annual "Distributable Telkom Revenues" (a percentage of the KSO's unit revenues after deducting certain allowable operating expenses). The average annual payment was estimated around 30% of the total revenues.   Pramindo Ikat was owned by France Telecom through its subsidiary France Cables et Radio SA (35%), P.T. Astratel Nusantara (40%), partially privatized Indosat (14%), Marubeni (8%), IFC (3%), and others (1%) by end 1998.   The company secured financing in July 1996 when it signed US$400 million in loans to finance the development of its KSO telecommunications project. The company installed around 765,000 telephone lines between 1996 and 1998. The total project cost was estimated in US$635 million by end 1998.   The company stopped installing lines by end 1998 due to a lack of demand following the financial crisis in the country. PT Pramindo Ikat was the only KSO company that did not face serious financial difficulties by the end of 1999.  In addition, the company agreed to continue its KSO agreement with PT Telekom.     On April 19, 2002, TELKOM entered into a Conditional Sale and Purchase Agreement to acquire 100% of the issued and paid up share capital of its KSO partner in Regional Division I, Pramindo. Under the terms of the agreement, TELKOM agreed to acquire the shares of Pramindo in three tranches: in August 2002 (30%), September 2003 (15%) and December 2004 (55%). TELKOM has provided US$384.4 million in its accounts as the aggregate consideration for this transaction. Of the US$384.4 million, TELKOM made an initial payment of US$9.3 million(Rp.82 billion)in August 2002 and issued promissory notes (series I and II)dated August 2002 for the remaining amount.
The plants were acquired by AES (80%) and Suntree Ltd (20%) in 1996 for US$2 million with an agreement to invest a further US$500 million. A 35-year PPA was signed with local electricity supplier, Kazakhstanenergo and the electricity purchase price set at $0.03/KWh. The power station burns low-grade coal from a nearby mine and ran at a mere 20% of capacity prior to the divestiture. Future investment is intended to increase utilisation to 63%. Total cost of rehabilitation is estimated at $1.5bn. By end of 1998, the investment of Ekibastuz GRES-1 since its privatization was estimated in US$70 million. The plant is comprised of eight 500 MW turbines, four of which were manufactured in Kharkov and four in St. Petersburg. Construction of the facility began in 1979 and the last block was installed in 1984.  The plant was 100% owned by AES as of December 2002. On May 30, 2008, AES announced that it had completed the sale of its interest in the Ekibastuz power plant as well as the Maikuben coal mine to Kazakhmys PLC [United Kingdom] for gross proceeds of US$1.1 billion. Kazakhmys was owned by the Kazakh government (15%), stock exchange investors (39%) and individual investors (46%). Samruk-Kazyna  acquired 50% of the project company in 2010. Samruk-Kazyna officially known as the National Welfare Fund "Samruk-Kazyna", was a joint stock company in Kazakhstan which owns, either in whole or in part, many important companies in the country, including the national rail and postal service, the state oil and gas company KazMunayGas, the state uranium company Kazatomprom, Air Astana, and numerous financial groups.  AES was to contine to manage and operate the Ekibastuz plant under a management contract valued at up to US$381 million.  The management contract was due to expire on Dec. 31, 2010.  In March 2009, AES and Kazakhmys announced an agreement to conclude the management contract early, involving an earn out of $80 million for the financial year 2008, payable in April 2009, and a single reduced payment of $102 million to be paid in January 2010.
Empresa Electrica de Piura (EEP) is a generating company that operates in the Peruvian northern province of Piura. EEP was partially privatized in October 1996 to Consortium Electrica Cabo Blanco, (ELECSA) led by Spanish Endesa with Energia Andian SA and Peru Electricity Fund. This privatization aimed at capitalization and the winning offer included a cash transfer to the government of US$19.7 million and a commitment to invest $40 million in order to increase generating capacity of the power plant by 80-MW in the 12 months after the financial closure. The total offer package of US$ 59.7 million gave the consortium the right to 60% of EEP's shares. EEP has two thermal power plants, two gas processing plants and one gas distilation plant. The government still owned a 40% stake in the company by 2005. In 1998, the IAIC approved $10 million A loan and $12 million B loan to the project company.  In 2006, 60% of EEP's shares were owned by ELECSA, a subsidiary of Endesa (Spain). The remaining 40% were publically traded on the Peruvian Bolsa de Valores de Lima (BVL). In 2011, Endesa (Spain) acquired 96.5% stake in the company.  In 2013, the Malacas Thermal Power Plant commenced operations, increasing EEPSA's generating capacity to 302 MW. The Talara Power Plant demanded investments of US$ 101 million.
In 1995 the state of Morelos, Mexico, awarded a 15 years build, own and transfer contract for a sewage treatment plant to US company Filter. The plant was to have a processing capacity of 0.3 cubic meters per second, and serve the 48,000 inhabitants of the town of Yautepec.   In 1999 US Filter became a subsidiary of Veolia Environnement. Siemens acquired US Filter from Veolia in 2004.  The project was estimated to cost $6 million. Financing was achieved from the sponsor’s own resources.  The project was set to conclude in 01/2011. Further information was not publically available.
This 150-MW project was negotiated by the Philippine National Irrigation administration just prior to the passage of the BOT law in May 1994. The Philippine government has guaranteed the offtake agreement for the project. 70% of water sales are contracted on a take-or-pay basis with the National Irrigation Administration.   The project has been financed through both debt (75%) and equity (25%).  Debt financing of approximately $300 million under Rule 144A includes $100 million senior secured A notes with a 9-year maturity; $181 million senior secured B notes with a 14-year maturity; and $75 million floating rate notes with a 6-year maturity. Equity financing totaling $119 million includes $83 million by California Energy (CalEnergy); $15 million by Peter Kiewit; and $15 million by private Philippine investors.   The turnkey construction contract has been awarded to the following firms: Siemens, Sulzer Hydro, Black & Veatch, Colenco Power Engineering, Murstori Cementisti CMC di Ravenna and Impressa Pizzarotti & C. Spa. The project entered commercial operation on Dec. 21, 2001.   In August 2002, CalEnergy filed the arbitration case to force the government to pay US$131.65 million as reimbursement for taxes it paid for the construction of the irrigation and hydroelectric infrastructure in Central Luzon.   In October of 2003, the government closed a deal with California Energy Casecnan Water and Co., Inc. that resulted in savings of about US$1 billion for the state and ending the dispute as well as the government's threat of contract cancellation.
PT Aria West International was granted a 15-year concession agreement for the provision of fixed local phone services in West Java (division II) in 1995. The company was one of the five international consortiums that were granted such agreements for the provision of local phone services.  The country was divided in seven regional areas for telecommunications in 1995. Those regions were Sumatra (division I), Jakarta and the surrounding area (division II), West Java (division III), Central Java (division IV), East Java including Surabaya (division V), Kalimantan (division VI), East Indonesia (division VII). The state-owned national operator PT Telkom kept the management and operators of the two most profitable regions (Jakarta and East Java). Each of the remaining five regions were awarded to one international consortia under joint operating scheme (Kerjasama Operasi or KSO) in 1995.   Under the arrangement, each KSO was treated as a division of PT Telkom and was managed and operated by the KSO consortium on behalf of PT Telkom for 15 years staring in 1996. Collectively, the KSO investors were charged with the planning, engineering, financing, and construction of a minimum of 2 million lines by March 1999. Of that amount, PT Aria West International committed to install additional 500,000 lines. In addition, the company took over the management of 415,000 existing fixed lines from PT Telekom in West Java in January 1996.   At the end of the 15-year period, all lines constructed had to be transferred to PT Telkom for a nominal payment. As part of the agreement, each KSO consortium had to give PT Telkom three principal types of payments during the term of the KSO. An up-front fee for joining the KSO scheme, which was US$30 million for PT Aria West International; a monthly payment for the annuity-like "Minimum Telkom Revenues"; and an annual "Distributable Telkom Revenues" (a percentage of the KSO's unit revenues after deducting certain allowable operating expenses). The average payment was estimated around 30% of the total revenues.   PT Aria West International was as a joint venture between US West (35%), later known as Media One, Asian Infrastructure Fund (12.5%), and the private local PT Artimas Kencana (52.50%) by end 1998.   Ariawest secured long-term financing of US$615 million from an international bank consortium and proceeds were to be used for expanding 500,000 new telephone lines by the end of the first quarter 1999 in regional division, West Java. The company installed around 290,000 new lines by December 1998 and the total number of lines operated by the company reached 705,000. Ariawest contracted US-based Lucent Technologies, Japan's NEC Corporation, Siemens, and Indonesia's PT Int. as equipment providers.  In 1997, MIGA issued an US$5 million guarantee to a bank providing financing to this project.   The company, similar to those in other KSO arrangements, had serious financial difficulty and was unable to meet the deadline of March 1999 to finish its build out commitments in 1998. The company was attempting to renegotiate its contract with the government and restructure its foreign debt by end of 1998.   Finally in May 1999, the company was able to restructure US$284 million of their debt: $US212 million funded term facility and $US57 million in vendor obligations. This was the largest rescheduling of debt during the post financial crisis period and demonstrated growing investor confidence in Indonesia.   PT Telkom terminated its contract with PT Aria West International in July 2001, after the joint operation (KSO) partner refused to pay its obligation in the form of Minimum Telkom Revenue amounting to Rp 509 billion. The two had failed to settle the long dispute over the continuation of the contract. By June 2002, the parties announced their intention to amicably resolve all their disputes.   Telekom acquired and subsequently consolidated AriaWest in July 2003. The acquisition followed nearly two years of bickering which included a US$1.3 billion arbitration claim by AriaWest against Telkom with the International Chamber of Commerce (ICC). Telkom said it settled its ICC arbitration for US$58.67 million in cash (US$20 million of which had been paid at the time of the signing of the agreement for conditioned sales on May 8, 2002) and US$109.1 million in interest free promissory notes.  Ariawest's debts of US$99.07 million had been repaid at the conclusion of this transaction, leaving another US$196.97 million to be repaid by Telkom through a new debt facility with a term of four years.
Sopesa is a joint-venture of Inversiones Vasquez (29.6%), Electricas de Medellin (21.4%), Transpetrol (20.4%), Dist. Electricas de Sabanas (20%) and two other companies with only 0.8% of the shares each. Sopesa signed a 14-year concession contract in Sep. 1995, but the project only reached financial closure in 1996. Construction works started in 1997. General Motors provided the power units (diesel based), which provided an installed capacity of 52 MW. Investment figures were not provided by the company. The concessionaire committed to invest US$26.6 million in rehabilitate 0.7 MW and expand the generating capacity by 15 MW.The concession started in May 1996 and was set to concluded in May 2010.
Cheung Kong Infrastructure (CKI) has 32-year cooperative joint-venture agreements for the operation of the Shenyang Changqing and Shenyang Gongnong Bridges in Liaoning Province. Changqing is a 3-km, dual 3-lane bridge costing HK$ 269 million (US$35 million) to construct. Gongnong is a 1-km bridge and cost HK$ 121 million (US$ 16 million). CKI has a 30% stake in the joint-ventures. CKI invested HK$ 81 million (US$9.76 million) in the Changqing and HK$ 36 million (US$ 4.34 million) in Gongnong.
In 1996, India’s Torrent Group took over the management and operations of Torrent Power SEC Limited (TPSL) (formerly Surat Electricity Company Limited), an electricity distribution company covering the city of Surat in the Indian state of Gujarat, after it acquired 45% equity stake in the company from the Government of Gujarat. The company purchased its entire energy requirements from the Gujarat Electricity Board. As of December 2005, TPSL distributed power to 0.48 million customers in the city of Surat.  TPSL was incorporated in 1920 by Killick Nixon Limited, a British company, after it acquired license in 1918 under Indian Electricity Act, 1910. After the abolition of the managing agency system in India, Killick Nixon ceased to be managing agents of the Company and in 1971; TPSL became an independent company managed by the Board of Directors. From 1971 to 1996 the Company was managed by the Board of Directors consisting inter alia, nominees of financial institutions and Government of Gujarat.
Senegalaise des Eaux (SdE) was awarded a ten year lease contract for the water utility of the capital city Dakar in December 1995 and took over management in April 1996. In 2006, SdE’s lease contract was renewed for an additional five years.  In July 1994, a government committee concluded that the former state-owned utility Société Nationale d’Exploitation des Eaux du Sénégal (SONEES) should be dissolved and that a state asset holding company should be formed which would retain the assets and the right to extract water.  The law implementing the institutional reform was passed by the National Assembly in March 1995. The law authorized the creation of a new asset-holding company, the Société Nationale des Eaux du Sénégal (SONES), authorized to manage the sector through a 30-year concession contract signed with the State, represented by the Ministère de l’Hydraulique.  SONES also signed a sector development contract with the Ministry, which outlined its investment obligations and was included in the Request for Proposals for the affermage (lease) contract.  The 10-year affermage (lease) contract governing operation of the system was signed between three parties: the Republic of Senegal, represented by the Ministère de l’Hydraulique, SONES, and a private operating company formed specifically for this purpose, Sénégelaise des Eaux (SdE).  The contract for majority ownership of SdE was won in a competitive bid process (lowest tariff) by the Bouygues Group water sector subsidiary SAUR. The State took a nominal and symbolic 5% share, and former SONEES staff were granted 5% of the shares.  Of the remaining 90%, SAUR owned 57.84% and private Senegalese investors owned 32.16% (instead of the planned 51% and 39%). In February 2005, Bouygues sold its water sector arm, Saur, to PAI Partners (a private French equity firm). However, the sale did not include Saur’s African and Italian interests, which was retained by Bouygues.  Bouygues had started operating in Senegal through its former subsidiary Saur by providing technical assistance in 1971.  When Saur took over the utility in 1996, the water system was suffering from a lack of investment with leaky pipes and broken infrastructure. Water cuts were common as supply could not meet demand and unaccounted-for-water was high.   The lease contract included an obligation on the part of the private operator to finance some of the investment needed in network renewals, connection renewals, and electromechanical equipment. The obligations meant that the operator, over the 10-year contract, was to invest approximately US$20 million. The main responsibilities of SDE, as outlined in the affermage contract, were: • Extraction, production and distribution of water (Article 3); • Maintenance of all the materials used in production and distribution including the network (Article 49); • Certain renewals (Article 49); and • Some limited investment responsibilities: renewing 17 km of network, 6,000 connections and 14,000 meters every year (Article 50 of the affermage contract and Article 23 of the performance contract).  The Senegalese government included a unique clause in the contract which allowed the government to fine SdE if it failed to hit performance targets. The two main targets related to leakage reduction (to bring losses to a maximum of 15% over a five-year period) and improvement in bill collection (up to a level of 97% bill collection in the third year of operations).    SONES’s annual payment was calculated by multiplying the volume of water produced by the figure resulting from subtracting the operator price from the average tariff for that year. This was then multiplied by the two performance indexes.  The World Bank provided a US$100 million IDA credit to the government (US$85 million equivalent of the IDA credit was to be provided by the Government to SONES, of which 45% would be onlent to SONES at IBRD terms and the remaining 55% was to be provided in the form of equity. The remaining US$15 million equivalent of the IDA credit was to be provided to the Ministry of Hydraulics through a budgetary allocation) as part of the funding for this project in 1995. The overall project had a total budget of US$290 million, of which almost 80% (US$230 million) was to enhance supply by rehabilitating the Ngnith treatment plant and increasing the capacity of the pipeline, the number of boreholes, and storage.  In mid-1996, the project company was also funded by a line of credit provided in part by the Compagnie Bancaire de l'Afrique Occidentale (CBAO) and in part by Citibank. The two banks agreed to provide a maximum amount of US$21.4 million (11 billion F CFA) over six years, at an interest rate of 10%, with the condition that the state asset-holding company agree to make deposits from remittances made by the private operator into a special account out of which debt service payments would be made. The banks also asked for a letter of comfort from the government of Senegal and made the line of credit available only after the World Bank credit for the water sector project was effective.  According to a report, between 1996 and 2003 water production increased by 20% with 81,000 new household connections (a 35% increase) and 400 new standpipes. Consumers were experiencing better service delivery in terms of response time to complaints, hours of service, and water quality. The utility was better run, with lower water losses and higher bill recovery. Both the private operating company and the state asset-holding company were healthy organizations, and their working relationship was good.  The average tariff had risen steadily as planned at the beginning of the transaction. In 1996, the average tariff faced by consumers for both water supply and sanitation, including all taxes and surcharges, was 380.42 F CFA/m3, and in 2002 it was 464.84 F CFA/m3, an overall increase of over 22%.
The Port Authority of Thailand (PAT) is a public utility state enterprise under the general supervision of the Ministry of Transport and Communications. Laem Chabang Port (LCP) is a commercial port under the management of PAT. LCP is comprised of 10 berths, 8 of which are leased to private sector operators who are responsible for investment in cargo handling equipment. Laem Chabang International Terminal Co. Ltd. was granted the operating concession for the B5 terminal in May 1996 for a 30 year period. Its major shareholders were Capital Rice Co Ltd, Marita Marine Co Ltd, P. Thailand Machinery Co Ltd, Siam Auto Parts Co Ltd, P&O Australia Ports Pty Ltd, P&O Netherlands BV and Neptune Orient Lines Ltd.   In December of 1999 the company announced an investment plan in the terminal facilities of US$32 million (Bath 1,2 billion).
In June 1996, Lingkaran Trans Kota reached financial closure on the funds for the construction of a 40km six-lane toll expressway from Damansara to Kuchong. The expressway is expected to open for service in 1999. Gamuda Berhad is the project sponsor. Lingkaran Trans Kota borrowed US$587 million from private lenders and through a government soft loan. The expected traffic flow is 104,000 vehicles per day.   In October 2009, Lingkaran Trans Kota Holdings Bhd (Litrak) announced that it was open to any proposal made by Asas Serba Sdn Bhd to take over the company. Asas Serba Bhd is the private entity that has been in the news of its ambitious plan to take over Malaysia's 22 tolled highways for RM50 billion and cut toll rates by 20 percent.
In April 1996 the government of Kazakhstan sold a power and heat generation and distribution business, Almatyenergo, to Belgian company Tractebel. Almatyenergo owned the city of Almaty's 5 power and heat plants and the afferent distribution networks. Almatyenergo was supplying electricity, heat, and hot water services to Almaty’s 1.2 million inhabitants.   The sale of Almatyenergo to Tractebel (from October 2003 a subsidiary of Suez Lyonnaise des Eaux) was not subject to a public tender. After the purchase Tractebel created a new company, Alma-Ata Power Consolidated (APC), endowed with the fixed assets purchased from Almatyenergo.   Tractebel paid a reported $340 million for Almatyenergo. Tractebel pledged to boost output by 30% and spend $270 million to upgrade Almatyenergo's several power stations and electricity grid. At the time of the divesture Almatyenergo had generating capacity of 1,307-MW by gas, coal, oil or hydro and heating capacity of 875M-W.  APC quickly ran into problems. Tractebel attempted to collect unpaid debts soon after taking over operations in 1996. APC began serving notices to its 140,000 delinquent power customers, including several state agencies and ministries, that it would be cutting off service if bills remained unpaid. Tractebel even published the list of debtors. As Tractebel began cutting off some services, public protest grew. Despite the protests, the company was successful in increasing the percentage of bills paid on time and in cash. There were also disagreements between Tractebel and the authorities over tariffs, which had to be approved by the Kazakhstan Antimonopoly Committee. Tractebel requested tariff increases a number of times, largely without success. Additionally, foreign gas supply began to be disrupted due to a payment dispute between neighboring countries. In February 1998, Tractebel released a statement in the Almaty Herald that blamed the Kazakh government for the gas supply problems. In November 1999, Tractebel threatened international arbitration over what it claimed was the failure of the Government to honor contractual guarantees regarding the rates charged by the Almatyenergo utility. According to the Wall Street Journal, in December 1999 Tractebel also disclosed that it was under investigation by the Kazakh government over an alleged $50 million bribe to three Kazakh businessmen, who had received “consulting fees” in connection with a natural gas concession. In early 2000 Tractebel claimed that contractual commitments over tariff increases with Almatyenergo were not honored by the Kazakh Government and launched legal action in the International Arbitration Court in Stockholm.   In April 2000 Tractebel agreed to a buy-out with KazTransGas, a government-owned gas transmission company. Tractebel left Kazakhstan, sold its interest in Almatyenergo and Intergas (a gas transmission company) to KazTransGas, and dropped the arbitration case for a reported $100 million settlement. Tractebel and KazTransGas issued a joint press release on April 28, 2000 stating that Tractebel “has no longer any involvement in the electricity and heat production and distribution business in Kazakhstan.” In addition, the company’s statement indicates that the two parties had waived all claims against each other. Under the termination agreement, Tractebel was obligated to continue to advise KazTransGas during a 3-month transition period. Soon after Tractebel finally left Kazakhstan collection rates reportedly declined by 30%. The Kazakh Government has been operating the Almatyenergo plants through KazTransGas since April 2000.
The 210-MW (2x105-MW), $315.5-MW Nam Hinboun Hydro Power Plant I is being developed through a 30-year BOT by Theun-Hinboun Power Co. Ltd. which comprises Electricite du Laos (60%), GMS Power of Thailand (20%) (formerly MDX Power), and Nordic Hydropower (20%)--a consortium Statkraft, Vattenfall, and Elkraft, Nordic Power Invest AB (a wholly owned subsidiary of Vatenfall). The project, which represents the first IPP in Laos, is under construction may be the first of a number of privately-funded hydro power project on the Nam Theun River. Nordic Hydro Power will construct, operate and maintain the project. A 25-year PPA was signed with the Electricity Generating Authority of Thailand (EGAT) to export power output from the project. The PPA specifies that half the payments are in dollars and the other half in Thai baht and calls for 3% annual increases in tariffs. The project also includes the development of a 138-km transmission line to Thakhek on the Thailand-Laos border. Electricite du Laos is receiving financing from the Asian Development Bank and is providing a small grant toward project development. Financial closure took place in October 1996 and the project was expected to become operational during 1998.   The project was refinanced in April 2002, the financial adviser was BNP Paribas who replaced Citibank, the adviser on the first loan. It includes a Bt3bn 10-year loan arranged by Bangkok Bank with a fixed interest rate of 8% for the first 3 years and then a 125bp over the minimum lending rate. Participants were Bank of Ayudhya, Bank Thai, Ekachart Finance, Siam City Bank, Siam Commercial Bank and Thai Military Bank. Ex-Im Bank of Thailand also contributed a US$30m loan.  In addition to the original plant, the expansion project would involve a 220MW plant, which is an extension to the existing plant, and a second plant comprising two 30MW units served by a new dam on the Nam Gnouang, with expepected operational schedule of March 2012. In October 2008, the expansion project reached closed finance, securing US dollar and Thai Baht syndicated loans totaling up to US$595 million at a signing ceremony held in Bangkok.
The 96-MW Bangchak Petroluem Refinery Gas-Fired Power Plant is being developed by Bangchak Power Company. The project company was a consortium consisting of EGCO Joint Ventures & Development Co. (40%), a subsidiary of the 75% private Electricity Generating Company (EGCO), Bangchak Petroluem Plc. (30%), Sri U-Thong Group (15%), and Coastal Bangchak Power Co. (15%), a subsidiary of Coastal Corporation of the U.S.   The Electricity Generating Authority of Thailand (EGAT) has agreed to purchase 90MW of the plant's 96MW output. The remaining steam energy generated by the project to be used by Bangchak Petroluem. The plant is being developed under the Small Power Producer Program (SPP) that encourages the sale of excess output to EGAT. The project is expected to become operational during 1998. Estimated project cost is $96.0 million ($1.0 million per 1-MW)
Three open ended contracts, lease agreement, franchise agreement, and license agreement, have been signed between Northern Electricity (Pty.) Ltd., a company wholly owned by Icon Investments, and the government of Namibia. The agreement called for the total management of the electricity distribution in the northern parts of Namibia. All assets were leased to the company for the duration of the contract period.   The contracts were guaranteed for an initial period of 5 years. The contract was not renewed in 2002 and in February 2002, the license was awarded to Nored, a joint venture between several local and regional governments and NamPower.
In 1996 the local government of Moscow, Russia, through its water operator Mosvodokanal, awarded a 12 year build own operate and transfer contract for a wastewater plant in the region of South Butowo to Saarberg-Holter Wassertechnik GmbH, a subsidiary of German Berlinwasser Holding (WTE). WTE was responsible for the design, financing, construction and operation of the sewage treatment plant. The plant was designed to help cope with the high wastewater treatment demands created by the construction of new housing estates in the area just south of Moscow. In total, the plant was going to serve some 250,000 people and handle some 80,000 cubic meters of wastewater per day. Berlinwasser had management rights over the plant until June 30th, 2011.  The contract was awarded through a one stage competitive international tender. Four well-known European companies, including Degremont and VA-Tech, submitted bids. The bids were judged on a four main criteria: use of the latest wastewater treatment technology; financial offer on the plant’s construction and subsequent operation; minimal construction timeframe; experience in implementing BOOT-projects.  The project reached financial closure in March 1998. The total investment required for the project was estimated at Euro 31 million ($38 million). 25 percent of the amount was financed from equity and loans provided by WTE, and 75 percent from loans provided to the project company by a bank consortium representing the community of North-Rhine Westphalia, where Saarberg-Holter Wassertechnik GmbH was registered. The invested capital was covered against political risks up to 95 percent by the Federal Republic of Germany (CL Deutsche Revision and Hermes Kreditversicherung).  Construction began in June 1998 and lasted for 17 months.  In October 2003, the subsidiary of BerlinWasser (WTE Wassertechnik GmbH) responsible for the project was acquired by the Austrian group EVN AG.
In June 1996, Ferrovia Centro Atlantica (FCA. or Tacuma Consortium) won a 30-year concession to rehabilitate and operate 7,080 km of railway line in the central-eastern region of Brazil. In 1995, the Brazilian government decided to divide the national railway, RFFSA, into six exclusive regional systems and to offer a 30-year concession contract for each system. This was one of the six concessions awarded between March 1996 and July 1997. Concessions were awarded on the basis of the highest bid above the government's minimum price. Concessionaires must pay an upfront lump sum, and a stream of pre-determined payments over the life of the concession. Unlike in Argentina, concessionaires have no control over initial employment decisions.   The FCA consortium is headed by CVRD, which holds 45.6% of the shares throught its subsidiary Mineira Tacuma; the remaining private sponsors hold less than 15% of the shares. FCA paid R$317 million for the concession (approximately US $305 million), and will invest an US$ 300 million during the first five years of the concession. The consortium has committed to investing R$900 million over the life of the concession.   In December 2000, BNDES approved a US$ 125.3 million loan to FCA, which will invest the funds in rehabilitating the rail assets.  In 2003, CVRD acquired Cia Siderurgica Nacional's stake in FCA. As of December 2003, CVRD was holding 99.99% of the total shares of FCA.  Between 2004 and 2006, CVRD directed US$ 488 million to FCA. Between 2009 and 2012, additional US$ 817 milllion was directed to the company's infrastructure.  As of 2007, Ferrovia Centro Atlantica S.A's shares were traded on the Sao Paulo Stock Exchange Bovespa.  In January 2006, ANTT approved an 165-km long extension of FCA's railway. In October 2008, The project was expected to require an investment of US$ 935 million from Vale, but approval for the construction works commencement had not been granted yet. In November 2009, construction works were set to start in the first half of 2010.
This project is an integrated natural gas-derived product and electricity project with a total cost estimated at US$257 million. The project consisted of (a) the construction and operation of a gas-fired, 155-MW simple-cycle thermal power plant; (b) the construction of 400 km of 220 kV transmission lines and related facilities to connect the power plant with the northern central interconnect system at the Peruvian central coast; (c) the development of Aguaytia gas field to supply gas to the new power plant and sell liquid natural gas to the existing market; and (d) the construction and operation of gas processing facilities, gas and NGL pipelines, and NGL fractionation, storage and loading facilities.   The project is the first Peruvian greenfield project in electricity sector and is located in Pucallpa, in Peruvian jungle. The power plant is a merchant plant (no long-term power purchase agreement). The power plant will sell all its output to the Peruvian spot market. The construction of the gas and power project began in August 1996.  Commercial operation was expected by March 1998. The main project developers/sponsors are The Maple Gas Corporation, PanEnergy International Corp. (a subsidiary of Duke Energy Corp.), El Paso Energy International Co. (now El Paso Corporation), Illinova Generating Co., Scudder Latin American Power Fund, and Power Markets Development Co. In 1996, the IADB approved an US$60 million direct loan to the project sponsor.   On 10 June 2009, Maple's partially-owned subsidiary, The Maple Gas Development Corporation ('MGDC'), successfully completed the sale of all of its interest in Aguaytia Energy to an affiliate of Duke  (PanEnergy) for US$28,001,000. Maple had approximately a 17% economic interest.  In December 2016, Duke sold all its Latin American assets to Orazul for US$ 1.2 billion.
Alestra was awarded a concession to operate as a national and international long distance carrier in April 1996. Alestra was one of the eight companies that obtained a concession to operate as long distance carriers between 1995 and 1996. Such licenses were issued as part of the Mexican liberalization of its telecommunications market. Alestra was a consortium integrated by AT&T, Alfa, Bancomer, and Valores Industriales (VISA).   Alestra's project consisted of building a two phase 8,600 km fiber optic cable in Mexico to provide national and international long distance services. The total project cost was estimated as US$ 626 million. The first phase consisted of a 4,800 km fiber cable which connected main Mexican cities. Alestra developed the first phase cost around US$ 400 million and was operational by the end of 1996. In the second phase, which was scheduled to be operational by 2000, the fiber optic cable would be expanded by additional 4,300 kms. However, the company put on hold its investments by February 1998. The argued reason was a lack of impartial regulation by Comision Federal de Telecomunicaciones (Cofetel), the Mexican regulatory agency for telecommunications. Therefore, Alestra had not added an extra 4300 km of cable by December 2000. Instead, the company's network was of 5000 Km of fiber cable and its total investment up to December 2000 was of US$ 1.100 million.    In 2005, Alestra renewed its contract with South Bell Communications (SBC) to use the AT&T brand for two more years.
In 1996 the government of Uzbekistan, through its Minister of Post and Telecommunications, awarded Uzbektelecom International (Buztel) licenses to provide mobile telephone services based on the GSM 900/1800 standard for local, and long-distance calls. The license restricted the maximum number of subscribers to 115,000. Buztel intended to operate both fixed and mobile networks.  Buztel was 99% owned by Indonesian Bakrie Group and 1% by Makhalliy Telecom (former state-owned Uzbek Telecom). The company awarded a US$60 million contract to Alcatel to develop the first phase of its GSM network in 1997. The network began operations in the second quarter of 1997. Bakrie Communications initially promised an investment of US$2.2 billion in Buztel. However, the Asian financial crisis (1997-1998) meant that the Bakrie Group was unable to implement a full roll-out of its mobile business plan in Uzbekistan, and licenses to operate in the long-distance and national markets were later revoked by the government for failure to deliver service. As a result, after 2002 Buztel only held a license to operate in the Tashkent region. The Tashkent GSM license was renewed in 2002 for a five year period.   In December 2004, Russian Alfa Group purchased 100% of Buztel. The group intended to operate Buztel through Vimpelcom (project 3250), one of the top three Russian mobile telecom companies. In 2004 Alpha Group was the largest shareholder in Vimpelcom with 33.9%. Alpha Group, through Vimpelcom, finally acquired 100% of Buztel in January 2006 for $60 million plus about $2.4 million in debt.   In July 2006, Vimpelcom merged Unitel and Buztel to one company called Beeline.  At the end of 2004 Buztel was the smallest of seven mobile carriers in the Uzbek market, with an estimated 5,000 customers in Tashkent.   In 2006 Buztel was expected to be merged with Unitel (project 1400), also controlled by Russian Vimpelcom.
Ruampol Enterprise Co. Ltd. has developed a 12.5MW waste-to energy power plant at Muang Na, Korn Sawan. The plant will use agricultural waste as fuel and sell 2.5MW of power to the Electricity Generating Authority of Thailand (EGAT) under the Small Power Producers (SPP) Program. The PPA was signed on May 30, 1996 and began selling power to EGAT as of June 1, 1997. EGAT signed a "non-firm" contract with the project company. Nominal levelized tariffs are set 1.29bht/Kwh. Estimated project cost is US$12.5 million (US$1.0 million per MW).
KB Impuls was established in March 1991 to develop wireless communications in Russia. Vimpelcom acquired 88% of the common stock of KB Impuls on September 30, 1996 through an exchange of VimpelCom's common stock and preferred stock. The network was launched in June 1997. KBI was planned to spend $135 million for the infrastructure between 1998 and 2001. The planned capacity of the PCS network at the end of four years of expansion is 380,000. Alcatel was selected as the equipment supplier to provide 115 base stations, one mobile switching service, and microwave transmission facilities. The first purchase order to Alcatel waw for US$135 and the second one for US$47.8 million. The company had the equipment through two ways. One part was paid with common shares. For the first purchase, KBI issued for Alcatel common stock for around 12% of its total capital. The remaining was issued as a debt. The second purchase was funded under a similar mechanism. Alcatel's equity stake was valued at $48.7 million. The rest of the financing was arranged as a loans to KBI.  By 2003 KBI was wholly owned by VimpelCom, the second largest mobile operator in Russia. On May 26, 2004, the shareholders of VimpelCom approved a merger between the two companies. The merger was a response to a legal dispute with the the State Communications Inspection, the government agency overseeing the telecoms industry in Russia. The government agency claimed contracts between mobile customers and VimpelCom were void, since the company did not directly own an operating license in the Moscow area. The government regulator argued the contracts should instead have been made with KBI, the direct owner of the operating lincese.
This 435-MW plant was acquired by Ispat Group in February 1996 for US$2.4m. Ispat Group also owned the nearby Temirtau steel complex, including a 150-MW cogeneration plant. Ispat has purchased coal resources for both power plants and for the Temirtau steel complex. Karaganda TETS 2 is partially captive - supplying power to both the Temirtau steel complex and to the grid.  Ispat Group merged with LNM Group to form Mittal Steel in 2004. Mittal Steel is part of ArcelorMittal since 2006, following the company's merger with Arcelor.
Companhia Portuaria Baia de Sepetiba won a 25-year concession to rehabilitate and operate a dry bulk terminal at the Port of Sepetiba on December 12, 1996. The total area of the terminal is 700,000 square meters. The concession was award by CDRJ, the government agency responsible for the Port of Sepetiba. The company expects to invest US$ 173.2 million (R$ 180 million) during the concession period to rehabilitate the terminal facilities. The terminal started operations in 1999.
The combined-cycle peak plant with a generating capacity of 116-MW is currently under construction. Single-cycle operation is expected by late 1997 with combined-cycle operation by late 1998. The joint venture company was formed between AES China Generating Co. Ltd. (70%), Anhui Liyuan Electric Power Development Co. Ltd. (20%), and Hefei Municipal Government (10%). Financing for the project closed in October 1996 through two seperate Sino-foreign joint ventures, Anhui Liyuan-AES Power Co. Ltd. and Hefei Zhongli Energy Co. Ltd.. AES ChiGen will invest a total of $37 million in the joint ventures in the form of equity and loans. Anhui Provincial Power Corp. is the turnkey contractor.
Greater Beijing Region Expressways (GBRE) was formed in 1996 from a consortium of Singapore, Hong Kong and Chinese investors for the construction and operation of toll roads in China, under joint venture contracts with provincial and municipal government partners. GBRE is registered in the British Virgin Islands. Minority shareholders include Bechtel (2.2%) and Quantum Emerging Growth Partners (2.2%).   GBRE has majority interests in 10 toll expressways connecting Beijing with Tianjin and Hebei Province. In May and August 1997, GBRE issued two bonds for a total of $288 million to fund capital commitments on existing roads and to cover construction costs of two more, due to open in 2000. GBRE's total project costs are US$880 million.   In May 1997 GBRE was planning to issue US$150-200 million of H-shares on the Hong Kong stock exchange. In 2000, the company defaulted on its bonds, and it seems likely that the company will be liquidated. In June 2000, the Hong Kong High Court granted an order for the winding up of the company, and its main assets are likely to be put for sale.  As of July 2001, GBRE was still negotiating with potential buyers.
In 1996, China Water Company (CWC) was awarded a 20-year contract to build and operate the 150,000 cubic meters per day capacity Shenyang No.9 water treatment plant in the Zaija district of Shenyang city, Liaoning  province.   To implement the contract, Shenyang China Water Company Ltd. was created as the project company in which CWC took a 50% stake while the state-owned Shenyang General Water Company held the remainder.  In 1998, CWC was owned 1/3 each by Temasek Holdings (The Singapore Government's investment arm), the private Hongkong Land Holdings and AIDC Ltd (an investment company majority-owned by the Australian Federal Government).   The total project cost was US$25 million.  The project was given a guaranteed rate of return of 18.5% for the second to forth year, 21% for the fifth to 14th year and 11% for the 15th to 20th year.  However, in 2002 the Chinese Government ruled that guaranteed rates of return promised to investors for infrastructure projects were illegal and the project was subsequently canceled.
The 36-MW, $98.2 million, Upper Koshi Hydropower Plant (run-of-river) was developed by the Bhote Koshi Power Company Private Ltd. (BKPC). As of December 2008, Himal International Energy Private Limited (HIEPL) was the major shareholder in BKPC (75%). The remaining equity was owned by Himal International Power Corporation Pvt. Ltd. (10%), Tara Fund Pvt. Ltd (10%) and RDC (5%) of Nepal. Mr. Siddhartha SJB Rana was the chairman of all these companies. The project was being built through a 40-year BOOT contractual framework. At the end of 25 years, 50% ownership in BKPC will be transferred to the Nepal Electricity Authority (NEA), with the remaining 50% stake to be transferred at the end of the 40-year license period.   The Upper Bhote Koshi plant is located on the Bhote Koshi River, 110-km for Kathmandu.  The project includes the development of a 25-km, 132-kV transmission line. Harza provided the preliminary design for the project. The project consisted of 2 turbines of 22MW, Francis Type.Annual generation was 246GWh.  Financial closure was reached June 24, 1996. In addition to its $3 million equity stake, the IFC provided a $21 million direct (A) loan and a $27 million syndicated (B) loan in its fiscal year 1996. In fiscal year 1998, the IFC approved an additional $24 million syndicated loan and an $3 million risk management facility. The US Trade Development Agency is providing $30.0 million in export credits. A 25-year power-purchase-agreement was signed with the NEA and is expected to total 250,000 MW hours annually. Tariffs are set at $0.06/KWh, to be increased by 3% per year and indexed to the US CPI rate.   Coordinates: 27°56'20?N 85°56'42?E
Udinet was created to operate national and international long distance services as well as to modernize and develop the Uzbek telecom network in April 1996. The company was  formed as a joint venture between state-owned Uzbektelecom (51%), Italian company STET (37.4%) and Siemens (8%).   Initially the agreement between the Ministry of Communications and the foreign partners was established for 15 years, including 9 years of Udinet's monopoly in long distance services. The joint venture assumed the ownership of existing long distance infrastructure for the agreement period. The agreement was then open to extensions. The company's initial capitalization was US$30 million in May 1996.   Stet committed to run the company and had planned to invest US$150 million before 2000. Siemens had committed to invest US$50 million. The investment by the foreign partners was planned to be used to build digital exchanges in 12 regions of the country with fiber optic and radio relay lines in order to develop the republic's international and inter-regional telephone network.  Despite agreements with the Posts and Telecommunications Agency of Uzbekistan (which since 1997 had been the regulatory and licensing body in Uzbekistan), Stet and Siemens pulled out of the project in 1998. The foreign partners disputed the US$240 million valuation for the long-distance infrastructure that had been the Uzbekistani contribution to the deal and also the prospects for the venture enjoying exclusive rights for long-distance and international telephone services. Subsequent attempts to sell the Telephone Network were initially unsuccessful.
PT Daya Mitro Telekomunikasi, formerly known as Daya Mitra Malindo, was granted a 15-year concession agreement for the provision of fixed local phone services in Kalimantan (division VI) in 1995. The company was one of the five international consortia that were granted such agreements. For the provision of local phone services, the country was divided in seven regional areas in 1995. Those regions were Sumatra (division I), Jakarta and the surrounding area (division II), West Java (division III), Central Java (division IV), East Java including Surabaya (division V), Kalimantan (division VI), East Indonesia (division VII). The state-owned company PT Telkom kept the management and operators of the two most profitable regions (Jakarta and East Java). Each of the remaining five regions were awarded to one international consortia under a joint operating scheme (Kerjasama Operasi or KSO) in 1995. Under the arrangement, each KSO was treated as a division of PT Telkom and was managed and operated by the KSO consortium on behalf of PT Telkom for 15 years staring in 1996.   Collectively, the KSO investors were charged with the planning, engineering, financing, and construction of a minimum of 2 million lines by 1999. Of that amount, PT Daya Mitro Telekomunikasi committed to install an additional 237,000 lines by July 1999. In addition, the company took over the management of the existing fixed lines from PT Telekom in Kalimantan in January 1996. At the end of the 15-year period, all lines constructed had to be transferred to PT Telkom for a nominal payment.   As part of the agreement, each KSO consortium had to give PT Telkom three principal types of payments during the term of the KSO - an up-front fee for joining the KSO scheme, which was US$20 million for PT Daya Mitro Telekomunikasi; a monthly payment for the annuity-like "Minimum Telkom Revenues"; and an annual "Distributable Telkom Revenues" (a percentage of the KSO's unit revenues after deducting certain allowable operating expenses). The average annual payment was estimated around 30% of the total revenues.   PT Daya Mitro Telekomunikas was owned by Cable & Wireless of the UK (25%), TM Communications of Hong Kong (9.7%), AIA (9.8%), Inditaya Sistelindo (29%), Alatief Nusakarya (24.2%) and local tea producer Koptihindo (2.45%) by 1998.   The total cost of the expansion was estimated at US$250 million. The company received funds totaling US$155 million from a syndication of foreign banks. The syndication of foreign banks consisted of ABN Amro Bank, ING Bank, Sanwa Bank Limited and Commonwealth Development.   However, due to the changes in the ownership (C&W replaced Telecom Malaysia) the operations were postponed. Following the Indonesian economic crisis that began in mid-1997, certain KSO partners, including Daya Mitra, experienced difficulties in fulfilling their obligations to Telkom.  The company was unable to fulfill its obligation in investment by the end of 1998. The company, as the other KSO arrangements, were having serious financial difficulties and were unable to meet the deadline of March 1999 to finish its build out commitments. The company attempted to renegotiate its contract with the government and restructure its foreign debt by end of 1998.    In order to assist the KSO partners in meeting their obligations and to maintain the continuity of the KSO Agreements, all of the KSO partners entered into a Memorandum of Understanding with TELKOM on June 5, 1998 which reduced the minimum line construction obligations of the KSO partners, decreased TELKOM's share of KSO revenues for 1998 and 1999 and cancelled TELKOM's option to purchase the assets of the KSO before the end of the KSO period. Beginning January 1, 2000, the parties reverted to the terms of the original KSO agreements with respect to MTR and DTR payments.   In May 2001, TELKOM acquired 90.32% of the shares of its KSO partner for Regional Division VI, Dayamitra, for US$121.93 million and the company was consolidated under TELKOM.  It also purchased a call option and granted a put option with respect to the 9.68% remaining shares of Dayamitra owned by TM Communications and subsequently, on December 14, 2004, exercised the call option to acquire such remaining shares.
Orensot, a joint stock company provides cellular network services in the Orenburg Region with a population of 2.2 million. The company received its license in October 1995 and started its commerical operations in April 1996. The compnay provided services of cellular radiotelephone communication within the standard AMPS/DAMPS in the range of 800 megahertz in Orenburg, Orsk and Novotroitsk and had about 800 customers by 1997. The D-Amps network equipment was delivered by Ericsson in 1996. Orensot has built a cellular, TDMA-standard communication network on the territory of the Orenburg Region. The company obtained GSM 900 license in June 2000 and Ericsson was an equipment supplier.   In 2001 Elektrosvyaz of Orenburg region owned 43.5% of Orensot. Orensot's other major shareholder is the regional state property committee, which owned 20.87% of stock. Russia's second-largest cellular operator Vimpelcom-Region bought 77.6% in Orensot from different holders for US$14 million in July 2002. In October 2002, Vimpelcom acquired an additional 21.2% of Orensot for US$3.9 million. As of December 31 2002 Vimpelcom owned 98.8% of Orensot.  Orensot had 46,100 users on a GSM-1800 network and the remainder of its 65,800 users on a TDMA network in Orenburg in central Russia. Orensot had about 77% of the region's market as of 2003.
This is a 50-MW power plant constructed by a joint venture between Combined Energy of Denver and Henan Power Bureau. The joint venture was signed in late 1996 and construction began using sponsor equity. Some financing has been provided by local banks, and Combined Energy is working on securing additional debt financing. A PPA exists with the Henan Power Bureau.
In January 1996, the Canadian company, Canac International, took over the operations and management of the Togolese national railway system under a 7-year contract. Previously, former Reseau des Chemins de Fer de Togo was restructured and its name changed to Societe Nationale des Chemins de Fer Togolais (SNCT) to facilitate private participation in both passenger and freight services.   Canac International was a subsidiary of the state-owned Canadian National Railways. The Togo railway network comprised three main lines, but two were out of operation at the time of contract award. Canac operated the third, a 208km main line, plus a 75km dedicated short line carrying freight from a mine. Canac primarily managed freight traffic, but did operate a very limited passenger service. Canac received a set management fee plus a share of profits - both of which come solely from railway revenues (as of Jan 1998). During its first year of operation, Canac cut expenses by 1/2 and doubled freight revenue.
Novosibirsk Cellular Communication-450 Close Joint-Stock Company (NCC-450) provides the mobile communication services in the NMT-450 standard in the city of Novosibirsk under the Sotel brand name. The company was founded in December 1996. The main shareholders in 2003 were Sibirtelecom (50%) and the Closed Joint-Stock Company MS-Direct (50%), owned by the Sky Link holding. In  April 2003, NCC-450 received the license of Ministry of Communications of Russia on rendering the cellular communication services of the IMT-MC-450 (CDMA-450) standard and in 2003, the NCC-450 prepared for transition to the new generation standard IMT-MC-450.   Sibirtelecom planned to sell it’s stake in cellular assets beginning 2004.
The 200-MW (2x100-MW), US$272 million, Sibolga-A Coal-Fired Power Plant was to be developed by PT Tenaga Listrik Sibolga, a consortium of Risjadson Group and three local firms: PT Putradharma Harmotehnik, PT Transmega Ekacipta Corporation, and Soebiakto Prawira Soebroto. The local firms involved in this project were also developing the Amurang Coal-Fired Power Plant at Amurang, North Sulawesi.   The Sibolga-A project was to be developed through a 30-year BOT. Construction commenced in January 1997 and commercial operations were scheduled to start by late 1999. This project was distinct from the proposed Sibolga-B (also located in Sibolga, North Sumatra) that was being developed by Tokyo Electric Power Co, Mistubishi, and Mitsui. The Sibolga-A project was being financed from a mixture of US$450 million in syndicated loans and equity capital. The loan agreements were signed in November 1996, but construction was not completed due to the financial crisis.   Daelim Engineering of South Korea was the project contractor, and IVO Generation Service Ltd of Finland won a 10-year, US$90 million contract to provide O&M services for both the Sibolga and Amurang plants. PT Tenaga Listrik Sibolga signed a PPA of an undisclosed length of time with the national utility Perushaan Listrik Negara (PLN) to sell 80% of the power from the Sibolga-A plant.   The government put on hold many of the independent power producer (IPP) projects in late 1997 as part of the retrenchment program to cope with the economic crisis. PLN, which was financially troubled by the crisis, asked to renegotiate the PPAs, especially with regards the price.  In 2003, 14 of the 26 IPPs, including Sibolga A, agreed to continue their projects under a new pricing scheme, while seven agreed to terminate the PPAs.  Following the signing of the amended PPA on Feb. 1, 2003, PT Tenaga Listrik Sibolga was expected to raise finance to complete the construction of the plant; however, it failed to do so. In January 2007, PT Tenaga Listrik Sibolga and PLN signed a new PPA with a new pricing arrangment, after which the project company was expected to raise finance to fund construction.  As of July 2008, the project company was looking for financing.
This project is a 16-MW hydroelectric plant located in San Carlos. The plant was developed on a Build-Own-Operate basis by Saret SA and Steel Technologies SA. The total project cost was $20 million in 1995. The power plant started commercial operations in July 1996. Hidroelectrica El Platanar SA signed a 15-year power purchase agreement with Instituto Costarricense de Electricidad (ICE), the Costa Rican national electricity utility company. The power purchase agreement was one of the 20 contracts that ICE signed with private developers at the beginning of 1990s. Only six projects have an installed capacity of 10-MW or more. The project was financed by the InterAmerican Investment Corporation (IAIC).
Ruskayya Telefonnaya Kompaniya is a closed stock corporation that is involved in operations of cellular networks based on the GSM standard. The company have impelemnted six networks in Tula, Smolensk, Kaluga, Vladimir, Pskov and Ryazan. The company was created by New Communications Systems in 1995. Deutsche Telecom's subsidiary DeTe Mobile purchased a 48.5% stake in 1996. The company started its commerical operations in Smolensk in September 1996 and in the rest of the regions in October 1996. The Russian Railways was granted 1% of the company stake in return for allowing the use of its rail infrastructure for communication uses. Russkaya Telefonnaya Kompaniya was the first company providing GSM services in Pskov, but 5 months after the system was launched it has only 50 clients.
The $505 million, 412-MW, Rousch Power plant was developed by the Rousch Independent Power Co Ltd.  The original sponsors of the project included local private investors (66.3%), Siemens Power Ventures (26.4%) and Electricity Supply Board of Ireland (ESBI) (7.3%). The plant was to use residual fuel oil. Siemens was the primary contractor and equipment supplier. The project has a 30-year power purchase agreement with the Water and Power Development Authority of Pakistan (WAPDA).   The project was financed with US$378 million in debt, comprising: a US$148.3 million commercial loan led by ANZ London; a US$34.8 million Hermes coverage loan; a US$14.1 million (DM 21.2 million) loan from DEG (Germany); and a US$180.4 million loan administered by National Development Finance Corporation/National Bank of Pakistan on behalf of the Government of Pakistan, which in turn was funded by the World Bank and J-EXIM Bank. Although the project was expected to become operational in mid-1998, commercial operation date was eventually acheived on Dec. 11, 1999.  On Nov. 7, 2006, Power Management Company (Pvt.) Ltd. - a wholly owned subsidiary of Altern Energy Limited - purchased a 59.98% stake in the project company, Rousch (Pakistan) Power Limited. As of December 2009, shareholders in the project company were Altern Energy Limited (59.98%), Siemens Project Ventures (26%), ESBI (7.33%), National Bank of Pakistan (4.61%) and others (2.07%).
At the end of 1996, Ferrovia Parana S.A.(Ferropar), a consortium of four Brazilian companies and one South African company, acquired a 30-year sub-concession to operate a portion of the railroad system of the State of Parana.   A state-owned company, Ferroeste, has a concession to operate railroads in Parana. Ferroeste was established in 1988 by the state of Parana, which holds 92.25% of the shares, to build a railway to serve the agricultural industry in the west of the state. In 1996, Ferroeste and the government of the state of Parana decided to privatize part of the Ferroeste's concession through a public bid. The state government awarded a 30-year sub-concession, regarding a 248 Km railroad between Guarapuava and Cascavel, to Ferropar. Ferropar was a consortium of Geral de Engenharia e Montangens (Gemon), Empreendimentos e Participacoes Ltda (FAO), Banco Interfinance, and Pound S.A. of Brazil, and Comazor of South Africa. Ferropar was expected to pay US$ 23 million (R$25.68 million) for the sub-concession, 5% upfront, and agreed to invest US$ 110 million (R$117.7 million) in the initial five-year period.  The railroad between Guarapuava and Cascavel was built between August 1992 and September 1994 by the Brazilian Army. The state-owned company, Ferroeste, plans to continue with construction of the remaining 171 km from Cascavel to Guaira, at an expected cost of US$ 130 million. Ferropar is expected to pay an additional ammount for the sub-concession to operation the new railroad. As of June 1998, Ferroeste was awaiting financing before it could start construction.   As of December 2003, Ferropar's shareholders were ALL-Latin America Logistica, Empreendimentos e Participacoes Ltda (FAO), Geral de Engenharia e Montagens (Gemon), and Pound SA, with a 25% stake each.   In December 2006, the state-owned company Ferroeste took over the operations of the railway, when Ferropar declared bankruptcy.
Quezon Power Ltd. Co. developed a 440 MW coal-fired plant in Mauban, in Quezon province.  The project also included a 31-km transmission line.  The plant was to sell power to the Manila Electric Company under a 25-year power purchase agreement.  The Philippines government did not provide any financing or guarantees to the project, making this the first project in the Philippines with no government guarantees. The project also included a 31 kilometer transmission line in Mauban, Quezon.  Quezon Power was initially joint venture between Bechtel, Ogden, GPI and PMR.  By 2005, Quezon Power was owned by InterGen (46%), GN Power (Philippines), the International Finance Corp and Covanta Energy.   In May 2012, the Thai IPP Electricity Generating Plc (EGAT) expanded its stake in the project company to 98%. The additional 45.875% interest was bought from IonterGen and QGC Holdings, wholly-owned subsidiaries of InterGen NV, for US$375 million. The deal also included 100% ownership over the power plant's services company, InterGen Management Services. The remaining 2% was held by PMR Group.  Financial closure was reached in January 1996.  The US$ 835 million project was financed by a US$207 million equity bond issue, a US$400 million loan from US EXIMBANK, and a US$238 million loan from Union Bank of Switzerland. The Union Bank of Switzerland loan includes both unsecured loans and a political risk guarantee up to $100 million from Overseas Private Investment Corporation. Debt financing for the project is split in five tranches: 1) US$405 million guaranteed by US Exim, to be refinanced by US Exim; 2) US$100 million guaranteed by OPIC; 3) US$115 construction term loan (no guarantee); 4) US$30 million cost over-run loan (no guarantee); 5) US$12.5 million fuel-supply and power purchase letter of credit facility.  Fieldstone Private Capital Group LP was lead financial advisor.  The OPIC tranche was later replaced by a bond issue and a US$12.5055m letter of credit. In the second quarter of 2001, the Private Export Finance Corporation (Pefco) became the biggest creditor after the commercial banks in the US EXIM bank tranche were repaid in April 2001. The US Exim Bank has provided a comprehensive coverage of the construction loan facility and repaid the banks. Pefco subsequently refinanced the loan but it is still lending under the US Exim guarantee. The refinancing of this tranche was solely arranged by BNP Paribas, replacing the former lead arranger and agent bank of the loan, UBS Warburg. The tenor of the refinanced portion is 12 years.  The plant was designed and built by Bechtel, operated by InterGen and managed by Ogden.  The plant became operational in August 2000.
In October 1996, Lao Telecommunications Company (LTC) was granted a 25-year concession to operate telecommunication projects in Lao. The concession included the operation of a Digital GSM mobile phone network, a public switching network (PSTN), a public telephone network, an international telephone service, and a paging network.   As part of the agreement, the mobile joint venture between Shinawatra International and the Lao government created in 1993 was transferred to LTC.  The company was set up as a joint venture company between the state-owned Enterprise des Telecommunications de Lao (51%) and Shinawatra International, a subsidiary of Thai group Shin Corporations (49%).  Shinawatra International later sold its operations in Laotel to another subsidiary of Shin Group, Shin Satellite. In 2007, Shin Satellite PCL sold its 49% share in Lao Telecommunications, to Asia Mobile Holdings for US$200mn. The concession agreement consisted of two separate contracts. Under the first one, Shinawatra was committed to develop telecommunications services in the country; the second one was to establish Lao Telecommunication Co. as a joint-venture company to operate the telecom services. The company committed to invest US$100 million over the first five years of the concession period to create a modern telecommunications network. As part of that expansion, the company had to expand the fixed network by 3,000 connections in 1997 and reach to total of 20,000 by 1998.  The company also agreed to establish a mobile phone network and payphone service.   The joint venture was not granted exclusive rights. If Lao Telecommunications Company failed in implementing any project or could not accomplish its task, the government was enabled to award telecommunications projects to other companies. The total value of all the contracts was US$398.4 million.    As of December 2006, Laotel had a total of 391,000 mobile and fixed line subscribers.
The 586-MW, $630 million, Uch Power Plant will use combined-cycle and natural gas technologies. The gas will be piped in from the Uch field about 50 km from the site. Uch Power Ltd. (UPL) is a consortium consisting of Midlands Power (40%), Tenaska (30.34%), General Electric Capital (18.4%),  Hawkins Oil & Gas (8.5%), and a local firm Hasan Associates (2.76%). In February 2005, International Power completed the acquisition of a 40% shareholding in Uch from EON, which acquired Midlands Power. The remaining shareholding in Uch is owned by Tenaska (33%), GE Capital (18%) and Hawkins Uch Holdings (9%). Tenaska Services Ltd will oversee project implementation while GE and Hasan Associates are the primary project contractors. Raytheon was brought in by GE as a subcontractor. The EPC contract is worth $319.2 million. GE and Raytheon are also equipment suppliers for the project. Black & Veatch are providing engineering services. ESB International, a subsidiary of the Electricity Supply Board of Ireland will operate the plant. ESBI will receive $7.2 million in fixed fees during the 2-year pre-commercial operating period. During the commercial operation, ESBI will receive fees of $3.9 million/year for the 3-years and $3.2 million for the final 20 years of operation.   The International Finance Corp. (IFC) provided a direct (A) loan of $40 million and a syndicated (B) loan of $75 million in its fiscal year 1996. The project is also being financed in part through the Private Sector Energy Development Fund (PSEDF) of Pakistan, which was set up with initial financing from the Japan Exim Bank, the Bank of China, and the World Bank. In 1996 the PSEDF approved $187.5 million subordinated debt financed by US Eximbank ($97.5 million), Bank of China ($80 million), and the World Bank ($10). The World Bank also provided a $75 million partial risk guarantee against specific political risks in support of a $75 million syndicated commercial bank loan for a term of 15 years, starting in 1996. This and the Hub Power Co's project were the only two PPI power projects guaranteed by the World Bank before June 1997. The IFC provided a guarantee of $16 million. USEXIM has guaranteed $152.5 million of commercial bank debt. A 23-year power purchase agreement has been agreed with the Water and Power Development Authority of Pakistan (WAPDA). WAPDA is responsible for the installation of a 220kv transmission line to the project. The capacity purchase price and the energy purchase price are to be adjusted for inflation and exchange rate fluctuations.   On March 19, 2008, International Power increased its equity share in Uch Power Ltd. to 71% by purchasing Tenaska's 31% holding in the project company for US$93 million. In April 2008, Swicorp Jossour Company - a wholly owned private equity investment vehicle of Swicorp [Saudi Arabia] - announced that it had purchased a 20.14% stake in Uch Power Ltd. via a newly created power company named Creative Energy Resources Corp. (CER).  In March 2012, International Power, increased its holding in Uch-1 following the sale of its entire stake in Hubco (17.4%). The shares were purchased from CER, majority owned by Private Equity firm Swiscorp).   The IBRD guarantee of US$67 million expired in June 2005 (started in January 1994).
In 1994, Malaysia Mining Corporation was awarded a 30 year BOT contract for the construction and operation of the Kulim - Butterworth Highway. Malaysia Mining created a project company, Konsortium Lebuhraya Butterworth-Kulim, in partnership with PNB subsidiary, Dasarmas, to build and operate the toll road. The 30 year contract runs from the start of operations in 1996.  The toll road is currently 17km long, but the Malaysian government has discussed awarding a contract to extend the road. The road cost M$250 million (US$99.4 million).  The highway links Kulim Hi-Tech park with a container terminal at Butterworth.  On 13 March 2008, PLUS Expressways Berhad (PEB) acquired the Konsortium Lebuhraya Butterworth-Kulim (KLBK) Sdn Bhd ("KLBK") following the conclusion of the Share Sale Agreement dated 18 December 2007 between PLUS Expressways Berhad  (PEB) and Malaysia Mining Corporation (MMC).
Bee-Line Samara was a Russian mobile telephone operator incorporated on December 27 1994. The company started commercial operations in May 1995, in the Samara region. Initially the operator did not have a government operating license. Bee-Line Samara acquired its first operating license on March 22 1996, for some $4.5 million. The license allowed Bee-Line to operate a D/AMPS 800 service in the Samara Region for 10 years. The company had 9,000 subscribers in 1996, when it covered Samara City, Togliatty, Novokuybishevsk and the adjacent areas.  In 1997 the main shareholders of the company were Vimpelcom (VIP), Incombank, and Mercury Samara. In July 2004 VIP became the owner of 100% of Bee-Line Samara. The Bee-Line trademark was a transnational cellular network that included 25 carriers owned by VIP.
In August 1996, New World Infrastructure (NWI) signed a 28 year jv contract with the SOE, Gaoyao CIty Highway Development Co, to build and operate a 27km toll road connecting Zhaoqing with Gaoming, Heshan, Jiangmen and Zhuhai. At the time of signing, the dual 1-lane road was expected to take one year to build and to become operational in early 1998. NWI has a 58% stake in the project and invested US$ 8.07 million - US$ 3.23 million as equity and US$ 4.84 as a loan. The total project cost US$ 11.53 million, with the PRC partner contributing US$ 3.46 million. Average traffic flow for the first year was predicted at 5,000 vehicles per day, and average tarriff Rmb 7.9 per vehicle.
The Hiep Phuoc Power Company, a joint venture between the Central Trading and Development Corp. of Taiwan (70%) and the Ho Chi Minh City People's Committee (30%) are developing a 675-MW (425-MW + 250-MW) oil-fired plant. The project is located in the Tan Thuan export processing zone, 15 km from Ho Chi Minh City. The project involves the rehabilitation of the existing 675-MW plant, installation of transmission lines, and the development of a toll road. The Harbin Generating Factory of China is the equipment supplier. The project is being developed through a 50-year rehabilitate, operate, transfer (ROT) arrangment at an estimated project cost is $205.    Financial closure was reached in early 1996 with the provision of $170.0 million from a syndicate of twelve Taiwanese banks led by the First Commercial Bank. The debt/equity ratio for this project is roughly 80:20. The toll road is a 17.8 km highway and bridge between Tan Thuan Export Processing Zone and Highway 1.
Hexacom India Ltd. Telecom was awarded a 10 year cellular service license by the Department of Telecommunication, on behalf of government of India, for the telecom circle of Northeast and one for Rajasthan.  Hexacom India was originally owned by Shyam Telecom (21%), the state owned Telecommunications Consultants India Ltd (TCIL) (30%), Mobile Telecommunications of Kuwait (24.5%), and Telesystem Mauritius (24.5%). TCIL took the stake previously owned by the Department of Telecommunications, Government of India.  The company had since undergone several ownership changes. In 2004, Hexacom operations were consolidated into Bharti Tele-Ventures Limited(BTVL) after BTVL acquired 67.5 percent stake in Hexacom from Shyam Group for Rs 430 crore (US$ 98 million). BTVL in turn was jointly owned by Bharti Group (45.9 percent) and Singapore Telecommunications Limited (SingTel) (30.84 percent). In March 2006, BTVL was renamed Bharti Airtel Limited (BAL).  The company originally committed to pay US$558.7 million in license fees over a ten year period.  The company paid US$10.2 million for the first installment of the license fee plus almost $700,000 in penalty payments for delay in 1996.  Hexacom, like many other companies, faced difficulties in paying its license fees.  To reduce the financial burden placed on the telecom operators, a new revenue sharing license fee structure was introduced with the New Telecom Policy in July 1999.  This payment structure enabled all telecom license operators in 1999 to switch to a new 15% revenue sharing policy, provided they complete their payment on accumulating dues by January 31, 2000 and that both operators in the circle agree to switch over to the new system.  Hexacom was obliged to pay US$23.2 million prior to switching.   The company launched its cellular services under the name Oasis Cellular in Rajasthan in June 1997. In September 2004, Bharti Hexacom launched Airtel mobile service in Rajasthan.
Shanghai Industrial Holdings Limited is a subsidiary of Shanghai Industrial Investment (Holdings) Ltd (SIIC), the overseas investment arm of the Shanghai Municipal government. SIIC holds 65% of SIHL, and the remaining 35% of SIHL was placed on the Hong Kong Stock Exchange on 30 May 1996. SIHL's market capitalization at the time of listing was US$ 500 million. In May 1997, SIHL bought interests of 35% in the Shanghai Inner Ring Road and the North-South Elevated Expressway for US$600 million (HK$4,649 million), partially funded by an injection of assets from SIIC. The Inner Ring Road is a 47.66km two way, two lane expressway around Shanghai City. The North-South Expressway is an 8.45km elevated expressway in the centre of the city, with three lanes in each direction. The Company gets 80% of the revenue from these projects.  The Company also has an interest in the Yunan Road Elevated Highway connected Hongqiao International Airport with Shanghai.
This company is a transporter of natural gas in Colombia's Atlantic Coast. The company transported roughly 320mmscfd via a 910km trunkline in 1995, when it handled 100% of the gas consumed on Colombia's Atlantic Coast. The company's main gas pipelines are Ballena-Barranquilla-Cartagena (595km), Cartegena-Sincelejo-Jobo (138km), Guepaje-Sincelejo (55km), and Sincelejo-Monteria (35km). Promigas was created as a mixed company. The company fully became private in January 1996 when the state-owned oil company, Ecopetrol, sold its 38.7% share of Promigas to Enron for $100.5 million. After this transaction, Promigas became a fully private company. Other owners of Promigas are Corporacion Financiera del Valle (12.38%), Corporacion Financiera Colombiano (9.94%), and International Financial Corporation (9.22%).   In 1996, Promigas invested $57.50 million in the construction of  a 25km loop to its main line, the acquisition of a 192 km pipeline and an on-going investment. The project will also open up new areas of Central Colombia to gas distribution. The IFC partially financed the construction of Promigas' gas pipeline in many tranches.   As of 2005, Enron was in the midst of liquidating its operations and distributing its assets to its creditors.  As of December 2009, revenue for the pipeline came from the following arrangements. The capacity contracted was either take-or-pay (for generators only) or under a fixed/variable arrangement, whereby the tariff was typically 90% fixed/10% variable for industrial, CNG and distribution companies and 50% fixed/50% variable for the thermoelectric generators. The average length of these contracts was one to two years, and the expectation is that these contracts were generally renewed. The tariff structure in place minimized the sensitivity of revenues to volume transported because the majority of the revenue came from the fixed component of the tariffs.  As of December 2009, the Promigas Pipeline had a length of 1,271 miles (2045.5) and transported natural gas from fields in the region of La Guajira to the Jobo terminal station in the Department of Sucre.  In November 2016, Promigas announced the expansion of its network. The Jobo-Cartagena Pipeline project envisaged the expansion of the 866-km natural gas pipeline starting in the state of Bolívar and passing through the states of Sucre and Atlantíco. The pipeline capacity was expected to reach 190 million cubic feet per day. The project included twinning of the existing Jobo to Sincelejo gas pipeline, the installation of additional compression on the existing Sincelejo to Cartagena pipeline, and the construction of a new gas pipeline between Cartagena and Barranquilla. The US$ 200 million expansion works were set to be undertaken by Conacol and fully funded by Promigas. Construction works started in November 2016, and commercial operations on the new strech was expected to commence by December 2018.
Iberafrica Power Ltd, a subsidiary of the Union Fenosa ACEX, a Spanish electricity distribution company, was the primary developer of a 56-MW, US$65 million power plant near Nairobi, Kenya. The other equity participant was Union Fenosa who provided US$12.5 million for the development and design of the project and was responsible for operations and maintainance activities. Local equity investors included the pension fund of the national utility, Kenya Power & Lighting Co. (KPLC).  Allen Diesels, a subsidiary of the Rolls Royce Plc, was the primary contractor and equipment supplier (8x5.8-MW). Construction began in late 1996 and the plant became partially operational in June 1997.   A 7-year PPA was signed with Kenya Power and Lighting Ltd. (KPL) with a buy-back option at the end of the seven-year period.  Over the course of the first seven year term, the contract for the project had been controversial and raised charges of corruption. However, in August of 2004, the government agreed to renew its contract with Iberafrica Power Ltd while the company agreed to cut its tariffs by 50 percent.  In 2008, the Energy Regulatory Commission of Kenya approved a major long-term power buying deal between IberAfrica Power and Kenya Power and Lighting Company (KPLC) to feed 50MW into the national grid. A similar agreement made between Mumias Power Plant (#5184) at the same time, stipulated a price of US$0.06/kWh.
Amata Power (Bankgpakong) Limited developed a 112 MW combined-cycle power plant in Bangpakongg Industrial Park, Chonburi Province.  The plant consisted of 2x36 MW gas turbines and a 40 MW steam turbine.  The plant was to sell 90 MW of power to the Electricity Generating Authority of Thailand (EGAT) under the Small Power Producers Program, and the remaining 22 MW was to be sold to factories in the Amata Nakorn Industrial Estate.  The Amata Power Company was also involved in a 70-30 joint venture with EGCO to develop a 170-MW, US$176.7 gas-fired power plant at the same site that was to also sell energy to EGAT.   The plant was initially owned by Amata Power Ltd (70%) and Electricity Generating Plc. of Thailand (EGCOMP, 30%).  Amata Power Ltd was in turn owned by Energie Baden-Wurttemburg (30%), B Grimm Bayernwerk Electrowatt Ltd (51.2%), Bang Paking Industrial Park 2 Public Co., Ltd (13.77%) and B. Grimm Joint Venture Holding Limited (5.033%).  In May 2000, Unocal (USA) acquired a 30% stake in the project from EGCOMP.  Financial closure was reached in December 1996.  The project was expected to cost 3.7 billion baht (US$148 million).  The engineering/procurement contractor for the project was ABB of Germany, and the plant became operational during 2001.  In October 2005, Amata Power announced that it intended to expand production capacity to 167 MW, financed by a 1.6 billion baht (US$42 million) loan from Kasikorn Thai Bank.  The expansion was expected to be completed by June 2007.
Mozambique International Ports Services (MIPS) signed its 10-year lease agreement to run the Maputo Container Terminal starting in March 1996. MIPS shareholders were the Rennies Group (37%), Mozambique Ports and Railways (CFM)(33%) and P&O Ports (30%) who were also the managers.   The refurbishment of two container cranes at the Maputo Container Terminal was completed at a cost of US$3 million. MIPS was recorded a productivity increase of more than 50%. The sugar and citrus terminals were leased to foreign investors: a Zimbabwe-Swazi joint-venture in the case of sugar; and South African citrus export giant Outspan International (75%) and the multinational Manica freight transport group (25%) in the case of citrus.   In 2006, DP World acquired P&O Ports and the contract was renewed until 2013. As of 2007, the sponsor breakdown was DP World (60%), and the public company, Mozambique Ports and Railways (CFM)(40%).
Zhaoqing Xinde Bridge Limited (ZXB) is a joint-venture between New World Infrastructure (NWI) and five Chinese provincial companies for the construction of a 1.4km, dual 1-lane toll bridge linking Deqing Country with Luoding City and Yunnan County.   ZXB's 25-year contract period (including 2 years for construction) began at the end of December 1996. NWI has a 65% share in the project and has invested a total of HK$ 81.78 million (US$ 10.6 million) - HK$ 47.07 million as a loan to the project company and HK$ 32.71 million as equity.   In mid 1998, ZXB planned to charge an average toll of Rmb 9.00 per vehicle and expected an average traffic flow of 4,500 vehicles per day.
This is a 163-MW power plant located in Northern Santander Region. The project was partially privatized in December 1996 when 57% of the project was sold for $19 million to industry workers through a special participation program that encourages local individuals to become shareholders.  The remaining 43% will be offered to private investors. In 1999, MIGA issued an US$ 62.4 million guarantee to the project sponsor.  By 2006, Conduit owned 80% of the shares. In 2007, Conduit sold its shares in Termotasajero to the company Colgener, a partnership of Chilean and Colombian investors.  The sponsors began investing in another coal-fired power plant in 2012 (160 MW). As of October 2014, 82% of the construction works were complete. The project, named Termotasajero 2 (located near Termotasajero 1), demanded US$ 350 million in investment. Hyundai was hired as the EPC company, and operations on this new unit were set to commence in 2015.
This project consists of a 40-MW diesel power plant. The owner of the power plant is Siderurgica de Guatemala (100%) which buys between 60% and 70% of the electricity, the remaining is sold to Empresa Electrica de Guatemala SA. The power plant started commercial operations in February 1996. Siderurgica de Guatemala has an operating and maintainance contract with Indeck Energy Services, the original developer who no longer holds an equity stake. The project cost was estimated at $40 million.
The company distributed electricity to an area of 54,781 square kilometers in the Province of Entre Rios in which it had 217,000 customers in 1996. Its service coverage was 75% under its concession area. The remaining 24,000 square kilometers of the Province were concession areas of cooperative companies. The company was privatized in two stages. In the first one, a 90% equity stake was sold for $160.9 million to CMS Energy (36%), Astra Energy (18.9%), Banco de Galicia y Buenos Aires (10.8%), Gualtieri Construcciones Empresa de Entre Rios (9.9%), Fondelec (6.7%), Williams International (5.4%), and Cooperativa Bariloche (2.2%). The remaining 10% stake was reserved for EDEER SA’s employees.   The winning consortium was awarded a 40-year concession. This period has been divided into four management periods of ten years each. In 1997, EDEER SA contracted Union Fenosa ACEX to implement an advanced customer management system. In Dec. 2000, Public Service Enterprise Group (PSEG) Global acquired 90% of EDEERSA's shares by assuming US$ 80 million in debt and by paying US$ 200 million (the remaining 10% are held by the project company's employees).   In March 2003, PSEG disposed of its 90% stake in EDEERSA by transferring its shares to an Argentine trust, which was expected to transfer ownership of the utility to EDEERSA's employees in five year's time. PSEG's disposal was in response to the Argentine government's conversion of electricity tariffs from dollars to pesos (effective January 2002) and corresponding unwillingness to renegotiate PSEG's contract to reflect financial losses from the conversion. PSEG filed suit against the Argentine government seeking damages.   In November 2003, the Argentine government canceled the concession contract with PSEG claiming the company breached the agreement by unilateraly withdrawing from the project. The utility was transferred to the workers until the government was to launch a new tender.
The consortium will manage and operate the airport for the next 15 years, paying a lease fee of US$22.5 million for the whole period (30% of this payment will be kept by the concessionaire to be invested in infrastructure improvements). Schiphol Management Services (SMS) headed the consortium by holding 33% of the shares until Jul. 1998, but, because of financial difficulties, it transferred its shares to AENA, the operator of Barranquilla Airport. Remaining shares are held by Corporacion Financiera Colombiana (10%) and by local private investors and regional governemnt bodies (47%).  In March 2010, Aeronautica Civil extended the concession on the Aeropuerto de Cartagena by nine years and required approximately Peso$100bil in improvement and modernisation work at the terminal. The concession would now last until 2019
The Thane Bhiwandi Bypass Road is one of the first national highway BOT projects to start collecting tolls. Ideal Road Builders Ltd have a 18 year, 6 month contract under which they will rehabilitate the 23.6km bypass road and will collect tolls to cover their costs. The company spent US$7.4 million (approx.) on construction. The government provides a minimum revenue guarantee and will extend the contract length in the case of a shortfall.
In December 1996 the local government of Salto, located in the Brazilian state of Sao Paulo, awarded a 20 year rehabilitate, operate and transfer contract for the collection and treatment of sewage in the municipality to private operator Sanesalto Saneamento SA. The contract covered an area with 35,000 households.  Sanesalto Saneamento SA was a special purpose company, owned in 1996 by Globalbank Consulting (70%) and Saneciste Saneamento (30%, a subsidiary of Stengel and Saint Gobain).   Investment commitments in the project were not known. In 2005 Saneasalto issued R$36mil (some $275,000) worth of debentures and added R$9mil ($69,000) in equity financing for the completion of sewage works in Salto.  In 2012, the Brazilian company Conasa acquired 100% of Sanesalto's shares.
Rostov Cellular Communications (RCC) services the City of Rostov-on-Don and major cities in Rostov region with a population of 4.5 million. It was established in June 1996 as a joint venture between Millicom International (75%) and Rostovskaya Sotovaya Svyaz (ROSS). ROSS was established in 1993 by several defense industry enterprises. ROSS The company received its license (No.1663) on November 14, 1994. The two year license is exclusive for the 824-828 MHz bandwidth covering the territory of Rostov region with a population of 4 million. The company has three competitors that operate GSM, NMT and CDMA technologies. The company, which paid $560 for the license, started its commercial operations in June 1996. Its services covered Rostov-on-Don, Taganrog, Azov, Bataisk, Aksai and Starocherkassk by 1997. The equipment supplier was Ericcson. Rostov Cellular Communications had a franchise agreement with Vympelcom, and operated under the Bee-Line trademark. In 1999, RCC has signed a contract with Ericsson Corporation for delivery of new Mobile Switch Centre (MSC). The DAMPS standard was replaced with TDMA in 1999.   Millicom provided its services in Russia under the brand name FORA Telecom and held controlling stakes in 12 operators covering a population of 48 million. The regions covered by the FORA group were: Moscow, Saint-Petersburg, Belgorod, Izhevsk (Republic of Udmurtiya), Irkutsk, Kemerovo, Kursk, Nizhny Novgorod, Omsk, Smolensk, Rostov-on-Don, Chelyabinsk. The holding's Russian cellular operators had a total base of 165 thousand subscribers in various parts of Russia in 2001. Since entering the market, Millicom invested over US $100 million into Russian economy.  In December 2001 the shares of Millicom in 12 Russian companies were acquired by Tele2 AB which, along with Millicom, is part of the Kinnevik group. The assets included 11 AMPS carriers and the Moscow Cellular Communications NMT 450 MHz carrier. Tele2 AB paid $80 million for the assets and promised another $30 million after the AMPS carriers, which had to abandon their spectrum according to an agreement with the Communications Ministry, received GSM 1800 MHz licenses. After the acquisition, all of Tele2 subsidiaries switched to Tele2 brand. Tele2 planned to invest up to US$80 million in GSM communications in Russia in 2003.  Rostov Cellular Communications received GSM-1800 license in July 2001 for 10 years. Tele2 launched GSM-1800 mobile network in Rostov in March 2003. In September 2003 Tele2 increased it’s ownership in RCC to 87.5% remaining stake held by the Space Cellular Telecom (Moscow).
Fascel was awarded a 10 year cellular service license for the telecom circle of Gujarat.  The company was initially owned by Himachal Futuristic Communications Limited (HFCL) (10%); Bezeq of Israel (16%); Shinawatra International Public Company of Thailand (now Infocell Telecom Company) (33%); Indusind Telecom Network (owned by Hinduja Group and Sumitomo Corporation of Japan) (30%); and Kotak Mahindra Finance Limited (KMFL) (11%).  The company has since undergone numerous ownership changes.  As of December 2004, Fascel's ownership structure is as follows: IndusInd (30%); Kotak Mahindra Group (21%) and Hutchison Telecommunications International Limited (49%).    Fascel committed to pay US$502 million in license fees over a period of ten years.  The license term was later extended to a 15 year term.  However, like many other companies, Fascel faced difficulties in paying its license fees.  To reduce the financial burden placed on the telecom operators, a new revenue sharing license fee structure was introduced with the New Telecom Policy in July 1999.  This payment structure enabled all telecom license operators in 1999 to switch to a new 15% revenue sharing policy, provided they complete their payment on accumulating dues by January 31, 2000 and that both operators in the circle agree to switch over to the new system.  In February 2005, Hutchison Group consolidated all its mobile operations in India into its Mumbai subsidiary Hutchison Essar Limited (HEL), formerly called Hutchison Max Telecom Limited (HMTL). As of June 2006, Hutchison Telecommunications International Limited (HTIL), subsidiary of Hong Kong’s Hutchison Whampoa Group, had 67% equity stake in HEL and the balance was held by India’s Essar Group.    The company began offering services in Gujarat in 1997 and operates under the brand name CelForce.
Bryansksvyazinform is the main local telecommunications services provider for the Bryansk oblast in Central Russia with a population of 1.4 million. The company provides local telephone service through its own network and national and international service through Rostelecom's infrastructure. Company provides broad range of services to its customers: traditional telegraph and telephone services, wire broadcasting, modern services: data transmission and Internet. Bryansksvyazinform was created from the former state-owned enterprise Rossvyazinform after its privatization in 1993.    In 1995, Svyazinvest, a holding company which consolidated the government stakes in all of the 85 regional telecommunication companies, was created. Svyazinvest it held 38 percent of the common shares and 51 percent of the voting shares in Bryansksvyazinform. The second biggest shareholder after Svyazinvest was LLC “Proizvodstvennoe obiedinenie DPL” (14.79 percent) in 2000.  As a result of Svyazinvest’s consolidation Bryansksvyazinform became a branch of the mega-regional company JSC Central Telecommunication Company in December 2002.  In the course of the telecommunications industry restructuring during 2000-2002 Svyazinvest created seven large telecom companies in Russia's macro-regions by consolidating 74 local operators. As a result of reorganization, the property and personnel of regional operators was transferred to corresponding regional branches: Center Telecom, North-West Telecom, Volga Telecom, South Telecom, Uralsvyazinform, Siberia Telecom and Far East Telecom (Dalsvyaz).  JSC CenterTelecom (earlier known as AO Electrosvyaz Moscow ) became the base company in the process of consolidation of 16 regional providers in central Russia.   The companies that were removed from the state register and renamed into branches of JSC "CenterTelecom" were: Belsvyaz, Bryansksvyazinform, Voronezhsvyazinform, Ivtelecom, Lipetskelectrosvyaz, Smolensksvyazinform, Tambov Elektrosvyaz, Tulatelecom, Vladimir Region Elektrosvyaz, Kaluga Region Elektrosvyaz, Kostroma Region Elektrosvyaz, Kursk Region Elektrosvyaz, Oryol Region Elektrosvyaz, Ryazan Region Elektrosvyaz, Tver Region Elektrosvyaz, and Yartelecom.
National Power International of the UK has purchased 36% of the 1600-MW Kot Addu Power Company (KAPCO) from the Water and Power Development Authority of Pakistan (WAPDA) at a total cost of $291.0 million. In early 1996, National Power won the bidding for the first 26% tranche based on the highest valuation of the plant, $1583 million. The purchase price was $215 million and National Power is assuming $756 million in debt through its 26% stake in the company. In October 1996, National Power purchased an additional 10% from WAPDA at a cost of $76.0 million. In February 2005, WAPDA sold an additional 20% (176 million shares) of its shares in KAPCO for US$ 77.6 million in an initial public offering (IPO) on the domestic capital market.   Prior to the divestiture, the World Bank had partially financed the installation of two 125-MW, two 100-MW turbines, and a 104-km 220 kV transmission line. A 25 year-PPA was signed with WAPDA and a fuel supply agreement has been signed with the Sui Northern Gas Co. National Power and the government had been involved in management disputes until Oct. 2000, when an agreement was reached among the parties. In Nov. 1999, National Power announced the split of its international and domestic operations, International Power was created.
Westmont Ltd. of Malaysia was developing a 46-MW barge-mounted power plant off the coast of Mombasa, Kenya. Sabah Shipyards, subsidiary of Westmont Ltd., was the primary contractor, equipment supplier, and operator. A 7-year PPA was signed with the Kenya Power and Lighting Company (KPLC), the national utility. The estimated cost of the project was 50 million ringgit (approximately US$35 million).   In August of 2004, the government decided not to renew Wastmont's license and ownership of the plant reverted to the government. Westmont's failure to renew its contract was viewed as a protest to a Government decree that independent power producers cut their power tariffs by half.
Teacu – Armazens Gerais S.A. won a 20-year concession to rehabilitate and operate the Teacu I Dry Bulk Terminal (Teacu I - Armazens 4, 9, 14, and 19) at the Port of Santos on March 7th of 1996. The total area of the terminal is 36,899 square meters. Teacu has to pay monthly installments of US$ 44,300 (R$ 46,100) to CODESP, the government agency responsible for the Port of Santos. The company announced that it expects to invest US$ 25 million (R$ 26 million) during the concession period to rehabilitate the terminal facilities.  In 2008, Cosan (ID 2977) and Nova America merged its activities at Santos port, and created a new company to manage the facilities: Rumo Logistica.
In May 1998, the CMIC group acquired a 51% stake in the Taicang Xiexing Thermal Power Co. located in the Jiangsu Province. The company has two 15 MW generating sets and provides electricity to industrial and residential consumers in Taicang. The CMIC group invested US$ 4.8 million on the project, which has an expected internal rate of return of 20%.
PT Telekomunikasi Selular, Telkomsel, was a national cellular operator in Indonesia, created to operate a GSM mobile cellular network in May 1995. The company was formed as a joint venture company between state-owned national incumbents PT Telkom (51%) and PT Indosat (49%). Telkomsel was assigned 7.5 MHz of the 25 MHz frequency bandwidth available for GSM transmissions.   The company started to be divested in July 1996 when a 24.5% stake was sold for US$392 million to PTT Telecom, PV Netherlands, and Sedtco Megaset Asie. After that transaction the ownership structure was PT Telkom (42.72%), PT Indosat (35%), PTT Telecom PV Netherlands (17.28%) and Sedtco Megasel Asia (5.22%). PT Telekomunikasi Indonesia Tbk (Telkom) and PT Indonesian Satellite Corporation Tbk (Indosat) signed sale and purchase agreements relating to a series of transactions that would eliminate the cross-shareholdings of Telkom and Indosat in April 2001. The agreement included that Telkom would acquire Indosat's 35% interest in Telkomsel for US$945 million.  Singapore Telecommunications Ltd (SingTel) then acquired a 22.3% stake in Telkomsel from Royal KPN Netherlands at a price of US$602 million in October 2001. In April 2002, SingTel increased its stake by acquiring a 12.7% stake at a price of US$429 million from Telkom. The deal increased SingTel's stake in the cellular operator to 35%, leaving Telkom with a 65% share in Telkomsel.  Telkomsel provided cellular services in 27 regions including all major cities of Indonesia by 1997.  Telkomsel had launched the Asia-Pacific region's first pre-paid-card service called simPATI in 1998. In 1997, Telkomsel built new BTS (base transceiver station) increasing their total number to 1,348 in 27 provinces. Priority in BTS installation was given to Jabotabek by building additional fiber optic ring covering 20 BTS and 6 MCS (master control station).   By end 2005, Telkomsel, TELKOM's 65% owned mobile unit, reported a market leading 24.3 million subscribers (52% share) and covered 90% of the country.  Telkomsel provided its subscribers with the option of a prepaid service under the brand name "SimPATI Nusantara" or a postpaid service under the brand name "KartuHALO."  In February 2006, the Ministry of Communications and Information awarded 3G licences to Telkomsel which paid Rp218 billion or USD23.6 million for the 10-year licence.  Telkomsel provided coverage in 93 percent of Indonesia, the widest network coverage of any operator.
Anhui Expressway Company Limited operates and develops (class I) toll expressways. It is primarily the provincial government's toll-road operating and investment company. AEHC, a local state-owned enterprise, is the majority shareholder with a 65% stake.  In November 1996, the Company sold a 35% stake in the form of H shares on the Hong Kong Stock Exchange. The new issue raised HK$ 871 million (US$ 113 million) to finance three highway projects and one bridge project. They are a) 150km Hefei-Gaohe section of Hefei-Jeizidum Highway; b) 100kmm Hefei-Bengbu section of Hefei-Xuzhou Highway; c) 56km section of Lianyungang-Xinjiang Highway; and d) Wuhu Bridge.   At the time of the new issue Anhui Expressway operated the 134km Hening Expressway under a 30-year concession contract with the Anhui Department of Communications. The concession contract for this dual two-lane expressway started on August 15, 1996. In January and July 1997, the Company took over the two phases of the 30km Tiachang section of Highway 207, again under a 30-year concession. Under its concession contracts the company must apply to the Department of Communications for any toll adjustments. The company is not contractually protected from competition from other road operators.
This oil-fired combined-cycle power plant has a generating capacity of 63-MW and is built, owned, and operated by a consortium formed between AES China Generating (55%), which is a subsidiary of AES Corp., China National Aero-Engine Corp. (22.5%), which is a subsidiary of the Chinese Ministry of Aerospace Industry, and Wuxi Power Industry Co. (22.5%). The power plant has been online since January 1997.
In 1996 the Albanian government started the divestiture process for three local energy distribution companies: the Shkodra Distribution Company, the Elbasan Distribution Company and the Vlore Distribution Company. In each company the government decided to divest 30% of shares through a voucher program. Under the program the government kept a 70% stake and complete control of the distribution firms. The Vlore Distribution Company was given a concession area of 1,000 square kilometers in southern Albania, where it served some 33,000 customers in 1996.  In 1996 the Albanian government planned to sell majority stakes in the three distribution companies to strategic investors. These plans were not carried through by 1997, and that year the country’s government fell following a crisis triggered by the collapse of a number of pyramid financing schemes that had become endemic in Albania. Over the following years the local distribution companies had very poor results. Seeking a solution to this poor performance the government attempted to merge the firms back into the state owned Albanian Power Corporation (KESH).   In 2003 control over all energy distribution reverted to KESH. To avoid any disputes with the voucher investors no formal merger of the companies took place: only the assets of the three distribution companies were sold back to KESH, reducing the distribution firms to mere shells.
The Wuhan Xianglong Power Industry Co. is engaged in the generation of electricity in the city of Wuhan. In 1996, the company issued 108 million "A" shares on the Shanghai Stock Exchange. A total of US$ 76.5 million was raised as divestiture revenues.
Celtel was awarded a 25 year concession contract to provide cellular phone services through one of the cellular bands in January 1995. Celtel is a consortium integrated by Motorola Inc., Millicom International, and Inversiones Rocafuerte. For its concession, Celtel had to make an infront payment of US$5.1 million, annual payments equivalent to 8% of gross revenues less interconnection charges, and US$7.30 per customer. Celtel started its commercial operation in September 1996.  The company invested $71 million over the 6 years since 1996.   In May 2005, Millicom anounced it had bought shares from motorola and increased its stake in Celtel to 66.7%.
In November 1996, Ferrovia Tereza Cristina won a 30-year concession for the rehabilitation and operation of the 184 km Tereza Cristina railway network in Brazil. In 1995, the Brazilian government decided to divide the national railway, RFFSA, into six exclusive regional systems and to offer a 30-year concession contract for each system. This is one of the six concessions awarded between March 1996 and July 1997. Concessions were awarded on the basis of the highest bid above the government's minimum price. Concessionaires paid an upfront lump sum, and a stream of pre-determined payments over the life of the concession. Unlike in Argentina, concessionaires have no control over initial employment decisions.   The winning consortium, Ferrovia Tereza Cristina. comprised the following sponsors: MPE Group (Montagem e Projetos Especiais) and Banco Interfinance. The consortium paid R$16.6 million for the concession (approximately US$ 16 million). MPE was planning to make investments of US$ 22  million in the railway during the concession period. The railway's main cargo is Charcoal.  As of December 2003, Ferrovia Teresa Cristina was controlled by Geral de Engenharia e Montagens - Gemon (30%), Interfinance SA (30%), and Santa Lucia Agroindustria (30%).  Between 1996 and 2012, the sponsor invested US$ 23.8 million (BRL 46.5 million) in its infrastructure.
Celcom of Technology Resource Industries (TRI or TCI - Malaysia) received a license from the Iranian government to install and operate a GSM 900 based cellular network in Esfahan, Kish Island, in 1994. The network was installed in 1995, but the commercial operations did not start until 1998 after waiting for further approval of the government. TRI and Telecommunications Company of Esfahan (TCE- a subsidiary of the Telecommunications Company of the Islamic Republic of Iran) signed an agreement to incorporate a joint-venture company that would provide GSM services to the region in December 1997. As of 2004, the shareholding structure of MTCE was TRI (49 percent), state-owned TCE (49 percent) and state-owned Iran Telecom Industries (2 percent). TRI (or Celcom Bhd) became a 100% subsidary of the majority private but government controlled Telekom Malaysia in 2003.   TRI invested US$23 million in the venture while establishing the network which was delivered by Ericsson.  Subscriber rates reportedly reached 3.4 million in 2003 and 4.4 million in 2004.  Also in 2004, a 2.2 million-line capacity expansion was awarded in mid-April and was to be split almost equally between Ericsson, Nokia and Siemens, which built all of the existing GSM infrastructure for TCI. The total value of the programme was about US$140 million, which was also to be split equally between the three.
This 50 MW power plant includes four stations which will be constructed in two phases. The first phase will consist of three topping turbines plants (35 MW) and the second phase will consist of one bottoming-cycle plant (15 MW). Construction of the first phase was expected to be completed in 1997 and construction of the second in 1998.   The facilities were developed on a build, operate and transfer basis by Ormat Leyte Company Ltd., a subsidiary of Ormat International. The main shareholders were Ormat international (80%), Itochu Corporation (10%), and the Japanese state owned Electric Power Development Corporation (10%). In September 2007, Ormat Leyte Company Ltd., the BOT contractor, signed an Energy Conversion Agreement (ECA) with PNOC-EDC for a period of ten years, after which the project was to be transferred to PNOC-EDC. PNOC-EDC was to sell the power generated by the project to National Power Corporation (Napocor) under a 25-year power purchase agreement signed in 1997.  The financial advisor is Delphos International. The project is financed on a limited recourse BOT basis through both equity and debt. Equity of 25% of the project cost is assigned to Ormat. Construction lenders include ING Bank of The Netherlands. Approximately $50 million in long-term debt has been provided by US Ex-Im Bank. US Ex-Im Bank also has provided construction guarantees against political risk. The Philippine government has also provided guarantees to the project. Financing for the project closed in May 1996, only ten months following the project award. The project is fueled by geothermal steam energy and brine.  On Sep. 25, 2007, Ormat Leyte Company Ltd. transferred the power plants to PNOC-EDC following the expiration of its BOT contract.
Segap implemented a US$28 million modernization program and managed the Abidjan International Airport for a renewable period of 15 years. The works included the modernization of the international and domenstic passenger terminals (the total area will increase from 11,000 to 20,000 squared meters; the investment on the terminals represented 68% of the total cost of the project), development of the cargo terminal and extension and reinforcement of the runway and apron area (18% of the total project investments were to be directed to the runway extension). The airport capacity was to be doubled to 1.7 million passengers. The project was to be funded by SEGAP's own resources and loans.   In October 2009, the concession was renewed for 20 years.
PT Bukaka Singtel International (BSI) was granted a 15-year agreement for the provision of fixed local phone services in East Indonesia (division VII) in 1995. The company was one of the five international consortia that were granted such agreements. For the provision of local phone services, the country was divided in seven regional areas in 1995. Those regions were Sumatra (division I), Jakarta and the surrounding area (division II), West Java (division III), Central Java (division IV), East Java including Surabaya (division V), Kalimantan (division VI), East Indonesia (division VII). The state-owned company PT Telkom kept the management and operators of the two most profitable regions (Jakarta and East Java). Each of the remaining five regions were awarded to one international consortia under joint operating scheme (Kerjasama Operasi or KSO) in 1995. Under the arrangement, each KSO was treated as a division of PT Telkom and was managed and operated by the KSO consortium on behalf of PT Telkom for 15 years staring in 1996.  Collectively, the KSO investors were charged with the planning, engineering, financing, and construction of a minimum of 2 million lines by 1999. Of that amount, PT Bukaka Singtel committed to install an additional 403,000 lines. In addition, the company took over the management of the existing fixed lines from PT Telekom in East Indonesia in January 1996. At the end of the 15-year period, all lines constructed had to be transferred to PT Telkom for a nominal payment.   As part of the agreement, each KSO consortium had to give PT Telkom three principal types of payments during the term of the KSO - an up-front fee for joining the KSO scheme, which was US$10 million for PT Bukaka Singtel; a monthly payment for the annuity-like "Minimum Telkom Revenues"; and an annual "Distributable Telkom Revenues" (a percentage of the KSO's unit revenues after deducting certain allowable operating expenses). The average annual payment was estimated around 30% of the total revenues.    PT Bukaka Singtel was created as a joint venture between Singapore Telecom International (40%) and the local private PT Bukaka Telekomindo (60%). On January 27, 2004, Transpac Capital acquired an 8.5% ownership interest in Bukaka SingTel International from PT Bukaka Telekomindo.  The estimated investment in the network expansion of 403,000 main lines was US$450 million. However, the company managed to meet only half of its targeted line installment by 1997. Among the reasons for the shortcoming were, the geographical condition of the scattered islands hampered the consortium's ability to meet target; and second, the Asia financial crisis deteriorated the financial situation of the company, just as it had the other KSO arrangements. The consortium owed Siemens several hundreds of millions of US dollars for a US$339.6 million equipment contract signed in 1996.  Siemens A.G. in Jakarta hired Toronto Dominion Bank (TD) to assist it in negotiating a financing package for Bukaka Singtel International.   Previously, Bukaka Sigtel had closed financing for US$19 million through PT Bukaka Utama Teknik in June 1996. Later, it borrowed US$250 million from a consortium of international banks. The lead arrangers were Carr Indosuez Asia and Kreditanstalt fur Weideraufbau.   The company tried to renegotiate its contract with the government and restructure its foreign debt at the end of 1998.  By the end of 1999, the company had agreed to continue its KSO agreement with PT Telekom.  Following the financial crisis, fixed-line services continued to be provided through KSO joint venture arrangements only in Divisions IV and VII.   On January 14, 2003, TELKOM and Bukaka SingTel entered into a Co-Operation Agreement on Fixed Wireless CDMA Facilities Construction in KSO Regional Division VII. Under the terms of the Co-Operation Agreement, TELKOM, through its Fixed Wireless Division, invested US$30.2 million for the construction of fixed wireless CDMA facilities for 146,700 line units in Denpasar, Makasar, Manado, Kupang and Mataram, which facilities were to be managed, operated and maintained by Bukaka SingTel. The new facilities were expected to be completed by 2006, with TELKOM and Bukaka SingTel sharing the revenues generated by these new facilities.  In 2004, Bukaka SingTel invested in 150,000 flexi line units (SSF) in cities or towns in Bali and Sulawesi islands at a cost of US$45 million.  By the end of 2005, Bukaka SingTel was serving about 841,000 customers and was in talks to sell its fixed phone line network in eastern Indonesia back to Telkom, but the deal had not yet been finalized.  Telkom would have recovered all of the fixed line services it awarded to the five private KSOs that were supposed to run from 1996 until 2010 if it bought out Bukaka SingTel.   In October 2006, PT TELKOM and PT Bukaka Singtel agreed to return management and operational reponsibility of Regional Division VII to PT TELKOM. Singtel sold its entire stake in a phone network back to its Indonesian partner.
This is a 180-MW power plant at Mamonal industrial park near to Cartegena. In 1996, Termocartagena became the property of the Colombia Electricity Found (CEF), a subsidiary of Banco Popular de Ecuador. Eventually, the government of Ecuador intervened and Termocartagena became the property of the Ministry of Economic and Finance. As a result of its delicate financial situation, Termocartagena filed for bankruptcy under the Colombian system in 2002. In March 2006, Emgesa S.A. which was ultimately controlled by Endesa Spain, purchased all of Termocartagena's shares for US $17 million. US $15 million was committed to expanding and improving the operations of Termocartagena.
In August 1996, UK company Felixstowe Port Consultants (FPC), a subsidiary of Hutchinson Port, was awarded a two-year management contract for the Mombasa Container Terminal by the Kenyan Port Authority (KPA). FPC, the largest container mover in the world, beat 12 other bidders to win the contract. The management contract began in September 1996.   Early into the contract, FPC began to express its intention to abandon the port project. It expressed concern that it would not be able to meet agreed productivity targets following failure by the KPA to begin implementation of a refurbishment program for its four gantry cranes and other landside equipment.  There was also an issue over the extent to which FPC could exert its management control over the container terminal workers, who still reported to the Port Authority. In addition, there had been violent riots in the region that killed an estimated 50 people. While these riots were unrelated to the project, they did raise security concerns for the expatriate managers.  FPC issued a notice to quit and cancelled the contract in September 1997, claiming failure by the KPA to meet its contractual obligations, with respect both to the provision of equipment and with regard to the transfer of proper management control over laborers. As early as 1999, the Kenyan Government announced that it would be seeking private sector participation in Mombasa Port, to assist with the development of 2 additional port facilities, harbor dredging, and railway connections.   However, as of mid-2002 debates about the future of private participation in the port continued while Kenya Ports Authority managed the port.
Spice Communications Limited (Spice), previously known as Modicom Network and Spice Communications Private Limited, was awarded a 10 year cellular service license for the telecom circle of Karnataka and one for Punjab. The company operated under the brand name, Spice Telecom. In July 2006, Spice launched service in Gujarat. Spice was originally a joint venture between Modi Group (51%), Distacom (49%). The company had since undergone a few ownership changes. In March 2006, Telekom Malaysia Berhad acquired 49% stake in Spice for US$ 179 million from Deutsche Bank AG. Modi Group continued be the majority investor with 51% stake in Spice. The company committed to pay US$389 million in licenses fees for Karnataka and US$354 million for Punjab over a 10 year period. The term of the license was later extended to 15 years. However, like many other companies, Spice Communications faced difficulties in paying its license fees. To reduce the financial burden placed on the telecom operators, a new revenue sharing license fee structure was introduced with the New Telecom Policy in July 1999. This payment structure enabled all telecom license operators in 1999 to switch to a new 15% revenue sharing policy, provided they complete their payment on accumulating dues by January 31, 2000 and that both operators in the circle agree to switch over to the new system. The company committed US$241.5 million (net present value in 1996 dollars) before shifting to the new system in July 1999. Spice Communications paid a total of US$172.5 million towards license fee obligations by 1999. Motorola supplied the GSM base stations for the project and built the network. Siemens was the vendor for the switches and the microwave network. Spice Communications started services in both regions during the first quarter of 1997. Spice Communications embarked on a US$5 million optical fibre backbone project in the state with a total length of 840 km extending from Bangalore to Belgaum and from Bangalore to Mangalore. The Multilateral Investment Guarantee Agency issued a US$9.6 million insurance policy to Motorola for its role in establishing a mobile cellular network in Punjab and Karnataka. In June 2008, Idea Cellular had bought a controlling interest in Spice Communications in a cash and share transaction. Idea had spend cash of up to $886.5 million and issued new shares.
This 24 MW diesel-fired plant will generate power for Port Moresby, one of the main urban centers in Papua New Guinea. Hanjung and Daewoo secured the project in 1997 for US$52.5 million from the electricity board of Papua New Guinea.  Both companies set up the joint venture Hanjung Power under a 51-49 ratio with a $15 million investment.  The power generated by the plant will by sold to Papua New Guinea Electricity Commission (Elcom) under a 15-year BOT contract. At the termination of the contract, ownership of the facility will be transferred to Elcom.
Smolensk Cellular Communications received its 10-year license for the operations of an AMPS network in Smolensk in November 1994. The total population in the license area was 1.4 million by 1997. The company was created as a closed joint stock company whose main shareholder was Millicom International Cellular (MIC) with a 60% stake. The company started its commercial operations in October 1996.   The network consisted of one base station (supplied by Celcom) by 1997. The company had 750 subscribers by 1999. The Ministry of Communications issued three other licenses for this region in NMT 450, GSM 800 and DCS 1800 services by 1997. The GSM 1800 license was issued in 2001.  Millicom provided its services in Russia under the brand name FORA Telecom and held controlling stakes in 12 operators covering a population of 48 million. The regions covered by the FORA group are: Moscow, Saint-Petersburg, Belgorod, Izhevsk (Republuic of Udmurtiya), Irkutsk, Kemerovo, Kursk, Nizhny Novgorod, Omsk, Smolensk, Rostov-on-Don, Chelyabinsk. The holding's Russian cellular operators had a total base of 165 thousand subscribers in various parts of Russia in 2001. Since entering the market, Millicom invested over US $100 million into Russian economy.   In December 2001 the shares of Millicom in 12 Russian companies were acquired by Tele2 AB which, along with Millicom, is part of the Kinnevik group. The assets included 11 AMPS carriers and the Moscow Cellular Communications NMT 450 MHz carrier. Tele2 AB paid $80 million for the assets and promised another $30 million after the AMPS carriers, which had to abandon their spectrum according to an agreement with the Communications Ministry, received GSM 1800 MHz licenses. After the acquisition, all of Tele2 subsidiaries switched to Tele2 brand. Tele2 planned to invest up to US$80 million in GSM communications in Russia in 2003.  The GSM-1800 license was issued to Tele2 in October 2001 for 10 years. Tele2 launched GSM-1800 mobile network in Smolensk in September 2003.
BPL Cellular limited (formerly BPL US West Cellular Limited) was awarded a 10 year cellular service license for each of the following 3 circles: Kerala, Maharastra, and Tamil Nadu. The company was owned by BPL Communications (51%) and US West (49%) in 1998. BPL Communications was the holding company for BPL Group’s twin cellular ventures – BPL Mobile and BPL Cellular.In June 1998, the division of US West that had ownership in BPL US West Cellular Limited changed its name to MediaOne Group, Inc. In June 2000, AT&T acquired US West. In December of 2003, AT&T sold its 49% stake in BPL Cellular for Rs 92 crore. As of December 2003, BPL Communications was owned 100% by the BPL Communications. BPL Communications in turn was led by the BPL Group (approximately 60 percent) and a consortium of investors that included AIG (USA), Actis (formerly CDC Capital), TVG (Hong Kong), Asian infrastructure fund, and AIDEC Management Co (Singapore).  In January 2006, Hutchison Essar Limited completed the acquisition of BPL Cellular Limited.   The company committed to pay US$144 million in license fees for Kerala, US$462.8 million for Maharastra, and US$233.5 million for Tamil Nadu over a 10 year period. The license was later extended to a 15 year term. However, like many other companies, BPL Cellular faced difficulties in paying its license fees. To reduce the financial burden placed on the telecom operators, a new revenue sharing license fee structure was introduced with the New Telecom Policy in July 1999. This payment structure enabled all telecom license operators in 1999 to switch to a new 15% revenue sharing policy, provided they complete their payment on accumulating dues by January 31, 2000 and that both operators in the circle agree to switch over to the new system. Under the new policy, BPL Cellular committed to pay off US$248.6 million in license fees prior to shifting to the new system.   In July of 2003, BPL Cellular announced the financial closure of its non-recourse debt financing project valued at Rs 3,248 crore.  The project was funded by Rs 1,489 crore of equity from the JV partners and the rest by a long term debt of Rs 1,759 crore. The company had been financed by a lenders consortium, including ICICI Bank, IDBI, IDFC, LIC, ABN Amro and Bank of India.  Following this announcement, the company, together with BPL Mobile, began a major project to upgrade its network accross the country.  The licenses awarded to BPL Cellular covered five of India's 12 biggest cities. Motorola and Nokia designed, supplied, and built the network for all three circles. The company launched its services in Maharastra in January 1997, in Kerala in February 1997, and in Tamil Nadu in May 1997.
The Dalian Thermal Power Co. is engaged in the generation of electricity in the city of Dalian. In 1996, the company issued 108 million "A" shares on the Shanghai Stock Exchange. A total of US$ 90.4 million was raised as divestiture revenues.
Termovalle SCA ESP was created to develop a 200-MW power plant through the joint venture of KMR and Marubeni. The project was awarded to KMR in 1995 by Empresa de Energia del Pacifico (EPSA), an state-owned public utility that provides electricity in the Cauca Valley. EPSA also agreed to a 20-year power purchase agreement with KMR/Marubeni for 160-MW per year. The remaining capacity would be sold to industrial customers.  Construction of the first unit (137-MW) began in May 1996 and commercial operation began in May 1997. The remaining 72-MW should be available after the combined cycle operations are completed in spring 1998. Termovalle is the first private utility project entering into a PPA without a government guarantee. The main project developers/sponsor are KMR Power Corp (USA), Marubeni Corp. (Japan), FPL Group, and Scudder Latin American Power Fund. In 1997, the IADB approved an $35 million A loan and an $67.3 million B loan to the project company. In 2000, AES acquired KMR Power for US$ 53 million, but the transaction involved the transfering of the TermoCandelaria and Mamonal power plants to AES. KMR's formerly shareholders retained KMR's interest in Termovalle.
In May 1996, the concessionaire DEVIMED SA was granted a 211 month concession to rehabilitate 195 km and build new 42-km of road. In 1998, the IBRD approved a US$ 137.1 million to finance the construction works. In 1999, Devimed was involved in the rehabilitation but the construction of the new 42-km road had not yet started (only 26% of the contracted investment had been implemented). Corfiestado S.A. controls 37.53% of Divimed's shares and the other main shareholders own 15% of the shares each (the remaining shares are held by other four companies).  The road concession included the following segments:  Tramo 1: Medellín - T Aeropuerto (25,5 Km)  Tramo 2: T Aeropuerto - El Santuario(25,5 Km)  Tramo 3: T Aeropuerto - El retiro - Rionegro - El carmen (55,6 Km)  Tramo 4: Glorieta Palmas - La Unión (52,2 Km)  Tramo 5: El Santuario - La Piñuela (32 Km)  Tramo 6: La Piñuela - Caño Alegre (103 Km) In November 2005, the Instituto Nacional de Concesiones (INCO - Colombia's National Concessions Institute) anounced that it would renegotiate eight highway contracts. These contracts were costing the Government US$131 million (300,000 million pesos) each year in minimum revenue guarantees. Included in those is the contract for the Medellin - Valle de Rio Negro Toll Road concession. Conversations for the renegotiation of this contract had started at the time of the anouncement.  The concession contract was extended until 2026.
Sakhalinsyvaz provides local and long distance telephone services in Sakhalin Oblast, including the Kurile Islands. The company formed in 1996 by merging of JSC Sakhalinelectrosvyaz and JSC City Telephone Company. The main share holders were Syvazinvest (49%), and Cable and Wireless (38%) by 1998. The rest of the stock is held by private Russian companies. Sakhalisvyaz has three licenses obtained from the Ministery of Transport and Communications, one for electrosvyaz services including local, long distance, and international telephone, one for wireless broadcast, and one for paging services. The JSC consists of 16 branches: Y-S City Telephone Station (GTS), one telegraph station (TTS), Telecommunications of South Sakhalin, 3 inter-regional, and 10 regional branches. Cable and Wireless won the investment auction in 1995. The shares were priced at their nominal value, but Cable and Wireless promised to make investments upto $10 million. The company invested $20 million between 1995 and 1998. The company planned to invest an additional US$20 million.  Became a branch of Dalsvyaz in November 2002.
In October 1996, Novacon signed a 20 year contract to build, rehabilitate, operate and transfer the water and sewer services for the Tuiuti municipality the agreement to provide water and sewerage services to the municipality of Tuiuti. Construction works started in November 1996, when the company also started operating the system for a population of 3,000 in Ribeirao do Pantano, state of Sao Paulo.  Ribeirao do Pantano Empresa de Saneamento de Tuiuti Ltda was owned by Novacon Engenharia de Concessões.  Novacon was expected to invest US$ 1.4 million over the concession period to increase the provision rate to 100%.
On 7 August 1995, Projek Usahasama Transit Ringan Automatik Sdn Bhd (PUTRA) signed a 60-year BOT concession agreement with the government of Malaysia. Under the concession, PUTRA was to design, build and operate a 29-km Light Rail Transit system (LRT) from Lembah Subang in Petaling Jaya to Gombak Terminal, Gombak. PUTRA completed the first 14.4-km section in July 1998, and the second section by June 1999. The project management contractor was Kinta Kellas. Total project costs were estimated at M$5.443 billion (US$2,141 million). PUTRA raised M$1 billion (US$400 million) through a 15-year loan arranged by Bank Bumiputra, and M$1 billion arranged according to Islamic banking practices through three local banks. Initially, PUTRA was a wholly-owned subsidiary of Renong Berhad.   After the Asian financial crisis, Renong reported planned to restructure and sell stakes in a number of project companies, including PUTRA. By June 30 1998, PUTRA had invested RM4.069 (US$1,609) of the total project costs with funds coming from shareholder equity, government support loans and private loans. In October 1998, the government announced plans to inject funds into Renong and the possible creation of an Infrastructure Fund. It was discussing a merger of PUTRA and STAR.  After some years of operation, both the STAR LRT and the PUTRA LRT faced serious financial difficulties in servicing loans related to construction of infrastructure and purchase of rolling stock. In August 2002, the state owned Syarikat Prasarana Nasional Bhd (SPNB) took over of all assets and operations of STAR (Sistem Transit Aliran Ringan Sdn Bhd) and PUTRA Sdn Bhd (Projek Usahasama Transit Ringan Automatik).  SPNB had in November of 2001 purchased the outstanding debts of STAR and PUTRA totaling about RM5.5 billion via the issuance of RM5.5 billion fixed rate serial guaranteed bonds to the lenders of both companies. Upon completion of the second phase which was scheduled for June 2002, the operations of the two systems were to be integrated and improved.
The hydro plant had 50-MW in 1996 when it was privatized. The winning consortium of Apuaye SA, Jose J. Chediak, and Necon SA, paid $4.6 million for the plant.
In October 1996 the municipality of Barranquilla, Colombia, sold a 60.4% stake in mixed water and sewage operator Sociedad de Acueducto, Alcantarillado y Aseo de Barranquilla SA ESP (AAA, or Triple A) to private group Interamericana de Aguas y Servicios S.A. (INASSA). AAA held a concession for providing water distribution, sewerage service and rubbish collection to the 1.4 million people living in Barranquilla. The Barranquilla municipality retained a 35.1% stake in AAA and 4.5% of the shares were owned by small private local investors.  INASSA was 75 percent owned by the Spanish company Canal Extensia S.A., and 25% by Soluciones Latinoamericanas de Agua S.A. (SLASA). In turn, Canal Extensia S.A. was 75%  owned by the public utility of the Province of Madrid, Canal de Isabel II, and 25 percent by Tecvasa, a group of Spanish companies. SLASA was owned mainly by a wide group of businessmen from Barranquilla.   AAA was created in 1991 as a mixed company. The company’s operator and main shareholder was the Barranquilla municipality, which held an 89 percent stake. In 1993, AAA was awarded a 20 year concession for the water and sewage infrastructure in Barranquilla.In July 2000, the concession contract was extended for 20 years starting in Oct 2013 and ending in Oct 2033. Under the 1993 concession deal AAA was to pay a monthly lease fee of 1.5% of its revenue. The concession also required AAA to extend water and sewerage services in the southwest of Barranquilla, which connected 350,000 low-income inhabitants to the network.   The required service expansion investments (the Suroccidente project) were first financed through short-term and foreign currency debt, which created mismatches of maturity and currency on the project company’s balance sheet. In 2003, AAA attempted to strengthen and stabilize its financial position through a senior bond issue worth the equivalent of $63 million. The issue had a ten year maturity date and was backed by a partial guarantee from the International Finance Corporation (IFC), which covered up to 25% of the issue (up to $18.24 million).
Puerto Sandino Oil-Fired Power Plant in Nicaragua has an installed capacity of 36-MW. The project developer is Amfels Inc., a subsidiary of Keppel Group's Far East Levingston Shipbuilding (FELS), a Singaporean business group. The project total cost was $36 million. The power plant start commercial operations in May 1997. The developer has a 7-year power purchase agreement with Instituto Nicaraguense  de Electricidad, the Nicaraguan state-owned utility.
Kolatelecom provides international telephony services in the Murmansk region  on the Kola Peninsula with a population of 1.4 million people. The company was set up as a joint venture between the Norwegian telecommunications company Telenor (50%) and Svyazinform of Murmansk region (later known as Murmanskelektrosvyaz, a subsidiary of JSC North-West Telecom) (50%). Kola Telecom was the first Telenor’s investment in Russia. Kolatelecom's network was based on microwave equipment manufactured by Norway's Nera. The company rented Telenor’s transmission and switching equipment, estimated at a value of US$5 million. Kolatelecom's clients included Russian Customs, banks, joint ventures, government agencies, foreign missions, etc. Kolatelecom had approximately 300 corporate subscribers in 2001. Telenor also set up a joint venture with the Teledvina-Telecom, set up in Arkhangelsk together with the Arkhtelecom (a subsidiary of JSC North-West Telecom), and another joint venture, the Tele-Barents, with the Rostelecom to operate a digital television network in Russia's northwest. It invested US$3.5m in the development of the communication infrastructure in the north-western  regions of the Russian Federation by 1995. The company expected to spend a further US$7 million between 1996 and 1997.  Telenor purchased 50% of Kola Telekom shares in 1992, in 1999 Telenor sold its share to Murmansk Electrosviaz.
This $150 million, 140-MW, plant was developed by a joint venture between a Coastal Corporation subsidiary, Coastal Power International II (50%), and Habibulah Energy Ltd (50%). The power plant will comprise three turbines, two of which will run directly on gas while a third will use exhaust fumes from the first two. Completion was expected by the end of 1997. Commercial operation started in Oct. 1999.  Financial closure was reached in mid-1996. A 30-year power purchase agreement was signed with the WAPDA and a fuel supply agreement was signed with the Sui Southern Gas Co.  The plant received financing from the Private Sector Energy Development Fund (PSEDF) which was set up in Pakistan with initial financing provided by the World Bank, the Japan Exim Bank, and the Bank of China.   In 2001, El Paso Corporation merged with Coastal Power and thereby acquired Coastal's 50% stake in Quetta Habibulah Power Plant.
Tomsktelecom – Nikola Tesla (TTNT) was formed as a joint venture by Tomsktelecom (82.5%), now a branch of SibirTelecom and Nicola Tesla of Croatia (17.5%) to provide cellular communications in the city of Tomsk. The network operating in NMT-450 standard was launched in May 1996 and had to service minimum of 1,600 subscribers. The company invested US$1.6 million in this network consisting of 12 base stations in different districts and towns of the Region covering the two thirds of the population.
Yeniseitelecom provides GSM-900/1800 and NMT-450 services in in Krasnoyarsk territory. The company was established in March 1995 as a joint venture between the Russian Telecommunication Development Corporation (RTDC), a subsidiary of US West, and  Krasnoyarsk AO Elektrosvyaz, later known as SibirTelecom. The company created a  cellular communication network  using the federal NMT standard. US West had a license for creation of NMT and GSM cellular networks in various regions of the Russian Federation and it participated in the 50x50 project in cooperation with Rostelecom. The company started its commercial operations in April 1997 and had 2,000 subscribers by December 1997. Yeniseitelecom planned to expand its network capacity to 5,000 in 1998 with a US$3 million investment.   In April 2003, SibirTelecom (previously Krasnoyarsk Elektrosvyaz), the incumbent telecommunications operator in Siberia, became the sole owner of Yeniseitelecom after acquiring RTDC's 49% stake for US$12.5 million. SibirTelecom planned to consolidate its mobile operators in Siberia.  Yeniseitelecom had a 55.8% market share in the city of Krasnoyarsk and 47.8% in Krasnoyarsk region by 2003. Yeniseitelecom planned to invest a US$30 million in its networks in 2004. The money would be spent on the installation of 96 new base stations, increasing the total to 240.
In 1997, the municipal government of Paranagua awarded a 30-year contract to build, rehabilitate, operate and transfer a water treatment system for Paranagua to the local consortium Aguas de Paranagua. The consortium was awarded a full concession contract to rehabilitate existing facilities and build new ones to treat sewage for the locality in the State of Parana with a population of 107,000 (in 1997).  Aguas de Paranagua SA was formed by Carioca Christiani-Nielsen Engenharia hold 38% of the shares, its affiliate, Developer, owns 12%; ; Castilho Construtora (42%) and Porto de Cima Concessoes, a subsidiary of Porto Cima (the holding of the Grupo J. Malucelli).  The project cost was estimated at US$66 million. Initial financing was provided by the consortium partners. In 2001, BNDES (Brazilian government development bank) approved a US$ 2.8 million loan for the project.  In the first stage, the project was to serve 30,000 people (20% of the city inhabitants). The system was part of the sewage treatment station, with capacity to treat 65,000 liters of sewage per second. The contract established that 50% of the city sewage had to be treated by 2012.   In February 2008, CAB Ambiental received authorization to purchase the concession rights from the former shareholders. At that point, it began operating the concession under an agreement with the municipality of Paragagua which stipulated fulfilling the remaining investment commitments of the original shareholders (50 million reais).
The 130-MW Palembang Gas-Fired Power Plant was being developed by PT Asrigita Prasarana, a consortium of PT Astra International (87%) and local businessman Martini Salaeman (13%). The project was to use both natural gas and combined-cycle technologies. The project was being developed as a 20-year BOT. GE Power Systems was the primary project contractor. A 20-year PPA with the national utility Perushaan Listrik Negara (PLN) to sell 80% of power from the Palembang plant was signed on November 12, 1996. Natural gas was being supplied from the Asamera field in southern Sumatra.   The US $168.5-million project began construction in 1997 but stalled in 1997 as a result of the Asian economic crisis. In May 2003, a consortium headed by the China National Chemical Engineering Corp. acquired the equity in the company set up to develop a 150-MW power project. The consortium also included the China Civil Engineering Construction Corp. and PT Sumbergas Sakti Prima. The consortium acquired ownership of PT Asrigita Prasarana, which had the rights to develop the gas-fired combined-cycle plant at East Palembang on a build-own-operate basis for 20 years.   Construction started in September 2003, according to the state-owned electricity utility Perusahaan Listrik Negara, which was to become the off-taker. The project had a debt/equity ratio of 75:25. Financing was being arranged by Chase Manhattan Bank.  The plant came into operation in August 2004.
Consolidated Edison Development, International Energy Partners and Interamerican Power and Light Corp jointly built a 40-MW power plant in Guatemala. The project was undertaken in two phases: in the first phase, a 20 MW unit was constructed and in the second phase the capacity was extended to 40 MW. The BCIE provided financial assistance for the two phases of the project. In 1997, the BCIE approved a US$ 17 million financing package: US$ 6 million in direct loan and US$ 6 million in intermediated loan (sponsors contributed with US$ 9.6 million in equity). In 1998, the BCIE approved a US$ 14.9 million financing package: US$ 9.9 million in direct loan, US$ 4 million in syndication and US$ 1 million in intermediated loan (sponsors contributed with US$ 5.4 million in equity. The partnership will create Generadora Eletrica del Norte Limitada, which will be majority owned by Interamerican Power and 44% owned by Consolidated. The project total cost is $42 million.   Consolidated joined International Energy Partners in the project in Feb. 1998. The project owners will sell about 60% of the power to industrial customers, including some US-owned firms, with whom negotiations are underway. The balance of the output will be sold in the Guatemalan spot market. The plant could be expanded by 20 MW and Genor could eventually expand its ownership of generating assets to 100 MW. The project comprises four Wartsila 18V38 reciprocating engines and Wartsila performed the construction of the project. North American Energy Services holds the O&M contract for the plant.
New World Infrastructure (NWI) subsidiary, Forever Great Development Ltd., signed a 25-year cooperative joint venture contract for the development of a sixth toll station and operation of all stations on the Beiliu City Roadways. NWI had a 60% equity and profit share in the joint venture, Guangxi Beiliu Xinbei highways Ltd.,  and invested US$18 million in equity and debt during the project term. The other sponsor company was the state-owned guangxi Beiliu gaote Co. Ltd., whol owned the rest of the 40% stake in the project company.
In 1997, Porto Novo Participacoes and Four Winds Participacoes obtained a 50 year concession to operate a mixed terminal of containers and general cargo in the port of San Francisco do Sul in Santa Catarina State. Santa Catarina State is located in southeastern Brazil. The two companies formed Terminal de Santa Catarina, S.A. as the project company. In 2006, Dragados Servicios Portuarios y Logisticos (SPL) bought 50% of the shares of Terminal de Santa Catarina, S.A. for US $31.9 million and obtained the rights to operate the terminal. Porto Novo Participacoes and Four Winds Participacoes stakes were reduced to 25% each.  Dragados SPL intended to double the capacity of the port from 300,000 TEUs to 600,000 TEUs. Expansion plans included: expanding the wharf, acquiring new equipment, and investing US $31.25 million. Both San Francisco do Sul and Itaji Port, its competitor are saturated with cargo. Dragados SPL’s ultimate share holder is ACS Group (Actividades de Construccion y Servicios).  In 2007, TESC started the expansion works, which were concluded in October 2009. The investment on the project totalled US$ 70 million (BRL 140 million).
In July 1997, Companhia Ferroviaria do Nordeste S.A. (CFN) won a 30-year concession to rehabilitate and operate the 4,534 km northeast section of the national railway system. In 1995, the Brazilian government decided to divide the national railway, RFFSA, into six exclusive regional systems and to offer a 30-year concession contract for each system. The first concession was awarded in March 1996 and the sixth in July 1997. Concessions were awarded on the basis of the highest bid above the government's minimum price. The concessionaire paid US$ 14.6 million for the concession rights. Unlike in Argentina, concessionaires have no control over initial employment decisions. CFN comprised: recently privatized mining company, Companhia Vale do Rio Doce (CVRD); industrial group, Vicunha; and Brazil's largest steel-maker, Cia Siderurgica Nacional.   The sponsors are all railway customers. The consortium plans to invest US$ 36 million during the next five years, and more during the following 5 years if traffic volumes increase.  Prior to takeover by the consortium the government reduced staff levels by 40%. The Brazilian Federal Development Bank (BNDES) approved a US$ 46.6 million loan to the construction works in February 1999 (R$ 79.3 million - 25% of the total investment); the remaining costs will be financed by Finor (50%) and with the sponsors' own resources (25%).  In 2003, CVRD sold its stake in CFN to Cia Siderurgica Nacional and to Taquari Participacoes (a company of the Vicunha Group). After the transaction, Cia Siderurgica Nacional and Vincunha were holding 50% of the shares of CFN each.  In 2008, CFN changed its name to Transnordestina Logística, a wholly-owned subsidiary of CSN. In 2009, Transnordestina started the expansion of the railway, which was expected to increase its capacity from 1,5 million tons per year to 30 million tons per year (the new segment length was set at 1728 km). The investment was estimated at US$ 2.7 billion (BRL 5.4 billion) to be financed with the sponsors' own resources (40%) and resources from federal government institution Sudene (49%), BNDES (4%), BNB (3%) and state-owned company Valec (3%). The construction works started in December 2009 and were still underway as of 2012.
TIES Heat and Power Company Ltd was established in December 1997. This coal-fired, 24MW, combined heat and power plant is sponsored by Alliant Energy International (30%) and Tongxiang Juneng Heat and Power Company Limited (70%).  Contract term is for 30 years.  Power and steam will be sold to local customers  Investment date was December 1997 though specific project cost was not disclosed by the sponsors.  As of August 2001, Alliant's investments in China amounted to a total of 500MW spread across 9 projects.  Total investments in these projects were approximately $150m.  Most of these investments were made through Peak Pacific Investment Company, a development company which Alliant has a 93.5% stake.
The Manaus Power Project is a 250-MW power project located in Manaus, Amazonas. The project developers were El Paso Energy International (now El Paso Corporation), Capex, Magtec Servicos Tecnicos, and International Marketing System. El Paso Energy International won this project in a international bidding called by Eletronorte, a Brazilian federal utility, in August 1997. Construction was scheduled on a fast track to help relieve frequent blackouts and power shortages in the area.   Manaus power project was scheduled to be built in three phases. The first phase was a 44-MW unit due to come on-line and delivering electricity by mid-November, 1997. The remaining two phases were planned to be operational in early January 1998. The total project cost was estimated at US$100 million. Electricity from the plants was to be sold under a four year contract to Eletronorte with an option to extend the agreement another one to six years.
The project company is headed by Construtora Triunfo LTDA (in 1997, Concepa was established by Construtora Triunfo and SBS Engenharia. In 2008, it became a wholly-owned subsidiary of Construtora Triunfo). The project includes rehabilitation and operation of the 112.3 km highway whose average daily traffic flow is estimated at 12,000 vehicles. Until December 1997, US$ 23 million has been invested (it was firstly estimated an investment of US$ 15 million until December 1997). The company was awaiting a loan approval from the BNDES (Brazilian state owned development bank); all other federal roads concessionaires have been awarded loans from the BNDES.  In November 2014, Concepa was awarded a US$ 89.3 million (BRL 210 million) term-loan arranged by the banks BTG Pactual and Santander.
DGN de Mexicali was the first private natural gas distribution project in Mexico. The project involves developing and operating the distribution of natural gas in Mexicali, Baja California for a period of 30 years. The renewable concession period includes 12 year exclusivity in the concession area. The project involves an investment of $25 million during the first five years to distribute gas to 25,000 households and 81 industrial customers by 2002. The minimum investment required by the Comision Reguladora de Energy for the first five years is $18.1 million. The private developers are Enova International (USA), Pacific Enterprises International (USA), and Proxima Gas (Mexico).
On 29 May 1997, New World Infrastructure (NWI), through its own subsidiary, Sunny Start Group Ltd. signed a 25-year cooperative joint venture contract with Guangxi Yulin Yu Shieh Ltd. for the development and operation of roadways from Yulin to Shinan. The 27.8km dual 2-lane grade 1 Yulin to Shinan highway opened in May 1998.  NWI had a 60% equity and profit share in Guangxi Yulin Xinyu Highway Ltd., the new JV company  and was to invest a total of US$ 40.4 million as equity and debt. Guangxi Yulin Yu Shieh Ltd. owned the rest of the stake in the project company.
Americel was awarded a 15-year concession to provide cellular phone services through the B band (800s MHz) in area 7 in April 1997. The area 7 comprised the states of Goias, Tocantins, Acre, Rondonia, Mato Grosso, Mato Grosso do Sul, and Brasilia. The Brazilian telecommunications market was divided in 10 areas in 1996 in order to assign licenses for cellular phone services. In each area, the B band was assigned to a private consortium through a competitive bidding and the A band was assigned to the state owned company that provided local fixed phone services in the concession area. Tele Centro Oeste Celular, the state-owned competitor of Americel, was privatized in July 1998.   Americel won its license through a competitive bidding. It offered US$ 305 million (R$339 million) for the license in July 1997. Americel is a consortium led by Bell Canada International. The concession contract was signed in August 1997 when the consortium paid 40% of their offering. The 60% remaining has to be paid in three equal parts during the first three years of the concession contract. The company started its commercial operations in November 1997.   In July 1998, the Brazilian development bank BNDES bought a 20% of Americel's preferred shares for R$58.38 million which was reported an increased in the capital.  Americel entered into a long-term loan facility with BNDES aggregate borrowing capacity of US$ 105.6 million (R$190 million). This eight-year term loan facility was used to finance equipment manufactured in Brazil and was fully drawn as of December 31, 1999.   In October of 2001 the consortium, through its subsidiary, BCI, acquired 51% stake in cell phone carriers Americel and Telet for US$ 315 million. At the end of 2001 BCI was controlled by Bell Canada International (80%) and Telecom Americas, which, in turn, was controlled by America Movil, SBC International and Bell Canada International.  By the end of 2002, the consortium, through its subsidiary, BCI, was holding 99.99% of the voting capital of Americel. BCI, in its turn, was controlled by Bell Canada International (80%) and America Movil (20%). During 2002, America Movil became the controller of Telecom America (96%), by acquiring the stakes of SBC International and Bell Canada International what increased its stake in BCI to 20%.  In 2003, America Movil, became the controller of Americel, by acquiring Bell Canada International's controlling stake in BCI. By the end of 2003 BCI and its subsidiaries were holding 99.99% of the voting capital of Americel. BNDESPar, the investment wing of the Brazilian development Bank, was holding 100% of the non-voting or preferred shares.  Since August 2003, Americel and all the mobile operations of Telecom Americas are operating under the brand name "Claro".   America Movil has grouped it's Brazilian operating companies (ATL, Tess, BCP, BSE, Claro Digital, and Americel) under this group. From 2004 all information is recorded under BCP (Claro).
The 60-MW Meghnaghat Gas Fired Power Plant, located near the capital city of Dacca,  represents one of the first private operated power plants in Bangledesh. The project sponsor, the Halla Business Group, will operate the power station for 20 years.   The plant is financed in part through the Asian Development Bank and involves the construction of 230-kV transmission lines and substations to connect the plant with new national load dispatch.  Communication centers and a 280-km distribution network were also constructed.  The multilateral financing package also involves the establishment of two new public sector corporatized entities; the Power Grid Company and the Dhaka Electric Supply Company which operate existing transmission lines and distribution systems, respectively.  The estimated project cost is $313.7 million.
Companhia Energetica de Brasilia (CEB) is Brasilia's electricity distribution company. The federal district of Brazil sold a 18.37% equity stake of CEB for $73.6 million through an auction on the Rio de Janeiro stock exchange to a group of Brazilian banks including Garantia and Brasdesco in April 1997. The stake sold by the federal district represented 82.4% of its preferred stocks in CEB. After this transaction, the district's holding in CEB was reduced from 79.48% to 61.1%.  In September 2014, the state-owned bank BNDES approved a US$ 39.7 million (BRL 93.4 million) loan to the company.
Evergrowth Telecom was awarded a 10 year- license to operate cellular services in Punjab in April 1996.  Evergrowth Telecom was created as a wholly owned subsidiary of JT Mobile which was owned by Jasmine of Thailand (13%), and Telia AB (26%), the state-owned Telephone Organization of Thailand (10%), United Telecom Limited (31%) and the Sanmar Group (20%) by end 1998.  JT Mobile sold 50% stake in Evergrowth to Essar in 1997.  As of August 2001, Evergrowth was owned by Bharti Enterprises and the Essar Group.  The company committed to pay US$353.6 million in licenses fees for Punjab over 10 year period. Due to difficulties in paying the license fees, a new telecom policy was introduced which allowed companies to shift to a revenue sharing arrangement (see below).  Prior to this migration, the company was obliged to pay US$108.59 million in license fee payments (net present value in 1997 dollars).     Evergrowth Telecom Ltd. signed a US$34 million contract with Motorola for the deployment of a GSM network in Punjab by the end of 1996.  In December 1996, the government cancelled Evergrowth's license due to "unfulfilled conditions" associated with the sales of shares to the Essar Group.  However, the cellular project in Punjab commenced commercial operation in August 1997 and  had a subscriber base of 5,000 by end of 1998.  The company experienced serious financial difficulties in 1998 due to the low subscription base and unpaid-license fee dispute.  In 1998, the license was reinstated after these conditions were met, but there remained disputes over license fees due to DoT in from the period of April 1996 to March 1998 on the order of Rs 455 crore (roughly USD 100m).  Despite this, the company invested Rs 150crore (USD33.5m) to expand the network in Punjab in July 2000.    Bharti Enterprises purchased Evergrowth's license in 1999 and paid up the dues and got the licence reinstated in late 2001. It began cellular service in Punjab on February 8, 2002, breaking the monopoly of Spice Telecom in Punjab. Bharti started the service under AirTel brand and the company became part of Bharti Mobile.
The Sichuan Mingxing Electric Power Co. is engaged in the generation, transmission and distribution of electricity in the city of Suining. In 1997, the company issued 108 million "A" shares on the Shanghai Stock Exchange. A total of US$ 13 million was raised as divestiture revenues.
The government of Malaysia awarded a 30-year concession for the construction and operation of the Kuala Lumpur Peoples Rapid Transit (KL PRT) monorail to KL PRT Sdn Bhd in November 1996. KL PRT is a unit of KL Linear City with a 99-year lease to build a high-tech development, and is owned by Berjaya Group. Construction of phase 1 of the 16km monorail started in January 1997. This monorail will connect to the already operational STAR LRT, and other urban rail systems in Kuala Lumpur. The initial project cost of M$2,700 million (US$ 694.4 million) came from a M$1.4 billion loan, company equity, and government loans.   In 1997, East Asian financial crisis raised the cost of the project and led to cessation of work in December 1997. In July 1998, M Trans Holdings joined the project, locally manufacturing its own rolling stock and completing the project with reduced cost. The 8.6 km-long monorail was completed by KL Infrastructure Group (KLIG) at a cost of M$1,180 million (US$ 303.4 million) and was opened to the public in 2003. KLIG was rewarded a 40-year concession to operate the monorail.   KLIG suffered the losses from depreciation and interest repayment costs since the beginning of the KL Monorail's operations. In December 2006 the KLIG agreed on the takeover of its KL Monorail assets and liabilities to National Infrastructure Company (Syarikat Prasarana Negara Bhd., SPNB), which already owned both the Kelana Jaya Line(or PUTRA) and the Ampang Line (or STAR), as well as 10% of KLIG shares.   In May 2007, KL Monorail was issued a default notice, due to the repeated failure of loan repayment to the Development Bank of Malaysia (Bank Pembangunan Malaysia, BPM) which requested total repayment of M$ 901 million for total principal sum and interests of the infrastructure loan KL Infra had taken in 2004. In November 2007, SPNB has signed a sale and purchase agreement with KL Monorail Systems Sdn Bhd, effectively making SPNB the operator of KL Monorail.
In March 1997, Intertoll (Pty) Ltd was awarded two five-year contracts for the operation of the Nyl and Sebediela toll booths on the N1 North Toll Road into Pietersburg. The road is 126km long. Intertoll receives a set management fee. In addition to toll collection, Intertoll undertakes road maintenance and route patrol.
The Concessionaria Ecovia Caminho do Mar (Ecovia) was awarded a concession contract by the government of the state of Parana in 1997. The bidding process was competitive and the award criteria was the quantity of km of access highways to be rehabilitated by the sponsors.  Ecovia was a subsidiary of Grupo CR Almeida, one of the largest Brazilian construction groups. Ecovia is reponsible for rehabilitating an operating the toll road for a 24-year period.   Ecovia was responsible for three highways in the State of Parana. The first is a 85.7 Km piece, which extends from the city of Curitiba and the Paranagua Port (and it is part of the highway BR-277). The second is a 32 Km piece, which extends from the city of Matinhos to the highway BR-277. The third is a 19 Km piece, which extends from the highway BR-277 to the Praia do Leste (and it is known as highway PR-407).  Ecovia invested US$ 23 million in the first year of the concession. Though the estimated traffic flow in 1998 was 11,443 vehicles, the actual volume was 9,000 vehicles; by 2021, the estimated flow is 24,795. In June 1998, when the initial rehabilitation works were completed, the concessionaire started charging tolls.   As of August 1998, the concession contract was under renegotiation. As the state of Parana government decided to reduce the toll rates, the concessionaire stopped its investment plans and only the rehabilitation works were implemented. In 2000, the original toll rates were restablished and the Ecovia resumed its investment plans.   In early 2002, the holding company Grupo Primav EcoRodovias SA (Primav EcoRodovias) was created . Primav EcoRodovias' shareholders are Grupo CR Almeida (65%) and the Italian group Impregilo (35%).As of 2003, Primav EcoRodovias was controlling 99.99% of the total capital of Ecovia and two other toll-road concessions in Brazil (Ecovias-Imigrantes and Ecosul).   In 2003, after the concessionaries that operate in State of Parana failed to reach an agreement with the government to lower the toll rates, after the concessionaries that operate in State of Parana failed to reach an agreement with the government to lower the toll rates, the government of the State of Parana enacted a statute to cancel the concession and return the management and operation of the highways to the State. In December 2003, a Federal Court declared that the cancellation should be preceded by an administrative process in order to define the due compensation to the company. In January 2004, the governor of the State of Parana enacted an executive decree declaring that the State was authorized to take the voting shares of Ecovia. The government stated that the expropriation would not take place if the company agreed to reduce the toll rates. As o January 2004, the issue was pending final judicial decision. In April 2004 the federal court ruled that the concessionaire should still operate, thereby overturning the state court decree that took back the concession contract. The concessionaire and the state government were to negotiate toll rates but the contract was not in question.
Transtel operates a fixed wireless telephony system and cable tv services in Cali and seven other cities. The company had around 200,000 cable tv subscribers. Transtel raised capital in October 1997 when it issued US$ 150 million in 12%, 10-year, B2/B rated bonds via a 144A offering led by BT Alex Brown. The company had 70,000 custom calling services subscribers and operated under the name of United Wireless. The company used wireless local loop technology being installed by Siemens.
Zhejiang Southeast Electric Power  generates electricity for Zhejiang Province. The company had an installed capacity of 1080 MW by October 1997. The company was partially privatized in October 1997 when it sold a 31% stake for $238.7 million through an issue of 690 million Shanghai Class B share. The issue was placed on both Shanghai and London stock exchanges. Part of the proceeds will be used to buy the Xiaoshan power plant (250 MW) and to complete the construction of the eighth unit at Taizhou power station. The rest of the funds will be used to pay off debts.
In July 1997, Road King Infrastructure signed two joint venture (JV) contracts for the upgrade and operation of the Dayang and Yangjin sections of the Hefei-Huainan Highway (National Highway 206) for 25 years. The 90-km (50-km & 40-km) super class II highway links Hebei, the capital of Anhui Province, with Bengbu, the second largest city. Road King obtained a 60% equity stake in the JV, in return for investment of HK$ 238 million (US$ 30.8 million). Road King funds its projects from internally generated funds and long-term debt. This includes a US$ 138 million syndicated loan and US$ 140 million 10-year fixed rate notes arranged in 1997. Toll collection on the road started in September 1997, at a standard toll of Rmb5/ton/vehicle. Maximum daily traffic reached 13,000 vehicles.
In January 1997 the provincial government of Cordoba awarded a 30 year concession for the water infrastructure in the province to Aguas Cordobesas, a consortium led by Suez Lyonnaise des Eaux. The concession was awarded through an open tender, but Aguas Cordobesas was the only bidder. The contract did not cover the sewage network in the province. In 1997 the population of Cordoba was 1.2 million. SUEZ led similar consortia to concession contracts in two other provinces: Buenos Aires and Santa Fe.  In 1997 Aguas Cordobesas was 34% owned by Lyonnaise (known as SUEZ as of 2001). The remaining shares were held by Aguas de Barcelona and five Argentinean companies (two from Cordoba): Inversora Central S.A., Delta, Sociedad Comercial del Plata, Banco de Galicia Y Buenos Aires S.A., and Meller. At the end of 2006, Aguas Cordobesas went to a change in ownership; the new ownership was formed by Benito Roggio e Hijos SA (51.15%), Inversora Central SA (28.02%), Banco de Galicia Y Buenos Aires SA (10.83%), Suez (5%) and Aguas de Barcelona (5%).  The Aguas Cordobesas consortium committed to invest almost $500 million over the contract’s lifetime, and $150 million in the first five years. The concessionaire would also pay an annual fee of $9.9 million to the Cordoba government. Aguas Cordobesas' turnover was expected to be around $50 million per year.   In 1998 the EIB granted a US$ 40 million loan to support the expansion of the water supply network of Cordoba.   In 2003 Aguas Cordobesas, Suez and Aguas de Barcelona filed a claim against the Argentinean government with an international arbitration tribunal (International Centre for Settlement of Investment Disputes - ICSID). The plaintiffs demanded compensation for losses in its investments in Argentina due to frozen rates and devaluation of the currency.   At the end of 2006 the provincial government of Cordoba reached an agreement with Aguas Cordobesas, Suez and Aguas de Barcelona and renegotiated the contract. The contract renegotiation included the transferring of most of Suez and Agbar's stake in Aguas Cordobesas to the Benito Roggio group, making it the new controller. Suez The agreement also required Aguas Cordobesas, Suez and Agbar to desist from a US$108mn lawsuit filed against the province of Cordoba at the ICSID. Suez and Agbar were to keep a 5% stake each for three years. Financial terms of the deal weren't disclosed. The provincial government was reportedly giving the water company a subsidy of 9.6 million Argentine pesos (US$3.1 million) in 2006 and another ARS12.6 million in 2007, in exchange for keeping water rates frozen until the end of 2008.
ADM - Armazens Gerais Ltda.won a 20-year concession to rehabilitate and operate the Terminal 39, a dry bulk terminal at the Port of Santos on October 11, 1997. Terminal 39 is specialized in grains and its total area has 49,962 square meters. ADM has to pay monthly installments of US$ 30,300 (R$ 36,900) to CODESP, the government agency responsible for the Port of Santos. The company expected to invest US$ 13.5 million (R$ 15 million) during the concession period to rehabilitate the terminal facilities.  As of December 2000, ADM had already invested US$ 8.2 million (R$ 15.14 million) in the terminal.   In June 2017, the sponsors were granted a 33-year contract extension in exchange for an additional investment of US$ 82.9 million (BRL 163.5 million).
Distribuidora de Gas de Nuevo Laredo was created in 1922 to distribute natural gas in Nuevo Laredo, Tamaulipas. In 1994, Repsol purchased the distribution assets from Distribuidora de Gas de Nuevo Lsredo. By 1996 Repsol Nuevo Laredo had 16,000 customers whom it served with its 300 km distribution network. Comision Reguladora de Energia (CRE) awarded a final concession to distribute natural gas in Nuevo Laredo for 30 year in December 1997. Repsol Nuevo Laredo committed to increase its customers to, at least, 25,000 by December 2001. The total cost of its expansion was estimated in $11 million. The project is financed by equity and commercial loans from Mexican banks.
Jiangsu Expressway Company Limited (JECL) was established in August 1992 to construct, operate and manage toll roads in Jiangsu Province. It is the Jiangsu Provincial Government's entity for building and operating transport infrastructure projects. In June 1997, JECL floated H shares on the Hong Kong stock exchange and raised about RMB 4 billion (US$ 480 million). New World Infrastructure purchased a 3.12% equity share for HK$ 475 million (US$6.3million) and IJM bought a significant part of the 25% sold. Since September 1996, JECL has operated the 274km Shanghai-Nanjing Expressway. The expressway was officially opened in November 1996. In June 1997, JECL aquired the right to operate 271.1km Jiangsu section of the 312 National Highway (Nanjing-Shanghai Class 2 Highway) for a period of 15 years, using funds raised from the public offering. The expressway had an average daily traffic volume of 34,082 vehicles in 1997. On April 5th 1997, the toll rates were increased for class 1-3 vehicles (cars) and reduced for class 4-6 vehicles (lorries). In September 1997, JECL established the Jiangsu Xicheng Expressway Company and the Jiangsu Guangjing Expressway Company as joint ventures with a subsidiary of the Ministry of Communications of the PRC. JECL has a 85% stake in each of the road construction companies. As of mid-1998, the new expressways are due for completion in September 1999. After its immediate investment and payment of the Company's debts, the public offering left the Company with RMB 1.77 billion (US$ 228 million) for future investment. The Company paid H shareholders a dividend of RMB0.0078 per share at the end of 1997. In Jan. 2001, the company issued 150 million "A" shares (2.98%) in the Shanghai Stock Exchange. A total of US$ 76.1 million was raised as divestiture revenues. New World disposed of its shares in the company in 2001. The company issued American Depository Receipts in December 2002.
The total length of the construction is 60 km: 12 km for the bridge and 37 km for embankment. The contract duration is 4 years for construction and 21 for maintenance and administration of the technical and commercial exploitation of the toll bridge and connecting highway network. Financing for the project was achieved as follows: the government will contribute US$ 207 million in grants and the remaining costs will be financed by the consortium.  The IADB approved in Jul. 1999 a financing package for the project amounting to US$ 73.8 million - US$ 33.1 million in loan from its ordinary capital and US$ 40.7 million in syndicated loan.  The bridge and road, expected to conclude construction in June 2002, opened in May 2003 after an eleven month delay.
In March 1997, shares in the Shenzhen Expressway Company Limited were issued on the Hong Kong Stock Exchange. These H shares transferred 33.9% of the company into private hands. The company's primary activities are the development, operation, and management of highways in China. Upon privatization, the company had a 30-year concession for the operation of 4 highways - National Highway No.107 (Shenzhen Section) (100%), National Highway No.205 (Shenzhen Section) (100%), Meiguan Expressway (55%), and Jihe Expressway (East) (55%).   The company used proceeds of the offering to finance construction of the western section of Jihe Expressway. The company has a right of first refusal for all future expressways in Shenzhen and a protection against competing roads. The company issued 650,000,000 shares with a nominal value of HK$2.20 per share - an approximate divestiture revenue of US$150 million.    In December 2001, the company issued 165,000,000 A-shares at a price of RMB 3.66 per share (USD72.9m).  The proceeds raised from the issuance will be used to partly fund the construction of sections B and C of the Yanba Expressway, section A began operations in April 2001.  The company also had an interest in Changsha Shenchang Expressway Company Limited in Hunan via a long-term loan.
In September 1997, the management company Ferrocarril de Arica a La Paz (FACL) was formed to bid for a 25-year concession to operate the 206.4km railway between La Paz and the port of Arica in Northern Chile. The consortium, renamed Aministradora del Ferrocarril de Arica La Paz, won the 25-year concession contract on November 3rd, 1997. The members of the consortium are: Jose Saavedra Banzer (30%), Metropolitana (Bolivia) Ltda (20%), Panamerica Securities (10%), and Empresa Ferroviaria Oriental S.A. (EFO - 40%). The EFO consortium also has the concession to operate the Oriental line (one of the two concessions created from Bolivia's state railway company). The partners contributed a total US$ 1 million of equity (divided according to their shares in the consortium). The consortium pays an annual lease fee of US$ 223,000, but must pay only 50% in year 1 and 75% in year 2. The consortium has not made any additional investment because current traffic flows do not justify it.  As of 2005, FACL was having serious financial dificulties, and the train had stop operating indefinitely until they found a way out of the financial situation they were facing.
ICTSI and American President Lines, operating jointly as Karachi International Container Terminal (KICT) Ltd. signed the implementation agreement with the Karachi Port Trust (KPT) for a 20-year concession to develop, manage, operate and maintain a three-berth common user container terminal in June of 1996. American President Lines and ICTSI were equal partners in the joint venture. The agreement called for a 20-year operating lease as part of Pakistan's $160 million, five-year port privatization program under the oversight of the Karachi Port Trust. In 2002, Hutchison Port Holdings (HPH)- a joint venture of Hutchison Whampoa Ltd (HWL) (80%) and PSA Corp. (20%) since 2006 - acquired a 100% equity share in KICT, and became the terminal operator.  The terminal was to be equipped with four Panamax gantry cranes capable of handling 45 moves per hour and was expected to handle up to 300,000 containers a year after completion of the first phase of the project. Cargo handling capacity was expected to increase by about 50 percent to roughly 450,000 boxes annually by the time the expansion was completed.   The first phase of the two-stage project began within six months of the agreement and became operational about 18 months from the time the joint financing was fully in place. The terminal was to have berthing space of about 900 feet and three berths. Karachi currently handles about 80 percent of Pakistan's box volumes and Pakistan's container traffic has been growing at the rate of 12 percent a year.   KICT had completed the initial drawdown of funds to finance its expansion program for Berths 22-24A in the port in August of 1997. A syndicated loan of US$45 million was provided by ANZ Gridlays, Ltd., Bank of America and local banks Mashreq Bank psc, Soneri Bank and Al Faysal Investment Bank, Ltd. Another DM 15 million (US$8.7m) facility has been provided by DEG mbH, while US$6.6 million in suppliers credit was provided by Nissho Iwai Corp. Total project cost has been placed at US$69 million.   KICT had aimed to commence commercial operation of Karachi's first state-of-the-art container terminal in late 1998. APL was to pay roughly Rs 274 million (US$6.7 million) per annum to the Karachi Port Trust (KPT), the manager and trustee of the Port of Karachi, US$4 million in berth lease, Rs 34 million (US$830.000) per annum land rental and Rs 60 million (US$1.5 million) per annum as percentage of container business (calculated US$5.36 per TEU for 250,000 containers in the initial phase).  Note that in order to calculate the real value of the concession fee, a discount rate of 12.1% aa was used; this rate is the money market rate of the year of financial closure provided by the International Financial Statistics. APL was expected to pay more to the KPT in the following year as the container handling capacity at KICT was expected to increase up to 400,000 TEUs in the second phase.  In January 2005, KICT and Karachi Port Trust agreed a US$ 55m third phase of development, which comprised a US$15 million cash subsidy commitment from Karachi Port Trust and a US$40m investment by KICT.  Phase three involved KICT’s expansion from berths 28-30 to berths 26 and 27 and an extension of KICT’s concession to 2027.  Following the completion of the third phase of KICT in May 2008, KICT had a total area of 26.03 hectares, a quay length of 973 meters and was equipped to handle 700,000 TEUs annually.
En 1997, the departamental government of Antioquia decided to liquidate Acuantioquia, the state owned enterprise which was responsible to manage the 39 water utilities system in the Antoquia deparment. In 1997, as part of the restructuration process, the departamental government transferred to Ingenieria Total the operate the water utilities of five municipalities in Suroeste Antioqueno (Andes, Cuidad Bolivar, Jardin, Segovia and Salgar) through a 15 year operation contract. In 2004 the five municipalities had a total number of connections of 17,870 of which Segovia had 5,000.  IAcuantioquia was totally liquidated at the end of 2005.   In 2013, there was no evidence of existence of Ingenieria Total company or continuation of the contract.
The plant has a capacity of 700-MW and will supply electricity to the local grid. The project was awarded to a consortium of Electricite de France (60%) and GEC Alsthom (40%) in November 1996, reaching financial closure in September 1997. The winning consortium was selected among five other competitors. It is the first entirely foreign-controlled BOT power project in China. The project ncluded a 18-year power purchase agreement. Payments were to be made in local currency but pegged to the dollar, with the sponsors bearing risk for exchange rate fluctuations of 5%, but no higher.   Financing includes $300 million in export credits, backed by Coface, the French credit agency, and $160 million in commercial loans. Repayment of the export credit facility is over 15 years, and repayment of the commercial loans over 10 years. French companies will supply the bulk of the $300 million worth of equipment. In Jan. 2000, the power plant commenced operations.
In June of 1997, PNG Water Limited was awarded a 22-year concession contract to refurbish and expand the Bomana pumping station.  The project was to increase the volume of treated safe water available for the National Capital District and the surrounding communities from about 145,000 cubic meters per day to 270,000 cubic meteres per day.  The treated raw water was to be sold to EDA RANU, the public water company. PNG Water was also to upgrade and replace the main supply system and refurbish and expand the city's water reservoirs and associated works.  PNG Water Ltd was the project company in which the partners were Malaysian firms Brem Maju Berhad and George Malaysia Berhad along with the PNG Public Officers' Superannuation Fund board.   The total cost of the project was 160 million PNG kina (US$71 million).
P.S. Raj Industries has a 14 year, 60 day concession contract for the construction and operation of six toll bridges in the state of Andhra Pradesh. The company agreed to complete construction in 4 years and to operate the toll bridges to recover the costs of construction.   The government provides a minimum revenue guarantee and will extend the contract length in the case of a shortfall. The total project costs are US$13 million. Financing includes a term loan from financial institutions and equity participation by P.S. Raj Industries. The government sets tolls rates.
Spacetel Guinee Sarl was awarded an AMPS license to provide cellular phone services in Guinea in 1993. The company was a subsidiary of Investcom Holding, a Luxembourg-based company which was partly owned by the Lebanese Mikati Group in partnership with Syrian investors that had mobile operations in Africa and the Middle East. Spacetel Guinee Sarl started its commercial operations in September 1997. The company had focused on the high end of the market.  As of end 2004, Spacetel had 17,516 subscribers.  Sotelgui, the former state-owned telecoms monopoly which was 60% owned by Telekom Malaysia, was by far the biggest mobile operator.  In July 2006, Investcom Holding was acquired by MTN. Thus, the two Guinean subsidiaries, Spacetel and Aareba merged. In 2007, Spacetel licence was acquired by Orange, through its Senegal subsidiary Sonatel.
In May 1997, Department of Telecommunications, Government of India, awarded a 10 year license to Reliance Telecom to offer fixed-line services in Gujarat, West Bengal, Orissa and the North-east along with a limited GSM mobile service in 7 Telecom Circles encompassing 10 States of India.   Reliance Telecom was formed as a joint venture between Reliance Industries (90%) and Nynex International (10%) in late 1996/early 1997. However, Nynex withdrew from the JV in June 1997 before commercial operations began and the company sold approximately 45% of its stake to undisclosed foreign investors in late 1997. In March 2006, Reliance Telecom became a wholly owned subsidiary of Relicance Communicationss Limited.  The 10-year cellular license was awarded in May 1997 at a cost of US$94.1 million.  The total project cost was estimated at US$414.11 million. Reliance Telecom originally closed financing on US$138 million of the project through a flotation in 1997. Motorola Inc. and Sweden's LM Ericsson teamed up to supply base-station equipment to India's Reliance Telecom in a deal worth US$130 million. Most of the financing was to be provided by the equipment suppliers. Motorola also won a contract worth US$300 million to supply radio equipment.   Reliance Telecom launched commercial services in Spring 1997 in Orissa and was operating in West Bengal and Bihar by the end of 1998. Operations for Reliance Telecom’s network in Gujarat began in 1999 with approximately 100,000 installed lines. As of late 2003, Reliance was working on slowly phasing out its GSM operations in favor of the CDMA-based mobile services provided by its much larger sister company, Reliance Infocomm.  As of December 2004, Reliance Telecom had over one million GSM subscribers and 1.4 million fixed line subscribers.
The SJZ Yong Tai power plant is a cogeneration facility with a generating capacity of 50-MW. It became operational in late 1996 and is owned and operated by the joint venture, National Power Pacific Co., formed  between National Power (70%) and Power Pacific (30%) in May 97. According to National Power, these and another 3 related projects are considered divestitures since it obtained its stakes directly from the Chinese government authorities. In the 1997 - 2000 period, a total of US$ 10.4 million was invested in this project's infrastructure (an average of US$ 2.6 million per year). In Nov. 1999, National Power announced the split of its international and domestic operations, International Power was created.
This is the gas distribution company which distributes natural gas to more than 370,000 customers in the Bogota metropolitan area.  The company was privatized in June 1997 when the Colombian state-owned oil company Ecopetrol sold its stake (53.74% of the equity) for around $106 million through the Colombia stock market. The winning buyers were Gas Natural Latinoamericana and Iberdrola, two Spanish companies. In 2002, Gas Natural acquired Iberdrola's 14.6 percent holding in Gas Natural ESP.
In April 1997, Intertoll (Pty) Ltd was awarded two five-year contracts for the operation of the Dalpark and Gosforth toll booths on the N17 motorway out of Johannesburg. The Danpark section is 30km long and the Gosforth section 20km. Intertoll receives a set management fee. In addition to toll collection, Intertoll undertakes road maintenance and route patrol.
In March 1997, the municipality of Puerto Colombia in the Department of Atlantico granted a 20 year concession for the operation of its water and sewerage services to Sociedad de Acueducto, Alcantarillado y Aseo (Triple A) de Barranquilla. The company started to operate the services in April 1997. Puerto Colombia had a population of 26,932 in 2005.
In October 1997, New World Infrastructure (NWI) subsidiary Charming Glory Limited signed a cooperative joint venture contract with the Tianjin Expressway Investment & Construction Development Corporation for the development and operation of a 60km toll road. Operations began in January 1999. The JV contract ran 30 years after the opening of 1st section. NWI had a 60% equity stake in the project company, Tianjin Xinzhan Expressway Co. Ltd., and invested US$239 million in equity and debt.The other two sponsor companies were both state-owned companies. Tianjin Expressway Investment & Construction Development Corporation held 33.38% of the stake in the project company, while Tianjin Development Holdings Ltd. held the rest of 6.62% of the stake. NWI had a 90% profit share for the first 15 years and a 60% profit share for the final 15 years. In 2000, the Bank of China granted an 8-year US$ 120.8 million loan for the construction of the Tangjin Expressway Section II.
The Yichang Yihuan power plant is a cogeneration facility with a generating capacity of 145-MW. A 70% stake was acquired by National Power in March 1997. In the 1997 - 2000 period, a total of US$ 18.4 million was invested in this project's infrastructure (an average of US$ 4.6 million per year). In Nov. 1999, National Power announced the split of its international and domestic operations, International Power was created.
In July of 1997, Compagnie Generale des Eaux (CGE) of France (later renamed Vivendi and later to Veolia Environnement as of May 2003) was awarded a 20-year contract to rehabilitate and operate five existing water treatment plants in the Lingzhuang district of Tianjin City.  The plants had a 500,000 cubic meters per day capacity and served 1/3 of the 10 million residents of Tianjin. The contract also involved construction of a new 13km long, 2200mm diameter raw water pipeline (to replace an older one) and the introduction of advanced technology to improve various chemical treatment process, set up central computer control, and refurbishment of civil works within the treatment facilities.  To implement the contract, CGE Tianjin Waterworks was created as the project company which was owned by CGE (55%) and the local state-owned Tianjin Waterworks Company (TWCC) (45%).    CGE Tianjin Waterworks planned to invest US$30 million in the project.  Investment by Vivendi was in cash (US$20 million), and debt financing of RMB 46 million. TWWC was to buy water from the JV.
The Lachmann Group has been awarded the facility for a 20-year period with an option for renewal for a monthly lease payment of R$ 200.000. It has pledged to invest US$ 70 million. Lachmann is also part of the consortium that won a concession for the Malha Este railway line.
In August 1997, New World Infrastructure subsidiary Hoi Wing Development signed a 25-year cooperative joint venture contract with Guangxi Cangwu County Electric Power Co. Ltd for the development and operation of a 10.122km grade 1 highway in Cangwu County. The highway had both dual 2-lane and dual 3-lane sections. It was due to open for toll collection in October 1998. NWI has a 70% equity and profit share in the project company, guangxi cangwu cincang Highways Ltd., and invested US$ 13 million as equity and debt.
United Farmer & Industry Co. Ltd. has developed a 24-MW waste-to energy power plant at Phu Khieo Chaiyaphum. The plant, currently in operation, uses agricultural waste as fuel and sells 6-MW of power to the Electricity Generating Authority of Thailand (EGAT) under the Small Power Producer (SPP) Program. The PPA was signed on July 19, 1993 and has been selling power to EGAT as of February 22, 1994. EGAT signed a "non-firm" contract with the project company. Estimated project cost is $24.0 million ($1.0 million per MW).
Government of Sri Lanka (GoSL) awarded a 15 year build-own-operate (BOO) contract to Lakdhanavi Limited in 1996 to build and operate a 24 MW thermal power plant at Sapugaskanda, 15 km from the capital city of Colombo. Power generated from this plant was sold to Ceylon Electricity Board (CEB), state-owned vertically integrated power utility, under a 15 year power purchase agreement signed in December, 1996.   Lakhdhanavi Limited was the first independent power producer (IPP) to be commissioned in Sri Lanka after the power sector was opened up to private participation in 1997. GoSL was keen to reduce Sri Lanka’s dependence on hydropower and diversify its power generation capacity after the severe drought of 1996 affected the country's power output and hit a number of industries, pulling gross domestic growth down to 3.8 percent.  Lakdhanavi Limited was a fully owned subsidiary of Lanka Transformer Limited (LTL). LTL was owned by Ceylon Electricity Board (majority shareholder), ABB Group (27%) of Switzerland (Asea Brown Boveri (ABB)) and an Employees Trust.   The total cost of the project was estimated at US$ 16 million. The project reached financial closure in January 1997. The entire financing for the project, both equity and debt, were arranged locally.  Lakdhanavi Limited began commercial operations in December 1997.
SLT was partially privatized in August 1997 when the government sold a 35% controlling stake to Japan's Nippon Telephone and Telegraph Corporation (NTT) for $225 million. Sri Lanka Telecom (SLT) had a 20 year license to operate nation wide basic telephone services (fixed telephony) on August 8, 1991 and was awarded monopoly rights over the international market until 2002. Services provided by SLT range from basic voice to advance data transmission services. In 2002, Mobitel, one of the mobile telecommunication operators in Sri Lanka, became a fully owned subsidiary of SLT. The acquisition of Mobitel made SLT the only integrated telecommunications service provider in Sri Lanka.  In December 2002, Sri Lanka Telecom was listed on the Colombo Stock Exchange after the government sold a 12% stake or 216.54 million shares in an initial public offering for a total of US$ 56.2 million. NTT of Japan currently manages SLT under a 5-year agreement. As of June 2005, NTT owned 35.2 percent of SLT shares while the Government of Sri Lanka (GOSL) had 49.5 percent and employees & public had 15.3 percent.    As of December 31, 2004, SLT served 87% of the market for fixed line operations providing a total of 860,468 Direct Exchange Lines. As of December 31, 2004, Mobitel had a customer base of 285,000. SLT invested SRs 7,379 million (US$ 70.4 million) for infrastructure and network development in 2004. In the fixed line operations, SLT competed with Suntel (Private) Limited and Lanka Bell (Private) Limited. Mobitel competed with three other mobile operators - Lanka Cellular Services (Pvt) Limited, MTN Networks, and Celltel Lanka Limited.  On April 1, 2008, NTT sold their 35.2% holding in SLT to Global Telecommunications Holdings N.V. (GTH), a wholly owned subsidiary of Usaha Tegas Sdn. Bhd. of Malaysia at a price of Rs. 50.50 per share. Following the share trade by NTT Com, GTH announced a mandatory offer to the remaining shareholders which closed on June 2, 2008. At the close of the mandatory offer, GTH acquired an additional 9.78% of the stated capital of SLT, bringing GTH's total holding to 44.98%. The remaining shareholders were the Sri Lankan government (49.5%) and individual equity investors (5.52%).
Central Piedra Buena was created from the two generating facilities that Servicios Electricos del Gran Buenos Aires (Segba) had in the province of Buenos Aires. The total installed capacity of Central Piedra Buena was 620-MW in 1996. The company was privatized in mid-1997 when the government sold it for $30.3 million to a consortium led by Camuzzi Gazometri SpA and integrated by Pacific Enterprises through a competitive bidding. The consortium was the only bidder for Central Piedra Buena. The low price paid for the company reflected the limited value of old and inefficient generating facilities  in the increasing competitive Argentine market. Pacific Enterprises subsequently exited the partnership and was replaced by CIESA, a wholly-owned subsidiary of the  British firm Independent Power Corp., which held 49% of Piedra Buena. In Jun. 2000, CIESA acquired Camuzzi's shares in Central Piedra Buena. CIESA plans to construct an additional 800-MW unit adjacent to Central Piedra Buena (Central San Antonio Libertador). This new gas-fired combined cycle power plant is expected to be brought into service by the end of 2002 (investment: US$ 240 million).  On July 26, 2007 Pampa executed a stock purchase agreement with Albanesi S.A. and with certain subsidiaries controlled by MatlinPatterson by virtue of which the Company would be indirectly acquiring 100% of Central Piedra Buena S.A. (“CPB”) for a price of US$ 85 million. The aggregate price paid involves an enterprise value per installed MW of US$ 137 thousand.
Tractebel was awarded a 15 year contract to manage the entire gas pipeline network in Kazakhstan in June 1997. The contract took effect on July. The company committed to pay the government a US$30 million bonus as well as a 2% royalty on overall gas volume and 40% of net profits. The government's shares of earning is subject to review every five years. Tratecbel also committed to US$600 million in investment for repair, construction, and planning costs. The company also pledged to provide nearly US$100 million to build a pipeline in Southern Kazakhstan to bypass Kyrgzstan. On 28 April 2000, in Astana, Tractebel and the Kazakhstan state-owned gas transport company KazTransGas announced that they had reached an agreement, under which KazTransGas would acquire Tractebel's electricity and gas businesses in the Republic of Kazakhstan, for USD 100 million. The loss-making investments was plagued by disputes with the Kazakh government over tariffs and separate money-laundering investigations. The initial payment of $10 million was mad in July 2000, with the remainder due in three-monthly tranches.
In early 1997, CKI entered into a joint venture with the Fushun City to expand, rehabilitate and operate three power plants. The coal-fired power plants have a combined installed capacity of 150 MW of electricity. CKI holds a 60% stake on the project, which will demand US$ 95.7 million in investments. Fushun  is one of the largest cities in the province with a total population of 2.2 million. CKI started operating the power plants in early 1997.
ICTSI was the only one of four initial participants in the privatization auction to submit a complete bid and was officially awarded on 20 March 1997 the 20-year concession to manage and operate the container terminal in the Port of Ensenada in Mexico.   ICTSI's technical proposal and its financial bid of US$ 3.2 million was approved by the Integral Port of Administration of Ensenada. The terminal will have a capacity of 200,000 TEUs per annum. ICTSI planned investments of US$ 9 million in 1998 for equipment acquisition of two quay cranes, two rubber tired gantries and two top loaders and for engineering and construction of a 300-meter berth. The quay cranes were installed in July 1998. ICTSI's concession agreement includes a payment of about US$ 725,000 for the existing equipment plus another US$ 250,000 at the contract signing. Its offer has been structured as rent payments to the port authority over a 20-year period. The sum of the current value of these payments equals US$ 3.1 million. By the end of 1999, ICTSI has invested US$ 35 million in the terminal facilities.
On July 28, 1997, Eastern Water Resources Development and Management Public Company Limited (East Water) shares debuted on the stock exchange of Thailand. The public offering consisted of 51 million shares (51% of the total shares) at Bt30 per share (approximately US$1.20 per share).  The international tranche of 9.4 million shares and the domestic tranche of 41.6 million shares were thirteen times and six times oversubscribed, respectively.  Thai Investment and Securities (TISCO) and Dhana Siam Finance and Securities were the lead underwriters.  ABN Amro managed the foreign tranche.  Despite the financial crises in the Thailand Exchange markets, the share prices offered at this IPO, increased by 5.7% on the first day the company became listed on the Stock Exchange of Thailand.  Proceeds raised from the IPO were used to finance a US$50 million project to improve the water supply network in the Eastern Seaboard.   Prior to its IPO, East Water was operated by the state-owned Provincial Waterworks Authority (PWA).  In December of 1993, the company was awarded a 30-year concession contract by the Ministry of Finance to develop and manage the principal water distribution systems transferred from earlier agencies and develop new water sources and distribution systems in the Eastern Seaboard Industrial Zone of Thailand.  The company was also to render engineering consulting services related to water distribution, clean water treatment, and maintenance works.  The company served mostly industrial clients.   East Water operated water distribution systems in 2 areas.  The first area was the Rayong Province, which the company served through the Dokkrai-Maptaput and Maptaput-Sattahip water mains. The average capacity of water distribution system in this area was approximately 75 million cubic meters/year (about 205,479 cubic meters/day). The customers were primarily industrial estates and factories.  The second area was the Chonburi Province, which the company served through the Nongkhor Laem Chabang, Laem Chabang-Pattaya and Nongkhor-Bangphra water mains. The average capacity of water distribution system in this area was approximately 20 million cubic meters/year (about 54,795 cubic meters/day).  Main customer groups in this area were domestic users and industrial estates.  In March of 1998, East Water signed an agreement with Summit Grade Ltd to link and lay a three-kilometre raw water pipeline system between Nong Pla Lai-Nong Khor pipelines in Rayong province and Nong Khor-Laem Chabang pipeline in Chon Buri for Bt41 million. The new pipeline was to help to efficiently distribute water and boost industrial development while improving the supply of water to households in Chon Buri province through the Provincial Waterworks Authority (PWA).   Following its listing, East Water had the following shareholder structure: state-owned Provincial Waterworks Authority (PWA) (44%), Industrial Estate Authority of Thailand (IEAT) (5%), and general investors (51%).  By 2005, that shareholding structure was: the partially private Electricity Generating Company (EGCO) of Thailand (18.22%), PWA (40%), IEAT (4.5%), and public investors (37.25%). As of 12/01/2006 East Water had 1,738 shareholders. Major shareholders were governmental PWA (39.99%), partially private EGCO (18.62%), IEAT (4.45%), and the rest of general investors held 36.9%.  As of 2004, the stake holders of EGCO were state-owned EGAT (25.41%), CLP Power (22.42%), Thai investors (30.09%), and foreign investors (22.08%). As of November 13, 2006, EGAT share in EGCO was 25.41%.   East Water also held 100% in Universal Utilites Co., Ltd.. The company managed waterworks business, receiving concessions from governmental agencies such as the Provincial Waterworks Authority (PWA) and various municipalities.  Universal Utilites’ business included tap water production and water distribution pipeline management.  In 2001, the company began its operations under a PWA contract, establishing waterworks offices in five areas, namely Chachoengsao Water Supply Co., Ltd. Bangpakong water supply Co., Ltd. and Nakornsawan Water Supply Co., Ltd. (25-year BOT contract); Sattahip Water Supply Co., Ltd. (10-year lease contract) and Si Chang island Municipality (which produced tap water from seawater by Reverse Osmosis system).  By 2005, 63% of East Water's revenue was derived from raw water sales while 22% came from tap and drinking water sales.  The company was managing a 307-km water pipeline with the total pumping capacity of 423 million cubic meters (MCM) per year.
CPFL, one of the major electric utilities in Brazil, has a concession area 90,440 square km which covers a third of the state of Sao Paulo. The area served by CPFL is the in central and northeastern parts of the state. The company served 2.3 million customers in 1996. Besides its distribution system, CPFL owned 92-MW of hydro power plant and 30 MW of thermal power in 1996. CPFL was partially privatized in November 1997 when the state government sold a 58% equity stake, through a competitive bid in Sao Paulo stock exchange, for $2,730 million (R$ 3,000 million) to VBC Energia. The winning consortium was made up of Group Votorantim (one of Brazil’s largest industrial conglomerates), Banco Bradesco (the biggest private sector bank in Latin America), Camargo Correa (a construction group), and Previ (the pension fund of Banco do Brazil). As of 2002, the structure of CPFL was VBC Energia (45%), 521 Participacoes (38%), and Bonaire (17%). VBC Energia comprises Banco Bradesco, Group Votorantim, and Construcoes e Comercio Camargo Correa. 521 Participacoes is the pension fund of Previ. Bonaire is a collection of Sabesprev, Petros, Sistel, and Funcesp pension funds.  In November 1999, through a public offer, the consortium acquired additional shares of CPFL from Companhia Energetica de Sao Paulo (Cesp) and from private investors . The consortium increased its stake to 90.38% of CPFL's total capital.   In November 1999, MIGA issued a US$ 100 million guarantee to VBC Energia (this loan will finance three of VBC's projects: Serra da Mesa, Companhia Paulista de Forca e Luz and Rio Grande Energia). CPFL is also building a new gas-fired combined cycle power plant, which should be operational by 2003.    In 2002, through a internal reestructuring, CPFL was named CPFL Paulista. The corporate control of CPFL Paulista (95% of the total capital) was transfered to CPFL Energia, which was controlled by VBC Energia, 521 Participacoes, and Bonaire. In May 2003, IFC approved a convertible loan to CPFL Energia, in order to assist the company in the completion of its corporate restructuring process and implementation of new corporate governance policies. In November 2003, the Brazilian Nacional Development Bank, BNDES, acquired for US$100 million (R$300 million) 3.4% of the total capital of CPFL Energia, the holding company that controls CPFL Paulista. After the acquisition of CPFL Energia's shares by BNDES, the stake of VBC Energia was reduced to 44.3%, 521 Participacoes to 36.96% and Bonaire to 15.25%.  In September 2012, the state-owned bank BNDES approved a US$ 404.7 million (BRL 790 million) loan to finance the company's investment in the 2012-2013 period.
The new passenger terminal will have 340,000 squared meters and a capacity of 14 million passengers per year. The contract's lenght is devided as 30 months for construction and 4 years for operation (the new passenger building is expected to be open in June 2000). The project company is headed by the turkish construction companies Tepe and Akfen, while Flughafen (Vienna Airport management company) holds a small stake (5%). Nevertheless, Flughafen will operate the terminal. The project will be financed with funds from SBC Warburg and Turkey's Korfez bank. When the contract period ended in 2004, the terminal ownership and operation was transferred to the government as initially agreed. In 2005, the Ataturk Airport was transferred to private management through a lease contract.
In 1997, Caminhos do Parana SA was awarded a concession contract by the State of Parana. The bidding process was competitive and the award criteria was the quantity of km of access highways to be rehabilitated by the sponsors.  The company was responsible for the rehabilitation, maintenance and operation of a 305-km toll road. Caminhos do Parana was controlled by a consortium led by Cartellone Construcciones Civiles, who was holding 30% of the project company shares; America Empreendimento (18%), Welbers Insua and Codi S.A. (10% each); the remaining shares were held by several sponsors.  The initial estimated investment in the concession was US$300 million over the concession period. Caminhos do Parana invested US$40 million in the first year of the concession. In June 1998, as the initial rehabilitation works were completed, the concessionaire started charging tolls. As of August 1998, the concession contract was under renegotiation; as the state government decided to reduce the toll rates, the concessionaire stopped its investment plans and only the rehabilitation works were implemented.   As of December 2003, Codi do Brasil Ltda (Codi S.A.) had increased its stake in Caminhos do Parana to 20% of the shares and Welbers Insua had sold its shares. The other main shareholders kept their original stakes: Cartellone Construcciones Civiles, who was holding 30% of the shares and America Empreendimento with 18% of the shares.  In 2003, after the concessionaries that operate in State of Parana failed to reach an agreement with the government to lower the toll rates, the government enacted a statute to cancel the concessions and return the management and operation of the highways to the State.  However, in December 2003, Caminhos do Parana agreed to reduce 30% of toll rates. According to the agreement between Caminhos do Parana and the government, the company would not be obliged to perform any construction work provisioned in the concession contract under the new toll rate.  In January 2004, the governor of the State of Parana enacted an executive decree declaring that the State was authorized to take the voting shares of all the concessionaires of the Anel de Integracao, except Caminhos do Parana. As of December 2005, the concessionaire was still operating the toll-road, but the State of Parana was still pursuing the cancellation of the contract.  In February 2012, the government decided to suspend the lawsuit against the company and to resume negotiations on toll rates reduction.
The Bangkok Co-Generation Company. Ltd. is developing a 107-MW at Muang, Rayong at an estimated cost of Bht 2.5. billion (appoximately US$98.8 million).   BCC is a joint venture of a subsidiary of the US company Air Products and Chemicals, Inc. Air Products Investment B.V.(47.90%); BIG, Air Products' Thai industrial gas joint venture (1.75%); Chatri Sophon Co. (15.31%, Thailand), Ltd.; Hua Kee Company, Ltd. (16%, Thailand), and Natsteel Ltd. (19.04%, Singapore).  The plant will use one gas and one steam turbine, both of which were supplied to the project company by GE Power Systems. The plant will sell 90-MW of power to the Electricity Generating Authority of Thailand (EGAT) under the Small Power Producers (SPP) Program. The PPA was signed on July 23, 1996. The target operational date for the project is September 1, 1998. EGAT signed a "firm" contract with the project company, which sets nominal levelized tariffs at 1.60bht/Kwh. The remaining energy generated by the project will be used by the project company, and sold to the Industrial Gas Co. (21-MW).
The plant has a generating capacity of 1,320-MW. It is currently under construction and is expected to be completed by 2000. Transfer at the end of the 20 year operation period is free; equity is recovered during the operation period. The joint venture company was formed between Siemens Power Development Hanfeng GmbH (40%), state owned utility North China Power Group (30%), Hebei Construction Investment Corp. (20%), and Hebei Electric Power Co. (10%). The project is being developed without central government guarantees and will be financed by local and foreign bank loans, export credits, and a 25% equity component. The $311 million export credt was provided by Kreditanstalt fuer Wiederaufbau ($241million) and $70 million by Spanish banks. KFW, Banesto provided the $100 million commercial loan, and local banks provided $391 million loan.  Germany's HEW acquired a 16% stake in the project from Siemens in 1998. HEW was subsequently acquired by Vattenfall of Sweden . China Huaneng Group acquired Hebei Power's 40% stake in 2003 and in April 2004 agreed to sell the stake to Huaneng Power International at an unspecified time in the future.
Comstar Cellular SA was awarded, through a first-come-first-serve basis, a license to provide mobile services in the Cote d'Ivoire in March 1996. The company was initially a wholly owned subsidiary of Boston-based International Wireless. Western Wireless International Corp. and Modern Africa Growth & Investment Co., were the U.S.-based majority owners by 2003.   The company started its commercial operations in October 1996 under the brand name Comstar or Cora de Comstar. Cora relaunched its GSM 900 mobile operations in October 2000.   CORA de Comstar was forced to stop operations during October 2003 after it was effectively expropriated and its foreign investors were forced to withdraw.  The U.S. based majority owners filed a US$54 million expropriation claim against the government of Cote d'Ivoire in an effort to reclaim assets seized by the government on October 9, 2003. Western Wireless planned to seek compensation for US$40 million of investment in Cora de Comstar. About US$10 million of the investment was guaranteed by the Overseas Private Investment Corporation.
In May 1997, the Zhejiang Expressway Company Limited placed over one billion H shares with a nominal value of RMB 1.00 each on the Hong Kong Stock Exchange. The public offering represented about 30% of the Company's equity. The remaining 70% remains with Provincial Investment Co, a PRC state-owned enterprise. The share offering raised about US$383 million. The Company has a 30 year concession contract with the Zhejiang Provincial government (signed on 24 March 1997) to construct and operate toll booths and to collect tolls on the 247.6km Shanghai-Hangzhou-Ningbo Expressway. The concession gives the company rights to adjust the tolls every three years to allow for inflation. The company also has land right to add an additional lane on each direction of the road. The Company has two fully-owned subsidiaries, one each for the 3.4km Hangzhou section of the Shanghai-Hangzhou Expressway and the 145km Hangzhou-Ningbo Expressway. The Company owns 51% of Jiaxing Co and Yuhang Co - the operators of the Jiaxing and Yuhang sections of the Shanghai-Hangzhou Expressway. The Hangzhou-Ningbo Expressway and the Hangzhou section of the Shanghai-Hangzhou Expressway was already open in early 1998. In May 1998, the Jiaxing section of the Shanghai-Hangzhou Expressway was expected to open by the year, along with the unopened section of the Yuhang section. The World Bank provided debt for the construction of the Hangzhou-Shanghai Expressway section through its Shanghai-Zhejiang Highway Project support (an US$ 260 million loan was approved in 1995). Previously, in 1992, the IBRD had approved an US$ 220 milion loan to finance the counstruction of the Hangzhou-Ningbo highway.
In 1997, Ogden acquired a 60% stake in four cogeneration plants localized in the Shanghai Region for US$ 54.2 million. Each plant has a capacity of 24 MW and provides electricity and steam for a variety of end users, but a majority of the electrical output is sold to the relevant local power bureau. The operation of the plants remained with affiliates of the minority equity stakeholder.
Independent Power of Thailand (IPT) developed a 700 MW gas-fired combined cycle plant in the eastern coastal industrial zone in Su Racha, Chonburi.  The plant was to sell power to the Electricity Generating Authority of Thailand (EGAT, the state-owned utility) under a 25-year power purchase agreement signed in February 1997 and revised in November 1997, which was to pass through fuel, operational, and maintenance costs.   Fuel was to be provided by the partially private Petroleum Authority of Thailand (PTT) via a gas pipeline from the gas separation plant in Rayong, under a 25-year fuel ssupply agreement signed in 1997.  The plant was one of the first to be developed under Thailand’s IPP program.  IPT was initially owned by partially state-owned Thai Oil Power co. (56%), Unocal Asia-Pacific (24%) and Westinghouse Electric (20%).  Thai Oil Power was 55% owned by Thai Oil Co., which turn was 50% owned by PTT.  In April 2004, PTT purchased Westinghouse’s 20% stake and in January 2005 Thai Oil Co. purchased Unocal’s 24% stake for US$12.75 million. J-POWER had 11 % in the project by 2005  The US$320 million project closed finance in 1997, with the debt being arranged by twelve local and international banks. The debt included a US$176 million foreign currency loan with a 15-year tenor and a 17-year local currency loan.   Westinghouse was the primary contractor for the project, and the plant entered service in August 2000.
MTP Cogeneration Co. Ltd. has developed a 140-MW (2x70-MW) natural gas at Muang, Rayong. The plant, currently in operation, sells 60-MW of power from each turbine to the Electricity Generating Authority of Thailand (EGAT) under the Small Power Producers (SPP) Program. Two PPAs were signed on March 28, 1997 and began selling power to EGAT on July  1, 1997. The estimated project cost for this project is $140 million ($1million per MW estimate).
Gases de Risaralda was awarded the contract to build, own, and operate the gas distribution system of Risaralda (Eje Cafetero) in mid-1997. Construction works began immediately and commercial operation started in mid-1998. Gases de Risaralda is a joint-venture of Emp. Publicas de Pereira (33.45%), Gas Natural (19.03%), Andean Gas (19.03%), Gases del Caribe (19.03%), Corfioccidente (2.77%) and others (6.69%). The company has a 17-year exclusivity contract, after which time the market will be openned for competition.   In September 2009 Efigas was creasted by a merger of Gas Natural del Centro (project 2694), Gases de Risaralda (project 2693) and Gases del Quindío (project 2692), which became the sixth largest distributor of gas in Colombia with over 290,000 clients. Shareholding was not known, except that Gases del Caribe held a majority of the shares and that Efigas had approximately 20 shareholders.
The project includes the construction, rehabilitation, upgrade, operations and maintenance of the access roads network to Cordoba (the network includes a beltway, which is about 50 km long and is partially constructed, and nine access roads which have 349 km aggregate length). The construction works for the first phase, which were expected to start during the second quarter of 1998, includes 75 km of new sections, 83 km of road rehabilitation and upgrade, 30 km of new collecting lanes and 34 bridges. The second phase is the project operational phase and includes the completion of the beltway loop. The contract was signed in Sep. 1997 and the concessionaire took possession of the project in Nov. 1997. The estimated daily traffic flow is 75,000 vehicles. Funding for the first stage of the project (US$ 250 million) has been raised as follows: 25% as equity and the remaining with a loan from Banco de Galicia and Banco Rio. The total cost of the project is US$ 775 million (US$ 450 as construction costs and US$ 325 million as maintenance costs). The project company ownership is divided as follows: Cartellone and Impregilo hold 39.1% each; Codi and Delta hold 10% each; Caruso holds 1.8%.  In September 2010 Argentina's Cordoba provincial government signed a deal to take control of highway concessionaire Caminos de las Sierras. In return, Caminos would call off its claim filed with the International Center for the Settlement of Investment Disputes (ICSID). A new concession was slated to be tendered in 2011.
In 1997 the Municipality of Juarez, Mexico, awarded a 13 year build, own and transfer contract for two water sewage plants to French company Degremont. The project had three main components:  •	The construction of two wastewater treatment plants (North and South) designed to treat 79.8 million gallons per day (mgd); 57 mgd in the North plant and 22.8 mgd in the South plant. •	The installation of 36 miles of collectors and sewer lines and a pump to convey wastewater to the plants. •	Rehabilitation and replacement of collectors and municipal sewer lines located in the central, eastern and western areas of the city, which entailed installing 35.7 miles of sewer lines, constructing four collectors (4.5 miles of pipe), and replacing seven collectors (8.56 miles of pipe).  Degremont was part of French group Ondeo, later renamed Suez.  Total costs for the project were estimated to exceed $30 million. Financial closure was reached in September 1997 with the support of the help of the U.S. Environmental Protection Agency, who provided a construction grant of $12 million administered through the North American Development Bank. Mexico's National Water Commission also provided an $11.1 million grant, and Degremont contributed with $6 million.
Siderar Power Plant is a 160-MW plant at the General Manual Savio Steel Mill, an industrial site belonging to the Argentinean metal manufacturer Siderar. Houston Industries Energy (HIE) was selected by Siderar (SAIC) to sell 300 metric tons of steam per hour. HIE owns 100% of the inside-the-fence facility. The electricity will be sold to the Argentinean power pool and, possibly, for long-term contracts. The project's total cost was $90 million. The power plant was scheduled to start commercial operation in 1997.
Companhia NorteNordeste de Distribuicao de Energia Eletrica was one of three distribution companies in which the Rio Grande du Sul state utility's, Companhia Estatual de Energia Eletrica (CEEE), distribution assets were corporatized for privatization. The other two companies are Companhia Centro-Oeste de Distribuicao de Energia Eletrica and Companhia Sul-Sudeste de Distribuicao de Energia Eletrica. Additionally, two generation companies and a transmission company were formed from CEEE's generating and transmission assets, respectively. Companhia NorteNordeste de Distribuicao de Energia Eletrica’s concession area is 95,000 square kilometers (32% of the State) in which distributed 4,611 Gwh of electricity to more than 830,000 customers in 1996.  The company was partially privatized in October 1997 when the state government sold a 90% equity stake for US$ 1.49 billion to a consortium integrated by Community Energy Alternatives (CEA - later renamed to PSEG Global), and CPFL Energia. CEA took a 33% equity stake in Companhia NorteNordeste de Distribuicao de Energia Eletrica, while its Brazilian partners, through CPFL, took the remaining share. The winning consortium was awarded with 30-year renewable concession. In 2006, PSEG Global sold its stake in the company to Brasilian CPFL Energia.  The amount paid for Companhia NorteNordeste de Distribuicao de Energia Eletrica was a record for a Brazilian electricity privatization. The winning consortium offered 4.6 times the company's revenues. In Nov. 1999, MIGA and the IADB have each issued US$ 100 million guarantee to VBC Energia for currency convertibility and transferibility for a loan provided to VBC by a syndicate of private banks (this loan will finance three of VBC's projects: Serra da Mesa, Companhia Paulista de Forca e Luz and Rio Grande Energia.  In Jun. 2000, bank FleetBoston signed a US$ 190 million 5-year loan with RGE, and the proceeds will be used for corporate purposes.   In April 2003 ANEEL did the five-yearly price revision for Rio Grande Energia, authorizing an increase of 27,36%. The increase was smaller than the one requested by the company (42%). In April 2003, BNDES approved a US$16.6 million (R$50 million) financing in connection with the difference between the requested (42%) and the authorized (27.36%)tariff increase.   In November 2003, BNDES bought 3.4% of the shares of CPFL, which owns 67% of RGE (indirectly, BNDES acquired 2.2% of RGE's shares).   As of December 31, 2007, CPFL Energia SA controlled 100% of the shares of RGE. CPFL Serra Ltda was also merged into RGE in September 2007.   In September 2012, the state-owned bank BNDES approved a US$ 140.9 million (BRL 275 million) to the project.
Karangada TETS1 and TETS3 are two  coal fired power plants located in Karangada, with an installed electric capacity of 470MW and a heat capacity of 1500MW. The facility was operating at 50% of its capacity when the government partially privatized it in July 1997.   The government signed an agreement to sell up to a 70% stake to Israel-based Ormat Turbines.  Under the deal, Ormat paid an initial $1.3 million to acquire a 30% stake. It took over control of the plant with an option to buy up to 70% stake. Ormat would invest up to $25 million in upgrading the plant and receive 70% ownership.  In 1998, Ormat and London-based, National Power set up Karaganda Power Company (KPC), a project company that would own, operate and develop the power generation facility and its associated district heating system. In September, 1998 they completed the purchase of 70% ownership in the power generation facility and of an electricity transmission and distribution company, Karaganda Regional Electricity (REC). National Power purchased a 50% stake in Karaganda Power Company for $20 million from Ormat and a 35% stake in REC.   National Power and Ormat were to invest jointly up to $110-million progressively over the next three years to refurbish and extend the generating plant, district heating and distribution systems.  In Nov. 1999, National Power announced the split of its international and domestic operations, and International Power plc was created.  In December 1999, EBRD approved a US$40m loan package for the renovation of the two power plants. The package involved a US$22m A loan for 11 years and US$18m B loan for 7 years.  In the first half of 2002, International Power plc sold its 50% interest in Karaganda Power Company (KPC) and Karaganda Regional Electricity Company to Ormat, which became the sole owner of the companies. In September 2002, UK-based Independent Power Corporation (IPC), through its subsidiary Integrated Energy Limited, purchased a 100% interest in Karaganda Power Company (KPC) and Karaganda Regional Electricity Company from Ormat. It later sold its interest in 2003.
Tecon Rio Grande S.A. (TRG) was awarded a 25-year concession through a public tender in 1997 to expand and operate the container terminal in the port of Rio Grande, Rio Grande do Sul, Brazil.  TRG bid R$151 million for the contract. The Terminal was the second Brazilian container facility to be privatized and by 2004 was the second largest container terminal in Brazil, accounting for approximately 12% of the country's total container movement.   The shareholders of TRG were Wilson Sons de Administração e Comércio LTDA (Wilson) (50.2%); Serveng Civilsan S.A. Empresas Associadas de Engenharia (Serveng) (24.9%); and Concorp TRG Projectos Portuários S.A. (Concorp) (24.9%).  Wilson was a Brazilian maritime group which had operated in Brazil since 1837. It was a wholly-owned subsidiary of Ocean Wilson Holdings Limited (“OWH”), a UK-listed company.  Serveng was a privately held, mid-size Brazilian engineering and construction company while Concorp was a special purpose vehicle that was majority-owned by directors of the Fator Group, a privately held Brazilian financial services company.   The minimum investment requirements for the contract were US$38 million for the first three years (actual investment projections amounted to US$54 million).  Additional investment commitments for the subsequent 10 years were US$43 million, mainly to set up new docks and cranes. As of December 2003, the company had invested US$53 million in construction works and equipment.  In December 1998, the project recieved IFC financing of a US$31 million loan comprising an A-Loan of US$7.5 million, a B-loan of US$18 million and a C-Loan of US$5.5 million. The initital investment supported the purchase of four cranes, a 300-meter extension of an existing quay, and the repairs and upgrades of various facilities.  In June of 2004, IFC approved a US$8.1 million A Loan and parallel B Loan of the same amount to help fianance the proposed US$25 million terminal expansion project. The expansion was to increase the annual capacity of the Terminal from 300,000 container-moves to about 525,000 container-moves, easing capacity constraints and allowing TRG to capture unmet demand for the Terminal’s services.  As of December 2009, Tecon Rio Grande was a wholly-owned subsidiary of Wilson, Sons de Comercio Ltda. The sponsors invested US$ 100 million in the project between 1997 and 2008.  In March 2011, Tecon Rio Grande was granted a US$ 17.6 million (BRL 28.7 million) loan from the state-owned bank BNDES to finance the expansion of the container terminal (the investment amount was not available).
The state-owned utility Empresa Electrica de Guatemala SA (EEGSA) had to sell its two generating facilities to meet the strict separation of generation and distribution activities required by Guatemalan General Electricity Law. The two power plants were the 132-MW oil and diesel-fired La Laguna facility and a 45-MW gas turbine unit at Escultina. Although the two power plants had nominal capacity of 177 MW, their combined operational output amounted to about 120 MW in June 1997. Those plants were inefficient and high cost.   The consortia bid for the acquisition of a 18-year power purchase agreement rather than an existing facility. There was a fixed payment of $30 million for two old generating plants for the acquisition of a 90% equity stake in the company set up to own and operate EEGSA&#8217;s two generating plants. Consortia competition was based on the lowest energy price that they would require for a 18-year power purchase agreement.   The PPA had two phases. Under the first one, which could last up to three years, the winning consortium would sell EEGSA 80 MW of output from existing units. Under the second one, it will sell up to 150 MW to EEGSA on a dispatchable basis during the latter 15 years of the PPA. It is assumed that those facilities would provide part of the cash needed to build a new 150 MW power plant.  Generating facilities of EEGSA were privatized in August 1997 when EEGSA sold a 90% equity stake for $30 million to Guatemalan Generating Group which offered $0.05199 per kWh. The winning consortium led by Constellation Power Inc., the independent power subsidiary of Baltimore Gas & Electricity, and integrated by Botran Group, a Guatemalan company
In August 1997, Cheung Kong Infrastructure Development of Hong Kong was awarded an 18-year concession contract for the Xiejiang Water Treatment Plant in Jiangmen City, Guangdong Province. The plant had a capacity of 240,000 tones per day.  To implement the contract, Xiejiang Water Treatment Company was created as the project company which was owned by Cheung Kong (49%) and the Guangdong local authorities (51%). The total cost to rehabilitate the plant was estimated at RMB 220 million (US$26.5 million).
The project includes the construction and operation of the bypass for a 20-year period. The project company is wholly owned by L&T Transport Infrastructure, a subsidiary of Larsen & Toubro.    Financing for the project was achieved with the sponsor’s own resources and a loan from HUDCO amounting to roughly US$ 1.3 million. The state government provided a  minimum revenue guarantee, assuring a minimum cash flow to generate a 17% rate of return on the project.
Energipe is an integrated electric utility whose concession area includes 54 municipalities in Sergipe. The company served 350,000 customers in 1997. The company was privatized in November 1997 when the state and federal governments together sold an 86.42% equity stake for US$ 524.6 million (R$577.1 million) to Companhia Forca e Luz Cataguazes-Leopoldina. The sale was made through the Rio de Janeiro stock exchange. Companhia Forca e Luz Cataguazes-Leopoldina (CFLCL) belongs to a Brazilian mining conglomerate. It made a strategic alliance with FondElec, a US private equity investment firm, in December 1996.   The Brazilian private company received government support to buy Energipe. The Brazilian Banco Nacional de Desenvolvimento Economico e Social (BNDES) approved a loan for $289 million (R$320 million) for the winning consortium to help it to pay its offer. This loan is part of a BNDES' program to reduce the capital cost for Brazilian private companies that participate in the privatization program. BNDES is the public agency in charge of the privatization of federal state-owned companies and is privatization advisor to state governments. In 2002, BNDES approved a financing of US$9 million (R$27.26 million) in connection with the losses incurred by Energipe due to the rationing program implemented by the government in 2001.  In January 2000, Alliant Energy became a shareholder in Energipe. Alliant Energy acquired 45% of Energipe's total capital and CFLCL reduced its participation to 50%. As of December 2003, there were no changes in the corporate structure of Energipe. Alliant Energy left the partnership in 2006.  In 2008, Companhia Forca e Luz Cataguases-Leopoldina was renamed Grupo Energisa because of the regulatory decision that a single company cannot operate in different segments of the energy market. Grupo Energisa's ownership structure is the following: Gipar S.A. (65.8%), Gaster Participações S/A (22.3%), Eletrobras (1.2%), Itacatu S.A. (5.9%), BNDES (0.7%) and other small shareholders (4.1%). The project company's name was also changed to Energisa Sergipe S/A. As of December 2009, the project company was wholly-owned subsidiary of Grupo Energisa.
Hidronihuil was awarded a 16-year contract to build and operate a hydroelectric power plant on the Atuel River. This is the fourth hydro power plant to be constructed on this river (the other three plants have been operated by Los Nihuiles S.A. The 30 MW power plant will supply electricity to Energia Mendoza Sociedad del Estado (EMSE), the state-owned electricity company of the Mendoza Province. The payment will be based on the electricity generation; however, a minimum monthly payments is guaranteed in case of unavailability of water or no electricity purchase by EMSE. Hidronihuil is owned by Cartellone (75%) and Federacion Electrica de Nuevo Cuyo (25%). Financial closure was achieved in mid-1997, with a loan package approved by the IAIC: US$ 10 million direct loan and US$ 10 million syndicated loan (Dresdner Bank). The remaining costs of the US$ 35.7 million project will be financed with the sponsors' equity investment (US$ 9.8 million), suppliers credits (US$ 3.9 million) and a commercial bank loan (US$ 2 million).
Gallito Ciego Power Plant commenced its operations in Oct. 1997, being owned and operated by the Mauricio Hochschild Group. In Nov. 2000, Vattenfall's subsidiary Nordic Power acquired 100% of the shares of CNP Energia (this acquisition included also Arcata Energia, a company which owns two captive power plants; Vattenfall paid nearly US$ 28 million for both acquisitions). CNP Energia has two power plants: the Gallito Ciego Plant, with a capacity of 38 MW hydro power and the Pacasmayo Thermal station. While the thermal station provides electricity to Cementos Pascamayo alone, the Gallito Ciego plant is connected to the Center North Interconnected System through a transmission line owned by Hidrandina and a substation owned by Etecen. In addition, the plant is connected to the city of Cajamarca through another transmission line owned by Hidrandina. Investment figures have not been disclosed by Vattenfall.  In October of 2001 NRG Energy completed its purchase from Vattenfall of the company's 100% stake in both Cementos Norte Pacasmayo Energia and Arcata Energia. In 2003, Norwegian firm Statkraft Norfund Power (SN Power), a 50-50 JV between Statkraft and Norfund, bought Pacasmayo from the US-based NRG Energy. The transfer also included NRG's Peruvian assets of Cahua Energia.
The project includes the construction of a new road and operation for 30 years. The contract was signed in August 1997 and the construction works were to be completed by November 1998, whereby the company will start charging toll rates. The project company is headed by New World Infrastructure through its subsidiary Achieve Success Ltd, which owns 79% of the shares (the remaining shares are held by Qingxin County Communications Construction Development Co., a state-owned enterprise). The toll road will have dual two lanes and two one-way toll collection. The expected traffic flow is 28,700 vehicles per day. Financial closure was achieved as follows: US$ 19.5 million in equity and US$ 4.9 million in loans. Both the national and the provincial government provide tax incentives.
In January 1997, Road King Infrastructure signed two 23-year joint venture contracts for the upgrading and operation of National Highway 311 and Provincial Highway 01 (Xuchang-Nanyang Highway) in Henan Province. The roads are class I highways serving as the main transportation route to the Pingdingshan coal mine. The first contract includes all of Highway 311 and the Xiangcheng Section of Highway 01. The second covers the Yexian section of the Provincial Highway. Road King has a 50% equity stake in the joint ventures and invested HK$194 million (US$ 24.8 million) in the projects. Road King funds its projects from internally generated funds and long term debt. This includes a US$ 138 million syndicated loan and US$ 140 million 10-year fixed rate notes arranged in 1997.
In October 1997, the municipality granted a 15 year operation contract for its water and sewerage services to Colombian Conhydra SA. The company started to operate the services in Octubre 1997. By 2004, in Chigorodo the water coverage ratio was 70.32% and the system had 6,985 suscribers.In Sonson and Marinilla, the water coverage was 100% and the system had 5,019 and 7,806 subscribers respectively.
In November of 1996, Subic Bay Water and Sewerage Company Inc. (Subicwater) was awarded a 25-year renewable concession contract to rehabilitate and operate a water and sewerage facility in Olongapo City and the Subic Bay Freeport with 20,765 and 1,317 connections, respectively.  The industrial hub covered the former US naval base at Subic Bay, Olongapo City and the municipalities of Subic, Morong and Hermosa.   Subicwater was a joint venture owned by Biwater International of the UK (30%) and the local DM Consunji Inc. (DMCI) (40%), along with state-owned companies Subic Bay Metropolitan Authority (20%), and Olongapo City Water District (10%).  By 2002, UK-based Cascal BV had taken over the Biwater share.  Cascal, in turn, was a 50-50 JV between Biwater and Nuon BV of Holland.   DMCI and Biwater were to build infrastructure and improve existing water and sewerage facilities over a 10-year period.  Biwater was to provide the joint venture with management consultancy services, technology transfer and specialist construction support.   The capital investment program planned was P2.3 billion (US$87.6 million).  In February 1997, Far East Bank and Trust company loaned P383 million (US$14.5 million) for the first phase of the project. ING Bank was co-arranger and co-lender of the loan.  The World Bank assumed the development of the water resource portion of the project, which entailed more than P500 million (US$19 million) in capital expenditure.
Gas Natural del Rio Panuco  (GNP) is a company created in 1997 to distribute natural gas in the southern area of Rio Panuco covering Tampico, Cuidad Madero and Altamira. The company was owned by Mexican Coporacion GUTSA and Reliant Energy, but in November 1999 Tractebel completed its 100% acquisition of Gas Naturel del Rio Panuco for US$ 8.5 million.  Gas Natural del Rio Panuco was awarded its concession area by Comision Reguladora de Energia (CRE) through a competitive bidding when it offered to serve 28,338 clients by its fifth operation year and ask for a maximum revenues of $0.89 dollars per Gigacalorie.   The GNP initial investments were estimated in $40 million.  Tractebel planned to invest an additional US$ 10 million by the end of 2002.  The project is financed by equity and commercial loans from Mexican banks. Construction of the distribution network started in February 1998.  At the end of 1999, GNP was awarded the concession for distributing natural gas in part of the state of Tamaulipas about 300 km northwest of Mexico City on the Gulf of Mexico.
In October 1997, Express Rail Link signed a 30-year BOT contract with the Malaysian government for the construction of a 57km, double track, rail link from Kuala Lumpur Central Station to the new international airport at Sepang. Express Rail Link is a joint venture company comprising the state-owned Tabung Haji Technologies (THT - 40%), the private company YTL Corporation (50%) and Trisilco Equity Sdn Bhd, Malaysia (10%). Siemens AG is the supply contractor under an EPC (engineering, procurement and construction) contract.   The project costs are M$2.1 billion (US$ 540 million), with M$500 million coming from equity, M$1.1 billion from private project financing (or export credit agency financing), and M$500 million as soft loans from the Malaysian government. Equity and government loan financing is in place. Express Rail expects to complete construction in 2000, and to start dividend payments in year 2009. The expected rate of return on the project at signing was 13%, although the possibility of traffic shortfalls has caused the company to request an additional 30-year extension (this is under review). A review in March 1999 extended the expected opening date to October 2001 and approved a new financing schedule. An export credit agency financing was expected to close in May 1999. Operations were launched in April 2002 and will carry 10k passengers/day for the first year.
The project consisted in a 27 MW cogeneration plant in the Yichang Economic and Technological Development Zone at Yichang City, Hubei Province. The project was developed by a sino cooperative joint venture integrated by KLT Power International, through its subsidiary CMI Power International, (75%) and Yichang Dongneng Heat and Power Development LLC, an entity established under the laws of China. The joint venture contract was signed for 20 years.
Gases del Norte del Valle was awarded the contract to build, own and operate the gas distribution system of the northern Valle del Cauca in mid-1997. Construction works began immediately and commercial operation started in mid-1998. In the 1997-2000 period, the company invested a total of US$ 8.3 million in its network. Gases del Norte del Valle is a joint-venture of Andean Gas (33.76%), Gas Natural (23.68%), Gasoriente (18.24%), Promigas (17.77%), Gases del Caribe (3.27%) and Surtigas (3.27%). The company has a 17-year exclusivity contract, after which time the market will be opened for competition.  As of December 31, 2009, Gases de Occidente had approximately 672,500 customers and distributed approximately 50 mmcfd of natural gas in 2009. Promigas owns 89.90% of Gases de Occidente. AEI controlled 46.87% of Gases de Occidente through Promigas.  Gases de Occidente holds an exclusive long-term renewable concession from the Colombian MME. Gases de Occidente’s concession agreement provides for exclusive natural gas distribution rights within the concession area until 2014, at which time the regulator will change from MME to CREG, and for non-exclusive gas distribution rights within the concession area until 2047. Since 1994, a concession has no longer been required to distribute natural gas in Colombia.
In June 1997, the state of Sao Paulo sold 1.3 billion shares (4.7% of common stocks) of Companhia de Saneamento Basico do Estado de Sao Paulo –SABESP, the state’s water utility- to several investors. Sabesp was a the State of Sao Paulo’s utility in charge of water treatment and distribution and sewerage collection and treatment.  In 2002, the state of Sao Paulo sold 16.2% of shares of Sabesp for US$ 205 million (R$ 506.9 million). In 2003, the State of Sao Paulo legislators approved a statute previewing the sale of ordinary shares of Sabesp. The governor announced that he is planning to maintain a 51% controlling stake after the sale. In October 2004 the State released 18.5 percent of the total project share on the market. The majority of the shares were purchased by international investors with some shares assumed by Citibank, the lead arranger of the share release.   As of December 31, 2005, the company distributed water to approximately 22.6 million people through approximately 58,000 kilometers of water pipes and mains to approximately 6.5 million water connections. As of the above date, Companhia de Saneamento also provided sewage services to approximately 18.3 million people through 37,181 kilometers of sewer lines to approximately 4.9 million sewage connections.
Infonet Redes de Informacion C.A. was awarded a concession to provide telecommunications services in the rural area known as Region 1 in January 1997. Region 1 includes the states of Apure, Barinas, Lara, Merida, Portuguesa, Tachira, Trujillo, and Zulia. The company may provide a wide range of telecommunications services, such as basic local services, payphones, mobile phone services, value-added services, trucking, and other services. Two other companies (Corporacion Digital and Consorcion Elca) were awarded similar concession for the rural areas known as Region 2 and 3 in May 1998. The main sponsor of Infonet Redes de Informacion C.A. is Telcom Ventures L.L.C. Conatel, the telecom regulatory agency, did not award any subsidy for rural telecommunications because it considered that the provision of advance services will generate the necessary resources to finance the whole operation. Infonet Redes de Informacion committed to invest, at least, US$ 25 million during its first three years of operation to serve 2 million inhabitants.   In January 2006, Telvenco (a subsidiary of Venezuela's Cisneros Group) acquired Infonet as part of a plan to form a national competitor to larger rivals Movistar and Movilnet. In May 2006, Venezuelan telecoms regulator Conatel approved the acquisition and approved the takeover bids of Infonet.
CEMAT is a integrated electric utility that serves the Brazilian state of Mato Grosso. The company serves a concession area of 901,420 square kilometers. The company had an installed capacity of 33.65-MW in hydro power plants. In its concession area, CEMAT had 395,45 customers from a total population of about 2.2 million in 1997. The company was partially privatized in November 1997 when the state government sold a 86.91% voting stake for $565 million to Rede and Inerpar (55.6% of the total capital). Eletrobras, a state-owned company, kept 41% of the total capital of Cemat.  In April 2014, Energisa acquired Rede Energia S.A., which held 57.7% of the CEMAT's shares at that date, whose name was changed to Energisa Mato Grosso.
Cheung Kong Infrastructure has a 25-year joint venture for the operation of two dual 2-lane bridges in Hunan province. The joint venture started in 1997 and CKI has a 44.2% stake in the project. Total project costs are HK$ 468 million (US$60 million). CKI's investment is HK$ 207 million (US$ 27 million). The road operates a one-way toll system. Average daily traffic in 1997 was 70,000 vehicles.
This project was located in Santa Rita, Batangas, on the island of Luzon. The project was expected to reach up to 1500 MW upon completion. Phase 1 was to consist of 1000 MW of generating capacity and Phase 2 was to consist of 500 MW. Project equity of $211 million was divided between sponsors First Philippines Holdings Corp. (51%), British Gas (40%), and Meralco Pension Fund (9%). First Gas Holdings was a partnership between First Philippine Holdings and British Gas. In May 2012, BG Group solds its 40% equity stake to First Gen, making First Gen 100% owner.   The joint venture agreed to sell electricity to Manila Electric Co. (Meralco). at 1.29 pesos per kWh. The first phase of the project was valued at $892 million. ABN Amro was to underwrite the financing (50%) with co-arrangers Bank of Tokyo-Mitsubishi (25%) and Westdesutsche Landesbank (25%). A fuel-supply agreement was signed with Enron.    Project financing was projected to consist of $669 million in debt and $233 million in equity. Financing entities included US Ex-Im Bank, EIB, Hermes, KfW, Commonwealth Development Corp., and Malaysia Export Insurance. Financial advisors include JP Morgan; and Chadbourne & Parke. $669 million in debt financing for Phase 1 was arranged by ABN-AMRO Bank, Bank of Tokyo, Mitsubishi and Westdeutsche Landesbank. Of this $669 million, approximately $410 million consists of export credits from KfW, Hermes of Germany, Malaysian EXIM Bank, and Malaysian Export credit Insurance; $160 million was provided as a bond; and $100 million was arranged as a commercial loan by PCI Capital. Advisors to the developers included Sedgwick, Stone & Webster; and Skadden, Arps, Slate, Meagher & Flom.   A fuel supply agreement with Enron was signed under which Enron was to supply 30,000 to 35,000 barrels per day of liquid fuel to the project for up to 15 years. The plant converted entirely to gas in January 2002, when gas from the Malampaya field became available. Gas supply was covered by a 22-year agreement with the Malampaya consortium, consisting of Shell, Chevron Texaco and Philippine National Oil Company - Exploration Corporation. In Aug. 2000, the commercial operations of the first phase of the project commenced.  As of Dec. 31, 2008, First Gas Power Corporation was owned 60% by First Gen Corporation (a company owned 55% by First Phillipine Holdings Coporation and 45% by private investors via the stock market) and 40% by British Gas Group.  As of June 21, 2012, British Gas Group has agreed to sell its 40% stake in the Santa Rita project (as well as the San Lorenzo project) to First Gas Power Corporation, via First Gas' wholly-owned subsidiary Blue Vulcan holdings Corporation. First Gen issued Peso 10 billion (US$233 million) of preferred shares to finance the acquisition.
The first project is a 24-MW geothermal power plant located in Zunil, Quetzaltenango. The plant will be developed on a Build-Own-Operate basis by Orzunil which is related to Ormat Industries (Ormat Turbines Ltd), an Israeli power equipment vendor. Other sponsors are Scudder Latin American Fund, IFC, and Commonwealth Development Corporation. The project total cost is estimated as US$ 66.7 million in 1997. The power plant is scheduled to start commercial operations in December 1998.   Ormat Industries signed a 23-year power purchase agreement with Instituto Nacional de Electrificacion (INDE), the Guatemalan national electricity utility company, in 1993. That power purchase agreement was one of the ten that INDE signed with private developers in order to alleviate energy shortages due to insufficient generation capacity.    The first project is a 24 MW geothermal power plant located in Zunil, Quetzaltenango. The power plant is scheduled to start commercial operations in December 1998. The project was supported by the IFC. In 2000, the IFC approved a US$ 1 million interest rate swap facility related to the FY97-approved loan. In its fiscal year 1997, MIGA issued separate guarantees of $4.5 million and $8.5 million, respectively, to Ormat International, Inc of the United States for its equity and loan investments in the construction and operation of a 24 MW geothermal power plant in Guatemala. In 2000, MIGA issued an US$ 11.8 million to a private bank which is providing financing for the project. MIGA's guarantees cover the risks of transfer restriction, expropriation, and war and civil disturbance.
Pipavav Port was the country's first private sector port and commenced operations in November 1996 after investments of approximately US$55 million in the first phase. Pipavav port had a quay length of about 1,200 metres and over 400 hectares of land was available for the development of the port and port-related businesses and handled mainly bulk cargo.   Gujarat Pipavav Port Ltd (GPPL) was a joint venture between the Mumbai-based Seaking (Sea King) Engineers and state-owned Gujarat Maritime Board (GMB) (via GPIDC). In accordance with the privitisation policy of the Government of Gujarat, GMB divested its equity stake in GPPL in October 1998 to PSA Corporation of Singapore for around US$60 million and injected a loan of about US$40 million.  Commonwealth Development Corporation of the UK also acquired a minority stake (5%). The Industrial Development Bank of India (IDBI) held 11%.  In October 2001, Maersk Sealand took over the management control of the port in a Rs 155-crore deal for 12.5% in Pipavav Port trust. By end 2003, apart from Sea King (37%) and APM terminals, the other shareholders in GPPL were PSA Corporation Ltd (22.5%), IDBI (10 per cent), CDC Plc, AMP Australia, New York Life Insurance and Unit Trust of India (UTI).  OECF (US$57 million, 30 years, 10 years moratorium, 2.3% interest rate per annum) and Industrial Development Bank of India disbursed loans to GPPL for establishment and operation of shipbreaking facilities in 1995. Both businesses were split in 1998. PSA was planning to develop the port into a container port.  In the first phase of the redevelopment, the port was to have a container wharf length of 600 metres with five quay cranes. The converted container terminal was to have an estimated handling capacity of 600,000 TEUs (20-ft equivalent units). GPPL was also in talks with Indian railways for a railway line (estimated US$79 million project cost) connecting the port to its hinterland (Surendranagar-Bhavnagar-Pipavav) and a consortium led by British Gas to establish a LNG terminal at the port (MoU in Sept. 1997).   In October 2000, the company announced its intention to expand its equity base and induct new strategic and financial investors. In 2005 AP Moller Maersk became the lead promoter with 54% stake in APM Terminals and makes significant investments in port machinery and infrastructure expansion, and takes over complete operations. Board of Directors formed along with other investors. In 2010, Gujarat Pipavav Port Limited (GPPL)successfully conducts its IPO and is listed in Indian Stock exchanges. Currently GPPL had a majority shareholder in AP Moller-Maersk (which held 43% of the share) and 57% was in public shareholding.   In 2013, the project entailed expansion in cargo handling capacity of Gujarat Pipavav Port in Gujarat, India. The development included a new container berth adjacent to the existing berth, expanding the container yard, relocating the existing liquid berth and building and expanding the associated evacuation infrastructure  Funding for the expansion project was closed on 30th April 2013 with a debt equity ratio of 57:43.The estimated capital cost of the expansion was US$ 226mn. Financing comprised a 13-year term loan of US$ 60mn arranged by IFC, a 9-year term loan of US$ 92mn arranged by Standard Chartered and DNB ASA (Norway),and US$ 114mn sponsor Equity.
In 1996, the Huaibei Guoan Power Company Ltd. was created to construct and manage 600 MW coal-fired (2 units of 300 MW each) power plants for 19 years. The company was situated in Anhui Province in the middle-east of China.   The company was a joint venture between Chinese state-owned entities and one foreign party. The Chinese entities were China State Development and Investment Co. (SDIC) with 35%, Anhui Wenergy Company Ltd. (AWCL) with 25%, Huaibei City Power Development Company (HPDC) with 15%, and AA Dynamic Investment Limited (AA) with 12.5%. The foreign party was Cogen Technologies China Ltd. (Cogen) with 12.5%. SDIC was a branch of the Central Government and was thus closely linked to the Central Bank in particular. The Anhui Provincial Government owned and controlled AWCL. The Huaibei Munnicipal Government (under Anhui provincial jurisdiction) owned and controlled HPDC. AA was an offshore subsidiary of a Chinese stated-owned company Citic Group  By 2004, ownership of Huaibei Guoan Power Company Ltd was: SDIC (35%), AWCL (40%), Citic Pacific (12.5%) and WPI (12.5%). In 1998, Cogen sold its 12.5% shares to World Point International Holdings Ltd. (WPI), Hong Kong based company.  The project was implemented over a few years. Project negotiations started in 1992. The BOT contract was formally signed in 1996. Construction began at the beginning of 1997, and plants were commissioned in 2000.   The total investment in the project was US$ 333 million, with registered capital accounting for about 30% of the total investment at US$ 100 million. Of total investment, 70% came from Chinese bank loans and 30% from owners’ capital. The capital raised from two foreign partners (AA and Cogen) was put into a USD bank account, which was later used to pay initial monies to the foreign partners based on the guaranteed rate of return.   The Anhui Provincial government granted a number of guarantees to the foreign parties of the project. Initially, the foreign parties sought a guarantee of 15% Internal Rate of Return (IRR), over the 19 years period. Later it was agreed that the guarantee rate was 15% per year, on average, over the 19 years contract period. Second, the government guaranteed the conversion and remittance of RMB revenue from the BOT project based on a given USD-RMB exchange rate. Third, the government allowed an extension of concession period should any force major incident cause delay/suspension in operation. Fourth, the government guaranteed a Fuel Supply Agreement with Huaibei Fuel Co. and a Power Purchase agreement with Anhui Power Industry Bureau.  Despite the contractual agreements, the Huaibai BOT project company had not been able sell electricity at the agreed price. A reduction in market demand in the short-term put a downward pressure in the price of electricity and placed a strain on the provincial government’s guarantees. In 2003, the Huaibai project could only make 70% of the guaranteed sales at 90% of the guaranteed price. At these rates it was likely that the project generated losses in the first two years.
In January 1997, a joint venutre known as United Water was awarded a 30-year contract to construct and operate a new 20,000 cubic meters per day water treatment plant in Sidoarjo, a city with a 500,000 inhabitants.   To implement the contract, PT Taman Tirta Sidoarjo was created as the joint venture project company in which United Water took a 95% stake and the state-owned Perum JAYA held the remainder. United Water, in turn, was a 50-50 joint venture company owned by Thames Water (a RWE subsidiary as of 2001) and Compagnie Generale des Eaux (later known as Vivendi Environnement and by 2003 as Veolia Environnement).  By 2005, United Water was 95% owned by Veolia Environnement. In June of 2005, Malaysian engineering and construction firm Gadang Holdings Bhd. acquired the 95% from Singapore-based Asian Utilities Pte for US$3 million.  It was unclear at what point in time Asian Utilities originally acquired the stake from United Utilities.    Total investment in the project was estimated at US$34.4 million.  The plant came online in 1999.
In May 1997, New World Infrastructure (NWI) subsidiary Prime View Limited signed a 25-year cooperative joint venture contract for the development and operation of a tolls stations on the Xinxing section of Roadway No.1967. The toll station on the 25km dual 2-lane grade I highway opened on 24 July 1997. NWI contributed 60% of the US$ 12 million project costs.
In July 1997, the Bolivian Water Superintendent awarded a 30 year concession for the water and sewage services of the cities of La Paz and El Alto to multinational consortium Aguas del Illimani. In 1997 some 750,000 people lived in the Bolivian capital La Paz, and a further 590,000 in El Alto. Total water consumption was around 4.8 cubic meters per second. This concession contract was a central piece of the Bolivian government’s strategy to provide all households in the poor urban neighborhoods of La Paz and El Alto with access to water and sewer connections. To this end, Aguas del Illimani committed to extend in-house water connections to virtually all unconnected households in the metropolitan area by December 31, 2001. The company also agreed to a gradual expansion of sewer service, achieving 90 percent coverage in 2021.   The concession was awarded through an open international tender. The Aguas del Illimani consortium was the sole bidder.   Aguas del Illimani was a consortium led by French Lyonnaise des Eaux (known as SUEZ as of 2001), owner of a 35% stake in the project. Other shareholders included Banco Mercantil of Bolivia (20%), Sociedad Comercial del Plata has (18%), Meller (12%), Banco de Galicia (10%) and Connal has (5%).   By 2001 SUEZ had acquired 55% of the Aguas del Illimani shares, while Banco Mercantil (through the Investment Corporation BICSA) and the International Finance Corporation (IFC) had 22% and 9%, respectively.  Water tariffs were determined at the start of the concession contract and dollar denominated.  In 1998 CAF granted a US$ 10 million loan to Aguas del Illimani. The same year the IADB approved a US$ 15 million direct loan to the concessionaire.  Popular opposition to the project peaked in December 2004 and January 2005, when street protests forced the Bolivian government to announce its intention to re-take control of water services.   The Bolivian government started the procedure to reevaluate the contract in January 2005, when it appointed Superintendencia de Saneamiento Basico (SISAB) to review the fulfillment of all legal, technical and financial terms of the concession. In September 2005 SISAB hired Auditoria Pozo & Asociados to audit AISA. The audit, completed in May 2006, found that AISA had invested some $21.318 million over the concession’s lifetime, below the $66 million figured claimed by SUEZ. In January 2007 AISA’s contract was terminated, and the utility returned to government control.
Argentinean state-owned Eseba was divided into three distribution companies that provide electricity distribution facilities to the Buenos Aires province. One of these three new distribution companies was Empresa Distribuidora del Norte SA (Eden SA). Eden SA operates in the northern area of the province of Buenos Aires, which had a 15,300km distribution system to serve 270,300 customers in 1996. The other two distribution companies are Empresa Distribuidora del Sur SA (Edes SA) for the southern area and Edea SA for the Atlantic area. Eden SA and Edes SA were jointly privatized in April 1997 when Eseba sold a 90% equity stake in the two new companies for $565 million to a consortium comprising AES Corporation and Community Energy Alternatives (CEA). The remaining 10% of the equity was reserved to be sold to the employees of the companies. The winning consortium split its bid as follows: $420 million for Eden SA and $145 million for Edes SA.   By 1997, AES owned 60%, CEA 30% and employees 10%. Both companies operate under 95-year exclusive concession contracts. In 1996, Eden and Edes served a combined total of approximately 400,000 customers and were contractual customers of the San Nicolas generating facility, which is also jointly owned by AES and CEA. In 2001, CEA (renamed PSEG Global) sold its stake in Eden to AES (PSEG attempted to sell their stake in several projects in Argentina to AES in 2001 but the sale was not complete until 2003 due to disagreement over price between PSEG and AES).   In 2002, AES Corporation filed legal proceedings with an international arbitration tribunal (International Centre for Settlement of Investment Disputes - ICSID) against the Argentinean government. The proceeding seeks compensation for losses incurred by the company at the time of the devaluation of the Argentinean currency.  In 2009, AEI acquired AES's 90% stake in Eden SA making the project no longer distressed.
On 5 May 1997, the South African Minister of Transport appointed Trans African Concessions (TRAC - a joint venture between Bouygues' South African subsidiary Basil Read and the South African civil works company, Stocks & Stocks) preferred tenderer for a 30-year concession contract for the design, construction and operation of the N4 toll road. This 440km road would link Witbank to the port of Maputo in Mozambique. Construction began in January 1998 with the rehabilitation and upgrading of existing road sections, and the construcution of a new 36km section in Mozambique. The entire road was expected to be completed in 2001/2002.   Trac obtained US$284 million in commercial debt financing for the eastbound section of the road in Dec 1997, arranged by Investec Bank and Nedcor. Trac had a US$90 million RPI-linked bond due for issue in Jan. 1998. The Development Bank of South Africa has provided part of the financing. Total expected financing is US$426 million: 80% from bonds and 20% from equity.
In October 1997, Road King Infrastructure signed a joint venture (JV) agreement with a SOE in Hunan Province for the upgrading and operation of the Changsha-Yiyang Expressway. The JV contract also included a share of toll revenues from the parallel National Highway 319. Road King obtained a 43% share in the joint venture in return for investment of HK$ 561 million (US$ 72.4 million).  Road King funds its projects from internally generated funds and long term debt. This includes a US$ 138 million syndicated loan and US$ 140 million 10-year fixed rate notes arranged in 1997. In June 1998, the Expressway was expected to open shortly, and National Highway started contributing toll revenue in March 1998.
Jorf Lasfar Power Plant is 1360 MW coal fired power plant operated by Jorf Lasfar Energy Company (JLEC). The company was the first independent power producer and major private electricity project in Morocco. The Moroccan state electric utility, Office National de l'Electricitate (ONE), awarded the project through an international competitive bidding to JLEC in 1996. The project consisted in the operation of two existing units (each of them with an installed capacity of 330MW) and the construction and operation of two additional units (each of them with an installed capacity of 330MW). The concession structure was a 30-year lease contract by the project company. For the operation of the first two units, which were built by ONE, JLEC paid a lease payment as a lump sum. The last two units will be built and operated by the company. The project was designed so that the operation of units 1 and 2 would generate part of the cash required for the construction of units 3 and 4. During the contract period, the ownership of the four power stations remained with ONE as required by the Moroccan legal framework. The contract has been defined as a hybrid between a BOT scheme and a lease contract.   The winning consortium, the Jorf Lasfar Energy Company (JLEC), was integrated by ABB (50%) and CMS Energy Corporation (50%). Through its CMS Morocco Operating Co., CMS Energy is responsible for the operation of the power stations, while ABB is responsible for the construction of units 3 and 4 under a turnkey contract. The total project cost was estimated in $1.5 billion. The project was financed by a limited recourse project finance facility which included US$ 200 million direct loan provided by OPIC and commercial bank financing backed by political risk guarantees provided by ERG, SACE, US Exim and the IBRD. In  fiscal year 1998, the project company obtained a World Bank partial political risk guarantee for US$ 176 million to back government of Morocco obligations to the project and to mobilize private debt financing on a limited recourse basis.    JLEC signed  a 30-year power purchase agreement with ONE for the its total electricity output. JLEC signed coal supply agreements with various local suppliers. A Coal Terminal Agreement was with the Office d'Exploitation des Ports (ODEP) for use of the coal terminal at Jorf Lasfra. Project construction began September 1997. In August 2000 the 348MW Unit 3 achieved commercial operation and began supplying power to ONE. In February 2001, CMS announced that Unit 4 had been completed, raising the total power generating capacity to 1356 MW.  In 2003, ABB attempted to sell its 50% stake in the plant, valued at around $500m, to JLEC Acquisition Co. and its parent company Stealth Energy Co..  There was a contract dispute, however, and the terms of the sale are currently being handled in a New York court.    In February 2007, Abu Dhabi National Energy Company acquired 100% stake in the Jorf Lasfar coal-fired power station.
In 1995 the Department of Valle del Cauca held negotiated bidding procedures and awarded a 22-year concession to construct, maintain, and operate the road to CISA, whose proposal called for the lowest toll structure (the peso equivalent of approximately $1.70 per passenger car trip) of the three groups competing. The departmental government also agreed to guarantee 90% of projected toll revenues, and its finances are considered more than adequate to cover these payments if necessary. The departmental governmental also allowed the concessionaires to adjust the tolls for inflation once a year, or more if the accumulated inflation rate exceeds 10% since the time of the last adjustment.  The winning consortium was Concesiones de Infraestructuras S.A. (CISA), a consortium made up of Grupo Ferrovial (Spain),Construcciones Civiles (Colombia), and Cruz Blanca (Chile).  The project included rehabilitation of an existing road (14.7 km), construction of a parallel roadway (17.4 km), two bridges and traffic circles. The project has been debt financed (including a US$ 10 million loan from the IADB in 1997). The expected daily traffic volume was 8,600 vehicles. Ferrovial Group owns 94% of the project company shares.  Financing Package: Approximately 60/40 debt equity ratio. Equity: $14.5 million from sponsors and $5 million from projected internal cash generation from toll road revenues; Debt: $10 million, 10-year IDB loan at LIBOR plus at least 325 bp and another loan for the peso-equivalent of $19.5 million from local banks.
This project is a 234-MW natural gas-fired power plant, located in Palmira. The project is owned by a mixed company in which InterGen, the lead developer, has 54%, municipality-owned Empresas Municipales de Cali (43%), and Corfi Pacifico (3%).  Construction began in March 1997 and was scheduled for completion by February 1999. TermoEmcali reached financial closure in April 1997 when it became the first Colombian power project financed using the 144a mechanism. The project is not backed by a sovereign guarantee of power-purchase payments. The project total cost is about $230 million. Emcali, the local utility, will resell the power it purchases from the plant into the national grid. The purchase obligations of Emcali are guaranteed not by the national government, but buy a pledge of receivables-the first such arrangement for an international 144a deal. Construction works were completed on Jul. 1999.   Early in 2000, the project company showed signs of financial difficulties by falling behind on the scheduled debt service payments. By the end of 2004, it had defaulted on its outstanding debt of US$ 165 million. In October 2005, TermoEmcali restructured its financial obligations.
TermoAndes SA was created to build and operate a 632.7-MW combined-cycle natural gas-fired generating facility in the Salta province of Argentina.  TermoAndes was an Argentinean subsidiary of Gener (Chilgener) of Chile, which was 50% owned by the AES Corporation of the US. The power plant was scheduled to start commercial operation in the first semester of 2000.   The total project cost was US$230 million, financed with an 10-year syndicated loan arranged by Deutsche Morgan Grenfell and Banco Bilbao Vizcaya (the total loan amounts to US$314 million, granted to finance TermoAndes project and InterAndes project, a transmission line project also undertaken by Gener). A consortium comprised of Abengoa S.A. and Siemens AG were awarded the turnkey construction contract for the plant and commenced construction in August 1997.  TermoAndes entered into long term supply contracts with two mining companies, Zaldivar and Lomas Bayas, in the SING (Integrated System of the Great North), for a total of 110 MW of capacity to be supplied by the project. They also expected to use a portion of the energy to meet existing contractual obligations with other clients in the SING and to sell a portion of the remainder in the spot market. TermoAndes received its final operating approval from the Argentinean government in December 1999.  In 2002, AES Corporation filed legal proceedings with an international arbitration tribunal (International Centre for Settlement of Investment Disputes - ICSID) against the Argentinean government. The proceeding seeks compensation for losses incurred by the company at the time of the devaluation of the Argentinean currency.  In addition, Gener was in the process of restructuring the debt of its subsidiaries TermoAndes S.A. and InterAndes S.A..
Telecom Samoa Cellular Limited (TSCL) operated a cellular telephone network in Western Samoa. The company was created as a joint venture between a the Government of Western Samoa (10%) and Telecom New Zealand (90%) on October 1, 1996. The network offered a full range of analogue (AMPS) cellular services such as call messaging, calling card and associated billing services, directory, operator services, paging and international roaming.  Like the national incumbent Somoa Communications Ltd. (SCL), Samoa Cellular was granted a 10-year exclusive licence to provide services. In September 2006, Telecom Samoa sold its 90 percent shareholding to Digicel (Samoa Limited).  With a US$10 million investment, the network started operations on July 20, 1997.  The network comprised 4 radio base stations and these provided coverage around Apia, west of Apia to the international airport, parts of southern Upolu and sections of the north east coast of Savaii.  For the general public and tourists, TSCL also provided card-operated payphones that communicated through the cellular network.  The Government wanted to use the cellular network to provide some rural customers with a cost effective telephone service.   As of 2002, Telecom Samoa reported that the company had about 4,000 subscribers. The limited analogue cellular service provided by TSCL was being upgraded to a digital network during 2003. After Digicel Samoa acquired Telecom Samoa in 2006, Digicel Samoa along with its local partner, CSL Mobile Limited, launched Samoa’s first ever GSM network in November 2006. With the new service, Digicel Samoa’s GSM network able to provide the best coverage of any mobile network in Samoa, covering more than 80% of the population in Samoa at its launch and quickly increasing this to an unrivalled 90% coverage. Digicel customers will also be better covered when they travel abroad, what with their ability for the first time to make and receive calls when visiting over 120 countries worldwide.
The Fuyang Power Plant is a coal-fired cogeneration facility with a generating capacity of 65-MW. It has been operational since early 1997, when an 80% stake was acquired by National Power. In the 1997 - 2000 period, a total of US$ 20.7 million was invested in this project's infrastructure (an average of US$ 5.2 million per year). In Nov. 1999, National Power announced the split of its international and domestic operations, International Power was created.
Gases del Quindio was awarded the contract to build, own and operate the gas distribution system of Quindio (Eje Cafetero) in mid-1997. Construction works begun immediately and commercial operation started in mid-1998. In the 1997-2000 period, the company invested a total of US$ 4.5 million in its network. Gases del Quindio is a joint-venture of Gas Natural (25.34%), Andean Gas (25.34%), state-owned Empresa Energia del Quindio (23.44%), Gases del Caribe (12.67%), Surtigas (12.67%) and others (0.55%). The company has a 17-year exclusivity contract, after which time the market will be openned for competition.  In September 2009 Efigas was creasted by a merger of Gas Natural del Centro (project 2694), Gases de Risaralda (project 2693) and Gases del Quindío (project 2692), which became the sixth largest distributor of gas in Colombia with over 290,000 clients. Shareholding was not known, except that Gases del Caribe held a majority of the shares and that Efigas had approximately 20 shareholders.
Government of Myanmar awarded Taninthayi Pipeline Co LLC the right to build, own, and operate for 30-year the first section of Yetagun gas pipeline. The project cost was estimated to be USD 325 million. The first section stretched for 277 km (210 km of sub sea pipeline and 67 km of onshore pipeline) from Yetagun field to the Thailand-Myanmar border at Ban I Thong. Financial closure was believed to have occurred in March 1997 after Petroleum Authority of Thailand (PTT) and the Yetagun consortium signed a 30-year Gas Sales Agreement.   Tanithayi Pipeline Co LLC was a consortium consisting of Petronas Carigali Myanmar Inc. (subsidiary of Petronas [Malaysia], 41%), Myanmar Oil and Gas Enterprise (20.5%), PTTEP International Limited (a subsidiary of PPT Public Co Ltd [Thailand], 19.3%), and Nippon Oil Exploration (Myanmar) Ltd (a subsidiary of Nippon Oil Co [Japan], 19.3%). Originally, the Yetagun consortium was led by Premier Oil Plc [UK]. However, political pressure from UK government led Premier to sell its share to Petronas.    Yetagun gas pipeline was a 570 km gas pipeline stretching from Yetagun natural gas field to the 4600-MW power plant in Ratchaburi, near Bangkok with an estimated price of USD 840 million, including the Field Development. The first section was operated by Taninthayi Pipeline Co., while the second section (a 297 km inland pipe that connected Ban I Thong to the 4600-MW power plant in Ratchaburi, near Bangkok) was operated by the Electricity Generating Authority of Thailand (EGAT).
On June 25, 1997, Cheung Kong Infrastructure (CKI) signed a 27-year joint venture contract for the operation of two Zhumadian sections of China's National Highway 107. The 114-km joint-venture sections of the dual 2-lane class 2 highway are already operational and immediately started generating toll revenue. CKI took a 66% stake in the joint venture for an equity investment of HK$ 304 million (US$ 39 million). The total project cost HK$ 461 million (US$ 49 million).
Riogas is a gas distribution company that serves the interior of Rio de Janairo state. Riogas started operation in March 1997. The company was created by Companhia Estadual de Gas (CEG) and Petrobras, a state-owned oil company, as a result of CEG's debt negotiation with Petrobras. Riogas serves large industrial customers with average sales of 56 million cf/day or 21% of Brazil's gas consumption. The company was partially privatized when 75% of its equity was sold for US$ 146.25 million to a consortium composed of Enron (37.5% of CEG), Gas Natural (37.5%). The remaining 25% of Riogas was owned by Petrobras. CEG (a gas distribution company) and Riogas were privatized at the same time. Riogas changed its name to CEG Rio in 1999. In November 2003, Gas Natural acquired Enron's 33.7% share and increased its own share, which was 38.25% at the time of the transaction, to 72%. As of 2005, Gas Natural owned 70.46%, Gaspetro 26.19% and Pluspetrol 3.35%.  In 2016, Mitsui acquired 49% of Gaspetro's shares, increasing the private ownership of CEG Rio's shares to 86.6%.
En 1997, the departamental government of Antioquia decided to liquidate Acuantioquia, the state owned enterprise which was responsible to manage the 39 water utilities system in the Antoquia deparment. In 1997, as part of the restructuration process, the departamental government transferred to Aguascol Arbelaez SA the operation the water utilities of four municipalities in the department(Caucasia, Taraza, Nechi, and Caceres) through a 15 year operation contract. In 2005 the municipalities had the following population Caucasia (6,338 inhabitants), Taraza (18,427), Nechi (10,606) Caceres (70,859).  In 2004 the contract was tranfered from Aguascol Arbelaez Consortium to Aguascol SA ESP. Evidence of operation in late October 2013.
Pichi Picun Leufu electricity generation plant was originally owned by the government utility Hydroelectrica Norpatagonia SA (Hidronor). It is located on the Limay river that separates Neuquen and Rio Negro provinces.  Pichi Picun Leufu plant, 75% complete in 1997, was sold after the third attempt of privatization to Cia. Naviera Perez Companc International (large Argentinean oil and gas group) in October 1997. Perez Companc paid $US 1 million for the plant.  The cost for finishing of the project was approximately $US 136 million. The concession offered by the state included two phases: 35 months to finish the construction of the project and 30 years to administrate it. Consulser-Opyser S.A. will be the plant operator.   In 2003 Petrobras acquired a subsidiary of Cia. Naviera Perez Companc and it's 100% project share.
Central Termica Tucuman is an electricity generation combined cycle plant in El Bracho, Tucuman Province. In 1998 it was built and owned by Pluspetrol Energy. Astra CAPSA acquired a 45% stake in Pluspetrol in January 1997 acting on behalf of its shareholder Spanish company, Repsol.   The end of the first phase of development of the plant in the summer of 1999 was expected to expand its capacity from 288 MW to 460 MW. A further expansion of the plant by 375 MW capacity  is envisaged in the near future. In Dec. 2000, the EIB approved a US$ 50 million loan to Pluspetrol Energy to expand Central Tucuman's capacity and to convert it into a combined cycle plant. The total cost of this expansion is US$ 181 million (financial closure was achieved in the end of 2000 with a US$ 50 million loan provided by the EIB and a US$ 131 million loan granted by Coface).
New World Infrastructure and Sichuan Qianwei Power Company, the provincial owned utility, created a  joint venture, under the legal figure of sino-foreign cooperative joint venture, for 25 years. Under the agreement, signed in October 1997,  the New World Infrastructure ownes 60% of the joint venture and Sichuan Qianwei Power Corporation the remaining 40%. The joint venture, which has invested US$30 million in 1997, operated an installed capacity of 40.5 MW. Such capacity consisted of two 6MW units and one 1.5 MW units installed in December 1991, one 13.5MW unit installed in February 1996 and another 13.5 WM unit installed in December 1996. In addition, the joint venture built an new 13.5 MW which started its commercial operations in March 1998. All the electricity produced by the joint venture is sold to Leshan city located in Sichuan Province.
The Jiaxing Jin Jiang power plant is a cogeneration facility with a generating capacity of 70-MW. A 68% stake was acquired by National Power from the Chinese government authorities in March 97. In the 1997 - 2000 period, a total of US$ 20.2 million was invested in this project's infrastructure (an average of US$ 5 million per year). In Nov. 1999, National Power announced the split of its international and domestic operations, International Power was created.
In July 1997, Cheung Kong Infrastructure Development of Hong Kong signed a 20-year joint venture contract for the rehabilitation and operation of the Shenyang Shifosi Water Plant in Liaoning province. The first phase was complete at the time of the contract signing and the plant was already operational, producing 200,000 tons of treated water per day. The second phase was to double capacity to 400,000 tons per day within in 2 years.   To implement the contract, Shifosi Water Company was created as the project company which was owned by Cheung Kong (50%) and the municipal government of the Liaoning province (50%).  Total investment was estimated at RMB 400 million (US$48.2 million).
Cote D'Ivoire Telecom (CI Telecom) was the national local and long distance carrier in the country. The government started to divest the company in January 1997 when it sold, through competitive bidding, a 51% stake for US$210 million (FF 1.05 billion) to a consortium led by France Telecom that included the Sifcom group and several Côte d'Ivoire investment companies. France Telecom directly held a 45.9% stake in the operator.   CI Telecom was divested with a seven-year exclusive period in the provision of fixed-line local and long distance service. In turn, the company committed to invest US$456 million (FF2.5 billion) in order to build some 300,000 new lines and modernize the local network during the first five years of operation (1997-2001). However, according to the regulator, the Agence des Télécommunications de Côte d'Ivoire (ATCI), its roll-out targets were to be adjusted proportionately downward if economic growth dropped below 7% per annum. The political and economic crises in the country caused GDP growth to contract by -2.4% in 2000, grow by just 0.19% in 2001 and contract again by -1.2% in 2002. The result was that new lines grew from 115,214 in 1997 to only 358,252 by 2002.   Under the original timetable, CI-Telecom's seven-year monopoly was due to expire on  February 2, 2004. However, the coup d'état in 1999 and successive political crises since then had pushed the issue onto the back burner, and a policy decision that was expected in 2003 never materialised.   The company awarded Alcatel a US$5 million contract to extend network coverage using wireless technology in 1998.  Investments of FF 2.5 billion (US$335 million) were scheduled over 5 years to cover a town of over 3,000 inhabitants, open 300,000 new lines (going from the current 139,000 lines to 410,000 in 2001) and install additional phone booths.   As of end 2004, Cote D'Ivoire Telecom had 226,000 active subscribers.
In September 1997, Road King Infrastructure signed two 18-year joint venture contracts for the upgrade and operation of National Highway 309. The was a possible extension of 2 years. The 35-km and 44-km sections of this class I highway link Shanxi and Shandong and pass through Hebei. The road has direct access to Jinan, the capital city of Hebei Province. Road King obtained a 70% equity share in the joint ventures in return for a total investment of HK$ 262 million (US$33.8 million).  Road King funds its projects from internally generated funds and long-term debt. This includes a US$ 138 million syndicated loan and US$ 140 million 10-year fixed rate notes arranged in 1997. Toll collected started in October 1997, with tolls ranging from Rmb 10 to Rmb 60 per vehicle.
Trans Jordan Communications Services, "Alo," was awarded one of the two licenses to provide payphone services granted in Jordan in May 1997. The other license was awarded to a joint venture between Alpha International and Turkish Romelli Investment Group. The company was owned by Nars for Advance Communications (50%), Greece's OTE (40%), and Greece's Ellascom (10%). The companies won their licenses when they offered the lowest end-user-prices.   The company had around 1,650 smart card payphones by July 1998. The number was expected to increased to 2,481 by end of 1998.  The company had 5,000 payphones in operation by the end of 2000.
In February 1997, Ciagua assumed the water and sewer services (through a 30 year contract) for the municipal district of Mairinque in the state of Sao Paulo. The project, located 60 kilometers from the capital of Sao Paulo, provided water to 92% of the population in Mairinque and sewerage to 74.6%; however service was irregular and rationing was the norm.  Ciagua –Concessionaria de Aguas de Mairinque- was owned by the Brazilian Villanova Engenharia e Construcoes Ltda.   The project cost was estimated at US$29.5 million (31 million reais). Caixa Economica Federal (CEF), in conjunction with the National Development Bank (BNDES), will grant financing to Ciagua.   Within the first year, 50% of the population managed to obtain continuous service, while the rest had water rationing for intervals of 6 to 12 hours. As of 2002, Ciagua had invested US$4.4 million and had increased coverage of potable water to 99% and of sewer to 78%. The company had been able to reduce water losses from 72% to 55% and later to 42%.
In October 1997, the Sichuan Expressway Company Limited launched an IPO for H- shares on the Hong Kong Stock Exchange. The Company was established by the Sichuan Provincial Department of Communications to build, develop and operate transport projects in Sichuan Province. New World Infrastructure purchased a 9.9% equity share for HK$393 million (US$ 51 million). New World Infrastructure has also signed a joint venture contract with the Sichuan Expressway Company and one other SOE for the development and operation of the 43.03km Chengdu Ring Expressway, but was awaiting government approval before investing its capital.  Total revenue raised from the share issue was $182 million (approx.). New World disposed of its share in the company in 2001.
Kemerovo Mobile Communications received its license to operate an DAMPS network in the Kemerovo region with a population of 3.2 million in May 1996.   The company was created as a joint venture between Millicom International Cellular (55%), and a local radiotelephone company. The company started its commercial operations in October 1997 with Ericsson as equipment supplier. The network had four base stations. In its first year, the venture managed to subscribe around 1000 people. The Ministry of Communications have issued a total of three licenses for the Kemerovo region. Kemerovo Mobile Communications operated under Bee-line and FORA brandname.  Millicom provided its services in Russia under the brand name FORA Telecom and held controlling stakes in 12 operators covering a population of 48 million. The regions covered by the FORA group were: Moscow, Saint-Petersburg, Belgorod, Izhevsk (Republic of Udmurtiya), Irkutsk, Kemerovo, Kursk, Nizhny Novgorod, Omsk, Smolensk, Rostov-on-Don, Chelyabinsk. The holding's Russian cellular operators had a total base of 165 thousand subscribers in various parts of Russia in 2001. Since entering the market, Millicom invested over US $100 million into Russian economy.   In December 2001 the shares of Millicom in 12 Russian companies were acquired by Tele2 AB which, along with Millicom, is part of the Kinnevik group. The assets included 11 AMPS carriers and the Moscow Cellular Communications NMT 450 MHz carrier. Tele2 AB paid $80 million for the assets and promised another $30 million after the AMPS carriers, which had to abandon their spectrum according to an agreement with the Communications Ministry, received GSM 1800 MHz licenses. After the acquisition, all of Tele2 subsidiaries switched to Tele2 brand. Tele2 planned to invest up to US$80 million in GSM communications in Russia in 2003.  The GSM-1800 license was issued to Kemerovo Mobile Communications in July 2001 for 10 years. Tele2 launched GSM-1800 mobile network in Kemerovo in April 2003.
Empresa Concessionaria de Rodovias do Norte SA - Econorte was granted a 24-year concession awarded by the State of Parana. The bidding process was competitive and the award criteria was the quantity of km of access highways to be rehabilitated by the sponsors.  The concession is a Rehabilitate, Operate and Transfer type: the consortium is responsible for rehabilitation and maintenance of the 240 Km toll road. The consortium that won the concession comprised Ivai Engenharia, Construtora Triunfo and Necso holding 25% of the shares each; Polledo holding 14%, Construtora Sanches holding 9% and Coneville holding 2%. These companies became shareholders of Econorte.   The estimated traffic flow was 5,600 vehicles per day. In June 1998, as the initial rehabilitation works were completed, the concessionaire started charging tolls.   In August 1998, the concession contract was under renegotiation; as the state government decided to reduce the toll rates, the concessionaire stopped its investment plans and only the rehabilitation works were implemented. In 2000, Econorte resumed investments after an amendment of the terms of the concession had been signed.    In 2003, after the concessionaries that operate in State of Parana failed to reach an agreement with the government to lower the toll rates, the government of the State of Parana enacted a statute to cancel the concession and return the management and operation of the highways to the State. In December 2003, a Federal Court declared that the cancellation should be preceded by an administrative process in order to define the due compensation to the company. In January 2004, the governor of the State of Parana enacted an executive decree declaring that the State was authorized to take the voting shares of Econorte. The government stated that the expropriation would not take place if the company agreed to reduce the toll rates. As of January 2004, the issue is pending final judicial decision. In April 2004 the federal court ruled that the concessionaire should still operate, thereby overturning the state court decree that took back the concession contract. The concessionaire and the state government were to negotiate toll rates but the contract was not in question.  As of Dec. 2009, Econorte was a wholly-owned subsidiary of Construtura Triunfo.
En 1997, the departamental government of Antioquia decided to liquidate Acuantioquia, the state owned enterprise which was responsible to manage the 39 water utilities system in the Antoquia deparment. In 1997, as part of the restructuration process, the departamental government transferred to Operadores de Servicios SA the operation the water utilities of four municipalities in the department(Santa Barbara, Fredonia, Valparaiso and Caramanta) through a 15 year operation contract.   There was no further available information about status in 2013.
Sibchallange Telecom, a major independent fixed line telecommunications operator in Krasnoyarsk. It provides fixed-line service (also in CDMA-800 standard), as well as data, and Internet services.  By 2003 Sibchallenge Telecom built and operated 100,000 telephone-number network in Sibchallange Telecom, a major independent fixed line telecommunications operator in Krasnoyarsk. It provides fixed-line service (also in CDMA-800 standard), as well as data, and Internet services.  By 2003 Sibchallenge Telecom built and operated 100,000 telephone-number network in Krasnoyarsk. The company’s network in Krasnoyarsk included a switchboard, 127 km of fiber optic cable, 170 km of copper cable and more than 30 points of presence in the city. The company also served about 8,000 cellular subscribers by 2003. Sibchallenge Telecom launched a wireless CDMA network in the city in 2001 with a capacity of 7,500 numbers. The cost of the project was US$2 million. The network was based on LG Electronics CDMA equipment, which allows to increase network capacity to 30,000 numbers.  Sibchallenge Corporation owned 68% stake in Sibchallenge Telecom.   In August 2003, Golden Telecom acquired 100% of OOO Sibchallenge Telecom (“Sibchallenge”).
Kursk Cellular Communications received a license to operate a AMPS 800 license from the Ministry of Communications on May 17, 1996. The total population in the license area was 1.4 million in 1997. The company was created as a joint venture between Millicom International Cellular (95%), and local investors. The company started its commercial operations in October 1997 with Stanilite Electronics Pty. Ltd. as equipment supplier. The company had only one cell for its 709 subscribers by 1999.  Millicom provided its services in Russia under the brand name FORA Telecom and held controlling stakes in 12 operators covering a population of 48 million. The regions covered by the FORA group were: Moscow, Saint-Petersburg, Belgorod, Izhevsk (Republic of Udmurtiya), Irkutsk, Kemerovo, Kursk, Nizhny Novgorod, Omsk, Smolensk, Rostov-on-Don, Chelyabinsk. The holding's Russian cellular operators had a total base of 165 thousand subscribers in various parts of Russia in 2001. Since entering the market, Millicom invested over US $100 million into Russian economy.  In December 2001 the shares of Millicom in 12 Russian companies were acquired by Tele2 AB which, along with Millicom, is part of the Kinnevik group. The assets included 11 AMPS carriers and the Moscow Cellular Communications NMT 450 MHz carrier. Tele2 AB paid $80 million for the assets and promised another $30 million after the AMPS carriers, which had to abandon their spectrum according to an agreement with the Communications Ministry, received GSM 1800 MHz licenses. After the acquisition, all of Tele2 subsidiaries switched to Tele2 brand. Tele2 planned to invest up to US$80 million in GSM communications in Russia in 2003.  The GSM-1800 license was issued to Kursk Cellular Communications in 2001 for 10 years. The GSM-1800 mobile network in Kursk was expected to be launched in spring 2004. Cellular penetration of Tele2 in Kursk region was only 11%.
Telecom Srbija, the state-owned local telephone operator in Serbia, started to be privatized in June 1997 when a 49% stake was sold for US$880 million (DM1.57 billion) to a Greek-Italian consortium integrated by Italy's Stet International (Telecom Italia) and Greece's OTE. After the transaction Telecom Italia owned 29% of Telecom Srbija, while OTE had the remaining 20%. The proceeds went to pay overdue salaries and pensions, finance export-oriented companies and carry out emergency repairs to Serbia's infrastructure.  As part of the agreement, the company was granted an eight year monopoly over fixed phone services.   In addition, Telecom Srbija received a 20 year GSM license for which it paid an additional US$70.2 million (DM 125 million). In 1998, Telekom Srbija intended to invest $250 million (YDn1.372 billion), but Telecom Italia and OTE of Greece stalled plans to invest more than US$100 million in April 1998 because of Yugoslavia's worsening economy. The 1998 business plan unveiled an forecasted traffic increase of 4.6 per cent and 90,500 new subscribers.   In August 1998, Telekom Srbija launched the country's second mobile telephone network in Belgrade in August. The network was expected to attract 25,000 users by the end of 1998 and the company expected to cover 40% of Serbian market by mid-2000. The project was temporarily stalled because of the Kosovo War, but re-started in March 2000.   In December 2002 the Serbian government bought back the 29% stake in Telekom Srbija from Telecom Italia for Euro 195 million (US$204 million) and now controls 80% of the operator through the state-run PTT Srbija. According to the deal, PPT Srbija was expected to pay Telecom Italia Euro 120 million (US$126 million) in 2003 in four equal installments and the remaining Euro 75 million (US$78 million) by July 2008.  By the end of 2005, Telekom Srbija provided a range of telecommunications services, including fixed and mobile voice, as well as data communications and Internet access. The company served some 2.7 million fixed line subscribers and 3.5 mobile subscribers. Its networks covered 92% of Serbia's population and 66% of its geographic area.  On December 30th, 2011 OTE signed an agreement to sell its entire stake (20%) in Telekom Srbija back to the company/Serbian government. The transaction cleared in mid January 2011, for US$ 527.7 million (380 million euro)
On 5 May 1997, New World Infrastructure signed a 25-year cooperative joint venture agreement for the development and operation of the Lainping County section of National Roadway No.105. An old roadway exists, but the JV company will construct a new road due to open at the end of 1998. The new roadway is a 33km dual 2-lane class-1 highway. NWI has a 51% stake in the project company, Heyuan Xinlian Highway Co. Ltd. NWI invested US$ 3.82 million in equity and US$ 11.47 as a shareholders loan. Total project costs are US$29.98 million. New World disposed of its stakes in project in November 2000.
Yemen Investment & Development International Ltd  (Yeminvest) is a special purpose development company owned by the Bin Mahfouz family of Saudi Arabia. It was awarded the Aden Free Zone Development Projects Agreement in March 1996 by the Yemen Free Zones Public Authority. This agreement, exclusive to Yeminvest, established a minimum 25-30 year concession to develop and operate the container terminal. In June 1997, Yeminvest signed a US$186.8 million turnkey contract with the Port of Singapore Authority (PSA) for phase I of the Aden Container Terminal (ACT). It consists of construction of some 700 meters of berth, onshore container stacking areas, roads, standby power plant, buildings and the supply of quay cranes and other equipment for the terminal. The project was scheduled to be completed by March 1999. PSA Corp was to manage and operate ACT for a period of 20 years under a Terminal Management Contract signed in October 1997 and took 49% interest in Yeminvest. By the year 2001, container traffic handled at the port was estimated to have grown by 52%.  PSA Corp pulled out of its partnership in November 2003 by selling back the 60% stake it held in Yeminvest to the government for US$200 million.  The Yemeni authorities had failed to renegotiate the concession to reduce the burden of underwriting the Singapore company’s losses.    Overseas Port Management (OPM), a special purpose company set up by former PSA manager M M J Subramaniam, was operating ACT while the government sought to re-tender the port.   The Yemeni government intended to replace PSA with another private operator as soon as possible. At the end of 2006 the government had received proposals for a new 35 year concession from Dubai Ports World and OPM.
The project consisted in a 100MW coal fired power plant located in Zunhua in Hebei. The principal developer is Keppel Group. The facility whose total cost was estimate in $70 million was expected to start commercial operation in early 1999. Its construction started in 1997. The project has a 20 year power purchase agreement with the local authority, Zunhua Energy Development Corp. The shareholders are Keppel Group (60%) and the local authority (40%)
Empresa Electrica Matamoros SA received a contract to operate and manage a 4 MW power plant in C. Quesada, San Carlos.  The contract was signed in October 1997.  The power plant began operations in June 1997.
Losko SA operates a 1,500 MW power plant in San Carlos, Alajuela.  The agreement was signed in June 1995 and the plant began operations in December 1997.  The company has a 15-year purchasing power agreement with ICE. The BCIE provided financial assistance to the project in 1995: US$ 0.8 million as direct loan and US$ 1 million as intermediated loan. The sponsors contributed with US$ 1 million in equity.
Cheung Kong Infrastructure (CKI) has entered a 22-year joint venture project for the operation of the Tangshan-Tangle Road in Hebei Province. The dual, one-lane class 2 highway costs HK$ 187 million (US$ 24 million). CKI has a 51% stake in the project and invested HK$ 95 million (US$ 12 million).
In May 1997, Suez Lyonnaise des Eaux (renamed SUEZ in May of 2001) was awarded a 25-year BOT contract for the construction and operation of a water supply plant in Medan, Northern Sumatra Provence.  Medan had about 1 million connections out of a population of 2.5 million.  The first phase of the plant was due to be completed in the year 2000 with a capacity of 170,000 cubic meters per day. The second phase was to be completed in 2003 and increase the capacity to 260,000 cubic meters per day.   To implement the contract, PT Tirta Lyonnaise Medan was created as the the joint venture project company between SUEZ water subsidiary Ondeo (85%) and the state-owned water company PDAM Tirtanadi Propinsi Sumut (Tirtanadi) (15%).    Total investment in the project was to amount to US$85 million.  Tirtanadi was to provide 7 hectares of land in Limau Manis, Deli Serdang regency, North Sumatra and SUEZ was to initially inject Rp 120 billion (US$49 million) in the plant.  Under a water purchase agreement signed in July of 2000, Tirtanadi was to purchase the treated drinking water supplied by SUEZ at Rp 975 per cubic meter and then sell it to consumers at Rp 1,150 per cubic meter.
IES International entered into a partnership with the Jiaxing City Power Bureau to jointly own and operate the 36-MW coal-fired cogeneration facility in Jiaxing City, a city with a population of 3 million. The 50/50 partnership will sell electricity to the city's power bureau. Steam from the cogeneration facility will be sold to factories and other users in the region. Day-to-day operations will be managed primarily by Jiaxing Power Bureau, with IES providing technical expertise and management assistance.
This mine-mouth, coal-fired plant will have a generating capacity of 2,100-MW. Construction was scheduled to start in late 1997 under a fixed-price, fixed-schedule turnkey contract and to extend over 5 years. The first of the six 350-MW units will go into service in mid-2000. The project includes a 440-mile transmission line (to be paid for by the Chinese partners in the project) that will be used to supply power to Jiangsu Power. The plant will use low-sulfur anthracite coal from Shanxi Provincial Coal Sales & Transportation Co. under a long term contract. The owner is a joint venture between AES China Generating (25%), state owned utility North China Power Group (25%), Jiangsu Province Investment Corp. (20%), Shanxi Energy Enterprises (16%), Shanxi Provincial Power Corp. (10%), and Jiangsu Provincial Power Co. (4%), formed in October 1996. It has a contract for 20 years. Financing of AES's 25% ($98 million) equity, while  $1.21 billion is to be borrowed from a bank group including China Construction Bank, China State Development Bank, US ExIm Bank, and Kreditanstalt fuer Wiederaufbau. AES closed financing on the project in June 1997.
Cheung Kong Infrastructure Holdings signed 20 year contracts in 1997 with the municipal government in Fushun City, Liaoning province for the operation and maintenance of cogeneration plants and two water facilities.  Cheung Kong will invest a total of US$78.3 million for a 69% stake in the joint venture.  The remaining stake is held by the city of Fushun.  The cogeneration plants have a combined capacity of 150MW of electricity.  The plants supply electricity in addition to heat in the form of high and low pressure steam.  When the joint venture took over the operation of the water facilities, the plants had a combined capacity of 300,000 tonnes/day and was to be upgraded to 400,000 tonnes/day.  CKI invested approximately RMB450 million in the power plants and RMB200 million in the water facilities.
Saha Cogen Co. Ltd, is developing a 122-megawatt plant at the Saha Industrial Park in Sriracha, Chon Buri. Saha Cogen Co. Ltd. is a consortium comprised of Saha Group (51%) and Zurn Industries (49%). National Energy Production Corp and Jurong Engineering Ltd are the primary contractors. Operational Energy Group, a subsidiary of Zurn Industries, will be responsible for operational and maintenance activities for the project. Ishi-Kawajima-Harima is the equipment supplier. The plant is being developed under the Small Power Producer (SPP) Program that encourages the sale of excess output to EGAT.   A power-purchase-agreement was signed on March 25, 1997 with the Electricity Generating Authority of Thailand (EGAT) to sell 90-MW of the plant's 122-MW output. The remaining 32-MW steam energy generated by the project will be used by industrial customers at the Saha Group Industrial Park. Project cost is Baht 2.8 billion (US$108.6 million). Thai Investment and Securities Plc. was the arranger for this project.   In 1999, Covanta Energy (previously known as Ogden) acquired a 74% stake in Saha Cogen; the remaining 26% is held by the Saha Group.  In second quarter 2001, Saha Cogen raised financing Bt3.5bn (approximately US$81.4m) in a dual currency financing agreement with four Thai financial institutions.  This will be used to readjust the company's bath-to-US dollar ratio and to expand the existing power plant to 132 MW.  Lenders include Thai Farmers Bank, Bank of Ayudhya, the Industrial Finance Corp. of Thailand and Tisco Finance.  The loan has a 12-year tenor and is divided into two tranches: a Bt 1.96bn tranche and a US$30.2m tranche.
New World Infrastructure entered into a joint-venture agreement with Guangdong Province to rehabilitate and operate the toll highway connecting Gaoyao to Sanshui. The 34-km toll road demanded US$ 4.8 million or Rmb 40 million (50% financed with loans and 50% with equity). The dual one-lane highway has 1 toll collection booth. The average traffic flow was 1,534 vehicles per day in 1999 (expected saturation capacity is 10,000 vehicles daily). The toll road became operational in September 1997.
Mobtel or Telecommunications Srbija BK-PTT was awarded a renewable 10-year license to provide mobile phone services in Serbia. The company was formed as a joint venture between state-owned PTT Serbia (49%) and the Moscow based trading and construction company BK Trade (51%). The latter company, in turn, was owned by Serbian businessman Bogolijub Karic in the Bogolijub Karic Group (BK Group). The company was initially awarded 20 years exclusivity in the mobile services, but the Yugoslavian government awarded another license to the Greek-Italian consortium OTE-STET which bought a stake in the Serbian telecom company.   The network started services in early 1997. The initial network was installed at a cost of US$130 million by Ericcson. The company awarded another contract to Ericsson worth US$60 million in order to expand capacity in Belgrade in May 1998. The financing was done through the private partner. In January 1999, Mobtel and Ericsson signed a contract worth US$210 million for the expansion of Mobtel's GSM network in Serbia. The equipment would be delivered and installed by 2001. In June 2002 Mobtel and Ericsson signed a $US105 million contract to expand and enhance Mobtel's GSM 900/1800 network. Ericsson was expected to be the sole supplier of equipment, software and services in the expansion.  In 2003, the government was facing obstacles in its attempt to reach an agreement with BK Trade so that the state could take control of the firm and sell it to a foreign investor. In mid-September Srdjan Blagojevic, the general director of the state-owned post and telephone company, PTT Srbija, which owned 49% of Mobtel, was sacked for making an unauthorised deal that would have raised PTT Srbija's stake to 55%. Mr Blagojevic was dismissed by Marija Raseta-Vukosavljevic, the minister of transport and telecommunications, who had herself been accused by the opposition G17 Plus party of helping criminal gangs to launder money through privatisations.   By end 2005 Mobtel had around 2.6 million subscribers and was the sharing the market only with Telekom Srbija's mobile unit.  In January 2006, Serbia’s government suspended Mobtel’s operating licence, following claims that its owner – Bogoljub Karic – breached licence terms and damaged national security by ceding control of wireless operations in Kosovo to Mobikos, a company owned by Kosovan businessman Ekrem Luka. Government of Serbia gave the control of Mobtel to Telekom Serbia.
Three Singapore-based companies have teamed up with a Chinese Consortium to build a 604-MW (2x302-MW) coal-fired power plant in Hefei, Anhui Province. Three Singaporean companies, Singapore Power International (a subsidiary of Singapore Power), Tropical Excellence Infrastructure (a subsidiary of Government of Singapore Investment) and United Power have formed a joint venture, United Power Corporation Pte. Ltd. United Power Corporation Pte. Ltd will own 49% of the project company, Anhui Hefei United Power Generation Company. The remaining 51% is distributed between four Chinese companies as follows: East China Power Group: 20%; Anhui Electric Power Development Company: 16%; Anhui Electric Power Co.: 7.5% and Hefei Construction and Investment Co: 7.5%.    The plant will sell its output of around 4 GWh per year to the Anhui Electric Power Co (AEPC) when it enters commercial service in 2000. AEPC will also operate the plant and take responsibility for fuel supply, with the company's various obligations being supported by a performance guarantee from the East China Electric Power Group Corp. Turnkey construction of the plant has been awarded to Swiss-Swedish ABB Kraftwerke. $144m for the project is equity financed and the remainder debt financed. The parties reached financial closure on June 25, 1997. The contract included a $75 million limited recourse loan arranged by Singapore's OCBC Bank and DBS Bank, and the Singapore arm of the Bank of China. The margin on the 10 year loan is 210 bp over LIBOR before completion and 190 bp after completion. KfW and Hermes provided a direct loan of $160m. China Development Bank and State Development Bank are contributing $184m.  As of September 2002, the project company was having problems meeting its projected cashflow due to lower tariff rates which may result in its inability to meet debt repayments. The sponsors were in discussions with various government bodies who were reviewing the tariff rates.
The Tanjung Jati B coal-fired plant was a 1,320-MW (2x660-MW), US$1,800 million generation facility.  Tanjung Jati B Coal-Fired Power Plant was distinct from the proposed Tanjung Jati A project also to be located in the Jepara Province, Central Java.    The project originally belonged to the portfolio of the Hong Kong-based Hopewell Holdings' Consolidated Electric Power Asia (CEPA), through its local subsidiary, PT CEPA.  Hopewell Holdings signed a 30-yr PPA with Perushaan Listrik Negara (PLN) in September of 1997.  PT Bentala Coal Mining and PT Adaro Indonesia agreed to supply coal for the project.  The project was temporarily halted after the East Asian economic crisis hit beginning in 1997.    The project ran into difficulties as CEPA fell out with its original joint-venture partner, faced political pressures to reduce tariffs, and was unable to secure financing. Hopewell and the Government of Indonesia decided to cancel the project in 1997.  Construction had been started using US$430 million of the sponsors' funds.  Southern Electric bought 99.9% of CEPA, but decided not to take Tanjung Jati B Coal-Fired Power Plant because of the political and financial problems of the project.     Sumitomo Corp. [Japan] resumed construction in November 2001 with a completion date set for 2004.  Under a 20-year build-lease-transfer contract, Sumitomo bought out CEPA and sponsored the project via a special purpose vehicle, Central Java Power (CJP). In October 2006, CJP began leasing the completed power plant to PLN, which operated it. As a result, CJP's revenue came from lease payments made by PLN. In 2003, the project secured fresh financing from JBIC and a group of commercial banks that included Bank of Tokyo-Mitsubishi, BNP Paribas, Shinsei Bank, SMBC and Sumitomo Trust & Banking.  EXPANSION  PT Central Java Power (CJP) was developing units 3 & 4 of the Tanjung Jati B plant, an expansion of the existing Tanjung Jati B coal-fired power plant.  The greenfield, 1,320 MW (2 X 660 MW) expansion plant was developed on a build, lease and transfer basis. Under the 20-year BLT contract signed on Nov. 4, 2008, Sumitomo [Japan] sponsored the project via its special purpose vehicle, Central Java Power (CJP). CJP was to lease the power plant to the state-owned electrical utility, Perusahaan Listrik Negara (PLN), which was to operate it. As a result, CJP's revenue was to come not from offtake payments, but from PLN's lease payments.  Tanjung Jati B – Units 3 & 4 is located beside the existing 1,320 MW Tanjung Jati B – Units 1 & 2, in Tanjung Jati, Jepara province.  In March 2007, Sumitomo Corp. issued a request for proposals (RFP) for the arranger role to lead the financing for the expansion of Tanjung Jati B.  The expansion was to be undertaken by Central Java Power, the same project company that undertook units 1 & 2 of the Tanjung Jati B plant.  The US$2.2 billion project reached financial closure on Dec. 25, 2008, with an 80:20 debt-equity ratio.  The total debt of US$1.75 billion comprised a US$1 billion (96 billion Japanese Yen [JPY]) direct loan from Japanese Bank for International Cooperation (JBIC) and US$ 750 million (JPY 64 billion) in covered debt provided by three commercial banks: Bank of Tokyo-Mitsubishi; BNP Paribas; and SMBC.  The covered debt was syndicated among Calyon, Mizuho, Shinking Central Bank and Sumitomo Trust and Banking.  The commercial banks’ debt was covered by a JBIC-provided extended political risk guarantee that also covered PLN's payment obligations. The tenor on the debt was 16 years door-to-door, including four years' construction.  An umbrella note signed between JBIC and the Indonesian Ministry of Finance (MoF) specified that the ministry would support PLN's payment obligations to the project company, although the ministry did not issue an explicit payment guarantee.  Construction was to start in first quarter of 2009, the plant was commissioned in December 2011 - earlier than expected (2012).
Companhia Estadual de Gas do Rio de Janeiro (CEG) is a natural gas distribution company that operates in the state of Rio de Janeiro. The company serves over 550,000 residential customers and 1,000 industrial customers with a 2,200km pipeline network. The company's sales represent 22% of Brazil's gas consumption. The company was partially privatized when 56.4% of its equity was sold for US$ 429.8 million to a consortium integrated by Enron (25.38% of CEG), Gas Natural (18.88%), Iberdrola (9.8%), and Pluspetrol (2.25%). CEG and Riogas (gas distribution company) were privatized at the same time. In 2001 Gas Natural acquired Iberdrola's 9.8% share to increase its own share to 28.6%. In November 2003, Gas Natural acquired Enron's 25.39% share and increased its own share to 54.16%.  As of 2005, in addition to Gas Natural, other stakeholders were Bndespar (34.56%), Dinamica Energia (8.74%), Pluspetrol (2.26%) and others.  In 2007, state-owned bank BNDES approved a US$ 129.6 million (BRL 252.8 million) loan to finance CEG's investment in the 2007-2009 period. The loan represented 66% of the US$ 197.4 million (BRL 384.9 million) that was set to be invested during that period.
Uzmacom was awarded one of the four GSM 900 licenses by Uzbek Postal and Telegraph Agency (UPTA) in October 1996. The other three licenses were awarded to Unitel (Daewoo), Buztel (Bakrie Group), and Coscom (MCT Investors). Uzmacom was a joint venture between Makhalliy Telecom (former state-owned Uzbek Telecom) and the Malaysian company Superior Communications Sdn. Bdh.   The initial investment in the project was US$10 million aimed at signing on 20,000 subscribers in its first two years. The company started its commercial services in August 1997.   By mid 2003, Uzmacom had about 12,500 subscribers, placing it fourth among Uzbekistan's six mobile service providers.  In the first quarter of 2003 the company installed additional stations in the capital and Tashkent region, including towns of Chirchik, Yangiyul, Gazalkent and others.  In early 2005 Russian group Alfa purchased the 74% Superior Communications held in Uzmacom. Alfa already owned the Buztel (1403) and Unitel (1400) brands in Uzbekistan.  Uzmacom renewed its original license in August 2001. The new license allowed the operator to provide GSM 1800 as well as GSM 900 service. On August 15, 2005 Uzmacom’s license expired and the company did not apply for a renewal. Uzmacom switched off its customers on August 16th, 2005.
The Astrakhan Airport was partially privatized in 1997, as part of the Russian government privatization program. Through a voucher program, private individuals hold a 49.1% stake in the company. In the 1997-2000 period, the airport was refurbished: its runway was extended to 700 meters, terminals were expanded and air navigation systems upgraded. With this project, which involved an investment of US$ 64.6 million, the airport obtained an international status.
Telesystems of Ukraine was awarded a license for the use of the 800 MHz band to deploy a CDMA (IS-95) fixed radio-telecommunications network by the Ministry of Communications in April 1997.   The owners of the company were Qualcomm (49%), Rhuta-Farm (41.1%), and state-owned Ukrtelecom (9.9%) by 1999. Telesystems of Ukraine paid US$8.5 million for a frequency license and had planned to invest around US$580 million during its first five-years.  The license was awarded to allow the country to adopt an international standard for its telecommunications development.   Qualcomm had evaluated the feasibility of a nation-wide CDMA network in Ukraine for almost two years, completing frequency research and performing preparatory work in order to introduce Ukraine to CDMA technology. Qualcomm had also committed to establishing a joint venture with leading Ukrainian enterprises for the manufacturing of telecom equipment. The launching of this network in Kiev was expected by end 1998. Qualcomm said the firm had invested about US$8.8 million for the 49 percent ownership and in 1998 had invested US$2 million more and provided a working capital loan of US$8.9 million.   In 1999, the Ministry of Communications denied Qualcomm certification for its CDMA equipment. The network was dismantled due to a resolution of the State Committee on Communication and Informatization, which forbade utilization of equipment produced by Qualcomm company (USA) since the latter did not meet technical requirements adopted in Ukraine. In June 1999, Qualcomm pulled out of the company, which then became controlled by national operator Ukrtelecom.
The Spanish-Colombian consortium headed by Aeropuertos de Espana y Navegacion Aerea (AENA) took over airside and landside operations at Barranquilla International Airport. Over the 15-year period, the consortium will pay to the government US$ 8.8 million (30% of the payments will be kept by the consortium to be invested in airside improvements). The contract was awarded to the consortium in 1996, but signed in 1997.  In February 2012, the contract was cancelled as the federal authorities judged that the operator Aeropuertos del Caribe (ACSA) failed to provide the agreed services. As of November 2013, the government agency ANI was preparing the re-tendering of the project.
Companhia Energetica do Rio Grande do Norte (Cosern) is an integrated electric utility serving the state of Rio Grande do Norte. In 1997, its concession area covered 53,167 square kilometers and it served 166 municipalities and the company had 590,769 customers. Consern buys most of the electricity that it sells from Electrobras. For instance, it bought 2,534 GWh of the 2,084 GWh that it sold in 1996 from Electrobras. The company was partially privatized in December 1997, when the state government sold a 80% equity stake for $606 million (R$676.4 million) to a consortium led by Brazilian Coelba, the electric distribution company for the state of Bahia, and Iberdrola, which itself controls Coelba. The wining bid represented a premium of 73.6% above the minimum price. In 2001, through a US$23.3 million tender offer for an additional 19.5% of Cosern’s shares, the consortium increased its participation to 92.46% of the total capital (in which it is included the ownership of 92.97% of the voting capital). As of 2005, Cosern's main shareholders were Previ and Iberdrola (both directly and indirectly through Neoenergia), in addition to Banco do Brasil (10.1%), and Uptick Participacoes SA (5.8%) among others.  In 2000, Cosern negotiated the issuance of US$ 38.5 million in debentures to refinance its debts.   In 2009, Cosern was granted a total of US$ 18.4 million (BRL 36.7 million) in loans from Eletrobrás, FINEP e Banco do Nordeste.
The Cambodia Power Company, a joint venture company comprised of US-based firms Beacon Hill and Mosbacher Power Group, is developing a 60-MW naptha and diesel-fired power plant in the northern part of Phnom Penh.  The Mosbacher Power Group replaced Hawaiiian Electric Industries as a sponsor in late 1996. A 25-year PPA with EdC was signed in March 1996. EdC's contractual obligations under the PPA have the financial support of the Royal Government of Cambodia. The project was scheduled to become operational on September 1999.  The project will replace an old 18-MW diesel-fired plant and provide an additional 60-MW to the existing 220-MW of total generation capacity in Phnom Penh. This project was coordinated with, although not a part of, a $10.0 million concessional loan provided by the International Development Association (IDA) to rehabiliate the electricity distribution network of the national utility, Electricite du Cambodge (EdC).   Total project cost was estimated at $82.0m. Financial closure was reached on June 12, 1997. The International Finance Corporation (IFC) approved a $15.0 million A-loan, a $45.2 million B-loan, a subordinated $4.3 million C loan, and a $2.0 million interest rate swap. However, as of 2002, the funds had not been committed. The project sponsors contributed $25.1 million in equity. The US Overseas Private Investment Corporation (OPIC) provided a political risk guarantee for the project.
In October 1997, Road King Infrastructure signed a joint venture contract for the upgrading and management of Provincial Highway 104. The upgrade was completed in November 1997. Road King has a 60% stake in the joint venture and invested HK$127 million (US$ 16.4 million) in the project. Daily traffic on the 41.6-km class II road reached 5,300 during 1997. Road King funds its project from internally generated funds and long term debt. This includes a US$ 138 million syndicated loan and US$ 140 million 10-year fixed rate notes arranged in 1997.
The joint-stock company Tonic acquired a 51% stake in this electricity distributor for the city of Kokshetau in July 1997 for Tenge 35m ($460,526). Tonic pledged to invest a further Tenge 37m ($486,842) over the next five years.
In April 15, 1997, Suez Lyonnaise des Eaux de Casablanca (Lydec), was awarded a 30-year concession contract to operate and rehabilitate the power generation and power/water distribution systems in Casablanca by the local government arm, Casablanca Urban Community (CUC).  Casablanca was an area with a population of 3.5 million, about 25% of the Moroccan market.  The system had 440,000 water/sewerage connections and 510,000 electricity connections and delivered 122 million cubic meters of water per year in 1997 (or 339,000 cubic meters per day).   Lydec was a consortium consisting of Suez Lyonnaise des Eaux (renamed SUEZ in 2001) water subsidiary Ondeo (35%), Elyo, Lyonnaise's electricity subsidiary (24%), Electricite de France (18%), Endesa of Spain (18%) and Aguas de Barcelona (5%).  Lyonnaise des Eaux had been present in Morocco since 1912.  In 1949, the company signed a 50-year Build-Operate-Transfer contract for a wastewater treatment plant in Casablanca that expired in 1999.     The main objectives of the contract were to: Increase the individual connections rate; increase customer service levels; invest heavily in the network; find a quick solution for Casablanca’s sewage and drainage problems; and implement a specific program for low-income neighborhoods.  The first stage of work centered on the provision of electricity to Casablanca’s shantytowns. This was based on a system of extending the main electricity grid via temporary connections on a street-by-street basis to serve each house in the street.   The consortium formally took over the power and water systems on July 31, 1997. Under the terms of the contract, alterations in water and power rates were only permitted at set intervals. Water rates rose in 1999 and did so again in 2002.  Lyonnaise was committed to share profits if returns were higher than expected.  It called for any profit above a 10% margin to be shared with the city of Casablanca at a rate of 35%.  The investment program included construction of three new wastewater treatment plants.   Total project cost was estimated around US$3.048 billion (30 billion dirhams).  Investment in this project was divided through the following: (i) potable water systems, US$528 million; (ii) electricity generation and distribution systems, US$951 million and (iii) the largest part, US$1.691 billion, was to go towards the wastewater segment.  Operations and management fees were estimated at US$2.9 million (FF18 million).  Of this investment plan, MD 800m (US$84.4 million) was to come from the capital of the newly formed project company; MD 8,200m (US$865 million) was to come from bank loans and cash flow income - which was to include consumer charges; while the remaining MD 21,000m (US$2.215 billion) was to come from utility charges paid by new consumers into an investment fund.  In December of 2004, the shareholding structure of Lydec changed, with Morocco's top insurance firm RMA-Wataniya purchasing 21% and the country's top pension fund Caisse de Dépôt et de Gestion (CDG) buying 20%, with SUEZ continuing to hold 59% (via Ondeo and Elyo).  In July 2005, Lydec offered 14% of its capital in an IPO, as 1.2 million shares were 20% oversubscribed and were priced at MD 240 (US$26), raising MD 288 million (US$31.6 million).  It was the first offering by a utility firm on the Casablanca bourse and nearly 80% of subscribers came from Casablanca.  Money raised by the IPO went to Lydec's top two shareholders.  Suez sold an 8% stake of the 59% it held before the subscription started and RMA-Al Wataniya sold a 6% stake and was left with 15% of Lydec's capital.   After initial financial losses of US$11.6 million over the first two and a half years of the concession, Lydec saw a profit of US$10.7 million for the financial year 2000-01 and US$24.2 million in 2004.  By 2002, connections had increased by 34% and water losses had decreased by 28%.  Leak-reduction technology had resulted in annual water savings of 25 million m3 in five years - equivalent to the annual consumption of 800,000 inhabitants.  The introduction of block tariffs and low-income customer connection targets saw 65,000 low-income households gaining first time connections by 2004. The company’s accounts also indicated that its services to 90% of customers were rated as satisfactory.
Zhenjiang Changhong Thermal Power Cy Ltd was set up by Tractebel's international gas and power arm, Powerfin, and Chinese partners in 1996. The joint venture deal for the building of the Changhong Thermal Power Plant closed in October 1997.   The plant is a lignite/fluidizes bed cogeneration station with a capacity of 27-MW for electricity and 10-MW of heat. It is located at Zhenjiang, on the banks of Yangtze River, 50km from Nanjing. The power station will be equipped with two steam extraction turbine generator sets of 13.5-MW each, supplied by three fluidised bed broilers burning Chinese coal with high ash content. Commercial startup is scheduled for the second half of 1998. The majority of the equipment will be manufactured in China and supplied by Chinese companies.   Powerfin provided $20 million equity and has a 65% stake in the project. China Chang Jiang Energy has a 20% stake, Dantu Economic Development Zone has 10% and the local power bureau, Dantu Sandianban has 5%. Dantu Economic Development Zone will purchase the power.
The Argentinean state-owned company Eseba was divided into three distribution companies that provide electricity distribution facilities in the Buenos Aires province. One of these three distribution companies was Empresa Distribuidora del Sur SA (Edes SA).  Edes SA operates the southern area of the province, and had a 4,600km distribution system to serve 128,000 customers in 1996. The other two distribution companies are Empresa Distribuidora del Norte SA (Eden SA) for the northern area and Edea SA for the Atlantic area of the province. Eden SA and Edes SA were jointly privatized in April 1997 when Eseba sold a 90% stake in the two new companies for $565 million to a consortium comprising AES Corporation and CEA. The remaining 10% of the equity was reserved to be sold to the employees of the companies.   By 1997, AES owned 60%, CEA 30% and employees 10%. The winning consortium split its bid as follows: $420 million for Eden SA and $145 million for Edes SA. Both companies operate under 95-year exclusive concession contracts. In 1996, Eden and Edes served a combined total of approximately 400,000 customers and were contractual customers of the San Nicolas generating facility, which is also jointly owned by AES and CEA. In 2001, CEA (renamed PSEG Global) attempted to sell its stake in Edes to AES but the deal was not complete until 2003 due to disagreement between PSEG and AES over the sale price (PSEG sold its stake in several projects in Argentina to AES).  In 2002, AES Corporation filed legal proceedings with an international arbitration tribunal (International Centre for Settlement of Investment Disputes - ICSID) against the Argentinean government. The proceeding seeks compensation for losses incurred by the company at the time of the devaluation of the Argentinean currency.
In March 1997, Road King Infrastructure signed two 23-year joint venture contracts for the upgrade and operation of Provincial Highway 307 (Huaiyuan-Mengcheng Highway and Huaihe Bridge) in Bengbu, Anhui Province. The 58.9-km highway and 20.7-km bridge section link National Highway 206 in the south of Anhui to the provincial capital, Hefei.   Road King obtained a 60% equity stake in each of the joint ventures in return for a total investment of HK$225 million (US$29.1 million). Road King funds its projects from internally generated funds and long term debt. This includes a US$ 138 million syndicated loan and US$ 140 million 10-year fixed rate notes arranged in 1997. The maximum daily traffic reached 5,700 vehicles in 1997. The standard toll is Rmb4/ton/vehicle.   In 1999, the provincial government extended the joint-venture contracts duration from 23 to 32 years.
Gulf Cogeneration Co Ltd, (Gulf Cogen.) was developing a 107-MW, US$85 million combined-cycle power plant at Kaeng Koi, Sara Buri. The project involves the construction of a 115kv interconnection line and a 22kv distribution system. Black & Veatch was the EPC contractor and the technical consultant.   Gulf Cogen. was a subsidiary of Gulf Electric Public Company Limited (GEC), a joint venture between partially divested Electricity Generating Company (EGCO) of Thailand (50%), Japan Electric Power Development Company Limited (EPDC or J-POWER) (49%) and Mit Siam (1%).   Gulf Electric was in turn originally a 50:50 joint venture comprising the local Lanna Lignite and Siam City Cement. However, in June 2000 EGCO bought Siam City Cement's 50% interest in the company while in October 2001 Lanna Lignite sold 49% of its 50% interest in Gulf Electric to Japan's J-Power and the remaining 1% to Japan's Mitsiam International.   EGCO was set up in May of 1992 as a holding company to divest some of the assets of the state-owned Electricity Generating Authority of Thailand (EGAT). In November 1994, EGCO floated 204 million shares, or 51% of the company, at 22 baht each, raising US$178.5 million and effectively making it a privately run company.  The shares made their debut on the Thai stock market in January of 1995.  Although EGAT retained a 48% interest in EGCO, the company was to be run as a separate entity and was to be out of the EGAT's sphere.  In July of 1998, Hong Kong utility firm China Light and Power Co. Ltd. (CLP Power) acquired a 14.9% stake in EGCO for US$241 million.  As of 2004, the stake holders of EGCO were EGAT (25.41%), CLP Power (22.42%), Thai investors (30.09%), and foreign investors (22.08%).  Financial closure on this project was reached in Febuary 1997 with the sourcing of US$79 million; and 100 bht million loans with 14-year maturities have been obtained from five local banks. The plant is being developed under the Small Power Producer (SPP) Program that encourages the sale of excess output to the Electricity Generating Authority of Thailand (EGAT). An 18-year PPA was signed with EGAT to sell 27-MW of the plant's output which is being sold to industrial customers. The nominal levelized tariffs are set at 1.60 bht/KWh. Gulf Cogeneration has signed an 18-year fuel supply agreement with the Petroleum Authority of Thailand, which commences during 1998.
Western Telesystems Limited (Westel) was awarded its 20 year license as a national operator in December 1996. The company obtained its license through a competitive bidding process when it paid US$10.1 million. ACG Telesystems was a consortium led by the U.S. company Western Wireless International (56%), Adesemi Communications International (10%), and state-owned Ghana National Petroleum Corporation (34%).   The auction of the license was part of a reform to end the monopoly of Ghana Telecom and promote private participation in the sector. However, the basic phone services (fixed local and long distance) were to be provided by only these two companies, at least until 2001.   With a US$2 million supply contract signed in May 1998, World Access became the prime contractor of ACG Telesystems for the initial roll-out of its wireless local loop network. In January 1999, the company launched its network in Accra-Tema, after overcoming some difficulty with interconnection agreements with Ghana Telecom.   Westel's operations had been hampered by its problems with the telecom regulatory authority, the National Communications Authority (NCA). Under the terms of the license, Western Telesystems Limited was required to meet certain customer levels and build-out requirements by January 2002. The company was committed in its license to rolling out some 55,000 lines. However, by February 2003 it had rolled out only 5,000 lines in the capital, Accra. The company alleged that due to the inability of the regulator to enforce interconnection with the incumbent operator all developments were stifled. In accordance with the rules of the NCA, it had to pay a penalty of about US$25 million. By 2003, the fines for Westel cumulated to US$71 million for not meeting the build-out requirements.  In December of 2003, Westel had to negotiate the debt with the NCA and seek some waivers. The NCA granted the request and reduced the debt to US$25 million. Westel paid part of this but had been unable to pay the balance in 2004. That problem had virtually removed Westel from the competition in the fixed line market in Ghana.   In November of 2004, Westel announced that it had filed an international arbitration claim against government for the total expropriation of its investment in the company. Westel argued that its move was the result of the actions of government and National Communication Authority which they claimed violated the terms of its license and obstructed the implementation of its business plan thus causing it financial harm estimated at US$190 million.  In September 2005, ACG Telesystems Limited, the majority shareholder in Westel, sold its entire 66 2/3% shares to its minority shareholder, Ghana National Petroleum Corporation (GNPC) that previously owned 33 1/3% shares in Westel. GNPC was consequently the sole owner of the 100% shares in Westel.
The Nanyang City power plant had a generating capacity of 250-MW (2x125-MW). Construction began in early 1997 with completion of the first unit scheduled for mid-1999 and completion of the second unit a further 5 months later.   The owning and operating joint venture was formed in September 1996 between AEP Pushan Power Ltd. (70%), which is a subsidiary of American Electric Power Resources International Ltd. (AEP), State-owned Henan Electric Power Development Co. (15%), which is a subsidiary of Henan Electric Power Co., and Nanyang Municipal Financial Development Co.(15%), which is affiliated with Nanyang City. The project was entirely equity financed. Equity was committed in April 1997.  In Jun. 1999, commercial operation of the power plant commenced.  In March of 2004, AEP's management made the decision to change their business strategy, which involved leaving China completely.  The decision to sell the plant was also attributed to a spike in coal prices and the lack of commensurate tariff increases.  AEP sold its 70% interest in Nanyang General Light Electric Company Limited to Henan Power for US$34.5 million.
In July 1997, Road King Infrastructure signed two 20-year joint venture contracts for the upgrade and operation of National Highway 307 which includes the 20-km Shijiazhuang-Gaocheng Highway and the 20-km Gaocheng-Jinzhou Highway. Road King obtained a 60% equity stake in the joint ventures in return for a total investment of HK$ 185 million (US$24 million).  Road King funds its projects from internally generated funds and long term debt. This includes a US$ 138 million syndicated loan and US$ 140 million 10-year fixed rate notes arranged in 1997. Both roads started contributing toll revenue in August 1997, and the maximum daily traffic reached 18,400 vehicles.
Panjapol Fiber Container Co. Ltd. is developing a 150-megawatt coal fired plant, with primary sponsors as the Hiang Seng Fibre Container Co and Marubeni. A power-purchase-agreement of uncertain length was approved in July 1997 with the Electricity Generating Authority of Thailand (EGAT) to sell 90-MW of the plant's output. The remaining 60-MW will by used in-house. The primary contractor is Mitsui Engineering and Shipbuilding.  The project will be 100% financed by a loan from Marubeni. The plant is being developed under the Small Power Producer (SPP) Program that encourages the sale of excess output to EGAT. The project is expected to become operational during 1999. An existing 24.5-MW of on-site capacity was purchased from Marubeni/Mitsui in 1996. The project cost is estimated at bht 17.0 billion.    In April 2000, EGAT terminated its power-purchase agreement without giving reason for the cancellation.  The project had not begun construction despite having gained approval several years earlier.
On Oct. 3, 1997, an 85%-15% partnership of AES Corp and Suntree Power Ltd. Of Israel finalized an agreement with the Kazakstan government for the concession to operate two hydro plants and acquire four fossil cogeneration plants in the eastern region of the country. The generation units have 1,384 MW of electric capacity and about 1,000 MW of thermal capacity. The preliminary agreement was signed in July 1997.   The partners paid $20.7 million for concessions on the 332 MW Ust-Kamenogorsk and 702 MW Shulbinsk hydro units. At the same time, the partners paid $2.5 million for the assets of the combined heat and power fossil plants including the 240MW Usk-Kamenogorsk, 50MW Leninogorsk, 50MW Sogrinsk, and 10 MWSemipalatinsk units. The 20-year concession may be extended for five year.
Changzhou City Combined-Cycle power plant is a 45-MW combined-cycle power plant built on a BOT basis in Changzhou City, Jiangsu province, in eastern China. The project was being undertaken by Sithe Energies which will operate the plant for 20 years.  The power plant was owned by Sithe China Holdings (80%), Changzhou City Power General Industry (10%) and Changzhou High-Tech Zone General Co. (10%).  Sithe China Holdings is a subsidiary of Sithe Energies Inc. Sithe sold its share in the project in 2002 to undisclosed buyers.  The total project cost was about $20.3 million, an amount that was arranged by Marubeni in March 1997. The power plant was scheduled to start its commercial operations in 1998.  The 20-year concession involves a power purchase agreement with the Changzhou Power Company (Changzhou Investment Trust), the local power company.
Petropavlovskaya Tets-2's Charter Capital is Tenge 886,863,000. The power station was acquired by the Kazhak-Russian jv Roskazenergo in June 1997 for Tenge 14m ($184,210) with a pledge to invest a further Tenge 5.5bn ($72.3m) over the next five years.  In October 1998, the sponsor unilaterally cancelled the contract under which it was operating the plant.
Bharti Global, a 100% subsidiary of Bharti Enterprises (India), received a 15-year license to provide national telecom services in Seychelles from the government in July 1997.  The telecom network was officially launched in December 1998.  The license covered comprehensive telecom services including basic telephony, GSM cellular servives, long distance and international telecom services, and a variety of value-added services.   The partners were Bharti Global (51%), Jiwanjee Currimjee (via Emtel) of Mauritius (30%), Mr. Raza Bilgrami (7%), and local Seychellois (10%).    The total cost of the network launch was US$25 million of which US$15 million was invested in this first phase.  The services were operated by Telecom Seychelles Ltd., a company incorporated by Bharti Global under the brand name of Airtel.  In December 2005, Telecom Seychelles announced that it would invest US$8.32 million in a 3G (third generation) network.   By end 2005, Airtel had a market leading 35,596 subscribers.  The company competed with Cables and Wireless, the once-monopoly operator on the Islands, and new market entrant Mediatech.
Compania Mexicana de Gas was created in 1927 to distribute natural gas in Monterrey, Nuevo Leon. By January 1996, the company had 350 customers and a distribution over approximately 942 kilometers. The company is owned by Mexican Grupo Diavaz and Enserch (US). Comision Reguladora de Energia (CRE) awarded a final concession to distribute natural gas in Monterrey for 30 year in September 1997. Compania Mexicana de Gas committed to increase its customers to, at least, 50,000 by September 2002. The total cost of its expansion was estimated to be $11.2 million. The project is financed by equity and commercial loans from Mexican banks.
Igasamex was awarded a 30-year contract to build, own and operate a gas pipeline that will supply the companies Mission Hills, Inland Corrugados and the city of San Jose Iturbide. The project involved an investment of US$ 0.4 million. Construction works commenced in Nov. 1997, and commercial operation started in Jul. 1999.
In 1997, Santos Brasil S.A. acquired the concession to operate the country's largest container terminal, responsible for about 15% of cargo shipment in a bid against four internationally renowned consortia.  Santos Brasil bid US$ 250.66 million (R$ 274 million), almost three times the set minimum price of R$ 101 million.   Santos Brasil S.A. is a consortium comprised of Multiterminais Alfandegados do Brasil Ltda. (10%) and pension funds, 525 Participacoes S.A. (15%), Opportunity Leste S.A. (40%), Sistel (15%), and Previ (20%).   The concession contract calls for a reduction of handling fees to R$ 150 within the two first years of the contract. Santos Brasil guaranteed a minimum cargo movement of 274,500 TEUs. After the signature of the concession contract, Santos Brasil signed a 3-year management contract with port operator HHLA. Handling charges have dropped significantly since concessioning out the facility (from R$ 500 to R$ 388 by January 1998) and the terminal productivity increased from 12-14 containers per hour to 22 in 1998. In 2000, more than 41.3% of the total containers managed by the terminal were operated at the rate of 40 per hour.   In 2007, the company received the authorization to expand the capacity of Tecon 1. An additional investment of US$ 146. 2 million (BRL 285 million) was direct to the construction of this new terminal, called Tecon 4.  Construction works were completed in Jan. 2010.  Between 1997 and 2011, the company invested US$ 735.3 million (BRL 1200 million) in the port infrastructure.  In October 2015, the company was able to negotiate a concession contract extension with the regulatory authority. The company was granted an additional 25-year contract extension in exchange for an additional investment in the facilities totalling US$ 380.7 million (BRL 1270 million).
In February 1997, Maynilad Water Services Inc. (MWS) won a competitive tender to operate the Metro Manila East Water Supply and Wastewater Service Zone under a 25-year concession agreement by offering the lowest water tariff of P4.97-per-cubic-meter (43.3% lower than the prevailing rate). The city was divided into two service areas (East and West) to promote diversity and comparative competition, with a consortium named Manila Water Company (MWC) concurrently winning the East Zone. The West Zone included the cities of Bacoor, Caloocan, Cavite City, Imus, Kawit, Las Pinas, Malabon, Muntinlupa, Navotas, Noveleta, Paranaque, Pasay, Rosario and Valenzuela for a total population of 6.3 million and about 500,000 connections (63% coverage).   In 1997, Maynilad Water was 60% owned by the local Benpres Holdings Corp. and 40% by Suez Lyonnaise des Eaux (later SUEZ) subsidiary Ondeo of France.   The consortium took over operations on August 1, 1997, facing coverage and quality problems. By 1995, water service coverage in the Manila metropolitan area was one of the lowest among major Asian cities. Only two-thirds of residents were connected to the intermittent, low-pressure water system and less than 10% were connected to the sewerage system. Non-revenue water was at 56% due to leakages, faulty meters, illegal connections and an inefficient billing system. Sewerage services were even less developed, with less than 7% of households having direct access to the network. MWSS was very heavily indebted. It was also heavily overstaffed and had a history of labor troubles.   Under the concession contract, MWS agreed to achieve annually increasing coverage targets for water and sewerage, with annual targets defined by zone. The company was required to supply water on a 24 hour basis to at least 71% of the population by the end of 2001. The company was then to expand water service coverage from 71% to 98% of the population covered under the concession area. Sewerage and sanitation services were also be extended from 11% to 93%. Non-revenue water was to decrease from 56% to 32% in the first 10 years.   To meet those contractual obligations, it was estimated that MWS had to invest P106.9 billion (US$3.69 billion) over the concession period as well as pay an estimated P24.5273 billion (US$846 million) in concession fees. MWS was also required assume 90% of outstanding MWSS loans. The total investment required to meet the contractual obligation for both the East and West Zones was estimated at P186.3 billion (US$6.4 billion) over the life of the 25-year contracts (of this amount, P106.8 billion was to go to sewerage projects, P68.9 billion for water supply and P10.6 billion for sanitation).   To ensure fulfillment of investment obligations, the concession contract required MWS to post a US$120 million performance bond which would be drawn down if the company was not able to keep up with the investment and service targets specified by the contract.   Under the concession agreement, MWC was entitled to the following tariff adjustments:  a. Annual standard rates adjustment to compensate for increases in the consumer price index (CPI);  b. Extraordinary price adjustments (EPAs) to account for the financial consequences of the occurrence of certain unforeseen events stipulated in the Agreement; and  c. Foreign Currency Differential Adjustments (FCDA) to recover foreign exchange losses including accruals and carrying costs thereof arising from MWSS loans and any Concessionaire loans used for capital expenditures and concession fee payments.   Tariffs adjustments were subject to a rate adjustment limit as defined in the Concession Agreement.   By December 2002, Maynilad Water Services was facing serious financial difficulties, loosing money every year. According to the company, such situation was caused by the impact of the financial crisis in Asia which devaluated the local currency significantly, the nino phenomenon which reduced the available supply of water, and breaches of MWSS’ obligations under the concession agreement, particularly in expanding the supply of bulk water. The financial crisis affected significantly to MWS because it absorbed 90% of MWSS dollar denominated debts. Those loans were obtained at a time when the foreign exchange was P26=$1. After the Asian crisis, the peso slipped to P40:$1 and eventually to more than P50:$1. According to other reports, other three key factors affecting the financial performance of the company were: failure to deal with the problem of non-revenue water, failure to improve operational efficiency, and failure to get fresh loans to ensure a good cash flow. To compensate the impact of the Asia crisis as well as el nino phenomenon, Maynilad got an “amended agreement” with MWSS which allowed Maynilad to increase its tariff rates by P4.21 a cubic meter from October 2001 to December 2002 to recover foreign-exchange losses.   In 2002, Maynilad requested the cancellation of its concession and transferring the operation and obligations to MWSS. Such request was refused by MWSS. The dispute was to be brought to the International Chamber of Commerce. In November 2003, the international arbitration court ruled that the concession agreement between the two entities was in "full force." The arbitration court ruled that there were "no grounds" for the bid of the Lopez firm to have the concession terminated.   In March 2004, the Justice department announced that it had reached an agreement with Benpres, which entailed the conglomerate writing off its holdings in Maynilad. The agreement meant the conversion of about P8 billion in unpaid concession fees of Maynilad into equity, with state regulator MWSS taking Benpres's 61% stake in the water utility. Ondeo was to implement a partial write off, with its equity slashed to 13% from 40%, while Maynilad employees and creditor-banks were to own the remainder, ultimately giving MWSS an 84% stake. The government, through MWSS, would draw on the entire US$120-million Maynilad performance bond to answer for unpaid concession fees and loans. Maynilad would also pay P10 billion (approx. US$183 million) in debts owed to foreign and local banks. The plan also called for the government to take over Maynilad from Benpres and temporarily allow it to assume the identity of a government-owned and -controlled corporation. The agreement was implemented in April 2005. As part of that agreement, MWSS was to borrow US$31 million from the World Bank for capital and operating expenses, but agreement had not been finalized by end 2005.   In 2005, the government planned to re-tender the contract in the near future. According to Maynilad's lawsuit against MWSS, it had invested US$303 million in the water distribution since 1997.   MWC obtained funding from many multilateral agencies. In mid-1998, the European Investment Bank (EIB) approved a US$55 million loan to help finance the upgrade and extension of the water supply and sanitation in West Manila. In March 2000, Maynilad received a US$100 million bridge loan from a consortium of banks led by Citibank in anticipation of the company securing long term financing of US$350 million. Of the US$350 million, ADB provided US$45 million through a direct loan and US$126 million through its complementary financing scheme, while EIB contributed US$59 million, and the commercial banks supplied the remaining US$120 million with insurance coverage from COFACE. In September 2000, the company was also granted a US$120 million 3-year letter of credit facility arranged by Chase Manhattan Asia, Citibank, and Credit Lyonnais.
Powertron Resources Sdn Bhd (PRSB) developed a 120 MW open-cycle gas power plant at Teluk Salut near Kota Kinabula, Sabah.  Powertron was to sell power to Sabah Electricity Sdn Bhd (the electricity utility for Sabah State) under a 21-year power purchase agreement (PPA) signed in February 1997, though the terms of this were superseded by a new PPA signed in February 2005. In 2003, Ranhill group acquired Powertron Resources. Once completed, this was the largest power plant in Sabah, supplying 40% of demand.  PSRB was a joint venture between Time Engineering (40%), EPE Power (a subsidiary of Ranhill Power Bhd, 30%), state-owned Sabah Energy Corp. (20%) and Aras Energy Setia (10%).  In December 2003, Ranhill purchased Time Engineering’s 40% stake.  In 2004 EPE Power changed its name to Ranhill Power Phd to reflect Ranhill’s 90.1% stake.  The cost of the initial 120 MW plant was RM 370.2 million (US$110.8 million).  Financing was obtained from a RM 329 million loan from DCB Bank (Malaysia), arranged by RHB Bank.  Construction of the original 120 MW plant was completed in 1998.  Konsortium GEPSI-GEPSM-Peremba Kentz Engineering Sdn. Bhd. was the engineering, procurement, and construction (EPC) contractor, and EPON Power Generation (Netherlands) was to supervise construction and undertake operation and maintainenace functions under two seven year contracts worth F13 million ($6.5 million).  Powertron intended to expand the plant into a 190 MW combined cycle station.  The expansion was completed in early 2007.
The 400MW, US$650.0 million Patuha Geothermal Power Plant was to be developed by the Patuha Power Co (PPC) a consortium of a CalEnergy (88%) and Mahaka Energy Ltd. (12%) through a 30-year BOT. Exploration commenced in the Patuha field in 1996. The first phase of the project (a 80-MW unit) reached financial closure in September 1997. Financing consisted of a mixture of syndicated loans, a loan facility, and sponsor equity. Some of these funds came the US$400.0 million loan facility to the CE Indonesia Funding Corporation, a special purpose company formed by CalEnergy, to finance its Indonesia projects in Patuha, Dieng and possibly four other geothermal projects. PPC and the Dieng Power Company were to issue project bonds to repay the facility.   PT Kiewit Holt of Indonesia, a subsidiary of Kiewet Energy Co., were the project contractors, while CalEnergy was responsible for operation and maintenance activities. PPC signed a 30-yr PPA with the national utility, Perushaan Listrik Negara (PLN) in 1995.   The company was working on the construction of the first 80 MW in March 1998, when PLN failed to pay for the electricity provided by Dieng Geothermal Power Plant, the other CalEnergy's project in the country, due in part to the Asian finicial crisis. The unpaid amount exceeded US$60 million in March 1999 when Mid American Energy Holdings called for international arbitration on its two projects. The dispute was taken to an international arbitration panel under the United Nations Commission on International Trade Law (UNCITRAL) rules in 1999. After a favorable interim decision of the international arbitration panel, OPIC and Lloyds paid in full Mid American Energy Holdings' claims under its political risks insurance policies in November 1999.  In September 2001, the government agreed that it would start in 2004 paying by installments a US$260 million claim by the OPIC.  Payments were to be made by installments in 11 years.  14 of the 26 IPPs had agreed to continue their projects under a new pricing scheme, while seven agreed to terminate the PPAs.   On August 27, 2001, Indonesian Government and OPIC representatives signed a settlement agreement transferring OPIC’s shares in the Dieng and Patuha project to the Indonesian Government.
In May 1997, a consortium of three local private investors was awarded a 20-year BOT contract for supplying water to the Nusa Dua and Kuta tourism areas in Bali. During the first stage of the project, the consortium was to build a 51,000 cubic meters per day treatment plant for the water of the Ayung River H which was to be integrated with the Ayung River I.  The project also included the upgrading of the Teluk Berton pump to a capacity of 26,000 cubic meters per day and the installation of a transmission pipe along the route of Nusa Dua By Pass.  The private consortium took a 55% stake in PT Tirta Arta Buana Mulia (TABM), the project company.  PT Buana held 30% of TABM, PT Intan Dyandra Mulia 10% and PT Dewata Arta Kharisma 15%, while the state-owned PDAM Kabupaten held the remaining 45% of the project company.    The overall investment required was Rp 9.2 billion (US$3.8 million).
Amoseas Indonesia, a subsidary of ChevronTexaco Energy Indonesia Ltd. (CTEI), a joint venture of U.S. oil and gas giants Chevron and Texaco, along with its 5% local partner, Darajat Geothermal Indonesia, were initially awarded the contract to construct, own and operate a 55 MW geothermal facility in West Java in early 1996.  CTEI was to have a 95 percent stake in the project, with the remaining 5 percent held by the local Darajat Geothermal Indonesia. The first phase of the project (55 MW) had a cost of US$125 million and was financed with the sponsors internal resources. Construction works on this first phase started in 1997 and were concluded in 1999. The power produced by the plant was sold to the Indonesian state power company Perusahaan Listrik Negara (PLN) and PERTAMINA under a 40-year power purchase agreement.  The second phase of the project was 70MW and began operations in 2000.    The government put on hold many of the independent power producer (IPP) projects in late 1997 as part of the retrenchment program to cope with the economic crisis. PLN, which was financially troubled by the crisis, asked to renegotiate the PPAs, especially with regards the price.  In 2003, 14 of the 26 IPPs, including Darajat, agreed to continue their projects under a new pricing scheme, while seven agreed to terminate the PPAs. The government and PLN each agreed to take over two projects.    In May of 2004, PLN signed a new 30-year power purchase agreement with Amoseas Indonesia based on an offtake price of US0.042 per kWh for a new phase III extension project.  CTEI was to expand the Darajat geothermal power plant by building a new 110 megawatt unit costing US$128 million.  In October 2004, CTEI awarded the Darajat III Engineering, Procurement and Construction contract to the consortium of Indonesian firm PT Thiess Contractors Indonesia and Japanese firm Kanematsu Corporation.  Darajat III became operational in August 2007, bringing the total plant output to 255 MW.
The project includes the construction and operation of a 26.8 km dual two-lane toll road, which will have two toll plazas. The expected traffic flow is 17,000 vehicles per day. The construction works are expected to be concluded by June 1999. Financial closure was achieved with New World Infrastructure's own resources (80% of the costs) and the provincial government funding (20% of the costs). NWI holds 80% of the shares of the project company through its subsidiary Eternal Cheers Ltd., while the remaining 20% shares are held by the provincial government. Operations began in September 2001.
Electro Sur Medio is one of the companies created when Peruvian ElectroPeru was corporatized for the privatization program. The new company distributed electricity to approximately 86,000 customers in the Huancavelica, Ica, Chincha and Ayacucho areas in 1996. The company was partially privatized in February 1997 when the government sold a 90% stake for $51.2 million to a consortium led by Iate (Argentina) and including Tizon Constructora de Caminos, Industrial Amauta, S&Z Consultores Asociados, and Constructora Vaquez Espinoza. In its first five years, the buyer is required to invest 50% ($25.6 million) of the purchase price in system improvements and expansions in areas selected by the government.
In March of 1997, the Mexican government awarded the Ensenada port 20-year O&M concession to International Container Terminal Services.  The Ensenada port has been primarily used for cruise ship operations. Mexican officials, however, have been marketing it as an alternative to the U.S. ports further north.  The concession agreement includes a US$ 725,000 payment for existing equipment on top of $250,000 at contract signing. The current value of all the payments over the 20 year concession period totals $3.1 million.
CENF is the electricity concessionaire of the city of Nova Friburgo. Its activities include the generation, transmission and distribution of electricity to residential and industrial users. In June 1997, 69.8% of CENF's shares were acquired by Companhia Forca e Luz Cataguases-Leopoldina, which paid US$ 52. 2 million for this controlling stake. The city of Nova Friburgo has a population of 190,000, and, in 1999, CENF distributed electricity to 67,600 customers. CENF has a generating capacity of 42 GW per hour.   In 2008, Companhia Forca e Luz Cataguases-Leopoldina was renamed Grupo Energisa because of the regulatory decision that a single company cannot operate in the different segments of the energy market. Grupo Energisa's ownership structure is the following: Gipar S.A. (65.8%), Gaster Participações S/A (22.3%), Eletrobras (1.2%), Itacatu S.A. (5.9%), BNDES (0.7%) and other small shareholders (4.1%). The project company's name was also changed to Energisa Nova Friburgo - Distribuidora de Energia S/A. As of December 2009, the project company was wholly-owned subsidiary of Grupo Energisa.  In June 2014, the state-owned bank BNDES approved a US$ 2.8 million (BRL 6.5 million) loan to the company.
The company is one of the two companies created when Colombian Empresa de Energia de Bogota (EEB) was corporatized for privatization. The new company assumed all distribution assets of EEB. The other company is Empresa Generadora de Energia assumed its generating facilities that totaled 2180-MW of installed capacity in 1995. Comercializadora y Distribuidora de Energfa SA (Codensa) provided electricity services to 1.4 million customers in 1996, when it operated under the corporate entity of EEB and owned almost 47,000 km of lines. Codensa was partially privatized in September 1997 when the government sold a 48,5% equity stake for $1,226.3 million to a consortium called Luz de Bogota and integrated by Enersis SA (Chile), Chilectra (Chile) and Endesa (Spain).
RTCOM received its license to operate an AMPS cellular network in Mordovia in July 1995. The company was created as a joint venture between the regional telecommunications operator and local companies. The company started its commercial operations in September 1997. The equipment was delivered by Plexsys. The company had 100 subscribers by 1997.  In 2005 Volga Telecom acquired a 100% stake in RTCOM, a GSM cellular communication operator which provides services in the Republic of Mordovia.
The project included the rehabilitation of the existing roads, construction of seven toll plazas, expansion of 260.1 km (construction of a second lane) and construction of 15.1 km of by-passes. The bidding process was competitive and the award criteria was the quantity of km of access highways to be rehabilitated by the sponsors.  The concession was granted to Rodonorte Concessionaria de Rodovias Integradas SA (Rodonorte), and this concessionaire has been operating the road since December 1997. The concessionaire was controlled by a consortium led by CBPO, a subsidiary of Construtora  Odebrecht SA, which was holding 75% of the project company's shares.   The charging of tolls started in Jun 1998 after the concessionaire concluded the initial rehabilitation works (it invested around US$ 100 million in this phase). As of August 1998, the concession contract was under renegotiation. As the state government decided to reduce the toll rates, the concessionaire stopped its investment plans and only the rehabilitation works were implemented. The concessionaire also planned to cancel some construction works in order to adjust the investment requirements with the new estimated revenues.  In 1998, 74.24% of the total capital of Rodonorte was transfered to Companhia de Concessoes Rodoviarias (CCR), a newly created holding company that would hold a number of toll-road concessions. CCR was controlled by Andrade Gutierrez, Camargo Correa, Odebretch, Serveng-Civilsan and Servix and Via Engenharia (SVE). In 2001, Brisa Autoestradas de Portugal SA purchased a 20% stake in CCR. In 2003, both Odebretch and SVE sold their stakes in CCR (16.89% and 5.13% respectively) to the remaining shareholders. As of December 2003, CCR was controlled by Brisa, Andrade Gutierrez, Camargo Correa, and Serveng-Civilsan.   During 2003, after the concessionaries that operate in State of Parana failed to reach an agreement with the government to lower the toll rates, the government of the State of Parana enacted a statute to cancel the concession contract and return the management and operation of the highways to the State. In December 2003, a Federal Court declared that the cancellation should be preceded by an administrative process in order to define the due compensation of the company. In January 2004, the governor of the State of Parana enacted an executive decree declaring that the State was authorized to take the voting shares of Rodonorte. The state government declared that the expropriation would not take place if the company agreed to reduce toll rates.  In December 2004, Paraná state highway department (DER) started an administrative process to rescind Rodonorte tollroad's concession contract, arguing 173 irregularities found along the highway's 568km in DER inspections and a report by the state's comptroller general.   In April 2005, CCR completed a six-year US$57.7 million (150 million real) debentures issuance, which was acquired mainly by Investment Funds. As of 2005, DER had fined Rodonorte US$7 million and ordered to lower tolls by an average of 6%. DER also claimed that Rodonorte has failed to comply with its concessionary duties to guarantee the standards of quality needed along the highways it operates.  By 2009, there were still several judicial processes underway against the concessionaire, but the company remained operating the toll road. In 2009, the toll rates were allowed to be adjusted. Also in 2009, the company issued debentures in total value of BRL 85 million.  In 2010, CCR held 85.92% of Rodonorte shares. The main shareholders in CCR were Camargo Corrêa (16,4%); Serveng-Civilsan (16,4%); Andrade Gutierrez (16,2%); and Brisa (16,4%). The remaining of the shares were in the control of several shareholders.   As of 2014, the lawsuits were still underway, but toll road remained under control of Rodonorte.
Kazakhtelecom, the national monopoly fixed line and long distance telecom operator of Kazakhstan, was partially privatized in May 1997 when the government sold a 40% skate in Kazakhtelecom to Daewoo for US$1.37 billion. The amount was to be paid as follows: US$1 billion in investments in the network expansion and modernization, US$100 million in bonus to the government; and US$270 million in debt assumption.   The sale to Daewoo was the second attempt of the government to privatize Kazakhtelecom. In 1996, the government awarded a 49% stake in the company to Deutsche Telecom (DT) when the company agreed to pay US$79 million (DM 120 million), invest US$111 million in to the network development, and pay US$50 million to clear Kazakhtelecom's debts to German banks. The deal with Deutsche Telecom fell through due to disagreements about the exclusivity rights. The main problem of Kazakhtelecom was seen by some to be the increasing resistance of the populace to pay for telecom services.   By 1995, Kazakhtelecom had 13.6 lines per 100 inhabitants, and only 9% of its network capacity was digital.  Daewoo had committed to install 550,000 new lines by the year 2000, to replace outdated equipment, and to increase the efficiency of long distance services. The company had expected to increase number of  main lines from 2.3 million to 3.3 million within its first three years of operations.   Daewoo had obtained 15 years of exclusivity rights to provide local and long distance services in the country. Daewoo, however, sold its 40% stake in Kazakhtelecom in May 1998 to Kazkommerts Bank and Chase Manhattan (30%) and to other investors (10%). By the end of 2005 the government retained its 50% stake, Central Asian Investment Holdings NV held 34% of Kazakhtelecom and the Bank of new York had a 6.7% stake in the company. The rest of the shares were freely floated on the local stock market.  In December 1999, the EBRD approved a US$50 million loan to Kazakhtelekom to be invested in improving the efficiency of the existing lines and services.   Kazakhtelecom lost its long distance and international call monopoly in 2004, but de facto remained the only fixed line operator in the country by the the end of 2005.  Kazakhtelecom had a total of 2.5 million subscribers by the end of 2005, in the fixed line and long-distance segments. Kazakhtelecom also planned to enter the fast growing mobile market. The company owned stakes in local operators Altel and Kar-Tel.  In 2006, the Government sold 4.14% of Kazakhtelecom. The sale reduced the government's stake from 56% to 51%. Also in 2006, Kazakhtelecom fully acquired mobile (CDMA) service operator Altel. Altel operates under the Pathword, Dalacom and CITY brands.  As of end 2009, JSC Kazakhtelecom had a total of approximately 3.6 million fixed and long distance subscribers, while its wholly-owned CDMA subsidiary, Altel, had a subscriber base of over 1 million.   As of end of 2011, JSC Kazakhtelecom's ownership structure was BODAM BV (16.87%), Deran Services B.V (9.61%), The Bank of New York (12.57%), others (9.95%) and the Kazakh government (51%). On December 21. 2011 Kazakhtelecom concluded an agreement to sell its 495 ownership in GSM Kazakhstan to Sonera Holding B.V. a subsidiary of the Swedish mobile operator  TeliaSonera AB.
Kharpada Bridge BOT Project consisted of construction of Major Bridge across Patalganga River and ROB near village Kharpada on Panvel - Mahad - Panji Road, National Highways No. 17 including approach road at both side. The total length was 1.4 km. The project was awarded by Ministry of Road Transport & Highways on behalf of Government of India to IRB Infrastructure under a 17 year and 9 month concession contract including 24 months of construction period. The concession contract was signed in November 1997 and the starting period (construction) was also November 1997. The construction phase was completed in July 1999. The concession period was to end in August 2015.   The project cost was estimated to be INR 320 Millions (US$8.8 million). The project reached financial closure in November 1997 with a loan from ICICI Limited and United Western Bank Ltd.
Transba was created from the transmission assets that the state-owned company Servicios Electricos del Gran Buenos Aires (Segba) had in the Province of Buenos Aires. The company's assets included 5,448km of high tension lines and 11 connection points within the National Interconnection System in 1997. Transba was privatized in July 1997 when the government sold a 90% equity stake for $220 million to Transener, the biggest Argentinean transmission company in the electricity sector. The remaining 10% equity stake was reserved to be sold to Transba's employees.  Transener was in turn partially owned by the UK's National Grid Transco and the Brazil's Petrobras.   As of December 31, 2008, Transba's was owned 90% by Transener SA. Transener The ownership structure of Transener SA as of December 31, 2008 was: Pampa Energia SA, a subsidiary of Dolphin Fund Management 26.325%; %, Electroingenieria SA 13.1625%; ENARSA 13.1625%; and Others 47.35%.
In November 1997, Aguas de Marilia was awarded a 20 year contract to rehabilitate, expand and operate the water and sewerage services of Marilia in the State of Sao Paulo. Aguas de Marilia was to provide water and sewerage services to the municipality of Marilia with a population of 180,000.   Aguas de Marilia Ltda. is a specific purpose vehicle (SPE –Sociedade de Propósito Especifico) comprised by three Brazilian companies: Hidrogesp, Telar Engenharia e Comércio Ltda., and Paineira.   The total committed investment over the life of the concession was estimated at US$3.5 million (3.88 million reais).   The Aguas de Marilia consortium began construction works in December 1997 and started operating services in July 1999. The water pump system had a 400 thousand liters per hour capacity.
Beijing Datang is a subsidiary of North China Power Group Co., a state-owned enterprise established and controlled by the Chinese Ministry of Electric Power. As of December 2002, Beijing Datang owned and operated eight power producing companies and four coal-fired electric power plants with a total installed capacity of 3,450-MW (Dou He - 1,550-MW; Gao Jing - 600-MW; Xia Hua Yuan - 400-MW; Zhang Jia Kou, Phase1, Units 3&4 - 900-MW) to supply electricity to an important region in Northern China, including Beijing and the major industrial cities of Tianjin and Tangshan. After earlier aborted plans for a flotation, 25% of Beijing Datang's equity (1,244,060,000 shares) was divested on the Hong Kong and London stock exchanges at an IPO of HK$2.52 per share on March 21, 1997. A 9.9% stake was acquired by New World Infrastructure Ltd. for HK$1,241,635,000 on this date. Total divestiture revenue was HK$3,135,031,200 - or US$404,635,019 (at an exchange rate of HK$7.7478/US$ as of September 5, 1997).
The Argentinean state-owned company Eseba was divided into three distribution companies that provide electricity distribution facilities to the Buenos Aires province. One of these three distribution companies is Edea SA, created to distribute electricity to the Atlantic zone in the province of Buenos Aires. The other two distribution companies are Empresa Distribuidora del Sur (Edes SA) for the southern area and Empresa Distribuidora del Norte SA (Eden SA) for the northern area of the province. Edea SA was the largest of the three provincial systems, serving about 391,000 customers in 1996. Edea SA was privatized in April 1997 when Eseba sold a 90% equity stake in the new company for $404 million to a consortium comprising Camuzzi of Italy, Loma Negra of Argentina, and United Utilities of England. Edea SA operates under a 95-year concession contract. After some changes in the shareholdings, Camuzzi acquired 100% of the shares of BAECO in 2000, the company that has majority control over Edea.   In 2003, Camuzzi filed a claim against the Argentinean government with an international arbitration tribunal (International Centre for Settlement of Investment Disputes - ICSID). Camuzzi claims compensation for losses in its investments in electricity distribution in Argentina due to frozen rates and devaluation of the currency.  In January 2007, Camuzzi International S.A. v. Argentine Republic (ICSID Case No. ARB/03/7) the proceeding discontinued at at the request of the parties. (Order taking note of the discontinuance issued by the Tribunal on January 25, 2007 pursuant to Arbitration Rule 43(1)).
This plant had 650-MW of installed capacity, although only 380-MW were effectively available prior to deal. The power plant was built in the 1960s and serves mainly industrial customers. It was acquired by Kazakh Power Partners Ltd., a joint venture company formed by E Prime (25%), Independent Power Corp. PLC (50%) and Samsung Corp. (25%) in March 1997. A subsidiary of e prime has been awarded the O&M contract. A PPA for 170-MW has been agreed with Samsung (which will sell the electricity on the wholesale market and to a nearby copper plant it owns). Three other units at the site with combined capacity of 1,040-MW were not involved in the tender. The deal also includes a commitment by IPC to build a new coal-fired power plant  with capacity of 500-1300-MW at an expected cost of $400m.  In 1998, Independent Power Corp. PLC sold its interest in Karaganda GRES 2 to Kazakhmys. As of end December 2009, Kazakhmys was the sole reported investor in the project. In turn, 15% of Kazakhmys was owned by the Kazakh government, 39% floated freely on the stock exchange and 46% was owned by a small number of private investors.  Kazakhmys reported that the majority of the power produced at Karaganda GRES 2 was supplied to the company's industrial complexes in Zhezkazgan, Balkhash and Karaganda Oblast; the surplus was supplied to the grid.  In 2009, the launch of a US$ 23 million turbine generator boosted the plants installed capacity from 608 MW to 663MW.
In October, 1997, the municipal government of Nogales, Mexico, through its Organismo Operador Municipal de Agua Potable, Alcantarillado y Saneamiento de Nogales (OOMAPAS Nogales), awarded a 25 year concession contract for the city’s water system to private operator Servicios de Agua de Nogales. The project was the first phase of a comprehensive plant to expand and rehabilitate the city’s water systems. The city of Nogales was located in the Northern state of Sonora and was home to some 215,000 inhabitants in 1996.  Servicios de Agua de Nogales was a special purpose company created by Atlatec SA de CV, a subsidiary of the Environmental Division of Cydsa SA de CV. In 2001 Cydsa sold its Environmental Division to Earth Tech, a subsidiary of US Tyco International.   The first phase of the Nogales project included construction of a new aqueduct, regulating tanks and 33 kilometers of peripheral water lines, as well as the rehabilitation of the existing aqueduct and several water and sewage lines. In 1997 some 40 percent of the water produced was lost through network leaks.  The entire Nogales project was estimated to cost some $39 million. Phase one was expected to cost a total $29 million. Financing was provided as follows: Atlatec, $2 million in equity; North American Development Bank, $8,687,712 grant under the Border Environment Infrastructure Fund; North American Development Bank $9.26 million loan; Comision Nacional del Agua $9 million.
Tau Power acquired equity stakes in four CHP stations in east Kazakhstan in October 1997. The stations were the 240 MW Ust-Kamenongorsk TETS (heat and power station), the 50MW Leninogorsk TETS, the 50MW Sogrinsk TETS, and the 10 MW Semipalatinsk TETS.   Tau Power was originally created as a joint venture between AES Corp (85%) and Suntree Power of Israel (15%).  Tau Power paid US$2.5 million for the shares of the CHP companies. The company also committed to pay US$4 million in back wages.   In 2000, the capacity of the plants was as follows: Ust-Kamenongorsk TETS (1464MW), Leninogorsk TETS (418MW),  Sogrinsk TETS (349MW), and Semipalatinsk TETS (840).  In November 2002, AES sold the Leninogorsk plant to Maverick Development Corp. [United States], and the Semipalatinsk plant to Karazhira Power, owned by coal company Semei-Komir.  As of December 2003 the capacity of the plants was as follows: Ust-Kamenongorsk TETS (1356MW),  Sogrinsk TETS (301MW)  As of December 2008, the Tau Power portfolio of projects was wholly owned by AES, and consisted of Ust-Kamenongorsk TETS (1,354 MW) and Sogrinsk TETS (301 MW).
Terminal Maritima de Altamira was awarded a 20-year concession agreement to build a terminal specializing in the handling of grains and bulk chemicals and minerals. The terminal will have its own berth, two grains warehouses with a combined storage capacity of 45,000 tons. The total cost of the project is US$ 20.4 million, of which US$ 15.5 million will be funded with a financing package approved by the IFC in 1997. TMA is 100% owned by Mexplus Puertos S.A., which is jointly owned by Mexplus (61%) and by the IFC (39%). As of 1999, the construction works have been concluded.
The 170-MW, US$140.0 million Amata-EGCO Natural Gas-Fired Power Plant was being developed by the partially divested Electricity Generating Co. (EGCO) (30%) and Amata Power (70%). Amata Power was comprised of. Borneo Co (51%) and Bang Pakong Industrial Park II (49%). As of mid-2000, Amata Power Limited was owned by Energie Baden-Wuerttemburg (30%), B. Grimm Bayernwerk Electrowatt Ltd. (51.2%), Bang Pakong Industrial Park 2 Public Co., Ltd. (13.77%), and B. Grimm Joint Venture Holding Limited (5.03%). The Amata-EGGO plant was to use gas and combined-cycle technology.   A 21-year PPA was signed with the Electricity Generating Authority of Thailand (EGAT) on October 8, 1996 to purchase 90-MW of the plant's energy produced through, which came into effect once the project become operational on September 17, 1998.   Remaining energy was to be used by the tenants of the Bang Pakong Industrial Park II. The plant was being developed under the Small Power Producer (SPP) Program that encouraged the sale of excess output to EGAT.  Through its CMESCO subsidiary, CMS Generation was to maintain and operate the plant. Siemens AG was the project contractor and equipment supplier.   The project is expected to have a 25:75 debt/equity ratio. The project has obtained US$100.0 million in funding from the German Kfw and Bht 900 (aprox. US$34.8 million at January 1997 exchange rates) from Bangkok Bank.  The plant's capacity could be increased to 320-MW pending EGAT approval.
This project consists of a 730 km transmission gas pipeline from Ciudad Pemex, Tabasco, to power plants in Campeche and Yucatan. The main sponsors are TransCanada Pipelines (62.5%), InterGen (32.5%), and Gutsa Construcciones (5%) which create the joint venture Energia Mayakan to undertake the project. The 370 million cubic meter per day pipeline was completed in 1999. The project total cost was $266 million. Comision Reguladora de Energi (CRE) awarded the contract in April 1997 and the project reached financial closure by December 1997.   The project was financed with an US$ 225 million loan package from the IADB: US$ 75 million direct loan from IADB  and US$ 150 million in syndication (approved in 1997). The sponsors's equity investment was around $56 million. In Nov. 2000, Gaz de France acquired TransCanada's stake in the project.
In 1996 and 1997, Cheung Kong Infrastructure (CKI) signed a 31-year joint venture contract for the operation of the Shenyang Da Ba Road. The road is a 23km elevated class 1 highway. CKI took a 30% stake. Total project costs are HK$1,504 million (US$181.2 million), and CKI's interest is HK$ 451 million (US$ 54.34 million).
Companhia Paranaense de Energia (Copel) was an integrated electricity company which generated and distributed electricity in the Southern Brazilian state of Parana. Copel had an installed capacity of 3,340-MW in 1995. Most of its capacity was formed by hydroelectric power plants (3,339-MW) and the remaining capacity by thermal power plants (21-MW). The main hydro power plants of Copel were Foz do Areia (1,676-MW), Segredo (1,260-MW), Capivari-Cachoeira (252-MW) and Julio de Mesquita (50-MW). Its transmission system consisted of 6.4km of 500-kV cables; 1,276km of 230-kV cables; 3,539km of 138-kV cables and 1,328km of 69-kV cables. Copel had 2.47 million customers in 1996.   The company was partially privatized in a number of transactions. In November 1994, Brazil’s development Bank auctioned a minority stake in Copel and other 12 companies, raising a total of  US$101 million  (R$91.1 million reais). In September 1996, 3.5 percent of Copel’s total capital (5.8 percent of the firm’s voting shares) were sold. In January 1997,  Parana state government sold its 8.27% preferred shares in the company for US$89.6 million in an auction on the Rio de Janeiro stock exchange. In July 1997, the state government issued new shares equivalent to 10% of Copel’s equity and sold them for US$500 million in an international public offer. In June 1999, the BNDESpas, an investment wing of BNDES, auctioned 16.3 billion preferred shares of Copel, raising US$137 million (R$248 million).  As a result of these transactions, the states of Parana government’s stake in Copel fell from 60% to 45% of the total shares in 1997.  In 1999, the stake was reduced to 31.1% of the total shares, including the controlling stock (59% of ordinary or voting shares). as  of December 2003, this percentage remained unchanged. In addition, an investment wing of the Brazilian Development Bank, BNDESPar, was controling 24.3% of the total shares of the company (26,4% of the ordinary shares and 22% of preferred shares).  In 2001, COPEL restructured its utility operations into separated generation, transmission, and distribution subsidiaries to prepare for full privatization. As a consequence, at the end of 2003 COPEL comprised five wholly-owned subsidiaries divided into generation, transmission, distribution, telecommunications, and investments. All COPEL concessions contracts were transferred to these subsidiaries.  In June 2001, a consortium comprising Copel won the bid to build and operate a hydroelectric plant in Sao Jeronimo, Parana. The consortium comprised Tibaji (30%) and SJ investidores (49%) and COPEL (21%). It was expected to invest US$166.8 million (R$392 million) in the project. In 2001, COPEL presented the only bid and was awarded a concession contract to build a 82KM transmission line from Bateias to Jaguariaiva (Brazil), in which it would invest US$12.7 million (R$30 million). In 2003, ANEEL, the Brazilian regulator for the electricity sector, authorized COPEL to build a second circuit on the 230KV, 20KM Londrina-Ibipora transmission line in Parana State. Operations were expected to start in November 2004.   In 2003, COPEL increased its equity in Centrais Elétricas do Rio Jordão S.A. (Elejor), the special purpose company created to build and operate the Santa Clara and Fundão power plants. The Company bought 30% of Elejor’s common shares from  Triunfo Participacoes e Investimentos. COPEL will hold a controlling interest of 70% in Elejor. The value of the acquisition is estimated at US$12.4 (R$ 37.2 million). In November 2003, COPEL sold its stake (16.73%) in Campos Novos Energia S.A. (ENERCAN), a special purpose corporation created to build and operate the Campos Novos power plant (880 MW) and its transmission system. Copel received US$5.9 million (R$ 17.7 million) in November 2003 and US$24.5 million (R$73.6 million) in February 2004.  As of December 31, 2007, COPEL was 44.1% publically traded. The rest of the shares were owned by state owned and federally owned companies.
Torrent Power Ltd. divested its 46% share in the $671 million, 655-MW, Paguthan Power Plant to PowerGen in July 1999 and the project company changed its name to Gujarat PowerGen Electricity Corporation (GPEC).  Additional equity was provided from an initial public offering (IPO) on the Bombay Stock Exchange.  PowerGen is the project operator.  Siemens AG and Siemens Ltd. India are the EPC contractors.  Siemens AG, Siemens Ltd. India, Babcock Lengjes, Dillinger Stahlbua/Calcke, BHEL are the equipment suppliers.  The project is a combined cycle, natural gas and naptha plant.    Financial closure was reached in March 1997.  Hermes and German banks are providing $233.0 million in export credits and foreign currency loans.  Additional rupee (123.0 million) and DM loans (48.0 million) have been obtained from Indian Financial Institutions (IFIs).  IFIs are also provided a payment guarantee on the export credits.  A 20-year power purchase agreement was signed with the Gujarat State Electricity Board, which is backed by the State Government of Gujarat.  A payment guarantee for the first year of operation is being provided by the Gujarat State Government.    Construction for the project began in January 1996.  In Oct. 2000, PowerGen bought the Siemens stake in the project, increasing its shareholding in the project to 88%.  In Dec. 2000, China Light and Power Ltd. struck a deal with PowerGen in which both companies would form a new joint-venture that would own PowerGen's stake in the Paguthan power project. The Chinese company now holds 80% of the new venture and PowerGen held 20% before it sold its stake in the project in the same month that the deal was struck.
In July of 1997, Sino-French Holdings was awarded a 30-year BOT contract for the construction and operation of a new 100,000 cubic meters/day capacity potable water treatment plant in Lianjiang, Guangdong province.  The contract also included extensions to the mains and distribution networks and was to serve 1.3 million residents.  To implement the contract, Lianjiang Sino French Water Supply Co. Ltd was created as the project company which was owned by Sino-French (60%) and the state-owned Lianjiang Tap Water Company (40%).  Sino-French, in turn, was a joint venture company owned 50% by Suez water subsidiary Ondeo and 50% by New World Infrastructure of Hong Kong.    The total cost of the project was RMB 125 million (US$16.69 million).  Degremont was to build the plant over 18 months.  The new plant construction was completed in 2000 and operation began in early 2001.
In August 1997 the municipal government of Santa Marta, Columbia, awarded a 20 year lease contract for the city’s water and sewage systems to mixed company Compania de Acueducto y Alcantarillado Metropolitano de Santa Marta METROAGUA S.A. E.S.P. In 1997 the company serviced 48,316 water and 35,200 sewage connections, representing coverage rates of 76% and 59%, respectively.  METROAGUA was created in 1989 to replace public utility Empomarta. METROAGUA was 49% owned by the Santa Marta municipality and 51% by private investors. In the mid 1990s the government tried a number of times to bring in a private operator for the utility. In 1995, a lease contract was established with Ogden Yorkshire, ICA (Mexico) and Termotecnica Coindustrial de Colombia, but the lack of agreement on financial closure ended the contract.  The 20 year lease signed by Metroagua in 1997 was awarded after Spanish utility Aguas de Barcelona (Agbar) acquired a 51% stake in the utility for US$ 4.7 million. The parties agreed on a lease fee of 33% of METROAGUAS’ gross revenues. Infrastructure investments were to be financed by the federal government, the municipality and the company’s internal cash flows.  Agbar operated METROAGUA until 2000, when it sold its participation to Columbian firm Sociedad de Acueducto, Alcantarillado y Aseo de Barranquilla S.A. (AAA). The new operator oversaw an investment program to rehabilitate and expand existing water infrastructure, including the treatments pants in Mamatoco and El Roble, with treatment capacities of 800 and 280 liters per second. By 2005 METROAGUA had achieved coverage rates of 88% for water and 74% sewage services. This amounted to 69,640 water and 59,025 sewage connections at the end of 2005.
Gas Natural de Juarez was created in 1964 to distribute natural gas in Ciudad Juarez, Chihuahua. By 1996 the company had 64,000 customers whom it served with its 1,470 km distribution network. Comision Reguladora de Energia (CRE) awarded a final concession to distribute natural gas in Ciudad Juarez for 30 years in December 1997. Gas Natural de Juarez committed to increase its customers to, at least, 129,000 by December 2002. The total cost of its expansion was estimated in $12 million. The project is financed by equity and commercial loans from Mexican banks.
Khabarovsky Sotovy Telefon was established as a joint venture between Khaborovski Krai Regional Operator (later known as Dalsvyaz), Vartelecom, and Inter-Regional Transit Telecom (MTT). The company operates a NMT 450 Mhz cellular network in Khabarovski Krai. The cellular services are provided also on the major railroads and roadways between Khabarovsk and Vladivostok region. The company started commercial operations in early 1997. In 2003 Dalsvyaz owned 30% of the company and planned to sell its stake in 2004 in addition to other two cellular phone companies that operate in the NMT-450 standard.
Tongzhou Meiya Cogeneration Company Ltd. is a sino-foreign joint venture company created to build, own and operate a 30 MW coal fired cogeneration power plant. The company was owned by Community Energy Alternatives (80%) and Tongzhou Energy Company (20%). Community Energy Alternatives was an affiliate of PSEG Global, and in 1995 formed a 50-50 joint venture with the Asian Infrastructure Fund (AIF) to develop projects in China.  The new company was called Meiya Power Co. Ltd. (MPC), and was based in Hong Kong.    MPC was jointly owned by PSEG Global Inc (50%), the Asian Infrastructure Fund (30%), and Hydro-Quebec International (20%).  In July 2004, Darby Asia Investors, Ltd. ("DAI"), acquired Hydro-Quebec's 20% stake for a total cash consideration of US$84.6 million.   The construction started in June 1997 and commercial operations was expected by the end of 1998. The developers did not provide any cost information. The power plant will supply electricity and approximately 700 tons of steam per year to industrial and commercial users in the city an the Shaghai Tongzhou City Development Zone.
CKI signed a joint-venture  agreement with the Jilin Province to construct, operate and transfer three coal-fired units with a combined installed capacity of 200 MW. The power generated by the plants will be sold to the City of Siping under a 20-year power purchase agreement. The heat and electricity cogeneration power plants will have an annual generating capacity of 110 million  KWh of electricity and 2.7 million GJ of heat. Construction works started in 1997 and by 1998 the first two units were already in operation. In 1999, the third unit started operating. CKI holds a 45% stake on the project.
In April of 1997, Mazard & Guerard, a French auditing firm, signed a one year managment contract to run the state owned vertically integrated power utility, Compangnie Energie Electrique du Togo (CEET).  The golas of the management contract were: 1) termination of the current CEET management, 2) analysis of the existing situation, 3) interim management of CEET prior to its privatization.  The value of the contract was estimated at euro 738,000 and was financed by the World Bank.    The power sector in Togo was under the responsibility of the Ministry of Equipment, Transport, and Posts and Telecommunications (METPT). Since 1968, Benin and Togo created a joint company (the Communaute Electrique du Benin, CEB) which bought electricity in bulk from Ghana or Cote d'Ivoire (or at times from both) and resold it to the national power companies of Benin (the Societe Beninoise d'Electricite et d'Eau, SBEE) and Togo (the Companie Energie Electrique du Togo, CEET). CEET was principally a distribution company, but it also operated some power stations, including the Centrale Thermique de Lome (CTL).  The contract was initally supposed to last just one year.  However, delays in the privatization process resulted in the contract lasting until December of 2000.  Elyo, a subsidiary of France’s Lyonnaise des Eaux (later renamed Suez), won the international tender for CEET by offering the highest evaluated bid (US$31.7 million). Elyo established Togo Electricite to implement the concession and took control of operations on December 1, 2000.
This is a 25-MW hydro power plant project located in Espirito Santo state. The project is owned by Samarco Mineracao, a Brazilian company which has a power purchase agreement with Centrais Eletricas Espirito Santo to sell 50% of the electricity output of this power plant for 30 years. The total cost of the project is US$25 million.
Emetel SA de CV is one of the small telephone companies that provide local and long distance phone services in Metapan. The company was awarded its concession in 1997 as part of the telecom deregulation process in El Salvador. The company invested $457,000 in its infrastructure in its first year of operations. Emetel SA de CV had 440 subscribers by 1997.
On 5 December 1996, Transportacion Ferroviaria Mexicana (TFM) bought an 80% stake in the 50-year concession contract for the operation of Ferrocarril del Noreste, Mexicoil's northeastern railway line. This is the first of three concession contracts to operate freight services on Mexico's national network. To prepare for these private concessions, National Railways of Mexico (FNM) divided the national network into three regional systems, a terminal company serving greater Mexico City, and the Chihuahua-Pacific short-line network. Three consortia made the shortlist in a bid for the northeast line.   TFM won with a bid of $1.4 billion for the government plus investment of US$ 700 million during the first five years - a bid 2.5 times as high as the next largest. TFM is a partnership between Transportaciones Maritimas Mexicanas (49%) and the US firm Kansas City Southern Industries (51%). The agreement was at risk when TFM's initial financing fell apart, but the government stepped in with a $200 million bridge equity stake in return for an additional 11% stake. TFM also acquired a 25% stake in the Valle de Mexico terminal as part of its concession. This will result in effective privatization of the terminal once FNM has awarded all three network concessions. Ferrocarril del Noreste's 3,928km of track runs from Nuevo Laredo, on the border with Texas, to Lazaro Cardenas on the Pacific and Veracruz on the Gulf of Mexico.   TFM borrowed $625 million through bonds and a syndicated bank loan in mid-1997 to pay its final $625 million for the concession, and to cover $200 million of investment in locomotives, rolling stock and telecommunications. TFM also acquired a US$ 150 million revolving credit line.  In March 1999, TFM had plans to invest US$ 59.8 million. In Sep. 2000, TFM issued US$ 300 million in commercial paper; the funds will be used to refinance the company's debts with commercial banks. In 1999, the private sponsors started the process to acquire the remaining 20% stake of TFM that was still held by the government.  TFM paid $170 million for this remaining stake in July of 2001.  In 2001, the company announced plans to float shares on the Mexican and New York Stock Exchanges.
Comcell has operated an AMPS network in eight cities in the DRC since January 1997.  Comcell was briefly shut down in 1998 but was operating again.   Comcell currently covered 10 main cities with VSAT stations and a Standard F-3 earth station for international and intercity communications.    [Probably cancelled.]
The Yan Bian Road Construction Co. Ltd. is engaged in the construction and operation of toll roads, tunnels and bridges. In 1997, the company issued 30 million "A" shares on the Shenzhen Stock Exchange (50.61% of the company's shares). A total of US$ 13 million was raised as divestiture revenues.
In 1997, CVRD received a 30-year concession to operate and make any necessary maintenance and expansion investment on the railway linking the ore mining of Carajas to the marine port of Ponta Madeira. In 1997, 703,000 passengers and 49 million tons of freight were transported on the railway. In December 2000, CVRD approved the US$ 30 million project to modernize the facilities of the Carajas Railway. This project was expected to last for 3 years.  In July 2007, Vale was granted a loan from BNDES to finance the expansion of the railway. The total investment was estimated at US$ 718 million (BRL 1.4 billion), while the loan granted was of US$ 397 million (BRL 774.6 million). The total capacity of the railway was expected to increase from 70 to 103 million tons per year.  In 2011, Vale announced its plans to rehabilitate and expand the Carajas railway. The total investment was estimated at US$ 4.1 million (BRL 8 billion). In September 2012, a US$ 1.9 billion ((BRL 3.8 billion) loan was granted by BNDES to finance the investment.  In January 2014, Vale issued four bonds worth US$ 425.4 million (BRL 1 billion) to finance the expansion of the railway.
Jordan Public Pay Phone Services Co. (JPP) was awarded one of the two licenses to provide payphone services granted in Jordan in October 1997. The other license was awarded to Trans Jordan Communications Services. JPP was a joint venture between Alpha International and Turkish Romelli Investment Group (50%). The companies won their licenses when they offered the lowest end-user-prices.   The company had around 200 smart card payphones by end 1997.  In August of 2001, the state-monopoly Jordan Telecom completely disconnected 20% of JPP's lines and blocked international calls from 80% of JPP's 3,000 booths across Jordan. The decision was the last episode in a two-and-a-half-year row in which Jordan Telecom charged that JPP was defaulting on the payment of some JOD 2 million worth of bills, while the pay phone company said the bills were either inaccurate or wrong. In June 2001 JPP filed a 5.0 million dinar ($7.1 million) lawsuit against Jordan Telecom.
Nhava Sheva International Container Terminal (NSICT) is a joint venture between P&O Ports Australia (49%), Konsortium Perkapalan Berhad (46%) and DCB Port management (5%). In March 2006, UAE's DP World became the majority shareholder of NSICT after it completed the acquisition of P&O Ports. Total equity was US$80million. The terminal project, which was expected to cost around US$200 million, had been awarded to NSICT in 01/97, but had been awaiting clearance from the ministry of environment and forests. Clearance was finally received on October 9, 1998.   Implementation of the project commenced in 08/97.  An order for four quay cranes, eight rubber tyre gantry cranes and two rail mounted gantry cranes was placed with German engineering firm, Preussag Noell AG. Construction was contracted to Trafalgar House Construction India for US$21 million in 1997. The consortium guaranteed throughput of 600.000 TEU by the 15th year of operation, the port handled a throughput of 339.000 TEU in 1996. Container throughput at Jawaharlal Nehru for the first five months of the financial year 1998-99 (April to August 1998) was 259,994 teu, compared with 203,424 teu for the corresponding period in 1997-98. This constituted an increase of 27.8%. In 2000, the new container terminal was commissioned.
In September 1997, New World Infrastructure subsidiary Tin Fook Development Ltd., signed a 25-year joint venture contract for the development and operation of 25.95 km of grade 1 and grade 2 highways in Rongxian. NWI had a 70% equity and profit share in the JV, Guangxi Rongxian Xinrong Highways Ltd.,  and invested US$17.4 million in equity and debt. the other sponsor company was the state-owned Guangxi Rongxian Road & Bridge Construction Co. Ltd., who took the rest of the stake in the project company.
Societe Nationale des Telecommunications du Senegal (Sonatel) was the state-owned incumbent responsible for providing local, national, and international phone services in the country. The company was partially divested in July 1997 when the government sold, through a private sale, a 33.33% stake for US$107.4 million (FFr650 million) to France Telecom. In addition, the government sold a 10% stake to Sonatel's employees as part of the privatization process.   In a second phase, an additional 17.76% stake in Sonatel was sold for US$55 million (CFAFr 33 billion) through a public offering in November 1997.  By 2004, the shares of the company, which were held by France Telecom (42.33%), the State of Senegal (27.67%), workers (10%), corporate bodies and individuals (20%).    Sonatel was divested with the commitment to install 300,000 new lines over a 10 year period.  An investment of CFAFr 82 billion (US$118 million) had gone into fixed phone infrastructure and another CFAFr 16 billion (US$23 million) was to be invested during 2001-2006 to connect rural areas to the network.  A 1999 EIB grant assisted Sonatel's investment program for the 1998-2006 period (expansion of the access network and the supply of additional switching equipment to provide for connection of 91,000 new subscribers; completion of an optical fibre transmission ring; access to submarine cables; development of rural telephony; and development of the mobile telecommunication network).  In May of 2004, Sonatel selected SR Telecom to provide a SR500 fixed wireless access system for a rural communications development project aimed at meeting the Senegalese government's universal-access objectives.  The contract was valued at approximately US$13 million.  Alizé, the mobile subsidiary of Sonatel, reached 1.05 million subscribers by end 2005, representing a 61% share of the total Senegalese market of 1.73 million.  The company also had about 267,000 fixed line subscribers as of end 2004.
Bridgecon Holdings acquired a stake in the concession of the toll bridge at Laolong. The remaining shares are held by the provincial government. Toll collections started in the end of 1997.
Maxitel, previously known as Vicunha Telecomunicacoes, was awarded, through a competitive bidding process, a 15-year concession to provide cellular phone services through the B band (800s MHz) in area 9 in April 1997. The area 9 comprised the states of Bahia and Sergipe. The company was also awarded a 15-year concession to provide cellular phone services through the B band (800s MHz) in area 4 (the state of Minas Gerais) in April 1998. The Brazilian telecommunications market was divided in 10 areas in 1996 in order to assign licenses for cellular phone services. In each area, the B band was assigned to a private consortium through a competitive bidding and the A band was assigned to the state owned company that provided local fixed phone services in the concession area. The company committed to pay US$ 230 million (R$250 million) in license fees for the area 9 and US$ 460 million (R$520 million) for the area 4 (in order to calculate the real value of the licence fee payments, we used a discount rate of 12.7% a which is the rate used by the regulatory agency Anatel).   Maxitel paid 40% of its license fees at the signature of the concession contract. The 60% remaining had to be paid in three equal installments during the first three years of the concession contract. The concession contract of the area 9 was signed in August 1997; while the contract of area 4 was signed in April 1998.   In 2000, Telecom Italia Mobile (TIM), a group controlled by Stet International, acquired 19.43% and 18.53% of the shares owned by UGB and Vicunha respectively. Therefore, TIM's stake in Maxitel is 90% as of 2001. Maxitel launched its services in area 9 in March 1998 and in area 4 late 1998.   Maxitel competed with the privatized cellular operator Tele Leste Celular in the area 9 and with privatized cellular operator Telemig and CTBC-Telecom in the area 4 by the end of 1999.  In 2002, TIM Group acquired the remaining stake in Maxitel for complete control of the company. In 2004, Maxitel's corporate control was transfered from the group to Tim Celular SA, another subsidiary of TIM group in Brazil. After the transaction, Maxitel became part of Tim Celular.
The project consisted of building 24.9 power plants in the province of Guangdong. The project was developed by a joint venture between Western Resources and the provincial government of Guandong. However, the project had legal problems after the construction of the power units finished. The provincial government refused to recognize the sino cooperative joint venture created to develop the project, according to Western Resources.
Saima-Telecom was founded in 1997 as a subsidiary of Telkart, a member of Areopag Bishkek holding. As of 2004, Areopag Bishkek held a 25% share in Saima-Telecom. In August 2007, Eventis Telecom bought 50% of the company.  As of December 2011, Saima-Telecom's sponsor Bishkek founded a co-brand Saima4g, a dedicated operator for 4G LTE services. Saima4G was the first LTE network in Kyrgyzstan.
Independent Power Tanzania Ltd (IPTL), a joint venture between MechMar Energy Sdn Bhd of Malaysia (70%) and local firm VIP Engineering and Marketing Ltd. (30%), is developing a 100-MW diesel-fired power plant at Tegata. The project is being developed under a 20-year BOT contractual framework. Electrogen of South Africa is the primary contractor. Fieldstone Private Capital Group (Asia) Ltd was the project's financial advisor. Project completion is targeted for the third quarter of 1998.   Tanesco's obligations will be guaranteed by the Government of Tanzania. Estimated project cost is 400 million ringit or $127 million. Construction began in August 1997.
Gas Natural del Centro was awarded the contract to build, own and operate the gas distribution system of Caldas (Eje Cafetero) in mid-1997. Construction works began immediately and commercial operation started in mid-1998. In the 1997-2000 period, the company invested a total of US$ 8.5 million in its network. Gas Natural del Centro is a joint-venture of Andean Gas (16.72%), INFI Manizales (11.89%), INFI Caldas (11.89%), Terpel del Centro (11.89%) and several other companies with shareholdings of less than 10% each. The company has a 17-year exclusivity contract, after which time the market will be openned for competition.  In September 2009 Efigas was creasted by a merger of Gas Natural del Centro (project 2694), Gases de Risaralda (project 2693) and Gases del Quindío (project 2692), which became the sixth largest distributor of gas in Colombia with over 290,000 clients. Shareholding was not known, except that Gases del Caribe held a majority of the shares and that Efigas had approximately 20 shareholders.
Cachoeira Dourada Hydroelectric is a 658 MW power plant in Goias State. The facility was partially privatized in September 1997 when the State government sold a 78.9% equity stake in Cachoeira Dourada Centrais Eletricas (CDSA), the power plant operator, for $715 million (779.7 million reals) to a consortium led by Endesa of Chile. The equity stake was sold through an auction on the Rio de Janeiro stock exchange market. In that year, a concession contract was signed by CDSA in which the company became responsible for maintaining and operating the facility for 30 years. Once the contract expires, the company may request an extension through direct negotiation.  The power plant was privatized with a 15-year power purcharse agreement to supply 100% of its output to CELG, the Goias state electricity company. In 2003, CELG and Cachoeira Dourada started a judicial dispute regarding the prices of the electricity produced by the plant.
Ashvika Construction was awarded the two year contract to build and operate the Chalthan Bridge. The project involved a total of US$2.8 million invested in the four-lane bridge. The three-year contract was signed in September 1996 and construction works were concluded in July 1998.
Empresa de Energia del Pacifico SA (EPSA) is a vertically integrated utility that serves all the Departamento del Valle del Cauca except Cali. It provides hydroelectric generation and distribution services to 250,000 customers in the western departments of Cauca, and Cauca Valley. The company holds 3.7% of Colombia's distribution market and has an installed generating capacity of 820-MW.  EPSA's generating assets includes the 345-MW Alto Anchicaya hydroelectric system, the 270-MW Salvajina plant, the 120-MW Calima unit, and 72-MW Bajo Anchicaya. EPSA has a contract to purchase most of the output of the 240-MW Termovalle gas-fired plant near to Cali being developed by KMR Power Corporation. The company was partially privatized in May 1997 when the Colombian goverment sold 57% of its equity for $535 million to Houston Light and Power and Electricidad de Caracas. In 2000, Union Fenosa acquired Epsa from Reliant Energy and CEdC.  In December 2009, Spain's Gas Natural completed the sale of its two-thirds stake in Empresa de Energia del Pacifico SA (EPSA), Colombia's fifth largest electricity producer, to a group of local investors through a public offer on the Colombian Stock Exchange. Spain's Gas Natural had acquired Epsa earlier in 2009 via a takeover bid from Union Fenosa.  The transaction was valued at approximately US $1.1 billion, and allowed the company to deconsolidate EPSA's debts, which totaled around $260 million as of December 2008.   Colombian investment firm Colinversiones' wholly owned subsidiary Colener had paid Colombian peso 1,503 billion (US $745 million) for 164.064 million shares to take a 47.3% stake in EPSA. The rest of Gas Natural's stake in EPSA went to local investors Argos and Bancolombia.
Repsol Mexico SA de CV was awarded a renewable 30-year concession for the Metropolitan area of Toluca in July 1997. The concession period includes 12 year exclusivity to the concession area. One of the concessionaire's obligations is to develop a 595-km gas distribution system to supply natural gas to 47,279 customers during its first five years, starting in 1997. The project cost is estimated at $30 million. The project will be self-financed.
In 1997 Acueductos y Alcantarillados Sostenibles (AASSA) began the operation of eight small water utilities through 15 year operation contracts in Antoquia Department. The municipalities included Amalfi (2,643 connections), Anori (1,079 connections), Armenia (1,104 connections), Corregimiento de Bolombolo (608 connections), Ituango (1,590 connections), Puerto del Triunfo (588 connections) San Jose de la Montana (658 connections) and Yali (910 connections).
Galkom was a privately-held Samali corporation founded in 1997 which provided local and long distance telephone service in Galkayo.  Somali Telecom Group (STG) was an umbrella for a number of regionally based companies, including Galkom.  The state-owned Post, Telephone and Telegraph administration (PTT) collapsed in 1993 when the country was plunged into civil war and, in its wake, numerous unregulated private-sector telcos were established by Somali entrepreneurs.
In August 1994, the municipal district of Santafe de Bogota, Colombia, awarded a 30 year build, own and transfer greenfield contract for a water treatment plant to Bogotana de Aguas y Saneamiento ESP, SA (BAS). The contract was signed on September 20, 1994 and later clarified in four separate documents, Acta Aclaratoria No. 1, Acta Aclaratoria No. 2, Acta Aclaratoria No. 3 and the Consent and Agreement document. The plant, located on the Salitre River, was intended to process an average flow of 4 cubic meters/second of wastewater. The Salitre facility was the first phase of a comprehensive plan to build three wastewater plans to clean up pollution on the Bogota River. BAS was awarded a global concession for all phases of the project, but no financing arrangements had been made beyond phase one.   BAS was a subsidiary of Lyonnaise des Eaux (51%) and its subsidiary, Degremont (49%). Suez Lyonnaise des Eaux changes its name to SUEZ in 2001.  The plant was estimated to cost some $100 million. Financial closure for the project was reached in September 1997, through the issue of senior secured notes on the U.S. private placement market. The debt issue, handled by Chase Securities, involved two series of investment grade notes: a $30 million issue which received an A rating from Duff and Phelps Credit Rating Co. and a second $70 million issue, which received a BBB rating. The smaller issue was backed by a partial risk guarantee from the Inter American Development Bank. The notes had a 13 year maturity term.  The plant was completed on schedule, on September 2000. BAS was to operate the plant for 27 years.   Wastewater tariffs for the project were based on a guaranteed minimum sewage flow from the District of Santafe de Bogota, and adjusted for macroeconomic factors. This scheme eliminated volume fluctuation risk and reduced inflation and foreign exchange risks.  In January 2004, the municipal authority decided to terminate the contract, after finding it cheaper to operate the plant itself. This termination was not due to default by BAS, and there were no disputes regarding its investment in the plant. According to the contract, the municipality was obliged to pay the project company US$74 million for the project assets. The Bogota water utility EAAB assumed operation of the project.
The Chongqing Road & Bridge Co. Ltd. is engaged in the construction and operation of toll roads and bridges. Among other assets, the company manages the Changjiang Great Bridge and the Jialingjiang Great Bridge. In 1997, the company issued 107 million "A" shares on the Shanghai Stock Exchange (29.03% of the company's shares). A total of US$ 69.7 million was raised as divestiture revenues.
InterAndes is a company created to construct a 268-KM transmission line connecting TermoAndes to Paso Sico (along the Argentina-Chile border). TermoAndes was an Argentinean subsidiary of Gener (Chilgener) of Chile, which was 50% owned by the AES Corporation of the US. The total project cost was US$90 million, financed with a loan granted by Deutsche Morgan Grenfell and Banco Bilbao Vizcaya (BBV). Construction works undertaken by the construction company Abengoa started in 1997 and were concluded in the first semester of 1999.  In 2002, AES Corporation filed legal proceedings with an international arbitration tribunal (International Centre for Settlement of Investment Disputes - ICSID) against the Argentinean government. The proceeding seeks compensation for losses incurred by the company at the time of the devaluation of the Argentinean currency.  In addition, Gener was in the process of restructuring the debt of its subsidiaries TermoAndes S.A. (the generation company) and InterAndes S.A..
In April 1997 the government of Venezuela, through state utility Aguas de Monagas (AdM), awarded a four year management contract for the water and sewage systems in the Monagas province to Spanish private operator FDS. The program was part of a $39 million World Bank loan to finance the medium-term rehabilitation needs of the water sector in Venezuela. In 1997 water coverage in the state of Monagas was high: 93 percent for urban areas and 80 percent for rural communities. However, service was intermitent, water quality low, and tariff collection poor. Only about 30 percent of the water produced was billed for and only 15 percent of the amount billed was actually collected.   FDS was awarded the contract through a competitive tender. Eleven consortia submitted expressions of interest and three submitted final bids. FDS scored the highest score on the technical offer.  According to the management contract FDS had full control over commercial policies and practices, human resources, services contracting and small capital works, such as repairs, metering, and improvement of the distribution network (pumps and valves).   FDS was to be paid a management fee composed of two parts: a fixed compensation paid from a World Bank loan, and a performance based part, financed by AdM’s cash flow and contingent on the operator’s surpassing the annual targets for unaccounted-for water and collection efficiency. The contract also includes penalties for failing to meet pre-set targets. The fixed fee paid to FDS was $4 million.
In July of 1997, a consortium led by Compagnie Generale des Eaux (CGE), a subsidiary of Vivendi (known as Veolia Environnement as of May 2003), signed a 20-year concession contract for the administration, maintenance, and operation of Societe d'Energie et d'Eau du Gabon (SEEG). The concession contract involved the administration of power generation, transmission, and distribution services as well as water supply services for the then 1.5 million inhabitants of Gabon. SEEG had approximately 84,000 customers for electricity and 43,000 for water. Consumption was principally concentrated in the regions of Libreville, Port-Gentil and Franceville.   A service contract had been previously awarded in 1993 to a consortium consisting of Electricite de France, Hydro-Quebec and Lyonnaise des Eaux-Dumez which ended in 1995 with less than satisfactory results.  As a result, prior to the concession award, the company was a fairly lean and well-run organization despite continued financial losses.  The winning offer of 82.75% of the existing tariff was the lowest bid submitted for the concession in a competitive bid between three different finalists. Compagnie Générale des Eaux (France) with Electricity Supply Board International (ESBI of Ireland) won that bid and took a 51% stake for an estimated FCFA 7.6bn (US$14 million), while the government retained a 49% stake.   Later in 1997, the government announced the planned divestiture of its 49% share of SEEG through a public offer of 24%, the sale of 20% to Gabonese institutions and of 5% to employees. However, the State retained a single “Golden Share” which entitled it to have two representatives on the Board of SEEG with a consultative voice (in particular, the State could oppose proposed investment plans).  The 49% stake was offered to the public between October 31 and December 31. The shares of SEEG were traded through a system set up by Gabon's biggest bank, International Bank of Commerce and Industry of Gabon (BICIG).  The offering of 735,000 shares at 10,000 CFA francs (US$16.40) each had been oversubscribed by 50%.   SEEG was required to almost double the number of water connections during the concession.  The contract included regional coverage targets defined by the percentage of the population with access to the network as well as a list of new centres to be served (30 for water and 21 for electricity). Another condition of the concession contract was a 17.5% cut in water and electricity tariffs, which had come into effect soon following the contract. No dedicated regulatory body was set up but a government ministry ran the contract in a very similar manner.  SEEG's expansion program called for a committed investment of FCFA 200bn (about US$268 million) over the life of the project, most of which was to be self-financed. In addition, given the size of the investment needs, the government had chosen to help finance major network investments.  The project company announced in February 2002 that after investing over FCFA 80bn (US$108 million) since 1997 it had been able to increase electricity connections from 100,000 to 125,000 and water connections from 58,000 to 77,000, while improving service quality. In 2003 SEEG was to invest a further Euro 14.6m (US$15.3 million) in the water processing unit near Libreville to expand its capacity and guarantee water supply to the capital in the medium term. By 2005 the company had invested FCFA 115 billion with no retrenchment.   By 2002, the private operator had consistently improved service quality and reduced tariffs substantially. It had met or exceeded its targets for 2000 (and in some cases those for 2015) in all regions except the centers that were previously unserved such as rural areas.  It had posted good profits since the start of its operations and paid its shareholders higher dividends every year (dividends rose from a contractually guaranteed 6.5% of the share price in the first year of operations to 20% in 2000).   In January 2011
The private company finished the rehabilitation works on the road in Feb. 1998 and will maintain and operate the road for 20 years. The road has one toll booth, and the expected average daily traffic flow is 6,389 vehicles. Financing for the project was achieved with the private company own resources and a loan from a commercial bank.
Kyrgyz Telecom, the national telecom operator of Kyrgyzstan, started to be privatized in June 1997 when the government sold a 5% stake to institutional investors. About 3% of those shares priced at US$1 per share were listed on the Kyrgyz Stock Exchange in May 1998. The listing was conducted directly with the stock exchange, no underwriter was involved. The company had a market capitalization of about US$80 million by 1998. Kyrgyz Telecom was the only state-owned enterprise registering a profit in the country by 1997. Profits were US$2.3 million in 1997. The company received loans from the European Bank for Reconstruction and Development and World Bank in 1997. The government had started to look for a strategic partner for the company in 1997.  As of 2005, The Kyrgyz Government owned 77.84% of Kyrgyztelecom, with the Government's Social Fund owning another 12.51%. Company employees and management owned 6%, with private shareholders holding the remaining 3.65%.  The company had a charter capital of 620 million Soms (approx. US$13.5 million), and in 2002 posted a net profit of 78 million Soms.   In June of 2003, six companies from Sweden, Germany, Russia, Turkey and Kazakhstan took part in a tender to buy a 51% stake in Kyrgyztelecom. The first attempt to privatize the company in 1999 was unsuccessful.  Swedtel Aktiebolag, a subsidiary of Sweden's Telia, in consortium with PriceWaterHouseCoopers and American Equipment Limited, offered US$15.6 million for the 51% stake in Kyrgyz Telecom. The next step was for the Tender Panel to examine the Bid Proposals; however, the divestiture did not proceed.   KyrgyzTelecom's installed capacity was set at 507,610 numbers as of April 1, 2005. The company held a GSM license but did not offer any mobile service as of December 2005.  In 2008, implementation of telecommunication project "Digital Future" allowed Kyrgyztelecom to bring the total installed capacity of stations local networks to 721.6 thousand numbers.  In 2008, the Kyrgyz government launched a tender to sell its 77.84% stake in Kyrgyztelecom. Six bidders participated in the tender, with three making it to the final stage. In February 2010 the 77.84% stake was awarded to a consortium of KSD LLP [Kazakhstan], Nimisco Holdings Co. Ltd [Cyprus] and Colimar Holdings Co. Ltd [Cyprus] and Ala-Too Keni [Kyrgyzstan].  The consortium offered to pay US$40 million (KGS 1.78 bn). However, in April 2010, it was announced that the board of the State Property Ministry had annulled the results of the tender.  As of 2011, Kyrkyz telecom became the first operator for digital TV IPTV extending their services to telephone, Internet and interactive TV.
On January 28, 1997, New World Development (NWI) through its subsidiary, Great Star group Corporation, signed a 25-year joint venture contract for the development and operation of a toll road on the Wuzhou section of Roadway No.321. NWI installed 2 toll booths on the 13km dual 2-lane road. NWI expected an average traffic flow of 4,880 vehicles per day. NWI had a 60% stake in this project company, Wuzhou Xinwu Highways Ltd., and invested US$ 13.01 million in equity and debt. The other sponsor was the state-owned company, Guangxi Wuzhou Heng Tong Development Ltd., which owned the rest of the stake in the project company.
South Urals Cellular telephone company is a subsidiary of the regional operator in Chelyabinsk (Electrosvyaz), later known as Uralsvyazinform. The company launched a CDMA local loop system with assistance from Qualcomm, which was also a partner in the project. The local network supported 35,000 clients by 1997. The company invested US$4 million in the project, most of which was spent on necessary licenses for the Qualcomm equipment.
Loteny-Telecom was a joint venture between Telecel International (52.5%), Access Telecom, another private partner, and the Ivory Coast government.  Telecel International was in turn 80% owned by the Egyptian company Orascom Telecom Holding (OTH).  However, in April 2004, OTH completed the sale of its controlling 51.7% in Telecel Loteny to Atlantique Telecom, a subsidiary of Banque Atlantique of Cote d'Ivorie, for US$53.1 million.   Loteny Telecom was awarded a license to provide mobile services in Cote d'Ivoire in April 1996 on a first-come-first-serve basis.  The company began commercial operations in November 1996 and had invested around US$18.7 million for development of its network.  The company obtained a US$4.25 million loan from the African Development Bank in April 1997, as well as a US$3.8 million loan.  The estimated investment in the company was US$36.7 million by end 1998.  The West African Development Bank approved another loan to Loteny in 2000, amounting to US$5 million.  In July 2004, Siemens AG won a 20 million euro order from Ivory Coast's Loteny Telecom to expand its GSM mobile phone network.  As of end 2004, Loteny Telecom was a close second in the national market with 831,712 subscribers and competed with France Telecom's Orange.    In June 2005, the MTN Group entered into an agreement to acquire a 51% stake in Loteny Telecom.  Telecel Côte d’Ivoire was renamed MTN Côte d’Ivoire on 30 December 2005.  Since the acquisition, the MTN Group made a sizeable capital expenditure investment of over US$20 million into this operation. The bulk of this investment was spent on network equipment and information technology systems to support anticipated subscriber growth.  By end 2005, Loteny Telecom had 1.079 million subscribers.
BSE was awarded a 15-year concession to provide cellular phone services through the B band (800s MHz) in area 10 in August 1997. The area 10 comprised the states of Pernambuco, Ceara, Rio Grande do Norte, Paraiba, Piaui, and Alagoas. The Brazilian telecommunications market was divided in 10 areas in 1996 in order to assign licenses for cellular phone services. In each area, the B band was assigned to a private consortium through a competitive bidding and the A band was assigned to the state owned company that provided local fixed phone services in the concession area. Tele Nordeste Celular, the state-owned competitor of BSE, was privatized in July 1998.   BSE won its license through a competitive bidding when it offered US$ 512 million (r$556 million) for the license in August 1997. BSE is a consortium led by BellSouth International and integrated by Grupo Safra, RBS, Splice and Grupo O Estado de Sao Paulo. The concession contract was signed in August 1997 when the consortium paid 40% of their offering. The 60% remaining has to be paid in three equal parts during the first three years of the concession contract. The consortium raised US$ 650 million in the international financial markets in March 1998 to finance the 40% of its bidding for the license and to invest US$450 million during its first three years of operations. The company started its commercial operations in June 1998. BCP and BSE operates under the same commercial brand BCP Telecomunicacoes.   In May 2003, Telecom Americas bought a 95% stake in BSE from BellSouth and Verbier, a division of Grupo Safra. Telecom Americas is a subsidiary of America Movil and, since August 2003, all its mobile operations in Brazil have been using the brand name "Claro". America Movil has grouped it's Brazilian operating companies (ATL, Tess, BCP, BSE, Claro Digital, and Americel) under this group. From 2004 all information is recorded under BCP (Claro).
In February 1997, Manila Water Company, Inc. (MWC) won a competitive tender to operate the Metro Manila East Water Supply and Wastewater Service Zone under a 25-year concession agreement by offering the lowest water tariff of P2.32-per-cubic-meter (73.6% lower than the prevailing rate).   The city was divided into two service areas (East and West) to promote diversity and comparative competition, with a consortium named Maynilad concurrently winning the West Zone.  The East Zone comprised Pasig City, Pateros, San Juan, Taguig, Mandaluyong, a small part of old Manila, most of Makati, Marikina, Quezon City, Rodriguez and San Mateo in Rizal and all of the Rizal municipalities for a total population of 4.5 million and 325,000 connections (71% coverage).   In 1997, Ayala Corporation of the Philippines was the largest shareholder in MWC with direct and indirect equity interests totaling 52.7%. United Utilities (UU) of the UK held an 18.6% equity interest in MWCI through a subsidiary while Bank of the Philippine Islands Capital Corporation and Mitsubishi Corporation of Japan each owned a 10.7% equity interest.  Employees owned 6.8% of the equity through an employee stock ownership program.  In March of 2005, MWC premiered on the Philippine Stock Exchange, selling a 35.2% stake to the public and raising PHP5.35 billion (nearly US$97.8 million) to fund additional capital expenditures.  About 70% of the IPO was offered to foreign investors, with nearly two-thirds taken by investors in Asia, about a third by those in Europe and the rest by U.S. investors.  Following the public listing, Ayala Corp.'s stake in MWC was 30.4%, while United Utilities held 11.8%, Mitsubishi Corp. 7.9%, IFC 7.4%, Bank of the Philippine Islands Capital 4.6%, and employees 2.7%.  The consortium took over operations on August 1, 1997, facing significant coverage and quality problems.  By 1995, water service coverage in the Manila metropolitan area was one of the lowest among major Asian cities.  Only two-thirds of residents were connected to the intermittent, low-pressure water system and less than 10% were connected to the sewerage system. Non-revenue water was at 56% due to leakages, faulty meters, illegal connections and an inefficient billing system.  Sewerage services were even less developed, with less than 7% of households having direct access to the network. MWSS was very heavily indebted.  It was also heavily overstaffed and had a history of labor troubles.   Under the concession contract, MWC agreed to achieve annually increasing coverage targets for water and sewerage, with annual targets defined by zone.  It also had to achieve targets for percentage of water treated (water and wastewater) and achieve continuity of supply (24 hour supply by 2000), pressure, national drinking water quality and environmental standards, and improve customer service quality.  Non-revenue water was to decrease from 56% to 32% in the first 10 years.    To meet those contractual obligations, it was estimated that MWC had to invest P78.83 billion (US$2.72 billion) over the 25-year concession period (approx. P20.4 billion for Manila's water supply and P58.43 billion to improve the sewerage system) as well as pay an estimated P6.4417 billion (US$222 million) in concession fees.  MWC was also required to assume 10% of outstanding MWSS loans.  The bulk or P59.6 billion of financing for the project was to come from loans, while another P25.6 billion was to come from equity contributions of Manila Water stockholders. The total investment required to meet the contractual obligation for both the East and West Zones was estimated at P186.3 billion (US$6.4 billion) over the life of the 25-year contracts (of this amount, P106.8 billion was to go to sewerage projects, P68.9 billion for water supply and P10.6 billion for sanitation).    To ensure fulfillment of investment obligations, the concession contract required MWC to post a US$70 million performance bond.  If the consortium failed to deliver the requirements of the contract, MWSS could withdraw US$10 million of the bond every year, for the first five years.   Under the concession agreement, MWC was entitled to the following tariff adjustments:  a. Annual standard rates adjustment to compensate for increases in the consumer price index (CPI); b. Extraordinary price adjustments (EPAs) to account for the financial consequences of the occurrence of certain unforeseen events stipulated in the Agreement; and c. Foreign Currency Differential Adjustments (FCDA) to recover foreign exchange losses including accruals and carrying costs thereof arising from MWSS loans and any Concessionaire loans used for capital expenditures and concession fee payments.  Tariffs adjustments were subject to a rate adjustment limit as defined in the Concession Agreement. The Company was also allowed a fixed currency exchange rate adjustment (CERA) of P=1.00 per cubic meter (m3). To compensate the impact of the 1997 Asia financial crisis, MWSS exercised its option to implement general Rate Rebasing starting January 1, 2003.   In August of 1998, the consortium secured a US$40 million loan facility from Dutch-based ING Bank.  In January 1999, MWC obtained a US$25-million loan facility with a syndicate of four banks composed of Banco de Oro as lead bank, China Trust (Philippines) Commercial Banking Corporation, Global Bank and Rizal Commercial Banking Corporation.  In June 2002, the German Investment and Development Bank (DEG) provided a US$20 million loan to the company to finance its expansion.   By 2005, MWC reported that it had spent approximately spent more than P12 billion (approx. US$220 million) in capital expenditure, largely for pipe-replacement programs resulting in substantial reduction in system losses from 63% to 35.6% as of September 2005.  MWC made a record net profit of 2.01 billion pesos, 51% higher than its 2004 income of 1.33 billion pesos, which was 16% higher than in 2003. That compared to revenue of just 500 million pesos in 1997.  Connections had risen to 600,000 by 2005 while access to 24-hour water had improved from 26% to 97%.  Also by 2005, half of MWC's revenue came from its commercial customers, although they only accounted for 10% of its customer base.  MWC’s capital investment program for 2005-2010 was estimated at P20 billion (approx. US$360 million).  In 2004, the IFC committed investments comprised of a US$30 million A loan and an equity subscription of US$15 million.  In October of 2005, MWC secured a US$64 million loan from the World Bank through the state-owned Land Bank of the Philippines to fund the Manila Third Sewerage Project, which aimed to expand sewerage coverage to 30% over the following five years from about 8%.  The loan was guaranteed by the National Government.   In April 2009, MWSS granted an extension to Manila Water's concession agreement by another 15 years from 2022 to 2037 and got an approval  from Department of Finance in October. And in the same month, UK-based First State Investment Management Ltd. and its units have acquired a combined 5.4 % of Manila Water. In November, United Utilities agreed to sell its 11.67% economic interest in Manila Water to Ayala, increasing Ayala's economic interest in Manila Water to 43.3% from 31.7%
The company is one of the two into which Colombian Empresa de Energia de Bogota (EEB) was corporatized for its privatization. The other company is Comercializadora y Distribuidora de Energia SA which assumed all distribution assets of EEB. Empresa Generadora de Energia assumed its generating facilities totalling 2180-MW of installed capacity in 1995. This capacity was divided in nine power plants: 50-MW Canoas, 70-MW Salto II, 76-MW Laguneta, 300-MW Colegio, 310.5-MW Cadena Mesitas Guaca, 270-MW Paraiso, 1,000-MW Guavio, 37.5 MW Termozipa I, and 66-MW Termozipa II. Empresa Generadora de Energia was partially privatized in September 1997 when the government sold a 48.5% equity stake for $951.2 million to a consortium called Capital Energia SA, comprising Spanish Endesa and Chilean Endesa.
Comgas is a gas distribution company in Sao Paulo. The company started to be privatized in January 1997, when the Sao Paulo municipal government sold a minority stake (19.86%) in Comgas for the minimum price of US$ 70.9 million to Shell International Gas. In a second transaction on April 14, 1999, the state of Sao Paulo-owned power generation utility, Companhia Energetica Sao Paulo (CESP), sold its 52.7% controlling stake in Comgas for US$ 988 million to a consortium made up of British Gas, Shell, and Sao Paolo utility Companhia Paulista de Forca e Luz (CPFL). The winning consortium consisted of British Gas (95%) and Shell (5%). Proceeds from the sale went to the parent firm of Comgas, CESP, which used the amount for the sell-off of three electric generating facilities. The winning consortium committed to invest $200 million over the following three years to improve the Comgas distribution network throughout metro Sao Paulo and to boost the natural gas market. The Comgas concession is a 30-year franchise, with a potential for a further 20 years.  In December 2004, Comgas received a US$156 million loan from BNDES to expand and modernize its gas pipeline network.  In August 2012, BNDES approved another loan to finance Comgas' network expansion amounting to US$ 581.5 million (BRL 1135 million). This value represented 56% of the total the company set to invest in the 2012 - 2014 period.  In September 2013, Comgas issued US$ 229.4 million (BRL 540 million) in long-term bonds.
Enersul is a company that generates, transmits, and distributes energy in the Brazilian state of Mato Grosso do Sul. The company served 72 of the 77 municipalities in Mato Grosso do Sul covering 330,000 square km (92% of the state). In its concession area, Enersul had 467,471 customers for a total population of about 2 million in 1996.   The company was partially privatized in November 1997 when the state government sold a 55.36% equity stake (77% of the voting capital) for $565 million to Espirito Santo Centrais Eletricas SA (Escelsa), the integrated electric utility that serves the state of Espirito Santo. Escelsa itself was partially privatized in July 1995 when 50% plus one share of the company was bought by Iven Group. Initially Iven Group was integrated by Aphelion (18%), Opportunity (16%), Icatu (16%), Banco Pactual (13%), Centrus (13%), Citibank (13%), and Banco Nacional (13%).   In August 1999, Electricidade de Portugal (EdP) bought 49% of Iven Group; the remaining 51% was equally owned by Opportunity and Citibank. In 1999, Escelsa increased its participation in Enersul to 65% (87.8% of the voting capital). As of July 2002, EdP participation in Iven Group had increased to 73.12% and the participation of other private investors in Enersul had increased to 15%. In October 2002, EdP took control of Escelsa, which in turn controls 65% of Enersul. In December 2003, after finalizing the first stage of a major corporate reestructuring, EdP has included Enersul in the holding EdP Brasil, one of its subsidiaries. As of December 2003, other private investors had increased their participation in Enersul to 20% and Escelsa, controlled by EdP, remained the owner of a 65% stake (87.8% of the voting capital).  Electricity consumption increased from 2,647,524 MWh in 2001 to 2,728,500 MWh in 2002 with the end of electricity rationing program in February.  Enersul received a loan of US$ 28.5 million (R$ 101 million) from BNDES (the Brazilian bank for development) in 2002 to compensate the losses incurred by the company during the implementation of the ration program.    In August 2008, Electricidade de Portugal SA's subsidiary Energias do Brasil, former 100% shareholder of Enersul, exhanged full ownership of Enersul with Rede Energia S.A. for the equity interests in the companies Lajeado Energia S.A. (former Rede Lajeado Energia S.A.) and Investco S.A.(Investco), as well as by Rede Power do Brasil S.A., of the respective equity interests in the companies Lajeado Energia S.A. and Tocantins Energia S.A.  In April 2014, Energisa acquired Rede Energia S.A., and Enersul's name was changed to Energisa Mato Grosso do Sul.
Stratavest Sdn. Bhd is developing the 64.4MW, US$97.9 million Libaran Power Station at the Seguntor Industrial Area near the Seguntor Integrated Timber Complex in Sandakan. The Libaran plant will use diesel fuel. Mitsui and Burmeister Wain Scandinvian Constructor are the engineering, procurement, and construction (EPC) contractors and equipment suppliers for the project. The plant was expected to become operational in late 1998. Financial closure for the project was achieved in early 1997 with the appproval of a ringgit 184.0 million loan arranged by the locally-based Perwira Affin Bank Bhd.   Stratavest signed a 21-year PPA with the Sabah state electric utility, Lembaga Letrik Sabah, in January 1997. As of July, 2000, the project company was planning to issue a serial bond worth US$ 17.1 million in order to retire its existing loan facilities and partly redeem its redeemable shares.
The equity structure of Kuantan Port Consortium Sdn Bhd (KPC) was Road Builder (M) Holdings Bhd (40%), Pasdec Corporation S/B (20%), Damanjaya S/B (15%), Mentiga Corporation Bhd (10%), Essmarine Terminal S/B (5%), Euromawar S/B (5%), and management and employees (5%). In August 2002, shareholders voted in favor of plans for Road Builder to increase its stake in Kuantan Port by 40 per cent, making the port a wholly owned subsidiary.   Under the privatization agreement, KPC shall have the exclusive right to take over, develop, manage, operate and maintain the facilities and services of Kuantan Port for a concession period of thirty years. In conjunction with the privatization, KPC will also be granted a lease of land measuring 605.3 hectacres at the port area for a period of thirty years.   KUANTAN Port Consortium, the private port operating company which took over the port facilities at Kuantan Port, on the east coast of Peninsular Malaysia, committed to investing M$823m (US$214 million) over the 30-year concession period. The port had been investing heavily in new handling facilities, having purchased two rubber-tyred gantry cranes and five prime movers.  The concession had been extended by a further 30 years, taking the contract through to 2059.
Coelba is the electric distribution company in the state of Bahia. In 1996, its concession area was about 559,950 square kilometers where it served 2.3 million customers located in 314 municipalities. Its main electricity facilities were 7,174km of transmission lines, 127,049km of distribution lines and 211 substation units in 1996. The company was partially privatized in July 1997 when 61% of the voting stock was sold for $1,620 million to Guaraniana. Guarania, a consortium led by Banco do Brasil and integrated by Iberdrola, a Spanish electric energy company was later renamed Neoenergia.   In 1998 and 1999, the consortium increased its stake by acquiring blocks of shares of Coelba through stock exchanges. In 1999, its stake had increased to 56.50% of the total capital. In October, through a public offer it acquired an additional 31.34% of the total capital of Coelba, and became a shareholder with a 84,84% stake in the total capital.   As of December 2005, Neoenergia controlled 87.8% of the total capital of Coelba and Iberdrola had 8.5% Neoenergia was owned by Previ (49%), Iberdrola (39%) and Banco do Brasil (12%).   In 2009, Coelba raised US$ 35 million (BRL 70 million) in loans from BNDES; and USS 2.5 million (BRL 5.1 million) from Finep.
The Shanxi Zhangze Electric Power Co. is engaged in the generation, transmission and distribution of electricity in the city of Changzhi. The company has two subsidiaries: one generating company that has a total capacity of 1,040 MW in hydro power plants, and another generating company that has just completed the construction of a 350-MW coal-fired power plant in 2000 (see http://www.zhangzepower.com). In 1997, the company issued 150 million "A" shares on the Shenzhen Stock Exchange. A total of US$ 108.5 million was raised as divestiture revenues.
In January of 1997, Berlinwasser Holdings AG of Germany was awarded a 20-year BOT contract to develop the water supply network in Xian, China.  The project committed to provide 500,000 cubic meters of water per day to 3 million in the city, which corresponded to about 85% of the average daily consumption.    To implement the contract, Xian South Water Works Limited was created as the project company which was owned 35% by Berlinwasser with the remaining 65% split between the state-owned Xian Waterworks Company and Grown Smark Ltd, a Hong Kong based investment company.    The initial cost of the project was DM 55 million (US$30 million) with financing from Dresdner Bank.  The plant entered into operation in November of 2001.  In December 2003 Berlinwasser sold its equity interest in Xian South Waterworks Co. Ltd. to the majority shareholder, Xian Waterworks Company. A Chinese governmental decree dated September 11, 2002, declared projects with a guaranteed return for foreign investors to be no longer permissible.  This decision canceled the legal base for Berlinwasser's commitment.   The repurchase price was US$11.2 million.
OJSC Svyazinvest (Telecommunication Investment Joint Stock Company) was registered on Sptember 18, 1995, as a holding company for all assets the Russian Ministry of Communications possessed at the time in the field of telecommunications.   In early 1993 the Russian telecommunications network consisted of some 85 regional communications companies, controlled entirely by the government. During 1993 local companies were reorganized as corporations and partially privatized through the national voucher program. A process of consolidation also started: Rostelecom became the single national fixed line operator, and 5 regional operators were created. The Ministry of Communications still held controlling stakes in all these companies. The stakes were consolidated in Svyazinvest in 1995.   The role of Svyazinvest in the telecommunications sector was not clear up to 1998. The government intended to divest 49% of its shares in Svyazinvest through an international auction. The first attempt to sell an initial 25% of the Svyazinvest stakes was undertaken in 1995 and it turned into a failure. STET of Italy won the tender, but the deal came to an end due to disagreements over payment terms and the increased political turmoil in Russia. In July 1997, the government finally sold a 25% stake plus one share in Svyazinvest. A Cyprus-based consortium, Mustcom, won the tender. The consortium included Unexim Bank, ICFI Cyprus (Unexim MFK group), Renaissance International Ltd. (Renaissance Capital group), the Deutsche Morgan Grenfell investment bank, Morgan Stanley Asset Management, and the Quantum Fund of George Soros. The total divestiture revenue from the tender was $1.88 billion. That amount raised went almost entirely to the government budget; Svyazinvest retained only $95 million.  By the end of 2002-2003 Svyazinvest completed the process of merging 74 regional fixed-line operators into seven large mega-regional companies where it held controlling voting stakes: Center Telecom, North-West Telecom, Volga Telecom, South Telecom, Uralsvyazinform, Siberia Telecom and Far East Telecom (Dalsvyaz). Svyazinvest also held 51% in the national long-distance carrier Rostelecom and six regional telecom operators that did not take part in the consolidation, including a 28% stake of the ordinary shares in Moscow City Telephone Network (MGTS) and industry institute Giprosvyaz. The total number of Svyazinvest’s subsidiaries and affiliates exceeds 730. Svyazinvest subsidiaries held licenses to provide local, long-distance and international telecommunications services, data transmission, internet access and wireless subscriber access services, and mobile services.  As of 2006, the Russian state was the main shareholder of Svyazinvest through the Federal Property Agency (75% minus one share). JSC Comstar-UTS held 17.31% plus one share. MGTS FINANCE S.A. - 7.69%.    In June 2008, Alexander Kiselyov, Svyazinvest's general director, said the company needs to be privatized no later than in the next 12 months. Comstar officials supported the plan and intended to take part in the process.  In October 2010, Comstar-UTS, a subsidiary of AFK Sistema, sold its 25% + 1 share stake in Svyazinvest to Rostelecom for RUR 26 bln as part of an asset swap with AFK Sistema. In line with the deal, Svyazinvest received 100% of mobile operator Sky Link in exchange for a 23.3% stake in the voting shares of MGTS.  In March 2012, Russian President Medvedev ordered Svyazinvest (the holding company) to merge with Rostelecom (a national operator) to eliminate the complicated cross-holding structure. Process-wise, 14.0547520661157 ordinary Svyazinvest shares were placed with a nominal value of RUB 1 each, and converted into one Rostelecom ordinary share with a nominal value of RUB 0.0025 each. The merger was completed by end 2013, resulting in Vnesheconombank and the Federal Property Management Agency jointly owning 51% of Rostelecom's shares.
In 1995, Empresa de Aguas de Girardot, Ricaurte and the region SA (Acuagyr SA) began operating the water and sewerage services of municipalities of Girardot and Ricaurte and surrounding areas in department of Cundinamarca under the 15 year operational contract. In 2005 Girardot and Ricaurte had populations of 25,195 and 2,085 respectively.  Evidence of operation in late October 2013.
Instituto Costarricense de Electricidad (ICE) in March 1997 selected a joint venture of Oxbow Power Corp. (40%), Marubeni Corp. (40%) and Jose Altman & Co. (20%) to build, operate and transfer the 27.5-MW Miravales-3 geothermal power project at the Miravalles Volcano in Guanacaste Province under a 15-year contract. The cost of the project is US$ 70 million and the target on line date is first quarter 2000.   ICE will buy the unit's electric production for about 6.7 cents/kWh and provide the geothermal recource needed to run the plant. The partners are responsible for connecting the plant to the national grid, and providing ICE $3-million of financing to cover material and services needed to connect the plant. The project sponsors closed a $70 million financing package in Sept. 1998. The package includes $20.5 million in sponsor equity and $49.5-million in debt contributed by the IADB under its A-Loan/B-Loan program. The IADB is providing a $16.5-million A Loan and a commercial bank consortium of Fuji Bank, Dresdner Kleinwort Benson and the Dexia Group is funding the $33-million B-Loan.   Construction will be handled by Mitsubishi Heavy Industries. Under the term of the bid, ICE has an option to authorize at a fourth 27.5-MW unit, which could be awarded to the winner of Miravalles-3.
In 1989, the Philippine government awarded a Build-Lease-Transfer contract for the metro of Manila to a Hong Kong based company. For undisclosed reasons the project never got off the ground. In 1997, the Philippine government entered into a 28 year Build-Lease-Transfer (BLT) agreement with the Metro Rail Transit Corp (MRTC) to construct a US$655-million, 16.8 kilometre, light rail transport system linking Kalookan City in the North of Metro Manila to Roxas Boulevard in the South.  MRTC was a consortium of seven Philippine companies: Fil-Estate Management (18.6%), Ayala Land (18.6%), Anglo-Philippine Holding Corp (18.6%), Ramcar (18.6%), Greenfield Development Corp (16%), Allante Realty and Development (4.8%) and DBH (4.8%). Financing arrangements were as follow. MRTC had infused US$190 million in equity. The rest of the financing was obtained through a loan of US$465 million from the Japan Export-Import Bank, the Bank of Tokyo-Mitsubishi Corp (MBK), Postal Bank of the Czech Republic and the Czech Export Credit Agency.  Under the terms of the contract, the government was operating the train system after the construction phase and had to pay MRTC a rent over a 25-year lease period until 2025. The rent was equivalent to the guaranteed annual 15% interest rate over the US$190 million invested by MRTC.  The metro system, known as MRT 3 or Metrostar, entered into operation in 2000. It counted an initial fleet of 73 rail cars (of which up to 60 were operating daily) and 13 stations. In 2007, ridership was about 12 million passengers a month.   In 2005 and in 2007, the government announced it was looking for financing to takeover the MRTC. In September 2007, five international and local banks expressed interest in financing the government's takeover. As of October 2009, the government was eyeing the possibility of selling its 80 per cent stakes in the MRTC.   The president of the Phillipinnes and his cabinet approved a plan to takeover the full ownership of the Metro Rail Transit(MRT)through a buyout of privately and publicly held bonds, a total cost estimated at US$1 billion. The buyout will pay for bonds held by MRTC for the MRT-3 concession. Following the buyout, the government intends to fully privatize the operation and maintenance of the entire MRT and refinance the MRT-3.
Companhia Vale do Rio Doce (CVRD) is a large mining company in Southern Brazil. In 1997, it was awarded the 30-year concession contract for the 898 km Vitoria a Minas railway line from its iron ore plant. CVRD uses this railway line to transport iron ore to the port terminal of Tubarao. It also operates one passenger service. In 1997, 1.49 million passengers and 106.86 million tons of freight were transported in the railway. CVRD was privatized on May 6, 1997. Since privatization, CVRD has made moves to opening its railway line to commercial freight services. The company awarded a $2.3 million upgrade contract to the US company Harmon Industries in August 1997; in 1998, the private sponsor planned to invest US$ 46.5 million in the railway (locomotives, parts, rolling stock and tracks).   CVRD also use to have stakes in two consortia, Ferrovia Centro Atlantica (FCA) and Companhia Ferroviaria do Nordeste (CFN), that successfully bid for concessions to operate freight traffic on the Centro Atlantic and North East railway lines. In 2003, CVRD sold its stake in CFN to Cia Siderurgica Nacional and Grupo Vicunha. It also acquired Cia Siderurgica Nacional's stake in FCA. As of December 2003, CVRD was holding 99.99% of the total shares of FCA and had no stake in CFN.
Empresa Transportadora de Hidrocarburos SA (Transredes SA) was created from the transmission assets of Yacimientos Petroliferos Fiscales Bolivianos (YPFB), a state-owned company. Transredes owned 2,664km of gas transmission pipelines, 2,315km of oil/liquid pipelines, and an important participation in the Bolivian Brazilian gas pipeline. Transredes owned 51% of the Bolivian side of the project through its participation in a joint venture with Enron International which consequently owned 34% of the Bolivian part. Transredes owned a 12% of the Brazilian part of the project and 8% belonged to Enron International, through the same joint venture. The company was created in 1997, when a 50% equity stake was transferred to Enron International (a 25% equity stake) and Shell International (a 25% equity stake) for an equally shared equity investment of $263.5 million. The privatization reached financial closure in May 1997. The remaining interest in Transredes was transferred to Bolivian pension funds (34%) and to current and former employees of YPFB (16%).   As of 2005, Enron still controlled 25% of Transredes and was in the midst of liquidating its operations and distributing its assets to its creditors.  As of October 31, 2006, Enron had liquidated its assets and Ashmore Energy International controlled 25% of Andina SA while Shell controlled 25%. Due to Bolivian President Morales’ announcement in May that Bolivia would nationalize all hydrocarbon producing facilities, the combined share of both companies was to be reduced to a minimum 49% in order to allow state-run oil and gas company, Yacimientos Petroliferos Fiscales Bolivianos (“YPFB”)a 51% share. This change had not yet reflected in 2006 reports.  As of December 31, 2007 the shareholding structure of Transredes consisted of Shell 25% AEI 25%, YPFB 33.57% and Others 16.43%.   In May 2008, the Bolivian federal government issued an expropriation decree declaring that the AEI was to sell all of its stake in Transredes SA. A settlement concerning the share price was made in October 2008, in which YPFB would pay US $120 million to AEI for its shares. Half of the price was paid in October 2008. The same arrangement was made with Shell for its 25% stake.
Conagas has been distributing natural gas in Pedras Negras since 1935, but, with the change in the regulation that occurred in 1995, the company had to request a new permit to operate in the area. This new distribution permit was issued in Mar. 1997 and has a duration of 30 years (including a five-year exclusivity period). With this new contract, Conagas has agreed to invest US$ 0.6 million in the next five years to expand its network (Conagas has currently a 200 km distribution network). The company currently has 15,000 customers, but it agreed to reach 25,608 users in the next five years (mostly residential users). Southern Union Energy owns 43% of Conagas shares, while the Libson Family owns the remaining shares.
The 24 MW Nan'ao Wind Project was developed by Nuon, a Dutch utility (55%) and three Chinese partners (45%).  They are: China Fuling Wind Power Development Corporation, Shantou City Electric Power Bureau and Nan'ao Zhenneng Wind Power Development Corporation.  The project is located on Nan'ao Island in Guangdong province and consists of 40 wind turbines, each with a capacity of 600kW.  Total cost of the project is roughly $30m.  The PPA will last for 20 years.  The price set for the first year is $0.065/kWh .  During the next 10 years, the price will be indexed 3% annually.  In year 11, the price will go down to $0.06/kWh and will rise 3% annually for the next 10 years.  The plant began operations in June 1998.  NEG Micon supplied the equipment, site construction, installation of turbines, and plant operations for five years after its completion.
The project involves the construction of a 78-MW oil-fired power plant in Escuintla. The project contract came in response to an emergency request for proposals issued in December 1994. Empresa Electrica de Guatemala SA awarded the contract to a consortium of TECO Power Services Corp. (87.5%) and Guatemalan companies (12.5%) in January 1995. The contract included a 15-year power purchase agreement with Empresa Electrica de Guatemala SA. The power plant, with a total cost of about $50 million, began commercial operations in September 1995.
The first project of Hidroelectrica Rio Lajas consisted of a 10 MW hydro power plant located in San Ramon River. The project reached its financial closure at the beginning of 1997, becoming the fourth private power project in Costa Rica. The total cost was estimated at US$ 16 million. The developer is a consortium led by Hydro-Quebec International and including other Costa Rican companies.
The 1,275-MW Serra Da Mesa power plant was one of the 12 Brazilian energy projects initiated in the late 1980's and suspended due to insufficient public sector resources. The project is owned by VBC Energia (former Serra Da Mesa Energia) (51.49%) and Brazilian state-owned Furnas Centrais Electricas (48.46%). Serra Da Mesa Energia, previously known as Dynamis Energetica or Nacional Energetica, was established in 1994 as an independent power company who was owned by Furnas Centrais Electricas. Serra Da Mesa Energia was sold to a newly Brazilian private consortium CPFL Energia for $172 million in March 1997. As of 2009, CPFL held 51.54% of the shares in the hydropower project. Still, by 2009, the project operation remained under control of Furnas.  Under the sale agreement, Furnas owns the rights to 48% of Serra Da Mesa's power output until 2008, but VBC Energia owns 51% of the power production for 30 years. The total cost of the project is estimated at $737 million.   The hydroelectric plant finished its construction late 1997 and began commercial operation in April 1998. In Nov. 1999, MIGA issued a US$ 100 million guarantee to CPFL Energia (this loan will finance three of CPFL Energia's projects: Serra da Mesa, Companhia Paulista de Forca e Luz and Rio Grande Energia).  In 2004, a new concession contract was signed for the duration of x years. The contract length was then extended to 35 years in 2011.
Transmetano SA signed a 50-year concession contract with the Colombian government to construct, operation, and maintain a 149km gas transportation pipeline from Sebastopol to Medellin in August 1994. Transmetano SA is a consortium whose main owners are Empresas Publicas de Medellin (38.9%), Promigas (22.9%), Sudamericana de Seguros (6.9%), Compania Nacional de Chocolates (6.9%), Corfinsura (6.9%), and Colcorp. (6.9%). The company signed a 15-year supply contract with Ecopetrol (a Colombian stated-owned oil company) for its entire capacity in February 1995. The project total cost was about $50 million. In 1996, the IADB approved an $19 million direct loan and $32 million syndication.  Ashmore Energy International has a controlling interest in Promigas. As of December 31, 2009 Promigas controlled 50.65% of the shares of Transmetano SA.  From AEI's 20 F report for 2009 regarding sources of revenue. "Ecopetrol S.A., or Ecopetrol, the Colombian state-controlled petroleum company, is currently Transmetano’s sole customer under a Transportation Contract which expires in 2012. At the end of the term, Ecopetrol has an option to renew the contract for ten successive one-year terms. Independent of volumes transported, Ecopetrol pays a tariff established by the contract. If the tariff to be approved by CREG differs from the one in Ecopetrol’s contract, Transmetano will assume any discount, as applicable."
Gas Natural del Noroeste is a company created in 1997 to distribute natural gas in Hermosillo, Guaymas and Empalme in the state of Sonora. The company is owned by KN Energy, KN Energy International and Grupo Marhnos. Gas Natural del Noroeste was awarded its concession area by Comision Reguladora de Energia (CRE) through a competitive bidding offer when it offered to serve 26,250 clients by its fifth operation year and ask for an average tariff of $3.59 dollars per Gigacalorie. The company's investments committments were estimated to be $22 million. The project is financed by equity and commercial loans from Mexican banks. Construction of the distribution network started in February 1998.
The US$281.2 million, 235-MW, Jegurupadu combined-cycle Power Plant, is one of the government's "fast track" power projects. When fully operational, the plant will use naptha, natural gas and combined-cycle technologies. The first 53-MW turbine was commissioned in August 1996. The plant entered full combined cycle operation in September 1997.  ABB is the primary contractor for the project.   In addition to equity, the IFC provided an A Loan of US$30.0 million and a B Loan of US$70 million in 1994. This project is notable because it received a counter-guarantee from the Government of India.   An 18-year PPA had been signed with the Andhra Pradesh State Electricity Board that took effect in August 1997. A 15-year extension of the PPA that may take effect upon the completion of the full 18-year term is contingent upon the approval by the affected parties.   In fourth quarter 2001, CMS Energy announced its plans to sell all interests in its India power projects.  By August 2003, CMS was in the process of selling its entire stake to GVK for approximately US$30 million.
In March 1997, Cheung Kong Infrastructure (CKI) signed a 25-year joint venture for the operation of a 30-km class 1, dual 2-lane highway in Zengcheng, Guangdong Province. The Zengcheng Lixin Road is operational. CKI has a 51% equity share in the JV and invested HK$ 102 million (US$ 13 million). Total project costs are HK$ 200 million (US$ 26 million). CKI disposed of its share in the project in 2002.
In August 1997 the provincial government of Santiago del Estero awarded a 30 year concession contract for the management of its water and sewerage company DiPOS to local consortium Aguas de Santiago SA. The consortium became responsible for the provision of water and wastewater services for 170,000 people in the city of Santiago del Estero and 240,000 inhabitants in 13 smaller municipalities. Aguas de Santiago committed to meet certain coverage and quality goals, but no binding investment figures were set in the concession contract. The largest investment the company would undertake was the doubling of the sewage network, which in 1997 only served some 60,000 people. In total, Aguas de Santiago estimated it would invest some $77 million.  The Aguas de Santiago SA consortium was made up of local companies Cast TV, El Liberal, TIC, Curi Hermanos, and Sagua International.
A foreign consortium led by Malaysia-based Leader Universal Holdings Bhd signed a US$40 million build, own and transfer (BOT) deal to become Phnom Penh's first private power plant in September of 1994.  The 35MW electricity generating plant consisted of seven Italian diesel generator sets and became fully operational in November of 2002.  The consortium was entitled to operate the plant for 18 years before turning it over to the state-owned Electricite du Cambodge.    The power plant, which was located in the Chak Angre district of Phnom Penh, was a joint venture by three Malasian companies - Leader Universal Holdings (60%), Delcom Services Sdn Bhd (20%) and Grand United Holdings Berhad (20%).  The power purchase agreement was executed between the JV and Electricite Du Cambodge in 1994.  A majority of the financing for the plant was handled by the internal funds of Leader Universal.  By mid 2003, the company was considering an upgrade of its facilities from 35MW to 60MW in order to meet the expected demand of the city.  The upgrade was expected to cost US$15 million.
In 1997, Cathay International Water (CIW), a subsidiary of Cathay International Holdings of Hong Kong, was awarded a 20-year concession contract for the operations and management of a 500,000 cubic meters per day capacity water treatment plant in Jiangmen city, Guangdong province.  To implement the contract, a joint venture project company was formed between CIW (80%) and the Jiangmen Municipality (20%).  The total project cost was US$60 million.
Panda Global Energy Company has a concession for the construction of a 100-MW (2x50-MW) coal-fired cogeneration power plant in Luannan County, near Beijing. Panda Global Energy Company is a subsidiary of Panda Energy International Inc. The company has agreed to complete construction of the plant  by April, 1999.  The facility will employ approximately 200 employees when completed. Harbin Power has the turnkey contract and Panda Energy International has a 20 year power purchase agreement with North China Power Company, the local power company also responsible for the construction of transmission lines. Moody's, S&P and Duff & Phelps assigned low credit ratings for the project (B-, B- and B, respectively) due to various risks including construction risk, aggressive financing structure, lack of state approvals,  and low project debt service coverage rates. At the same time, high demand for energy generation in China and significant support at the Hebei provincial government and Tangshan municipal government levels enabled Panda Energy International to raise financing through senior secured bonds of 7 years maturity (due 2004), with semiannual 12.5% coupon payments. Panda Energy International diversified some cash flow from its two US projects.
On 29 May 1997, New World Infrastructure (NWI), through its own subsidiary, Greative Profit Group Ltd., signed a 25-year cooperative joint venture contract with Guangxi Yulin City Heng Tong Ltd for the development and operation of roadways from Shinan to Dajiangkou and Guigang. The 38.7km Yulin Shinan to Dajiangkou dual 1-lane highway had two sections; section 1 opened in August 1997, and section 2 opened in January 1999.  NWI had a 60% equity and profit share in Guangxi Yulin Xinye Highway Ltd., the new JV and was to invest a total of US$ 40.4 million as equity and debt. Guangxi Yulin City Heng Tong Ltd owned the rest fo the stake in the project company.
Companhia Centro-Oeste de Distribuicao de Energia Eletrica was one of three distribution companies in which Rio Grande do Sul state utility’s Companhia Estadual de Energia Electrica’s (CEEE) distribution assets were corporatized for privatization. The other two companies are Companhia NorteNordeste de Distribuicao de Energia Eletrica and Companhia Sul-Sudeste de Distribuicao de Energia Eletrica. Additionally, two generation companies and a transmission company were formed from CEEE's generating and transmission assets, respectively. Companhia Centro-Oeste de Distribuicao de Energia Eletrica had more than 800,000 customers in 1996.  The company was partially privatized in October 1997 when the state government sold a 90% equity stake for $1.37 billion to AES Corporation which was awarded with 30 year renewable concession to own and operate the company. After privatization Companhia Centro-Oeste de Distribuicao de Energia Eletrica had its name changed to AES Sul Disitrbuidora Gaucha de Energia S/A (AES Sul).  After interim debt restructuring in 2002, AES was unable to meet payment for its scheduled maturities and in early 2003 their loans to BNDES entered in default (US$1.2 billion). After several months of negotiations with BNDES, a restructuring plan - a debt-for-equity deal - was proposed whereby a new holding company, Brasiliana Energia S.A., would comprise AES 50.01% of common shares and BNDES 49.99% common shares and non-voting preferred shares (resulting in BNDES holding 53.84% total equity of Brasiliana Energia S.A.). The agreement called for the transfer of AES' stakes in AES Uruguaiana, AES Tiete and Eletropaulo to the holding company Brasiliana Energia and an AES payment of US$90 million in cash upon signing the agreement. In December 2003, BNDES and AES group signed a restructuring agreement. The agreements foresees that AES Sul's stakes will be transfered to Brasiliana after a financial reestructuring of the company.  In October 2016, CPFL Energia (controlled by the Chinese company State Grid) acquired AES Corporation's state in the project.
This is a 200-MW power plant that is located at the Opon natural gas field, about 125 miles north of Bogota. The power plant was scheduled to begin its commercial operation in November 1997. The two sponsors are Amoco (50%) and Community Energy Alternatives (later renamed to PSEG Global Inc. - 50%).  There is no available information on the cost of the project, but a gross estimation suggests about US$200 million. In 1998, Amoco became part of the BP Plc.
In 1997, the municipal government of Palmira thorugh its Empresa de Acueducto y Alcantarillado granted to Acuaviva a 15 year lease contract to operate the water and sewerage services.  Acuaviva was created as a mixed company of which the municipality owned 40% and private investors the remaining 60%. Lyonnaise Des Eaux, later known as SUEZ, was the largest private investor with 50% stake in Acuaviva.  In 2002, Acuaviva reported 49,800 water connections and 49,300 sewerage connections obatining coverage ratios of 99.7% and 98.6% respectively. By 2005, the company reported 100% coverage in water and 98.7% in sewerage.  In December 2012 the contract was extended for 6 additional months.  In Feb 2013 a new SOE (a public services company according to the law), called EMPRESA DE ACUEDUCTO Y ALCANTARILLADO AGUAS DE PALMIRA S.A E.S.P, was established by the municipality to manage the water and sewerage services and prepare the new bidding process to select the new operator. The new operator was chosen in August 2013.
This plant will start to operate in October 1997. It has a capacity of 128-MW of electricity and 200 tons per hour of steam. All the steam and 73-MW will be purchased by YPF, under a 20-year power-purchase-agreement. The rest of the capacity (55-MW) will be sold on a spot basis into the wholesale grid. The project reached financial closure in mid 1997.
The management of the national railway company KTMB was transferred to Renong's subsidiary Marak Unggul in August 1997. The other private sponsors were Diversified Resources Bhd. (25%), Bolton Properties (20%) and Jasa Meta (5%).  KTM had a network length of 1,672 km. The contract expired in December 2001 and the government decided neither to privatize the company nor to renew Renong's contract.
DGN de Chihuahua S. de RL de CV is owned by Enova International, Pacific Enterprise International, and Proxima Gas de CV. The company, whose commercial name is Ecogas, won the 30-year concession to build and operate a natural gas system in the geographic zone of Chihuahua/Delicias/Cuahutemoc-Anahuac in March 1996. The concession period also includes 12 year exclusivity in the concession area. The permanent license was awarded in June 1997. During the first five years, the concessionaire has an obligation to develop a 168 km gas distribution system to supply natural gas to 47,279 customers. The consortium expects to invest around $50 million in the project and serve at least 50,000 customers in the first five years of operation.
Telkom was the national incumbent telecommunications provider in South Africa. The state-owned company provided basic local and long distance services on exclusive basis. The company had 4.2 million lines in services by March 1997 when the company was partially divested through the government sale of a 30% controlling stake for US$1.26 billion (R$5.58 billion) to Thintana Communications Group, a consortium formed by SBC International of the US (previously known as Southwestern Bell International) with 60% and Telekom Malaysia with 40%. After this transaction, SBC owned 18% of Telkom, while Telekom Malaysia held 10%. Of the total bid, US$1 billion was injected back into Telkom to help fund its infrastructure expansion program, while the balance went to the state to cut government debt.   As part of the sale to Thintana Communications, the then Minister of Posts, Telecommunications and Broadcasting of the Republic of South Africa entered into an agreement with Thintana Communications under which the company undertook significant operational and managerial responsibilities and acquired the ability to exercise effective operational and managerial control over Telkom until May 2002. Since May 2002, Telkom's strategic equity investors no longer exercised effective operational and managerial control over the company, but continued to provide strategic direction as their nominees continued to occupy key managerial positions, including those of Chief Operating Officer, Chief Strategic Officer and Financial Controller, two of whom were Board members, and participated in Telkom's executive committee.   Telekom was granted a five-year exclusive period to operate domestic and international basic phone services, public valued added network, and payphone services. In exchange for such exclusive period, Telkom SA committed to fulfill the expansion and quality goals defined in the concession contract. Telkom would have to install 2.8 million new lines, replace 1.25 million analog lines with digital ones, and add 120,000 pay-phones. The exclusive period was extended for a sixth year because Telekom achieved 90% of the set targets by the end of the fourth year of its license.   In 2000, the company received a US$48 million loan from the EIB to partly finance the extension of its optical fibre national transmission network.    Telkom SA’s monopoly over fixed-line services officially ended in May 2002, but delays in licensing a competitor meant that Telkom remained the exclusive player until December 2005, when the South African authorities awarded a fixed-line license to the Second National Operator (SNO).   The SNO was to use the networks of Transtel (the telecoms unit of the country’s main transport conglomerate, Transnet) and Esi-Tel (the telecoms unit of the power utility, Eskom) to compete with Telkom.   The government held an IPO on the New York Stock Exchange on March 4, 2003 for a further 25% stake, raising US$488 million, well below the US$1.25 billion predicted a year earlier. After the IPO the government of South Africa owned 39% of Telkom.  Regulatory delay and union opposition were cited as key factors in a three-year postponement of the Telkom divestiture.   Ucingo Investments (South Africa), black economic empowerment group, completed the acquisition of a 3% stake in the company for R565million (US$68.4 million) in April 2001.  Due to funding constraints, Ucingo disposed of its entire shareholding on September 17, 2003.  In June 2004, Thintana Communications announced that it sold a 14.9% interest in Telkom to various institutional investors.  In November of 2004, the state pension funds administrator Public Investment Commissioners (PIC) acquired Thintana Communications' remaining 15.1% stake for R6.6 billion.  PIC was to hold onto the shares and sell them to the Elephant Consortium, a black empowerment group, while they hammered out a financing deal.  As of 2005, the shareholding of Telkom was 38% directly owned by the government, 16.1% by state-owned PIC, 6.9% by the Elephant Consortium, and remaining 39% was held either by the public or by small institutional investors.    As of end 2005, Telkom SA had 4.708 million fixed-access lines providing local access, domestic and international long-distance, and data network services.  The company also operated Vodacom, its 50%-owned subsidiary that is Africa's leading wireless services provider with 17.5 million subscribers (UK-based Vodafone Group owned 35%).  As of March 2008, the shareholder breakdown was as follow: - Government of South Africa: 39.4% - Black Ginger 33 (Pty) Limited, a wholly owned subsidiary of the Public Investment Corporation (PIC): 8.9% - The Public Investment Corporation (PIC): 6.4% - The Elephant Consortium, a Black Economic Empowerment group: 5.8% - Telkom Treasury Stock: 4.1% - Free float: 35.4%  In October 2010, Telkom launched its mobile network in which the company invested US$862 million in infrastructure roll out.
Companhia Vale do Rio Doce, which was privatized in 1997, operates the Port of Tubarao and three terminals (the Vila Velha and Praia Mole terminals, and one berth in the Paul terminal) in the state of Espirito Santo. The Tubarao Port is located in Vitoria, Brazil and is the world's biggest iron export facility. The port and the railroads, connecting the mines to the port are owned by CVRD and have been operated for 32 years for captive use of ore and iron pellet shipments. Since 1997, CVRD has been investing R$ 48 million (US$ 47 million) to set up a cargo terminal in the Tubarao port at Espirito Santo state, for storage and handling of the grains cargo transported by the railroad network Ferrovia Centro Atlantica. Investment has also been directed to the installation of two cranes (US$ 11 million) for handling of container freight. CVRD has started marketing the facility to third parties.  In 2009, the company started the rehabilitation of the facilities and the expansion of the handling and storage capacity. The total investment was estimated at US$ 680 million.
The concession contract for Via Lagos toll road was granted to Concessionaria da Rodovia dos Lagos SA (Via Lagos). The contract includes the expansion, operation and maintenance of a 60 km toll road in Regiao dos Lagos (duplication and expansion of a 30 km section to two lanes in each direction, construction of a 26 km four-lane highway, rehabilitation of a 4 km portion, and building of a toll plaza). Via Lagos was controlled by Camargo Correa (50%) and Andrade Gutierrez (50%).  The project was financed as follows: US$ 29.9 as sponsors' equity and US$ 50.1 million as debt (US$ 18 million IADB "A" loan; US$ 19 million IADB "B" loan; US$ 15 million of BNDES loan - federal government development bank; and US$ 3.1 million of supplier credit). The first phase was completed in July 1997, with toll collections beginning at that time.  In 1998, 74.24% of the total capital of Via Lagos was transfered to Companhia de Concessoes Rodoviarias (CCR), a newly created holding company that would hold a number of toll-road concessions. CCR was controlled by Andrade Gutierrez, Camargo Correa, Odebretch, Serveng-Civilsan and Servix and Via Engenharia (SVE). In 2001, Brisa Autoestradas de Portugal SA purchased a 20% stake in CCR. In 2003, both Odebretch and SVE sold their stakes in CCR (16.89% and 5.13% respectively) to the remaining shareholders. As of December 2003, CCR was controlled by Brisa (21.27%), Andrade Gutierrez (20.69%), Camargo Correa (21.27%), and Serveng-Civilsan (21.27%).
The $60.0 million, 50.5-MW, Tetuan Wind Power Project is being developed by a consortium that includes Vestas Wind Systems, Germa Energie Environnement (which replaced Tramontana) and Electricite de France. The project involves the placement of 84 600-kW generators on top of 45-meter high masts every 100 meters along the Koudia Blanco crest, each with three 20-meter-long blades. A centralized and computerized control center will link the complex to the national grid. The Tetuoan project is being developed through a BOT arrangement. A 20-year power-purchase-agreement was signed with the Office National de l'Electricite (ONE), beginning in 1997. ONE will cover the cost of connecting the project to the national grid. (This project is the 5-MW separated from a pilot project of the same name that is being developed by the Moroccan Renewable Energy Development Center and financed by KfW).  In January 2008, Theolia Group bought 100% of the Compagnie Eolienne du Detroit.
Rosiko won the license to construct and operate a DCS 1800 network in Moscow in 1996. This was the fifth mobile network in Moscow. Construction began in early 1997 and the company launched service in September 1997. Rosiko also won licenses for other regions including St. Petersburg, the Moscow, Leningrad, Tver and Novgorod Regions. It planned to develop a network of microcellular radiotelephone communication for providing commercial services at various levels. In particular, the cellular radiotelephone communication network provides for rendering its subscribers services using dual equipment in the GSM/DCS standards. The total investment was US$120 million by 1998.
The government of Dominica agreed to sell its 73% stake in Domlec to Globeleq, the power sector subsidiary of the Commonwealth Development Corporation (UK) for US$ 7.75 million in early December 1996, and announced the sale in January 1997. Globeleq agreed to invest US$18.5 million to upgrade Domlec's generation, transmission and distribution infrastructure. The agreements have sparked criticism by local private and institutional investors, who argue that the process was not competitive, the sale price was below market value, and the agreement bars other companies from generating electricity in the island for their own use.   In December 1999, the Caribbean Development Bank (Caribank) approved an US$10 million loan to help finance Domlec's infrastructure investment (the funds were to be invested in overhead transmission lines, substations, and a portion of the plant and machinery at the Tarou Power Station).  In May 2004, Globeleq sold its 73% stake in Domlec to WRB Enterprises (United States) for an undisclosed amount.
Viapar - Rodovias Integradas do Parana S.A. (Viapar) was awarded a concession contract by the government of the State of Parana in 1997. The bidding process was competitive and the award criteria was the quantity of km of highways to be rehabilitated by the sponsors.  Viapar is responsible for rehabilitating, expanding and operating a 474.1 km toll road. In 1997, Viapar was controlled by four private sponsors: Carioca Chirstiani-Nielsen, Construtora Cowan, Construtora Queiroz Galvao, and EIT Empresa Tecnica Industrial. Each private sponsor was holding 25% of Viapar's shares.   According to Viapar, US$ 66 million was invested in the first year of the concession. In June 1998, the initial rehabilitation works were completed and the concessionaire started charging tolls. As of August 1998, the concession contract was under renegotiation; as the state government decided to reduce the toll rates, the concessionaire stopped its investment plans and only the rehabilitation works were implemented. In 2000, the original toll rates were restablished and Viapar resumed its investment plans.  In 2003, after the concessionaries that operate in State of Parana failed to reach an agreement with the government to lower the toll rates, the government of the State of Parana enacted a statute to cancel the concession and return the management and operation of the highways to the State. In December 2003, a Federal Court declared that the cancellation should be preceded by an administrative process in order to define the due compensation to the company. In January 2004, the governor of the State of Parana enacted an executive decree expropriating the voting shares of Viapar. The government stated that the expropriation would not take place if the company agreed to reduce the toll rates. As of January 2004, the issues was pending final judicial decision.    In April 2004 the federal court ruled that the concessionaire should still operate, thereby overturning the state court decree that took back the concession contract. The concessionaire and the state government were to negotiate toll rates but the contract was not in question.  In 2003, Viapar was controlled by five shareholders: Carioca Christina-Nielsen, Queiroz Galvao, Construtora Cowan, EIT, and Camargo Campos.
In one of the fastest privatizations in Africa, Congo pushed through the privatization of Societe d'Exploitation de Telecoms (SET), also known as Sotelco, which was previously known as Office Nationale des Postes et Telecommunications (ONPT), in under one year. The government selected Atlantic Tele-Network (ATN) in October to purchase a 67% stake in SET in October 1996 and signed the deal in the first quarter of 1997. Atlantic Tele-Network paid US$42.5 million for its stake. Atlantic Tele-Network agreed to invest US$120 million during its first three years of operations in Congo. SET was privatized with a monopoly license for seven years.
The licence in order to construct the terminal has been granted in Oct. 1994, construction of the terminal started in May 1997. Construction of the first privately owned and operated terminal in Vietnam was expected to conclude in mid-1998. The volume of container cargo handled at Ho Chi Minh City has risen sharply, including 30% growth in 1996.   VICT is the only Vietnamese port with modern gantry cranes. The port capacity would be 550,000 20-foot containers per year with five berths and five gantry cranes, once the three phases of the projects were completed. The project was developed by First Logistics Development Co. a joint venture company by Vietnamese Southern Waterborne Transport Co., Transport Chartering Co. (35%), and Mitorient Enterprises Pte Ltd. (65% comprised of Mitsui & Co (25%) and Neptune Orient Lines (75%)).  The company invested a total of US$ 53.6 million to carry out the first and second phases. In 2002 the company initiated the third phase which involves the development of an additional area of 8 hectares and the berth expansion from 305 meters to 678 meters. The company announced that this expansion was expected to be completed by 2008 and it will require an additional investment of US$ 20 million.
In May 1997, Road King Infrastructure formed two joint ventures with SOEs in Shanxi Province for the construction, operation and management of two additions to Highway 108 - the 17km Taiyuan-Yuci Highway and the 16.6km Yuci City Bypass. Road King took a 65% stake in the project companies in return for a total investment of HK$ 228 million (US$ 29.4 million). Both projects opened for operation in June 1997. Toll rates range from Rmb 5 to Rmb 10 per vehicle on the Highway, and from Rmb 5 to Rmb 20 on the Bypass. Road King funds its project from internally generated funds and long term debt. This includes a US$ 138 million syndicated loan and US$ 140 million 10-year fixed rate notes arranged in 1997.
The Dalian Northeast Heating & Power Development Co. is engaged in the generation of electricity in the city of Dalian. In 1997, the company issued 108 million "A" shares on the Shanghai Stock Exchange. A total of US$ 18.2 million was raised as divestiture revenues.
Extel Mobile has a a 10-year license for providing mobile services in GSM-900/1800 frequency band in Kaliningrad region. The company launched its commercial services in the Summer 1997 and was mainly owned by Telenor Invest (49%), unit of Telenor (Norway), national operator. The Kaliningrad network had four base stations covering half the area's population by 1997. The network with limited functionality had 1000 subscribers at the end of 1997. Full roaming services with other  GSM operators, including Telenor Mobil of Norway became operational by the spring of 1998. The company planned to invest some US$15 million in its operations.   In December 2002, Russia's second-largest mobile telephone operator Vimpelcom purchased Extel for about US$25 million buying up 51% of its shares from private hands and a 49% stake from a subsidiary of Norway's Telenor, which itself held a 25% stake in Vimpelcom. In addition, VimpelCom assumed from Telenor a guarantee for a US$10 million loan that Extel owed a third party. At the time of acquisition Extel was Russia's 10th largest cellular operator and the leading player in the Kaliningrad region with a 65% market share.   In July 2003 Extel started providing services under the BeeLine brand name.
The Mexican company Marhnos was awarded the contract to expand, rehabilitate and operate the highway linking Palin, Escuintla and Puerto Quetzal in Mar. 1997.  A total of US$ 23.8 million will be invested in infrastructure during the 25-year concession period. Commercial operations started in Aug. 1997. The highway has 23.5 km in extension. In 1998, the BCIE approved a US$ 15.7 million financing package for the project: US$ 10 million in direct loans and US$ 5.7 million in syndication. The remaining cost has been financed with the sponsor's own resources.
Changshu Xinghua Port Co., Ltd (“CXP”) was created in June 1994 under a 50-year BOT contract to build and operate a multi-purpose cargo port located within a high growth industrial zone along the Yangtze River in Jiangsu Province. It was one of the first majority foreign owned ports in China and was categorized as a “Class 1”port.   Under the contract, Pan-United corporation (“Pan-United”), through its control company, Changshu Development Company (“SCDC”), owned 72% of CXP. Singpoare-Suzhou Township Development and Petroships Investment owned 9% each. All of these three companies were Singaporean-owned. The remaining 10% stake was held by Changshu River Economic Development Corporation, a state-owned company.   The port started operation in 1997 with the total investment of US$ 160 million. It was a deep natural port and was located at the furthest point upstream from Shanghai that was able to efficiently accommodate 50,000 Dead Weight Tone (“DWT”) vessels with a total berth length of 800-meters. By the end of 2005, with its completion of Phase 3, the berthing capacity was to be increased form five to eight with a total berth length of 1,500-meters.  In December 2005, Macquarie International Infrastructure Fund Ltd. (“MIIF”) acquired the interest in CXP by acquiring 40% of SCDC, which had a 95% interest in CXP. In this acquisition, Pan-United sold down 26% of its 80% shareholding in SCDC to MIIF and the other two shareholders sold down 14% of their combined 20% interest in SCDC to MIIF.   The total purchase price paid by MIIF was approximately US$ 64.7 million (S$112.6 million), and was funded from part of the proceeds of the US$ 250 million  (S$435 million) Equity Fund Raising, which was completed in November 2005. And additional US$ 26.1 million (S$ 45.4 million) was payable over the next three years subject to a performance based earn-out agreement. CXP was expected to provide MIIF with an average yield in excess of 13% over a five year period.  After the acquisition, MIIF owned 38% of CXP and Pan-United owned 51.3%. Changshu River Economic Development Corporation still owned the remaining 10% stake in CXP.  MIIF was an infrastructure fund formed to own, operate and invest in a diversified group of infrastructure businesses around the world. It was a Bermudan registered mutual fund company listed on the Singapore Exchange Securities Trading Limited. It’s managed by a member of the Macquarie Bank Group, Macquarie Investment Management (Asia) Pty Limited (“MIMAL”). The Macquarie Bank Group managed funds worth more than US$ 21.3 million (S$ 37 million) invested in 85 infrastructure assets across 18 countries.
Mitr Phu Viang Sugar Co. Ltd., a wholly-owned subsidiary of Mitr Phol Sugar Co Ltd., has developed a 27-MW waste-to energy power plant at Nong Rua, Khon Khen. The plant will use agricultural waste as fuel and sell 6-MW of power to the Electricity Generating Authority of Thailand (EGAT) under the Small Power Producers (SPP) Program. The PPA was signed on May 22, 1997 and began selling power to EGAT as of June 11, 1997. EGAT signed a "non-firm" contract with the project company. Nominal levelized tariffs are set 1.29bht/Kwh. Estimated project cost is $27.0 million ($1.0 million per MW).
The Copperbelt Energy Consortium, comprising of Cinergy Corp (formerly known as Midlands Power International, a subsidiary of GPU International) and National Grid Plc., and 5 senior managers from the Zambia Consolidate Copper Mines Ltd. (ZCCM), purchased an 80% holding in ZCCM's power division.   The ZCCM Power Division was originally responsible for the operation of 700km of transmission lines at 220-kV and 66-kV with over 30 substations and distribution activities to the Zambian copper belt.   The total divestiture revenue from the transaction, which was completed on December 12, 1997, was $181.5 million. This includes $134.0 million in debt assumed, $50.0 million in immediate cash, and $7.5 million in deferred cash to be paid in year 4. The deferred cash is contingent upon the Konkola Deep Mining Project (KDMP) entering into a long-term power-purchase-agreement with the consortium. The Copperbelt Energy Consortium agreed to invest an estimated $92.45 million, of which $7.25 million is in equity/quasi-equity capital, a committed capital investment of $25.2 million over the first five years of operation, and $60 million in contingent capital investment during the fifteen years of operation.   A loan of US$ 10 million was provided by the Southern Africa Development Bank in 1999 to finance the Chambishi Transmission. Following acquisition, the CEC has invested $15.4 million in capital improvements and expansion of the system.   Konkola Copper Mines plc was formed in early April to take over the remaining unprivatized assets of Zambia Consolidated Copper Mines Ltd. (ZCCM). Konkola Copper Mines is 65%-owned by Zambia Consolidated Investments, a subsidiary of London-based Anglo American plc; 20% by ZCCM, which is now organized as a holding company with no operating responsibility; 7.5% by the International Finance Corp.; and 7.5% by Commonwealth Development Corp. Konkola Copper Mines is contractually committed to capital expenditures of at least $208M over the next three years.
Rodovia das Cataratas SA was awarded a concession contract by the government of the state of Parana in 1997. The bidding process was competitive and the award criteria was the quantity of km of access highways to be rehabilitated by the sponsors.  Rodovia das Cataratas is responsible for the rehabilitation of the existing roads, the construction of a 105 Km road connecting Foz do Iguacu to Cascavel and of a 55 Km road connecting Pinheiros to Guarapuava. The initial rehabilitation works have been concluded and the concessionaire started charging tolls in June 1998. The works were predicted to be concluded in 5 years and the return on investment was predicted to be achieved over a 7-year period. The estimated average annual traffic flow is 9 million vehicles. Rodovia das Cataratas was controlled by a consortium led by Civilia Engenharia (a subsidiary of Sideco Americana), with 72% % of the shares; the other private participants are ADM Clemente Faria  (10%), DM Construtora (10%), and other companies with small shareholdings.   As of August 1998, the concession contract was under renegotiation. As the state government decided to reduce the toll rates, the concessionaire stopped its investment plans and only the rehabilitation works were implemented. Initially, the company expected to invest around US$ 369.6 million during the concession period.   In 2003, after the concessionaries that operate in State of Parana failed to reach an agreement with the government to lower the toll rates, the government of the State of Parana enacted a statute to cancel the concession and return the management and operation of the highways to the State. In December 2003, a Federal Court declared that the cancellation should be preceded by an administrative process in order to define the due compensation of the company. In December 2003, Rodovia das Cataratas was controlled by Civilia Engenharia (Sideco), Rossi Participacoes and Momento Engenharia e Construcao Ltda.  In January 2004, the governor of the State of Parana enacted an executive decree declaring that the State was authorized to take the voting shares of Rodovia das Cataratas. The government declared that the expropriation would not take place if the company agreed to reduce the toll rates. In April 2004 the federal court ruled that the concessionaire should still operate, thereby overturning the state court decree that took back the concession contract. The concessionaire and the state government renegotiated toll rates (reducing rates by 30 percent) in June 2004 and the contract was operational thereafter.  In June 2004, Rodovia das Cataratas reached an agreement with the government of the State of Parana to reduce the toll rates. In exchange, the government agreed to reduce the construction and rehabilitation commitments of the company.    The company's investments from December 1997 to June 2004 were US$ 50 million (R$ 150.1 million converted with the 2003/2004 exchange rate).  In February 2008,  Ecorodovias acquired from Civilia Engenharia a subsidiary of SIdeco Americana (Macri group - Argentina) the Rodovia das Cataratas Toll Road. The deal between the roadway management companies was agreed on Nov 2007, but faced the opposition of the Parana governor. Ecorodovias took over the management of Cataratas and is distribution R$430mil (US$243mn) in promissory notes to pay for the acquisition. The exact amount of the acquisition was not publically available. Ecorodovias was a subsidiary of Impreglio SPA [Itlay, 35%] and Grupo Almeida CR [Brazil, 65%].  The company and the state government are still querreling in courts, particularly with regards to tariff adjustments, as of Dec. 2009.
China Mobile (Hong Kong) Limited was incorporated in Hong Kong on 3 September 1997. It listed its ordinary shares on the New York Stock Exchange and the Stock Exchange of Hong Kong on 22 October 1997 and 23 October 1997, respectively. The Company was admitted as a constituent stock of the Hang Seng Index on 27 January 1998, and obtained a BBB credit rating from Standard and Poor's and a Baa2 credit rating from Moody's.  As of 31 December 2000, the total market capitalization of the Company stood at US$100 billion.  The Company provided mobile telecommunications services in 13 provinces, municipalities and autonomous regions in the People's Republic of China, including Guangdong, Zhejiang, Jiangsu, Fujian, Henan, Hainan, Beijing, Shanghai, Tianjin, Hebei, Liaoning, Shandong and Guangxi, through 13 wholly-owned subsidiaries.  As of 2005, state-owned China Mobile (Hong Kong) Group Limited, the major shareholder of China Mobile (Hong Kong) Limited, held an equity interest of 75.07% in the Company through its wholly owned subsidiary, China Mobile Hong Kong (BVI) Limited. The remaining 24.93% equity interest was held by public investors.   At the end of 2005, total subscribers stood at 246.6 million for China Mobile (Hong Kong), giving it a market share of approximately 65.6%.  It's main competitor was China Unicom.  In March 2006, China Mobile (Hong Kong) Limited completed the acquisition and privatization of former China Resources Peoples Telephone Company Limited and later changed its name to China Mobile Peoples Telephone Company Limited. China Mobile Peoples Telephone Company Limited became a wholly-owned subsidiary of China Mobile (Hong Kong) Limited.  In May 2006,China Mobile (Hong Kong) Limited changed its name to China Mobile Limited.
This 70-MW hydro power plant was located on the Bakun River in the Benguet and Illocos Sur provinces in Luzon. The project consisted of two 35-MW facilities. This was the first private hydroelectric BOT project in the Philippines. The project began construction in March 1997, and consisted of 3 dams: Bakun A, Bakun B and Bakun C. Construction was expected to reach completion in August of 2000.   All electricity generated by the plant was to be sold to Napocor under a 25 year take-or-pay contract. Napocor guaranteed payment for all electricity available in US dollars. The government also granted the project a six year tax holiday.   The project company was Luzon Hydro Corp. which was a joint venture of the Philippines' Aboitiz Equity Ventures (50%), and Australian Pacific Hydro Ltd. (50%). Pacific Hydro was in turn a joint venture between the Development Australia Fund and AEP Resources Australia (a subsidiary of American Electric Power).  Transfield Construction was the turnkey contractor. The project reached financial closure in May 1997. The project was financed through both equity, in the amount of US$15 milion, and debt in three loans over 10 years totalling US$168 million. Debt financing was provided by Philippines National Bank, AB Capital Investment, SolidBank, and ING Bank. Bakun River Power Plant was the first Philippine hydro project locally financed. The first financing tranched consisted of US$45 million, the second tranche was US$105 million, and the third tranche was US$18 million. The primary financing instrument was an LC relying on the sponsors' credit risk. Bank America Asia (Hong Kong) served as financial advisor.  In July 2004, Luzon Hydro Corporation commenced construction of a US$10 million expansion of Bakun AC Hydro project (which was orignally estimated to cost US$24 million). The expansion involved tunnelling works for the Bakun Supplemental Hydro Project. Upon completion, the Bakun AC Power Plant was to increase generation by approximately 50 gigawatt hours per annum (from an existing base of 230 GWh per annum). The additional electricity was to be sold to the existing off-taker, Napocor. The project was due for completion in mid-2005.  In May 2011, Aboitiz Renewables Inc., acquired the remaining 50% stake in the Bakun Hydropower facility for US$ 30 million, effectively giving the company full ownership of the facility.
Cia Siderurgica Nacional (CSN), Brazil's largest steel mill, has paid US$ 37 million for the right to build and lease a coal-import terminal at Sepetiba port in southern Rio de Janeiro state. CSN signed the 25-year leasing agreement with the Rio de Janeiro Port Authority, renewable for 25 years, and promised to invest $15 million to build a coal terminal capable of handling 3.4 million metric tons of imported coal annually. Brazilian steel mills import 11 million to 12 million tons of metallurgical coal per year. Brazil's integrated steelmaker, Cia Siderurgica Nacional (CSN), has announced it will operate the coal import terminal at Sepetiba for the next 25 years, with an option to extend that for a further 25 year period. Currently the terminal receives 3mt/yr of imported coal and coke for CSN and 2mt/yr for other Brazilian steel producers.  From 1997 to 2003, CSN invested US$ 28 million in maintainance and construction works at the terminal - US$ 13 million more than the initial estimated investment. In 2008, CSN started investing in the modernization of the facility with investment commitments of US$ 790 million. The terminal capacity was expected to increase from 2 to 6 million tons per year.
Amata Power Bien Hoa was awarded a 26-year license to build, own, operate, and transfer a 120 MW power plant. Power from the plant will be sold to Electricity of Vietnam and several industrial consumers. The project is divided into two phases: the first phase with capacity of 20 MW consists of three 6.4 MW diesel-fired units (the first 6.4 MW unit, which was under construction in mid-1997 and commenced operations in Aug. 1999, while the other two were expected to complete construction in 2001); the second phase comprises the construction of a combined-cycle facility with capacity of 100 MW.   In 2000, Banpu acquired 55% of the registered capital in Amata Power from Electrowatt (30%) and from Amata Power (25%) for approximately US$ 2.29 million (the investment was financed with proceeds from a Nov. 1999 bond issuance by Banpu). The first phase of the project (20-MW power plant) involved an investment of US$ 110 million, financed with loans and equity. The second phase of the project (100-MW combined-cycle plant) will be constructed in the future depending on the electricity demand.
This 100-MW project is located on the site of the former US Clark Air base. The air base is being converted to commercial use by the Philippine government-owned Clark Development Corporation. The air base will be converted to a light industrial zone. Clark Development Corp. has taken a 25% equity stake in the project, and Polar Energy has taken a 75% equity stake.   The project was scheduled for 24 months of construction, and was expected to become operational in June 1999. The plant will be fired by Bunker-C diesel fuel. Electricity will be sold to Clark Development Corporation. The plant will be used primarily to provide power to the 170+ companies located in the Clark air base tax-free light industrial zone. Power generated by the plant will be distributed to firms in the Clark Special Economic Zone by Meralco Engineering Services. The Clark Special Economic Zone is 10,868 acres; the plant will also serve surrounding areas. Previously, the zone was served only by a 50-MW plant.
The port of Manzanillo is a natural deep draft port located in the most important industrial area for the processing of agricultural products in Mexico. The project for a new grain terminal for the Manzanillo Port was awarded to Comercializadora La Junta in 1997. The company is owned by Saskatchewan Wheat Pool (50%) and J.C. Gomez (50%). A total of US$ 27 million was invested in the construction works, of which US$ 13.5 million was financed by the IFC. The project included the construction of the grain terminal, one 1000 mtph capacity ship unloader, three 20,000 mt capacity storage domes, a "maneuver yard", and a 500 mtph capacity rail car loader. The contract has a 20-year duration.
This 100-MW,  bunker-C diesel, build, own and operate project is located in Zamboanga Province. The project was scheduled to come on-line in 1997.   As of March 2007, the project company, Western Mindanao Power Corporation, was owned by Aboitiz Equity Ventures (20%), Toyota Tsusho Corp (25%) and Conal Holdings Corp. (55%). Conal Holdings was a 60:40 joint venture between Alsons Consolidated Resources Inc. and EGCO of Thailand. Accordingly, Alsons' effective shareholding in Western Mindanao Power Corp was 33%, while EGCO had a 22% effective share in the project company.
This $154.0 million, 125-MW, oil-fired power plant at Farouqabad, Punjab is being developed by the Saba Power Company Ltd, a consortium of Coastal Saba Power Ltd. (90%) a Coastal Corporation subsidiary, Cogen Technologies (5%), Capco Resources (5%). Local energy company, Saba Petroleum had been one of the earlier developers, but its 60% stake was bought out by Coastal Power, who later purchased an additional 30% from the remaining sponsors. Saba Coastal Ltd. will be the project operator. Powerflow International of Pakistan and Babcock and Wilcox are providing engineering and construction services for the project. Toshiba is an equipment supplier. The facility was expected to become operational during 1999.  Financial closure was reached in March 1996. Financing was obtained from the USEXIM Bank and a $23.5 million commercial facility set-up by Nissho Iwai Corp. A $5.0 million political risk guarantee was provided by MIGA. The project has a 30-year power purchase agreement with the Water and Power Development Authority of Pakistan (WAPDA).  In its fiscal year 1997, MIGA guarantees totaling $5 million covered a portion of Cogen Technologies' $22 million equity investment in Saba Power against the risks of expropriation, transfer restriction, and war and civil disturbance. Pakistan State Oil Compant Limited was the fuel supplier, under a 30 year contract.  In 2001, El Paso Corporation merged with Coastal Power and thereby acquired a 94% stake in Saba Power Company Ltd.  On June 13, 2008, Saba Power Company Ltd. acheived closure on the refinancing of its outstanding project debt. The project company secured a US$36.7 million term loan tranche, extended by Bank of Tokyo-Mitsubishi UFJ (US$18.35 million) and Sojitz Corporation (US$18.35 million), and a US$36.7 million export credit tranche, provided by the USEXIM Bank, Royal Bank of Scotland, Banco Popolare di Milano, DZ Bank, ABN Amro and SMBC.
Grupo Ferroviario Mexicano (GFM) won a 50-year Ferrocarril Pacifico Norte concession contract for the ownership and operation of freight transport on Mexico's North Pacific railway network on 30 June 1997. This is the second of three concession contracts to operate freight services on Mexico's national network. To prepare for these private concessions, National Railways of Mexico (FNM) divided the national network into three regional systems, a terminal company serving greater Mexico City, and the Chihuahua-Pacific short-line network. GFM was the only bidder in the final round, and won the concession with an offer of US$ 527 million for the government. The government had initially intended to keep a 20% stake for the first 7 years, but agreed to sell 100% of the concession to GFM. GFM comprises the mining company, Grupo Mexico (74%), Constructoras ICA (13%), part of Mexico's largest construction group Empresas ICA, and US rail operator, Union Pacific (13%).   GFM agreed to invest US$ 400 million (3.4 billion pesos) in locomotives and rolling stock during the concession. The concession allows GFM to determine its own tariffs, and safety and operating standards. The 6,524 km North Pacific network runs from Mexico City to Nogales on the US border. The concession for the 6520km network also includes the 1,509km Ojinaga-Topolobampo short line. Ferromex took over operations at the end of February 1998. In March 1999, the company had plans for investment of US$ 218 million. In 1999, ICA sold its equity stake to Union Pacific, which now holds a 26% stake in Ferromex.  In November 2005, Grupo Mexico announced it would buy 100% of Ferrocarril del Sureste (Ferrosur) for US$309 million (2,600 million Pesos), pending approval from Comision Federal de Competencia (CFC -Mexico's antitrust comission). A proposed merger between Ferromex and Ferrosur was rejected in 2002.
In 1997, the Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP – Sao Paulo’s public state utility) awarded a 14-year sub-concession contract to build, operate and transfer a potable water treatment plant to the Aguas de Cajamar consortium. The 8,640 cubic meters/day plant was expected to sell water to SABESP, the distributor in Sao Paulo, for the municipality of Cajamar with a population of about 30,000.   The Aguas de Cajamar consortium was formed by Multiservice, Hidrogesp and REK Construtora LTDA. In 2001, Multiservice had its name changed to Earth Tech Brasil Ltda and became a subsidiary of Tyco Group. As of December 2005, the shareholders of Aguas de Cajamar were Earth Tech Brasil, REK Construtora, DH Perfuracao de Pocos (Hidrogesp) and JNS.    The project cost was estimated at US$1.6 million (R$ 1.8 million, September 1997 value). Financing for the project has been provided by the consortium's own resources. By the end of 2002 the sponsors had met their investment commitments.  The private sponsors started operating the facilities by the end of 1997. In 2011, the contract expired and was not renewed.
The project consisted of a 45-mile natural gas pipeline to transport gas from the United States to Samalayuca I and II natural gas fired power plants in Northern Mexico and to consumers in the state of Chihuahua. The estimated project cost was $18 million. The gas pipeline started its commercial operation in December 1997, five months after the joint venture obtained the formal approval from Comision Reguladora de Energia.
In 1997, Rojana Power Company began development of a 121 MW gas-fired combined cycle plant at the Rojana Industrial Park in Ayudha (Ayutthaya) Province.   The plant would sell 90 MW pf power to the Electricity Generating Authority of Thailand (EGAT) under a 25-year power purchase agreement signed in March 1997 and revised in December 1997.  The remaining 31 MW capacity would be used to power to industrial users in the Rojana Industrial Park.  The plant was developed under the Small Power Producer (SPP) Program that encourages the sale of excess output to EGAT.  Rojana Power Company was originally owned by Rojana Group (40%), Ogden Energy Group (25%), Zurn Industries of the US (25%) and Sumikin Bussan Kaisha (15%). By 2004, Rojana Industrial Park had 49%, Kansai Electric Power Co. of Japan had 39%, and Sumikin Bussan with around 10%.  Financial closure was reached in August 1997.  The total project cost of US$137 million was provided from equity and US$77 million in debt financing.  Financing was arranged from local banks, Thai Investment and Securities (TISCO), Thai Farmers Bank, Krung Thai Bank, the Industrial Finance Corp. TISCO and CMIC Finance & Securities are the financial advisors and TISCO was the lead arranger.   The project was refinanced in 2001 by Krung Thai, Thai Farmers and the Industrial Finance Corporation.  National Energy Production Corp. and Jurong Engineering are the EPC contractors.  Ishi Kawajima-Harima of Japan is the primary equipment supplier. Operational Energy Group, a subsidiary of Zurn Industries, was the project operator. Construction began in 1997, and the plant entered service in June 1999.  In September 2005, Rojana announced that it would expand the project with a new 46 MW gas-fired cogeneration plant, also at the Rojana Industrial Park.  The project was expected to cost 1.6 billion baht (US$39 million), and construction would begin in 2006.  Funds for the expansion of the plant were included in the 2001 financing, with the expansion originally intended to enter operation from October 2003.
Cemig was an integrated electric utility that owned 5,000-MW of generating plants and a 274,000km distribution system to serve approximately 4.2 million customers in 1996. The company was partilly privatized in May 1997 when 33% of its ordinary shares (14.4% of the total capital) were sold for US$ 1,056 million to Southern Electric Brasil (SEB) Participacoes, a group of investors comprising AES Corporation, Mirant Corporation, and Banco Opportunity.  In December 2002, Mirant Corporation sold its stake in SEB to an unknown investor. The majority of Cemig shares (51%) belonged to Government of Minas Gerais State. The shareholder's agreement between Southern Electric and Minas Gerais State contained special quorum and veto provisions granting Southern expanded control over certain decisions.   In August 1999, after a new administration took office, the State government of Minas Gerais filed a lawsuit in a State Court seeking to nullify the shareholders' agreement with SEB on the grounds that these special provisions constituted an unlawful transfer of control from us to Southern under principles of Brazilian constitutional law, and claiming in particular that the State government may only cede control of Ceming pursuant to specific state legislation providing for the same. On March 21, 2000, the First Court of Fazenda Pública e Autarquias in Belo Horizonte rendered a decision declaring the shareholders' agreement null and void, and this decision was ratified on August 7, 2001 by the Minas Gerais State Court of Appeals. As a result, the State Government was restored to its position as sole controlling shareholder and none of the special quorum or veto provisions were in effect  In October 2001, SEB filed two appeals against the decision on the merits of the state appellate court, one to the Federal Superior Court and the other to the Supreme Court of Justice. The state appellate court denied access of these two appeals to the higher courts, and in August 2002, SEB filed two interlocutory appeals against such decision, one directed to the Federal Superior Court and the other to the Supreme Court of Justice. As of December 2004, those appeals continued to be pending.  SEB Participacoes defaulted on a US$85 million loan payment to the Brazilian development bank (BNDES) in May 2003. SEB acquired a US$ 600 million loan from BNDES in 1997 to buy 33% of Cemig’s ordinary shares.   Cemig’s ownership structure as of December 2004 was Minas Gerais State with 51%, SEB Participacoes with 33%, local investors with 12%, and foreign investors with 4%. The last two ones were mainly through public offering in either Brazilian stock exchange or in the NYSE.  Cemig won an Aneel’s tender for the construction and exploration of the Itajuba III substation located in Itajuba (Minas Gerais) in Feb. 2000. The project was expected to involve an investment of US$ 42.5 million.  In April 2005, Cemig together with Alusa acquired through a public tender the rights to build and operate for 20 years the Chilena Charrua - Temuco transmission line.  In 2006, CEMIG bought a controlling share in Light SA and now includes it in its distribution network.  As of December 31, 2007, CEMIG was 51% controlled by the State of Minas Gerais. Legislation would have had to be passed in order to sell more than 50% of its shares.  In June 2012, AGC Energia, a subsidiary of Andrade Gutierrez acquired SEB's participation in Cemig by undertaking the responsibility of SEB's US$ 1083 million (BRL 2115 million) debt.
Coelce distributes electricity in the state of Ceara, Northeastern Brazil and had close to 1.5 million customers and its energy sales exceed 4,700 GWh in 1997, when it was privatized.   Coelce became a public company in October 1995 and was listed in the main Brazilian stock exchanges. Its privatization process started in 1997 and was implemented in two phases. In the first phase, the state government of Ceara auctioned 15% of the company’s total stock (41% of preferred or non-voting shares) in the regional stock exchange in May 1997. The sale raised  US$ 90.5 million (R$ 97.6 million) from different private investors. In addition, the preferred or non-voting shares owned by local governments were auctioned weekly in stock exchanges during 1997 transferring a substantial amount of preferred or non-voting shares to private investors. In the second phase, which took place in April 1998, the government sold 51% stake capital (82% voting stake) for US$ 820 million to Distriluz Energia Eletrica S.A. ("Distriluz"), a Brazilian company owned by CERJ (36.5%), Enersis (15.6%), Chilectra (10.4%), and Spanish Endesa (37.6%).    In 2009, the company was granted US$ 20 million (BRL 40 million) loan from BNDES to finance its investment in infrastructure.  After an internal restructuring, in September 1999, the corporate control of Coelce (91.7% of its voting capital, representing 56.59% of the total capital) was transferred to Investiluz S.A., a Brazilian company comprising CERJ (36.5%), Enersis (15.6%), Chilectra (10.4%), and Endesa (37.6%). Taking into account the participation that both Spanish Endesa and Enersis have in CERJ, their percentages in Coelce after the restructuring were 25.68% and 19.76% respectively. In addition to the consortium, other private investors have 35% and Eletrobras has 7.06% of Coelce’s total capital.
PETRONAS, the Malaysian state-owned petroleum conglomerate, signed a shareholders' agreement with GATX Terminals (Pte) Ltd and Dialog MCV Sdn Bhd in Mar. 1997 for a centralised bulk chemical storage terminal project in Kertih, Terengganu. Under the agreement, PETRONAS, GATX Terminals and Dialog MCV will participate in a new joint venture company which will build, own and operate the terminal that will provide centralised services for the handling, storage and distribution of chemical and petrochemical feedstocks, products and by-products to PETRONAS' joint venture petrochemical plants as well as other customers in Kampung Tok Arun and Kertih. PETRONAS will own 40% of the joint venture company while GATX Terminals and Dialog MCV will each hold 30 per cent. GATX Terminals is an associate company of US-based GATX Terminals Corporation while Dialog MCV is a partnership between Dialog Group Bhd and Malaysian Capital Ventures Sdn Bhd.   The RM 300 million terminal, which is PETRONAS' first centralised terminal facility project, will occupy a 32.3ha waterfront area adjacent to the existing PETRONAS' Kertih Marine Facilities. The terminal was built in phases over two years with initial operations scheduled for the third quarter of 1999. Full operation was expected to commence in 2000. Once fully operational, the terminal was expected to have an annual volume throughput of about 2.7 million metric tonnes.
In 1997, the municipalities of San Pedro de los Milagros, Santa Rosa de Osos, Titiribi, and Venecia transferred the operations of their water utilities to through a 15 year operational contracts. In 1998, the number of subscribers were 2,800 in Santa Rosa de Osos, 1,250 in Titiribi, and 1,450 in Venecia.
Multilinks Ltd. was one of the eight companies to receive a basic local service license from Nigerian Communications Commission (NCC) in 1995. The license allowed the company to provide its phone services through Wireless Local Loop (WLL) technology. The main owner of the fully private company was the local Kenston Investment. The company was the first private WLL provider to start commercial operations beginning in December 1997 when it signed the first ever interconnect agreement with NITEL, the incumbent national operator.  Multilinks offered services only after two years follwing its license award due to factors such as bureaucracy, slow spectrum allocation, and the need to raise financing hampered network deployment.   The main coverage area of Multilinks was Lagos, the capital city, and surrounding areas by 1998. Multilinks competed with state-owned Nitel and the private operator Intercellular by July 1998. Multilinks encountered more competition by late 1998 when additional companies entered the Nigerian market.  Under a supply agreement signed in June 2002, Nortel Networks was selected as the sole supplier of CDMA2000 1X radio and IP (Internet Protocol) core infrastructure equipment to Multi-Links. The Wireless Data Network was to enable Multi-Links to significantly boost network capacity to accommodate a greater number of voice calls. The initial capital outlay was US$30 million.  By 2003, Multi-Links was expanding its network to increase capacity in Lagos to 500,000 subscribers and was installing independent networks in six other cities.  By end 2004, Multi-Links reported a subscriber base of 130,000.  In March 2007, Telkom SA acquired 75% stake in Multilinks Nigeria for US$280 million.   In July 2011, Telkom South Africa announced the sale of Multi-Links to Helios Towers Nigeria for the modest sum of $10 million. Helios Towers had been suing Multi-Links for $250 million over claims of broken contract. Telkom was to continue operational funding to Multi-Links.
This 56-MW, $59 million, combined-cycle power plant is being developed by GTi Dakar Ltd (GDL). GDL is a consortium of the International Finance Corporation (IFC - 10%) and Greenwich Turbine, Inc (GTi - 90%), which is a subsidiary of Greenwich Air Service, Inc (GASI). General Electric has made a friendly bid to acquire GASI and its subsidiaries and may become a project sponsor. The project will be located at Cap Biches Power Plant, approximately 1km east of Dakar. The project will use naptha or natural gas condensate. GTi will operate the plant under a long-term O&M contract.   A 15-year PPA was signed with Societe Nationale d'Electricite du Senegal (SENELEC). The government of Senegal will guarantee the contractual and payment obligations of SENELEC.  The project completion date is targeted for early 1999. The plant will be transfered to SENELEC at the end of the 15-year BOOT.   In April 28, 2000, Sondel (Italy), electricity production subsidiary of Falck, acquired a 30% stake for $6m from GTI-Dakar.
In August of 1994, the Binh An Water Corp Ltd. (BAWC) was awarded a 20-year build-operate-transfer (BOT) contract by Ho Chi Minh City to supply treated water to the city's residents and neighboring industrial parks.  This was the first BOT water project implemented in Vietnam.  The project consisted of the construction of a raw water pumping station, 100,000 cubic meters/day treatment facility, a raw water transmission pipeline, and a treated water transmission pipeline.  Construction of the project was completed in July 1999 and production of treated water at full capacity commenced in August 1999.    BAWC was owned 90% by Emas Utilities Corp. (EUC) and Sadec Corporation Sdn Bhd (10%).  EUC, in turn, was owned by three Malaysian companies: IJM Corporation Bhd (40%), Salcon Engineering Sdn Bhd (40%), and Malaysia South-South Corporation (20%).  The total project cost was estimated at US$38.8 million and achieved financial closure in July 1998.  The IFC approved a financing package comprised of a US$12.5 million direct loan and a US$12.5 million syndicated B loan. The remaining cost was financed with equity from the sponsors.  The company was to receive tax breaks for 8 years.  In August 2000, BAWC was granted an additional US$20 million loan that was arranged by Maybank Bhd of Malaysia.
In June 1998 the provincial government of Mendoza, Argentina, granted a 95 year concession contract to Obras Sanitarias Mendoza SA (OSM). OSM provided over one million with potable water and collected wastewater from more than 780,000 people in the province of Mendoza, Western Argentina. The concession contract demanded certain coverage and quality goals be met, but set no binding investment figures for the concessionaire. In 1998 OSM estimated required investments at $300 million for the first 25 years of the contract.   OSM was the former state owned water and sewage operator for the province of Mendoza. In June 1998 an international consortium of Azurix (the water arm of the Enron Group), France's Saur International, Italgas S.p.A. and Inversora de Mendoza won a competitive tender for a 70% stake in OSM. The provincial government of Mendoza retained a 20% stake and the final 10% in SOM were held by company employees. Saur and Azurix were the largest SOM shareholders, each holding 32% stakes. OSM was to be operated by Saur.  The Saur/Azurix consortium offered $132.8 million for the 70% stake. This was more than double the second highest bid of $65.5 million made by the Alfa group, led by Aguas de Barcelona and Suez Lyonnaise des Eaux. A third bidder, known as Enersis, (Aguas de los Andes and Britain's Severn Trent Water) offered $53.9 million.  The contract ran into trouble as Enron experienced severe financial difficulties at home and Argentina’s macroeconomic situation became unstable. In 2002 the Argentinean currency devaluated to about one third of its previous value. The local government refused to allow tariff increases to compensate for the Peso devaluation, making it difficult for OSM to meet its contractual commitments. In 2003, Azurix and Saur filed a claim against the Argentinean government with the International Centre for Settlement of Investment Disputes (ICSID). The companies demanded compensation for the losses caused by the Peso devaluation and the refusal of the government to allow peso-denominated tariffs to increase.  In January 2004, South Waters Argentina (Sielecki Group) bought the 32 percent share owned by Azurix for a reported $1.5 million. Saur still held 32% in OSM at the end of 2005 and was trying to renegotiate the terms of the concession with the provincial government.  In November 2009, the government of Mendoza through the provincial regulator Ente Provincial de Agua y Saneamiento (EPAS)declared a water emergency and stated that the situation was aggravated by over 10 years of underinvestment by the concessionaire. Decree  2924 ordered Obras Sanitarias Mendoza SA (OSM)to terminate its service and ordered water earmarked for irrigation to be used for human consumption.
In 1998 the Mexican state of San Luis Potosi, through its Comision Estatal de Agua Potable y Alcantarillado, awarded a built-own-operate contract for two wastewater treatment plants to private company Proagua Potosi. The project covered the design, construction and operation of the two plants. The plants recycled water from the city of San Luis Potosi and used it for agricultural irrigation.   Proagua Potosi was a joint venture of Mexico’s Grupo Marhnos and Canadian company SNC Lavalin. Information on the exact stakes of the two sponsors in the joint venture was not publicly available.   The total cost of the project was estimated at $65 million (C$ 94.75 million). Of this total some C$ 5 million were to be provided by the Canadian partner.
The Shandong China Power Company was created in May 1997 as a joint venture owned by China Light & Power (29.4%), Electricite de France (19.6%), state-owned Shangdong Electric Power (36.6%), and state-owned Shangdong International Trust Investment Co. (14.4%). The equity contribution of China Light and Power was US$168.6 million, while Electricite de France's was US$112.4 million. The joint venture was created to take over Shiheng I, a 600 MW coal fired power plant and to finance, build, operate and transfer after 20 years three new coal-fired plants with a total generating capacity of 2400 MW.  The three new power plants are Shiheng II (2x300 MW), Heze (2x300MW), and Liaocheng (2x300MW). Shinheng II had begun its testing stage as of February 1998. The Shandong Zhonghua Power Project was the largest independent power project with foreign investment on the Chinese mainland by 2004.  The total project closed financing in May 1998, jointly arranged by Greenwich NatWest, IBJ Asia and SG and involved an offshore commercial loan of US$350 million, a US$288 million loan underwritten by ECGD, and US$822 million in RMB loans.  The project was refinanced in 2004. The deal was originally to be a wholly Renminbi refinancing, but because of expected currency movements, the sponsors elected for a refinancing roughly half in US Dollars and half in local currency. In 2003, the Shandong Zhonghua project company had successfully re-financed all of its foreign currency loans into RMB and USD loans.   The new loan for the Shandong Zhonghua project company amounted to US$ 1.29 billion with a 20 years tenor (maturing in 2024). Calyon was the financial adviser for the transaction. It was divided into a US$ 560 million tranche, and a RMB 6.6 billion (US$730 million) tranche. The lending structure for the USD tranche was China Construction Bank (US$ 180 million), Bank of China (US$ 160 million), ICBC (US$ 160 million), Agricultural Bank of China (US$ 50 million) and China Merchants Bank (US4 10 million). The lending structure for the RMB tranche was Shandong ITIC (RMB 1,370 million), China Construction Bank (RMB 1,500 million), Bank of China (RMB 1,320 million), ICBC (RMB 1,320 million), Agricultural Bank of China (RMB 410 million) and China Merchants Bank (RMB 150 million).
In 1997, the Tuticorin port handled about 10 million tons of cargo. Its container throughput was about 90,000 TEUs in 1997 or about 5.4% of the total traffic handled in India. The port expects to handle about 110,000 TEUs in 1998. The current container boxes are handled across conventional berths with no dedicated on-shore container handling equipment.   The project was awarded to a consortium by Singapore's PSA Corp and Indian partners South India Corporation and Nur Investment Private Ltd. in February 1998. PSA is the majority partner with 57.5% of the shares, while South India Corp (Agencies) has 37.5% and Nur Investments holds 5%. A letter of intent for the US$47 million Tuticorin project was issued to the Singapore-led consortium, which will have to create facilities for handling cargo at the seventh general cargo berth and will have to construct the superstructure for the container terminal.  The project, which also involves installation of equipment at the berth, has been awarded on the build, operate and transfer principle for a period of 30 years. The works will have to be completed within 36 months; and the total capital investment in the project has been estimated at US$ 19.2 million.   Under the agreement, the Tuticorin Port Trust will receive from PSA Corp, out of the total earnings from port charges, around $45 million, staggered over the license period. The Surface Transport ministry granted in May 1998 the permission to fix cargo tariffs on the basis of 18% to 18.5% return on capital employed. The construction works were completed in 1999 and trial operation started in December of that year.
In 1998, Cathay International Water (CIW), a subsidiary of Cathay International Holdings of Hong Kong, was awarded a 26-year contract for the construction and operation of 3 water treatment plants in Jinan city, Shandong Province. The Dongjiao, Nanjiao and Xijiao plants were to have a combined capacity of 900,000 cubic meters per day.  To implement the contract, a joint venture project company was formed between CIW (80%) and the Jinan Municipality (20%).  The total project cost was US$90 million.  The project was given a guaranteed rate of return of 14.85%.  However, in 2002 the Chinese Government ruled that guaranteed rates of return promised to investors for infrastructure projects were illegal and the project was subsequently canceled.
Rodosol was awarded the contract to expand and rehabilitate the 68.4 km roadway linking Vila Velha to Meaipe in the state of Espirito Santo (estimated traffic flow: 8,000 vehicles daily). The project also included the rehabilitation of the Castelo Mendonca Bridge located in Vila Velha (estimated traffic flow: 46,000 vehicles daily).   Rodosol's ownership was divided as follows: Servix held 33% of the shares, while Grupo Coimex and Grupo Tervap held 28.5% of the shares each. The construction works have started and the concessionaire is already charging tolls on the booths that existed prior to the concession award. Financing for this investments have been mostly provided by the sponsors own equity. In September 1999, Rodosol received a US$ 26.8 million loan from the state-owned bank BNDES.  As of Dec. 2009, the shareholding structure of Rodosol was the following: Coimex Empreendimentos e Participações Ltda, 42,5%; Tervap Pitanga Mineração e Pavimentação Ltda, 42,5%; Urbesa Administração e Participações Ltda, 7,5%; Construção e Comércio Vitória Ltda,  7,5%.
The project includes the construction of a new road linking Avenida 9 de Julio and Avenida General Paz. Covimet's ownership structure is divided as follows: J.M. Aragon, Benito Roggio, Francisco Natino and Hemarsa hold 16.23% each; Polledo holds 15.58%, Servente holds 14.26%; and Semaco holds 5.25%. The estimated daily average flow is 104,000 vehicles (the actual flow, as of May 1999, has been 60,000 vehicles daily). As of Mar. 1999, construction works were still underway on a section of the highway, but the main toll road was already in operation and tolls are being charged. It is expected that all works were to be finalized by 2001.  The Buenos Aires city government canceled the contract in February 2003 after claiming that the consortium did not deliver on pledged works. The consortium appealed the decision in an Argentina appeals court, claiming that the consortium never received prior accusation from the government regarding contractual noncompliance, but their injunction was rejected in June 2003. The Buenos Aires government company Autopistas Urbanas SA (AUSA) assumed control of the concession. The government issued control of the concession to AUSA for a period of five years.
Autovias SA was awarded a concession contract that includes the expansion and rehabiliation of 317 km of roads. Initially, Autovias' ownership was equally divided among the three sponsors: Etesco SA, Enterpa SA and Emsa SA. The bidding process was competitive and the award criteria was the highest cannon fee to be paid to the government. There was no provision for contract renewal (assets will be returned to the state government).  The total project cost has been estimated at US$ 340 million (the consortium will pay an additional US$ 119 million in monthly instalments for the concession rights; in order to calculate the real value of the lease fee, a discount rate of 12.68% was used; this government has used this rate in other infrastructure sectors). The toll road started its operation in 1998 and the toll rates are already being charged. In October 2000, the state-owned bank BNDES approved a US$ 54.8 million loan to Autovias.  In 2002, the corporate control of Autovias (100% of the total capital) was acquired by Grupo OHL (Obrascon Huarte Lain).
In 1994 the State government of Guanajuato, Mexico, awarded a build, own and transfer contract for a wastewater treatment plant in the city of Leon to private company private German-Mexican firm ECOSYS III SA de CV. The wastewater plant was to have a primary capacity of 2500 liters per second and was expected to cost $25 million. The city of Leon was the largest city in the State of Guanajuato with a population of 1.1 million.   The tender process for a treatment plant in Leon started in 1992, but a contract was not signed until 1994. The start of the construction phase of the plant was delayed until 1998. The facility became operational in September 2000.   In 1998 Azurix, the water arm of US Enron Corporation, purchased a 49 percent stake in the Leon plant. In 2002 Azurix sold the stake to French company Suez, part of deal marked Azurix’s exit from the country. In 2002 the Leon plant was 49 percent owned by Suzez and 51 percent by Mexican mining company Industrias Penoles.
In February 1998, Bharat Forge Ltd signed a 23 year, 6 month concession contract for the construction and operation of a 30.35km bypass in the state of Kamataka. The company agreed to complete construction in 3.5 years and to operate the toll bypass to recover the costs of construction.   The government provides a minimum revenue guarantee and will extend the contract length in the case of a shortfall. The total project was expected to cost US$17 million. Financing includes a term loan from financial institutions and equity participation by the sponsors. The government sets tolls rates.
Mersey Docks & Harbour (MDK) (UK), port operator, invested US$ 2 million in Grain Bulk Handlers (Kenya), which invested US$ 32 million in the development of a grain and fertiliser terminal at the port of Mombasa, Kenya. The terminal was expected to be operational in August 1999 with the capacity to handle 10.000 tons per day.   An IFC loan financed the building of the first modern bulk handling and storage facility for unloading grain and fertilizer at the port of Mombasa. MIGA, in turn, granted a guarantee to the project sponsor for the construction and operation of the facility. The new US$ 32 million terminal was to be complete in early 1999, unloading capacity would amount to 10,000 tons per day.  Upon construction completion, the UK firm Portia Management Services Ltd. (PMSL) would handle day-to-day operations under an 8-year management contract. PMSL was a subsidiary of Mersey Docks & Harbour Company. CDC (Commonwealth Development Corporation), signed a loan agreement to provide US$ 10 million to Grain Bulk Handlers Ltd (GBHL) in 12th March 1998.  In 2005, PROPARCO (AFD Group) granted a loan of US$5.54 million to GBHL for the construction of new storage silos.  In 2007, Actis invested a further US$15 million in GBHL.
Santa Cruz S.A. was awarded the project for the rehabilitation of 196 km highway system. This project company's ownership is controlled by Serveng Civilsan, which holds 90% of the shares (the remaining sponsors hold 5% each). The bidding process was competitive and the award criteria was the quantity of km of highways to be rehabilitated by the sponsors.  Of the total US$ 66 million to be invested on the project, US$ 22 million has already been invested with the sponsors' own resources.  At the end of the contract in 2013, the toll road was transferred to a state-owned company that became responsible for its operation.
The project includes the rehabilitation and operation of  501 km of highways. The project company is fully owned by Univias, whose ownership structure is divided as follows: Brasilia Guaiba Obras Publicas LTDA, Castilho and Toniolo Busnello hold 24.24% of the shares each; and Sultepa holds 27.28% of the shares each. The concession process was based on competitive bidding based on the criteria of the quantity of KM the concessionaire would improve above the minimum required.   The initial rehabilitation works have finished and the project company is already charging the toll rates. The total investment cost is estimated at US$ 116.2 million; as of March 1999, US$ 20.8 million has been invested.  In November 1998, the state-owned bank BNDES approved a US$ 31 million loan to Univias, which will invest the funds on the projects undertaken by its subsidiaries Sulvias, Metrovias and Convias.  In 2006, the ownership structure was restructured. The project company shares were transfered to Consorcio Univias, whose shareholders were: Toniolo Busnello with 25% and CIBE Participacoes (which resulted from the association of the groups Bertin and Equipav) with 75%.   At the end of the contract in 2013, the toll road was transferred to a state-owned company that became responsible for its operation.
The holding company Jose Rodriguez Banda SA (Jorbsa) won the tender Electro Centro, the electricity distribution company in central Peru, Ayacucho, Huancavelica, Junin, Huanuco and Pasco in Nov. 25, 1998. Jorbsa won by offering US$690,000 for a 30% stake in Electro Centro, the highest bid. The tender included restrictive bidding rules, which aimed at keeping ownership of the utilities in Peruvian hands. The government also offered special financing terms to local companies for the acquisition: 10% down, with the remainder payable over 12 years with a three-year grace period. The privatization scheme obliged Jorbsa to acquire an additional 30% shareholding in the company, after the first year of operations. The privatization scheme also included a 10% stake to be offered to employees, and a 30% stake to small local investors through Peru's citizen participation program.  Electro Centro was one of the four regional electricity distribution companies in the northern and central which were partially privatized under such privatization scheme in Nov 1998. The other three were Electro Norte, Electro Noroeste, and Electro Norte Centro. Jorbsa also won the tender for these three companies. Electro Centro had 2310,000 customers in 1998.   Jorbsa committed to reduce system losses by 25% in each of the first two years of operation, and to administer whatever rural electrification programs the government would carried out in the systems' service territories.   In 2001, Jorbsa surrender its ownership stake in the four regional companies to the government after failing to raise sufficient financing the purchase of an additional 30% stake. Jorbsa agreed to give up its ownership interest so the companies could be re-privatized. The government attempted to sell the four regional distribution companies in 2002 and decided to suspend the process indefinitely.  Jorbsa was perceived as a good manager during its three-year ownership term, slashing technical losses and reversing the utilities financial losses to realize a $12-million profit in 2000. During Jorbsa's tenure, customer numbers rose from 839,000 to 1 million, and sales grew to 1,763 GWh in 2001 from 1,527 GWh in 1998.
This project involved the construction and operation of a 24-MW turbine wind facility located near Lake Arenal. The project, initially developed by Energy Works, was taken over by Energia Global and International Wind Corp. in October 1998. The total project cost (US $24.5-million) was funded through a financial package arranged through DANIDA (the Danish development agency), BCIE (Central American Bank for Economic Integration), and a consortium of five Central American banks led by Banco Interfin. The state-owned Instituto Costarricense de Electricidad (ICE) agreed to purchase up to 20-MW of electricity through a 15-year power purchase agreement. The project started its commercial operations in mid-1999.
Enron Corp., through its subsidiary Ind. Ventane SA, acquired 94% of Calife's shares from the government in May 1998. Calife had an electricity distribution network in the city of Puerto Cabello and had a consumer base of 50,000 users (80% of Calife's customers are residential). Enron paid US$10 million for the shares' acquisition.  By 2003, the bankrupt Enron was continuing to market Latin American assets, including Calife, that it had chosen not to transfer to Prisma Energy, the new holding company into which Enron merged most of its remaining international assets.
The Paul Quay (Berth 206) - which is in the port of Vitoria - occupies 31ha and handles solid dry bulk, containers, general cargo and vehicles. The operating concession for the terminal had the objectives of revamping, expanding and improving the existing facilities as well as developing an industrial zone that would help support the port's commercial activities.  The PEIU S.A. consortium (Heringer, Universal Eximbize, Mr. Johnny Kaniaki) won the concession for the pier in May 1998 with a bidding price of US$ 9.7 million. and committed to investments of US$ 2.2 million and minimum throughput of 300.000 tons. CVRD was not allowed to bid for the berth concession (CVRD already operates the Capuaba pier as well as berth 205 of the Paul pier for captive use), while the other bidder, Libra, was disqualified.  The Peiu Consortium, comprised five companies - Eximbir SA, Agenca Maritima Universal Ltda, Cimpac Comercio Importacao e Exportacao Ltda, Fertilizantes Heringer Ltda and Sonny Kaniak
The project includes the construction of a new airport at El Alamein. The financing for the US$ 88.5 million (Egyptian Pound $ 300 million) project will be achieved with the sponsor's own resources. The construction works will be divided into three phases: the first phase will cost about 43.2% of the total cost, the second 25.6% and the third 31.2%.
The project involved the construction and operation of a toll bridge near Dahej, Gujarat. A total of US$1.4 million was invested in the construction works that lasted 13 months. Commercial operations started in February 1999. The project was undertaken by a joint-venture of Vijay M. Mistry Construction Ltd. (77.5%) and Rajkamal Builders (22.5%).
The Dona Julia Hydroelectric Project is a run of the river, 18-MW project located in Horquetas de Sarapiqui, Heredia. The company sponsors are the ERI Services Facilities Management Group (24%) and local partners. The project, which costs US$ 34 million, consists of a reservoir for the storage and discharge of water consistent with peak energy requirements of ICE.   From the total cost, US $24.8 million were financed by long-term loans from DEG (US$13.8 million) and Scotia Mercantile Bank, a subsidiary of the Bank of Novia Scotia (US $10.2 million). In addition, US$ 5 million of the loan were provided by Dresdner Bank Lateinamerika AG as part of an A/B loan syndication. MIGA, in turn, provided an US$ 11.4 million guarantee in 1998 to ERI Holdings and Scotia Mercantile Bank for their equity investment and loan, respectively, to the project. Electricity generated will be sold to ICE under a standard 15-year power purchase agreement. The annual generation in an average year will be between 83 GWh and 87.8 GWh during peak energy demand, displacing 20-MW thermal units of ICE that do not meet environmental standards.
The Brazilian government signed concession contracts with Grupo Libra and Multiterminais in March 1998 in order to transfer the management of the Rio de Janeiro-based container terminal (Tecont) to them for a 25-year term, renewable for additional 25-year period. Since 1998, Libra Terminais Rio SA, a company controlled by Grupo Libra, is managing Terminal 1, an area of 155,000 square meters.   Libra Terminais Rio was committed to invest US$ 36.2 million (R$ 42 million) during the concession period. It will charge approximately US$ 65 per TEU and plans to achieve a turnover of at least 75,000 units per year.
Finsa was granted a public access permit to operate the 8-km pipeline network that supply gas to 12 industries (although Finsa currently transports gas to only 12 industries, the contract signed with the government requires Finsa to supply to any consumer willing to pay the agreed tariff). Finsa was already transporting gas in the system, but, because of the changes in the regulations, the company had to request a new permit. The system has capacity to transport 164,000 cubic meters of gas daily. Finsa has committed to invest US$ 2.5 million during the first five years of the 30-year contract (the contract is renewable for additional periods of 15 years).
In July 1998, Citagua signed a 30 year contract rehabilitate, expand and operate the water and sewerage system of Cachoeiro do Itapemirim, state of Espirito Santo. In July 1998, a specific purpose enterprise, Aguas de Cachoeiro SA (Citagua) signed the concession contract. Citagua started the operations in December 1998. Cachoeiro do Itapemirim has a population of 153,000.  Aguas de Cachoeiro SA (Citagua) was a special purpose vehicle originally controlled by three companies comprising the consortium who offered the wining bid: Grupo Aguia Branca, Cepemar and Hidropart. As of December 2003, Citagua's shareholders were Aguia Branca (73.33%) and Cepemar (26.67%).  The company was expected to invest US$ 41.4 million (R$ 50 million) over the 30-year concession period. Brazil's national development bank BNDES is helping to finance the investment program with Citagua. In 2000, BNDES approved a US$ 10.3 million loan to Aguas de Cachoeiro.  The sewerage treatment plant, operational in 2003, was to treat 80-85% of Cachoeiro's sewage by 2004. The sewerage plant was built by Aqua Mec (Brazilian subsidiary of the Belgian company Unitank).
The project includes the construction of a passenger terminal, a control tower and a 3-km runway. The construction works are divided into two phases: the first one will cost US$ 23.6 million (Egyptian Pound $ 80 million) and the second one will cost US$ 11.8 million (Egyptian Pound $ 40 million). The project will be financed with the sponsor's own resources. The airport is expected to be constructed in three years. The contract length of 40 years may be renewed. Aeroports de Paris will operate the facilities which were designed by the Dutch Bureau for Airports.
At the end of 1997, Ayush Ajay Construction Pvt. Ltd signed a 15 year, 10 month concession contract for the construction and operation of a 13km road in the state of Maharashtra. The company agreed to complete construction in 3 years and to operate the toll road to recover the costs of construction.   The government provides a minimum revenue guarantee and will extend the contract length in the case of a shortfall. The total project was expected to cost US$8.6 million. Financing includes a term loan from financial institutions and equity participation by the sponsors. The government sets tolls rates.
The project company was awarded a 30 year BOT contract for a for a railway in Zimbabwe in 1998. After the contract period expires, ownership of the assets will be transferred back to the government. The shareholders were New Limpopo Bridge Projects Limited, Nedcor Investment Bank Limited, Sanlam, Old Mutual and Gensec Asset Management. All of them account for 85% of the shares while National Railways of Zimbabwe has the remaining 15%.Financial closure was achieved with funds from South African financiers, among them the First National Bank. Construction works have started and were expected to be completed by May 1999. The project was expected to cut freight costs by up to 20%. The railway was commissioned in July 1999, and the line provides the shortest rail link between South Africa, Zimbabwe, Zambia and the Democratic Republic of the Congo.
CMIC, the Australian state-owned company Austa Energy, and the New China Hong Kong Group acquired 52% of Shenzhou Thermal Power Co. in Mar. 1998 for US$ 10 million. This power company owns and operates a 28.5 MW cogeneration plant. A 25-year power purchase agreement was signed and the sponsors expect an internal rate of return on the project of 20%.
Hopewell entered into a joint-venture with Guangdong Province to expand, rehabilitate and operate the Shunde 105 Road. Hopewell held 30% of the share.The dual three-lane road is 40 Km in length and has two toll stations. Construction works started in 1998. By April 1999, construction works were completed for 32 km out of the total 40 km length. In 2000, construction works in the Sanhongqi Bridge and in the Rongqi Bridge were concluded. Commercial operations started in January 2001. The toll road had an average daily traffic flow of 79,527 in 2000.
The public offering of 300 million "A" shares raised US$ 231.9 million (RMB 1.92 billion) to finance runway and terminal facilities at the Shanghai Hongqiao Airport. The offering was made through the Shanghai Stock Exchange (the "A" type of shares are purchased only by local investors. Foreign investors have access to the "B" type of shares).
Shijiazhuang Chengfeng Co. Ltd was established in October 1998. This coal-fired, 24MW (2x12MW), combined heat and power plant (comprised of two 12-MW units) was sponsored by Peak Pacific Investment Company, a development company which Alliant had a 93.5% stake, (70%) and Shijiazhuang City Zhengding Chemical Fertilizer Group Co. (30%). Contract term was for 20 years. Power was to be sold to Zhengding County Sandianban and steam to Zhengding County Supply Co.  Investment date was October 1998. Project cost was approximately US$23 million.  The project entered service in 2000.  As of August 2001, Alliant's investments in China amounted to a total of 500MW spread across 9 projects.  Total investments in these projects were approximately US$150 million.  Most of the investments were made through Peak Pacific Investment Company. In February 2006, Banpu Power Limited acquired 91% shares of Alliant in Peak Pacific Investment for US$84 million. The asset includes the Shijiazhuang's plant.
Tess was awarded a 15-year concession to provide cellular phone services through the B band (800s MHz) in area 2 in March 1998. The area 2 comprised the state of Sao Paulo, except the state capital city and surrounding areas. The Brazilian telecommunications market was divided in 10 areas in 1996 in order to assign licenses for cellular phone services. In each area, the B band was assigned to a private consortium through a competitive bidding and the A band was assigned to the state owned companies that provide local fixed phone services in the concession area. Telesp, the state-owned competitor of Tess in most of the area 2, was privatized in July 1998.   Tess won its license through a competitive bidding when it offered US$ 1,173.8 million (R$1,326.9 million) for the license in April 1997. The company started its commercial operations in December 1998. The concession contract was signed in March 1998 when the consortium paid 40% of their offering. The 60% remaining has to be paid in three equal installments during the first three years of the concession contract.  By 2000, Tess was a consortium led by Telia Overseas AB (51%) and integrated by Algar (33.98%) and Eriline (16.35%). By the end of 2001, Tess was controlled by Tel Investmentos (Telia Group) (64.91%), Eriline (15.19%), and Telecom Americas (19.9%). During 2002, America Movil became the controller of Telecom Americas (96%), by acquiring the stakes of SBC International and Bell Canada International.  In 2003, Tel Investimentos sold its stake (64.91%) in Tess to Telecom Americas (America Movil).  Since August 2003, Tess and all mobile operations of Telecom Americas in Brazil are operating under the brand name "Claro". America Movil has grouped it's Brazilian operating companies (ATL, Tess, BCP, BSE, Claro Digital, and Americel) under this group. From 2004 all information is recorded under BCP (Claro).
Nile Phone was awarded a 10-year license to provide payphones in Egypt in 1998. According to the license requirements, the company had to install 20,000 payphones within five years. The company was mainly owned by Landis & Gyr of Switzerland, with local investors Ahmed Bahgat and Magdi Rasekh.  The company started to installed its payphones in the second semester of 1998. The company which had a paid capital of US$10 million, expected to install 500 payphones per month in 1999.   The company competed with the local incumbent Telecom Egypt and with Menatel. The latter one was also awarded a 10-year license to provide 20,000 payphones in Egypt in 1998. Nile Phone completed the installment of all 20,000 payphones by 2002 for a total cost of $60 million.
In 1998, AES acquired its stake in OPGC for US$ 144 million in a competitive bid.  The Orissa State Government holds the majority stake.   PGC owns and operates Units 1 & 2 of the Ib Valley Power complex.  These units have a capacity of 210 MW each and are fueled with coal. OPGC holds a 30-year power purchase agreement and was awarded the right to expand its capacity by an additional 420 MW (units 3 & 4). This expansion will involve an investment of US$ 378.9 million (Rs 16.31 billion), but as of Dec. 2000, it has not materialized.   AES was awarded a contract to build Units 5 & 6 of the Ib Valley project through its wholly-owned subsidiary AES Ib Valley Corp. The project was expected to reached financial closure by Apr. 2001.  AES was initially awarded the BOO contract for Units 3 & 4 in 1992, but its decision to expand the capacity from 420 MW to 500 MW led the government to review its plans in 1995.  OPGC was then awarded the right for units 3 & 4 and AES became responsible for units 5 & 6 (the IFC had approved a financing package to AES for the initial setting).   In February 2001, AES was reportedly negotiating the acquisition of an additional 2% stake in OPGC in order to achieve management control.  This proposal appeared to be politically sensitive however, and as of March 2002, this process had been stalled.
The project includes the rehabilitation and expansion of the 440 km highway system. Triangulo do Sol S.A. ownership is divided as follows: Leao e Leao holds 51% of the shares; Conter holds 33%; and Braest Participacoess hold 16%. The bidding process was competitive and the award criteria was the highest cannon fee to be paid to the government. There was no provision for contract renewal (assets will be returned to the state government).  The total project cost of US$ 454.4 million includes US$ 382 million in investment and US$ 72.4 million in lease fee to be paid in monthly instalments during the concession period (in order to calculate the real value of the lease fee, a discount rate of 12.68% was used; this government has used this rate in other infrastructure sectors). The income generated by the toll charges is estimated to reach US$ 1 billion over the concession period.   During the first year of the concession, US$ 76.4 million was invested with the sponsors own resources; the remaining cost will be financed with loans to be raise by Smith Barney (these resources may be obtained from the brazilian federal development bank, BNDES, and from the IADB). As of November 1999, the concessionaire received a US$ 46.7 million long-term loan from the BNDES (Unibanco acted as the financial adviser form the transaction); the concessionaire also received a US$ 15.6 million short-term loan from the commercial bank BIC Banco.  As of December 2003, Conter had sold its shares. Leao e Leao had increased its stake to 60% of the shares and Braest Participacoes was holding the remaining 40%.
The project includes the rehabilitation and operation of  173.75 km of highways. The project company is wholly owned by Univias, whose ownership structure is divided as follows: Brasilia and Toniolo Busnello hold 24.52% of the shares each; Castilho holds 24.49%; and Pedrasul holds 26.47%. The concession process was based on competitive bidding based on the criteria of the quantity of KM the concessionaire would improve above the minimum required.   The initial rehabilitation works have finished and the project company is already charging the toll rates. The total investment cost is estimated at US$ 107.9 million. In November 1998, the state-owned bank BNDES approved a US$ 31 million loan to Univias, which will invest the funds on the projects undertaken by its subsidiaries Sulvias, Metrovias and Convias.  In 2006, the ownership structure was restructured. The project company shares were transfered to Consorcio Univias, whose shareholders were: Toniolo Busnello with 25% and CIBE Participacoes (which resulted from the association of the groups Bertin and Equipav) with 75%.   At the end of the contract in 2013, the toll road was transferred to a state-owned company that became responsible for its operation.
Egyptian Company for Mobile Services (ECMS) was initially launched by Egypt Telecom (formally known as ARENTO). The company started to be divested in May 1998 when the MobiNil consortium bought a 20% stake from Egyptian state-owned companies for US$53 million. The MobiNil consortium was integrated by France Telecom, Motorola and three Egyptian partners, including Orascom Telecom. The MobiNil joint venture between Motorola and France Telecom was subsequently awarded a 70% stake in the existing state-owned 80,000 line mobile network for US$514 million.  In 2000, France Telecom reached an agreement with Motorola whereas it acquired an additional 25.15% stake in Mobinil, for a total amount of US$252 million, and the rest of Motorola's stake went to Orascom.  This brought France Telecom's total stake in MobiNil to 71.25% and Orascom's to 28%.  The MobiNil JV then owned a total 51% of ECMS, while Orascom held 16.6% on its own and 32.4% was free float.  In July 2002, France Telecom transferred its ownership to its 85% owned subsidiary Orange SA for US$318 million in cash.   By August 1998, MobiNil awarded a US$560 million contract to Alcatel for GSM equipment and services.  The company competed only with Misrfone (now Votafone) by the end of 1998. MobiNil received a US$490 million, 15-month bridge facility in 1998. The bridge lending was arranged by ABN Amro, Societe Generale, Chase Manhattan and CIB. This facility funded MobiNil for its build-out and license acquisition costs.   As part of a deal announced in December 2003, state-owned Telecom Egypt agreed to relinquish an unused third licence, leaving the Egyptian Company for Mobile Services (MobiNil) (EMOB.CA) and Vodafone Egypt as the country's only two operators. Under the deal, the two firms were each to pay the NTRA 1.24 billion Egyptian pounds (US$201 million) over four years to gain access to spectrum previously held by Telecom Egypt. The NTRA retained the right to issue a licence to any other party.  MobiNil reported a market-leading 4.016 million active subscribers at end-2004.   In 2008, MobiNil bought a 15-year UMTS licence for US$286 million.   In May 2012, it was announced that France Telecom purchased 93.9 million of the 100 million shares it had not previously held, at a price of US$ 33.04 (EGP202.5) per share, for a total of US$ 3.15 billion (EGP19 billion). The shares had been held by the local venture partner, Orascom Telecom Media and Technology (OTMT). The transaction was approved by Egypt's financial market regulator, the Egyption Financial Supervisory Authority (EFSA) in April that year. 1.08% of the shares remained free float.  In February 2015, Orange announced the buy-out of Orascom's 5% stake in Mobinil for a total of USD 210 million.
The project includes the expansion and rehabiliation of 156 km of roads. The project company ownership was divided as follows: Empa, Construtora Brasil and Torc hold 28.5% of the shares each; and Banco BMG holds 14.5%. The bidding process was competitive and the award criteria was the highest cannon fee to be paid to the government. There was no provision for contract renewal (assets will be returned to the state government).  The total project cost has been estimated at US$ 74.3 million: US$ 68 million as infrastructure investment and US$ 6.3 million as lease fee to be paid in monthly installments during the concession period (in order to calculate the real value of the lease fee, a discount rate of 12.68% was used; this government has used this rate in other infrastructure sectors).   The toll road started its operation in 1998 and the toll rates are already being charged. The average daily traffic flow is estimated at 8,000 vehicles per day, and it is expected that this number will double during the concession period. In March 2000, the state-owned bank BNDES approved a US$ 7.9 million loan to Tebe.  As of December 2003, Banco BMG had sold its stake in Tebe. The remaining three shareholders increased their stakes to 33.33% of the shares each.
In August 1998 the joint venture Mobile Digital Communications (MDC) was awarded a GSM 900/1800 standard license from the Belarusian ministry of communications. MDC provided cellular services under the brand name Velcom. MDC was the first cellular communications operator and official representative of the satellite communications operator “Globalstar” in the Republic of Belarus. The company started its commercial operation 16 April 1999. At the time MDC had only 10 base stations that the Belarus capital, the territory of the international airport Minsk–2 and the road to the airport.   MDC was registered as joint venture in July 1998. Its founders were state owned fixed line monopoly BelTelecom (31%), state owned arms and weapons exporter Beltekhexport (20%), and Cyprus incorporated SB-Telecom (49%).   In September 2004 the Company informed of signing agreements with the leading GSM equipment producers – Siemens and Ericsson Companies. Thanks to the agreements 334 new GSM 900 and GSM 1800 base stations (2542 transceivers) were installed as well as switching and additional equipment was put into operation, including base for upgrading GPRS system, a new WAP gateway, version 2.0 and an MMS platform enabling exchange of color pictures and other multimedia messages within the network. New GSM-equipment was used to provide VELCOM communication services to new towns, cover roads and areas where GSM communication was lacking. Investment for 2005 were $75.5 million.  By the end of 2005 MDC covered over 60% of the total area of Belarus and 99% of urban areas. In total, the company had 1.8 million subscribers. MDC was the second largest mobile operator in Belarus after MTS Belarus (project 2844). BelCel was the smallest private mobile operator on the market. In late 2004 the government created a new state owned venture, BeST, to join the mobile market.  On October 3, 2007, Telecom Austria acquired a 70% stake in SB-Telecom.  Later in the year SB-Telecom bought 51% state-owned share in MDC (BelTelecom, 31% and Beltekhexport, 20%) for US$500 million, thus bringing its share in the company to 100%.  As a result by the end of 2007 Telecom Austria owned 70% of MDC through its subsidiary SB-Telecom.  On Oct 4 2010, Telecom Austria exercised its put-option to purchase the remaining 30% stake of SB Telecom not belonging to the company for EUR 335 million. With this, Velcom became a fully-owned subsidiary of Telecom Austria.
A private consortium of CSX World Terminal Hong Kong Ltd. (formerly   Sealand Orient Terminals Ltd.) and New World Infrastructure  (NWI) was granted a 30-year BOT to operate four container berths and up to two dry bulk berths in November 1998.   Tianjin Orient Container Terminals Co. Ltd. (TOCT) was created with a $272 mln (218.4 mln euro) planned investment to implement the project and commenced operations on January 1, 1999. The shareholder structure of the project company was changed because Dubai Ports International acquired the CSX World Terminal Hong Kong Ltd. from CSX Co in January 2005. As for 2005, NWI through its subsidiary NEW ports Management Ltd. joined with Dubai Ports International set up DP World New World Ltd. DP World New World Ltd., through its wholly owned subsidiary, DP World New World (Tianjin) Ltd. held a 49% interest in the project company, while the local authorities, Tianjin Port Holdings Co. Ltd. retained 51%.  TOCT operated four container berths at Tianjin port, with total berth length of 1,136 m and water depth of 12m capable of accommodating fifth generation container vessels. The designed handling capacity was 1.4 million TEUs. The pier and container yard total over 400,000 sqm.
In June 1998, Kumagai Gumi acquired a 20% stake in the project company that was awarded a contract to build and operate a toll road and bridge located in Fuzhou. The remaining 80% stake is held by China Everbright, a state-owned company. Kumagai Gumi paid US$ 32 million for the equity stake in the project company. The project involves the construction of a 6-lane cable stayed bridge 1.2 meters in length and 29 meters in width. It also envisages the construction of a 24-km toll road that runs from the Mawei district to Fuzhou's Changle International Airport. A total of US$ 169.1 million will be invested in the project. Construction works were to be completed by 2001.
The concessionaire will rehabilitate and operate the railroad for a 30-year period (renewable for additional 30 years). The total project cost is US$ 1,765.3 million, of which US$ 206 million was paid to the government for the concession rights; the remaining US$ 1,559.3 million will be invested in the rehabilitation of the railway system during the concession period.   In 1997, 13.8 million tons of inputs and 673,000 passengers were transported on the railway. The concessionaire Ferrovias Bandeirantes S.A. (Ferroban) is led by Ferropasa (a holding company that also controls the railroad companies Ferronorte and Novoeste), which initially acquired 36% of the shares, and CVRD, which acquired 17% of the shares (the remaining stakes are divided among other investors).   In 1998, the project company, Ferroban, signed an operation and management contract with ALL - America Latina Logistica. ALL, a holding that controls ALL Brasil (former Ferrovia Sul Atlantico) and ALL Argentina, started operating the in the Malha Paulista in the same year.   In 2000, the concessionaire issued US$ 65.8 million in commercial papers (operation arranged by Banco do Brasil). In early 2001, an additional US$ 26.2 million commercial paper was issued.  As of December 2002, Ferropasa was holding 62% of the total capital of Ferroban. In the same year, Ferropasa had its name changed to Brasil Ferrovias SA. Brasil Ferrovias' shareholders are Brazilian companies and pension funds: Previ (Caixa Previdencia dos Funcionarios do Banco do Brasil - 26.65%), Funcep (Fundacao dos Economiarios Federais - 22.31%), Constran S.A. (Construcoes e Comercio - 16%), Laif V Ltda (15.36%), BRP Ferronorte LLC (5.6%), Chase Capital Partners (5.98%), Banco Bradesco S.A. (3.56%) and others (5.69%).   In 2004 the government shut down ALL operations for one month in resposne to the concessionaire's failure to meet certain safety standards. The consortium pledged to adopt environmental and operational requirements to avoid new accidents.  In May 2006, ALL America Latina Logistica took the control of Brasil Ferrovias, and the project company was re-named ALL – América Latina Logística Malha Paulista S.A. In August 2009, the state-owned bank BNDES approved two loans with values US$ 324 million (BRL 648 million) and US$ 93.5 million (BRL 187 million) to finance the investment plan of ALL for the 2009-2012 period on AMERICA LATINA LOGISTICA MALHA SUL S/A., FERRONORTE S/A. - FERROVIAS NORTE BRASIL, FERROBAN-FERROVIAS BANDEIRANTES S/A. E FERROVIA NOVOESTE S/A.
New World Infrastructure, through its subsidiary Economic velocity Ltd., entered into a joint-venture agreement with Shanxi Province to build and operate the toll highway connecting Wang Li Bao and Bei Zhai in Changzhi city.  The contract period is 25 years from the commencement of the operations.   The 18.3-km toll road demanded US$16.9 million, 65% financed with loans and 35% with equity. NWI held the 60% of the stake in the project company, Shanxi Xinda Highways Ltd., while the state-owned company, Changzhi City Changda Highway Development Co. held the rest of the stake.The dual two-lane highway had 2 toll collection booths. The expected traffic flow was 4,000 vehicles per day (expected saturation capacity is 10,000 vehicles daily). The toll road became operational in August 2000.
TECONDI won a 25-year concession to expand, rehabilitate and operate the Valongo Container Terminal (Terminal de Conteineres do Valongo) at the Port of Santos on January 12th of 1998. TECONDI has to pay monthly installments of US$ (R$ 23,800)to CODESP, the government agency responsible for the Port of Santos.   The company announced that it expect to invest US$ 114.9 million (R$ 138.7 million) during the concession period to expand and rehabilitate the container terminal facilities. TECONDI started operations in an area of 53,000 square meters (phase 1) and it is expected to expand the area to 170,000 square meters (phase 2). As of December 2003, the second phase had not started.      Between 2001, when the terminal started its operations, and 2008, a total of US$ 60 million (BRL 110 million, 2000 value) was invested in the facility. In 2009, Tecondi started investing another US$ 85 million (BRL 170 million) in expansing the terminal, which was expected to increase the terminal capacity from 300 to 700 thousand TEUs. The construction works were set to be completed by mid-2010.  Between 2000 and 2012, a total of US$ 166.5 million (BRL 325 million) was invested in the terminal.
On 12 November 1997, the New Okhala Industrial Development Authority (NOIDA) awarded a 30-year concession for the construction and operation of a toll bridge across the Yamuna River to the Noida Toll Bridge Company Ltd. (NTBCL), a special purpose vehicle promoted and sponsored by Infrastructure Leasing & Finance Services (IL&FS). IL&FS originally had a 70% equity stake and NOIDA has a 30% stake.   The project includes the construction of an 8-lane main bridge with 552 meters in extension and a 10.3-Km expressway with 8 lanes. The contract has a build-operate-own-transfer structure, with the road reverting to NOIDA after 30 years. The contract provides for a pre-determined 20% rate of return and gives NTBCL the right to set and collect tolls. The government agreed not to permit construction of a competing facility for a period of 10 years.   Repayment of the project is structured on a back ended basis. The total cost is estimated at US$94 million. In July 1998, Credit Analysis and Research Limited gave the company's proposed bond issue a BBB+ rating. IL&FS will ask the construction contractors and operator to take an equity stake in the project.   Financial closure was achieved in Dec. 1998. In October 1999, Asian Infrastructure Mezzanine Capital Fund and American International Group acquired 16.34% of the project company's shares each (they invested US$ 9.2 million in fully-convertible debenture issued by the company that will be compulsorily converted into equity shares at par at the end of 36 months). The construction works were concluded in Feb. 2001. The average daily traffic flow is estimated at 800,000 vehicles (capacity: 16,000 vehicles per hour).
Shakti Kumar M.Sancheti Ltd signed a 30 year concession contract for the rehabilitation and operation of a 33km bypass in the state of Madhya Pradesh. The company agreed to complete construction in 30 months and to operate the bypass to recover the costs of construction.   The government provides a minimum revenue guarantee and will extend the contract length in the case of a shortfall. The total project is expected to cost US$ 20 million. The sponsor has obtained financing through a term loan from Srei International Finance Ltd to supplement equity participation (the debt being raised will be securitized against the tolls collected). The government will set tolls rates.
The project includes the construction of 21 km of new roads and upgrading of 16 km of existing roads. SILK will design, build, maintain and operate the toll road for a 33 year period (the construction works should last 3 years). The road will have dual 3 lane carriageway, twelve multi-level interchanges and 4 toll plazas. SILK's ownership structure is equally divided among the private sponsors. Barisan Minda Sdn. Bhd. held 50% of the project company shares, while Sungei Way Holdings Bhd. held the remaining. Financing was achieved as follows: 30% of the cost will be financed with equity and 70% with bank loans. In 2001, the government provided SILK with US$ 118.4 million to construct a 16-Km non-tolled stretch of the Kajang Traffic Dispersal Ring Road.  Road Builder has bought New Pantai Expressway in 2001 and Road Builder has been acquired by IJM in 2007
Tele Sudeste Celular Participacoes SA was one of the 12 holding companies in which the assets of the state-owned Telebras were divided for their privatization. The remaining 11 holding companies were comprised of one long distance company (Embratel), seven wireless (A-band) companies, and three wireline companies. Before its restructuration, Telebras system was comprised of 27 state wireline companies, 26 state wireless (A-band) companies, and one long distance company (Embratel).  In 1998, Tele Sudeste Celular Participacoes SA was created as a holding company to own the equity participation of Telebras in two cellular mobile operators in the Southeast of Brazil: Telerj Celular SA (70.7 percent) and Telest Celular SA (85.2 percent). Through A-band (800s Mhz), Telerj Celular SA provided cellular mobile telephone services to Rio de Janeiro state and Telest Celular SA to Espirito Santo state.  Like the other eleven companies created from Telebras, Tele Sudeste Celular Participacoes SA was fully privatized through an international competitive bidding in July 1998 when the Brazilian federal government sold its equity participation for $1,172 million (R$1,360 million) to a consortium led by Telefonica International Holdings (93 percent) and integrated by Iberdrola (7 percent). Tele Sudeste Celular Participacoes was sold with a premium of 138.6 percent over the minimum set by Brazilian government. The winning consortium paid 40 percent of its offering on August 3, 1998. The remaining 60 percent would be paid in two equal annual installments which would be adjusted according to the CPI plus a 12 percent annual interest.  The concession area of Tele Sudeste Celular Participacoes comprised of area 3. The Brazilian cellular market was divided in 10 areas in 1996 in order to assign licenses for cellular phone services. In each area, A-band was assigned to the state owned companies that provided local fixed phone services in the area, while B-band was awarded to a private consortium through a competitive bidding. Tele Sudeste Celular Participacoes competed with Algar Telecom Leste since 1998. Tele Sudeste Celular Participacoes had 772,000 subscribers in its concession area which had a total population of 16 million by December 1998.   In May 2000, Telefonica acquired outstanding shares (67.51% of the total capital) of Tele Sudeste Celular Participacoes, through a public offer. After the transaction, all the shares of Tele Sudeste Celular Participacoes held by Telefonica International SA had been transfered to Telefonica Moviles SA. In November 2000, Telerj Celular and Telest Celular became wholly-owned subsidiaries of Tele Sudeste Celular Participacoes. The shareholders exchanges shares of both companies for shares of Tele Sudeste Celular Participacoes.  In April 2001, Telefonica SA bought all the shares held by Iberdrola in Brazilian telephony operators in which both groups had interests, including Tele Sudeste Celular Participacoes(7%). The shares were transfered to Telefonica Moviles.  In December 2002, the direct or indirect control of Tele Sudeste Celular Participacoes held by Portugal Telecom and Telefonica Moviles (86.19%) was transfered to Brasilcel, a 50/50 joint venture of Portugal Telecom and Telefonica Moviles created to manage all their mobile operations in Brazil. Since April 2003, Tele Sudeste Celular and all the companies participating in the joint venture have been operating under the brand name "Vivo". As of December 2005, the companies opearting under the brand "Vivo" were in the process of merging. Shareholder approval was still pending.   On February 22, 2006, the respective shareholders’ meetings of Telesp Celular Participações SA (TCP), Tele Centro Oeste Celular Participações SA (TCO), Tele Sudeste Celular Participações SA (TSD), Tele Leste Celular Participações, SA (TBE) and Celular CRT Participações SA (CRTPart) approved (i) the merger of TCO in order to convert it into a wholly owned subsidiary of TCP and (ii) the merger of TSD, TBE and CRT Part into TCP. As of March 26, 2006, TCP was the sole surviving company of these mergers and subsequently changed its name to “VIVO Participacoes SA", project #1470.
Centrais Eletricas do Para (Celpa) is an electricity distribution company that used to belong to the State of Para.  51.25% of its shares were sold to Grupo Rede and Inepar on July 8, 1998 for the minimum bid of US$ 388.6 million.  Grupo Rede holds 65% of the stake and Inepar holds 35%.  Celpa serves 123 towns in Brazil's second largest (but sparsely populated) State of Para.  The length of its transmission lines is 1,868 km.  In 1998 Celpa had 839,000 customers. In 1997 89.9% of Celpa's power was supplied by Tucurui, Brazil's second largest hydroelectric facility.  Electricity produced by Tucurui and Celpa's own 30 MW Curua-Una hydro facility is distributed to customers connected to Brazil's North/Northeast transmission grid.  Unconnected customers are served from 41 diesel-fired generators owned by CELPA.  In 1996 and 1997, CSW International, a subsidiary of CSW Energy, bought two minority stakes (37% of the total capital) in Rede for $80 million. In May 1998, CSW International paid US$69 million to increased its stake to 44%. In 2000 CSW, was acquired by American Electric Power (AEP). In October 2003, AEP sold its stake in Rede to Denerge.   In October 1998, Brazilian National Development Bank, BNDES, indirectly acquired 5.3% of the total capital of Celpa (BNDES acquired 16.16% of the total capital of CAIUA, a subsidiary of Rede that indirectly owns 33% of Celpa's total capital).    As part of the electricity rationing program the company received a loan from BNDES (the Brazilian bank for development) of  US$ 22.5 million (R$ 79.7 million) to compensate the losses imposed by the program.  In 2006, the company was granted a US$ 135 million loan from the IADB, of which US$ 100 million was in fact transferred to the company (US$ 40 million A-loan and US$ 60 million provided by a club deal with Banco Societe Generale and Banco Itau Europa.  In 2009, Celpa was granted a total of BRL 1160 million in loans, of which BRL 566.4 million was granted by BNDES, Eletrobras and Banco da Amazonia.  In February 2012, Celpa requested and was granted the status of "judicial recuperation" due to its financial difficulties. Under this status, the company concession contract remained valid, but its activities were set to be supervised by an expert appointed by the courts.  In September 2012, the company Equatorial Energia acquired Celpa's shares from Grupo Rede. Equatorial Energia was established as a partnership of Cayman Island investment fund PCP Latin America Power (22.9%), the Brazilian investment fund Squadra Investimentos (15.6%), IFC (5.4%), the Swiss private bank CSHG (5.1%) and other small investors (51%).  In November 2014, the state-owned bank BNDES approved a US$ 212 million (BRL 498 million) loan to the company.
In March 1998, the company Wobben Windpower, a subsidiary of the german Enercon, was granted authorizations to build and operate wind power plants located in the state of Ceara (municipalities of Sao Goncalo do Amarante and Aquiraz). Central Eolica de Prainha was set to have 10 MW in capacity, while Central Eolica de Taiba would have 5 MW in capacity.  The 30-year contracts signed with the regulatory agency ANEEL allowed the power plants to operate in the electricity market as independent producers. These authorizations granted the sponsor with the right to sell electricity in the Brazilian wholesale market.  The total investment commitment was US$ 15 million. Construction works on the Taiba wind power plants were concluded in 1998, while the works on the Prainha unit were concluded in 1999.  Wobben Windpower signed power purchase agreements arranged with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies).
A 50-50 joint venture of Emel SA of Chile, through Electricidad de Central America SA de CV and PP&L Global Inc. bid just over $180-million to acquire Distribuidora de Electricidad del Sur (DelSur), which serves about 250,000 customers in the south central part of the country and part of the capital city. The financial closure was reached on Feb. 17, 1998.  Annual sales are about 600 GWh. Emel will serve as the operator. In 2000, Emel sold its shares in DELSUR to PP&L Global, which controls Emel, for US$ 94.2 million.  In May 2007, US PPL Corporation completed the sale of its 86.4% controlling interest in El Salvadoran Distribuidora de Electricidad Del Sur (DelSur), to US Ashmore Energy International (AEI) for 180 million dollars through a stock purchase agreement.
The project includes the rehabilitation and expansion of the 162 Km highway. The project company is fully-owned by the SAB Castello Raposo Consortium, whose shareholdings are distributed among the following construction companies: Queiroz Galvao (23.8%), Cowan (23.8%), EIT (23.8%), Christiani-Nielsen (23.8%), and Camargo Campos (5%). The bidding process was competitive and the award criteria was the highest cannon fee to be paid to the government. There is no provision for contract renewal (assets will be returned to the state government).  The total cost of the project is estimated at US$ 782.8 million: US$ 585 million in investments and US$ 197.8 million in lease fee to be paid in monthly instalments during the life of the concession (in order to calculate the real value of the lease fee, a discount rate of 12.68% was used; this government has used this rate in other infrastructure sectors). The sponsors will additionally pay US$ 41.9 million in taxes. The project has been financed with a loan from the IADB amounting US$ 130 million, the sponsors' equity, commercial paper issues (Banco Real) and direct loans from commercial banks. In October 1999, the state-owned bank BNDES approved a US$ 82 million loan to the project.  As of December 2003, EIT had reduced its stake to 13.88% of the shares of the company, and Queiroz Galvao, Cowan and Christiani-Nielsen increased their shares to 27.11%.  In March 2005, Companhia de Concessões Rodoviárias (CCR) bought the project company ViaOeste. CCR is owned by: Construtora Andrade Gutierrez 17.9%, Serveng Civilsan S.A 17.9%, and Construcoes e Comercio Camargo Correa 17.9% which are all Brazilian. Brisa Autoestradas de Portugal SA 17.9% is the only non-Brazilian (Portuguese) shareholder of CCR. In 2006, CCR negotiated with Sao Paulo state to extend its 20-year concession agreement by 57 months.
Tele Norte Leste Participacoes SA also know as Telemar was one of the three holding companies in which the 27 wireline companies of Telebras system were grouped for its privatization. The other two companies were Telesp Participacoes SA and Tele Celular Sul Participacoes SA. The rest of Telebras system was divided in one long distance company (Embratel) and eight wireless (A-band) companies. Before its restructuration, Telebras system comprised of 27 state wireline companies, 26 state wireless (A-band) companies, and one long distance company (Embratel). Tele Norte Leste Participacoes was created to own the equity participation of Telebras in sixteen wireline phone companies: Telecomunicacoes do Rio de Janeiro (70.7 percent), Telecomunicacoes de Minas Gerais (82.9 percent), Telecomunicacoes do Espirito Santo (85.2 percent), Telecomunicacoes da Bahia (89.1 percent), Telecomunicacoes de Sergipe (73.6 percent), Telecomunicacoes de Alagoas (77.6 percent), Telecomunicacoes de Pernambuco (77.2 percent), Telecomunicacoes da Paraiba (71.5 percent), Telecomunicacoes do Rio Grande do Norte (75.4 percent), Telecomunicaciones do Ceara (79.3 percent), Telecomunicaciones do Piaui (79.3 percent), Telecomunicacoes do Maranhao (66.8 percent), Telecomunicacoes do Para (69 percent), Telecomunicacoes do Amapa (90.6 percent), Telecomunicaciones do Amazonas (80.3 percent), and Telecomunicacoes de Roraima (86.9 percent). These companies provided local and intra-regional long distance phone services. Tele Norte Leste Participacoes had a total population of 86 million in its concession area in 1998.   Like the other eleven companies created from Telebras, Tele Norte Leste Participacoes SA was privatized through an international competitive bidding in July 1998 when the Brazilian federal government sold its equity participation for $2,960 (R$3,434 million) to a consortium led by Andrade Gutierrez (21.2 stake in the consortium) and integrated by Inepar (18.75 %) and four other Brazilian companies: Macal, Fiago, Brasilvehiculos, and Companhia de Seguros do Brasil. The last two companies were controlled by Banco do Brasil. BNDESpar, the investment arm of BNDES, agreed to invest a value equal to 25 percent of the consortium's bidding. The equity participation of BNDESpar (25%) in Tele Norte Leste Participacoes was the result of negotiations between the winning consortium and BNDES due to the consortium's inability to fund the first installment payment. Tele Norte Leste was sold a premium of 1 percent over the minimum price set by Brazilian government. The winning consortium paid 40 percent of its offering on August 3, 1998. The remaining 60 percent would be paid in two equal annual installments which would be adjusted according to the CPI plus a 12 percent annual interest. Tele Norte Leste Participacoes committed to increase the fixed line network of its sixteen wireline companies from 7.66 million installed lines in March 1998 to 10.29 million by December 1999, to 11.88 million by December 2000, and to 13.52 million by December 2001. In addition, the company committed to expand the pay-phones from 236,000 in March 1998 to 335,700 in December 1999, to 401,700 in December 2000, to 483,200 to December 2001.   Since 1999, Tele Norte Leste competes with Vesper S.A. in the market of fixed phone services. The company also had to compete with Embratel in the intra-regional long distance phone services since 1998.   Tele Norte Leste entered the mobile phone market in December 2001 after winning a D-band concession in "Region 1" out of three regions (Tele Norte Leste markets its cellular services under the Oi brand name).  Region 1 covers sixteen of Brazil's 27 states which amounts to 92 million people.  Tele Norte Leste paid US$ 555.2 million for the license fee in February of the same year.    In May 2003, through an internal restructuring in the group, Tele Norte Leste's mobile subsidiary, Oi, was transfered from the holding company Tele Norte Leste Participacoes to the operational company Telemar Norte Leste. In December 2003, Tele Norte Leste completed a bond issue worth US$300 million. In 2004, the IADB appproved providing Telemar Norte Leste S.A with a Partial Credit Guarantee for that bond worth US$68 million.  In 2004, the services of TNL PCS (Oi) were merged with Telemar as a single operator. Thus, investment and capacity figures from 2004 onwards reflect fixed, mobile and long distance segments.  In 2006, Telemar signed a new concession contract with the regulatory agency Anatel set to expire in December 2025.  In 2007, Oi, a mobile subsidiary of Telemar, won an auction to operate on the 2G spectrum in greater and norther Sao Paolo for US 63.5 million, beating out its competitor Unicel by offering 156% over the asking price. Unicel mistakenly labeled its envelopes for power regulator Aneel instead of Anatel.   In April 2008, Amazonia was merged into Oi, a part of Telemar (project 1483).Specifically, Telemar purchased 1,292,679 common shares and 3,715 preferred shares of TNCP, representing 51.9% of the common shares, l1% of the preferred shares and 19.3% of the total shares of TNCP for an aggregate price of R$129 million as well as rights for subscription of new shares for R$23 million. Additional shares were purchased in August 2008, October 2008 and January 2009 giving Telemar control of 98.7% of the outstanding share capital of TNCP including 99% of the common shares of TNCP. This purchase gave Telemar an indirect stake of 92.8% of the share capital in Amazonia Celular and 93.3% of Amazonia Celular's common shares.  Also in 2008, Oi won the competitive bidding organized by the regulatory agency Anatel for five licenses to provide 3G services (its bids were on average 86% above the minimum price set by Anatel). The company was expected to implement the necessary investment to provide mobile services to at least 60% of the areas it bid for in an 8-year period. The company's bid represented a total payment of US$ 473.4 million (BRL 867 million) to Anatel.   On January 8, 2009, Telemar completed the acquisition of Brasil Telecom. Its assets and liabilities were consolidated into Telemar's financial statements as of the date of acquisition.  In December 2011, Oi won the competitive bidding organized by the regulatory agency Anatel for four out of 15 licenses to provide 3G services. Oi's offer was of US$ 67.8 million (BRL 110.6 million), and the contract was signed in 2012.  In June 2012, Oi won the competitive bidding organized by the regulatory agency Anatel for one out of four licenses to provide 4G cellular services. Oi's offer was of US$ 720.8 million (BRL 1407 million), and the contract was signed in 2012.  In December 2012, the state-owned bank BNDES approved a US$ 1245 million (BRL 2431 million) loan to finance Telemar Norte Leste's investment in the 2012-2014 period. The bank also granted US$ 184.1 million (BRL 359.4 million) to Brasil Telecom, US$ 760.2 million (BRL 1484 million) to OI, and US$ 585.6 million (BRL 1143 million) to TNL PCS.
Alcosa signed a 20-year contract to rehabilitate and operate a grain terminal in the port of Lazaro Cardenas in Jun. 1998. At the time the contract was signed, Alcosa was a state-owned company. In Jul. 1998, Alcosa was acquired the the private group Minsa, and had its name changed into Almacenadora Mercader (Almer). From 1998 to 2000, Almer has invested US$ 0.8 million in rehabilitating and maintaining the facility. The terminal has three docks and a storage capacity of 80,000 tons (area of 3,708 square meters). In 2000, the IAIC provided a US$ 10 million loan to Almer.
EM International Systems (EMIS), was one of the eight private telecommunication operators (known as PTOs in Nigeria) to receive a basic local service license from Nigerian Communications Commission (NCC) in 1995 following the deregulation of the Nigeria telecommunications sector.  The license allowed the private Nigerian company to provide its phone services through Wireless Local Loop (WLL) technology. EMIS was a wholly owned Nigerian company by 1998. The company started its commercial operations by mid-1998. The main coverage area of EM International Systems was Lagos, the capital city, by 1998.   The company invested in a Celcore network whose initial capacity was 5,000 lines by 1998 (investment figures were not public information) in addition to EM International Systems with state-owned Nitel, and the private operators Multilinks and Intercellular by July 1999.   By 2002, there were about 19 licensed private telecommunications firms providing various kinds of telecom services to Nigerians.  In November of 2004, EMIS was due to launch a CDMA 2000 1X fixed wireless network and intended to migrate its existing 4,000 subscribers onto the new platform, which was to allow it to offer voice, data and internet services.  Huawei Technologies of China installed the new network.
Nextel provides mobile telephonic services in  Lima and nearby regions. The company is a wholly owned subsidiary of Nextel International.  The company initially provided services through over 212 frequencies in the 800 MHz band. In 2000, Nextel paid US$ 3.1 million to buy an additional 22 frequencies.  Nextel acquired 100 percent of the company in May 2000 with the purchase of shares from Motorola International Development Corporation (for US$30 million) and minority shareholders (for US$2.8 million).  In October 2006, Nextel del Peru acquired Millicom Peru SA for US $5 million.  In July 2007, Nextel del Peru was awarded a 20-year Band D and E mobile licence covering the frequencies 1865–1870 MHz/1945–1950 MHz and 1882.5–1895 MHz/1962.5–1975 MHz for US$27 million.  In 2013, Nextel del Peru was sold to the Chilean group Entel for US$ 400 million. The company's name was changed to Entel Peru.
CMS began operation in August 1998 on a 115-kilometer (70 mile) pipeline in order to bring previously captive natural gas to market in Tunisia. The pipeline will transfer up to 12m cubic feet a day of natural gas and 1,750 barrels a day of condensate from three wells in its El Franig and Baguel concessions in the south of the country.  CMS and ETAP, Tunisia's state oil company, jointly own the line which is operated by CMS.    The pipeline provides an economical way to market production from CMS Energy-operated natural gas and condensate fields in the Sahara Desert.
The Kanata hydro power plant has a capacity of 7.6 MW. Synergia started the construction works in 1998 and commercial operation commenced in Mar. 1999. Financial closure for the US$ 4.9 million investment was achieved with a loan from the E&Co. Synergia will provide electricity to the Cochabamba area.
The project includes the rehabilitation and operation of 133 km of highways. The bidding process was competitive and the award criteria was the quantity of km of highways to be rehabilitated by the sponsors.  The project company is headed by Encalso Construcoes LTDA. The total cost of the project is US$ 32.9 million. The initial rehabilitation works have been concluded and the toll rates are already being charged.  By the end of 2013, the concessionaire returned the toll road to government management.
Brasil Telecom Participacoes, previously known as Tele Centro Sul Participacoes SA, was one of the three holding companies in which the 27 wireline companies of Telebras system were grouped for their privatization. The other two companies were Telesp Participacoes SA and Tele Norte Leste Participacoes SA. The rest of Telebras system was divided in one long distance company (Embratel) and eight wireless (A-band) companies. Before its restructuration, Telebras system comprised of 27 state wireline companies, 26 state wireless (A-band) companies, and one long distance company (Embratel).   Tele Centro Sul Participacoes was created to own the equity participation of Telebras in nine wireline phone companies: Telecomunicacoes de Brasilia (81.4 percent), Telecomunicacoes de Goias (83.8 percent), Telecomunicacoes de Mato Grosso (91.9 percent), Telecomunicacoes de Rondonia (91.3 percent), Telecomunicacoes do Acre (94 perent), Telecomunicacoes do Mato Grosso do Sul (96 percent), Telecomunicacoes do Parana (67.3 percent), Telecomunicacoes de Santa Catarina (82.9 percent), and Companhia Telefonica Melhoramiento e Resistencia (78.6 percent). These nine wireline companies provide local and intra-regional long distance phone services in Brasilia, the states of Goias, Mato Grosso, Rondonia, Acre, Moto Grosso do Sul, Parana, Santa Catarina as well as the municipalities of Pelotas, Morro Redondo, Capao do Leao and Turucu in the state of Rio Grande do Sul. Tele Centro Sul Participacoes had a total population of 14 million in its concession area in 1998.   Like the other eleven companies created from Telebras, Tele Centro Sul Participacoes SA was fully privatized through an international competitive bidding in July 1998 when the Brazilian federal government sold its equity stake for US$ 1,784 million (R$2,070 million) to a consortium led by Opportunity (19.9 percent), STET International, Telecom Italia, (19.9 percent), and pension funds. Tele Centro Sul Participacoes was sold with a premium of 6.2 percent over the minimum set by Brazilian government. The winning consortium paid 40 percent of its offering on August 3, 1998. The remaining 60 percent would be paid in two equal annual installments which would be adjusted according to the CPI plus a 12 percent annual interest.   Tele Centro Sul Participacoes committed to increase the fixed line network of its nine wireline companies from 3.73 million installed lines in March 1998 to 4.7 million by December 1999, to 5.3 million by December 2000, and to 5.9 million by December 2001. In addition, the company committed to expand the pay-phones from 79,000 in March 1998 to 115,970 in December 1999, to 137,480 in December 2000, to 163,110 to December 2001. Anatel, the telecom regulatory agency, planned to award a license for a new company to mirror Tele Sul Participacoes' licenses in November 1998. However, only after four attempts, Anatel awarded through competitive bidding a fixed line telephony service license to the Center-South (Region II) to Global Village (August 1999).   In 2000, Tele Centro Sul Participacoes merged all its wireline subsidiaries into one company, which was named Brasil Telecom SA. Also, it had its name changed to Brasil Telecom Participacoes, a holding company of Brasil Telecom SA.  In 2000, Brasil Telecom SA also bought controlling interest in Companhia Riograndense de Telecommunicacoes (CRT) in Rio Grande do Sul from Telefonica International, thereby consolidating its presence in the southern area of Brazil. CRT was merged into Brasil Telecom SA and ceased to exist. CRT was the fixed phone company that provides local and long distance services in the State of Rio Grande do Sul. The company was one of the four Brazilian telecom companies that did not belong to the Telebras' system, which was privatized in July 1998. CRT was partially privatized in late 1996 when a 35% stake of the preferred stock was sold for US$ 656 million to a consortium led by Telefonica International Holdings and integrated by Telefonica de Argentina, CTC (Chile), and Citicorp. The 35% stake privatized represented 13.45% of the total stock but it transferred the management control to the winning consortium. In a second transaction, a stake representing 50.12% on its voting capital and an equity of 19.2% was sold through a competitive bidding process for $1.02 billion (R$1.18 billion) to a consortium led by Telefonica International of Spain.    In October of 2002, TI reduced its stake in Brasil Telecom. TI cut its stake in the holding company that controls Brasil Telecom to 19% from 37% of the voting capital. Opportunity Asset Management paid US$ 47,000 for TI's share.  In December 2002, Brasil Telecom acquired through a public bid a license to offer mobile services (SMP) in Region II for US$63.8 million (R$191.5 million). In 2003, Brasil Telecom created a wholly owned subsidiary, 14 Brasil Telecom Celular SA, to deliver the mobile services. To start mobile operations, however, Brasil Telecom needed approval from ANATEL, the regulatory agency, because TI, one of the shareholders, has other mobile operators. The subsidiary started operations in September 2004.  As of December 2003, Brasil Telecom was controlled by Banco Opportunity with 20.9% of the total capital (62% of the voting capital). The other shareholders were TI with 31.6% (19% of the voting capital) and Techold with 47.5% (19% of the voting capital).  In December 2007, Telecom Italia SPA (TI) completed the sale of its 38.5 % indirect stake in Brazilian telecom operator Brasil Telecom Participacoes SA (BRP) for $515 million to a fund controlled by Citigroup and other investors known as Techold Participacoes.  In January 2009, Telemar, project 1483 acquired Brasil Telecom SA. The transaction took place through several share purchases begining in 2008 and was approved in December 2008 by Anatel. According to Brazilian GAAP the transactions were to be consolidated on Telemar's financial statements as of December 31, 2008.
Telet SA was awarded a 15-year concession to provide cellular phone services through the B band in area 6 in April 1998. Area 6 comprised the state of Rio Grande do Sul. The Brazilian telecommunications market was divided in 10 areas in 1996 in order to assign licenses for cellular phone services. In each area, the B band was assigned to a private consortium through a competitive bidding and the A band was assigned to the state owned company that provided local fixed phone services in the concession area. Companhia Riograndese de Telecomunicacoes and Tele Celular Sul, the state-owned competitors of the company, were privatized in 1996 and 1998, respectively.   Telet SA won its license through a competitive bidding when it offered US$ 290 million (R$334.5 million) for the license in April 1997. Telet is a consortium led by Bell Canada International (16.33%) and Telesystem International Wireless (16.33%) and integrated by a group of thirteen Brazilian pension funds and financial institutions (41.64%), and the Brazilian Development Bank-BNDESPAR (18.3%). The concession contract was signed in April 1998 when the consortium paid 40% of their offering. The 60% remaining has to be paid in three equal installments during the first three years of the concession contract.   The company launched its commercial services under the trade name Claro Digital in February 1999.  Telet network covered over 110 cities, representing more then 75% of Rio Grande do Sul's population.   In October of 2001 the consortium, through its subsidiary, BCI, acquired 51% stake in cell phone carriers Americel and Telet for US$ 315 million. After the transaction BCI was holding more than 80% of the voting capital of Telet. BCI was controlled by Bell Canada International (80%) and Telecom Americas (20%), which, in turn, was controlled by America Movil, SBC International and Bell Canada International. During 2002, America Movil became the controller of Telecom America (96%), by acquiring the stakes of SBC International and Bell Canada International what increased its stake in BCI to 20%.  By the end of 2002, BCI was holding directly and indirectly 100% of the voting capital of Telet. BCI, in its turn, was controlled by Bell Canada International (80%) and Telecom Americas, a subsidiary of America Movil (20%).   In 2003, Telecom Americas became the controller of Telet (100% of the voting capital), by acquiring Bell Canada International's controlling stake in BCI. In the same year, Americel and all the mobile operations of Telecom Americas started using the brand name "Claro". The other shareholder is BNDESPar, the investment wing of the Brazilian Development Bank, holding 100% of the preferred or non-voting shares of Telet.   Since August 2003, Claro Digital and all mobile operations of Telecom Americas in Brazil are operating under the brand name "Claro". America Movil has grouped it's Brazilian operating companies (ATL, Tess, BCP, BSE, Claro Digital, and Americel) under this group. From 2004 all information is recorded under BCP (Claro).
Kuzbass Cellular Communications (KCC), an NMT-450 standard mobile operator, in Kemerovo region, a member of Sotel association, was created in June 1997, but received its license to provide mobile services in Kuzbass region in May 1998. The company is a subsidiary of Complex Telecommunications Systems. In 2000, the company had 10,000 customers and invested US$ 10 million in its network. Kemerovo based holding company Complex Telecommunication Systems held 51% of KCC and SkyLink controlled 49% of KCC through its affiliate MC-Direct in 2003. MC-Direct (a part of Accord-Tel Holding) was acquired by SkyLink at the end of 2003.  KCC received a license to offer mobile communications services based on the CDMA-450 standard in April 2003. In 2003 the company already placed 32 base stations in Kemerovo, Novokuznetsk, and in other towns in the Kemerovo region and planned to double the number of stations in few months. The network had two switchboards for 60,000 phone numbers that can be expanded to 300,000 numbers. KCC planned to launch its CDMA450 network under the SkyLink trademark in February 2004.
Alsur was a state-owned company which won the contract to rehabiliate and operate a grain terminal in the Port of Veracruz in 1995. In Jan. 1998, Alsur was privatized, and ICA acquired 100% of its shares for US$ 80 million. The terminal has 16 silos for grain storage with a capacity of 36,800 cubic meters.
Mexigas was awarded, through a competitive bidding process, a 30-year concession to distribute natural gas in Valle Cuautitlan-Texcoco in June 1998. The selection criterion was the minimum tariff with the maximum of service coverage by the fifth year of operations. The concession contract granted to the concessionaire exclusive rights to distribute natural gas in its concession area during the first five years.   The concession area, which comprised 28 municipalities in the state of Mexico, was one of the two in which the Valley of Mexico was split for natural gas distribution concessioning. The other concession area was Mexican Federal District, which was awarded to Proyectos de Energia Mexico. Mexigas was owned by Gaz de France (75%) and Bufete Industrial Construcciones by 1998. Mexigas' concession included existing distribution assets, which belonged to Pemex (a 430-km distribution network). The company paid US$ 104 million for those assets. In addition, Mexigas committed to invest US$ 282 million in expanding its distribution network to 3,500 kms and serving 374,000 customers by its fifth year of operations. Mexigas started its commercial operations in September 1998. In Jul. 2000, a loan of US$ 73 million was granted by the EIB to partially finance the construction costs.
Telemig Celular Participacoes SA was one of the 12 holding companies in which the assets of the state-owned Telebras were divided for their privatization. The remaining 11 holding companies were comprised of one long distance company (Embratel), seven wireless (A-band) companies, and three wireline companies. Before its restructuration, Telebras system was comprised of 27 state wireline companies, 26 state wireless (A-band) companies, and one long distance company (Embratel).  Telemig Celular Participacoes SA was created as a holding company to own the equity participation of Telebras in Telemig Celular SA (82.9 percent) in 1998. Telemig Celular SA provided cellular mobile telephone services to the state of Minas Gerais through A-band (800s Mhz).  Like the other eleven companies created from Telebras, Telemig Celular Participacoes SA was fully privatized through an international competitive bidding in July 1998 when the Brazilian federal government sold its equity participation for US$ 650 million (R$756 million) to a consortium Telpart Participacoes, led by Telesystem International Wireless (TIW) and Opportunity. Telemig Celular Participacoes SA was sold with a premium of 228.7 percent over the minimum set by Brazilian government. The winning consortium paid 40 percent of its offering on August 3, 1998. The remaining 60 percent would be paid in two equal annual installments which would be adjusted according to the CPI plus a 12 percent annual interest.  The concession area of Telemig Celular SA comprised of area 4 of the cellular market. The Brazilian cellular market was divided in 10 areas in 1996 in order to assign licenses for cellular phone services. In each area, an A-band license was assigned to the state owned companies that provided local fixed phone services in the area, while B-band licenses were awarded to a private consortium through a competitive bidding. Telemig Celular SA competed with Vicunha Telecomunicacoes in most of its concession area and with CTBC Telecom in the rest since 1998.    In March 2003, TIW sold its shares to its local partners for US$ 70 million (TIW held a 49% stake in the consortium Telpart).  After the transaction, Opportunity became the controller and the other shareholders are pension funds such as Previ (the pension fund of Banco do Brasil), Petros (pension fund of Petrobras), Telos (pension fund of Embratel), Sistel and Funcef.   Vivo, project 1470, acquired Telemig in the April of 2008.
Neijiang is a 13.5 MW hydropower plant located in the city of Neijiang in Sichuan Province. Asia Power had a 60% stake in the company with the remaining share held by Neijiang Xingyuan Electric Company. Total investment by Asia Power was $3.2m in February 1998.
Consorcio Elca was awarded a concession to provide telecommunications services in rural areas known as Region 3 in May 1998. Region 3 includes the states of Amazonas, Anzoategui, Bolivar, Delta, Amacuro, Dependencias Federales, Monagas, Nueva Esparta, and Sucre. The company may provide a range of telecommunications services such as basic local services, payphones, mobile phone services, value-added services, trucking, and other services. The country was divided in three regions to award rural telephone concessions. Two other companies (Infonet Redes de informacion and Corporacion Digitel) were awarded similar concession for the rural areas known as Region 1 and 2. The main sponsor of Consorcio Elca is Venezolana de Telefonia (Cavetel). Conatel, the telecom regulatory agency, did not award any subsidy for rural telecommunications because it considered that the provision of advance services will generate the necessary resources to finance the whole operation. Consorcio Elca C.A. committed to invest, at least, US$54 million during its first five years of operation to serve 1 million inhabitants. In October 2000, DDI Corporation merged with KDD Corporation and IDO Corporation, creating the project's new operator - KDDI.
The Empresa Concessionaria de Rodovias do Sul S.A.(Ecosul) won the 25-year concession awarded  by the State of Rio Grande do Sul on July 24, 1998. Ecosul was controlled by a consortium comprising four companies and lead by Primav Construcoes Ltda., which has a share of 50%. The concession is a ROT (Rehabilitate, Operate and Transfer) type. The bidding process was competitive and the award criteria was the highest quantity of KM of highway the concessionaire would invest.  Ecosul is responsible to rehabilitate three pieces of three different highways in the southeast region of the State of Rio Grande do Sul. The first is a 260.5 km extension piece, which extends from the city of Camaqua to the city of Jaquarao. This first piece is a part of the highway BR-116/RS. The second is a 161 km extension piece, which extends from the city of Pelotas to the city of Bage. This second piece is a part of the highway BR-293/RS. The third is a 201.8 km extension piece, which extends from the city of Rio Grande to the city of Santana do Boa Vista. This third piece is a part of the highway BR-392/RS. The three road segments form an area known as Polo Pelotas.   Ecosul committed  to invest US$ 101.5 million (R$ 117.7 million) to rehabilitate the Polo Pelotas during the 25 years of concession.  In 2002, a holding company called Grupo Primav EcoRodovias SA (Primav EcoRodovias) was created. Primav EcoRodovias is controlled by Grupo CR Almeida (65%) and the Italian group Impregilo (35%). As of 2003, Primav EcoRodovias was controlling 49.99% of the total capital of Ecosul and two other toll-road concessions in Brazil (Ecovia-Caminho do Sol and Ecovias - Imigrantes).
Empresa Distribuidora de Electricidad de Mendoza (Edemsa) was split from the integrated provincial utility Empresa Mendozina de Servicios Electricos (EMSE), which is retaining ownership of the utility's 67 MW of generating assets. In 1998 Edemsa supplied 80% of the energy consumed (through 732 km long high tension transmission lines) in the Mendoza Province to 286,000 customers. Edemsa was privatized by the government of Mendoza province on June 13, 1998 when its 51% stake was bought by a group led by Electricite de France International. This group submitted the highest bid of $US 237.77 million. The group of EdF International, Saur International and Medinvert (local Argentinean manufacturer) won a 30-year concession for Edemsa's service area. They committed to pay off $US 13 million of Edemsa's debt.   In July 2000, Edemsa issued a US$ 82 million one year bond. In 2003 Edemsa had defaulted on some of its debts with private lenders as a result of the mandated tariff freeze of January 2002.   In 2003, Edemsa's shareholders filed a claim against the Argentinean government with an international arbitration tribunal (International Centre for Settlement of Investment Disputes - ICSID). The companies claim compensation for the losses caused by the devaluation of the Argentinean currency (peso) and the conversion of dollar-denominated tariffs into pesos.   In March 2005, Medinvert, formally known as IADESA, purchased Electricite de France (EdF's) 51% share in Edemsa. Edemsa had 310,000 clients in 2005.  In 2007, Andes Energia PLC signed an agreement to increase its share in SODEMSA which replaced IADESA as the new majority holding company of Edemsa. As a result Andes Energia PLC increased its indirect holding in Edemsa to 51%. Andes Energia was the new name of Ragusa Capital after September 2007.
BSES Kerala Power Pvt. Ltd. was established to build and operate a 165 MW naphtha power plant in Kochi, Kerala in 1998. The company was owned by Bombay Suburban Electric Supply Company (60%), Kerala State Industrial Corporation (20%), and other Indian financial institutions and other investors (20%).   The project, whose total costs were US$106.6 million, reached financial closure in 1998. The developers signed an escrow agreement with the Kerala State Electricity Board (KSEB). The project would  normally be paid directly by the board or through a letter of credit. If KSEB defaults it will trigger the escrow arrangement. All revenues from certain areas of the board's territory would flow to an escrow account over which the project would have first rights.  In 2003, Reliance Group picked up a 58.2 percent stake in BSES.
This joint venture, Guangzhou Dongyong Hong Kong and China Gas Limited, was established in 1998. The project is located in Guangzhou, Guangdong Province. The Hong Kong and China Gas Company Limited (Towngas) has an 80% stake in the project and will operate and manage the project for a period of 50 years.
In 1998 the state owned Colombian utility Empresa de Acueducto y Alcantarillado de Bogota (EAAB) awarded a 20 year rehabiliate, operate and transfer contract for its Tibitoc water treatment plant to private group Sociedad Concesionaria Tibitoc. The Tibitoc plant was one of three facilities to supply water for the Colombian capital of Bogota, home to some 6 million people. The plant had been built in 1959 and last refurbished in 1977. Concesionaria Tibitoc committed to restore the Tibitoc plant to its nominal operating capacity of 10.5 cubic meters per second, which by 1998 had fallen to 4 cubic meters per second. The concessionaire was also responsible for rehabilitating a water pipe between Tibitoc and Casablanca to facilitate the delivery of water to Bogota.   Sociedad Concesionaria Tibitoc was comprised of three parties: Generale des Eaux (known as Veolia Environnement as of 2003, 25 percent), Corporation Financiera del Valle (Cofivale) (50 percent), and Fanalca (25 percent).The latter two firms were Colombian finance companies. CGE was responsible for all technical aspects of the project, including engineering, construction, operations and maintenance. CGE was to perform the plant and pipeline rehabilitation work in the first three years of the concession contract.   The Tibitoc plant normally processed water from the Bogota River but could also receive water from the Tuesaca River. The plant was a conventional treatment facility, consisting of pre-sedimentation, coagulation, flocculation, sedimentation, filtration and disinfection.  Total cost of the project was estimated at $65 million, of which $30 million were for the plant rehabilitation and $35 million for improving the 31 km water pipelines towards Bogota. Financial closure was reached with the help of the InterAmerican Development Bank, who provided a loan of $9 million and arranged a B loan guarantee mechanism for a further $9 million through a consortium of commercial banks.  Sociedad Concesionaria Tibitoc had a take-or-pay contract with municipal utility EAAB.  The public utility evaluated the contract in 2006 and proposed to the concessionaire to cancel the contract in March 2007. The concessionaire, however, refused the ruling and appealed to El  Centro de Arbitraje y Conciliacion de la Camara de Comercio de Bogota which would resolve the dispute in 2008. The municipal government of Bogota decided to cancel the contract because it concluded that the changes in macroeconomic conditions and water consumer patterns made the additional capacity provided by the project unnecessary. In addition, it estimated that continuing the contract until expiration date would cost almost 50% more than terminating the contract in 2007.
Tele Centro Oeste Celular Participacoes SA (TCO) was one of the 12 holding companies in which the assets of the state-owned Telebras were divided for their privatization. The remaining 11 holding companies were comprised of one long distance company (Embratel), seven wireless (A-band) companies, and three wireline companies. Before its restructuring, Telebras system was comprised of 27 state wireline companies, 26 state wireless (A-band) companies, and one long distance company (Embratel). In 1998, TCO was created as a holding company to own the equity participation of Telebras in six cellular mobile operators in the Midwest of Brazil. The subsidiaries of  TCO were delivering services through A-band (800s Mhz) to the capital, Brasilia, and the states of Goias, Mato Grosso, Rondonia, Acre, and Mato Grosso do Sul (area 7). The Brazilian telecommunications market was divided in 10 areas in 1996 in order to assign licenses for cellular phone services. In each area, the B band was assigned to a private consortium through a competitive bidding and the A band was assigned to the state owned company that provided local fixed phone services in the concession area.  Like the other eleven companies created from Telebras, TCO was fully privatized through an international competitive bidding in July 1998 when the Brazilian federal government sold its equity participation for US$ 379 million (R$440 million) to a consortium led by Splice do Brazil, a Brazilian telecom manufacturing company. TCO was sold with a premium of 91.3 percent over the minimum set by Brazilian government. The winning consortium paid 40 percent of its offering on August 3, 1998. The remaining 60 percent would be paid in two equal annual installments which would be adjusted according to the CPI plus a 12 percent annual interest.  In November 1998, TCO, through a consortium called Tele Centro Oeste/Inepar, was awarded a 15-year concession to provide cellular phone services through the B band (800s MHz) in the states of Amazonas, Roraima, Amapa, Para and Maranhao (area 8). There was no minimum price required for the license, but the operator had committed to offer services to regional cities above 200,000 inhabitants within 12 months and for cities of 100,000-200,000 within 24 months. Tele Centro Oeste/Inepar committed to pay US$ 52 million (R$60.55 million) in license fees. Tele Centro Oeste/Inepar paid 40% of its license fees at the signature of the concession contract. The 60% remaining had to be paid in three equal installments during the first three years of the concession contract.    In 1999, Tele Centro Oeste Participacoes acquired Inepar’s stake in Tele Centro Oeste/Inepar and changed the name of the consortium to Norte Brasil Telecom S.A. (NBT). Since then, NBT became one of the operating companies of TCO.  In January 2003, Splice SA sold its controlling stake in TCO (61.10% of the voting capital) to Brasilcel, a 50/50 joint venture between Portugal Telecom and Telefonica created through a corporate restructuring in 2002 to manage all cellular operations in Brazil. As part of that corporate restructuring the control of TCO and its subsidiaries (five operating companies in area 7 and NBT in area 8) were transferred to Telesp Celular Participacoes (also subsidiary of Brasilcel) in april 2003. Since the acquisition, TCO and its subsidiaries have been operating under the brand name "Vivo". In December 2003,Telesp Celular Participacoes had increased its voting stake in TCO from 61.1% to 86.57%. As of December 2005, the companies opearting under the brand "Vivo" were in the process of merging into Telesp Celular Participacoes. Shareholder approval was still pending.   On February 22, 2006, the respective shareholders’ meetings of Telesp Celular Participações SA (TCP), Tele Centro Oeste Celular Participações SA (TCO), Tele Sudeste Celular Participações SA (TSD), Tele Leste Celular Participações, SA (TBE) and Celular CRT Participações SA (CRTPart) approved (i) the merger of TCO in order to convert it into a wholly owned subsidiary of TCP and (ii) the merger of TSD, TBE and CRT Part into TCP. As of March 26, 2006, TCP was the sole surviving company of these mergers and subsequently changed its name to “VIVO Participacoes SA", project #1470.
Centrovias was granted a concession contract that includes the expansion of an existing road and rehabilitation/construction of 52 bridges and 5 toll booths. Centrovias' ownership was initially divided as follows: Construbase and Pem Engenharia holding 20% each; Better holding 18%; Benito Roggio holding 15%; Engeform holding 14%; and Passarelli holding 7%. The bidding process was competitive and the award criteria was the highest cannon fee to be paid to the government. There was no provision for contract renewal (assets will be returned to the state government).  The total project cost has been estimated at US$ 652.1 million: US$ 574 million as infrastructure investment and operational expenses, and US$ 78.1 million as lease fee to be paid in monthly installments during the concession period (in order to calculate the real value of the lease fee, a discount rate of 12.68% was used; this government has used this rate in other infrastructure sectors). The sponsors will also pay US$ 255 million in taxes. The toll road started its operation in 1998 and the toll rates are already being charged. The state-owned bank BNDES approved a US$ 51 million loan to the project in August 2000.  In 2002, the total capital (100%) of Centrovias was acquired by Grupo OHL (Obrascon Huarte Laín).   In 2006, OHL negotiated with Sao Paulo state to extend its 20-year concession agreement by 12 months.
Compagas started supplying natural gas in the state of Parana (southern Brazil) in Oct. 1998. It owns a distribution network with 250 KM in length, and it currently serves only industrial consumers. In the future, however, Compagas will be also supplying natural gas to Araucaria Termoeletrica Power Plant and to residential consumers (the first cities to receive natural gas supply will be Curitiba, Ponta Grossa, Palmeira, Balsa Nova, Araucaria, Campo Largo and Sao Jose do Pinhais). Compagas is a joint-venture between the partially privatized electricity utility Copel (51%), Enron's subsidiary Dutopar (24.5%) and the state-owned company Petrobras' subsidiary Gaspetro (24.5%).   As of 2005, Enron was in the midst of liquidating its operations and distributing its assets to its creditors.  The Brazilian subsidiary of the Japanese giant Mitsui concluded in May 2006 the acquisition of Gaspart from the Enron group, by US$250 million. In the end of 2016, a 49% stake of Gaspetro was sold to the Japanese company Mitsui.
The Guayas Province awarded the contract for the rehabilitation and operation of the northern part of the Guayas road network to private sponsors in 1998. The consortium headed by Herdoiza Crespo Construcciones will invest US$ 233.3 million over the 20-year concession period. As of July 1999, the construction works were underway.
In December 1998 Berlinwasser Holdings AG received a 12.5 year build-operate-own-transfer contract for a wastewater treatment facility in Zelenograd, Russia. In 1998 the area of Zelenograd did not have its own treatment plant and was using a non-central facility located 40 kilometers northwest of the city of Moscow. Continued local growth meant that by 1998 the treatment capacity of the existing plant was exceeded and the discharge quality no longer complied with the required purification standards.  German WTE was commissioned to design, finance, build and operate a new wastewater treatment plant with an average capacity of 140,000 cubic meters of wastewater per day. The new plant would have the potential to serve approximately 400,000 connected inhabitants.  The initial cost of the project was projected to be US$70 million. Financial closure was reached in December 1998. The treatment plant started operation at the end of 2000  In October 2003, the subsidiary of BerlinWasser (WTE Wassertechnik GmbH) responsible for the project was acquired by the Austrian group EVN AG.
Elektro Eletricidade Servicos SA was carved out of an integrated utility CESP. Elektro  is Brazil's sixth largest distributor, efficiently serving a 1.5 million customer base spread over 228 municipalities in Sao Paulo and Mato Grosso do Sul.  In 1998 it served 121,000 square kilometers and its network was 82,963 km long.  Enron International Corp. bid US$ 1,273.6 million (twice a minimum price), via its wholly owned subsidiary Terraco Participacoes SA, to win 46.6% of the total stake of Elektro on July 16, 1998. This stake comprised a 90% voting stake of the enterprise. After purchasing an additional share in August 1998, Enron held a 99% stake in Elektro and it was expected to buy CESP's remaining share in 1999.   Elektro planned to invest between US$80 million and US$90 million per year within 5 years following the acquisition.  It was not allowed to raise energy fares until August 1999. In Aug. 2000, Elektro was awarded a US$ 100.8 million loan from the state-owned bank BNDES, which will help finance its expansion plans.   In August 2003, ANEEL implemented the five-yearly price revision for Elektro and authorized an increase of 20.25%.   In 2003, Prisma Energy International Inc. was created as a holding company to, through its subsidiary Prisma Energy International Services LLC, provide management and operational support for the remaining major international assets owned by the bankrupt Enron, including Elecktro.  The company was created after Enron's board and creditors decided the Enron estate would raise more revenues from ongoing operations than through individual asset sales.  Once the Enron bankruptcy is concluded, Prisma was to be owned by Enron's creditors. They were likely to sell their positions as soon as market conditions allow. As of 2005, Enron still controlled through Prisma 88% of Elektro.  In 2006, Ashmore Energy International purchased 100% of Prisma.  In 2009, Elektro was granted the following loan contracts: US$ 50 million (BRL 99,7 million) from BNDES, US$ 13.9 million (BRL 27.8 million) from Eletrobras and US$ 50 million (BRL 99,7 million) from  FINEP, a total of US$ 65.4 million (BRL 130,8 million).  In January 2011, AEI liquidated 80% of its assets to focus on distribution.
The project was awarded in April 1997 and included the rehabilitation of the existing road and the construction of new segments, including a 1.5-km tunnel. Financial closure was in June 1998. The project company ownership is divided as follows: Odinsa holds 30% of the shares; Megaproyectos holds 20%; the remaining 50% is held by 10 other companies (each holds 5% of the shares). The project has been partially financed by Fiducoldex.   The expansion works have been delayed due to financial problems and the community resistance to tolling (requests to remove tollgates installed in certain areas have led to the renegotiation of the contract). As of April 1999, Colombia's general controller requested the cancelling of the project, claiming it lacks technical, legal and economic viability. In Jun. 2000, the consortium obtained the government approval for the expansion works, which should be completed by 2004.
The Wuhan International Container Transshipment Company Limited (WIT) site is located approximately 25km south of the downtown center of Wuhan, Hubei Province on the northern bank of the Yantze river.  WIT, the second port in Wuhan after the government-owned Hanyang port, was being developed in three phases.  When complete, the annual capacity was expected to be 400,000 teu, with the first phase starting operations in April of 2004 with a designed annual capacity of 150,000 teu (20-foot equivalent units).    In addition to containers the facilty was also capable of handling general cargo.  The project was expected to have a significant impact on the ability of local manufacturers to move their goods to the coastal provinces and on to international markets and to facilitate the growth of the Yangluo Economic and Technological Development Zone adjacent to the site.   WIT was 56.1% owned by China Infrastructure Group (CIG) Yangtze Ports. CIG was in turn controlled by executive chairman Edward Chow, who had a 63% stake in the company, and state-owned Shui On Construction and Materials with 34%.  The balance was held by minority shareholders.  Total cost of the first phase of the project was 160 million yuan. In 1998, the IFC agreed to inject US$1.5 million in equity and US$5 million in loans, with the remainder to be funded by the participants.  In June 2004, Hong Kong based CIG intended to launch its initial public offering on the Growth Enterprise Market by offering 150 million shares, which it had hoped would raise about US$135.3 million.  WIT had planned to spend a portion of the proceeds on raising its stake in WIT to 85% from 56.1% and to finance the construction of the port's second stage.  However, CIG decided to put its listing on hold and wait for more favorable circumstances.
In March 1998, a New World Infrastructure subsidiary, New Broadway Ltd., signed a 27-year cooperative joint venture contract with the Taiyuan Tongtai Industry & Commerce General Company for the development and operation of a 23.18 km section of the Shanxi Taiyuan to Gujiao Roadway. NWI took a 60% equity share in the JV company, taiyuan xintai Highways Ltd.,, and invested US$13 million in equity and debt. The state-owned company, Taiyuan Tongtai Industry & Commerce General Company took the rest of the stake in the project company. NWI had a 90% profit share for the first 11 years and 60% for the remaining 16. The toll stations opened for operation in July 2000.
In March 1997, L&T Transportation Infrastructure Ltd (subsidiary of Indian company Larsen & Toubro) signed a 30 year  concession contract for the construction and operation of a 33km bypass in the state of Tamil Nadu. The company agreed to complete construction in 24 months and to operate the bypass to recover the costs of construction.   The government provides a minimum revenue guarantee and will extend the contract length in the case of a shortfall. The total project was expected to cost US$24 million. The sponsors reached financial closure on the first US$5.2 million in 1998.  Financing includes a term loan from financial institutions and equity participation by L&T Transportation Infrastructure Ltd.  The government sets tolls rates.
Karaganda Regional Electricity Company (REC) was the main purchaser of power from Karaganda Power Company, which it distributed to over 400,000 customers.  National Power purchased from Ormat for US$20 million, a 50% stake in Karaganda Power Company (KPC), and a 35% stake in Karaganda Regional Electricity Company. National Power and Ormat were to invest jointly up to $110-million progressively over the next three years to refurbish and extend the generating plant, district heating and distribution systems.   In Nov. 1999, National Power announced the split of its international and domestic operations, and International Power plc was created.  In the first half of 2002, International Power plc sold its 50% interest in Karaganda Power Company (KPC) and Karaganda Regional Electricity Company to Ormat, which became the sole owner of the companies. In September 2002, UK-based Independent Power Corporation (IPC), through its subsidiary Integrated Energy Limited, purchased a 100% interest in Karaganda Power Company (KPC) and Karaganda Regional Electricity Company from Ormat. It later sold its interest in 2003.
The Nicaraguan utility Empresa Nicaraguense de Electricidad signed a 15-year power purchase agreement with Coastal Power which will allow the US company; Baronela SA and Energeticos SA to construct a 50-MW diesel power plant near the capital, Managua. Coastal Power awarded a fixed-price engineering, procurement and construction contract to Wartsila-NSD.   Construction started in Feb. 1998 and is expected to last 11 months, with project completion scheduled for the end of 1998. Coastal and its partners will own and operate the facility. A subsidiary of Coastal (Esso Standard Oil) will supply the fuel for the power station under a 15-year fuel-supply agreement. The IADB approved a $30-million loan to support the construction and operation of the project in 1998. The diesel plant is the country's first private sector power project since the adoption of a new law for the electricity sector in 1997. The project will be owned and operated by Tipitapa Power Company, a subsidiary of Coastal power.   The project's total cost is $43-million and will be financed through $12.75 million in equity provided by the sponsor, and $30.25 million in debt contributed by the IADB. The debt portion is split between a $10.75 million A-loan from the bank's ordinary capital and a $10.75 million B-loan to be syndicated among commercial banks. OPIC approved a US$ 54 million insurance in 1999 to cover Coastal Power's equity exposure.  In 2001, El Paso Corporation acquired Coastal Power along with Coastal's 59% stake in Tipitapa.  In June 2008, AEI acquired full ownership of Tipitapa, and, in March 2014, Inkia Energy, a subsidiary of the Israeli company IC Power (Israel Corp.), acquired AEI's stake in the project.
The 110.37 km highway system will be rehabilitated and operated by Brita Rodovias for a 15-year period. The project company ownership is divided as follows: Brita Participacoes holds 80.5% of the shares; Valentim Machado holds 13.5% and STE holds 6%. The bidding process was competitive and the award criteria was the quantity of km of highways to be rehabilitated by the sponsors.  The total investment on the project is estimated at US$ 16 million (R$ 28 million); as of 6/98, US$ 6 million has been invested. Financing for the project has been achieved with a US$ 5.5 million loan from the Brazilian state-owned development bank (BNDES) and with the sponsors' own resources.  At the end of the contract in 2013, the toll road was transferred to a state-owned company that became responsible for its operation.
The Angraporto consortium won the contract to operate the port of Angra dos Reis for a 25-year period. The private sponsors paid US$ 7.9 million for the right to operate the facility. The port had a capacity of 500,000 tons of cargo annualy; it had an area of 78,000 squared meters and had three storage centers.  As of December 2000, the port had an area of 113,000 square meters (78,000 square meters plus a 35,000 square meters expansion) and the consortium had invested US$ 0.2 million (R$ 0.5 million).
Tele Norte Celular Participacoes S.A. or Amazonia Celular was one of the 12 holding companies in which the assets of the state-owned Telebras were divided for their privatization. The remaining 11 holding companies are comprised of one long distance company (Embratel), seven wireless (A-band) companies, and three wireline companies. Before its restructuration, Telebras system was comprised of 27 state wireline companies, 26 state wireless (A-band) companies, and one long distance company (Embratel).   Tele Norte Participacoes SA controls five cellular mobile telephone companies in the North of Brazil and provides these cellular mobile services through A-band (800s MHz). Tele Norte Participacoes SA was created to own the equity participation of Telebras in five companies – Telamazon Celular SA (80.3%), Telaima Celular SA (86.9%), Telepara Celular SA (69%), Teleamapa Celular SA (90.6%), and Telma Celular SA (66.8%). Tele Norte Celular Participacoes SA serves the states of Amazonas, Roraima, Para, Amapa and Maranhao.  Like the other eleven companies created from Telebras, Tele Norte Celular Participacoes SA was fully privatized through an international competitive bidding in July 1998 when the Brazilian federal government sold its equity participation for US$ 162 million (R$188 million) to the consortium Telepart Participacoes led by Telesystem International Wireless (TIW) and Banco Opportunity. Tele Norte Celular Participacoes SA was sold with a premium of 108.9 percent over the minimum set by the Brazilian government.   In March 2003, TIW sold its shares to its local partners for US$ 70 million (TIW held a 49% stake in the Telepart). After the transaction, Opportunity became the controller and the other shareholders are pension funds such as Previ (the pension fund of Banco do Brasil), Petros (pension fund of Petrobras), Telos (pension fund of Embratel), Sistel and Funcef.   In April 2008, Amazonia was merged into Oi, a part of Telemar (project 1483). Specifically, Telemar purchased 1,292,679 common shares and 3,715 preferred shares of TNCP, representing 51.9% of the common shares, l1% of the preferred shares and 19.3% of the total shares of TNCP for an aggregate price of R$129 million as well as rights for subscription of new shares for R$23 million. Additional shares were purchased in August 2008, October 2008 and January 2009 giving Telemar control of 98.7% of the outstanding share capital of TNCP including 99% of the common shares of TNCP. This purchase gave Telemar an indirect stake of 92.8% of the share capital in Amazonia Celular and 93.3% of Amazonia Celular's common shares.
Orbitel was awarded a 10 year domestic and international long distance telephony services in Colombia in 1998. The company paid US$ 150 million in concession fees. The company was owned by the municipality-owned Empresas Publicas de Medellin (50%), Empresarial Bavaria (25%), Organizacion Luis Sarmiento Angulo (25%). The company started its commercial operations in December 1998. Orbitel signed long distance infrastructure contract with Nortel (Fiber SDH terminals), Ericsson (switching), and Alcatel in the second quarter 1998. The company planned to invest US$ 450 million during its first three years of operations. As of 2003, Orbitel had 37 percent of Colombia's international long distance market. The company contracted with Gilat Colombia SA, a division of Israeli firm Gilat Satellite Networks, to construct and operate Social Telephony Integratred Centers (CITS) in rural areas of Colombia. The  Also in 2003, Orbitel launched a spin-off of long distance services in Spain, Orbitel Telecomunicaciones Latinoamericanas, to encourage long distance calls from Spain to Ecuador and Colombia.  In 2005, Orbitel was awarded a 3.5 GHz license by the Ministry of Communications.   In 2006, Empresas Publicas de Medellin (EPM), run by the municipality, acquired the 50% stake of Grupo Sarmiento Angulo and Valorem (former Valores Bavaria) for US$85 mn.
The project includes the expansion, rehabilitation and operation of the toll road for a 25-year period. The consortium is headed by Benito Roggio (35% of the shares). Construction works were underway in Apr. 1998; tolls will be collected only when the construction works are completed.
Multicar Rio Terminais de Veiculos SA (Multicar) won the bid for the rights to manage the car terminal at Rio de Janeiro Port in November 1998 with an offer of US$ 26.3 million as lease fee. Multicar is a joint venture of Multiterminais Alfandegados do Brasil(85%) and Fundo Trade/Banco do Brasil (15%). The contract has a duration of 25 years, extendable for another 25 years. Multicar was committed to invest US$ 1,65 million (R$ 3 million) in the terminal through the concession period. The facility, which is operating roll-on, roll-off vessels, has an area of 138,000 square meters, and was handling 105,000 vehicles per year at the time of the concession.  In 2003, Sada Transportes de Armazens Ltda brought a legal suit to nullify the bid and the concession contract of Multicar. A State Court rejected the claim and Sada appealed to a Federal Court. As of February 2004, a final decision on the issue had not been enacted.   By the end of 2009, Multicar was planning an additional investment of US$ 150 million (BRL 300 million) to increase its storage capacity. The investment was conditioned, though, to the approval of an extension of the current contract until 2048.
Trans Africa Railway Corporation was awarded a 20-year concession contract to construct and operate a transhipment facility in Kidatu. The contract also allowed Trans Africa to use the Tanzania's rail network, running parallel (captive) services to the state-owned railway operator.The construction of this facility allowed freight traffic to run from Johannesburg (South Africa) to Kampala (Uganda). Trans Africa was 48% owned by the South Africa Infrastructure Fund (private equity fund), 20% owned by Comazar (66% owned by South Africa Infrastructure Fund) and 32% owned by the East Africa Coast Corporation.   The transhipment facility to be built at Kidatu allowed the movement of cargo from the rail line coming from Johannesburg to the rail line going to Kampala. Trans Africa expected to carry an initial 80,000 tones of cargo per year from Johannessburg to Kampala and 250,000 tonnes of Tanzania's domestic cargo per year. Construction works were underway and transportation through Kidatu is already possible. The system was expected to be fully operational by the end of 1999.
Venezuela privatized its first state-owned electricity asset on Sept. 15, 1998, selling a 70% stake in 180.5-MW Sistema Electrico de Nueva Esparta (SENE), the integrated system serving island-based Nueva Esparta State, to the Enelmar SA consortium led by CMS Energy for $63 million. This winning bid exceeded the $35 million minimum price established by the government. Another 20% of the stake was sold to the company employees and 10% through an initial public offering (IPO) in the local stock exchange.  SENE serves about 90,000 customers on the resort islands of Margarita, Coche and Cubagna. Electricity demand there has been growing at about 7% annually in recent years. A 20% ownership share in SENE will be reserved for employees and 10% will be offered on the local stock exchange.   Prior to privatization SENE was a unit of governement-held utility Cadafe. CMS Energy, holding 70% of Enelmar, and its Venezuela partners Casa Paris SA, with 25% and Consultores Occidentales SA, 5% obtained a 50-year service concession for SENE and a guaranteed tariff structure with rates closely tied to the US dollar. SENE's system currently comprises the 175-MW Luisa Caceres de Arismendi thermal plant, the 6.5-MW Coche thermal plant, 115-kV and 34.5/13.8-kV distribution lines, and a 100-MW capacity submarine cable linking Margarita to the mainland.   The concession contract also sets out standards of service quality and gives the new owners three years to reach compliance. The concessionaires will be fined for service interruptions and customers reimbursed for the value of the lost electricity. The sponsors will invest US$ 90 million in the 1999-2001 period (an average of US$ 30 million per year).  In Feb 2007, Venezuela's state oil firm PDVSA bought Nueva Esparta state-based power company Seneca from US major CMS Energy for US$106 million.
New World Infrastructure entered into a joint-venture agreement with Hebei Province to rehabilitate and operate the toll bridge in the road that connects Tangjin Expressway to Tianjin city. New World Infrastructure held 90% of hte share. The 510 m toll bridge demanded US$ 12 million or Rmb 100 million (60% financed with loans and 40% with equity). The dual one-lane highway has 1 toll collection booth. The average traffic flow was 4,186 vehicles per day in 1999 (expected saturation capacity is 15,000 vehicles daily). New World Infrastructure took over bridge operations in December 1998.
LANCO Kondapalli Power Private Limited (LKPPL) was established to build and operate a 355-MW naphtha power plant in Krishna district, Andhra Pradesh.  The  main sponsors are Lanco Industries (33.9%), Eastern Generation (30%), Globeleq (energy subsidiary of Commonwealth Development Corporation) (25%), and Korea Heavy Industries and Constructions.  The company will sell its electricity output to Andhra Pradesh State Electricity Board.  The project, whose total cost was US$266 million, reached financial closure in the fourth quarter of 1998. The project became the first project selected through international competitive bidding and that had a fixed price contract that reached financial closure. To ensure that the project receives payments, the board has agreed to set up an escrow account with the State bank of Hyderabad that will maintain funds equivalent to 120% of the project's monthly payment at 100% capacity utilization.   The project entered service in October 2000.  In June 2001, NRG Energy bought a 30% share in the project from Eastern Generation.  In third quarter 2001, the project was being switched from naphtha to natural gas. In June of 2003, Genting Sanyen Power (Labuan) Limited, a subsidiary of Genting Sanyen Power Sdn Bhd (Genting Group), purchased NRG Energy's 30% stake.
International de Telecomunicaciones (Intel) was one of the two companies in which the assets of state-owned company Anatel were divided for their privatization. Intel was formed to operate the country's Band-B concession for cellular phone services and some other assets of Antel. The other company was Compania de Telecomunicaciones de El Salvador (CTE) which was formed with the entire fixed-line network of Anatel and a 20-year concession to run a 1900 Mhz PCS license. Like, CTE, Intel was privatized through an international competitive bidding in July 1998 when a 51 percent stake was sold for $40 million to a consortium led by Telefonica International Holdings (51 percent of the consortium) and integrated by Mesoamerica Fund (49 percent).   The company was privatized without any exclusivity rights because the telecommunications market was already opened to competition. The company launched its international phone services in September 1998 through Telefonica Multiservicios (a joint venture between Telefonica El Salvador and Amnet) and its mobile phone services in December 1998 under the MoviStar brand. The company had more than 230,000 subscribers in its mobile phone services by the end of 2000. That year, investment was budgeted at US$ 41 million  to continuing the effort to create a network combining fiber optic with coaxial cable to provide television, telephonic, and internet service.   In May 2005, TES Holding, a wholly-owned subsidiary of Telefonica Moviles launched a tender offer for 3.8% of Telefonica Moviles El Salvador’s outstanding shares. Following purchases made from local pension funds and completion of the tender offer, TES Holding held a 99.03% stake in Telefonica Moviles El Salvador. Telefonica Moviles El Salvador was delisted from the Salvadorian Stock Exchange on July 19, 2005.  In August 2013, the Guatemalan company Corporacion Multi acquired 40% of the Telefonica's shares in Guatemala, El Salvador, Nicaragua, Panama for US$ 500 million.
In June 1998, JOMAC, a consortium headed by Intertoll Group of South Africa took over the management and operation of the 4.8 km Jamuna toll bridge across the Jamuna river.   The consortium won the contract under an open bidding process to receive a US$25 million fee over the five year life of the contract.   Bangabandhu Jamuna Multipurpose Bridge opened in June 1998 and was the longest bridge in Bangladesh as well as in South Asia, and the 11th longest bridge in the world. It was constructed over the River Jamuna, mightiest of the three major rivers of Bangladesh, and fifth largest in the world in terms of volumetric discharge. The bridge established a strategic link between the eastern and western parts of Bangladesh.  The bridge was constructed at a cost of US$962 million. The cost of construction was shared by IDA, ADB, OECF of Japan, and the government of Bangladesh.  The initial contract expired on July 19, 2003, but it was extended for another eight months that ended April 1, 2004.  Indonesian road building company PT Jasa Marga claimed it won a tender for operation and maintenance of the bridge valued at Rp78 billion (US$9.5 million) over five years.  Jasa Marga President Syafruddin Alambai said the company, in cooperation with a local company, Net One Solution Ltd on a 50-50 JV, were to be the bridge’s second operators.
The consortium headed by the African Cargo Handling Ltd (which holds 45% of the shares) invested US$ 21.4 million in a new cargo terminal at Jomo Kenyatta Airport in Kenya. The 12,000 square metre terminal will double the current capacity of 80,000 tones per year. The investment was financed by the Commonwealth Development Corporation (which holds 15% equity), BOC Cargo Services (which holds 10% of the consortium shares), the German Investment and Development Company (which holds 10% equity), by the Acacia Fund (which holds 10% equity), and Frankfurt Ariport (which holds 10% equity). In Feb. 2000, the cargo terminal was commissioned.
In September of 1998, Earth Tech, a subsidiary of Tyco International Limited of the U.S., was awarded a 20-year BOT agreement to develop a water supply, treatment and distribution system that was to produce up to 60,000 cubic meters of water/day for a population of 100,000, plus a tourist population of 1.3 million during peak periods. The project also included the responsibility for billing customers in Changli county in Hebei Province.   To implement the contract, the Qing Huang Dao Pacific Water Company was created as the project company which was owned by Earth Tech (80%) and the state-owned Heibi Changli Water Supply Co. Ltd. (20%).    The total project cost was US$11 million.
The initial contract for a 220MW facility at Wayang Windu was signed in December 1994 by Mandala Magma Nusantara (MMN), a joint venture between the local companies Figears and Oko Satrya Mandala.  Both companies were owned by the ex-President Suharto's son Hutomo Mandala Putra, and the US's Magma Power.  After California Energy and Magma Power merged, the contract's principal party changed to Asia Power Ltd, a subsidiary of New Zealand's  Brierley Investments.  Asia Power eventually took a 95% stake, with the remaining shares being held by the local Bumi Mandala Perkasa.  The project was to sell electricity to a state-owned electricity company Parusahaan Listrik Negara (PLN).   In 2000, Asia Power completed a 110MW unit but, because PLN was not prepared to pay the initial contracted sale price of $83.9/MWh, Asia Power was unable to repay its loans and the plant was handed over in 2001 to bank creditors, Credit Suisse First Boston and Deutsche Bank.  The US's Unocal then took a 50% operating stake in the plant with the other 50% being retained by the banks.  In 2004, Wayang Windu, still operating as MMN, was purchased by the local Star Energy in conjunction with Ashmore, a UK-based investment management company.  A new contract was negotiated with PLN for the sale of electricity.  The deal ran for a 30-year period and provided for up to 400 MW of total capacity at the site, including the operational 110MW unit.  The contract was signed in November 2006.     Standard Chartered became the financial advisor for the project in 2006 and sole arranger for a 110MW expansion project and subsequently for the refinancing of the existing unit. In February 2007, Standard Chartered Bank started syndicating a US$145million debt facility for the expansion of the Wayang Windu Power Plant.  MNN was majority owned by Star Energy and remainder held by funds managed by Ashmore.   The project carried government of Indonesia Support Letter.  The government, through Ministry of Finance, was to provide PLN’s repayment obligation.  The loan facility increased to US$305 million, and Sumitomo Corp was awarded an EPC contract. The US$305 million debt facility reached its financial close on May 3, 2007.   In December 2008, Star Energy announced that construction of the second 110 MW unit was nearing completion and was to enter commercial operation by March 2009. Also in December 2008, Star Energy announced a further capacity expansion - units 3 and 4 - with an estimated combined cost of US$450 million. Units 3 and 4 were to expand plant capacity by as much as 280 MW, resulting in total plant capacity of 500 MW. Supply of electricity above the currently contracted 400MW was to be negotiated as part of an extension to the existing energy supply contract with PLN.
In January of 1998, the Government of Comoros (GOC) awarded a lease contract for an indefinite period to Compagnie Generale des Eaux (CGE), or Vivendi (later renamed Veolia in May of 2003), to rehabilitate, operate, and maintain Comorienne de d’eau et de l’electricite (CEE), the state-owned power and water utility in the archipelago.  CEE was formed in 1997 following the bankruptcy of the former Electricity and Water Company of Comoros, Eau et Electricite des Comores (EEC).  Total generating capacity in the Comoros Islands was 16-MW for a population of around 544,000.   The total estimated project cost was FF63 million (US$10.9 million). Caisse Francaise de Developement (CFD) of France was providing a FF57 million (US$9.9 million) loan on concessional terms to the government of Comoros. The World Bank provided a US$11.4 million IDA loan in 2001 as part of the Infrastructure, Water and Environment Project which was subseqently canceled in 2003.   The contract had led to improved management and delivery of water services in Grande Comore by early 2001. The private operators had established a tariff system and were successfully collecting payments from users.    However, in December of 2001, Vivendi withdrew from the contract after the authorities failed to help CEE pay off its debts to an oil company and pressure a key public client, Societe Comorienne des Hydrocarbures, to pay its Cfr650 million (US$1.17 million) debt to CEE. CEE had requested the government pay part of its debt to enable it to continue to buy diesel and supply power to the islands.   However, at midnight on December 5, 2001, when the oil was exhausted, the nation was plunged into darkness.     The Comoran government had taken over CEE and appointed a provisional transitional management committee as of December 2001.
In January 1998, Terminal de Servicios Portuarios Patagonia Norte SA signed a 30 year concession contract with to operate the entire port of San Antonio Este, in Rio Negro state for 30 years. The port was built by the Argentine federal government in 1983 and then transferred to state control in 1990.  The call for tenders was made in April 1997 and Terminal de Servicios Portuarios Patagonia Norte SA was awarded the contract on December 23, 1997 by the state of Rio Negro. Terminal de Servicios Portuarios Patagonia Norte SA was comprised of 24 fruit and vegetable companies that heavily utilized the port of San Antonio Este.   In 2004, Patagonia Norte began an upgrade at the terminal with an estimated US $3.4 million in investment commitments.
Bufete was awarded the contract to build and operate a sewerage treatment plant in Piedras Negras, Coahuila. The contract will last 20 years. Investment in the project amounts to US$ 23.22 million, financed with the sponsor own resources. Construction started in 1998.
Gas Natural ESP, a company which is 39% owned and controlled by Gas Natural, has been awarded two 16 year gas distribution licenses covering the Cundinamarca and Boyaca regions of Colombia.  The licenses were originally awarded to PetroColombia in the summer of 1997 but were turned over to runner up Gas Natural ESP when the authorities realized the former did not fulfill all of the tender requirements.  Gas Natural ESP is committed to investing US$ 11.3 million by 2003.  The new concessions are expected to bring with them 180,000 customers there by increasing Gas Natural's presence in Colombia by 30% vs the 620,000 customers they currently serve there.
Ukrainian Radio Systems (URS) was a closed joint stock company founded in 1993 by the State Company for Radio Communications and Radio and TV Broadcasting (65%), and the Foundation for Business Cooperation "Ukraina" of the Presidential Administration (35%). URS teamed up with Motorola in a GSM900 project after receiving the necessary operational GSM license.  Motorola invested approximately US$2 million into frequency research, based on Ministry of Communications (MOC) guarantees that there would be only two GSM operators.    On September 15, 1996, Motorola announced a planned Investment of US$500 million for a GSM900 network in Ukraine.  To run the future network, Motorola and URS created a joint venture. In a turn of events, Motorola exited the GSM900 network project after new tariffs were announced. The three GSM frequency licenses were issued (one for Motorola/URS), and the available spectrum was publicized.  The decision to leave the GSM project was made by Motorola based on the belief that the project would be financially unprofitable given the existing GSM tariffs, the number of operators and the available spectrum.    After Motorola withdrew, URS began discussions with Daewoo Corporation, and bid for a national GSM900 frequency license through one of its joint ventures, Ukrdaewootelecom.  However, the new bid failed, as the company continued to be relegated to Kyiv and the surrounding region. URS filed a lawsuit with the Kyiv arbitration court disputing the State Radio Frequency and Communications Oversight Center's refusal to issue the mobile frequency permit to the company. The company said that in 1999 it paid for work to convert GSM-900 frequencies in Ukraine's regions, investing about US$30 million in paying for and developing licenses. Furthermore, it argued that contracts had been signed with foreign investors on more than US$100 million of investment over the calendar year to build a mobile communications network in regions of Ukraine.   URS, which provided mobile services in Kyiv under the Wellcom brand, had about 40,000 subscribers by end 2004, 8% more than at the end of 2002. WellCom's expansion ability was severely hampered by the long-running dispute between its Ukrainian shareholders and its erstwhile foreign investor, Daewoo, who held 49% shares in the operator. That dispute was finally put to an end in January 2003 when the Korean firm divested. The operator was subseqently owned by Ukrfondinvest (31%), Interinvest (20%), Optima Telecom (24.5%) and Occidental Management Co. Ltd (Cyprus), (24.5%).   In 2005 Russian company VimpelCom acquired URS for $231 million. The purchase was opposed by Telenor, one of Vimpelcom's major shareholders. URS started operating under the Beeline brand from 2006. In January 2006, Telenor launched three court actions in Moscow Arbitration Court against VimpelCom over the manner in which Vimpelcom acquired URS. In November 2006, the court rejected Telenor’s court actions.  In January 2006, VimpelCom was set to invest between USD50 million and USD60 million in Ukraine in the first quarter of 2006 to pave the way for the re-launch of GSM operator Ukrainian Radio Systems (URS). Vimpelcom relaunched URS under its BeeLine brand name on 11 April 2006, and reported that it signed up 100,000 users within the first month. URS aimed to increase its subscriber base to between five million and six million by mid-2008 through an estimated USD500 million investment, based on subscriber acquisition costs of USD100 per new user.   As of August 2006, URS had increased the number of its GSM base stations by 60% since the beginning of the year to over 1,000, its press office reported yesterday. As of end of June 2006, URS had 573,000 subscribers, up from 278,000 at the end of March.  As an effort to increase the company’s population coverage, in July 2006, URS signed a unilateral national roaming deal with the country's smallest cellco Golden Telecom. URS aimed to increase its subscriber base to between five million and six million by mid-2008 through an estimated USD500 million investment, based on subscriber acquisition costs of USD100 per new user.  In November 2006, Ukraine's National Commission on Communications Regulation (NCCR) refused to issue licenses for 3G services to URS. The reason given for the refusal was that URS failed to reach an agreement with military bodies on joint usage of UMTS frequencies.  In April 2010, a new entity,VimpelCom Limited, completed a tender offer to exchange ownership of OJSC VimpelCom and Ukraine’s Kyivstar for shares in VimpelCom Limited, listed on the New York Stock Exchange under the ticker symbol “VIP” previously held by OJSC VimpelCom. As a result Kyivstar-Beeline became 100% owned by Vimpelcom.
The Railroad Development Corporation led the joint-venture that was awarded the 50-year concession of Guatemala's rail network (Ferrovias Guatemala) in June 1997. The assets were turned over in Jul. 1998, when the private sponsors started the rehabilitation works; operations started only in Apr. 1999.   The project company investment in the project's first phase is US$ 10 million. The sponsors will transfer 5% of the project's revenues as lease fee to the government during the first five years of the project; in the remaining 45 years, the fee will be 10% of the revenues. The second phase of the project is called the "Pacific Railroad Corridor": the railway will connect Tecun Uman in the border with Mexico to Escuintla and Puerto Quetzal. This second phase envisages an investment of US$ 50 million to convert the rail from narrow over to standard gauge to be compatible with Mexico, the US and Canada. Financing for the Pacific Railroad Corridor was being sought from the World Bank, as of Apr. 2001.  In 2007, Railway Development Corporation stopped operating the railway after the government declared the railway to be against the countries interest. The concessionaire alleged that it asked the government to pay its US$3 million contractual obligation and to clear squatters from the most profitable portions of the railway. As of December 2007, the concessionaire had filed the claim against the government with the International Center for the Settlement of Investment Disputes (ICSID) for three separate violations of CAFTA investor-protection clauses.
The Guayas Province awarded the contract for the rehabilitation and operation of the oriental part of the Guayas road network to private sponsors in 1998. The consortium headed by Tribasa will invest US$ 293.5 million over the 20-year concession period. As of July 1999, the construction works were underway.
In May 1996, Saneamento de Aracatuba (Sanear) was awarded a 21 year contract to build operate and transfer a sewerage treatment facility to provide service to the municipality of Aracatuba. According to the contract signed with the Department of Water and Sewer of Aracatuba (Departamento de Agua e Esgoto de Aracatuba –DAEA), Sanear was responsible for building and operating a sewerage treatment plant to raise the sewerage treatment level for Aracatuba (state of Sao Paulo) from 20% to 100%.  Sanear was formed by Resil (grupo Sacyr Vallehermoso), 52%; Grupo Tejofran, Amafi Comercial e Construtora and Earth Tech (a subsidiary of Tyco).   Sanear was expected to invest US$ 11.6 million (R$ 17 million) in the construction and operation of the treatment plant.   The construction works were underway as of December 1998 and Sanear started operations in January 2000. As of December 2002, the company had already complied with its investment commitments.
In June of 1997, a consortium led by Thames Water of the U.K. was awarded a 25-year concession contract by PT PAM Jaya, the municipal water authority of Jakarta, to supply potable water to the eastern half of Jakarta, east of the Ciliwug River.  The company was to manage the water supply for about 3.5 million people in the project area. France's Lyonnaise des Eaux (later SUEZ) simultaneously won a similar contract for the western half of the city.   PT Kekar Thames Arindo (KTA) was initially a joint venture that was owned 80% by Thames Water and 20% by PT Kekarpola Airindo, the latter of which was a company owned by Sigit Harjojudanto, a son of former President Suharto.  Following President Suharto's resignation in 1998, the City of Jakarta revoked the company's concession agreement.  Months later, the concession was reinstated on the condition that PT Kekarpola Airindo sell its stake in the company.  Thames Water bought out 15% of its partner's holding in June 1998, but was prevented from taking complete control by Indonesian law governing foreign ownership of water resources.  In August of 1998, Thames Water and PDAM Jaya announced their new joint-venture firm PT Thames Pam Jaya (TPJ) owned 95% by Thames while the city-owned firm held onto the remaining 5% stake. In October 2006, a Singaporean consortium, Acuatico Ltd, acquired 95% stake of Thames Water in TPJ. The move is part of Thames’ drive to focus on its investment programme in the UK, and follows the sale of other Thames businesses in Thailand. Acuatico was a Singapore-based company owned by the Indonesian firms PT Recapital Advisors and PT Glendale Partners.   The eastern portion of Jakarta was served by two water treatment facilities: Pulagadong with a capacity of 450,000 cubic meters per day and Biuran with a capacity of 300,000 cubic meters per day.  Under the initial agreement, KTA was required to install 1,100 km of pipes within the first five years and replace 200 km of existing pipeline.  The company was also required to increase the amount of water supply from 98 million cubic meters per year (about 268,493 cubic meters per day) to 168 million cubic meters per year (about 460,274 cubic meters per day) as well as increase the customer base from 2 million to 3.5 million.  Furthermore, the agreement stipulated that leakages were to be reduced from 60% to 35% by the end of the 5th year and below 20% by the end of the 20th year.  The delinquency rate of customers also had to be reduced from 50% to 30% by the end of the fifth year.  The company took over operations and management on February 1, 1998.  The total projected project cost was initially US$260 million in the first five years and Thames was to invest US$72 million for its stake. As part of the concession, the joint venture also assumed the loan obligations of PAM Jaya.  In July 1998, The European Investment Bank (EIB) announced a US$49 million loan to the project.  Due to political difficulties and inflation and currency movements which undermined the value of the original contract, the company and the Indonesian government renegotiated the contract in February 2000.  Under the revised terms, TPJ was to spend US$200 million by 2003 to supply water to the eastern half of Jakarta in return for revised tariffs, greater flexibility in hiring workers from PAM Jaya and direct contracts to purchase water.  Also due in part to the political and financial crises that occurred in Indonesia over the first years of the concession and the contract renegotiations that followed, initial results were mixed. Service coverage was expected to rise from 41% in 1996 to 70% in 2002.  By 2002 coverage was 62% in the Thames concession.  By end 2005, TPJ had reportedly invested Rp 711 billion to finance the installation of big and small water pipes to replace old leaking pipes, some of which were installed by the Dutch in the 1930s.    In the beginning of 2007, TPJ was acquired by Acuatico, a Singaporean consortium which was consisted of PT. Recapital Investment and PT. Glendale. Acuatico pledged to invest US$15 million for TPJ's capital expenditure. TPJ was subsequently renamed into PT  Aetra Air Jakarta.
In 1998, Cathay International Water (CIW), a subsidiary of Cathay International Holdings of Hong Kong, was awarded a 20-year concession contract for the operations and management of the 40,000 cubic meters per day capacity Dongiao water treatment plant in Binzhou city, Shandong Province.  To implement the contract, a joint venture project company was formed between CIW (60%) and the Binzhou Municipality (20%).  The total project cost was US$9.9 million.  The project was given a guaranteed rate of return of 16.5%.  However, in 2002 the Chinese Government ruled that guaranteed rates of return promised to investors for infrastructure projects were illegal and the project was subsequently canceled.
Canoas project consists of two hydro electricity generation units on the Paranapanema River. Companhia Energetica de Sao Paulo (Cesp) started its construction in 1992. The construction was halted in 1995 due to lack of funds, when Canoas was only two thirds finished.  In June 1996 the Companhia Brasileira de Aluminio (CBA), a subsidiary of Grupo Votorantim, won a 50.3% stake in the project and was also obligated to finish its construction.  Cesp holds the concession for Canoas.  The plant was scheduled to start operation in July 1999.  As of the first quarter of 1999 Cesp had invested US$ 300 million in the project.  The completion cost of the Canoas project is US$ 150 million.  Also in 1999, Duke Energy bought Cesp Paranapanema and became the shareholder of the Canoas project (49,7%), with CBA (50,3%) maitaining its stake in the company.   In October 2016, the Chinese company China Three Gorges acquired Cesp Paranapanema from Duke Energy in a transaction worth US$ 1.2 billion.
In 1997 the municipal government of the city of Campana in the Province of Buenos Aires carried a public tender to award a concession contract of the water and sewer services. An Argentine consortium formed by Contreras Hermanos S.A. and ESUCO S.A. won the concession and signed the concession contract on February 1998. The consortium has the technical support of the Berliner Wasser Betriebe (one of the largest water supply and sewerage companies in Germany) and Lahmeyer International (a German engineering firm).   According to the BOT contract, the concessionaire is responsible for the treatment and distribution of potable water; for sewerage collection and treatment; for rehabilitating, maintaining and improving the system, as well as building supporting infrastructure and expanding the network. As of the end of 2004, the company had estimated investments of US$6 million.
In January 1998, the state government of Rio de Janeiro awarded a 20-year concession for the operation and management of the Rio de Janeiro metro to the consortium Opportans concessao metroviaria SA. Opportrans is a partnership between Brazilian Banco Opportunity (51%), through its subsidiary Sorocaba Empreendimentos e Participacoes, the Argentinean Cometrans (40%) and Valia (9%). Opportunity will pay R$292 million (US$ 262 million) for the concession, 921% above the governments' minimum price. Monthly payments start in July 1998, after the opening of line 1 to Arcoverde and line 2 to Pavuna. The concession includes the possibility of an additional 20-year extension. The contract includes the completion of network extensions financed by the state government. Ownership of track and equipment remains with the state government. In the first two years of operation, Opportrans raised the number of subway users by 24%.  In December 2007, an extension of the concession contract was agreed with the state government: the concessionaire would operate the infrastructure until 2038 and was expected to invest US$ 589.7 million(BRL 1150 million) in rolling stock and infrastructure improvement until 2014.  In March 2009, Invepar, an investment fund controlled by the construction company OAS, Previ, Petros and Funcef, took over the control of Metro Rio 9 (Concessão Metroviaria do Rio de Janeiro) for US$ 550 million (BRL 1.1 billion).  In early 2010, this contract renewal was being questioned in courts (the extension occurred prior to the expiration date and there was no competitive bidding).
Fujian Electric Meizhou Wan Phase 1 consists in the construction and operation of a 724MW coal power plant. The main sponsors are InterGen (70%), Lippo Group (25%) and Asian Development Bank (5%). The project will sell its electricity output to Fujian Electric Power Bureau. The total project cost was estimated around US$755 million. El Paso Energy International (now El Paso Corporation) acquired a 25% stake in the project from InterGen, which now owns 45% of the shares in the project company. In 2005 El Paso sold its power projects investment in China to GP China Limited, a subsidiary of Malaysian Genting Group.  Unit #1 entered commercial operations in March 2001 and Unit #2 is scheduled for June 2001.  The project reached financial closure in May 1998 with a US$190 million loan from the Asia Development Bank; a US$76 million term loan supported by extended political risk insurance from Spanish export credit agency Cesce; a US$53 million term loan supported by political and commercial risk insurance from French export credit agency Coface; a US$218 million commercial loan facility and US$30 million working capital facility from a syndicated led by Banque Paribas, Credit Swisse First Boston and Bank of America.   As of November 2002, the sponsors were looking into refinancing the US$566.4m limited recourse facility raised in 1998 and were approaching domestic Chinese banks to replace the loan arranged by BA Asia, BNP Paribas, SCFB and UFJ Bank. The project ran into problems when the local Fujian government sought to lower the tariff rates to about Rmb 0.44 per kWh. The original tariffs agreed upon under the 20-year PPA are believed to be Rmb 0.56 per kwh or 6.7 US cents.
In 1998, Cathay International Water (CIW), a subsidiary of Cathay International Holdings of Hong Kong, was awarded a 26-year contract for the construction and operation of the 400,000 cubic meters per day capacity Dayang water treatment plant in Jinan city, Shandong Province.  To implement the contract, a joint venture project company was formed between CIW (60%) and the Jinan Municipality (40%).  The total project cost was US$30 million.  The project was given a guaranteed rate of return of 14.85%.  However, in 2002 the Chinese Government ruled that guaranteed rates of return promised to investors for infrastructure projects were illegal and the project was subsequently canceled.
A 65%-35% partnership of Reliant Energy (former Houston Industries Energy) and Corporacion Electricidad de Caracas (CEdC) submitted the only bid in the government's sale of Corporacion Electrica de la Costa Atlantica's (Corelca's) distribution units ElectroCaribe and ElectroCosta. Financial closure was reached at Aug. 4, 1998.   The partnership paid $550-million for a 65% equity stake in the companies. This purchase price was derived from the $296 million value of the 35% minority stake the government is retaining, which in turn was derived by deducting the distributors' $750-million debt from RE/CEdC's gross firm value.   ElectroCaribe and ElectroCosta each comprise four of the former departmental systems: the distributors for Atlantica, Magdalena, Cesar and Guajira departments in ElectroCaribe, and those serving Bolivar, Cordoba, Sucre and Magangue departments in ElectroCosta. These distribution systems serve 1.2 million customers. Citibank closed syndication on the uninsured half of the $200-million loan backing HIE's acquisition. The $100-million loan is priced between 350-bp over libor to 440-bp, with a step-up of 50-bp in year two. In 2000, Union Fenosa acquired the shares of Reliant Energy and CEdC in Electrocaribe and Electrocosta. In 2000, Electrocaribe invested US$ 8.1 million in its distribution network.
The project includes the rehabilitation, maintenance and operation of the highways connecting Santo Domingo to Lujan (214 km) and Naranjal to Grabo (70 km). Dragados (part of the ACS Group as of 2003) holds 95.83% of the project company. Financial closure was achieved with loans from the IFC, CAF and Institute de Credito Oficial de Espana.
Khulna Power Company Limited was awarded the construction and operation of a 110 MW barge mounted power plant located near the country's second port of Mongla on the river Bhairab by Bangladesh Power Development Board in 1997.  The project was partially operational by the end of 1998 and fully operational by April 1999. The company sells its electricity output to Bangladesh Power Development Board under the 15 year power purchase agreement.    The IFC approved a $51.9 m A-loan/B loan lending tranche - $29.4 m of this for the commercial syndication and a $3.3 m equity investment.  In addition, in 1999 the IFC approved a US$ 1.3 million interest rate swap facility. The remaining funding was covered by major equity injections from Wartsila's NDS Corporation, Summit Industrial & Mercantile Corporation and United Enterprises. In late 1998, Coastal Power acquired a 73.9% equity stake in Khulna Power Company Limited. As for development bank support, MIGA provided a US$ 29.3 million guarantee to the project company in 1999.  In 2003, the IFC provided the plant with a US$21.59 million syndication.   In 2001, El Paso Corporation acquired Coastal Power along with Coastal's 73.9% stake in Khulna Power Company Limited. In the second quarter of 2008, El Paso Corporation sold its holding in Khulna Power Company Limited.
Major mining company Companhia Vale do Rio Doce (CVRD) won the concession to to expand, rehabilitate and operate the Vila Velha terminal of the Capuaba pier, at the Vitoria port, Espirito Santo state by bidding R$ 29.9 million in April 1998. The total area of the terminal is 102,686 square meters.  It will pay R$ 5 million in cash for the concession and the remainder over the next 25 years in monthly installments of US$ 217,800 (R$ 263,000) to CODESA, the government agency responsible for the Port of Vitoria. The company expects to invest US$ 12.4 million (R$ 15.1 million) during the concession period to expand and rehabilitate the terminal facilities.    In 2009, the company invested US$ 6.5 million in new equipment, increasing the terminal capacity from 310 to 550 thousand TEUs. Between 1998 and 2009, the company invested US$ 32.2 million (BRL 64.5 million) in the facility.
The holding company Jose Rodriguez Banda SA (Jorbsa) won the tender Electro Norte Medio (Hidroandina), the electricity distribution company in the departmentos of La Libertad and Ancash in Nov. 25, 1998. Jorbsa won by offering US$67.8 million for a 30% stake in Electro Norte Medio, the highest bid. The tender included restrictive bidding rules, which aimed at keeping ownership of the utilities in Peruvian hands. The government also offered special financing terms to local companies for the acquisition: 10% down, with the remainder payable over 12 years with a three-year grace period. The privatization scheme obliged Jorbsa to acquire an additional 30% shareholding in the company, after the first year of operations. The privatization scheme also included a 10% stake to be offered to employees, and a 30% stake to small local investors through Peru's citizen participation program.  Electro Norte Medio was one of the four regional electricity distribution companies in the northern and central which were partially privatized under such privatization scheme in Nov 1998. The other three were Electro Norte, Electro Noroeste, and Electro Centro. Jorbsa also won the tender for these three companies. Electro Norte Medio had 140,000 customers in 1998.   Jorbsa committed to reduce system losses by 25% in each of the first two years of operation, and to administer whatever rural electrification programs the government would carried out in the systems' service territories.   In 2001, Jorbsa surrender its ownership stake in the four regional companies to the government after failing to raise sufficient financing the purchase of an additional 30% stake. Jorbsa agreed to give up its ownership interest so the companies could be re-privatized. The government attempted to sell the four regional distribution companies in 2002 and decided to suspend the process indefinitely.  Jorbsa was perceived as a good manager during its three-year ownership term, slashing technical losses and reversing the utilities financial losses to realize a $12-million profit in 2000. During Jorbsa's tenure, customer numbers rose from 839,000 to 1 million, and sales grew to 1,763 GWh in 2001 from 1,527 GWh in 1998.
MTN Swaziland was awarded a 10-year exclusive national license to build and operate a 900 MHz GSM mobile phone network in Swaziland in July 1998. The company started its commercial operations in November 1998.   The company was created as a joint venture between the state-owned Swaziland Posts and Telecommunications (SPTC)(70%) and South African firm MTN (30%).  In December of 2004, King Mswati III of Swaziland purchased a 6% interest in MTN Swaziland through SPTC with Euro 23 million of his personal funds.   The initial phase of the project was estimated to cost US$10 million. The area of service covered 40% of the country and was to be extended over a period of five years to cover 70% of the country.  The exclusive license was awarded on the condition that MTN assume all the costs of building a national mobile network.   In 2005, MTN Swaziland added over 57,000 subscribers, taking its total to 213,000. Its geographical coverage stood at 79% and population coverage at 89%.  The company continued to enjoy a 100% mobile market share.
In 1998, Cathay International Water (CIW), a subsidiary of Cathay International Holdings of Hong Kong, was awarded a 20-year concession contract for the operations and management of a 50,000 cubic meters per day capacity water treatment plant in Binzhou city, Shandong Province.  To implement the contract, a joint venture project company was formed between CIW (80%) and the Binzhou Municipality (20%).  The total project cost was US$6.6 million.  The project was given a guaranteed rate of return of 16.5%.  However, in 2002 the Chinese Government ruled that guaranteed rates of return promised to investors for infrastructure projects were illegal and the project was subsequently canceled.
AES Corp., through wholly owned subsidiary AES Aurora El Salvador Ltd., bid $109-million to acquire a 79.78% equity stake in Compania de Luz Electrica de Santa Ana (CLESA), which serves about 188,000 customers in western El Salvador, in a territory bordering Guatemala and Honduras. The financial closure was reached on Feb. 17, 1999.   CLESA sells about 590 GWh annually and registers peak demand of 130 MW. Energia Global Inc., with DeSola Group and Pantaleon, subsequently bought 16% of CLESA from AES, reducing the AES stake to 63%. The new owners plan to invest some $10-million by 2001 to expand and upgrade the system. ING Capital provided $60 million in debt for the acquisition. In 2000, Zurich US issued a political risk insurance covering AES CLESA US$ 65 million bond issuance (the funds raised from the issuance will be used to retire existing debt and to continue capital investments.
PoltavaOblenergo was partially privatised in 1998. As of March 15, 2002, the company share allocation was the next: the State retained 25.44% ownership in the utility, 74.56% of the shares were sold to various investors (16.13%-under preferential subscription, 6.68 bought at auctions, 15.63% bought at stock exchange, and 36.00% bought via tenders).  In Ukraine, starting in 1998 as an effort to improve payment discipline and the financial solvency of the sector, the first round of privatization of regional electricity distribution companies (oblenergos) took place.  A weak legal framework along with the huge debts accumulated by oblenergos provided an opportunity for Ukrainian investors to acquire substantial shareholdings in some of them at low prices and thus deprived the State of revenues from transparent privatization. In all, seven oblenergos were privatized, which was generally considered sub-optimal as the oblenergos came to be controlled by offshore companies that initially refused to share their cash collections with the bulk power suppliers under a market algorithm in force.  In addition, Government was concerned that investment in these companies had not been forthcoming.   As of 2011 the company's shareholders' were: 72% local investors, 255 state, 3% free floating shares.
Grupo CentroAmericano de Telecomunicaciones (GCA Telecom) became the first-private sector company to provide basic telephony services in El Salvador in 1998. The company obtained its license as part of the telecom deregulation reform in the country which started in 1996. The company awarded a two-year contract to US-based World Access Inc to supply, install, and interconnect the necessary infrastructure equipment for GCA Telecom. The US$20 million contract was for the installment of Wireless Local Loop technology. GCA Telecom planned to provide basic telephony services in 11 regions of the country, serving up to 60,000 subscribers. The company's concession area was formed by regions where the state-owned telecom company Antel or CTE fail to provide services.
Gas Natural Mexico was awarded a concession to distribute gas in Monterrey in Apr. 1998. It also obtained two other distribution concessions: one for Bajio in Jan. 1999 and another for Bajio Norte in Jan. 2000. The main sponsor was Repsol.   The company committed to invest US$184.1 million in its Monterrey's concession area,  US$ 27.1 million in Bajio and US$ 34.6 million in Bajio Norte to develop and expand  the distribution network during the first five years of each concession contract. The consortium commited to achieve a coverage of 685,151 customers by the fifth year (Bajio - 72,384 users; Bajio Norte - 55,715 users; Monterrey - 557,052 users). The company funded  its investment with internal funds.  In 2003 the company committed to invest US$600 million by 2007 to expand distribution capacity.
Reliance was awarded a contract to build, own and operate a 48-MW naphtha-fueled combined cycle power plant in Goa.  A power purchase agreement was signed with the Goa government, but excess power may be sold directly to private consumers.  The government will buy only 39.8 MW of the 48 MW produced.  The US$ 188.5 million project reached financial closure in mid-1998 and commercial operations began in mid-1999.
Port of Singapore Authority (later renamed PSA Corp.) started operating the existing terminals Qingzhou and Taijiang at Fuzhou in May 1998. The joint-venture, Fuzhou Qingzhou Container Terminal (FQCT), was formally launched July 1998 and includes management and operation of the existing container terminals at Qingzhou and Taijing, as well as development and management of a new deep-water terminal outside the Min river. Other development plans for the port are reported to include the addition of 84 meters of wharf length in Qingzhou.   PSA Corp. through their subsidiary, Sealion Hunnan, holds a 34.3% stake, Hong Kong-based company Ranki Development (7.35%) and Pacific Industries and Development Ltd (7.35%) make up the other partners in the joint venture along with the Fuzhou Port Authority (51%).   For the whole of Fuzhou, container traffic was 225,000 TEU in 1997, a 30 per cent increase over 1996. Growth is expected to reach 500,000 TEU by the year 2000. Cargo throughput for 1997 reached 13,7 million tons, growth of almost 10% over 1996. Fuzhou is one of the two ports approved by the Chinese Central Government for cross-straits shipping between China and Taiwan. The relationship between PSA and FPA began in 1993, when CWT Distribution, a company associated with PSA, formed a joint venture with FPA to own and operate a container storage transportation and distribution center in Fuzhou.
Changsha Pan River Energy Industry Company Limited ("the Company") was established in January 1998.  The Company is a joint venture among Panriver Investment Company Limited, China Petrochemical Group and the Changling Refinery Co., Ltd.  Registered capital of the Company is RMB 40m (roughly US$4.8m).  Among activities including wholesale and retail distribution of liquid petroleum (LP) gas, it will also design, construct and operate an undisclosed length of gas pipelines for a period of 30 years.
In Ukraine, starting in 1998 as an effort to improve payment discipline and the financial solvency of the sector, the first round of privatization of regional electricity distribution companies (oblenergos) took place.  A weak legal framework along with the huge debts accumulated by oblenergos provided an opportunity for Ukrainian investors to acquire substantial shareholdings in some of them at low prices and thus deprived the State of revenues from transparent privatization. In all, seven oblenergos were privatized, which was generally considered sub-optimal as the oblenergos came to be controlled by offshore companies that initially refused to share their cash collections with the bulk power suppliers under a market algorithm in force.  In addition, Government was concerned that investment in these companies had not been forthcoming.  PrykarpattiaOblenergo was one of the companies privatised by local investors in 1998. As of March 15 2002, the company share allocation plan was the next: the State retained 25% ownership in the utility, 75% of the shares were sold to various Ukrainian investors (15.63%-under preferential subscription, 5.12 bought at auctions, 19.25% bought at stock exchange, and 35.00% bought via tenders).  In September 2010, through the auction held in August 2010 by the State Property Fund of Ukraine (SPF), the Cyprus-based Zokatitni Enterprises Ltd.(12.5104%) and Miosaria Commercial Ltd (12.5105%) became the owners of the government's stake(25.021%) in the PrykarpattiaOblenergo power  company  stock, purchasing the Kyive-based Magnum Capital Lts, or a 25.021% in OJSC PrykarpattiaOblenergo for US$10.92 million.
Ogden Corporation entered into a joint venture with Talma (Peruvian cargo handling company) to expand and operate a cargo terminal at Jorge Chavez Airport in Lima. Each sponsor holds 50% of the shares of the project company. The cargo warehousing handles 54% of the airport's inbound cargo and 53% of its export cargo; the terminal has a 33,000 square meters of area.
Telgua was created in 1996 from the assets of the state-owned company Empresa Guatemalteca de Telecomunicaciones to provide the basic telephone services (local and long distance) in the country. The company also offered mobile phone services using a PCS license since May 1998. A first attempt to privatized the company was made in 1996 when Telmex offered US$ 529 million for the company. The government rejected Telmex's offer and called for a second option because the offer was lower than the minimum offer required by the government (US$ 700 million).   In a second attempt, the company was privatized in October 1998 when the government sold a 95% stake for US$ 700 million to Luca SA consortium. Telgua was also transferred with US$ 240 million of debt obligations. In 1999, Telmex acquired 49% of the Telgua's holding company. In 2000, America Movil, a spin-off of Telmex owned 92%. By September, 2000, the company had 209,000 mobile phones and over 630,000 fixed lines. Its fiber optic network was of approximately 1200 kilometers.  By 2002 America Movil held 96 percent of the project. By 2002, the company had 628,000 subscribers and 804,000 fixed lines. By 2003, America Movil increased its stake in Telgua to 100 percent. The number of fixed lines increased to 930,000 in 2003.  The wireless arm of Telgua, Sercom, uses GSM capacity for its wireless services. In 2003 Sercom selected Nortel Networks to deploy a nationwide GSM system. The additional capacity, via a 3G wireless network, was expected to triple capacity and allow Telgua to provide fixed wireless telephone services. Sercom had 1.9 million wireless subscribers at the end of 2005.
The project includes the rehabilitation and operation of the highways for a 15-year period. The bidding process was competitive and the award criteria was the quantity of km of highways to be rehabilitated by the sponsors.  Four toll booths will be installed and tolls will be charged in one direction. The estimated traffic flow is 2,800 vehicles per day on each toll station. The project company ownership structure is divided as follows: Bolognesi holds 51% of the shares, MEP holds 24.5% and Polledo, a subsidiary of Benito Roggio e Hijos (Argentina), also holds 24.5%. The sponsors will invest US$ 57 million over the life of the project; the initial rehabilitation works have been concluded and toll rates are already being charged.  At the end of the contract in 2013, the toll road was transferred to a state-owned company that became responsible for its operation.
In 1993, the Brazilian oil and gas company Petrobras, signed a natural gas sales agreement (GSA) with Yacimientos Petroliferos Fiscales Bolivianos (YFPB) which requires the construction of a 1,950 mile (3138km) natural gas pipeline from Santa Cruz in Bolivia through Sao Paulo to Porto Alegre in Brazil. The total cost of the project is estimated at US$ 2,200 million. The governments of Boliva and Brazil are public sponsors for the 20-year take-or-pay contract for phased construction of the line. The Brazilian side of the project is 60% owned by Petrobras and 20% by the consortium BTB which includes BHP, Tenneco Gas, British Gas, and several Brazilian investors. The remaining 20% of the project is owned by a Bolivian consortium in which YPFB owns 60% (or 12% of the Brazilian part of the project) and Enron Corp. owns the remaining 40% (or 8% of the Brazilian part). As of 2005, Petrobras' subsidiary Gaspetro (51%), BHP (29%) and Transredes controlled the majority of TBG. On the Bolivian side of the project, 51% is owned by YPFB and 30% belonged to Enron Corp. The remaining 15% was owned by Petrobras (11.25% of the Bolivian part of the project) and the BTB consortium (3.75% of the Bolivian part). Sociedade Privada de Gas (SPG) is the private company representing the partners in the Bolivian-Brazilian gas pipeline. Petrobras is responsible for overseeing and financing the lion's share of the project on a turnkey basis. The contract called for a completion date of 15 December 1998 and Petrobras faced penalties of $100,000 per day if it failed to meet the dateline. In Jun. 2000, BHP sold its shares in the project company to TotalFina and Petrobras for a profit of US$ 42 million.  Enron, as of 2005, had a stake of 30% in the Bolivian firm Gas Transboliviano SA (GTB) and and 7% in Transportadora Brasileira Gasoduto Bolivia - Brasil SA (TGB). Enron was in the midst of liquidating its operations and distributing its assets to its creditors.  The IADB granted a US$ 240 million loan, while the IBRD provided a US$ 130 million loan, both in the end of 1997. CAF provided two loans to the concessionaire: US$ 215 million in the end of 1997 (US$ 100 million to finance the main pipeline in Brazil, US$ 30 million to finance the construction works in the section between Campinas and Guararema, and US$ 85 million to finance the main pipeline in Bolivia); and US$ 80 million in 1998 (additional funding for the main pipeline in the Brazilian side). Also in 1998, the EIB granted a US$ 60 million loan. The project finally reached financial closure in December 1998 and it started to operate in February 1999. The World Bank's Multilateral Investment Guarantee Agency (MIGA) signed a US$ 14.6 million guarantee contract in 1999 to provide insurance against political risk. In Dec. 2000, the World Bank approved a US$ 180 million credit guarantee for a placement of notes in the US capital markets by the project company (Transportadora Brasileira Gasoduto Bolivia-Brasil SA). This guarantee covers 100% of the amortizing principal repayment.   As of December 2007, Ashmore Energy International Controlled Enron's share in the Company.
PPN Power Generating Company was established to build and operate a 330-MW naphtha and gas power plant in Pillaiperumalnallur, Tamil Nadu. PPN Power Generating Company was promoted by local partner Apollo Infrastructure Projects Finance Company, which held a 28 percent equity stake. The project’s other equity partners were Marubeni, the equipment supplier (26 percent), El Paso Energy (26 percent) and PSEG Global Inc(20 percent). In the first quarter of 2005, Apollo Infrastructure Projects Finance Company increased its stake in PPN to 54% after it purchased El Paso Energy's 26% shareholding.  The project, whose total cost was US$328 million, reached financial closure in the fourth quarter of 1998. The company commenced commercial operations in April 2001 and will sell its electricity output to Tamil Nadu State Electricity Board under a 20 year purchasing power agreement.. The project was the first in the Tamil Nadu State with escrow coverage that back stop payments by the board.
This 639-MW power plant project will be the first one in Brazil fueled by Argentinean natural gas. A contract was awarded to AES Corp. to build, own, and operate the facility in April 1997. The estimated cost of the project was US$ 320 million which would be partially project-financed. The sale contract also included a 20-year purchase power agreement for 500-MW with Companhia Estadual de Energia Electrica (CEEE). AES was planning to reserve the additional 100-MW of capacity for sale outside the contract terms.   In July 1998, the IADB approved a US$ 132.8 million loan to AES Uruguaiana (US$ 75 million direct loan and US$ 57.8 million in syndication). The remaining project cost has been financed as follows: US$ 150.3 million in equity from the sponsors; US$ 66.4 million in loan from the Brazilian development bank BNDES; US$ 122.3 million internal cash generation; and US$ 28 million subordinated debt. Construction works were underway, as of 1999 and the plant started its commercial operation in 2000.  After interim debt restructuring in 2002, AES was unable to meet payment for its scheduled maturities and in early 2003 their loans to BNDES entered in default (US$1.2 billion). After several months of negotiations with BNDES, a restructuring plan - a debt-for-equity deal - was proposed whereby a new holding company, Brasiliana Energia S.A., would comprise AES 50.01% of common shares and BNDES 49.99% common shares and non-voting preferred shares (resulting in BNDES holding 53.84% total equity of Brasiliana Energia S.A.). The agreement called for the transfer of AES' stakes in AES Uruguaiana, AES Tiete and Eletropaulo to the holding company Brasiliana Energia and an AES payment of US$90 million in cash upon signing the agreement. In December 2003, BNDES and AES group signed a restructuring agreement and the transfer of AES Uruguaiana to the holding Brasiliana happen in January 2004. As of January 2004, AES was holding 46% of the total capital of AES Uruguaiana.   In April 2009, AES decided to shutdown the operations of the power plant, and the natural gas supply agreement signed with the Argentine company YPF was not upheld.
The project includes the construction and operation of a 32-km toll road. New World Infrastructure holds 60% of the project company's shares, while 40% is held by a state-owned enterprise. The road has dual two lanes and one two-way toll collection. The expected traffic flow is 25,000 vehicles per day. Operation of the toll road is expected to start in July 2000 (the concession period is 30 years beginning from the start of operations). Financial closure was achieved with the sponsors own resources. Both the national and the provincial government provide tax incentives. As of December 2002, New World had disposed of share in the project, leaving the road non-operational. The disposal of shares was decided to improve liquidity of the corporation.
The holding company Jose Rodriguez Banda SA (Jorbsa) won the tender for Electro Norte, the electricity distribution company in the departmentos of Cajamarca, Amazonas and Lambayeque in Nov. 25, 1998. Jorbsa won by offering US$22.1 million for a 30% stake in Electro Norte, the highest bid. The tender included restrictive bidding rules, which aimed at keeping ownership of the utilities in Peruvian hands. The government also offered special financing terms to local companies for the acquisition: 10% down, with the remainder payable over 12 years with a three-year grace period. The privatization scheme obliged Jorbsa to acquire an additional 30% shareholding in the company, after the first year of operations. The privatization scheme also included a 10% stake to be offered to employees, and a 30% stake to small local investors through Peru's citizen participation program.  Electro Norte was one of the four regional electricity distribution companies in the northern and central which were partially privatized under such privatization scheme in Nov 1998. The other three were Electro Noroeste, Electro Norte Medio, and Electro Centro. Jorbsa also won the tender for these three companies. Electro Norte was the smallest system with 140,000 customers in 1998.   Jorbsa committed to reduce system losses by 25% in each of the first two years of operation, and to administer whatever rural electrification programs the government would carried out in the systems' service territories.   In 2001, Jorbsa surrender its ownership stake in the four regional companies to the government after failing to raise sufficient financing the purchase of an additional 30% stake. Jorbsa agreed to give up its ownership interest so the companies could be re-privatized. The government attempted to sell the four regional distribution companies in 2002 and decided to suspend the process indefinitely.  Jorbsa was perceived as a good manager during its three-year ownership term, slashing technical losses and reversing the utilities financial losses to realize a $12-million profit in 2000. During Jorbsa's tenure, customer numbers rose from 839,000 to 1 million, and sales grew to 1,763 GWh in 2001 from 1,527 GWh in 1998.
Gruzgaz was a natural gas distribution company which supplied gas between regions through its 12 subsidiary companies. Until 2000, Gruzgaz, inter-mediated gas deliveries from Itera, the sole gas supplier to Georgia, to Tbilgaz.  Initially called, Intergaz, the company was a set-up in 1997  by  Interpak (50%), a Georgian-British company registered in Tbilisi and private investor, Robert Bezhuashvili.  Interpak was owned by the Georgian company Kledari Ltd. (20%) and  "Channel International Ltd (80%). By 1998 it had acquired controlling interest in 12 gas distribution companies in the region of Kvemo Kartli.  In October 1998, Intergaz was re-named as "Gruzgaz" and Bezhuashvili sold his stake to Itera. At the end of 1998, the shareholders of Intergaz were Interpak (50%), Itera International (40%), and Itera Georgia (10%).  The ITERA group of companies, which was the sole the supplier to Georgia, acquired a 100% interest in the company in September 2001 by purchasing 505 stake from Channel International Ltd.
Bhotekoshi Power Company Ltd. developed the 36MW Bothekoshi hydropower plant in Sindhupalchowk, Nepal. The project consists of 2 22MW Francis turbines. The project generates 246 GWh annually. The owners of the project are reported as: Himal International Energy Pvt. Ltd.; Himal International Power Corp Pvt. Ltd.; Tara Fund Pvt. Ltd.; RDC of Nepal, which in turn is jointly owned by MWH International, Inc (MWH) and Harza International Development Company, LLC (Harza), both from the United States.  The project was commissioned in January 2001. Construction started in 1997. The PPA the project holds with NEA allows for 36MW to be exported to the grid. Under the 25 year PPA with NEA, 25% of the equity will be transfered to NEA upon completion of the contract for 1 Rupee. The PPA was signed in July 1996.      Total cost was estimated at US$98 million. Financial closure date was unknown, but ESTIMATED at September 1998 based on 25% rule.   The coordinates of the project were: 27°56'20?N 85°56'42?E
In January 1998, ProInversion, the Peruvian privatization agency, granted to Consorcio Transmantaro a 33 year contract to design, build and operate a 750-kilometer, 300 MW transmission line to link Peru's northern and southern electricity grids (Etecen and Etesur respectively). The line was to stretch from the power station in Mantaro (East of Lima), to Socabaya, near Arequipa in southern Peru.   The contract was granted through an international competitive tender in which three qualified bidders submitted final bids. Consorcio Transmataro won the contract by offering the lowest construction and operation cost: US$179 million. The other bidders offered US$242.4 million (Italian Enel) and US$243 million (British National Grid Company).   The contract with Consorcio Transmataro was signed in Febreary 1998 and construction work began soon. The transmission line became operational in October 2000. Initially Consorcio Transmataro was owned by Canadian Hydro-Quebec (80%) and Peruvian Grana y Montero (5%) while state-owned Etecen held a 15% stake. The latter share was required by the BOT contract.  In early 2006, a joint venture between Colombian Interconexion Electrica SA (ISA) and Empresa de Energia de Bogata (EEB) bought Hydro-Quebec and Grana y Montero shares in Consorcio Transmataro. In mid 2006, ProInversion sold Etecen’s 15% stake in the project through a public tender to Consorcio Transmataro for US $17.7 million. By end of 2006, ISA owned 60% of the shares in Consorcio Transmataro and EEB 40%.
ArmRosGazprom was formed from the existing natural gas transmission and distribution assets in Armenia. The company was created as a joint venture among Russian Gazprom (45%), Ukraine Energy Export Company Itera (10%) and the government of Armenia (45%) in December 1998. ArmRosGazprom was licensed to transmit and distribute natural gas in the country, maintain and overhaul existing pipelines, build new ones, and handle the transit of Russian gas via Armenia to third countries such as Turkey and Israel. ArmRosGazprom started its commercial operations in December 1998 with an initial capital of US$270 million.  In March 31, 2006 Gazprom and the Government of the Republic of Armenia signed a 25-year agreement which laid out the principles of Gazprom's participation in gas and power projects in  Armenia. According to the agreement Gazprom planned to increase its stake in ArmRosGazprom.  Gazprom became the majority shareholder in ArmRosGazprom in March 2007, when it increased its stake via a capital increase and share purchase to 57.6%. As of end of 2007, the shareholders of or ArmRosGazprom were Gazprom (57.59%), the Armenian Energy Ministry (34.7%) and Itera (7.71%)  Through a series of further capital increases and share purchases that took place in 2008 and 2009, Gazprom increased its stake in ArmRosGazprom to 80%, while the government's stake declined to 20% and Itera sold all of its holdings.   The funds from these capital increases were to be used to build the fifth block of Hrazdan power plant which had started in the 1980 but stopped after the fall of the Soviet Union.
Kaman Paygon BOT Project consisted of Strengthening of Chinchoti Naka - Kaman - Paygaon - Bhiwandi Road ( SH No. 4 ) Km from 0/00 to 22/600 in Vasai and Bhiwandi Talukas, Dist : Thane with Private Financing and Toll Collection on Build, Operate and Transfer (BOT) basis. The total length was 22 km. The project was awarded by Public Works Department on behalf of Government of Maharashtra to IRB Infrastructure under a 15 year concession contract including 24 months of construction period. The concession contract was signed in December 1998 and the starting period (construction) was also December 1998. The construction phase was completed in March 2000. The concession period was to end in December 2013. However, Pursuant to a notification from the Government of Maharsahtra dated November 16, 2009, the concession agreement was terminated and our right to collect toll was rescinded with effect from November 23, 2009.  The project cost was estimated to be INR 144 Millions (US$3.5 million). The project reached financial closure in December 1998 with a loan from Dombivli Nagari Sahakari Bank Ltd and Kalyan Janata Sahakari Bank Ltd.
With its partners Edison International SpA (Italy), the local Orascom Construction Industries (OCI)and Middle East Gas Association, British Gas International (Egypt) signed a 25-year franchise with the State Egyptian General Petroleum Company in 1998 to build an initial 500 km-gas pipeline from South of Cairo to Asyut in two phases worth $220 million investment.  The consortium formed a new company called Nile Valley Gas Company (NVGC), which will develop the transmission and distribution network for industrial customers and initially 20,000 domestic homes in the Beni Suef area.  The first phase, which has extended a pipeline from South of Kuimat to Bei Suef was completed in 1998.  British Gas Plc holds 37.5% of NVGC through British Gas Netherlands BV.  Edison International Spa, a subsidiary of Edison Spa, the Italian energy holding company of the Montedison Group, also holds 37.5%. Orascom for Investment and Development SAE holds 20% interest and the privately owned Egyptian Investment Company Middle East Gas Association has 5%.  The franchise is the first of its kind in Egypt to offer private sector companies the role of providing gas to areas without a supply.
The Guatemalan group Secacao developed three small hydro power plants located at Trece Aguas River and Choloma River (total capacity of 33.3 MW). Each power plant was assigned its management to special purpose companies as listed below:  * Secacao (19 MW) - Hidroelectrica Secacao S.A. * Candelaria (4.6 MW) - Hidroelectrica Candelaria S.A. * Choloma (9.7 MW) - Hidroelectrica Choloma S.A.  Secacao power plant commenced operations in 1998, while Candelaria power plant was commissioned in June 2006 and Choloma power plant in December 2011. The investment commitment to each power plant was: Secacao power plant: not available; Candelaria power plant - US$ 6.5 million; Choloma power plant - US$ 24 million.  Candelaria and Choloma power plants requested carbon credits in 2006 and  2011.
In May of 1998, Cheung Kong Infrastructure (CKI) of Hong Kong was awarded an 18-year concession contract for operating and upgrading two water treatment plants in Yueyang City, Hunan Province.  Each water plant had a water processing capacity of 200,000 tons per day for a total processing capacity of 400,000 tons per day.  One of the plants began operating in 1988 while the other facility commenced in 1994.  Yueyang was one of Hunan's largest cities, with a population of about 5 million.  To implement that contract, the Yueyang Kai Yuan Water Supply Company was created as the project company which was owned by CKI (49%) and the state-owned Yueyang Running Water Corporation (51%).  CKI paid RMB 73.5 million (US$8.9 million) for the 49% stake.  The total project cost was US$18 million.   In August of 2003, CKI sold its interest in the Yueyang Water Plants back to the local government for a capital gain of HK$11 million.
Bhiwandi Wada BOT Project consisted of Improvement, Strengthening and Black Topping of Bhiwandi Wada Road (S.H. 35) Km 0/645 to 18/000 in Taluka Bhiwandi with Private financing and toll rights on Build, Operate and Transfer (B.O.T.) basis. The total length was 18 km. The project was awarded by Public Works Department on behalf of Government of Maharashtra to IRB Infrastructure under a 10 year and eight moth concession contract including 12 months of construction period. The concession contract was signed in January 1998 and the starting period (construction) was also January 1998. The construction phase was completed in February 1999. The concession period ends in September 2008.  The project cost was estimated to be INR 94.5 Millions (US$2.3 million). The project reached financial closure in January 1998 with a loan from IDBI Bank Ltd and Dombivli Nagari Sahakari Bank Ltd.
In December 1997, the Government of the state of Rio de Janeiro awarded a 25 year concession contract to a consortium comprising several construction and engineering companies to rehabilitate and operate the water and sewage services of three municipalities in the state of Rio de Janeiro. The concessionaire, Aguas de Juturnaiba, was to provide water and sewerage services to a population of 100,000 (since it is a tourist area, the population doubles during the summer) in the municipalities of Araruama, Silva Jardim and Saquarema, in the dos Lagos region.  Aguas de Juturnaiba, was a special purpose vehicle (SPE –Sociedade de Proposito Especifico) formed by ERCO Engenharia, Cowan, Queiroz Galvao, Developer SA, Trana Construcoes Ltda (part of EIT –Empresa Industrial Tecnica- group) and Carioca Engenharia.  The concessionaire was expected to invest US$65.2 million (72.94 million reals) during the life of the concession.   Aguas de Juturnaiba is a member of grupo Aguas do Brasil, which operates three other concessions through Aguas de Niteroi, Aguas do Imperador and Aguas do Paraiba.  Aguas de Juturnaiba started the rehabilitation works in January 1998, and the operation started in March 1998.
In June 1998, the government of Morocco (via the Interior Ministry) awarded a 30 year concession for the rehabilitation, operation and management of water, sewerage, and electricity services in the Rabat region to the Portuguese-led Regie de distribution d’Eau & d’Electricite de Rabat-Sale (Redal) Consortium. The concession area covered Rabat, Sale, Temara and small urban and rural communities in the area which initially included 1.7 million people (a figure that was expected to double during the concession period) and about 200,000 customers.   The consortium comprised: Electricite de Portugal (30%), Pleiade (a Portuguese civil engineering company) (30%), Urbaser (a subsidiary of Grupo Dragados) (30%), and Alborada of Morocco (10%).  On October 23, 2002, Vivendi Environnement (VE) took over the 30-year concession contract, buying up the shares of the original consortium for a final purchase price of US$88.8 million.  Vivendi then owned 51% of Redal with the balance owned by Compagnie Marocaine des Services à l’Environnement (CSME), the subsidiary company which managed Vivendi’s business activities in Morocco. Vivendi Environnement changed its name to Veolia Environnement in May 2003.   The concessionaires planned to invest about 14 billion dirhams (US$1.37 billion) over the life of the contract. Of this investment total, six billion dirhams would be devoted to the clean-up of liquid waste, 3.8 billion dirhams to water and 4.2 billion for electricity. This was to involve the construction of new wastewater facilities, electricity cables, and water treatment plants. The contract included a commitment to link 20,000 houses to the power network and 15,000 to the water supply during the first five years of the agreement. Water and electricity tariffs were expected to be frozen for the first 12 months following the final agreement, after which they were to be revised if the rate of inflation exceeded 3%.  In July 2004, Redal signed an agreement for a Eur 220 million ($268.2 million) loan to finance a four-year development program. Six local banks extended the 15-year paper, with Banque Marocaine pour le Commerce & l’Industrie (BMCI) and Banque Marocaine du Commerce Exterieure (BMCE) acting as mandated lead arrangers.  The government was initially dissatisfied with the performance of the Portuguese-led consortium and the 2002 sale of Redal to Vivendi was the result.  The government complained that the former shareholders were late in fulfilling their contractual obligations and had customer service issues.  By mid 2004, however, wastewater plants and transmission systems had been upgraded, water connections were strengthened and extended, and water and electricity meters had been installed in every household.  The company was still not profitable, but hoped to be by the end of 2006.
Gerasul is the first federally-owned Brazilian generation company to be privatized.  Gerasul was created in 1997 when Eletrobras' subsidiary Eletrosul was unbundled.  It is the largest generator in southern Brazil.  The company's generation capacity is split between hydro (75%) and thermal (25%) facilities.  Three sites of 1,110 MW capacity in total were under construction in 1998.  Gerasul is located in the state of Santa Catarina, and it serves distribution companies in the South, including Celesc, CEEE, AES Sul, Rio Grande Energia, Enersul and Furnas under a 9-year power purchase agreement with them.  On September 15, 1998, Tractebel acquired 42 percent of Gerasul's total capital as a sole bidder for US$ 802.1 million.  Tractebel provided its own financing.  In December 1998 Tractebel acquired additional 9.06% of Gerasul's stock from the Government of Brazil for US$ 79.48 million.  The cost of the additional purchase of shares is undisclosed.  As of June 18, 1999 Tractebel owns 70.28 percent of Gerasul's total capital that constitutes a 77.27% voting share.   In January 2000, a total of US$ 0.2 million was raised in divestiture revenues with a sale of shares in Gerasul to the company's employees.  In February 2002, Gerasul had its name changed to Tractebel Energia. In the same year, the company concluded works on three power plants: Machadinho (450MW), Arjona (expanded from 148 to 222MW) and Cana Brava (450MW), located in Rio Grande do Sul, Mato Grosso do Sul and Goais, respectively.   In 2003, Tractebel Energia concluded the Lages co-generation plant in Santa Catarina (28MW). The total investment ammounted US$26.6 million (R$80 million), of which US$16.3 million (R$49 milliom) were provided by the Brazilian Developement Bank, BNDES.  In June 2004 Eletrica Jacui SA (Elja) bought 33.33% of Jacui from Tractebel and in August 2005, Tractebel Energia sold the remaining 66.67% stake in the Jacui coal-fired project to Elja.  In 2007, Tractabel Energia signed a loan for the Sao Salvador Hydroelectric plant, a 100% subsidiary, which significantly increased their capital expenditures for that year. In a joint venture, they also recieved financing for the Estreito Hydroelectric Power Plant, which was recorded as project 4818.  In July 2008, Tractebel Energia S.A. acquired Hydropower Energia S.A. (PCH Jose Gelasio da Rocha) and Tupan Energia Eletrica S.A. (PCH Rondonopolis) both subsidiaries of the Brazilian company Arcadis Logos Energia, project #5577. This transaction´s total cost was estimated in US$ 116.8 million (BRL 213.9 million). The power plants have signed power purchase agreements with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies).  In 2009, the company was granted a US$ 48.15 million (BRL 96.3 million) loan from BNDES and issued bonds amounting US$ 500 million (BRL 1 billion.)
In November 1998, the Mexican government sold a 15% stake of Aeropuertos del Sureste (Asur) to Inversiones y Tecnicas Aeroportuarias (ITA) for US$120 million (1.17 billion pesos). Asur was incorporated as a wholly-owned entity of the federal government in 1998 and was granted a 50 year concession contract to operate, maintain and upgrade nine airports in the southern region of Mexico (Cozumel, Huatulco, Merida, Minatitlan, Oaxaca, Tapachucla, Veracruz, and Villahermosa). At that time, the nine airports had on average 10 million passengers per year, equivalent to 18% of the airport system total traffic  (more than 6 million passengers passing through Cancun Airport).  In 1998, ITA was a consortium formed by Danish Copenhagen Airports AS (25.5%), Suez’s subsidiary Groupe GTM (24.5%), Mexican Tribasa S.A. de C.V. (25.5%), and Cintra (24.5%), a subsidiary of the Spanish company Grupo Ferrovial SA. But by 2005, ITA was owned by Copenhagen Airports AS and Fernando Chico Pardo. In Sep. 2000, the government sold 74.9% stake in Asur through an international public offering (IPO) placed in both New York Stock Exchange and Mexican Stock Exchange, raising a total of US$ 335.8 million. No single investor was allowed to hold more than 10% of the company. ITA retained management responsibility but did not control the board of directors.  Under the privatization scheme, the share of ITA consortium was restricted to a 15 percent share of Asur with the remaining shares to be publicly sold later. However, ITA was ensured the control of Asur through a 15 year technical-assistance agreement which granted to ITA the management and consulting services to Asur in exchange for a fee. The technical-assistance agreement could be renewed for another 15 year. ITA consortium started operating the airports by December 1998.   Under Asur’s concession contract, the company was required to submit an updated master development plan for approval by the Secretary of communications and Transportation (STC) every five years. Each master development plan covered a fifteen-year period and includes investment commitments for the regulated part of our business (including certain capital expenditures and improvements) for the succeeding five-year period and investment projections for the regulated part of our business (including certain capital expenditures and improvements) for the remaining ten years. Once approved by the STC, these commitments became binding obligations under the terms of our concessions. Committed investments were minimum requirements. In July 200, STC approved the first master plan. And in December 2003, it approved the master development plans from January 1, 2004 to December 31, 2008.
Tri-Energy Co Ltd was established to build and operate a 700 MW combined cycle gas fired power plant in Ratcha Buri. The company is owned by Ban Pu Coal (37.5%), Texas Global Gas and Power (37.5%), and Edison Mission Energy (25%). The company signed a 20-year power purchase agreement with EGAT. The company closed on US$467 million of long-term project financing in July 1998. The company planned to start its commercial operations in May 2000.  As of September 2002, the company's attempt to refinance US$274 of debt had failed. Japanese and Thai lenders, as well as Citibank and one other lender, was involved in the swap party.  In August 2003, the local private generating company Ratchaburi Electricity Generating Holding (Ratch), formally agreed to buy Banpu's 37.5% interest in the Tri Energy Company (Teco) for 2.1bn baht (US$50.2 million) in cash.
In February 1998, Linea Coahuila-Durango SA de CV won a 30-year concession for the operation of the 711 km short-line freight railway between Coahuila and Durango. Linea Coahuila-Durango is a partnership between the steelmaker, Grupo Acerero del Norte, and the silver mining company, Industrias Penoles. The concession contract requires the company to allow others to provide a passenger service on the line if viable. The sponsors paid US$ 23 million for the concession rights and will invest US$ 20 million over the next five years.
Banpu was awarded the rights to build, lease, and operate a general cargo terminal located at the Laem Chabang Port in May 1996. The construction works started in 1998 and were completed in 1999. A total of US$ 27.4 million was invested in setting up the terminal. The concession was granted for a 25-year period, extendable for another 5 years. The facility will serve the country's export industry and will be able to simultaneously accommodate up to 2 ships with up to 70,000 tons each.
International Container Terminal Services, Inc. (ICTSI) in March 1998 won a 30-year contract to operate the Rosario Port in Argentina (excluding the grain terminal). US$146 million was to be paid over the life of the contract while US$76 million was to be used for additional investments. The port was to be upgraded in order to handle containers, vehicles, and refrigerators. The Port of Rosario was composed of two terminals, Terminals 1 and 2. Both terminals occupied 66 hectares with a 1,500-meter berth. The port had experienced an increase in cargo traffic; in 1994, the port handled 1,186,298 tons while in 1995 and 1996, volumes exceeded 2.6 million tons. The port was formally turned over to Puerto Rosario S.A. on June 2, 1998.   Labor strikes in 1998 and 1999 rendered the port practically inoperable.  In April 2000, the government cancelled the concession contract it had signed with ICTSI, alleging that the private sponsor failed to meet concession payments and had fired a large number of workers.   The government granted a new concession contract in 2001. In October 2001, a Spanish-Argentinean consortium won the contract to operate the terminal at Rosario port over a 30-year concession.  The consortium was made up of Spain's Tarragona Port Authority, Argentina's SGA, Fruport, Losster Company, Naviera del Odiel, Silos de Tarragona and Obrascon Huarte Lain.  The consortium agreed to pay Euro168,283 per month to operate the terminal (about $2 million annualized). It invested $4.9 million in 2002, and under the terms of the concession, was to invest at least 1.8 million Argentina Pesos (in 2002, about US$ 500,000) annually in the port.
On July 7, Grupo Tribasa SA led the consortium that won the final round of bidding for the 50-year Ferrocarril del Sureste concession for the operation of freight transport on Mexico's southeastern railway network. This is the second of three concession contracts to operate freight services on Mexico's national network. To prepare for these private concessions National Railways of Mexico (FNM) divided the national network into three regional systems, a terminal company serving greater Mexico City, and the Chihuahua-Pacific short-line network. Grupo Tribasa, a Mexican construction and toll-road company, and Inbursa (Grupo Carso) bid US$ 322 million (2.89 billion pesos) for the concession, outbidding the Illinois Central Railway consortium's offer of 1.17 billion pesos.   The private sponsors will invest US$ 278 million in the first five years of the concession with the rehabilitation works. The 1,488 km southeastern network connects Mexico City to the gulf ports of Veracruz and Coatzacoalcos. The project company was named Ferrosur. As part of the concession, the sponsors obtain a 25% stake in the Mexico City terminal company (25% shares are held by the other freight concessionaires). The private sponsors made its final payment to the government in mid-December 1998 and officially took control of the railroad. Tribasa has decided to operate the railway itself. It is attempting to persuade Volkswagen to use the railway to transport vehicles from its plant to Mexico City.   In 1999, Grupo Carso, through its subsidiary Frisco, acquired Tribasa's 67% stake in Ferrosur for US$ 330 million (US$ 73 million in cash to Tribasa and US$ 237 million in liabilities assumed by the group).  In November 2005, Grupo Mexico announced it would buy 100% of Ferrocarril del Sureste (Ferrosur) for US$309 million (2,600 million Pesos), pending approval from Comision Federal de Competencia (CFC -Mexico's antitrust comission). A proposed merger between Ferromex and Ferrosur was rejected in 2002.
New World Infrastructure acquired a 70% stake in the project company in August 1998 (the profit sharing ratio is NWI with 55% and the Chinese state-owned parties with 45%). The project involves the upgrading and operation of the toll road for a 21-year period. The dual two-lane highway has a 23.84-Km length and one toll booth. The expected traffic flow is 50,000 vehicles/day.
Saltel is one of the small telephone companies that provides local and long distance phone services in El Salvador. The company was awarded its concession in January 1998 as part of the telecom deregulation process in El Salvador. Saltel SA de CV was mainly owned by Mexican Protel. The company started its commercial operations in March 1998. The company invested US$ 2 million in its infrastructure in its six months of operations. The company became a subsidiary of multinational PPL Corporation. Up to 2002, it invested $15 million to roll out its telephone, broadband, wireless, internet systems.
MTN Uganda was awarded a 15-year license to operate Uganda's second national telecommunications network in January 1998. The license, known as Second Network Operator (SNO), covered a broad range of telecommunications services including basic voice, data, and mobile. MTN Uganda, which won the SNO license through a competitive auction, offered US$5.6 million. The license was granted as part of the process of liberalization in the telecom industry aimed at opening up competition with state-owned Uganda Telecommunications Limited (UTL).   MTN Uganda was a consortium integrated by South African MTN (52%), Telia Overseas AB of Sweden (32%), Investco Uganda (3%), and Tristar Investment of Rwanda (13%). In 2006, MTN Group Limited increased its stake in MTN Uganda to 97%.  The consortium committed to install a minimum of 89,000 lines by its fifth year of operation. In addition, the consortium had planned to operate a mobile network. MTN Uganda started its commercial operations in October 1998 with an installed capacity of 80,000 lines.   In 1999, the company secured a US$35 million financing arrangements through a US$10 million bond, the first private instrument on the Uganda stock exchange, and a Uganda-Shilling-denominated syndicated loan of YS$14 million provided through Barclays Capital, Development Finance Company of Uganda, East African Development Bank, Standard Bank and Standard Chartered.  Ericsson of Sweden was providing the equipment.    MTN Uganda announced in May 2003 that it would expand its mobile network with a US$19.1 million injection.  Some US$17.4 million of that came from a loan it obtained from Standard Bank's local unit, Stanbic, and Denmark's Landesbank Schleswig Holstein Girozentrale earlier in May 2003. The cash was to be spent on Ericsson's network infrastructure.   In the basic service market, MTN Uganda competed with the UTL, whose divestiture began in 1999 with the sale of a 51% stake. In the cellular market, MTN Uganda competed with Celtel and UTL Telecel.  At 31 December 2005, mobile subscribers stood at 982,000 and fixed-line subscribers at 17,000, showing increases of 26% and 54% respectively year-on-year.  MTN Uganda’s mobile market share declined slightly during the period from 66% to 63% with total market share (including fixed-line) at 62%.  MTN held 96% ownership by 2011.
Compania de Telecomunicaciones de El Salvador (CTE) was one of the two companies in which the assets of state-owned company Anatel were divided for their privatization. CTE included the entire fixed line network of Anatel and 20-year concession to run a 1900 Mhz PCS concession. The other company was International de Telecomunicaciones (Intel) which was formed to operate the country's Band-B concession for cellular phone services and some other assets of Anatel. CTE had 570,000 fixed line subscribers, and 164,000 mobile subscribers by December 2000.   The company was privatized without any exclusivity rights because the telecommunications sector was already open to competition. Like Intel, CTE was privatized through an international competitive bidding in July 1998 when a 51 percent stake was sold for $275 million to a consortium led by France Cable and Radio, a subsidiary of France Telecom. The consortium was also integrated by Super Selectos distribution chain, Banco Agricola, Telecorporacion Salvadorena, and airline Taca. The government would offer a 10 percent stake to the employees. Another 14% were set to be offered through the local stock exchange in February 2001. The government would retain the remaining 25 percent stake. In 2002 the ownership consisted of 51 percent France Telecom, 43 percent Government of El Salvador, 6 percent employees of GTE. In 2003 America Movil acquired France Telecom's 51 percent share in CTE for US$417 million. In December 2004, the sponsor America Movil acquired additional shares from the government, bringing their share of project ownership to 94.9 percent. America Movil paid US$294.9 million for the additional shares.
Reseau Cellulaire de Telecomunication or Rectel was awarded a license to provide mobile phone services in Haiti early 1998. The company, which was owned by local investors, installed a 1,000 line network in 1998 to cover the Western and Central regions. The company launched its commercial operations in December 1998.  Rectel was taken over by SOE Teleco. The date of the acquisition in unknown.
Norte Brasil Telecom (NBT), formely Tele Centro Oeste/Inepar, was awarded a 15-year concession to provide cellular phone services through the B band (800s MHz) in area 8 in November 1998. The area 8 comprised the states of Amazonas, Roraima, Amapa, Para and Maranhao. The Brazilian telecommunications market was divided in 10 areas in 1996 in order to assign licenses for cellular phone services. In each area, the B band was assigned to a private consortium through a competitive bidding and the A band was assigned to the state owned company that provided local fixed phone services in the concession area. Tele Norte Celular, the competitor of NBT, was privatized in August 1998.   The area 8, the last of the 10 areas awarded, was granted to the consortium Tele Centro Oeste/Inepar in the third attempt due to the lack of interest of companies in the previous two attempts. There was no minimum price required for the license, but the operator had committed to offer services to regional cities above 200,000 inhabitants within 12 months and for cities of 100,000-200,000 within 24 months. Tele Centro Oeste/Inepar committed to pay US$ 52 million (R$60.55 million) in license fees. Tele Centro Oeste/Inepar paid 40% of its license fees at the signature of the concession contract. The 60% remaining had to be paid in three equal installments during the first three years of the concession contract.  Tele Centro Oeste/Inepar was a consortium led by Tele Centro Oeste Participacoes (50%) and Inepar S.A. (50%).  In 1999, Tele Centro Oeste Participacoes acquired from Inepar 45% stake in the consortium Tele Centro Oeste/Inepar, increasing its stake to 95% and acquiring corporate control. After the transaction, the consortium Tele Centro Oeste/Inepar had its name changed to Norte Brasil Telecom S.A. (NBT).  In April 2003, Telesp Celular Participacoes acquired 61.10% of the voting capital of Tele Centro Oeste Celular Participacoes, including the purchase of NBT, for aproximately US$501.6 million (R$1,505 million). Since the acquisition, NBT has been operating under the brand name "Vivo". As of December 2003, NBT was a wholly owned subsidiary of Tele Centro Oeste Participacoes, which is in turn a subsidiary of Telesp Celular Participacoes.  On February 22, 2006, the respective shareholders’ meetings of Telesp Celular Participações SA (TCP), Tele Centro Oeste Celular Participações SA (TCO), Tele Sudeste Celular Participações SA (TSD), Tele Leste Celular Participações, SA (TBE) and Celular CRT Participações SA (CRTPart) approved (i) the merger of TCO in order to convert it into a wholly owned subsidiary of TCP and (ii) the merger of TSD, TBE and CRT Part into TCP. As of March 26, 2006, TCP was the sole surviving company of these mergers and subsequently changed its name to “VIVO Participacoes SA", project #1470.
In January of 1998, Sino-French was awarded a 22-year concession contract to own, operate and manage the water supply in Zhongshan Municipality, Guangdong Province.  The project included the take over two existing water plants with a capacity of 700,000 cubic meters per day and upgrade them to 1.3 million cubic meters per day.  Zhongshan city had a population over 1.2 million.  To implement the contract, Zhongshan Municipal Dafeng Water Supply Company Ltd. was created as the project company which was owned by Sino-French (66%) and the local state-owned Zhongshan Municipal Infrastructure Investment Company (33%).  Sino-French, in turn, was a 50-50 joint venture between Suez water subsidiary Ondeo and New World Infrastructure of Hong Kong.   Total investment was US$26.6 million. Operations began in April 1998.
Pudong Airport is Shanghai's second airport. The first phase of the US$ 4.8 billion project includes a 4 km runway, 150,000 square meter passenger terminal and 50,000 square meters of commercial buildings. This first phase will allow the airport to handle 126,000 flights, 20 million passengers and 750,000 tons of cargo a year. This phase should be completed by Sep./99. In order to finance this first phase, the provincial government received a US$ 400 million loan from the OECF (Japan) and it made a domestic stock offering that raised US$ 225 million in divestiture revenues.
Tele Leste Celular Participacoes SA was one of the 12 holding companies in which the assets of the state-owned Telebras were divided for their privatization. The remaining 11 holding companies were comprised of one long distance company (Embratel), seven wireless (A-band) companies, and three wireline companies. Before its restructuration, Telebras system was comprised of 27 state wireline companies, 26 state wireless (A-band) companies, and one long distance company (Embratel).  In 1998, Tele Leste Celular Participacoes SA was created as a holding company to own the equity participation of Telebras in two cellular mobile operators in the Northeast of Brazil: Telebahia Celular SA (89.3 percent) and Telergipe Celular SA (73.6 percent). Through A-band (800s Mhz), Telebahia Celular provided cellular mobile telephone services to Bahia state and Telergipe Celular SA to Sergipe state.  Like the other eleven companies created from Telebras, Tele Leste Celular Participacoes SA was fully privatized through an international competitive bidding in July 1998 when the Brazilian federal government sold its equity stake for US$ 369 million (R$428 million) to a consortium led by Iberdrola SA (62 percent) and Telefonica International Holdings (38 percent). Tele Leste Celular Participacoes was sold with a premium of 242.4 percent over the minimum set by Brazilian government. The winning consortium paid 40 percent of its offering on August 3, 1998. The remaining 60 percent would be paid in two equal annual installments which would be adjusted according to the CPI plus a 12 percent annual interest.  The concession area of Tele Leste Celular Participacoes comprised of area 9. The Brazilian cellular market was divided in 10 areas in 1996 in order to assign licenses for cellular phone services. In each area, A-band was assigned to the state owned companies that provided local fixed phone services in the area, while B-band was awarded to a private consortium through a competitive bidding. Tele Leste Celular Participacoes competed with Maxitel since 1997.  In July, 1999, the consortium led by Iberdrola and Telefonica acquired 3.07% of Telebahia's total capital and 6.54% of Telergipe's total capital through a public offer. In 2001, Telefonica purchased all the Tele Leste Celular's capital stock directly and indirectly held by Iberdrola. By May 2002, all the shares of Tele Leste Celular held by Telefonica International SA had been transfered to Telefonica Moviles SA.  In December 2002, the direct or indirect control of Tele Leste Celular held by Portugal Telecom and Telefonica Moviles (65.12%) was transfered to Brasilcel, a 50/50 joint venture of Portugal Telecom and Telefonica Moviles, created to manage all their mobile operations in Brazil. Since April 2003, Tele Leste Celular and all the operating companies participating in the joint venture have been operating under the brand name "Vivo". As of December 2005, the companies opearting under the brand "Vivo" were in the process of merging. Shareholder approval was still pending.   On February 22, 2006, the respective shareholders’ meetings of Telesp Celular Participações SA (TCP), Tele Centro Oeste Celular Participações SA (TCO), Tele Sudeste Celular Participações SA (TSD), Tele Leste Celular Participações, SA (TBE) and Celular CRT Participações SA (CRTPart) approved (i) the merger of TCO in order to convert it into a wholly owned subsidiary of TCP and (ii) the merger of TSD, TBE and CRT Part into TCP. As of March 26, 2006, TCP was the sole surviving company of these mergers and subsequently changed its name to “VIVO Participacoes SA", project #1470.
The sale of Empresa Bandeirante de Energia concluded the first phase of Brazil's privatization program, i.e. the sale of its distribution assets.  Empresa Bandeirante de Energia is the fourth largest distribution company in Latin America.  It was spun off the state utility company Eletropaulo that was further split into the distribution company Eletropaulo Metropolitana and Empresa Paulista de Transmissao de Energia.  EBE provides nearly 2 million customers in the State of Sao Paulo in 55 towns including Baixada Santista and Tiete.  Its customer base is 64% industrial and 20% residential.    Controling package of shares of EBE comprising a 74.88% voting stake (29.8% of total capital) was sold at the second attempt on September 17, 1998 to the team of Eletricidade de Portugal (EdP) and a private Sao Paulo electricity distribution company CPFL for the minimum price of US$ 860 million. As of 2001, EdP was controlling 56% of the holding, while CPFL was holding the remaining 44% stake.    EdP funded its portion of the transaction with a US$ 300 million bridge loan and US$ 250 million from its own resources. CPFL utilized the line of credit offered by BNDES. EdP and CPFL announced plans to invest around US$ 210 million over the couple years following their acquisition of the stake in EBE. In 2000, EdP and CPFL aquired an additional stake in EBE for US$ 254.7 million, raising their stake in the company's capital to 96%. In August 2001, EBE was divided in two companies: EBE and Companhia Piratininga de Forca e Luz (CPFL Piratininga). EdP took control of EBE, holding 96% of its total capital, and CPFL group got the control of CPFL Piratininga. In December 2003, as a result of a major corporate reestructuring in EdP, Bandeirante was controlled by EdP Brasil, one of the subsidiaries of EdP S/A.  In December 2003, the Interamerican Development Bank (IADB)approved a US$100 million financing to EBE. The funds were disbursed in March 2004. The company served more than 1.32 million customers.  In 2009, the company was granted a US$ 78 million (BRL 156.1 million) loan from BNDES and Eletrobras, while Santander and Banco do Brasil granted a US$ 41.6 million (BRL 83.1 million) loan in the same period.
ChernigivOblenergo was partially privatised in October, 1998. As of March 15 2002, the company share allocation was the next: the State retained 30% ownership in the utility, 70% of the shares were sold to various Ukrainian investors (16.83%-under preferential subscription, 6.54 bought at auctions, 11.63% bought at stock exchange, and 35.00% bought via tenders). In May 2009, the State Property Fund of Ukraine sold a 25% plus one share stake in OJSC Chernigivoblenergo for UAH 223.423 million (US$28.7 million) by way of a competitive tender to On-line Capital Ltd.  In Ukraine, starting in 1998 as an effort to improve payment discipline and the financial solvency of the sector, the first round of privatization of regional electricity distribution companies (oblenergos) took place.  A weak legal framework along with the huge debts accumulated by oblenergos provided an opportunity for Ukrainian investors to acquire substantial shareholdings in some of them at low prices and thus deprived the State of revenues from transparent privatization. In all, seven oblenergos were privatized, which was generally considered sub-optimal as the oblenergos came to be controlled by offshore companies that initially refused to share their cash collections with the bulk power suppliers under a market algorithm in force.  In addition, Government was concerned that investment in these companies had not been forthcoming.   As of 2011, 96.35 of the shares are owned by a group of local investors while the remainder of 3.65% is free floating on the local stock market.
The bridge crossing the Amaravathi bridge will be 300 meters in extension and will cost approximately US$3.8 million. The private sponsor will build and operate the bridge for 14 years and the government has guaranteed that no competing facility will be constructed during the first 10 years of the project. The expected traffic flow is 21,145 vehicles per day (it is estimated a 5% increase in the traffic flow per year).   Financial closure was achieved with the sponsor’s own resources and with a US$2.5 million loan from HUDCO. The expected rate of return on the project is 16%.  In December 2005, the bridge suffered extensive damages from the flooding of the river. The repairs were estimated to costs US$ 0.11 million.
Nong Khae Cogeneration Co Ltd owned and operated a 126-MW combined cycle natural gas powered plant located in Nong Khae Saraburi.  Nong Khae Cogeneration Company Limited was a subsidary of Gulf Electric Public Company Limited (GEC) which was in turn a joint venture between partially divested Electricity Generating Company (EGCO) of Thailand (50%), Japan Electric Power Development Company Limited (EPDC or J-POWER) (49%) and Mit Siam (1%).  Gulf Electric was in turn originally a 50:50 joint venture comprising the local Lanna Lignite and Siam City Cement. However, in June 2000 EGCO bought Siam City Cement's 50% interest in the company while in October 2001 Lanna Lignite sold 49% of its 50% interest in Gulf Electric to Japan's J-POWER and the remaining 1% to Japan's Mitsiam International.   EGCO was set up in May of 1992 as a holding company to divest some of the assets of the state-owned Electricity Generating Authority of Thailand (EGAT). In November 1994, EGCO floated 204 million shares, or 51% of the company, at 22 baht each, raising US$178.5 million and effectively making it a privately run company.  The shares made their debut on the Thai stock market in January of 1995.  Although EGAT retained a 48% interest in EGCO, the company was to be run as a separate entity and was to be out of the EGAT's sphere.  In July of 1998, Hong Kong utility firm China Light and Power Co. Ltd. (CLP Power) acquired a 14.9% stake in EGCO for US$241 million. EGAT then owned 25% of EGCO.  As of 2004, the stake holders of EGCO were EGAT (25.41%), CLP Power (22.42%), Thai investors (30.09%), and foreign investors (22.08%).    The project was part of the EGAT's Small Power Producers Projects. Sithe Energies (the original sponsor) reached financial closure on the project in December 1998. The project cost was estimated to be US$107 million. The project signed a 21-year power purchase agreement with EGAT for 90 MW of the installed capacity. The plant was scheduled to start its commercial operations in October 2000. In November 2000, Tractebel acquired all of Sithe's Power Thai assets, including 100% of the Nong Khae Cogeneration company's shares. In November 2002, Gulf Electric took over the project from Tractebel and made efforts to refinance loans and adjust the debt to equity ratio of the project.
Distribuidora de Gas Queretaro was the subsidiary of Pemex in charge of distributing natural gas in Queretaro and San Juan del Rio. The company was privatized in December 1998 when the government sold the company's assets to Tractebel. Along with the assets, the government awarded to Tractebel a concession to distribute natural gas in the concession area. Tractebel paid US$ 31 million for the existing assestas and committed to invest an additional US$ 16.2 million in the expansion of the distribution network. Tractebel won the concesion by offering an average tariff of US$0.94943 per Gigacalorie and a coverage of 50,000 custormers by its fifth year of operations.
The Brazilian government signed contracts with the Libra Group and Multiterminais in March 1998 in order to transfer the management of the Rio de Janeiro-based containers terminal (Tecont) to them for a 25-year term, renewable for an aditional 25 year-term. Terminal 2 will be managed by a project company is Multi-Rio Operacoes Portuarias, a joint-venture between Multiterminais and Banco do Brasil.   Multi-Rio commited to invest US$ 36.2 million (R$ 42 million) during the concession period. Multi-Rio premium charges for container handling at Terminal 2 will reach R$ 60 per TEU.
Deusem is the electricity distribution company for the east-central region of El Salvador, serving mainly the residential customers in the department of Usulatan. In 1998, Corp. Electricidad de Caracas (EDC) acquired 96.1% of Deusem's shares for US$ 8 million. Still in 1998, Reliant Energy (formerly know as Houston Industries), acquired part of EDC's shares plus the remaining shareholder's stakes (3.9%), such that both EDC and Reliant ended up with 50% of the shares each. Finally, in 2000, AES Corp. acquired Reliant's shares in Deusem (note that AES Corp. holds 87% of EDC). Deusem has a 503-KM distribution network and services approximately 41,000 customers as of January 2001.
A consortium of AES Corp., Grupo Hermes SA, and Nichimen Corp. were selected in Jan. 1997 to develop the 440-MW gas fired, combined-cycle Merida-3 project in the Ciudad Industrial Felipe Carrillo Puerto industrial park near Merida. Merida-3 is the first project to be offered in Mexico on a build-own-operate basis. Commercial operation is due by 2000. AES owns 55% of the project company, Nichimen and Grupo Hermes hold 25% and 20%, respectively.   AES Corp. raised $173 million of non-recourse project financing for the project. The International Finance Corporation provided a $120 million loan, of which $90-million was provided by a commercial bank syndicate through a "B" loan and the remainder was provided by IFC as a direct "A" loan. The IFC, along with the Sanwa Bank Ltd. as co-manager, arranged the B loan syndication. The financing also included a $69 million loan provided by the Export-Import Bank of Japan through its overseas Investment Credit program. The turnkey construction contract was awarded to Westinghouse Electric Corp. in August 1997. The plant will be powered by two 160-MW Westinghouse 501F combustion turbines and a 160-MW steam turbine generator. Gas to fuel the project will be transported via a privately owned and operated pipeline being developed by Energia Mayakan. In May 2000, the power plant commenced operations.
In January of 1998, Sino-French Holdings (Hong Kong) Ltd. was awarded a 22-year concession contract to own, operate and manage the facilities of Zhongsang Municipal Water Supply Company.  The capacity of the plant was 200,000 cubic meters/day and covered Ma Da Feng Wei, Gang Kou Town, and the Zhongshang Municipality, Guangdong Province.   To implement the contract, the Zongshang Municipal Dafeng Water Supply Company Ltd. was created as the project company which was owned by Sino-French (66.11%) and the state-owned Zhongshan Municipal Investment Company (33.89%). Sino-French, in turn, was a joint venture company that was owned 50% by Suez water subidiary Ondeo and 50% by New World Infrastructure of Hong Kong.     The total project cost was US$29.9 million.  The water tariff of the plant was based on an escalation formula, which was indexed to the consumer price index and variations of the exchange rate.  Operations began April 1998.
Asia Power Xinbao is a coal-fired combined heat-and-power plant with a total installed capacity of 225MW. It supplies electricity to the power grid and provides heat and steam to industrial and residential users. The plant was acquired by Asia Power in May 1998 who holds a 51% stake with the remainder still held by the Qiqihar Xinbao Heating and Power Company. Total investment by Asia Power was $7.8m.
Unefon was awarded, through the competitive bidding process, nine bands of spectrum to provide PSC services (30 MHz) and nine bands of spectrum to provide service using wireless local loop (WLL) by Cofetel in May 1998. Unefon paid US$ 58 million in 1998 and US$ 283 million by June 1999 towards the license fees. Unefon plans to begin services in 20 cities in 2000 and have 1.5 million users within five years. Unefon expects its fixed wireless telephones will help fulfill demand for basic telephony services in Mexico, which has a low telephone density.   Unefon is owned 46.5 percent by Mexican broadcaster TV Azteca 46.5 percent by Alberto Moises Saba, a private investor, and 7 percent by small local investors.  Under terms of the five-year, $480 million agreement, Nortel will supply Unefon with cdmaOne equipment and services, including a prepaid system. Nortel also agreed to provide Unefon with approximately $600 million in associated vendor financing.   In 2003, shareholders of operator TV Azteca approved the spin-off of Unefon's mobile phone operations from TV Azteca's core television business. The created asset holder, Unefon Holdings, will assume control until an anticipated listing of the shares on domestic and US markets.  In 2005, Unefon was delisted from the NYSE and considered delisting from the Mexican Stock Market.   In April, 2007, the shareholders of Unefon approved the merger with a mobile operator, Iusacell, which issued around 34.2 million new shares to Unefon shareholders.  At the time of the merger, Iusacell was valued at US$1.0 billion and Unefon at US$333.3 million.  The newly merged operator will have around 3.4 million subscribers, a market share of around 7%.
Tele Nordeste Celular Participacoes S.A. was one of the 12 holding companies in which the assets of the state-owned Telebras were divided for their privatization. The remaining 11 holding companies were comprised of one long distance company (Embratel), seven wireless (A-band) companies, and three wireline companies. Before its restructuration, Telebras system was comprised of 27 state wireline companies, 26 state wireless (A-band) companies, and one long distance company (Embratel).  In 1998, Tele Nordeste Celular Participacoes SA was created as a holding company to own the equity participation of Telebras' six cellular mobile operators in the Northeast of Brazil: Telesa Celular SA (77.6 percent), Telpe Celular SA (77.2 percent), Telpa Celular SA (71.5 percent), Telern Celular SA (75.4 percent), Teleceara Celular SA (79.3 percent), and Telepisa Celular SA (78.5 percent). Through A-band (800s Mhz), Telesa Celular provided cellular mobile telephone services to Alagoas state, Telpe Celular to Pernambuco state, Telpa Celular to Paraiba state, Telern Celular to Rio Grande do Norte state, Teleceara Celular to Ceara state, and Telepisa Celular to Plaui state.  Like the other eleven companies created from Telebras, Tele Nordeste Celular Participacoes SA was fully privatized through an international competitive bidding in July 1998 when the Brazilian federal government sold its equity participation for US$ 569 million (R$660 million) to a consortium led by Bitel Participacoes (Telecom Italia) and UGB Participacoes. Tele Nordeste Celular Participacoes was sold with a premium of 193.3 percent over the minimum set by Brazilian government. The winning consortium paid 40 percent of its offering on August 3, 1998. The remaining 60 percent would be paid in two equal annual installments which would be adjusted according to the CPI plus a 12 percent annual interest.  The concession area of Tele Nordeste Celular Participacoes comprised of area 10. The Brazilian cellular market was divided in 10 areas in 1996 in order to assign licenses for cellular phone services. In each area, A-band was assigned to the state owned companiesthat provided local fixed phone services in the area, while B-band was awarded to a private consortium through a competitive bidding. Tele Nordeste Celular Participacoes competed with BSE since 1998.   In March 1999, UGB sold its shares in Tele Nordeste Celular Participacoes to Bitel Participacoes, a subsidiary of Telecom Italia Mobile (TIM). Tele Nordeste Celular was controlled by Bittel Participacoes. In September 2003,Bittel incorporated Tim Brasil SA and had its name changed to Tim Brasil Servicoes e Participacoes (Tim Brasil). Tim Brasil has 52.69% of the voting capital of Tele Nordeste Celular Participacoes. In the same year, TIM started a major reestructuring process to consolidate all the six subsidiaries of Tele Nordeste Celular into one single company. Telasa, Telpa, Teleceara, Telepisa and Telern were merged into Telpe, one of Tele Nordeste own subsidiaries, which had its name changed to Tim Nordeste. After the transaction, Tele Nordeste Celular is expected to be incorporated by Tele Celular Sul, and will be extinguished. Tim Nordeste will then became a subsidiary of Tele Celular Sul. This merger was finalized in 2004.
In March 1998, Menatel was awarded a 10-year license to provide payphones in Egypt. According with the license requirements, the company had to install 20,000 payphones within five years. The company was owned by France Telecom (44%), National Bank of Egypt and its Egyptel subsidiary (18% each), Orascom Group (10%), and Ascom Monetel (5%).   The company started to install its payphones in the second semester of 1998. It had 1,000 payphones installed by end of 1998. The company, which had a paid capital of US$10 million, expected to install 500 payphones per month in 1999. The total cost of the project was estimated between US$40 million and US$50 million.   The company competed with the local incumbent Telecom Egypt and with Nile Telecom (Nile Telecom was also awarded a 10-year license to provide 20,000 payphones in Egypt in 1998). Orascom sold its stake in the company in 2002 for an undisclosed amount.    As of end 2003, shareholders in Menatel included the state-owned National Bank of Egypt (NBE) and its subsidiary Egytel with an 18% stake each, Egypt's state-owned fixed line operator Telecom Egypt (TE) with 2%, Egyptian telecoms holding company National Telecommunications Company (NTC) with 2.3% and local Advanced Projects & Systems Co (Adcom) with 7.0%.  A total of 47% was held as treasury stock and the remaining shares were held by individual investors.   As of end 2004, 31,264 payphones were operated by Menatel.   In 2005, the contract was extended to 2015.
Multiterminais Alfandegados do Brasil, previous winners of the concession for TECON 1 (Santos Brasil), announced in November 1997 total investments of US$ 83.2 million in a new port facility adjacent to the Port of Rio de Janeiro. The new facility, called Multiportos, is on a leased 300,000 square meter site previously occupied by the Ishibras-IVI shipyard in Guanabara Bay. The new terminal would have two 250m-long berths with quayside water depths of 12m. Under Brazilian port legislation, Multiportos is free to contract its own workforce as the site is positioned outside the city's public port area. Multiportos announced in January 1998 its intentions to operate specialized coffee handling facilities (TECAF).
In Ukraine, starting in 1998 as an effort to improve payment discipline and the financial solvency of the sector, the first round of privatization of regional electricity distribution companies (oblenergos) took place. A weak legal framework along with the huge debts accumulated by oblenergos provided an opportunity for Ukrainian investors to acquire substantial shareholdings in some of them at low prices and thus deprived the State of revenues from transparent privatization. In all, seven oblenergos were privatized, which was generally considered sub-optimal as the oblenergos came to be controlled by offshore companies that initially refused to share their cash collections with the bulk power suppliers under a market algorithm in force. In addition, Government was concerned that investment in these companies had not been forthcoming.   LvivOblenergo was one of the companies privatized by local investors in 1998. As of March 15 2002, the company share allocation plan was the next: the State retained 26.98% ownership in the utility, 73.02% of the shares were sold to various investors (8.05%-under preferential subscription, 12.94% bought at auctions, 12.94% bought at stock exchange, and 35.00% bought via tenders). On April 29, 2009, the State Property Fund sold the government's residual 26.98% stake (52,341,874 shares) in Lvivoblenergo to Tekt Trade [Ukraine] for UAH197.852 million (US$25.4 million).   As of 2011, the company's shareholders were - multiple local investors who owned 87.8% while the remaining 22.2% were free floating shares.
Sherrit International entered into a joint-venture with the Cuban government to build and operate the power plants at Varadero and Boca de Jaruco. Sherrit International created Sherrit Power Corp. in which it holds 49.7% of the shares, and the remaining stake was floated in the Canadian Stock Market. Sherrit Power, in turn, holds a 33% stake in Energas, the company created to build and operate the facilities (the remaining 67% of Energas is held by the government).   The project was undertaken in multiple phases. The first and second phases, built at the Varadero facility, involved the installation of generators with combined capacity of 98 MW. The third phase involved the construction of the Boca de Jaruco power plant, which has a capacity of 33 MW and commenced operations in Aug. 1999. The fourth phase, commissioned in March 2000, involved the addition of 20 MW of capacity to the Varadero facility.  The fifth phase, which began operations in March 2003, added 75 MW of capacity at Varadero by converting the existing generators to a combined cycle format.  The total cost of the first five phases was estimated at US$ 150 million.   Construction of a sixth phase - a US$116 million, 85 MW expansion of the Boca de Jaruco facility - commenced in 2004 and was commissioned in early 2006.  The seventh phase - a US$60 million, 65 MW expansion of the Boca de Jaruco facility - began in 2006 and was commissioned in the second quarter of 2007. As of December 2008, Energas had suspended its plan for an eighth phase, which would have added a 150 MW combined cycle unit to the Boca de Jaruco plant.
State-owned giant utility Eletropaulo's distribution business was disbundled into two separate companies: Metropolitana, covering the city of Sao Paulo and Bandeirante, in the interior of the state. Eletropaulo Metropolitana is the largest electricity distributor in Latin America serving 4.3m customers in 24 towns, including the city of Sao Paulo and the ABC industrial region.  The Rio de Janeiro based electric company Light, through its wholly owned subsidiary Light Gas, as the sole contender, acquired 30.9% share capital (77,88% voting stake) of Eletropaulo Metropolitana for the minimum price of US$ 1.78 million on April 15, 1998. Light's deal was 100% financed by Brazil's National Development Bank and a consortium of commercial banks: City Bank, Merrill Lynch, Societe Generale, and Deuche Morgan Grenfell.  Eletropaulo Metropolitana and Bandeirante will be supplied with power under contract with Furnas, CESP, Itaipu, and EMAE. In Jan. 2000, AES purchased 43.05% of Eletropaulo's shares from the Brazilian state-owned bank BNDES for US$ 1.1 billion to be paid in four instalments over the next three years (the first instalment of US$ 201 million will be paid with AES own resources, while the remaining US$ 900 million will come from loans from BNDES).    In early 2000, Eletropaulo issued US$ 476 million debentures; in Sep. 2000, the company issued an additional US$ 50 million Euro commercial paper to roll over part of its debt and received US$ 225 million in loans syndicated by JP Morgan. In Jan. 2001, Eletropaulo was awarded an additional US$ 350 million in loans, this time syndicated by the Bank of Boston. All these external resources have been used to restructure Eletropaulo's debts and to finance its investment expenditures.  As of July 2001 Electropaulo was under the sole management control of AES.  The deal disentangled the 1998 ownership structure. In addition, in April of 2002 AES restructured financing related to Electropaulo.  Under the terms of the agreement, BNDES agreed to defer a $170 million payment due on April 15, 2002 for the acquisition of common shares of Electropaulo. After interim debt restructuring in 2002, AES was unable to meet payment for its scheduled maturities and in early 2003 their loans to BNDES entered in default (US$1.2 billion). After several months of negotiations with BNDES, a restructuring plan - a debt-for-equity deal - was proposed whereby a new holding company, Brasiliana Energia S.A., would comprise AES 50.01% of common shares and BNDES 49.99% common shares and non-voting preferred shares (resulting in BNDES holding 53.84% total equity of Brasiliana Energia S.A.). The agreement also called for the transfer of AES' stakes in the generation facilities AES Tiete and AES Uruguaiana to the holding company Brasiliana Energia and an AES payment of US$90 million in cash upon signing the agreement. In December 2003, BNDES and AES group signed a restructuring agreement and the transfer of corporate control of Eletropaulo to the holding Brasiliana was expected to happen in early 2004. At the time of the signature of the agreement, AES had 69% of Eletropaulo's total capital (77.81% of the voting capital). AES also restructured its outstanding debt with its commercial lenders in 2003 and was expecting a confirmation of the restructuring in early 2004. The restructuring included creating of a holding company for the assets of Metropolitano and two additional AES projects - AES Tiete and AES Uruguiana. Under the agreement, BNDES assumed US$869 of AES debt in the projects in exchange for additional project share. The holding company, Brasiliana, created is split between AES (50.1 percent) and BNDES (49.9 percent). In 2009, AES Eletropaulo raised a total of US$ 292.8 million (BRL 585.6 million) in loans from Bradesco to finance its past due debts with federal government taxes.  In February 2015, BNDES granted a US$ 20.9 million (BRL 62.3 million) loan to Eletropaulo to finance the company's investment in
The holding company Jose Rodriguez Banda SA (Jorbsa) won the tender Electro Noroeste, the electricity distribution company in the departmentos of Tumbes and Piura in Nov. 25, 1998. Jorbsa won by offering US$22.5 million for a 30% stake in Electro Noroeste, the highest bid. The tender included restrictive bidding rules, which aimed at keeping ownership of the utilities in Peruvian hands. The government also offered special financing terms to local companies for the acquisition: 10% down, with the remainder payable over 12 years with a three-year grace period. The privatization scheme obliged Jorbsa to acquire an additional 30% shareholding in the company, after the first year of operations. The privatization scheme also included a 10% stake to be offered to employees, and a 30% stake to small local investors through Peru's citizen participation program.  Electro Norte was one of the four regional electricity distribution companies in the northern and central which were partially privatized under such privatization scheme in Nov 1998. The other three were Electro Norte, Electro Norte Medio, and Electro Centro. Jorbsa also won the tender for these three companies. Electro Noroeste had 159,000 customers in 1998.   Jorbsa committed to reduce system losses by 25% in each of the first two years of operation, and to administer whatever rural electrification programs the government would carried out in the systems' service territories.   In 2001, Jorbsa surrender its ownership stake in the four regional companies to the government after failing to raise sufficient financing the purchase of an additional 30% stake. Jorbsa agreed to give up its ownership interest so the companies could be re-privatized. The government attempted to sell the four regional distribution companies in 2002 and decided to suspend the process indefinitely.  Jorbsa was perceived as a good manager during its three-year ownership term, slashing technical losses and reversing the utilities financial losses to realize a $12-million profit in 2000. During Jorbsa's tenure, customer numbers rose from 839,000 to 1 million, and sales grew to 1,763 GWh in 2001 from 1,527 GWh in 1998.
In January 1998, Aguas do Imperador was awarded a 30 year contract to rehabilitate, expand and operate the water and sewerage services of Petropolis. The municipality of Petropolis, in the state of Rio de Janeiro, had a population of 240,000 when the concession was granted.  Aguas do Imperador (ADI) was a special purpose vehicle (SPE –Sociedade de Proposito Especifico) formed by Developer SA, Queiroz Galvao, Carioca Engenharia, Construtora Cowan SA and Trana Construcoes Ltda (part of EIT –Empresa Industrial Tecnica- group).  ADI commited to invest US$ 89 million (R$ 100 million) over the life of the concession. As of December 2003, the company had invested US$ 15.6 million. Financing for the construction works has been provided by the state-owned development bank, BNDES (US$ 25 million).  Aguas do Imperador is a member of grupo Aguas do Brasil, which operates three other concessions through Aguas de Juturnaiba, Aguas de Niteroi and Aguas do Paraiba.  The investments realized until December 1999 had increased the water supply from 53% to 64%, while sewerage collection has increased from 45% to 53%. As of December 2003, the percentage of the total sewerage treated had increased to 28%.   Aguas do Imperador received technical assistance from a joint UNDP/World Bank - Energy Sector Management Assistance Program (ESMAP).
Algar Telecom Leste (ATL), or Companhia de Telecomunicacoes ASQ, was awarded a 15-year concession to provide cellular phone services through the B (800s MHz) band in area 3 in April 1998. The area 3 comprised the states of Rio de Janeiro and Espirito Santo. The Brazilian telecommunications market was divided in 10 areas in 1996 in order to assign licenses for cellular phone services. In each area, the B band was assigned to a private consortium through a competitive bidding and the A band was assigned to the state owned company that provided local fixed phone services in the concession area. Tele Sudeste Celular, the state-owned competitor of ATL, was privatized in July 1998.   ATL won its license through a competitive bidding when it offered US$ 1,334.9 million (R$1,509 million) for the license in April 1997  (in order to calculate the real value of the licence fee payments, we used a discount rate of 12.7% aa, which is the rate used by the regulatory agency Anatel). The concession contract was signed in March 1998 when the consortium paid 40% of their offering. The 60% remaining has to be paid in three equal installments during the first three years of the concession contract.   The winning consortium comprised Lightel SA (51% of the voting capital), Queiroz Galvao (29%) and Korea Mobile Telecomunications (20%).   In July 1999, the consortium was comprising Lightel SA (51% of the voting capital), a subsidiary of Korea Mobile Telecommunications, SKTI-US LLC (30%), and a subsidiary of Williams International Telecom Limited, JOHI (19%). By the end of 2000, ATL was controlled by Lightel (Grupo Algar), SBC International (which had acquired the SKTI-US' stake in ATL), and Williams International Telecom.   In 2001, Williams International Telecom sold its stake (19% of the voting capital and 50% of the total capital) to Telmex. In addition to Telmex, ATL was controlled by Algar Novaco, a company controlled by Lightel (61%) and SBC International (39%), with 51% of the voting capital of ATL, and SBC International, a joint venture between Telmex and SBC, with 30% of the voting capital of ATL.   In 2003, the corporate control of ATL was acquired by Telecom Americas, a subsidiary of America Movil. Telecom Americas bought the stakes of Lightel and SBC International. Since August 2003, ATL and all mobile operations of Telecom Americas in Brazil are operating under the brand name "Claro". America Movil has grouped it's Brazilian operating companies (ATL, Tess, BCP, BSE, Claro Digital, and Americel) under this group. From 2004 all information is recorded under BCP (Claro).
Comahue Transmission line is Argentina's fourth 500 kV transmission line connecting power generators in the western Comahue region with Buenos Aires.  Development and ownership of this project was awarded to Transener (Compania de Transporte de Energia Electrica de Alta Tension SA) in late 1997 by a consortium of hydroelectric and thermal generating companies in Comahue. Transener is the owner of Argentina's largest transmission system. Transener was formed in 1992 from the transmission assets of three state-owned electric utilities. A 65% stake in Transener was sold to an international consortium. The transmission line serves the greater Buenos Aires area.  It is expected to increase the region's transmission capacity from 2,700 to 4,600 MW. In 2000, Transener completed the construction of the 1,290-KM  transmission line running from Piedra del Aguila transforming station to Abasto. Transener invested a total of US$ 260 million in this new facility, which was debt financed (syndicated loan from several banks in 1998).
ARES is Turkey's first BOT wind power plant, located 80km from Izmir on the western end of Cesme Peninsula.   ARES has been owned by Gucbirligi Holding Inc. since November 1998ARES, with 12 Vestas turbines and an installed power of a total of 7.2 MW, had its official inauguration on December 18, 1998. The project has been managed by a project team from Gucbirligi Holding Inc. The electric power produced with 34.5 kv by ARES will be sold to TEDAS for a period of 20 years and the estimated annual energy production amounts to 18,900,000 kWh.   ARES provides for 20% of the electricity consumed by coastal towns of Alacati and Cesme, with a population of 50,000 in winter and over 100,000 during summer.
Tractebel EGI owned and operated the ILO 1 Thermal Power Station through its wholly owned subsidiary, Energía del Sur S.A. (EnerSur) (originally POWERFIN) since 1997. The 207-MW ILO1 Thermal Power Station supplied electricity to the mines, to the copper smelter and to the refinery operated by Southern Peru Copper Corporation (SPCC), a US-listed mining company and Peru’s largest exporter of copper.  Enersur also sold excess production into the spot market or found additional contract customers.    Powerfin initally bought the 135-MW, oil fired ILO 1 power plant for US$44 million from Southern Peru Ltd., Peru's largest cooper producer, in April 1997. The copper mining company wished to outsource its power requirements so it could focus on its core business.  The sales agreement included a 20-year power purchase agreement with Southern Peru Ltd., and the commitment to expand the installed capacity.   To fulfill the contract, Enersur in 1998 added two, 37-MW turbines.    Construction of ILO 2 began in 1998, and included a 135-MW combined-cycle, coal-fired plant and a 4,125-foot jetty to unload coal imports directly from vessels on the Pacific Ocean.  ILO 2 entered operation in October of 2000 and supplied electricity to open-cast copper mines in Cuajone and Toquepala, and it also supplied the 883-MW South Interconnected System (SIS).  The US$350 million total cost of the ILO 2 project included construction of a substation at Monquegua and 85 miles of transmission lines.  Hitachi built the ILO 2 power plant, while Alstom constructed the transmission facilities.  Tractebel had planned but postponed the construction of a second 135-MW coal-fired plant as part of a second phase of ILO 2.   In March of 1998, the Inter-American Development Bank (IADB) approved a US$330 million financing package for the rehabilitation and expansion of the plants.  The IADB financing consisted of a US$75 million dollar loan from ordinary capital and US$255 million in syndicated funds.  Tractebel was to provide an additional US$110 million in financing from its own funds.  However, Tractebel had to step in to pay for the entire development itself, via a capital increase, after the IADB in late 1998 withdrew that loan commitment due in part to Russia's financial crisis.  As of 2004, ILO 1 and 2 had a combined installed power capacity of 362-MW.  In addition to operating ILO 1 and ILO2 Thermal Power Stations, EnerSur operated a sub-station of 600MVA and 220 and 138kV transmission lines.
In 1998, the Prolagos consortium was awarded a 25 year contract to operate the water and sewerage services for the Regiao dos Lagos in the country side of the State of Rio de Janeiro. With a winning bid was US$ 18.8 million, Prolagos started the operation of the services in July 1998, serving a population of 220,000 (although during the summer the population served raised to 700,000 because of tourism).  Prolagos was originally controlled by a consortium comprising Monteiro Aranha (32.5%); Planup –controlled by Bozzano Simonsen, 80%, and Erco, 20% - (40%); Pem Engenharia (20%); and the Portuguese company Aguas de Portugal (7.5%). In December 2000, Aguas de Portugal acquired the shares of the other sponsors in the project, and became the owner of 100% of Prolagos' shares. In 2007, Brazilian Grupo Equipav acquired Prolagos from Aguas de Portugal.  In 1998 Prolagos committed to invest US$ 197.8 million (R$ 230 million) over the life of the concession in rehabilitating and expanding the services in the region (until Dececember 1998, US$ 11.1 million has been already invested; and until December 2003, US$ 40.2 million). Financing for the project has been raised from the state-owned development bank, BNDES.   In January 2012, an additional US$ 29.5 million (BRL 57.6 million) loan was granted by BNDES to finance the expansion of the water and sewerage services.
NST Terminais e Logistica SA was awarded the contract to rehabilitate and operate terminals 30 and 31 at Santos Port. NST is a joint-venture of Rocha Maritima (50%), Wilport (30%), GB Terminais do Brasil (10%) and Transchem Agencia Maritima (10%). The terminal has an area of 15,000 square meters and a pier with 500 meters in length and 11 meters in depth. The company operates since September of 1998 and is a terminal specialised in the operation of forest products and general cargo.   NST Terminais e Logistica SA invested US$ 3 million in the terminals infrastructure from 1998 to 2000. The contract has a 15-year duration, extendable for an additional 15-year period. The sponsors will pay a lease fee of US$ 0.28 per square meter per year and US$ 0.28 per ton per month.  In December 2007, the concession contract was adjusted so that its termination date would be changed to May 2028.
The 12MW hydroelectric plant at Diebougou in the south-west of the country was officially launched in 1998. This US$5.6 million project was to be 70% funded by Hydro-Afrique, a group made up of a consortium of South African companies. Burkina Faso's state power company, Sonabel is contributing the remaining 30%, and will take over ownership of the hydroelectric plant approximately 14 years after it goes into service.
SumyOblenergo was partially privatised in October, 1998. As of March 15, 2002, the company share allocation was the next: the State retained 25% ownership in the utility, 75% of the shares were sold to various investors (15.23%-under preferential subscription, 8.00 bought at auctions, 15.00% bought at stock exchange, and 35.00% bought via tenders).  In Ukraine, starting in 1998 as an effort to improve payment discipline and the financial solvency of the sector, the first round of privatization of regional electricity distribution companies (oblenergos) took place.  A weak legal framework along with the huge debts accumulated by oblenergos provided an opportunity for Ukrainian investors to acquire substantial shareholdings in some of them at low prices and thus deprived the State of revenues from transparent privatization. In all, seven oblenergos were privatized, which was generally considered sub-optimal as the oblenergos came to be controlled by offshore companies that initially refused to share their cash collections with the bulk power suppliers under a market algorithm in force.  In addition, Government was concerned that investment in these companies had not been forthcoming.
Global Telecom Ltd. was awarded a 15-year concession to provide cellular phone services through the B band (800s MHz) in area 5 in April 1997. The area 5 comprised the states of Parana and Santa Catarina. The Brazilian telecommunications market was divided in 10 areas in 1996 in order to assign licenses for cellular phone services. In each area, the B band was assigned to a private consortium through a competitive bidding and the A band was assigned to the state owned company that provided local fixed phone services in the concession area. Tele Celular Sul, the state-owned competitor of Global Telecom, was privatized in July 1998.   Global Telecom Ltd. won its license through a competitive bidding when it offered US$ 684.6 million (R$773.92 million) for the license in April 1997 Global Telecom Ltd. was a consortium led by Suzano Quimica Ltd. (30%) and integrated by Inepar Telecom Ltd. (21%), DDI do Brasil Ltda. (30%), and Motorola (14%). The concession contract was signed in April 1998 when the consortium paid 40% of their offering. The 60% remaining has to be paid in three equal installments during the first three years of the concession contract.   The company started its commercial operations in December 1998 with a initial investment of US$ 425 million. In January 2001, Telesp Celular (controlled by Portugal Telecom) bought 83% of the capital of Global Telecom from ITX Corporation, Inepar Telecom Ltd. and, DDI do Brasil Ltda.   By January 2001, Global Telecom had 493,000 customers. In March 2001 Portugal Telecom acquired through its Brazilian subsidiary, Telesp Celular Participacopes (TCP), 49% of the common shares and 100 percent of the preferred shares of Global Telecom. TCP purchased the stake from holding companies belonging to Japan's KODI, ITX and Inepar.   In 2003, after having acquired shares of holding companies and promoted a corporate reestructuring, TCP became the direct owner of 100% of the total capital of Global Telecom. In the same year, the corporate control of TCP was transfered to Brasilcel, a 50/50 joint venture of Portugal Telecom and Telefonica Moviles, created to manage all their mobile operations in Brazil. After the transaciton, Brasilcel became the controller of TCP, which owns 100% of the total capital of Global Telecom. Telesp Since April 2003, Global Telecom and all the operating companies participating in the joint venture have been operating under the brand name "Vivo".
Kadco upgraded the 3.6 km runway and the terminal facilities, implying a total investment of US$ 11.5 million. Kadco was a consortium between Mott MacDonald (UK), Inter Consult (Tanzania) and the government. The government did not invest on the venture, but it was expected to receive shares in return for the concession. Airport management was provided by Schiphol and operations management by CAA International Services (UK). Financial closure was achieved with loans from the Standard Bank London; outiside investors provided additonal equity and loan capital for developing the airport and real estate.  In December 2009, the government decided to end its contract with KADCO since "KADCO failed to deliver as the contract stimulated".
In June of 1997, a consortium led by Suez Lyonnaise des Eaux (renamed SUEZ in May 2001)was awarded the 25-year concession contract from PT Pam Jaya, the municipal water authority of Jakarta, for the operation and management of the entire water system for the western half of Jakarta, west of the Ciliwug River.  In 1997, the project area had a main network which was approximately 3,000 km long and served around 5 million consumers.  The UK's Thames Water simultaneously won a similar contract for the eastern half of the city.   PT Garuda Dipta Semesta was originally a partnership between Suez Lyonnaise des Eaux water subsidary Ondeo (40%) and the Salim Group (60%), the latter of which was headed by Sudono Salim, considered a close ally of former president Suharto.  Following President Suharto's resignation in 1998, the City of Jakarta put pressure on the Salim Group to divest its stake.  In June 1998, Suez Lyonnaise des Eaux purchased the 60% stake held by the Salim Group and disposed of 5% to the government.  In August of 1998, Suez Lyonnaise des Eaux and PT Bangun Tjipta Sarana announced their new joint-venture firm PT Pam Lyonnaise Jaya (Palyja), owned 95% by Suez Lyonnaise des Eaux and 5% by the state-owned firm. In July 2006, Astratel, a subsidiary company of ASTRA International, together with Citigroup Financial Products Inc. acquired a 49% of PT PAM Lyonnaise Jaya (PALYJA) from SUEZ Environment.     Most of the water for the project was to come from the Pejomponang Treatment plant which produced 483,840 cubic meters per day. The remaining supply was bought from a plant that was built and operated by PT Titr Cisadane, a subsidiary of Suez's Degremont.  Under the oncession contract, Palyja had committed itself to reaching 5.5 million consumers, thus increasing the water supplied from 40% of the population to 70% by 2002 and raising the billing ratio to 80% by the end of the concession period.   Palyja also agreed to reduce the water leakage from 50% to 35% by the end of the first five years.   The total cost of the project was projected to be US$300 million within the first 5 years of the concession.  As part of the concession, the joint venture also assumed the loan obligations of PAM Jaya.  Financial closure was reached in July 1998 when financing was arranged by Credit Agricole Indosuez Merchant Bank Asia Ltd and seven banks that provided a syndicated loan of US$70 million.  Also in July of 1998, the European Investment Bank committed a US$61.3 million loan to the project.  The balance of the project cost was funded by the equity of the sponsors and the cash flow internally generated.    Due in part to the political and financial crises that occurred in Indonesia over the first years of the concession and the contract renegotiations that followed, initial results were not positive. Service coverage was expected to rise from 41% in 1996 to 70% in 2002, but by 2002 coverage was only 41% in the Suez concession as Suez had reportedly invested only about half of its commitments in the first five years of the contract.  In May 2005, Palyja issued six series of bonds worth a total of Rp700 billion (US$73.7 million).    In October 2012, in a disclosure to the Philippine Stock Exchange, Manila Water said it had signed a purchase agreement with Indonesia's Suez Environment to acquire the latter's 51-per-cent equity in PT PAM Lyonnaise Jaya (Palyja).
In Ukraine, starting in 1998 as an effort to improve payment discipline and the financial solvency of the sector, the first round of privatization of regional electricity distribution companies (oblenergos) took place. A weak legal framework along with the huge debts accumulated by oblenergos provided an opportunity for Ukrainian investors to acquire substantial shareholdings in some of them at low prices and thus deprived the State of revenues from transparent privatization. In all, seven oblenergos were privatized, which was generally considered sub-optimal as the oblenergos came to be controlled by offshore companies that initially refused to share their cash collections with the bulk power suppliers under a market algorithm in force. In addition, Government was concerned that investment in these companies had not been forthcoming.   OdesaOblenergo was one of the companies partially privatised in 1998. In 1998, Overcon Enterprises Limited (offshore company registered in Cyprus) won the 35% of the shares.   As of March 15 2002, the company share allocation plan was the next: the State retained 25% ownership in the utility, 75% of the shares were sold to various investors (17.94%-under preferential subscription, 5.41% bought at auctions, 16.65% bought at stock exchange, and 35.00% bought via tenders).
The project includes the rehabilitation and operation of the 318.8 km highways. The project company is wholly owned by Univias, whose ownership structure is divided as follows: Brasilia and Toniolo Busnello hold 24.52% of the shares each; Castilho holds 24.49%; and Sultepa holds 26.47%. The concession process was based on competitive bidding based on the criteria of the quantity of KM the concessionaire would improve above the minimum required. The initial rehabilitation works have finished and the project company is already charging the toll rates.   The total investment cost is estimated at US$ 113.5 million; as of March 1999, US$ 25.8 million had been invested. In November 1998, the state-owned bank BNDES approved a US$ 31 million loan to Univias, which will invest the funds on the projects undertaken by its subsidiaries Sulvias, Metrovias and Convias.  In 2006, the ownership structure was restructured. The project company shares were transfered to Consorcio Univias, whose shareholders were: Toniolo Busnello with 25% and CIBE Participacoes (which resulted from the association of the groups Bertin and Equipav) with 75%.   At the end of the contract in 2013, the toll road was transferred to a state-owned company that became responsible for its operation.
AES Silk Road BV, a subsidiary of AES Corporation acquired a 75% interest in Telasi, the electricity distribution company of Tbilisi, for US$25.5 million in a competitive bidding process, in October 1998.   Telasi owned the low- and medium-voltage networks in the Georgian capital Tbilisi and the surrounding area, served 370,000 industrial, commercial and residential customers, and was buying power from state-owned utility, Sakenergo, and from various hydro-electric power stations. Under the terms of corresponding contract, AES was obliged to repay TELASI's debt valued at US$10.35 million before the end of 1999. In first year of owning the power network, AES planned to invest US$25 million in the rehabilitation of Tbilisi power supply system, while total investments was expected for at least $83.5 million during 10 years.   In December 1999, a US$ 30 million loan was approved by the EBRD (13-year term), to finance improvements in the electricity distribution network, install power meters and improving transmission efficiency. The IFC also approved a US$ 30 million loan to Telasi in 1999; however as of 2002, these funds had not been committed. AES finalized lending agreements with the European Bank for Reconstructin and Devlopment (EBRD) and the International Finance Corporation (IFC) for a total of US$60 million in January 2000. The loans were expected to be drawn over a two-year period, and included a one-year grace period, followed by ten years for payment of principle and interest.  In  September 2003, Russian state utility RAO UES acquired the energy distribution company AES Telasi for US$ 25.5m. The acquisition was the result of AES selling its 100% stake in Silk Road Holdings BV to a Finnish company, JSC RAO Nordic OY, which was in turn 100% owned by CJSC Inter RAO UES.   RAO UES also acquired other energy facilities in the republic of Georgia owned by AES: AES Mtkvari, which owns generation unit No. 9 of the Tbilisi TPP; and AO Khramesi, the hydroelectric facility consisting of two power plants, Khramesi-1 and Khramesi-2.  In December 2010, Telasi received a US$25m loan from EBRD for the rehabilitation of the electricity distribution network in Tbilisi, owned by Telasi. In addition, the EBRD Early Transition Countries Fund would support the rehabilitation with US$250,000 technical assistance.  As of 2011, RAO still owns a 75% stake via "Silk Road Holdings BV" a company incorporated in the Netherlands, while the government of Georgia owns a 25% stake.
Embratel Participacoes SA competes with Intelig in the provision of long distance and international services. It was one of the 12 holding companies in which the assets of the state-owned Telebras were divided for their privatization. The rest 11 holding companies were eight wireless (A-band) companies and three wireline companies. Before its restructuring, Telebras system was comprised of 27 state wireline companies, 26 state wireless (A-band) companies, and one long distance company (Embratel).   Embratel Participacoes SA was created as a holding company to own the equity participation of Telebras in Embratel (98.8 percent) in 1998. Embratel was the main supplier of national and international long distance telephone services in Brazil. The company also offers other services including data transmission via dedicated or computed circuits, satellite communications services, radio sound and image and text transmission services. Its network included 23,976 kms of microwave trunk and 439,227 KMs of fiber-optic, a satellite system and international under water cables. Like the other eleven companies created from Telebras, Embratel Participacoes SA was fully privatized through an international competitive bidding in July 1998 when the Brazilian federal government sold its equity stake for US$ 2,284 million (R$2650 million) to MCI. Embratel was sold with a premium of 47.2 percent over the minimum set by Brazilian government.  The winning consortium paid 40 percent of its offering on August 3, 1998. The remaining 60 percent would be paid in two equal annual installments which would be adjusted according to the CPI plus a 12 percent annual interest. The net present value of this transation was US$ 1,850 million. Embratel was privatized with the license to provide international phone services as well as intra and inter regional long distance phone services. Anatel, the telecom regulatory agency, planned to award a license to mirror Embratel in November 1998.   Since the privatization of Telebras system, Brazilian telecommunications entered in a transitional period which would last until December 2001. During this period, international and inter-regional long distance phone market would be a duopoly between Embratel and Intelig.  Anatel would award unlimited licenses after January 1, 2002.  In 2003, Embratel bought Vesper S.A. and Vesper SP from Qualcomm. In November 2003, the transaction was pre-approved by ANATEL, the Brazilian regulatory agency for the telecommunications sector. In December 2003, 100% of the holding company of Vesper S.A. and Vesper SP was transfered to Embratel. The value of the contract was US$45 million. The transaction has authorized Embratel to deliver local services in the Regions I and III, where the acquired companies operate.    In November 2003, MCI put its stake (51.8% of the voting shares) in Embratel for sale. In December 2003, Telefonos de Mexico (Telmex) presented a bid for MCI's stake in Embratel. The transaction was finalized in 2004. As of December 2005, Telmex owned 72.3% of the total shares (96.3 of the voting shares) of Embratel.  In December 2014, America Movil formalized the merger of Embratel and BCP Claro. From 2014 on, information updates were recorded at BCP Claro (ID 969).
Kampala Revenue Improvement Project (KRIP) was a management contract between the state-owned utility National Water and Sewerage Corporation (NWSC) and H. P. Gauff Ingenieure GMBH & Co. (Gauff) of Germany, effective from January 1998 for a period of 42 months. Kampala Water Supply Area (KWSSA) formed 68% of NWSC's total operations and accounted for the same proportion of the corporation’s revenue base.  NWSC was initially set up in 1972 to develop and operate water supply and sewerage services on a self sustaining, national and commercial basis in designated areas of the country.  NWSC was responsible for provision of water supply and sewerage services in the capital city of Kampala and eleven other main towns of the country. Beginning in 1996, the rate of improvements in the performance of the utility had significantly diminished with revenue collection steadily falling, high levels of unaccounted for water, and significant overstaffing. The management of NWSC considered private sector participation in the deliverance of the services, without changing ownership of assets.   The aim of KRIP was to commercialize all NWSA operations in KWSSA. Indicators were developed to monitor and evaluate the performance of the project. Gauff was to improve water meter reading and the billing and collection system, enhance customer care, reduce water losses, improve maintainence, and increase the rate of new household connections to about 3,000 per annum.  There was a fixed management fee of initially 390,000 DM (later reduced to 290,000 DM) per month payable in local currency and not pegged to performance. NWSC was to be responsible for operational costs (including staff costs) and could only terminate the contract if the firm persistently failed to achieve 75% of the targets over four consecutive months.  The KRIP contract concluded on June 30, 2001.  Performance results were mixed.  Billings increased from 1,325 million (local currency) in 1998 to 1,411 million in 2001 reflecting 61% target achievement while collections increased from 1,025 million to 1,579 million, a 102% target achievement. Unaccounted for water was reduced to 48% from 60% and the number of new connections increased from a monthly average of 150 to 299 over the contract period.    Conflicts between the operator and NWSC emerged as government ministries failed to pay bills/arrears on time and cash flow problems led to difficulties in the payment of the management fees. Another noted problem was a lack of funds for investments in network improvements in order to reduce high level of water losses.  After the contract expiration, an interim NWSC management was set-up to run Kampala.  The new private operator, ONDEO Services Uganda Limited, was named in early 2002.
In February 1998, the Argentine Federal government signed with Aeropuertos Argentina 2000 (AA2000) a 30-year concession for the operation and rehabilitation of 33 airports. At that time, the 33 airports had a capacity of 13 million passengers per year when they were awarded to the private sector.  The winning consortium committed to pay US$ 171.1 million per year in concession fees (the present value of these fees for in the 1998-2005 period were estimated at US$887 million using an annual discount rate of 11.37%; this is the rate used by the local government in other infrastructure sectors). The sponsors also committed to invest US$ 2 billion in infrastructure over the 30-year concession period. Of that amount, US$800 million had to be invested during the first five year of the concession.  Initially, AA2000 was owned by Corporacion America (35% of the shares), Ogden (28%), SEA (28%), Simest (8%) and Amadeo Riva (1%). By 2005, the ownership structure of AA2000 changed to Corporacion America (89%), SEA (10%), Amadeo Riva (1%). But, a sale of 26% stake from Corporacion Americana to SEA was pending the approval of the regulator Organo Regulador del Sistema Nacional de Aeropuertos (ORSNA).  In 2004, AA2000 announced to float up to 33% of its shares in the Buenos Aires stock exchange, but it is unclear if share were floated and what share of the capital represented.  The concession contract was awarded through an international competitive tender carried out in late 1997 and early 1998. Four consortia were qualified and submitted final bids.  The consortium were: US Ogden Corp and Argentine Corporacion America, with Italy's Societa Per Azioni Esercizi Aeroportuali (SEA) as airport operator; local Grupo Macri and Argentine investment fund Exxel Group, with Frankfurt airport as operator; Argentine Cartellone and Bulgheroni, German MAN AG unit Ferrostaal, Italy's Impregilo and Britain's London Supply, with Paris airport as operator; and Spanish Banco Central Hispano Americano and Dragados y Construcciones with AENA  airport operator.  The winning bid was selected based on the highest annual royalty, which was set at a minimum of US$40 million. The consortium led by Ogden Corporation (later renamed AA2000) won by offering to pay annual royalties for Argentine pesos 171.1 million (at that time US$171.1 million) during the concession period. Initially the consortium offered Argentine pesos 118.2 million (US$118.2 million), but raised its offering after the government announced that the offers of three bidders were within 5% difference so they could submit new bids to select the wining bid. The group led by Italy's Impregilo Spa, bid $162 million; while a group led by Argentina's Macri family offered $152 million.  Since 1999 the sponsors had difficulties in honoring the payment of the annual concession fee, and requested to reduce fee payments. Since then sponsors and the government had had disputes over payment of lease fees and investment commitments. In 2003, Aeropuerto Argentina's contract was called for renegotiation under the federal government’s renegotiation unit (Uniren) as many of the privatized companies’ contracts. An initial agreement was signed in July 2005.   The concession contract was finally renegotiated between Uniren and AA2000 in July 2006, but was pending of Congress and presidential approval by December 2006. Under the new agreement, investment commitments were to be agreed every five years. For the first five years starting in 2006, AA2000 consortium committed to invest pesos 1,140 million (or US$374 million). There was no information on the revised investment commitments for the period from 1998 to 2005.   The renegotiation agreement changed annual concession fees since 2006 from annual payments of Argentine pesos 171.1 million to 15% of concession revenues, which amounted to around Argentine pesos 120 million (or US$39 million) in 2006. As part of the renegotiation agreement, Uniren recognized that concession fee payments plus compensations for concessionaire’s losses due to regulatory decisions amounted to 50% of the committed concessions fees in 1998-2005. The present value of concessions fees due in 1998-2005 was estimated at US$986 million in 1998. In the renegotiation agreement, the government was given a 20% stake in AA2000 as payment of 58.43% of the outstanding concessionaire debt to the government which amounted to Argentine pesos 850 million as of December 2005 and included concession fee payments after adjustments for regulatory decisions, inflation, and interest. The rest of the debt to the government was to be paid using different schemes such as earmarking part of concession revenues, and debt instruments such as emission of shares and negotiable bonds.  In sum, the renegotiation reduced in roughly 30% concession fee commitments by giving to the government a 20% stake in AA2000.  In December of 2006, the airline associations Iata and Alta called on the Argentine government to cancel its concession contract claiming that it has not fulfilled its obligations to Argentina, including debt.   In December 2007, the concession was renewed until 2028 after executive approval from the president. The renegotiation agreement regarding the investment obligations with congress also went into effect at this time. The private share was reduced to 80% and investments of US $698 million were to be invested during the concession period. The majority of investment was to occur before 2010. The canon to be handed over to the state, however, was be changed to 15% of the operator's revenues, effectively reducing the fee from a fixed 170mn pesos (US$54.2mn) a year to an average of 90mn pesos.
Kuban GSM provides GSM 900/1800 cellular services in Krasnodar Region and Adygei Republic with population of more than 5.5 million. The company was established in May 1997. Kuban GSM, in cooperation with Ericsson has launched a GSM cellular network in Kuban on February 1998. The cost of the network was estimated at $7 million to serve 12,000 subscribers. By the end of 1999 Kuban GSM  had 50 base cellular stations. In April 2002 Mobile TeleSystems (MTS) bought a 51% controlling stake in Kuban GSM for US$ 71.4 million from Southern Telecommunications Company (formerly, Kubanelektrosvyaz), private telecommunications company Kubtelecom and individuals. Kuban-GSM started  providing services under the MTS brand since June 2003.   In October 2003 MTS owned 52.67% of Kuban GSM shares, and 47.33% of the shares were owned by MTS through it subsidiary Kubtelesot. MTS became 100% owner of Kubtelesot in September 2003. During Kubtelesot liquidation, shares of Kuban GSM were transferred to MTS.
A consortium of Spain's Iberdrola Energy, TECO Power Services of Florida and Electricidad de Portugal on July 29, 1998 acquired from the Guatemalan government an 80% interest in the distribution assets of Empresa Electrica de Guatemala (EEGSA). All existing power purchase agreements were grandfathered into the ownership transfers. EEGSA's distribution business serves about 511,000 customers in the departments of Escuintla, Sacatepequez and Guatemala City and also owns a small amount of transmission assets.   In 1997 EEGSA sold 2,829 GWh representing about 65% of the country's consumption. The sale reduced the government's ownership of EEGSA from 92% to 12%, and those remaining shares were to be offered for sale on the local stock exchange in early 1999. The other 8% of EEGSA is held by private investors. The Iberdrola group's bid of $520 million beat out three other offers and far exceeded, by as much as $200-million, what the government expected to earn from the sale. The new owners expect to spend some $100 million over the next 10 years modernizing the system. Iberdrola holds a 49% stake in the buying consortium, TECO has 30% and EdP 21%.  Nations Bank and others joined in offering a syndicated loan to partially finance the project. In Jul. 2000, EEGSA was granted a US$ 200 million 7-year loan.  On October 21, 2010 Colombian company Electrica de Medellín - EDM acquired Empresa Electrica de Guatemala (EEGSA)and associated generation,transmission,distribution and commercialization electricity assets in Guatemala from Iberdrola, TECO and Energias de Portugal - EDP fo US$ 635 million.
The provincial government of San Juan in November 1997 awarded to AES Corp. the 30-year concession contract for the Caracoles Hydro project. The award includes the operation  of an existing 45-MW facility (Quebrada de Ullum)  taken over by AES in 1998, and the construction of two additional generating units totaling 183-MW (Caracoles and Punta Negra), as well as construction of an irrigation system to serve the province. The construction works on the two new plants started in early 2001 financed with a US$ 145 million loan from JP Morgan to the province, a US$ 38 million subsidy from the government and cash-flows from the 45-Mw operating unit.  In 2002, AES Corporation filed legal proceedings with an international arbitration tribunal (International Centre for Settlement of Investment Disputes - ICSID) against the Argentinean government. The proceeding seeks compensation for losses incurred by the company at the time of the devaluation of the Argentinean currency.
Hainan Expressway Co. issued shares on the Shenzhen stock exchange, raising US$ 55 million in resources to fund the construction works of the Haikou-Sanya Expressway. The government still controls the majority of the company's shares.
Bee-Line Krasnador was launched on April 1998 to be operated in the Krasnodar region under the Bee-line trademark. The system is operated by the Tekhinfo Communications, a subsidiary of MFK-Renaissance. The total cost of first phase was estimated in US$55 million, of which US$15 million were invested in 1998. The system operated under the D/AMPS standard.
Megacable Comunicaciones de Mexico was awarded a license to provide local telecommunications services in Mexico City, Monterrey, and Guadalajara in 1997. The company was an affiliated of cable service provider Megacable. Among the main shareholders were C-TEC Corp. The company planned to developed a fiber-optic ring around each of those three cities. The company invested US$ 50 million in developed its network in Mexico city in 1998. It launched its commercial services in Mexico City in December 1998. Megacable Comunicacaciones de Mexico selected Lucent as equipment supplier for its local access network. The company invested an additional US$ 60 million in Monterrey and Guadalajara during 1999.  In 2005, Lucent upgraded MCM Telecom's Multi-Protocol Label Switching (MPLS) backbone network in Mexico City and Juniper Networks enhanced the security and performance of network. In this same year, Megacable, MCM and 23 of their shareholders filed an arbitration petition against RCN with the International Chamber of Commerce International Court of Arbitration with the argument that RCN rejected its obligations under one of the three agreements governing the relationship between RCN, Megacable and its shareholders.  In March of 2006, a new holding company, Teleholding SA de CV bought MCM Holdings and Megacable. In that same month, RCN Corporation sold its 48.93% interests in Megacable, S.A. de C.V. and Megacable Communicaciones de Mexico S.A. for net after-tax proceeds of $300 million in cash. Teleholding, S.A. de C.V. purchased the interests.
In December 1996 the local government in la Salta, Argentina, carried out a public tender to divest 90% of its shares in water and sewage management company Aguas de Salta. The remaining 10% of the shares were to be distributed to the company’s employees. Following the divestiture Aguas de Salta was to be awarded a 30 year concession - with a 10 year extension option – for the water and sewage infrastructure in the province. Aguas de Salta was incorporated in 1995 as a state owned utility by transforming and merging the two state entities responsible for water and sewer provision in the province of Salta.   The divestiture followed a public tender open to both local and international companies.  A two stage “double envelope” auction was used. First, technical proposals were evaluated by a Privatization Committee made up of local government officials. The bids were ranked using a weighting-system to determine the Bid Quality Coefficient (BQC). The weighting-system was based on the following criteria: Bidder’s references, 10%; technical capacity, 20%; and Investment Plan 70%. The sum of all the points determined the BQC. After the committee determined the BQC for each bid, they opened the second envelope containing the financing specifics. Most importantly, the second envelope contained the volume of promised investments that would be financed through a tariff charge. The winning bid was the one with the highest value as a result of multiplying the BQC by the Investment volume specified in the second envelope.  The Privatization Committee received four bids and two of those pre-qualified. In February 1998, it declared local construction company Necon S.A. as the winning bidder. Necon offered to invest a total of US$ 97 million in the first 15 years of the concession contract.  On May 1998 the concession contract was signed between the province of Salta and Aguas de Salta (90% controlled by Necon). The remaining 10% of the shares are owned by the employees.   In 1999 the company changed its name from Aguas de Salta to Sociedad Prestadora Aguas de Salta S.A. (SPASSA). In the second semester of 1999 Necon transferred 50% of it’s stake in SPASSA to Latin Aguas.  SPASSA’s main contractual obligations were to expand, improve and guarantee water supply to all potential users according to the quality standards required in the concession contract; to expand, improve and guarantee wastewater collection to all potential users; and to collect, treat and discharge wastewater in compliance with the environmental regulations in place.  Beginning in 2002, due to the economic crisis that had hit Argentina, SPASSA endured a lengthy renegotiation process that only ended in June 2004. The two and a half year renegotiation process finally came to an end with the following agreement: The five year investment plan corresponding to the 1999-2003 period was considered closed and the parties agreed to renounce any claims arising from works related to that period. The financing of the plan to install meters, previously financed directly by consumers, was to be shared 50%-50% by SPASSA and the provincial government. The Investment Plan to be carried out for the 2004-2008 period was to total US$31.8 million (ARG$ 97.9 million) and executed by SPASSA. 66% was to be financed by SPASSA through the tariff and 34% to be financed by the province of Salta.  On May 22, 2009, the government of northwest Argentine province Salta rescinded the concession contract, creating a new state-owned water utility called Compañía Salteña de Agua y Saneamiento.
The project includes the expansion and rehabiliation of 236 km of roads. The project company, Vianorte, was wholly owned by Consorcio Rodovia Inteligente, whose ownership was divided as follows: Construcap and Aragon were holding 20% of the shares each; Ourinvest holding 18%; Civil Obras holding 15%; Tejofran holding 14%; Multiservice holding 7%; and Somague holding 6%. The bidding process was competitive and the award criteria was the highest cannon fee to be paid to the government. There was no provision for contract renewal (assets will be returned to the state government).  The total project cost has been estimated at US$ 382.9 million: US$ 226 million as infrastructure investment and US$ 156.9 million as lease fee to be paid in monthly installments during the concession period (in order to calculate the real value of the lease fee, a discount rate of 12.68% was used; this government has used this rate in other infrastructure sectors). The toll road started its operation in 1998 and the toll rates are already being charged.  As of December 2003, Vianorte was controlled by CCI Concessoes (22.71%), Construcap CCPS Engenharia e Comercio (22.70%), Banco Ourinvest (20.43%), Tejofran (15.89%), Braest Participacoes (12.36%) and Civil Obras (5.91%).  In December 2006, Vianorte S.A. was acquired 100% by OHL Brasil (Bovespa: OHLB3) for $95mn USD. The parent company, Obrascon Huarte Lain (OHL), owns 60% of OHL Brazil. The remaining 40% of OHL Brazil is in the hands of Brazilian and international investors.
ZAO StavTeleSot was established in 1996 as a closed joint stock company. The same year the company was awarded a cellular licence in the GSM-900/1800 standard for the Stavropol region.  StavteleSot began operations in January 1998 under the trademark Severo-Kavkazskii GSM (Northern Caucasus GSM). Telenor was  partner in StavTeleSot along with Russian companies Elektrosvyaz and StavTelekom.  The total investment in the network amounts to approximately US$ 12.8 million by 2000. In December 2002 StavTeleSot was Russia's seventh largest operator in terms of subscribers when it had 175,200 subscribers, which represented a market share of 63% in the Stavropol region.   VimpelCom acquired a 90% stake in StavTeleCom in December 2002 dor US$38 million including 49% stake from Telenor Mobile and a further 41% from local Stavtelecom. In September 2003 Vimpelcom finalized the acquisition of remaining 10% in StavTeleSot which became a subsidiary of Vimpelcom-Region, later merged into Vimpelcom.
On July 15, 1998, the state government of Rio de Janeiro awarded a 25-year concession contract for Rio's commuter railway.  The concession was awarded using a 2-stage bidding process to a consortium of Spanish and Brazilian companies. The final bidding criteria was the highest committed investment to the infrastructure. The contract could be renewable for an additional 25 years, peding satisfactory performance of the concessionaire.   The major sponsors in the consortium are the spanish Construcciones y Auxiliar de Ferrocarriles (CAF) and Brazilian Banco Prospero. The Brazilian/US company Pactual has a sponsorhsip stake.  Spanish rail operator, Red Nacional de Ferrocarriles Espanoles, is a member of the consortium as operator of the railway. The consortium bid US$ 275 million (R$279.6 million) for an investment program to rehabilitate the railway.  This was significantly higher than the government's minimum of US$ 28 million, plus US$ 8.25 million in stock. The amount bid in excess of the minimum will be paid in infrastructure investment.  Planned investment includes modernization of 11 stations, construction of one new station, refurbishment of trains, and the installation of air conditioning.  The consortium has the option of a 25-year extension.  The assets of a state owned company, Companhia Fluminense de Transportes Urbanos (Flumitrens) were transfered to the project company - Supervia Concessionaria de Transporte Ferroviario SA. Flumitrens continues to operate some other commuter railways in the state of Rio de Janeiro.    Between 1998 and 2010, Supervia invested US$ million (BRL 600 million) in the rail infrastructure and rolling stock. In 2010, Odebrecht Group acquired 60% of Supervia's shares, while the remaining 40% of the shares were acquired by foreign investment funds. A new concession contract was signed, which was set to expire in 2048. The new sponsors agreed to invest US$ 681.8 million (BRL 1200 million) until 2020. The government also committed to invest the same amount over the period.  In May 2012, Supervia received a US$ 127.3 million (BRL 248.5 million) loan from BNDES to finance its investment expenditures.
Magnum Power, a wholly-owned subsidiary of Magnum International Trading Co., was awarded the contract to build and operate a 25.2-MW diesel fired power plant in the state of Haryana. The power plant has 4 units of 6.3 MW each.   The project involved a US$5 million investment.  Commercial operations commenced in Aug. 1998.  The power plant supplies electricity to the state-owned transmission company Haryana Vidyut Prasaran Nigam Ltd.
The Comision Reguladora de Energia (CRE) issued the first natural gas distribution for the North Tamauligas geographic zone to Tamauligas, S.A. de C. V., a joint venture of Bufete Industrial Construcciones (49%), Gaz de France International (GDF, 26%) and Mexigas(25%).    Tamauligas has committed to supplying more than 36,000 users in the cities that comprise the geographic zone (Reynosa-Rio Bravo, Matamoros, and Valle Hermoso) and investing US$ 23.7 million in the distribution network by the fifth year of operation.  The average tariff authorized by CRE is 0.954 dollars per Gigacalorie.    The 30-year permit which is renewable every 15 years confers a 12 year exclusivity period over the construction of the network as well as the reception, conduction and delivery of natural has within North Tamaulipas. The sponsors paid US$ 5 million to acquire the existing assets that were property of Pemex.
The Shenzhen Airport Co. issued 100 million "A" shares through the Shenzhen Stock Exchange to raise funds to finance a 60,000 square metre passenger terminal designed to handle 7.7 million passengers by 2005. The issuance of the shares represented an amount of US$ 75.2 million (Yuan $ 623 million); type "A" shares imply that only local Chinese investors were allowed to acquire those shares.
BashUNICEL was formed in early 1995 although the company did not start its commercial operations until 1998. It operates an AMPS 800 network that covers Ufa, the capital of Bashkir. Luncent Technologies was the equipment supplier. The main investor was Global Telesystems Group (50%), through its subsidiary Vostok Mobile. The local partners in the joint venture were Ufa State Aviation Technology University (25%) and Telecommunication systems (25%). The company owned a 10 year license.   As of 2006, BASHCELL provided cellular communications services on GSM-1800 and DAMPS standards in the Bashkortostan republic and fixed-line communication services in Ufa, Bashkortostan's capital. In Bashkortostan, Vimpelcom and MTS each occupied 39% of the local cellular market, while Megafon had about 20%, Bashcell had 1% and two other operators had 1% between them.   In December 2007, MTS acquired 100% of Bashcell for a consideration of US$38mn, including the assumption of US$32mn in debt.
Telesp Participacoes SA competes with Vesper Sao Paulo in the market for fixed local and long distance phone services in Sao Paulo. The was one of the three holding companies in which the 27 wireline companies of Telebras system were grouped for their privatization. The other two companies were Tele Centro Sul Paticipacoes SA and Tele Norte Leste Participacoes SA. The rest of Telebras system was divided into one long distance company (Embratel) and eight wireless (A-band) companies. Before its restructuration, Telebras system comprised of 27 state wireline companies, 26 state wireless (A-band) companies, and one long distance company (Embratel).   Telesp Participacoes was created to own the equity participation of Telebras in Telecomunicacoes de Sao Paulo, Telesp, (71.4 percent). Telesp, in turn, controlled 56.2 percent of Companhia Telefonica da Borda do Campo (CTBC). Telesp provided local wireline phone services and intra-state long distance phone services within the state of Sao Paulo, while CTBC provided wireline phone service to ABC zone, a metropolitan area of Sao Paulo city. Its concession area had a total population of 33 million in 1998, while CTBC's had 3.4 million. Like the other eleven companies created from Telebras, Telesp Participacoes SA was fully privatized through an international competitive bidding in July 1998 when the Brazilian federal government sold its equity stake for $4,984 million (R$5,783 million) to a consortium led by Telefonica International Holdings composed of Telefonica Internacional (69.04%), Portugal Telecom (19.85%), PTelecom Brasil (3.15%), Iberdrola Investimentos (6.99%), Banco Bilbao Vizcaya (.95%) and others (.02). Telesp Participacoes was sold with a premium of 64.3 percent over the minimum set by Brazilian government. The winning consortium paid 40 percent of its offering on August 3, 1998. The remaining 60 percent would be paid in two equal annual installments which would be adjusted according to the CPI plus a 12 percent annual interest.   Telesp Participacoes committed to increase the fixed line network of Telesp and CTCB from 6.01 million lines in February 1998 to 7.84 million by December 1999, to 9.2 million by December 2000, and to 10.68 million by December 2001. In addition, the company committed to increase the number of pay-phones from 169,5000 in March 1998 to 213,200 in December 1999, to 237,540 in December 2000, to 264,540 in December 2001. The company also had to compete with Embratel in the intra-regional long distance phone services since 1998. In 1999, Telesp also acquired 51.04%  of Centrais Telefonicas de Ribeirao Preto(CETERP).  The company invested around US$ 2,040 (R$ 4,080) million in 2000. Anatel would award unlimited licenses after January 1, 2002.   As of December 2003, Telefonica Internacional had increased its direct and indirect stake in Telesp to 87.49%.  As of December 2009 Telefonica's interest was 87.95%.  In October 2011, Vivo Participacoes was incorporated by Telesp. The investment figures and number of connections in 2011 already reflected the merger.  In June 2012, Vivo won the competitive bidding organized by the regulatory agency Anatel for one out of four licenses to provide 4G cellular services. Vivo's offer was of US$ 531.6 million (BRL 1050 million), and the contract was signed in 2012.  In September 2014, Vivo won the competitive bidding organized by the regulatory agency Anatel for one out of eight licenses to provide 4G cellular services. Vivo's offer was of US$ 820.2 million (BRL 1928 million) for the concession rights, and the contract was signed in December 2014.
Control of Compania de Alumbrado Electrico de San Salvador (CAESS) was sold to El Salvador Energy Holdings, a 50/50 partnership between Electricidad de Caracas (EdC) of Venezuela and Reliant Energy, which bid US$ 236 million for 75% of CAESS. The financial closure was reached on Feb. 17, 1998. CAESS is headquartered in San Salvador and supplies north-central El Salvador, including the capital San Salvador, and is the largest of the three distribution systems (the other two are EEO and DEUSEM). In terms of customers and sales CAESS had about 437,000 customers as of January 2001.   In 2000, AES Corp. acquired Reliant Energy's shares in El Salvador Energy Holdings, and, with its acquisition of Electricidad de Caracas also in 2000, AES currently owns the majority of the shares in CAESS.
In June 1998, the Consorcio Liberal acquired 39.71% common shares (equivalent to 35.16% equity) of Companhia de Saneamento do Parana (Sanepar) –the Parana state Water & Sewerage Company. The acquisition was priced at US$216.7 million (249.8 million reals) and Consorcio Liberal paid 30% cash while the remaining 70% was to be financed.   The Consorcio Liberal was initially formed by Vivendi (known as Veolia Environment as of May 2003), Andrade Gutierez Concessoes, and Parana state-owned power generator Copel. As of 2001, the consortium was known as Domino Holdings, and was formed by Vivendi (30%), Andrade Gutierrez (27.5%), Opportunity Dalleth Participacoes (27.5%) and Copel (15%).  After the transaction, a shareholders agreement was signed, giving the consortium controlling power over Sanepar. In February 2003, the shareholders agreement was nullified by the governor of the state of Parana. In March, the control of the company was officially transferred to the majority shareholder, the state government (which owns 60% of the voting capital and 52.5% of the total capital). Domino Holdings filed legal suits to restore the shareholders agreement. In 2004 the Brazilian federal court gave control of the company back to Domino Holdings; however in September 2004 a Brazilian state court suspended this decree and returned control to the state government. In September 2005 the state parliament of Parana approved a governmental decree to remove Sanepar controller Domino Holdings.  Initially, the consortium was planning to invest R$1.2 billion to develop the sewerage and water supply networks in Parana state. The consortium had committed to achieve the following coverage targets by 2005: 99.4% for water distribution (in 1998, the coverage was 99%), 65% for sewerage collection (37.7% in 1998) and 100% for sewerage treated (75% in 1998). As of December 1997, the company had 7,100,742 users connected to the water system and 2,176,818 users connected to the sewerage system (total population: 7,197,914). The network extension in 2002 was 35,181 km for the water distribution network and 15,713 for the sewerage network.
The project includes the expansion of an existing 38 km road and construction of new 129 km roads. The project company ownership is divided as follows: Encalso holds 60% of the shares; S.A. Paulista and Senpar hold 20% each. The bidding process was competitive and the award criteria was the highest cannon fee to be paid to the government. There was no provision for contract renewal (assets will be returned to the state government).  The total project cost has been estimated at US$ 344.9 million: US$ 250 million as infrastructure investment and US$ 94.9 million as lease fee to be paid in monthly installments during the concession period (in order to calculate the real value of the lease fee, a discount rate of 12.68% was used; this government has used this rate in other infrastructure sectors). The toll road started its operation in 1998 and the toll rates are already being charged. In Mar. 1999, the state-owned bank BNDES approved a US$ 44.4 million loan to the project.  In 2004 the consortium assumed operations of an additional highway stretch - Sao Paolo's SP-342. The 54.5km stretch runs from the municipalities of Mogi Guaçu, Espírito Santo do Pinhal, and Sao Joao da Boa Vista. The consortium committed to invest US$24.5 milloin on expansion and improvement of the additional stretch.  In December 2011, the state-owned bank BNDES approved a US$ 79.7 million (BRL 130 million) loan to finance the infrastructure works.
In November 1998, the municipality of Puerto Berrio transfer the operation of its water and sewerage utility to Colombian Conhydra through a 20 year operations contract. By 2004, the utility had more t han 9,000 connections and a water coverage ratio of 100%.
Haripur El Paso Barge Mounted Power Plant is a 115 MW project located in Haripur.  The NEPC consortium signed a 15-year power purchase agreement with Bangladesh Power Development Board in October of 1998.  El Paso Corporation owned 50% of the project, Ogden 45% and Wartsila 5%.  The project construction started in August 1998 using developers' equity. OPIC provided a US$87 million loan to NEPC in 1998 and US$65 million in insurance to the NEPC consortium in 1999.  In 2005, El Paso Corporation sold its 50% stake in the NEPC consortium to Globeleq, a subsidiary of UK-based private equity firm, CDC Group plc. On Nov. 21, 2007, Globeleq sold its 50% holding in NEPC to Pendekar Energy Limited, a consortium in which Malaysian-based Tanjong had a 55% holding and Al Jomaih Holding Co. of Saudi Arabia had a 45% stake.
Proyectos de Energia Mexico was awarded, through a competitive bidding process, a 30-year concession to distribute natural gas in Mexican Federal District in June 1998. The selection criterion was the minimum tariff with the maximum of service coverage by the fifth year of operations.   The concession contract granted to the concessionaire exclusive rights to distribute natural gas in its concession area during the first five years. The concession area was one of the two in which the Valley of Mexico was split for natural gas distribution concessioning. The other concession area was Valle Cuautitlan-Texcoco, which was awarded to Mexigas. Proyectos de Energia Mexico was owned by Grupo Diavaz (15%), Texas Utilities (70%), and Controladora Comerciale Industrial (15%) by 1998. The concession included existing distribution assets, which belonged to Pemex (a 87-km distribution network). The company paid US$ 80 million for those assets. In addition, Proyectos de Energia Mexico committed to invest US$ 213 million in expanding its distribution network to 2,600 kms and serving 423,600 customers by its fifth year of operations. The company started its commercial operations in September 1998. During 2000, the spanish company Gas Natural acquired 100% of Metrogas' shares.
In September 1998, Colombia Prestadora de Servicios Publicos Dominiciliarios SA (Presea) began to operate the water and sewerage services of Fundacion municipality in Magdalena Department under a 20 year concession contract. The city had population of 49,467 in 2005.
After dividing the DPOGA Domodedovo Airport complex into three companies (Domodedovo Airlines, Domodedovo Airport Navigation and Domodedovo Aeroservis), the government sold a 75% stake of Domodedovo Aeroservis, the company responsible for the management of the airport facilities (air navigation systems is 100% state owned). A new terminal costing US$ 400 million was constructed, which allowed an increase in passenger turnover from 2.5 million/year to 5 million/year. Construction works should be completed by mid-1998 and operation was scheduled to start in late 1999. Financial closure for the terminal project was achieved with East Line own resources. The renovated terminal was commissioned in the end of 2000.
In March 1998, a New World Infrastructure subsidiary , Beauty Field Ltd.,signed a 27-year cooperative joint venture contract with the Qujiao Highway-Bridge Development & Construction Company for the development and operation of a 36.02km section of the Shanxi Taiyuan to Gujiao Roadway.  NWI took a 60% equity share in the JV company, Taiyuan Xinyuan Highways Ltd., and invested US$ 15.5 million in equity and debt.The state-owned company, Gujiao Highway-Bridge development & Construction Company owned the rest of the stake in the project company. NWI had a 90% profit share for the first year and 60% for the remaining 15. Operations began April 1999.
Intercellular was one of the eight companies to receive a basic local service license from the Nigerian Communications Commission (NCC) in 1995. The license allowed the company to provide its phone services through Wireless Local Loop (WLL) technology. Intercellular was a wholly owned Nigerian company. The company was the second private WLL provider to start commercial operations beginning in February 1998.   Intercellular started offering services after two years due to factors such as bureaucracy, slow spectrum allocation, and the need to raise financing hampered network deployment. The company had planned to expand capacity to 50,000 lines.  Intercellular also received a US$13.5 million supplier credit from Motorola in 1999.  The main coverage area of Intercellular was Lagos, the capital city, by 1998.   Intercellular competed with state-owned Nitel, and the private operator Multilinks by July 1998.  In September 2000, Intercellular Nigeria awarded a US$21 million contract to Motorola for the supply and deployment of a CDMA fixed wireless local loop (WLL) network expansion. The 800 MHZ system was to be expanded for up to 45,000 limited mobility subscribers. In July 2003, Motorola’s Global Telecom Solutions Sector (GTSS) was awarded a contract worth an estimated US$12 million to expand the Code Division Multiple Access (CDMA) fixed wireless local loop (WiLL) network for Intercellular Nigeria Ltd. The expanded system capacity and coverage were to be deployed in the cities of Abuja and Lagos. The system was to be deployed in Lagos also included CDMA2000 1X capability, Motorola’s first 3G network in Africa. With this expansion, Intercellular Nigeria was to be able to add up to 75,000 additional limited mobility subscribers to its network.  The launch of its CDMA 2000 1X network occured in August 2005 in the city of Lagos.   In January 2005, Harris Corporation of the US announced that it had been selected by Intercellular to provide microwave radio links for a multi-million dollar network expansion.  By end 2005, Intercellular had about 200,000 fixed-wireless lines in Nigeria and was planning an initial public offering (IPO) to raise 4.5 billion naira (US$34 million) from the Lagos stock exchange to fund further expansion.  In December 2007, Sudatel bought 70% stake of Intercellular for US$10 million.
Telesp Celular Participacoes SA (TCP) was one of the 12 holding companies in which the assets of the state-owned Telebras were divided for their privatization. The remaining 11 holding companies are comprised of one long distance company (Embratel), seven wireless (A-band) companies, and three wireline companies. Before its restructuration, Telebras system was comprised of 27 state wireline companies, 26 state wireless (A-band) companies, and one long distance company (Embratel). Telesp Celular Participacoes SA was created to own the equity participation of Telebras in the operational company Telesp Celular (71.4 percent) in 1998. Telesp Celular provided cellular mobile telephone services to the state of Sao Paulo through A-band (800s MHz).  Like the other eleven companies created from Telebras, Telesp Celular Participacoes SA was fully privatized through an international competitive bidding in July 1998 when the Brazilian federal government sold its equity participation for US$ 3,092 million (R$3,588 million) to a consortium led by Portugal Telecom. Telesp Celular Participacoes SA and its subsidiary Telesp Celular were sold with a premium of 226.2 percent over the minimum set by Brazilian government. The winning consortium paid 40 percent of its offering on August 3, 1998. The remaining 60 percent would be paid in two equal annual installments which would be adjusted according to the CPI plus a 12 percent annual interest.  The concession area of Telesp Celular comprised of areas 1 and 2 of the cellular market. The Brazilian market was divided in 10 areas in 1996 in order to assign licenses for cellular phone services. In each area, A-band was assigned to the state owned companies that provided local fixed phone services in the area, while B-band was awarded to a private consortium through a competitive bidding. Telesp Celular had 4.3 million subscribers in its concession area by December 2000. Just after the privatization, Telesp Celular competed with BCP in the area 1 and with Tess in the area 2.   In 2000, Portugal Telecom upped its stake in Telesp Celular to 41.2%, through an exchange of shares between Telefonica and Portugal Telecom. The exchange eliminated the crossed interests of Telefonica in Telesp Celular (mobile operator) and of Portugal Telecom in Telesp (wireline operator). In the same year, Telesp Celular acquired 100% of the total capital of Ceterp Celular from Centrais Telefonicas de Ribeirao Preto. After the transaction, Ceterp Celular was merged into Telesp Celular and ceased to exist. Then, Telesp Celular started operating in the whole state of Sao Paulo.  In December 2002, the controlling stake of Telesp Celular was transfered from Portugal Telecom to Brasilcel, a 50/50 joint venture of Portugal Telecom and Telefonica Moviles to manage all their mobile operations in Brazil. At the time of the transaction, Telesp Celular Participacoes had a controlling stake in three companies: Telesp Celular, Global Telecom and Tele Centro Oeste (TCO).   In December 2002 and February 2003, the companies that belong to the group converted their concession contracts into authorizations without termination date.  In 2003, after having acquired shares of holding companies and promoted a corporate reestructuring, TCP became the direct owner of 100% of the total capital of Global Telecom. Since April 2003, Telesp Celular and all the operating companies participating in the joint venture have been operating under the brand name "Vivo". As of December 2005, the companies opearting under the brand "Vivo" were in the process of merging into Telesp Celular Participacoes SA (TCP). Shareholder approval was still pending.   On February 22, 2006, the respective shareholders’ meetings of Telesp Celular Participações SA (TCP), Tele Centro Oeste Celular Participações SA (TCO), Tele Sudeste Celular Participações SA (TSD), Tele Leste Celular Participações, SA (TBE) and Celular CRT Participações SA (CRTPart) approved (i) the merger of TCO in order to convert it into a wholly owned subsidiary of TCP and (ii) the merger of TSD, TBE and CRT Part into TCP. As of March 26, 2006, TCP was the sole surviving company of these mergers and subsequently changed its name to “VIVO Participacoes SA".  Vivo acquired Telemig in April 2008. The effects of the merger are reflected in 2008 figures. Also in 2008, In 2008, Vivo won the competitive bidding organized by the regulatory agency Anatel for 8 licenses to provide 3G services (Vivo's offers averaged 69% above the minimum price set by Anatel). The company was expected to implement the necessary investment to provide mobile services to at least 60% of the areas it bid for in an 8-year period. The company's bid represented a total payment of US$ 765 million (BRL 1201.2 million) to Anatel.  In November 2009, the acquisition of Telemig Celular Participacoes S.A. and its extintion was approved by the regulatory agency Anatel. In December 2009, a request for the approval of the incorporation of Telemig Celular S.A. by Vivo was filed by the sponsors at Anatel.  In December 2010, Vivo won the competitive bidding organized by the regulatory agency Anatel for 23 out of 46 licenses to provide 3G services to the states of Amazonas, Amapa, Para, Maranhao e Roraima.  The bid represented a total payment of US$ 623.8 million (BRL 1018 million) to Anatel, and the contract was signed in April 2011.  In October 2011, Telesp incorporated Vivo and the investment figures for 2011 were recorded consolidated in Telesp entry (ID# 1481).
New World Infrastructure entered into a joint-venture agreement with the Guangdong Province to build and operate the toll highway connecting Huaiji County to Deqing County. New World Infrastructure held 65% of the share. The 30-km toll road demanded US$ 8.2 million or Rmb 68 million (50% financed with loans and 50% with equity). The dual one-lane highway has 1 toll collection booth. The average traffic flow was 1,260 vehicles per day in 1999 (expected saturation capacity is 15,000 vehicles daily). The toll road became operational in May 1999.
Control of Empresa Electrica de Oriente (EEO) was sold to Reliant Energy and  Electricidad de Caracas (EdC) of Venezuela, which bid $61-million for 89.11% of EEO. The financial closure was reached on Feb. 17, 1998. EEO is headquartered in San Miguel and its service territory, in eastern El Salvador covers the largest area but contains only about 158,000 customers as of January 2001. The EEO service area is much more rural than that of CAESS, the largest distributor in El Salvador. In June 1998, Houston Industries Energy (Reliant Energy) became EdC's 50/50 partner in EEO.  In 2000, AES Corp. acquired Reliant Energy's shares in El Salvador Energy Holdings, and, with its acquisition of Electricidad de Caracas also in 2000, AES currently owns the majority of the shares in EEO.
San Roque Hydropower Project involves the construction of a 345MW hydropower plant with irrigation, flood control measures and water quality improvement. Napocor awarded to the project a 25-year build-operate-transfer contract. The main project sponsors were: Marubeni (42.45%), Sithe Energies (50.05%), Kansai Electric Power (7.5%). In May 2004, Sithe Energies sold its 50.05% stake in San Roque Power Corporation to Marubeni, thereby raising Marubeni's equity in the project company to 92.5%.   The project's  total cost was estimated to be US$1.125 billion. The dam construction started in March 1998 and began commercial operations in May 2003. The project received a US$400 contribution from Napocor in recognition of the project's social benefits (irrigation and flood control). The contribution was neither debt nor equity.
New World Infrastructure, through its subsidiary, Lucky Strong Ltd., entered into a joint-venture agreement with Shanxi Province to build and operate the toll highway connecting Shihui and Guanzhuang in Changzhi city.   The 22.2-km toll road demanded US$19.3 million, 65% financed with loans and 35% with equity. New World Infrastructure held 60% of the share in the project company, Shanxi Xinhuang Highways Ltd., while the state-owned company, Changzhi City Changda Highway Development Co., held the rest of the stake.The dual one-lane highway had 2 toll collection booths. The expected traffic flow is 2,000 vehicles per day (expected saturation capacity is 10,000 vehicles daily). The contract period was 25 years from the commencement of the operations which was scheduled for December 1999.
The government of Malaysia awarded a 33-year BOT contract to Sistem Penyuraian Trafik KL Barat Sdn Bhd (Sprint). The project is divided into three phases. Phase A will link KL North East Expressway to the Federal Highway; Phase B will link Damansara and Puchong Highways; Phase C will link Damansara to Semantan. Phases A and B are under construction, and the works were expected to be completed by 2002, when toll rates were to be levied (total cost for this phase: US$ 221.4 million - M$ 920 million). Construction of phase C will only commence when financing has been arranged. The contract comprises a 3-year construction period and 30-year operation period. Sprint will build a dual three-lane 26km toll road, including a 700m tunnel and 17km of viaducts and bridges, in the western suburbs of Kuala Lumpur.   Sprint is a consortium of three Malaysian companies: Mujur Minat Sdn Bhd (50%), Gamuda Bhd (30%), and Kumpulan Pinang Holdings Sdn Bhd (20%). The total project costs are estimated at M$1.3 billion (US$ 335 million) - M$1.17 from project financing arranged by Arab Malaysian Merchant Bank, and the remainder from shareholders equity.
Cornelder de Mocambique (CdM), a joint venture between the Dutch company Cornelder B.V.and Mozambique’s port and railway administration CFM, was awarded a  25 year concession to run the port of Beira in central Mozambique. CdM took over the management of Beira container terminal and Beira general cargo terminal from CFM in October 1998. CFM has a 30% stake in CdM and the balance is held by Cornelder. In 2003, CFM increased its stake in CdM to 33%.  The contract included rehabilitation of the port, notably securing the concession area, repair of machinery and equipment and provision of additional handling equipment. Cornelder invested US$ 15 million in the first five years of the contract. Ownership of sea and land based infrastructure was not transferred to CdM. According to the concession agreement, CdM had to pay a fixed annual fee of US$1.5 million to the conceding authority (in this case, Government of Mozambique GoM), and this fee was indexed to the movement in consumer prices and was revised every two years. In addition to the fixed fees, CdN paid a variable fee of 10% of gross revenues in excess of US$ 15 million.  CFM did not conduct an open tender to award the contract.  In July 2004, Cornelder-Quelimane, a joint venture between Cornelder Mozambique and CFM, signed a lease agreement with the Government of Mozambique to manage the port of Quelimane.  The port of Beira's facilities include a container terminal and a general cargo terminal, both of which are concessioned to Cornelder de Moçambique. The port also has a liquid bulk facility.
In October 1998, the China Water Company (CWC) was awarded a concession contract that included the rehabiliation of an existing water treatment plant and the construction of a new one.  The Beijiao and Zhongcao plants had a combined capacity of 250,000 cubic meters per day.  To implement the contract, a 50-50 joint venture project company was estabished between CWC and the state-owned Guyiang Changye Water Co..  In 1998, CWC was owned 1/3 each by Temasek Holdings (The Singapore Government's investment arm), the private Hongkong Land Holdings and AIDC Ltd (an investment company majority-owned by the Australian Federal Government).   Total project cost was US$25 million.  The project was sold back to Guyiang Changye Water Co. in 2001. The original term of the contract and other details were not disclosed.
The project involves the construction and operation of a 27.8 MW diesel-fired power plant.    Financial closure was achieved in Jan. 1998 and the power plant was commissioned in Sep. 2000. Sree Rayalaseema Alkalies & Allied Chemicals Ltd. is sponsoring the project which will supply power to Kartanaka Power Transmission Corp under a power purchase agreement.  The EPC contractor was MAN B&W Diesel AG.
The project includes the rehabilitation of the road linking the Anhanguera highway with the Bandeirantes highway, as well as a 77 km extension of the Bandeirantes highway (between the cities of Campinas and Limeira). In 1998, the concession was granted to Concessionária do Sistema Anhanguera-Bandeirantes S.A. (Autoban), which was owned by a consortium. The winning consortium was comprised by  Camargo Correa (23.2%), Andrade Gutierrez (23.2%), CBPO (23.2%), SVE (20%), and Serveng Civilsan (10.4%). The bidding process was competitive and the award criteria was the highest cannon fee to be paid to the government. There is no provision for contract renewal (assets will be returned to the state government).  The estimated daily traffic flow was 100,000 vehicles in 1998. The total project cost has been estimated at US$ 1.86 billion: US$ 919 million as infrastructure investment and US$ 941 million as lease fee to be paid in monthly installments during the concession period (in order to calculate the real value of the lease fee, a discount rate of 12.68% was used; this government has used this rate in other infrastructure sectors). The sponsors also committed to pay US$ 765 million in taxes.   Companhia de Concessoes Rodoviarias (CCR) was created in 1998 as a holding for a number of toll-road concessions in Brazil. The total capital of Autoban was transferred to CCR.  As of December 2003, CCR was controlled by Brisa (21.27%), Andrade Gutierrez (20.69%), Camargo Correa (21.27%) and Serveng-Civilsan (21.27%). The remaining stake was traded in stock markets.  The consortium obtained loans from the IADB and IFC in 1999 and 2001, and from the state-owned bank BNDES in 2000.  In 2006, CCR negotiated with Sao Paulo state to extend its 20-year concession agreement by 104 months.
The merchant project was undertaken by Cayman Power Barge Ltd. In two phases. In the first phase, a 35-MW diesel fueled power barge was installed at a cost of US$ 20 million in Mar. 1998. Commercial operation of this first power barge started in Jul. 1998. In the second phase, the first power barge was replaced by a 50-MW unit at a cost of US$ 30.5 million in Sep. 1999. Cayman Power Barge Ltd. is a wholly-owned company of Odyssea Vessels Inc. The company currently has a 5-year power purchase agreement signed with the state-owned Corporacion Dominicana de Electricidad signed in Jul. 2000 (the initial PPA was signed in Mar. 1998 and had a 3.5-year duration; this agreement was then amended in Jul. 2000).
In January 1998, the China Water Company (CWC) was awarded a BOT contract for the development, construction and operation of the Zaijia Water Supply Project.  The project consisted of 5 parts: 1) 32 intake wells, 2) 14.8 km of transmission pipelines, 3) a plant which treats 100,000 tons of water per day 4) power transmission and transformation and 5) automated control center. The plant was to be the main source of drinking water for the 740,000 residents of the Tiexi District.  To implement the contract, Shenyang CWC was created as the project company which was a joint venture formed by CWC and the state-owned Shenyang General Water Supply Company (exact shares were undisclosed).  As of 2002, CWC itself was owned by Thames Water (a subsidiary of RWE) (48.8%) and Sime Darby Bhd. of Malaysia (33.3%).    Total investment was estimated at US$25 million. Construction began in November 1996 and supply began in January 1998.  No information on contract duration was available.
Panay Power Corp. was a joint venture between the First Philippine Holdings (50%), First Private Power Corp. (a subsidiary of First Philippine Holdings, 20%) and Panay Electric Co. (30%). Construction on the 72 MW power plant started in early 1998 and was completed in the end of 1998.   Financing for the project was achieved through debt (75%) and equity (25%). Debt financing was provided under an ECA facility given by Bayerische Veriensbank AG (with a COFACE guarantee) and the FCDU facility from the Far East Bank and Trust Co. and PCIBank. Power was sold to the Panay Electricity Co. under a 25-year power purchase agreement (privately-owned company PECO held a long-term distribution franchise for the city of Iloio since 1923).  In September 2003, Mirant Global Philippines Corp. broke ground on a project to expand the 72 MW diesel-fired plant it purchased from the Panay Power Corporation in June 2003. The 1bn-peso (US$18 million) project entailed adding 40MW of capacity to the existing facility at La Paz, Iloilo city.  Mirant Global Philippines Corp., a 50:50 joint venture between the US's Mirant Philippines and Global Business Holdings, bought the plant for 2.32 billion pesos. Mirant was the largest independent power producer in the country, while Global Business was a subsidiary of Metrobank Group.  Panay Electric was to purchase 10MW of the new capacity, while 10MW was to be offered to each of the Iloilo Electric Cooperatives 1 and 2, and the remaining 10MW of electricity to other cooperatives.  In May 2006, Mirant Corporation sold its 50% holding in Mirant Global Philippines Corp. to its joint venture partner, Global Business Power Corporation. As a consequence, Metrobank Group became the 100% owner of Panay Power Corp.     Financial closure for the development of a new unit of 150MW to the existing 164MW plant reached in March 2015. Construction began in mid-2014 and commercial operation was scheduled for July 2016. Borrower was Panay Energy Development Corp. Legal advisers to lenders were Castillo Laman Tan Financing comprised US$218 million(PHP9.8billion) 12-year term loan and a US$26 million(PHP1.2billion) 12-year term loan. MLA is First Metro Investment Corp. Arrangers included BPI Capital Corp, China Banking Corp, Land Bank of the Philippines, PNG Capital & Investment Corp and RCBC Capital Corp.
The Dalian Marine Tank Terminal Company (DMTTC), a major chemical terminal with 35 tanks, commenced full-scale operations in April 1998. It was established as a Japan-Europe-China joint venture by Mitsui & Co. (10%), Storli ASA (44%) (later known as Odfjell ASA), Dalian Port Authorities (36%) and Van Ommeren Tank Terminals (Asia) B.V. (10%).   The $30-million terminal will have capacity of 60,000 cubic meters. Odfjell Terminals will manage DMTTC.  It is in the largest class of such terminals in China and is the first fully-fledged commercial terminal in the three northeastern provinces of Heilongjiang, Jilin and Liaoning. It will serve as a supply and receiving point for the petrochemical industry of the north-eastern provinces. With Dalian Petrochemical Co. (ethylene capacity 450,000 t/y), Jilin Chemical Industry Corp. (also 450,000 t/y) and others, the companies have an overall capacity of 1.2 mn t/y. The berth can accommodate large vessels of 40,000 DWT and over.
Fospar S.A. won a 25-year concession to rehabilitate and operate a terminal of fertilizer (TEFER I) at the Port of Paranagua (State of Parana) on April 1, 1998. The total area of the terminal is 84,525 square meters. Fospar has to pay monthly installments of US$ 63,000 (R$ 76,000) to APPA, the government agency responsible for the Port of Santos. The company expects to invest US$ 25 million (R$ 30 million) during the concession period to rehabilitate the terminal facilities.   Fospar, a wholly-owned subsidiary of Cargill, invested US$ 22 million in the terminal, which commenced operations in 2001.  In 2011, Fospar announced an additional investment of US$ 8.3 million (BRL 13.6 million) to improve its terminal facilities.
Telecom XXI was created in December 1997 by MFK Financial Group, Millicom International and local authorities (15%) to provide cellular services in St. Petersburg. The company received the license to provide GSM 1800 cellular services in April 1998 and additional Gsm 900 license in April 2000. The license area included Russias North-West region - St. Petersburg, Arkhangelsk, Murmansk, Novgorod, Vologda, Pskov, Kaliningrad and Leningrad regions, the Nenets autonomous district and Karelia. The project envisaged an initial investment of US$ 200 million, but the company invested very little in its network.   In May 2001, Mobile TeleSystems (MTS) acquired 100% of the Telecom XXI for US$50 million.  The take over deal was completed in late 2004 when seven liquidated subsidiaries' licenses were handed over to MTS.  As of 2004, MTS controlled 22 Russian operators.
LIBRA – Terminal 35 won a 20-year concession to rehabilitate and operate container terminals 34 and 35 and 36 (Ponta da Praia) at Santos Port on June 25, 1998. The total area of the conteiner terminal is 86,658 square meters. For the concession, the company has to pay monthly installments of  US$ 103,500 (R$ 125,000) to CODESP, the government agency responsible for the Santos Port. The company announced that it expected to invest US$ 32.6 million (R$ 38.2 million) in the terminals facilities during the concession period.    In January 2003, the concession contract for terminals 34, 35, and 36 was cancelled, due to illegal clauses in the contract. The decision was enacted by a Brazilian Administrative oversight body (Tribunal de Contas da Uniao) and executed by CODESP. CODESP and Grupo Libra are expected to sign a new contract regarding the three terminals. In the meantime, Libra Terminal 35 should continue to operate the terminals.  In November 2009, Libra announced its intention to invest US$ 220 million (BRL 440 million) to unify the opertion of its three terminals at Santos Port (T33, T35 and T37), which would also require the construction of a new berth. Such project would require the approval of Codesp and ANTAQ, the Santos Port authority and federal government regulatory agency, respectively.
Tele Celular Sul Participacoes SA was one of the 12 holding companies in which the assets of the state-owned Telebras were divided for their privatization. The remaining 11 holding companies were comprised of one long distance company (Embratel), seven wireless (A-band) companies, and three wireline companies. Before its restructuration, Telebras system was comprised of 27 state wireline companies, 26 state wireless (A-band) companies, and one long distance company (Embratel).  In 1998, Tele Celular Sul Participacoes SA was created as a holding company to own the equity participation of Telebras in three cellular mobile operators in the South of Brazil: Telepar Celular SA (67.3 percent), Telesc Celular SA (83 percent), and CTMR Celular SA (78.6 percent). Through A-band (800s Mhz), Telepar Celular SA provided cellular mobile telephone services to Parana state, Telesc Celular SA to Santa Catarina state, and Companhia Telefonica Melhoramento e Resistencia Celular (CTMR Celular) to the municipalities of Pelotas, Morro Redondo, Capao do Leao and Turucu in the state of Rio Grande do Sul.  Like the other eleven companies created from Telebras, Tele Celular Sul Participacoes SA was fully privatized through an international competitive bidding in July 1998 when the Brazilian federal government sold its equity participation for US$ 603 million (R$700 million) to a consortium led by Bitel Participacoes and UGB Participacoes. The project was sold with a premium of 204.3 percent over the minimum set by Brazilian government. The winning consortium paid 40% of its offering on August 3, 1998. The remaining 60 percent would be paid in two equal annual installments which would be adjusted according to the CPI plus a 12 percent annual interest.  The concession area of Tele Celular Sul Participacoes comprised of nearly all of area 5 (Telepar Celular and Telesc Celular) and part of area 6 (CTMR Celular). The Brazilian cellular market was divided in 10 areas in 1996 in order to assign licenses for cellular phone services. In each area, A-band was assigned to the state owned companies that provided local fixed phone services in the area, while B-band was awarded to a private consortium through a competitive bidding. Tele Celular Sul Participacoes SA competed with Global Telecom in area 5 and with Telet in its part of area 6 since 1998.  In December 1998, UGB sold its shares in Tele Celular Sul to Bitel Participacoes, a subsidiary of Telecom Italia Mobile (TIM). In November 2002, through a internal reestructuring, Telesc Celular and CTMR Celular became wholly-owned subsidiaries of Telepar Celular. Before the transaction they were subsidiaries of Tele Celular Sul Participacoes, the controller of Telepar Celular.  In December 2002, the company converted its concession contract into an authorization without termination date.  In July 2003, Telesc Celular and CTMR Celular were incorporated by Telepar Celular. The later, now with all the assets of the former, had its name changed to Tim Sul. Tim Sul is controlled by Tele Celular Sul Participacoes, which has 81.3% of the total capital (90.4% of the voting capital) of Tim Sul. In September 2003, the controller of Tele Celular Sul Participacoes, Bitel, incorporated Tim Brasil SA and had its name changed to Tim Brasil Servicoes e Participacoes (Tim Brasil). Tim Brasil has 22.2% of the total capital (52.5% of the voting capital) of Tele Celular Sul Participacoes. In 2004 TIM consolidated its operating companies and merged TSU and Tele Nordeste Celular (TND) and created TIM Participacoes SA (TSU).   In March 2006, TIM Celular SA (project 2959) was fully acquired by TIM Participacoes SA and operated as its subsidiary for 2006.  In 2008, TIM won the competitive bidding organized by the regulatory agency Anatel for eight licenses to provide 3G services (its bids were on average 88% above the minimum price set by Anatel). The company was expected to implement the necessary investment to provide mobile services to at least 60% of the areas it bid for in an 8-year period. The company's bid represented a total payment of US$ 723.9 million (BRL 1324.7 million) to Anatel.  In October 2009, TIM Nordeste S.A. was fully incorporated by TIM Celular. Also in 2009, Intelig Telecomunicacoes had 100% of its shares acquired by TIM Participações.  In December 2010, TIM won the competitive bidding organized by the regulatory agency Anatel for 8 out of 46 licenses to provide 3G services.  The bid represented a total payment of US$ 50.1 million (BRL 81.8 million) to Anatel, and the contract was signed in April 2011.  In December 2011, TIM won an additional bidding for 9 out of 15 licences to provide 3G services. The bid represented a total payment of US$ 67 million (BRL 109.3 million) to Anatel, and the contract was signed in 2012.  In June 2012, TIM won the competitive bidding organized by the regulatory agency Anatel for one out of four licenses to provide 4G cellular services. TIM's offer was of US$ 427.6 million (BRL 340 million), and the contract was signed in 2012.  In December 2012, the state-owned bank BNDES approved a US$ 1016 million (BRL 1983 million) loan to TIM Celular and US$ 92.9 million (BRL 181.4 million) to Intelig.  In September 2014, TIM won the competitive bidding organized by the regulatory agency Anatel for one out of eight licenses to provide 4G cellular services. TIM's offer was of US$ 828.3 million (BRL 1947 million) for the concession rights, and the contract was signed in December 2014.
The project is being developed by Edegel (60%) and Perene (40%). Edegel is a generating utility which was privatized in 1995. The project involves the construction and operation of two hydro power units and a transmission line. The first phase of the project consisted of the construction of the Yanango plant, which involved US$ 60 million in investment financed with the companies own resources. The Yanango unit has a capacity of 40 MW and commenced operations in early 2000. The second phase of the project involved the construction of the 141-MW Chimay unit. Works on this unit started in 2000 and the US$ 140 million investment was financed with bond issuances. The project also envisages the construction of a 120-KM transmission line linking Chimay and Yanango to the Pachachaca substation which is connected to the SICN.
Aeroporti di Roma International acquired 20% of Airports Company, the country airports operator, for US$165.7 million (R 819 million). ADR has also been given the option to buy an additional 10% by 2001. Another 29% will be sold in the future as follows: 10% will be sold to black institutional investors, 9% to the company's employees and 10% to the National Empowerment Fund.   In May 1999, the company was awarded a 25-year lease agreement with the North West Provicial government to manage the Pilanesberg Airport; a total of R$ 20 million will be directed to the upgrade of runways, taxiways and aircraft parking areas. In 2001, the government announced the postponment of the IPO for the remaining government-owned shares in the company to 2004.  In September 2005, Aeroporti di Roma sold its 20% in Airports Company to the Public Investment Corporation (PIC), the South African state pension fund administrator. PIC was an investment management company wholly owned by the South African government. The sale was a business decision of Aeroporti di Roma, and allow it to record a capital gain of Euro 73.1 million in 2005.
Terminal de Conteineres de Paranagua (TCP) won a 25-year concession to rehabilitate and operate a container and vehicles terminal at the Port of Paranagua (State of Parana) on June 13, 1998. Six companies submitted bids in September 1997 for the container terminal (Tevecon) of the Paranagua Port. The total area of the terminal is 328,000 square meters. TCP is expected to conduct the expansion of the existing dock, the construction of a third berth and a 300,000 square meter area for vehicle storage. The company expected to invest US$ 69.9 million (R$ 84.4 million) during the concession period to expand rehabilitate the terminal facilities. For the concession TCP has to pay monthly installments of US$ 6,800 (R$ 238,000) to APPA, the government agency responsible for the Port of Paranagua.    TCP was initially controlled by the winning consortium comprising the companies Redram and Transbrasa. Terminal de Contenedores de Barcelona (TCB), Spain, announced later to take a 13% stake of the equity. In 2003, TCP was controlled by five companies: Grup Maritim TCB, Tucumann, Galigran (Nogar Group from Spain), Soifer and the original shareholder Redram.  In 2003, the Brazilian Development Bank, BNDES, approved a loan of US$ 7 million (R$ 21.9 million ) to TCP. This is the second loan of BNDES to the project. The first one was granted in 2000.   Between 1998 and 2009, TCP invested over US$ 175 million (BRL 350 million) in the terminal facility, increasing its capacity from 180 to 600 thousand TEUs.  In November 2010, TCP, signed a contract with the Paranagua and Antonina port authority, to invest 141mn reais (US$83.2mn) to increase its container handling to over 1 million TEU by 2012. The expansion was to involve expanding the wharf by 315m and building a third berth. Once completed, the 880m wharf would allow three container ships to dock at the same time.  In 2012, the sponsors committed to invest US$ 153.7 million (BRL 300 million) to expand the facility. The expansion envisaged the construction of a new berth, increasing the terminal handling capacity to 1.5 million TEUs by the end of 2013. The project was partly financed with US$ 38.4 million (BRL 75 million) a loan granted by the state-owned bank BNDES in October 2012.   In December 2015, APM Terminals acquired Grup Maritim TCB in a transaction valued US$ 1 billion.
In March of 1997, Societe Malgache de Mobiles (later SMM Orange) was awarded a GSM mobile license for Madagascar. The company launched its commercial GSM services under the name of Antaris in March 1998, ending a four year monopoly of Telecel on mobile services.   The principal shareholders of the company were initially Telsea Investments (65.9%) and Maruitius Telecom (33%).  France Telecom held 51% of Telsea through Orange.  The company changed its name brand to Orange in June of 2003 to reflect the ownership of France Telecom.   As of mid 2005, Orange Madagascar’s market leading network covered 98% of the urban population in 14 major towns and provided mobile services to about 214,000 active subscribers. Orange competed with Telecel Madagascar and Madacom.
African Power was formed from some generating assets of the state-owned Zimbabwe Electricity Supply Authority. The main assets were four 120 MW and two 220 MW coal fired units in 1998. The company was partially privatized in September 1998 when the government sold a 51% stake in the company for US$600 million to YTL Power International. The remaining 49% was kept by Zimbabwe Power, a subsidiary of Zimbabwe Electricity Supply Authority.
New World Infrastructure entered into a joint-venture agreement with Guangdong Province to rehabilitate and operate the toll highway connecting Gaoyao City to Guangning County in Zhaoqing. New World Infrastructure held 65% of the share.The 32-km toll road demanded US$ 9.3 million or Rmb 77 million (50% financed with loans and 50% with equity). The dual one-lane highway has 1 toll collection booth. The average traffic flow was 2,903 vehicles per day in 1999 (expected saturation capacity is 20,000 vehicles daily). The toll road became operational in August 1998.
Gilat to Home Peru, previously know as Global Village Telecom del Peru (GVT), was awarded by FITEL through a competitive bidding license to build and operate rural telephonic services in the departamentos (counties) of Amazonas, Calamarca, Piura, and Tumbes in December 1998. The project, also known as Proyeto Piloto de la Frontera Norte GVT, is 99% owned by Gilat Satellite Network. The company's network covered 213 rural centers in the four departamentos.
Nissho Iwai Corporation (Japan) developed the 51MW Diesel power plant in Sri Lanka. Nissho Iwai merged into Sojitz.  The project was conducted under a build, own, operate structure.   Total project cost was US$4.1 million. The project received a US$1.7 million MIGA guarantee in 1998, to cover against war and civil disturbance.
The project includes the expansion, improvenment and operation of the existing road linking Ahmedabad to Mehsana (this road is part of the traffic corridor providing a short link between the metropolis business centre of Mumbai and other parts of Western and Northern India). The US$ 77.2 million project will be financed with equity (15.5%) and loans (84.5%); among other institutions, the IBRD is considering to  provide a line of credit for this project. The project company is headed by IL&FS.
Andhra Pradesh authorities first initiated the process of offering development of 12 minor ports on a 30-year lease on a build, operate, transfer (BOT) basis in 1994. At the time, it could elicit proposals for just four: Kakinada, Gangavaram, Krishnapatnam and Vodarevu.   International Seaports Private Ltd (ISP) - a joint venture of Larsen and Toubro, India, Precious Shipping Ltd, Thailand and SSA International, US was awarded the contract to develop Kakinada port on an operation, maintenance, share and transfer (OMST) basis out of four firms (Konsortium Perkepalan Berhad, Malaysia, Mumbai-based ABG Heavy Industries, Continental Warehousing Corporation in association with Pembinaan Redzai Sendirian Berhad of Malaysia) that had been listed after a perusal of global bids in Sept. 1998. The four groups were the only ones to submit technical bids out of the 14 companies shortlisted from 35 pre-qualification bidders who had responded to the global tender for privatisation of the port.   The port currently has three berths, developed with a loan of approximately US$72m from the Asian Development Bank.  A fourth berth will be constructed by the consortium, which will also develop the hinterland, investing around US$63.5m in the project.  As per the decision of the cabinet, the lease period will be 20 years. During the initial phase, International Seaports will be required to pass on 20% of the gross income to the state government. The figure will go up to 22% in subsequent years. The private sponsors took over the port operations in April 1999.  In 2012-13, the port underwent expansion - the project entailed development and construction of the marine and offshore facility catering to the offshore vessels and ships located in Kakinada Port. Expected operating start date was March 2013 for this expansion Phase.  Funding for the expansion project was closed on 4th March 2013 with a debt equity ratio of 73:27.The estimated capital cost of the expansion was US$ 158.9mn. Financing comprised a 7-year 9-months term loan of US$ 115mn and sponsor equity of US$ 37.89mn.The term loan was priced at 467 basis points over the prevailing 3-month LIBOR, and a repayment schedule of 28 quarterly installments.The loan was arranged by Axis Bank, and the participating banks were Bank of India (US$ 20mn), Union Bank of India (US$ 20mn), Indian Overseas Bank Ltd (US$ 15mn).
In August 1998, the South African government awarded a 30-year BOT contract for the construction, rehabilitation, and operation of the N3 Toll Road to the preferred bidder, N3 Toll Road Consortium (N3TRC). The existing toll road connects Johannesburg and Durban. The BOT contract involves the construction of a new 100km section between Keeversfontein and Warden, making for a 420km road in total. The consortium and National Roads Agency are currently in negotiation and financial closure is expected by March/April 1999.   Members of N3TRC are: LTA Construction, Murray and Roberts, Grinaker Construction, Africon Consulting Engineers, BKS Consulting Engineers, Rand Merchant Bank Limited, Sumitomo Bank, Evzone, Nkobi Holdings, Women's Development Bank, Fikile Projects, Infra Africa, PIC Development Fund, and NBS. The project achieved financial closure in Nov. 1999, when US$ 260.6 million loan was granted to the project sponsors (US$ 48.9 million from the EIB; US$ 57 million from the South African Development Bank, BoE and Southern Life; US$ 154.7 comprises a CPI facility placed by the Rand Merchant Bank). The remaining project costs will be funded with the sponsors equity. The sponsors also paid a US$ 224.7 million for the right to toll the existing roads.
Scgas distributes natural gas in the southern state of Santa Catarina. It has a 265-KM long network and provides natural gas mostly to industrial consumers. In the long-run, the company intends to distribute natural gas also to residential consumers. In the first phase of the project, which started commercial operations in May 2000, the company invested US$ 30.4 million. The natural gas distributed by Scgas comes from Bolivia and is transported by Gasbol.  Scgas is a joint-venture of Enron's subsidiary Gaspart (41%), the state-owned company Petrobras' subsidiary Gaspetro (41%), Santa Catarina state (17%) and the industry association Infragas (1%). In 2001, the company intends to expand its network by 90 KM with its own resources. In Apr. 2001, a US$ 49.3 million loan was approved by the BNDES to finance expanding the project by an additional 800 KM (total cost: US$ 98.6 million). As of May 2004, the network was 520 KM.   As of 2005, Enron was in the midst of liquidating its operations and distributing its assets to its creditors.  The Brazilian subsidiary of the Japanese giant Mitsui concluded in May 2006 the acquisition of Gaspart from the Enron group, by US$250 million. In August 2016, Mitsui acquired a 49% stake in Gaspetro, raising its shareholding of the project company to 61.1%;
In December 1999, China's state-owned public utility group Shenyang Public Utility Holdings Co Ltd (SPU), sold 400 million H-shares (40% of the company) in an initial public offering at the Hong Kong stock exchange. The shares debuted at HK$1.70 each as the 30.1 million shares it earmarked for public subscription in Hong Kong were 32.5 times subscribed.  Another 270.9 million shares were offered for placement.  Of those, about 99 million shares (9.9%) were subscribed by strategic investor Sino-French Water Development Co Ltd, a 50-50 joint venture between Suez water subsidiary Ondeo and New World Infrastructure of Hong Kong.    Liaoning province-based SPU supplied purified water, operated long-distance bus services and held a 20% stake in the largest power plant in Shenyang, a city with a population of 6.73 million in 2004.  SPU owned and ran seven water purifying plants in Shenyang through its 99%-owned subsidiary Shenyang Water.  In 1998, Shenyang Water accounted for 92.6% of the company's pro forma turnover and 79.5% of pro forma profit after tax and minority interests.  The total proceeds from the IPO amounted to about US$84 million for SPU.  SPU was to use about HK$216.8 million of the proceeds from the IPO to acquire the No. 8 Water Plant in Shenyang which was owned and operated by Sino-French. The acquisition was to raise Shenyang Water's market share for the city's water supply from 65% to 95%.  SPU was also to use about HK$149.5 million of the proceeds to improve production facilities of the subsidiary.    In June 2002, SPU sold its 99.37% stake in Shenyang Water, its water subsidiary, to the municipal government-owned Shenyang Zheng Xing Enterprise Group Co for 900 million yuan (US$108.7 million).  The company said in a statement that it was shifting its focus to investments in property and education projects, for which the net proceeds of the sale would be used.  The partially divested utility was thus no longer responsible for water operations.
Astha Power is developing a 28-MW liquefied natural gas fired power plant on a merchant basis in the state of Andhra Pradesh. Electricity from the power plant will be sold to several industrial consumers through the grid of the Transmission Corporation of Andhra Pradesh (state-owned company).   Financial closure was achieved in Oct. 1999, with a financing package approved by the IFC: US$7.1 million direct loan and  US$1.9 million equity. The remaining cost is being financed with loans from commercial banks and with Astha Power&#8217;s own resources. Wartsila is the EPC contractor and is also providing O&M services. Commercial operations were expected to commence in the second half of 2000.
Ormat was awarded the concession to rehabilitate and operate the Momotombo power plant during a 15-year period. The geothermal power plant was originally designed to have a capacity of 70 MW, but, due to lack of resources, it has been producing only 10 MW. Ormat will invest US$ 81.4 million as equity, which has been guaranteed by MIGA. During the life of the project, Ormat will pay approximately US$ 11 million in taxes and procure 90% of the goods and services locally. Ormat took over the management of the plant in June, 1999 and will sell the electricity to the state-owned company ENEL (a "take-or-pay" agreement has been signed between the companies for the duration of the concession).
The Bonari Consortium was awarded the long distance and international mirror license to  compete with incumbent, Embratel, in January 1999. The Bonari Consortium paid US$ 42.3 (R$55) million for the license (37.5% over Anatel's reference price). Under its license, Intelig committed to the Installation of Points of Interconnection in 38 cities (27 State Capitals and 11 cities of more than 500.000 inhabitants). The consortium is composed of British National Grid (50%), Sprint (25%), and France Telecom (25%). The company started operations on January 23 2000 under the commercial name Intelig. Intelig has laid 7500 kilometers of fiber optic cable, it is present in 37 cities, and it has the capacity to handle 70,000 calls simultaneously as of 2000.  It hold 18-22% of the Brazilian long distance market.  In November 2001, Intelig shareholders decided to sell the company. As of December 2003, Intelig has not been sold. In 2003, Intelig start offering local telephony in 10 cities.   In August 2008, Intelig Telecom was acquired by investment company Docas Investimentos who acquired it from the UK's National Grid, Sprint Nextel and France Telecom (NYSE: FTE) for US$22mn.  In December 2009, Intelig Telecomunicacoes had 100% of its shares acquired by TIM Participações, and TIM's annual report for 2009 already included the figures for Intelig in its agregated numbers.
Companhia Energetica de Sao Paulo (CESP) was the last of the three Sao Paulo state-owned electric utilities - after Electricidade de Sao Paulo (Eletropaulo) and Companhia Paulista de Forca e Luz (CPFL) - to be fully privatized. In 1999, there was a partial spin-off of CESP - Companhia Energética de São Paulo. This spin-off created three caompanies: Companhia de Transmissão de Energia for transmission, Companhia de Geração de Energia Eletrica Paranapanema for generation, and Companhia de Geração de Energia Eletrica Tietê (CESP - Tiete).  CESP - Tiete is a 2,644 MW generation company with nine hydro generating plants mainly located along the Tiete and Pardo Rivers, in the state of Sao Paulo, Brazil. On October 27, 1999, AES Corporation won a bid to purchase a controlling interest in CESP - Tiete for US$ 486 million. The company acquired a 61% of the voting stock and a 39% of the total capital stock of the company. Approximately US$ 183 million of project financing was to be provided by BNDES, the Brazilian development bank, and approximately US$303 million of the remaining investment in the company was to be paid by AES Corporation. The concession contract was designed to extend 35 years for the privatized units. After the privatization CESP - Tiete had its named changes to AES Tiete. In June 2005, some of Tiete's shareholders -Banespa, Santander and Nossa Caixa- sold their 28% stake in a public share offering that was worth US$383.75 million.   In May 2001, AES Tiete announced it had closed a US$ 300 million 15-year bond offering at 11.50%. The proceeds would be used to refinance the company's debt with BNDES. After interim debt restructuring in 2002, AES was unable to meet payment for its scheduled maturities and in early 2003 their loans to BNDES entered in default (US$1.2 billion). After several months of negotiations with BNDES, a restructuring plan - a debt-for-equity deal - was proposed whereby a new holding company, Brasiliana Energia S.A., would comprise AES 50.01% of common shares and BNDES 49.99% common shares and non-voting preferred shares (resulting in BNDES holding 53.84% total equity of Brasiliana Energia S.A.). The agreement called for the transfer of AES' stakes in AES Uruguaiana, AES Tiete and Eletropaulo to the holding company Brasiliana Energia and an AES payment of US$90 million in cash upon signing the agreement. In December 2003, BNDES and AES group signed a restructuring agreement and the transfer of AES Tiete to the holding Brasiliana occured in January 2004. As of January 2004, AES was holding 24.25% of the total capital of AES Tiete, BNDES held 28.29% and free-floating shares represented 47.45% of the company's capital.   In December 2015, AES Tiete issued US$ 90.5 million (BRL 301.76 million) in long-term bonds to finance its investment expenditures.
BellSouth Guatemala was awarded three PCS frequencies for US$ 33.3 million in Guatemala in October 1999. The frequencies were granted through a competitive tender where the winner was the highest bidder. BellSouth was the fourth international company to acquire wireless frequencies in Guatemala. Comcel, a subsidiary of Millicom, was the first to enter in Guatemala in 1990. Telgua, the partially privatized telecom operator, was the second to obtain a PSC license. Telefonica International was the third one when it won two frequencies in a tender process in March 1999.   BellSouth Guatemala planned to start its commercial started its operation in November 2000. The company pledged to invest US$ 200 million in its first two years of operation, but it had not disclosed the number of customers or annual investment figures by the end of 2000.  In 2004 the Latin American telecom assets of BellSouth were sold to spanish firm Telefonica SA. Upon the acquisition, Telefonica merged the two Guatemalan operating companies - Telefonica Guatemala and BellSouth Guatemala - into one operating company: Telefonica Guatemala.
In the end of 1999, the state government of Tocantins sold 51% of Saneatins to Empresa Sul Americana de Montagens S.A. (EMSA), who has been operating Saneatins since then.  Companhia de Saneamento do Tocantins (Saneatins) was created by the state of Tocantins in April of 1989, as a vehicle to be used for the partial divestiture of the state owned Companhia de Saneamento de Goiás (SANEAGO). Saneatins is a mixed controlled company, in which EMSA Empresa de Montagem Sul Americana S/A owns 76.5232% of its shares, the state of Tocantins owns 23,4720% and other shareholders 00,0048%.  EMSA commited to invest US$ 219.3 million in a 30-year term. Saneatins' monthly revenues are estimated at US$ 2 million.  Saneatins has been receiving technical assistance from the joint UNDP/World Bank Energy Sector Management Assistance Programme (ESMAP) to reduce and control energy consumption.   In 2011, Foz do Brasil, a subsidiary of the Brazilian group Odebrecht, acquired the 50% of EMSA's shares of Saneatins. Foz do Brasil and EMSA created a new company, named Foz Centro Norte, with shareholdings equally divided between Foz do Brasil and EMA. Foz Centro Norte concentrated the 76.52% private participation in Saneatins.  In June 2015, Saneatins issued US$ 57 million (BRL 190 million) in long-term bonds to finance its investment.
In August 1999, a private consortium comprised of an affiliate of Coastal Power Co., and GENER S.A. (Chilgener) of Chile, which in turn was owned by AES Corporation of the US., successfully bid for a 50% stake in Empresa Generadora de Electricidad Itabo (EGE Itabo), with a bid of US$177.8 million.  Coastal Power was to hold 49.99% ownership and GENER was to hold 50.01% ownership in the private consortium. EGE Itabo was one of two power generation companies that were capitalized by the Government.   In 2000, MIGA provided a US$90 million guarantee to the sponsor for its equity exposure in the project. The consortium implemented a US$ 50 million investment plant (the sponsors committed to increase the generation capacity by 100 MW in 18 months).  In 2001 the generating capacity of EGE Itabo increased through a $125 million investment.  EGE Itabo operated six thermal plants with nominal capacity totaling about 586 MW located at various sites near Santo Domingo (Itabo included the two 125 MW Itabo units that operated on fuel oil or coal; the 64 MW Santo Domingo plant; and the Los Mina and Timbeque units).  This capacity equalled one-third of the Dominican Republic's peak electrical demand. In the third quarter of 2008, EGE Itabo sold four of its seven gas turbines. As a result, as of Dec. 31, 2008, Itabo owned and operated two coal-fired units and one gas-fired unit with a combined installed capacity of 295 MW.   In 2001, El Paso Corporation acquired Coastal Power along with Coastal's 25% stake in EGE Itabo. In May 2006, AES purchased El Paso's 25% share in the generator, giving AES a 50% share in EGE Itabo and full operational control of the project company's assets.   During 2004, the electricity sector in the Dominican Republic entered in a financial crisis.   Although it was vulnerable for years, the 2004 economic downturn, financial crisis and an increase in fuel prices that essentially caused the financial collapsed of the sector. Specifically, the inability to pass through higher fuel prices and the costs of devaluation led to a gap between collections at the distribution companies and the amounts required to pay generators for electricity generated. By December 2004, the company indicated that there were no assurances that those issues would be resolved in its favor. Negotiations to overcome the crisis were taking placing including the IMF and the World Bank and the private electricity sector. The key issues to negotiate included (i) the failure to provide for full pass through of the costs of electricity supply to consumers; (ii) the failure of the regulator to follow through on subsidy commitments, which had put the distribution companies in the position of effectively financing portions of the subsidy programs; and (iii) the fiscal deficit of the government to reconstitute the sector.
In June 1999, Thames Water (a subsidiary of RWE of the UK) won a five-year concession contract with the Provincial Water Authority of Thailand (PWA) to rehabilitate and manage water distribution in an area north of Bangkok.  Thames Water also held a water production contract in Pathum Thani that it won in 1995, in which it was partners with Ch Karnchang.      Thames Water was to reduce leakages in the Pathum Thani-Rangsit region through technology already in use in Indonesia and Malaysia.  The high levels of water loss (up to 50% in some areas) had resulted in constant reduced pressure and supply failure.  The project aimed to provide 24 hour pressurized supply through the north Bangkok area.    The project required an estimated investment of US$25 million.  The project reached financial closure in June 1999 and construction began in December 1999. The project concluded in 2004.  According to reports, Thames managed to reduce the NRW in the area from 60% to 30% in the first three years of the contract.
In January 1999, Empresa de Saneamento de Nobres was awarded a 30-year concession contract to expand, rehabilitate and operate the water and sewerage system of Nobres. The company took over the operation of the facilities in that same month and was to serve a population of 12,600 inhabitants.  Empresa de Saneamento de Nobres was a subsidiary of Encomind Engenharia Comercio e Industria.  The concessionaire was expected to invest a total of US$ 6.6 million over the concession period.
Meiya Power Company (MPC) and Nannine Regional power are building a 72 MW hydroelectric plant in Zuojiang, Guangxi Province.  The cost of the project is US$62.3 million which is being financed by RMB bank loans and shareholder loans.  Financial closure was reached in October 1999.  MPC holds 60% share of Zuojiang power plant and has an operating role, while Nanning Regional Power Co. has 40% share.  Electricity is sold to the Guangxi grid.  Construction began in 1992 with the first unit on-line in 1999.    MPC was jointly owned by PSEG Global Inc (50%), the Asian Infrastructure Fund (30%), and Hydro-Quebec International (20%).  In July 2004, Darby Asia Investors, Ltd. ("DAI"), acquired Hydro-Quebec's 20% stake for a total cash consideration of US$84.6 million.  MPC is an independent power producer developing, owning, and operating thermal and hydro power plants in Asia.
The Xiamen Road & Bridge Co. is engaged in the construction and operation of toll roads and bridges. Its main assets are the Haicang Bridges and the Xiamen Bridges.  In 1999, the company issued 95 million "A" shares on the Shenzhen Stock Exchange (32.2% of the company's shares). A total of US$ 63.5 million was raised as divestiture revenues. Proceeds from the issue will be mainly used to construct a 5.9 meter sea bridge in Xiamen.
The concessionaire Andipuerto Guayaquil was awarded the contract to expand, rehabilitate and operate a bulk and multipurpose terminal at Guayaquil Port. Andipuerto was also construct a wharf with a grain transfer capacity of 300 tonnes per hour. A total of US$ 40 million was to be invested by Andipuerto. The concession was to be handed over to the private sponsors in Jun. 1999.
In 1997, Aguas de Niteroi was awarded a 30 year concession for the provision of water and sewerage services to the city of Niteroi. The company took over the water and sewerage services in May 1999, after a favorable resolution of a legal dispute where the State government of Rio de Janeiro did not recognize the right of the municipal government of Niteroi to offer the public water and sewage services as full concession to a private company. At the time it started operating, Aguas de Niteroi provided service to the city of Niteroi with a population of 450,000.  Aguas de Niteroi was a special purpose vehicle (SPE –Sociedade de Proposito Especifico) formed by Developer SA, Queiroz Galvao, Carioca Engenharia, Construtora Cowan SA and Trana Construcoes Ltda (part of EIT –Empresa Industrial Tecnica- group).  Aguas de Niteroi was expected to invest US$ 101.3 million during the life of the concession. In February 2000, the company secured a US$26.8 million (53 million reals) loan from the state-owned development bank, BNDES. As of December 2002, Aguas de Niteroi had invested 116 million reals.  Aguas de Niteroi is a member of grupo Aguas do Brasil, which operates three other concessions through Aguas de Juturnaiba, Aguas do Imperador and Aguas do Paraiba.
Meiya Power Company (MPC) is building a 2X15 MW coal -fired cogeneration plant in Nantong, Jiangsu Province.  The cost of the project is US$45 million which is being financed by RMB bank loans and shareholder loans.  MPC holds 92% share of Nantong Meiya power plant and has an operating role.   MPC was jointly owned by PSEG Global Inc (50%), the Asian Infrastructure Fund (30%), and Hydro-Quebec International (20%).  In July 2004, Darby Asia Investors, Ltd. ("DAI"), acquired Hydro-Quebec's 20% stake for a total cash consideration of US$84.6 million.  MPC is an independent power producer developing, owning, and operating thermal and hydro power plants in Asia.
In July 1999 the Government of the Province of Buenos Aires awarded a 30 year concession for the water and wastewater systems in 60 municipalities of the Province to Azurix Buenos Aires S.A., a subsidiary of Enron Corporation. The concession covered an area with 2.5 million inhabitants.  The service area included the large industrial city of Bahia Blanca and the provincial capital of La Plata, as well as some municipalities from the Buenos Aires Metropolitan Area. In 1999 it was estimated that 58% of the covered population had a water connection and 37% a sewerage connection. The concession contract was divided into 5 periods of 6 years each. Both the Government and Azurix were required to make investments in each period to expand and improve the water and sewage systems. Azurix’s contribution was expected to be approximately $300 million during the first 5 years, with additional investments to be decided in later periods.   The 30 year concession was granted to Azurix following an open tender held in May 1999. Three other companies participated in the tender: Saur, Urbaser and Agba. Azurix offered approximately a $428 million for the concession, some five times more than the next highest bid.  The concession contract stipulated that there would only be tariff increases when a combination of US$ inflation indexes – CPI and PPI – exceeded a threshold of 3%. Extraordinary tariff increases could also be requested to the regulator, but were subject to the government’s discretion.  Azurix experienced problems almost immediately. In April 2000, an algae bloom in the dam used as water source for the city of Bahia Blanca led to severe water quality problems in the city, moving different local and provincial authorities to request the termination of the concession based on the alleged inefficiency of the company to solve the problem. During the crisis, the Regulator ordered the concessionaire not to bill the customers for those days when the quality was not adequate. Azurix disputed who was responsible for the problem. Between February 2001 and October 2001, Azurix and the Government unsuccessfully attempted to renegotiate the concession agreement in order to have a more viable contract for both parties. As the Enron Corp experienced severe financial difficulties and Argentina’s economic situation worsened, the concession arrangement did not appear to be sustainable. In September 2001, Azurix’s Board of Directors approved a plan to sell certain assets, including most of its water and wastewater subsidiaries in Latin America.   In October 2001, Azurix notified the Province of Buenos Aires that is it was terminating the concession agreement, claiming various breaches in the contract by the Provincial Government. The Provincial Government rejected the termination request in November 2001 and required Azurix to continue providing service. In the wake of Enron’s collapse, Azurix abandoned the project in February 2002. The Province of Buenos Aires, through a new, partially employee-owned, provincial water service provider called Aguas Bonaerense (ABSA), took over management of the concession. Azurix went bankrupt and sold almost all of it assets.   Azurix filed for arbitration with the World Bank’s International Centre for Settlement of Investment Disputes (ICSID), under the Treaty Concerning the Reciprocal Encouragement and Protection of Investments between Argentina and the United States. Azurix claimed that the Provincial Government had violated investment agreements, had impaired operations and management, had denied allowing Azurix to increase the tariffs according to the contract and had failed to provide treatment in accordance with international law. Azurix sought $600 million in damages. For its part, the Provincial Government accused Azurix of breaching the contract citing unmet expansion and other investments requirements. In July 2006, ICSID ordered Argentine authorities to pay Azurix some $165 million as compensation for breaking the contract.
CWC de El Salvador was created to construct and operate a 75 MW power plant. IDM Environmental, the main project sponsor, signed a 15-year power purchase agreement with distributor Compania de Alumbrado Electrico de San Salvador SA de CV (CAESS) to sell the electricity of the power plant in November 1997. In March 1998, IDM Environmental Corporation selected Caterpillar Power Ventures International Ltd. and Caterpillar Power Systems Inc. to participate as equity investor and lead contractor in CWC de El Salvador. When CAESS was privatized in June 1998 its power purchase agreements were transferred to the new owners. The power plant, which cost was estimated in US$ 75 million, started to operate in late 1999.
Meiya Power Company (MPC) is building a 50 MW waste to energy plant in Weigang, Shanghai  Province.  The cost of the project is US$50 million which is being financed by RMB bank loans and shareholder loans.  MPC holds 32.5% share of Weigang Meiya power plant and has an operating role.   MPC was jointly owned by PSEG Global Inc (50%), the Asian Infrastructure Fund (30%), and Hydro-Quebec International (20%).  In July 2004, Darby Asia Investors, Ltd. ("DAI"), acquired Hydro-Quebec's 20% stake for a total cash consideration of US$84.6 million.  MPC is an independent power producer developing, owning, and operating thermal and hydro power plants in Asia.
Celular CRT SA operates the band A for cellular phone services in the State of Rio Grande do Sul. It competes with Claro Digital (Telnet S.A.). The company was created as a result of the severance cellular phone operations of Compania Riograndense Telefonica S.A. (CRT) in 1999. By March 2001, the shareholders of CRT cellular were Telefonica Moviles S/A (20%) and TBS Celular (60%). TBS was integrated by Telefonica (45.09%), PorTelcom Fixa (19.59%), Banco Bilbao Viscaya (5.96%), Iberdrola (5.69%), CTC Chile (2.22%), Telefonica Argentina (.95%), and RBS (5.40%).  In December 2002, the direct and indirect control of Celular CRT (50.54%) held by Portugal Telecom and Telefonica Moviles was transfered to Brasilcel, a 50/50 joint venture of Portugal Telecom and Telefonica Moviles created to manage all their mobile operations in Brazil. Since April 2003, Celular CRT and all the operating companies participating in the joint venture have been operating under the brand name "Vivo". As of December 2005, the companies opearting under the brand "Vivo" were in the process of merging. Shareholder approval was still pending.   On February 22, 2006, the respective shareholders’ meetings of Telesp Celular Participações SA (TCP), Tele Centro Oeste Celular Participações SA (TCO), Tele Sudeste Celular Participações SA (TSD), Tele Leste Celular Participações, SA (TBE) and Celular CRT Participações SA (CRTPart) approved (i) the merger of TCO in order to convert it into a wholly owned subsidiary of TCP and (ii) the merger of TSD, TBE and CRT Part into TCP. As of March 26, 2006, TCP was the sole surviving company of these mergers and subsequently changed its name to “VIVO Participacoes SA", project #1470.
Ideal Road Builders Ltd was awarded the contract to build and operate the Khambatki Ghat tunnel and road. Construction works started early in 1999 and were concluded in Nov. of the same year. The concession contract will last for 9 years and 9 months starting from the initial commercial operation. A total of US$8.9 million was invested in the project. The concession concluded in May 2009.
Transcanada del Bajio was awarded the contract to build, own and operate a natural gas transmission line from Salamalanca (Guanajuato) to Aguascalientes (Aguascalientes). The 203-KM pipeline has a capacity of 2.55 million cubic meters of natural gas per day. The company will supply gas to the distribution system of the Bajio region, which is currently operated by the government but will be given as a concession to the private sector. The 30-year contract signed between Transcanada del Bajio and the government has a 30-year duration, renewable for periods of 15 years.   The project company was initially owned by TransCanada Pipelines, but, in Nov. 2000, it was fully acquired by Gaz de France. Transcanada del Bajio is investing US$ 56.4 million during the first five years of the project. Construction works started in May 1999, and commercial operation was expected to start in the first half of 2001.
Genesse & Wyoming offered US$ 14.8 million for the right to rehabilitate and operate the railway connecting Coatzacoalcos Port and Merida for a 30-year period. The company will invest US$ 50.2 million during the concession period. The contract was awarded in July 1999, and the private sponsor took over the operation of the railway in September 1999. Financing for the rehabilitation works was granted from the IFC.   In June 2007, Genesee & Wyoming Inc., put in a formal request to terminate their concession agreement with SCT due to damages incurred from Hurricane Stan in 2005. Genesee & Wyoming Inc claimed that the damage of 70 bridges and 175 miles of rail line made their business unprofitable. SCT refused to terminate the concession although Genesee & Wyoming Inc stopped operating the asset in July 2007.  In 2008, Ferrocarriles Chiapas Mayab (FCCM) was sold to Viabilis Holding (wholly-owned by Mexican ICA), but the new sponsor only gained control over the concession in March 2013 due to legal hurdles regarding the transfer of ownership. The concession lenght was extended to 50 years and Viabilies committed to invest US$ 200 million in the rehabilitation of the fixed assets damaged by the hurricane.
The city of Wuhan sold 30% of its shares in the Wuhan Tianhe Airport Co. to New World Infrastructure (NWI) of Hong Kong. The airport currently has a 28,000 square meters terminal, which is considered inadequate to meet the demand. There are plans to construct a new building to reach a combined capacity of 50,000 square meters. In order to finance its investments, NWI is using the proceeds from its subcription deal and share placement. As of 2001, New World was trying to increase its share in the airport project.
Anatel awarded through a competitive bidding a fixed line telephony service license to Sao Paulo State to Vesper Sao Paulo (Vesper SP) in April 1999. The license allows to provide local and long distance phone services within the region. Vesper Sao Paulo won the license by offering the highest service coverage and US$ 41.7 million for the license  (in order to calculate the real value of the license fee payments, we used a discount rate of 12.7% aa, which is the rate used by the regulatory agency Anatel). Vesper Sao Paulo has committed to providing services to 52% of  Sao Paulo's cities with more than 200,000 by the end of 1999. The  main owners of Vesper SP were Bell Canada International (34.4%), WWL International (49.4%), and Qualcomm Inc. (16.2%). Bell Canada International is owned by BCE Inc. (80%) and SBC Communications Corp. (20%). This ownership structure was the same for Vesper S.A. Vesper SP competes in region III with Telesp and its sister company competes in the region with Telemar.  In April 2000, the consortium announced the unification of management of the two regions (I and III). In November 2001, after a reestructuring process, Qualcomm became Vesper SP's controlling stakeholder. In 2003, Vesper SP and Vesper S.A. were bought from Qualcomm by Embratel. In December 2003, 100% of the holding company of Vesper was transfered to Embratel. The value of the contract was US$45 million.
The Quebec Hydro Electric/Suez Ilyo consortium has acquired 34% of SENELEC's shares. The Senegalese government has retained 41%, and the workers 10%. The consortium has the possibility to increase its stake to 49% in first five years following contract signing.  HQI-ELYO will be responsible for managing all electricity activities during the 25-year concession. The strategic partner will operate SENELEC, control the current power production infrastructure, act as exclusive purchaser from independent production facilities, and maintain the distribution grid. All new power production facilities will be private and independent. The first IPP project was scheduled to be a 56 MW power station built by GE Capital, a 15-year BOOT project.   In September 2000, Hydro-Quebec International of Canada and ELYO announced the cancellation of their power supply partnership after a spate of power cuts. The contract was ended in the wake of difficulties, which the national electricity company, Senelec, is facing. The consortium's stake reverted to the state.
International Container Terminal Services, Inc.(ICTSI), through a subsidiary, bought into a Thai company in December 1999, which held the 30-year concession the A2 Terminal in the Laem Chabang Port in Thailand.  ICTSI and subsidiary, ICTSI International Holdings Corp. (IIHC), singed a Joint Venture Agreement with Thai Laem Chabang Terminal Co. Ltd. (TLT), Ban Saen Mahanakorn Limited Partnership (BSM), Nava Inland Transport Co. Ltd. (NIT) and Repute International Ltd. (TI), enabling the ICTSI Group to invest in TLT.  Under the agreement, the parties committed to increase the capitalization of TLT as may be required to fund the completion of the A2 Terminal project. Expected cost of development was US$ 31.73 million (Baht 1.2 billion). The shareholdings of the parties were: ICTSI Group 49%, BSM 33%, NIT 8% and TI 10%.  It was also agreed on that TLT entered into an agreement with IIHC, whereby IIHC provided management and technical services to TLT for the development, management and operation of the A2 Terminal.  IIHC held ICTSI’s interests in its foreign operations. Before the transaction, TLT was 80% owned by BSM, and 20% owned by NIT. BSM was a construction company with 18 years experience. NIT was a transportation company. TI was a Thai company owned 49% by IIHC, but was managed and controlled by IIHC.  TLT was established on 12 September 1996 with an initial registered capital of US$ 7.89 million (Baht 200) million. It successfully bid for a contract granted the Port Authority of Thailand (PAT) to implement the A2 multi-purpose terminal project on a build-operate-transfer basis. The 30-year BOT contract was signed on 16 September 1996. BSM and NIT invited ICTSI to provide the resources; experience and expertise complete the construction and development of the A2 terminal project.   Located within the Laem Chabang Port, the A2 Terminal was located about 110 kilometers east of Bangkok, and was seen as a gateway of transportation shipment in Indochina and for transshipment to and from Thailand. It was the only multi-purpose terminal in lame Chabang in 1999.  The project was ICTSI’s first venture in Southeast Asia outside of Manila. The terminal was expected to have an annual handling capacity of 450,000 TEUs, and at least 200,000 tons of general cargo. Construction works were expected to be completed by Oct. 2001.  However, in 2001, ICTSI sold its IIHC and its Mexican passenger cruise terminal to Hutchison Port Holdings, a subsidiary of Hutchison Whampoa of Hong Kong for US$ 73.2 million.  The transaction, which was subject to the customary conditions, including board and regulatory approvals, was completed in June 2001. Till 2005, Hutchison Whampoa Ltd. held 88% of shares in TLT.
The 1,450-MW Ita hydroelectric plant was one of the 12 Brazilian energy projects initiated in the late 1980s and suspended due to insufficient public sector resources. The project was awarded in August 1995 to a consortium of Eletrosul and Ita Energetica SA (Itasa) which won the rights to complete, own, and operate the power plant owned by Electrosul for 35 years. Eletrosul was the state-owned electricity utility of Rio Grande do Sul State; in 1998, Eletrosul was privatized and changed its name to Gerasul. Itasa is a consortium of the state-owned Eletrobras (48.55%), Gerasul (25.08%), CSN (25.08%) and Cia. Cimentos Itambe (1.29%). Gerasul holds a total of 69% of the hydro power plant assets. The plant will be built based on fixed priced turnkey contract by a construction consortium led by CBPO, a member of the Odebrecht Group. The total project cost is US$1.07 billion. The Ita Energetica SA hydroelectric project (ITASA) closed financing in September 1999.   The project was funded via a US$75 million A loan and  US$300 million B  loan from the IADB (approved in 1997), a US$267.5 million equity investment and a US$427.5 million loan from Brazil's state-owned development bank, BNDES. The first turbine of the power plant begun commercial operation in Sep. 2000, and the plant is expected to be fully operational by Feb. 2001.  Itasa was composed by Consorcio Itasa ( CSN, Odebrecht Quimica and Companhia de Cimentos Itambe) and Eletrosul (Eletrobras subsidiary). Eletrosul was privatized and became Gerasul, and in 1998, Tractebel Energia, a wholly-owned company of GDF Suez, acquired Gerasul's shares, becoming the major shareholder of Itasa Energetica (68%). Finally, in 2000, Gerasul bought Odebrecht Quimica shares' in the project company. As of December 2009, Itasa Energetica was established as a joint-venture of Gerasul/Tractebel (69%), CSN(29,5%) and Companhia de Cimentos Itambe (1,5%).
The project includes the construction, maintenance and operation of the 20-km inter-urban toll road linking Subang Jaya, the Federal Highway, Jalan Bangsar and the Kuala Lumpur-Seremban Expressway (Klang Valley). The contract was first awarded in 1997 to Maxtro Engineering Sdn (owned by Tadmansori Holdings, Bakti dinamis, Zeltron Engineering and Bridgecon Holdings). The initial construction works started in mid-1997 by Maxtro, but they were interrupted by the Asian financial crisis.   In mid-1998, Berjaya Land acquired Maxtro Engineering for US$ 14.1 million (M$ 53.65 million) and created the company New Pantai Highway Bhd. to undertake the project. Works on the project resumed in mid-1999, and were expected to be concluded in 2000. The dual three-lane expressway will cost US$ 184.2 million (M$ 700 million). The traffic flow is estimated to be around 120,000 to 160,000 vehicles daily.
In August 2003, Funing airport, the first China’s non-state-run international airport, began its commercial operations in Suifenghe city, Heilongjiang province. The airport which was designed and developed by private investors at the own risk, covered an area of 130,000 square meters and served up to four take-offs and landings at the same time. Funing airport primarily provided air cargo services between the Pacific territories of Russia and China. Cargo was primary fresh fruit and vegetables from China and fish from Russia. The cargo volumes were expected to reach 40,000 tons a year.  The airport was owned by Suifenhe Blue Sky Ariport, whose main owners were private investor Wang Xuewen (60%) and a Beijing Sannegda scientific and trad group (40%), Beijing-based firm.  The total cost of the airport was US$ 12.05 million (RMB 100 million). The project was financed mainly with investors own resources through the five year construction period. The airport project was part of a bigger project that included the creation of an airline company to provide the air transport service: Suifenhe Blue Sky Aviation Service Company.  The project implementation took almost 10 years. The initial investors (Wang Xuewen and a Russian investor) obtained the air route between the Russian Pacific territories and Suifenghe city in China in 1993 from the Russian authorities and a year later from the Chinese ones. The request to build the airport was submitted to the Chinese authorities in September 1995. Construction began in 1998 and concluded in 2002. In 2003, the airport was approved to begin operations by the Chinese authorities.
The project consisted of an 830-MW gas fired power plant located within the area of Centrales Termicas San Nicolas. The close location to another AES facility reduced significantly the project cost, which was estimated at US$448 million. Project sponsors were AES Corp (67%) and PSEG Global (33%). In 2001 AES acquired PSEG's stake in AES Parana (part of a US$376m deal whereby PSEG sold its shares in several ventures in Argentina). The project closed financing on June 1999. The project was financed with US$214.2 million debt and the remaining with equity. Of the debt, the Inter-American Development Bank put in US$60 million (A loan) and US$66 million (B loan). The remaining US$154.2 million was allocated among the six banks involved (ING Bank N.V., Westdeutsche Landesbank Girozentrale, The Bank of Tokyo-Mitsubishi, Ltd., KBC Bank N.V., Bayerische Hypo-Und Vereinsbank, and Meespierson/Generale Bank N.V). Under a turnkey fixed price contract, the facility was constructed by Mitsubishi Corporation and Nichimen Corporation. The commercial operation of the power plant was scheduled for the third quarter of 2001.   The gas supply will be provided by two types of contracts. One half of the gas supply for the plant is to be provided by Total under a 14-year gas supply contract with gas prices partially hedged to the electricity pool price, couple with a firm transportation contract. The remaining gas supply will be purchase under a 14-year contract on delivered and requirement basis form a gas-broker. The electricity would be sold on the Argentinean spot market.  In 2002, AES Corporation filed legal proceedings with an international arbitration tribunal (International Centre for Settlement of Investment Disputes - ICSID) against the Argentinean government. The proceeding seeks compensation for losses incurred by the company at the time of the devaluation of the Argentinean currency.
On November 3, 1998, Kenya Power & Lighting Company Limited signed a 20-year power purchase with the Tsavo Power Company. Under the agreement Tsavo Power was to build a 75-MW power plant burning residual oil no.6. Sponsors for Kipevu II were Wartsila NSD Power Development (23%),  Industrial Promotion Services, an affiliate of the Aga Khan Fund for Economic Development and Cinergy Global Power Inc of the United States (47%) and Globeleq, the power sector subsidiary of the Commonwealth Development Corporation (UK)(30%).   Wartsila affiliates were to act as construction and O&M contractors for the project. The power plant met about 98% of its production target as of September 2002 since operation began in September 2001.
Genpower was awarded a contract to build, own, operate and transfer a diesel-fired power plant located in Isla de la Juventud in early 1999. The plant is being built at a cost of US$ 15 million. Although ownership of the plant will be reverted to the government after 4.5 years, Genpower will still receive a percentage of the cash flows. Construction works were expected to be completed by the end of 1999.
Companhia de Geracao de Energia Eletrica Paranapanema (Paranapanema) was one of the three companies in which the state-owned electricity utility Companhia Energetica de Sao Paulo (CESP) was split. The other two companies were Electricidade de Sao Paolo (Eletropaulo) and Companhia Paulista de Forca e Luz (CPFL). The company was the eleventh largest electric generating company with a generating capacity of 2,152 MW which included eight high-quality hydroelectric generation facilities located along the Paranapanema River that produced approximately 14,120 GWh in 1998. The company was partially privatized in July 1999 when the government sold a 44% stake for US$ 680 million to Duke Energy International. In addition to the purchase price, the deal required Duke Energy International to assume debt of around US$ 400 million and to make investments to boost generation capacity by 15% over the next eight years. Duke Energy International and assumed operational control of the company by September 1999. The 20-year concession contract was set to expire in 2015 and may be renewed by another 20-year period.  In October 2016, the Chinese company China Three Gorges acquired the company from Duke Energy in a transaction worth US$ 1.2 billion.
In December 1999, the Mexican state of Puebla, through its public water utility Sistema Operador de los Servicios de Agua Potable y Alcantarillado (SOAPAP), awarded a 20 year build, own and transfer contract for four water treatment plants to private operator Tratamiento de Agua de Puebla, SA de CV (TAPSA). The contract specified that TAPASA was to build the plants and then sell potable water to SOAPAP for re-sale to households.  TAPSA was a special purpose company owned by French-Belgian operator SUEZ and Tribasa, a major Mexican construction company. In 2002 SUEZ owned 93.7 percent of TAPSA.  The plants were expected to cost some $60 million. Financing was achieved with support from the Mexican Infrastructure Investment Fund (FINFRA), which including a contingent credit line backed by an intercept on federal transfers to guarantee timely payments from SOAPAP to TAPSA. Additional project financing was received from Darby Overseas Investment Ltd in the form of a $10 million loan to TAPSA.  SOAPAP intended to finance the payments to TAPSA from user tariff increases. However, after a change of State administration, SOAPAP no longer considered the tariff increase a viable option. As a result, the monthly payments to TAPSA severely affected SOAPAP’s financial standing, and it eventually stopped making payments. The State Government began to make the monthly payments in 2002. In 2004, after more than 2 years of paying the water fees, the State Government realized it could significantly lower its monthly payments by substituting the T1 (off-balance) liability with an equity component with straight (on-balance) debt. In January 2005 SOAPAP refinanced the T1 with an anticipated buyback of the plants, for an amount equal to MxP665 million, part of which was used to prepay TAPSA’s long-term loans.
Eastern Kazakhstan and Semipalatensk are two regional electricity distribution companies that served about 1.8 million customers.  In June 1999, a subsidiary of AES assumed long-term managerial control of two regional electric distribution companies (‘‘RECs’’) in Kazakhstan as part of a settlement of receivables outstanding from the government of Kazakhstan. The Company’s claim against the government was for electricity previously provided.   The contractual rights to control the operations of the RECs received in this transaction were valued at approximately $26 million, based on the net present value of incremental cash flows expected to be received as a result of operating the RECs.  As of 2006, AES lists joint capacity of the two companies under Eastern Kazakhstan REC.
The US$ 240 million project includes the expansion of the Queen Elizabeth Quay and the construction of a new container quay. The project is intended to increase the Terminal capacity from 260,000 TEU to 1.1 million TEU. The project company ownership structure was originally divided as follows: John Keells Holdings Ltd. holds 33.75% of the shares; P&O Netherlands, a subsidiary of the P&O Ports, owns 15.25% of the shares; P&O Nedlloyd, a joint-venture between the P&O Ports and Nedlloyd, holds 10%; Evergreen holds 10%; and the Sri Lanka Port Authority holds 15% of the shares. The remainings shares are held by the ADB, IFC and Commonwealth Development (CDC). In March 2006, UAE's DP World became a shareholder of Colombo Port after it acquired P&O Ports. In April 2007, Denmark’s AP Moller-Maersk bought out DP World’s share in SAGT, thereby becoming the second-largest shareholder in the project company (26.25%).  In May 2008, ADB exercised its put option in respect of its 7.5% share of SAGT.  As a consequence, John Keells Holdings Ltd. acquired its pro rata entitlement of 4.22% of the share capital of SAGT, increasing its total share to 38%, while the balance was acquired by A.P. Moller-Maersk, increasing its total share to 29.5%.  Financial institutions also provided debt financing for the project (ADB - US$39 million, of which US$ 7.4 million constitutes equity investment; IFC - US$35 million A loan and US$7.3 million in equity; CDC - US$43.5 million).
K'Cell was granted a license to provide mobile phone services using GSM technology by the Ministry of Transport and Communications (MTC) in December 1998. Initially, the government called a tender to award one mobile phone license which was won by Kar-Tel in July 1999, but the government decided to awarded a second license to K'Cell, the other competitor in the license process. K'Cell was created as a joint venture between Fintur (a 58.55% Sonera, 41.45% Turkcell joint venture) (51%) and the partially privatized local operator Kazakhtelecom (49%). The merger between Telia and Sonera was realized on December 9, 2002, the company and share name changed to TeliaSonera.  K'Cell had invested US$120 million in its network by 1999. The company and its competitor Kar-Tel launched their commercial operations in March 1999, breaking the monopoly that Altel, a joint venture between PLD Telecom of the U.S. and the national operator Kazakhtelecom, had since 1994.   In 1999, MIGA issued an US$ 14.3 million guarantee to the banks providing loans to the project company.  Kcell invested US$38 million in 2001. Turkcell was 37.1% owned by TeliaSonera.   In January of 2003, Kcell announced that Sonera of Finland was to provide it with a loan of US$55 million. The cellular operator was to spend the money on modernising and increasing the capacity of its network, which had served 750,000 subscribers, of which over 500,000 were active by end 2002.  Kcell had claimed its 1.7 millionth subscribers and at the end of 2004.   As of May 2006, Kazakhtelecom had a 49% stake in GSM Kazakhstan. The government held 50% plus one stake in Kazakhtelecom through a state holding.   In 2008, Teliasonera held 51% stake in K'Cell (TeliaSonera holds directly and indirectly 74% in Fintur Holdings), while Kazahktelecom had a 49% stake.  In December 2011, Kazakhtelecom sold its 49% stake to TeliaSonera for US$ 1,519 million. The sale was completed in February 2012.   In December 2012, K'Cell floated 25% of its shares on the London and Kazakhstan stock exchanges (50 million shares, $525 million). Following the IPO, TeliaSonera would continue to hold 61.9% of K'Cell shares.
In 1999, Multiservice was granted a 25-year concession to rehabilitate, expand and operate the water and sewerage services of Nova Friburgo. The concessionaire was responsible for potable water provision and collection and treatment of sewerage for the city, attending a population of 175,000 in the State of Rio de Janeiro. The concession included the operation of the existing system as well as building, financing and operating the expansion and improvement to the system as agreed in the contract.  Concessionaria de Aguas e Esgotos de Nova Friburgo (CAENF) was a fully-owned subsidiary of Earth Tech Brasil (former Multiservice), a company of Tyco Group.  CAENF was expected to invest a total of US$83.1 million (139.9 million reais), of which about US$60 million was to be invested in the first five years of the concession.  CAENF started operating the system in July 1999 and the construction works started in September 1999.
The Comision Reguladora de Energia (CRE) awarded the La Laguna natural gas distribution permit to Distribuidora de Gas Natural de la Laguna-Durango, a subsidiary of Sempra Energy International in May 1999.  DGN offered a tarrif of 1.2146 dollars per Gigacalorie and coverage of 50,084 customers by the fifth year of operation as part of its economic bid.  In the next five years, DGN will build a 1,300 km distribution system in which it will invest US$ 40 million.  Thus system will conduct an average of 38.5 million cubic feet (1.09 million cubic meters) per day, 53% of which will be destined to the industrial, 38% to the commercial and 9% to the residential sectors.  The La Laguna-Durango zone covers Torreon, Coahuila, and Gomz Palacio, Ciudad Lerdo and Viotire de Durango. Sempra also paid US$ 7.8 million to take over the existing assets that were the property of Pemex.
The Huabei Expressway Co. is engaged in the construction and operation of toll roads. Its main asset is the Jingjintang Expressway.  In 1999, the company issued 340 million "A" shares on the Shenzhen Stock Exchange (31.19% of the company's shares). A total of US$ 156.9 million was raised as divestiture revenues.
In October 1999 the municipal government of Monteria, Colombia, awarded a 20 year concession contract for its water and wastewater services to private operator Proactiva Aguas de Monteria (FCC). The concession consisted of the financing, extension, rehabilitation, maintenance, and operation of the water and sewage treatment infrastructure in the city. Monteria had a population of 300,000 and was the capital of the Cordoba Department. At the end of 1999 the company had 30,000 water connections and its coverage rates were 76.1% for water and 28.2% for sewage services, with network losses in excess of 55%. Service continuity was also a problem, as water was only running for an average six hours per day.  Proactiva Aguas de Monteria was created by Proactiva  Medio Ambiente, a group formed by subsidiaries of French Vivendi (known as Veolia Environnement as of 2003) and Spanish Fomento de Construcciones y Contratas S.A. (FCC).   The concession was awarded through a competitive international tender in 1999 (auction no. 02-MM-LP-99). Three consortia submitted bids: Proactiva Aguas de Monteria; Union Temporal Surtigas del Caribe, in association with Azurix (Enron); Consorcio de Aguas del Sinu. Proactiva was declared the winner based on a combination of the lowest tariff expressed as the lowest average monthly bill, and the highest number of sewerage connections over the first two years.   The concession contract specified operational targets, not investment amounts for the duration of the contract. The concessionaire also committed to build more than 4,500 new sewerage connections over the first two years of the concession. Service continuity was to be improved to 24 hours per day within three years. By the end of the concession coverage rates were projected to reach 90% for water and 80% for sewage services.   The investment program was expected to cost more than $70 million. The concessionaire was to contribute with $3.6 million, the National government would provide another $3.3 million, while the bulk of the funding would come from tariffs ($30 million) and the local municipality ($33.25 million).   Proactiva offered a tariff 18% lower than the municipality ceiling, at $0.32 per cubic meter for water and $0.24 per cubic meter for sewage services.
In December 1999, the Government of Cape Verde (GCV) sold a 51% stake of Empresa Publica de Electricidade e Agua (Electra), the national power and water utility, to a consortium led by Electricidade de Portugal (EdP). Electra was created in 1982 to provide power and water services in the country, an island off the coast of Senegal and a former Portuguese colony. In 1999, Electra distributed 166 GWh to 35,250 customers in an area of 4,000 square kilometers.  Prior to the partial divestiture, Electra faced shortages of capital and other financing difficulties.  Electra had made losses in every year since its formation and there had been no increase in the power tariff since 1985. Accounts receivables had reached US$4.3 million in 1994, more than 60% of which was over a year past due by public agencies. Other factors were low sale price for desalinated water, losses in the distribution networks of both power and water and unsatisfactory accounting procedures. Sanitation services were the responsibility of the municipalities and were limited in scope.  EdP held a 60% stake in the corsortium that purchased the 51% stake in Electra while IPE-Aguas de Portugal held a 40% stake.  Cape Verde municipalities were granted 15% of the shares and the government retained the remaining 34%. The contract entailed a license to produce electricity and water for 30 years. In addition, a concession agreement was signed granting Electra exclusive distribution rights for 36 years beginning in January 2000.    The sale generated US$47.9 million (Euro 45.4 million) for the GCV. The new private operators were also expected to invest part of the proceeds in Electra's infrastructure. The funds were to be used to redevelop the water and electricity supply system in Praia and on the islands of Sal and Sao Vicente. In May 1999, the government of Cape Verde received a loan of US$22.2 million from the World Bank as part of an overall package to help with this restructuring.  In 2004, Electra produced 219 GWh of electricity and distributed 147 GWh to 71,243 customers in an area of 4,030 square kilometers. Also in 2004, Electra produced 4.1 million cubic meters of water and distributed 2.8 million cubic meters of water to 25,102 customers. Electra had revenues of €31.7 million and a net loss of €4.4 million in 2004.  In 2006 EDP and ADP reduced their stakes in Electra to 20.4% and 13.6%, respectively, by selling some shares to the government. Following the sale the Cape Verde government held a 51% stake in the utility and took back operational control.  In May 2008, Electra became fully state owned. EDP and ADP signed an agreement with the Government of Cape Verde to formalize the exit of the capital of Electra. The transaction did not involve any payment by the State.
The first independent power production project in Tunisia, Rades II began production in 2002 and was generating over 20% of the country's power by 2004. The plant was run on a tolling basis with the state utility supplying the gas and buying the power.  The orignial joint venture company was called the Carthage Power Company, and was set up between Sithe, US-based PSEG Global and Japan's Marubeni Power Holdings BV, a subsidiary of the Marubeni Corporation.   The total cost of the project was expected to be $261 million. Equity accounted for 30% of project cost with 25% paid up front. The debt funding was split between a direct Jexim loan of US$73 million and a commercial bank loan of E92.8m arranged by adviser Sanwa and Paribas. Alstom was the contractor and the plant was to use a GE9E CCGT machine. In December of 2000, Sithe sold its stake in Rades II to co-investors PSEG and Marubeni. PSEG increased its stake to 60% from 35% while Marubeni upped its holding from 32.5% to 40%.  In May of 2004, US-based BTU Power Company completed the acquisition of a 60% equity interest in Carthage Power Company (CPC) from PSEG. Under the deal, BTU was to also operate the 471-MW gas-fired power station at Rades through BTU Steag O&M, a joint venture established with Steag Encotec of Germany.
Hidroelectrica Tuis SA operates a 1.5 MW power plant in Turrialba, Cartago.  The project was signed in June 1995 and operations began in July 1999.  The company has a 15-year purchasing power agreement with ICE.
Jupiter Power was a 51:49 joint venture between Maxim Power and U.S.-based Caterpillar Power Ventures International.  The oil-fired C-1 station was in the capital city of Phnom Penh, and was developed in two phases.   The first phase of the C-1 plant comprised ten 1.5-MW generators, which entered service in September 2000. The US$10 million project was initially financed with support from the Overseas Private Investment Corp. The renewable three-year PPA signed in late 1999 required the state power utility Electricite de Cambodge (EdC) to buy at least 60% of the capacity on a take-or-pay basis.  In July of 2003, EdC agreed to extend the power purchase agreement for the C-1 plant until December 2005.   In May 2002, Jupiter Power agreed to add 6 MW of capacity by December 2002 under a three-year renewable contract on the same power purchase terms as the first phase. The project entered service in December 2002 at a cost of US$2.1 million, and was wholly financed by the Caterpillar Financial Services Corp.   Also pursuant to the 2003 PPA extension, EdC had agreed to the relocation of Jupiter Power's closed independent power project in Pursat to the C-1 facility.  This 1-MW plant was to bring the total capacity of the C-1 facility to 22-MWs.
MSK Projects India Ltd. was the project to build and operate the Kishangarh Bypass Bridge. The contract was signed in November 1998 and works started in 1999. Commercial operations commenced in April 2000. The sponsor invested US$3.8 million in the project, which was to last for four years and three months.
Jupiter Power Cambodia Co. Ltd. operated a 22 MW diesel power plant located in Phnom Penh. The first 15 MW of the Phnom Penh power plant began commercial operations June 2000.  The total cost of the project was US$6 million, financed with support from the Overseas Private Investment Corp. (OPIC).  The project was expanded by 6 MW in December 2002 at a cost of US$2.1 million. The additional capacity was wholly financed by the Caterpillar Financial Services corp.  A purchasing power agreement was signed with Electricite Du Cambodge (EdC), the central electric power authority of Cambodia, on November 30 1999.  EdC agreed to take the additional 6 MW of output for a term of 3-years. In June 2003, the agreement was extended for an additional term of 3 years until December 2005. Fuel supply arrangements were made with Caltex in early 2000.   Jupiter Power Cambodia Co Ltd., was a wholly owned subsidiary of Jupiter Power Holdings, Ltd. (Bermuda) which was a joint venture between Maxim Power of Calgary, Canada (51%) and Caterpillar Power Ventures International, Ltd. (US) (49%).  Jupiter Power Holdings developed electric power generation projects in Canada, the US, and Asia that were between the sizes of 2 to 20 MW.
The Wenzhou project was developed by the state-owned Zhejiang Wenzhou Telluride Power Generating Company, which originally comprised the local Zhejiang Power (30%) and Wenzhou Power Investment (30%) with Sithe China (20%) and the US's Oxbow Power (20%). Sithe China's shareholders were Sithe Energies, Inc. (39%), AIG Asian Infrastructure Fund (30.5%), and Government of Singapore Investment Corp. (30.5%). Sithe Energies was in turn majority-owned by France's Vivendi Universal, with Japan's Marubeni Corp. holding a 29.5% stake. Oxbow Power sold its equity in the project to Sithe China in 2000.  According to the terms of the award, the partnership was responsible for building the Zhejiang power project to be sited adjacent Wenzhou and to sell produced electricity to the Zhejiang province electricity company for 20 years.  The coal-fired power station had an installed generating capacity of 600 MW.  The cost to build the new facility was pegged at US$415 million.  The project was slated for completion in 2001.  In February 2003, Sithe China sold it stake in the Wenzhou plant, along with three other projects, to state-owned China Resources Power.
IL&FS entered into a joint-venture agreement with the Gujarat State to expand the existing two-lane road into a four-lane divided carriageway, as well as maintain and operate the facility for a 30-year period.  IL&FS holds 33.3% of the project company's shares, while the state government holds 33.3%; AIG India Sectoral Equity Fund and Punj Lloyd Ltd. hold 16.7% of the shares each.    The construction works started in Mar. 1999 and were expected to be completed in 18 months. Besides equity investments, the sponsors are issuing bonds amounting to US$4 million to finance the US$35.5 million project.  Vadodara-Halol Toll Road Ltd. (VHTRL) reported lower than expected traffic in its first years of operation to the company opted for debt restructuring in 2004. As a result of the debt restructure, Vadodara-Halol Toll Road Ltd. (VHTRL) merged with Ahmedabad-Mehsana Toll Road Ltd., whch was another SVP for a road project owned by IL&FS, into  Gujarat Roads and Infrastructure Company Ltd (GRICL).
In 1998, Promigas, through its subsidiary Gases de Boyaca y Santander, won the bidding for a US$ 55 million project to provide natural gas to a 400,000 population (9 cities) through the construction of a 315-km long pipeline. Promigas is itself a subsidiary of Enron Corp. The project envisages the construction and operation of the pipeline during a 10-year period. In Nov. 1999, CAF approved a US$ 40 million financing package for this project: US$ 10 million in direct loan and US$ 30 million in syndication (Dresdner Kleinwort Benson, Paribas and Banque Nationale de Paris).  As of 2005, Enron was in the midst of liquidating its operations and distributing its assets to its creditors.  Promigas was acquired in 2006 by Ashmore Energy International. As of December 31, 2008, AEI held an equity interest of 49.9%.   Promigas owned 93.87% of GBS. GBS operated under BOMT agreement with Empresa Colombiana de Gas which expired in October 2009. Under the terms of the BOMT agreement, ownership of the pipeline reverted to TGI, a state owned enterprise.
Cano Grande III, a 1.953 MW power project, is operated by Hidrovenecia SA. The project was agreed upon in February 1999 and began operations in March 1999.  The company has a 15-year purchasing power agreement with ICE.
Peak Pacific Investments Pvt Ltd (Singapore), of which Alliant Energy International held a 93.5% stake, acquired 70% stake in a 100 MW coal-fired power plant in China in October 1999.  The cost of this transaction was US$28 million.  The power plant in Henan China had a 20 year contract to provide power to the Gongyi Power Bureau in Henan China and a neighboring aluminum plant.
In July of 1999, InterGen, a Shell-Bechtel venture, achieved financial close on the Sidi Krir 3&4 power plant, a 683-MW natural gas-fired power complex.  InterGen was to operate the plant, built 30 kilometers west of Alexandria, for a period of 20 years.  Coming online in 2002, the project was Egypt's first independent power project and one of the largest private power stations in the Middle East.   The total estimated project cost of US$414 million included construction period costs, guarantee facilities in support of contractual obligations and working capital requirements. A consortium of local banks led by Commercial International Bank, National Bank of Egypt and Misr International Bank and co-arranged by Arab Bank, Banque du Caire/ Cairo Barclays and Egyptian British Bank had underwritten a US$187 million local bank commercial loan, a US$19.5 million contractual guarantee obligation and a US$6 million working capital facility. ABN AMRO, Dresdner Kleinwort Benson, Paribas, Societe Generale and Export Development Corporation of Canada (EDC) arranged the international financing and had underwritten the US$130 million international bank commercial loan. The Central Bank of Egypt guaranteed all Egyptian Electricity Holding Company (EEHC) payments.  EEHC provided a 20-year dollar-denominated payment stream and took all electricity market risk, including currency, fuel price and delivery.   In September of 2004, Globeleq, the power sector subsidiary of the Commonwealth Development Corporation (UK), agreed to purchase a 61% stake in the power plant from InterGen for an undisclosed sum. The remaining 39% was held by Italy's Edison.
In November 1999, Government of India (GoI) sold 22.5 million global depositary receipts (GDRs) of GAIL (India) Limited, the national gas transmission company, on the London Stock Exchange. As of December 2007, GAIL owned and operated over 6196 km of gas transmission networks and 1900 km liquified petroleum gas pipeline. The other activities of the company range from Gas marketing and distribution through trunk and regional systems, to retailing of Natural Gas to Gas processing for production and marketing of LPG, liquid hydrocarbons and Petrochemicals.    GAIL was established in 1984 and was 100% owned by the GoI. The November 1999 GDR sale was priced at US$9.67 each.  Each GDR share represented six ordinary shares and the total offering was equivalent to US$ 130 million underlying shares or 22% of the total share.  Following the sale, the government's stake has fallen from 82% to about 60%. In February 2004, GoI sold an additional 10% (84.56 milllion shares) stake in GAIL through a public offering for US$ 353 million. As of December 2007, GoI held 57.4 % stake in GAIL.
The Rail India Technician and Economic Services (RITES), a state-owned company from India, acquired 30% of the Jamaica Railway Corporation in Sep. 1999. RITES will operate the railway linking the major urban centers of Kingston, Spanish Town and Linstead. The rail network and rolling stock will be restored at a total cost of US$ 300 million.
In July of 1998, Chengdu Generale des Eaux-Marubeni Waterworks Company was awarded, through a competitive bid process, an 18-year build-operate-transfer (BOT) contract by the Chengdu Municipal Government for the financing, design, construction, and operation of Chengdu Water Plant B and laying a 27-km pipe to deliver the water. The plant was to have a total capacity of 460,000 cubic meters/day and serve the city’s population of over 3 million.   Chengdu Generale des Eaux-Marubeni Waterworks Company was a joint venture between Vivendi (known as Veolia Environnement as of May 2003) (60%) and Marubeni Corporation of Japan (40%).   The project had an 18 year off-take agreement (take or pay guarantee) with the municipal government owned Chengdu Waterworks General Company for 400,000 cubic meters/day of water a day along with a separate pricing mechanism for the remaining 60,000 cubic meters/day of capacity.  The water tariff was structured into two parts: a continuous fixed portion relating to the RMB denominated costs of the project and a flexible portion featuring a RMB/US$ indexation mechanism.    The Chengdu No. 6 water-treatment project benefited from the direct sponsorship of the central-level State Development and Planning Commission (SDPC) and also from the Chengdu Municipal Government's effective "guarantee" of the raw water-supply and the local utility's offtake responsibility.  Since Chinese law prohibited a government agency from guaranteeing the performance of another Chinese party without approval, the parties structured the guarantee as a direct undertaking by the municipal government as "primary obligor," to perform raw water-supply and offtake obligations.  The project reached financial closure in August of 1999 at a total cost of US$107.6 million.  US$32 million was provided by the project's sponsors and a total of US$74.5 million of debt was provided by the Asian Development Bank (ADB), European Investment Bank (EIB), and a club of 7 banks led by Credit Lyonnaise.  Tranche A was a 15-year, US$26.5 million ADB private sector loan.  Tranche B was a 12-year, US$21.5 million ADB complementary financing scheme loan.  Tranche C was a 12-year, US$26.5 million EIB direct loan.  Tranche D was a 12-year, US$29.15 million EIB guarantee facility, syndicated to the club of 7 banks for commercial risk up of to 110% of the EIB loan.  The project had a 30-month construction period, which was completed in December of 2001.
This new cargo terminal has a capacity of 500,000 tons/year. The build-own-operate-transfer agreement was signed in August 1999, and the opening ceremony occured in December 1999. Lufthansa holds 29% of the joint-venture shares, while JHJ International holds 20% and the state-owned Shanghai Airport Co. Ltd. holds 51%.
Road King Infrastructure signed a 20-year joint venture agreement for the construction and maintenance of the Provincial Highway Huanggu Route (with Xiaodian Fenhe Bridge) in May 1997. The construction of the road was completed in early 1998, but Road King would not invest in the project until toll collection started at the end of 1998. The official joint venture starting date is January 1, 1999 (Road King holds 25% of the joint-venture shares). Road King funds its project from internally generated funds and long term debt. This includes a US$ 138 million syndicated loan and US$ 140 million 10-year fixed rate notes arranged in 1997. Road King sold is share in the company in December 2002 to undisclosed investors.
Changzhou Suyuan owns, manages and operates two oil-fired power plants with a total installed capacity of 99MW in Jiangsu Province. The first plant in Changzhou was acquired in March 1999. The second plant in Yangzhou was acquired in June 2001. Asia Power is the single largest shareholder of Changzhou Suyuan, owning a 25% stake. The remaining stakeholders are Jiangsu Provincial Power (17%), Jiangsu Electric Power (18%), Yangzhou Guangyuan Industrial (18%) and Changzhou Changxi Electric (22%). Total investment in both plants was US$3 million.
The Olkaria III project was the first private geothermal power plant in Kenya. The project consisted of the field and plant development of up to 100MW. The first phase included drilling of five appraisal wells and the construction of the 13MW plant. The project was granted to ORMAT.  Kenya Power and Lighting Company (KPLC) awarded the project via an international tender.   KPLC also awarded a Power Purchase Agreement to Ormat. The first phase of the project was entirely financed from ORMAT's own funds (100% equity). The project sponsor received a MIGA insurance for the amount of US$37.5 million in 2000. ORMAT manufactured the 3 ORMAT Energy Converters and supplied the entire plant on a turnkey basis under an EPC contract. The power plant was in commercial operation since August 2000.    In March 2009, OrPower concluded the financing of the second phase of the generation facility. The second phase consiste of US$160 million to 35 MW of geothermal capacity, raising the total capacity to 48MW.  In April 2011, OrPower 4 signed KPLC a 20-year power-purchase agreement for an expanded capacity of 36 MW at the Olkaria 3 plant.  The expansion was to cost US$ 165 million.   The expansion reached financial closure in September 2011 when OPIC approved US$310 milion of financial support to the projects. The funding included US$85 million to prepay existing debt and transaction costs, US$$165m for the power plant texpansion and a US$60m "stand-by facility". Miga also supported the project expansion in September by expanding political-risk insurance coverage to  US$ 110 million equity investment of Ormat in the three phases of the project. The EIB provided EUR 119 million ($154.7 million), signed in December 2010.  Ormat reported a debt structure of US$265 million and US$45 million in standby - with an 18 year tenor.
Anatel awarded through a competitive bidding a fixed line telephony service license to the Northeast Region (Region I) to Vesper S. A. in January 1999. The license allows to provide local and long distance phone services within region. Vesper S.A. won the license by offering the minimum price of US$ 42.3 million for the license  (in order to calculate the real value of the licence fee payments, we used a discount rate of 12.7% aa, which is the rate used by the regulatory agency Anatel). The  main owners of Vesper S.A. were Bell Canada International (34.4%), WWL International (49.4%), and Qualcomm Inc. (16.2%). Bell Canada International is owned by BCE Inc. (80%) and SBC Communications Corp. (20%). This ownership structure was the same for Vesper SP. Vesper S.A. competes in the region with Telemar and its sister company competes in region III with Telesp.  In April 2000, the consortium unified the management of the two regions (I and III). In November 2001, after a reestructuring process in which US$346 million was injected into Vesper, Qualcomm became Vesper's controlling stakeholder. In December 2002, Vesper won a public bid and acquired a license for mobile services (SMP) in the states of Minas Gerais, Alagoas, Ceara, Paraiba, Pernambuco, Piaui, and Rio Grande do Norte. In 2003, Vesper S.A. and Vesper SP were bought from Qualcomm by Embratel. In December 2003 100% of the holding company of Vesper was transfered to Embratel. The value of the contract was US$45 million. In January 2004, Vesper returned to ANEEL the licenses for mobile services operation (acquired in 2002).
In August 1999, Pahlawan Sdn Bhd acquired a 330 MW gas-fired combined-cycle power plant (TKPS) from Tenaga Nasional Berhad (TNB).  The plant was located in Tanjung Kling, Malacca State.  Pahlawan sold power to TNB under a 21-year power purchase agreement signed in May 1999 (commencing in August 2000).  Pahlawan was created in 1998 as a subsidiary of TNB, and was purchased by Powertek Sdn Bhd in April 1999.  Powertek Sdn Bhd was initially owned by the Melaka state government (14.83%), Cergas Unggul Sdn Bhd (25.96%), Arab Malaysian Development Berhad (22.5%) and IVO Group (7.42%, Finland).  Powertek was listed on the Main Board of the Bursa Malaysia Securities Berhad in 1996, but on 30 April 2003 Powertek became a wholly-owned subsidiary of Tanjong Energy Holdings Sdn Bhd (TEH) and so was removed from the exchange.  TEH was a wholly-owned subsidiary of Tanjong public limited company, incorporated in England and listed on both the Bursa Malaysia Securities Berhad and the London Stock Exchange.  The transaction agreement, which was signed in December 1998, included three agreements: the asset sale agreement among Pahlawan, Powertek and TNB, a subscription option agreement among Powertek, Pahlawan and TNB, and a PPA between Pahlawan and TNB.  Powertek agreed to pay 40% of the RM 740 million (US$195 million) sale price in cash upfront and the remaining amount in cash or shares within a six year time period.  Powertek agreed to give TNB a 7.8% equity stake in Pahlawan, and 20% in Powertek as part of the agreement.    In November 2001 CIMB, a Malaysian investment bank, was mandated to arrange a RM450 million (US$118 million) Islamic bond to partly finance the acquisition – RM296m had already been paid and the remainder was due at the end of 2001.  On March 2nd 2012, 1Malaysia Development Berhad (1MDB) acquired Tanjong Energy Holdings Sdn Bhd (TEHSB) for RM8.5 billion (US$2,820 million). Tanjong Energy owns equity in 13 IPPs internationally. Tanjong Energy fully acquired Poertek Berhad in April 2003.
Grupo Mexico was the only bidder for the contract to rehabiliate and operate the Nacozari Short Line. Grupo Mexico interest in bidding for this line arose because 90% of the traffic is from its mine. The company paid US$ 2.2 million for the concession rights and will invest an additional US$ 21.34 million with the rehabilitation works. The contract was awarded in mid-1999 and the company took over the operations of the short line in September 1999.
The Mumbai-based Zoom Developers was awarded the project to rehabilitate an existing 355-meters long bridge, to construct a new 387-meters long bridge and operate both facilities for a 10-year period (the construction works are predicted to last during the first two years of the project). The Karanodai Bridge project will facilitate the link between Chennai and Bangalore, Mumbai, New Delhi and Calcutta.   In the first phase of the project, the sponsor will repair and upgrade the existing diversion road, which will be closed once the works on the bridges are concluded.  During the second phase of the project, the existing bridge will be repaired (expected completion date: Jul. 2000), while the new bridge will be constructed in the third phase. The project was handed-over in Jan. 1999 and the construction works started in the same month.
In April 1999, Geka, a joint venture between France's Vivendi Water (known as Veolia Environnement as of May 2003) and the local Khatib & Alami, was awarded a 4-year management contract for the water and wastewater services in the southern part of the territory controlled by the Palestinian Authority. Under the contract, Vivendi was to work as a shadow utility with the water operators of Bethlehem, with 87,000 consumers, and Hebron, with over 200,000, as well as nearly 30 small communities.   Geka was to enhance efficiency and rapidly improve service quality and quantity of water supply and wastewater services. Bethlehem already had an operator, the Water Supply & Sewerage Authority (WSSA) within the Ministry of Local Government. Geka was to lead the continuing development of WSSA. Activities included leakage control, network rehabilitation, and a program to reduce unaccounted-for water from 50% to below 25% by replacing/repairing water meters and pipes.  The cost of the management contract itself was estimated at US$11.8 million. The overall project was financed with a US$21 million loan from the World Bank and US$35.7 million loan from the EIB.    In the first year of the contract, Geka installed about 600 water meters and made a similar number of service connections. Pumps were installed and rehabilitated at the Beit Fajar Well in Bethlehem and a new data processing system was set up. A laboratory was built to test water quality and chlorination units were introduced. Pressure sensors were placed in the network to control distribution and a big leakage campaign was launched with the focus on the bulk transmission line. Alongside the physical upgrade, attention was given to training local staff working for the client and local municipal bodies. New procedures were also introduced.   However, Vivendi's contract was terminated by mutual agreement with WSSA (the owner) because of the deteriorated security situation in the contract area.  Vivendi left on December 31, 2002.
The Malaysian airports authority sold 18% of its shares to domestic investors in December 1999. With this first share issuance, the state-owned company raised US$ 130 million. The public issue of these 110 million shares represent 18% of the company's shares to be transferred to private investors. This issuance is part of a partial privatization that will eventually place 48% of the company's shares on domestic and foreign sponsors' control. Malaysia Airports currently operates 37 airports in Malaysia, including a 50-year concession agreement to manage the new Kuala Lampur International Airport.  In March 2010, Khazanah Nasional Bhd successfully completed the divestment of a total US$85.15 million ordinary shares in Malaysia Airports Holdings Bhd (MAHB) representing about 7.74% of the issued and paid-up capital in airport operator. The divestment was done, placing for about US$125 million cash. The sale took place as private placement which targeted institutional investors. In addition in November 2010, Khazanah Nasional Bhd sold another 6% in the company through private placement for a total amount of 128.3 million.
Terminal Transoceanica de Topolobampo SA de CV has a contract to rehabilitate and operate a terminal at the Topolobampo port which was signed in Oct. 1998 (operation only started in 1999). The contract has a duration of 25 years, extendable to another 25 years. The company has invested US$ 0.3 million in 1999 and US$ 0.4 million in 2000. The terminal has an area of 2,500 square meters and handles agriculture and mineral in bulk.
The project included the operation and management of Malawi's rail network and the rail line connecting Malawi to Mozambique's Nacala Port. Malawi Railways consisted of 797-km of track, providing both passenger and freight traffic. The award was approved by the government in June 1999, but the contract was only signed in November 1999; the concessionaire took over the railway operation in December 1999. The contract could be renewable for five additional years.  Central East African Railways (Cear)managed the network; this company was a joint venture between the Nacala Corridor Development Company (51%) and the Mozambique Rail Company (49%). The Nacala Corridor Development Company was a consortium of the US companies Railroad Development Corp and Edlows Resources, the portuguese companies Tertir and Somafel and the French companies Cogifer and SAE International. The contract signed with the government did not specify how much should be invested in rehabilitating and maintaining the railway, although it stated the conditions under which the assets must be returned to the government in the end of the concession period.
In October 1999, the municipality of Cochabamba, Bolivia, awarded a 40-year exclusive concession to supply potable water and sewer services for the city to international consortium Aguas del Tunari. The consortium took over the assets of former municipal water operator Semapa. In 1999 local authorities were unhappy with the performance of Semapa, which had only achieved a coverage rate of 60% of the 600,000 Cochabamba inhabitants for water services and 50% for the sewerage system. Network losses were high and water shortages were common, as only 23% of consumers had a 24-hour supply. The concession with Aguas del Tunari was intended to address these shortcomings.  The terms of the 40 year concession were directly negotiated between Aguas del Tunari and the Cochabamba municipality. The direct negotiations came after an open international tender that failed when the sole bidder was Aguas del Tunari. The 1999 contract granted Aguas del Tunari exclusive property rights over all water sources in the Cochabamba Valley, including the ground water from all area wells, previously used for free by locals. Water tariffs were set by a formula that was intended to provide Aguas del Tunari a return on investment of 15%. Aguas del Tunari committed to invest $320 million over the concession’s lifetime to improve the local water and sewage infrastructure. Some $180 million were to be invested in the first 5 years of the contract, so that 93% of the city’s population would be connected to the water and sewerage systems by 2004. Aguas del Tunari also committed to build a 40 MW hydro power plant on the Misicuni river.  The Aguas del Tunari consortium was 50% owned by International Water (a joint venture of Bechtel and Edison SpA of Italy). Abengoa of Spain held a 25% stake in Aguas del Tunari and four Bolivian investors held the last 25%: Sociedad Boliviana de Cementos, ICE Ingenieros, Compania Boliviana de Ingenieria and Constructora Petricevich S.A.  In January 2000 Aguas del Tunari started operating the Cochabamba water systems. The consortium immediately announced an average tariff increase of 35%, in line with the terms of the contract, and as approved by the municipal Regulator. Water was also no longer free for irrigation, as Aguas del Tunari started to charge farmers that owned wells for the use of groundwater. This generated widespread objection among farmers. Some sources indicated that for many consumers water bills doubled and in some cases went up by as much as 200-300%. The rate increases, coupled with broader discontent in Bolivia over a nationwide crackdown on illegal coca production, police salary protests, and opposition to a controversial new water law unrelated to this project, sparked mass-protests, road blockades and a general strike in the city of Cochabamba in early 2000.  In April 2000, during the widespread civil unrest, the managers of Aguas del Tunari left Cochabamba and President Banzar of Bolivia cancelled the concession contract on the basis that they had abandoned the project. In November 2001, Aguas del Tunari applied for arbitration at the World Bank’s International Centre for Settlement of Investment Disputes (ICSID), seeking $25 million in damages from the Bolivian Government for their termination of the contract. ICSID action was brought under the Bilateral Investment Treaty between Bolivia and the Netherlands, where International Water was re-registered shortly after the Cochabamba contract was signed.  After the cancellation, Semapa once again took over management of the water utility, together with representatives of the Coordinadora del Aqua, the NGO established by the leaders of the protest, appointed to its Board.
Radio Telecommunications Co. is a joint-venture established by RTK Consulting (50%) and Metrosvyaz (50%) to provide CDMA mobile services in the Leningrad Oblast (St. Petersburg). Metrosvyaz is itself a joint-venture of Teletal, a subsidiary of the state-owned company Itar-Tass, Leap Wireless International (35%) and Tiller International Ltd. Commercial operations were launched in Apr. 1999. The company invested US$ 7 million in 1999 and US$ 4 million in 2000 to develop its wireless local loop network. Total investment should reach US$ 50 million until 2004. As of 2000, RTK had 2,000 customers.
Road King Infrastructure signed an agreement to construct and operate a six-lane bridge in Bengbu City for a 30-year period. The joint-venture, in which Road King holds 60% of the shares, was formalized in November 1999 (the provincial government holds the remaining shares). Operations commenced December 2002 and the bridge is expected to start yielding toll revenues in 2003. Total cost of the project was US$ 22.2 million or Rmb 184 million.
In September 1999, AES Corporation paid $10m to take a 51% equity stake in Central Electricity Supply Company of Orissa (CESCO), the last of the State Government of Orissa’s four distribution companies to be privatized. At that time, CESCO was operating as a corporatized government company and had a 30-year license to supply power to more than 500,000 customers in an area with a population of 1 million. CESCO managed power distribution in Central Orissa, which covered important cities like Puri, Cuttack and Bhubaneshwar. The licensing arrangement required an annual fee of $100,000 to be paid to the Government. CESCO’s license did not specify any time-bound quantitative targets for investment, coverage, or service quality.  An international bidding process was held for the stake in CESCO, but only two bids were received. An apparent reason for the poor participation was the requirement that CESCO place all incoming revenues in an escrow account, which would first be used to pay for power generation from the local supplier, the Orissa Power Generation Company (OPGC). AES Corporation of the United States, which also was part owner of OPGC, stepped in to purchase the 51% stake in CESCO after the original winning consortium, Tata Electricity Company (TEC)-Viridian PLC, withdrew.  Electricity prices for CESCO were set by the Orissa Electricity Regulatory Commission (OERC), the state power regulator, through application of rate-of-return (or cost-plus pricing) regulation. OERC had a fair amount of discretion to “depart from that baseline on valid reasons in determining allowed revenues.” AES submitted its first revenue requirement and rate review application in mid October 1999, which was modified downwards by the regulator. The company’s second submission, in October 2000, was similarly rejected by the regulator, who expressed the difficulty of balancing financial viability with affordable tariffs.   In 1999 CESCO's assets were largely destroyed by a cyclone that hit Orissa causing damages to the distribution network that were estimated at US$23 million. In the 1999-2000 period the company spent US$16 million for power restoration. OERC had requested that CESCO reconnect all consumers, including those who had previously been disconnected for non-payment (although it subsequently said that CESCO could disconnect them again), and then placed a limit on cyclone-related expenditure below actual damage costs.  Faced with high technical and distribution losses and continued operating budget deficits, AES began using proceeds from the escrow account to meet payroll expenses. In response, the regulator initiated criminal proceedings against AES’s local CEO. AES stopped using the escrow account, but also publicly stated an inability to pay July 2001 salaries to its 8,5000 employees.   In August 2001, AES formally stated its desire to exit the project and re-offered its stake to either the Government or a third party, a proposal rejected by the State Government. Later in August 2001, the State Government filed a complaint with the OERC that CESCO was not supplying power to its customers, had stopped its billing operations, and that senior staff had stopped going to the office. Following the Employees’ Association’s threat to go on strike in early September 2001 and the State Government’s complaints, OERC vested the management of CESCO to an administrator nominated by the State Government. Under no opposition from AES, the new administrator superseded the AES controlled Board of Directors.
The Government of Orissa divested 51% of its equity stake of the Northern Electricity Supply Company of Orissa Limited (NESCO), Southern Electricity Supply Company of Orissa Limited (Southco) and Western Electricity Supply Company of Orissa Limited  (WESCO) in June 1999.   Bombay Suburban Electric Supply Limited (BSES Ltd.) purchased the 51% stake of these three electricity distributors for a total of $27.4 million.  The remaining 49% equity interest in CESCO is held by the State Government controlled Grid Corporation of Orissa Limited (GRIDCO).  Electric power is purchased from GRIDCO.    Orissa is the first state in India to set up an independent regulatory commission and unbundle generation, transmission and distribution.  Privatization efforts began in 1995 through legislature introduced to establish the Orissa Electricity Regulatory Commission (OERC).  OERC is an autonomous regulatory body for transmission and distribution tariffs that also is involved in authorizing licenses to companies that engage in transmission and distribution and in regulating those companies that provide these services.  Four power distribution zones were formed and transferred to separate companies: Central Electricity Supply Company (CESCO), WESCO, NESCO, SOUTHCO.  By the end of 1999, all four distribution companies were privatized, the first to AES and the three latter to BSES.   In 2000, the IFC provided a US$ 39 million loan guarantee facility to NESCO and WESCO (the investment finances the upgrading of the electricity distribution in Orissa).    The three distribution companies were incurring huge losses because of high T&D loss and lower realization of revenue prior to 2003. They were defaulting by about $3 to $4 million per month towards the payment of the bulk power bills which angered GRIDCO.  At one point of time, it was suspected that BSES Ltd would wind up its business in Orissa and follow AES Corp, the US utility giant which had abandoned Cesco, the other district company in Orissa.  However, things began looking up for BSES and they expected to break even by early 2004.   In 2003, Reliance Group picked up a 58.2 percent stake in BSES.
Narmada Infrastructure Construction Enterprise Limited (NICE) signed an agreement with the Central Government and the Government of Gujarat in November 1997, to implement the second Narmada bridge project at Zadeshwar on National Highway 8 in Gujarat. The scope of the project included construction of a new 1.4 km long bridge across river Narmada adjacent to the first bridge, along with 4.6 km of approach roads. The project also included maintenance of both the bridges and approach roads, and toll collection from users of both bridges. This project was undertaken on a BOT basis for a period of 15 years, including the construction period. The second Narmada bridge was expected to relieve the traffic congestion on the busy NH-8.  NICE was a special purpose vehicle promoted by India’s Larsen and Toubro Limited (L&T). In 2002, L&T sold 20% stake in NICE to Infrastructure Leasing and Financial Services Limited (IL&FS).  The total cost of the project was estimated at US$ 31.1 million. The project was expected to be executed on a debt equity ratio of 65:35.   The user tariffs for the bridge range between US$ 0.3 and US$ 0.91 depending on the class of the vehicles. The contract had a provision for the rates to be revised annually pegged to the movement of the wholesale price index.  Construction of the project was completed in October 2000 and toll collection began in November 2000.
Texaco was awarded the contract to build and operate a new oil off-loading pier at Puerto Cortes. Construction works started in early 1999 and were completed in Apr. 2000. A total of US$ 10.5 million was directed to developing the facility. The new pier to be operated by Texaco will be able to receive vessels of up to 80 metric tons (previously, the port could receive vessels of only 30 metric tons). Texaco handles 75% of Honduras' oil imports and will offer pier services to all other oil importing firms.
In 1996, the Fujian provincial government agreed to purchase electricity from the Formosa Plastics Group's (FPG) proposed 3,600 MW thermal power plant for 10 years in order to supply state-owned enterprises in the region.  FPG was Taiwan's largest plastics manufacturer and was headed by tycoon Y.C. Wang.  The plant was to be operated on a 23-year BOT basis and was to be built in several phases.     According to the original plan, the conglomerate's three flagship companies -- Formosa Plastics, Nan Ya Plastics and Formosa Chemicals and Fibre -- would put up a total of US$420 million for a 60% stake in the venture, with the remaining 40% taken by unnamed US partners.  However, in 1999, due to Taiwanese government restrictions on local enterprise investments in mainland China, Y.C. Wang decided to become the sole Taiwanese investor in the project.  The Formosa chairman raised 10 billion Taiwan dollars (US$302 million) from his own pocket and financial institutions in the United States to the make the investment and acquire the 60% stake.  FPG's subsidiaries in the U.S. fronted the rest of the equity.    The total investment amounted to US$3.2 billion for the six 600-MW generators, of which 90% came from loans.  The first two units entered operations in 1999 and by mid-2004, all six units were up and running.  The project suffered losses early on and Y.C. Wang had publicly considered scrapping the project altogether.  However, by 2003 the power plant was making significant profits due to widespread power shortages in China.  By mid-2004, FPG was awaiting final approval from the Fujian provincial government to set up four more 600 MW coal-fired units with an estimated price tag of US$2.38 billion.
Peak Pacific, of which Alliant Energy International held a 93.5% stake, was constructing a 24 MW cogeneration plant in Lin Zhang county, Hebei Province China.  The cost of the plant was US$24 million.  As of 1999, the plant was still under construction.
In March of 1999, Sino-French Holdings was awarded a 30-year BOT contract for the construction, ownership and operation of the 100,000 cubic meters per day Changtu Water Plant in Liaoning Province.  The project included the responsibility for the production and sale of treated water in Changtu county, which consisted of around 200,000 people.   To implement the contract, Changtu Sino French Water Supply Company Ltd. was created as the project company which was owned by Sino-French (70%) and the state-owned Changtu County Water Supply Company (30%). Sino-French, in turn, was a 50/50 joint venture between Suez water subsidiary Ondeo and New World Infrastructure of Hong Kong.    Wholly-owned Suez subsidiary Degrement handled the construction.  The total investment in the plant was estimated at US$11.6 million.  Operations began in December of 2000.
Huadian Power International Corp., Ltd. (HPI), China's third largest energy developer, was created in October of 2002 when China broke up the former state-owned monopoly, State Power Corp., into five similar-sized power producers - China Huaneng Group, China Datang Group, China Huadian Group, China Guodian Group and China Power Investment Group.  The assets of the Hong Kong listed Shandong International Power Development (SIPD), which was a joint venture between the Shandong Electric Power Co. and the Shandong Provincial Electric Power Bureau, were placed under China Huadian Group following the restructuring.  In November of 2003, SIPD formally changed its name to Huadian Power International Corp. to reflect its new state-owned parent company, China Huadian Group, which held 53.56% of HPI's shares at the time.  State-owned Shandong International Trust and Investment Corp. owned 17.19% of HPI while private and institutional investors held the remaining shares.    In June 1999, SIPD offered 1.275 billion shares (about 25% of the company) in an initial public offering on the Hong Kong Stock Exchange.  A total of  US$260 million was raised which was expected to help finance new projects.  Southern Energy Inc (whose name changed to Mirant as of January 2000), through its affiliate, Hong Kong-based Consolidated Electric Power Asia, acquired 9.99% stake through this public offering through acquisition of 509.5 million shares for US$104 million.  In May 2002, control of this stake was replaced by BNP Paribas Peregrine.     In February of 2004, HPI completed an A-share listing on the Shanghai Stock Exchange. The tender of the 765 million shares (about 15% of the company) was launched in January and raised about US$232.8 million, with 284.5 million of the shares being sold to individuals, a further 284.5 million shares to institutional investors and 196 million shares to its parent, the China Huadian Group. HPI was to use the proceeds to finance three expansion projects totaling 1,200 MW.    By the end of 2004, the Shandong-based power company could boast an installed power capacity of 8,580 MW, with 86 percent of that concentrated in Shandong Province. The company had planned to expand that capacity to 16,040 MW by 2008.
The Northeast Expressway Co. Ltd. is engaged in the construction and operation of toll expressways. The company was established in 1998 with the assets of Harda Highway, Changping Highway and a 51% equity interest in Hansong Company, which is also engaged in roads operation (all assets were transferred by the Heilongjiang and the Jilin Provincial Expressway Companies and by the Huajiang Traffic Development Centre). In 1999, the company issued 300 million "A" shares on the Shanghai Stock Exchange (24.73% of the company's shares).  A total of US$ 145 million was raised as divestiture revenues.
In January 1999, China Light and Power Ltd. (CLP) had finalized the Guangdong Huaiji Hydro-electric Power Project, which involved a 30-year BOT contract to build, own and operate of 9 small scale power stations with a total installed capacity of 98 MW in Huaiji County in northwestern Guangdong Province.   The total cost of the project is US$115.7 million (HK$900 million). CLP owned 41.5% of the scheme through subsidiary, CLP Hydro Power Ltd., while Sun Huang Kai China Development Fund Ltd., a subsidiary of Sun Huang Kai of Hong Kong,, owned 8.5%. The remaining 50% stake was held by Huaiji County Huilian Hydro-electric (group) Co., Ltd.  The electricity that is generated was to be sold to the power grids of Huaiji and Guangdong Province.  In June 2005, CLP completed the buy-out of Sun Hung Kai China Development Fund Limited's interest in Huajji. The government of Zhaoqing City in Guangdong had approved the restructuring of Huaiji's shareholding and CLP's interest in Huaiji increased to 75%. The Huaiji County Huilian Hydro-electric (Group) Co., Ltd. held the rest of 25%. The restructuring enabled CLP to exercise greater control over the project.  Five of these power stations were commissioned between 1975 and 1996 while four new stations were completed at the end of 2001. The largest of the stations was the 36 MW Gaotang scheme while the smallest was the 1.5 MW Longzhongtan scheme. With all nine power stations completed, the Huaiji scheme was expected generate 390 GWH annually.
Union Fenosa ACEX, the international operations subsidiary of Spain's Union Fenosa, won the international bid for the construction, operation and maintenance (BOO basis) of Hermosillo power station, in competition with eight international operators. Hermosillo Power Station (250-MW, Gas-fired Combined Cycle) will be built in the state of Sonora in Northern Mexico. The plant was supposed to enter service by June 2001.   Fenosa has to raise the $160 million needed to finance construction and will have a 25-year power-purchase agreement with CFE. Fenosa will import natural gas to fuel the plant from El Paso Energy Marketing, an agreement arranged in December 1999. In 1999, the IADB approved an US$ 48.8 million A loan and an US$ 86.8 million B loan to the project company.
The project involves the construction and operation of a multi-purpose terminal at the Zhapu Port, with capacity to receive ships up to 15,000 deadweight tons at an off-shore berth that can accommodate two vessels. The project envisages the construction of  on offshore wharf with two berths, a 800-meter long approach bridge, a seawall of about 2,700 meters long, and other cargo handling equipment, storage yards and warehouses, six inland river berths, and supporting equipment and facilities. Annual throughput capacity is estimated at 225,000 twenty-foot equivalent units (TEU) for the container berth and 600,000 tons of general cargo.   Total investment is estimated at US$ 61 million. In Dec. 1999, the IFC approved a US$ 14 million financing package for the project: US$ 6 million as direct loan, US$ 3 million as equity and US$ 5 million as quasi-equity. The project will be undertaken by CIG Zhapu International Terminal Two Co. Ltd., a joint-venture between the China Infrastructure Group, the IFC and the state-owned Jiaxing Zhapu Development Co. Ltd. China Infrastructure Group held a 33% stake.
Samutprakarn Cogeneration Company Limited signed a 21-year power purchase agreement with EGAT in 1997. The company committed to invest US$101 million in the construction of a cogeneration power plant with 126 MW capacity.  In March 1998, Tractebel (a subsidiary of SUEZ) purchased 100% of the company's shares from Sithe Energies. Commercial operations started in August 1999, selling more than half of its output to EGAT and the surplus to industrial consumers.   Gulf Electric purchased the Samutprakarn Cogeneration from Tractebel in 2002 and intended to refinance the loans and adjust the project's debt to equity ratio in the process of raising Bt 5,400m via IFC of Thailand. The funds were to be used to refinance the loans and adjust the debt to equity ratio for this project and for the Nong Khae Project.    Samutprakarn Cogeneration Company Limited was a subsidiary of Gulf Electric Public Company Limited (GEC), which was a joint venture between partially divested Electricity Generating Company (EGCO) of Thailand (50%), Japan Electric Power Development Company Limited (EPDC or J-POWER) (49%) and Mit Siam (1%).   EGCO was set up in May of 1992 as a holding company to divest some of the assets of the state-owned Electricity Generating Authority of Thailand (EGAT). In November 1994, EGCO floated 204 million shares, or 51% of the company, at 22 baht each, raising US$178.5 million and effectively making it a privately run company.  The shares made their debut on the Thai stock market in January of 1995.  Although EGAT retained a 48% interest in EGCO, the company was to be run as a separate entity and was to be out of the EGAT's sphere.  In July of 1998, Hong Kong utility firm China Light and Power Co. Ltd. (CLP Power) acquired a 14.9% stake in EGCO for US$241 million. EGAT then owned 25% of EGCO.  As of 2004, the stake holders of EGCO were EGAT (25.41%), CLP Power (22.42%), Thai investors (30.09%), and foreign investors (22.08%).
Larsen & Toubro was awarded the project to construct a new bridge over the Watrak River and operate both the new and the existing bridges for a 10 year and 8 month period. The project was transferred to the private sponsor in May 1999 and the construction works were completed by March 2001.   The construction works include a 253.2 meters new bridge and a 8.75 km approach road. Larsen & Toubro will be collecting tolls on both bridges during the concession period, including the construction period. The traffic flow is estimated at 40,000 vehicles per day.
Companhia Eletrica de Borborema (CELB), a small electricity distribution company in the state of Paraiba, was privatized on November 30, 1999 when Companhia Forca e Luz Cataguazes-Leopoldina (CFLCL) acquired a 75% stake for R$ 87.38 million (US$ 48.46 million). Using resources raised from Eletrobras and the development bank BNDES, Cataguazes-Leopoldina planned to modernize CELB. In February 2000, a 30-year concession contract was signed with the federal government authorities.    In January 2000, Alliant Energy became a shareholder in CELB through the acquisition of stakes in Energipe. Alliant Energy acquired 45% of Energipe's total capital and CFLCL reduced its participation to 50%. CFLCL and Alliant Energy have increased their stake in CELB through capital increases. As of December 2003, 88.8% of CELB's total capital was controlled by Energipe, which was directly and indirectly controlled by CFLCL and Alliant Energy. Alliant Energy left the partnership in 2006.  In 2008, Companhia Forca e Luz Cataguases-Leopoldina was renamed Grupo Energisa because of the regulatory decision that a single company cannot operate in different segments of the energy market. Grupo Energisa's ownership structure is the following: Gipar S.A. (65.8%), Gaster Participações S/A (22.3%), Eletrobras (1.2%), Itacatu S.A. (5.9%), BNDES (0.7%) and other small shareholders (4.1%). The project company's name was also changed to Energisa Borborema - Distribuidora de Energia S/A. As of December 2009, the project company was wholly-owned subsidiary of Grupo Energisa.  In June 2014, the state-owned bank BNDES approved a US$ 4.4 million (BRL 10.3 million) loan to the company.
In 1999, Ferrocarril Belgrano Cargas was transferred through a 30 year concession to a consortium led by Union Ferroviaria. At the time, the ownership structure was as follows:  Union Temporal (trade union) held 51% of the shares, Cooperativa Laguna Paiva 48%, and the government 1%.The initial investment commitments were estimated at US$250 million.  Ferrocarril Belgrano Cargas had 7,300 km of railways serving 14 provinces, including Jujuy, Salta,  Formosa, Chaco, Tucuman, Catamarca, La Rioja San Juan, Medoza, San Luis, Santiago del Estero, Cordoba, Santa Fe and Buenos Aires.  In 2001, conflicts between the shareholders arose due to losses and lack of payment of government subsidies, and Cooperativa Laguna Paiva withdrew.  Under the concession agreement, the operating consortium would receive a US$ 225 million grant over the next five years to modernize the railway system. Those resources were expected to cover all investment requirements in the railway. The concessionaires were not expected to invest in the project. Their role was limited to maintain the system and rehabilitate the facilities with the grant provided by the government.   In 2003, the government began plans to restructure the company’s ownership composition from one in which the trade union had 99% and the government 1% (golden share) to another where private investors would have 79%, trade union 20%, and the government 1% (golden share). The primarily reason for such restructuring was the poor of financial and operational resulting that the concession arrangement granted in 1999 were producing.   After a process to re-award the project failed, in December of 2005 Shima consortium gave the government an unsolicited proposal for a deal in which they would buy 73%. Shima is a Chinese-Argentine consortium formed between Sideco Argentina of Grupo Macri and Sanhe Hope Full Grain & Oil. Under the proposed deal, Shima would invest US$287.2 million (860 million pesos), the government would have to invest what it had agreed to in the 1999 concession, US$233.8 million (700 million pesos), and it would have to increase it stake to 12% while reducing the stake for the union to 15%. No decision had been made regarding Shima's proposal.  In April of 2006, President Néstor Kirchner signed a decree declaring the Ferrocarril Belgrano Cargas to be in a state of emergency, which allows for the eventual takeover by outside investors. In July of 2006, the Argentine government gave a group of Argentine and Chinese investors and labor unions a 180-day management contract to operate the Belgrano Cargas rail network. The Shi Ke-Rong (Chinese) and Socma, Roggio and Romero (Argentine) group controls 68% of the new rail management company; and Union Ferroviario has been reduced to a 12% stake. The remaining shares have been distributed as follows: Argentine Government 10%, La Fraternidad (5%), and CGT 5%.  In April 2013, Argentina's government established a state operator in charge of revamping the Belgrano Cargas railway line in a move that officially put an end to the tenure of private concessionaire Soesa. The new operator replaced concessionaire Soesa, which was initially sidelined by the government in October 2012, when a supposedly temporary state intervention was announced "in order to improve current operations." As the concession was never revoked, the decision paved the way for the definitive nationalization of the firm. Soesa, comprised of representatives of the public and private sector as well as union representatives, had been in charge of Belgrano Cargas since 2006, when the late president Nestor Kirchner transferred the railway's control after a failed privatization attempt. Over the years, the company turned into another political battleground for President Cristina Fernández to challenge political rivals such as Buenos Aires mayor Mauricio Macri and powerful unionist Hugo Moyano, both influential Soesa shareholders.
The government of Guyana privatized its power company by selling a 50% stake of the state-owned Guyana Electricity Corp. to a European consortium (American and Caribbean Power or AC Power), consisting of Globeleq, the power sector subsidiary of the Commonwealth Development Corporation (UK), and Electricity Supply Board International (ESBI) of Ireland. The consortium committed to a total investment of US$50 million over a five-year period in which it paid US$23 million up-front. On October 1, 1999, the consortium assumed responsibility for the management of the utility. The new utility, which started trading as Guyana Power & Light (GPL), received a 25-year license to develop and operate the electricity system throughout the country. The government's remaining stake in the company was to be divested in the following three years to local and regional institutional and individual investors.  The contract was terminated in April 2003 due to discrepancies between AC Power and Guyana's legal and regulatory bodies. The relationship between the company and the government had been strained since 2001, when the operating consortium was ordered to repay US$7 million (1.3 billion Guyana dollars) for allegedly overcharging customers. In addition, increases in the costs of fuel and the number of commercial line losses contributed to the collapse of the contract. US$3.4 million held in escrow accounts was expected to be released to AC Power for their shares. The government of Guyana assumed responsibility and ownership of the company after April 2003. The government purchased AC Power's equity interest in GPL for US$1 (one US dollar).
The Peruvian government awarded the concessions for the Central, Southern and Southeastern rail lines to the consortium Ferrocarriles del Peru in July 1999. Ferrocarriles winning bid was the offer to the government of 33.4% of its annual gross revenue.  Ferrocarriles del Peru was a joint-venture of the UK Commonwealth Development Corporation, the Railroad Development Corp. (US), Peruvial, Buenaventura, Inversiones Andino, Juan Olaechea y Cia, Sea Containers (UK) and Mitsui Co. (Japan). Ferrocarriles bid as an open consortium.   Ferrocarril Transandino S.A. has taken over both the Southern Railway (Matarani-Juliaca-Cuzco) and the Southeastern Railway (Cuzco-Machu Pichu). The concessionaire is owned by PeruRail S.A. a subsidiary of Sea Containers (50%) and Peruval (50%). Sea Containers started operating these two sections, which run both freight and passenger traffic, in September 1999. The consortium expects to invest US$ 10 million over the next two years (total estimated investment: US$ 40 million). The 30-year contract is extendable for additional 30 years. Peru Rail expected to raise its cargo shipments (mainly soybean and wheat) from 560,000 tons in 2000 to 800,000 tons in 2001. As for the passenger transportation segment, a total of 400,000 users were transported in 2000.
Jaiswal-Ashoka Infrastructure Pvt. Ltd. was awarded the contract to build and operate a 530-meter long bridge across the Waiganga River. The project involved an investment of US$7.7 million. The contract was signed in Nov. 1998 and works commenced early in 1999. In May 2001, the commercial operation started. The contract will last 18 years and 9 months starting from the opening date.
The Azito project is the second IPP in Côte d'Ivoire, awarded to a consortium that included ABB and EDF. The first two phases of the three phase natural gas-fired power plant of up to 450 MW have been completed. These phases were open cycle natural gas turbines. In January 1999, the Cinergy Consortium reached financial closure on a 23-year BOT contract for the construction and operation of two 144 MW power plant units. Cinergy Consortium won the concession contract to build the two gas fired units in June 1997. The first phase was implemented in early 1999. The second gas-powered unit was due to come on line in early 2000.  Construction of the third turbine was delayed in Dec. 2003 until domestic and regional electricity demand increased. The project is located at Azito on the Ebrie Lagoon, in the Yopougon district about 10km southwest of downtown Abidjan.  The full project cost will be US$223 million.  Project sponsors are Electricite de France, ABB Group, and Industrial Promotion Services (IPS; an affiliate of the Agha Khan Group). IPS holds 26% of the holding company shares. EDF and ABB hold 74% through their joint-venture Cinergy Holding Company. ABB Energy Ventures holds 51% of Cinergy and EDF International holds 49%.   Equity capital covers 20% of the project costs. The remainder  of the financing comes from loans from the Commonwealth Development Corporation, the IFC and Societe General.  In 2010, Globeleq acquired the shares of ABB and EDF for an undisclosed amount.  Construction works began in July 1998, and the first phase (one turbine) was completed in January 1999. The second phase (similar to phase I) was commissioned in February 2000. The third phase (upgrading the plant from single cycle to combined cycle power generation) was initially planned for commissioning in 2002, but  political instability in the country impeded the development plan of the Project. Phase III, the expansion of the plant from 280-290MW to 420MW was to add 10% of generation capacity to the overall national grid. The plant already supplied one-third of electricity for the country. The energy efficiency of the plant was to increase from about 29,5% to 44%.  The African Development Bank approved a $50 million loan for the expansion of the power plant (Phase III).   In December 2012, MIGA issued guarantees totaling $116.1 million covering an investment by Globeleq Holdings (Azito) Limited of Bermuda in the Azito Thermal Power Plant in Côte d’Ivoire. The coverage is for a period of up to 20 years against the risk of breach of contract.  In January 2013, MIGA announced it was to extent an investment guarantee for a period up to 20 years against breach of contract by the government of Côte d'Ivoire. IFC was the lead arranger of the deal, while Proparco coordinated the pool of financing from European development finance institutions. The West-African Development Bank (BOAD) provided financing in local currency.   Decommissioning is not to take place before 2034. The Azito Power Station was to be transferred to the Ivory Coast state 20 years after the construction of Phase III. (The old concession had been 24 years, expiring in 2022). Phase III is not operational yet as of 2013 updates.
Meiya Power Company (MPC) built a 54 MW hydroelectric plant in Fushi, Guangxi Province.  The cost of the project is US$53 million which was financed by RMB bank loans and shareholder loans.    MPC held a 70% share of Fushi Meiya power plant and had an operating role.  MPC was jointly owned by PSEG Global Inc (50%), the Asian Infrastructure Fund (30%), and Hydro-Quebec International (20%).  In July 2004, Darby Asia Investors, Ltd. ("DAI"), acquired Hydro-Quebec's 20% stake for a total cash consideration of US$84.6 million.  MPC was an independent power producer developing, owning, and operating thermal and hydro power plants in Asia.  The plant began full commercial operations on June 28, 2001.
In August 1999, Bayan Water Services Inc. was awarded a 15-year lease contract for the Magdalena Laguna Water system by the Philippine Department of Interior and Local Government (DILG).  While the ownership of the system was to belong to the Municipal Government of Magdalena, Bayan Water Services Inc. was to handle its operation and maintenance.  Bayan Water won the contract following a competitive bid, beating out South Australia Water Corp, Bi-Water International, and Compagnie Generale De Eaux.  The initial service area was to cover 11 barangays with about 3,000 families.   Magdalena was one of the poorest municipalities in the country, lying west of Mount Makiling and south of Sta. Cruz.  The project included a construction contract awarded to RODMAN Construction and Development Corporation, which offered the lowest bid at P18.92 million (US$480,000), in August 1999.  The consturction included digging three deep wells and the construction of pumping stations (the Pronove Pumping Station, the Agapay Pumping Stations, and the Booster Pump Station).  It also involved the construction of an elevated reservoir (an elevated water storage tank built inside the Poblacion children's mini-park), the rehabilitation of existing pipeline and reservoir (the Cistem Tank in Burlongan), the construction of 15.62 kilometers of distribution pipelines, and the provision of disinfection facilities for wells.  Furthermore, the system was also expected to achieve non-revenue water of 20%; employee per connection ratio of 1:130; collection efficiency of 97%; and 100% service coverage by 2004.   Construction started in September of 1999 and was completed in June of 2001, almost a full year behind schedule.   Bayan Water Services Inc was a joint venture between the local Benpres Holdings, the listed flagship of the Lopez Group of Companies, (60%) and Montgomery-Watson New Zealand Ltd. (40%).    The total fee paid by Bayan Water Services Inc. for the contract was US$1.6 million (PHP 70 million).  In 1998, the Municipal Government of Magdalena, through the Development Bank of the Philippines (DBP), applied for a World Bank loan under the Local Government Unit Urban Water Supply and Sanitation Project (LUWSSP) to finance the project.  The loan application, worth P24.2 million (US$615,000), was approved in March 1999.   On April 24, 2002, Mayor Agapay and representatives from the World Bank, DBP, and DILG agreed to dissolve the contract with Bayan Water Services Inc. over complaints that the water was unsafe and tariff rates were too high.  The representatives permitted the Municipal Government of Magdalena to rebid the project as soon as possible.
United Shippers was awarded the contract to reconstruct and operate a jetty at the Port of Navlakhi. A total of $US2.3 million was invested in the facility. United Shippers have assured the Gujarat Maritime Board a minimum cargo guarantee and payment of full wharfage charges.
In June 1999 the provincial government of Misiones, north-east Argentina, awarded a 30 year concession contract for the water and sewage systems in the cities of Posadas and Garupa to special purpose company Servicios de Aguas de Misiones S.A. (SAMSA). The company became responsible for managing water and wastewater systems that served over 300,000 inhabitants. Most of the company’s customers lived in the provincial capital of Posadas, where SAMSA was to operate an existing potable water plant and build a new aqueduct. In 1999 total water consumption in Posadas and Garupa was estimated at 37 million cubic meters per year.   In the 1999 concession contract SAMSA committed to meet certain water coverage and quality goals. These objectives were set at five year intervals by SAMSA in conjunction with the local government. For the first five year interval SAMSA committed to an investment program estimated at $63 million. Over the lifetime of the concession SAMSA estimated some $142 million would need to be invested. The 30 year concession contract was expected to generate over $690 million in revenues.  SAMSA was 90% owned by Urbaser, the municipal services and integrated water management unit of the Dragados Group. As of 2003 the Dragados Group became part of the Actividades de Construccion y Servicios Group.  In January 2001 the European Investment Bank (EIB) provided an $18 million loan to SAMSA. The loan had a 15 year maturity and a four year grace period. Caja de Madrid guaranteed the loan and risks of currency non-transfer, expropriation, war and civil disturbance were covered by a European Union (EU) budget guarantee. The World Bank was also expected to provide some funding.
In December 1998, Durban Water Recycling (Pty) Ltd (DWR) won a 20-year build, own, operate, and transfer contract worth R74 million (US$12.6 million) from eThekwini Water Services (EWS), the public water utility in Durban, South Africa.  The contract was to modernize the secondary treatment system of the Durban Metro Services wastewater treatment plant and to build a new facility to generate 47,500 m3 per day of reclaimed water.  The Durban Metro Area (DMA) covered 1,370 km2, and stretched 72 km along the Indian Ocean and 52 km inland. The population was approximately three million.   At operational capacity the reclamation plant was to meet 7% of the city's potable water demand and reduce the city's treated wastewater output by 10%.  The plant was to supply lower cost, high quality water to the Mondi Paper mill, Sapref Refinery and Sasol textile factory.  The potable water that was previously drawn by these industrial consumers was to be made available for redistribution to previously disadvantaged, peri-urban communities, extending water supply to up to 220,000 households in the greater Durban area.   The French company Omnium de Traitement et de Valorisation SA (OTV), a subsidiary of Vivendi Group (known as Veolia Environnement as of May 2003) registered Durban Water Recycling (Pty) Ltd as the project company and took a 51% stake in the project. Local partners, including Khulani Water Limited, Marubeni Europe, Umgeni Water and Zetachem took a 49% stake.    The total investment in the project was estimated at R72 million (approx. US$12 million), of which the Development Bank of South Africa (DBSA) contributed R34 million and Rand Merchant Bank R21 million. The DBSA contribution also included a French export credit facility of approximately R15 million. Financial closure of this deal was reached in September of 1999.    The plant began commercial operations in May 2001.
The government of Indonesia divested 49% of PT Pelabuhan Indonesia (Pelindo) III to P&O Ports Australia in April 1999.  P&O won the tender with a bid of US$173 million.  Pelindo III operates the Tanjung Empas port in Semarang and Central Java, the Banjarmas in port in South Kalimantan, the Benoa port in Bali, and the Cilacap port in the southern coast of Central Java.    The company committed to raise the throughput of TPS from 740,000 TEUs to 2.2 million TEUs by 2005.   The planned investments amount to over US$300 million within the first 10 years of the concession.  After the 20 years concession period, the facility will be returned to state ownership.  In 2006, DP World became the major project sponsor and port operator following its acquisiton of P&O Ports' global portfolio.
In 1999, the Uganda Government sold a 51% stake in Uganda Telecommunications Limited (UTL) to the U-com consortium which won with a bid of US$33.52 million against two other competitors.  The sale was part of the government efforts to divest the telecom sector which involved the division of Uganda Post and Telecom into three private businesses, the creation of an independent regulator for the sector, and the licensing of a second national operator (awarded to MTN Uganda in 1998).    U-com was initially comprised of DeTeCon International (a subsidiary of Deutsche Telecom), which held 40%, Telecel International (40%) and South African firm Ikwezi (20%). Ikwezi later withdrew from the consortium and was replaced by the Egyptian conglomerate, Orascom Telecom, which had also acquired an 80% stake in Telecel earlier in 2000. OT subsequently announced in late 2002 that it intended to sell the 20% UTL stake it had originally acquired from Ikwezi to Telecel. In May 2003, OT announced that its stake in Telecel had been sold to Gloria Trust, a previous minority shareholder in Telecel, as part of a complex deal along with other African GSM operators. By 2005, UTL was jointly owned by DeTeCon (20.4%), Gloria Trust (30.6%) and the Ugandan government (49%).    The terms of the tender included the installation of 100,000 fixed telephone lines within five years.  In September 2003, UTL launched a corporate bond on the Uganda Securities Exchange (USE). The five-year bond was part of the operator's Medium-Term Note Programme that was to be issued to invest in the roll-out of infrastructure, particularly its GSM network and in rural areas.  With a total value of Ush54bn (US$27 million), a first tranche of the programme valued at Ush24bn was offered to investors and the company had hoped that the remaining Ush30bn would be taken up by July 2004. By 2005, the government of Uganda was condiering divesting its remaining 49% stake in UTL through an IPO.    UTL Telecel's mobile unit (branded 'Mango') had rolled out its infrastructure and increased subscribers from 130,000 in December 2002 to 460,000 by end 2005. UTL also had 90,000 subscribers on its fixed-line network. A total of about US$150 million worth of investment had reportedly been injected in UTL since its inception in 2000.  In April 2007, Libya Africa Portfolio (LAP) Green Com bought the 51% stake U-com consortium held in Uganda Telecommunications Ltd (UTL). In addition the government of Uganda sold another 18% stake of Uganda Telecommunications Ltd (UTL) to Libya Africa Portfolio (LAP) Green Com. Detecon sold its interests to Telecel International.  The new shareholding structure left the Ugandan government with a 31% ownership while Ucom's shareholding increased to 69%. As of June 2011, this was still the case.  The government took control of all Libyan assets in November 2011 following UN sanctions. Management and control was restored to LAP Green by May 2012.
TOO Vodnye Resursy Marketing provides water and wastewater services to residential and industrial customers in most areas of the city and suburbs of Shymkent (population: 550,000), South Kazakhstan Province.   In 1997-1998, the Committee for State Property and Privatization of South Kazakhstan Province divested several water and wastewater assets of the regionally-owned Shymkent Vodokanal in a series of auctions.  The divested assets included a wastewater treatment plant, networks and water intakes. Some assets, however, were not divested and these continued to be operated by Shymkent Vodokanal.  In 1999, the companies that owned the divested water and wastewater assets established a limited liability partnership, TOO Vodnye Resursy Marketing, and contributed their assets into the new joint venture. During the following years TOO Vodnye Resursy Marketing increased its asset base by taking over water and wastewater assets from a number of local companies.   In 2004, the regional authorities and TOO Vodnye Resursy Marketing mutually agreed to merge the existing Shymkent Vodokanal, owned by the regional authorities, with TOO Vodnye Resursy Marketing.  After the merger, the share of the regional authorities in TOO Vodnye Resursy Marketing was 22%, while the share of unidentified private investors was about 78%.
PT Jakarta International Container Terminal (JICT) won the tender to build, rehabilitate and operate Jakarta International Container Terminal with a bid of US$ 215 million.  The company received the 20 year contract to manage the container terminal ports I and II at Port of Tanjung Priok after which time the facility was to be returned to the government.    In March 1999, the state-owned port operator, PT Pelabuhan Indonesia II (Pelindo II) divested a 51% equity share in JICT to Grosbeak Ltd. - a wholly-owned unit of Hutchison Port Holdings (HPH). As of Dec. 31, 2008, HPH - a joint venture of Hutchison Whampoa Ltd (HWL) (80%) and PSA Corp. (20%) since 2006 - had a 51% equity interest in PT Jakarta International Container Terminal, equating to a 41% share for HWL and a 10% share for PSA Corp. The remainder of the equity (49%) was owned by Pelindo II.   The company also planned to provide software and technical assistance amounting to US$28 million.  The capacity of 1.8 million TEUs was to be boosted by 500,000 TEUs.  The total amount of investment over the 20 years was expected to reach US$ 340 million to improve handling, maximum utilization of berths and container yards.  Then the project of its expansion was planned. Once completed, this terminal would be able to handle up to 3 million TEUs of container in 2011, developing approximately 32 ha of container yard, roads, parking and an administrative facility.   In August 2008, JICT announced that US$ 100 million of the investment would be used for terminal infrastructure and the remaing US$ 60 million would be used to purchase more loading/unloading equipments for the quay.   Financial closure of this expansion project was reached in December 2009, as JITC secured a loan of US$ 70 million (US$40 million 5 year B loan and US$30 million 7 year A loan) from the International Finance Corporation and a HSBC syndicate.
In November 2000, CMS Energy Corporation (CMS) and VRA achieved commercial operation of the second of two 110-MW, light crude oil-fueled combustion trubine generators. Commercial operation of the first unit began in March 2000. The installation of the generators completed the second development phase of the Takoradi power plant. CMS operated the facility with 90% ownership and sold its output to the state-owned Ghanas Volta River Authority (VRA) under a 25-year PPA.  VRA held 10% interest with the option to increase its ownership to a maximum 50%.   The project agreement was signed on February 5th, 1999, between the CMS Energy Corporation and Ghanas Volta River Authority (VRA) for the construction, ownership and operation of the US$60 million electric generating unit at the site of VRAs Takoradi Thermal Plant near Aboadze in Ghana's western region.   A steam-powered turbine, which was to transform the facility into the combined-cycle format, was to be added to boost the facility's capacity to the planned 330 MW.  This was achieved in July of 2004 when the IFC approved a US$60 million loan, structured in two US$30 million loan tranches, to fund the expansion project.  The first tranche was to help re-capitalise the project to reduce the purchase tariff for the electricity generated by the plant. The second tranche was to finance the costs of conversion of the simple cycle power plant into a combined cycle operation, extending the facility's generation capacity from 220-MW to 330-MW.  Fuel was to be provided by the West African Gas Pipeline (WAGP) project, which was due for completion in June 2005, but was likely to be pushed back much later.  The total project cost was estimated at US$244 million, including both the cost of the existing plant and that of the expansion.  In February 2007, Abu Dhabi National Energy Company bought CMS Generation.  In 2012, Abu Dhabi Energy Co (TAQA) provided the equity financing for a 100 MW expansion of the Takoradi IPP.  USD 111 million of equity was provided, along with US 329 million in debt.  The IFC provided a 16 year Term loan for USD 80 million, with the FMO, Proparco, DEG, OPEC, AFDB, Emerging Africa Infrastructure Fund, Instituto Catalan de Finanzas, Canadian Climate Change Fund and the Interact Climate Change Facility providing the remainder of the debt on a 15, year term.
A 15-year lease contract was awarded to Aguas de Mocambique (ADM) in September 1999 to supply water services in Maputo and Matola, the two largest cities in Mozambique. Separately, ADM also won a management contract for the four cities of Beira, Quelimane, Nampula, and Pemba. The international bid for the contracts was divided into two parts - 70% of the weighting of the bid was based on the operator tariff and the remaining 30% of the bid included unit rates for the delegated works, program fees, site supervision and procurement fees, and the management contract fees.  The government body that signed the contract with the consortium was the newly established Water Supply Investment and Assets Fund (FIPAG).   Under the lease contract, ADM became responsible for operating and maintaining FIPAG facilities, billing customers, and collecting the customer tariff at its own commercial risk. The private operator retained part of the customer tariff (the operator tariff). ADM had to pay a “fixed lease fee” to FIPAG, a variable rental fee on water sold and a “regulatory fee” to the Regulatory Council for Water Supply (CRA). Such fees paid to the government amounted to an estimated US$25.5 million.    The operator tariff was bid out and then fixed for five years, but regularly adjusted according to a contractual cost index formula. Within five years, ADM committed to reduce technical water losses by 24% to 30% and commercial losses by 5% to 11%, and increase collection and overall efficiency to 58% and 81% respectively. Under the contract, the Mozambique government remained the owner of all infrastructure and water assets.   Aguas de Mocambique was led by the French company Saur International, (38.5%), IPE-Aguas de Portugal (31.5%), and Mazi-Mozambique (30%).  The latter consisted of a prominent NGO, the Community Development Foundation, headed by former education minister Graca Machel, and the local private companies Norte Investimentos, Florestas e Turismo (FLOTUR), and MG-Mocambique Gestores. In December 2001, Saur withdrew from ADM consortium and sold its equity stake to Aguas de Portugal, leaving it with a 73% share and Mazi-Mozambique with 23%.  Saur wanted to declare ADM bankrupt following major floods, but the other shareholders disagreed.   On December 15, 2001, FIPAG, together with ADM's other shareholders, signed a Memorandum of Understanding (MoU) that set out the basis on which ADM would continue to operate under the lease and management contracts while FIPAG and ADM continued to negotiate long-term financial and contractual arrangements. The MOU was initially to last 15 months but in fact continued until the end of October, 2003 for the lease and until mid November, 2003 for the management contract. During the implementation of the MoU, certain cost increases were negotiated between the FIPAG and ADM. These included the increases in the operator’s tariff, increases in the unit rates for the delegated works, and subsequent oversight costs for the PO including program management, procurement, and site supervision, and management fees for the four cities (management) contract.  Among the sources of funding for the project were the World Bank (US$75 million IDA credit), the African Development Bank (US$29.6 million loan), and the Dutch and French governments.  This money was split between this project and the Maputo and Matola water project and was intended to support the private sector management and financing for major capital works for five cities.     In early 2004, the World Bank agreed to provide an additional US$15 million IDA credit and the government an additional US$1.5 million, also to be split between the two projects. In September 2005, the French government, through the French Development Agency (AFD), granted seven million Euros (about US$8.44 million) to Mozambique to further finance the project.  The overall project implementation had been negatively affected by the withdrawal of the original private operator, Saur, and the subsequent protracted contract renegotiations. Dspite the difficult operational conditions implied by the temporary contract arrangements for almost 2 years, there had been significant positive progress on various technical and financial management aspects of the project, which were reflected in the key performance indicators.   However, the ADM consortium including Saur International, had been unable to satisfactorily perform its required responsibilities under the contracts.  The company therefore began to experience considerable cost overruns which were further exacerbated by the floods in the region in early 2000.    In December 2010, the Mozambican government's Water Supply Investment and Assets Fund (FIPAG) acquired AdP's 73 per cent share in AdM.
The project involves the construction and operation of a 60-MW diesel fueled power barge located in the port of Colombo. CPPL, a 50/50 joint venture between the Japanese companies Mitsui and Kawasho, is undertaking the project under a 10-year power purchase agreement with the Ceylon Electricity Board. Financial closure for the US$ 72 million project was achieved in Jan. 1999, and commercial operations were expected to start in 2001.
Distribuidora de Gas de Occidente was awarded a 30-year permit to distribute natural gas in the region of Cananea (the contract includes a five-year exclusivity). The company has agreed to invest US$ 2.8 million in improving the network, which will allow the supply of gas to reach 6,684 consumers by the end of this five years. The company distributes gas in the region since 1931, but as a new regulation was established in 1995, a new permit needed to be requested from the Mexican government. In Aug. 1999, this new permit was issued.
In October 1999, the municipality of Ocona(Norte de Santander Department)granted a 5 year management contract to operate its water and sewerage services to Colombian Empresa de Servicios Publicos de Ocana. This was the second management contract granted for the same water utility and was directly negotiated between the municipal government and the operator. In May 2003, the economic conditions of the contracts were modified. The lease payments for the assets increased from 33% to 36% of water revenues and from 33% to 47% of sewerage revenues. A new major unilaterally canceled the contract in October 2001 indicating the economic conditions of the contract were too onerous. The municipality had a population of 78,856 inhabitants in 2005.
In August 1999 the municipality of Torreon, Mexico, awarded a 18.5 years build-own-transfer contract for a $20 million wastewater treatment plant to private operators Industrias del Agua, SA de CV (IASA) and Fypasa Construcciones SA de CV (FYPASA). The plant was a sewage treatment lagoon located in Torreon, Coahuila State. The lagoon had a processing capacity of 1,900 liters per second and was designed to treat wastewater from some 500,000 people.   IASA was a water and wastewater services company based in Monterrey, and controlled by US Azurix, the water division of Enron. In 2002 French-Belgian utility giant SUEZ acquired Azurix's share in the Torreon project. The deal was part of the transfer of Azurix's shares in five water and wastewater projects in Mexico. SUEZ acquired the shares in the five projects for a total US$93 million. SUEZ purchased the stakes through local company Aguas, Servicios e Inversiones de Mexico (ASIM), a 50-50 joint venture with Mexican mining group Penoles.  By 2003 the project was owned by ASIM (90 percent) and FYPASA (10 percent).  The plant was designed and financed by the private consortium. Construction of the plant began in November 1999 and was completed in 2001.
The project includes the construction and operation of a 20-MW hydro power plant. The power plant was designed based on the "peaking plant" concept, which allows the plant to store enough water to produce 20 MW during the peak periods. The project comprises a total investment of US$ 36.6 million, of which US$ 18 million was provided by the IAIC in Nov. 1999.   In 2003 Guatemala's environment ministry shut down the Las Vacas plant due to environmental contamination. The Environment Ministry ordered the plant closed after the plant released wastewater sludge into the Motagua River and killed thousands of fish. The plant was to remain closed until a government-led investigation concluded.
The Bulo Bulo power plant is being constructed through a joint venture between Pan American Energy (40%), a subsidiary of BP Amoco and Bridas, and Tosli (60%). Tosli is itself a joint venture between Vettenfall (50%) and NRG Energy (50%). The natural gas-fired power plant started to be planned in 1998, but the sponsors decided its construction in mid-1999. The commercial operation started in Jul. 2000. Bulo Bulo has a 30-year license from the government and sells its output to several electricity distribution companies and large industries in Bolivia.
The project company will rehabilitate the existing line, build 50 KM of new track, and maintain and operate the facility for a 25-year period. The project aims to accommodate the increased production of phosphate rock and related phosphate products. Financial closure was achieved with a loan from the Overseas Private Investment Corporation (US$ 52 million in debt and US$ 6 million in political risk insurance). The project company ownership structure is divided as follows: Raytheon and Wisconsin Central own 51% of the shares; the remaining shares are held by the Kawar Group, Jordan Phosphate Mines Company (25%) and Mitsubishi Inc. Raytheon will lead the construction works, while Wisconsin Central will operate and maintain the railroad.
AES Corp signed a management contract of Semipalatinsk REC, a regional distribution company in Kazakhstan in June 1999. AES Corp took the management control of the company the same month. Semipalatinsk REC provided electricity to 200,000 people by June 1999.
In August 1999, the Mexican Federal government sold a 15% stake of Grupo Aerportuario del Pacifico (GAP) to Aeropuertos Mexicanos del Pacifico (AMP) for US$ 264 million. GAP was incorporated as a wholly-owned entity of the federal government in 1998 and was granted a 50 year concession contract to operate, maintain and upgrade twelve airports in the southern region of Mexico (Aguascalientes, Guanajuato, Guadalajara, Hermosillo, La Paz, Los Mochis, Morelia, Mexicali, Puerto Vallarta, Los Cabos, Tijuana, and Mazanillo). The twelve airports accounted for 60% of domestic passengers and 40% international passengers in 2005.   In 1999, AMP consortium was formed by Union Ferrosa's subsidiary Inversora del Noroeste (32%), Dragados Group (part of ACS Group) (28%), Spanish airport operator AENA (25%) and Mexican Grupo Angeles (15%). The government kept the remaining 85% stake in GAP, which was planned to be divested through an initial public offering in NYSE and Mexican Stock Exchange in early 2006.  Under the privatization scheme, AMP was ensured the control of GAP through a 15 year technical-assistance agreement which granted to AMP the management and consulting services to GACN in exchange for a fee. The technical-assistance agreement could be renewed for another 15 year. The AMP consortium started operating the airports in December 1999.  Under GAP’s concession contract, the company was required to submit an updated master development plan for approval by the Secretary of communications and Transportation (STC) every five years. Each master development plan covered a fifteen-year period and includes investment commitments for the regulated part of our business (including certain capital expenditures and improvements) for the succeeding five-year period and investment projections for the regulated part of our business (including certain capital expenditures and improvements) for the remaining ten years. Once approved by the STC, these commitments became binding obligations under the terms of our concessions. Committed investments were minimum requirements.  In February 2006, the Mexican government sold 85% of their stake in GAP in an IPO on the NYSE and the Mexican Stock Exchange with a value of approximately US $1 billion. Approximately 2/3 of the shares were available for American investors and 1/3 of the shares were sold domestically. With the Mexican government’s sale of 85% of their stake in GAP, the concession is now 100% private.   In September 2007, Abertis Infraestructuras SA acquired for US $381 million ACS's airport concession arm DCA which owned 33% of the Aeropuertos Mexicanos del Pacifico (AMP) which in turn owned a 15% stake in Grupo Aeroportuario del Pacifico. At that time, the other partners of Abertis in AMP were the Mexican company Corporacion Mexicana de Aeropuertos (CMA) and the Spanish company AENA (each with a 33% stake in AMP).  In May 2011, Pacific Airports Group filed a statement with Mexico's Bolsa de Valores indicating that it closed a P1.58 billion corporate debt facility of which P1.02 billion (US $85.7 million) was used to finance capital improvements at the following airports: Guadalajara (P238.06 million), Guanajuato (Ps63.87 million), Hermosillo (P39.99 million), Los Cabos (P446.53 million) and Puerto Vallarta (P235.52 million).  In December 2014, Abertis sold its stake in the project to Controladora Mexicana de Aeropuertos for US$ 222 million.
Dodson-Lindblom Hydro Power Pvt. Ltd. (DLI) won a contract for a project involving the rehabilitation of a 10-MW existing facility, the construction of an additional 12-MW unit, the operation of both facilities and investment of US$13.3 million. The electricity generated by the power plants will be sold to the Maharashtra State Electricity Board under a 30-year power purchase agreement.  DLI will pay a lease fee on an annual basis.   In May 1999, OPIC approved a US$5 million loan and a US$ 4.4 million political risk insurance facility. The remaining cost will be financed with funds from the Indian Renewable Energy Development Agency Ltd.
In December 1999, the provincial government of La Rioja awarded a two year management contract to Latin Aguas for Aguas de la Rioja - the provincial water and sewer utility. During the 28 months where they managed Aguas de La Rioja, Latin Aguas increased water supply from 6 to 24 hours per day, reduced operating costs by 40%, and increased the collection rate from 10-12% to 80%.
30 year contract (2001-2031) was awarded by governmental Provincial Waterworks Authority (PWA) to Egcomthara Co.,Ltd. on June 23,1999. The commercial operation date started on April 7, 2001. PWA defined it as “Capacity expansion for Samut Songkhram Waterworks (Build-Own Operate)". The overall committed investments apparently were about 17.7 millions $US (650 million Baht).  Egcomtara Co., Ltd. was granted a concession to produce and supply tap water in Ratchaburi-Samut Songkhram areas and operate tap water related business, such as engineering and maintenance service for pipeline system, tap water production system and wastewater treatment system. The company produced and supplied treated tap water to the Provincial Waterworks Authority of Thailand (PWA)in the provinces of Samut Songkram and Ratchaburi, west of Bangkok. Egcom Tara was to run a 12,000-cubic-metre-a-day system in Muang district and a 24,000-cubic-metre plant in Damnoen Saduak, both in Ratchaburi.  The Electricity Generating Company (EGCO), the country's first independent power producer, had diversified from its main power utility businesses into public water supply operations in 1999 when it signed an agreement with Y.A. Consortium to form a joint venture called Egcom Tara Co. Registered with capital of 345 million baht, Egcom Tara was owned 70% by Egco, 2% by Require Construction, 5% by Yanakawa Construction and 5% by Aqua Thai Co.  In August 2000, East Water, via Universal Utilites Co., Ltd (UU), bought 15% of shares of Egcomtara. The largest shareholder was the Electricity Generating Company (EGCO) with 70% share. Require Construction held a 5% stake.   Universal Utilites Co., Ltd (UU), subsidiary of East Water, had signed a 6 years Operation and Maintenance Contract with Egcom Tara Co., Ltd. to operate the Ratchaburi and Samut Songkhram Waterworks. Under this contract, UU managed 2 tap water production facilities: Pang-Puay Filter Plant and Luk Muang Filter Plant, covering the area of Muang District and Dumnern Saduak District in Ratchaburi and Muang District, Samut Songkhram for a community of over 25,000 households.   In 2006, Ratchaburi and Samut Songkhram Waterworks were certified ISO 14000/2000 as proof of the company’s commitment to produce quality tap water. Furthermore, UU planed to increase tap water production from 32,000 cubic meters/day in 2006 to 40,000 cubic meters/day in 2007 and decease water loss during distribution to less than 1% in the same year.
In 1999, the local government of Malindi signed a five year management contact with German H.P. Gauff Ingenieure GmbH Co. for the operation of its water utility. Malindi municipality was located on the Indian Ocean about 120 km North of Mombassa had had a considerable number of tourists. Malindi was the 12th largest town in Kenya with a total population of 140,000 people in 1999.  The management contract was granted after a first private sector experience with a service contract signed in 2005 and which lasted for 3.5 years. The service contract, which as pilot to test the impact of private participation, was granted to H.P. Gauff Ingenieure GmbH Co. and was combined with r some donor-funded rehabilitation work. However, the service contract brought limited benefits. Public management followed the end of the service contract but it led to service deterioration. To reverse the situation, a management contract was signed with H.P. Gauff Ingenieure GmbH Co.  Among the main goals under the management contract were: reducing leakage to 25%, improving collection, and increasing coverage by 1,000 connections. By 2005, the contract was deemed as successful with total number of connections increased by 62% from 4,000 to 6,500 and leakage went down from 50% to 25%.  The contract concluded in December 2005.
In 1998, the management of Hidrolara granted a 4 year management contract to Spanish Aguas de Valencia to operate the water and sewerage system of Hidrolara which provided services to Lara state. At that time Lara state had a total population of 1.1 million inhabitants.  The management contract began in April 1999. The estimated cost of the management contract was US$3.8 million which was agreed to be funded by InterAmerican Development Bank (IADB) through a loan. The IADB funding also included US$21 million for network rehabilitation.  The management contract was canceled in December 2002, three months before its expiration. The cancellation was mutually agreed because contract goals were already met and the investment were on hold.
The government in January 1999 awarded to Red Electrica del Sur the 32-year concession to build and operate three 220-kV transmission lines in southern Peru. Red Electrica must strengthen the second circuit of the 220 kW Socabaya Moquegua power line and balance the Maquegua-Puno and Moquegua-Tacna lines so they can be intergrated in the same circuit.   Red Electrica del Dur is a consortium comprised of Red Electrica de Espana (25 percent), Cobra Peru (20 percent), Abengoa Peru (20 percent), Banco Hispano Americano (15 percent) and Peruvian government investment agency Proinversion (15 percent).  In 2004 the Peruvian government announced the release of their 15 percent share - a bid of US$5.35 million was set forth by investment fund AC Capitales. The investment fund was formed by three pension funds: Integra, Profuturo, and Horizonte. Clearance of the sell was not expected until early 2005.   Redesur will invest nearly $75-million to set up a 445-km transmission line over 42 months.  By February 2000, the first phase was expected to start operations between Arequipa and Moquegua by which time the 32-year duration of the concession will commence.  This contract includes a period of two years for the construction of 444 km of 220 kV lines and four substations. In Dec. 2000, the IADB approved a US$ 53 million financing package to finance the construction works.
In February 1999, the Water Authority of Jordan (WAJ) granted a 51-month management contract to the LEMA consortium for the operation and management of the water and wastewater utility of Amman, the capital city of Jordan.  LEMA was formed by Suez Lyonnaise des Eaux (known as SUEZ after 2001) (75%) and the local Montgomery Watson Hertze Arabtech Jardaneh (MWHAJ) (25%).   At the time the contract was signed, Jordan was facing a dangerous water situation as limited water resources, inefficient service provision, and low quality and cost recovery were a serious constraint to Jordan's economic growth.    Suez and MWHAJ beat sole competitor Vivendi (later known as Veolia). The contract was extended for a year until the end of 2004 and then again for a further 2-year extension until the end of 2006.  The service area consisted of a drinking water network of about 5,100 km. and about 330,000 subscribers, of which about 15% were commercial.  The contract included an innovative performance bonus which permitted the operator to retain a percentage of the incremental cash flow resulting from improved performance and efficiency and allowed it full control over operations, maintenance, billings and collections as well as control of an operational investment fund of US$25 million. The main targets of the project were significantly improving water distribution by reducing leakages, securing the constancy of quality water supply, improving customer service and investing in the overall network.    The total cost of the project, including the management contract, operating and capital investments and technical assistance was estimated at US$136 million.  The World Bank lent US$55 million to the Jordan government in 1999 for these purposes while the EIB lent US$44 million, the Italian government US$20 million and the government of Jordan US$17 million.    By the end of 2004, LEMA was boasting of various accomplishments, including improvements in the billing system, effective network repairs, water quality controls and continuing capital investment projects. LEMA had also managed to replace some 170,000 old water gauges and install 80,000 for new or extra subscriptions, with 88% of subscribers receiving their bills issued on their doorstep to "encourage transparency."  The company reported that their subscriber list was growing at an average rate of 1,400 new meters per month.  However, dealing with illegal use and water theft remained a major challenge for the company, as it was costing WAJ around JD4 million per year and up to 7 million m3 of water annually.   After the conclusion of LEMA’s contract in December of 2006, state owned Jordan Water Company (Our Water) took over the management of Amman’s water and sewerage systems.
Kidwell signed a 20-year agreement with the government of Vietnam in 1999 to construct and operate the power plant located at the Industrial Zone Ba Ria. The total capacity of the plant is estimated at 200 MW, but the first phase has a capacity of 40 MW. The total investment amounts to US$ 39.5 million, of which US$ 12.5 million in equity. Trial operations on the plant started in May 2000. Full operations began in November 2001.
The CMS Energy and ST Power Systems power plant is being undertaken through a joint venture company called ST-CMS Electric Company, which is also the project operator.  The $283 million engineering, procurement, and construction (EPC) contract was awarded to Asea Brown Boveri (ABB).  A fuel supply agreement was signed with NLC and a 30-year power-purchase-agreement was signed with TNSEB.  In 1994, the IFC granted the project US$ 30 million in direct loans, US$ 150 million in syndicated loans and US$ 18 million in equity.   Industrial Credit and Investment Corporation of India and State Bank of India arranged the offshore portion of the financing totaling $100 million (182 million DM) while ANZ Investment Bank, Bank of America, Citibank, KBC Bank., NV Paribas BNP and Fuji arranged the offshore financing totaling $120 million denominated in US$, DM, and rupees.  Tariffs are set at $0.10/Kwh for the first few years of operation. Once the debt has been repaid (expected in 2009), the levelized tariffs will drop to $0.05/Kwh.    In fourth quarter 2001, CMS Energy announced plants to exit the independent power business in India and other countries. In 2007, Abu Dhabi National Energy Company (TAQA) bought the shares of CMS and ABB in the project.
TGN Baja California was awarded a contract to build and operate a gas natural transmission system that will supply fuel to the thermal power plant "Presedente Juarez" (owned by Comision Federal de Electricidad - SOE). TGN Baja California is a joint venture between Sempra and Proxima. The sponsors invested US$ 35 million in the construction of the 36 km long transmission line, whose construction works started in May 1999 and  commercial operation started in the summer of 2000. A 300 million cubic feet per day of natural gas originated from the US is transported through the system. The gas is provided by the US company San Diego Gas and Electric and transported from the border to the Presidente Juarez plant by TGN Baja California.  The license was awarded in December 1998 and had a term of 30 years from the award date.
AES Corp signed a management contract of East Kazakhstan REC, a regional distribution company in Kazakhstan in June 1999. AES Corp took the management control of the company the same month. East Kazakhstan REC provided electricity to 300,000 people by June 1999.  The deal will allow AES to handle power buying by the distributors and give its own generation plants in eastern and central Kazakhstan more chance to sell power to the two distribution entities. AES placed a bid to take over the distribution utilities in 1997 when it bought 1,384 MW of generation capacity in the area.  AES did not pay cash for the management rights but obtained them in return for settling other financial issues with the government.
In 1999, Enron International Corporation and partners signed a 15-year power purchase agreement with Nicaragua's state utility, Empresa Nicaraguense de Electricidad, for the supply of electricity from the 70 MW barge-mounted fuel oil fired power plant located in the Pacific port of Puerto Corinto. The facility was designed to generate approximately 15% of Nicaragua's electricity generation.   Enron International Corporation owned a 50% interest in the project. The estimated cost of the project was US$70 million.  In 2003, Prisma Energy International Inc. was created as a holding company to, through its subsidiary Prisma Energy International Services LLC, provide management and operational support for the remaining major international assets owned by the bankrupt Enron, including Corinto Power Plant.  The company was created after Enron's board and creditors decided the Enron estate would raise more revenues from ongoing operations than through individual asset sales.  Once the Enron bankruptcy is concluded, Prisma was to be owned by Enron's creditors. They were likely to sell their positions as soon as market conditions allow. As of 2005, Enron still had a stake of 35% through Prisma on Corinto Power Plant.  In September 2006, AEI acquired 100% of Prisma Energy's shares, and in September 2007 AEI acquired Globeleq's shares in the project. In March 2014, Inkia Energy, a subsidiary of the Israeli company IC Power (Israel Corp.), acquired AEI's stake in the project.
Tomsk Cellular Communication (TCC) was established in 1998 by Tomsktelecom Nikola Tesla daughter company of Tomsktelecom (now a branch of SibirTelecom) to provide GSM-900/1800 standard mobile services in the Tomsk region. The network was launched in September 1999. The company signed a supply contract with Ericsson for the installation of a 3,000-line network. In 2002 TCC received an additional GSM-1800 license for the city of Tomsk.. Starting from 2002 100% of TCC were owned to company’s management and local entrepreneurs.   In September 2003, Mobile TeleSystems acquired a 100% stake in TCC for US$47 million.
In December 1998, Union Electrica Fenosa won the privatization auction for 80% of Empresa de Distribucion de Occidente and Distribucion de Oriente, a distributor carved out of Instituto Nacional de Electrificacion (INDE). INDE's distribution assets, serving most of Guatemala outside the capital, Guatemala City were split into the two entities (Occidente and Oriente) in preparation for the sell-off. Of the remaining 20% stake, 7% was offered to utility workers and 13% offered to individual investors on the local stock exchange.  Under the terms of acquisition, Union Fenosa committed to invest US$ 101 million to rebuild, upgrade and expand the transmission and distribution systems in Guatemala's rural areas. Union Fenosa ACEX will manage both companies, which presently distribute power to around 600,000 customers throughout the country.   In signing the sale, the Spanish company also acquired the commitment to undertake an ambitious electrification plan to reach 2,600 rural communities and 280,000 new customers within the next five years. The investment required to implement this rural electrification plan will be financed by a trust that will manage funds for $333 million specifically earmarked for this purpose. The $101 million in privatisation revenue, together with other INDE resources, will be used to constitute this fund.  In May 2011, Actis announced that it was taking a 90% stake in the Guatemalan electricity businesses of Spain's Gas Natural Fenosa. The deal was valued at $449 million, including the assumption of $104 million in debt.  In June 2016, Actis sold its stake in the project to IC Power in a transaction worth US$ 265 million.
In May, 1999, El Paso Energy International Company (now El Paso Corporation) assumed ownership of the 158 MW Rio Negro diesel-fired power plant located in Manaus, Brazil. El Paso Energy International executed a turnkey contract with Wartsila Rio Negro and Wartsila NSD in August 1998 to engineer, procure materials, construct and commission the plant. Electricity from the Rio Negro facility was planned to be sold under a 5-year contract to Eletronorte, a subsidiary of the Brazilian federal electric utility. In February 2002, a PPA was executed with Eletrobras. The PPA was renegotiated in 2003.  In January 2008, the power plant became a wholly-owned subsidiary of Manaus Energia S.A. which later became Amazonas Distribuidora de Energia, a wholly-owned subsidiary of state-owned company Eletrobras.
Celtel Limited Malawi received a license to launch a GSM network in Malawi in December 1998. The 15-year contract, which was renewable, provided for the nationwide buildup of a GSM mobile network.  The network was launched in October 1999 and covered the areas of Blantyre, Lilongwe, Mzuzu, Zomba, Salima, Mangochi.    The company was owned by MSI Cellular Investments (80%) along with the state-owned Malawi Development Corp (10%) and Investment and Development Bank of Malawi (10%).  Shareholders in MSI included CDC Capital Partners, IFC (International Finance Corporation), AIG Infrastructure Fund, and Citigroup.  In January 2004, MSI Cellular Investments changed its name to Celtel International.  In May 2005, Celtel was acquired by Mobile Telecommunications Co. (MTC) of Kuwait for US$3.4 billion.  In April 2004, Cetel acquired the remaining shares it did not own from the Malawi Development Corp and Investment and Development Bank of Malawi for an undisclosed amount.   As at the end of 2005, Celtel Malawi competed with Telekom Networks and was the market leader with about 200,000 subscribers.  In June 2010, Bharti Airtel announced it will invest U$100 million.
The project involved the construction and operation of a dual two-lane bridge across the Mahi river. The bridge was 1.5 Km in length and involved an investment of US$9.9 million. The contract was awarded in November 1998.  The construction works started in early 1999 and were concluded in April 2000. The project was being undertaken by a joint-venture of Vijay M. Mistry and Rajkamal Builders.
Union Fenosa Acex (UFACEX) bought 50% of the North-South distribution network (Empresa de Distribucion Sur and Empresa Distribucion Norte) for US$ 211.9 million. The minimum bid for the North was set at $49-million and that for the South was $129.2-million. The two utilities together service a total of 600,000 customers, distribute electric power in over 75% of the country and sold a total of 3,000 GWh of power in 1998 (on an average year basis North sold 2,325 GWh and South 2,775 GWh). Empresa de Distribucion Sur also supplies electric power to much of Santo Domingo, the capital city.   In Oct. 2000, Union Fenosa started building two diesel-fired power plants to supply electicity to Edenor and Edesur. Central Palamara is located in Edesur's acting region; it has a capacity of 102.5 MW and involved an investment of US$ 76 million. Central La Vega, in turn, has a capacity of 87.5 MW and is located in Edenor's influence area (it involved an investment of US$ 44 million).  In 2003 Union Fenosa sold its 50 percent stake in Edenor and Edesur to the government. Union Fenosa received US$15 million for its stake in both Edenorte and Edesur, its other distribution asset in the Dominican Republic. Also under the deal, Union Fenosa would create a separate entity, Distribuidora Dominicana de Electricidad (Diodel) that will rent the distribution infrastructure for 12 years to Edenorte and Edesur. It was not clear whether the government would attempt to sell the distributors to new private investors or reintegrate Edenorte into CDE.
A five year management contract was awarded to Aguas de Mocambique (ADM) to manage the supply of potable water for the city of Beira and the major provincial capitals of Quelimane, Nampula, and Pemba in September 1999. Separately, ADM also won a lease contract for the cities of Maputo and Matola. The international bid for the contracts was divided into two parts - 70% of the weighting of the bid was based on the operator tariff and the remaining 30% of the bid included unit rates for the delegated works, program fees, site supervision and procurement fees, and the management contract fees. Under both contracts, some 2.5 million people were to be supplied with water services.   The first five year management contract expired in 2004 and was reawarded for another 3 years through September, 2007. The government body that signed the contract with the consortium was the newly established Water Supply Investment and Assets Fund (FIPAG).   ADM was to be responsible for collecting water usage tariffs from residents in the cities, properly billing clients on actual usage and servicing clients who were not receiving the proper water services. ADM was to be paid a fixed fee for the operation of the four cities.  ADM committed to reduce technical water loss to 30% and commercial losses to 7% and reduce illegal connections to 2%. In order to oversee the private project company, the central government created an independent regulatory body, CRA.  Aguas de Mocambique was led by the French company Bouygues through its water subsidiary, Saur, (38.5%), IPE-Aguas de Portugal (31.5%), and Mazi-Mozambique (30%).  The latter consisted of a NGO, the Community Development Foundation, and the local private companies Norte Investimentos, Florestas e Turismo (FLOTUR), and MG-Mocambique Gestores. In December 2001, Saur withdrew from ADM consortium and sold its equity stake to Aguas de Portugal, leaving it with a 73% share and Mazi-Mozambique with 23%. Saur wanted to declare ADM bankrupt following major floods, but the other shareholders disagreed.   On December 15, 2001, FIPAG, together with ADM's other shareholders, signed a Memorandum of Understanding (MoU) that set out the basis on which ADM would continue to operate under the lease and management contracts while FIPAG and ADM continued to negotiate long-term financial and contractual arrangements. The MOU was initially to last 15 months but in fact continued until the end of October 2003 for the lease and until mid November, 2003 for the management contract. During the implementation of the MoU, certain cost increases were negotiated between the FIPAG and ADM. These included the increases in the operator’s tariff, increases in the unit rates for the delegated works, and subsequent oversight costs for the PO including program management, procurement, site supervision, and management fees for the four cities (management) contract.  Among the sources of funding for the project were the World Bank (US$75 million IDA credit), the African Development Bank (US$29.6 million loan), and the Dutch and French governments.  This money was split between this project and the Maputo and Matola water project and was intended to support the private sector management and financing for major capital works for the five cities.    In early 2004, the World Bank agreed to provide an additional US$15 million IDA credit and the government an additional US$1.5 million, also to be split between the two projects. In September 2005, the French government, through the French Development Agency (AFD), granted seven million Euros (about US$8.44 million) to Mozambique to further finance the project.  The overall project implementation had been negatively affected by the withdrawal of the original private operator, Saur, and the subsequent protracted contract renegotiations. Despite the difficult operational conditions implied by the temporary contract arrangements for almost 2 years, there had been significant positive progress on various technical and financial management aspects of the project, which were reflected in the key performance indicators.   However, the ADM consortium including Saur International, had been unable to satisfactorily perform its required responsibilities under the contracts.  The company began to experience considerable cost overruns which were further exacerbated by the floods in the region in early 2000.    The management contract expired during the first semester 2008. The government took over the operation of the system through FIPAG.
Thai National Power (TNP) developed a 110 MW gas-fired combined cycle cogeneration plant in the Siam Eastern Industrial Park in Rayong Province.  The plant was to sell 90 MW to the Electricity Generating Authority of Thailand (EGAT) under a 25-year power purchase agreement.  The remaining 20 MW was to supply industrial users in Siam Eastern Industrial Park.  TNP was a 100% subsidiary of National Power (Thailand), which in turn was a 100% subsidiary of National Power (UK).  In November 1999, when National Power announced the split of its international and domestic operations, transferring ownership of TNP to International Power.  The total project cost was $89 million, financed entirely by National Power.  The plant was built by a consortium led by Electrowatt Engineering and Sumitomo.  The plant went into commercial operation in October 2000.  In September 2005, TNP announced it would undertake a 23 MW expansion at a cost of 900 million baht (US$22 million).  Mitsubishi Heavy Industries won the equipment contract, and the expansion was expected to enter operation in October 2006.  Power from the expansion would be supplied to industrial users in the Industrial Park.
Ashoka Vastushilp Pvt. Ltd. was awarded the project to build and operate the Nasirabad ROB in Nov. 1998. The bridge is 30 meters in length. A total of US$2.6 million was invested in the project. Construction works began in 1999.
In September 1996, the municipal government of Campos dos Goytacazes awarded Aguas do Paraiba a 30 year contract to provide and expand water and sewerage services.  The company took over the water and sewerage services in September 1999, after a favorable resolution of a legal dispute where the State government of Rio de Janeiro contested the right of the municipal government of Campos to offer the public water and sewage services as full concession to a private company. At the time it started operating, Aguas do Paraiba served a population of 350,000 in the municipality of Campos dos Goytacazes in Rio de Janeiro.  Aguas do Paraiba was a special purpose vehicle (SPE –Sociedade de Proposito Especifico) formed by Developer SA, Queiroz Galvao, Carioca Engenharia, Construtora Cowan SA and Trana Construcoes Ltda (part of EIT –Empresa Industrial Tecnica- group).  Aguas do Paraiba committed to invest US$ 66.6 million (R$ 120 million, 1999 value). The company raised US$ 19.8 million (R$ 35 million) in financing from the state-owned development bank, BNDES in 2000. As of 2003, Aguas do Paraiba had already invested US$24.7 million (60.26 million reals).  Since it started operating the system (September 1999), the company expanded the water treatement capacity from 600 liters/second to 1,200 liters/second, expanded the water provision by 20% and approximately 95% of the population had access to potable water.  Aguas do Paraiba is a member of grupo Aguas do Brasil, which operates three other concessions through Aguas de Juturnaiba, Aguas do Imperador and Aguas de Niteroi.
Socoprim will design, construct and operate the toll bridge over the Ebrie Lagoon in Abidjan for a 30-year period. The US$ 150 million project includes access roads and the 6-lane bridge. Socoprim's ownership structure is divided as follows: Bouygues owns 80% of the shares while the government owns 20% of the shares. Financial closure was achieved in Nov. 1999 with loans provided by the IFC and the African Development Bank and financing from Proparco, Bank of Austria and DEG.  The project was a bridge connecting two parts of Abidjan.  The investments are supporting the design, construction, and operation of the Henri Konan Bédié Toll Bridge (HKB Bridge), over the Ebrié lagoon in Abidjan, with access roads to the north and south between the residential area of Riviera and the industrial area of Marcory. The total length of the full road connection will be around 6.6 kilometers, with the bridge itself spanning 1.5 kilometers. To the north, construction will consist of a 2x2 lane dual carriageway that will connect with the junction of the Boulevard Mitterrand and Est-Ouest roads and on which will be the toll plaza. To the south, construction will consist of a 2x3 lane dual carriageway with lateral access roads that will connect to Boulevard Giscard d’Estaing, the main road that joins Abidjan airport. There will be an interchange (VGE Interchange) built, not part of this project, which will connect the access road to the bridge with Boulevard Giscard d’Estaing. Pont Houphouët-Boigny (HB Bridge), one of the existing two bridges that cross the lagoon, will close for urgent repairs after the HKB Bridge opens. Initial work on the project, funded by the government of Côte d’Ivoire, started in October 2011.  On June 28, 2012, MIGA issued $145 million in guarantees covering equity investments and subordinated loans from Bouygues Travaux Publics of France and Pan African Infrastructure Development Fund of South Africa, subordinated and senior loans from Africa Finance Corporation of Nigeria, and senior loans from BMCE Bank International Plc of the United Kingdom and FMO of the Netherlands. MIGA’s coverage is for a period of 15 years against the risks of transfer restriction, expropriation, war and civil disturbance, and breach of contract.
US-based KMR Power Corp. on June 10, 1999 finalized financing for construction of the 300-MW gas fired TermoCandelaria power plant, near the northern port of Cartagena. The $175-million financing program was completed by Bank of America and the Centre group of insurance/reinsurance companies, members of the Zurich Financial Services Group. KMR has already secured the environmental license for the plant's construction, and has signed a gas supply contract with Texaco and a transportation contract with Promigas. A consortium comprising Siemens Westinghouse and K&M Engineering & Consulting Group have been awarded the turnkey contract to construct the power plant.  Plans call for all of the plant's power to be sold on the spot market, for the distribution on the national grid.   Financing comprises a two-tranche bank facility: a $90 million senior loan and a $85-million subordinated loan, both for five years. Bank of America, which is KMR's financial adviser, arranged the senior loan and is underwriting $40-million of the senior debt. The subordinated loan was developed and structured by Bank of America and Centre, which will guarantee the loan. Centre is also taking a $35-million participation in the senior loan. Interest for both loans is based over LIBOR, according to KMR. The spread for the senior loan is at market rates. Termo Candelaria's first 150-MW unit is expected to begin production in about 10 months, with the second unit coming on stream two months later. In Jun. 2000, the power plant started commercial operation. Also in 2000, AES acquired KMR Power for US$ 53 million, which made TermoCandelaria a wholly-owned subsidiary of AES.    In the end 2001 AES shut down the plant because it claimed that a government decree issued in March 2001 that limited thermal generators' cost recovery to marginal costs did not make it profitable anymore.
The Jinzhou Port Co. Ltd. was established in 1992 to operate and develop the Jinzhou Port. The company is mainly engaged in the construction and operation of the Phase I terminal of Jinzhou Port, which is a multipurpose terminal. The terminal handles crude and refined oil, chemical products, bulk and general cargo, and containers. In 1999, the company issued 60 million "A" shares on the Shanghai Stock Exchange (27.1% of the company's shares). A total of US$ 29.4 million was raised as divestiture revenues.
Mark Marine Services Pvt. Ltd. was awarded the contract to build, own and operate a 2.6-MW hydro power plant located in Watawala. Power generated by the plant is sold to the Ceylon Electricity Board under a 20-year power purchase agreement. Commercial operations started in the second half of 1999. As of March 31, 2008, the principal sponsor of Mark Marine Services Pvt. Ltd. was Central Finance Group of Companies, which had a 58% share in the company.
A consortium led by Seabord was the only bidder for Empresa Generadora Haina. The consortium offered US$144.5 million for the 50% stake which Corde (Commission for the Reform of Public Enterprises) had valued at US$143-million. The proceeds of the bid were to be reinvested in the company to pay off liabilities and to increase capacity. At the time of the divestiture, Seabord included Enron Caribe, Globeleq (the power sector subsidiary of the Commonwealth Development Corporation (UK)), Basic Energy and the Caribbean Basin Power Foundation. As of December 2008, EGE Haina was owned 50% by Haina Investment Company (a joint venture between Basic Energy [75.6%] and CAREC [24.4%]) and 50% by the government.  Haina initially comprised five generating units with a total nameplate capacity of 363 MW.  In January 2000, the private sponsors announced that an additional US$49.3 million was to be invested in the power plant.  In 2001, Haina installed a US$150 million, 150 MW floating base load power barge and a 45.6 MW steam generator. In 2003, the company installed a 1.7 MW diesel power unit.  As of December 2008, EGE Haina operated 11 generation units with a total combined capacity of 583 MW spread across six plants, namely San Pedro, Sultana del Este (power barge), Haina, Barahona, Puerto Plata and Pedernales.  By mid 2003, the Dominican Republic was facing a power shortage. Distributors were not making power purchase payments because of the depreciation of the Dominican peso against the US dollar and the high price of oil.  Haina claimed that distributors owed in excess of US$45 million, and as a result the generator was producing just 220-230MW, down from the peak of 540MW in March 2003.  By end 2003, power production at Haina had been suspended and Haina was considering taking its plants out of operation unless the government cleared its debt with the company.  By 2010, operations of EGE Haina's power plants were taking place normally.
Bauan International Port, Inc. (BIPI) is a joint venture between ICTSI (60%), AG&P Port Services Co. (20%) and Marubeni (20%). The consortium built a 20-hectare private terminal in Bauan municipality, Batangas province, that handles bulk and breakbulk cargo. Construction works started in 1999 and were completed in mid-2000. The terminal involved an investment of US$ 78.3 million and was expected to handle 370,000 TEUs by 2005.
The Ministry of Mines and Energy (MOME) of Ghana signed, under the Emergency Power Program, a Power Purchase Agreement with Cummins Wartsila on the 22nd of April 1999. The 2 year PPA has been assigned to SIIF Ghana, a SPC owned by SIIF Energies, in October 1999. The diesel plant was commissioned in June 2000 and commercial operation date has been notified by SIIF Ghana and acknowledged by the MOME on the 16th of July 2000. However, MOME has not started the construction of the electrical lines to connect the power plant to the ECG grid. Failing to make mothly payments to SIIF Ghana, MOME defaulted.
The GT Acajutla generation plant is located close to the port of Acajutla, approximately 85-km west of San Salvador and 60-km south of Santa Ana and consists of two bunker-fired steam units and three diesel fired gas turbines. On July 30, 1999 Comision Ejecutiva Hidroelectrica del Rio Lempa (CEL) sold 80% of its shares to Duke Energy International for $124 million. The financial closure was reached on Sept. 3, 1999. The main competitors are: Division Generadora Hidroelectrica de CEL (388-MW), Geotermica Salvadorena (151-MW), Generadora Salvadorena (87.4-MW) and several small generators (50-MW). Duke Energy will invest $75-million in the modernization of this company which will add approximately 100-MW of combined-cycle electric generation. In Nov. 2000, Duke Energy completed the expansion of the power plant, which brought the total capacity to 290 MW.  In December 2016, Duke sold all its Latin American assets to Orazul for US$ 1.2 billion.
The local government awarded a 30-year concession for the management of the supply of water and waste water services in the Dolphin Coast, South Africa, to Siza Water Company in April 1999.  The contract was awarded in competition with two other French multinationals: Vivendi and Suez. The service area included the borough north of Durban where Ballito, Chaka's Rock, Salt Rock, Uhlali, Sheffield Beach are found, as well as the Dolphin Coast municipal area. The total population to be served was 56,000.   The municipality chose to involve private sector participation partly as a result of projections in developmental growth and also because they lacked the money to upgrade the existing bulk water and sanitation infrastructure, which was in a poor state.    Siza Water Company was initially led by Bouygues Group’s former subsidiary Saur (58%), Metropolitan Life Ltd. (23%), Women’s Development Bank Investment Holdings (5%), the Investment Progress Group Holdings (IPG) (5%), and NANO Investment Holdings (Pty) Ltd (5%).  In February 2005, Bouygues sold its water sector arm, Saur, to PAI Partners (a private French equity firm).  However, the sale did not include Saur’s African and Italian interests, which was retained by Bouygues. On May 3, 2007, Cascal (subsidary of Biwater) acquired a 73.4% interest in Siza Water. They acquired 58.4% of the shares from Finagestion, a subsidiary of the French group Bouygues, and 15% of the shares from the Women’s Development Bank Investment Holdings (5%), the Investment Progress Group Holdings (IPG) (5%), and NANO Investment Holdings (Pty) Ltd (5%).  The private concession was to provide new investments in water infrastructure of approximately US$40 million (R200 million in 1997) over the 30 year life of the contract.  Siza was also required to send out bills on time and improve repayment collections up to 97%.  The Council was to receive R2.6 million annually (approx. US$425,000) for the first 17 years of the lease of the assets.  Financing was arranged through equity contributions from the stake holders and debt financing through local commercial banks.  The contract was expected to generate a turnover of US$5 million/year for Siza Water.  In April 2001, Siza Water claimed they were unable to pay the annual concession fee to the Dolphin Coast Council of R3.6 million. Siza Water claimed that the expected development of the area (i.e. market size) had fallen short of expectations and that the cost of water charged by the bulk supplier increased by 20%.  When the contract was renegotiated, the concession payments were halved until 2006, investment commitments were lowered and a tariff increase of 37% was accepted.
In 1997, Enron International Corporation and Shell International Gas were awarded a build-own-operate contract for the construction of a 630 km gas pipeline and a 480 MW gas and steam-powered thermal power plant to link the existing BTB Pipeline with the city Cuiaba, state of Mato Grosso, in Brazil.   The project demanded investments of US$700 million by the project sponsors with a projected three-year completion period. Part of the funding - US$ 200 million - was provided in 1999 by the Overseas Private Investment Corporation (OPIC) to include environmental safeguards such as replacing diesel fuel with gas. The construction of the Ciuaba Project was planned to occur in three stages: The first stage with 150 MW was to be fired by diesel fuel until the BTB pipeline entered service. In the second stage, another 150 MW was added, and the facility was converted to gas. The third phase entailed conversion of the plant to combined cycle operation.    Three companies were created to operate the utility. Empresa Produtora de Energia (EPE) operates the power plant, Gasocidente do Mato Grosso (GasMat) operates the Brazilian side of the pipeline, and Gasoriente Boliviano (GasBol) operates the Bolivian side of the pipeline.    In 2003, Prisma Energy International Inc. was created as a holding company to, through its subsidiary Prisma Energy International Services LLC, provide management and operational support for the remaining major international assets owned by the bankrupt Enron, including Cuiaba Power Plant.  The company was created after Enron's board and creditors decided the Enron estate would raise more revenues from ongoing operations than through individual asset sales.  Once the Enron bankruptcy is concluded, Prisma was to be owned by Enron's creditors. They were likely to sell their positions as soon as market conditions allow. As of 2005, Enron still controlled through Prisma Energy 50% of GasBol, 56% of GasMat and 72% of EPE.   Early is 2007, Enron's share had been liquidated, and Ashmore and Shell each held 50% of the shares. Later in 2007, Ashmore bought Shell´s shares and became 100% owner of the project. In October 2009, the supply contract of gas that comes from Bolivia expired, and the power plant has stopped operations several times and is under the threat of shutting down.
In July 1998, Aguas de Tucurui was awarded a 20 year concession to rehabilitate, expand and operate the water and sewerage system in Tucurui, state of Para. The concessionaire took over the operations in April 1999, and at that time Tucurui had a population of 12,000.  Originally the wining consortium was formed by Hidrogesp, Colina and Engeform. However, as of 2000, Aguas de Tucurui was owned by Hidrogesp.  Aguas de Tucurui was expected to invest US$ 6.8 million in the city's water and sewerage system during the concession period.
The Dahbol LNG-fired power plant was a two phase project to construct a liquefied natural gas-fired power plant in Maharashtra. After overcoming a difficult beginning, the project finally took off at the end of 1996.  Phase I was completed in April 1999.  Phase II of the Dahbol LNG-fired power plant project commenced in 1999.  The second phase involves the construction of a 1,444 MW natural gas fired power plant.  The power from the plant is purchased by MSEB under the terms of a 20 year power purchasing agreement.    Ownership for Phase II included Enron (80%), Bechtel (10%), and GE (10%).  The MSEB had the option to acquire 30% of the second phase of the project from Enron. Dabhol Phase I and II will require about 2 million tonnes per year of LNG which has been secured by long term supplies from Oman LNG (1.6 million tonnes) and Abu Dhabi Gas Liquefaction Co Ltd (480 tonnes). Enron is also involved in arranging the transportation of the fuel from Oman in a LNG carrier project for a cost of US$220 million.    The sponsors of the LNG carrier project were Mitsui OSK Lines, Enron International, and the Shipping Corporation on India.   Financing for the second phase reached closure in May 1999.   Total financing for Phase II was US$1.9 billion. Jexim provided export credit of US$258 million; commercial banks, led by Fuji Bank, provided US$175 million insured by Japan's Ministry of International Trade and industry; commercial banks led by ABN Amro provided US$90.8 million, 16 year export credit with a 75% margin backed by Belgium's Office National du Ducroire;  four Indian banks, Industrial Development Bank of India, the State Bank of India, Industrial Finance Corp and ICICI provided guarantees for the export credit facilities and a US$333 million rupee equivalent loan; OPIC provided US$60 million with a 15 year tenor and margin of 400%; and finally a US$497 million syndicated loan through ABN Amro, ANZ, Citibank, Credit Suisse First Boston, and State Bank of India.   Completion was expected in 2001.    In April 2001, Enron authorized Dabhol Power Co.'s management to proceed with a preliminary move toward abandoning the project.  In June 2001, the main contractors, General Electric and Bechtel ceased working on the plant because Enron had stopped paying them for 2 months.  The project was 97% complete.  In October, the Dabhol Power Company defaulted on its interest payments.  In December 2001, Enron filed a bankruptcy protection suit in the U.S.  Indian and foreign lenders responded by releasing more than US$20 million to save DPC.  In January 2002, the Industrial Development Bank of India said it would sell shares held by foreign shareholders in the project.  In April 2002, an Indian court appointed receiver, the Mumbai high court, took control of the plant.  No bids were being accepted.
On May 8, 1998, the municipality of Acuna, Mexico, awarded a 20 year build own and transfer concession contract for a water treatment plant in the city to local construction company Empresas ICA Sociedad Controladora SA (ICA). The treatment plant was expected to process 250 liters of sludge per second. Ciudad Acuna was located on the Rio Grande in the Coahuila province.  ICA expected to invest $28.63 million in the project, financed from its own resources.  Construction on the treatment plant began in November 1999. The facility started operations in October 2000.
The consortium Gas Brasiliano Distribuidora SA won  the 30-year concession to expand the gas distribution network in the northwest region of the state of Sao Paulo, area also know as area 2. The consortium’s members are the Italian groups Agip and Societa Italiana de Gas. The winning bid offered by the consortium was US$ 142.9 million (R$ 274.9 million) 149% higher than the minimum bid required by the government of the State Paulo. The concession region has 141,623 square kilometers, which accounts for 57% of the total Sao Paulo state area. There are 375 counties in the region where 7.7 million people live, which accounts for 20% of the total population of the state.   In 2011, Gaspetro, a subsidiary of the state-owned company Petrobras, aquired all the shares of Gas Brasiliano for US$ 250 million. In the end of 2016, a 49% stake of Gaspetro was sold to the Japanese company Mitsui.
Baltic Communications, Ltd. (BCL) started its commercial operations in 1991, as the first company providing digital telephone network to business  in St. Petersburg. In May 1992, the company established a satellite connection  with London, bringing St. Petersburg into the Cable & Wireless digital Network. In Aug. 1993, BCL started providing international public payphones in the city. Finally, in 1999, BCL obtained new licenses for the provision of local telephony services in St. Petersburg. The company plans to start providing such services in 2000. In Feb. 2000, the company announced the installation of the first 200 fourth-generation public phones in St. Petersburg, at a total cost of US$ 0.5 million.  In October 2003 Peterstar acquired  the 100% of Metromedia International stake in BCL. The deal was worth almost US$3.8 million, including US$1 million for BCL shares and a ruble loan for BCL equivalent to US$2.8 million.
The Venezuelan government awarded SNC-Lavalin Group Inc. (Montreal) a US$ 25 million contract for the construction of the first phase of a US$45 million waste water collection and treatment system. The system will serve the cities of Trujillo and Valera in Trujillo state. Untreated waste water from the cities is currently dumped directly into the Motatan river basin, a main tributary of the Lake Maracaibo basin. Financing has been facilitated jointly by SNC Lavalin Capital Inc. and the province-owned Societe Generale, with guarantees from Export Development Corp. of Canada and Export-Import Bank of the U.S.
Safaricom was granted a 15-year mobile phone license in 1997 as a fully owned subsidiary of Telkom Kenya. In May 2000, UK-based Vodafone Group Plc acquired a 40% stake and management responsibility for the company. Vodafone paid US$30 million license fee in 1999, but was required to pay an additional US$22 million the following year.   As of end 2004, Safaricom had a market-leading 2.4 million subscribers to Celtel Kenya’s 1.3 million. Safaricom was investing heavily on system upgrading and had invested about US$500 million in the network.  As of 31 March 2005, Safaricom had reported 2,512,826 subscribers, and was expected to reach around 3.5 million subscribers by the end of March 2006. Safaricom invested 12.4 billion Kenya Shillings (US$171 million) this year. Safaricom has announced that it would invest 14 billion Kenya shillings (US$191.8 million) in the financial year to 31 March 2006.  In November 2007, the Communications Commission of Kenya granted Safaricom the first third generation (3G) licence for US$25 million.  In June 2008, the Kenyan government divested 25% of Safaricom Limited for $833.04 million. Following this partial divestiture, the government of Kenya held 35% of the company and Vodafone Kenya (composed by Vodafone (87.5%) and Mobitelea Ventures (12.5%)) held 40%. The rest 25% was owned by individual shareholders and institutional investors. Dyer & Blair Investment Bank acted as broker for this transaction and Linklaters LLP advised Safaricom on the transaction.
TAIF-Telkom provides mobile services in the GSM 900/1800 standard in the Republic of Tatarstan in the Volga region of Russia with a population of around 3.8 million people. The company was founded in November 1998 as a part of the TAIF (Tatar-American Investment and Finance) industrial and investment company Telecom. The main owners of TAIF-Telecom were Goskomimuschestvo (51%), MKS trading (30%), Kazan and Corsar (19%). The company launched its commercial services in April 1999. The company signed a four-year US$66 million supply contract with Ericsson in December 1999. TAIF-Telekom had 2,651 subscribers by November 1999. TAIF-Telkom had 221 base stations and switching centers by 2003. In October 2004 the company reached 595,820 subscribers.  In two transactions during April and May of 2003 Mobile Telesystems (MTS) acquired a 52.715% controlling stake in TAIF-TELKOM for a total of $63.27 million. In October 2004 MTS exercised an option on the rest of the TAIF-Telekom shares, paying some $63.0 for the remaining 47.285%.   TAIF-Telekom operated under the Santel brand up to September 2003, when it switched to the MTS brand.
The Hunan Provincial Changyong Expressway Joint-Stock Co. Ltd. issued A-shares at the Shenzen Stock exchange to finance the construction of the Hunan Changyong Expressway. A total of US$ 101 million was raised with the share issuance in January 1999.  Since the listing, the ownership structure changed to (i) 32.6 percent with Hunan Provincial Expressway Construction and Development Corporation (HPEC) (ii) 13.7 percent owned by a highway company, (iii) 11.6 percent owned by HPEC's employees, and (iv) 42.1 percent owned by the public.
The Murugappa group's subsidiary SEDCO has developed a 5-MW gas-fired power plant in Nallur. The electricity output will be sold to the Tamil Nadur electricity grid. Construction works started in Oct. 1999 and were concluded in Jul. 2000.
The Shijiazhuang Dongfang Thermoelectric Co. is engaged in the generation, transmission and distribution of electricity in the city of Shijazhuang. In 1999, the company issued 108 million "A" shares on the Shenzhen Stock Exchange. A total of US$ 74.4 million was raised as divestiture revenues.
Moldovagaz was a joint-venture between Gazprom (51%), the government of Moldova (35%) and the administration of the Dnestr region (14%).   Founded in April 1999, it united the entire Moldova gas industry. Gazprom paid US$ 60 million for its shares (Gazprom wrote off US$ 47 million of Moldova's debt and US$ 13 million of the administration of the Dnestr region's debt). The Moldova government planed to sell-off its remaining 35% in 2000.  Moldovagaz was expected to transit 20 billion of cubic meters per year (3 billion for Moldova consumption and the rest for western countries' consumption). In 2007, subsidiary companies of Moldovagaz invested USD 5.3 million to build and put in commission over 45 km of gas pipes as well as a gas a gas-filling compressor station in Drochia town.
Westmont Power (Bangladesh) Ltd., an affiliate of Westmont Offshore Sdn Bhd of Malaysia, was to establish a 130 MW gas-fired barge-mounted power project in Baghabari, Sirajganj district. Westmont was to sell electricity to the national grid under a 15-year power purchase agreement (PPA) agreed with the Bangladesh Power Development Board in June 1998.  The plant was to be built in two phases. A 90 MW (2 x 45 MW) open-cycle plant was to be built in the first phase, and in the second phase, a 40 MW power unit was to be added in combined cycle within 15 months of commercial operation of the first phase.  The first phase (90 MW) began commercial operations in July 1999. As of November 2008, the 40 MW second phase had not been commissioned.  In August 2002, the Corporate Finance Unit of IDLC of Bangladesh Limited arranged a consortium term finance of Taka 950.0 million (US$16,150,000) for Westmont Power. Janata Bank was the Lead Bank of this consortium financing.  Apart from IDLC and Janata Bank, the other financiers of the project are Sonali Bank, Pubali Bank Ltd. IIDFC Ltd, The City Bank Ltd and Bank Asia Ltd.   In 2003, Westmont made an unsolicited proposal to set up a new 130 MW barge-mounted generation plant in combined cycle configuration at the Baghabari location. In March 2004, Bangladesh Power Development Board (BPDB) signed a 20-year power purchase agreement for electricity provided by this additional power plant. The new plant was to be developed in two phases. A 90 MW open-cycle plant was to be built in the first phase, and in the second phase, a 40 MW power unit was to be added in combined cycle within 18 months of commercial operation of the first phase. As of December 2008, the new plant had not been commissioned.
The government of the Dominican Republic sold 50% of its shares in local energy distribution company Empresa Distribuidora Electrica Este (EDE Este) to AES Distribution Dominicana. AES was given operational control of EDE Este, even though the government retained a 50% stake in the company. EDE Este served approximately 293,000 customers with an average annual output of 2,400 GWh. The company operated in the eastern region of the Dominican Republic, an area that included part of the capital city, Santo Domingo. The partial divestiture was part of wider effort undertaken in 1999 by the Dominican government to privatize the country’s electricity distribution network.   The divestiture took place in August 1999. AES Distribution Dominicana was a special purpose company created by the AES Corporation. By 2003 AES also owned three generation plants in the Dominican Republic, with a total capacity of over 900 MW.   AES paid $109.3 million for EDE Este. The minimum set by Corde, the government holding company, was $105.7 million.   In 2003 AES and the Domincan government started a dispute in Dominican courts. AES alleged the government owed it over $20 million for used electricity. In December 2003 AES acknowledged its interest to sell the 50% share it held in EDE Este. In mid-November 2004 AES announced the sale of its 50% stake in EDE Este to Dominican Energy Holdings LP, an investor group whose main shareholder was TCW Energy Advisors LLC—a unit of Los Angeles-based Trust Company of West Energy & Infrastructure. Also in November 2004 the Dominican government's Chamber of Accounts released a report claiming there had been irregularities in the company's internal operations. The government audit claimed AES owed the Dominican Republic some $50 million for undeclared operations. The government also claimed that AES Dominicana violated its contract by not first offering the 50% in EDE Este to state owned electricity distributor CDEEE. After the sale AES was still going to operate the EDE Este.  AES sold its shares back to the government in 2004.   In March 2007, Societe Generale, via its subsidiary TCW group filed a claim against the Government of the Dominican Republic for alleged breach of contract, failure to enforce rate increase agreements and failure to clamp down on rampant electricity theft. TCW operated Empresa Distribuidora Electrica Este through DR Energy Holdings, Ltd.
Generadora Salvadorena consists of a three-unit plant in the southwestern Salvador, the diesel-fired 55-MW Soyapango plant in metropolitan San Salvador, and the 26.6-MW diesel-fired San Miguel plant in the eastern region. San Miguel is primarily used as a peaker or in dry years. On July 30, 1999 Comision Ejecutiva Hidroelectrica del Rio Lempa (CEL) sold 96.8% of its shares to Duke Energy International at $1.25-million. The financial closure was reached on Sept. 3, 1999. The main competitors are: Division Generadora Hidroelectrica de CEL (388-MW), Geotermica Salvadorena (151-MW), Generadora Acajutla (220.1-MW) and several small generators (50-MW).  Duke Energy announced it began work on a 96 megawatt expansion in 2000 increasing the facility's total output to 300 megawatts.  In December 2016, Duke sold all its Latin American assets to Orazul for US$ 1.2 billion.
25 years BOOT contract was awarded by governmental Provincial Waterworks Authority (PWA) to joint venture between EVA, EGCO.Co. Ltd., VIVENDI Co.,Ltd, and Aquathai Co.,Ltd. in 1999. The overall committed investments were about 23 million $US (860 million Baht). The joint venture was to increase water production capacity for Lumpang waterworks in 3 Phases:  Phase 1 (2000) Increase by 1,000 Cum./hr from 830 Cum./hr; Phase2 (2004) increase by 500 Cum./hr.; Phase3 (2008) Increase 500 Cum./hr. Bid was cancelled in July 2000 due to failure in tariff negotiation. The project was to be rebid according to the privatization Act. 1992.
TISUR was awarded the contract to expand, rehabilitate and operate the facilities at Matarani Port for a 30-year period. TISUR is wholly-owned by Santa Sofia Puertos, a subsidiary of Grupo Romero. TISUR will invest US$ 16.6 million during the concession period, besides the US$ 9.7 million paid to the government for the concession rights (the private sponsor will also pay the government 5% of the gross port revenues in fees and 1% of the gross revenues to Ositran, the public transport company responsible for monitoring the project). The project was awarded in May. 1999 and TISUR took over the port operations in Aug. 1999. In 2000, the private sponsor has requested a loan from the IFC.  Terminal Internacional del Sur (Tisur) received an area in the Islay bay, at Matarani port, to build a terminal for mineral concentrate, according to a resolution of the transport ministry in the state gazette.The area, of nearly 200,700 sq m (2.16m sq ft), was given to Tisur through an annex to its concession contract. In return, the operator had to pay to the state 9.85% of the gross revenue from the new terminal every month.The company committed to invest USD 140 million (EUR 101.4m) in the project. Located in Arequipa region, as of 2013, Matarani handles annually some 3 million tonnes, including containers, solid and liquid bulk, machinery and vehicles.  In August 2014, Tisur was granted a loan package to finance the expansion of the port facilities. The US$ 335 million in additional investment was directed to double the port's cargo handling capacity to 6 million tons/year. Financing comprised a US$ 280 million 13-year term loan arranged by Mizuho, SMBC, Credit Agricole and Natixis. The remaining of the expansion costs was set to be equity financed.
The project includes the rehabilitation and operation of Cameroon's rail network for a 20-year period. The contract was extented to 30 years after the first five years of operations.   Camrail was a joint-venture of Spoornet and Transerb's subsidiary Comazar, which will operated the railway, the French company Saga, Cameroon investors (34%) and the government (15%). Camrail took over the operations on March 1999. Financial resources for the rehabilitation works are expected to be raised from IDA, AFD, EIB, IFC, Proparco, DEG and equity funds from the concessionaire. The concessionaire agreed to invest US$89.6 million during the first five year of operations.  In 2002, the French Development Agency (AFD) issued a US $12.5 million loan to for rehabilitation works and equipment.
The Peruvian government awarded the concessions for the Central, Southern and Southeastern rail lines to the consortium Ferrocarriles del Peru in July 1999. Ferrocarriles' winning bid was the offer to the government of 33.4% of its annual gross revenue.  Ferrocarriles del Peru is a joint-venture of the UK Commonwealth Development Corporation, the Railroad Development Corp. (US), Peruvial, Buenaventura, Inversiones Andino, Juan Olaechea y Cia, Sea Containers (UK) and Mitsui Co. (Japan). Ferrocarriles bid as an open consortium.   The Central section has been taken over by Ferrovias Central Andina S.A. in September 1999. Ferrovias Central Andina is a joint venture of all companies listed above except Peruvial and Sea Containers (Commonwealth Development Corp. led this joint-venture with 30% of the shares). The 590 km freight railway runs from the port of Callao to La Oroya and Huncayo and is operated by Railroad Development Corp.  The consortium plans to invest US$ 12.5 million during the first 5 years of the concession and they expect to increase the cargo turnover of the Central section from the current 1.35 million tons to 2 million tons.
In 1999, Transgabonais was awarded a 20 year concession contract to rehabilitate and operate the railway that linked Owendo to Franceville. Transgabonais was a consortium of the 51% state-owned national logging company Societe nationale des bois du Gabon (SNCB) (43.1%), Belgian firm Transurb Technirail Transurb (11.6%), Deutsche Investitions und Entwicklungsgesellschaft (DEG) (16.33%) and several other private companies each with a small shareholding.   The company took over the operation of the railway in December 2000, and was to operate the facility for a 20-year period. Before 1999 the railway was run by the state-owned company Office du chemin de fer transgabonais (Octra).  A total of US$31.4 million was paid by the sponsors for the concession rights (20.5 billion CFA francs).  The railway was mainly transporting manganese.  In May 2003, the government terminated the concession contract. The government claimed that the operator had failed to pay its concession fees, meet required investment, provide sufficient business accounts, and meet facility maintenance expectations. One of the project sponsors, Compagnie d'Exploitation du Chemin de Fer Transgabonais, was expected to file a claim against the Gabonian government with an international arbitration tribunal (International Centre for Settlement of Investment Disputes - ICSID) in 2004.  Setrag, a subsidiary of South African company Compagnie miniere de l'Ogooue (Comilog) which belonged to French group Eramet, was temporarily granted a management contract over Transgabonais after the concession termination. Setrag was expected to operate the railway until the government rewarded the operation of the railway.
In 2000, the construction of the Dahej Liquid Chemical Port was completed after its announcement in 1996 at a total cost of US$203 million.  The port was constructed in Dahej by Kvaerner Construction in the western state of Gujarat and was designed exclusively for the export and import of chemicals.  The port was inaugurated on January 25, 2001, as it opened for operations.  The 30-year BOT concession was awarded to the consortium, Gujarat Chemical Port Company, consisting of the Indian Petrochemical Corporation Limited (IPCL) (30%), Gujarat Maritime Board (12.5%)and five Gujarat state-owned companies (57.5%).     Financial closure was achieved on August 15, 1999.  The port is financed primarily via private placement debt (US $31MM), sponsors equity (US $41.5MM) and project finance syndicated loans (US $131MM).
In March 2000, Suez Lyonnaise des Eaux (known as SUEZ as of 2001) acquired a 90% stake in Manaus Saneamento, the company that holds a 30-year concession to expand, rehabilitate and operate the water and sewerage system of Manaus, the capital of the Amazonas State.  After privatization Manaus Saneamento had its name changed to Aguas do Amazonas and became a subsidiary of Suez Lyonnaise des Eaux, which paid US$ 106.1 million for the Manaus Saneamento equity stake. The remaining 10% of shares were to be offered to the company's employees. The private sponsor took over the operation of the facilities in July 2000. The company was serving a population of 1.2 million people and the number of connections was 293,238 (91% of the population) at the time.  The concessionaire committed to a US$28mn investment program for the 2000-2003 period and was expected to invest a total of US$ 718 million (R$ 1,294 million, 2000 value) over the concession period. In January 2003, BNDES, the Brazilian Development Bank, approved a US$ 19 million (R$ 65.7 million) financing to Aguas do Amazonas.  In July 2002, Aguas do Amazonas started operations of a US$7mn floating water treatment plant. The plant was to help treat water from the Negro river by using chemical products to bring together pollutant particulates that are injected with oxygen and then rise to the surface where they are skimmed off.   In 2006, Suez sold its shares in Aguas do Amazonas to the Brazilian group Solvi.  In May 2012, half of Aguas do Amazonas' shares were acquired by Grupo Aguas do Brasil - Saneamento Ambiental Aguas do Brasil (SAAB) – a partnership of the Brazilian companies Developer S.A. (Grupo Carioca Engenharia), Queiroz Galvao, Trana Construcoes Ltda and Construtora Cowan. A new operator was created to take over the project called Manaus Ambiental. The sponsors signed a new 30 year concession contract, and agreed to invest US$ 1.4 billion (BRL 3.4 billion) over the 30-year period to achieve a 100% coverage rate for Manaus.
Delasa, a subsidiary of Olympus Venture Capital, won the  contract for the Cabezas port in Oct. 2000. The company will rehabilitate and operate the port facilities under a 25-year lease contract. During the period, around US$ 200 million will be invested in improving the port installations through a three-phase plan. Around US$ 104 million will be directed to the reconstruction of the dock and transit warehouse during the first phase of the development plan. The remaining cost will be directed to phases 2 and 3, in which the sponsor will construct a free trade zone, an electrical plant, an access canal and new concrete piers to accommodate containers, bulk and liquid cargo. Implementation of phases 2 and 3 depends on the success of phase 1.
In July 2000, the Aguas Guariroba consortium was awarded a 30 year contract to expand, rehabilitate and operate the water and sewerage system of the city of Campo Grande in the state of Mato Grosso do Sul. Aguas Guariroba started operating the facilities in October 2000. At the time the concession was awarded, the city of Campo Grande had a total population of 650,000 and the number of connections was 161,276.  The wining consortium was controlled by Interagua –Servicios Integrales del Agua, S.A. (a subsidiary of the Spanish group Agbar, Aguas de Barcelona), 50%; Cobel - construtora de Obras e Engenharia, 41%; and the state water utility Sanesul (9%). In Octo­ber 2005 Agbar signed a contract to sell all of the shares that it held in Aguas Guariroba to Equipav S/A Pavimentacao, Engenharia e Comercio (Grupo Equipav) and Heber Participacoes Ltda (the holding company of the Bertin family –Grupo Bertin). The price of this opera­tion was reported to be US$25.8 million (57 million reals). In addition, the consortium Heber-Equipav also bought a 31% stake from Cobel. As of November 2005, Aguas de Guariroba was controlled by Equipav-Heber Participacoes (81%), Cobel (10%) and Sanesul (9%).  The project involved an estimated investment of US$ 143.6 million. The government received US$ 80.6 million from the project sponsors in the awarding process: US$ 34.5 million for the concession rights and US$ 46.1 million for debts the government had with the World Bank and the state-owned bank Caixa Economica Federal.  As of 2005, Aguas Gauriroba had a 642 km sewerage network with seven treating stations and 3,000 km netowrk for the provision of potable water to 98% of the population (700,000) of Campo Grande.
In May of 2000, Xinmin China Water Company (Xinmin CWC) was awarded a contract to build and operate the Liu River Water Supply Project by the Xinmin local government. Xinmin CWC was the joint venture between China Water Company (92%) and the state-owned Xinmin Water Supply Company.  As of 2002, CWC was owned by Thames Water (a subsidiary of RWE) (48.8%) and Sime Darby Bhd. of Malaysia (33.3%).    The project consisted of 1) drilling 10 deep wells along the bank of the Liu River to extract raw water; 2) constructing a 4.5 km connecting pipeline to the plant; and 3) constructing a plant to treat 40,000 tons of water per day.  No information on project cost was available.
The Chongqing Wujiang Electric Power Co. is engaged in the generation, transmission and distribution of electricity in the city of Chongqing. In 2000, the company issued 108 million "A" shares on the Shenzhen Stock Exchange. A total of US$ 86.1 million was raised as divestiture revenues.
The project involved the construction and operation of 64 diesel power plants that would generate electricity to be provided to 82 isolated towns in the states of Para, Rondonia and Acre (nothern region of Brazil). The electricity generated was set to be sold under power purchase agreements with each state electricity distribution company: 12-year PPA contracts have been signed with Ceron (Rondonia) and Electroacre (Acre); and a 15-year PPA contract was signed with Celpa (Para). The project was developed as a joint-venture of Guascor (55%), Inepar (30%) and the state-owned company Eletrobras (15%). It involved a total investment of US$ 90 million, of which US$ 60.9 million was financed by the IADB (this financing package was approved in Oct. 2000: US$ 23.7 million as direct loan and US$ 37.2 million as syndication). The installation of the units in the state of Para were concluded in early 1999.
The Shanxi Tianshi Power Corporation was comprised of Electric Power Development Company (J-POWER) (24%), Nissho Iwai Corporation (China), the Lingshi Prefecture Power Development Corporation and the Shanxi Province Regional Power Corporation. This 260 million-yuan (US$31.32 million) 50-MW (2 x 25 MW) plant was located in Lingshi Prefecture in Shanxi Province and utilized coke debris and low-quality coal as fuel.   Construction began in 1998. Commercial operations for units 1 and 2 began in December 2000 and July 2001, respectively.  The electricity produced by the generators was to be distributed to Shanxi Electric Power.
10 year contract (2000-2010) was awarded by governmental Provincial Waterworks Authority (PWA) to Require Construction Co. Ltd. on July 23, 1999. Water purchase and sale started on December 15, 2000. PWA defined it as “Capacity expansion for Phuket Waterworks (Build-Own-Operate)”.The overall committed investments apparently were about 1,965,007 $US (73 million Baht). Under the BOT concession, the private sector was to invest in the construction of the waterworks and water distribution system. The private sector was to secure and develop sources of raw water for tap water production and supply the tap water to the authority for re-sale to users. All assets had to be transferred to the authority upon expiration of the concession.  Before bidding, it was estimated that the waterworks project in Phuket required a 1,200m baht investment, excluding investment for raw water supply procurement.  Seventeen potential bidders included Gulf Electric, a joint venture between ThaiMeter, George Kent and Berhad, Require Construction, Hydrotech, Mitsubishi, N.K.K., Civil Engineering, CGE, a joint venture between Noppavong Construction and Sittichai Engineering, Lyonnaise Des Eaux, Premier Infrastructure Development, Ch. Karnchang, Chemitreat (Thailand), a joint venture between Thepprasit Development (1989) and Thames Water International Service, Taico International (Thailand), a joint venture between Sulcon, PTE and Sulcon-Thai, and Biwater International.
The Fujian Mindong Electric Power Co. is engaged in hydro power generation in the city of Fuan. The company had mainly hydro based generation. In 2000, the company issued 108 million "A" shares on the Shenzhen Stock Exchange. A total of US$ 150 million was raised as divestiture revenues.
In September 2000, Aguas de Peixoto de Azevedo, a wholly-owned subsidiary of Brasil Central Engenharia Ltda signed the concession contract to expand and rehabilitate the water and sewerage systems of the city of Peixoto de Azevedo, located in the state of Mato Grosso. No information was available regarding the private sponsor´s investment commitments and the bidding criteria for this concession contract. The city had a population of 29 thousand in 2000.  Aguas de Peixoto de Azevedo was established as a wholly-owned subsidiary of Brasil Central Engenharia Ltda (Grupo Dias). In 2012, Aegea (subsidiary of the Brazilian company Equipav) acquired the project company along with another 15 water and wastewater concessionaries that were operating in the state of Mato Grosso and belonged to Grupo Dias. The ownership of all these companies were transfered to a newly created holding called Nascente do Xingu, itself a wholly-owned subsidiary of Aegea.
CEMAR is the electricity concessionaire of the state of Maranhao, where it distributes power to around 977,000 customers in 217 municipalities. CEMAR has a 30-year contract to provide electricity services in the state (contract renewed in Aug. 2000). In June 2000, Pennsylvania Power & Light (PPL), through its subsidiary Brisk Participacoes, acquired 84.7% of CEMAR's shares for US$ 288.8 million.   Still in 2002, Aneel, the Brazilian energy regulatory agency, intervenied in the company and took over its management. The takeover was due to the financial problems faced by the company in August of 2002. Cemar’s sponsor, PPL, couldn’t handle the company’s debt, which amounted  US$ 260 million (R$ 760 million) in August of 2002. Aneel managed the company until PPL hand over the company to a new private sponsor, which would be selected through a competitive bidding process.   In May 2004, CEMAR's corporate control was transferred by PPL to a new private sponsor - SVM Participacoes e Empreendimentos Ltda, a company controlled by private equity funds of GP Investimentos. The transfer ended Aneel's intervention in the company and the management of Cemar was handed over shortly after the transaction. GP Investmentos has a plan of financial restructuring for Cemar, approved by Aneel.  In November 2007, the IFC approved financing of US $69.2million to support a US $307 million network expansion investment plan.
Cien was a joint-venture of the Spanish company Endesa (28.5%), and its Chilean subsidiary Enersis (32.5%). Together, these two companies controlled 100% of the voting interest in Cien. The project consists of the construction of two parallel transmission lines connecting Rincon (Argentina) to Ita (Brazil), the upgrade of two substations (Rincon and Ita) and the construction of a conversion station in Garabi (border of Argentina and Brazil). The first phase of the project (the first transmission line - 507 KM length) was constructed in the record time of four months: construction works started in Feb. 2000, and, by Jun. 2000, commercial operations had started. This first phase had a cost of US$ 330 million. CIEN has signed a 20-year power purchase agreement with Eletrobras, Gerasul and Furnas for the supply of 1,000 MW using this first transmission line.   The second phase of the project involves the construction of a 510-KM transmission line with a cost of US$ 350 million. Endesa and Banco Santander received a US$ 65 million guarantee from MIGA in Oct. 2000 (Endesa received a guarantee of US$ 28 million for its equity investments in this second phase and Santander received a US$ 37 million for its loan to Endesa) and the IDB approved a $243.9 million loan to finance the construction of this second phase in August of 2001.  CIEN awarded ABB the turnkey contract for this second phase in Jul. 2000 (the US$ 250 million contract requires that ABB constructs the new transmission line and expand three substations). Commercial operation of this second line were expected to start in May 2002. For this second phase, CIEN signed a 20-year Power Purchase Agreement (PPA) with Copel to supply 800 MW of electricity. In January 2003 the government of the State of Parana suspended payments on the PPA as the government wishes to renegotiate the contract that indexes payments to the US dollar. In August 2003, Cien and COPEL signed a new PPA to supply 400MW for half of the price agreed in the previous contract. The new PPA is valid for 7 years.  The two combined lines can transport a total 2,000 MW that is contracted out to Copel (400 MW), federal generator Furnas (700 MW), Tractabel Energia (300 MW), and Rio de Janeiro state distributor Ampla (200 MW).
Iberdrola was awarded an "independent power producer" permit from the Mexican government to build and operate a 1000-MW gas-fired combined cycle power plant. The project involves a total cost of US$ 609.9 million. In Aug. 2000, the IADB approved a financing package for this project, which included a US$ 75 million direct loan and  US$ 382.4 million in syndication. Construction is expected to last for two years and a half, with commercial operations starting in Feb. 2003. Iberdrola has a 25-year power purchase agreement with the national grid, and will also sell power to private off-takers.
In April 1998, Mexico's Comision Federal de Electricidad (CFE) announced that InterGen Aztec Energy VIII B.V., an affiliate of InterGen which in turn is a joint venture between Bechtel Enterprises Inc and Shell Generating Ltd., has been awarded a contract for the El Sauz power project.  In January 1999, AEP Resources Inc. acquired a 50% share of this project from InterGen.  The natural gas-fired, combined cycle plant will be built with a capacity of 600-MW (ISO), with 85% of the power contracted to CFE and the remaining power to be delivered to industrial consumers in the region. The build, own and operate (BOO) facility will be built in the municipality of San Luis de la Paz in the state of Guanajuato, approximately 160 miles from Mexico City. CFE signed a 25-year power purchase agreement with InterGen for 85% of power and provide the El Sauz facility with natural gas as the base fuel and diesel as the alternate fuel. The remaining power will be delivered to industrial consumers in the area.   The investors will channel an estimated $230 million into the proposed installation.  In May 2000, the IADB approved US$ 135.5 million financing package for the project: US$ 22.5 million direct loan and US$ 113 million syndication. The US Exim is also providing a US$ 215 million construction guarantee to the project. Commercial operation was expected in November 2001.
In February 2000 a consortium led by Italian company Acea concluded an agreement with the Yerevan city hall for the management of the state-owned Yerevan Water and Sewerage Company(YWSC). The four year contract was awarded following a competitive tender. The main obligations of the Acea consortium were to improve managerial efficiency, reduce unaccounted for water flows, and supervise emergency short term investments in the Yerevan water supply system intended to improve the drinking water supply, in particular in the poorer areas of the city. The total population served by the project was 900,000.  The managing consortium was a joint venture composed of three companies: Italy’s Acea and Carlo Lotti & Associati and Britain’s WRc.  The management fee negotiated under the 2000 contract was $5 million. The management contract was part of a bigger project estimated to cost $35.5 million and designed to improve the performance of YWSC. The World Bank, through its International Development Association (IDA), provided a $30 million loan to the Armenian Ministry of Finance and Economy for the project. The loan had a 35 year maturity with a 10 year grace period. The IDA loan covered the $5 million management fee paid to Acea JV, and financed a $25 million investment program that included short-term expenditures to improve operations & maintenance. The Government of Armenia funded the remaining $5.5 million of the total project cost.  At the time the contract was signed the negotiated water tariff was US$0.10/m3. By May 2005 this tariff had risen to US$0.24/m3.  The management contract resulted in a 50% saving in energy consumption, the installation of over 280,000 water meters and almost 70% of the city receiving a 24-hour water supply. YWSE had no outstanding debts at the end of April 2005 and the average collection rate had increased to 95% for metered customers.  The contract was extended until the end of 2005, when a new management contract was awarded to Veolia Environnement.
Established in 1999 by the private Palestinian Telecommunications Company (PALTEL), PALCEL operated a cellular network in the West Bank and Gaza region. PALCEL was separated from PALTEL and became an independent company on December 31, 2000. It was owned by PALTEL (65%) and the Palestinian Authority (PA) (35%).  In February 2004, the PA announced that it had sold its entire 35% stake in PalCell for US$42 million.  Paltel, whose major shareholders included the Arab Bank, the Cairo-Amman Bank, the PA-controlled Palestinian Development and Investment Company (Padico) and the PA-controlled Palestine Commercial Services Company, then had 100% control of the mobile phone company, of which 26% was under the control of the PA.   Jawwal had an exclusive contract to provide mobile services in the West Bank/Gaza region until 2003 or when the number of subscribers reached 120,000.  As of 2002, the company had entered phase III of its four-phased network expansion (including over 350 cell sites) and was preparing to increase the number of transmission stations in order to service 420,000 customers.  In December of 2004, French telecommunications-equipment manufacturer Alcatel was awarded a multi-million dollar contract to rebuild the GSM infrastructure of Jawaal in the Gaza area. Alcatel was to complete the project in early 2005. Under the contract, Alcatel was to be responsible for the supply, installation, commissioning and integration of its multi-standard GSM/GPRS/Enhanced Data GSM Environment (EDGE)/Wideband Code-Division Multiple Access (WCDMA) radio access solution, including a period of assistance for the optimization of the network.   By 2004, the Palestinian company had about 400,000 subscribers, or about 47% of the 850,000 mobile-phone subscribers in the West Bank and Gaza territories. Jawwal faced stiff competition from four Israeli-owned mobile-phone providers that operated within the West Bank and Gaza. The Palestinian operator contended that the Israeli firms were acting illegally, but taking effective action to stop their operations was proving to be difficult.
United Summit Power Co. commenced commercial operation of three 11 MW gas-fired power plants located at Ashuila (Savar plant), Madhabdi (Narshingdi plant) and Chandina (Comilla plant), in October 2003. Power from each unit was to be sold to the Rural Electrification Board (REB) of Bangladesh under 15-year power purchase agreements, valid until September 2018.  In 2000, the IFC approved US$ 3 million in equity and US$ 4 million in quasi-equity. The US ExIm, in turn, is providing a US$ 8 million loan to support the purchase of equipment and services from the US company Caterpillar Inc. Additional project loans were provided by Standard Chartered Bank and IPDC of Bangladesh Limited. In 2005, United Summit Power Co. began trading on the Dhaka Stock Exchange under the name Summit Power Limited, following an IPO in which the company issued 2 million ordinary shares to the general public.  On June 28, 2005, Summit Power Limited signed agreements with the Rural Electrification Board and the Government of Bangladesh for the expansion of the Comilla plant by an additional 13.5 MW and the expansion of the Narshingdi plant by an additional 24.3 MW.  These additional generation units commenced operations in November and December 2006, respectively, increasing Summit Power's combined generation capacity to 71 MW.  On February 20, 2006, Summit Power Limited signed agreements with the Rural Electrification Board and the Government of Bangladesh for the expansion of the Savar plant by an additional 33.75 MW. In February 2007, Standard Chartered Bank arranged a Tk 125 crore (US$18.1 million) syndicated loan to finance this expansion. Participating lenders included BRAC Bank Limited, IFIC Bank Limited, Infrastructure Development Company Limited, Mutual Trust Bank Limited, National Bank Limited, National Credit & Commerce Bank Limited, One Bank Limited, The Premier Bank Limited, Saudi-Bangladesh Industrial & Agricultural Investment Company Limited, Standard Chartered Bank, State Bank of India and United Commercial Bank Limited.  Summary: Ashulia Power Plant - expanded with 33.75MW (unit 2), from 11MW to 44.75MW. Lead arranger: Standard Charter. Debt provider: IDCOL (US$2.6 million, BDT 200 million) in February 2008. Narsingdi Power Plant - expanded with 24.3MW (unit 2), from 11MW to 35.3MW Comilla Power Platn - expanded with 13.5MW, from 11MW to 24.5MW  Narsingdi and Commilla plants received a syndicated loan arranged by Standard Chartered Bank in 2006 of Taka 1,067,500,000 (US$13.7 million). The debt was syndicated to: Dutch Bangla Bank (Taka 280 million, US$3.6 million), Standard Chartered (Taka 300 million, US$3.85 million), The Premier Bank (Taka 117,5 million, US$1.51 million), Commercial Bank of Ceylon (Taka 210 million, US$2.7 million), Bank Al-Falah (Taka 160 million, US$2.05 million), and a combination of FMO and DEG (US$22.5 million, 4.5 year tenor, LIBOR+4%, secured with land and other fixed assets).  P.S. Narsingdi is also refered to as Madhabdi. Comilla is also refered to as Chandina.
Rodovia das Colinas, a joint-venture of Civilia Engenharia (90%) and Construtora Sao Luiz (10%), was awarded the contract to expand, rehabilitate and operate the Vale do Tiete highway. The bidding process was competitive and the award criteria was the highest cannon fee to be paid to the government. There is no provision for contract renewal (assets will be returned to the state government).  A total of US$ 406.1 million will be invested in infrastructure during the 20-year concession period. Commercial operation started in March 2000. The highway has 299 Km in extension.  As of December 2003, Rodovia das Colinas was controlled by Empate Engenharia e Comércio Ltda (50.01%) and Herber Participações Ltda (49.99%).   In 2004, the project company was granted a US$ 64.2 million (BRL 188 million) loan from BNDES and Caixa Economica to finance the construction works.
Intervias, a joint-venture of Construtora Barbosa Mello, Galvao Engenharia, Egesa, Tercam Engenharia, Construtora Aterpa and ARG Ltds, was awarded the contract to expand, rehabilitate and operate the Centro Norte highway. A total of US$ 329 million will be invested in infrastructure during the 20-year concession period. Commercial operation started in February 2000. The highway has 364 km in extension and an average daily traffic flow of 53,000 vehicles.  As of December 2004, Intervias was controlled by OHL.  In 2006, OHL negotiated with Sao Paulo state to extend its 20-year concession agreement by 95 months.
Brazilian power regulator ANEEL awarded a 35-year contract to build and operate the Cana Brava hydroelectric project to Gerasul on March 26, 1998.  Tractebel holds a controlling stake in Gerasul, and CEM, a wholly-owned subsidiary of Gerasul, will undertake the project. The turnkey building contract was awarded to a consortium comprising two Brazilian companies Odebrecht and Andrade Gutierrez.  The plant will start commercial operation in 2002, supplying energy to the north-east of Brazil and the central-west region.  Cana Brava's power production will be sold to large customers who are free to negotiate their own electricity supplies, and to distribution companies. The project, which involves a total investment of US$ 426 million, reached financial closure in Aug. 2000. The IADB approved a US$ 160.2 million financing package to CEM: US$ 75 million in direct loan and US$ 85.2 million in syndication. In addition, the state-owned bank BNDES is providing US$ 138 million, and the private sponsors are directing US$ 127.8 million in equity.
Langfang Xinao Gas Company Limited is a Sino-foreign joint venture company officially established in March 1993.  In August 2000, Xinao Langfang Investment Limited ("Langfang BVI"), an indirect wholly-owned subsidiary of Xinao Gas Holdings Limited, acquired a 95% interest in Langfang Xinao.  The remainder is held by Langfang City Gas, which is fully owned by the Wang family.  Total investment is US$9.3m.  Of this, approximately US$8.9m was contributed by Langfang BVI and US$466,740 was contributed by Langfang City Gas.  The joint venture contract is for 30 years, beginning in 1993, and involves roughly 201km of pipelines.
In November 2000, Bela Fonte Saneamento was awarded a 30-year concession contract to expand, rehabilitate and operate the water and sewerage system of the municipality of Serrana, in the state of Sao Paulo. The company took over the operation of the facilities in that same month, to serve a population of 8,000 inhabitants  Bela Fonte Saneamento was a subsidiary of Novacon.  The concessionaire was expected to invest a total of US$ 9.9 million over the concession period.  In March 2001, the municipal government issued a decree to revert the concession. Novacon had appealed the decision.
In 2000 the Dubai Port Authority (DPA) won a contract to build and operate a new 700,000 TEU container terminal at the Beirut Port, Lebanon, for a 20-year period. A total investment of US$200 million was to be required to implement the project. Of this amount, the Dubai Port Authority was to contribute US$50 million and the Lebanese government was to fund US$150 million. As of 2000, more than 250,000 containers were handled at the port each year; the new terminal was to be capable of handling 400,000 containers per year. Construction work began in early 2000 and was completed in 2001.   DPA withdrew from the contract in 2001 after disagreements over its fee, compensation to former contractors and lower-than-expected activity at the port, returning control of the terminal to the government.  In July of 2004, International Port Management Beirut (IPMB), a consortium composed of U.S.-based International Maritime Associates (IMA) and the British Mersey Docks and Harbour Company (MDHC), won the international public tender to manage the container terminal at the Port of Beriut for 10 years.
In January of 2000, France Telecom and Arab Bank finalized the acquisition of 40% of the shares in the Jordan Telecommunications Company (JTC) and gained operational rights in JTC's fixed and mobile telephone services under a five-year management contract with JTC to improve JTC's business.  France Telecom paid US$508 million for the stake and was granted the second GSM license in the country, which was to become a wholly-owned subsidairy of JTC and compete with what was then the country's sole provider, Fastlink.  The purchase was made through a holding company called Jordan Investment Telecommunications Co., in which France Telecom had an 88% stake.  The rest belonged to Arab Bank PLC.  The mobile phone services provider, MobileCom, had 433,000 subscribers at the end of September 2004.  JTC was also the monopoly supplier of about 700,000 land lines across the company.  By 2004, the company was jointly owned by the Jordanian government with a 41.51% stake, the France Telecom (35.2%) and the Arab Bank (4.8%) consortium, the semi-private Social Security Corporation with 13% and the rest held by private shareholders.   In June and November 2006 France Telecom increased its stake in the operator to 51% minus one share by purchasing stakes from the Arab Bank and the government. France Telecom paid some 145 million Euros ($182 million) for an 11% minus one share government stake.  In August 2009, the Telecommunications Regulatory Commission of Jordan granted Orange Telecom a US$70 million licence to introduce 3G services.
Rand Airport Operators (a consortium of 24 local companies), in association with the black empowerment group Mayondi, acquired an 80% stake in Rand Airport for US$ 2.9 million in early 2000. No new infrastructure investment are envisioned for the short-run, as the sponsors intend to focus on improving the services. The airport currently handles 30% of Gauteng's general aviation.
In December of 2000, Vivendi Universal acquired a 35% stake in Morocco's incumbent telecom operator, Maroc Telecom (MT) for US$2.11 billion.  The deal was part of the partial divestiture program overseen by Morocco's national Telecom regulator, Agence Nationale de Reglementation des telecommunications (ANRT). In addition to the 35% stake,  a shareholders' agreement allowed the French company operative control of Maroc Telecom until September 1, 2005.  Vivendi Universal was also to operate a new GSM network to compete with incumbent Telefonica-led Medi Telecom.   In November 2004, Morocco sold an additional 16% stake to Vivendi at a price of $US1.46 billion.  Vivendi then held a 51% stake in MT, giving Vivendi full operational control. The deal was to be effective and payment was to be made in January 2005, with half of the amount financed by long-term debt raised in Morocco.   Then in December of 2004, Morocco floated 14.9% of the company, raising 9.0 billion dirhams (US$1.07 billion).  The 131 million shares put up for sale included 17 million available under a greenshoe option.  The price for its IPO was 68.25 dirhams (US$8.15) a share, valuing the Moroccan telecom company at about 60 billion dirhams, or US$7.17 billion.  Shares in Maroc Telecom began trading on December 13, 2004.  Neither the government nor Vivendi was to be able to sell any more shares in the telecoms operator in the nine months following the flotation, while the government, even at 34% ownership, retained veto rights over some of Maroc Telecom's decisions and a measure of control over the future ownership of the company.   In the mobile sector, MT had nearly 6.4 million subscribers at the end of 2004, giving it a 67.5% market share.  MT's fixed telephony and data transmission network provided national coverage and had a switching capacity of nearly 1.9 million lines.  In July 2006 Maroc Telecom was awarded a 25 year 3G mobile license. The license was awarded through an open competitive tender judged on the best technical offer criterion. Four companies applied for a 3G license: MAROC CONNECT (id 4381), NEJMA TELECOM MAROC, MEDI TELECOM (project 2335), and ITISSALAT AL-MAGHRIB (project 2675). Nejma’s bid was rejected, while the other three were accepted. Each license cost $41.2 million.
The Jiangxi Ganyue Expressway Co. is engaged in the construction and operation of toll expressways. In 2000, the company issued 120 million "A" shares on the Shanghai Stock Exchange (26.18% of the company's shares). A total of US$ 159.5 million was raised as divestiture revenues.
Beijing Xinao Gas Company Limited is a Sino-foreign joint venture company officially established in July 2000.  It was previously registered in the People's Republic of China (PRC) as a part of a PRC joint venture registered under the name Xinao Group Company Limited (XGCL).  In July 2000, Xinao Miyun Investment Limited ("Miyun BVI"), an indirect wholly-owned subsidiary of Xinao Gas Holdings Limited, acquired an 80% interest in Beijing Xinao for roughly US$957,500 from XGCL.  The remaining 20% is held by the state-owned Beijing City Miyun Chemicals Company.  Term of the joint venture will be 30 years beginning in August 2000.  In January 2001, Xinao Gas Holdings increased its stake in the project to 95% with an investment of RMB1.39m (roughly US$168,000).  As of December 2002, 41km out of a planned 70km of pipelines had been constructed.
The Shanghai Port Container Co. Ltd. was established in 1998. The company is mainly engaged in the operation of the Shanghai Port (container loading and unloading, shipping agency, container storage, container transportation and container management).  In 2000, the company issued 210 million "A" shares on the Shanghai Stock Exchange. A total of US$ 303.8 million was raised as divestiture revenues.
Europe Combined Terminals (ECT), Maersk and Egyptian partners were awarded the contract to build, own and operate a new container terminal in Port Said, Suez Canal. In 2000, ECT and Maersk held 60% of the project company's shares; other investors were the Egyptian Investment and Finance Group (15%), Kato Investments (6%), the Suez Canal Authority (5%), the National Bank of Egypt (5%) and individual shareholders (9%). The facility will be 1,200 meters long, offering water depth of some 16.5 meters to visiting container ships. The terminal will have a size of 1,200 by 500 meters and will have a capacity of 1.75 million TEUs. The 30-year contract envisages an expansion of the facility to 3.5 million TEUs if there is demand for it.   A total investment of US$ 163.9 million will be directed to the initial phase of the project. Construction works started in early 2000 and should be completed  by Sep. 2001.  At the end of 2005 AP Moller, through APM Terminals held 60% of the project. Denmarks' The Industrialization Fund for Developing Countries (IFU) held another 15%, and the Egyptian government maintained a 15% stake.  In November 2007, Cosco Pacific acquired a 20% stake in Suez Canal Container Terminal. Under the 2007 shareholder structure, APM remained the major shareholder and operator with a 55% shareholding. The IFU-Danish Development Bank was no longer a shareholder. Cosco Pacific owned 20%; the Suez Canal Authority held 10%; the National Bank of Egypt held 5% and Egyptian private sector held 10%.   Under the the phase 2 development initiated in 2007, Suez Canal Container Terminal committed to invest US$730 million to double the container capacity by 2011, to 5.1 million TEUs.
South African Airlink (SA Airlink) acquired the airport located in Phalaborwa in Apr. 2000 from Foskor, a Federal state-owned company, for an undisclosed amount. The company will invest US$ 0.8 million to develop the facilities. The airport was previously used for business flights to and from the local copper and phosphates mines, but the new operator aims to increase the tourism volume in the area by 300%.  The Development Bank of South Africa approved a US$ 0.5 million loan to the company in Jun. 2000.
First Gas Holdings (FGH) was awarded the contract to build, own and operate the 500 MW gas-fired combined cycle power plant. FGP Corp. was incorporated as the project company to finance and operate the power plant. FGP Corp. was 60% owned by First Gen Corporation, a 55% owned subsidiary of First Philippine Holdings, and 40% owned by the BG Group.  As a result, First Philippine Holdings had a 33% indirect share in FGP Corp. In May 2012, BG Group solds its 40% equity stake to First Gen, making First Gen 100% owner.  Financial closure for the US$ 500 million project was achieved in Feb. 2000. A US$ 375 million non-recourse project financing will be provided by a syndicate of international banks, while the remaining costs will be financed with the sponsors own resources. Debt was provided by KfW as well as a commercial bank syndicate.  Power from the plant will be sold to the state-owned company Meralco through a 25-year power purchase agreement. Construction works began in Mar. 2000 and commercial operations commercial operations began in October 2002. The EPC contract was awarded to Siemens, providing equipment including two V84.3 gas turbines and steam turbines.
The project is located about 40 kilometers east of La Paz on the Taquesi River and consists of two new run-of-river hydroelectric power plants in cascade (85 MW) and an existing refurbished 850-kW facility for a total capacity of 85.8 MW. Diversion weirs in the river and tunneled penstocks will provide water to the turbines. It is intended to be operated as peaking plant about 3 hours daily. The primary sponsors are Tenaska International (75%), International Mining Company S.A. (12.5%), a Bolivian mining company that operates mines in the area and own much (90%) of the land to be used for the project, and Hydro Power SFL (12.5%). The project company, Hidroelectrica Boliviana has had several technical studies performed, including a pre-feasibility study, a full EIA, a hydrology study and a market study. The company has received a local and federal environmental authorization to construct and operate the project. In Oct. 2000, the company received support from the USAID. Construction works are underway, and operation was expected to start in Jan. 2001. Electricity generated by the facility will supply the La Paz region power grid.
Winline LLC was founded in 2000 and operates under the Sapatcom brand. The company provides fixed line, and, since 2004, mobile telecom services under the CDMA 450 standard. The company reported a coverage area spanning Bishkek and Chui Oblast.  In September 2007, Winline LLC was acquired by a locally based private entrepreneur, Tuleev Tashbolot, for an estimated US$65 million.
Hipercon - Terminais de Carga Ltda. won a 20-year concession to rehabilitate and operate the Macuco - Armazen 33, a multi-purpose terminal at the Port of Santos on May 17, 2000. The total area of the terminal is 33,000 square meters. Hipercon has to pay monthly installments of US$ 6,800 (R$ 13,200) to CODESP, the government agency responsible for the Port of Santos. The company expects to invest US$ 9.5 million (R$ 18.4 million) during the concession period to rehabilitate the terminal facilities.
In March of 2000, the Sino-French Holdings (Hong Kong) Ltd. was awarded a 20-year concession for the Baoding Water Plant, located in Hebei Province.  The plant had a water supply capability of 260,000 cubic meters per day.   To implement the contract, Baoding Sino French Water Supply Company Ltd. was created as the project company which was owned by Sino-French (90%) and the state-owned Baoding Municipal Water Supply Company (10%). Sino-French Holdings, in turn, was a joint venture company owned 50% by Suez water subsidiary Ondeo and 50% by New World Infrastructure of Hong Kong.   The total project cost was estimated at US$24.2 million.  The plant commenced operation in June of 2000.
In April 1999, Lambang Optima Sdn Bhd was awarded a 30-year concession contract to operate and manage Syarikat Air Johor Sdn Bhd (SAJ), the water supply network in the Malaysian State of Johor.  The company was to manage 26 water treatment plants and improve water quality standards and reduce waste.  The company committed to replacing almost 5,000km of pipes and to reducing non-revenue water (NRW) from 33% of output to 20% within 10 years.  The company also had to bill its customers and collect tariffs.  Johor had a population of 2.7 million in 2000 and 720,000 water connections, out of which 88% were domestic while 12.5% were commercial/industrial.    To implement the contract, Sempurna Pelita Bhd. (later renamed Ranhill Utilities Bhd.) was created as the project company which was owned by Lambang Optima Sdn Bhd (80%) and the Johor state government-owned Yayasan Pelajaran Johor Corporation Sdn Bhd (YPJ) (15%) while SAJ employees held the remaining 5% stake.  Sempurna Pelita Bhd (Ranhill) was to own and be known as SAJ Holdings.  Lambang Optima was owned by two Malaysian businessmen, Datuk Hamdan Mohamad and Mohd Haniff Koslan, who respectively owned 70% and 30% equity in Insan Capital Sdn Bhd, which in turn owned 100% of Lambang Optima.   The estimated total cost of the project was RM13 billion (US$3.4 billion) to be used for new capital expenditure and asset replacement. The expected dividend return of the project was RM8.5 billion.  In February 2000, SAJ Holdings signed an agreement for a RM680 million (about US$179 million) Al-Bai' Bithaman Ajil Islamic debt securities issuance facility to finance the development and upgrading of the water facilities over the first three years of the contract.  The facility was comprised of 5 tranches ranging from 6 to 10 years in annual increments.  The facility received a long term rating of 'A' by Malaysian Rating Corporation Bhd.  SAJ Holdings envisioned the use of funding as follows: RM114 million to develop water sources, RM328 million to improve the distribution system, RM219 million to control water loss, and the remaining amount would be used for rural water supply.  Sempurna Pelita Bhd. took over operations of SAJ Holdings on March 1, 2000.  In April 2002, the company was awarded the Malaysia Outstanding Water Award for Management by the Malaysian Water Association.  In June of 2002, Sempurna Pelita Bhd. (then called Ranhill Utilities, the name of the listing vehicle) was listed on the Kuala Lumpur Stock Exchange (KLSE) main board, offering 26.5% of its equity to the public and raising RM192 million, 75% of which (or RM149 million) was to be used for capital expenditure in SAJ.  Ranhill also allocated eight million new shares exclusively for its consumers in Johor.  Following the listing, Ranhill Utilities was 60% owned by Lambang Optima Sdn Bhd and YPJ ended up with 13.5%.  The company then began an expansion into other domestic projects and international projects.    In November of 2003, Malaysian construction firm Ranhill Bhd. purchased 70% of Ranhill Utilities from Lambang Optima and YPJ.  Before this purchase, Ranhill Bhd. did not have any Ranhill Utilities shares, even though both companies had common shareholders, including Ranhill President and Chief Executive Hamdan Mohamad. In July 2004, Ranhill Utilities issued RM1.28 billion (US$337 million) worth of 15-year Islamic bonds to fund the construction of additional water treatment plants in the concession area.  As of 2005, SAJ supplied 1,258 million litres per day (mld) from 44 water treatment plants, each with a 1,595-mld capacity and maintained 469 reservoirs and more than 10,000km of pipe lines.  Household consumption accounted for 60% of services and industrial consumption accounted for 40%.  NRW had been reduced from 45% to 34.8% and SAJ reported it was on track to reduce that figure further to 20% by 2010 as originally planned.  The coverage of water supply in Johor stood at 99.7% with 100% coverage in urban areas and 99% at rural areas, giving SAJ three million customers.
Coimex and Odebrecht were awarded the contract to rehabilitate and operate the Forno Port during a 25-year period. The sponsors took over the operation of the facility in Mar. 2000, and will invest approximately US$ 10 million over the first 3 years of the concession.  The Port's is traditionally involved in transporting the rock salt in bulk for local companies, and oil carried out by the Petrobras.
Elfec and Integra won the bid to construct and operate a 1,400-KM electricity distribution network in Cochabamba's rural area by offering to invest US$ 7.3 million in infrastructure. Of this US$ 7.3 million, 90% of this investment amount will be financed by the municipality and 10% will be financed by the private sponsors. Construction works are expected to last 4 years and the consortium will operate the network for a 20-year period.  Empresa de Luz y Fuerza Electrica Cochabamba SA (Elfec) is a Bolivian electricity distributor that was 50 percent divested (PP&L owns the private share).  In July 2007, PPL Corporation sold all of its assets in Elfec and Integra to the Management and Employees of the respective companies.
In November 1999 the governor of Buenos Aires Province awarded a 30 year concession to Aguas de Gran Buenos Aires (AGBA) for the operation of the water supply and sewerage services in the “zone two” region of Buenos Aires Province. The zone 2 area had a total population of 1.7 million people living in seven departments: Merlo, Moreno, San Miguel, General Rodriguez, Escobar, Malvinas Argentinas y Jose C Paz. Through the concession contract AGBA committed to invest around US$ 320 million in the first five years of the deal to expand the existing infrastructure. Investment commitments for the whole concession period were estimated to be US$ 647 million.  AGBA was created as a joint venture between Spanish enterprise Aguas Bilbao Bizkaia, Argentinean Sideco, and Italian Impregilo. At the end of 2005 the shareholders of AGBA were: Italian company Grupo Impregilo (43%), Spanish Grupo Dragados (part of the ACS Group from 2003 - 27%) and Spanish Aguas de Bilbao Bizkaia (20%). The remaining 10% of shares were held by AGBA employees.   On July 21st, 2006, the government published a decree stating that AGBA's concession was cancelled. The Argentine state-owned water company Aguas Bonarenses SA (ABSA) assumed control of the services previously provided by AGBA.
In 2000 Operadores de Servicio del Norte SA began to operate the water and sewerage service of Malambo municipality in Antoquia Department under a 15 year operation contract. Operadores de Servicio del Norte SA was a subsidiary of Colombian Aguascol. In 2005, Malambo municipality had a total population of 93,133 inhabitants.
In May of 2000, Aguas de Guara was awarded a 25-year concession to operate the water and sewerage systems of the city of Guara, in the State of Sao Paulo. It started operating the systems in May 2000, attending a population of 19,000.  The project company, Aguas de Guara was a subsidiary of Hidrogesp – Hidrogeologia Sondagens e Perfuracoes Ltda.  Aguas de Guara committed to invest US$ 3.27 million (R$ 6 million) throughout the concession period. As of December 2002, Aguas de Guara had invested US$ 0.6 million (R$ 1.8 million).
The Malaysian cruise operator, Star Cruises, won the 30 year contract to build and operate a passenger terminal at Leam Chabang Port Teminal A1 in Bangkok. The contract was awarded by the Port Authority of Thailand in 2000. The construction was initiated in 2001 and the terminal became fully operational in January of 2002, under the name of Star Cruises Terminal Bangkok. To operate the terminal, Star Cruises created the company Thai Laem Chabang Cruise Centre Co. Ltd, which is responsible for the terminal management.
SP Vias - Rodovias Integradas do Oeste, a joint-venture of Planova (66.5%) and Construtora Varca (33.5%), was awarded the contract to expand, rehabilitate and operate the Itapetininga highway. The bidding process was competitive and the award criteria was the highest cannon fee to be paid to the government. There is no provision for contract renewal (assets will be returned to the state government). In 2010, Companhia de Concessoes Rodoviarias (CCR)acquired 100% ownership of this concession.  A total of US$ 270.8 million will be invested in infrastructure during the 20-year concession period. Commercial operation started in February 2000. The highway has 516 km in extension.  As of December 2003, Planova had decreased its participation in the project company to 54.99%. The other main shareholders, with 14.59% of the shares, were Multivias Planejamento SA and Latinoamericana de Rodovias SA. The remaining shares are held by several sponsors.   In March 2003, the project company was granted a US$ 43.8 million ()BRL 134,8 million loan from BNDES and Caixa Economica to finance its investments.
In June 2000, Anglian Water (AW) was awarded a 20-year concession contract for the upgrading, operation and maintenance of a drinking water plant in Hexian city, Anhui Province.  The facility was to serve a population of 630,000 and upon completion the extended plant was to be able to supply drinking water to neighboring towns and cities.  To implement the contract, Hexian Water Company Ltd was created as the project company which was jointly owned by AW and the Hexian Water Company. Total project cost was estimated at US$7.3 million.
This 20 MW (4x5), diesel-fired power project reached financial closure in August 2000 at a cost of US$142.5 million.  Sponsors are Suryachakra Power Corporation, Caterpillar Power Venture, Dr. Manepalli & Associates, and BSES Ltd.  Electricity sales will be made to the Andaman & Nicobar administration.  The PPA was signed in 1997 at an undisclosed rate.    Srei International Finance will provide approximately $4 million out of the total $9 million debt component, with the State Bank of India (SBI) providing the remaining $5 million.  The Manepallis will hold 51% of the equity.  Caterpillar and BSES will hold the remaining equity portion at 39% and 10%, respectively.
In January 2000 the government of Cuba awarded a 25 year concession contract to mixed company Sociedad Concesionaria para la Gestion y Fomento de los Servicios de Acueducto, Alcantarillado, Saneamiento y Drenaje Pluvial, S.A. (Aguas de la Habana) for the provision of water and sewage services in the city of Havana. In the first phase Aguas de la Habana was to operate in the west and center of Havana, covering 1.3 million people, but eventually the company would also cover the east and south of Havana, serving the entire population of 2.2 million.   Aguas de la Habana was created as a mixed company by state owned Instituto Nacional de Recursos Hidr ulicos (INRH) and Spanish utility Aguas de Barcelona (Agbar). The document to create the new enterprise was signed on January 18th, 2000, by Israel Turiano, assistant manager of 'Western Havana Waters' (Aguas del Oeste de La Habana), Agbar President Ricardo Fornesa, and Agbar Director General Juan Ras. INRH held 50 percent of the mixed company, while Agbar indirectly controlled a 41 percent stake, held by its subsidiary Interagua SA.   Agbar was the operator of Aguas de la Habana, thanks to a management contract signed with the mixed operator. For its management services Agbar was paid a management fee.  Aguas de Habana was to take out a $25 million loan to finance immediate rehabilitation works. In 2002 it was estimated the total cost of the project would be some $600 million. At the time, network water losses for Aguas de Habana were around 50 percent.
Road King Infrastructure signed an agreement to rehabilitate and operate a 130-km toll highway connecting the cities of Hefei and Yeji for a 25-year period. The joint-venture, in which Road King holds 50% of the shares, was formalized in March 2000 (the provincial government holds the remaining shares). As of April 2000, the US$ 133.1 million or Rmb 1.1 billion toll highway was already in operation and yielding revenues to Road King.
The Jauru power plant project was awarded in Oct. 1999 to Arapucel. The project involves the construction and operation of a 20-MW hydro power plant, which will supply electricity to Arapucel's controlling holding Agroindustrial Araputanga (60% of the power generated) and to CEMAT, the privatized electricity distribution utility of Mato Grosso State (40% of the total power generated). This power plant will provide electricity to around 300,000 customers. Arapucel will invest US$ 16.6 million in the construction works, and commercial operation should start by 2002. Finam/Banco da Amazonia (BASA) has approved a credit to finance 50% of the project costs. In 2001, BNDES also approved a US$ 46.5 million (R$ 107 million) credit to finance this and two other projects of Araputanga.
The project involves the construction and operation of a 20-MW hydro power plant located in the Chirrijo Pacifico River. The 20-year contract was signed in Aug. 1997, but construction works started only in Feb. 2000. Commercial operations were due to start in Aug. 2002. The project is being undertaken by Producciones Antheus SA, which awarded the EPC contract to RSW International.
NCI was established as a joint-venture between Enelpower (Italy), Inepar (Brazil), and Fatlyf (Argentina). Each partner held one-third of the project company's shares. The construction works on the 240-MW thermal combined cycle power plant started in the first quarter of 2000 and were expected to demand investments of US$ 180 million (60% debt-financed and 40% equity-financed). Commercial operation was expected to start in the end of 2002.
The Manso project involves the construction and operation of four 52.5-MW generating units with a total construction cost of US$ 237.8 million. The project was initially conceived in 1988, but implementation only started in 2000, when the state-owned company Furnas formed a joint-venture with private sponsors to finance the project. The project company is owned by Furnas (70%) and Proman, a joint-venture of Odebrecht and Servix (30%). The 35-year contract was signed in Feb. 2000 and the construction works began immediately. In Dec. 2000, the first unit started operation, and full operation occured in April 2001. The electricity generated by the plant will attend around 1.2 million consumers.
The hydro power plant Machadinho is being constructed and will be operated by the Consorcio Machadinho, which is a joint-venture of Maesa Machadinho Energetica (83%) and Gerasul (17%). Maesa has the following ownership structure: Votorantim Group (30%), Alcoa/Camargo Correa (29%), the state-owned Celesc (15%), several other renown companies with small stakes and the municipality (3%). The construction works of the 1,140 MW plant have an estimated cost of US$ 514 million, and were started in 1998 (the concession contract had been signed on Jul. 1997). Closure was achieved in 2000 with a loan from the state-owned bank BNDES (US$ 157.3 million). Additional financing was obtained with a bond issuance sponsored by the BNDES of US$ 188.5 million in Mar. 2001. Commercial operation is expected to start in Aug. 2002. Consorcio Machadinho has a 35-year contract, after which time the power plant will be acquired by the government. The power generated by the plant will be directed to several cities in the region.
The project involves the construction and operation of a terminal for public use at the Sao Francisco do Sul Port. The terminal will focus on wood products and other cargo, and it will involve a total investment of US$ 27.7 million. Construction works started in early 2000, and the first phase of the project is operational, as of Nov. 2000 (total invested in the first phase: US$ 16.6 million). The terminal is expected to handle around 1.5 million tons per year (4,000 containers per month). The project is sponsored by Portus (60%) and Cejen Engenharia (40%; Cejen is constructing and will operate the facility). The contract has a 25-year duration, extendable for another 25 years. The project also includes the construction of a multimodal complex in a second phase at a cost of US$ 11.1 million (this second stage should be completed by the end of 2001).
Aerocali, a consortium formed by AENA (33.3%), Dragados (part of ACS Group as of 2003) (33.3%) and CFC (33.3%), was awarded the contract to rehabilitate and operate the airport located in the city of Palmira, Cali. The contract was awarded for a 20-year period, in which the sponsors will invest around US$ 125 million (immediate investments will be directed to general maintenance of the facilities and to the construction of a new international terminal). A lease fee of US$ 3 million per year plus 40.1% of the airport revenues will be transferred to the government (the estimated present value of the annual lease payments is US$ 53 million, using a discount rate of 12.1% - Banco de la Republica). Aerocali took over the management of the airport in Sep. 2000. The traffic in the airport is around 2 million passengers per year (11.26% of the total passenger traffic of Colombia).  In September 2007, Abertis Infraestructuras SA acquired for US $381 million ACS's airport concession arm DCA which owned 33.3% of Cali Alfonso Bonilla Airport.  In August 2013, AENA bought the 33.3% ownership from Abertis for US$ 5.3 million (4 million euro).
In June 2000, Sino-French Holdings was awarded a 30-year concession contract for a 118,000 cubic meters per day Siping Water Plant located in the Jilin Province.  To implement the contract, Siping Sino French Water Supply Co. Ltd. was created as the project company which was owned by Sino-French (50%) and the state-owned Siping Municipal Water Supply Company (50%).  Sino-French Holdings, in turn was a 50-50 joint venture company between Suez water subsidiary Ondeo and New World Infrastructure of Hong Kong.  The total cost of the project was estimated at US$8.9 million. Operations began in September 2000.
Kepco Ilijan Company (Keilco) developed a 1200 MW gas-fired plant at Ilijan, using natural gas fuel from the Malampaya gas fields offshore of Palawan Island.  The Philippines' largest natural gas reservoir, the Malampaya field contains gas reserves estimated at 2.7 trillion cubic feet.  The project will include the power plant and construction of 53-km of transmission lines.   The project was awarded by a bidding process to a consortium led by Korea Electric Power Corp. (Kepco, South Korea).  Kepco was the third lowest bidder for the project, but Kepco's bid for the project required only a partial sovereign guarantee.  As of November 2002, Keilco was owned by Kepco (51%), Mitsubishi Electric Corp. (21%), Japan), Mirant Philippines Corp. (20%) and Kyushu Electric Corp (8%, Japan). Mitsubishi provided four turbines of the M501G type.   Although the actual construction started in Mar. 1999, financial closure was only achieved in Nov. 2000 (US$ 200 million in equity; US$ 255 million limited recourse loan from JBIC; US$ 150.4 million export credit from US Exim Bank; US$ 71 million from South Korea Exim Bank).  At the time it was awarded, the project had the largest capacity of any Philippine BOT project to date.  Kepco expected the project to generate $1.458 billion in revenue over the 20-year term of the contract. The plant was expected to come online in 2002 and it will be transferred to the state-owned company Napocor in 2022 when the contract expires.  Raytheon was appointed EPC contractor.  In January 2001, Philippine's National Power Corporation (Napocor) began fining Keilco $400,000 per day for delays in running the Ilijan plant. As of November 2002, the sponsors agreed to sell power at cost to Napocor until the fines were paid (on the order of US$38.4m).  In June 2005, Kepco announced a 600 MW expansion of the plant, at an expected cost of USD$450 million.  Financing was to come from the Korean parent company Kepco, who could borrow at lower rates because of a better credit rating, rather than its local Kepco Phillipines subsidiary.  Kepco expected to raise US$315 from loans from JBIC and the US Exim, with the remaining US$135 million to be contributed as equity from the project partners.  The expansion was expected to begin in late 2006, and to be completed by 2009.  In July 2007, a consortium comprising Japan's Tokyo Electric Power Company (Tepco) and Marubeni Corporation completed its purchase of the US's Mirant Asia Pacific.  The acquisition was made through the TeaM Energy Corporation, a special purpose vehicle established in the Philippines by the consortium.  The newly acquired generating assets were backed by power purchase agreements and back-to-back fuel supply contracts with the state-owned National Power Corporation.  The sale of the portfolio of private generation assets was agreed on December 11, 2006 with the equal joint venture acquiring a 100% equity stake in the 1,218MW Sual coal-fired plant in Pangasinan province; a 100% interest in the 735MW Pagbilao coal-fired plant in Quezon province; and a 20% stake in the 1,251MW Ilijan natural gas-fired combined-cycle plant in Batangas province.     Mirant Asia Pacific reported that it would receive net proceeds of US$3.215 billion after transaction costs and the repayment of US$642 million in debt.   The consortium offered US$3.424 billion in cash and debt assumption following an international competitive tender to secure the 2,203 MW of capacity.  The payment of US$3,424 million included US$724 million of shareholder equity and senior debt of US$2.7 billion, made up of US$1.6 billion Japan Bank of International Cooperation (JBIC) loan and US$1.1 billion commercial bank loan syndication from Sumitomo Mitsui Banking, Mizuho Corporate Bank, Calyon, ING Bank and the Australia and New Zealand Banking Group. The financial close date of the deal was June 22, 2007.  The loan was signed but disbursement of the funds depended on the certification of Sual's operational condi
Wilson, Sons & Co. was awarded the contract to expand, rehabilitate and operate the container terminal at Salvador Port by offering US$ 19 million to the government. The company took over the operations of the terminal in March 2000, and was expects to invest US$ 16.3 million in order to improve the facilities through 2002. The terminal has two docks and a total area of 74,000 square meters. It has a capacity of 250,000 TEUs.   As of December 2003, the company had invested US$ 21 million in construction, equipments and personnel - and additional 4.7 million to the initial estimated investment.  In September 2011, the company was awarded a US$ 80 million loan from  the IFC to finance the expansion of the terminal (US$ 30 million - A loan; US$ 50 million - B loan). The investment commitment is estimated at US$ 117.2 million.
In Aug. 2000, Cosmo-Holding Albania acquired an 85% equity stake in AMC from the Albanian government for US$ 85.6 million. The fee was paid in two installments: US$42.8 million in Aug. 2000 and the rest in Feb. 2001. Cosmo-Holding is a joint-venture of Cosmote (97%) and Telenor (3%). Cosmote, in turn, was a wholly-owned subsidiary of the Greek company OTE.  In October 2008, the Albanian government announced its intention to sell its residual 15% shareholding in AMC. In March 2009, Cosmote signed a share purchase agreement with the Albanian government for the acquisition of a further 12.58% interest in AMC, held by the Albanian state.  The share purchase was valued at EUR48.2 million (US$67 million).  As a result of this transaction, Cosmote held, directly and indirectly, a 95.03% stake in AMC, as of end 2009.      In 4Q2010, Cosmote increased its share ownership to 97%, and then subsequently to 100% in 4Q2013. The Albanian market is still limited to mobile services, and the company is not showing an intent to provide broadband/fixed line services for now.
TransAlta was awarded the contract to build, own and operate the 250-MW combined-cycle diesel and gas fueled power plant in Apr. 2000. The facilityruns on gas supplied by Pemex and delivered via the Mayakan pipeline.   The concession contract has a 28-year duration: a 3-year construction period and a 25-year power-purchase agreement. The TransAlta Corp. owns 100% of the project company shares. Financial closure was achieved in Sep. 2000 with a US$ 133.6 million project finance facility syndicated by Bank of America Securities and the Canadian Society for Export Expansion. The financial arrangements also included a US$ 122 million in political risk insurance. The financing has a 16-year term maturing in Sep. 2016, with TransAlta Corp. providing a completion guarantee and EDC arranging a political risk insurance. Construction works are scheduled to begin in the end of 2000 and commercial operations started in June 2003.
CELPE is the electricity distribution utility of the state of Pernambuco. It serves 184 municipalities in Pernambuco and 1 municipality in the state of Paraiba (total of 1.8 million customers). In Feb. 2000, a consortium acquired 79.62% of the total capital of CELPE (88.7% of CELPE's shares) for US$ 1 billion. The consortium comprised ADL Energy, Iberdrola, Previ, and the state-owned bank Banco do Brasil. Iberdrola was controlling 60.9% of CELPE's shares, while Previ was holding 17.9% and Banco do Brasil 10.8%.   In December 2000, the consortium transfered 84.38% of CELPE's shares to Guaraniana, a holding company later renamed Neoenergia. As of December 2005, after several changes in shareholder composition, Neoenergia had a participation in CELPE of 89.7% of the total capital (owning 99.6% of common stocks). Neoenergia's shareholders were Previ (49%), Iberdrola (39%) and Banco do Brasil (12%).  CELPE had a 30-year concession contract to provide electricity in Pernambuco.  In 2005, Celpe received a US$50 million loan from BNDES to fund an expanssion of the network, including three new substations.  Banco Santander, Bradesco, Itau BBA, Unibanco and Vorantium participated in the loan. Celpe was using internal funds to complete the US$100.1 million project.  In 2009, Celpe was granted a total of US$ 50.7 million in loans from Eletrobras, Banco do Nordeste, BNDES and FINEP. These funds were directed to finance its investment expenditures.
Eastern Power was to build, own, and operate the 350 MW natural-gas fired combined cycle facility located at Bang Bo. The project company ownership structure was divided as follows: GMS Power held 32% of the shares, Marubeni and TotalFina held 28% of the shares each, and China Development Industrial Bank held 12% of the shares. Financial closure for the project was achieved early in 2000 through the issuance of a US$115 million offshore facility fully backed by political risk insurance from MITI and a US$45 million tranche facility guaranteed by TotalFina. The remaining project costs were expcted to be funded through equity. Commercial operations were expected to start in mid-2002. Eastern Power had a 20-year power purchase agreement with the electricity authority of Thailand, EGAT.
The consortium Gas Natural Sao Paulo Sul SA won the 30-year concession to expand the gas distribution network in the south region of the state of Sao Paulo, area also known as area 3. The consortium is leaded by the Spanish group Gas Natural. The winning bid offered by the consortium was US$ 298.5 million (R$ 533.8 million), 462% higher than the minimum bid (R$ 95 million) required by the government of the State Paulo. The auction was carried out by the government of the state in April of 2000. The concession region has 53,206 square kilometers, which accounts for 21.5% of the total Sao Paulo state area. There are 93 counties in the region where 2.8  million people live, which accounts for 7.5 % of the total population of the state. In 2001 Gas Natural Sao Paulo Sul invested US$ 27 million (R$ 60 million) in the expansion of its distribution network.
Sonic Duo was awarded a license to provide mobile services in Moscow city and the surrounding region in May 2000. The company paid US$ 283.1 million for its license, awarded after negotiations with the government (there was no competition for the license, which has led to protests that the awarding process was not clear). Sonic Duo was established in December 1999 as a joint-venture with a 35% owned by Sonera holding (a daughter company of Sonera Corporation, Finland)  and the partially state-owned company Svyazinvest (65%), later known as CT-Mobile, a subsidiary of Central Telegraph. The GSM 900/1800 license was awarded for a 10-year period. In August 2000, Ericsson was awarded the equipment supplier contract. By the end of 2001 Sonic Duo already had about 260 base stations with a 15 base stations being installed per week until June next year. Number of Sonic Duo's base stations has doubled over the 2002 and reached 600. To set up the network, between 2000-2004, overall investments in the Sonic Duo (later known as Moscow based  Megafon) were expected to reach US$ 260 million. As of January 1, 2003, investments already totaled US$160 million including US$138 million attracted in 2002 in the form of a syndicated credit from the EBRD.   In May 2002 Sonic Duo was one of 8 regional operators which merged with North-West GSM and became a part of the nationwide GSM operator MegaFon. North-West GSM, the oldest subsidiary of Telecominvest, was the basic company around which consolidation occurred. In spring 2002 North-West GSM bought shares in Sonic Duo (100%), Mobicom-Kavkaz (74.5%), Mobicom-Tsentr (100%), Mobicom-Novosibirsk (51%), Mobicom-Khabarovsk (51%), Mobicom-Kirov (100%), MSS-Povolzhye (100%), Volzhsky GSM (80%) and Uralsky GSM (100%).   The name and  the legal form of North-West GSM was changed and it was incorporated into the company MegaFon which became the sole owner of Sonic Duo.
In January 2000, AES singed agreement to acquire control of three electric generating facilities from Republic of Georgia with a combined capacity of 823 MW. AES Gardabani Holdings BV purchased the 600 MW Gardabani thermal power plant which consists of two 300 MW supercritical gas and oil-fired units and AES Georgia Holdings BV acquired 25-year management contract for Khrami I and II hydroelectric power stations, which have a combined capacity of 223 MW. The total acquisition price for the three facilities is $11 million.  Units 9 & 10 of the thermal power plant Tbilsresi are located in Gardabani. The plant has been renamed AES Mtkvari. Its two mazut/gas-fired units have a combined capacity of 600 MW.  Tbilsresi is a major thermal power plant in Georgia generating a significant share of base energy, thus representing a crucial facility for the entire power grid of Georgia. AES took units 9 & 10 over the management in April 2000 pursuant to the completion of privatization agreement.   Over the next three years, AES plans to invest $50 million to improve operational processes and an overall condition of the plant. As stipulated in the 20-year power purchase agreement, AES Mtkvari will be selling electricity to the Wholesale Electricity Market of Georgia (WEM). One-third of AES Mtkvari electricity will be supplied to Tbilisi electric distribution company, AES Telasi.  On December 22, 2001, the Unit 10 at the Tbilisi Power Plant exploded, causing severe damage that will take at least a year to restore. AES-Mtkvari, a subsidiary of AES-Telasi that operates the 300-MW generating unit, said that the explosion occurred because the computer control system and the mechanical portion were incompatible. However, in January 2002, Georgia's national energy regulatory commission suspended AES-Mtkvari's license to operate the unit, prompting an AES Vice President to announce that the company will evaluate in the summer of 2002 whether it will remain in Georgia.  In September 2003, Inter UES, a subsidiary of Russia's Unified Energy Systems (UES), purchased the AES Mtkvari power facilities from AES for US$23 million.   As of December 2011, InterRAO was still the sole owner of Mtkvari.
In Feb. 2000, Natgasmex, a subsidiary of Gaz de France, was awarded a natural gas distribution permit for the Puebla Tlaxcala region. Gaz de France paid US$ 10.1 million for the existing assets in Feb. 2000 and committed to invest US$ 34.8 million over the next five years. In this five year period, Gaz de France will increase its distribution network to 800 KM of pipelines (currently it has 119 KM of pipelines which used to belong to Pemex), increasing its consumer base to 68,196 connections (mostly industrial users).
Cheung Kong Infrastructure Holdings Ltd entered into a joint-venture with the City of Panyu to build and operate the dual three-lane 3.25-Km long bridge. Cheung Kong has a 40% stake in the US$ 21.1 million project. Construction works were completed by the end of 2000.
In 2000, Operadores de Servicios de la Sierra SA was granted a operation and investment contract to operate the water and sewerage utility of Municipality of Cienaga (Magdalena department). In 2004 the municipality had 9700 connections and a total population of 87,355.
The project was a 20 year concession for the rehabilitation and construction of new roads. The project company ownership structure is divided equally among the sponsors. The project was handed over during the first half of 1999.   Works over the concession period included the rehabilitation of 282km of routes, the construction of 165km, the maintenance of 462km, the construction of 13 bridges, 45 pedestrian bridges and 20 over and under passes. Lack of environmental licence and problems with land expropriations have led to delays in the rehabilitation and expansion works. Construction and rehabilitation started in 2000. Total project cost was estimated to be US$250 million. Financial closure was achieved in July 2000 when the project company secured US$200 millioin of funding from international bank loans (US$100 million) and credits and contributions from the sponsors (US$100 million).  The contract included the following segments: TRAMO 1 Popayan - Santander de Quilichao (77 Km) TRAMO 2 Santander de Quilichao - Jamundi (79,4 Km)  TRAMO 3 Palmira - Buga (45,5 Km)  TRAMO 4 Cali - Palmira. (33 Km)  TRAMO 5 Yumbo - Mediacanoa (53,6 Km)  TRAMO 6 Sector 1 Cencar - Aropuerto - Recta, Sector 2 Palmaseca - Rozo - Cerrito (53,9 Km)
Ahmedabad Mehsana Toll Road Company Limited (AMTRL) was promoted by Government of Gujarat (GoG) and Infrastructure Leasing & Financial Services (IL&FS), specifically for the purpose of developing and implementing Ahmedabad Mehsana Road Project (SH 41 and SH 133) under Built, Own, Operate and Transfer (BOOT) basis. Annual and Periodic Maintenance (including renewal and overlay) for next 30 years also to be carried out by AMTRL. The project included: • Widening & Strengthening of Existing 51.6 km long road from two lanes to four lanes divided carriageway and construction continuous Service Roads on either side.  • Widening & Strengthening of Existing 11.5 km long two lanes Kadi - Kalol Spur road. • Bypass of 2.3 km long at Sertha village on left side of the existing road. • 2 Nos. Main Toll Plazas one Ahmedabad side and other Mehsana side at Km 20+000 and Km 65+500 respectively and two intermediate toll plazas at Chhatral and Nandasan respectively.  • 2 Nos. Road over Bridges (RoB) & 2 Nos. Minor Bridges, 1 No. Road under Bridge (RuB) and 5 Nos. Underpasses of minimum size of 5 m x 3 m and 5 Nos. Cattle Crossings of minimum size 3 m x 2.1 m. • Provision of retro-reflective signboards to improve road safety with very good riding quality to enhance user comfort. • Toll Rates are based on road user benefits including savings in Vehicle Operating Costs, Fuel and Time.  • Round-the-clock Highway Patrolling • 24 hours Ambulance services • Extensive tree plantation and transplantation of 1500 nos. trees. • Provision of roadside arboriculture and landscaping.  The total project cost was INR 3,000 million (US$66.8 million). The construction of Ahmedabad Mehsana Toll Road commenced on 1st May 2000 and the project achieved substantial completion on 20th November 2002. The project was commissioned on February 20, 2003.  Vadodara-Halol Toll Road Ltd. (VHTRL) reported lower than expected traffic in its first years of operation to the company opted for debt restructuring in 2004. As a result of the debt restructure, Mehsana Toll Road Ltd  merged with Vadodara-Halol Toll Road Ltd. (VHTRL) which was another SVP for a road project owned by IL&FS, into  Gujarat Roads and Infrastructure Company Ltd (GRICL).
AES singed an agreement in January 2000 to acquire control of three electric generating facilities in the Republic of Georgia with a combined capacity of 823 MW. AES Gardabani Holdings BV purchased the 600 MW Gardabani thermal power plant which consists of two 300 MW supercritical gas and oil-fired units that were constructed in 1990. AES Georgia Holdings BV acquired 25-year management contract for Khrami I (113 MW) and II (110 MV) hydroelectric power stations, which have a combined capacity of 223 MW. Approximately one-third of the Gardabani output and the entire output of Khrami I and II will be sold to AES Telasi. AES has paid $6 million in cash - $2.5 million for Khrami I and $3.5 million for Khrami II - for the contracts with a commitment to invest $5 million and $20 million respectively over the next five years. The rehabilitation program of Khrami II, contracted to Ansaldo Energia, is scheduled to be completed in two years. The program, estimated at $23 million, is funded by JBIC.  In September 2003, Russian state utility RAO UES signed a 25-year management and lease contract for AO Khramesi. It also acquired the energy distribution company AES Telasi for US$ 23 million. UES also acquired other energy facilities in the republic of Georgia owned by AES: AES Mtkvari, which owns generation unit No. 9 of the Tbilisi TPP.  As of 2010, Khrami HPP-1 had an installed capacity of 112.8 MW and Khrami Hpp-2 had an installed capacity of 114.4 MW
Fintur is the major shareholder of GT Mobile (80% stake). Fintur is a joint venture of Cukurova Holding (40%), Sonera (35%) and Turkcell (25%). The company provides GSM services in Georgia. GT Mobile was created in Feb. 1999, but commercial operations started in the end of 2000. In March 27, 2001, Geocell merged with the third GSM operator in Georgia - GT Mobile. Geocell became the legal successor of this company. Turkcell is 37% owned by TeliaSonera. The merger between Telia and Sonera was realized on December 9, 2002, the company and share changed name to TeliaSonera.
The Samalpatti Power Co. was awarded the project to build, own and operate a 106-MW oil fueled power plant in the state of Tamil Nadu.  The company is a joint-venture of Ogden Corp. (49%), Shapoorji Pallonji Group (40%) and Wartsila (11%).  Ogden Corp., besides being the major shareholder, is also the O&M contractor for the project. Wartsila, in turn, is the EPC contractor.  Financial closure for the US$102.2 million project was achieved in Jan. 2000.  Six banks and financial institutions participated in the debt financing portion of the cost (US$72.33 million), which was signed in the end of Jan. 2001. There is no foreign debt component and the remainder of the cost will be financed through equity.  Construction works started in Feb. 2000 and commercial operation began in first quarter 2001.
London Supply was awarded the contract to build and operate a passenger terminal at El Calafate Airport. The terminal will have an area of 3,100 square meters and a handling capacity of 50,000 passengers per year. The project involved a total cost of US$ 8.2 million. $25 million construction works (8,366-foot runway) were completed in Nov. 2000 and the sponsor will operate the new facility for a period of 25 years.  In 2007, Calafate Airport committed US $15.1 million (47 million Argentine pesos) to expanding its terminal at El Calafate airport. 30% of the additional investment was to be financed by the provincial government.  The building was to be expanded from 3,000 to 9,000 square meters.
Portofer was awarded the contract to rehabilitate and operate the 200-km rail network of Santos Port. The project envisaged an investment of US$ 6.2 million in the rehabilitation works. Portofer was a consortium of Ferropasa and Ferrovias Bandeirantes SA. It was set to operate the facility during a 25-year period. Ferropasa held a 36% stake in Ferrovias Bandeirantes S.A., besides controlling the other two rail operators in the region - Ferronorte and Novoeste. The sponsors took over the operation of the railway in July 2000.  In 2002, Ferropasa had increased its stake in Ferrovias Bandeirantes to 62%, becomming the controlling shareholder of Portofer. In the same year, Ferropasa had its name changed to Brasil Ferrovias SA. As of December 2002, Brasil Ferrovias' shareholders were Brazilian companies and pension funds: Previ (Caixa Previdencia dos Funcionarios do Banco do Brasil - 26.65%), Funcep (Fundacao dos Economiarios Federais - 22.31%), Constran S.A. (Construcoes e Comercio - 16%), Laif V Ltda (15.36%), BRP Ferronorte LLC (5.6%), Chase Capital Partners (5.98%), Banco Bradesco S.A. (3.56%) and others (5.69%).  In May 2006, ALL America Latina Logistica took the control of Brasil Ferrovias and, consequently, of Portofer. Between 2007 and 2009, Portofer invested US$ 10 million (BRL 20 million) to rolling stock and storage areas' infrastructure improvement. In the end of 2009, an additional US$ 1.7 million (BRL 3.5 million) in investment was undertaken.
Termonorte is a joint-venture of El Paso International (40%) and C&S Participacoes (60%). The Termonorte Project is divided into two phases. Phase I involves the construction of a diesel-fired power plant with a capacity of 64 MW and construction cost of US$ 60 million. A 10-year power purchase agreement was signed between Termonorte and Electronorte for the power generated by this unit (January 2000). The second phase involves a natural-gas combined cycle power plant with capacity of 345 MW and construction costs of US$ 220 million. Eletronorte has also signed a power purchase agreement for this second phase (May 2000). The construction works on the first phase started in January 2000 and were concluded in July 2000. Works on the second phase (Termonorte II) were conclude in mid-2003.  El Paso Corporation principally conducted their Brazilian development activities within an investment arm called Gemstone.  El Paso Corp. owned approximately 50% of Gemstone, which, in turn, owned 50% of Porto Velho (Termonorte Project).  Gemstone Investors, an unrelated party capitalized by private equity (Rabobank International) and debt, owned the remaining 50 percent of Gemstone.   In March 2009, Termogas S.A., a company owned by CS Participacoes (75%) and Termopar (25%), acquired 70% of Termonorte. The remaining shares were acquired PB Participacoes (30%).
In September 2000, Togo Electricite (TE) signed a 20 year concession with the Government of Togo to run the state owned vertically integrated power utility, Compangnie Energie Electrique du Togo (CEET). CEET was the sole distributor of electricity in Togo. Before the handover, CEET had an annual turnover of US$38.3 million, 87,375 subscribers across the country and production capacity of about 35 MW. TE took over the operations of CEET on December 1, 2000.  Elyo, a subsidiary of France’s Lyonnaise des Eaux (later renamed Suez), won the international tender by offering the highest evaluated bid (US$31.7 million). Elyo established Togo Electricite to implement the concession. France’s Vivendi and Saur also participated in the tender.  TE was initially capitalized at US$4.0 million. TE committed to pay off CEET’s debts of 7.5 billion CFA francs (US$10.53 million) to CEB, the joint generation and transmission utility for Benin and Togo, and also pay 350 million CFA francs (US$0.49 million) annually to the electricity regulator. TE also committed to invest US$36 million during the first five years of the concession.  In 2006, after several months of fruitless negotiation, France’s Elyo group broke off an agreement between Togo Electricite, its wholly owned affiliate, and the government on Feb. 22 and liquidated Togo Elecricite. The operations of Togo Electricite have been taken over by Compagnie d’Electricite Togolaise.
A consortium of Cometrans, TBA, and Baires Comercial was awarded the 5-year contract to rehabilitate and operate the Retiro passenger railway station. The sponsors took over the project in Oct. 2000 and will invest US$ 4 million in the rehabilitation works (the sponsors paid a fee of US$ 0.4 million for the concession rights). Approximately 70,000 passengers use the Retiro train station daily.
A new cargo terminal was developed at Pulkovo Airport by a joint-venture of Lufthansa's subsidiary GlobeGround (40%), the privatized Russian construction company LSGS (20%) and the State Unitary Aviation Enterprise Pulkovo (40%). The project company ZAO Pulkovo Cargo Terminal would build, own and operate the facility, which would have an area of 10,700 square meters and a handling capacity of 35,000 tonnes of cargo per year. This first phase involved a total investment of US$ 12.75 million. In Oct. 2000, the EBRD approved a financing package of US$ 8 million to the project sponsors: US$ 4 million as direct loan and US$ 4 million in syndication. In the future, the sponsors intended to raise the handling capacity first to 60,000 tonnes per year (Phase II) and then to 90,000 tonnes per year (Phase III).
China United Telecommunications Co., Ltd. (China Unicom Ltd.) was established in 1994 and was the only Chinese operator that had a license to provide a full range of services, including cellphone, toll, international, VoIP, data, Internet and broadband.  China Unicom was listed on the New York Stock Exchange and the Stock Exchange of Hong Kong on 21 June 2000 and 22 June 2000, respectively. Shares were issued at a price of US$1.98(HK$15.42) per share for retail investors and HK$15.58 for institutional investors and raised a total of US$5.653 billion. Hutchison Whampoa of Hong Kong also invested US$400 million in the company. On 1 June 2001, the company was included as a constituent stock of Hang Seng Index.   As of end 2005, the state-owned Unicom Group indirectly and effectively held 57.87% of shares in the Company through China Unicom (BVI) Limited and China United Telecommunications Corporation Limited.  The public investors of the A Share market in Shanghai indirectly and effectively held 19.47% of shares in the Company. The remaining 22.66% of shares in the Company were held by public investors in Hong Kong and New York.   The company provided cellular services as well as nationwide long distance telephony network, data network and Internet services. Its GSM cellular network spanned twelve provinces, as well as the municipalities of Beijing, Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Fujian, Liaoning, Shandong, Anhui, Hebei and Hubei by 2002.  In 2002, the compnay had completed the construction of a broadband optical fiber transmission network spanning 486,000 kilometers and an optical fiber backbone network reaching 110,000 km.  By the end of 2005, Unicom had 127.794 million mobile customers (34.5% of the market), of which 95 million used GSM and 32.7 million used CDMA.   In July 2006, Unicom successfully issued an aggregate principal amount of USD1 billion convertible bond to SK Telecom Co. Ltd. of Korea and both parties entered into a strategic alliance framework agreement to cooperate in the mobile communications business areas.  As of December 2006, the public investors of the A Share market in Shanghai indirectly and effectively hold 24.09% of shares in Unicom, while the other 23.31% of shares are held by public investors in Hong Kong and New York.
In 1998, Shoreline Power signed a 10-year concession agreement with the Tonga Electric Power Board (the state-owned utility) to take over Tonga’s electricity generation, transmission and distribution system.  Shoreline intended to upgrade and replace aging equipment, and to invest a total of 13 million pa’anga (US$6.5 million), but was not required to pay Tonga Electric Power to lease the assets.   In September 2000, Shoreline took over generation and transmission in the Vava’u island group, and in February 2002, the company took over distribution and transmission in Tongatapu and also took over generation, distribution generation, transmission and distribution in Ha’apai and ‘Eua.  By 2004, Shoreline was the sole supplier of electricity in Tonga.  Shoreline Power was a subsidiary of the Shoreline Group, which in turn was owned Crown Prince Tupouto’a, along with two business partners.    Shoreline owned and operated diesel generators, as well as distribution and transmission systems.  By July 2004, Shoreline had purchased two new generators at a cost of 8 million pa’anga (US$4 million), increasing total capacity from 8.3 MW to 12.7 MW.  In February 2005 Shoreline installed a new 3 MW generator, at a cost of roughly 6 million pa’anga (US$3 million), and had recently commissioned a new 1.4 MW generator at a cost of 1.5 million pa’anga (US$750,000).  In May 2005, Shoreline offered to sell its assets back to the government after public protests calling for a return to government ownership. In July 2008, Tonga’s parliament approved over US$ 12 million to purchase the power company Shoreline from the King.
The company that operates the International Airport in Beijing sold 35% of its shares in March 2000 for a total of US$386 million. ADPM, a subsidiary of Aeroports de Paris, and GTM (Suez Lyonnaise des Eaux) acquired 9.975% of the shares, several international investors acquired 21.525% of the shares and local investors acquired a 3.5% stake. A total of 1.35 billion H-shares were offered in the Hong Kong stock exchange.   The airport is the largest in China. A new passenger terminal started operations in November 1999 while the old one was undergoing renovation works. In 1999, the airport had 17 million passengers and 360,000 tons worth of freight. Currently, the airport earns 80% of its revenues from aeronautical charges and 20% from non-aeronautical income. ADPM has also signed a 5-year consultancy agreement for an annual fee of US$ 1.8 million.
In November 1999, a consortium lead by Biwater of the UK was awarded a 30-year concession contract to take control of the water and sewerage services in the Greater Nelspruit area from the Nelspruit local council. The deal was initiated because the municipality reportedly could not afford to upgrade water services in its newly incorporated surrounding townships. The consortium was to manage water services for 260,000 rural villagers and township residents.  The joint venture project company was named Greater Nelspruit Utility Company (GNUC) and was composed of a joint venture named Cascal (formed between British multinational water company Biwater and Dutch utility company Nuon) holding 49% and local Nelspruit black empowerment firm Sivukile Investments holding the remainder.  In 2005, the project company was renamed Silulumanzi.  While the project company was to assume full operating risks, including billing and collections, the municipality was to monitor the contract and retained the right to approve tariffs and was empowered to penalize the concessionaire if service levels were not acceptable.    Biwater was committed to investing R150 million (about US$27 million) over the first five years of the project. In July of 2000, most of the total finance for the project was obtained in the form of a R125 million loan over a seven year period from the state-owned Development Bank of South Africa (DBSA).  The consortium was to pay the council R1.25 million (US$0.2 million) a year for monitoring the process and R10 million (US$1.6 million) per year to enable it to service existing water and sanitation loans.  The concessionaire had also received a grant from the Department of Water and Forestry Affiars (DWAF) in the form of a bulk water discount of R2.28m per annum which was scheduled to be phased out in April 2004.    By end 2005, the overall level and quality of service delivery to the surrounding townships incorporated into the Greater Nelspruit Area had improved following the concession. GNUC had laid 655km of new water pipes and 420km of new sewerage pipes, replaced 4,000 water connection points and made 5,200 new water connection points. Water looses in Nelspruit were reduced from 31% to 14%.  As a result, most residents in the townships had access to 24-hour services.   On September 15, 2008, Cascal announced that its wholly owned South African subsidiary, Cascal Operations (Pty) Limited, had purchased the remaining 10 percent of its Greater Nelspruit Utility Company (Pty) ("Nelspruit") water/wastewater concession project from Sivukile Investments (Pty) Limited.
Millicom Peru S. A., a subsidiary of Millicom Cellular International, was awarded through competitive bidding a 20-year license to provide fixed telephonic services through Wireless Local Loop technology in the frequency 3.4-3.5 Ghz in Peru.  The company spent US$ 9.8 million for the concession on July 20th 2000.   In 2000, the company only provided services in Lima but it planned to extend its presence into other regions of the country. By 2003, the service area extended to Chiclayo and Trujillo.  In 2002, Millicom entered into an additional concession agreement with the Peruvian government to provide fixed services (local and long distance) to the states of Ancash, Arequipa, Ica, La Libertad, Lambbayeque, Lima, and the constitutional province of Callao.  Millicom sought to exit the Peruvian market beginning in 2002 but had not found an investor as of 2003. Millicom consequently wrote-down their operations in Peru for an approximate US$5.3 million.   In October 2006, the sale of Millicom Peru S.A. to Nextel del Peru S.A. was completed for an amount of approximately $5 million.
A Power Purchase Agreement was signed in June 1999, between Palestinian Energy Authority and Palestine Electric Company, a public shareholding company in Gaza, to build, own and operate a 140 MW power plant. Financing is based on 30 percent equity and 70 percent debt. One third of the equity shall be owned by the public, one third by PEC and one third by Enron Middle East subsidiary company. The debt will be held mainly by the Arab Bank. The initial term of agreement is 20 years, with the option of being extended for two additional five year periods. The price structure consists of fixed capacity and O&M payments. Fuel for the plant will be supplied and paid for by the PEA. ABB of Sweden was awarded the construction to engineer, procure and construct the power plant. Enron will do the operation and maintenance of the project.  Consolidated Contractors International Company (CCIC), a major shareholder in the original project, helped to salvage the project in February of 2002 by buying up the 33.5 percent stake held by the scandal-ridden American energy trading corporation Enron.   CCIC is now a 42 percent partner.
Liaocheng Xinao Gas Company Limited is a Sino-foreign joint venture company officially established in July 2000.  It was previously registered in the People's Republic of China (PRC) as a part of a PRC joint venture registered under the name Xinao Group Company Limited (XGCL).  In July 2000, Xinao Liaocheng Investment Limited ("Liaocheng BVI"), an indirect wholly-owned subsidiary of Xinao Gas Holdings Limited, acquired a 90% interest in Liaocheng Xinao for roughly US$1.74m from XGCL.  The remaining 10% is held by the state-owned Liaocheng City Heating Company.  Term of the joint venture will be 30 years beginning in August 2000.  However, other documents state that the term will end in August 2023 which is less than 30 years.  As of December 2002, 103km of pipeline had been constructed.
The San Pedro de Macoris power project included the construction and operation of a 300-MW oil-fired combined-cycle thermal power plant. Cespm was to sell electricity to the state-owned company CDE under a power-purchase agreement that was to last 20 years. The plant was scheduled to begin delivering power in 2002. The total project costs were estimated at US$ 318 million.   The Cespm ownership structure was divided as follows: Cogentrix held 65% of the shares and Globeleq, the power sector subsidiary of the Commonwealth Development Corporation (UK), held 35% of the shares (the bid was initially awarded to Cogentrix and Scotia Energy, but CDC subsequently bought Scotia's shares). In January 2007, it was announced that Basic Energy had fully acquired Cespm from its previous owners.    Financial closure was achieved in April 2000 as follows:  WestLB placed a bond offering of US$137.2 million placed, the German bank Kfm was providing US$95.4 million, and the sponsors contributed with US$77 million as equity. The IADB approved a partial risk guarantee of US$150 million which covered the US$137.2 million bond issuance.
In August 2000, Brasil Central Engenharia Ltda signed the 30-year concession contract to expand, rehabilitate and operate the water and sewerage systems of the city of Uniao do Sul, located in the state of Mato Grosso. This small town had a population of 3.8 thousand residents. No information was available regarding the private sponsor investment commitment or the bidding criteria for this concession contract.  Aguas de Uniao do Sul was established as a wholly-owned subsidiary of Brasil Central Engenharia Ltda (Grupo Dias). In 2012, Aegea (subsidiary of the Brazilian company Equipav) acquired the project company along with another 15 water and wastewater concessionaries that were operating in the state of Mato Grosso and belonged to Grupo Dias. The ownership of all these companies were transfered to a newly created holding called Nascente do Xingu, itself a wholly-owned subsidiary of Aegea.
In november 2001, Centroaguas began operating a 20-year lease of the water and sewer public service for the city of Tulua (Servicio Publico Domiciliario de Acueducto y Alcantarillado en la ciudad de Tulua). During this period, Centroaguas is to pay a monthly fee to Empresas Municipales de Tulua (EMTULUA) for the use of the infrastructure to provide the services.  Centroaguas was owned by Tulua municipal firms - grouped together as Emtulua (20%) and by Grupo Bermad - a group of foreign and local private companies (80%). In 2006, Grupo Bermad (composed by Bermad, Bermad Colombia, H20 Consulting SA and Ms. Marta Sofía López Soto) sold its stake of 80% to Grupo Empresarial Energic.   As of 2006, Centroaguas had over 40,000 connections.
The Sokhna Port Development Company (SPDC) operated the Port of North El Sokhna (Sokhna) under a 25-year concession agreement (extendable for another 25 years) awarded in mid-1999. The Port began commercial operations in October, 2002, and was the first fully private port operating in Egypt. It provided a deep water facility able to handle post-panamax vessels serving the Cairo area as well as the Suez Special Economic Zone (SSEZ), a 9,000 ha industrial development zone that was being developed adjacent to the Port. The Port benefited from a strategic location close to the southern entrance of the Suez Canal where it was to become a gateway for cargo between Egypt and Asia as well as East Africa.   SPDC was initially a joint venture of Egyptian Container Handling Co. (ECHCO) (60%), Stevedoring Services of America Inc.(SSA) (25%), Suez Industrial Development Co. (10%) and other investors (5%).  By 2004, SPDC’s ownership structure was as follows: ECHCO (70%); Captain Al Sharif (15%); Coral Holdings (10%); Mr. Al Tantawy (5%). Since ECHCO was a 50/50 joint venture between Orascom Construction Industries and Captain Al Sharif, the two parties owned, directly and indirectly, a combined 85% of SPDC.  Coral Holdings Investment Ltd. was a UK based investment vehicle.   The total investment on this first phase of the project amounted to US$200 million. This phase was designed such that the port was to be able to accommodate more than a half million containers and more than 8 million tons of goods annually.  Sohkna is located 150 km south-east of Cairo and 40 km south of the Suez Canal on the Red Sea. It is connected to the main rail network via a spur off the Cairo to Suez line.   In 2004, the IFC committed a US$20 million A loan to help finance the company’s 2001 – 2004 equipment and civil works investments. The project was to help complete the first two phases of the company’s operating plan for the container, bulk, general cargo, and fertilizer terminals at the Port and increase the container terminal’s capacity to 250,000 TEUs per year.  The total project cost was estimated at US$97 million.  In October 2007, DP World announced it was investing US$670 million to acquire a 90% share of Sokhna Port Development Company. The remaining 10% remained with Amiral Holdings Ltd. The acquisition was officialy signed in February 2008.
Hubei WuAn Peak Heat and Power Company Ltd was established in October 2000. This coal-fired, 24MW (2x6MW & 1x12MW), combined heat and power plant was sponsored by Peak Pacific Investment Company, a development company of which Alliant Energy International had a 93.5% stake, (90%) and Hebei WuAn City West Stone Coal Heat and Power Plant (10%).  The contract term was for 20 years.  Power was to be sold to the provincial grid and steam heat was to be sold to space heating customers.  Investment date was October 2000.  Total cost was approximately US$10 million (RMB 84m).  As of August 2001, Alliant's investments in China amounted to a total of 500MW spread across 9 projects.  Total investments in these projects were approximately $150 million.  Most of these investments were made through Peak Pacific Investment Company.
25 year contract (2003-2028) was awarded by governmental Provincial Waterworks Authority (PWA) to Chachoengsao Waterworks Co., Ltd. on November 9, 2000. Management period started on March 8, 2001 and commercial operation date started on March 1, 2003. PWA defined it as “Capacity expansion for Chachoengsao Waterworks (Build-Own-Operate-Transfer)”. The overall committed investments apparently were about 15,846,636 $US (677 million Baht).  Chachoengsao Waterworks Co., Ltd. was one of the subsidiaries of Universal Utilities Co., Ltd. (UU). It provided quality tap water to communities of over 18,000 households in the area of Muang District, Baan Pho District and Bang Numpreaw Municipality. Production capacity for 2006 was 51,600 cubic meters/day. It was going to set prevention of water loss during distribution from 50.41%, at the beginning of the project, to 15% within the year 2007.  Universal Utilities Co., Ltd. (UU) was appointed by the governmental Provincial Waterworks Authority to operate Chachoengsao, Bangpakong and Nakhonsawan Waterworks for 25 years to produce clean water for better quality of life and develop the waterworks technologies and install a Supervisory Control and Data Acquisition System (SCADA) and a Geographic Information System (GIS) in 2001.  UU managed waterworks business, receiving concession from governmental agencies such as the Provincial Waterworks Authority (PWA) and various municipalities. Universal Utilites’ business included tap water production and water distribution pipeline management. In 2001, the company began its operation under PWA contract, establishing waterworks offices in five areas, namely Chachoengsao Water Supply Co., Ltd. Bangpakong water supply CO., Ltd. and Nakornsawan Water Supply Co., Ltd. (25-year BOOT contract); Sattahip Water Supply Co., Ltd. (10-year lease contract, extended to 25 year contract) and Si Chang island Municipality which produced tap water from seawater by Reverse Osmosis system. The company also invested in Egcomtara Co., Ltd. which was granted a concession to produce and supply tap water in Ratchaburi-Samut Songkhram areas and operated tap water related business, such as engineering and maintenance service for pipeline system, tap water production system and wastewater treatment system.  UU started to operate Chachoengsao, Bangpakong and Nakornsawan waterworks of the Provincial Waterworks Authority (PWA) around March 2001. UU, Chachoengsao Water Supply Co.,Ltd. , Bangpakong Water Supply Co.,Ltd. and Nakornsawan Water Supply Co.,Ltd. had expanded the tap water production capacity and installed the Supervisory Control and Data Acquisition System (SCADA) to enhance the efficiency of tap water production system and to distribute the good quality tap water according to the Thai Industrial Standard (TIS) in the contract’s service areas. In addition, under the contracts the company had the water loss reduction plan to reduce water loss in the distribution system to less than 20% within 3 years, starting from April 2003, instead of 5 years as mentioned in the contract.  East Water held 100% shares in Universal Utilites Co., Ltd (UU).  Following its IPO in 1997, East Water had the following shareholder structure: state-owned Provincial Waterworks Authority (PWA) (44%), Industrial Estate Authority of Thailand (IEAT) (5%), and general investors (51%).  By 2005, that shareholding structure was: the partially private Electricity Generating Company (EGCO) of Thailand (18.22%), PWA (40%), IEAT (4.5%), and public investors (37.25%). As of 12/01/2006 East Water had 1,738 shareholders. Major shareholders were governmental PWA (39.99%), partially private EGCO (18.62%), IEAT (4.45%), and the rest of general investors held 36.9%.  As of 2004, the stake holders of EGCO were state-owned EGAT (25.41%), CLP Power (22.42%), Thai investors (30.09%), and foreign investors (22.08%). As of November 13, 2006, EGAT share in EGCO was 25.41%.
The Guangxi Wuzhou Communications Co. Ltd. is engaged in the construction and operation of toll roads and bridges. In 2000, the company issued 80 million "A" shares on the Shanghai Stock Exchange (18.1% of the company's shares). A total of US$ 53 million was raised as divestiture revenues.
In 1994, the consortium of Malaysian Resources (64.4%), KTM (26%) and Pembinaan (9.6%) was awarded the contract to build and operate the Kuala Lumpur Sentral Station. In exchange for developing the project, the sponsors were given the development rights for the area surrounding the construction site. The facility integrates all major rail transportation in the city and the airport facilities. The station will be the interchange for the Light Rail Transport System (PUTRA), the KTM Komuter train and the Express Rail Link. The facility has a total area of 966,308 square meters.   Financing for the project was achieved with commercial bank loans (US$ 39.5 million loan/guarantee facility arranged by Bumiputra Merchant Bankers in Jan. 1999) and the sale of real estate assets near by the site (US$ 140.5 million by Mar. 2000). Construction works were expected to finish in Apr. 2001.
In  January 2000, the municipality of Juara, in the state of Mato Grosso, Brazil, awarded a 30-year rehabilitate, operate and transfer contract for its water and sewage infrastructure to private operator Concessionaria Aguas de Juara. In 2001, the town of Juara had a population of 36,168.   Concessionaria Aguas de Juara was a special purpose company owned by Brazilian company Construtora Pereira Campanha.  The concession was awarded through an open competitive tender. No information was available on the number of final bidders. Information on investment commitments was also not available.
In September 2000 the local government of Primavera do Leste, in the Brazilian state of Mato Grosso, awarded a 30 year concession contract for water and sewage services in the municipality to private operator Aguas de Primavera. The company was to serve a population of 30,739 and invest some $15.97 million (R$31.95 million) in infrastructure development. All investments were to be completed by the end of 2010.  Aguas de Primavara was established as a wholly-owned subsidiary of Brasil Central Engenharia Ltda (Grupo Dias). In 2012, Aegea (subsidiary of the Brazilian company Equipav) acquired the project company along with another 15 water and wastewater concessionaries that were operating in the state of Mato Grosso and belonged to Grupo Dias. The ownership of all these companies were transfered to a newly created holding called Nascente do Xingu, itself a wholly-owned subsidiary of Aegea.  According to the Brazilian agency for private concessionaires in the water and sewage sector (ABCON) Aguas de Primavera was owned by locals Kullinan Engenharia, Filadelfo dos Reis Dias, Assis Marcos Gurgacz.
Governmental Provincial Waterworks Authority (PEA) awarded 10 years concession contract for management of Sattahip Waterworks (2000-2010) to Eastern Water Resources Development and Management Plc (East Water) on July 28, 2000. The Universal Utilities Co. Ltd. (UU), a 100% subsidiary of East Water, took on the management of Sattahip Waterworks. The overall investment commitments were apparently about 6.8 million $US (278 million Baht).  Under the contract, the company had developed the services system and expanded the water distribution pipeline areas by installing the Supervisory Control and Data Acquisition System (SCADA) as well as the Geographic Information System (GIS) with the investment of approximately 358,911 $US (14.5 million bath) to create the modern utility management system that can control and inspect the entire process of water production and distribution system. The Sattahip Waterworks System had the production capacity of 12,000 cubic meters/day at the start of the contract. In 2004, Provincial Waterworks Authority (PWA) assigned the operator to expand the tap water production capacity to 18,600 cubic meter/day in order to supply additional tap water to the service area in the south of Pattaya Waterworks Office. The contract was extended from 10 years to 25 years.  In 2006-2007 Sattahip Waterworks had a production capacity of 31,200 cubic meters/day and was going to increase production to 38,400 cubic meters/day by the end of 2007. The Supervisory Control and Data Acquisition System (SCADA) and a Geographic Information System (GIS) helped to monitor and reduce the amount of water loss during the distribution process from 15.13% in 2006 to 14.64% in 2007.  Universal Utilities Co.,Ltd.(UU) was established on December 15, 1998 as a 100% subsidiary of Eastern Water Resources Development and Management Public Co.,Ltd.(East Water). Following its IPO in 1997, East Water had the following shareholder structure: state-owned Provincial Waterworks Authority (PWA) (44%), Industrial Estate Authority of Thailand (IEAT) (5%), and general investors (51%).  By 2005, that shareholding structure was: the partially private Electricity Generating Company (EGCO) of Thailand (18.22%), PWA (40%), IEAT (4.5%), and public investors (37.25%). As of 12/01/2006 East Water had 1,738 shareholders. Major shareholders were governmental PWA (39.99%), partially private EGCO (18.62%), IEAT (4.45%), and the rest of general investors held 36.9%. As of 2004, the stake holders of EGCO were state-owned EGAT (25.41%), CLP Power (22.42%), Thai investors (30.09%), and foreign investors (22.08%). As of November 13, 2006, EGAT share in EGCO was 25.41%.
Consorcio Porto Estrela was awarded the contract to build and operate the power plant in Jul. 1997, but construction works started in Apr. 2000. Commercial operation should start in the second half of 2001. The project company ownership is equally divided among the three partners: CVRD, Coteminas, and the partially privatized state electricity utility, Cemig. The 112-MW hydro power plant will require an investment of US$ 59 million, and the sponsors will operate the facility for a 35-year period (there is the possibility of contract extensions).
In March of 1999, Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (SPLASH) received a 30-year BOT contract for the Sungai Selangor Water Supply Scheme Phase 3 (SSP3) project from the Selangor state government.  The SSP3 project involved the building of the Kuala Kubu Bharu Dam across the Sungai Selangor River and the construction of two water treatment plants at Rasa and Bukit Badong to produce a total of 1,050,000 cubic meters per day of treated water to serve over 2 million people in northern Selangor and the Klang Valley.  SSP3 was being implemented to avert a potential water crisis expected in 2003, driven by rising consumption which had increased from 8% to 9% every year for the previous 30 years.   Malaysian firms Gamuda Bhd. and The Sweet Water Alliance Sdn Bhd (TSWA) owned 30% and 40% equity in SPLASH, respectively, while the Selangor state-investment arm, Kumpulan Darul Ehsan Bhd (KDE) held the remainder.  Gamuda Bhd. was a major Malaysian infrastructure construction and engineering firm and TWSA was owned by Malaysian tycoon Tan Sri Wan Azmi Wan Hamzah. Puncak Niaga Holdings Bhd., the largest local water company in Malaysia, was awarded a 20% stake in the project in January of 2000, but ultimately declined the stake.  In December 2004, Gamuda Bhd. acquired an additional 10% stake in SPLASH from TWSA for RM135 million.  Gamuda Bhd, George Kent Bhd, and Rohas-Euco/Biwater were involved in the construction of the facilities.  The realignment of a 5km stretch of the Kuala Kubu Baru-Fraser Hill road was also part of this project. Construction commenced in March 2000 and was to be completed in stages from 2001 to 2004.  The first stage of the project was completed in July of 2003 and produced 525,000 cubic meters per day, while the second and final phase was completed in July 2005 when the plant commenced full capacity operations.    The project required a total investment of RM2.146 billion (US$564.8 million).  The project reached financial closure in July of 2000 when SPLASH issued a total of RM1.635 billion in bonds and notes.  Commerce International Merchant Bankers Bhd. arranged the issue of MYR1.407 billion (equivalent to MYR1.2 billion present value) in nominal value bonds and MYR435 million in floating rate notes.  The remaining RM500 million for the project was to be put in by consortium members as equity.
Concessionaria Litoral Norte (CLN) was awarded the contract to expand, rehabilitate and operate the Litoral Norte Highway. CLN was a joint-venture of the construction companies Odebrecht (50%) and OAS (50%). A total of US$ 168.6 million are expected to be invested during the 25-year concession period.   CLN started commercial operation March 2000. The highway has 217 Km in extension and an average traffic flow of 11,000 vehicles. The project has faced the opposition from the community in the area, mainly because there is no alternative free route to the highway. The sponsors have tried to speed up the construction works in order to avoid a cancellation, which has being requested through law suits, of the project.  In 2000, the corporate control of CLN was tranfered to Invepar (91.5%), and Odebrecht kept the remaining shares (8.5%).  Invepar-Investimentos e Participacoes em Infra-estrutura SA is a holding company that also controls LAMSA. As of December 2003, Invepar was controlled by Construtora OAS (17%) and Banco do Brasil Pension Fund, Previ (83%).
In August 2000, the Public Works Department (PWD) of the State Government of Maharashtra entered into an agreement with Atlanta Limited (AL) for developing the Mumbra Bypass Project, a greenfield road project, on build-own-transfer (BOT) basis. Under the agreement, AL was expected to build the 5.41 km long bypass on National Highway – 4 between Mumbai and Pune, and operate it for 16 years (and 4 months), including the construction period of 57 months.   The total capital cost of the project was estimated at US$ 29.6 million. AL was to be compensated for the capital and operating costs from the tolls collected during the commercial operation period.  Construction works on the project began in 2000. The project experienced considerable delays during construction due to delays in obtaining approval from the Railway authorities. The project was scheduled to begin commercial operations in January 2007.
In early November 1998, Electricite de France International beat eight competing offers to win the contract to finance, build, own and operate the US$ 234.5 million project. The  450-MW combined-cycle Rio Bravo thermoelectric plant achieved financial closure in Mar. 2000 with a financing package from the IFC (US$ 50 million direct loan; US$ 65 million in syndication). EdF will operate the plant, due to come on-line within two years, under a 25-year power purchase agreement with the national grid. Rio Bravo is in Tamaulipas state across the border from Texas.   Because of persistent drought in the Rio Bravo are, the plant will use an air-cooling system that makes minimal use of water. Power plant design and construction supervision is being carried out by a local engineering firm set up for this purpose and to which EdF will provide its expertise. This project was scheduled to enter service in 2000.  In December 2007 Gas Natural SDG SA acquired all of EDF's assets in Mexico for US $1.450 billion.
In 2000, the Mexican government sold a 15% stake of Grupo Aeropuertuario del Centro Norte (GACN) to Servicios de Tecnología Aeroportuaria (SETA) for US$91.4 million.  GACN, also known Operadora Mexicana de Aeropuertos (OMA), was incorporated as a wholly-owned entity of the federal government in 1998 and was granted a 50 year concession contract to operate, maintain and upgrade thirteen airports in the northern-central region of Mexico (Acapulco, Cuidad de Juarez, Chihuahua, Culiacan, Durango, Mazatlan, Monterrey, Reynosa, San Luis de Potosi, Tampico, Torreon, Zacatecas, Zihuatanejo). The northern-central airports handle 10 million passengers per year in 1998.  In 2000, SETA was owned by Vinci Airports SA (37.25%), ICA SA de CV (37.25%) and Aéroports de Paris (25.5%). In January 2006, ICA acquired Vinci Airport’s share in SETA and an additional 36% stake in GACN from the Federal government for US$203.3 million, effectively purchasing 44.94% of GACN. Such an acquisition was contemplated under the initial privatization scheme, which gave Seta the option to purchase a 36% stake in GACN in the fourth year of privatization anniversary. The sale was subject to certain conditions. With its combined share in SETA and GACN, ICA controlled a total of 47.2% of the shares in GACN.  Under the privatization scheme, SETA was ensured the control of GACN through a 15 year technical-assistance agreement which granted to SETA the management and consulting services to GACN in exchange for a fee. The technical-assistance agreement could be renewed for another 15 year. SETA consortium started operating the airports by December 2000.   Under GANC’s concession contract, the company was required to submit an updated master development plan for approval by the Secretary of communications and Transportation (STC) every five years. Each master development plan covered a fifteen-year period and includes investment commitments for the regulated part of our business (including certain capital expenditures and improvements) for the succeeding five-year period and investment projections for the regulated part of our business (including certain capital expenditures and improvements) for the remaining ten years. Once approved by the STC, these commitments became binding obligations under the terms of our concessions. Committed investments were minimum requirements.   The sponsors invested US$128million (1,300 million pesos) in the first 5 years of the project, and committed to invest US$139 million (1,454 million pesos) in the 2006-2010 period.  In November 2006, the Mexican government sold 41% of its stake in GCNA in an IPO which contributed approximately US $376 million to government coffers. Shares were sold on the NASDAQ Stock Market and the Mexican Stock Exchange. The 41% IPO + 51% previously sold to private investors makes GCNA a 92% privately owned and operated company.
The Termoelectrica del Golfo project is subdivided into two phases. TEG I includes the construction of a 230 MW fuel fired power plant that has a 20-year power purchase agreement with Cemex S.A. (Cemex is the owner of the 13 cement plants that will receive power from TEG). The surplus power from TEG I will be sold to the Comision Federal de Electricidad (SOE). TEG I involves an investment of US$ 369 million. Financial closure for this first phase was achieved in Apr. 2000: (US$ 92.4 million in sponsors equity; US$ 177.3 million from the IADB approved in Nov. 1999 (US$ 75 million in direct loan and 102.3 million in syndication); and US$ 100 million credit from Coface).   Construction works on TEG I started in April and commercial operation started in 2002. The second phase of the project, TEG II, involves the construction of a 230 MW fuel fired power plant that has a 20-year power purchase agreement with Industrias Penoles, producer of refined silver, metallic busmuth, and sodium sulfate (surplus power, estimated to be 20% of capacity, will also be sold to the national grid). Phase II achieved financial closure in Oct. 2000: the US$ 239 million project will be financed with debt arranged by ABN-AMRO, credit Agricole Indosuez and ANZ, as well as a political risk insurance provided by Coface. Commercial operation of phase II started in mid-2003.
25 year contract (2003-2028) was awarded by governmental Provincial Waterworks Authority (PWA) to Nakhon Sawan Water Co.,Ltd. on November 7, 2000. Management period started on March 6, 2001 and commercial operation date started on March 1, 2003. PWA defined it as “Capacity expansion for Nakhon Sawan Waterworks (Build-Own-Operate-Transfer). The overall committed investments apparently were about 10,533,215 $US(450 million Baht).  Nakhonsawan Waterworks Co., Ltd. was one of the subsidiaries of Universal Utilities Co., Ltd. (UU). It provided quality tap water to communities living outside the Mung District in Nakhonsawan Province. It had a production capacity of 9,600 cubic meters/day in 2006. The company was constructing a water filter plant at Kao Rong Kroa in order to increase production capacity to 19,200 cubic meters/day in 2007 and it was continuously working on prevention of water loss during distribution with a target water loss of less than 16% for 2007. Universal Utilities Co., Ltd. (UU) was appointed by the governmental Provincial Waterworks Authority to operate Chachoengsao, Bangpakong and Nakhonsawan Waterworks for 25 years to produce clean water for better quality of life and develop the waterworks technologies and install a Supervisory Control and Data Acquisition System (SCADA) and a Geographic Information System (GIS) in 2001.  UU managed waterworks business, receiving concession from governmental agencies such as the Provincial Waterworks Authority (PWA) and various municipalities. Universal Utilites’ business included tap water production and water distribution pipeline management. In 2001, the company began its operation under PWA contract, establishing waterworks offices in five areas, namely Chachoengsao Water Supply Co., Ltd. Bangpakong water supply CO., Ltd. and Nakornsawan Water Supply Co., Ltd. (25-year BOOT contract); Sattahip Water Supply Co., Ltd. (10-year lease contract, extended to 25 year contract) and Si Chang island Municipality which produced tap water from seawater by Reverse Osmosis system. The company also invested in Egcomtara Co., Ltd. which was granted a concession to produce and supply tap water in Ratchaburi-Samut Songkhram areas and operated tap water related business, such as engineering and maintenance service for pipeline system, tap water production system and wastewater treatment system.  UU started to operate Chachoengsao, Bangpakong and Nakornsawan waterworks of the Provincial Waterworks Authority (PWA) around March 2001. UU, Chachoengsao Water Supply Co.,Ltd. , Bangpakong Water Supply Co.,Ltd. and Nakornsawan Water Supply Co.,Ltd. had expanded the tap water production capacity and installed the Supervisory Control and Data Acquisition System (SCADA) to enhance the efficiency of tap water production system and to distribute the good quality tap water according to the Thai Industrial Standard (TIS) in the contract’s service areas. In addition, under the contracts the company had the water loss reduction plan to reduce water loss in the distribution system to less than 20% within 3 years, starting from April 2003, instead of 5 years as mentioned in the contract.  East Water held 100% shares in Universal Utilites Co., Ltd (UU).  Following its IPO in 1997, East Water had the following shareholder structure: state-owned Provincial Waterworks Authority (PWA) (44%), Industrial Estate Authority of Thailand (IEAT) (5%), and general investors (51%).  By 2005, that shareholding structure was: the partially private Electricity Generating Company (EGCO) of Thailand (18.22%), PWA (40%), IEAT (4.5%), and public investors (37.25%). As of 12/01/2006 East Water had 1,738 shareholders. Major shareholders were governmental PWA (39.99%), partially private EGCO (18.62%), IEAT (4.45%), and the rest of general investors held 36.9%.  As of 2004, the stake holders of EGCO were state-owned EGAT (25.41%), CLP Power (22.42%), Thai investors (30.09%), and foreign investors (22.08%). As of November 13, 2006, EGAT share in EGCO was 25.41%.
Central Romana undertook the project to construct and operate the airport facilities. A total of US$ 55 million has been invested in the airport infrastructure: a 2,950 meters runway, a taxiway, a 6,700 square meters terminal, a control tower and other facilities. Construction works were undertaken in 2000, and, by Dec. 2000, commercial operation started. The facility has a handling capacity of 300,000 passengers per year.
Metropolitano was awarded the concession contract to rehabilitate and operate the passenger terminal Once. The sponsor will invest US$ 13 million in the rehabiliation works and will operate the facility for a 20-year period. The terminal is used by approximately 300,000 passengers per day. The sponsor paid US$ 9.4 million for the concession rights.
Aunor, a joint-venture of Dragados (part of ACS Group as of December 2003)(85%) and Maremco (15%), was awarded the contract to build and operate the access to the city of Salta highway in Dec. 1999. The construction works commenced in Feb. 2000, and tolling started early in 2001. A total of US$ 38 million will be invested in infrastructure during the 25-year concession period. The highway has 60 km in extension.
In June 2000 the government of the Democratic Republic of Congo (DRC) awarded a 30-year build-own-operate-and-transfer (BOOT) nationwide GSM 1800 mobile telephony license to mixed company Congo China Telecom (CCT). CCT planned to invest some $20 million in network development.  The contract was awarded through direct negotiations between the DRC government and Zhongxing Telecom (ZTE), a Chinese government controlled telecom company listed on the Shenzhen stock exchange. ZTE held a controlling 51% stake in special purpose company Congo China Telecom. The remaining 49% of the shares were held by the Ministry of Post and Telecom of the Democratic Republic of Congo.  The project reached financial closure on December 14th 2000, with a loan from the Export and Import Bank of China.   On October 20th, 2011, France Telecom announced that it was buying 100% of Congo Chine Telecom. Under the terms, France Telecom will pay US$10 million for ZTE's 51% stake, and US$ 7 million for the government's 49% part of CCT. France telecom was to operate under the Orange brand.    France Telecom reported that the combination of both transactions was consistent with an enterprise value of $196 million for CCT, or 2.1 times the expected 2011 revenues. CCT was also to pay $71 million to the government of DRC for improved licence terms, consisting of a 10-year extension, access to an additional 2 MHz in the 1,800 MHz range for 2G services, and access to 10 MHz in the 2,100 MHz range for 3G services.   CCT’s operations were to be financed from internally generated funds, restructured external loans and a total of $185 million as capital increase provided by France Telecom in several installments.
The Beijing Capital Company was created in August 1999 with the assets of the Beijing-Jingtong Highway which belonged to the state-owned Beijing Capital Group. In 2000, the company sold 300 million "A" shares in the Shanghai Stock Exchange (14.55%). A total of US$ 325 million was raised in divestiture revenues.
In September 2000, the Government of Chad (GOC) signed a thirty-year contract with Vivendi-Dietsman, a subsidiary of Vivendi (Veolia Environnement as of May 2003), to progressively transfer the provision of electricity and water services from Societe Tchadienne d'Eau et d'Electricite (STEE), the state-owned concession holder.  The concession perimeter included the capital city of N'Djamena (which represented 80% of the country's electricity consumption) and eight small urban centers.   Chad's electricity sector was characterized by very high tariffs, high UFW and low bill collection, as well as by unreliable and poor quality service.  Government interference had been constant and investment had been sorely lacking. The very limited facilities were old and inefficient and had not been adequately maintained due to financial problems and poor management.    Peak electricity production in Chad was less than 25 MW, of which about 20 MW was generated in N'Djamena, Chad's capital, and the remainder in five smaller urban centers -Moundou, Sahr, Abeche, Bongor, and Faya-Largeau.  There were about 16,400 electricity customers in a country of 7 million persons, so STEE provided services to only 1% to 1.5% of Chad's population.  In the water supply and sanitation sector, only about 30% of the urban population and 26% of the rural population had access to safe water.  STEE was producing about 25,000 cubic meters (m3) of water per day through 15,000 connections, while actual demand was over 35,000 m3/day.  The contract for private participation in STEE was to be divided into three phases. The first phase was a management contract in which the private operator (Vivendi-Dietsmann) was to assume full technical and financial management of the company and be paid a fixed fee and a variable amount tied to performance of the utility.  The private operator was expected to optimize operating costs, improve billing and collection ratios, and reduce commercial losses.  This first phase was expected to last two years, but no more than five years and possibly be split into two sub-phases, in which a lease contract would follow.   This second phase, if necessary, was expected to last three years, and was an "affermage" phase under which Vivendi-Dietsmann was to become financially responsible for the operations of the electricity and water sectors and for the results of the utility.  Responsibility for financing investment, however, was to remain with the Republic of Chad while Vivendi-Dietsmann was to be remunerated from the utility revenues. This second phase of the investment program for the electricity and water supply sectors of Chad was to be implemented once the sectors were financially able to support a lease contract.  During this phase, the Sedigi refinery was expected to supply the utility with relatively cheap heavy fuel oil and access to services was expected to expand rapidly.   The third phase, which was expected to last up to 25 years, was to be a full concession, under which Vivendi-Dietsmann, the original management contractor, would become the majority holder of the utility and assume full responsibility for the investment, financing, and management and operation of the electricity and water supply facilities.    In 2002, the project received support from the World Bank through the Critical Electricity and Water Services Rehabilitation Project, consisting of IDA credit financing of US$54.8 million for the overall development of the sectors.  The project also received US$4.5 million worth of support from the bilateral Agence Francaise de Developpement and US$.9 million from the GOC.   Veolia’s management reforms were contingent upon subsidized investments in generating capacity and the implementation of the Sedigui oil project to reduce fuel costs.  However, the Sedigui project was delayed after a Sudanese company, Concorp International, was unable to complete the job of developing the small fields and building a pipeline to carry Sedigu
Corporacion Aeropuerto Internacional del Cibao, a consortium of local companies, undertook the project to construct and operate a new project located in Licey al Medio, Santiago Province. A total of US$ 30 million will be invested in the airport infrastructure: a 2,450 meters runway and a terminal with handling capacity of 100,000 passengers per year. Construction works started in early 2000 and were expected to be completed by Jul. 2001.
The Dominican Republic's six main airports were awarded in a concession to Aerodom in March 1999. The contract was approved by the Chamber of Deputies in February 2000, but the hand over occurred only in April 2000. Aerodom was led by Operadora de Aeropuertos del Caribe, which held 55% of the shares; the other private sponsors were Ogden, which, held 35% of the shares, and the Canadian Airport Authority of Vancouver and Impregilo, which held 5% of the shares respectively. As of April 2000, Ogden was selling its equity stake in Aerodom to its local partners.  Aerodom’s airports were the Las Américas International Airport located 13.7 miles (22 kilometers) to the east of Santo Domingo, the capital city of the Dominican Republic; the Gregorio Luperón International Airport located 11.3 miles (18 kilometers) east of Puerto Plata; the Arroyo Barril International Airport and Samaná International Airport located on either side of the Samaná Peninsula; the La Isabela International Airport in El Higüero near Santo Domingo and the María Montez International Airport located in Barahona.  A total of US$265 million was to be invested in the expansion and rehabilitation of the facilities over the first phase of the 20-year concession period and to build another airport at Samaná, on the country's north coast.  Aerodom's estimated total revenues were US$2 billion through the collection and retension of aeronautical revenues such as aircraft landing and parking fees, airport terminal revenues including passenger facility charges and fees from airport services providers, and all commercial revenues, rents and fees).    The investments were to be financed by a combination of shareholder cash equity, retained earnings and the proceeds of a planned project recourse financing. In November of 2002, the Inter-American Development Bank (IDB) agreed to guarantee a US$170 million Eurobond issue launched by Aerodom. In October of 2004, the IFC, in conjunction with Export Development Canada (EDC), approved a US$100 million loan to Aerodom.  The financing was comprised of a US$45 million IFC A-loan, a US$15 million B-loan with the participation of Caja de Ahorros del Mediterraneo, and a US$40 million EDC loan.  As of 2004, the Hazoury Group owned 58.25% of Aerodom through its subsidiaries Operadora de Aeropuertos del Caribe S.A. (50.5%) and Ronal Marketing Inc. (7.75%). Administradora de Aeropuertos del Norte, S.A. (17.0%), Corporación de Inversiones, S.A. (17.0%), and YVRAS. (7.75%) were the other major shareholders in the company.  A subsidiary of YVR Airport Services Ltd. (YVRAS), a 90%-owned subsidiary of Vancouver International Airport Authority, was to serve as the technical partner and manage all of Aerodom’s airports under an operations and management agreement.   By end 2004, the company was handling more than 3.8 million passengers/year, accounting for more than 50% of all passenger traffic in the country.   In September 2013, Aerodom was facing financial difficulties and had to issue bonds to pay back its debts. At the same time, the government was considering revising the contract or even cancelling the contract.  In December 2015, Vinci Airports acquire the full ownership of Aerodom.
In July 2000, Cosagua Ltda was awarded a 30-year concession to operate the water and sewerage systems of the city of Paraguacu, in the State of Minas Gerais. Cosagua started operating the systems in July 2000, attending a population at the time of 16,101.  Cosagua was owned by the local companies Global Engenharia and Planex Consultoria.  The project company, Cosagua, committed to invest US$ 2.8 million (R$ 5.28 million) throughout the concession.  As of December 2003, Cosagua had already expanded the water treatment plant, and had built two reservoirs with 500,000 liters of capacity each.
The Itiquira power project involves the construction of two units (Itiquira I and Itiquira II) with a total installed capacity of 156 MW of hydro power. Itiquira Energetica is a joint-venture of Inepar (49.9%) and Triunfo Agro (50.1%; Triunfo Agro is owned by Inepar and Construtora Triunfo of a 50/50 basis).  Itiquira was awarded a 30-year contract to build, own and operate the power plant in 1998, and, at the end of this period, the plant will be transferred to the government, which will pay for the investments undertaken by the sponsors.   As of the first half of 2000, approximately 30% of the construction works have been completed, and it is expected that Itiquira I will have started its commercial operation in March 2001, while Itiquira II was expected to start in July 2001.   Itiquira Energetica signed a 10-year power purchase agreement with the electricity distribution company Copel, starting in 2001. In September 2000, NRG Energy and Vattenfall acquired 48.8% of the project company's shares through its jointly-owned subsidiary Tosli Investments (this reduced Inepar's shares to 48.8% and Triunfo Agro's shares to 2.4%).  In December 2003, BNDES, the Brazilian Development Bank, approved a credit of US$ 28.3 million (R$ 85 million) for the plant.  In December 2007, the power plant was acquired by the Canadian company Brookfield.
Concesionaria Dominicana de Autopistas y Carreteras (Codacsa), a joint-venture of Sacyr (36.5%), Elsamex (24.9%), Intropolis (13.5%), Consorcio Eco-Energetico (10%; four national financial institutions), Mera, Munoz & Fondeur (10%) and Sercitec (5%), was awarded the contract to expand, rehabilitate and operate four major roadways.  A total of US$ 148.9 million will be invested in infrastructure during the 30-year concession period. The highway has 142 km in extension. In 2000, the IFC approved a US$ 61.6 million financing package for the project: US$ 25 million in direct loans, US$ 1.6 million in equity and US$ 35 million in syndication. However, as of 2002, no funds had been committed. Construction works should commence in the second half of 2001. In August 2012, the government unilaterally cancelled the concession and took over the assets of Codacsa. The government blamed the concessionaire for not undertaking the commitments established in the concession contract.
Tractebel was awarded the gas natural distribution permit for the Guadalajara area in Aug. 2000. Tractebel paid US$ 8.13 million for the existing assets that used to belong to Pemex (97-KM of pipelines), and agreed for an additional investment of US$ 83.6 million over the next five years. By the end of this five years, Tractebel will have a 2,186-KM network and will be supplying gas to 180,558 users (mostly industrial consumers and cogeneration plants). The contract length is for 30 years, renewable for periods of 15 years, but Tractebel has a 12-year exclusivity period.
Reho-Electricity has signed a contract to distribute and supply all electricity needed by end customers in the Rehoboth area in Namibia. This contract has been signed with the Municipality of Rehoboth. The contract is open ended and for a minimum of five years. Reho-electiricty took over on September 1st, 2000. All distribution networks are leased from the municipality. Reho-Electricity (Pty.) Ltd is a private company registered in Namibia and is 100% owned by Icon Investments.
LVS Power was awarded the contract to build, own and operate a 37.8 MW diesel-fired power plant in the Indian state of Ahdhra Pradesh. A power purchase agreement was signed in 1996, but financial closure was only achieved in Aug. 2000.  The cost is estimated at US$ 300.6 million.  The power plant was commissioned in 2001.
The Changchun Gas Co. Ltd. is engaged in the supply of natural gas for the city of Changchun.  In 2000, the company issued 360 million "A" shares on the Shanghai Stock Exchange (25.09% of the company's shares). A total of US$ 43.5 million was raised as divestiture revenues.
The Malampaya gas project is being developed as a joint venture between Shell (45%), Texaco (45%) and state-owned company PNOC (10%). The gas transported in the pipeline will be directed to three new power plants with a combined generating capacity of 2,700 MW (Shell and Texaco have not equity on these power plants). The pipeline engineering and designed was awarded to BRK, a joint venture between JP Kenny and Brown & Root.   Pipelaying began in Jun. 2000 and gas delivery for commercial purposes was expected to start in Jan. 2002 for a period of 20 years. The Malampaya project includes the production and transport of gas with a total cost of US$ 2 billion, but the pipeline itself cost US$ 432 million. Shell Corp. retained the operations of the whole project.
Itabepi Geracao de Energia SA won a 35 years concession to build and operate the 450 MW Itapebi hydroelectric power plant in the Jequetinhinha River, at Bahia state. The Spanish group Iberdrola SA, the sponsor of  the company, offered the winning bid of  US$ 8 million (R$ 14.3 million) in the Aneel’s (Brazilian energy regulatory agency) auction. The concession contract was award by Aneel in April of 1999, and the project reached financial closure in January of 2000. The construction of the power plant was launched in 2000 and the Hydroelectric started operations in June 2003. Itabepi Geracao de Energia SA initially announced that it expected to invest US$ 278.9 million (R$ 500 million) in the project. In October 2003, Itapebi raised US$ 69 million (R$ 200 million) with the issue of non-convertible debentures.     As of 2005, Itapebi was owned by Neoenergia (42%), Iberdrola's subsidiary Iberener (22.6%), 521 Participacoes (16.4%) and Banco do Brasil's direct stake of (19%). Banco do Brasil also had a 12% stake in Neoenergia, along with Previ (49%) and Iberdrola (39%).
ATM was awarded a contract to build and operate a terminal at the Altamira Port during a 15-year period. ATM is wholly owned by the construction company Remaconst. A total of US$ 22.9 million will be invested in the construction of a 370,000 square meters terminal (capacity of 10,000 TEUs). Bancomext has financed 22% of this cost. Construction works started in early 2000 and were concluded in Nov. 2000.
The Samayanallur power project involves the construction and operation of a 106-MW furnace oil fired power plant (seven units of 15.143 MW each).  Ogden Corp. is the O&M contractor, while Wartisila is responsible for the EPC contract.  The plant entered service in September 2001.  The US$ 38 million foreign debt component of the financing was provided by ICICI and the Power Finance Corp., while the US$ 30.4 million domestic component was provided by IDBI, ANZ Investment Bank, IDFC and IL&FS. The private sponsors are providing US$ 29.2 million in equity.
JAL Trading and Tomen Corp. entered into an agreement with the Lao government to operate a new terminal at Vientiane Airport. The companies and the government formed a joint-venture company called Lao-Japan Airport Terminal Services, which will undertake the management contract for a period of 10 years. The government holds a 51% stake on this company, while JAL Trading and Tomen Corp. equally share the remaining 49% stake. The new facility has 11,973 square meters and will be able to service 800 passengers per hour. Construction works were completed in mid-1999, but operation of the terminal only started after the agreement with JAL and Tomen was signed. Initial investment capital was US$1.5 million, rising to US$3 million in 2009. The contract was extended before expiration date, but there was no information for how long. As of March 2011, the project continued to be operational.
Metrovias was awarded the concession contract to expand, rehabilitate and operate the Federico Lacroze passenger rail terminal in 2000. The project envisages an investment of US$ 2 million. The sponsor paid US$ 1 million for the rights to operate the facility for a 20-year period. Approximately 70,000 passengers use the facility daily. The consortium of Metrovias is made up of Benito Roggio e Hijos, S.A. (55.3 percent) and Cometrans (28 percent) and Burlington Northern (16.7 percent).
The Hubei Changyuan Electric Power Development Co. is engaged in the generation of electricity in the city of Wuhan (hydro and thermal power plants). In 2000, the company issued 108 million "A" shares on the Shenzhen Stock Exchange. A total of US$ 79.6 million was raised as divestiture revenues.
Telecominvest was awarded a license to provide GSM mobile services in the Volga region. The award was controversial because there was no bidding process. The new company created by Telecom invest to undertake the project will invest around US$ 250 million up to the end of 2002 to roll out the network. Siemens was selected as the equipment supplier in Feb. 2001, signing a contract worth US$ 50 million; however, in May 2001, Telecominvest decide to award Nokia with the supply contract (the negotiations with Siemens regarding the financing of the contract went through long delays; the company then decided to finance this first phase of the project with its own resources and Nokia's proposal was more profitable under these circumstances). Commercial operations are schedulled for the third quarter of 2001. MegaFon, which includes a number of regional cellular operators, has licenses to provide services across the whole of Russia. Megafon's shareholders are Russia's Telecominvest with 31%, Finland's Sonera with 26%, Russia's Central Telegraph Mobile with 26%, Sweden's Telia with 8%, IPO Growth Fund with 6%, Russia's WestLink with 1.5%, and Kontakt S with 1.5%.  In May 2002 North-West GSM company merged with 8 regional operators. North-West GSM, the oldest subsidiary of Telecominvest, was the basic company around which consolidation occurred.  In spring 2002 North-West GSM bought shares in Sonic Duo (100%), Mobicom-Kavkaz (74.5%), Mobicom-Tsentr (100%), Mobicom-Novosibirsk (51%), Mobicom-Khabarovsk (51%), Mobicom-Kirov (100%), MSS-Povolzhye (100%), Volzhsky GSM (80%) and Uralsky GSM (100%). As a result of the name and  the legal form of North-West GSM was changed and it was incorporated into the company MegaFon. The process of establishment of the nationwide GSM operator MegaFon, which began in August 2001, was completed.
Antrak Ghana and SDV, both part of the Bollore Group, constructed a new container terminal at the Tema Port. The facility, whose construction works were completed in Mar. 2001, occupied a total area of 60,000 square meters. It was expected to handle about 45,000 containers annually (75,000 TEUs). The terminal was constructed to ease the increasing congestion in Ghana's seaports (particularly the Port of Tema).  The terminal was officially commissioned in September 2002. The container facility has an annual throughput capacity of approximately 40,000 containers with storage for up to 1,600 full and 3,000 empty TEUs.  In October 2008, Bollore announced it was to seize the brand names of Antrak and SDV, and use Bollore Africa Logistics instead.  Meridian Port Services took over the facility in February 2007. Bolloré Africa Logistics is the MPS Terminal port operator, in Tema. APM Terminals owns 35% of MPS, while Bollore Group owns another 35%. The government's Ghana Ports and Harbour Authority owns 30%.   Meridian Port Services (MPS) is made up of GPHA, Maersk, and the Bollore group. The shareholder value is 30% for the Government of the Republic of Ghana/GPHA and 70% for Meridian Port Holdings Limited, which is in turn a joint venture with Maersk and the Bollore group.  MPS has been granted a concession to operate the container terminal on Quay II (berths 1 & 2) for 20 years during which an annual lease fee as well as a royalty of 25% of gross stevedoring revenue and 10% of gross shore-handing revenue will be paid to GPHA.  The MPS terminal was being operated as a common user facility and vessels will continue to be berthed on a first come first served basis. The superstructure investment by MPS is $35.0m. The infrastructure investment by MPS is $54.0m. GPHA has also invested in extending and modernising Quay 2 and has purchased and installed four Rubber Tyred Container Gantry Cranes and three Ship to Shore Cranes.  The construction and finishing works were completed in February 2008.
In January 1999, an Anglo-Dutch consortium, Lodeco, was provisionally awarded a 30-year BOT agreeement with the Côte d'Ivoire government for a new container facility at the Port of Abidjan.  The project, which involved a new container terminal with capacity of 500,000 tonnes per year in the district of Locodjoro, northwest and across the lagoon from the existing port, was given final approval by the government in September of 2000.   Lodeco was led by TCI Infrastructure Ltd, a subsidiary of Britain's TCI Corporation, and included shipping group P&O Nedlloyd and civil engineering company Christiani & Nielsen.       The existing port at Abidjan had a capacity of 15 million tonnes per year.  The expansion was to include the multiuser container terminal with 600 meters of quay with a berth depth of 14 meters, a 300-acre industrial free zone, and a telecommunications gateway. Infrastructure, including the dredging, was to be provided by the Côte d'Ivoire government.  Construction was scheduled to begin in early 2001 and take three years.   Total cost of the project was estimated at US$140 million. Funding came from a consortium led by the African Development Bank.
A consortium of Duke (38%), Petrobras (21%), Monteiro Aranha (18%), Emprese Electrica Corani (17%) and CRE (Cooperativa Rural de Electrificacion) (6%) is constructing a 110-MW natural gas fired power plant at Puerto Suarez. The construction works on the new thermal power plant started in Dec. 2000 and should be completed by the end of 2001. Almost all of the plant's output will be exported to Corumba (Brazil) through a transmission line in the region. The electricity will be used in a new iron production complex to be set up at Corumba.  In 2003 Monteiro Aranha and CRE transferred their shares to the other three shareholders whereby the new ownership structure was Duke (49%), Petrobras (27%), and Corani (24%). Empresa Corani is an electricy distributor that was 50 percent divested - Duke Energy holds a 50 percent share in Corani (therefore Duke's total share is 61 percent, by direct investment 49 percent and indirect investment through Corani of 12 percent).
InterAirport, a consortium headed by SFO Enterprises, was awarded the contract to expand, rehabilitate and operate four airports in Honduras. The contract has a duration of 20 years, and a total of US$ 120 million will be invested in infrastructure. About 40% of this total will go to Tegucigalpa (new terminal and runway extension), 25% to San Pedro Sula, and 35% to La Ceiba and Isla de Roatan. The sponsor took over the management of the facilities in Oct. 2000. InterAirport will transfer 39.7 percent of the gross revenues to the government. In 1999, a total of 1.2 million passengers used the airports. In 2003, the contract was amended whereby this canon was reduced to 34.4 percent of gross revenues.  Starting in 2001, the SFO Enterprises management came under scrutiny for potentially having defrauded the bidding system, for giving the impression that San Francisco International Airport (SFIA) was to be the manager of the airport. SFO Enterprises is a specially created venture by certain executives connected to SFIA, which critics have suggested is outside the law, and that the city of San Francisco could be held liable for any problems encountered by the airport management company's overseas operations. The Superintendencia de Concesiones of Honduras has fined Interairports $10,000 for failing to live up to contractual benchmarks for improving airport operations. In 2003 the concessionaire was again fined in the amount of US$8.5 million, for failing to comply with investment requirements as stated in the concession contract. The concessionaire was expected to propose alternate investment solutions in an effort to avoid paying the fine.
In March of 1998, the Tamil Nadu local government owned New Tiruppur Area Development Company Ltd. (NTADCL) awarded the private Mahindra Consortium a construction (EPC) contract along with a separate 30-year management contract for the water and sewerage services in Tiruppur, Tamil Nadu. The Mahindra Consortium was to generate and distribute water as well as sell water to the Tiruppur Municipality on behalf of NTADCL. NTADCL selected the Mahindra Consortium as the O&M operator on the basis of an international competitive bidding process.     The contracts were part of a larger project to provide water and sewerage services to the residents of Tiruppur.  Upon completion, the New Tiruppur Area Development Project was to supply 185 million liters/day (185,000 cubic meters per day) of water and provide municipal sewage collection and treatment to 1.6 million inhabitants and to 1,000 industrial undertakings at Tiruppur, the knitwear city of Tamil Nadu.  M&M and Bectel (who also subcontracted work to Larsen & Toubro (India)) were to handle the EPC contract, involving the construction of the water distribution facilities, while M&M, Bechtel and United Utilities were to form a separate company to serve as the O&M operator for a fixed fee for 30 years.    The Mahindra Consortium consisted of three private entities: Mahindra & Mahindra (M&M) of India, Bechtel of the U.S. and United Utilities of the UK (exact shares of the contract were unknown).  NTADCL was a special purpose vehicle (SPV) created in 1994 that was considered the “concessionaire” of the New Tiruppur Area Development Project.  NTADCL was owned by the Tamil Nadu Corporation for Industrial Infrastructure Development (TACID), (which was owned by the Tamil Nadu government), the mostly state-owned Infrastructure Leasing & Financial Services (IL&FS) and Tirupur Exporters Association, along with the state-owned Life Insurance Corporation (LIC) and General Insurance Corporation (GIC).  IL&FS was a major financial services provider that was established by the Indian Central Bank, but by 2004 was 35% owned by IFC and Oriz Corporation of Japan.   A bulk water off-take agreement between NTADCL and the Tiruppur Municipality was signed on February 11, 2000.  The construction work was scheduled for completion in November 2004 to allow start up and testing to begin with the intention of the treatment facility supplying its first water in April 2005.  The wastewater treatment side was to also become operational six months later.   This wholly state-funded project achieved financial closure in October 2000.  Originally estimated at Rs1,200 crore (roughly US$258 million), the total projected project cost was reportedly reduced to Rs1,000 crore (about US$216 million) due to successful contract renegotiations with Bechtel and Mahindra & Mahindra.  The EPC contractors settled for a price of Rs 850 crore as against the initial price of Rs 1,250 crore.  In addition to funds contributed by the shareholders of NTADCL, IL&FS raised US$25 million through 30 year floating rate notes guaranteed by USAID and swapped through the Bank of India. IL&FS also allocated a portion of the US$200 million line of credit granted to it by the World Bank for infrastructure projects.  Rs100 crore was raised through municipal bonds by the Ahmedabad Municipal Corporation.
In 2000, Ratchaburi Electricity Generating Co. Ltd. began development of the Ratchaburi Power Plant, a 5,115 MW combined cycle gas, and thermal oil/gas power complex in Ratchaburi province, 80km west of Bangkok.  The plant had previously been developed by the state-owned Electricity Authority of Thailand (EGAT), as its single largest project.  The plant was to sell power to the state-owned EGAT.  Gas for the plant was to be provided from the Yadana gas field in the Adaman Sea off the coast of Myanmar, and to be transported to the site through the Yadana Gas Pipeline.  Ratchaburi Electricity Generating was a subsidiary of Ratchaburi Electricity Generating Holding Pcl (EDGHC).  REGHC was created by EGAT on March 7 2000.  REGHC also owned Ratchaburi Energy Co. Ltd, an investment arm that dealt with small power plant projects in Thailand and elsewhere.  In Oct. 2000, 40% or 580 million shares of REGHC were sold at the Bangkok Stock Exchange for US$173.5 million. An additional 15% stake was sold to the Electricity Authority employees (217.5 million shares at Bht 13 per share, a total of US$65 million). EGAT retained 45% of the shares.  In 2005, EGAT remained the largest shareholder with 45%, with Banpu Public Company Limited Group the second largest shareholder with 15%.  The power complex was expected to have a total capacity of 5,115-MW (three blocks of combined cycle gas and stream turbines of 2,175 MW and four thermal units of 2,940 MW). The three blocks of combined cycle gas and stream turbines and two of the four thermal units (3,645 MW) were completed in 2000.  Additional blocks had not been completed by 2004.  In 2003, a 1,400 MW expansion to the plant was announced, but to be owned and operated by the Ratchaburi Power Company, owned by a consortium of domestic and foreign investors.  The project was expected to cost 60 billion baht (US$ 1.59 billion).  The US$450 million equipment order contract for the combined cycle plant was won by a GE/Mitsui consortium, and engineering services were to be provided by Raytheon.  The US$500 million equipment order for the thermal plant was won by Mitsubishi Heavy Industries.
Maxon Corp. is setting up a 105-MW diesel power barge at the Port of Boca Chica. The project involves an investment of US$ 40 million. The power barge is being supplied by Western Energy.
SAELPA is the electricity concessionaire of the state of Paraiba with generation, transmission and distribution functions. The company provides electricity to 715,000 customers in 217 municipalities. SAELPA has 47 substations, 1,192-KM of transmission lines and a 4,315-KM distribution network. In Nov. 2000, Cataguases, through its subsidiary Energipe, acquired 87.63% of SAELPA's shares for US$ 185.6 million. The remaining shares are held by the state-owned Eletrobras (13%), by the municipalities (2%) and other shareholders (3%). In Jan. 2001, Alliant Energy acquired 49.9% of the shares of PBPART-SE 1, the holding that was previously fully-owned by Energipe and which controls SAELPA (Alliant Energy paid Energipe US$ 110 million for this equity participation). In April 2006, Alliant Energy sold its stake in the company to Cataguazes-Leopoldina.  In 2008, Companhia Forca e Luz Cataguases-Leopoldina was renamed Grupo Energisa because of the regulatory decision that a single company cannot operate in different segments of the energy market. Grupo Energisa's ownership structure is the following: Gipar S.A. (65.8%), Gaster Participações S/A (22.3%), Eletrobras (1.2%), Itacatu S.A. (5.9%), BNDES (0.7%) and other small shareholders (4.1%). The project company's name was also changed to Energisa Paraiba - Distribuidora de Energia S/A. As of December 2009, the project company was wholly-owned subsidiary of Grupo Energisa.
The project includes the construction and operation of a 338 km toll road. The road will have four dual lane carriageways and two toll plazas. It will be implemented in four phases. The first phase will link Kerak interchange to Temerloh interchange and Cenering interchange to Bukit Payung interchange (11- Km length). The second phase will link Maran interchange to Kuantan interchange and Bukit Bese interchange to Bukit Payung interchange. The third phase will link Marlan interchange to Temerloh interchange and Jabur interchange to Kuantan interchange. The fourth phase will link Jabur interchange to Bukit Besi interchange. The project company is currently owned by Malaysia Mining Corporation (40%), United Engineers Malaysia (30%) and MTD Capital (30%).   Financing for the first phase of the project will be provided by Malaysia Mining Corporation own resources (US$ 120 million or M$ 500 million); the company has also provided US$ 48 million (M$ 200 million) for land acquisition. Financing for the other phases of the project will be arranged in the future. The project has faced delays, as the sponsors have failed to provide evidence of its financial capability. In 1999, the government reviewed the project and downsized it. In Sep. 2000, the government finally approved the project, which, at that date, had a total cost estimated at US$ 710.5 million. Construction works started in the end of 2000 and were expected to last for 3.5 years. As of March 2003, 60% of the project had been completed.
The 5-MW hydro power project is being undertaken under a build, own, operate and transfer basis by the National Hydro Power Co., a joint-venture of NB Group, with 58% of the shares, and Lyse Kraft AS, with a 42% stake.. The project involves an investment of US$ 15.1 million.   Financial closure was achieved with the NB Group own resources and with bank lending. Electricity produced by the power plant will be sold to the national grid under a power purchase agreement. As of Nov. 2000, construction works were close to completion.  The tariff was revised upward in 2012, to Rs. 4.8 in the rainy season and Rs. 8.4 in the summer.
Artoc was awarded the project to build, own, operate and transfer a new passenger terminal at Hurghada Airport. The project will last 15 years and will involve an investment of US$ 4.4 million. Construction works on the facility started in Oct. 1999 and were concluded in Jul. 2000. The terminal has an area of 6,000 square meters and a handling capacity of 2,500 passengers per hour.
ETEO was awarded the concession contract to build and operate a 509-Km transmission line that runs from Taquarucu and Sumare in the state of Sao Paulo. ETEO is a specific purpose enterprise, created to build and operate the line. ANEEL, the Brazilian regulatory agency for the electricity sector, awarded ETEO the concession for the line on May 12, 2000. At the time of the signature of the concession contract, ETEO was a joint–venture of Multiservice, a subsidiary of the American company Earth Tech, Inc., and AMP do Brasil. The concession contract will last 30 years, renewable for an additional 30-year period.   The project involves an investment of US$ 113.4 million, financed with the sponsors own resources. Construction works started in May 2000. Siemens has signed an EPC contract with ETEO. The line started operations in October 2001.      In January 2001, Multiservice changed its name to Earth Tech do Brasil and acquired the corporate control of ETEO: Tyco Group Sarl acquired 77.74% of the total capital and Earth Tech do Brasil acquired 22.26%.   In October 2001, ETEO signed an operation and management contract with Companhia de Transmissao de Energia Eletrica Paulista (CTEEP), a state-owned utility, regarding the Taquarucu-Sumare transmission line for 5 years. The concession contract executed by ANEEL and ETEO was not modified (ETEO remains the owner of the line and the company responsible for the transmission services).  The line was expected to improve the offer of electricity for the area of Campinas and Greater Sao Paulo. Before this line, the energy produced by Porto Primavera (1,200MW) and Taquarucu (500MW) hydroelectric plants were being channeled to another distribution trunk (Jupia-Bauru), before being sent to Campinas and Sao Paulo. The line was supposed to increase by 10% transmission capacity from the generators to these centers of consumption.  In May 2008, Terna Participacoes acquired Eteo from Tyco International.  In November 2009, Cemig bought a stake in Terna Participacoes. The name of the company changed from Terna Participacoes to Transmissora Alianca de Energia Eletrica S.A. (Taesa). The shareholders of Taesa are: FIP Coliseu (33.6%), Cemig (32,3%) and small local investors (34.1%).
In December 2000, Rio Pardo Operadores was awarded a 30-year contract to expand, rehabilitate and operate the water and sewerage system of Tambau. The company took over the operation of the facilities in December of 2000. At the time when it began operating, the company served a population of 24,000, but the number of connections was only 6,070.  The Rio Pardo Operadores was a subsidiary of Novacon Enghenaria.  The concessionaire was expected to invest a total of US$9.4 million over the 30-year concession period.
In August 2000 the municipality of Samborondon, Ecuador, awarded a lease contract for the water and sewage infrastructure in its jurisdiction to mixed company Aguas de Samborondon Amagua C.E.M. The contract was offered through direct negotiation and its length was not known. According to the 2001 census the Samborondon canton had some 45,000 residents.   Aguas de Samborondon Amagua was created in 1998 to operate the water and sewage infrastructure in the Samborondon canton. Prior to 1998 water and sewage services in the region had been provided by Empresa Cantonal de Agua Potable y Alcantarillado (ECAPAG) - a state owned utility that also serviced the Guayaquil Canton (see project 2645). In August 2000 Columbian company Sociedad de Acueducto, Alcantarillado y Aseo de Barranquilla S.A. (AAA) entered Aguas de Samborondon Amagua. AAA was 60.4 percent owned by Interamericana de Aguas y Servicios S.A. (INASSA) and 35.1 percent by the Columbian District of Barranquilla, with the balance held by small local investors. INASSA was 75 percent owned by Spanish company Canal Extensia S.A. (75 percent Madrid public utility Canal de Isabel II, and 25 percent Tecvasa) and 25 percent by Soluciones Latinoamericanas de Agua S.A. (SLASA, owned by a wide group of Columbian businessmen from Barranquilla).  The exact share of the AAA group in the Samborondon contract was not publicly available.  In October 2009, an audit conducted by Ecuador's housing ministry Miduvi recomended the renegotiation of water concession contracts held by Amagua and Interagua after alleging distortion in thier rates as well as the lack of a social tariff. Miduvi also recommended the termination of Triple Oro's contract in Oro province. Under Ecuadorian law, if the contracts were not renegotiated within one year, they could all be terminated. The comptroller general was reviewing the report as of December 31, 2009.
In early 2000, Enron acquired a 51% stake in the project company which owns a coal-fired cogeneration plant in Chengdu. Enron paid US$ 56.5 million for its equity investment. Additional investment of US$277 million was directed to the project to convert the existing coal-fired plant into a natural-gas fired unit. The 142 MW first phase of this project started operating in Oct. 1999, while works on the second phase were scheduled to start in 2000 (financial closure for the second phase was achieved in Oct. 2000). Electricity of the plant is sold to the Sichuan province power grid and Chengdu's industrial users.  In December of 2002, the private Linfeng Group signed an agreement with Enron to purchase its 51 percent stake for US$50 million.  Two firms under the Linfeng Group, the Chengdu Linfeng High-tech Industrial Investment Co. Ltd. and the Hong Kong China Group Enterprise Co. Ltd., held 26 percent and 25 percent of the shares respectively.
In July 2000, Guthrie Corridor Expressway Sdn. Bhd. (GCESB), a wholly-owned subsidiary of public listed conglomerate Kumpulan Guthrie Berhad, was awarded a 33 years contract by the government of Malaysia to design, construct, manage and maintain a 25 km expressway from Shah Alam to Kuang in the Klang Valley, an area which includes capital Kuala Lumpur known as the Guthrie Corridor Expressway (GCE) on a "Build, Operate and Transfer" basis. Among the rights conferred on GCESB under the concession are as follows:  to undertake the design and construction of GCE;  to supply and install, operate and maintain tolling and other equipment at the Toll Plazas;  exclusively to demand, collect and retain toll for its own benefits;  to exclusively design, construct, manage, operate and maintain the ancillary facilities along GCE during the concession period and to retain the income received derived therefrom;  to operate and maintain at its own cost and expense incurred by GCE during the concession period.   The 25 km of GCE were a dual three-lane carriageway. GCE also provided a dedicated motorcycle lane and dedicated utility reserve lane on both sides.  The total project for the Guthrie Corridor Expressway was estimated at about US185 million (700 million to 800 million ringgit) including land cost.   In November 2006, Guthrie Bhd agreed to sell Guthrie Corridor Expressway Sdn Bhd to Projek Lintasan Kota Holdings Sdn Bhd (Prolintas), a subsidiary of PNB for RM936 million in cash and loan stocks. Prolintas would pay RM5 million for Guthrie Corridor Expressway (GCESB), and settle inter-company balance GCESB owes the group via RM431 million cash and RM500 million nominal value of redeemable loan stocks of GCESB. This divestment, a related party transaction, was in line with the strategic objective of Guthrie to dispose of non-core assets and realize Guthrie's investment in the GCE expressway at a fair price.
ISA is responsible for electricity transmission in Colombia. ISA owns about 7,900 KM of transmission lines (80% of the Colombian market, including its participation in Transelca). ISA has also diversified its business operations and in recent years have started operating in the telecommunication sector through its subsidiary Internexa (ISA is currently the second largest telecom company in the country). ISA provides telecom services nationally, but, starting in 2001, the company will expand its services to the US, Mexico and Venezuela, among other countries. The first phase of its privatization occurred in Dec. 2000, when 28.64% of its shares were sold in the local stock exchange and through the banking system. Individuals and four pension funds (Fondo de Pensiones Proteccion, Skandia, Colfondos, and Horizonte) purchased these shares for US$ 45.7 million (Pesos$ 102 billion). In 2001, ISA intended to issue shares in the New York Stock Exchange through American Depository Receipts (ADRs). In 2004 ISA deposited and listed its Level I ADRs with the Security and Exchange Commission permitting trading of its shares over the counter or secondary market. Each ADR represents 25 shares that are traded OTC under the ticker symbol IESFY.  In 2005, ISA's participated in the telecommunications sector with its brands INTERNEXA and FLYCOM COMUNICACIONES.  In December 2007, a placement of 56.4 million shares was purchased by pension funds and individuals through book-building public offer at a subscription price of $7,076 pesos per share for a total of US $192 million. Approximately 15% (US $28.8 million) were purchased by individuals. This raised the private sector share in ISA to 29.7%.   ISA sold shares through a book-building process open to the public between Nov. 30 and Dec. 2 2009. The offer was 2.9 times oversubscribed. The Colombian government, which controls ISA, did not participate in the share offer, and saw its stake in company was diluted to 51.4% of the company from 52.9%, according to ISA's Chief Executive Luis Fernando Alarcon.
In Aug. 2000, BP Europe won the bidding for the YPFB (Bolivian Petroleum Company) fuel terminals located in 15 airports. The company offered US$ 11.1 million for the assets, and will invest around US$ 5-6 million before starting to operate the facilities.
Malana Power Company Limited (MPCL), promoted by the LNJ bhilwara group, set up a 86 MW Greenfield merchant hydel power plant at Malana in Himachal Pradesh. The project was approved by Himachal Pradesh state government and Himachal Pradesh state electricity board. The project was commissioned in July 2001 and MPCL signed a rolling power purchase agreement with PTC India Limited, a public-private company that provided power trading solutions in India, for inter state sales.  The project cost Rs 35,000 lakhs (US$ 77.88 million) and achieved financial closure in 2000. A consortium of banks and financial institutions led by Industrial Finance Corporation of India (US$ 16.67 million) and Power Finance Corporation (US$ 21.1 million) financed the debt of Rs 24,500 lakhs (US$ 54.4 million). The balance came as equity from the LNJ Bhilwara Group.  In October 2004, Norway’s energy sector investment firm Statkraft Norfund Power Invest (SN Power) acquired 49 percent equity stake in MPCL for US$ 45 million
The Jayamkondam power project involves the construction and operation of a power complex in Tamil Nadu state. The project is divided into three phases; in each phase, a 500-MW lignite-fired unit will be constructed. The total cost of the project is estimated at US$ 1,285.6 million (Rs 60 billion). The first phase reached financial closure in the end of 2000, and it involves a total of US$ 814 million (Rs 38 billion)  in investment. Closure was achieved with loans provided by IDBI and ICICI, and with the sponsors equity. Reliance Industries and the North American Coal Corp. are the main sponsors of the project, while Foster-Wheeler and CEPA (Southern Energy's subsidiary) are the other shareholders. A 30-year power purchase agreement has been signed with Tamil Nadu Electricity Board. Construction works on the first phase should start in Jan. 2001, and commercial operations are scheduled for 2003.
This project envisages the construction and operation of a 220-MW barge-mounted power plant at a cost of US$ 207 million.  The power plant will initially operate on naphtha and later on LNG.  Commercial operation was expected to start by Apr. 2001 (construction works commenced prior to financial closure).  The project began simple-cycle operation of 170 MW.  Financial closure was achieved in Sep. 2000 with a 70:30 debt-equity structure. The debt component of US$ 45 million was arranged by the IDBI, Canara Bank, Bank of India and Industrial Finance Corporation of India (loans with dollar and rupee components).   The Tanir Bavi Power Company was a joint venture of PSEG Global (49%) and the GMR Vasavi Group (51%).  In the fourth quarter of 2002, Global sold its 74% interest in Tanir Bavi for US$45 million to the GMR group after becoming involved in a tariff dispute.
In October of 2000, China Water Company (CWC) was awarded a concession contract for the operation and upgrading of an existing 20,000 tons of sewage per day treatment plant in Yanjiao Economic and Technology Development Zone in Hebei Province to 40,000 tons of sewage per day. The project also included the responsibility for the implementation of raw water wells and a transmission pipeline.   To implement the contract, Sanhe Yanjiao CWC Water Company Limited was created as the project company, a co-operative joint venture between China Water Company (CWC) and the local state-owned Sanhe Yanjiao Water Company Limited (exact shares were undisclosed).  As of 2002, CWC itself was owned by Thames Water (a subsidiary of RWE) (48.8%) and Sime Darby Bhd. of Malaysia (33.3%).    No information was publically availble concerning investment obligations or contract term.  The new plant was officially opened in August 2003.
Belgian cellular telephone firm SAIT Telecom launched a telecommunications network on the GSM 1800 network in Kinshasa, the DR Congo capital, in December 2000. The Belgian operator had planned to provide 40,000 lines under the first phase of the scheme, with an investment of some 35 million Belgian Francs ($US40 million). The total project, a joint partnership involving investors from Belgium and Luxembourg, was expected to yield about 280,000 lines.  Sait, operating under the brand name Oasis, had 48,000 customers by mid 2004.   On September 2005, the Millicom International Group acquired 100% of the voting shares of Sait Telecom SPRL (Oasis Telecom SPRL), a mobile operation in the Democratic Republic of Congo . Millicom was expected to complete the allocation of the purchase price to the assets acquired, liabilities assumed and contingent liabilities in the second quarter of 2006.
In September 1998 Glow IPP Company Limited (formerly known as Bowin Power Company) began development of the Bowin Power Plant, 740 MW gas-fired combined cycle power plant located in Chonburi Industrial Estate.  The plant intended to sell power to the Electricity Generating Authority of Thailand (EGAT, the state-owned utility) under a 25-year power purchase agreement.  Bowin Power Company was initially owned by H-Power Company, which in turn was jointly owned by SUEZ-Tractabel (75%) and Hemaraj (25%).  By 2005, Glow IPP was owned by Glow Energy, created in March 2005 by SUEZ-Tractebel to own and operate its activities in Thailand.  In April 2005, Glow Energy conducted an IPO on the Stock Exchange of Thailand, floating 506 million shares (31%) at 24 baht (US$0.63) per share.  253 million shares were sold to foreign institutional investors, 203 million shares to domestic institutional investors and 50 million with retail investors.  SUEZ Energy International retained a 69% ownership stake.  Financial closure was reached in September 2000.  The financing package included a US$ 70.3 million loan from the EIB, US$ 150 million syndication from ERG and US$ 62.8 million syndication from OND (ERG and OND are the Belgian and Swiss Export Credit Agencies). The remaining project cost was financed through equity.  The plant began commercial operations in January 2003.
In June 2000, Aguas de Sorriso Ltda was awarded a 30-year concession to operate the water and sewerage systems of the city of Sorriso, in the State of Mato Grosso. It started operating the systems in June 2000, attending a population of 51,500.  The project company, Aguas de Sorriso was owned by Perenge Engenharia.  Aguas de Sorriso committed to invest US$ 9.14 million (R$ 16.7 million) throughout the concession period. As of December 2003, Aguas de Sorriso had duplicated the capacity of the system distribution of potable water and was supplying it to 100% of the population.
Union Fenosa acquired 95% of the shares of the two Nicaraguan electricity distribution companies for US$ 115 million in September 2000 (the remaining shares were held by the workers). Union Fenosa was the only bidder for the two regional distribution companies that have around 440,000 customers. The sponsor has committed to freeze prices and avoid redundancies for two years as part of the sale.  In November of 2001 Usion Fenosa sold 19% of Disnorte and Dissur to local business conglomerates Grupo Pellas and CALSA.  In August 2006, the concession was ruled void by the comptroller general, but the federal authorities have not revoked the concession.  Project no longer distressed as of February 2009 when the gov. assumed a 19% stake in exchange for payment of Union Fenosa's debt.
Reliance Telecom Ltd (RelTel), one of the private telecommunications operators (known as PTOs in Nigeria), was licensed in May 1999 by the National Communication Commission to provide digital telephone service in Nigeria using the CDMA technology.  Reliance was a Nigerian company with a capital structure composed of local and international financing.  Reliance launched services in Lagos in November 2001, becoming the eighth operational PTO to offer a CDMA Fixed Wireless Network.  The company's original Lagos network had an initial capacity of 50,000, but the company had expanded its network to Port Harcourt, Nnewi, Onitsha, and other major cities.    In 2000, Reliance awarded a US$27 million contract for the supply of an advanced-code division multiple access (A-CDMA) fixed wireless system to the Canadian vendor, Nortel Networks.  In April of 2003, Reliance awarded Swedish telecoms equipment maker Ericsson a US$145 million order for a CDMA2000 1X mobile network.  The network launched in the first half of 2003.   Reltel had some 30,000 subscribers in Lagos by December 2002, and claimed about 100,000 subscribers by end 2005 in Lagos, Port Harcourt and Onitsha.  The company had an installed capacity of about 1.2 million subscribers. Reltel was giving out it's Nokia 2285 phones with one month free of 24 hour Internet access to subscribers at N14,995.   In 2011, Zoom/RelTel still boasted 315.000 subscribers. In May 2012, however, it was announced that Zoom Mobile would shut down its network. The company cited the weight of the lingering crisis, combined with losses and massive debts as the reasons for the 'suspension' of services.  In 2012, the company still registered 111,077 subscribers.
A consortium led by the US based - Cinergy and the black empowerment group, Egoli Empowerment Holdings, was chosen to purchase Johannesburg's Metro Gas Company for R 110 million ($15.9 million). Renamed Egoli Gas, the consortium announced in September 2000 the signing of a 20-year contract with Sasol Gas.   In the terms of the supply agreement, Sasol Gas will provide the Johannesburg area with 2.5 million cubic feet per year, with an option to increase the supply up to 7 million cubic feet per year. Metro Gas serves 14,000 customers in the country's business capital, 70% of which are domestic consumers. Egoli Gas planned to invest a further R276m ($40m) in the privatized firm and expand its distribution network.   The other members of the consortium include: Pulamadiboho Investments, Merafe Investments, Chemsol Management Services and Palesa Property Investments. The local groups hold an initial 5% equity stake and gain an option to acquire a 20% interest in the future.
The Cameroon government sold the state-owned GSM 900 network operated by Camtel Mobile to the South African Mobile Telephone Network (MTN) in January 2000 for US$60 million. MTN had planned to upgrade and expand Camtel-Mobile's network. The government had decided to sell the operator since the company was experiencing limited growth with only 5,000 subscribers.  MTN had comitted to attract over 500,000 subscribers by the end of the license period. The company began operations in 2000.   MTN owned 70% of the company, with 30% held by a local partner, Broadband Communication.  MTN, in turn, was 100% owned by M-cell Holdings Limited.  M-cell changed its name to MTN Group Limited as of October 14, 2002.  By 2004, MTN was 81.18% public and 18.82% owned by Newshelf 664 (Proprietary) Limited which held the managment's interest.   By 2004, MTN Cameroon was the fifth largest company in the country, and the leading telecommunications provider, servicing 779,000 subscribers.  The company competed with France Telecom's Orange with 748,000 subscribers.    By the end of 2005, MTN Cameroon invested US$29 million in infrastructure development upgrading its network and expanding the number of base transceiver stations, and had about 1,248,000 subscribers.
Central Saltillo, a subsidiary of EdF, was awarded an "independent power producer" permit to build and operate a gas-fired combined cycle power plant in the industrial zone of Ramos Arizpe in 1999. Central Saltillo has a 25-year power purchase agreement with the national grid. A total investment of US$ 160 million will be directed to building the plant. The IFC has approved a US$ 80 million financing for the project in May 2000: US$ 35 million in direct loan and US$ 45 million in syndication. However, as of 2002, these funds had not been committed. Commercial operation is expected to start in Aug. 2001.  In December 2007 Gas Natural SDG SA acquired all of EDF's assets in Mexico for US $1.450 billion.
The Gebze (1555MW), Adapazari (780 MW), and Izmir (1525 MW) gas-fired power plants represened the largest private sector power investment in Turkey and a 15% increase in Turkey's electrical generating capacity. The power stations were the first to precede under Turkey's new BOO program. The Izmir project was located in Aliaga, near the city of Izmir. The Adapazari and Gebze power projects were located 150 km east of Istanbul. BOTAS, the Turkish state-owned gas company, supplied natural gas to all three facilities. Bechtel Power and Enka were constructing the plants.   The plants were scheduled to enter full commercial operations in 2002. Enka's power plants in Gebze and Adapazari became operational on Sep 21, 2002.  In July 2004, Enka increased its share of the project to 74% from the original 49%.
P&O Ports and Qingdao Port Authority formed a joint venture company, Qingdao Qianwan Container Terminal Co. Ltd., to develop and operate a new container terminal at Quingdao on the northern coast of China in February of 2000.  The Qingdao Qianwan Container Terminal Co. Ltd. received the 30-year operating concession.  When fully equipped the container terminal was to have an initial capacity of over 1 million TEUs per annum.  Originally, P& O Ports held 49% of the company with the Port Authority retaining the rest.  The total initial investment into the company was US$177 million.  Agricultural and aquacultural products are a mainstay going through the port, plus peanuts, garlic, basic clothing apparel, arts and crafts from Shangdong, machinery parts and wet goods.   In July of 2003, Hong Kong listed port operator and state-owned container-leasing company COSCO Pacific Ltd. formed a consortium with P&O Ports, AP Moller and the Qingdao Port Authority to develop Qianwan Phase III, a US$887 million, 8-berth project that was to regroup the container dock into the largest in China. According to the contract, the Qingdao POrt (Group) Co., Ltd and the three shipping Leadeers, the A.P. Moller Maersk Group of Denmark, P&O of Australia, and the China Ocean Shipping (Group) Company (COSCO) respectively contribute 31%, 20%, 29% and 20%. In 2003, the port handled a total of 140 million tons of cargo, with 4.2 million TEUs, both up by more than 30 percent from 2002.  Phase III completion was to allow Qingdao Qianwan to handle 6 million TEUs a year.  As of December of 2003, a fourth phase was believed to be in the discussion stage.
The private sponsors will rehabilitate and operate the railway linking Buenaventura to La Felisa for a 30-year period. Sacyr held 50% of the project company's shares. The concessionaire will invest US$ 200 million over the contract period in the rehabilitation/maintenance works. The government is providing four annual US$ 30 million payments in subsidy to the private sponsors.  It is estimated that 1.2 million tons of cargo will be transported on the railway per year. The operation of the Pacific railway network was transferred to the private sponsors in March 2000.  In 2002, there was a change in the ownership structure of the project. Sacyr and ACS left and Castro Tcherassi and Equipo Universal increased their stakes to become the main shareholders.   In 2006, the Colombian ministry of concessions (INCO)decided that the current arrangement could not continue and will either terminate or restructure the contract. The train was not performing to capacity nor attracting the investment needed to expand its capacity. The government was expected to make a decision in April 2007.
In February 2000, the Spanish Union Fenosa acquired three local electricity distribution companies during the privatization of the Moldovan energy sector. The acquired utilities, RED Centru, RED Sud and RED Chisinau supplied electricity to the central and southern parts of the Republic of Moldova and to the country's capital Chisinau, respectively.  The distribution companies covered 70% of the population of the country and served a total of 785,180 customers in 2007.   Union Fenosa was selected as the new owner as a result of an international competitive tender process. The Spanish company purchased the electricity distribution companies for $25.2 million. Union Fenosa invested over US$100 million in the three companies between 2000-2005.  The International Finance Corporation (IFC), the private sector arm of the World Bank Group, was to lend US$25 million to the privatized electricity companies to support a plan to strengthen and expand current distribution networks and achieve greater efficiencies in the electricity sector.  On 1 January 2008 the three distribution companies managed by Union Fenosa merged and established a sole company I.C.S. RED UNION FENOSA S.A.  As of end 2009, Union Fenosa held a 94% interest in I.C.S. RED UNION FENOSA S.A., while the European Bank for Reconstruction and Development (EBRD), held a 6% interest.   On December 21, 2009, IFC signed a US$15 million loan with Union Fenosa Moldova.  In addition, EBRD contributed a loan of US$15 million. The funds were to support the company's 2010 investment program, which amounted to US$40 million. MIGA provided a guarantee of US$61.1 million in 2001, against transfer restriction, expropriation, war & civil disturbance, breach of contracts. The guarantee covers part of Union Renosa's (guarantee holder) investment
On October 6 2000, the municipality of Sofia, Bulgaria, granted a 25 year concession contract for the city’s water and wastewater systems to special purpose company Sofiyska Voda AD. The company took over the operation, maintenence and management of a 3,500 km long water distribution network, a 1,700 km long sewerage system, two potable water treatment plants (at Bistritsa and Pancharevo), and a waste treatment plant.  Sofiyska Voda served some 1.3 million people. The concession project was intended to rehabilitate, upgrade and expand the Sofia water and wastewater system to ensure city residents have access to clean water and improved sewerage services, which meet EU standards.  Sofiyska Voda was established as a joint venture between International Water UU (75%) and Sofia municipality (25%). At that time, International Water UU parent companies included United Utilities plc (majority holder), Bechtel Enterprises Holdings Inc and Edison SpA.    The concessionaires were expected to provide at least US$ 152 million of investment in water and wastewater services during the first 15 years of concession. For the first five years the investment were expected to be US$99 million.   In December 2003 United Utilities bought the 37.5% share of International Water Ltd in Sofiyska Voda. The takeover was funded partially by the European Bank for Reconstruction and Development, who was going to take an undisclosed stake in Sofiyska Voda. As of December 2003 United Utilities/EBRD held 75% of the company and the remaining 25% were owned by the Sofia municipality.  As of November, 2008 a 77% stake in Sofiyska Voda is owned by United Utilities, a holding company owned by UU Europe, of which 50-50 shareholders are UU plc and EBRD. The remainder of 23% is owned by Water Supply and Sewerage company wholly owned by the city of Sofia.  In June 2010, French company Veolia has signed an agreement with United Utilities to take 58% of stake in Sofiyska Voda.  In 2013, there was a large, populist, anti-monopoly campaign against Veolia, with protestors asking for a referendum on concessionary contracts. As of September 2013, the concession had not been terminated (which in itself would have been a breach of contract, the penalty for the state would have been between BGN400 million -USD400million)and BGN one billion.
Dubai Port Authority, part of DP World, was awarded the contract to expand, rehabilitate, and operate the Djibouti Port in Jun. 2000. DPA intents to increase the port's handling capacity from 125,000 to 300,000 TEUs with an investment program of US$ 50 million. The port has 15 berths and facilities to handle container traffic, general cargo, ro-ro, dry bulk and tankers.  In 2013, China Merchants Holdings International announced it had agreed to acquire a 23.5% stake in the Port of Djibouti. Port the Djibouti SA (PDSA) owned the multi-purpose container terminal at the Port of Djibouti. (It also owned 66.66% of the Doraleh Container Terminal, project #4226). The legal entity, Port Autonome International de Djibouti (PAID) was to be transformed from a public entity into a private company, and renamed as PDSA.
ICTSI and the local company Royal Port Services signed the contract to develop a container and general cargo terminal at Subic Bay in Feb. 2000. After some legal wrangling, the project started to be implemented in Oct. 2000, and, by Dec. 2000, the sponsors had installed a gantry crane, increasing port calls of international cargo ships and boosting cargo handling capability from 20,000 to 120,000 containers a year.   The project was undertaken by Subic Bay International Terminal Corp., a joint venture of Subic Bay International Terminal Holdings (85%) and Subic Bay Metropolitan Authority (15%). In turn, Subic Bay International Terminal Holdings was composed of ICTSI (83.33%) and Royal Port Services (16.67%). An estimated investment of US$ 4.9 million was to be undertaken during the 25-year contract period to convert the Naval Supply Depot into a common-user, multi-purpose terminal providing on-dock and off-dock cargo and container handling services.   Financing for the project was provided by the government of Japan under a loan facility (Obuchi Fund).  In April 2008, SBITC concluded its terminal operations at the Naval Supply Depot at Subic Bay Freeport and transferred them to the New Container Terminal-1 under the terms of a new concession contract awarded on Sep. 30, 2007.
In 2000, the Chad government sold the nation's second GSM 900 mobile license to Tchad Mobile through non-competitive procedures.  Tchad Mobile was a joint venture company between Sotel Tchad (51%), the national landline operator, and Orascom Telecom (49%).  The company had established itself as the market leader with approximately 75% market share by 2002.   The company operated under the brand name Libertis Telecom. Orascom Telecom's license also granted it the right to install a public payphone network throughout Chad's cities and villages.  In July of 2004, Tchad mobile exited the market following a dispute with the Ministry of Telecommunications over the transfer of Sotel's 51% stake and some severe operational difficulties. According to Q1 2004 results, Tchadmobile had 32,222 GSM subscribers, representing a 39% share of the total cellular market of 82,620.
In 2000 the municipal government of Riohacha (La Guajira department) awarded a 20 year concession contract to private operator Aguas de la Guajira for the city’s water and sewage systems. Riohacha had a population of 90,000 inhabitants. In 2000 the utility’s coverage rates were 81% for water and 44% for sewage services. Aguas de la Guajira pledged to invest a total of US$ 42 million over the 20-year concession period.
25 year contract (2003-2028) was awarded by governmental Provincial Waterworks Authority (PWA) to Bangpakong Waterworks Co., Ltd. on November 9, 2000. Management period started on March 8, 2001 and commercial operation date started on April 1, 2003. PWA defined it as “Capacity expansion for Bangpakong Waterworks (Build-Own-Operate-Transfer)”. The overall committed investments apparently were about 8,098,872 $US (346 million Baht).  Bangpakong Waterworks Co., Ltd. was one of the subsidiaries of Universal Utilities Co., Ltd. (UU). It had a production capacity of 43,200 cubic meters/day and distributes tap water to the community of Bangpakong District. The company planned to expand water pipelines to increase water distribution in anticipation of increased population in the area due to the operation of Suvannabhumi Airport. It was going to set prevention of water loss during distribution from 36.09%, at the beginning of the project, to 18% within the year 2007.  Universal Utilities Co., Ltd. (UU) was appointed by the governmental Provincial Waterworks Authority to operate Chachoengsao, Bangpakong and Nakhonsawan Waterworks for 25 years to produce clean water for better quality of life and develop the waterworks technologies and install a Supervisory Control and Data Acquisition System (SCADA) and a Geographic Information System (GIS) in 2001.  UU managed waterworks business, receiving concession from governmental agencies such as the Provincial Waterworks Authority (PWA) and various municipalities. Universal Utilites’ business included tap water production and water distribution pipeline management. In 2001, the company began its operation under PWA contract, establishing waterworks offices in five areas, namely Chachoengsao Water Supply Co., Ltd. Bangpakong water supply CO., Ltd. and Nakornsawan Water Supply Co., Ltd. (25-year BOOT contract); Sattahip Water Supply Co., Ltd. (10-year lease contract, extended to 25 year contract) and Si Chang island Municipality which produced tap water from seawater by Reverse Osmosis system. The company also invested in Egcomtara Co., Ltd. which was granted a concession to produce and supply tap water in Ratchaburi-Samut Songkhram areas and operated tap water related business, such as engineering and maintenance service for pipeline system, tap water production system and wastewater treatment system.  UU started to operate Chachoengsao, Bangpakong and Nakornsawan waterworks of the Provincial Waterworks Authority (PWA) around March 2001. UU, Chachoengsao Water Supply Co.,Ltd., Bangpakong Water Supply Co.,Ltd. and Nakornsawan Water Supply Co.,Ltd. had expanded the tap water production capacity and installed the Supervisory Control and Data Acquisition System (SCADA) to enhance the efficiency of tap water production system and to distribute the good quality tap water according to the Thai Industrial Standard (TIS) in the contract’s service areas. In addition, under the contracts the company had the water loss reduction plan to reduce water loss in the distribution system to less than 20% within 3 years, starting from April 2003, instead of 5 years as mentioned in the contract.  East Water held 100% shares in Universal Utilites Co., Ltd (UU). Following its IPO in 1997, East Water had the following shareholder structure: state-owned Provincial Waterworks Authority (PWA) (44%), Industrial Estate Authority of Thailand (IEAT) (5%), and general investors (51%).  By 2005, that shareholding structure was: the partially private Electricity Generating Company (EGCO) of Thailand (18.22%), PWA (40%), IEAT (4.5%), and public investors (37.25%). As of 12/01/2006 East Water had 1,738 shareholders. Major shareholders were governmental PWA (39.99%), partially private EGCO (18.62%), IEAT (4.45%), and the rest of general investors held 36.9%.  As of 2004, the stake holders of EGCO were state-owned EGAT (25.41%), CLP Power (22.42%), Thai investors (30.09%), and foreign investors (22.08%). As of November 13, 2006, EGAT share in EGCO was 25.41%.
In October 2000, Kazakhstan and Russia had reached an agreement whereby Russia's UES would receive a 50% in the Ekibastuz State Regional Power Station 2 in Pavlodar -- the last power station not to be privatized -- to cancel out Kazakhstan's $300 million debt to UES for electricity supplies. Russia and Kazakhstan plan to eventually create a vertically integrated company called the Ural Heating and Energy Complex, which will unite several Russian power stations with Ekibastuz and two coal mines in north Kazakhstan. The Ekibastuz GRES - 2 power plant generated some 35 billion kw/h of electricity during the year 2000. It operates two energy blocks and ships power to consumers in southern Kazakhstan.   On February 1, 2001, the GRES-2 officially became part of the Russian - Kazakhstani energy joint venture UralTEC. Unified Energy Systems (UES) Russia, also known as RAO UES Rossii, is owned by Russian government (53%), and foreign shareholders (33%).  Following the power sector restructuring from 2003-2008 in Russia, the RAO UES no longer exists. It split into various subsidiaries among which is InterRAO UES which has been the holder of 50% stake in Ekibastuz since 2008. The other 50% stake in Ekibastuz GRES-2 is owned by AO "Sameruk-Energo", which is controlled by the government of the Republic of Kazakhstan.  In June 2010, JSC Ekibastuz Gres-2 obatined two loans - a US$385 million and US$395.1 (RUB 12,000 million) loan from the Eurasian Development Bank SC Vnesheconombank  maturing  in 2025. The Company's  shareholders issued guarantee to the banks at the amount of 50% of the two loans and the Company's Board of directors have pledged the shares of JSC Stantsiya Ekibastuzskaya GRES-2 as a collateral. The Company's liability under the guarantee and collateral is limited by 50% of the two loans obtained by the entity; the other 50% are to be  guaranteed and collateralised in the same form by the other venturer, Samruk-Kazyn.
The Turkish government awarded a build, own and operate power generation project to Iskenderun Enerji Üretim ve Ticaret A.S. (Isken). The greenfield project was signed on the basis of a 20 year take-or-pay energy sales agreement between Isken and state owned Turkish Electricity Generation and Distribution Company (TETAS). According to the contract Isken was to construct and operate a 1210 MW coal-fired plant in the bay of Iskenderun, southeast Turkey.   Project company Iskenderun Enerji Üretim ve Ticaret A.S. was created by German firms STEAG AG (75%) and RWE Power AG (25%). In May 2004 STEAG sold a 24% stake in Isken to Ordu Yardimlasma Kurumu (OYAK), the Armed Forces Pension Fund.  In September 2004 OYAK increased its stake in Isken to 49%, by purchasing the 25% RWE owned.  Financial closure for the project was reached on June 26, 2000. STEAG and RWE provided 25% of the funding from their own sources. The rest of 75% was furnished by a banking syndicate lead by KfW, Dresdner Bank and WestLBof. All TETAS payment obligations were backed by the Turkish Undersecretariat of Treasury. The government of the Federal Republic of Germany provided a Garantie für Kapitalanlagen im Ausland (GKA) guarantee protecting the invested capital and the bank loans. Credit insurance was furnished by three credit insurance agencies: Hermes of Germany, Österreichische Kontrollbank AG (OeKB) of Austria, and Credit Guarantee Insurance Cooperation Ltd. (CGIC) of South Africa.   The project was completed in 39 months and on November 22 2003 the Iskenderun power plant began commercial operation. Germany's Siemens Power Corporation Group was lead builder for the project. The total cost of the project was around $1.5 billion, at the time the largest foreign investment in Turkey. The power plant consisted of two Benson boilers, two turbine generators, two flue gas desulphurization plants, one 150m high stack with two flues, a 380 KV switchyard and associated annex buildings. The power plant was expected to meet up to 8% of Turkey’s energy needs.
In September 21, 2000, the VKCS Co. Ltd, later renamed to Thai Tap Water Supply Co. (Thai Tap), was awarded a 30-year (2004-2034) build, own and operate (BOO) concession by the Provincial Waterworks Authority (PWA) of Thailand for the western outskirts of Bangkok covering half area of Nakhon Pathom and all of Samut Sakhon, where tap water demand was growing rapidly as artesian water was prohibited.  The agreement was extendable by up to another 10 years.  After a 3-year construction period, the project commenced operation in 2004. The overall committed investments apparently were about  8,375 million Baht.  Thai Tap (formerly known as VKCS Thailand Co. Ltd.), was a joint venture owned 50% by Thames Water (a subsidiary of RWE of the UK) and 50% by CH Karnchang Company Limited of Thailand. In June 2005, CH. Karnchang approved a plan to buy the 50% stake it didn't already own in Thai Tap from Thames Water for THB3.6 billion (about US$91 million).   The project consisted of a 320 million litres/day (320,000 cubic meters/day) water treatment plant, trunk mains, reservoirs and a local main distribution system.  The sponsors were to be the EPC contractor.  The project had a Water Purchase Agreement (WPA) with the government owned PWA as the offtaker.  The WPA contained a take-or-pay guarantee that was backed by the Ministry of Finance and was initially for 200 million liters per day and increased to the full plant capacity by the fourth year of operations.    The total project cost was Bt10 billion (roughly US$240 million) and had a 70%/30% debt-to-equity ratio.  Financial closure occurred in March 2001.  The equity was provided by the sponsors of the project.  The Bt7.25 billion debt was provided equally by 3 local banks: Bangkok Bank, Siam Commercial Bank and Thai Military Bank.  Of the total debt amount, Bt 7 billion was long term loan and Bt250 million was a performance bond.  The interest rate was fixed at 7.75% during construction and reverted to a floating rate MLR (minimum lending rate) basis during operation.  The term of the loan was 12 years. The project also received US$56.45 million worth of loans from the IFC.   The company began supplying water in 2004 at 60,000 cubic metres per day. Output rose to 240,000 cubic metres in 2005 and was expected to reach 290,000 cubic metres per day in 2006.  The project was expected to break even only after 10 years of operation.  Thai Tap's planned IPO had been postponed several times.
In 1999, the Brazilian company Sinart was awarded in a competitive bidding process the contract to build, rehabilitate and operate the airport located at the city of Porto Seguro (state of Bahia). Information on other companies participating in the bidding process and on the bidding criteria set by the regulatory agency was not available.   The 13-year contract was signed with the regulatory agency and the sponsors took over the operations in March 2000. Between 2000 and 2007, a total of US$ 1.5 million (BRL 3 million) was invested in the airport facilities. In 2010, the sponsor invested an additional US$ 5.7 million (BRL 10 million) in expanding the airport passenger terminal.  The airport handling capacity was set at 1.8 million passengers per year.
In April 2000 the provincial government of Catamarca, Argentina, granted a 30 year concession for the province’s water and sewage systems to special purpose company Aguas del Valle. The concession covered the provincial capital San Fernando del Valle de Catamarca and the municipalities of Valle Viejo and Fray Mamerto Esquiu. In total, some 200,000 people lived in the concession area.   In 2000 Aguas del Valle was a fully owned subsidiary of Proactiva Medio Ambiente, SA (“Proactiva”). In turn, Proactiva was a 50-50 joint venture between French Vivendi Environnement and Spanish Fomento de Construcciones y Contratas S.A. (FCC). Vivendi also had a stake in FCC. In 2003 Vivendi Environnement changed its name to Veolia Environnement.   Proactiva won the concession after bidding to pay 12.5% of the annual billing to the provincial government. The second highest offer was 12.35%, from Spanish group Urbaser. The concession was expected to have a turnover of US$ 331 million.  In February 2005, the governor of the Catamarca province decided that the project would eventually be canceled, but asked that Aguas del Valle carry out obligatory works totaling some 3.6 million pesos (US$1.2 million). The private operator agreed with the decision. The company was incurring losses and claimed eight in ten customers were refusing to pay their bills.   At the end of 2007 Aguas del Valle was still operating the water and sewage systems until the project could be re-tendered.   In March 2008, the governor of the province of Catamarca signed a decree which officially canceled the contract of Aguas del Valle and put into effect government control of the facility in April 2008.
The private sponsors will rehabilitate and operate the railway linking Bogota, Medellin with the Santa Marta Port for a 30-year period. Dragados (part of ACS Group as of 2003) holds 62% of the project company's shares, while Odinsa holds 18%, the Indian company RITES holds 5%, Tecsa (5%), Nedtrans (5%), Transportes Sánchez Polo (4%) and In-Procarga holds 1% in the Fenoco Consortium. The concessionaire will invest US$ 283 million over the contract period in the rehabilitation/maintenance works. The government is providing a US$ 38 million payment in subsidy to the private sponsors.  It is estimated that 20 million tons of cargo will be transported on the railway per year. The operation of the Atlantic railway network was transferred to the private sponsors in March 2000.  In December of 2002, government authorities signed an agreement with concessionaire Fenoco committing the 1,500 km Atlantic railroad system to a 2006 operational start. The agreement also addresses the need to refinance the project in the future.  In November 2005, the Government wanted to terminate the contract and was considering taking over the concession.  In March 2006, after purchasing the concession Fenoco for US $92.5 million, the government restructured it with the following ownership structure: Drummond, Glencore, Consorcio Minero Unido (CMU), Carbones del Caribe, Carbones del Cesar, y Carboandes. The consortium was to receive 50% of the revenues from tariffs and invest US $350 million in the railway.
A joint-venture of ICTSI (75%) and Vertex (25%) was awarded the contract to rehabilitate and operate a container terminal at the Dar-es-Salaam Port. The sponsors invested US$ 6.5 million in the project. The terminal had a capacity of 250,000 TEUs per year, and an area of 12 hectares. ICTSI and Vertex took over the terminal in Sep. 2000. The sponsors paid an annual lease fee of US$ 3 million, in addition to a royalty of US$ 13 for every twenty-foot container unit (TEU) that passes through the terminal.  Through the expected improvement in efficiency and aggressive marketing and promotion by the private operator, the number of containers handled at the Container Terminal is expected to increase from the present level of about 100,000 containers per annum to more than 200,000 containers during the tenth year of operation.  In 2005, former President Mkapa extended the contract to 2025, which the Parliament subsequently cancelled.  By 2008, the company had seen turnover triple to an estimated 370,000 TEU, well above design capacity of 250,000 TEU.  As of 2011, the terminal was still in operation.
The consortium Alterra Partners, formed by Bechtel, AGI and partners from Costa Rica, won the 20 year concession contract to expand, rehabilitate and operate the airport at San Jose. The contract included modernization and expansion works valued at US$160 million during the first 10 years of the contract (a new terminal and taxiway would be constructed, the runway would be extended and rehabilitated, and the security systems would be improved). Alterra Partners was owned by Bechtel (50%), AGI (42.5%), Motorola de Costa Rica (3%), Propriedades La Nueva Tecnologia (2.2%), Integracion Aduanera (1.7%), Edica (0.5%) and Terminal Aerea General (0.1%). The sponsors would transfer to the Civil Aviation Authority 35.3% of the airport gross revenues. The airport had the greatest amount of traffic in Central America, handling nearly 2.3 million passengers per year in 2001.  The takeover of the airport management functions occurred in Nov. 2000. In Dec. 2000, the IFC approved a US$ 120 million financing package to the project: US$ 35 million in direct loans and US$ 85 million in syndication. These resources were to finance the sponsor's investment in the first three years of the project.   In July 2003, upgrade and construction works were suspended due to a contractual dispute over the tariffs that Alterra was charging, in part to recoup the modernization costs. According to Costa Rica's Comptroller General, tariffs were too high and the consortium was not entitled to raise cash in this way under the contract it had. The Comptroller General asked the government to intervene and compel the Technical Council on Civil Aviation to fulfill an order that it would reduce these 'unjustified' tariffs. The consortium filed for arbitration demanding US$79 million indemnity from the government. In November 2004, the national arbitration council referred the case to national courts. In December 2004, Alterra Partners and the Costa Rica's government started negotiations with regarding a US$18.7 million claim by Alterra for lost revenue. The government warned the concessionaire that it would initiate the process to transfer the airport to the aviation authority (Cetac) if an agreement was not reached. In June 2005 Alterra accepted a US$15 million offer from Ministerio de Obras Publicas y Transportes (MOPT - Costa Rica's  public works and transportation ministry) to settle the lost revenue claim. Despite the agreement between Alterra and MOPT, some legal issues were still pending regarding the involvement of the Comptroller General.  As of December 2007, an agreement to drop the charges in exchange for a contract extension of five years has not been agreed to. The IFC had offered its assistance with the settlement.   In May 2009, Costa Rica's comptroller general has ratified an addendum to the contract regulating the concession of capital San Jose's Juan Santamaría international airport, placing the facility's administration into the hands of US-based concessionaire Houston Airport Systems Development Corporation (HASDC). The consortium, which is now known as Aeris Holding Costa Rica, also includes Canada's Airport Development Corporation and Brazil's Andrade Gutierrez. The exact shareholding was not known, but the sponsors combined share was over 95% of the profect company. HASDC will operate the facility for the next 25 years and will be required to update the expansion project master plan, buy Alterra's shares and pay US$10mn in fines the UK company accumulated with the government.  In December 2009 a US $45 million loan was approved by the IADB to assist with the expansion of Juan Santamria International Airport. The number of check-in counters was increased from 58 to 78 and the immigration area was expanded from 444m2 to 1,153m2. An additional 28 booths for checking visas and passports as well as new stores, restaurants and a waiting room were opened.  In December 2015, Aeris closed a US$ 127 million private placement bond issue to refinance debt p
The power project is being undertaken by Investco, a joint-venture of Grupo Rede (47%), Electricidade de Portugal (27%), the partially-privatized company Ceb (20%), and the US company CSW-Energy (6%). In 2006, state-owned Electrobras acquired 40% stake in the project. The power plant will have a capacity of 850 MW, which is more than the current demand of the state of Tocantins. The surplus will be exported through the transmission line "Interligacao Norte-Sul". The project involves a total investment of US$ 620.8 million. Construction works started in Jul. 1998, but only 30% of the works were completed by the end of 1999. In 2000, Investco received a financing package from the state-owned bank BNDES that will allow the completion of the project. The financing from the BNDES comprises US$ 65.9 million in direct financing and US$ 98.8 million in syndication. Additional financing came from equity, the state-owned company Eletrobras, Finam and Basa. In Dec. 2000, more than 40% of the construction works had been undertaken, and the commercial operations were scheduled to start by Dec. 2001.  As of December 2009, the shareholding structure had changed to EDP (52,4%), Eletrobras (35%) and small shareholders (12,6%).
In January of 2000, China Water Company (CWC) was awarded a 21-year BOT contract for the Changchun Beijiao Wastewater Treatment Plant and associated facilities.  The objective of the project was increasing the wastewater treatment capacity of Changchun municipality and reducing the water pollution problem in the lower reaches of the Songhua River, the major source of potable water for a number of cities in North East China. The production of approximately 390,000 tons of sewage/day began in January 2001.    To implement the contract, China Water Changchun Company was created as the project company, a joint venture formed by China Water Company (CWC) and the state-owned Changchun Urban Drainage Company (exact shares were undisclosed).  As of 2002, CWC itself was owned by Thames Water (a subsidiary of RWE) (48.8%) and Sime Darby Bhd. of Malaysia (33.3%).    The JV was responsible for building and operating of the Changchun Beijiao Wastewater Treatment Plant which included 1) a coarse screen and pump station with a processing capacity of 10.44 cubic meters per second, 2) fine screen and grit chamber with a processing capacity of 5.42 cubic meters per second, 3) primary wastewater treatment system and corresponding sludge treatment system with a processing capacity of 5.42 cubic meters per second and 4) effluent discharge system.  Total investment for the project was estimated at US$32 million.   According to a 2004 report, the Changchun Urban Drainage Company had delayed the wastewater fee to CWC from the beginning of 2002 and had completely refused any further payment to CWC from March 2003.  The accumulated unpaid wastewater fee had reportedly reached more than 90 million RMB by 30 September 2003. The Changchun Urban Drainage Company claimed it could not collect enough wastewater fees to satisfy the requirement stated in the contract. The state-owned company also claimed that since the project was set up with a guranteed "rate of return" to the private investor, such a contract was illegal under Chinese federal law and could therefore be canceled.  The contract was terminated in February 2004.
BSES Andhra Power is to establish a 230-MW naphtha-fueled combined cycle power plant in Kakinada. BSES Andhra is a joint-venture of BSES Ltd. (70%), SEW Construction (15%) and Prasad & Co. (15%). The company has a 15-year power purchase agreement the state electricity grid.   The US$165 million project reached financial closure in mid-2000 (US$ 115 million in debt provided by the State Bank of India and a consortium of other Indian banks, and US$ 50 million in equity). The EPC contract was awarded to Ansaldo Energy, which will work with BSES's own EPC group.  In 2003, Reliance Group picked up a 58.2 percent stake in BSES.
The Puebla government, Mexico, awarded a concession contract for the operation, maintenance and development of the city's airport facilities in Oct. 2000. The concession was awarded to the company Operadora Estatal de Aeropuertos, a joint-venture between the government (51%) and private sponsors (49%). These private sponsors include several local and national companies, such as the Grupo Iusa, Grupo Lambert and Sacsa. It also included Flughafen Frankfurt, the operator of Hannover Airport.   A total of approximately US$ 80million will be invested in infrastructure by the private sponsors. It is estimated an annual flow of 246,000 passengers in the airport by 2005. The airport has a 3,600-meter long runway and a terminal with a capacity to receive 400 passengers per hour.
Guangxi Guigan Electric Power issued 110 million shares (16.3% stake) on the Shanghai Stock Exchange in Mar. 2000, raising US$ 83.3 million in divestiture revenues. In the end of 1999 the company had 565 million shares (the two major shareholders were the government owned Guangxi Power Co. Ltd. and the Guangxi Development Investment Co. Ltd.). The resources will be used to finance the construction of the Bailongtan Hydro Power Plant and the technical transformation of the Dahua Hydro Power Plant. The company generated 2,500 MWh in 1999, which accounts for 10% of the power grid of the whole Guangxi Zhuang Autonomous Region. The company has an installed capacity of 592 MW.
The consortium of Impregilo (50%) and Topco (50%) was awarded the contract to construct and operate the highway and tunnel linking Aburra Valley and Rio Cauca Valley. The project involves the construction of a 4 km road linking Medellin and San Cristobal, a 4.6 km tunnel (San Jeronimo Tunnel), and a 26 km roadway from Sopetran and Santa Fe de Antioquia. A total of US$ 119.7 million will be invested in infrastructure during the 25-year concession period. About half of this cost is being financed with the sponsors' own resources, while the other half is financed by the government. The construction works were expected to be completed by mid-2001.
Libercom was a GSM 900 network in Benin, launched in May 2000. The GSM network was part of a US$60 million BOT joint venture between the Office des Posteset Telecommunications (OPT)(50%), the national telephone company of Benin, and Titan Africa (50%), a wholly owned subsidiary of the U.S. Titan Corp. in 2000. Libercom was to offer service in Cotonou, the major port city of Benin where 15% of the country's 6 million people resided. The joint venture was granted one of the 10-year renewable GSM licenses awarded in Benin.    The Libercom network was deployed by Titan with the assistance of Alcatel. Sofrecom, a subsidiary of France Telecom was assisting with the marketing, sales, and customer acquisition efforts. Under the terms of the larger agreement between Titan Africa and the OPT, Titan Africa was to build, co-operate, and ultimately transfer to the OPT a complete telephone system which included the GSM network, a wireless local loop network in several mid-sized cities, a fiber optic backbone transmission link, an Xpress Connection VSAT network to interconnect urban and rural communities, and the modernization of urban central telecommunications operations.  In addition to the US$60 million BOT agreement, Titan Africa also wanted to receive up to 50% of the total net receipts earned on the project for up to a period of nine years.    On December 10, 1999, Titan Africa entered into a Loan Facility agreement for up to 30.0 billion Francs CFA (US$45.0 million), with a syndicate of five banks, with Africa Merchant Bank as the arranger.  In 2002, this financing was subsequently increased by 6.0 billion francs CFA to approximately US$54.0 million through the West African Development Bank (BOAD) to expedite an extension of the existing network which was expected to cover the entire country.   In July 2002, Titan made the decision to exit all of their international telecommunications business through a combination of selling or winding down the operations within the Titan Wireless segment. Titan immediately began implementing these actions, which were substantially completed during 2003.  Court filings by the SEC and U.S. Justice Department stated that Titan funneled US$2.1 million in 2001 in "social payments" to the election campaign of Benin's president, Mathieu Kerekou. Four days after Kerekou was declared the winner, Benin government officials agreed to quadruple Titan's management fee for developing the country's new telephone network from 5% to 20%, according to a plea deal filed by the U.S. Justice Department.   In March of 2005, Titan Corp. agreed to pay US$28.5 million to settle an enforcement action filed by the SEC alleging the company violated the Foreign Corrupt Practices Act.  Up and until 2013, Benin Telecoms remained in state hands. In 2014, the state made initial plans to privatize 80 percent of its stake in the entity, but at the time of the 2013 update, these changes had not been implemented yet.
Esperanza Power Barge was a joint venture between Enron (50%) and Centrans (50%). Enron was to operate the plant and serve as fuel supplier. The diesel-fired power plant was to operate as a merchant facility and was to provide power to the Central America region. The construction works started in June 1999, and the power barge arrived in Guatemala in April 2000. Commercial operations started in July 2000.   OPIC provided a US$50 million financing package for the project to PQPLLC in March 2000. In November 2000, Globeleq, the power sector subsidiary of the Commonwealth Development Corporation (UK), acquired 25% of PQP's shares from Enron and Centrans, which then held 37.5% of the company's shares each.  In 2003, Prisma Energy International Inc. was created as a holding company to, through its subsidiary Prisma Energy International Services LLC, provide management and operational support for the remaining major international assets owned by the bankrupt Enron, including Esperanza Power Barge.  The company was created after Enron's board and creditors decided the Enron estate would raise more revenues from ongoing operations than through individual asset sales.  Once the Enron bankruptcy was concluded, Prisma was to be owned by Enron's creditors. They were likely to sell their positions as soon as market conditions allow. As of 2005, Enron still had a stake of 37.5% through Prisma.
The National Highway Authority of India (NHAI) awarded a 17.5 year concession contract to North Karantaka Expressway Limited (NKEL) in November 2001, to strengthen and widen the 77 km stretch of NH-4 running through the state of Karnataka. The scope of the work included converting the existing 77 km two-lane stretch to four-lane, building six major bridges, twelve minor bridges, 158 culverts, and 69 km of service roads. The 17.5 year contract term included the construction time of 30 months.   Under the contract, NKEL was compensated for the capital costs and operating costs including returns by way of a fixed semi-annual payment (annuity) from the NHAI during the operation period of 15 years. Under the annuity scheme, the private operator does not collect tolls from the users of the facility.  NKEL was joint venture between private Indian firm Punj Lloyd Limited (42 %), Infrastructure Leasing & Financial Services Limited (42 %), and Consolidated Toll Network India Private Limited (16%). NKEL won the competitive tender conducted by NHAI by requesting the lowest annuity amount of US$ 10.6 million.   The total cost of the project was estimated at US$ 123 million. The project reached financial closure in December 2001, with a debt equity ratio of 3:1. The loan was arranged by a consortium of 12 banks led by Punjab National Bank. The financing structure was equity of Rs. 1005.81 million, Subordinate Debt of Rs 350.00 million, and Senior Debt of Rs. 4067.42 million  Construction began in February 2002 and the roads were expected to be operational by December 2004.
In December 2001, Xinao Gas Holdings Limited obtained the exclusive rights to supply gas in Gaoyou City, Jiangsu Province.  Yangzhou Xinao Gas Company Limited, a wholly-owned subsidiary of Xinao Gas, will operate the project for a period of 30 years.  Registered capital for the project is US$1.2m. As of December 2002 2km of pipeline had been constructed. Total investment was RMB 20 million.
The government of Armenia awarded a 30-year concession contract for the operation of the international airport of Zvartnots to Argentine Corporacion America, the operator of Aeropuertos Argentina 2000, in September 2001. The final agreement was signed in December 2001. According to the press release, the Aeropuertos Argentina committed to invest around $50 million during the first five years of the concession contract. Investment commitments included the construction of a new international passenger terminal, the rehabilitation of the runway and improvement of airport equipment and air safety. However, European Bank for Reconstruction and Development (EBRD), a lender to the project, estimated the total project cost as $63 million.   On September 14, 2006, the new arrival hall of the Zvartnots International Airport was launched. Its capacity was 800-1000 passengers during an hour. The new international terminal opened in May 2007.   In February 2008, it was announced that the concessionaire would invest US$130 million for the construction of the second phase of the passenger terminal complex at Zvartnots airport. EBRD, DEG and ADB were expected to provide debt financing towards this second phase. In March 2010, ADB approved a direct loan of up to $40 million with a repayment period of up to 10.50 years (including a grace period of about 3.25 years). DEG was reported to be providing a US$40 million loan as well.  The remainder of the project finance (US$73 million) was to be in the form of sponsor equity.  In September 2011, the new passenger terminal was opened.  In 2013, the concessionaire announced $101.1 million of investments in the modernization of Zvartnots airport until 2017. As part of the initial concession agreement, the master plan was to be updated every five years. In detail: $45 million was to be invested to increase the airport capacity to 4 million passengers annually. Nearly $5.4 mln was to be invested in the refrigeration terminal at the airport. Another $15 million was to be invested in establishment of a free trade area around the airport. $6 million was to be invested in construction of an official building for the state authorities and important guests. Another $12 mln was to be invested in construction of residential houses. Investments were to be made in exploitation and modernization of the airport as well.
Lyonnaise Vietnam Water Company Ltd. was awarded a 25-year concession agreement by the People's Committee of Ho Chi Minh City to develop, construct, own and operate a water treatment plant with a daily capacity of 300,000 cubic metres and a 25.2 km transmission pipeline in the Thu Duc district in Ho Chi Minh City.    Lyonnaise Vietnam Water Company was owned by ONDEO (the water business of Suez Lyonnaise des Eaux which later changed its name to SUEZ) (70%), Tractebel of Belgium (a subsidiary of SUEZ) (20%), and Pilecon Engineering Bhd of Malaysia (10%). The EPC contractors were Vinci (formerly called Dumez) and Pilecon.  The construction period was expected to be 30 months and the facility was to be located next to the existing Thu Duc water plant.    Lyonnaise Vietnam Water Supply Company had a take-or-pay contract with the offtaker Ho Chi Minh City Water Supply Co.  The license was reportedly valued at over US$100 million when it was granted in 1997.  The total project cost was US$154 million and financial closure was achieved in July 2001.  The financing was comprised of US$48 million in equity.  The total debt amount was US$106 million: US$35 million as direct loan from the ADB, US$48 million financing from Coface and US$15 million loan from the Malaysian Exim.   In February of 2003, Suez Lyonnaise and Pilecon withdrew from the half-finished project. The reason behind the continued delay and the subsequent withdrawal of the foreign investors was that the contractor and local partners could not agree on the application of some terms of the contract. In mid-May of 2003, Salcon of Malaysia and MPA Utilities of Singapore proposed becoming involved in the project, but city authorities turned down their proposals, saying that they preferred to choose a Vietnamese company for the project.  In November of 2004, a consortium of state-owned Vietnamese companies led by Ho Chi Minh City Infrastructure Investment Joint Stock Company (CII) won the tender to replace the foreign investors and resume construction of the water plant in Ho Chi Minh City’s Thu Duc district.
Ecovias dos Imigrantes Sa (Ecovias) won a 20 year concession awarded by the State of Sao Paulo in May 1998. The bidding process was competitive and the award criteria was the highest cannon fee to be paid to the government. There was no provision for contract renewal (assets were set to be returned to the state government).  Ecovias undertook the responsibility for the rehabilitation and operations of a 176 km toll road, known as Anchieta-Imigrantes, which comprised four highways and two interconnections. The highways were Anchieta Highway (SP 150), Imigrantes Highway (SP 160), Padre Manoel da Nobrega Highway (SP 055), and Conego Domenico Rangoni (SP 248/55). The interconnections linked the Imigrantes and Achietas highways in two different points.  The project also included the duplication of the Imigrantes Highway capacity.   The estimated daily traffic flows was 200,000 vehicles. The total cost of the project was estimated at US$ 490 million. US$ 51.2 million was expected to be paid in monthly instalments to the state government during the concession period as lease fee (in order to calculate the real value of the lease fee, a discount rate of 12.68% was used; the Brazilian government has used this rate in other infrastructure sectors).   Construction works for the duplication of Imigrantes capacity started in 1998 and Ecovias has been charging the tolls since then. The toll revenues during the concession period were expected to be US$ 2.6 million and the rate of return was estimated at 20.6%.   In 1999, the IADB approved a US$ 155 million loan: a US$ 75 million direct loan and US$ 80 million syndicated loan. In April 2001, the BNDES approved a US$ 80 million loan to Ecovias (19% of the total that was set to be invested in the first phase of the expansion and rehabilitation works).  The duplication works of Imigrantes highway finished in December 2002, and their costs were estimated at US$ 300 million. After the duplication of the Imigrantes highway, the capacity of the system increased from 8,500 vehicles/hour to 14,000 vehicles/hour.  In 2002, a holding company called Grupo Primav EcoRodovias SA (Primav EcoRodovias) was created. Primav EcoRodovias was controlled by Grupo CR Almeida (65%) and the Italian group Impregilo (35%). As of June 2004, Primav EcoRodovias was controlling Ecovias, and two other toll-road concessions in Brazil (Ecovia - Caminho do Sol and Ecosul).    In December 2006, EcoRodovias SA renegotiated an extension of the original 20 year concession for an additional 70 months to make stipulated financial readjustments.
The consortium Rota 116 was awarded the project to expand, rehabilitate and operate the highway linking Itaborai, Nova Friburgo and Cantagalo in the countryside of Rio de Janeiro State. The bidding process was competitive and the award criteria was based on several tecnical and economic aspects (including the amount to be paid to the government for the concession rights). The 25-year contract established the possibility of another 25 years extension (direct negotiation), depending on the interest of the concessionaire and the approval of the regulatory agency.  The 25-year contract envisages a total investment in infrastructure of US$ 121.5 million. Rota 116 is a joint-venture of Oriente and Delta. Construction works started in March 2001 and commercial operations started in November 2001, when the company started charging tolls.  On April 2003 Banco Nacional de Desenvolvimento Econômico e Social (BNDES - Brazil's national development bank) approved a US$8.76 million (Reai 28.5 million).
In September of 2001 Russia's Mobile TeleSystems (MTS) won a license to provide GSM cellular service in Belarus.  In order to implement the project MTS create a joint-venture with state owned Beltelecom subsidiary UE Mezhdugorodnaya Svyaz.  UE Mezhdugorodnaya Svyaz owns a controlling 51% of the joint venture with MTS holding the remaining 49%. MTS paid $2.5 million for the 49% stake, a license fee of $5 million, a one time fee to the Belarus budget of $10 million, and a further $6 million fee to be paid in five annual installments by 2007.  Initial investments in the GSM 900 and GSM 1800 network  amounted to $15 million.  By June 2002 MTS's network covered Minsk and the area of Minsk national airport.  As of June 2002, MTS planned to achieve 90% coverage of Belarussian territory by 2005 through investments of $200 million.   Commercial operations were launched on June 27, 2002. In May 2002, Siemens was selected to provide GSM network to MTS, which is valued at 30 million euro (US$28.3m).   MTS had 2.13 million clients as of December 31, 2005, up from 465,500 just two years prior.
Bharti Telesonic Limited (BTL) was a joint venture between Bharti Televentures (51%) and Singapore Telecom (49%).  The company offered domestic long distance and international telephone services nationwide under the brand name IndiaOne.  Bharti Telesonic was awarded a license for international long distance (ILD) telephony in March 2001, ending the state-run monopoly over long distance service.  Bharti Telesonic had deposited US$5.2m for a license fee and the same amount for a bank guarantee.   The company obtained the license for domestic long distance in November 2001 after paying US$21m and US$84.5 for a license fee and bank guarantee, respectively, for a total of roughly US$105m.    Bharti Tele-Ventures decided to consolidate all the non-mobile licenses (fixed line, long distance and broadband businesses) under one entity. In September 2003, Bharti Telesonic Limited and Bharti Broadband Networks Limited merged with Bharti Telenet Limited. Post merger, Bharti Telenet was renamed Bharti Infotel Limited. Bharti Infotel operated fixed line operations in Madhya Pradesh, Chattisgarh, Haryana, Delhi, Karnataka and Tamil Nadu as well as nationwide long distance and broadband networks.  As of January 2002, the company had installed 12,000km of fiber optic cable network. BTL launched its state-of-the-art network operations centre (NOC) in Chennai in July of 2003. The new NOC is expected to control and monitor a 23,000-kilometre optic fibre cable national long distance (NLD) network across the country. Bharti Telesonic's activities in the international long distance arena are being developed by a second Bharti and SingTel joint venture project called "i2i" that utilizes both terrestrial and underwater cables.    Bharti Telesonic launched its national long-distance telephony in December 2001 after investing approximately US$164 million out of a planned US$2.92 billion.
In 2000, the Brazilian company Costa do Sol Operadora Aeroportuaria was awarded in a competitive bidding process the contract to operate and manage the airport located at the city of Cabo Frio (state of Rio de Janeiro). Information on the bidding criteria and on the other participants in the bidding process was not available.   Costa do Sol Operadora Aeroportuaria established the special purpose company Aeroporto Internacional de Cabo Frio to lead the project. The 22-year contract was signed with the regulatory agency and the sponsors took over the operations in 2001.  The airport was set to have a total capacity of 100 thousand passengers per year. By 2003, the passenger flux was below the expected, and a cargo terminal was constructed to compensate the sponsor for its revenue shortfall. As of 2008, 90% of the concessionaire revenues came from the cargo terminal fees.  In 2011, the Brazilian group Libra acquired 60% of Costa do Sol Operadora Aeroportuaria shares; the remaining 40% remained with small investors.
Luannan Peak Heat and Power Company Ltd was established in August 2001. This 100MW, combined heat and power plant is sponsored by Peak Pacific Investment Company, a development company of which Alliant has a 93.5% stake, (88%) and three local partners: Luannan Heat and Power, Tangshan Luanhua Group, Luannan County Heat Company (12%).  Contract term is for 20 years.  Investment date was August 2001 and project cost was approximately USD119m.  As of August 2001, Alliant's investments in China amounted to a total of 500MW spread across 9 projects.  Total investments in these projects were approximately $150m.  Most of these investments were made through Peak Pacific Investment Company.  In 2001 alone, Peak acquired 3 new facilities.  In August 2001, the IFC and Peak Pacific signed a US$25m ten-year loan to help fund the company's future investments in China. In February 2006, Banpu Power Limited acquired 91% shares of Alliant in Peak Pacific Investment for US$84 million.
The India to International (i2i) cable linking Chennai (Madras), India, and Tuas, Singapore, was ready for commercial traffic in April 2002, around the time national and international long-distance services were deregulated in India. This 3,200-km undersea cable was the first phase of a 50-50 joint venture- Network i2i Ltd.- between Bharti Telesonic, a subsidiary of Bharti Enterprises, a private service provider in India, and Singapore Telecommunications Ltd. (SingTel). Construction on the cable system began in 2000. Bharti Telesonic, a subsidiary of Bharti Televentures, was awarded the license for international long distance (ILD) telephony in March 2002 after depositing US$5.2 million for a license fee and the same amount for a bank guarantee. Bharti Telesonic launched its long-distance services under the brandname "IndiaOne." The second phase of the undersea project was to link Mumbai (Bombay), India, to Singapore; the time frame for the completion of this segment of the undersea network was still undetermined as of end 2003. The plan of Network i2i called for the city-to-city cable to support Bharti's terrestrial network, which was to connect to gateways to many Indian cities, including Bangalore, Kolkatta, Hyderabad, Delhi, Pune, and Bhopal, among others. The i2i cable was to allow Bharti Televentures, a wholly owned subsidiary of Bharti Enterprises, to pursue the international long-distance market in India, previously monopolized by state-owned Videsh Sanchar Nigam Ltd. (VSNL). Investors in Bharti Tele-Ventures included SingTel, Warburg Pincus, International Finance Corp., Asian Infrastructure Fund, and New York Life Insurance. Bharti Telesonic, the long distance arm of the Bharti Group, encompassed both national and international long distance services. Alcatel Submarine Networks and Fujitsu were responsible for design, manufacture, installation and commissioning of the first phase. The total capacity of the i2i cable was about 8.4 Tbits/sec. The project was estimated to have cost the private consortium US$250 million. The second phase, the Mumbai-Singapore line, was estimated to cost US$400 million to complete. Management of the land operations of the submarine cable were to be handled by Bharti Aquanet, a 65/35 joint venture between Bharti and Singapore Telecom. Bharti Telesonic, another JV between Bharti and SingTel (51-49) was to provide backhaul traffic distribution to cities in India. In year 2008 Bharti Airtel Limited acquired 100% of the equity in Network i2i Limited, Mauritius, at a consideration of USD 133.4.
In May 2001 the local government of Guaranta do Norte, in the Brazilian state of Mato Grosso, awarded a 30 year concession contract for water and sewage services in the municipality to private operator Aguas de Guaranta Ltda. The company was to serve a population of 26,120 and invest some $2.26 million (R$4.53 million) in infrastructure development. All investments were to be completed by the end of 2010.  According to the Brazilian agency for private concessionaires in the water and sewage sector (ABCON) Aguas de Guaranta was owned by local firm Perenge Engenharia and Paula Regina Fujisawa Raposo.  In February 2014, Nascente do Xingu, a subsidiary of AEGEA Saneamento e Participacoes, acquired Aguas de Guaranta from Perenge Engenharia.
The Bengbu Xinao Gas Company Limited was established in October 2001.  Partners in the joint venture are Xinao Gas Holdings (70%) and Bengbu City Construction Investment Limited (30%).  Total investment amounts to RMB 330m (roughly US$ 39.9m where US$1=RMB 8.28).  Seventy percent (or US$28m) of this will be contributed in cash by Southeast China Investment Limited, a wholly obtained subsidiary of Xinao Gas Holdings.  The remaining 30% will be contributed by Bengbu Construction in the form of assets.  The new company has a registered capital of RMB110m (roughly US$13.3m).  This was obtained through the issuance in May 2001 by Xinao Gas Holdings of 180m shares.  The project will provide piped gas to Bengbu City in Anhui province under a 30-year contract.  It is part of the larger 4,200 km West to East Pipelines project being promoted by the government. As of December 2002, 25 km of pipelines had been constructed.
The project company, Tonglu Wah Sang Gas Company Limited, was established in November 2001. The project is located in Tonglu County, Zhejiang Province. Wah Sang Gas Holdings Limited has 98% stake in the project and would operate and manage the joint venture for 50 years. The total investment was HK$ 20 million (US$ 2.56 million).
In March 2001, Vivendi Water (known as Veolia Environnement as of May 2003) signed a 10 year lease contract in Niger following an international invitation to tender organized with the cooperation of the World Bank. Vivendi, under the project company Societe 'Exploitation des Eaux du Niger (SEEN), was to assume operational control of the infrastructure assets previously held by the state-owned Societe Nationale de I 'Eau (SNE - National Water corporation), which was created in 1987 as an autonomous and self-supporting corporation, responsible for developing the urban water sub-sector, improving water service coverage and ensuring resource management.    SNE had produced and distributed water in 51 urban centers.  The lease contract covered the provision of water services for Niger's ten million people, including Niamey, the capital city which had 600,000 inhabitants. The annual water production amounted to about 32 million m3, while water sales amounted to 26 million m3.  The private operator, Societe 'Exploitation des Eaux du Niger (SEEN), was responsible for for (i) production, transmission and distribution of potable water in urban areas; (ii) funding and implementation of an infrastructure rehabilitation and renewal program under a specific contract (on an annual basis); and (iii) implementation of some rehabilitation and extension works funded by the asset holding company. In addition, Societe de Patrimoine des Eaux du Niger (SPEN), a public asset holding company, was responsible for ownership of facilities, debt service, planning and control/supervision of rehabilitation, renewal, and extension of infrastructure along with controlling the quality of water services.   Under the reform plan, SNE was dissolved and replaced with SPEN.  SPEN's relationship with the Government was governed by a concession contract under which: (a) the management of ongoing projects were transferred from the Government to SPEN; (b) new works were concessioned to SPEN; and (c) arrangements were specified for replacing SPEN with the private operator, if the former failed to achieve its objectives.    SEEN was the project company in which Vivendi held 51% of the shares; 34% of shares were held by local shareholders, 10% by workers and 5% by the government.  As part of the deal, the World Bank was to finance the overhaul and extension of the water sector with an IDA credit of US$48 million, with Agence Franciase de Developpment contributing an additional US$7 million, West African Development Bank US$10.15 million, Veolia US$3.4 million for new water connections, and the government contributing US$9.95 million.  In order to soften the impact of sector reform on water tariffs, the IDA funds for urban water investments (US$33 million) were to be passed on to the sector (through SPEN), in the following form: (a) 60% as equity capital (not as grant), and (b) 40% as a loan on terms: 20 years including 10 years of grace, at an annual interest rate of 5.4%.    The project was renewed for another period of 10 years in 2011.
TASCO Group entered into a 30 year joint-venture agreement with the Xiamen Airport Group to build and operate a new cargo terminal in Xiamen Airport. TASCO, a consortium of four parties from Taiwan (China Airlines 12%, EVA Airways Corp. 12%, Taiwan Airport Service 13%, and Far East Air Transport 12%), holds a 49% stake in the project company. The project involves an investment of US$ 27.17 million. Construction works commenced in August 2001 and were expected to be completed by mid-2002.
In February 1999, the Russian-Italian Blue Stream pipeline B.V. Company, a joint venture between Gazprom and ENI, entered into a memorandum of understanding with the Government of Russia and Turkey to develop the Blue Stream Gas Pipeline Project on a build-own-operate (BOO) basis. The Blue Stream Gas Pipeline project provided the Russian natural gas directly to Turkey going under the Black Sea. In October 2002, the construction of the Blue Stream Gas Pipeline, connecting offshores of Turkish and Russian Black Sea, was completed.     The Blue Stream Pipeline B.V. Company was a joint venture between Gazprom of Russia and ENI of Italy where each owned a 50% stake.  Under the agreement, this joint venture acted as the owner of a sea section of the gas pipeline. The land section of the gas pipeline was owned and operated by Gazprom.  The Blue stream pipeline was 1213km long, and consisted of three sections:  1. Russia’s land section was 373km-long going from the town of Izobilnoye, Stavropol area, up to the settlement of Arkhipo-Osipovka, Krasnodar area, and to the Black Sea coast. 2. Marine section was 396-km-long going from the settlement of Arkhipo-Osipovka of the Krasnodar area (Russia) up to the Durusu terminal located 60 kilometers off the town of Samsun (Turkey) 3. Turkey’s land section was 444-kilometers-long going from the town of Samsun to Ankara.  The total construction cost of the project was estimated at US$1.7 billion for the sea section, and the project reached financial closure in May 2001.
Stonebridge Communications, a consortium of Hungarian-owned Matav (86.5%), SEEF (6.1%) and OTE's subsidiary Comote (7.4%), won the bidding for a 51% stake in fixed line monopoly telecommunications provider Maktel in January of 2001. The sponsors paid US$341.3 million for this controlling stake. The government retained a 47.125% stake, while the IFC helds a 1.875% shareholding.  In 1998, the IFC had approved a US$50 million facility to the company - convertible bonds that would be turned on common shares by the time the company was privatized.   In July 2003 Matav exercised a put option and bought 3.05% of Stonebridge Communications from SEEF for $25 million (Euro 21 million). In 2004 Matav bought the remaining SEEF shares for $27.4, increasing its stake in Stonebridge Communications to 92.6%.  The Stonebridge Communications consortium had planned to invest US$241 million in the company's network over the two years following the acquisition.  On 1 May 2008, AD Makedonski Telekomunikacii modified its legal name into Makedonski Telekom AD - Skopje.    As of 2004, the company had over 600,000 fixed lines with a 98 percent digitalization rate and 800,000 mobile subscribers under the brand name Mobimak.   The divested company had an exclusivity period of four years on fixed line telephony from January 2001 to December 2004. Makedonski telekomunikacii AD was granted exclusive rights in (a) Fixed Voice Telephony Services, Leased Line Services and (b) to construct, lease, own, develop, maintain and operate Fixed Public Telecommunication Networks until December 31, 2004. These exclusive rights included local, national and international long distance public fixed voice services independently of the technology used, including voice over Internet Protocol services.  In 2006 MakTel repurchased 10% of its shares from the Government of Macedonia during a public tender issued for the sale of the Government shares for 60,900,000 Euro. As a result of this transaction, Magyar Telekom’s share of ownership increased from 51% to 56.67%. At the end of 2006, Maktel had 517000 fixed line connections and T-Mobile Macedonia had 945000 mobile connections.  In 2008, T-mobile was awarded a 3G license by the Agency for Electronic Communications (AEK)for US$14.7 million (10 million euro). T-Mobile was the sole bidder for the three available 3G licenses.  As of 2011, the shareholders' structure of the company was as follows: Stonebridge AD Skopje (51%), Macedonian government(34.81%). Makedonski Telecom - treasury shares (34.81%), IFC (1.88%), and Others (2.31)%.
The project company, Deqing Wah Sang Gas Company Limited, was established in October 2001. The project is located in Deqing County, Zhejiang Province. Wah Sang Gas Holdings Limited has 90% stake in the project and will operate and manage the joint venture for 50 years. The total investment was HK$ 2 million (US$ 2.56 million).
Yantai Xinao Gas Company Limited was established in 2001 by Xinao Gas Holdings Limited, which holds a 100% stake in the project. Xinao has exclusive rights to operate and manage gas pipeline infrastructure, and to sell and distribute piped natural gas in the Yantai Economic and Technical Development Zone, Shandong Province for a period of 30 years. The project will be operated by Yantai Xinao Gas Company Limited, a wholly-owned subsidiary of Xinao Gas. As of December 2002, 1 km of pipeline had been constructed.
The Chennai Port Container Terminal Expansion Project was announced in October of 1997.  On November 30, 2001, the Ministry of Surface and Transport awarded the 30-year BOT concession to the consortium consisting of P&O Ports Australia (75%), Chettinad Group (20%) and MBEC Group (5%) with the objective to manage and develop the port.    In March 2006, UAE's DP World became a shareholder of Chennai Container terminal after it acquired P&O Ports. Project cost is estimated at US $100 million.
The project company, Yiyang Wah Sang Gas Company Limited, was established in September 2001. The project is located in Yiyang City, Hunan Province. Wah Sang Gas Holdings Limited has 100% stake in the project and would operate and manage the joint venture for 50 years. The total investment was RMB 20 million (US$ 2.42 million).
The project company, Zhaoyuan Wah Sang Gas Company Limited, was established in December 2001. The project is located in Zhaoyuan City, Shandong Province. Wah Sang Gas Holdings Limited has 100% stake in the project and will operate and manage the joint venture for 50 years. The total investment was HK$ 40 million (US$ 5.13 million).
Metropolitano was awarded the contract to rehabilitate and operate the Constitucion passenger rail terminal in early 2001. The sponsor will invest US$ 20 million in the facility, besides the fee of US$ 1.3 million paid to the government for the rights to operate the terminal. Approximately 400,000 passengers use the rail station daily (by 2019, this figure is expected to increase to 1.1 million passengers daily).
Aeroports de Paris and Banque Misr entered into a joint-venture agreement with the Civil Aviation Holding Co. to expand and operate the Luxor Airport in 2001. The project will involve an investment of US$ 70 million and will last 25 years. Construction works commenced in 2001.
The Ipoh-Lumut Expressway is a 70km dual two-way expressway.  The Seri Ipoh-Lumut Expressway (Silex), a consortium between MRCB Property Holdings, a wholly owned subsidiary of Malaysian Resources Corporation Berhad (MRCB) (70%) and Perak State Economic Development (30%), will be built at a cost of M$1bn (US$263.5m).  The expressway will link Ipoh to the port of Lumut, reducing travel time by 30 minutes.  The consortium will finance, design, build, manage and maintain the expressway under a 33-year concession agreement with a three-year construction period.  As of July 2001, MRCB had secured M$300m in government secured loans with the sponsor committing another M$400m in equity and the remaining M$300m in debt.  Financial advisors included Alliance Merchant Bank and MP Capital Advisory.
In October 2001, the local government of Matupa, in the Brazilian state of Rio de Janeiro, awarded in a competitive bidding process a 30-year concession contract for water and sewage services in the municipality to private operator Aguas de Matupa. The contract envisaged the possibility of a 10-year extension depending on direct negotiation between the parties. The contract established the goals to reach 100% water coverage during the first two years of the concession contract and at least 50% sewerage collection coverage in the first ten years of the contract. The company was to serve a population of 10,350 and invest some $0.07 million (R$0.27 million) in infrastructure development. All investments were to be completed by the end of 2010.  According to the Brazilian agency for private concessionaires in the water and sewage sector (ABCON), Aguas de Matupa was owned by local firm Perenge Engenharia.   In February 2014, Nascente do Xingu, a subsidiary of AEGEA Saneamento e Participacoes, acquired Aguas de Guaranta from Perenge Engenharia.
Beijing Xinao Jinggu Gas Company Limited is a Sino-foreign joint venture company officially established in January 2001.  It was previously registered in the People's Republic of China (PRC) as a part of a PRC joint venture registered under the name Xinao Group Company Limited (XGCL).  In January 2001, Xinao Pinggu Investment Limited ("Pinggu BVI"), an indirect wholly-owned subsidiary of Xinao Gas Holdings Limited, acquired an 90% interest in Beijing Xinao for roughly RMB 30 million from XGCL.  The remaining 10% is held by the state-owned the Pinggu County LPG Company.  Term of the joint venture will be 50 years beginning in August 2000.  As of December 2002, a total of 44 km of pipelines had been constructed.
In January 2001, China Light and Power (CLP) and Beijing Guohua, a wholly-owned subsidiary of the state-owned Shenhua Group formed a joint stock company (JSC), CLP Guohua Power Co., Ltd (CLP Guohua).    CLP Guohua was 49% owned by CLP and 51% owned by Beijing Guohua whose ownership was transferred to its parent company China Henhua Energy Co., Ltd. (Shenhua Energy) after the latter’s listing in Hong Kong. Shenhua Energy was an investment arm of the State Council, and owned, developed, and operated Shenfu Dongshen coalfield, one of the eight largest coalfields in the world.  The deal included three coal-fired power stations for a total generating capacity of 2100 MW.  They are Beijing Guohua Power Station (2x200 MW), Hebei Sanhe Power Station (2x350 MW) and Tianjin Panshan Power Station (2x500 MW).  The CLP Guohua owned 100%, 55% and 50% of each of the stations, respectively.  Cost of the CLP Guohua was approximately USD107m (RMB888m).
In December of 2000, Konsortium Aliran Bekalan Air Selangor Selatan (Konsortium ABASS Sdn. Bhd.) was awarded a 30-year concession contract as part of the Sungai Semenyih Privatisation Scheme by the state government of Selangor. The project covered the operation and maintenance of the Semenyih Dam and Water Treatment Plant and other water related works.  The Sungai Semenyih treatment plant, which started operations in 1987, produced 545,000 cubic meters of water per day and was the fourth largest treatment plant in Selangor. The plant was responsible for supplying water to Putrajaya, Cyberjaya, Dengkil, the Kuala Lumpur International Airport (KLIA), Puchong, USJ and parts of Klang.  Konsortium ABASS was to sell the treated water to the Selangor Waterworks Department (JBAS) at an agreed price.  The contract began on January 2, 2001.   Konsortium Abass was owned by Malaysian private firms Zufar Water Services Sdn Bhd (45%) and Chemical Waste Management Sdn Bhd (CWM) (25%).  Selangor government-owned Kumpulan Darul Ehsan Bhd held 30%.  In October of 2005, CWM disposed of its 25% stake in Konsortium Abass to Titisan Modal (M) Sdn Bhd for RM132 million cash.  Titisan was a special-purpose vehicle set up to buy Konsortium Abass Sdn. Bhd. and was owned by the  Selangor government-owned Kumpulan Perangsang Selangor Bhd. (55%), and the private Operasi Murni Sdn. Bhd.(45%).   The operation of the Sungai Semenyih plant was originally handed over to Puncak Niaga (M) Sdn Bhd by the Selangor state government on May 5, 1997.  Under the agreement, PNSB was to manage and maintain the plant for a period of one year subject to extension. After the first extension of one year, PNSB had been operating the plant on a month to month basis until the decision by the state government to hand over the plant over to Konsortium Abass.  Investment plans for this project were not made public. The project sponsors enjoyed a guaranteed volume and fixed bulk supply rates which were increased every five years until the end of the concession in 2030.
The private sponsors were to build, operate and transfer a new passenger terminal for the Ninoy Aquino Airport in Manila. The new terminal will have a capacity of 13 million passengers per year (182,000 square meters). The construction works started in Jan. 2000 and the terminal was scheduled to open in July 2002.   The project was awarded to PIATCO in 1996, but the contract was signed only in July 1999. PIATCO was headed by Philippine Airport and Ground Services (a subsidiary of GlobeGround, part of the Lufthansa Group) and Germany's Fraport AG (65%); other partners included People's Air Cargo & Warehousing Co., two Philippine banks and two trading houses (one from Japan and another from Singapore). The project achieved financial closure in September 2001 as follows: US$50 million IFC A loan; a US$ 40 million Asian Development Bank (ADB) loan; US$50 million IFC B loan; US$40 million ABD complementary loan; US$ 110 million commercial loan and a US$150 million tranche covered by German export credit agency GKA. During the concession period, PIATCO will pay US$ 393 million in lease fees to the government (US$ 7.42 million per year during the first 4 years; US$ 17.3 million per year from the fifth to the last year).   In December 2002, Philippine President Gloria Arroyo-Macapagal, backed by the courts, broke the contract, citing discrepancies in the contract and questionable "consulting" fees. The courts had ruled that the contract violated the build-operate-transfer (BOT) law as it allowed government guarantees in the event of the contractor's default. Under the law, unsolicited proposals such as the airport terminal project should not be given government guarantees. The government then offered Fraport compensation and said it would take over ownership of the terminal.    After months of talks that ended in a stalemate, Fraport registered its "Request for Arbitration" with the World Bank's International Center for Settlement of Investment Disputes (ICSID) against the government in October of 2003. Fraport wanted more than US$425 million in compensation, claiming the government expropriated the project and treated the German company's investment unfairly in the construction of the terminal building.    Terminal 3 was to remain closed until the legal issues with Fraport are resolved. Construction of the terminal was near completion in November of 2002, but an additional US$90 million was needed for the new terminal. Fraport wrote off its EUR293 million investment in the terminal. In 2001, it wrote off EUR60 million.
In May 2001, Aguas de Pontes e Lacerda, a wholly-owned subsidiary of Agrimat Engenharia, signed the 30-year concession contract to expand, rehabilitate and operate the water and sewerage systems of the city of Pontes e Lacerda (state of Mato Grosso). No information was available regarding the investment commitments of Agrimat and the bidding criteria for this concession contract. In 2009, the concessionaire was acquired by CAB Ambiental, which committed to invest US$ 2.6 million (BRL 4.5 million) until 2013. As of 2009, the water coverage was 100% and the concessionaire aimed to reduce water losses in 25%. The city had a population of 50 thousand in 2009.
The project comprises the construction and operation of a 380MW thermal power plant (natural gas) in Rio de Janeiro state. The company responsible for the project is Sociedade Fluminense de Energia Ltda (SFE). In September 2001 the plant was commissioned. The estimated total costs were US$250 million.   Enron owned 100% of SFE, and established a consortium with Petrobras in which Petrobras supplies natural gas to SFE and receive a portion of the electricity sales proceeds.   Eletrobolt power plant is part of a priority program for thermal power plants (Programa Prioritario de Termeletricas), implemented by the Brazilian federal government in 2000. The program was expected to foster the construction of thermal power plants and  reduce the dependence of the country on hydropower generation.   By end 2003, Brazil's federal energy company Petrobras was renegotiating power purchase contracts to reduce financial expenditures and planned to purchase Enron's 380MW Eletrobolt thermoelectric plant.   In August of 2004, the board of Brazil's federal energy company Petrobras agreed on the terms of buying control of the 388MW Eletrobolt gas-fired thermoelectric plant for US$189 million and in May 2005, it finalized the purchase.
In March 2000, Saneamento de Jau (Sanej) signed a 25 year contract to build operate and transfer a sewerage treatment plant to provide services for the municipality of Jau in the state of Sao Paulo. Sanej’s contract stipulated three years for the construction of a sewerage treatment plant with a capacity of 37.8 cubic meters per day and 22 years for commercial operation to serve the population of Jau (97,354 at the time of the concession).  Sanej was initially a joint venture of Amafi Comercial e Construtora, Multiservice Eng. and Saneciste. In 2001, Multiservice had its name changed to Earth Tech Brasil, and became a company of Tyco Group. As of 2005, Tyco owned 99.9% of Sanej.  A total investment of US$11.4 million in infrastructure was expected during the 25-year contract. Sanej started building the treatment plant in January 2001. From the beginning of commercial operation to December 2002, Sanej had invested US$2.64 million (R$7.68 million, 2002 value).  In 2009, Sanej was acquired by Grupo Aguas do Brasil, a partnership of the Brazilian companies Trana Construcoes, Construtora Cowan, Construtora Queiroz Galvao and Developer.
In January 2001, Saur International (a subsidiary of Bougyues) was awarded a 28-year concession contract for the operation of a drinking water treatment plant in a district southwest of Shanghai.  The facility had a production capacity of 100,000 cubic meters per day and supplied drinking water to about 700,000 people in Fengxian.  To implement the contract, Shanghai Fengxian Saur Water (SFSW) was created as the project company which was jointly owned by Saur and a local state-owned company. In November 2004, Bouygues sold its water sector arm, Saur, to PAI Partners (a private equity firm).    Saur invested US$10.3 million in its equity participation of the project company.  The contract represented aggregate sales of approximately Euro84million (US$77.7 million).
In October 2001, a Spanish-Argentinean consortium won the contract to operate the terminal at Rosario port over a 30-year period following the cancellation of an earlier contract with International Container Terminal Services, Inc. (ICTS).  The consortium was made up of Spain's Tarragona Port Authority, Argentina's SGA, Fruport, Losster Company, Naviera del Odiel, Silos de Tarragona and Obrascon Huarte Lain.  The consortium agreed to pay Euro168,283 per month to operate the terminal (about US$2 million annualized). It invested US$4.9 million in 2002, and under the terms of the lease, was to invest at least 1.8 million Argentina Pesos (in 2002, about US$500,000) annually in the port.
In July 2000, Roi Et Green Company Limited began development of a 10 MW plant contracted under a build, own, and operate scheme. The plant was fuelled by rice chaff.  The plant was to sell 8.8 MW to the Electricity Generating Authority of Thailand (EGAT) through a 21-year power purchase agreement under the country's Small Power Producers (SPP) Program.  Roi Et Green was owned by EGCO Green Energy Company Limited (95%) and the Som Mai Roi Et Rice Mill Limited Partnership (5%).  EGCO Green Energy Company Limited was founded in April 2000 as a joint venture between Japan’s Electric Power Development Co. Ltd. (J-Power, 26%) and the Thai Electric Generating Public Company (EGCO, 74%).  EGCO was set up in May of 1992 as a holding company to divest some of the assets of the state-owned Electricity Generating Authority of Thailand (EGAT). In November 1994, EGCO floated 204 million shares, or 51% of the company, at 22 baht each, raising US$178.5 million and effectively making it a privately run company. The shares made their debut on the Thai stock market in January of 1995. Although EGAT retained a 48% interest in EGCO, the company was to be run as a separate entity and was to be out of the EGAT's sphere. In July of 1998, Hong Kong utility firm China Light and Power Co. Ltd. (CLP Power) acquired a 14.9% stake in EGCO for US$241 million. As of 2004, the stake holders of EGCO were EGAT (25.41%), CLP Power (22.42%), Thai investors (30.09%), and foreign investors (22.08%).  Financial closure was reached in June 2001.  The project cost 600 million baht (roughly US$15m), and financing came from an equity:debt ratio of 3:7.  Loans were procured from the Thai Industry Finance Credit Trust (IFCT).  Construction began in fourth quarter 2001 and production began in 2003.
In January 2001, Nigerian unit of power company AES Corporation acquired a majority interest in Enron Corporation's barge-mounted electric power plant in Lagos.  The conception of the independent power producer was as a result of contacts by the Lagos State Government with the United States-based power company, ENRON Group. However, the postponement in the commencement of operation was attributed to the process of sorting out the loose ends of the memorandum of understanding between ENRON, Lagos state government, NEPA, and the Federal Ministry of Power and Steel. Later, it was explained that the delay was caused by the process of converting the American circle system on the imported barges to the Nigerian system.   The total investment in the business was $240 million. Generation consisted of 9 barge-mounted combustion turbines with a total net output of 270MW. the power plant began commercial operation in September 2001. AES is both manager of construction and plant operator. Electricity from the plant was supplied to National Electric Power Authority (NEPA) under a 13.25-year power purchase agreement.   In June 2001, The Overseas Private Investment Corporation (OPIC) approved a $200 million political risk insurance program for the construction of the barge-mounted power plant. The insurance provides currency inconvertibility, expropriation, and political violence coverage with respect to AES's investment in AES Nigeria Barge Limited.  In September 2004, the Nigerian subsidiary of AES completed a non-recourse project finance transaction for the power plant. The $120 million financing was funded from a consortium of four commercial banks and three development finance institutions. The development financial institutions were FMO (Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V.), African Export-Import Bank, and DEG (Deutsche Investitions und Entwicklungsgesellschaft mbH). The commercial banks were Africa Merchant Bank (France), a division of Belgolaise Bank, United Bank for Africa (Nigeria), Rand Merchant Bank (South Africa), and Diamond Bank (Nigeria).
The state-owned Post, Telephone and Telegraph administration (PTT) collapsed in 1993 when the country was plunged into civil war and, in its wake, numerous unregulated private-sector telcos were established by Somali entrepreneurs.  Somali Telecom Group (TSG) was an umbrella for a number of regionally based companies, including Nationlink.  During 1999, Nationlink Telecom deployed a GSM network in the southern regions of Somalia based on a lower-capacity interWAVE switch. In July of 2003, Nationlink awarded a contract to US vendor interWAVE for two proprietary WAVEXchange II (WXC II) GSM switches. Each of the two 'WXC II' switches was capable of handling 100,000 subscribers.   Nationlink had 15,000 fixed line customers and 1,200 mobile phone users as of 2002.  It was the largest of a handful of new telecommunications companies in Mogadishu and was considered to be one of the three main telephone service providers along with Telcom Somalia and Hormud. It employed 300 guards to protect 500 staff.   As of end 2006, NationLink had about 45,000 subscribers, almost even with co-market leader Telesom.
In February 1999, CBK Power Co. was awarded a contract to build, rehabilitate and operate the Caliraya, Botocan and Kalayaan hydropower facilities.  CBK Power agreed to expand the capacity of the plants from 349 MW to 728 MW.  CBK would sell power to the Philippines National Power Corp under a 25-year power purchase agreement beginning in 2001.   CBK was originally a joint venture between Industrial Metalurgicas Pescarmona Sociedad Anonima (IMPSA, Argentina, 50%) and Edison Mission Energy (USA, 50%).  In January 2005, Edison sold its stake to IMPSA for US$104 million.  In March 2005, IMPSA sold the combined 100% ownership to a Netherlands joint venture between Electric Power Development (J-Power, Japan, 50%) and Sumitomo Corp (Japan, 50%) for 23 billion yen (US$220.3 million).  The project reached financial closure in February 2001, financed by US$340 million of long term loans and US$ 120 million equity. Edison Energy also received US$75 million insurance for its equity investment from OPIC. The sponsors paid US$70 million to the government in fees.  In October 2003, with 97 percent of the total project completed, CBK Power said it planned to further expand capacity of the plants to a total of 769 megawatts.
Roshni Powertech project was a 6MW biomass power plant located at Movva Mandal, Krishna District, Andhra Pradesh. The plant used Rice Husk, black gram husk and bagasse as the major fuel and had Travelling Grate, multi fuel fired boiler. The project became operational in August 2001 and was acquired by Greenko Group in June 2008. The project signed a medium term PPA with PTC (merchant market trading). Total cost of setting up of the project was estimated at US$4.7 million.
In 2001 the Municipality of Saltillo, Mexico, awarded a 25 year concession for its water and sewage services to mixed company Empresa Paramunicipal de Servicios de Aguas Saltillo (Paramunicipal). In July 2001, when the operator took over the water and sewage infrastructure, the company serviced some 147,000 water connections. Paramunicipal committed to invest Euro 81.9 million ($ 72 million) over the concession period.  Empresa Paramunicipal de Servicios de Aguas Saltillo was 49 percent owned by Spanish utility company Aguas de Barcelona (Agbar). Agbar acquired its 49 percent stake on July 22nd 2001, when it was declared the winner of a competitive auction launched on March 22nd 2001. The remainder of 51 percent in Paramunicipal was held by the former municipal operator Sistema Municipal de Aguas de Salillo (SIMAS).   At the end of 2005, 85 percent of the population had drink¬ing water every day, an increase from 10 percent in 2001. The number of cli¬ents had increased to 164,315.
Kirovogradoblenergo supplies electricity to Kirovograd Oblast, having a highly diversified customer base. The industrial sector contributes 34% to the region’s power consumption, with Chysti Metaly Plant being one of the largest consumers.  In April 2001, Ukraine government announced Vykhodoslovenske Energeticke Sovody (VSE) as the winning bid for Kirovogradoblenergo Distribution Company. The company serves a region around the city of Kirovograd in south-central Ukraine and has 27.2MW of generation capacity. The winning bid was $16.3 million for a 51% stake. Kirovogradoblenergo is one of six distribution companies that were privatized by the government of Ukraine in 2001.  In march 2009 Bank Sberbank of Russia (Kyiv)  issued a $15 million credit to energy supply company OJSC Kirovohradoblenergo. As of 2009 VSE's stake was 94%.  As of 2011, VSE holds a 94% stake while the remainig 6% are free floating.
The Terminal de Exportacao de Acucar do Guaruja (TEAG), a partnership of Cargill and Sociedade Portuaria de Sao Paulo (which belonged to Grupo Crystallsev, Plínio Nastari Consultoria and Hipercon), began the construction the 33,000 square-meter terminal in 2001 and started operations in 2003. The project involved US$ 11.5 million in infrastructure investment and the terminal had initially a capacity of handling 600 thousand tons of sugar per year.   In July 2009, Libra Terminais acquired TEAG. Libra planned to start commercializing other products besides sugar. Libra Terminais' main goal with the acquisition was to unify all its operations in the Port of Santos into a continuous berth (the company also owned the terminals 34, 35, 36 and 37 at the same port). The execution of this plan would require an investment of US$ 225 million (BRL 450 million), but, by the end of 2009, it still had to get approval from the port authority and the regulatory agency.  In 2012, TEAG constructed a new terminal with a 3.6 million tons capacity. The investment in the facility amounted to US$ 11 million.
The consortium led by Ch Karnchang Plc was awarded a concession to provide subway trains and operate a 20-km subway line in Bangkok in 1999 (fixed assets have been provided by the government). The project company will pay the government a net present value of US$ 270.6 million for the concession rights (annual installments starting from the 11th year of the 25-year concession), plus 50% of the fare revenue if the return of equity exceeds 20% (if the ROE exceeds 25%, the concessionaire will transfer 75% of the extra revenue). In addition, the sponsors will invest US$ 440 million.   Financial closure was achieved in Jun. 2001 with US$ 350 million in loans from foreign banks and additional loans from local commercial banks. This funding will be directed to the acquisition of trains and electrical equipment. The subway is expected to carry 300,000 commuters per day. The opening of the subway was delayed from July 2003 until at least May 2004 due to signing disagreements.  In December 2003, Developer Natural Park Plc (N-Park) acquired a 24.71% stake in Bangkok Metro Co Ltd (BMCL) for 2.51 billion baht, making it the largest shareholder in the capital's subway operator.  The shares were acquired from Chantawee Menton Co Ltd at Bt150 apiece, giving it a stake that was slightly larger than that of Ch Karnchang Plc, which owned 23.09 per cent of BMCL.  The investment in BMCL was financed with funds raised from an earlier capital increase and bank loans.
AES Corp. undertook this project through its wholly-owned subsidiary AES Meghnaghat Ltd.  AES was the 100% owner of the 450-MW Meghnaghat and 360-MW Haripur power projects, which it brought on-line in 2002 and 2001 respectively.  The plants sold their output to the Bangladesh Power Development Board under long-term contracts, providing about 25% of the country's power supply.  The ADB approved a US$140 million financing package. The ADB financing consisted of a US$ 50 million direct loan, US$ 20 million in syndication, and a US$ 70 guarantee. The sponsor is providing US$ 80 million in equity and a government-owned bank approved a US$ 80 million loan (a US$ 60 million subordinated facility and a US$ 20 million senior facility).   In December of 2003, AES completed the sale of the Haripur and Meghnaghat power plants to London-based CDC Globeleq (the energy subsidiary of the Commonwealth Development Corporation) in a deal valued at US$448 million. AES said it received US$144 million in cash from the sale and the buyer assumed US$304 million in project debt. In 2006, Globeleq sold a 24% stake to Islamic Development Bank. On Nov. 21, 2007, Pendekar Energy Limited - a consortium of Malaysian-based Tanjong (55%) and Saudi Arabia's Al Jomaih Holding Co. (45%) - acquired 100% of Meghnaghat Power Limited from Globeleq and Islamic Development Bank.
TNL PSC SA (Oi) is a mobile network company with GSM technology. It was launched by Tele Norte Leste Participacoes SA (Telemar) on July of 2002.  The company operates in Region I on Band D, accordingly to the geographic division established by Anatel, the Brazilian regulatory agency for telecommunications. Region I is the same region operated by Telemar in fixed lines. Telemar won the action conducted by Anatel for mobile, paying  US$ 279 million  (R$ 550 million) on February 1st of 2001 and US$ 271 million (R$ 632 million) on February 1st of 2002 for the license authorization.  Oi initiated its operation on July of 2002. In May 2003, through an internal reestructuring, the corporate control of Oi was transfered from the holding Tele Norte Leste Participacoes to the operating company Telemar Norte Leste.   In 2004, the services of TNL PCS (Oi) were merged with Telemar, project #1483, as the sole operator.
On July 1, 2001, according to the order of the head of the local municipal government of Syzran, all assets and physical infrastructure of municipal unitary entity VKH (water utility) were transferred to a private company, “Syzranvodokanal” Ltd., under a 5 year trust management agreement signed between “Syzranvodokanal” and the municipality on June 11, 2001.  The contract was awarded in a competitive tender with two bidders. The rival of Syzranvodokanal was a company named Spektr Ltd. The criteria for the choice of winner were determined by the Trust Management Policy for Municipal Properties in Syzran.  Under the contract, the operator was to receive fixed payment for the services. The contract did not specify the tariff revision process. The contract required no investment commitments from the private operator; however it called for a detailed municipal property management plan that was, nevertheless, not developed.   Under the existing law, a state registration was required for such property trust management agreement. The state registration, in turn, required independent assessment of the property transferred under the agreement. Since there were no municipal or private funds available for such an assesment, it was not undertaken. Therefore, upon several years of “Syzranvodokanal” operations, the ownership of the water utility property managed by the private operator was unclear.    In the first year of operations, the private operator invested more than 100,000 $US into the utility.  Several local private businesses, consisting mainly of the largest industrial customers of water and sanitation utility in the city of Syzran, created a private operator “Syzranvodokanal” Ltd. (water utility of the city of Syzran)with chartered capital of 100,000 $US in 2001.   The city of Syzran was located in the Samara region, with population of about 82,000 people. 100% of the residents had access to the central water network, and 87% had access to the central sanitation network. The yearly water production capacity of the utility was 28 millions of cubic meters. The water systems suffered from high losses which reached 30% of the water produced in 2002.  The project was operational as of March 2011.
Data Access was one of four providers of international phone services in India, including Bombay-based Videsh Sanchar Nigam Ltd, which was the state-run monopoly until the sector was thrown open to private players in April 2002.  Data Access had signed agreements with 12 international carriers and unlike its rivals, was a specialised wholesale provider of international voice services.  The company obtained its license in March 2002 by paying a US$5 million entry fee and providing a bank guarantee of approximately US$5 million. The company began offering services in India in July of 2002.  The company was a 51/49 joint venture between Pacific Convergence Corporation (PCC) of Hong Kong and SPA Enterprises of India.  VocalTec Communications was chosen as the ILD equipment supplier in April 2002.  The company had invested US$20.4 million for rolling out its International Long Distance (ILD) services.    As of 2003, the company had been able to quickly grab nearly a third of the Indian market for international calls by offering lower prices than its rivals.   In June 2005, the Department of Telecom (DoT) suspended Data Access's international long distance (ILD) license, since the company failed to pay US$ 45 million in dues.
Mirant (formerly known as Southern Energy) acquired 80% of Jamaica Public Service Co.'s (JPS) shares in Mar. 2001 for US$ 201 million. The government maintained a 20% stake and was to name three of the nine memebers of the board of directors. JPS has a total installed capacity of 660 MW, including five steam-fired plants, eight hydro plants, eight gas-fired plants and two diesel fueled plants. Southern Energy, renamed Mirant Corporation in 2000, intended to add an additional 385 MW to the system: a 25 MW oil-fired station expected to come on line in the summer of 2001, and two other 40-MW plants that were expected to start commercial operation in mid 2002. JPS has approximately 550,000 customers.   In August 2007, Marubeni Corp. acquired Mirant Caribbean Holdings Ltd. from Mirant Corporation. With this acquisition, made through a competitive auction process, Marubeni Corp. acquired Mirant's 80% share in JPS.
In July of 2001, Eskom Enterprises of South Africa was awarded a two year management contract to take full control of the Electricity Supply Corporation of Malawi Ltd (ESCOM).  ESCOM was a vertically integrated, state-owned utility, licensed to generate, transmit, distribute and sell electricity throughout the country. Most of the electricity (98%) was generated by hydro generating stations. Total generating capacity was 300MW. ESCOM had 129,000 customers, mostly in the capital, Lilongwe, Blantyre and other towns. Access to electricity was limited to 6% of the population.  Prior to the management contract, ESCOM’s financial situation had deteriorated due to low operating efficiency, increasing debt burden, tariffs that were below long-run marginal cost and the devaluation of the Malawi Kwacha.  ESCOM’s system performance was also dismal. The underlying causes were inadequate and inappropriate investment and maintenance for the six preceeding years as well as increased vandalism and theft.  The initial contract concluded on 30 April 2003, but was then extended for six months to 31 December 2003.  A fixed fee of US$240,000 was agreed for the first year. The fee was reduced to US$160,000 for the second year and pro rata for the six month extension.   Overall, the contract was successful.  Cash and revenue management improved: a Kwacha 30 million (US$444 thousand) profit was generated in November 2001. Billing was integrated into accounting and debt/equity ratios improved. Access improved: 9,000 new consumers were connected in year one, 13,000 in year two and 9,000 in the last six months. Staff levels were reduced by 45 to 2200.
Longquan Ruiyang Phase II Hydroelectric Power Plant Project was located in Longquan City, Zhejiang Province. A Beijing based private developer Farsighted Investment formed a joint venture with the state owned Zhejiang Hydraulic Investment Company to build and operate the project for 50 years. Farsighted Investment’s stake in the project was unknown. The total investment was RMB 199.55 million (US$ 24.1 million). The construction of the project commenced in October 2001 and the plant came into operation in December 2003. The total capacity of 30 MW.
In July 2001 the national electricity company of Cameroon, Nationale d'electricite de Cameroun (Sonel), was 56% acquired by AES Sirocco, a subsidiary of US AES Corp, for CFAFr 53 billion (US$70.39 million).  Sonel was the state electricity utility, owning and operating Cameroon’s electricity generation, transmission and distribution throughout the country.  At the time of the transaction, Sonel was granted a 20 year concession contract to provide the electricity services in Cameroon. Under the contract, Sonel was required to connect 1.3 million new lines over 20 years. Such commitment was estimated to represent investment for CFAFr 1 trillion (US$ 1,300 million).  Of the total purchase price, CFAFr23 billion (US$ 30.5 million) went to the Cameroonian treasury, with the remaining CFAFr30 billion (US$ 39.8 million) to be used to increase Sonel's capital.  The company was transferred with US$260 million of long term liabilities.  The 56% stake in Sonel was granted through a competitive bidding process to which 5 companies were invited but only one (AES Sirocco) submitted a financial offer. The AES offer was lower than the $80-90 million the government had anticipated receiving for the stake.  The remaining 44% stake held by the government was intended to be partially sold to private investors.  The company was renamed AES Sonel in October 2001. In 2005 it was one of the largest African electricity utilities, with 933 MW of installed capacity (77% hydro, 23% thermal), 1,800km of HV and 12,000 km of MV lines, 3,000 employees (2005), 528,000 LV customers, 3,528 GWh sold per year and with $273 million in revenue (2004).  AES Sonel remained the sole electricity generator in Cameroon in 2005.  By 2005, the company had invested in 133MW of additional thermal generation since privatization in 2001.  Investment projects over 2002-2004 included an 80 MW oil generation plant at Limbé, the conversion of an oil generation plant in Oyomabang (Yaounde), capacity expansion of a thermal plant in Logbaba (Doula) and technical upgrades to the transmission and distribution systems.  In 2005 AES Sonel announced its intentions for $450m of further capital expenditure, including a new gas power plant (150-200 MW) near the port of Kribi and for rehabilitation and reconstruction of the 263 MW Edea hydropower scheme.  Such program was to be funded with new loans.  In December 2006, AES SONEL secured a $340 million (EUR 260 million) financing package--one of the largest ever provided to a privatized utility in Sub-Saharan Africa--to finance a majority of these system improvements. The 13-year $340 million financing was provided by a syndicate comprising eight developmental finance institutions, which included the International Finance Corporation (IFC), the European Investment Bank, African Development Bank, the Central African Development Bank, DEG - Deutsche Investitions-und Entwicklungsgesellschaft mbH, the Emerging Africa Infrastructure Fund, FMO - The Netherlands Development Finance Company and Proparco. The IFC's contribution was 70 million Euros ($88.2 million), while AFDB lend some 60 million Euros ($75 million).  In December 2009, AES majority owned subsidiary, Kribi Power Development Company, commissioned the 86 MW Dibamba power plant. The Dibamba facility was using heavy fuel oil and was selling power under a 20-year tolling agreement with AES SONEL.
TLP Cogen Company was established in December 1997.  It was the operator of a 105-MW, combined-cycle cogeneration power plant, a joint venture between Thailand's partially private Electricity Generating Company or EGCO (40%), its wholly owned-subsidiary, Thai LNG Power Corporation or TLPC (40%) and the Electric Power Development Company of Japan (J-POWER) (20%).  EGCO thus held 80% of TLP Cogen by holding a 40% share directly and holding the remaining 40% share through TLPC.  EGCO was set up in May of 1992 as a holding company to divest some of the assets of the state-owned Electricity Generating Authority of Thailand (EGAT). In November 1994, EGCO floatated 204 million shares, or 51% of the company, at 22 baht each, raising US$178.5 million and effectivley making it a privately run company.  The shares made their debut on the Thai stock market in January of 1995.  Although EGAT retained a 48% interest in EGCO, the company was to be run as a separate entity and was to be out of the EGAT's sphere.  In July of 1998, Hong Kong utility firm China Light and Power Co. Ltd. (CLP Power) acquired a 14.9% stake in EGCO for US$241 million. EGAT then owned 25% of EGCO.  As of 2004, the stake holders of EGCO were EGAT (25.41%), CLP Power (22.42%), Thai investors (30.09%), and foreign investors (22.08%).    TLP Cogen signed a 21-year power purchase agreement (PPA) with EGAT in the fourth quarter of 1998 which was originally set to begin March 2000.  Electricity was distributed to industrial users in Rayong Industrial Park with a total signed PPA of 45.85-MW while electricity of 60-MW was distributed to EGAT under the PPA at a rate of $5.69/kW month in capacity and 4 cents/kWh for energy. The project was developed under Thailand's Small Power Producers Program (SPP).  Total cost of the project was approximately US$79.4 million (Yen 10.2b).  In March 2001, US$29.4 million and Bt1.22b (US$28.4 million) were raised through loans provided by a syndicate of banks including Krung Thai Bank, Thai Military Bank and the Industrial Finance Corp of Thailand.  Construction began in April 2001 and commercial operations began in January 2003.
Nortelpa Engenharia Ltda provides local telephone services in one city of the state of Para. Nortelpa received licenses to operate in the regions where one of the mirror companies are not delivering services and it is one of the so-called "espelhinhos" (small-mirrors).   Nortelpa was initially authorized to deliver local services to eigth cities in the state of Para and to one city in the state of Amapa. Through its subsidiary Companhia Telefonica Paragominas, Nortelpa started operations in November 2001, delivering local services to the city of Paragomina, in the state of Para. As of May 2004, Nortelpa was operating only in this city.
The project consists of the development, construction and operation of a 682.5MW steam generation plant which will be fueled with natural gas with residual fuel oil (mazout) as backup fuel. The energy produced will be sold to the Egyptian Electricity Holding Company (EEHC), the national utility) on the basis of a 20-year Power Purchase Agreement. The financing for this project and for Suez Golf power plant were arranged jointly in April 2001. The financing was split between the US$305 IFC syndicated loan, a US$200 EdF backed equity bridge, a US$90 million IFC A loan, and a US$100 million institutional tranche from John Hancock.  Commercial operation is expected in mid 2003. The project will be located on the coast of the Mediterranean Sea, approximately 45 kms south-east of Port Said City. Total project cost, including contingency, is estimated at about US$340 million. The price for power will be 2.4 cents per Kilowatt hour (Kwh).  In 2006 EDF sold the Port Said and Suez (id 2699) IPPs to Malaysian group Tanjong Energy, a subsidiary of Tanjong Plc.
The Bakwena Platinum Toll Highway project was a combination of a small piece of the N1 (north of the N4), joining the N4 at Pretoria, and then the whole segment of the N4 West from Pretoria to the South African border with Botswana.  The 30-year BOT concession was awarded to the Bakwena Platinum Corridor.  This consortium consisted of Dragados (part of ACS Group as of 2003) (25%), Compania Espanola de Financiacion del Desarrollo (Cofides) (25%), South African Investment Funds (SAIF) (29.4%) and local investors (20.6%).   The total cost of the project was estimated at $450 million.  Financing was expected to come in the form of equity (19%), local senior debt (19%), non-African sourced senior debt (10%), senior bond facility (25%), subordinated debt (5%) and revenues during construction (22%).  In 2007, financing was reported to have been organised as follow. Debt/equity split was 75/25. 20 debt package included a US$180 million senior debt, a US$41.7 million EIB loan and a US$21 million subdebt portion. The senior debt was split betwwen a Nedcor arranged bank loan and a CPI-linked bond arranged by Investec.
Telefonica Moviles Peru was created in 2001 as a spin-off of Peruvian telecom operator Telefonica del Peru (TdP). TdP operated as a fixed and mobile operator from the inception of its contract in 1994 until June 2001 when the parent company, Telefonica de Espana, separated the services. Consequentially, Telefonica del Peru was responsible for fixed access whereas the spin-off subsidiary Telefonica Moviles Peru was responsible for mobile telephone services. Telefonica Moviles agreed with other members of the Telefonica Group to exchange shares in the companies in order to complete the spin-off. Investment information for the combined operations (mobile and fixed services) is found below as a distinction between the investment programs before 2001 was not made. Investment information after 2001 reflects investment exclusively in the mobile services.  As of 2003, Telefonica Moviles Peru provided nationwide service to an estimated 1.5 million customers and had 52 percent of the Peruvian mobile market. The group provided services under the brand name MoviStar. The ownership structure was composed of Telefonica Moviles (90.6 percent) and small shareholders (9.4 percent).   Telefonica Moviles Peru encountered problems with the Peruvian government in 2003 as the government proposed to eliminate some subscriber fees and later declared Telefonica Moviles Peru’s rates as unconstitutional. The company responded by implementing a new tariff plan.  In 2004 the sponsor Telefonica SA acquired the Latin American telecom assets of BellSouth, including the mobile operator BellSouth Peru. Upon the acquisition in 2004, Telefonica sought regulatory approval to merge its two mobile operating companies in Peru - the former BellSouth Peru and Telefonica Moviles Peru - but did not receive full approval until mid 2005. In April of 2005, Telefonica Moviles Peru launched the brand Movistar.  In December 2007, Movistar beat the only other prequalified bidder, America Movil (Claro), to win a concession to provide fixed wireless services on the 900MHz spectrum band.  Under the 20-year concession, Movistar was to provide fixed wireless and mobile services in capital Lima and in neighboring Callao province in the 894-899MHz frequency, and to the rest of Peru in the 894-902MHz and 939-947MHz bands.  The company committed to deploy 350,000 lines in Lima and Callao, and 350,000 lines in the provinces, in a four-year period.  In January 2008, Movistar beat two other prequalified bidders, Telmex Peru and STM-Valtron consortium, to win another 20-year concession contract to provide fixed wireless and mobile services in the capital Lima, and in Callao, in the 452.5-457.5MHz and 462.5-467.5MHz bands.  The company committed to deploy 501,000 lines within a three-year period.
The Ukrainian government, through the State Property Fund, sold a 65% stake in Khersonoblenergo Distribution Company to Slovakia’s Vykhodoslovenske Energeticke (VSE). At the time of the partial divestiture Khersonoblenergo was an energy supplier for part of western Ukraine, with total generating capacity of 81.3 MW. Khersonoblenergo supplied electricity to the Kherson Oblast region, an area of some 28,500 square kilometers with population of over 1.2 million. The industrial sector consumed some 30% of Khersonoblenergo’s output, with Kherson Oil Refinery and Pivdenny Machine Building Plant as the largest demanders. Khersonoblenergo was one of six regional distribution companies that were privatized by the government of Ukraine in 2001.  The divestiture was finalized in April 2001. The winning bid was $20.7 million for the 65% stake. VSE is an electricity distributor based in Kosice and operating in Eastern Slovakia. Before this transaction 25% of Khersonoblenergo had already been privatized, with the company’s managers and employees holding some 16.54%. In March of 2002 VSE sold its stake in Khersonoblenergo and four other Ukrainian power companies to Dutch company VS Energy International N.V. VS Energy Intl was 99% owned by VSE. The transfer was an attempt to restructure VSE’s assets before its own privatization. In January of 2003 the Slovak government sold 49% of VSE to German company RWE.  At the end of 2004 VS Energy International NV owned a 94.5% stake in KhersonOblenergo. In Septemeber, 2006, there was an additional stock issue worth US$ 4.15 million of which VS Energy bought 94.51%.  As such, VS Energy managed to maintain its 94.5% stake in the company after the additional issue.
In 2001, Gujarat Maritime Board awarded the development of Mundra International Container Terminal (MICT), a new deep water container terminal located in Mundra Port on Gujarat coast in north-west India, to India’s Adani Group under a 30 year build-own-operate-transfer (BOOT) agreement. MICT comprised of two berths capable of handling 1.2 million twenty foot equivalent units (TEU) of cargo per annum. MICT was strategically located near India s largest cargo generating regions and was designed to handle the deepest container vessels of the world.   This BOOT contract was the result of Government of India’s (GOI) commitment to encourage private investments to augment and upgrade the country’s port capacity. To this effect, GOI took several policy initiatives. Of these, the guidelines issued in October 1996 was the most comprehensive, facilitating private sector participation in the construction and operation of additional assets such as container terminals and cargo berths.  Adani Group established Mundra International Container Terminal Limited (MICTL) to implement this project. In May 2003, P&O Ports acquired 100% equity in MICTL from Adani Group for US$ 195 million. In March 2006, UAE’s DP World took over MICT after it acquired P&O Ports. As of December 2006, DP World held 100% equity in MICTL.  The total capital cost of building MICT was estimated at US$ 120 million. The terminal reached financial closure in 2000 with a debt equity ratio of 2:1. The debt was tied up with a consortium of banks and financial institutions such as Industrial Finance Corporation of India (IFCI), Exim Bank, State Bank of India group such as SBI Saurashtra, SBI Travancore, SBI Hyderabad, Canara Bank and Punjab National Bank.  Mundra Port was designated as a minor port. All major ports in India are administered by the central government while the minor ports are administered by the respective state maritime boards under the Indian Ports Act 1908. In terms of tariff setting, the major ports came under the Tariff Authority for Major Ports while the minor ports had the freedom to fix their own tariff.  MICT began commercial operations in July 2003.
AES was commissioned to build, own and operate the 360-MW gas fired combined cycle power plant located south of Dhaka, Bangladesh.  AES was the 100% owner of the 360-MW Haripur and 450-MW Meghnaghat projects which it brought on-line in 2001 and 2002 respectively.  The plants sell their output to the Bangladesh Power Development Board under long-term contracts, providing about 25% of the country's power supply.   The IFC approved a US$ 59.85 million financing package (US$ 40 million direct loan, US$ 14.1 million syndication and US$ 5.75 risk management facility).  The IDA/IBRD approved a US$ 60.9 million guarantee to a commercial bank loan to the project; and the sponsors have provided US$68 million in equity.   In December of 2003, AES completed the sale of the Haripur and Meghnaghat power plants to London-based CDC Globeleq (subsidiary of Commonwealth Development Corporation) in a deal valued at US$448-million.   AES said it received US$144 million in cash from the sale and the buyer assumed US$304 million in project debt. In 2006, Globeleq sold a 24% stake in the plant to Islamic Development Bank. On Nov. 21, 2007, Pendekar Energy Limited - a consortium of Malaysian-based Tanjong (55%) and Saudi Arabia's Al Jomaih Holding Co. (45%) - acquired 100% of Haripur Power Limited from Globeleq and Islamic Development Bank.
Convial Callao was awarded the contract to build and operate the Callao Expressway.  The company is controlled by CCI Concesiones Peru, a subsidiary of the Argentine company CCI Concesiones y Construcciones de Infrastructure (JM Aragon and Servente holds 87.8% of CCI's shares). The Callao expressway will link the cities of Lima and Callao. Convial Callao will invest a total of US$ 45.6  million in the construction works.   Toll rates will be charged for the use of some of the high speed lanes, but one lane will be toll free. The concession period will last 30 years. The expressway will provide a time saving of 10 to 20 minutes. Although the contract was awarded in late 1999, the political instability delayed the signing of the contract until Feb. 2001. Construction works started in Mar. 2001 and should be completed by 2003. The project is being financed with the sponsors own resources.  In November 2007, upon recommendation from Peru's legislature, the project was canceled by Callao's provincial government due to the state's lack of authority to award the concession and irregularities in the bidding process.
In November of 2001, Dataport, owned by China’s ZTE and the Libyan Arab African Investment Corporation, acquired 51% stake in Sonitel, Niger's state telecoms company, for CFAfr11.7 billion (US$15.8 million). Shenzhen based ZTE Group was run by the state and was China's largest listed telecoms manufacturer.   Sonitel became a state corporation in March 1997 after a merger in 1996 between Office des Postes et Télécommunications (OPT), which was responsible for local telecommunications, and Société des Télécommunications Internationales du Niger (STIN). The divestiture process of Sonitel was scheduled to commence in mid-1998 when the government of Niger issued an announcement requesting bids from consortiums to express interest for majority shareholding in Sonitel.   At the time of divestiture, Sonitel had less than 20,000 fixed line customers and about 2,500 mobile subscribers under its mobile unit Sahel-Com (SahelCom).  Sonitel was to retain its monopoly on the fixed telecoms network and Internet services until December 2004.  Dataport had hoped to install 30,000 new fixed lines in 2003 and a further 45,000 new lines in 2004, involving an investment of US$47.2 million.    By end 2005, SahelCom had about 93,000 subscribers to its GSM-900 network, representing a 27% market share.  SahelCom competed with market leader Celtel Niger and Telecel Niger.
In December 2001, Terlogs Terminal Maritimo Ltda, a subsidiary of SOGO South Ocean Graos e Oleos (Grupo Agrenco), announced the development a grain terminal at Sao Francisco do Sul Port, state of Santa Catarina with 107,000 thousand tons in capacity.   The sponsors invested US$ 15 million in constructing the new merchant terminal, which became operational in March 2003.  In 2005, the Japanese company Marubeni signed 10-year priority sales rights to Terlogs' shares. The company initially acquired a 6.8% stake in the terminal, and later increased its ownership to 25.5%. By November 2011, Marubeni invested US$ 60 million to acquire full ownership of the terminal, which by that time accounted for more than 50% of the port's cargo.
The Brazilian company Bioenergia Cogeradora S.A, a wholly-owned subsidiary of Grupo Balbo, was granted two authorizations to build two thermal power plants located in the municipality of Sertaozinho, state of Sao Paulo (46.3 MW in total capacity). The cogeneration power plants were set to use sugar cane residues resulting from the sugar-cane pressing and ethanol producing units belonging to the company as fuel.   The 35-year authorization contracts were signed with the federal regulatory agency ANEEL in October 2001, allowing the company to operate in the electricity market as a independent producer. These authorizations granted the sponsor with the right to sell electricity in the Brazilian wholesale market.   The  Santo Antonio Power Plant was set to have a capacity of 23 MW, while the  Sao Francisco Plant was initially set to have a total capacity of 7 MW, but it was later expanded to 23.3 MW. Construction works on both plants started in 2006, and the units became operational in 2007.   The initial investment on the power plants (23-MW for Santo Antonio and 7 MW for Sao Francisco) was estimated at US$ 10.7 million (BRL 21 million). This investment reached financial closure in 2001, when BNDES (Brazilian Development Bank) financed 80% of this value.   The expansion works on the Sao Francisco unit commenced in 2008. This expansion was necessary so that the unit could start selling electricity in the wholesale market. The total investment committed on this expansion was US$ 31 million (BRL 62 million). Financial closure was only achieved in October 2009, when a US$ 25 million (BRL 50 million) financing contract was signed with BNDES (syndicated loans released through Banco Itau and Banco Bradesco). The expansion works were expected to be concluded by 2010.  Most of the power generated was set to sell electricity to the national grid. The Santo Antonio power plant established supply contracts with CPFL, while the Sao Francisco plant signed a power purchase agreement with Grupo.
Lima Airport Partners was awarded the contract to expand, rehabilitate and operated Lima's airport during a period of 30 years (renewable for an additional 10 year period). Lima Airport Partners is a consortium made up of Bechtel wiht 42.75%, Flughafen Frankfurt (Fraport AG) with 42.75% and Cosapi with 14.5%.   The sponsors will invest a total of US$ 100 million in the airport infrastructure in the first three years of the contract (a new terminal will be constructed, as well as a new runway). Peru's transport ministry amended the concession contract in 2003 calling for US$110 million investment by February 2005, instead of the previous US$100 million by August 2004. The company will transfer 46.5% of the airport gross revenues to the government. Lima Airport Partners took over the management of the facility in Feb. 2001, and construction works were expected to start by the end of 2001. In 2001, the airport  served a total of 4.5 million passengers per year, and this volume should increase to 16 million by 2020. Lima airport accounts for 97% of Peru's total international traffic and 99% of its air-cargo business.  Under the initial contract, the concessionaire was responsible for constructing a new runway during 2012. This contract condition was amended in 2003 whereby the Peruvian ministry had until February 2009 to submit land to Lima Airport Partners. The concessionaire would thereafter be obliged to complete construction of the second runway by February 2014.  In 2007, Fraport bought 100% of the shares of Lima Airport. Up to a maximum of 40 percent of the shares will be sold to Peruvian investors and the World Bank investment fund (IFC), whereby Fraport was to retain at least 60 percent over the long term.
In October 2001, Suez, through its water subsidiary Ondeo, was awarded a 25-year BOT contract for the production and distribution of drinking water to the districts of Ciputat, Pamulang and Pondok Aren in Tangerang, a region that bordered Jakarta.  The project involved the construction of a drinking water plant with a capacity of 32 million cubic meters per year along with a 800km distribution system.  Water supply for this network was to be provided by the main transmission pipeline running through the Ciputat district. Tangerang was a residential area and had a population of 800,000 and significant commercial activity.  To implement the contract, Tirta Ciparen Permai Water was created as the project company in which Suez held a 95% stake and the city of Tangerang held the remainder.  The initial investment in the plant was expected to be Euro 40 million (US$36.7 million) while the total revenue the project was expected to generate over the 25 year life of the contract was Euro 250 million (US$222 million).
In 1999 ANEEL granted the consortium of El Paso (60%) Gaspetro (20%) and COPEL (20%) regulatory approval to develop the 468 MW combined cycle gas fired Araucaria plant.  All of these companies were also co-developers of the Brazilian portion of the Bolivia-to-Brazil natural gas pipeline which would supply fuel to the plant.  The plant was located near Curitiba in Parana state.  The estimated cost of the project was US$360 million. The Araucaria consortium signed a 20-year power purchase agreement (PPA) with Copel, a Parana state-controlled regional utility to sell all the output of the power plant.    In October of 2001 the Export Import bank of the US provided a $178 million long-term direct loan.  The deal was significant as it was the first gas-fired plant to receive international financing.  The Overseas Private Investment Corp (OPIC) also pledged $360 million to the project.  The plant entered operations in September 2002. COPEL is slated to purchase all of the plant's output.  In February 2003, Parana state government order to suspend COPEL's payments on the PPA. The state government wanted to change the indexation of the PPA to the US dollar due to local currency devaluation. Araucaria ceased its operations in 2003 due to non-payment by the utility that purchases power from the plant.   El Paso and Petrobras asked a Paris-based international tribunal to order COPEL to make payments as stipulated in the contract. Brazilian courts blocked the involvement of an international tribunal on the dispute. A Curitiba court ruled that the arbitration clause in the PPA was invalid, and enjoined the project company from prosecuting its arbitration under penalty of approximately $173,000 in daily fines. As of December 2004, the project company was appealing this ruling, and obtained a stay order in any imposition of daily fines pending the outcome of the appeal. The power sales contract of the Araucaria power plant was in international arbitration.   In 2006, state-owned company Copel bought El Paso's shares, and became the sole owner of the company.
ECTE was awarded the concession contract to build and operate a 252.5-Km transmission line that runs from Campos Novos to Blumenau in the state of Santa Catarina. ECTE is a joint-venture of Schahin Engenharia, Alusa and the partially state-owned utility Celesc. The project involves an investment of US$ 58.5 million, financed with the sponsors own resources and with a loan from the BNDES approved in 2001. Construction works started in Nov. 2000 and should be completed by Dec. 2001. The concession contract will last 30 years, renewable for an additional 30-year period. By 2006, the project ownership was ECTE: Alusa 40%, Santa Catarina state power company Celesc 20%, Cemig 7.5%, Brascan 7.5% and Montana-Dakota Utilities Company 25%.   As of December 2009, the company shareholding structure had change to  the following: Alupar (40%), Celesc (22%), Cemig (13%) and MDU (25%).
In  January 2001, the municipality of Arenapolis, in the state of Mato Grosso, Brazil, awarded a 30-year rehabilitate, operate and transfer contract for its water and sewage infrastructure to private operator Aguas de Arenapolis. In 2001, the town of Arenapolis had a population of 10,169.   Aguas de Arenapolis was a special purpose company owned by Brazilian company Nascimento Engenharia.   The concession was awarded through an open competitive tender. No information was available on the number of final bidders. The investment value committed to the project was not available.
In March 2001 the Belize Public Utilities Commission (PUC) divested its shares in state owned water and sewage operator Belize Water Services Limited (BWS). The major investor in BWS was CASCAL BV, a consortium that purchased an 83% stake in BWS for $49.6 million. State owned Belize Social Security Board acquired a 10% stake in BWS, and small local investors purchased the remaining 7% of the shares. The central government of Belize retained a golden share in the company.   BWS was incorporated by the Government of Belize on January 22, 2001 as the successor company to the state owned Water and Sewerage Authority (WASA). BWS was vested with the assets and liabilities of WASA on March 23, 2001. BWS operated in all of Belize’s metropolitan areas, including Belize City, Belmopan, San Pedro and Ambergris.   In 2001 CASCAL BV was a consortium of British company BiWater and Dutch corporation Nuon.  Between 2001 and 2005 BSW reduced its non-revenue water losses from 53% to 38%. In March 2005 the company had some 39,000 customers consuming 6.3 million cubic meters of water per year.  The government of Belize bought back the shares from CASCAL BV in August 2005 for $24.8 million. The shares were put out for sale again at the end of November 2005.
Hydro Power International (HPI) developed the 2.25MW Kabaragala small hydropower plant, Nuwara Eliya District, Sri Lanka. The project company was Natural Power Pvt. Ltd., a joint venture between HPI and Naturab Group (also known as: Naturub Group). The turbine was a Pelton Wheel. The project feeds from the Medapitiya Oya River.   The project signed a Standard PPA with the utility in March 2000, to generate 1.5MW for delivery to the national grid. The project was commissioned in May 2001. Construction started in December 1999. The turbine was supplied by Shanghai Marine (China), the generator by Stamford (UK), the transformer by Lanka Transformer (Sri Lanka), the substation by ABB (India), the control system by KIK.   Total project cost was ESTIMATED at US$2.3 based on a conservative US$1 million/MW. Financial closure date was ESTIMATED at May 2001, date of commissioning.
The project envisages the expansion, rehabilitation and operation of the port with a total investment of US$ 1.8 billion over the next seven years. The sponsors will convert the present port into a container terminal. The port will have a capacity to handle 500,000 containers per year. In the first phase, the sponsors will invest US$ 200 million in two years. In the second phase, the docks will be expanded from 225 meters to 600 meters. The project is being undertaken by a joint-venture of Trans Dominicana de Desarrollo and the French company Balguerie. The 10-year concession contract can be renewed four times.  The sponsors did not undertake the investment commitments, and by 2004 the project was transfered the port administration to Cementos Cibao. This company also failed to implement the port improvements. By 2011, another attempt to award the port operations failed, and as of May 2013 the Manzanillo port was under state administration.
In December 2001, Tyco International Limited of the U.S. was awarded a 20-year contact to design, build, finance and operate a wastewater treatment plant in Xi Lang, Guangzhou.  The first phase of the project was to enable processing of 200,000 cubic meters of wastewater per day, enough to provide service to most of the Fang Cun area, one of the ten districts of Guangzhou. The second phase was expected to increase total treatment capacity to 400,000 cubic meters per day. Guangzhou had 5 million residents and was a major international trade city in southern China.  To implement the contract, the Guangzhou Xilang Wastewater Treatment Company was created as the project company, a joint venture between Earth Tech, a wholly owned subsidiary of Tyco International, and the state-owned Guangzhou Tunnel Development Company (exact shares in the project company were undisclosed).    The project was estimated to cost some US$120 million. The financing was to be provided by Earth Tech.  Construction of the project started in December of 2001, and consisted of two phases. The first phase was completed in 14 months, ahead of schedule. The second phase was expected to be completed by the end of 2005.
In January 2000 the government of Peru awarded a 27 year Build-Own-Transfer contract for the provision of bulk water to the region of North Lima to private consortium Agua Azul. The contract covered the design, construction, maintenance and operation of a system that would treat water from the basin of the Chillon River and sell it to public utility Sedapal on the basis of a take-or-pay contract. The system was to provide water to some 800,000 people in Lima.  The Agua Azul consortium was made up of Italian utility Acea (45 percent), Italian construction firm Impregilo (45 percent), and Peruvian company Cosapi (10 percent).  The water system was to be built in two phases. Phase one, completed in May 2001, consisted of building 28 water wells for the extraction of underground water (total capacity of 1.2 cubic meters per second), a clorination reservoir, 21.3 km of connecting pipelines, office buildings and a captive electricity generation plant. In phase two a new water treatment plant was to be constructed. The plant’s treatment capacity was 2.5 cubic meters per second, expandable to 5 cubic meters per second.   The total cost of the project was expected to be around $80 million. Of this total, phase one costs were some $35 million. Financing of the first phase was a mix of $10 million equity, and a $25 million bond issue sold to local investors. This bond issue was highly rated because of the take-or-pay agreement with Sedepal, which was further guaranteed by the government. Water tariffs were indexed to the US dollar. Financing for the project's second stage was provided through another bond issue approved in 2002 by Agua Azul, worth a total $45 million.
In October 2001, a joint venture, Dongying Bridge Co., Ltd. was formed by a private firm Keda Group and the Road Bureau of Shangdong Provincial Communications Department to build and operate the Dongying Yellow River Roadway Bridge in Dongying City, Shandong Province. Keda had a 50% stake in the project. The total investment was RMB 860 million (US$ 103.86 million). The bridge is 3743.1 meters long and 30 meters wide. The construction of the bridge commenced in September 2002 and came into operation in August 2005. The project company would operate the bridge for 25 years.
AES achieved financial closure for its long awaited US$316 million Songo Songo gas-to-electricity project (Songas) in November 2001. It was also Tanzania's first independent power producer, and East Africa's second. The project included a gas processing plant on Songo Songo Island, a 225 Km (140 mile) natural gas pipleine to transport the gas to Ubongo power plant and other industrial users in Dar es Salaam, and conversion of the Ubhongo thermal power plant to natural gas based power plant. Power from the plant was supplied to Tanzania Electric Supply Company (Tanesco) under a 20-year power purchase agreement. The ownership of the existing facility at Ubungo and the corresponding outstanding debt obligations was transferred to Songas.  AES was the lead sponsor in Songas, whose other partners were the Tanzania Development Finance Company Ltd (TDFL), Globeleq (the power sector subsidiary of the Commonwealth Development Corporation (UK)), FMO (Dutch Development Finance Company) and the EIB (European Investment Bank), the Tanzanian gas and power utilities Tanesco and TPDC (Tanzania Petroleum Development Corporation). AES, advised by HSBC, bought out the original partner, Trans Canada Pipelines (TCP). Equity contributions equivalent to US$72 million included US$50 million from AES, US$18 million from Globeleq and US$4 million from EIB.  In April 2003, AES sold its stake in Songas to then minority-holder CDC Globeleq. AES sold its stake in Songas with its stake in South Africa's AES Kelvin for a combined US$337 million. CDC Globeleq operated and owned 100% of the preferred A shares and 54% of the common shares.  In Feb 2004, FMO purchased 82% of the Preferred B shares in the Songas for US$14.4 million.   The project began commercial operations in July 2004.  In June 2005, two additional turbines were installed to increase capacity from 115 MW to 190 MW.
Sevastopolmiskenergo supplies electricity to Sevastopol City, having a highly diversified customer base. The industrial sector contributes 31% to the city’s power consumption, with ship-yards and sea ports being the largest users.  In April 2001, Ukraine government announced Vykhodoslovenske Energeticke Sovody (VSE) as the winning bid for Sevastopolmiskenergo Distribution Company. The company serves the city of Sebastopol on the Crimean Peninsula and has 54.4 MW of generation capacity. The winning bid was $18.7 million for a 70% stake.  In December 2008, OTP Bank of Ukraine issued a US$ 7.8 million (UAH 41.15 million).  As of the end of 2011, VSE holds a 95.2% stake, while the remaining 4.8% is free floating. This stake can be traced back to the end of 2008.
On July 17, 2001, a joint venture, Guangzhou Container Terminal Co., Ltd. was formed between PSA Corp and Guangzhou Port Group to expand and operate Guangzhou container terminal. The project was located in Guangzhou City, Guangdong Province. PSA Corp has 49% stake of the project. The joint venture would provide terminal operations and other related services for 50 years. The annual throughput capacity was planned to increase from 0.5 million TEUs to 3.8 million TEUs within 5 years. The total investment of the project was US$ 100 million.
AES Corp. was awarded the contract to build, own, operate and transfer the 163-MW diesel fired combined cycle power plant.  Sponsors of the project are AES Corp (75%) and Hayleys Group of Sri Lanka (25%). The facility will be transferred to the government at the end of the 20-year contract (the Ceylon Electricity Board will purchase power from the facility under a 20-year power purchase agreement). Full commercial operation was expected by 2002/2003.  The project consists of three turbines. Turbine 1 is a GEPG9171E gas turbine (115MW). Turbine 2 is a 55 MW steam turbine (from Bharat Heavy Electricals). Turbine 3 is a LTC heat recovery steam turbine (Larsen & Toubro-designed and Doosan Babcock manufactured). The construction was done by Larsen & Toubro.  Due to a fire, the project was shut down between 2004 and 2005.  The project has a total cost of US$ 104 million, of which US$26 million will be financed with the sponsor equity.  In Dec. 2000, the ADB approved a financing package to AES Kelantissa totaling US$78 million (US$26 million direct loan and US$52 million syndication with government guarantee). Financial closure was obtained in June 2001.   The coordinates of the project were: 06°57'08?N 79°52'44?E
In December of 2001, Anhui Guozhen Environmental Protection Science & Technology Co., Ltd. (GZEP) won a BOT contract for a wastewater treatment plant in Xinhui District of Jiangmen city, Guangdong province following an international tender.    GZEP, a private business from Anhui Province, invested RMB 36 million (US$4.4 million) for the land and a supporting network of sewage pipelines.  The city government agreed to pay CNY 0.67 (EUR 0.07) for each ton of sewage treated, which was considerably lower than the CNY 1.2 (EUR 0.13) it would have reportedly spent if it had conducted and managed the plant on its own.    Contract term information or project shares in the joint venture were not made public. Operations began in October of 2003.
Zouping Peak CHP Co., Ltd was established in July 2001. This 50MW, combined heat and power plant is sponsored by Peak Pacific Investment Company, a development company of which Alliant has a 93.5% stake, (70%) and state-owned Zouping Electric Power Xiwang Heat and Power Co., Ltd (30%).  Contract term is for 20 years.  Investment date was July 2001 and project cost was approximately USD26.9m (RMB223m).  As of August 2001, Alliant's investments in China amounted to a total of 500MW spread across 9 projects.  Total investments in these projects were approximately $150m.  Most of these investments were made through Peak Pacific Investment Company.  In 2001 alone, Peak acquired 3 new facilities.  In August 2001, the IFC and Peak Pacific signed a US$25m ten-year loan to help fund the company's future investments in China. In February 2006, Banpu Power Limited acquired 91% shares of Alliant in Peak Pacific Investment for US$84 million.
This joint venture, Shouguang Wah Sang Gas Company Limited, was established in January 2001. The project is located in Shouguang City, Shandong Province. Wah Sang Gas Holdings Limited has a 75% stake in the project and will operate and manage the joint venture for 50 years. The total investment was US$ 2.42 million.
The Société Concessionnaire de l’Aéroport (SCA), the company that also managed the Pochentong International airport in Phnom Penh, was awarded a 25-year concession contract to rehabiliate and operate the airport at Siem Reap in 2001.  The initial cost of the rehabilitation project was estimated at US$65 million. In 2006, the contract was extended by 15 years until 2041.  SCA was 70% controlled by Vinci Group (Vinci) from France and 30% by a local holding company, Muhibbah Masteron (Cambodia) Company Limited (MMC). MMC was 70% owned by Muhibbah Engineering Berhad (ME) and 30% owned by two local Cambodian businessmen, Mr Okhna Kong Triv and Mr Okhna Hann Khieng. Vinci was one the largest companies in the world providing concession management, construction and related services. It was created in 2000 through the merger of Société Générale d’Entreprises and Groupe GTM, the construction subsidiaries of Veolia Environnement (formerly called Vivendi Environnement) and Suez, respectively, followed by a gradual spin-off of the new entity (Vinci). Vinci was then an independent company trading on the Paris stock exchange with its staff being the largest shareholder with a 9% interest followed by Veolia Environnement with a 2% interest.   Some parts of the operation of the two airports were subcontracted to Cambodia Airport Management Services Limited (CAMS), a joint venture between Aéroport de Paris, the French government owned company (60%) and Malaysian Airport Berhad (40%).   In January of 2004, the IFC agreed to lend US$10 million to SCA for the continuing operations of the two main Cambodian airports. Proparco, a French bilateral, provided a parallel loan of US$10 million along with IFC. The loans were part of SCA's 2003-2007 capital expenditure program which included US$23.9 million for Siem Reap Airport for major repairs of the runway and taxiway, extension of the taxiway and aprons, construction of a new terminal building, modernization of the airport operational equipment and construction of a new cargo warehouse.   In 2002, Siem Reap handled 572,664 passengers, mainly tourists visiting Angkor temples, and 13,605 aircraft movements. International passengers represented 66% of the activity, with the remaining 34% domestic passengers mainly transferring to/from Phnom Penh.
In September 2001 Panriver Investment, a subsidiary of Hong Kong based Panva Gas Holding Ltd, acquired 56.94% in Kunming Gas Company from Kunming City, Yunnan Province with the remaining interest owned by Kunming Gas Company. 22.94% and Yunnan State-owned Enterprises Co., Ltd. 20.12%. The total investment was RMB 80 million (US$ 9.66 million).   Business scope includes production, machining, storage and transportation of LPG; operation of automobile LPG filling station; the production, sales, installation, and maintenance of LPG appliances and related products; construction and operation of sub-area LPG pipeline; the production and sales of other petrochemicals.  The project company Panva Gas (Yunnan) Co., Ltd. was granted a 50 year concession to operate pipe natural gas pipe business in Kunming City, Yunnan Province.  Hong Kong based Panva Gas Holding Ltd was a publicly traded company in the Hong Kong stock exchange and was principally focused on commercialization of natural gas and liquefied petroleum in China mainland.
In December 2001 the Lunsemfwa Hydro Power Company (LHPC) acquired the 20 MW Mulungushi power station and the 18MW Lunsemfwa power station from Zambia Consolidated Mines Investment Holdings PLC following the privatization of Zambia Consolidated Copper Mines Ltd.  The plants are connected to the national grid and sell power to Zesco (the state-owned electricity utility).    LHPC was a joint venture owned by Eskom (South Africa, 51%), Degarnier Holding (Zambia, 29%) and Wand Gorge Investment (Zambia, 20%).  In 2003, the project received a US$3 million loan from the Southern Africa Development Bank.  There was no publicly available information on the initial project cost.  In December 2005 LHPC announced new investments of US$500 million, to expand their existing plants to 55 MW and to build a new 207 MW station at Kaungwishi.  LHPC announced further plans to expand total capacity to 314MW by 2015, most of which would be exported to southern and eat African nations through the Southern Africa Power Pool.
In July 2000, China Electrical Power Technology Import-export Company (CETIC), a Chinese state controlled company was awarded a 32 year agreement to rehabilitate and operate the Kirirom 1 Hydropower Station in Cambodia. The project included a 120 km long 115KV transmission line to Phnom Penh. The total investment was 20 million US$ and CETIC owned 100% of the project. The total capacity of the hydropower plant was 12MW. The Kirirom station was first built with aid from Yugoslavia but was destroyed during the civil war in the 70s.  The station is located 110 km southwest of Phnom Penh.   Total cost of the project was estimated at US$26 million.  CEPTIEC was the main investor in the project and would invest US$20 million.  Financial closure was reached in January 2001 between China's Export and Import Bank (Eximbank) and CEPTIEC. The PPA was signed in September 2000.  Electricite du Cambodge would buy electricity from the project at .07/kWh for the first 12 years and at .0617/kWhr for the remaining 18 years.  The project entered operation in mid-2002.   In february 2008,  CEPTIEC was awarded a 33 year agreement to build and operate the 18 MW Kirirom No.3 Hydropower Station in Khett Kaoh Kong, Cambodia. This project was an expanion of Kirirom No.1 Another PPA agreement was signed with Electricite du Cambodge for the electricity output of this plant.  The total project cost of Kirirom No.3 was US$47.1 million. Construction started in 2008 and plant was expected to be operational in 2012. Kirirom 3 became operational in February 2013.
Cia Siderurgica Nacional (CSN) and CSN Aceros S.A., a subsidiary of CSN, won the auction on September 3, 1998,  for operating the Container Terminal No. 1 of the Sepetiba Port in the state of Rio de Janeiro, Brazil. CSN was the only company to submit a proposal for the bid. The concession is for a term of 25 years that can be renewed for an equal period of time. The acquisition was made for the minimum price of R$ 92.965 million. The down payment was made on September 9, 1998, in the amount of US$ 33 million (R$ 39 million). The balance will be paid in 276 monthly installments of R$ 576,000 each. This amount includes 10% annual interest and instalments are restated against inflation using IGPM (Brazilian General Market Prices Index). The concessionaire commited to a minimum annual throughput of 600.000 TEU by 2003.   A newly constituted special purpose company, which is 20% owned by CSN and 80% owned by CSN Aceros, will sign the lease contract until December 10, 1998, with the concessor Companhia Docas do Rio de Janeiro - CDRJ. The total direct and indirect interest of CSN in such enterprise is 50%. The remaining 50% is owned by CVRD Group.   In 2000, the IFC approved a US$ 51 million financing package to the project: US$ 27 million in direct loan, US$ 6 million in equity and US$ 18 million in syndication. The funds will be direct to a US$ 139.6 million program to complete the container and general cargo terminal.  The project reached final financial completion in August 2001.  As of December 2003, CSN was the sole shareholder of the Sepetiba Tecom SA.  In 2008, CSN started investing US$ 166 million in the expansion of the terminal.
The state-owned Post, Telephone and Telegraph administration (PTT) collapsed in 1993 when the country was plunged into civil war and, in its wake, numerous unregulated private-sector telcos were established by Somali entrepreneurs.  There were some 11 small- to medium-sized telecom operators in the country, including Telecom Somalia by 2003.    Telecom Somalia, better known as Olympic Telecommunications, was the first company to restore Internet services to Mogadishu after a gap of two months during which residents had no access. It was established on 23 January 2002.  Telecom Somalia was the largest company in Mogadishu by 2002. It had 700 employees, and it offered some of the best and cheapest phone service in Africa.
Malaysia's Global Technological Support Bhd (GTS) was awarded this 20 MW diesel-fired plant contract in April 2001 under a build, own, operate, transfer basis for a 25-year period. The first stage of the project at 4.4 MW will be operational by March 2002 at a cost of US$8.1 million.  Financing is being provided by Exim Bank Malaysia Bhd with a term loan of US$4.4 million.  The balance will be underwritten by GTS Power Ltd. The final cost of the project is estimated at US$33m.  Future installed production beyond the 4.4 MW will depend on demand.
The Council of the City of Windhoek granted a 20-year lease contract to the Windhoek Goreangab Operating Company Ltd. (Wingoc) to recycle wastewater for domestic use in Windhoek, Namibia in July 2001. The contract was for control over a newly built US$15 million wastewater treatment plant.  The new plant was to enable the Namibian capital, with a population of 250,000, to increase its supply of recycled wastewater by more than three-fold by producing 21,000 cubic metres of purified water a day by treating raw water from the Goreangab dam and effluent from the Gammams Waste Water Treatment Plant. This was to cover approximately 30% of the city's total water requirement. Annual turnover was EUR 2.1 million.  Wingoc comprised Vivendi Water (known as Veolia Environnement as of May 2003)(34%), Berlinwasser Holding (33%) and Va Tech Wabag (33%).  Berlinwasser International was responsible for the overall operational and technological management of the company.   In August 2002, the plant was commissioned into day-to-day running. The municipality of Windhoek was to be responsible for the water distribution and the collection of tariffs. WINGOC received an operator's fee consisting of a basic payment and a quantity-dependent reimbursement. The operator's fee was subject to a price escalation clause.  The plant was constructed by DB Thermal of South Africa and funded by the German bilateral Kreditanstalt für Wiederaufbau (KfW) (40%) the European Investment Bank (EIB) (55%) and the city of Windhoek (5%).
In December of 2001, Vivendi Environnement (known as Veolia Environnement as of May 2003) led an international consortium in securing a 25-year concession contract from the local government of Tangiers.  According to the terms of the award, the partnership named Société des Eaux et d’Electricité du Nord (SEEN) was to be responsible for operating and upgrading water, electricity distribution and liquid wastewater services in the northern city of Tangiers.  The consortium was concurrently awarded a similar contract for the neighboring city of Tetouan.  The total area covering both Tangiers and Tetouan included 23 districts with a total population of 1.2 million.  As of 2002, the operator served approximately 111,000 water connections.  SEEN was owned by Veolia Environnement of France via Amendis, its subsidiary for the project (51%), Hydro-Quebec of Canada (18%), Morocco’s largest private firm Omnium Nord Africain (ONA) (16%) and state-owned SOMED of Morocco (15%).  By contract, Moroccan ownership could not drop below 31%.     The consortium was to improve services by developing infrastructure in order to keep pace with demographic growth.  This was to comprise reducing leaks and energy losses, strengthening the quality and efficiency of the services, collecting and draining storm water, modernizing operating methods and monitoring water quality. There was to be 18 reservoirs built in the Tangiers area, with total storage capacity of 70,000 cubic metres, along with 15 new pumping stations and some 750 kilometres of pipes.  Three types of water use were defined with differentiated tariffs: domestic, preferential, and industrial. Different tariff structures applied to each water use category. For domestic use, there were four blocks, with a subsidized tariff for the first consumption block (less than 8 m3 a month).  For preferential and industrial use, a two-part tariff was in place, with a fixed rate and a variable rate. The government was to benefit from excess operator returns as the concessionaire was to return 50% of any amount above an agreed to threshold to the contracting authority.  A comité de suivi was to monitor the performance of the operator, enforcing both the Tangiers and Tétouan arrangements. The president of the Urban Community was to chair the committee.  The Ministry of Finance was to carry out financial supervision and a National Audit Office was to audit the accounts.  In the event of operator noncompliance, the operator was to incur a penalty immediately payable to the government authority.  The contract included detailed penalties for various types of non-compliance.  The two concessions, which were expected to last 25 years, called for a total investment of DHM 7.6 billion (approx. US$690 million), comprising 3.7 billion DHM (approx. US$335 million) for Tangiers and 3.9 billion DHM (approx. US$354 million) for Tetouan. The largest share, a total of DHM 3.27 billion (43%), was to be devoted to sewage in the two cities, while DHM 2.49 billion (33%) was to be devoted to power, and DHM 1.86 billion (24%) to drinking water.  Operational start-up began in July 2001.
In April 2001, Ukraine government announced AES Corp as the winning bid for Rivneoblenergo Distribution Company. The company serves an area in central Ukraine. The winning bid was $23.2 million for a 75% stake. In 2000, Rivenoblenergo distributed 2,210 GWH to 383,000 customers. Rivenoblenergo is one of six distribution companies that was privatized by the government of Ukraine in 2001. As of 2009, AES had increased its stake in RivneOblenergo to 84%.
The Brazilian company Cerradinho Acucar e Alcool Ltda (Grupo Cerradinho) was granted authorizations to build three  thermal power plants located in the states of Sao Paulo and Goias. The 35-year contracts were signed with the federal regulatory agency ANEEL over the years since February 2001. The cogeneration power plants were set to use sugar cane residues as fuel, as the company main line of business the pressing of sugar-cane and the production of ethanol.  The first contract signed was for the Cerradinho Power Plant, which was set to have a capacity of 29 MW. The investment in this plant located in Potirendaba (state of Sao Paulo) was estimated at US$ 9.4 million (BRL 22.2 million) and was financed with a loan from BNDES approved in November 2001 (the debt/equity ratio was 80/20). Construction works on this plant started in 2001, and the unit became operational in 2002.  The Cerradinho Cantaduva Power Plant, with a capacity of 75 MW and located in Sao Paulo state, became operational in 2005. The total invested in the power plant was estimated at US$ 25.5 million (BRL 62 million) and was financed with a US$ 19.5 million (BRL 47.3 million) loan granted by BNDES in December 2004.  The Porto das Aguas Power Plant, with capacity of 75 MW and located in Goias state (municipality of Chapadao do Ceu), involved an investment of US$ 11 million (BRL 22 million) and was financed with a US$ 11.3 million (BRL 22.7 million) loan granted by BNDES in November 2009 (this loan was directed to the project for the construction of the power plant and the sugar pressing facility).The power plant was under construction as of August 2010.   The Potirendaba and Porto das Aguas units were able to arrange power purchase agreements to sell electricity to the national grid by participating in competitive bidding processes managed by federal authorities.
Qianan SembCorp Co-generation Company Ltd was a 28-year joint venture between SembUtilites, a subsidiary of SembCorp Industries and the state-owned Qianan City Xin Di Thermal Power. The project involved a coal-fired co-generation facility in China, operating since late 1996. SembCorp acquired a 65 percent stake in the project in September 2001 at a cost of US$11 million financed through external loans. Total cost of the project was US$33.5 million and was financed through a 50/50 split of shareholder's equity and non-recourse RMB debt raised through the domestic market.  The plant had an optimum production capacity of 21 megawatts of electricity and 118 tonnes per hour steam extraction.  In May 2004, a Phase II expansion was announced that was to add another 75 tonnes an hour boiler and an additional 15MW steam turbine generator. The project was scheduled for completion in 2006 and had an estimated total cost of Rmb60 million (US$7.25 million).
North-Western GSM and national operator Tajiktelecom joined forces in August of 2001 to create telecommunicatins joint venture TT mobile.  Russia's North-Western GSM (aka Megafon) held 75% with the remaining 25% held by state-owned fixed and mobile provider Tajiktelecom.   On September 14, 2001 TT Mobile received a GSM-900/1800 license from the Tajikistan Communications Ministry.  TT Mobile launched commercial operations at the end of 2001.  By January 2002 the network covered Dushanbe and some central districts.  North-Western had planned to invest US$5 million by 2003.  In 2003, TT Mobile (aka MLT) was second of four in Tajikistan's mobile market with 29,000 subscribers.  In 2005 MegaFon has a 75% stake in TT-Mobile and Tajikistan’s Tajiktelecom also holds a stake in the company.
In March 2001, a consortium of MSI Cellular Investments (renamed Celtel International in January 2004) and Detecom (a subsidiary of Deutsche Telecom) purchased 35% of the shares of the state-owned incumbent Tanzanian Telecommunications Company Limited.  The consortium paid an initial US$60 million to buy the shares and made a commitment to increase the total number of telephone connections from 162,000 to 800,100 over the term of the four year exclusive license.  The amount was almost twice the amount bid by the other two interested consortia.  MSI was expected to invest US$900 million over 10 years in infrastructure and was immediately given management control of TTCL.   A second payment of US$60 million was dependent on the financial performance of TTCL for the year 2000. After disagreeing on the year-end 2000 accounts, both the Government and MSI agreed to be bound by independent "Expert Determination".   Mr John Ellison, a Partner in KPMG LLP of London, was appointed by both parties in 2003 as the independent expert to determine issues where the Government and Celtel International differed insofar as TTCL's year 2000 accounts were concerned.  His report was sent to both parties on 29 January 2004 and was the basis of the agreement reached in June 2004.  Based on the report, it was agreed that Celtel International was to make an additional US$4.96 million payment.   In 2004, TTCL was investing US$32 million to install a prepaid system and a new dual band service (ADSL) technology.     By end 2004, the company's wholly-owned mobile subsidiary, Celtel Tanzania, held a 25.6% market share with 504,000 subscribers and competed with Vodacom, Mobitel and Zantel.  However, in August 2005, Celtel Tanzania was separated from its parent and was to operate as an autonomous legal entity.  The government agreed to sell 25% of its shareholding in TTCL's former mobile subsidiary to Celtel International at a price of US$28 million, resulting in the government owning 40% of the shares in the new Celtel Tanzania and Celtel International owning the remaining 60%.  The government then lent the proceeds of US$28 million to TTCL for capital expenditure.  The two shareholders also agreed on the structures of the two Boards of Directors and on the management of the two independent companies. The Government was to have a majority on the TTCL Board and Celtel International was to have a majority on the Celtel Tanzania Board.  An independent private sector management company was to manage TTCL and Celtel International was to continue to manage Celtel Tanzania, both under new management agreements. The Government and Celtel International (100% owned buy MTC of Kuwait as of March 2005) were, however, to maintain their original ownership stakes in TTCL, at 65% and 35%, respectively.  The number of fixed-line customers dropped to 136,000 in 2004 from 200,000 in 2002. By March 2005, which marked the end of TTCL's exclusivity period, TTCL's fixed lines stood at 300,000, with 148,360 subscribers countrywide.  The Tanzania Communications Regulatory Authority (TCRA) was considering granting a licence that was to allow Zantel (the fixed-line and mobile operator on the nearby island of Zanzibar) to rollout its operations to Mainland Tanzania effectively by February 2006.   In mid-2006, it was widely reported in both domestic and foreign media that a Canadian firm, SaskTel International, had won a bid over six other companies to manage TTCL. There was widespread union opposition, stalling the process. No resolution had been announced to the impasse as of December 2006, as TTCL expanded its customer base to 150,000 subscribers.
In August 2001 the government of Venzuela awarded a 30 months management contract for the Zulia State public water company Hidrolago de Maracaibo to private operator AAA Servicios de Venezuela. The company operated in the Zulia state, which had some 3.5 million inhabitants in 21 municipalities. The contract covered Hidrolago's operation, maintenance, commercialization and transfer of potable water and sewerage technology. AAA committed to improve service such that after six months 20 percent of the covered population would receive water for 24 hours per day. After one year the figure was to increase to 40 percent. The private operator was to be paid a $75 million management fee.  AAA Servicios de Venezuela was a subsidiary of AAA Servicios, a joint venture 51 percent owned by Colombia's Barranquilla-based Sociedad de Acueducto, Alcantarillado y Aseo de Barranquilla S.A. E.S.P. (AAA) and 49 percent owned by private Spanish group Tecnicas Valencianas del Agua (Tecvasa), based in Valencia. In turn, AAA was 60.4 percent owned by Interamericana de Aguas y Servicios S.A. (INASSA) and 35.1 percent by the Columbian District of Barranquilla, with the balance held by small local investors. INASSA was 75 percent owned by Spanish company Canal Extensia S.A. (75 percent Madrid public utility Canal de Isabel II, and 25 percent Tecvasa) and 25 percent by Soluciones Latinoamericanas de Agua S.A. (SLASA, owned by a wide group of Columbian businessmen from Barranquilla).
Kato Corp. was awarded the contract to build, own, operate and transfer the new airport Borg El Arab. The company will invest US$200 million over the 50-year project life. As of mid-2001, construction works were underway.
Yixing Hong Kong and China Gas Company Limited was established in December 2001 by the Hong Kong and China Gas Company Limited (Towngas) and began operations in January 2002.  Towngas has an 80% stake in the project and will invest around US$32.1m (HK$250m) to construct a gas network in Yixing (length undisclosed) which will utilize natural gas from the 4200 km, government-promoted West-to-East Pipelines project that is schedule to reach Yixing in 2003.
LTL Holdings, via its subsidiary Nividhu, was developing the 2.2MW Belihul Oya mini hydropower plant. The project consists of two turbines, supplied from Germany. Lakdhanavi Limited was a fully owned subsidiary of Lanka Transformer Limited (LTL). LTL was owned by Ceylon Electricity Board (majority shareholder), ABB Group (27%) of Switzerland (Asea Brown Boveri (ABB)) and an Employees Trust (see project 3814). The project capacity factor is 47%, generating 10.4GWh annually. SN Power, from Norway held 30% in the project. LTL held 48%. Lanka Ventures (venture capital firm) held 16%, and Employees Trust held 4%.    Construction started in March 2001. The project commissioned in April 2002. The project holds a 15 year PPA with the Ceylon Electricity Board. The operator of the project was Lakdhanavi Ltd.   Total cost was US$1.87 million. Financial closure date was unknown, but ESTIMATED here was July 2001 (25% completion rule). The project applied for UNFCCC CDM financing together with the Assupiniella plant (project 7002). Financing was provided by a consortium of Sri Lankan banks (non-recourse). Private ownership level is SN Power (30%), plus 27% of LTL which owns 48% of the project.  The coordinates are: Longitude / Latitude:  N 06º 45” 01’ / E 80º 45’ 19”
The Kajang Road Project or KTDRR is being implemented by Sistem Lingkaran-Lebuhraya Kajang Sdn Bhd (SILK) at a total cost of $315.8 million for a period 36 years beginning in 2001. SILK signed Islamic Debt securities agreements with Deutsche Bank (Malaysia) in August 2001. Proceeds from the offering, valued at $152.64 million, were to be used to complete the construction of the road by mid-2004.
The 350 MW, gas-fired plant was given approval in third quarter 2000.  The project is valued at $263 million and is being sponsored by SKS Ventures (80%) and Tenaga Nasional Bhd. (20%) on a BOT basis.  In August 2002, IPP Malakoff was reported to be arranging a loan of M$282m to finance its acquisition of SKS' share in the project. Prai Power will construct, operate and own the plant for 21 years.  It has secured a 21-year PPA with TNB at a tariff rate averaging 12 Malaysian cents per KW/h (US$0.0315789 per KW/h).  Commissioning is targeted for first quarter 2003.  Sumitomo began preparation for construction in first quarter 2001. The project entered operation on June 30, 2003.   Financing was achieved in first quarter 2001.  Prai Power is issuing M$780m (US$205m) in Islamic bonds.  The lead arranger of the underwriting agreements was KAF Discount, along with co-arrangers Affin Discount and Bank Muamalat who are also the primary subscribers.  The bonds have been assigned a rating of "AA3" by Rating Agency Malaysia.  The project will also be financed on equity injection through the issuance of US$40 million in Musharakah Redeemable Convertible Preference Shares from Bank Islam Malaysia Bhd.  In October 2003, Malaysian private power developer Malakoff Bhd. issued 1.85 billion ringgit (US$487 million) of six-to 10-year bonds, US$21.7 million of which was used to buy 100% of Prai Power Sdn Bhd. and M$199.5 million (US$52.5 million) of which was used to settle shareholder advances owed by Prai Power to SKS Ventures.
Tata Power Company Limited (TPCL) developed an 81.3 MW diesel power plant in Belgaum district, Karnataka State, on a build-own-operate (BOO) basis. The power generated from this plant was being supplied to Karnataka Power Transmission Ltd. (KPTCL), a state-owned transmission utility responsible for bulk purchase and sale of electricity to distribution companies in Karnataka, under a 12 year power purchase agreement (PPA). Under the PPA, KPTL guaranteed the purchase of up to 75% of plant load factor.   TPCL was part of India’s Tata Group. TPCL was chosen to develop the project in a bidding process conducted by the Government of Karnataka (GoK) in 1995. The project was a result of GoK’s policy to pursue private investment in power generation.  The total cost of the project was estimated at US$ 57 million.  TPCL commissioned the power plant on 31 March 2001.
The project company, Gourong Wah Sang Gas Company Limited, was established in October 2001. The project is located in Gourong City, Jiangsu Province. Wah Sang Gas Holdings Limited has 100% stake in the project and will operate and manage the joint venture for 50 years. The total investment was RMB 106 million (US$ 12.8 million).
In May 2001, a local private company, Hanergy Group (formerly, Farsighted) signed an agreement with Yanqing County to construct and operate the Kangxi Wind Farm Project in Beijing Municipality on a direct negotiation. The total investment was RMB 2000 million (US$ 241.55 million). Hanergy owns 100% of this project with a capacity of 200 MW and will operate the power plant for 30 years by a project company, Beijing Shenzhou Wind Power Generation Co., Ltd.
In January of 2001 Digicel was awarded the cellular concession for Region 4 in the C-Band.  Digicel paid US $300,000 for the license fee.  The concession is to operate fixed wireless telephony using Wireless Local Loop technology.  Region 4 is in the Southeast of Venezuela in the states of Sucre, Nueva Esparta, Monagas, Amacuro, Bolivar, Delta, Anzoategui and Amazoneas.  In December of 2001 Digicel began commercial operations in Nueva Esparta.    In January 2006, Telvenco (a subsidiary of Venezuela's Cisneros Group) acquired Digicel as part of a plan to form a national competitor to larger rivals Movistar and Movilnet. In May 2006, Venezuelan telecoms regulator Conatel approved the acquisition and approved the takeover bids of Digicel.
Bumibiopower Sdn Bhd, a private company established in Malaysia as a renewable energy power company, constructed a RM26.6 million palm oil waste powered plant in Pantai Remis, Perak, which was to have a capacity to produce 6.3MWs.  Under the power purchase agreement signed with Tenaga Nasional Bhd (TNB) in October of 2001, TNB would pay 16.7 sen per kilowatt hour or RM6.6 million a year to Bumibiopower for 21 years, a rate 38% higher compared with its previous power purchase agreements (PPAs) with other independent power producers (IPPs). The project had begun generating power by 2004.    Biomass was abundantly available from palm oil milling in the form of empty fruit branches and shells.  Under a 21-year power supply agreement, adjacent Pantai Remis Palm Oil Mill would provide this waste it generates to the plant.
In 1999 an Asset Holding Company of the Mining and Municipal Services Limited (AHC-MMS) took the asset ownership and management responsibility over the water and sewerage services that were spanned off the Zambia Consolidated Copper Mines (ZCCM) during its unbundling and privatization reform. AHC-MMS was wholly owned by ZCCM, which was majority owned by the Government of Zambia. With few exceptions, the water and sewage service was conducted via individual household connections. It was expected that after a transition period, the ownership of the assets will be transferred from AHC-MMS to the municipalities.  In 2001, the AHC-MMS contracted technical and commercial operations of the water supply and sanitation services and solid waste management to a private operator (PO) under a four-year performance based management agreement. The management contract with private operator was intended only for a transition period. The award of the management contract to the French operator Saur International was based on the lowest competitively fixed fee.   The PO took over the management of the system in January 23, 2001. The contract was extended by eight months and was fully completed in August 23, 2005.   The management contract operational areas were located within five districts on the Copperbelt, namely Kitwe, Chingola, Mufulira, Chililabombwe and Luanshya, with a City Council for Kitwe and Municipal Councils for the four other districts. Two intertwined but distinct utility systems existed in the Copperbelt, the mine operated systems (Mine Systems) and the Council Systems. The services included water treatment and distribution, as well as sewage collection and treatment.   AHC-MMS agreed to pay the PO a management fee and capped incentive fees based on the degree of achievement of pre-defined annual performance targets. The PO was responsible for operating and maintaining AHC facilities, billing customers and collecting on behalf of AHC.   The PO was provided with an “Operations, Maintenance and Repair Fund” as well as a “Rehabilitation Fund” in order to finance essential operation and maintenance costs for the mine townships.  92.7% of the committed US$38.0 million (actual US$ 40.16 million) went to support and finance the Management Contract, AHC-MMS, and Water and Sewerage Rehabilitation Works under the 4.5 years World Bank Zambia Mining Township Service Project (MTSP). The financing was provided by IDA (US$37.7 million specific investment loan/credit) and Zambian Government (US$ 0.3 million).
In September 2001, Paz Gestao Ambiental was awarded a 5-year contract to operate the water and sewerage system of the city of Mirassol, in the state of Sao Paulo. The company started operations in September 2001. When the permission to operate was granted, Paz was serving a population of 48,312.  Paz Gestao Ambiental was owned by Paz Construcao e Prestacao de Servicoes Publicos Ltda, part of Paz Engenharia.  The company committed to invest US$ 0.3 million (R$ 0.75 million) over the concession period. As of December 2002, it had already fullfiled the investment commitment.  The contract was concluded in late 2006. The municipality of Mirassol started procedures to retendered it in December 2006.
In  December 2001, the municipality of Campo Verde, in the state of Mato Grosso, Brazil, awarded a 30 year rehabilitate, operate and transfer contract for its water and sewage infrastructure to private operator Aguas de Campo Verde. In 2001, the town of Campo Verde had a population of 25,472.   Aguas de Campo Verde was a special purpose company owned by Brazilian company Brasil Central Engenharia (Grupo Dias). In 2012, Aegea (subsidiary of the Brazilian company Equipav) acquired the project company along with another 15 water and wastewater concessionaries that were operating in the state of Mato Grosso and belonged to Grupo Dias. The ownership of all these companies were transfered to a newly created holding called Nascente do Xingu, itself a wholly-owned subsidiary of Aegea.  The concession was awarded through an open competitive tender (the bidding criteria was the highest payment to the government, and the private sponsor offered US$ 127.7 thousand or BRL 300 thousand). No information was available on the number of final bidders. Aguas de Campo Verde committed to invest some US$ 12.8 million (BRL 30 million) over the concession’s lifetime.
The company issued 110 million A shares in the Shanghai Stock Exchange in May 2001. Each share was priced at US$ 1.2, leading the company to raise US$ 126.2 million in divestiture revenues. The company is responsible for setting up the Chengdu-Kunming Railway and the Chengdu-Chongking Railway.
The Qingdao Xinao Xincheng Gas Company Limited is a joint venture that was established in January 2001.  Partners are Xinao Gas Holdings Limited, through its subsidiary, Chengyang Investment Holdings ("Chengyang BVI"), (90%) and Chengyang Construction (10%).  The company has been granted the exclusive rights to develop and supply piped gas for a period of 30 years.  Total investment in the project amounts to RMB 130 million (US$ 15.7 million).  The project will involve the construction of over 30km of pipelines. As of December 2002, 39km had been constructed.
Escorts Telecom Limited, a subsidiary of Escorts Limited, won licenses for the four cellular circles of Punjab, Uttar Pradesh (East), Rajasthan and Himachal Pradesh in September 2001.  The company paid INR2.30 billion (Approx. US$53.3 billion) for four licenses for the states of Punjab, Rajasthan, Himachal Pradesh, and Uttar Pradesh (East). It later sold its Punjab license to Hutchison Whampoa (Hong Kong).  The company also operated the three circles of Haryana, Uttar Pradesh (West), and Kerala under the name Escotel Mobile Communications Limited.    Escorts had planned to float a new holding company for these operations with Escorts holding 51% of the stake and an unannounced foreign partner holding the remainder.  Operations launch was scheduled for August 2002, but services were never begun due to Escort Telecom's inability to sell the 49% stake in the company and generate the US$150 million estimated to be needed for operation start-up in the three new circles.    In February 2004, Idea Cellular Ltd. acquired 100 percent stake in Escotel Mobile Communications Limited and Escorts Telecommunications Limited for an enterprise value of around Rs 115,000 lakh (US$ 261 million). Idea Cellular Limited is jointly owned by Aditya Birla Group (33.33 percent), Tata Group (33.3 percent) and Cingular Wireless LLC (33.33 percent). Cingular Wireless LLC in turn is a joint venture between SBC Communications Inc. and BellSouth Corp.
In Febraury 2001, Fafen Energia began construction of the first phase –a 56.4 MW cogeneration plant at the Camacari Petrochemical complex- of a project in the state of Bahia. In October 2002, Brazil’s energy market regulator ANEEL authorized an expansion of the plant to 133 MW; this second phase of the project was concluded in mid 2004. The generator had contracts to sell 100MW to EdP power distributor Bandeirante. In early 2005 it started supplying 22MW and 42 tonnes/hour of steam to the Fafen fertilizer plant in the state of Bahia.   Fafen Energia was formed by Electricidade de Portugal (EdP - 80%) and Brazil’s state owned oil and gas company, Petrobras (20%).  The project cost was estimated at US$120 million. No information on how it was financed was disclosed.   In December 2004, Petrobras signed a purchase agreement to buy out EdP's 80% stake in the thermoelectric power plant, becoming the plant's sole owner. The purchase was said to be worth US$35.5 million (96 million real).
In April 2001, Ukraine government announced Vykhodoslovenske Energeticke Sovody (VSE) as the winning bid for Zhytomyroblenergo Distribution Company. The company serves an area in central Ukraine around the city of Zhytomyr. The winning bid was $35.2 million for a 75% stake. Zhytomyroblenergo is one of six distribution companies that was privatized by the government of Ukraine in 2001.  As of 2011 VSE holds a 905 stake in the company, a stake that can be trace back to 2007
In 2001 the municipal government of Nataga, Colombia, awarded a 10 year management contract for its water and sewage service to private operator Consorcio Almafama. The town of Nataga had 2,500 residents in 2001. Some 70% of the population was connected to the water network, and 55% to the sewage collection system.  The contract was awarded through a competitive tender initiated in October 2000. Two bids were submitted, both by local companies with experience in the construction of water installation. Almafama, a consortium of three local companies, was declared the winner. Operations started in March 2001.  The main obligations of the private contractor were: •	Increase water and sewage coverage rates to 100% •	Improve water service continuity from 2 hours per day to 24 hours per day.  To achieve these goals Almafama was to take over daily operations of the water and sewage infrastructure as well as design and implement a system upgrade plan that included installing a new water intake, improving water treatment and expanding the water distribution and sewage networks. The contract did not cover sewage treatment. The private operator did not have any investment obligations.   Almafama was to receive $255,000 for the construction work plus the tariff revenue, estimated at $25,000 per year. The funds were provided by the Colombian government ($200,000) and the Nataga municipality ($50,000).  The project was set for a ten year period to conclude by March 2011. No further information was available regarding operation.
In 1999 state owned Nigerian Gas Company (NGC) awarded a 20 year gas sales and purchase agreement to mixed company Gaslink Plc., allowing it to distribute gas to industrial, commercial and domestic customers in the Greater Lagos region. Gaslink was to design, finance, build, maintain and operate for 20 years a distribution network covering Ikeja, Agege, Ilupeju, Matori, Oshodi, Isolo, Amuwo-Odofin, Iganmu, Ijora, Apapa and adjourning areas. Gaslink purchased gas from NGC at the City Gate station.   In 1999 the largest shareholder in Gaslink Plc was Unipetrol Nigeria Limited, a 60% privately held company. In 2000 the Nigerian government divested its 40% stake in Unipetrol. In 2002 Unipetrol acquired a 60% stake in Agip Petrol Nigeria Limited (Agip). In December 2003 Unipetrol merged with Agip and rebranded itself as Oando Plc. At the end of 2006 Oando owned a 52% stake in Gaslink, with no other shareholder holding a stake of 15% or larger.  Gaslink built its distribution network in a number of phases. In March 2001 the company started construction on Ikeja 1A, an 11.2 kilometer pipeline network with a capacity to deliver 15 million standard cubic feet of natural gas per day (mmscf/d) from the Nigerian Gas Company’s City Gate to Oba Akran, Lateef Jakande and Acme Road, all within the Ikeja industrial scheme. The second expansion phase, completed by early 2004, was called Ikeja 1B, and consisted of a gas line with a capacity to deliver 5 mmscf/d to companies within Oregun through to Mobolaji Bank Anthony Way, Ikeja. In 2004, Gaslink planned further expansion of its pipeline network with the commissioning of the Greater Lagos II pipeline, an 84 kilometer distribution line designed to deliver a throughput of 65mmscf/d through Ojota, Isolo, Amuwo Odofin, Ilupeju, Matori and Isolo. Phase three was completed by early 2006. In April 2006 construction started on the Greater Lagos III phase, which on completion was to deliver 1.809 mmscf/d to the Apapa industrial area. Cumulative investments in the gas network were estimated at $55 million.   From the start of operations to 2006 most Gaslink customers were businesses. Local businesses could apply at any time to get connected, so this was not a captive network.
In 2001, the municipaliy of San Juan Nepomuceno, Bolivar, granted a 10 year management contract to Aguas de la Costa SA to operate its water utility services. The contract became operational in December 2001. Aguas de la Costa SA was a company owned by Colombian companies. At the time of signing the contract San Juan Nepomuceno had 27,000 inhabitants.  The website of the sponsor does not list the current project, scheduled to close in December 2011. The project is presumed to be concluded.
On December 13, 2001 the IDB granted the project company Termopernambuco S.A. a US$192.4 million loan for the construction and operation of a 520 MW power plant. Termopernambuco is wholly owned by Companhia Energetica de Pernambuco CELPE, which is turn is 100% owned by Neoenergia (previously, the Guaraniana consortium).  The Guaraniana consortium is made up of Previ (49%), Iberdrola (39%) and Banco do Brasil's Banco de Investimento (12%).  The plant is located in the industrial port of Suape.  Initial cost of the plant was $403.5 million.  Termopernambuco signed a 20-year power purchase agreement with CELPE and Companhia de Electricidade do Bahia.  General Electric supplied the equipment. The gas fuel will be supplied by Petrobras on a 20 year take or pay basis.  The construction of the plant was finalized in December 2003 and commercial operations started in 2004.
Xianyang Xinao Gas Company Limited was a Sino-foreign joint venture that was established in October 2001 by Xinao Gas Holdings Limited, which holds a 40% stake in the project. The total investment was RMB 69 million (US$ 8.33 million). Xingao Gas Holdings got the project through an open bidding process. The company would operate the piped gas business in Xianyang City, Shaanxi Province for a 30-year period.
Companhia Piratininga de Forca e Luz (CPFL Piratininga) was created from the division of the Empresa Bandeirante de Energia S.A. (EBE), a electricity distribution company. In October 1st of 2001, ANEEL, the Brazilian electricity regulatory agency, authorized the division of  EBE in two distinct companies, namely, EBE and CPFL Piratininga. CPFL Piratininga is owned by the group CPFL Energia. The company distributes electricity for 27 cities located in two different regions of the State of Sao Paulo (the region west and part of the coast). It covers a total area of 6,785 square kilometers where more than 3 million people lived by the end of 2001. This area corresponds to 3,5% of the total area of the State of Sao Paulo but in 2001 the electricity distributed accounted for 12% of the total electricity consumption of the State.  The regions covered by CPFL Piratininga are amongst the most developed region of the State of Sao Paulo.  In November 2005, CPFL Energia announced to its shareholders that CPFL Piratininga became a wholly owned subsidiary of CPFL Paulista, which in turn became a wholly-owned subsidiary of CPFL Energia.  In September 2012, the state-owned bank BNDES approved a US$ 112.7 million (BRL 220 million) to the project.
The project consists of the development, construction and operation of a 682.5MW steam generation plant which will be fueled with natural gas with residual fuel oil (mazout) as backup fuel. The energy produced will be sold to the Egyptian Electricity Holding Company (EEHC, the national utility) on the basis of a 20-year Power Purchase Agreement. The financing for this project and for Port Said power plant were arranged jointly in April 2001. The financing was split between the US$305 IFC syndicated loan, a US$200 EdF backed equity bridge, a US$90 million IFC A loan, and US$100 million institutional tranche from John Hancock.    Commercial operation is expected in early 2003. The project will be located on the western coast of the Gulf of Suez, which is part of the Red Sea, approximately 52 kms south of Suez City. Total project cost, including contingency, is estimated at about US$338 million. The price for power will be 2.4 cents per Kilowatt hour (Kwh).  In 2006 EDF sold its Port Said (id 2701) and Suez IPPs to Malaysian company Tanjong Electricity, owned by Tanjong Plc.  On March 2nd 2012, 1Malaysia Development Berhad (1MDB) acquired Tanjong Energy Holdings Sdn Bhd (TEHSB) for RM8.5 billion (US$2,820 million). Tanjong Energy owns equity in 13 IPPs internationally. Tanjong Energy fully acquired Poertek Berhad in April 2003.
The consortium Companhia Energetica Chapeco (CEC) won a 35-year concession to build and operate the 120 MW Quebra-Queixo hydroelectric power plant in the Chapeco River, in Ipuacu city at Santa Catarina state. The consortium’s members are the Brazilian construction companies Construtora Queiroz Galvao (59%) and Construtora Barbosa Mello (41%). The consortium offered the winning bid of US$ 28.6 million (R$ 61.5 million) in Aneel’s (Brazilian energy regulatory agency) auction, which will be paid in annual installments until the end the concession period. The concession contract was awarded by Aneel in November of 2000.   The construction of the Quebra-Queixo power plant was initiated in 2001 and began commercial operations in May 2003. The consortium announced that it expects to invest US$ 102 million (R$ 220 million) in the project. The main client of the company will be Centrais Eletricas de Santa Catarina (Celesc), which is the main electricity distribution company in the region. Energetica outsourced the plant's operations and maintenance to France's Alstom. Alstom will begin work in March 2003. A Power Purchase Agreement with local distributor Celesc was being negotiated in 2003.
In 2001, the China Water Company was awarded a greenfield contract for a plant with a treatment capacity of 20,000 tons per day as well as the construction of a new plant with a capacity of 10,000 tons per day in Qitaihe City, Heilongjiang Province.   To implement the contract, a joint-venture project company was formed by CWC and the state-owned Qitaihe Water Company (exact shares were undisclosed). As of 2002, CWC itself was owned by Thames Water (a subsidiary of RWE) (48.8%) and Sime Darby Bhd. of Malaysia (33.3%).    The first stage began supplying water in May 2002 and the second stage was commissioned in January 2003.  No information was publically available concerning contract term or investment commitments.
In November 2006, China Water Affairs Group Ltd. acquired a water supply project from three Chinese firms to maintain and operate the water supply services for Yongchuan City, Chongqing Muncipality, China. Based on the information available, the contract appears to be a management contract, where the private contracting firm collects water tariffs and carries out maintainance as required, but the ultimate ownership of the assets remains with the government. The agreement requires China Water Affairs Group to supply 50,000 cubic meters daily to the city's 300,000 residents.  The project was initially awarded to Yongchuan Global in 2001, which in turn created Chongqing Qiali to maintain the water supply network. In November 2006, Hong Kong-listed China Water Affairs Group purchased Yongchuan Global and Chongqing Qiali for RMB 105.5million (US$ 13.2million), financed internally and through convertible bonds issued in June and July, 2006.   This was the second of two projects awarded in the water sector this year by the Chongqing government: in September 2006, Sino-French, a joint venture between SUEZ and New World Infrastructure, was awarded a 30-year management contract to maintain and operate a wastewater treatment plant. The project was operational as of February, 2007.
Subhash Projects and Marketing Ltd. (SPML) undertook the construction of the Kabini Dam Power House Project (2x10MW) on a 30 year build-own-operate (BOO) basis in Karnataka at a cost of Rs 84 crore (approx. US$19 million).  The project was commissioned in July of 2003 and generated electricity from overflow discharges from the Kabini dam at an altitude of 14000 feet above sea level.   The main beneficiary, Karnataka Power Transmission Corporation Ltd., received the power through a double-circuit 66kV transmission.   The project reached financial close in August of 2001 when a consortium of financial institutions led by the Indian Renewable Energy Development Agency extended a loan of Rs 55 crore towards the project.  The balance Rs 29 crore came to SPML via internal accruals.
The Fujian Development Co. Ltd. is a large infrastructure company whose operations include highway investment, development, construction and management.  The company operates the Fuzhou-Xiamen Expressway.  The company launched an IPO in January 2001 involving 200 million A shares on the Shanghai Stock Exchange at price of RMB 8.78 for a total of approximately US$212.1 million.
Unitel, a company backed by Angolan and Portuguese capital, launched Angola's first mobile phone network on March 8th, 2001. The service was expected to become available to consumers in April 2001, covering the provinces of Luanda and Bengo. The Angolan government awarded the operating licenses in January 2001.   The Unitel consortium was owned 25% by Portugal Telecom; 25% by Mercury, a state-owned oil company; and the remaining 50% evenly held by local partners Vidatel and Geni. A four-year investment of US$150 million was intended to offer capacity to about 150,000 subscribers.  In 2002, Unitel provided a GSM 900 MHz network expansion contract for the three major provinces of Angola to Alcatel estimated at 7 million euro.  In 2004, it awarded a contract to Ericsson Brasil, valued at over US$40 million, which included the introduction of GPRS technology and the expansion of Unitel's existing GSM network. Unitel hoped the project, financed through a Brazilian credit line and to be reimbursed within five years, would allow Unitel to increase its subscriber base to one million.    Unitel had some 300,000 subscribers in 2003 which it increased to 541,000 subscribers by end 2004, representing a 65% share of the country's mobile phone market. The company competed against Movicel, the state-owned mobile operator with an analogue advanced mobile phone system (AMPS) and digital CDMA network, which had some 400,000 subscribers by end 2004.  As of December 31st in 2005, Unitel had 1,198 thousand subscribers.  Unitel's total gross operating revenues were US$445 million in 2005 and US$245 million in 2004.
The government of Azerbaijan, through its Ministry of State Property, awarded a 25 year concession for the Baku Electricity Distribution Network (BEDN) to Turkish firm BARMEK Holding. In 2002 BEDN supplied 5.34 million kWh of electricity to about 500,000 residential and non-residential customers.  The concession contract was awarded as result of an international tender held on November 24, 2000. BARMEK was a diversified Turkish holding company that covered a range of operations, from electricity and defense contracts to various construction work. BARMEK Holding created Barmek Azerbaijan Electrical Distribution Networks Ltd. to operate BEDN. On January 1st, 2002 BAMERK Azerbaijan effectively began to operate BEDN.  There was three a year moratorium on electricity tariff increases, valid through the end of 2003. BARMEK committed to make new investments totaling some $230 million over the lifetime of the concession.  In July 2006, after months of mutual accusations, arrests, investigations, and political statements, the Turkish electricity company Barmek discontinued tis operations of  electricity distribution companies in  Baku, Sumgait (a major industrial town in the north of Baku) and the whole northern part of Azerbaijan.
In April 1995, Instituto Nacional de Vias (INVIAS - Colombia's national road and highway agency) awarded a 20-year concession for the Fontibon – Facatativa – Los Alpes toll-road to the consortium Concesiones CCFC SA.  The Fontibon – Facatativa – Los Alpes toll-raod is a 38.3 km long highway that goes from the limits of Fontibon in the bridge over the Bogota river, to Los Alpes going through Facatativa and other municipalities.   The consortium is formed by Proyectos de Infraestructura SA – PISA, Colcorp and Concreto.   The project reached financial closure in September 2001 with the signing of the modifications to the concession contract. It included the following segments: Tranche I (8,4 Km), Tranche II (6,5 Km), Tranche III (11 Km), and Tranche IV (12,4 Km). In March 2004 the project because opertional.  In December 2014, CCFC signed a new contract with the regulatory agency ANI agreeing to invest an additional US$ 93 million (Pesos 186 billion) in construction works in the highway. According to the contract, this road extension was going to be subject to toll charging.
In July 2001, the Government of Bangladesh (GoB) awarded a license to WorldTel Bangladesh Limited (WBL) that allowed WBL to build, own and operate a fixed line telephone network in Dhaka with a total capacity of 300,000 phone lines. This new license was expected to complement the services offered by state owned Bangladesh Telegraph and Telephone (BT&T), introduce competition and improve service quality. Bangladesh had one of the lowest fixed-line telephone penetration rates in Asia with 624,000 fixed lines (in 2001) for a total population of 130 million.   In return for the fixed line license, WBL gave GoB US$ 10 million as license acquisition fee, 2.5% of gross revenue and 10% equity.  WBL was a subsidiary of UK based WorldTel Limited. WorldTel Limited in turn was owned by major corporations such as; Reliance Capital, IT Investments, International Investor Group, the Kuwait Financial Centre and National Westminster Bank Plc.   The total cost of providing 300,000 connections was estimated at US$ 300 million. WBL was expected to roll out the network in two phases. Phase I with 100,000 connections was estimated to cost US$ 150 million.  The project was significantly delayed after WBL became embroiled in a lengthy legal battle with the telecom regulator, Bangladesh Telecommunication Regulatory Commission (BTRC). BTRC officially opened the fixed line service to private sector only in 2004 and hence disputed the validity of the WBL license awarded by the former government in 2001. The dispute seemed to have been resolved in 2005.   Construction began in 2005 and Phase I was expected to be operational by November 2006.  Operator's license suspended after Illegal VoIP activity.  The company was dissolved in 2011.
TIM Celular SA is a mobile network company controlled by TIM Brasil which in turn is controlled by Telecom Italia. The company originated from the merger of three different companies, namely Portale Rio Norte, TIM Celular Centro Sul and Portale Sao Paulo.TIM Brasil, through a consortium called Unicel, paid US$ 254 million (R$ 520 million) for the license authorization of Portale Rio Norte on March 29th of 2001, which operates in the Areas 8 and 3 on the Band E, accordingly to the geographic divisions established by Anatel. For TIM Celular Centro Sul, which operates in the Areas  5, 6 and 7 on the Band D, TIM Brazil, through a consortium called Blucel, paid US$ 168 million (R$ 343 million) for license authorization on March 12th of 2001. And to obtain license authorization for Portale Sao Paulo, which operates in the Areas 1 and 2 on Band D, TIM Brazil, through a consortium called Starcel, paid US$ 495 million (R$ 1.010 million) on March 12th of 2001. All the three companies adopted GSM technology. On November 30th of 2002, Portale Sao Paulo incorporated Portale Rio Norte and TIM Celular Centro Sul. Portale Sao Paulo had its name changed to TIM Celular SA.   In 2004, TIM Celular SA acquired the corporate control of Maxitel, another subsidiary of TIM group.  In March 2006, TIM Celular SA was fully acquired by Tim Participacoes SA (project 1473).
In March of 2000, Alandur Municipality (AM) awarded a BOT contract for two sewage treatment plants (STPs) to First STP Private Limited on a 14 year basis following a competitive 2 stage bidding process, one comprising the technical proposal and the other comprising the financial proposal.  The two STPs had a capacity of 12 million liters per day (mld) each, for a total capacity of 24 mld.  The STPs were part of the Alandur Sewerage Project (ASP), which was to build the area’s first sewerage system to provide low cost sanitation to the then 130,000 residents of Alandur.    First STP Private Limited was a special purpose vehicle (SPV) created by IVRCL Infrastructures & Projects Ltd. of India and Va Tech Wabag of Austria.  IVRCL was the majority shareholder with 95% stake in the SPV.  The construction, operation and maintenance of the planned sewerage system including sewer lines, pump houses, and pumping plants was to be carried out by the entirely by municipality.  However, First STP was to build, operate and maintain the STPs during the contract period of 14 years and hand over the STP to the municipality at the end of the contract period.  The work of the project was to be carried out in two phases. In the first phase (initial two and half years period), the first 12 mld capacity STP was to be completed and commissioned.  The other STP was to be built in the next phase.  As per the agreement, the municipality was to pay First STP a fixed rate for every cubic meter of sewage treated with a guarantee to cover the company’s minimum fixed operating cost and capital investment.  The tariff structure allowed full user charge recovery based on cross subsidies for the poor from commercial and industrial users on a 1:3:5 ratio, namely Rs 150 (US$ 3.12) per month for households, Rs 450 (US$ 9.54) for commercial users and Rs 750 (US$ 15.89) for industrial users, with an annual increase of 6% subject to agreed-upon ceilings.  ASP achieved financial closure in November 2001.  The total cost of the two STPs was Rs 100 million (US$2.1 million), financed by an ICICI term loan of Rs 30 million.   The first plant cost Rs 60 million and was commissioned in September of 2002 while the second plant was expected to cost Rs 40 million and be commissioned by 2005.
In January of 2001, China Water Company (CWC) won a concession contract for Shaoxing China Water Company to construct, operate and manage the water treatment plant and related facilities of the Xiao Shun Jiang Water Supply Scheme located in Shaoxing city, Zhejiang province.  The project consisted of four parts 1) the Tangpu reservoir with a storage capacity of 200 million cubic meters, 2) a Pump Station, regulating pond and a 13.6 km water transmission tunnel which connects the reservoir and water treatment plant, 3) a plant which treats 400,000 tonnes of water per day.   CWC’s share in the project was 40% with the remainder with Shaoxing Municipal Water Group.  As of 2002, CWC itself was owned by Thames Water (a subsidiary of RWE) (48.8%) and Sime Darby Bhd. of Malaysia (33.3%).    The water treatment plant was built at a cost of US$26 million. Construction began in December 1998 and the plant was commissioned in early 2001.  Because of conflicts in profit sharing, Shaoxing Municipal Water Group bought back all the shares of CWC with compensating it for its investment and interest in 2006.
In July 2001, Cargo Service Center India Private Limited (CSC) was awarded the license by Airports Authority of India, for period of 5 year to manage, maintain and operate the Center for Perishable Cargo at Indira Gandhi International Airport, New Delhi.  The facility is capable of handling 25,000-30,000 tons of perishable cargo annually. In October 2003, Express Industries Council of India selected Cargo Service Center to manage and operate the new Express Terminal at IGI Airport, New Delhi for a period of three years.  CSC is a fully owned subsidiary of KLM Royal Dutch Airlines.
In July 2000 Panglima Power Sdn Bhd began gained approval for a 720 MW gas-fired plant at Teluk Gong, Malacca State.  The plant (TGPS2) was to be initially constructed as an open cycle power plant with a capacity of 460 MW, to then be converted to a combined cycle plant with a capacity of 720 MW.  Panglima Power was to sell power to Tenaga Nasional under a 21-year power purchase agreement signed in July 2001 for US$ 3.09 cents per kWh.  Panglima Power was a wholly owned subsidiary of Powertek Sdn Bhd, which was created in 1993 to construct the initial TGPS1 power plant at Teluk Gong.  Powertek Sdn Bhd was initially owned by the Melaka state government (14.83%), Cergas Unggul Sdn Bhd (25.96%), Arab Malaysian Development Berhad (22.5%) and IVO Group (7.42%, Finland).  Powertek was listed on the Main Board of the Bursa Malaysia Securities Berhad in 1996, but on 30 April 2003 Powertek became a wholly-owned subsidiary of Tanjong Energy Holdings Sdn Bhd (TEH) and was taken private.  TEH was a wholly-owned subsidiary of Tanjong public limited company, incorporated in England and listed on both the Bursa Malaysia Securities Berhad and the London Stock Exchange.  Financial closure for the initial open cycle phase was reached in 2001, while final closure for the combined cycle phase was reached on January 20 2003.  The total cost for the project was expected to be US$500 million.  Powertek raised RM350 million (US$92 million) through issuance of bonds and RM250 million (US$66 million) through commercial paper/medium term notes.  In February 2003, Panglima Power signed a RM84 milion three-year standby loan from Arab Malaysian Merchant Bank, Aseam Bankers, CIMB, EON Bank, and UOB. The bonds are part of an overall debt issue comprising RM1,220 million worth of debentures to fund the conversion of its second phase.  Construction commenced in December 2000, and was undertaken by Siemens AG.  Commercial operation began in February 2002 with an initial generation capacity of 230MW followed by another 230 MW a month later, with the full combined cycle 720 MW operation commencing in March 2003.  On March 2nd 2012, 1Malaysia Development Berhad (1MDB) acquired Tanjong Energy Holdings Sdn Bhd (TEHSB) for RM8.5 billion (US$2,820 million). Tanjong Energy owns equity in 13 IPPs internationally. Tanjong Energy fully acquired Poertek Berhad in April 2003.
In October of 2001, China Evergreen Environmental Corporation (CEEC), later renamed to China Water Group, Inc., signed a 22-year BOT contract for the 40,000 tons of sewerage per day capacity Xinle Wastewater Treatment Plant in Hebei Province.  To implement the contract, the Xin Le Sheng Mei Water Purifying Company was created as the project company in which CEEC held a 45% stake while the state-owned partner held the remainder.  CEEC was a private wastewater engineering company based out of Guangzhou Province.   Total investment was RMB 34 million (US$4.1 million).  Operations began in October of 2003.
Mauritel was the state-owned operator in Mauritania, offering local and national fixed-line and mobile telephone services.  Morocco's partially privatized Maroc Telecom finalised its US$48 million acquisition of a 54% stake in Mauritel in April 2001. The deal with Mauritania was Maroc Telecom's first cross-border investment. It was also the first foreign venture since Vivendi Universal bought a 35% stake in the Moroccan national telecom operator in December 2000.     In May 2002, Maroc Telecom sold 20% of its 54% stake in the company to the local firm company Abdallahi Ould Noueigued (AON) for US$16 million, leaving the government of Mauritania with the largest stake in Mauritel (46%). The deal committed Maroc Telecom to further extend the mobile and fixed-line services throughout Mauritania, covering all its major towns within five years.   The number of subscribers to Mauritel's mobile subsidiary Mauritel Mobiles reached 415,000 by 2005.   In 2007, Maroc Telecom ceded part of its capital to the business' workforce, but it retained 51% of Mauritel's capital.
The project company, Zhuozhou Wah Sang Gas Company Limited, was established in March 2001. The project is located in Zhuozhou City, Hebei Province. Wah Sang Gas Holdings Limited has 100% stake in the project and will operate and manage the joint venture for 50 years. The total investment was US$ 2.17 million.
Canadian private-sector inrastructure group SNC Lavalin signed a US$ 15 million contract with the Venezuelan Ministry of Environment and Renewable Natural Resources to design and build two wastewater pumping stations, a treatment plant and connecting pipelines to serve the eastern peninsular city of Carupano. The project has a 2.5 year construction period. SNC Lavalin has received a US$ 15 million project financing facility from Canada's Export Developmnet Corporation (EDC) and Fortis Bank to complete the contract. The US Export Import Bank also provided a credit guarantee.
The project company, Yizheng Wah Sang Gas Company Limited, was established in October 2001. The project is located in Yizheng City, Jiangsu Province. Wah Sang Gas Holdings Limited has 100% stake in the project and would operate and manage the joint venture for 50 years. The total investment was RMB 145 million (US$ 17.51 million).
On August 2nd, 2000, the Municipality of San Pedro Sula, Honduras, acting through public utility Division Municipal de Agua (DIMA), awarded a 30 year concession for the city’s water and sewerage services to private consortium Aguas de San Pedro (ASP). In 2000, the city of San Pedro Sula had some 527,000 inhabitants and was the largest commercial and industrial area in Honduras. Under the terms of concession the private operator committed to expand water coverage from 85 percent of the population to 100 percent by the end of the third year. The sewage network, which in 2000 covered 65 percent of the population, was to be expanded to achieve 100 percent coverage by the contract’s sixth year. The private operator also had to meet service quality standards, such as adequate water pressure and 24-hours continuous service.  The concession was awarded through a competitive tender process started in December 1999. Three bids were received. In August 2000 the winner was declared to be the Italian-Honduran consortium Aguas de San Pedro (ASP), made up of AGAC 30%, Acea (Roma) 31%, Astaldi (Roma) 15%, Ghella Sogene S.p.a. 15%, Lotti Roma 4%, and Terra Representaciones y Servicios S.A. de CV Honduras 5%.  In order to comply with its contractual obligations the private consortium was expected to invest some $207.9 million during the 30-year concession. This capital investment plan was broken down into $115.2 million for the water services and $92.7 million for sewerage. The capital investment plant included construction of a waste water treatment plant that would enter in operation starting from the sixth year.  In 2001 the Inter-American Development Bank (IDB) provided a $13.7 million A-loan for investments made in the first five years of the project.
In 2001, Hutchison Essar South Limited (HSEL) was awarded a license to operate the fourth mobile network in the three southern circles of Chennai, Andhra Pradesh and Karnataka. HSEL paid Rs 46,883 lakhs (US$ 97.3 million) to Department of Telecommunications (Government of India) upfront as license fees for the three circles. In 2003, HESL bought Escotel’s Punjab license. In March 2004, HSEL acquired the mobile license for Uttar Pradesh West for Rs 3000 lakh (US$ 6.8 million). HSEL also obtained the license to serve West Bengal region.  In October 2001, the sponsors of HESL tied up loan worth Rs 102,100 lakh (US$ 217 million) from GE Capital Services India and HSBC India. The loan was usesd for investments in the for launching the cellular network in the three southern circles. The project cost was expected to be Rs 107,400 lakh (US$ 228 million).  HESL is a joint venture and is owned by Hutchison Telecommunications International Limited (74 percent), Essar Group (25 percent) and Kotak Mahindra Group (1 percent). In February 2005, Hutchison Telecom and Essar Group consolidated all their mobile operations in India into their Mumbai subsidiary Hutchison Max Telecom Limited. HMTL became the holding company of Fascel Limited, Hutchison Telecom East Limited, Hutchison Essar Telecom Limited, and Hutchison Essar South Limited. After the consolidation, Hutchison Telecommunications International Limited (subsidiary of Hutchison Whampoa Limited) had 42.34 percent ownership in HMTL. The other shareholders of HMTL were Essar group (26.42 percent), the Kotak Mahindra Group (22.97 percent), the Hinduja Group (5.11 percent) and Max India (3.16 percent). The consolidation was in preparation of an initial public offering of their telecom operations in India. HMTL was expected to be renamed Hutchison Essar Limited.    In February 2005, Hutchison Group consolidated all its mobile operations in India into its Mumbai subsidiary Hutchison Essar Limited (HEL), formerly called Hutchison Max Telecom Limited (HMTL). As of June 2006, Hutchison Telecommunications International Limited (HTIL), subsidiary of Hong Kong’s Hutchison Whampoa Group, had 67% equity stake in HEL and the balance was held by India’s Essar Group.
The project company, Nanjing (Sushui) Wah Sang Gas Company Limited, was established in September 2001. The project is located in Nanjing City, Jiangsu Province. Wah Sang Gas Holdings Limited has 100% stake in the project and will operate and manage the joint venture for 50 years. The total investment was HK$ 15 million (US$ 1.92 million).
In January 2001, Investcom, a Luxembourg-based company which was partly owned by the Lebanese Mikati Group in partnership with Syrian investors, won one of two licenses to operate a GSM 900 network on a build-operate-transfer basis for 15 years.  Along with the other winning bidder, SyriaTel, the company paid the government an upfront fee of US$20 million, with an additional US$15 million fee payable to use GSM 1800 Mhz frequency bands without further bidding.  Also according to the BOT license contract, the company was to give the Syrian government 30% of its revenue in the first three years, 40% during the second three years, and 50% in the remaining period.  Spacetel was to spend about US$31 million dollars on their initial mobile network, which was set up in the capital, Damascus, the northern city of Aleppo and the western city of Latakia for a trial period of one year. The company launched services under the brand name "Spacetel."    In June of 2003, Spacetel signed a US$20 million loan with the Islamic Corporation for the Development of the Private Sector, part of the Islamic Development Bank, to be used for network expansion and other technical development projects.  In September of 2004, the OPEC Fund for International Development agreed to lend US$10 million to SpaceTel, for which it intended to use the funds to expand its existing network.  At that time, Spacetel had about 770,000 subscribers, representing about a 45% market share and trailing SyriaTel which had the other 55%.  In 2004 MIGA issued guarantees of $55.96 million and $19.0 million to Investcom Holding S.A. of Luxembourg and Teleinvest Ltd. of the Cayman Islands for their respective $62.18 million and $21.15 million equity investments in Spacetel Syria S.A. Both guarantees covered a period of ten years and provided coverage against the risks of transfer restrictions, expropriation, war and civil disturbance, and breach of contract.  In July 2006 Investcom was acquired by South African group MTN.
In 2001, Telecom Lesotho, the national public telecommunications operator, sold a 70% stake and management rights for US$17 million to Mountain Kingdom Communications (MKC), a consortium involving Eskom (South Africa), Econet Wireless (Zimbabwe), and Mauritius Telecom. The consortium was to have a five-year monopoly on fixed line services in Lesotho and had the right to launch a second mobile phone network in the country in June 2001. In the terms of the sale of shares agreement, MKC committed, by way of a guarantee, R380 million (US$56 million, estimated at the then prevailing exchange rate), to a three-year capital expansion programme. The Telecom Lesotho operating licence issued by the Lesotho Telecommunications Authority (LTA) stipulated system expansion targets and to the extent that these targets were not met, penalties were payable to the LTA. This commitment had been fulfilled at the end of 2004, as the amount expended exceeded the original commitment by MKC.  By 2003, Eskom owned 71% of the Mountain Kingdom Communications consortium and Econet had a 28% shareholding.  In turn the consortium owned 70% of the fixed-line network of Telecom Lesotho, which in turn owned 100% of the mobile network Ezi-cell Lesotho.   African telecommunications company, Ericsson Market Unit Southern, won a contract - worth US$7.6 million in the first phase alone - to roll out a full GSM wireless infrastructure and value-added services for Telecom Lesotho in May 2002.  A wireless local loop network, constructed by Siemens, went live in the country in 2002 as well. Siemens rolled out the network under the terms of a US$20 million contract with Telecom Lesotho. Sixteen base stations were to be installed, covering the projected 24,000 subscriber capacity.   By mid 2004, Ezi-cell, the brand name of the mobile subsidiary, had about 42,000 subscribers, 50% more than than in June of the previous year. At the end of 2004, Telecom Lesotho had about 58,000 subscribers.  By the end of 2005, Telecom Lesotho reported about 91,000 subscribers.  Econet became a majority shareholder when Eskom Enterprises sold its Mountain Communications shares. The government of Lesotho remained with 30%. This transaction was finalized on April 1, 2008. Econet Ezi Cel Lesotho, established as a subsidiary of Telecom Lesotho offering exclusively mobile services, had a similar shareholding as Mountain Communications but the two merged in July 2008 to form Econet Telecom Lesotho (ETL).
In April 2001 the Government of Ecuador, through Empresa Cantonal de Agua Potable y Alcantarillado de Guayaquil (ECAPAG), awarded a 30 year concession contract for the potable water, sewage and drainage systems in the Canton of Guayaquil to private operator International Water Services (Guayaquil) B.V. The contract covered an area with a total population of 2.5 million. The most important commitment made by the concessionaire was to increase water and sewage coverage rates from 60 percent to 95 percent of the population.  The concession was awarded following a public tender organized with the assistance of the Inter-American Development Bank (IDB). The tender was announced in October 2000. Sole bidder International Water was declared the winner on December 22, 2000.  International Water Services Guayaquil (Interagua Cia. Ltda) was a consortium made up of US-based engineering/construction company Bechtel (50 percent) and Italian power company Edison Spa (50 percent).  International Water committed to a capital expenditure of about $500 million over the 30 years of the contract. The concession term was divided into six five-year periods. For the first five year period, expiring in 2006, the concessionaire was to create 55,238 new water and wastewater connections. It was estimated reaching this target would require some $146 million in capital investments. Financing was to be achieved through an IDB loan of $50 million, equity participation from the concessionaire and internally generated cash flows. In 2006, Interagua was approved a US$300mn investment plan for the 2006-2011 period.  In December 2008, International Water Services, the controling consortium of Ecapag, sold 90% of its shares to the new consortium Proactiva Medio Ambiente SA with the following representation: Veolia 25.5%, FCC 25.5%, Hidalgo e Hidalgo 24.5%, and Fanalca 24.5%. The final shareholding was therefore: International Water Services comprised of Bechtel [USA, 5%], Edison Spa [Italy 5%], and the new shareholders: Veolia [France, 22.95%], FCC [Spain 22.95%], Hidalgo e Hidalgo [Ecuador, 22.05%] and Fanalca [Colombia, 22.05%]. Veolia and FCC formed the operator Proactiva.  In October 2009, an audit conducted by Ecuador's housing ministry Miduvi recomended the renegotiation of water concession contracts held by Amagua and Interagua after alleging distortion in their rates as well as the lack of a social tariff. Miduvi also recommended the termination of Triple Oro's contract in Oro province. Under Ecuadorian law, if the contracts were not renegotiated within one year, they could all be terminated. The comptroller general was reviewing the report as of December 31, 2009.
In  October 2001, the municipality of Itauba, in the state of Mato Grosso, Brazil, awarded a 30-year rehabilitate, operate and transfer contract for its water and sewage infrastructure to private operator Aguas de Itauba. In 2001, the town of Itauba had a population of 6,491.   Aguas de Itauba was established as a wholly-owned subsidiary of the Brazilian company Kullinam Engenharia e Construcao.  The concession was awarded through an open competitive tender. No information was available on the number of final bidders. Information on the investment commitment was also not available.
ABB was undertaking the project to build, own, and operate the new Mpumalanga Airport, located close to Nelspruit. The project demanded an investment of US$ 34 million. Construction works started in Jun. 2001 and were expected to be completed by Sep. 2002. The entire investment has been equity-financed. The community of Mbuyane holded a 10% stake in the project company.  In 2003 the consortium was awarded a license to launch international flights. As a result, the airport's name changed to Mpumalanga International Airport. International flight service was expected to begin in early 2004.
This is a 100 MW combined cycle cogeneration plant operated and maintained by Fortum Energy Solutions (Thailand), a subsidiary of Fortum Corporation (Finland).  Construction of the project was completed by Laem Chabang Power Company Limited, also a subsidiary of Fortum.  Commercial operations began in July 2001.  The PPA was signed in fourth quarter 1998 and was originally scheduled to begin in March 2000.  The plant will provide 60-MW of power to EGAT for 25 years at a rate of $6/kW/month and 5 cents/kWh for energy. The plant will also provide both electricity and steam to a number of industrial customers in Laem Chabang Industrial Estate.  The project was developed under Thailand's Small Power Producer Program (SPP).
The Brazilian company Foz do Chopim Energetica Ltda., a partnership of the state-owned electricity distribution company Copel (36%) and SILEA Participações Ltda (64%)  was granted  authorization to build a 29-MW small hydro power plant located in the Chopim River, state of Parana (municipality of Cruzeiro do Iguacu). The 30-year contract was signed with the regulatory agency ANEEL in April 2000.  Foz do Chopim Energetica committed to invest US$ 21.6 million (BRL 51.4 million) in the construction of the project. In 2001, the company tried to obtain a loan from the state-owned bank BNDES, but was not successful. Copel then decided to a US$ 12 million (BRL 28.5 million) loan to Foz do Chopim Energetica. This fact raised suspicion of wrong doing and the transaction became target of judicial investigation in 2003. This investigation process was later suspended, and Foz do Chopim Energetica started paying the debt once operations commenced.  Construction works on this plant started in the end of 2000, and the unit became operational in the end of 2001. Copel signed a 10-year power purchase agreement with Foz do Chopim Energetica also in 2001.
Gaoyou Xinao Gas Company Limitedwas established in December 2001 by Xinao Gas Holdings Limited, which holds a 100% stake in the project. Xinao has exclusive rights to operate and manage gas pipeline infrastructure, and to sell and distribute piped natural gas in Gaoyou City, Jiangsu Province for a period of 30 years. The project was operated by Gaoyou Xinao Gas Company Limited, a wholly-owned subsidiary of Xinao Gas. The total investment was US$ 2.42 million.
Beijing Xinao Jingchang Gas Company Limited is a sino-foreign joint venture company.  It was previously registered in the People's Republic of China (PRC) as part of a PRC joint venture under the name Xinao Group Company Limited ("XGCL").  In January 2001, Xinao Changping Investment Limited ("Changping BVI"), an indirect wholly-owned subsidiary of Xinao Gas Holdings Limited, acquired an 80% interest in Beijing Xinao Jingchang Gas Company for RMB9.9m (roughly US$ 1.2 million) from XGCL.  Changping BVI will makes its contribution in cash.  The remaining 20% is held by the state-owned Beijing City Changping Urban Economic Development Corporation who will contribute assets.  The investment involves 16km of existing pipelines and more than 40 km of planned pipelines. As of December 2002, 46 km had been constructed.
Africell, the first private GSM company in Gambia, was a subsidiary of Lintel (Lebanon). The company launched service in October 2001. Africell awarded Siemens a US$6.6 million contract for the development of the GSM 900MHz network in Gambia in August 2001.  Africell competed with Gamtel, the state telecommunications agency's mobile unit. By end 2004, Africell Gambia Ltd had 70,000 of the nation's reported 100,000 subscribers.  Along with nationwide coverage, Africell provided additional services such as voice mail, SMS, fax and data, local language prompts.  At the end of 2005, Africell Gambia had around 109,525 subscribers.  No information on 2011 investments was available by July 2012.
The state-owned oil and gas firm, the Petroleum Authority of Thailand (PTT) had a monopoly on gas distribution, deriving approximately 90% of its revenue from its gas business. The company acted largely as a gas transmission utility, and provides gas to power plants (75%), gas separation plants (16%) and industrial users and transport (9%). In addition to its gas business, the company also has interests in oil, petrochemicals, and refining.   PTT issued 800 million shares at a price of Bt35 ($0.78) in November 2001. Approximately 35% of the shares were sold to foreign investors and the rest to domestic institutional investors. The issued shares constituted a 25% stake in PTT; the Thai Finance Ministry owned the remaining 75%.  As of 2009, PTT was owned by the Thai Ministry of Finance (52.5%), Vayupak Fund 1 (15.6%) and a range of institutional and private investors (31.9%).  In 2005, PTT and its subsidiaries had 7,843 employees, had total gas sales of 2,994 MMcf/d.  PTT was the largest company listed on the Stock Exchange of Thailand (SET) by market capitalization, at 632.18 billion baht (US$16.7 billion) at the end of 2005, or 1,366 billion baht (US$36.1 billion) including affiliated companies, which represents 28.6% of total market capitalization on the SET.
In May 2001, the municipality of Sabanalarga (Atlantico) granted a concession to Sociedad de Acueducto, Alcantarillado y Aseo (Triple A) de Barranquilla. The municipality had a population of 84,410 in 2005. By 2006 Triple A was dissatisfied with the performance of this contract.
In July 2001 the Azeri state owned Imishli Water Company granted a 10 year lease contract for the city’s potable water and sewage systems to Waterworks Imishli JV. The lease contract covered the cities of Imshli, Gyanja, Sheki, and the Nakhchivan republic.  Waterworks Imishli was granted operational management rights and was responsible for overseeing rehabilitation work and gradual re-construction of water supply and sewage. The Waterworks Imisli JV Ltd. agreed to pay rent for the use of the plants and facilities. The water supply system was intended to serve some 50,000 residents.  Waterworks Imishli JV was owned by BerlinWasser International GmbH (BWI) (74.8%)and Imishli Water Company (Wasserbetrieb Imishli AöR)(25.1%). German bank KfW made a loan of DEM 30 (US$ 14) million towards the project.  Operation of the facilities started in December 2002.  The rehabilitation and construction measures were completed in May 2003. Initial progress had been made in achieving a 57% tariff collection rate, and increasing the number of hours during which water was supplied to the population from two hours per day to fifteen hours per day.  According to Berlinwasser, the shares in Wassergesellschaft (waterworks) Imishli JV mbH, Azerbaijan were sold to the Azerbaijani coshareholder on 22 October 2009, as an efficient operation was  no longer ensured due to a significant fall in customer numbers.
Agrani Satellite Services Limited (ASSL) is a subsidiary of the Essel Group.  Other shareholders include Arianespace SA (3%), and Spacecom SA, Alcatel (9.5%).  ASSL recieved a license to provide fixed and mobile telephone services and serve as a platform for data transfer via two satellites in July 2001.  In addition, it will also cater to applications like TV broadcasting, CTH, remote area communications and Internet.  The satellites have a life span of 14 years and have 24 'C' band and 14 'Ku' band transponders.   Total project cost is estimated at US$255.5 million.  Of this, IDBI has provided a 10-year loan worth US$64.7m at 15% interest rate.  ASC Enterprises and Zee Telefilms has underwritten an equity portion worth US$98.8m.  The Life Insurance Corporation has sanctioned a sum of US$15m.  Alcatel will provide the satellite in third quarter 2003 and was expected to be commercially operational by fourth quarter 2003.  It will be launched by Arianespace.
Musteq Hydro Sdn Bhd (MHSD) operated the 20-MW Sungai Kenerong hydro power plant in Kelantan which had a license to generate and supply electricity to Malaysia's state controlled company Tenaga Nasional Bhd (TNB) under a 30-year Power Purchase Agreement (PPA). The plant was made up of the Lower and Upper Kenerong power houses, and began commercial operations in 2000 and 2001, respectively.  The hydro power relied on a steady flow of water from the Sungai Kenerong and its tributary, Sungai Semuliang.    The PPA with TNB employed a single-tariff structure whereby payments were solely based on the plant's dispatch levels, leading to a less certain income stream. Financial close was achieved in 2001 with the signing of an Islamic banking private debt securities (PDS) issuance programme for RM108 million (US$28.4 million).  MHSD was originally owned by Projass Engineering Sdn Bhd (51%) and Musteq Holdings Sdn Bhd (49%).  In July of 2003, Eden Enterprises of Malaysia acquired the company for RM39 million (US$10.25 million).  Eden said the acquisition would be made through the issue of new shares and a cash payment.
Anhui New Energy Heat and Power Company Ltd. was established in April 2001 in Bengbu, Anhui Province. This coal-fired, 80MW, combined heat power plant, was sponsored by Alliant Energy International (64%), state-owned Bengbu Thermal Power Plant (30%) and TransPacific Capital (6%).  The deal was the first equity swap in which foreign investors have bought debt to acquire a share in a domestic firm.  Alliant's investment enabled the power plant to pay back 85.1 million yuan (US$1=CNY8.28) of overdue debts.  Terms of the contract were for 20 years.  Power was to be sold to Anhui province and steam was to be sold to various industrial customers.  Financial close was April 2001 with the partners investing roughly US$14 million in the plant, of which roughly US$1 million of the initial investment was to be used for plant upgrades.   As of August 2001, Alliant's investments in China amounted to a total of 500MW spread across 9 projects.  Total investments in these projects were approximately US$150 million.  Most of these investments were made through Peak Pacific Investment Company, a development company which Alliant had a 93.5% stake. In February 2006, Banpu Power Limited acquired 91% shares of Alliant in Peak Pacific Investment for US$84 million. The assets include Anhui plant.
Dona Francisca Energetica was awarded the contract to build, own and operate the power plant for a 35-year period (possible extensions of this period are foreseen in the contract). The project involves a 125-MW hydro power plant and a 2.5 KM transmission line, amounting to an investment of US$ 90 million. Financing was achieved with equity from the sponsors (35% of the total cost) and with resources from the IADB, the state-owned bank BNDES, and Bradesco. The financing package from the IADB was awarded in Jan. 2001 and consisted of US$ 10 million as direct loan and US$ 37 million syndication. The project is being developed as a joint-venture of the following companies: Inepar (30%), Gerdau (21.8%), the partially privatized company Copel (23%), the state-owned company Celesc (23%) and Desenvix (2%). The concession contract was signed in Aug. 1998, but construction works started only in Aug. 2000. In Jan. 2001, the first unit of the plant, with capacity of 62.5 MW started operating.
This joint venture, Jimo Hong Kong and China Gas Company Limited, was established in 2001. The project is located in Jimo, Shandong Province. The Hong Kong and China Gas Company Limited (Towngas) will operate and manage the joint venture for 30 years. The total investment was RMB 37 million (US$ 4.47 million).
In 2001 Aquamundo, a subsidiary of Amiantit Group signed a management three year management contract with the government of Montenegro for Monte-Aqua, a public/private partnership for water utility management which was formed by merging the assets of (i) Aquaregia Public Company, created by merging water companies of Ulcinj, Bar, Budva, Tivat, Kotor, Herceg Novi, and Cetinje and the Montenegrin Seaboard Regional Network Public Company.   Under the agrement, Monte-aqua would rehabilitate, upgrade, extend and manage the water supply and sanitation services of the area under its responsibility. Phase I of this program was obtained financing from KfW and GTZ (approximately US$7.25 million) for technical assistance and urgent investments in rehabilitation and improved operation.  The contract concluded in 2003.
Manila North Tollways Corporation (MNTC) was originally a joint-venture between First Philippine Infrastructure Development Corporation (60%), Transroute International of France (20%) and the state owned PNCC (20%). FPIDC was itself a joint-venture between First Philippine Holdings Corporation (FPHC) and Benpres Holdings.    On Nov. 13, 2008, Metro Pacific Investments Corporation (MPIC) completed the acquisition of shares representing approximately 100% of the outstanding capital stock of FPIDC from First Philippine Holdings Corporation and Benpres Holdings. As of Dec. 31, 2008, MNTC was composed of MPIC (67%), Leighton Holdings Ltd of Australia (17%), Egis Projects SA (10%) and the Philippine National Construction Corporation (4%). The 30 year concession began in 2000.    The project for the expansion and rehabilitation of the tollway linking Luzon to Cagayan Province is divided into three phases: the first phase comprises the rehabilitation and expansion of the existing North Luzon Expressway (NLE), the second phase involves the construction of the northern beltway linking Quezon City to Malabon; the third phase includes the construction of a new road linking North Luzon Expressway to Subic. The construction works started in 1996 and an 8.8 km road connecting Subic to Tipo (a portion of phase one) was inaugurated in Oct. 1996, with toll operations starting in May 1997. The works on the rehabilitation and extension of the existing North Luzon Expressway started in July 1998. The completion date had been set to June 2001.   The project, estimated to cost $1.2 billion had originally obtained financing in January of 1996 with a 30 year contract period.  However, the events of the financial crises greatly altered the sponsors and the financing of the project.  Operational responsibility for NLE has the same sponsor group but with different compositions: FPIDC (46%), Egis (34%) and PNCC (20%).  Phase one of the project cost approximately $377.5m; financial closure was reached in July 2001.  In 2001, MIGA provided guarantees totaling $87 million to EGIS for its equity investment and to a syndicate of banks led by West LB for a loan to the Manila North Tollway Corporation. IFC and EFIC put up institutional tranches of $45m and $55m, respectively.  ADB pledged a $45m direct loan and a $25m B loan in syndication.  JP Morgan put the B loan out with a club syndicate along with a $47.5 million MIGA/SEK covered loan, a $35m COFACE tranche and a $7.5m letter of credit facility.  The remaining US$120m will be equity financed.  The project won the Project Finance Asia-Pacific deal of the year 2001.  Financing for the remaining two phases has not been reached.
ACE Power Generation Anuradhapura and ACE Power Generation Matara were to manage two 20 MW, diesel fired plants in Horana and Matara, respectively.  Sponsors of the project were: Aitken Spence and Company (51%); Globeleq, the power sector subsidiary of the Commonwealth Development Corporation (UK)(29%), Wartsila Development and Financial Services of Finland (10%) and Banaras House Ltd. Of India (10%).    The project was financed by debt in the form of a US$24 million term loan and a Rs. 357 million (US$3.72 million) debenture that was to be listed on the Colombo stock exchange.  Both had a 7-year term.  The project entered service in first quarter 2001 under a 10-year BOO scheme.   On Nov. 21, 2007, Globeleq sold its 29% share in both Ace Power Generation Horana (Private) Limited and Ace Power Generation Matara Limited to Pendekar Energy Limtited, a consortium in which Malaysian-based Tanjong had a 55% holding and Al Jomaih Holding Co. of Saudi Arabia had a 45% share. This gave Tanjong and Al Jomaih Holding Co. 16% and 13% effective shares in the power projects, respectively.
The Mega Equipment International Corp. (MEIC) won the 25-year concession contract to build and operate a grain terminal at Subic Port in the Luzon Island. The contract was award by the Subic Bay Metropolitan Authority (SBMA) in 2000, however the project only reached financial closure in 2001 when the construction was initiated.  To operate the terminal MEIC created the company Subic Bay Freeport Bulk Terminal Services Inc. (SBFBTI). The company is expected to invest US$ 10.6 million (P 450 million) during the concession period, including the construction costs. The project is part of a bigger project planned by SBMA to improve the Subic port facilities. When this improvement project be fully completed the Subic Port operations are expected to alleviate the cargo movements of the congested Manila Port.
In Novemeber of 2001, Anhui Guozhen Environmental Protection Science & Technology Co., Ltd. (GZEP) was awarded a 15-year management contract for the Longtian and Shatian Sewage Treatment Plants of Kengzi town, Longgang district, Guangdong province.  The total processing capacity for Longtian Sewage Treatment Plant was 60,000 tons per day while the processing capacity of Shatian Sewage Treatment Plant was 5,000 tons per day.  To implement the contract, a joint venture project company was formed between the state-owned Shenzhen Biyuntian Environment Company and GZEP (exact shares unknown).  GZEP was a private business from Anhui Province.  According to reports, originally, the operating and maintenance costs per month of the two sewage treatment plants was more than RMB 500,000, but under the management contract the government was to pay RMB 400,000 to GZEP, saving the municipality RMB1.2 million every year.
The project company, Funing Wah Sang Gas Company Limited, was established in February 2001. The project is located in Funing City, Anhui Province. Wah Sang Gas Holdings Limited has 100% stake in the project and would operate and manage the joint venture for 50 years. The project was however cancelled in 2004.
In December 2001, PSEG completed its purchase of 100% of Empresa de Electricidad de los Andes (ElectroAndes).  This electric generation facility located in the Central Andean region northeast of Lima includes four hydroelectric facilities totaling 183 MW and 460 miles of transmission lines.  PSEG was awarded ElectroAndes in July 2001, following a public tender.  ElectroAndes is the sixth largest electric generator in Peru and is the major generator of hydroelectric power for Peru's mining industry.  EletroAnes' hydroelectric plants include: Yaupi Station a 108 MW facility located in the District o Ulcumayo, Malpaso Station a 54 MW facility located in the District of Paccha, the Pachachaca Station a 12 MW station located in the District of Pachachaca, and the La Oroya station a 9 MW facility located in the District of La Oroya.  In addition to the four existing generating plants, ElectroAndes has the exclusive rights to develop a 100 MW expansion of the Yaupi facility and a 150 MW Greenfield hydro generation plant.  PSEG financed 35% of the ElectroAndes market with local debt.  On October 17, 2007 SN Power succssfully purchased ElectroAndes from PSEG for US $390 million.
Kyivoblenergo is one of six distribution companies that was privatized by the government of Ukraine in 2001.  In April 2001, Ukraine government announced AES Corp as the winning bid for Kyivoblenergo Distribution Company. The company serves 811,285 customers in the region around Kiev. The winning bid was $45.9 million for a 75% stake.   As of 2005, AES had increased its stake in Kyigoblenergo to 89.1%.
In October of 2000, Sino-French Holdings was awarded a 30-year concession contract for the upgrading, operation and management of the 360,000 cubic meters per day Hua Yuan Kou Raw Water Plant in Henan Province.  Zhengzhou was a famous historical city with a population of 6.5 million.  To implement the contract, Zhengzhou Sino French Water Supply Company Ltd was created as the project company in which Sino French took a 50% stake, while the remaining 50% was held by the local state-owned Zhengzhou Municipal Water Supply Company.  Sino-French, in turn, was a 50-50 joint venture between Suez water subsidiary Ondeo and New World Infrastructure of Hong Kong.    Total project cost was US$37.8 million. Operations began in August 2001.
On December 18, 2001 the Megatel consortium, comprised of Swedish firm Telia Swedtel and Honduran electricity company EMCE, paid $33 million to finalize the sale of a 40% share in the Nicaraguan Telecommunications Company (Enitel).  According to the contract the consortium was to pay another $10 million a year for the next five years to administer the company.  In January 2004, the remaining 60 percent of the project was sold to America Movil; and in 2004 America Movil became the single shareholder when they acquired the shares previously held by Megatel.  The privatization was initially challenged in Nicaraguan courts by the mayor of Managua due to unpaid taxes the company owed the municipality.  The Supreme Court and the president elect dismissed the charges prior to the closing of the deal.   Enitel launched mobile telephony services in December 2002, for which it had installed a network with capacity for 200,000 subscribers.  It also increased fixed lines by 10,000 to a total of 182,000 lines in service in December/January 2002. Enitel expected to cover 85 percent of the country by the end of 2003.
China Network Communications (China Netcom) was created in 2002 by the government in an effort to break the monopoly of state-run China Telecom in the fixed line service market.  China Netcom was composed of three entities: China Telecom's operations in North China, Jitong Communications (a former data service operator), and the original Netcom (a broadband developer and wholesaler).  So, in 2002, China Telecom split into China Telecom-South and China Telecom-North.  China Telecommunications Corporation (the new China Telecom) took the 21 southern and western provincial telecom corporations that were run under the former China Telecom, while the remaining 10 northern provincial telecom corporations, together with China Netcom and China Jitong, were merged to form a new China Netcom. Both China Telecom and China Netcom provided basic and long distance telephone services to residential consumers.  China Netcom Corporation Ltd offered broadband telecommunications to both residential and commercial customers in nine provinces and two municipalities in northern China. Services included Internet broadband access and integrated telecom services, both for the international and domestic markets.   In February 2001, the state-owned company closed a US$325 million private equity placement with large international investors including Goldman Sachs, News Corporation, and state-owned Chinese banks Bank of China and China Construction Bank. The group’s investment in China Netcom represented approximately 12% of China Netcom Corp.   China Netcom launched its broadband fiber optic network, CNCNet, in October 2000. The backbone network had 40G of overall capacity and 8490 km of fiber cable. In December of 2003, China Netcom signed a US$20 million contract to build an optical network aimed at enhancing the information infrastructure in Beijing with French telecommunications equipment supplier Alcatel SA (ALA).    In November 2004, Netcom launched an IPO in Hong Kong and New York and raised US$1.14 billion through the sale of 1.203 million shares, representing a 16.2% stake. The company planned to use the funds to expand network coverage and prepare for new services like 3G.  By the end of 2005, the public shareholding of China Netcom had risen to 20%. In June 2005, Telefonica bought a 3% stake in China Netcom for EUR 240 million, or (US$300 million). Then, the company upped its holdings to 5% in September 2005.    By the end of 2005, Netcom had 115 million fixed line customers, 27.34 million Xiao Ling Tong customers (a quasi mobile service), and 11.47 million broadband customers.    In July 2006, Netcom issued RMB10 billion or USD 1.153 billion worth of commercial paper, with a maturity period of 365 days and at interest rate of 3.35%.  In August 2006, Netcom sold one of its subsidiaries, Asia Netcom, to Ashomore Emerging Markets Investment Portfolio and Spinnaker Global Fund Opportunity Ltd for USD 168.8 million.
AES paid R200 million (US$16.7 million) for a 50% stake of Kelvin Power Station, a 600 MW coal-fired plant located just outside Johannesburg in November 2001. AES Kelvin Power, a subsidiary of AES South Africa Holdings, signed a 20-year power purchase agreement with City Power Johannesburg, a local distribution company.   The acquisition of the power plant - known as the Kelvin A and Kelvin B plants - included the plant's related business and assets. The project created the first independent power project in the Republic of South Africa.   Although Johannesburg Metropolitan Municipality retained 50%, full operating control was transferred to the project company. AES Kelvin Power was 95% owned by AES South Africa and 5% by black economic empowerment Group Global African Power Limited (GAP) having an option to increase its ownership to 13% over five years. AES committed to invest US$15 million in repairs to modernize the plant with a new bag filtration system to make it one of the cleanest plants in South Africa.   In April 2003, AES sold its 95% stake in AES Kelvin to CDC Globeleq, the power sector subsidiary of Commonwealth Development Corporation (UK). AES sold its stake in Kelvin with its stake in Tanzania's Songas Limited for a combined US$337 million.   Globeleq withdrew from the Kelvin plant in 2006, leaving its stake to the South African banks who financed the reconstruction project: Investec and Nedbank Capital. The banks named  facilities-management company Pangaea as interim operator, and were looking for to leave the project in 2007.
The Brazilian company Santelisa Vale Bioenergia was granted authorizations to build and operate two thermal power plants located in the state of Sao Paulo (municipalities of Sertaozinho and Morro Agudo). Santaelisa Vale Bionergia was established as an association of two sugar-cane pressing units: Usina Santa Elisa (Biagi Group), with an authorized generation capacity of 48 MW (increased to 73 MW in 2003); and Usina Vale do Rosario, with an authorized generation capacity of 43 MW.   The cogeneration power plants were set to use sugar cane residues resulting from the ethanol producing unit belonging to the same company as fuel. The 30-year contracts were signed with the regulatory agency ANEEL in July 2001 and September 2002, allowing the power plants to operate in the electricity market as independent producers.  The investment on the Santa Elisa unit was estimated at US$ 18.7 million (BRL 44 million), 80% of which was financed by the BNDES. The loan was approved in December 2001, and the power plant commenced operations in 2003. Santa Elisa signed a 12-year power purchase agreement with the electricity distribution company CPFL.  Vale do Rosario power plant was initially established as a captive unit, and the power plant went through a three stage expansion plan prior to receiving the authorization to sell electricity to the national grid in 2002. The investment on the Vale do Rosario unit, which was directed to the initial construction and to the expansion works was implemented with the following schedule: US$ 3.1 million in 1994; US$ 10.9 million in 1997; US$ 3.7 million in 2001; and US$ 17.3 million in 2005.  In November 2007, the Brazilian state-owned bank BNDES channeled resources amounting to US$ 550 million in exchange for a 25% stake in Santaelisa Vale Bioenergia. This funding was directed to improving the company’s financial situation. As a result, the company shareholding structure changed such that Biagi Group held a 50% stake, Vale do Rosario, 25%, and BNDES, 25%.  In October 2009, LDC Bioenergia, a subsidiary of the American company Louis Dreyfus Commodities, acquired a 60% stake in Santelisa Vale Bioenergia. The operation involved the establishment of a new company, LDC-SEV, to manage the assets of LDC Bioenergia and Santelisa Vale Bioenergia. LDC-SEV became one of the largest companies operating in the business of sugar-cane processing, production of ethanol, and electricity generation.
Djezzy GSM launched services in February 2002 as the first private mobile company in Algeria, competing with state-owned incumbent Algerie Telecom.  Djezzy was owned by Orascom Telecom Algeria S.P.A., a consortium made up 51% by Orascom Telecom Holdings (Orascom) and 49% by local and regional investors and institutions. Orascom signed the license agreement on July 31, 2001, having submitted a payment guarantee to the government for US$368.5 million (the initial installment of the US$737 million license fee total Orascom bid to win the GSM license). Under the deal, Orascom can pay for the license in two tranches, does not have to pay for a renewal of the license, and has the rights to an international gateway, which will allow it to bypass the network of the state-owned Algerie Telecom, after two years. The second installment of the license fee was due at the end of 2003. The AIG African Infrastructure Fund LLC made an initial investment in Orascom Algeria S.P.A. in the form of US$15 million Convertible Note. The project’s network equipment was provided by both Alcatel and Siemens.    In December of 2003, Orascom announced that it had closed US$663 million in debt and equity financing consisting of US$529.4 million in debt facilities, US$104 million in new equity and US$31.6 million in convertible shareholder loans.  The funds were to be used to pay the US$360 million outstanding debt to the government for the GSM licence granted in July 2001, thereby meeting a December 31, 2003 deadline set by the Algerian authorities.  Beyond the payment of the GSM license, the financing was to fully fund the expansion of Orascom’s network until end of 2004.  The debt financing was arranged by Credit Lyonnais s.a. (France) and West LB AG (Germany) and represented a landmark in international structured financings for Algeria.   In March 2005, Orascom increased its ownership in Djezzy to 87.68%. Other shareholders include Emirates International Investment Company (EIIC) and a local investor. Under the terms of Djezzy’s license, OTH is required to retain more than 50% of the share capital and voting rights of Djezzy at all times.   In October 2010, Orascom Telecom Holding was acquired by VimpelCom as part of a larger deal that included Wind Italy, for a total sum of $6 billion. (The deal concluded on April 15, 2011.) In January 2012, the Algerian state announced its interest to buy back the 51% of shares in Djezzy held by VimpelCom.   On January 2015, VimpelCom and its subsidiary Global Telecom Holding announced the closing of the sale by GTH of a 51% interest in Djezzy to the Algerian National Investment Fund, Fonds National d’Investissement (the “FNI”), for USD 2.6 billion.
The Perlis consortium will build, own and operate the 650 MW gas-fired combined cycle power plant located in Kuala Sungai Bahru, Perlis for a period of 21 years. The license was given in Jan. 1997 and the project reached financial closure in June 2001 (funded by Islamic bonds).  The underwriting group comprising Bank Islam, Bank Muamalat, Bank Utama, and CIMB have underwritten a fixed rate M$1.55bn Islamic serial bond issue.  Babcock & Brown Asia Pacific is the financial advisor.  The bonds are rated AA3 by Ratings Agency of Malaysia.  The bonds are divided into 12 tranches starting from 4 years to up to 15 years.  The turnkey contract to build the power plant was awarded to Alstom Power Asia Pacific in Oct. 2000.   The consortium comprised Alpha Intercontinental (30%), Landmarks (20%), Gerbang (20%) and the two government-owned companies Tenaga Nasional (20%) and Yayasan (10%). The power generated was to be sold to Tenaga Nasional through a power purchase agreement. Commercial operations commenced in March of 2003.  In July 2008, Jati Cakerawala Sdn Bhd took over a 80% stake in Teknologi Tenaga Perlis Consortium Sdn Bhd (TTPC) for RM716.8 million. Tenaga Nasional Bhd (TNB) owns the remaining 20 percent. Jati bought the shares from Alpha Intercontinental Sdn Bhd (30%), Gerbang Sutera Sdn Bhd (20%), Landmarks Hotels and Realty Sdn Bhd (20%) and Infostas Engineering Sdn Bhd(a subsidiary of Yayasan) (10%).
The project company, Suqian Wah Sang Gas Company Limited, was established in October 2001. The project is located in Suqian City, Jiangsu Province. Wah Sang Gas Holdings Limited has 100% stake in the project and would operate and manage the joint venture for 50 years. The total investment was RMB 20 million (US$ 2.42 million).
The project company, Liuyang Wah Sang Gas Company Limited, was established in November 2001. The project is located in Liuyang City, Hunan Province. Wah Sang Gas Holdings Limited has 100% stake in the project and would operate and manage the joint venture for 50 years. The total investment was RMB 21 million (US$ 2.54 million).
In early 2001, a joint venture led by Conduit Capital Partners LLC (USA, 70%) through its subsidiary Inelec and Corporacion Mexicana de Hidroelectricidad (Mexico 30%) began construction of the Inelec power project in Western Mexico. Inelec consisted of three greenfield hydroelectric facilities with combined capacities of 52MW located in the states of Jalisco, Michoacán and Guerrero. The project sponsor signed long-term power sales contract with various municipal and industrial off-takers.  Tender information was not available, but Inelec’s investments were the first generation assets in Mexico to be fully private. Initial investment in the project was estimated at approximately US $45 million.  In December 2007, Enel Investment Holding, B.V., a wholly-owned Dutch subsidiary of Enel S.p.A, the global utility, purchased the plants for US $156 million equity value ($193 million enterprise value). Inelec was part of a larger portfolio of Conduit Capital Partners know as Latin Power II, which had other thermal and hydro generation assets throughout Latin America before it was liquidated in 2007.
In January 2001, the Syrian subsidiary of Egypt-based Orascom Telecom (OT) won one of the two licenses to operate a GSM 900 network on a build-operate-transfer basis for 15 years. The joint venture was originally 25% owned by OT and 75 percent held by various Syrian investors.  Along with the other winning bidder, SpaceTel, the company paid the government an upfront fee of US$20 million for the license, with an additional US$15 million fee payable to use GSM 1800 Mhz frequency bands without further bidding.    According to the original BOT license contract, OT was to give the Syrian government 30% of its revenue in the first three years, 40% during the second three years, and 50% in the remaining period.  The two companies were to set up the initial mobile network, which was set up in the capital, Damascus, the northern city of Aleppo and the western city of Latakia for a trial period of one year. OT said it was to have an "aggressive rollout for the Syrian network" with a network investment of more than US$60 million in the first year.   OT completed the agreed transaction to dispose of its 25% stake in Syriatel after settling a legal dispute with its local shareholder, Drex Technologies.  The agreement, reached on July 16, 2003, settled a dispute over an Orascom allegation, submitted in October of 2002, that Drex had been making use of its political affiliations to take over the company. The settlement had resolved all legal disputes and litigation in international and Syrian jurisdictions.  OT was to no longer hold any shares in Syriatel and was to receive cash consideration to compensate for OT's initial investment, loans made to Syriatel and expenses incurred. OT was to continue to provide management expertise to Syriatel on a contract basis for a management fee.  SyriaTel was then largely controlled by Makhlouf family interests.  By the end of 2004, SyriaTel was Syria's mobile market leader with about 1 million subscribers.
The project comprises the construction and operation of three hydropower plants in the Jauru river, Mato Grosso state. The total installed capacity will be 63MW. The company responsible for the project is Araputanga Centrais Eletricas SA (Arapucel), controlled by BK Energia Participacoes Ltda, owned by Brennand group (80%) and by Klobitz Ltda (20%). The estimated total costs were US$62.5 million (R$417 million). The Brazilian Development Bank, BNDES, approved a financing of US$45.5 million (R$107 million) for the project in September 2001.   The first plant (Alto Jauru – 20MW) started operations in the first semester of 2003. The second plant (Indiavai – 26MW) was expected to start operations in July 2003. The third plant (Ombreiras – 30MW) was expected to be operation in May 2004. In June 2003, BK Energia signed a PPA to sell the energy produce by all three plants to Centrais Eletricas do Mato Grosso (Cemat).
On November 28, 2001 the Bolivian telecommunications market was liberalized with the implementation of a multi-carrier system.  AES Communications (a subsidiary of AES Corporation) entered the newly liberalized market through a US$39 million investment, acquiring the assets of a La Paz-based data transmission company as well as the licenses and concessions necessary to offer long-distance telephony, data transmission and internet services to the Bolivian retail market as well as wholesale transportation services to other carriers.   In 2001, local Bolivian telecommunications cooperative Cotel acquired 15% of AES Communications Bolivia to join AES in their efforts to roll out service in the newly liberalized market.  In it's first two years of operation AES Communications built 2,000 km of fiber optic cable  to provide international and long distance service. The company arranged for a IDB loan of about $40 million at end of 2002/2003. In December 2002, Cotel broke off its partnership with AES.  In August 2004 AES sold its stake in the project to a group of investors from the United States (Bill Delfos, Ilda Ochoa, Mark Leeland, and Peter Brekfield) and Bolivia (Giovani Ortuno, Sergio Gottret, and Castell Quiroga) for an undisclosed amount of money. The name of the project did not change as a result of the sale.
In April of 2001, Johannesburg metropolitan council signed a five-year manangement contract with Johannesburg Water Management Company (Jowam), a joint-venture company led by Suez subsidiary Ondeo, to manage over 500,000 connections and supply water to 3.5 million people.   Johannesburg Water (JW) was established in January 2001 as the local water utility, the city of Johannesburg was the sole shareholder. The company formation was an outcome of the iGoli 2002 transformation plan embarked on by the former Greater Johannesburg Metropolitan Council. Johannesburg Water was mandated the responsibility of providing water and sanitation to three million residents of the City of Johannesburg. Annual turnover exceeded R 1.6 billion in 2001.   The joint venture consisted of the U.K.'s Northumbrian Water Group (51%), Suez Lyonnaise des Eaux (known as SUEZ as of March 2001) (20%) and Water and Sanitation Services of SA (WSSA, 29%), itself a 50-50 Suez joint venture with Group 5, a South African company. Northumbrian Water Group was also 97.5% owned by Suez at the time of the contract signing, but beginning in May 2003 Suez began to sell its stake in that utility and by 2005 was completely divested.   Johannesburg Water purchased water from the Rand Water Board, one of the largest bulk water suppliers in the world, and distributed it through a network of more than 9500km of water pipes and more than 100 reservoirs and water towers. The company collected waste water through a 9,000km network of sewers and treated the water at one of six treatment plants before discharging it back into the river system. It undertook metering, billing and collection, but only for top commercial customers. The city's revenue department dealt with other customers.   The management contract had two incentive components.  The first was a bonus, payable annually, on achievement of defined performance goals. The bonus was measured against achievement in five areas identified as important for the improvement of the utility’s overall performance.  The performance achieved was graded against the improvement specified in the contract and a formula was used to determine what proportion of the sum allocated for the bonus was to be paid to the management contractor. This component had a value of R25m (US$3.2 million).   The second was an incentive payment made as a percentage of the improvement in operating margin achieved by the management contractor in each year. This component had a value of R20m (US$2.5 million).  In line with evolving international practice, the payment of the incentives was made after an independent assessment of utility performance by a reputable international firm.  The percentage used to calculate the second incentive payment was the basis by which the winning bidder was selected. The bid process specified a fixed payment to be made to  the operator. The amount was less than the costs expected to be incurred in performing their duties of the management contractor. In order to bridge the funding gap the bidders were expected to make an assessment of the extent by which they would improve the defined operating margin.  Jowam’s management contract concluded in June 2006.
COMPANHIA BRASILIENSE DE GAS - CEBGAS was incorporated in March 2001 as a joint stock company with the purpose of distributing and commercializing natural gas to the Federal District. Its shareholding structure was established as partnership of the state-owned company Companhia Energetica de Brasília – CEB (17%), Termogas S.A. - CS Participacoes S.A. (51%)  and Petrobras Gas S.A. – GASPETRO (32%). A 30-year build, operate, transfer contract was signed in 2001 with the local government. Commercial operation commenced in 2003.  In December 2015, GASPETRO sold 49% of its shares to the Japanese company Mitsui Gás e Energia do Brasil. The new shareholding of CEBGAS is Companhia Energetica de Brasília – CEB (17%), Termogas S.A. (51%), Petroleo Brasileiro S.A. (16,3%) and Mitsui Gas e Energia do Brasil (15,7%).
In 2001, Anhui Guozhen Environmental Protection Science & Technology Co., Ltd. (GZEP) won a 23-year BOT contract for a 55,000 cubic meters per day capacity wastewater treatment plant in Hefei city, Anhui province.  The plant was to serve a population of 110,000.    GZEP was to own 100% of the project yet be in cooperation with the state-owned Hefei Municipal Construction Commission.  GZEP was a private business from Anhui Province.    The total cost of the project was US$14.46 million.  Operations began in 2004.
NKT Road & Toll Private Limited was created to improve and operate the section of Ahmednagar - karmala - Tembhurni of State Highwat 141 from Km 80/600 To 140/080 under BOT basis. The total length was 60 km. The project was awarded by Public Works Department on behalf of Government of Maharashtra to IRB Infrastructure under a 15 year concession contract including 30 months of construction period. The concession contract was signed in November 2001 and the starting period (construction) was December 2001. The construction phase was completed in August 2003. The concession period was to end in December 2016.   The public works included:  a) Widening of existing formation of carriagway from 7 mtr to 12 mtr = 56.330 kms  b) Widening / Reconstruction of Minor Bridges = 12 Nos.  c) Widening / Reconstruction of CD Works / Slab Drains = 71 Nos.  d) Junction Improvements = 18 Nos.  e) Construction of Bus-bays = 14 Nos.  f) Adequate Road Furniture  g)  Toll Plaza Complex = 1 No.  h) Operation and Maintenance till end of concession Period  The project cost was estimated to be INR 368 Millions (US$7.8 million). The project reached financial closure in December 2001 with a loan from State Bank of India.
In 2001 Hung Nghiep Formosa began development  a 126 MW coal power plant at its textile complex in southern Dong Nai province.  Formosa planned provide power to local factories and to sell power to Electricite de Vietnam (EVN, the state-owned utility), under a power purchase agreement signed in 2001, at a price of US$ 4.5 cents per kWh for the first 60 MW.  However, after the plant was completed in March 2004, the plant remained unused due to a dispute over the electricity sale price.  By the end of 2005, the plant was operational and supplying power to EVN.  Hung Nghiep Formosa was owned by Formosa Plastics Group (Taiwan).  The plant cost US$87 million.
A consortium of Riva SA, Servicios Aereos Sudamericano, American Lodging, Unitec Agro and Compania de Servicios Aeroportuarios was awarded a contract to expand, rehabilitate and operate the Neuquen Airport in 2001. The contract will last 20 years, extendable for another 5 years. The sponsors will invest US$ 32 million in the project, besides paying US$ 10.2 million to the government for the concession rights. Most of the investment will be directed to expanding the passenger terminal, which will increase its area from 3,500 square meters to 7,500 square meters. By 2020, the traffic in the airport is estimated to be 950,000 passengers. The sponsors took over the airport operation in Oct. 2001.
The consortium Ponte de Pedra Energetica SA. won a 35 years concession to build and operate the 180 MW Ponte de Pedra hydroelectric power plant in the Corrente River, in Sonora city at Mato Grosso do Sul state. The consortium’s members are the Brazilian group Inepar, the Italian group Impregilo and the Sweden group Skanska. The consortium offered the winning bid of US$ 223.4 million (R$ 438.7 million) in the Aneel’s (Brazilian energy regulatory agency) auction, which will be paid in annual installments until the end of the concession period. The concession contract was award by Aneel in January of 2001. The construction of Ponte de Pedra power plant was initiated in march of 2001 and it is expected to be concluded in the beginning of  2004. The consortium announced that it expects to invest US$ 158 million in the project. The main client of the company will be Companhia Eletrica do Mato Grosso do Sul (Cemat), which supply energy for several companies and residents of the region.      In December 2007, Tractebel Energia S.A (SUEZ,)through its subsidiary Energia America do Sul Ltd, purchased 100% of the shares of the Ponte de Pedra Plant for US $335 million.
The consortium Barra Grande Energia SA, won a 35 years concession to build and operate the 690 MW Barra Grande hydroelectric power plant in the Pelotas River, on the border of the Brazilian states Santa Catarina and Rio Grande do Sul. The consortium was composed by CPFL Energia, Alcoa, Valesul Aluminio SA, and DME Energetica Ltda. The company offered the winning bid of US$ 118 million (R$ 232 million) in the Aneel’s (Brazilian energy regulatory agency) auction, which will be paid in annual installments until the end the concession period. The concession contract was award by Aneel to Energetica Barra Grande SA (Baesa), an specific purpose enterprise, in April of 2001.     The construction of the power plant was initiated in 2002. After protests by opponents of the project, construction was halted until early 2005.  Energetica Barra Grande SA (Baesa) announced that it expects to invest US$ 407.3 million (R$800 million) in the project.      In March 2003, Barra Grande Energia (CPFL) was authorized by ANEEL, the Brazilian regulatory agency for the eletricity sector, to transfer 25% of Baesa's shares to other shareholders. In this transaction the Companhia Brasileira de Aluminio (a subsidiary of Votorantim) acquired through CPFL Energia 15% of the stake sold by Barra Grande Energia. The remaining 10% was distributed among other shareholders.  In June 2003, the Brazilian Development Bank, BNDES, approved a US$161.1 million financing (R$460 million) to Baesa. BNDEs announced that the total investment in the project is expected to be US$433.3 (R$1,300 million).   The Barra Grande Power Plant became operational in 2005.
In December of 2001, Vivendi Environnement (known as Veolia Environnement as of May 2003) led an international consortium in securing a 25-year concession contract from the local government of Tetouan.  According to the terms of the award, the partnership named Société des Eaux et d’Electricité du Nord (SEEN) was to be responsible for operating and upgrading water, electricity distribution and liquid wastewater services in the northern city of Tangiers. The consortium was concurrently awarded a similar contract for the neighboring city of Tangiers.  The total area covering both Tangiers and Tetouan included 23 districts with a total population of 1.2 million.  As of 2002, the operator served approximately 111,000 water connections in the two cities.  SEEN was owned by Veolia Environnement of France via Amendis, its subsidiary for the project (51%), Hydro-Quebec of Canada (18%), Morocco’s largest private firm Omnium Nord Africain (ONA) (16%) and state-owned SOMED of Morocco (15%).  By contract, Moroccan ownership could not drop below 31%.     The consortium was to improve services by developing infrastructure in order to keep pace with demographic growth. This was to comprise reducing leaks and energy losses, strengthening the quality and efficiency of the services, collecting and draining storm water, modernizing operating methods and monitoring water quality. The venture was to build 20 reservoirs in the Tetouan area, with a total capacity of 40,000 cubic metres, as well as 10 pumping stations and 700 kilometres of pipes.  Three types of water use were defined with differentiated tariffs: domestic, preferential, and industrial. Different tariff structures applied to each water use category. For domestic use, there were four blocks, with a subsidized tariff for the first consumption block (less than 8 m3 a month).  For preferential and industrial use, a two-part tariff was in place, with a fixed rate and a variable rate. The government was to benefit from excess operator returns as the concessionaire was to return 50% of any amount above an agreed to threshold to the contracting authority.  A comité de suivi was to monitor the performance of the operator, enforcing both the  Tétouan and Tangiers arrangements. The president of the Urban Community was to chair the committee.  The Ministry of Finance was to carry out financial supervision and a National Audit Office was to audit the accounts.  In the event of operator noncompliance, the operator was to incur a penalty immediately payable to the government authority.  The contract included detailed penalties for various types of non-compliance.  The two concessions, which were expected to last for 25 years, called for a total investment of 7.6 billion DHM (approx. US$690 million), comprising 3.9 billion DHM (approx. US$354 million) for Tetouan and 3.7 billion DHM (approx. US$335 million) for Tangiers. The largest share, a total of DHM 3.27 billion (43%), was to be devoted to sewage in the two cities, while DHM 2.49 billion (33%) was to be devoted to power, and DHM 1.86 billion (24%) to drinking water.  Operational start-up began in July 2001.
Electricidad Aguila  de Tuxpan (Tuxpan II) was awarded an "independent power producer" permit to build, own and operate a 495 MW gas-fired combined cycle power plant in Tuxpan in Jul. 1999. EAT, which is a wholly-owned subsidiary of Mitsubishi (70%) and Kyushu Electric Power Co. (30%), will invest US$ 250 million in constructing the power plant. Construction works started in Feb. 2000 and were completed in Nov. 2001.  Mitsubishi closed on a $249 million financing package in 2001.  The Japan Bank for International Cooperation provided a 15 year $87 million commercial bank loan from a syndicate of banks led by Fuji Bank, Dai-Ichi Kangyo Bank, and BNP Paribas.
GB3 was a 640MW natural gas fired expansion of the existing Lumut plant in the northern Perak state.  The original Lumut plant had a 1,303-MW capacity and was constructed, owned and operated by Segari Energy Venture, a Malakoff Bhd. majority owned company.  The expansion was to occur in two phases.  It was to be developed initially as a 430 MW open-cycle gas turbine power plant, later converted into a 650 MW combined-cycle gas turbine power plant. The conversion was completed on January 31, 2003.  The project was being developed by GB3 Sdn Bhd, a private company that was a 100% subsidiary of Malakoff Bhd.  In June of 2001, Malaysian state-controlled power utility Tenaga Nasional Bhd (TNB) agreed to buy a 20% stake in GB3 Sdn.  TNB also signed a power purchase agreement (PPA) to buy power from the plant at 12.14 Malaysian cents per kilowatt-hour for a 21-year period.  GB3 was selling 91.5% of the power it genertated to TNB by 2004.  The Employees Provident Fund's subscription of a further 50,000 GB3 shares (5%) on August 29, 2003 brought Malakoff's ownership to 75%.    The company entered into agreements on engineering, procurement and construction (EPC) with a French company, Altsom Power Asia Pacific Sdn Bhd. for Alstom to undertake turnkey construction of the power plant.  The GB3 project began commercial operations on three 143-MW open cycle gas turbines in February 2002.    Financial closure was achieved on December 20, 2001. RM850 million (US$224 million) was raised through Islamic bonds.  Aseanbankers Malaysia Berhad and Citibank Berhad jointly managed the project financing which was based on a debt equity ratio of 80:20.  The total cost of the project was around US$394 million.
MMK Toll Road Private Limited was created to improve and operate the section of Mohol - Kurul Kamti, Madrup of NH 13 road SH 149 Km 66/00 to 99/400 in Solapur Dist under BOT basis. The total length was 33.4 km. The project was awarded by Public Works Department on behalf of Government of Maharashtra to IRB Infrastructure under a 16 year concession contract including 18 months of construction period. The concession contract was signed in May 2002 and the starting period (construction) was also May 2002. The construction phase was completed in January 2004. The concession period was to end in May 2018.   The public works included:    Widening of existing Carriageway = 33.400 Kms  Widening / Reconstruction of Minor Bridges = 9 Nos. Widening / Reconstruction of CD Works = 21 Nos. Widening / Reconstruction of Canal Crossing = 7 Nos.  Construction new HP Drains = 22 Nos  Junction & Curve Improvements = 16 Nos.  Construction of Bus-bays = 6 Nos.  Construction of new Bypass = 1.4 Kms  Construction of Toll Plaza  Operation and Maintenance till end of concession Period  The project cost was estimated to be INR 180 Millions (US$3.7 million). The project reached financial closure in May 2002 with a loan from State Bank of India.
In June 2002 Pan River Gas (China Southwest) Co., Ltd., a subsidiary of Hong Kong based Panva Gas Holding Ltd, formed a 100% solely owned enterprise Zunyi Pan River Gas Co., Ltd. in Zunyi City, Guizhou Province. The total investment was unknown.   Business scope includes development and production of LPG, LPG equipments and kitchen equipments; conversion of oil-fired automobile into gas-fired automobile; LPG cylinder inspection; sales of LPG related products.  The project company Zunyi Pan River Gas Co., Ltd. was granted a 30 year concession to operate pipe natural gas pipe business in Zunyi City, Guizhou Province.  Hong Kong based Panva Gas Holding Ltd was a publicly traded company in the Hong Kong stock exchange and was principally focused on commercialization of natural gas and liquefied petroleum in China mainland.
The project company, Jinhu Wah Sang Gas Company Limited, was established in June 2002. The project is located in Jinhu County, Jiangsu Province. Wah Sang Gas Holdings Limited has 100% stake in the project and would operate and manage the joint venture for 50 years. The total investment was RMB 10 million (US$ 1.21 million).
In  February 2002, the municipality of Nortelandia, in the state of Mato Grosso, Brazil, awarded a 30 year rehabilitate, operate and transfer contract for its water and sewage infrastructure to private operator Aguas de Nortelandia. In 2002, the town of Nortelandia had a population of 5,276.   Aguas de Nortelandia was a special purpose company owned by Brazilian company Brasil Central Engenharia (Grupo Dias). In 2012, Aegea (subsidiary of the Brazilian company Equipav) acquired the project company along with another 15 water and wastewater concessionaries that were operating in the state of Mato Grosso and belonged to Grupo Dias. The ownership of all these companies were transfered to a newly created holding called Nascente do Xingu, itself a wholly-owned subsidiary of Aegea.  The concession was awarded through an open competitive tender. No information was available on the number of final bidders. Aguas de Nortelandia committed to invest US$ 0,4 million (BRL 1.3 million) over the concession’s lifetime.
The project company, Ningguo Wah Sang Gas Company Limited, was established in November 2002. The project is located in Ningguo City, Anhui Province. Wah Sang Gas Holdings Limited has 99% stake in the project and would operate and manage the joint venture for 50 years. The total investment was HK$ 20 million (US$ 2.56 million).
United Telecom Limited is a joint venture between India’s Mahanagar Telephone Nigam Limited (MTNL), Videsh Sanchar Nigam Limited (VSNL) and Telecom Consultant’s India (TCIL) who will each hold a share of approximately 26.7%. The remaining stake will be held by Nepal Ventures Private Limited. Videsh Sanchar Nigam changed to Tata Communications, which acquired 45% in 2002 and the remaining share in 2008 from the previous owner, the Government of India.  The company obtained a 10-year license for basic and international long distance services, including wireless local loop, in 2002 after paying a license fee of $1.3m. The company will pay 4% royalty on gross revenue and 2% as rural development fee.  Total investment in the project is approximately $9m. The license is for an initial period of 10 years and a maximum of 25 years. Operations began in September of 2003.  As of November 2003, it had distributed 7,000 lines and planned to sell 57,100 connections in one year.
In 2002, TSH Bio-Energy began development of a 14 MW biomass-fired power plant at the Kunak palm oil mill at Tawau in Sabah State.  The plant would run on waste products from the oil palms.  The project was to provide power for the plant, and to sell excess power (up to 10 MW) to Sabah Electricity (the Sabah state utility, 80% owned by Tenaga Nasional Bhd) at 21.25 sen/kWh (US$ 5.592 cents per kWh) under a 21-year power purchase agreement signed in October 2002.  TSH Bio-Energy was a subsidiary of TSH Resources Bhd, a Malaysian resource-based manufacturer with operations in palm oil milling and plantation, timber flooring manufacturing, cocoa products manufacturing and forest management.  Financial closure was obtained in May 2002.  The project cost RM 47 million (US$ 12.3 million), and was financed by equity from TSH Resources and loans from the Islamic Private Debt Securities Issuance Programme, Al-Murabaha Commercial Papers/Medium Term Notes arranged by Aseambankers Malaysia Berhad.  Construction began in 2003, and the plant entered operations in 2004.  In 2002, TSH Bio-Energy was considering building similar bio-mass powered plants at other palm oil mills in Sabah.   In 2012, TSH Resources Bhd entered into a new PPA with Sabah Electricity Bhd, supplying power for a period of 9 years at a rate of 30 sen per kWh (US$9.8c/kWh), superseding the previous price of 21.24  sen per kWh (US$6.68/kWh).
The 190 MW Termobahia Power Plant was sponsored by Asea Brown Boveri (ABB), which owned 49% of the project, Petrobras with 49%, and A&A Electricity Investment (Jersey) Limited with the remaining 2%. The project was established for the construction, financing, operation, and maintenance of a natural gas fired, combined-cycle power plant located in Mararipe, state of Bahia. The plant started commmercial operation in September 2002 and was selling its electricity to the spot market. The plant also produced 350 metric tons/h of steam which was sold to Petrobas in return for the natural gas provided by Petrobras. The project got financial support from IADB.  In April 2008, the state-owned company acquired the totality of Termobahia's shares.
AES Andres is a 300 MW combined cycle generation facility located on the eastern side of the Caucedo Peninsla in the Dominican Republic.  Part of the energy produced was sold to EDE Este via a 15-year PPA, which was to expire in January 2019.  EDE Este was one of the three privatized distribution companies in the Dominican Republic, and an affiliate of AES Andres.  The rest of the electricity was to be sold on the newly created spot market.  On December 20, 2002 AES Andres completed a $145 million non-recourse financing.  The medium-term, non-recourse loan was a three-tranche facility in which Banco Popular Dominicano acted as a lead arranger.    The project includes the construction and operation of a terminal for the import of liquefied natural gas, which will be the primary fuel for the power plant, as well as the construction of a tanker berth and jetty storage and handling facilities.  Although not part of the project, LNG in excess of the quantity consumed by the power plant will be sold by the project company to other generators and industrial users.  By mid 2003, the Dominican Republic was facing a power shortage. Distributors were not making power purchase payments because of the depreciation of the Dominican peso against the US dollar and the high price of oil.  By December 2003, AES Andres claimed that government distributors owed them 1 billion pesos (US$22.9 million), and as a result the generator was threatening to shut down production completely.  During 2004, the electricity sector in the Dominican Republic entered in a financial crisis.   Although it was vulnerable for years, the 2004 economic downturn, financial crisis and an increase in fuel prices that essentially caused the financial collapsed of the sector. Specifically, the inability to pass through higher fuel prices and the costs of devaluation led to a gap between collections at the distribution companies and the amounts required to pay generators for electricity generated. By December 2004, the company indicated that there were no assurances that those issues would be resolved in its favor. Negotiations to overcome the crisis were taking placing including the IMF and the World Bank and the private electricity sector. The key issues to negotiate included (i) the failure to provide for full pass through of the costs of electricity supply to consumers; (ii) the failure of the regulator to follow through on subsidy commitments, which had put the distribution companies in the position of effectively financing portions of the subsidy programs; and (iii) the fiscal deficit of the government to reconstitute the sector.  In February 2004, the Court granted the Constitutional Injunction and ordered the immediate cessation of any effects of the “Formulation of Charges,” and the enactment by the Superintendence of Electricity of a special procedure to prosecute alleged antitrust complaints under the General Electricity Law. In March 2004, the Superintendence of Electricity appealed the Court’s decision. In July 2004, the Company divested any interest in Este. The Superintendence of Electricity’s appeal is pending as of December 31, 2009.
In August of 2002, China Evergreen Environmental Corporation (CEEC, later renamed to China Water Group, Inc., signed a 20-year BOT project for the 10,000 tons of sewerage per day capacity Tianjin Wuqing Wastewater plant.   To implement the contract, the Tian Jin Shi Sheng Water Treatment Company Limited ("TJSH") was formed as the project company in which CEEC held a 100% stake. CEEC was a private wastewater engineering company based out of Guangzhou Province.   Total investment was RMB 9 million (US$ 1 million).  Operations began in November of 2003.
Premier Mercantile Services (Pvt) Ltd (PMS) won the build, operate, and transfer (BOT) contract for a container terminal at berths 6-9 of the East Wharf in Karachi Port for a concession period of 21 years. Karachi Port Trust (KPT) awarded the contract to PMS in April 2002, and the parties signed an Implementation Agreement on June 18, 2002. Pakistan International Container Terminal (PICT) was formed as the Terminal Operating Company and took over the dedicated container terminal on October 15th, 2002. PICT has a draft of 11.5 meters, a quay wall of 600 meters and a dedicated terminal area of 22 hectares.   PMS offered 16 million shares in PICT to the general public on the Karachi Stock Exchange in August 2003, corresponding to 24% of the company’s equity.  As of December 2008, the other major shareholders in PICT were PMS (34%) and Jahangir Siddiqui and Co. Ltd. (20%).  In May 2003, the IFC committed financing consisting of a US$7.75 million A loan and a US$1.5 million subordinated loan toward the US$31.8 million first phase of the project. PICT achieved successful completion of all contractual obligations of the first phase development earlier than scheduled, on March 31st, 2004. In 2005, the IFC signed two separate A loan agreements – for US$6 million and US$8 million - toward the second and third phases of the project, respectively.   In June 2008, the IFC committed US$11 million in financing toward the US$30.7 million fourth phase of the project, aimed at bringing capacity to 750,000 TEUs per year.  The remainder of the fourth phase financing came in the form of a US$3 million loan from the OPEC Fund for International Development (OFID) and US$17 million in sponsor's equity. The fourth phase of PICT was completed in June 2009.
The project company, Gaoan Wah Sang Gas Company Limited, was established in August 2002. The project is located in Gaoan City, Jiangxi Province. Wah Sang Gas Holdings Limited has 100% stake in the project and would operate and manage the joint venture for 50 years. The total investment was RMB 30 million (US$ 3.62 million).
Russia's major petrochemicals company Nizhnekamskneftekhim bought a 12.5% stake in Russia's regional power generating utility, Tatenergo. Tatenergo produced a total of 23.8 billion KW of power in 2001.   As of 2002, Tatarstan State Property Committee owned 35.2% of the company's shares, Nizhnekamskneftekhim and Co. 15.6%, TAIF 10%, Tatneftekhiminvest holding 3%, other corporate investors and nominal shareholders 15.7%, and private investors 20.5%.  As of January 2004, Tatenergo was owned by OAO Svyazinvestneftekhim (51%) and the Tatarstan land ministry (49%). OAO Svyazinvestneftekhim was a 100% government owned holding company.
The project comprises the construction and operation of twelve thermal power plants (diesel) with total installed capacity of 240.9MW in the states of Piaui, Ceara, and Bahia. The company responsible for the project is Enguia Gen Ltda, a consortium of Brazilian companies led by Grupo Arbi.    The total investment in the project was estimated at US$130 million. In Ceara, seven plants were commissioned in April 2002: Pecem (13.1MW), Iguatu (13.1MW), Caucaia (13.1MW), Crato (13.1MW), Juazeiro do Norte (13.1MW), Aracati (11.45MW), and Baturite (11.45MW). The total investments in Ceara were estimated at US$47 million. In Piaui, four plants were commissioned in July 2002: Campo Maior (13MW), Altos (13MW), Marambaia (13MW), and Nazaria (13.1MW). In Bahia, the Jaguari power plant (100.4MW) was comissioned in June 2002.   In January 2002, Enguia Gen signed a PPA with the Brazilian Commerce Chamber for Emergency Energy (CBEE), which is a two-year take-or-pay contract for the twelve plants.   Enguia Gen&#8217;s power plants were part of a priority program for thermal power plants (Programa Prioritario de Termeletricas), implemented by the Brazilian federal government in 2000. The program, in order to foster the construction of thermal power plants, provided a short-term take-or-pay contract and, in some cases, financing for the construction of the plants (through the Brazilian Development Bank, BNDES).
In August of 2002, Sino-French Holdings was awarded a 25-year concession contract providing for the operation, enhancement and maintenance of two existing drinking water treatment plants with a total capacity of 540,000 cubic meters per day in Qingdao, Shandong Province.  Sino-French was to produce and supply nearly 90% of the water supplied in the inner city, covering 2.3 million inhabitants out of a total urban population of 7 million.   To implement the contract, Qindao Sino French Hairun Water Supply Company Ltd was created as the project company in which Sino-French took a 50% stake, with the state-owned local water supply company, Qingdao Tap Water Corp. Ltd., retaining the other half.  Sino-French, in turn, was a 50-50 joint venture between Suez water subsidiary Ondeo and New World Infrastructure of Hong Kong.   Total investment was 125 million yuan(US$15.1 million).  Operations began in August 2002.  In October of 2004, Sino-French Holdings was awarded a second, separate, BOT contract for an additional 180,000 cubic meters per day capacity water treatment plant in Qingdao city.
The Brazilian company Brennand Energia, a wholly-owned subsidiary of Grupo Brennand, was granted several authorizations to build eleven small hydro power plants located in the states of Mato Grosso, Tocantins, Goais and Mato Grosso do Sul (204 MW in total capacity). The 30-year contracts were signed with the regulatory agency ANEEL over the years since October 1999.   The first contract signed was for the Antonio Brennand Power Plant (also known as Alto Jauru), which was set to have a capacity of 22 MW. Construction works on this plant started in 2002 and the unit became operational in 2003. Nine other projects were implemented since then and, as of December 2009, were also operational: PCH Ombreiras, located at Araputanga (Mato Grosso), with capacity of 26 MW;  PCH Indiavaí, located at Araputanga (Mato Grosso), with capacity of 28 MW; PCH Santa Gabriela, located at Rio Correntes (Mato Grosso do Sul), with capacity of 24 MW; PCH Planalto, located at Apore River (Goiás), with capacity of 17 MW; PCH Ouro, located at Marmeleiro River (Rio Grande do Sul), with capacity of 16 MW; PCH Graça Brennand (also known as Terra Santa), located at Juba River (Mato Grosso), with capacity of 27.4 MW; PCH Pampeana , located at Juba River (Mato Grosso), with capacity of 28 MW (Pampeana Energética S.A.); PCH Diacal, located at Palmeiras River (Tocantins), with capacity of 5 MW; PCH Sobrado, located at Sobrado River (Tocantins), with capacity of 5 MW; and PCH Dianopolis, located at Manoel Alvinho River (Tocantins), with capacity of 5,5 MW.   In 2007, Brennand Energia committed to invest US$ 333.3 million (BRL 650 million) in the construction of the PCHs Santa Gabriela, Planalto, Ouro, Graça Brennand, Pampeana and Ibirama.  In 2008, the sponsor began the construction of PCH Santa Gabriela, managed by Santa Gabriela Energetica S.A. This power plant was financed with a US$ 40.3 million (BRL 73.8 million) loan granted from the state-owned bank BNDES, which was approved in August 2008 (total investment was estimated at US$ 50.3 million or BRL 92 million).  In 2009, the sponsor began the construction of PCH Ibirama, located at Itajai do Norte River and managed by Ibirama Energetica S.A. This power plant was set to have a capacity of 21 MW and was financed with a US$ 30.6 million (BRL 61.2 million) loan granted from the state-owned bank BNDES, which was approved in October 2009 (total investment was estimated at US$ 50 million or BRL 100 million).  In 2010, the sponsor began the construction of PCH Unai Baixo (26 MW in capacity). The investment committed to the power plant was not available. The project was financed with a loan granted by BNDES in November 2011 amounting to US$ 63.3 million (BRL 103.3 million).  Most of the power plants were set to sell electricity to the national grid. PCH Pampeana, for instance,   had agreements with the distribution company CERON. PCH Ibirama signed power purchase agreements arranged with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies). PCH Unai Baixo also signed power purchase agreement and committed to commence operations in 2013.  In August 2013, two new small power plants managed by Brennand Energia were awarded contracts to sell electricity to the electricity distribution companies starting in September 2015: PCH Cantu 2 (18 MW) and PCH Manopla (5 MW).   Located in the state of Parana, PCH Cantu 2 was iniatially awarded to Plena Energia in June 2004, which established a special purpose company Cantu Energetica to manage the 30-year BOT contract. In June 2010, Plena transferred the project to Brennand Energia. The sponsor committed to invest US$ 37.7 million (BRL 112.1 million) in the project. As of December 2013, construction works had not commenced.  The 30-year BOT contract for PCH Manopla was awarded in June 2011 to Brennand Energia Manopla S.A. The small power plant was set to be built in the state of
Mexico's state power company CFE awarded a contract to build, own, and operate a thermoelectric power plant to Spanish power company Iberdrola SA. The 500 MW project was to be operated by Iberdrola for 30 years. Once construction was completed, Iberdrola was to sell power to CFE under a 25 year Power Purchase Agreement (PPA).   A turnkey construction contract was singed between Iberdrola and ICA Flour Daniel (jointly owned by Flour Corporation and Empresas ICA Sociedad Controladora) for the gas-fired plant in 2003. Construction was completed and the plant began operating in March 2005.
The construction of the Ningbo Daxie Yongxin Multi-Purpose Port commenced in October 2002 in Ningbo City, Zhejiang Province. The 50 year agreement was granted to a local private company Yongxin Port Development Co., Ltd. through direct negotiation. The company owns 100% of the port project with a capacity of 500,000 tons per year. The total investment was RMB 82.03 million (US$ 9.91 million). The project came into operation in October 2004.
In September 2002, the municipal government of Quito granted the rights to manage and operate the existing Mariscal Sucre airport in Quito to Corporacion Quiport. Such transfer of management rights was part of a project to construct a new, larger airport in Quito through a 35 year contract granted also to Corporacion Quiport. The new airport was set to be located in Puembo, 25 km outside Quito.    After some changes in the sponsor composition in 2002, Corporacion Quiport was owned by Canadian Aecon (30%), Brasilian Andrade Gutierrez (30%), US Houston Airport System (HAS) (25%) and Canadain Airport Development Corporation (ADC) (15%). Under the sponsor agreement, HAS and ADC were delegated the operation of Mariscal Sucre airport, while the other two partners became responsible for design and construction of the new airport.   Corporacion Aeropuerto y Zona Franca del Distrito Metropolitano de Quito (Corpaq), Quito's municipal airport authority, was the public agency granting the contract. Corpaq was established to assume control of the airport from civil aviation authority (DAC). While the central government provided top-level assurance that the concession would not be expropriated, Corpaq conducted the negotiations and was responsible for security and its other obligations under the concession agreement.   The project was designed in 2001 after Canadian Aecon approached the Ecuadorian government with an unsolicited proposal to build a new airport for Quito, an infrastructure needed for over three decades. The Ecuadorian government decided to use a Swiss challenge process to deal with Aecon’s proposal. By September 2001, Corpaq and Aecon came out with a project structure (management rights for existing and new airports and a construction contract) that a competing bidder would have to match, but there were no other bids. The contract was then awarded to Corporacion Quiport, a consortium led by Aecon.  Corporacion Quiport took over operations of the Mariscal Sucre Airport in November 2002. They were expected to continue those operations until the transfer to the new airport, originally expected in 2007, which eventually got delayed to 2009. After the new airport began to operate, Mariscal Sucre airport would be closed. Under the contracts, operating profits from the existing Quito airport were to fund the construction of the new city airport. The contract for building the new airport did not reach financial closure until 2005.
A local private company Fulin Group signed an agreement to rehabilitate and operate Chengdu to South Road (Yanting to Zaoerya Section) located in Sichuan Province. The total investment was RMB 190 million (US$ 22.95 million) and Fulin owned a 100% stake. The rehabilitation commenced in March 2002 and the road came into operation in August 2003. Fulin Group would operate the road for 10 years.
The project comprises building and operating two 500Kv transmission lines that transport energy from Samambaia substation in the Federal District to Emborcacao and Itumbiara substations, in the border of the states of Goias and Minas Gerais. Samambaia-Emborcacao line has 285Km and the Samambaia-Itumbiara line has 296 Km. The company responsible for the project, Expansion, is a consortium composed by four private Spanish groups (Elecnor, Isolux and Abengoa and Cobra Group). ANEEL, the Brazilian independent regulatory agency for the electricity sector, offered through public bid the concession for the lines in 2000. The contract between ANEEL and Expansion was signed in December 2000 and it will be valid until December 2030. According to the contract, the lines should start operating within 28 months of signature. Expansion finished the construction before the deadline and was granted a early completion bonus of US$2.93 million (R$8.5 million) by ANEEL. The lines started operating in December 2002.   The total project investment was US$191.2 (R$350 million), of which US$78.7 million (R$230million) was provided by Brazil’s National development Bank, BNDES and the remaining 30% were provided by the four sponsors. The BNDES loan should be paid in 12 years.  The project comprising lines from Samambaia substation to Emborcacao and Itumbiara is considered an expansion of North-South interconnection line (Eletrobras), which integrated the two electric systems in the country, previously isolated from each other. The project was expected to add 600 MW of transmission capacity to the interconnected system. This link will become even more important when the North South interconnection II (Novatrans), a parallel line to the first north-south interconnection, is built. The interconnected system is expected have a reliable structure to transport to and from most Brazilian states 98% of the total energy produced in the country, reducing the risks of power shortages and increasing the efficiency of the system.   In March 2010, the shareholding structure was modified when a Chinese state – owned company, SGID, acquired the shares of Isolux, Cobra and Elecnor, which represented 75% of the shares.
TSN was awarded the contract to build and manage this 1,095 km high voltage interconnection power line on August 31, 2000.  The line links the Brazilian states of Goias and Bahia.  The project includes the construction of five 500/230 KV substations, and will have a total cost of $230 million.  At the time of the signature of the concession contract, October 2002, TSN was 98.2% owned by Enelpower.  Enelpower closed a project financing deal with BNDES worth $150 million on October 28, 2002.  The concession is for thirty years.  In 2003, through a restructuring within ENEL group, the corporate control of TSN was transferred from Enelpower to Terna, another whole-owned subsidiary of ENEL. In this operation, the control of Novatrans Energia was also transferred from Enelpower to Terna. In addition, Enelpower awarded a turnkey construction contract to US-based GE Industrial Systems to install part of the TSN transmission network in 2003. The contract also includes the participation of Brazil's Camargo Correa Equipamentos e Sistemas.   Construction was expected to be completed for the first-stage (248 km) in April 2003, the second and third-stage in October 2003, and the fourth-stage in 2004.  In November 2009, Cemig bought a stake in Terna Participacoes. The name of the company changed from Terna Participacoes to Transmissora Alianca de Energia Eletrica S.A. (Taesa). The shareholders of Taesa are: FIP Coliseu (33.6%), Cemig (32,3%) and small local investors (34.1%).
The project company, Ningxiang Wah Sang Gas Company Limited, was established in June 2002. The project is located in Ningxiang County, Hunan Province. Wah Sang Gas Holdings Limited has 100% stake in the project and would operate and manage the joint venture for 50 years. The total investment was RMB 100 million (US$ 12.08 million).
On October 31, 2002 Peruvian company Sindicato Energetico S.A. (Sinersa) received financing for the construction and operation of the 15.4 MW Poechos I hydroelectric generation facility.  Inter-American Investment Corporation (IIC) provided a $8.5 million loan to support this project.  Poechos is in the Piura department of Peru, and is slated to have a second 8 MW phase.  The project will connect with the grid via a 34 km transmission line to the Sullana substation.  In July 2009, Sindicato Energetico concluded the 10 MW expansion of Poechos by starting the commercial operation of 10 MW Poechos II, whose cost totaled US$14 million. The plant was built in the Piura region near the existing 15.4 MW Poechos I hydroelectric plant, launched in 2004. Of the cost of Poechos II, US$9 million was financed by Germany's development finance institution Deutsche Investitions-und Entwicklungsgesellschaft (DEG), a member of KfW banking group  The electricity from Poechos II will be sold by Electronoroeste (Enosa), which holds the electricity distribution concession for northwestern Peru.
This joint venture, Nantong Hong Kong and China Gas Company Limited, was established in June 2002. The project is located in Nantong City, Jiangsu Province. The Hong Kong and China Gas Company Limited (Towngas) has a 50% stake in the project and will operate and manage the joint venture for 30 years. The total investment was US$ 30 million.
In January 1999, Mekong Energy Company won the competitve bidding process to build the Phu My 2.2 power plant, a 715 MW, gas-fired combined cycle plant located at the Phu My power complex in the Tan Thanh district of Ba Ria-Vung Tau province.  Gas was to be provided by PetroVietnam (the state-owned gas company) from the Nam Con Son offshore gas field under a gas supply agreement signed in September 2001 for 0.85 billion cubic meters per year.  The plant was to sell power to state-owned utility Electricite de Vietnam (EVN) at US$ 4.04 cents per kWh under a 20-year power purchase agreement.  Mekong Energy was owned by Electricite de France International (56.25%), Sumitomo Corp (28.125%), and Tokyo Electric Power Co (Tepco, 15.625%).   This build, operate, transfer (BOT) project was expected to cost US$480 million.  Financial closure was reached on October 31, 2002.  Total debt was US$340 million and was comprised of a US$75m World Bank (IDA) Political Risk Guarantee (PRG) facility, US$25m ADB PRG facility, US$50m ADB ordinary capital resource (OCR) facility, US$150m Japan Bank for International Cooperation (JBIC) direct loan facility and a US$40m Proparco direct loan facility.  Finally, a commercial loan of US$100m was covered by ADB and IDA.  Construction started on January 2003, and the plant was formally inaugurated in October 2005.
The project comprises construction and operation of a 180MW power plant in Grande river, in the state of Minas Gerais.   The plant started operations in December 2002. The plant was built by a consortium between Companhia Vale do Rio Doce (CVRD) and Centrais Eletricas de Minas Gerais (CEMIG), with a 51% and a 49% stake, respectively. CVRD and CEMIG's total investments in the project ammounted US$50.7 million (R$193 million). The consortium also have a partnership in the Porto Estrela, Aimores and Capim Branco power plants.  In June 2003, the Brazilian Development Bank approved a US$48 million loan in connection with the Funil and Aimores power plants. In addition, in January 2003, CVRD acquired US$300 million from the Japanese Bank for International Cooperation and, in April, US$64 million from the American Import Export Bank in connection with its generation projects.
In December 2001, Aguas de Santa Carmem was awarded the 30-year contract to expand, rehabilitate and operate the water and sewerage systems of the city of Santa Carmem (state of Mato Grosso). No information was available regarding the bidding criteria for this concession contract. The company, a wholly-owned subsidiary of Brasil Central Engenharia Ltda, took over the operation of the facilities in January 2002. Information on investment commitments was not publicly available. The city had a population of 4.4 thousand residents in 2002.  Aguas de Santa Carmem was established as a wholly-owned subsidiary of Brasil Central Engenharia Ltda (Grupo Dias). In 2012, Aegea (subsidiary of the Brazilian company Equipav) acquired the project company along with another 15 water and wastewater concessionaries that were operating in the state of Mato Grosso and belonged to Grupo Dias. The ownership of all these companies were transfered to a newly created holding called Nascente do Xingu, itself a wholly-owned subsidiary of Aegea.
On July 1, 2002, Tata Power Company (TPC) acquired 51 percent stake in North Northwest Delhi Electricity Distribution Company Limited and took over its management and operation from the Government of National Capitol Territory in Delhi (NCT). The distribution company was renamed North Delhi Power Limited (NDPL) after the take over. NDPL’s service area included north and northwest regions of Delhi and was responsible for all power distribution activities - supplying electricity, metering, billing, and controlling transmission and commercial losses and power thefts.   The partial divestiture of NDPL was part of a major restructuring effort undertaken by NCT to privatize the distribution portion of Delhi Vidyut Board (DVB), a vertically integrated state owned power enterprise. DVB was functionally unbundled into six companies in 2001 – a generation company, a transmission company a holding company and three distribution companies. North Delhi Power Limited was one of three companies to which the distribution assets of DVB were transferred. The other two companies were BSES Yamuna Power Limited and BSES Rajdhani Power Limited.  TPC acquired 51 percent stake in NDPL for Rs 18,700 lakhs (US$ 39 million) and the remaining 49% was held by Delhi Power Company Limited (DPCL), a holding company fully owned by NCT. Tata Power won the tender by committing to reduce aggregate technical and commercial loss by 17 percent in the first five years of the take over. TPC invested Rs 350 crore (US$ 73 million) in the first five years to upgrade the distribution systems in its region. Reliance Energy Limited (formerly Bombay Suburban Electric Supply Company or BSES) bought 51 percent stake in each of the other two distribution companies.   Delhi Electricity Regulatory Commission, regulator of Delhi’s power industry, was responsible for setting tariffs for electricity, licensing new capacity, and prescribing performance standards. There was a uniform retail tariff all over Delhi for the first five years of the privatization but the bulk supply tariff for each distribution company was based on its paying capacity. To avoid sudden increase in retail tariffs, the Delhi government (NCT) also committed up to Rs 345,000 lakhs (USD $ 720 million) for the first five years in the form of discounted price for the bulk power that the three distribution companies purchased from the state owned transmission company but no specific amount of money was targeted for each distribution company. NCT also committed to a 16% return on the invested capital of the private distribution companies.
Meiyang Sanjiang Meiya Hydropower Company Limited (MSMHCL) was created to build and operate a 45-MW hydro plant in Sichuan Province. MSMHCL was a joint venture between Meiya Power Co. Ltd. (75%) and the state-owned Mianyang Sanjiang Construction Corp. (25%).   The first 15 MW Unit began operations in December 2003.  Unit 2 was scheduled for commercial operations in June 2004 and Unit 3 was scheduled for August 2004.  The electric power was to be purchased by the state-owned Sichuan Provincial Electric Power Company with annual purchase quantity being established based on expected provisional electric demand.  The total cost of the project was expected to be US$30 million and provided by non-recourse debt funds arranged by a Shenzhen Development Bank loan and equity funds from MPC.  MPC was jointly owned by PSEG Global Inc (50%), the Asian Infrastructure Fund (30%), and Hydro-Quebec International (20%).  In July 2004, Darby Asia Investors, Ltd. ("DAI"), acquired Hydro-Quebec's 20% stake for a total cash consideration of US$84.6 million.
In December 2001, Sino-French Holdings was awarded a 30-year concession contract to upgrade, own, operate and manage the facilities of Panjin Water and assume responsibility for the production and sale of treated water in Panjin City, Liaoning Province. The total capacity of the plant was 110,000 cubic meters per day.  To implement the contract, Panjin Sino French Water Supply Company Ltd. was created as the project company in which Sino-French took a 60% stake, while the remaining 40% was held by the state-owned Panjin Municipal Water Supply Company.  Sino-French, in turn, was a 50/50 joint-venture between Suez water subsidiary Ondeo and New World Infrastructure of Hong Kong.    Total investment was 60 million yuan (US$7.25 million). Operations began in April 2002.
The project company, Huaining Wah Sang Gas Company Limited, was established in January 2002. The project is located in Huaining County, Anhui Province. Wah Sang Gas Holdings Limited has 100% stake in the project and would operate and manage the joint venture for 50 years. The total investment was HK$ 42 million (US$ 5.38 million).
The Sichuan Anning River Energy is a hydropower development company along the Anning River with a total installed capacity of 117MW. The Sankeshu hydropower station at a capacity of 49.5MW was the first to be developed with commercial operation expected to commence in 2004. Asia Power held a 30% stake in the project through it's subsidiary, Asia Power Neijiang. Total investment made in May 2002 was RMB 320 million. Other stakeholders were Sichuan Electric Power Shareholding Company (30%), Xichang Xingguang Electric Power (35%) and Dechang County Kangde Electric (5%).
In January 2002, Aguas del Llano started to operate the water and sewerage services of Cumaral municipality, Meta Department through a 10 year operation and construction contract. Aguas del Llano was a Colombian operator, but there was no information on its investors. Cumaral municipality had a population of 9,200 in 20002.
In June 2002, the Dubai Ports International Authority (DPA) signed an agreement for the management of Djibouti International Airport with the Republic of Djibouti.  The agreement was part of the government's public institutions privatization policy and came at a time when the Djibouti airport was experiencing difficult times largely caused by the lack of business at the airport following the withdrawal or reduction of flights by large airline companies.   The goal of the agreement was for DPA to improve the efficiency and financial performance of the airport in part through the normalization of its fees.  DPI was also working with Dubai-based companies to establish air-sea services operating out of Djibouti’s free zones, taking advantage of the increased efficiencies and common management of the airport and seaport.   In addition to improving the efficiency and financial performance of the Airport, DPI is actively working with Dubai-based companies to establish air-sea services operating out of Djibouti’s free zones, taking advantage of the synergies and common management of the airport, free zone and seaport.
Vostokenergo Ltd. was Ukraine's first private energy generation company established in December. It operated three thermal power plants: Luganskaya, Kurakhovskaya (both in the Donetsk region) and Zuevskaya, located in the Lugansk region.  Vostokenergo emerged as Ukraine's first IPP after a debt restructuring transaction involving a liquidation of a few assets belonging to the state-owned electricity company, Donbassenergo.  In March 2002, Vostokenergo was licensed by the NERC (National Electricity Regulatory Commission) to perform entrepreneurial activities in electric power generation. In 2002, all three thermal power plants were incorporated under Vostokenergo.  In 2005, the power generation company was incorporated into DTEK.
In August 2002, Sanarj Concession de Saneamento Basico Ltda was awarded a 30-year concession to operate the water and sewerage systems of the city of Araujo, in the State of Minas Gerais. Sanarj started operating the systems in November 2002, attending a population at the time of 4,764.  Sanarj Concession de Saneamento Basico was owned by the local companies Global Engenharia and Planex Consultoria.  The project company, Sanarj Concession de Saneamento Basico, was committed to invest US$ 0.4 million (R$ 1.19 million) throughout the concession period.
Colombia's state owned Interconexion Electrica SA (ISA) won the auction for Peruvian electricity transmission companies Etecen and Etesur.  ISA paid $621 million for the pair of transmission companies.  Spain's Red Electrica and Canada's Hydro Quebec failed to bid.  Upon winning the rights to the companies ISA created the new project company named Red de Energia del Peru. Red de Energia del Peru had a concession contract for a period of 30 years. The REP's network links electricity transmission from northern to southern Peru.  In 2003 REP awareded a turnkey contract to a consortium of Columbia's Electrica de Medellin and Peru's Proansa to build part of REP's transmission line linking Peru and Ecuador. Construction on the line from Zorritos, Peru to the border of Ecuador was expected to start in January 2004 and conclude in September 2004 (later delayed until early 2005). Financing for the line will be split by REP and Transelectric, Ecuador's state transmission company. REP's investment is part of their original contract signed with the Peruvian government.
On December 14, 2001, the Bolivian Superintendency of Hydrocarbons granted Petrolera Andina S.A. Consorcio Transierra (Transierra) a non-exclusive contract for the construction and 40-year operation of a 432-km pipeline that was to feed natural gas from Yacuiba, province of Tarija, to Rio Grande, province of Santa Cruz de la Sierra for further export to Brazil through the Bolivia-Brazil pipeline (Gasbol).  Construction on the Gasoducto Yacuiba Rio Grande (Gasyrg) pipeline began in February 2002 and it began operating in April of 2003. The pipeline was 32 inches in diameter and was buried along its entire length. It began in Yacuiba, province of Tarija near the Argentine and Paraguayan border, transporting natural gas north from the San Antonio and San Alberto gas fields to the Rio Grande, province of Santa Cruz de la Sierra, where it fed into the Gasbol pipeline to Brazil.  The system was operated remotely from Santa Cruz de la Sierra, the headquarters of Transierra S.A.. The capacity of the pipeline system was increased from initially 11 MMcmd to 17 MMcmd in January 2004 through the completion of construction of a first compressor station in Villamontes.    Transierra was owned 44.5% by the private Empresa Petrolera Andina S.A. (Andina), a 50% owned affiliated company of Spain's Repsol YPF S.A., 44.5% by Petrobrás Bolivia S.A., a wholly owned affiliated company of state-owned Petróleo Brasileiro S.A. (Petrobras), and 11% by Total E & P Bolivie S.A., a Bolivian branch of a company wholly owned by France's Total S.A. The same partners had stakes in the San Alberto gas field that contained more than a fifth of eastern Bolivia's total gas reserves, estimated at 1.47bcf.   The estimated project cost was US$409 million. In August 2004, the IFC approved of an investment in the project consisting of an A loan for IFC’s own account in the amount of US$50 million and a syndicated B loan in the amount of US$100 million for financing the 2002-2004 investment program of Transierra and increasing the capacity of the Gasyrg pipeline by means of a first compressor station.    In August 2014, Petrobras sold its 44.5% stake in  Empresa Petrolera Andina S.A. (Andina) to the state-owned company Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) for US$ 106.7 million. The remaining shares at Andina remained with Repsol.  As of January 2016, the government held 78% of the shares in the project.
Hainan Meilan Airport raised $97.9m (HK$762m) in November 2002 through an IPO listing on the Hong Kong Stock Exchange. The IPO involved the issuance of 201.7m H shares or 45% of the company's share capital. The project involves the main airport in the southern Chinese island of Hainan. Approximately 90% of the deal was sold through an international placement to institutions and the remaining to Hong Kong retail investors. Copenhagen Airport owns 20% of the share capital of the company. The bulk of the proceeds from the IPO will be used to expand capacity at the airport and build a new cargo center.
The Colombian consortium Union Temporal Concesion Vial Los Comuneros signed with the Colombian government a 10 year concession for the repair and operation of highway connecting Zipaquira to the Palenque bridge (by way of Bucaramanga) in December 2001. The consortium won the contract by presenting the lowest income from tolls - US$33.5 million. The concession is valid for a minimum six years and can be extended until the concessionaire recoups the US$33.5 million from tolls. The project reached financial closure in August 2002. The concession was expected to expired in July 2008.  The 370 kilometer highway concession is the first part of the total upgrade fo the Zipaquira-Bucaramanga-Ye de Cienaga highway. This highway is expected to link Botota with the Carribean coast of Colombia. The remaining sections of the Bucaramanga-Ye de Cienaga project were expected to be offered in separate concessions.  The consortium comprises Consorcio Vial de Cargagena SA, Alvarez y Collins SA, and Valores y Contratos SA. The estimated project cost was US$10.8 million of which the government contributed with around 10%.
In 2002, Berlinwasser International AG (BWI) of Germany was awarded a 30 year contract for the construction and operation of the Ligiatuo and Qiezixi Wastewater treatment plants in Chongqing city, Chongqing province. The plants each had a capacity of 50,000 cubic meters per day.    To implement the contract, a joint venture project company was created between BWI and the state-owned Chongqing Water Holding Group.  BWI's share in the project company was RMB 145 million (US$ 17.51 million).
Sete Lagoas is a 64MW thermal power plant (diesel) in the state of Minas Gerais. The plant was built by US Group Cummins and was commissioned in September 2002. The estimated total investments were US$30 million.   In January 2002, Sete Lagoas signed a PPA with the Brazilian Commerce Chamber for Emergency Energy (CBEE), which was a two-year take-or-pay contract for the full capacity of the plant. Its energy would be distributed by Centrais Eletricas de Minas Gerais (Cemig).  Sete Lagoas power plant was part of a priority program for thermal power plants (Programa Prioritario de Termeletricas), implemented by the Brazilian federal government in 2000. The program, in order to foster the construction of thermal power plants, provided a short-term take-or-pay contract and, in some cases, financing for the construction of the plants (through the Brazilian Development Bank, BNDES).
In April 2002, Beijing Sound Environment Industry Group signed a 25 year contract to build and operate a wastewater treatment plant in Xiajiawan, Jinmen City, Hubei Province. The plant capacity (phase I) was 50,000 cubic meters per day.   The Beijing based private company Beijing Sound Environment Industry Group owned 95% of the first BOT project in the sewerage sector of Hubei Province. The total investment was RMB 50 million (US$ 6.04 million).   As of July 2003, the project was operational.
This joint venture, Zibo Lubo Gas Company Limited, was established in 2002. The project is located in Zibo, Shandong Province. The Hong Kong and China Gas Company Limited (Towngas) has a 27% stake in the project with the toral investment at US$ 6.04 million.
The Belize government sold Belize City port authority for US$ 37.6 million to local entrepreneur Luke Espat.  The government will continue to chair the port authority board and regulate the port's activity through the transport ministry.  The sale aimed to eliminate government involvement in cargo handling, and modernize the facilities. In 2001, the port moved a total of 27,000 containers and 850,000 tons of cargo.
Italian company Essegei took control of 25 local hydro power stations in Albania in December 2002. A sum of $8 million is envisaged to be invested over the coming six years for the plants, and a total of 367 million kw/h energy a year will be profited from the input.
The project company, Jingjiang Wah Sang Gas Company Limited, was established in April 2002. The project is located in Jinjiang City, Jiangsu Province. Wah Sang Gas Holdings Limited has 99% stake in the project and would operate and manage the joint venture for 50 years. The total investment was US$ 2 million.
The project company, Jingshan Wah Sang Gas Company Limited, was established in June 2002. The project is located in Jiangshan City, Zhejiang Province. Wah Sang Gas Holdings Limited has 100% stake in the project and would operate and manage the joint venture for 50 years. The total investment was HK$ 25 million (US$ 3.21 million).
Companhia de Gas do Amazonas (Cigas) was created in 1995 to distribute natural gas to 62 municipalities in the state of Amazonas. Cigas was established as a partnership of the state of Amazonas (17%) and the Brazilian company Manaus Gas S.A. (83%). Manaus Gas, a subsidiary of CS Participacoes (a company owned by a Brazilian investor), acquired the shares of Cigas for US$ 1.2 million (BRL 3.5 million) in a competitive bidding that took place in 2002. The 30-year concession contract was signed in November 2002, but operations commenced only in February 2010.  Initially, the company supplied natural gas only to the Breitner Tombaqui thermal power plant, but, by  2012, its consumer base had increased to fourteen small consumers, seven thermal power plants, four industrial companies, 2 gas stations and one compressed natural gas company. In 2012, Cigas invested US$ 5.1 million (BRL 10 million) in expanding its network, and additional investment in infrastructure were underway as of 2012 with the goal to continue increase its consumer base.
The Ranjit Construction Company is the developer of this four-lane, Rail-Over-Bridge (ROB) across the Mumbai-Delhi RG railway line.  The project is located near Chhayapuri on the outskirts of Vadodara City.  The concession agreement was signed on October 13, 2001 for a period of 181 months (15 years).  Total cost of the project is Rs27.06 crore (USD5.5m) and is being financed 30/70 by equity/debt.  Financial closure was reached in first quarter 2002.
In August 2002, the British Midland Resources Holding won a competitive tender for 80% share in the Electric Networks of Armenia (AEN). AEN was created on December 13, 2001, when the Armenian energy ministry consolidated the Yerevan, Central, Northern and Southern Electricity Networks into a single company. The company distributed electric energy via 36 thousand km of electric grid and had an exclusive license for distribution of electric energy in Armenia. The company provided service to about 935,000 customers and had over 8,300 employees. The divestiture was based on the law of privatization of the country’s electricity network, signed by the Armenian president on August 17, 2001.       The divestiture took place in two stages. On August 26, 2002 the Armenian government sold an 80.1% package of AEN to Midland Resources Holding, which was the winner of a competitive open tender with six bidders. The following companies participated in the tender for the 80.1% share in AEN: the British Midland Resources company; the Russia's Universal Power Networks; the American AES Silk Road; the French Electricite de France, the Swedish-Swiss ABB concern and the Spanish Union Fenoza company. Midland Resources Holding was formed in 1997 by private individuals, citizens of Canada and Great Britain. Midland Resources owned large share packages of metallurgic enterprises of Europe and CIS countries. In 2001, the company produced 3.5-4 million tons of ferrous metals, and reached $600 million in sales.         According to the 2001 privatization law, the European Bank for Reconstruction and Development (EBRD) was going to act as a strategic partner in AEN and buy the remaining 19.9% package in the second stage of the privatization. However, by October 2002 the EBRD had decided it would not participate in the process, after declaring that Midland Resources Holding did not meet the requirements of the bank. This led to Midland Holding purchasing the remaining shares in AEN by itself, in November of 2002, bringing its total share to 100%. The British Midland Resources Holding paid the Armenian government US$37.0 million for the 80.1% stake and US$12.0 million for the ramaining 19.9% share.       In November 2002, the Armenian Government finalized the sale of 100% of its shares in the AEN to the British Midland Resources Holding. Under the terms of the deal, Midland Resources Holding was to pay off $28.0 million of AEN 's debts including 5-6 months wage arrears to the employee, accounts payables, debts to the state budget.  The company was also to reduce number of staff, increase collection rate and reduce technical losses. On November 21, 2002, Midland singed a two-year management contract with the South Korea's Daewoo Engineering to manage the power distribution network.  In September 2006, Inter RAO UES purchased 100% shares in AEN. RAO UES owned 60% of stock in Inter RAO UES and the Federal Agency for Nuclear Power held 40%. Inter RAO UES handled imports and exports of electric power, and ran energy assets in and outside Russia. Inter RAO UES declared it would invest $20 million in Armenia's electric power grid by the end of the 2006.     In June 2009, EBRD signed a EUR42 million (US$58 million) loan agreement with AEN toward the completion of the company's investment program. Vnesheconombank was providing an additional EUR22.5 million in co-financing.   In 2010,VTB Bank and AEN signed an agreement for VTB bank to provide AEN with a US$1.4m bank guarantee for purchase of electricity. The agreement was approved by the Public Services Regulatory Commission of Armenia in October 2010. The guarantee was effective from September 2010 until march 2011.
The project comprises the construction and operation of a 162MW thermal power plant (diesel and fuel oil) in Fortaleza, state of Ceara. The company responsible for the project is Breitner Energetica SA, a consortium comprising Skanska BOT do Brasil (35%), a subsidiary of Skanska group; Empresa Industrial Tecnica (EIT) (24%), a Brazilian company; Orteng Equipamentos e Sistemas (5.5%), a subsidiary of Grupo Orteng; Enerconsult (5.5%), and Petrobras Distribuidora (30%). In November 2002, the plant was comissioned. The estimated total costs were US$113 million.   In January 2002, Breitner Energetica signed a PPA with the Brazilian Commerce Chamber for Emergency Energy (CBEE), which is a two-year take-or-pay contract for the 7% of the plant’s capacity.   Breitner’s power plant was part of a priority program for thermal power plants (Programa Prioritario de Termeletricas), implemented by the Brazilian federal government in 2000. The program, in order to foster the construction of thermal power plants, provided a short-term take-or-pay contract that expired in 2005 and, in some cases, financing for the construction of the plants (through the Brazilian Development Bank, BNDES).  After the contract expired, the Breitener consortium decided to disassemble the Fortaleza Plant and move it to Manaus, where it signed a new 20 year power supply contract with Manaus Energia.
In May 2002, the Germany based Berlinwasser International AG (51%) formed a joint venture with Tianjin Teda Groug (40%) and Teda New Water Resource Co. Ltd. (9%) to provide wastewater treatment, water supply (for both industry and public clients) and desalination service for Tianjin Binhai New District, Tianjin Municipality. The joint venture would also invest in 4 sewerage and water supply plants in Tanggu, Dagang, Hangu, Dongli districts with a total capacity of 400,000 cubic meters per day. The total investment for phase I was US$ 100 million. Berlinwasser International AG owned 51% of the joint venture.
In December 2002, a joint venture Anhui Chuning Expressway development Co., Ltd. was formed by Chuzhou City Transport Infrastructure Company (40%), Shanghai Tianpu Property Corp. (40%), and Shanghai Yuantong Engineering Plant Co. Ltd. (20%) to build and operate the Waning Expressway (Mingguang - Laiancao Village Section) in Anhui Province. The road was 85 km long. The total investment was RMB 2.298 billion (US$ 277.54 million). The project company would operate the expressway for 25 years. Construction of the road commended in October 2002.
This joint venture, Taizhou Hong Kong and China Gas Company Limited, is between the Hong Kong and China Gas Company Limited (Towngas) and the Taizhou City Gas Company. Towngas will hold a major equity position in the project, located in Taizhou, Jiangsu Province, which would cover a total investment of $24.2m (RMB 200 million) and a registered capital of RMB 83million.   The joint venture agreement was signed on June 7, 2002 and was fully established by end of 2002. The JV will take over the Taizhou City Gas Company's existing natural gas plant and 80 kilometers of pipelines. It also gained the rights to manage the operation, as well as the exclusive rights to supply natural gas to the city for the next 50 years.   Natural gas for the operation will be supplied through a branch of the West-to-East transmission pipeline and is scheduled to arrive in Taizhou by end of 2004.
The Government of Lesotho (GOL) embarked on the privatization of the Lesotho Electricity Corporation (LEC). The privatisation program was part of a World Bank financed project known as the Lesotho Utilities Reform Project (LURP) under which IDA credits of approx. US$28.6 million were used. Of this amount, US$11.37 million was directed at LEC. Under an agreement, the GOL and World Bank funded an Interim Management Task Force (IMTF) and also the Caretakers under a Caretakers Management Contract (CMC) to prepare LEC for privatization.   The new management contract followed SAD-ELEC's 18-month Interim Management Task Force (ITF) assignment undertaken to manage all aspects of the operations, maintenance and expansion of LEC in preparation for its privatization.   The objective of the new management contract was to provide control and oversight of LEC and to manage all aspects of its operations in order to sustain the improved performance achieved during the IMTF contract, and to safeguard the integrity of the business until the strategic investor is in place.  SAD-ELEC Pty Ltd was an independent regional energy sector consultancy based in South Africa. Within 2 and a half years of the management contract, the operator had added 13,000 new connections.   The management contract was extended so as to allow enough time to complete the privatization process.
In October, 2002, Colombia’s economic development ministry awarded a 20 year concession contract for the waster and sewage infrastructure in the towns of Sincelejo and Corozal to private operator Aguas de la Sabana. Sincelejo was the capital of the Sucre department and had a population of 250,000, while the neighboring town of Corozal had some 40,000 residents in 2002. Prior to the concession residents in Sincelejo and Corozal only had running water for one hour per day. Aguas de la Sabana’s goal was to increase water supply within six months to 12 hours/day.   The contract was awarded to Aguas de la Sabana in October 2002, following a competitive tender. Aguas de la Sabana was the sole bidder. The contract was signed on December 11, 2002.   Aguas de la Sabana was special purpose company made up of local private operators Ingenieria Sala and Emas.   It was estimated the Sincelejo and Corozal utilities would require investments of $58 million. The concession was part of a Colombian $70 million water sector reform program for 2002-2006, for which the World Bank agreed to finance $40mn, with Colombia's national government putting up the remainder.
In 2001, the municipality of Puerto Carreno granted a 20 year lease contract to operate its water and sewerage services to SEPPCA, a subsidary of Colombian Ingenieria Sala. The contract also involved the implementation of the municipality investment program which was to be funded by local and national government funds. Puerto Carreno had a population of 7,500 and a water coverage of 93% in 2001.
Orascom Telecom Tunisie (OTT), a joint-stock company, won the GSM license to become the first private mobile operator in Tunisia in March 2002 after presenting the highest offer of US$454 million to the government. The company paid US$227 million, the first installment of the license fee, on May 12, 2002, and received the 15-year license which granted the operator four years of exclusivity operations in the Tunisian market, along with state-owned Tunisia Telecom.    The network building contracts went to Siemens and Alcatel. In October 2002, Kuwait's National Mobile Telecommunications Company (Wataniya Telecom) acquired 50% of OTT for US$113.5 million, of which US$90 million was an immediate cash payment. In the acquisition, Wataniya Telecom agreed with Orascom to jointly develop the operator OTT. This left Orascom with the majority (35%) of the other half of OTT, along with Tunisian private conglomerate Carthage Consortium (15%).  Tunisiana launched its services in December of 2002, with US$50 million invested in the first phase of the network.  In May 2005, Orascom increased its equity stakes in Tunisiana to 50%.  In September of 2004, OTT completed US$310 million in debt financing and US$23 million in new equity to help finance the US$247 million second payment (US$227 in principal plus US$20 million in interest for the time between the first payment and this final one) that OTT was due to make to the Tunisian government for its licensing fee.  The remainder of the funds were to be used to help expand OTT’s network. The debt was to be repaid over seven years and consisted of an export credit facility of US$130 million in two tranches covered by Coface and Euler-Hermes respectively, a structured finance facility of US$160 million, and a short term loan of US$20 million. DEG - Deutsche Investitions und Entwickelungsgessellschaft mbH, the Netherlands Development Finance Company (FMO), the OPEC Fund, and Proparco contributed US$50 million in dedicated tranches within the structured finance facility; the remaining US$130 million was placed with a syndicate of international banks. Arab Banking Corporation BSC, Bayerische Hypo- und Vereinsbank AG, KfW IPEX Bank and Standard Bank London Ltd were joint lead arrangers for the debt financing.   By end 2004, Tunisiana had a 29% market share or about one million subscribers and competed with government-owned Tunisie Telecom.  In November 2010, Quatar Telecom bought Orsacom shares for US$1.2 billion and became the unique shareholder.  Tunisiana was rebranded Ooredoo from early 2014.
The project company, Binzhou Wah Sang Gas Company Limited, was established in June 2002. The project is located in Binzhou City, Hunan Province. Wah Sang Gas Holdings Limited has 100% stake in the project and will operate and manage the joint venture for 50 years. The total investment was US$ 2.42 million.
In October 2002, Convergia Peru, a subsidiary of Canada-based Future Electronics, launched long-distance telecommunications services in Peru using fibre optic cable technology. Previosuly, Convergia Peru had obtained a license for domestic and international long-distance services, as well as a local fixed wireless license.  In its first full year of operations, Convergia Peru had planned to invest US$8 million in its network.  On Jan. 2, 2008, Convergia Peru announced that it had signed a concession contract with the Ministry of Transport and Communications (MTC) for the expansion of its fixed wireless license to cover the entire territory of Peru.
The project involves the building of hydropower stations along the Heishui River, which in aggregate will host two reservoirs and five hydropower stations with a total installed capacity of 556MW. The Zhugeduo hydropower station is the first to be developed at a capacity of 80MW. Commercial operation is expected to commence in 2005. Asia Power had a 35% stake in Maoergai with the remaining stakes held by the state-owned Sichuan Electric Power (45%), Sichuan Mingjiang Hydropower (15%) and Wenchuan Chuanxi Electric (5%).   Total investment was RMB 414.64 million (US$ 50.08 million). Asia Power was to fund the investment through internal resources.
In December of 2002, the Hong Kong and China Gas Company (Towngas) signed a 50-year agreement with the state-owned Changzhou Gas Thermal Group (CGTG) to establish a 50:50 joint venture in the city of Changzhou, in Jiangsu Province.  The joint venture, with investment from Towngas totaling US$30 million, was scheduled to supply natural gas by 2004 when the West-East Gas Pipeline project was expected to reach the city, at which time natural gas was to replace coal gas in Changzhou.   Towngas said the company would pay for its stake with cash, while its partner, CGTG, would obtain its shares through its existing pipeline network.  CGTG supplied 100,000 users among Changzhou's total population of 3.4 million in 2002.  The natural gas JV was meant to supply household users along with the industrial districts.   Towngas had already established eight JVs in Mainland China, and Changzhou was to be the ninth.
In Decemeber of 2002, Vivendi Water (known as Veolia Environnement as of May 2003), signed a 23-year concession contract for the refurbishment, extension and operation of two drinking water treatment plants in the town of Baoji in Shaanxi Province.  The plants, whose capacity was unknown, were to supply water for this city of 500,000.   To implement the contract, Baoji Chuangwei Water Co. Ltd (BCWCL) was created as the project company which was owned by Veolia (50%) and the state-owned Shaanxi Baoji Water Works (SBWW) (50%).    Total investment was to amount to Euro 45 million (US$42.45 million) which was to be financed in conjunction with the Beijing Capital Group. The work was to be carried out by Vivendi Water Systems.
Zhigangkala Hydroelectric Power Plant Project was located between Jianzha County and Hualong County in Qinghai Province. AES Corporation formed a joint venture with a Hong Kong based firm and it was granted an agreement to build and operate the project for 30 years. AES Corporation’s stake in the project was unknown. The total investment was RMB 1.42 billion (US$ 171.5 million). The construction of the project commenced in September 2002 and came into operation in 2005 with an installed capacity of 190 MW.
The project company, Suining Wah Sang Gas Company Limited, was established in November 2002. The project is located in Suining County, Jiangsu Province. Wah Sang Gas Holdings Limited has 100% stake in the project and would operate and manage the joint venture for 50 years. The total investment was US$ 2.8 million. The project was however cancelled in 2004.
In November 2002, a wholly owned subsidiary of Hana Corp., a Korean company signed a 25 year contract to build and operate a wastewater treatment plant in Ci County, Handan City, Hebei Province. The plant capacity was 50,000 cubic meters per day.   Hana Corp. invested RMB 113 million (US$ 13.65 million) in the plant and owned 100% of the project.    The construction of the plant commenced in November 2002.
In January 2002, National Water and Sewerage Corp. (NWSC), the Uganda state-owned utility, signed a management contract with Ondeo Services to manage and operate the water supply and sewerage services of the Kampala area. Ondeo Services, a subsidiary of the French multinational Suez (formerly known as Lyonnaise des Eaux), was awarded the two-year contract through a competitive bidding process and replaced Gauff Engineers, a German company, which had held a three-year management contract that ended in June 2001. NWSC operated in fifteen towns with a combined population of 2.1 million. As the capital city of Uganda, Kampala accounted for about 70% of NWSC operations in terms of revenue, water production and infrastructure.  Under the terms of the contract, ONDEO Services Uganda Limited (the project company)  was to reduce losses and waste from the water distribution system, extend water metering, improve the customer data base and billing system and operate the water supply and sewerage systems in Kampala on an efficient and cost effective basis.  Ondeo had to guarantee improvements to the water supply on a long-term basis and was to be paid according to results achieved along with a fixed management fee covering both operational and management costs (Ondeo was to have full control over NWSC staff). Profits earned through increased water supply were to be reinvested in the water system.   Germany’s bilateral donor agency, Kreditanstalt für Wiederaufbau (KfW), provided a €3.3 million (US$2.83 million) grant to help modernise the water supply in Kampala and prepare NWSC for a full concession contract which was being planned to be awarded to a private firm sometime in 2005/2006.   The operator, after six months of operation, expressed dissatisfaction with the management fees and demanded a renegotiation of the contract. The new terms, agreed to in April 2003, included: an increase of the management fees by 20%; exchange rate to be pegged to the Euro not the US dollar; additional expatriate middle management staff.   Ondeo's contract expired in February 2004 as NWSC reassumed operational control of the utility. Results were mixed.  Billing and collections increased and annual turnover was 100% of the achievement targets, partially due to an overall tariff increase of 4% in April 2002. On the other hand, the targets for reductions in unaccounted for water were not reached as there were no significant improvements.  Average monthly new connections increased to 497, but fell short of the 525 target.
Chuzhou Xinao Gas Company Limited is a Sino-foreign joint venture company that was established June 19, 2002 by Chuzhou City Infrastructure Company Limited (10%) and Xinao Anhui Investment Company Limited (90%). The joint venture has exclusive, 30-year operation rights to distribute piped natural gas to Chuzhou City. As of December 2002, 13km of pipelines had been constructed. Total investment was RMB 150 million.
The joint venture formed by state-owned China Merchant Holdings, P&O Ports, Swire Pacific and Modern Terminals Limited (MTL) won a 50-year concession to build and operate the Shekou Container Terminal – Phase II (SCT2) at the Shekou Industrial Zone in Shenzhen, China. The construction of SCT2 was initiated in July of 2002 and the terminal was expected to became fully operational by the end of 2003. The potential capacity of the new terminal will be 500,000 teu bringing the potential combined capacity of Shekou Container Terminal Phase I and II to 1.8 million teu.   The Wharf Group's 55.34 percent-owned subsidiary MTL Shekou Holdings entered into an agreement with Swire and P&O to form an investment vehicle to take 49 percent of the venture. China Merchants held the remaining 51 percent.  The joint venture announced a total investment of US$205.4 million in the project.  One-third of the investment was in the form of shareholders equity over two years and the remainder was raised through financing.    In April 2004, the Wharf Group's 55.3%-owned Modern Terminals bought a 7.5% stake in phase one of Shekou Container Terminals from Swire for HK$203.18 million, and another 2.5% from P&O. It also sold 7.48% in phase two of the Shekou Container Terminals project to Swire for HK$128.44 million and another 2.05% to P&O.
In November 2002, a local private company Zhongyang Construction took over a water treatment plant in Leshan City, Sichuan Province on a competitive basis. The plant capacity was 10,000 cubic meters per day.   Zhongyang Construction invested RMB 12 million (US$ 1.44 million) in the plant and owned 100% of the project.
The joint venture company formed by Hutchison Whampoa Ltd, through its subsidiary Hutchison Port Holdings (HPH), and the Ningbo Port Authority signed an agreement to jointly develop and operate Ningbo Beilun Port Phase II at Ningbo,  Zhejiang province in China.HPH announced that they were to acquired a 49% interst in the joint venture with the total investment at RMB 2000 million.  Ningbo Beilun Port was a natural deepwater port. Phase II, situated on 744,000 square meters of land, was equipped with three container berths, a quay length of 900 meters and depth alongside of 13.5 meters. Ningbo Beilun Port handled over 900,000 TEU in 2000.
Yancheng Xinao Gas Company Limited is a Sino-foreign joint venture that was established in March 2002 by Xinao Gas Holdings Limited who has an 70% stake in the 30 year project. The company will operate the gas piped business in Yancheng, Jiangsu Province. As of December 2002, the project included 9 km of existing pipeline. Total investment is estimated at $14.5 million.
In May 2002, Earth Tech, a subsidiary of Tyco International Limited of the U.S., was awarded a 20-year concession contract for the expansion and operation of the Jie Yuan Water Treatment Plant by the state-owned Tianjin Water Works Group Company.   The project involved the operation and management of an existing plant with the capacity to treat more than 400,000 cubic meters of water per day in Tianjin, with a population of more than 10 million.  To implement the contract, the Tianjin Earth Tech Jieyuan Water Co. Ltd. was created as the project company, a 52-48 joint venture (JV) formed by Earth Tech and the state-owned Tianjin Water Works Company. In March 2009, the share of Earth Tech was acquired by Suez.  The initial US$20 million construction contract was to expand the plant’s capacity to 500,000 cubic meters per day and add sand filters, dosing systems and controls in an effort to separate and remove solids from the city’s polluted water sources.  The JV assumed control of the utility in September of 2002.  The entire contract was valued at more than US$400 million in revenues to Earth Tech.
RAO EES(UES) completed the sale of Solikamskaya HPP 12 Power Plant with a total capacity of 110.7MW in August 2002. The new owner of HPP is its largest comsumer Solikamskbumprom (Solikamsk Pulp and Paper Mill). RAO EES received US$14million for the sale.
In July 2002, Aquamundo of Germany was awarded a 20-year contract for the construction and operation of a 100,000 cubic meter per day capacity wastewater treatment plant in Foshan city, Guangdong province.    To implement the contract, Foshan Hua Zhi Yuan Domestic Wastewater Treatment Plant Co. Ltd. was created as the project company in which Aquamundo's Austrian subsidiary Inframan took a 45% stake while the state-owned Foshan Waterworks Co. held the remainder.  Aquamundo, in turn, was ultimately a subsidiary of AmiWater, the water management arm of the Saudi-owned Amiantit Group.   Total project cost was US$30.4 million, financed with a debt equity ratio of 60/40.   The project received loans from KfW (Germany's bilateral aid agency) and local Chinese banks.
The project comprises the construction and operation of a nine thermal power plants (diesel) with total installed capacity of 137.2MW in the state of Ceara. The company responsible for the project is Ceara Geradora de Energia SA (CGE), a consortium between local investors and HLC Engenharia e Gestao de Projectos (50%), from Portugal.    The total investment in the project was estimated at US$60 million. The nine plants, inaugurated in April 2002, were Distrito Industrial I and II (19MW each), Maranguape (16MW), Cacege (14.4MW), Aquiraz (13MW), Jaboti (12.8MW), Paraipaba (12.8MW), Coluna (9MW), and Pacajus (9MW).  In June 2003, CGE moved four plants (Distrito Industrial I and II, Jaboti, and Maranguape) from Ceara to the State of Amazonas.   In January 2002, CGE signed a PPA with the Brazilian Commerce Chamber for Emergency Energy (CBEE), which is a two-year take-or-pay contract for the nine plants.   CGE&#8217;s power plants were part of a priority program for thermal power plants (Programa Prioritario de Termeletricas), implemented by the Brazilian federal government in 2000. The program, in order to foster the construction of thermal power plants, provided a short-term take-or-pay contract and, in some cases, financing for the construction of the plants (through the Brazilian Development Bank, BNDES).
The project company, Qixia Wah Sang Gas Company Limited, was established in April 2002. The project is located in Qixia City, Shandong Province. Wah Sang Gas Holdings Limited has 100% stake in the project and will operate and manage the joint venture for 50 years. The total investment was HK$ 11.2 million (US$ 1.44 million).
In January of 2002, Britain's Biwater Plc was named as winner of a bid to run Congo Republic's/Brazzaville state water firm Societe Nationale de Distribution d'Eau (SNDE) for two years, beating rivals Vivendi and Suez. The agreement had been reached to prepare the water and wastewater sector in the country for full ownership by Biwater soon after. SNDE was burdened by debts of some 61 billion CFA francs (US$80 million) and also owed substantial wage arrears.   In April of 2003, Biwater attempted to renegotiate its contract because it found unexpected liabilities in SNDE’s accounts.  The government in turn accused Biwater of not abiding by the terms of the contract, notably because the company had raised tariff rates. The privatization of the management of SNDE had also been difficult, owing to problems with the existing management and the company’s high level of debt.   The project concluded in 2004 and was not renewed.
In January 2002, a subsidiary of Xinao Gas Holdings Limited, the Huludao Xinao Gas Company Limited, obtained the exclusive rights to operate piped gas in Xingcheng City, Liaoning province.  As part of the agreement, Xinao will also operate a 14 km pipeline, obtained through the divestiture of the Xingcheng City Industry State Owned Assets Operation Company, for a period of 30 years.  Total investment of the project was approximately RMB 33m (US$3.9m), RMB5m (roughly US$603,864) of which was paid to the state-owned company.  As of December 2002, approximately 95km of pipeline had been constructed out of a planned 208km.
The Zhouping Xinao Gas Company Limited is a joint venture that was established in 2002.  Xinao Gas Holdings Limited, through its subsidiary, Xinao Shandong Investment Limited, purchased the assets  from the state-owned Zhouping Foundation Gas Company Limited for RMB2.25m (roughly US$272,000).  Zhouping Xinao Gas has obtained the exclusive rights to develop and operate piped natural gas projects for 30 years.
The project company, Gaogang Wah Sang Gas Company Limited, was established in June 2002. The project is located in Gaogang City, Jiangsu Province. Wah Sang Gas Holdings Limited has 100% stake in the project and would operate and manage the joint venture for 50 years. The total investment was RMB 52.85 million (US$ 6.38 million).
In October 2002, the Beijing based subsidiary of Golden State Environment, a US company signed a 25 year contract to build and operate a wastewater treatment plant in Taicang City, Jiangsu Province. The plant capacity (phase I) was 20,000 cubic meters per day.   Golden State Environment invested RMB 32.5 million (US$ 3.93 million) in the plant and owned 54% of the project (Phase I).  The total investment was RMB 60.45 million (US$ 7.3 million).   The construction of the plant commenced in March 2003 and was completed by the end of the same year.
The government of Azerbaijan, through its Ministry for Economic Development, granted a 25 year concession to rehabilitate, operate and transfer (ROT) electricity distributor Sumgayitelektriksebeke to BARMEK Azerbaycan Elektrik Sebeke. Sumgayitelektriksebeke was a joint-stock company with 160,000 subscribers, 10% of which had meters at their disposal. Sumgayitelektriksebeke was the main electricity supplier to Sumgayit and northern districts of Azerbaijan.  The ROT contract was awarded on July 29 2002 by the Ministry for Economic Development, and approved on August 28 2002 decree of the president of Azerbaijan. BARMEK Azerbaycan Elektrik Sebeke was a local subsidiary of Turkish company BARMEK, a diversified holding company that covered a series of operations ranging from electricity and defense contracts to various construction work.  BARMEK agreed to invest $80 million in the development of the Sumgayit electricity network during the 25-year concession period. Barmek Azerbaycan Elektrik Sebeke was also supposed to pay $0.2 million to consulting company Ernst $ Young and $0.4 million to the Economic Development Ministry for the concession.  In 2006, after months of mutual accusations, arrests, investigations, and political statements, the Turkish electricity company Barmek had broken its contract with the Azerbaijani government to manage electricity supplies for Baku, Sumgait (a major industrial town in the north of Baku) and the whole northern part of Azerbaijan.
The state-owned Zhengzhou Gas Company Limited is the exclusive gas operator in Zhenzhou City, Henan Province. The company issued over 551 million H-shares on the Hong Kong Stock Exchange on October 23, 2002 at a price of HK$0.25/share ($0.0327/share) for a total of $17.66m. Of this, 74% or $13m will be used for purposes related to gas distribution including 1) construction of natural gas distribution system (23%); 2) construction and renovation of urban pipeline networks (40%); and 3) upgrading the overall management efficiency of the pipeline networks. The remaining 26% will be used for purposes not related to infrastructure.
Quzhou Xinao Gas Company Limited is a Sino-foreign joint venture that was established in December 2002 by Xinao Gas Holdings Limited, which holds a 90% stake in the project with the remaining 10% interest held by Quzhou City Construction. The total investment is RMB 100 million. The company will operate the gas piped business in Quzhou, Zhejiang Province for a 30-year period. As of December 2002, no pipeline had been constructed.
On June 27, 2000 Union Fenosa beat out competitor AES for the right to build, own and operate the 300 MW Naco Nogales generation facility.  The Comision Federal de Electricidad (CFE) issued Union Fenosa the IPP permit that will be in effect until 2028.  On April 25, 2002 the EXIM bank of the US approved financing for $97 million. The plant was expected to come on-line in October 2003.
The project company, Nanxun Wah Sang Gas Company Limited, was established in September 2002. The project is located in Huzhou City, Zhejiang Province. Wah Sang Gas Holdings Limited has 100% stake in the project and would operate and manage the joint venture for 50 years. The total investment was HK$ 40 million (US$ 5.13 million).
The project company, Xinyi Wah Sang Gas Company Limited, was established in June 2002. The project is located in Xinyi City, Jiangsu Province. Wah Sang Gas Holdings Limited has 100% stake in the project and would operate and manage the joint venture for 50 years. The total investment was HK$ 15 million (US$ 1.92 million).
In November 2002 the government of Guyana granted a five year management contract for the country’s state owned Guyana Water Incorporated (GWI) to private operator Severn Trent. The management contract was performance-based and contained stiff penalties for poor performance. Severn had the dual mandate of improving service and solidifying the financial position of the water utility. The operator was expected to reduce unaccounted water from 75% in 2002 to 25% and to increase collection from 65% to 90%. At the end of 2002 GWI provided service to 145,000 customers throughout the country.  The contract was awarded through a competitive tender. In July 2002 two bids were received, from British companies Severn Trent and Biwater. The winner, Severn Trent, took over operations on January 1st, 2003.  Guyana Water Incorporated was formed in May 2002 from the merger of state owned companies Guyana Water Authority and Georgetown Sewerage and Water Commissioners.   The project was funded by the British government through the Department for International Development (DFID), who was to provide GWI with some $26 million for capital investments and pay the private operator's fees.  On February 15, 2007, Severn Trent's contract was not renewed by the Guyanese government. The government of Guyana stated that Severn Trent failed to meet five of seven objectives including leakage reduction, revenue collection and provision of water to the Amerindian community.
Announced in December of 1999, Highway 2000 was a greenfield, tolled highway project designed to link the Jamaican capital, Kingston, with the northern coastal cities of Montego Bay and Ocho Rios.  The 232 km road was to be developed in two phases, an 84 km stretch known as Phase 1 and a 148km section known as Phase 2.  Phase 1 was further subdivided into two sub-phases: a 34 km Phase 1A linking Kingston with Sandy Bay including the Portmore Causeway and the Dyke Road, and a 50 km Phase 1B linking Sandy Bay and Williamsfield.  Phase 2 was subdivided into a 63 km Phase 2A, linking Bushy Park and Ocho Rios, and an 85 km Phase 2B, linking Williamsfield and Montego Bay.  In June of 2001, Bouygues, S.A.(100%) under the company name of Trans-Jamaica Highway Company Ltd., won the 35 year concession.  The concession contract was signed on Nov. 21, 2001. Under the terms of the concession contract, the concessionaire was obliged to build, operate and transfer Phase 1A for a period of 35 years.  In addition, the concessionaire had the option to build and operate Phase 1B, and was granted the right of first refusal to build and operate Phase 2. While the total value of the project was estimated at $800 million, only the financing for Phase I ($390 million) was taking place as of 2001-2002.  The concessionaire was to provide 72.5% of the financing, or US$283 million, of which US$41 million was to be equity and US$242 was to be commercial debt. The Jamaican government, via the National Road Operating and Constructing Company (NROCC), was to provide 27.5% of the financing, or US$107 million, in the form of direct loans to the project company.  In June 2002, Bouygues sold Autoroutes du Sud de la France (ASF) a 34% stake in Trans Jamaica Highway Company Ltd. for Euro5.4 million, leaving Bouygues with a 66% equity share in the project company.  Construction of the 34 km Phase 1A began in July 2002, and the section partially opened to traffic in October 2003. As of December 2008, construction of Phase 1B had not begun, despite the fact that Trans Jamaican Highway Company Ltd. was required to issue the Phase 1B Commencement Notice by February 2008.  In February 2011, Phase IB was financed through US $138.59m of equity from the sponsors and US $198.42m of debt from IFC, IADB, EIB and Proparco (Agence Française de Developpement). The debt was split into $168.65m and $29.76m 18-year term loans. The Inter-American Development Bank provided US $70 million in two tranches, IFC provided US $85 million A loan from its own account and
In August 2000 the Columbian towns of Sabanagrande and Santo Tomas, through municipal operator Empresa de Servicios Publicos Domicilirios de Acueducto Y Alcantrillado de Santo Tomas y Sabanagrande (ASOSASA ESP), awarded a 10 year concession for their water and sewage systems to private operator Acuasasa SA Empresa de Servicios Publicos, Esp. Acuasasa became responsible for the operation and maintenance of the existing water and sewerage collection systems, and promised to increase network coverage from 85 to 95 percent of the population. The two municipalities had a population of 43,000 at the time of contract signing.   Total project investments were estimated at US$4.6 million in 2002. The funds were provided by the federal government (US$0.8 million), municipal governments (US$3.4 million), and the private operator (US$0.4 million).   ASOSASA cancelled the contract on October 5th 2004, claiming that Acuasasa failed to meet their investment commitments and provided insufficient service. Also in October 2004 ASOSASA issued a provisory six months contract with Baranquilla-based Empresa de Acqueducto y Alcantarillado de Barranquilla (AAA). In 2005 ASOSASA granted a new contract to cover the service in the two municipalities.
Pamir Energy Company (PamirEnergy) was created in 2002 with the support of the government of Tajikistan, as a new energy company endowed with a 25 year concession to generate and supply electricity in the Gorno-Badakhshan region. The area spanned the Pamir Mountains of eastern Tajikistan and had some 250,000 residents in 2002. PamirEnergy was created through a joint investment from the International Finance Corporation (IFC) and the Aga Khan Fund for Economic Development (AKFED). The company was to complete a partly constructed Soviet-era power plant, increasing its generation capacity from 14 MW to 28MW, and to operate another 8MW hydroelectric plant in the city of Khorog, the main town of the region. Several other smaller plants totaling 30 MW of installed capacity would also be operated by PamirEnergy. Additionally, the company was going to install a regulating structure to an area lake to ensure adequate flow in the winter months when energy demand was highest and water flow was at its lowest due to freezing. Electricity transmission and distribution facilities in the region were also going to be improved, as PamirEnergy was to receive the assets formerly controlled by the state utility Bark-i-Tajik, a distribution company that had some 30,000 electricity customers in 2002.  Financial closure for the project was reached in October 2002. The total cost of the project was estimated at US$ 26 million, of which AKFED invested $8.2 million as equity in the new company. The IFC invested $8 million, of which $3.5 million in equity and $4.5 million in debt. This equity structure meant that PamirEnergy was 70% owned by AKFED and 30% by the IFC. The World Bank’s International Development Association (IDA) was also involved with the project, participating through a key concessional loan of $10 million to the government of Tajikistan. The IDA loan was intended to support the project by helping to keep tariff rates on the new electricity within the narrow limits of what people in the region can afford. In addition to the participation by AKFED, the IFC and the IDA, the government of Switzerland provided a grant of approximately $5 million to maintain the tariff increase required in the early years in line with national tariffs and to support a minimum “Lifeline” consumption amount at a very low tariff. The Swiss government also provided critical support to the project at its early stages with $620,000 in grants that helped pay for technical assistance and legal fees.
BoliviaTel launched commercial operations on February 6, 2002 as a long distance (national and international) provider.  BoliviaTel is made up of 6 Bolivian telecommunications cooperatives; Cooperativa de Telecomunicaciones Cochabamba (Comteco), Cotes, Coteor, Cotap, Coteautri, and Cotevi. Comteco, being the biggest shareholder with 60%, also is 30% partner in mobile operator NuevaTel PCS. Bolivia's two largest telecom cooperatives, Cotas and Cotel, which have their own large operations, did not want to become part of BoliviaTel.   The six-coop group has invested an initial $10 million for the network roll out, and plans for the first phase for coverage of La Paz, Cochabamba, Santa Cruz, Oruro, Potosi, Chuquisaca and Tarija, will total $14.9 million.  The planned second phase will expand BoliviaTel service to Trinidad and Pando, and other cities with 10,000 or more populace, which will bring the total investment to $26.6 million.
In April of 2002, Panva Gas Holdings Limited (Panva Gas), through its wholly-owned subsidiary Panriver Investments Co., Ltd. (Panriver), established the joint venture, Nanjing Panva Pipeline Gas Company. The other partner in the JV was Nanjing Panva LPG Co., Ltd., which was a 55% indirectly owned subsidiary of Panva Gas and 45% owned by the state-owned Nanjing LPG Co. The 50-year project involved the development, construction, ownership and operation of gas pipelines in Gaochun, Nanjing.  The registered capital of the joint venture is US$1.01 million.  Panva Gas was a company listed on Growth Enterprise Market Board of the Stock Exchange of Hong Kong Limited. It was principally engaged in the sale and distribution of natural gas and liquefied petroleum gas and construction of gas pipeline in the PRC. As for July 2005, its main shareholder was Enerchina Holidngs Limited (60.57%), which was a subsidiary of Sinolink Worldwide Holdings Ltd (64.33%). Sinolink Worldwide Holdings Ltd. was a company incorporated in Bermuda and 50.83% controlled by Mr. Ouyaping (the Chairman of both Enerchina and Panva Gas). The rest of the shareholder structure for Panva Gas was: public and other shareholders (38.89%), Asia Pacific Promotion Ltd. (0.54%). Aisa Pacif Promotion Ltd., a private company incorporated in the British Virgin Islands which was wholly-owned by Mr. Ouyangping.
In December 2001, the municipality of Soledad (Atlantico) granted a 20 year concession for the operation of its water and sewerage services to Sociedad de Acueducto, Alcantarillado y Aseo (Triple A) de Barranquilla. The municipality had 59,7000 water connections that represented a coverage ratio of 43%. In sewerage the coverage ratio was 36%. The total population of the municipality was 360,000 in 2001.  The concession contract involved investment for US$43 million of which US$30 millionwere to be funded by National and local government contribution and the remaining by the water utility's cash flow. The concessionaire agreed to provide Colombian pesos 1,000 million(US$ 350,000) per year during the first three years of the concession for the management of investment resources, contribute with Colombia pesos 610 million (US$210,000)for the investment program, and pay the administrative auditing of the water utility.
Xinxiang Xinao Gas Company Limited is a Sino-foreign joint venture that was established in August 2002 by Xinao Gas Holdings Limited which has a 95% stake in the project. The remaining 5% is held by Xinxiang City Gas Company. The company will operate the gas piped business in Xinxiang City, Henan Province for a period of 30-years. As of December 2002, the project included 5 km of existing pipeline. Annual capacity is up 100 million cubic meters. Total investment in the project was RMB 137 million.
Srivathsa Power Projects Ltd ("SPPL") was a 17.202 MW (3 x 5.734 MW) natural gas-based plant set up in the state of Andhra Pradesh. Natural gas is being supplied by the Gas Authority of India Limited ("GAIL"). Electric power from the plant was to be sold to the Andhra Pradesh Transco Grid ("APTRANSCO") under a 15 year Power Purchase Agreement. The project is capable of generating a saleable energy of approximately 130 Million kWh annually.   Asian Genco owned 50% of the equity in SPPL. Partnering in the 17 MW gas fired power plant is Avanti Group. The power plant has been in operation since 2002. The was no information on project cost.
On July 1, 2002, Bombay Suburban Electric Supply Company (BSES) acquired 51 percent stake in South West Delhi Electricity Distribution Company Limited and took over its management and operation from the Government of National Capitol Territory in Delhi (NCT). The distribution company was renamed BSES Rajdhani Power Limited (BRPL) after the take over. BRPL’s service area included south and west regions of Delhi and was responsible for all power distribution activities - supplying electricity, metering, billing, and controlling transmission and commercial losses and power thefts.   The partial divestiture of BRPL was part of a major restructuring effort undertaken by NCT to privatize the distribution portion of Delhi Vidyut Board (DVB), a vertically integrated state owned power enterprise. DVB was functionally unbundled into six companies in 2001 – a generation company, a transmission company a holding company and three distribution companies. BSES Rajdhani Power Limited was one of three companies to which the distribution assets of DVB were transferred. The other two companies were BSES Yamuna Power Limited and North Delhi Power Limited.  BSES acquired 51 percent stake in BRPL for Rs 23,500 lakhs (US$ 45 million) and the remaining 49% was held by Delhi Power Company Limited (DPCL), a holding company fully owned by NCT. BSES won the tender by committing to reduce aggregate technical and commercial (ATC) loss by 17 percent in the first five years of the take over. BSES estimated an investment of US$ 105.26 million to meet the ATC targets. BSES also bought a 51 percent stake in BYPL and Tata Power took over NDPL.   Delhi Electricity Regulatory Commission, regulator of Delhi’s power industry, was responsible for setting tariffs for electricity, licensing new capacity, and prescribing performance standards. There was to be a uniform retail tariff all over Delhi for the first five years of the privatization but the bulk supply tariff for each distribution company was based on its paying capacity. To avoid sudden increase in retail tariffs, the Delhi government  (NCT) also committed up to Rs 3,450 crores (USD $ 720 million) for the first five years in the form of discounted price for the bulk power that the three distribution companies purchased from the state owned transmission company but no specific amount of money was targeted for each distribution company. NCT also committed to a 16% return on the invested capital of the private distribution companies.  In January 2003, BSES became part of the Reliance Group and was renamed Reliance Energy Limited.
National Highways Authority of India (NHAI) awarded a 19 year concession to Jas Toll Road Company Limited (JRTCL) to build, finance, operate and maintain the Neelmangla Tumkur Road Project in the southern state of Karnataka. The project included four-laning of the existing two lane 32.5 km stretch on National Highway four (NH-4) between Neelmangla and Tumkur; construction of two railway over bridges, 10 minor bridges, one flyover, five pedestrian subways, three under passes, and two toll plazas. The concession term included a construction period of two years.   The concession agreement between NHAI and JRTCL was signed in July 2001. The Neelmangla Tumkur Road project was part of the Chennai-Mumbai section of the NHAI’s Golden Quadrilateral Program that linked the four major Indian cities of New Delhi, Mumbai, Chennai and Kolkata. This project was expected to ease traffic congestion, reduce travel time and give significant stimulus to trade and commerce in the entire region.   Jas Toll Road Company Limited, a special purpose company wholly owned by India’s Abhijeet Group, was established exclusively to implement this project. Abhijeet Group won the project in an international competitive tender, conducted by NHAI, by bidding for the lowest grant of US$ 5.1 million. India’s highway development policy allowed ‘viability funding’ by NHAI to the tune of 40 percent of the capital costs as grant to the concessionaire, subject to competitive bidding.   The total capital cost of the project was estimated at US$ 49.2 million. The project reached financial closure in June 2002. JRTCL was to be compensated for the capital and operating costs from the tolls collected during the concession term.  Construction work on the project began in June 2002 and was completed in February 2004, four months ahead of schedule.
In August of 2002, Sino-French Holdings was awarded a 50-year concession contract by the Chongqing municipal government for the production, operation and distribution of water in Jiangbei district, Lianglu town of Yubei district and the new zone in the northern part across the two districts, covering a population of 0.46 million and an area of 75 km2 by a network of 272.4 km.  Sino-French was to manage two existing facilities producing 275,000 cubic meters per day of drinking water a day and increase capacity to 345,000 cubic meters per day as well as manage the distribution network.    To implement the contract, Chongqing Sino French Water Supply Company Ltd. was created as the project company which was owned by Sino-French (60%) and the Chongqing Municipality, through the Chongqing Water Industry Holding Company Ltd. (40%). Sino-French, in turn, was a joint venture company owned 50% by Suez water subsidiary Ondeo and 50% by New World Infrastructure of Hong Kong.  Total investment was estimated at US$149.1 million and was to be spread over the life of the contract.  Operations began in November of 2002.
In August 2002 the municipality of Ponedera (the Atlantico department) awarded a 10-year management contract for its water and sewerage services to private consortium, Aguas de la Rivera S.A. The contract covered operation and maintenance of the existing water system. By the second year of operation, the operator was to provide water services 20 hours per day to 95% of the municipality's residents. At the same time, the operator was expected to provide sewerage services to 70% of the residents. The service area for the water utility had some 9,100 residents.   Aguas de la Rivera S.A. was a consortium formed by Colombian construction firms. The names of these firms were not publicly available. The contract was awarded to the bidder that requested the lowest one-time subsidy for investment.   Project financing for the total US$1.2 million was provided by the federal government (US$0.6 million) and the municipal government (US$0.7 million). The private operator was responsible for financing any maintenance expenses involved in standard operation.  The management of the utility was trasferred to Ponederas Municipality in 2008
On May 9, 2003, Centurion Energy International Inc. of Canada announced that the Societe D'Electricite D'El Bibane (SEEB) Electric Generating Power Plant built in Tunisia commenced commercial operations.  Centurion was a 50% owner of the plant while its joint venture partners Caterpillar Power Ventures International Inc., a subsidiary of Caterpillar Inc. and CMI, a Boston-based independent power developer, owned the other 50%.   The plant, constructed in south-central Tunisia near the city of Zarzis at a cost of about US$30 million, was capable of generating 27-MW per hour of power. Natural gas fuel of approximately 7 million cubic feet per day was to be supplied by two gas fields, El Biban and Ezzaouia, which were owned by Centurion and partners.  Electricity generated from the plant was to be sold to La Societe Tunisienne d'Electricite et du Gaz, the Tunisian national power company, under a 20-year power purchase agreement. The power produced was to feed into the Tunisian national power grid.   The project reached financial closure in April of 2002. A London-based bank and a Tunis-based bank each provided US$10.1 million of the total US$20.2 million credit facility.  Centurion's equity participation in the SEEB project constituted a qualifying investment under the Tunisian Reinvestment Reserve Tax Deferral Plan. The investment extinguished a tax liability due from Centurion to the Tunisian State in the amount of approximately US$2.8 million.
In April 2002, the National Highways Authority of India (NHAI) awarded a 17 year concession contract to NYSE Infrastructure Private Limited (NYSE) to develop the Nellore Bypass Project in the southern state of Andhra Pradesh. The project included four-laning of the 17 km stretch on National Highway five (NH-5) that passed through Nellore, construction of two three-lane bridges over Pennar river, a six-lane railway over bridge, five minor six-lane bridges, five access controlled underpasses and 67 culverts. The concession term included a construction period of two years.   The Nellore bypass project was part of the Chennai-Kolkata section of the NHAI’s Golden Quadrilateral Program that linked the four major Indian cities of New Delhi, Mumbai, Chennai and Kolkata. This project was expected to ease traffic congestion in Nellore town and over Pennar Bridge and ultimately facilitate the trade route between the Eastern Corridor and South India.   NYSE Infrastructure Private Limited was a joint venture between India’s Navayuga Group (51%) and Soma Enterprise Limited (49%). NYSE won the project through an international competitive tender conducted by NHAI. Under the contract, NYSE was compensated for the capital and operating costs including returns by way of a fixed semi-annual payment (annuity) of US$ 2.81 million from the NHAI during the operation period of 15 years. Under the annuity scheme, the private operator cannot collect tolls from the users of the facility.   The total cost of the project was estimated at US$ 34 million. The project reached financial closure in October 2002, with a debt equity ratio of 2.56:1.   Construction began in October 2002 and the road became fully operational in September 2004.
The government of Azerbaijan, through a Presidential decree, awarded a 25 year concession for regional energy networks Alibayramlielectricshebeke and Ganjaelectricshebeke to JSC Baku Yuksak Garginlik Electric Avadanligi.   The concession was awarded in October of 2002, following a competitive tender. Three other companies submitted bids: Ar Electric Ticarat AS, Improtext, and Woovford.   In May 2002 it was estimated by a special government commission that some $200 million in investment would be needed to rehabilitate the networks. For the first five years JSC Baku Yuksak Garginlik Electric Avadanligi had promised to invest $28.8 million in Alibayramlielectricshebeke and 33.7 million in Ganjaelectricshebeke. It was expected that a good share of the money would come from loans, but no clear financing arrangements were known by the end of 2004.  In October 2005, Bayva electric power supplier said it will give up management of the electricity distribution networks of Ganja, the country’s second largest city, and the southeast town of Ali-Bayramli due to the apparent failure to fulfill its obligations.        The company said that in September it officially appealed to the Cabinet of Ministers requesting to repeal the contract authorizing it to manage the networks. Bayva cited the poor plight of the network and the fact 80% of consumers were paying fees with low tariffs, which lowered profitability. As another reason for the move, it indicated that considerable investments were needed to renovate the existing system.  Management agreement between Azerbaijani Government and Bayva was finally terminated in December, 2005.
In April 2002 Latin Aguas was awarded a 30 year concession contract for Aguas de la Rioja, the water and sewer utility of the province of la Rioja. With the concession contract, Latin Aguas committed to invest an estimated amount of US$67 million. That figure included US$25 million that was to be invested during the first five years of the contract to build three aqueducts, one sewerage treatment and one sewerage collection and treatment plant, as well as installation of water meters.
In April 2002, Colider Agua e Saneamento Ltda, a wholly-owned subsidiary of Agrimat Engenharia, signed a 30-year concession contract to expand, rehabilitate and operate the water and sewerage systems of the city of Colider (state of Mato Grosso). No information was available regarding the bidding criteria for this concession contract and the investment commitment undertaken by Agrimat. In June 2009, CAB Ambiental took over the contract, that envisaged an increase in sewerage collection coverage from 22% to 49% by 2022. The company committed to invest US$ 2.9 million (BRL 5 million) between 2009 and 2032. The city of Colider had 30 thousand residents in 2009.
Anji Xinao Gas Company Limited is a sino-foreign joint venture company that was established June 19, 2002 by Anji Fengling LNG Company (10%) and Zhejiang Xinao Investment Company Limited (90%). The joint venture has exclusive, 30-year operation rights to distribute piped natural gas to Anji County in Zhejiang Province. Total investment by the joint venture was approximately $2m. As of December 2002, 3km of pipelines had been constructed.  Xinao sold all its share in this JV in 2003.
In January 2002, Millicom Lao Co. Ltd. was awarded a 20-year license for GSM services in the Lao People's Democratic Republic (Laos). Millicom Lao was the fourth entrant to the GSM market in Laos and was operating a pre-paid service for GSM 900 and 1800 frequencies.  Services were launched under the Tango brand name on April 22, 2003.   Millicom Lao Co. Ltd. was a joint venture between Millicom International of Luxembourg (78%) and the Laotian Ministry of Communications, Posts, Transports and Construction ("MCPTC") (22%).  Following a restructuring of Millicom's holding in December of 2004, Millicom's holding in Millicom Lao was reduced to 74.1%.  Mr. Zaman, Senior Vice President of Millicom, took the 3.9% of the company.    The annual license fee was US$100,000 per year plus 2% of net airtime revenues.  The total project cost was expected to be US$9 million.  The IFC provided a loan of US$4 million which was approved in December of 2004, to upgrade and expand the company's network.  Tango initially had quality coverage in the capital Vientiane and in the second largest town of Savannakhet.  Coverage was soon extended to the main tourist area of Luang Prabang.  The national coverage network was completed in April 2005, giving Millicom Lao coverage in all but one of the 17 provinces of Laos.    The company had 76,728 subscribers by December 31, 2005 and competed with three other GSM operators in Laos: Laos Telecommunications Company, a joint venture between Shinawatra and the government of Laos; ETL, which was wholly owned by the government of Laos; and a virtual mobile network operator, LAT, which offered services using ETL's network.   At the end of 2006, Millicom rebranded its Tango service in Lao as Tigo starting in the following year. It also announced that it had invested $10 million in technological advancements and coverage improvements in 2006, effectively doubling coverage in provincial areas. Seperately, Millicom was also awarded an ISP license and 50 MHz of WiMax spectrum space in Laos.  At the end of 2009, Russian telecommunications company Vimpelcom acquired Millicom's 78% stake in Millicom Laos. The remaining 22% remains with the govt. of Laos. Acquisition price was USD 66 million.
The transmission project comprises building, operating and managing a 500Kv transmission line connecting the Tucurui hydroelectric plant to the substation Vila do Conde, in the state of Para. The total length of the line is 323 Km. ANEEL, the Brazilian independent regulatory agency for the electricity sector, offered through public bid the concession for the lines in January, 2000. The company responsible for the project, Empresa Parana de Transmissão de Energia S.A (ETEP), is held by a consortium of Alusa and Schahin. The contract between ANEEL and ETEP was signed in June 2001 and it is valid for thirty years. According to the contract, the lines should start operating within 14 months after the signature. By 2006, the project ownership was Alusa 33.1%, federal power holding company Eletrobrás 33.8%, Cemig 16.9% and Brascan 16.9%.  The project reached financial closure in January 2002, when Brazil’s development Bank approved a financing of US$36.11 million (R$ 105,46 million) for the project. The line started operations in September 2002.   The project was expected to increase the interconnection between the Tucurui hydroelectric power plant and the state of Para. From 1981 until recently, there was one transmission line connecting the plant with the distribution system of the State of Para (Tucurui-Vila do Conde). This is the second line between these substations. For this reason it is referred to as Tucurui-Vila do Conde “second circuit”. It is expected to increase the capacity and reliability of the system. The line is expected to be specially useful when the expansion of capacity of the Tucurui power plant (which is supposed to go from 4,245MW to 8,370MW) is concluded.  In 2009, Cemig and Alusa increased their participations in Etep. The company ownership structure was then split between Alusa (39%) and state-owned companies Eletrobras (23%) and Cemig (37%).
Haian Xinao Gas Company Limited has exclusive, 30-year operation rights to distribute piped natural gas to Haian County. The first phase of investment totaled $1.7m. This project is distinct from a project with a similar name, the Huaian Xinao gas project, involving Huaian City.
The Laiyang Xinao Gas Company Limited is a joint venture between Xinao Gas Holdings Limited (90%) and China Shandong Laiyang Gas Company (10%).  Total investment for the project is US$12m with a registered capital of US$5m.  The company will be the sole supplier of piped gas to Laiyang City, Shandong province for an operational period of 30 years.  This project is part of the larger 4,200 km West to East Pipelines project being promoted by the government.
Greenko Energies Private Limited was created to build and operate biomass power plants. It had two units: 6MW Sattenpalli Unit (KMS) and 6 MW Kadapa Unit (Sri Balaji).   Sattenpalli Unit was located at Sattenapalli mandal, Guntur district, Andhra Pradesh. The project became operational in July 2002 and was acquired by Greenko in January 2007. The plant used Rice Husk, GN Shell and Juliflora as the major fuel. The project was registered under CDM. The project signed a 20 year PPA with APTRANSCO (state DISCOM). Total cost of setting up of the project was estimated at US$4.5 million.  Kadapa Unit (Sri Balaji) was located at Chennur mandal, Kadapa district, Andhra Pradesh. The project became operational in April 2004 and was acquired by Greenko in August 2006. The plant used rice husk, ground nut shell and juliflora as the major fuel. The project was registered under CDM. The project signed a 20 year PPA with APTRANSCO (state DISCOM). Total cost of setting up of the project was estimated at US$4.5 million.
The project comprises the construction and operation of a 93MW thermal power plant (diesel) in the state of Rio Grande do Norte. The company responsible for the project is Parnamirim Energia SA, controlled by Collett SA, a Brazilian company. In July 2002 the plant was commissioned. The estimated total costs were US$55 million.   In January 2002, Parnamirim signed a PPA with the Brazilian Commerce Chamber for Emergency Energy (CBEE), which is a four-year take-or-pay contract for the full capacity of the plant.   Parnamirim power plant was part of a priority program for thermal power plants (Programa Prioritario de Termeletricas), implemented by the Brazilian federal government in 2000. The program, in order to foster the construction of thermal power plants, provided a short-term take-or-pay contract and, in some cases, financing for the construction of the plants (through the Brazilian Development Bank, BNDES).  In December 2004, the power purchase agreement was ended and, in 2005, the sponsor decided to close the facility and sell the assets.
In  September 2002, the municipality of Nova Xavantina, in the state of Mato Grosso, Brazil, awarded a 30-year rehabilitate, operate and transfer contract for its water and sewage infrastructure to private operator Setae - Servico de Tratamento de Agua e Esgoto. In 2002, the town of Nova Xavantina had a population of 17,332.   The concession was awarded through an open competitive tender. No information was available on the number of final bidders. Information on the investment commitments was also not available.
China Telecom, formerly a wholly state-owned company which had a monopoly over the fixed line market in China, was split into two companies in May 2002. China Telecom split into China Telecom-South and China Telecom-North. China Telecommunications Corporation (the new China Telecom) took the 21 southern and western provincial telecom corporations that were run under the former China Telecom, while the remaining 10 northern provincial telecom corporations, together with China Netcom and China Jitong, were merged to form a new China Netcom.  Both companies provided basic and long distance telephone services to residential consumers.  China Telecom became publicly listed in October 2002.  The IPO was listed at 13 cents/share (HK$1.48) on both the New York and Hong Kong stock exchanges for a total listing of 8.69 billion H-shares. Telecom's initial public offering was originally expected to raise US$3.68 billion but was postponed on lack of investor demand. The state-owned company's IPO was launched at a lower price and with half as many shares offered raised US$1.43 billion. Public investors then held 5% of the company while the wholly state-owned China Telecommunications Corporation owned 70.89% and various other state-owned enterprises owned 12%.     China Telecom was the largest fixed-line operator in the country.  By the end of 2005, China Telecom had 210 million fixed line customers and 21 million broadband customers.
The project comprises the construction and operation of a 6 thermal power plants (diesel) with total installed capacity of 368MW in the states of Espirito Santo, Alagoas, and Sergipe. The company responsible for the project is Brasympe Energia SA, a consortium comprising the Brazilian Grupo MPE, previously known as Montagem de Projetos Especiais, SoEnergy, a subsidiary of the Brazilian company Sotreq, and BR Distribuidora(20%), a subsidiary of the state-owned Petrobras.    The total investment in the project was estimated at US$184 million. In Espirito Santo, four plants were implemented: Tubarao (40MW), commissioned in February 2002, Ponta do Ubu (40MW), Carapina (40MW), and Civit (20MW), commissioned in June 2002. The total investments in the Espirito Santo plants was estimated at US$70 million. The Rio Largo plant (168MW), in Alagoas, and the Jardim plant(60MW), in Sergipe, were commissioned in August 2002. The total estimated investments for these two plants were US$114 million.    In January 2002, Brasympe signed a PPA with the Brazilian Commerce Chamber for Emergency Energy (CBEE), which is a three-year take-or-pay contract for the full capacity of the six plants.   Brasympe power plants are part of a priority program for thermal power plants (Programa Prioritario de Termeletricas), implemented by the Brazilian federal government in 2000. The program, in order to foster the construction of thermal power plants, provides a short-term take-or-pay contract and, in some cases, financing for the construction of the plants (through the Brazilian Development Bank, BNDES).  As of December 2009, the shareholding structure of Brasympe had changed to state-owend BR Distribuidora (20%), Brazil Energy (26,66%), Sotreq (26,66%) and MPE (26,66%).
The GMR Group has formed a consortium with Messrs, United Engineers (Malaysia) Berhad (UEM) to construct and operate two projects, the Ankapalli-Tuni Expressway in Andhra Pradesh and the Tambaram-Tindivanam Expressway.  Equity holdings for the GMR Group and UEM are 74% and 26%, respectively.  The Tambaram-Tindivanam Expressway project involves the strengthening and widening to four lanes on 90 kilometers of the NH-45 in Tamil Nadu.    Financial closure for both projects was obtained in June 2002.  The project have a combined capital outlay of Rs7,430 million (USD152.3m) and will be funded with a debt/equity ratio of 3:1 with a total debt of Rs5, 570m.  Tenure of the debt is 13.5 years including a construction period of 2.5 years.  The group of nine lenders was lead by the ICICI Bank and includes the State Bank of India, Union Bank of India, Indian Overseas Bank, Jammu & Kashmir Bank, Bank of India, Punjab National Bank, Industrial Investment Bank of India and State Bank of Mysore.
In December of 2002, Ondeo (the water subsidiary of SUEZ) was awarded a four year management contract by the Ministry of Energy and Water (MEW) of Lebanon for the water utility of Tripoli.  Ondeo beat out Vivendi, the only other bidder for the euro 9 million contract.  The project was expected to provide Tripoli with 85,000 cubic meters of water a day for 350,000 customers.   According to MEW, about 50% of Lebanon's water was being wasted; this percentage was projected to drop to 15% under the management contract.  The contract was being financed by a US$21 million soft loan from the Agence Française de Développement (AFD) and provided for Ondeo to repair and expand wastewater treatment plants and water supply networks.  The contract concluded in December 2006 and it was not renewed or extended by the government. The management of the water utility went back to the government. By end of 2006, it was unclear another PPI contract would be issued for Tripoli in the future.
In November 2001 Gelsenwasser AG signed a two year management contract for the water utility in Gjakova, Kosovo. The contract was awarded by the United Nations Interim Administration. Gelsenwasser won an open international tender for the management contract. The goal of the contract was to strengthen the regional water supply company of Gjakova, Rahovec and Lumbhardi region of Kosovo. The water utility supplied drinking water to some 200,000 people.  The contract became operational in January 2002. In 2005 an extension was signed, giving Gelsenwasser management rights until January 2007.   The World Bank provided $4.6 million to the United Nations Interim Administration for the project. German bilateral agency KfW also provided 9 million Euros in financing.  The management contract ended in January 2007.  A team of local experts took over the management of the Regional Water Supply Company of Gjakova/Rahovec.
El Salvador established two geothermal power plants in the country: Ahuachapan (95 MW) and Berlin (109.4 MW), which commenced operations in 1975 and 1992, respectively. In 1999, in a move to increase the investment in these geothermal projects, the government established the company LaGeo, and launched an international tender to select an international partner in August 2001.   The Italian company Enel won the competitive bidding process and signed a shareholders' agreement in 2002, which allowed Enel to increase its stake in the company by capitalizing investments. The initial participation of Enel in LaGeo was 8,5%. By the time Enel entered in the partnership, the power plants had a total capacity of 131.4 MW.  Over the years, Enel's participation in the company increased to 36.3%. Most of the investment was directed to the Berlin power plant. By 2008, the Italian company requested the recognition that its stake in the project was to increase to 53.3%, considering the US$ 127.4 million in investments undertaken since 2002. Enel took the issue to international arbitration which sided with Enel on May 2011.  In September 2015, the government decided to buy Enel's stake for US$ 280 million and settled the issue.
InterGen won the competitive bidding for the Comision Federal de Electricidad's build own operate 490 megawatt La Rosita project in June 2000 beating out one other bid, submitted by AES Corp.  In 2001 this was upsized to a 1060 megawatt project.  66% of the offtake will be sold to Mexico's CFE under a 25 year power purchase agreement, with 20% sold through Shell's Coral subsidiary and the remainder into southern California merchant markets.  Fuel for La Rosita will be transported through a new, 126 mile cross-border natural gas pipeline running from Ehrenberg, Arizona to the plant site near Mexicali.  In April of 2002 first-tier lead arrangers Citibank, BNP Paribas and Export Development Corps of Canada closed a $563 project financing facility to fund this project.  The facility is made up of a covered and an uncovered tranche.  The $425 covered tranche is insured for political risk by Export Development Corp and features a 15-year tenor.  The $107 million uncovered tranche has an 11-year tenor.  The plant began operations in 2003.  In 2013, the sponsors entered in an agreement to refinance this first debt. The new debt comprised a US$ 400 million 5-year term loan, a US$ 10 million 7-year revolver and a US$ 37 million 5-year PCS letter of credit.
The Mexican Comision Reguladora de Energia (CRE) awarded a 27-year IPP permit to Electricidad Aguila de Altamira (EAA), a subsidiary of both Mitsubishi and Electricite de France.  The total cost of the project is $300 million.  Mitsubishi originally won the build operate own contract and subsequently sold 51% of the project to Electricite de France.  In October of 2002 Citibank and Mizuho Financial closed syndication of a $200 million non-recourse loan arranged to partly fund the 495 MW combined cycle plant located in northeastern Mexico.  In December 2007 Gas Natural SDG SA acquired all of EDF's assets in Mexico for US $1.450 billion.
In May 2002, PT Bintang Hytien Jaya (BHJ) won a concession contract for the construction, maintenance and management of facilities to provide clean water in Kabupaten Kota Tangerang, Indonesia for a period of 25 years. On 20 April 2006, Asian Utilities Pte Ltd (“AUPL”), a subsidiary of Gadang Holdings Berhad, acquired 95 percent stake of BHJ for a purchase price of IDR250 million. In 2006, the plant was serving 14,800 customers.   Gadang Holdings Bhd also promised to invest RM20 million or USD 5.2 million for the plant to expand the plant. It was hoped that Hytien Jaya Water Treatment Plant would be upgraded to a targeted capacity of 1,050 liters/second.
In September 2002, a Thailand based company Taifuhua (International) Investment Co. Ltd. signed an agreement to build and operate Shizhu - Boyangtang Road in Chongqing Municipality. The total investment on the 55.45 km road was RMB 319 million (US$ 38.53 million). The construction of the project commenced at the end of 2002 and the road come into operation in 2005. Taifuhua would then operate the road for 20 years.
Panva Gas, through its wholly owned subsidiary, Pan River Investments Company, acquired a 100% interest in the state-owned Weiyuan Natural Gas company for a total of $2.77 million. Weiyuan Panva will hold a 90% stake and will have exclusive rights to develop and operate gas pipelines for a period of 50 years in Weiyuan county of Sichuan Province. The remaining 10% stake will be held by another subsidiary of Panva Gas, Ziyang Panva. The project involves 37 km of long range pipelines and more than 60 km of city pipelines.
Haining Xinao Gas Company Limited is a Sino-foreign joint venture that was established in December 2002 by Xinao Gas Holdings Limited, which holds an 80% stake in the project with the total investment at US$ 9.46 million. Haining Wantong and Haining Mintai hold the remaining 15% and 5%, respectively. The company will operate the gas piped business in Haining, Zhejiang Province for a 30-year period. As of December 2002, no pipeline had been constructed.
The project comprises the construction and operation of a 190MW floating thermal power plant (diesel) in Salvador, state of Bahia. The company responsible for the project is Nordeste Generation Ltda, controlled by Keppel Fels Energy, from Singapore. In August 2002 the plant was inaugurated.   The estimated total costs were US$100 million. In 2002, Multilateral Investment Guarantee Agency (World Bank Group) has provided Keppel of Singapore a $130 million guarantee to cover its investment of over $100 million in the project. The coverage is for three years and is against the risks of transfer restriction and expropriation, including the failure by the host government to honor its payment obligation under the Host Government guarantee to the electrical power supply contract. $80 million of this exposure has been syndicated though MIGA’s Cooperative Underwriting Program.  In January 2002, Nordeste Generation signed a PPA with the Brazilian Commerce Chamber for Emergency Energy (CBEE), which is a two-year take-or-pay contract for the full capacity of the plant.   Nordeste Generation power plant was part of a priority program for thermal power plants (Programa Prioritario de Termeletricas), implemented by the Brazilian federal government in 2000. The program, in order to foster the construction of thermal power plants, provided a short-term take-or-pay contract and, in some cases, financing for the construction of the plants (through the Brazilian Development Bank, BNDES).  Commercial operations commenced in November of 2002 and were completed in December 2004.
The Asian terminal, Inc. won the 25-concession contract to build and operate a modern domestic passenger terminal on Pier 15 at the South Harbor, Manila. The company has announced that it will invest US$ 30.1 million (P 1.6 billion) in the project during the concession period, including the construction cost. The construction of the terminal was initiated in June of 2002 and was concluded in January of 2003. The Terminal was named Eva Macapagal Super Terminal (EMST) in memory of the mother of the president Gloria Macapagal Arroyo. EMST has 2,878 square meters and is expected to serve two-three million passengers annually.
In December 2002, Vivendi Water (known as Veolia Environnement as of May 2003), was awarded a 30-year concession contract for the Zhuhai Wastewater Project in the Zhuhai municipality, Guangdong Province.  The contract covered the operation and management of two wastewater treatment plants: an existing plant and one to be built. The capacity of these plants was not disclosed.  The municipality had 1.2 million inhabitants.  Vivendi invested Euro 3 million (US$3 million) to acquire a 49% stake in the Zhuhai Asset Company and 51% of the Zhuhai Operating Company while the municipality held the remainder.  Project investment was to total Euro 40 million (US$40 million) of which Vivendi was to commit Euro 27 million (US$25.47 million).  The project was to be financed in partnership with Hong Kong investors.
The project company, Yi County Wah Sang Gas Company Limited, was established in August 2002. The project is located in Yi County, Hebei Province. Wah Sang Gas Holdings Limited has 100% stake in the project and will operate and manage the joint venture for 50 years. The total investment was RMB 15 million (US$ 1.81 million).
Taixing Xinao Gas Company Limited is a Sino-foreign joint venture company officially established in 2002.   Partners in the joint venture are Xinao Gas Holdings Limited (90%) and Taixing City Piped LPG Company (10%).  Term of the joint venture is 30 years.  Xinao Gas will contribute 90% of the total investment amount of US$1.6 million.  This project is part of the larger "West to East Pipelines" project being promoted by the government.
Panva Gas acquired a 90% interest in the state-owned Ziyang Gas Company in the city of Ziyang, Sichuan Province for total of $1.8m. The Company has exclusive rights for the provision of natural gas to the city, as well as for the construction, maintenance, ownership and operation of the city pipeline network for a period of 50 years. Total length of pipeline under construction is 328 km.  Panva Gas was a company listed on Growth Enterprise Market Board of the Stock Exchange of Hong Kong Limited. It was principally engaged in the sale and distribution of natural gas and liquefied petroleum gas and construction of gas pipeline in the PRC. As for July 2005, its main shareholder was Enerchina Holidngs Limited (60.57%), which was a subsidiary of Sinolink Worldwide Holdings Ltd (64.33%). Sinolink Worldwide Holdings Ltd. was a company incorporated in Bermuda and 50.83% controlled by Mr. Ouyaping (the Chairman of both Enerchina and Panva Gas). The rest of the shareholder structure for Panva Gas was: public and other shareholders (38.89%), Asia Pacific Promotion Ltd. (0.54%). Aisa Pacif Promotion Ltd., a private company incorporated in the British Virgin Islands which was wholly-owned by Mr. Ouyangping.
The municipality of San Marcos (in the Sucre department) awarded a 15-year contract for water and sewerage services. The project included minimal investment, operation, and maintenance of the existing water system. The contract covered provision for the estimated 32,750 residents.   The private company, Aguas de la Mojana S.A., won the bid by requesting the lowest one-time subsidy for investment. Aguas de la Mojana is a Colombian construction firm that began water services operations.   Project financing for the total US$4.1 million was provided by the federal government (US$1.0 million), municipal government (US$2.9 million) and the private operator (US$0.2 million).
Transit do Brasil Ltda provides local and long-distance telephone services in certain cities in the States of Sao Paulo, Rio de Janeiro, Minas Gerais, Parana, Santa Catarina and Rio Grande do Sul. Transit received licenses to operate in the regions where one of the mirror companies are not delivering services. Transit is one of the so-called "espelhinhos" (small-mirrors).   In 2000, it was authorized to deliver local services within cities in the states of Parana, Santa Catarina and Rio Grande do Sul with less than 30,000 habitants. In 2001, it was also authorized to deliver local services in some cities in the state of Sao Paulo with less than 70,000 habitants. In 2002, it was authorized to serve a total of 52 cities and it was granted permission to start long-distance services in the cities where it had been operational.  In 2003, Transit was authorized to deliver local and long-distance services in Region III, and in the some broader areas in some areas in the states of Rio de Janeiro, Minas Gerais, Parana, Santa Catarina, and Rio Grande do Sul.  In October 2002, Transit started operations in the state of Rio Grande do Sul. In 2003, it was also operating in one city in the state of Sao Paulo (Vinhedo) and in the main capitals of the country (Belo Horizonte, curitiba, Porto Alegre, Caxias do Sul, Rio de Janeiro, Campinas and the city of Sao Paulo).
The construction of the Ningbo Daxie Xingfa Port commenced in October 2002 in Ningbo City, Zhejiang Province. The 50 year agreement was granted to a local private company Ningbo Daxie Xingfa Port Co., Ltd. through direct negotiation. The company owns 100% of the port project with a capacity of 500,000 tons per year. The total investment was RMB 100 million (US$ 12.08 million). The project came into operation in November 2005.
In December of 2002, Energia Global International (EGI) received $37 million in financing from the IFC for the construction and operation of the 43MW El Canada hydroelectric power plant in Guatemala.   EGI is a wholly owned subsidiary of Enelpower of Italy.  The project is a run of the river plant located 200 km west of Guatemala City, downstream of an existing hydroelectric plant on the Samala River.  Total investment in the project is $60 million.  In 2001 Iberdrola controlled distribution company Eegsa signed a 10-year power purchase agreement for 100% of the plant's power.
The Construction Industry Development Board Inventures is a Malaysian consortium made of 11 companies including IJM Sdn Bhd, WCT and Bina Puri Holdings.  The group signed an agreement with the National Highways Authority (NHAI) in December 2000 to build the NH-5 and NH-9 highways.  Each is four-lanes wide and will stretch a total of 158 km.  The NH-5 highway will stretch between Tada and Nellore over 110km.  The NH-9 will stretch between Vijayawada to Nandigama over 48km.  The consortium will manage, operate, and collect tolls for a 30-year period.    Total cost of the project is estimated at US$181.6 million.  In March 2002, the consortium closed financing of around US$75m from a seven-member consortium of public-sector banks led by the IDBI.  Average cost of borrowing will be 14% with a tenure of 15-years including a three year construction period, a three year moratorium period and a repayment period of nine years.  The project will also be financed using approximately US$50m of the consortium's own funds.  However, the NHAI will disperse a capital grant of almost US$30m.  The project was scheduled for completion in September 2003.
In June 2002 the municipalities of Barrancas, Distraccion, El Molino, and Villanueva, awarded a 12-year concession for their water and sewerage services to private operator Aguas del Sur de la Guajira SA. The project included provisions for the installation of new connections in addition to operation and maintenance of the existing water and sewerage collection systems. The operator was to provide services to a population of 42,700 residents (combined from the four municipalities).  The project company, Aguas del Sur de la Guajira S.A., was owned by the Colombian firm Grupo Hydros.   Financing for the project’s total US$0.8 million investment was achieved primarily through government support: federal government support (US$0.3 million), municipal support (US$0.3 million), with a small contribution from the concessionaire (US$0.2 million).
In October 2002, a local private company Hainan Runda Industrial Co. Ltd. formed a joint venture, Jinan Quehua Water Treatment Co. Ltd. with Jinan Municipal Water Co. to build and operate the Jinan Yellow River Water Plant. The plant capacity was 400,000 cubic meters per day.   Hainan Runda invested RMB 147 million (US$ 17.75 million) in the plant and owned 51% of the project.  The total investment was RMB 288 million (US$ 34.78 million). The operation period was 25 years.
In May 5, 2001, the government of Pernambuco State, Brazil, awarded the Port of Suape Container Terminal through a concession to the Philippine-based International Container Terminal Services (ICTSI).  The 30-year concession to manage, operate and develop the Suape Container Terminal required ICTSI to make total investments of US$60 million throughout the period. The company was obligated to pay the Suape Port Authority an initial fee of approximately US$3.5 million, an annual fixed fee of approximately US$1.55 million, and variable fees of US$25, US$7.50 and US$15 per full, empty and transshipped twenty-foot-equivalent unit (TEU) of cargo.   ICTSI subsequently formed Tecon Suape, SA (TSSA) to be the terminal's operating company.   The Port of Suape is located in an industrial zone in the State of Pernambuco. The project company is expected to build, develop and operate the container terminal at the Port of Suape. The first phase of investments was estimated at US$15 million. The IFC advised the Pernambuco government on the container terminal sale.  Operations began in April of 2002.   In November 2008, the company started the construction works to expand its container storage area from 230 to 300 thousand square meters. The works were completed by mid-2009 and involved an investment of US$ 10 million (BRL 20 million). Between 2001 and 2009, the sponsor invested US$ 76 million (BRL 152 million) in the terminal, and expected to direct another US$ 40 million over the 2010-2011 period to expand the terminal capacity to 1 million containers per year.  In 2012, another US$ 51.2 million (BRL 100 million) was directed to expanding the terminal capacity from 450 thousand TEUs to 750 thousand TEUs.
The company Raizen Energia S.A., a partnership of the Dutch company Shell (50%) and the Brazilian company Cosan (50%), was granted the authorization to build four thermal power plant located in the state of Sao Paulo. The projects were initially granted to Cosan's subsidiaries, which were dedicated to sugar-cane processing business. In February 2011, the projects were transferred to Raizen Bioenergia, when the partnership between Shell and Cosan became with the merger of these two companies' assets. In November 2012, a newly created company, Raizen Energia S.A., undertook the management of all projects.  The four sugar-cane residue fueled power plants had a total capacity of 278 MW. The power plants were named:  UTE Gasa (82 MW)  UTE Usina da Serra (15 MW) UTE Barra Bioenergia (136 MW)  UTE Univalem Bioenergia (45 MW)  The 30-year contract were signed with the regulatory agency ANEEL in January 2008.    The construction of UTE Gasa was done in two phases: the first 40 MW became operational in August 2008 (investment amount was not available), while the remaining 42 MW became operational in June 2010. The power plant received a US$ 74.5 million (BRL 149 million) loan from the state-owned bank BNDES in June 2009 to finance this second phase, whose costs were estimated at US$ 95 million (BRL 190 million). UTE Gasa signed a 15-year power purchase contract with the electricity distribution company CPFL.  In August 2008, UTE Barra Bioenergia took part in a competitive bidding process to sell electricity to the regulated wholesale market. The company offered the winning bid of US$ 32.8/MWh (BRL 60.04/MWh), and a 30-year power purchase agreement was signed guaranteeing the sale of electricity to the national grid for 15 years, starting in 2010. The power plant commenced operations in July 2010, and a total of US$ 195.9 million (BRL344.7 million) was invested in the power plant.  As of October 2012, UTE Usina da Serra and UTE Univalem had not established power purchase agreements with distribution companies. Part of the electricity generated at the power plants were directed to the sugar-cane pressing facilities that belonged to the sponsors, and part of it was traded with large consumers in the unregulated market. UTE Usina da Serra became operational in May 2002 (investment amount was not available). UTE Univalem, which demanded investments of US$ million (BRL 180 million) commenced operations in November 2012.  With regards to government support to these projects, the electricity sold by the project companies are not subject to sectoral taxes, and the companies receive a 50% discount on the transmission and distribution costs.
In April 2002 the Albanian Government and Elber Sh.p.k. signed a concession contract to operate the water and wastewater systems in Elbasan, Albania. The city of Elbasan, located about 60km south-eastern of Tirana, had some 100,000 inhabitants in 2002. The concession was part of a larger project to improve the provision of water and sewage services in Elbasan. The project included infrastructure investments financed by the Albanian government.  According to the concession contract the main responsibilities of Elber Sh.p.k. were:  •	Secure the water supply by rehabilitating existing wells and constructing new ones. •	Rehabilitate and expand the existing water supply network to cover 98.5% of the population. •	Eliminate illegal water connections and reduce unaccounted water losses down to 15%  •	Establish a reliable wastewater disposal facility. •	Reduce response time to unplanned interruptions to 2h. •	Increase the water supply to the city of Elbasan from 4 hours per day to 24 hours per day within the next few years.  Elber Sh.p.k. had the right to adjust water tariffs and cut off non-paying customers.   The concessionaire planned to invest some DEM 17 million ($12.7 million) to reach the goals set in the concession agreement. The Albanian government committed to invest a further DEM 30 (US$ 19) million. German bank Kreditanstalt fur Wiederaufbau (KfW) funded DEM 23.5 (US$ 11) million through a loan given to the Albanian government.   Elber Sh.p.k. was a subsidiary of German Berlinwasser International Aktiengesellschaft (BWI) and RODECO Consulting GmbH.  On November 1, 2006, the government of Albania decided to cancel the contract by buying Berlinwasser's 100% stake in Elber for 10,000 leks ($103/80 euro). By December 2006, there was no further goverment's statement on the contract or reasons for the cancellation.
The state-owned vertically integrated utility of Montenegro, Elektroprivreda Crne Gore AD Niksic (EPCG), was incorporated as a joint stock company on March 18, 1998.  EPCG is principally engaged in electricity generation, transmission, distribution and supply. As of 2009, EPCG had 867MW of installed capacity, 1257km of transmission lines and served 322,400 customers.   The first partial divestiture of government stock in EPCG occurred in 2001-2, by means of the Mass Voucher Privatization (MVP) process.  After this process, the ownership structure of EPCG became the Republic of Montenegro (67.7%), MVP Funds (20.2%), citizens and employees of EPCG (12.1%). In 2005, EPCG stock became listed on two Montenegrin stock exchanges, NEX Montenegro and Montenegro Berza.      In February 2009, the Montenegrin government launched a tender for the sale of an 18.3% stake in EPCG to a strategic investor. The initial date for submission of final bids for the stake was April 30, 2009, but this was extended first to June 1 and latterly to July 17, 2009. Two parties submitted final bids: a Greek consortium of state-controlled power company PPC and GoldenEnergy One Holding; and A2A SpA [Italy]. In addition to bidding on the 18.3% stake, A2A SpA purchased a stake of approx. 15% in EPCG in a series of block trade transactions on Montenegro Stock Exchange in May 2009. In August 2009, the Montenegrin government accepted A2A's offer of EUR8.4 per share over an offer of EUR11.1 per share from the rival bidder for the 18.3% stake in EPCG.  On Sep. 3, 2009, the Minister of Economy and A2A Group signed the contract through which A2A Group purchased an 18.3% stake in EPCG.  A2A acquired half of this participation (11.46 million shares) from the Montenegrin government and the other half (11.46 million shares) by means of the underwriting of a capital increase in EPCG reserved for A2A.  Following this share sale and capital increase, A2A's holding in EPCG increased from approx. 17% to approx. 34%; the share owned by minority private shareholders decreased from approx. 12% to approx. 11%; and the share owned by the government decreased from approx. 71% to approx. 55%.  The total value of the transaction was EUR192.48 million (US$267.55 million), based on A2A's purchase of 22.92 million shares at EUR8.4 per share.    As part of the deal agreed with the goverment, A2A then purchased at end-September 2009 an additional approx. 10% holding in EPCG from minority shareholders. This sale was worth EUR101 million, based on the purchase of 12.02 million shares at EUR8.4 per share.  Therefore, as of end-2009, EPCG was owned approx. 55% by the government, approx. 44% by A2A, and approx. 1% by minority shareholders.   As of August 2011, the contract between A2A and EPGC was ammended to limit A2A's ability to buy more shares in the company given that its performance had not been on course with previosuly agreed targets. The new agreement also allows for teh contract to be extended for 5 more years until 2019 provided that the performance of the company meets a set of new seven indicators.
The transmission project comprises a 500Kv transmission line connecting Tucurui, Maraba, Acailandia, Imperatriz, and Presidente Dutra substations. ANEEL, the Brazilian independent regulatory agency for the electricity sector, offered the line through a public bid and a consortium comprising Alusa and Schanin was the winner. After the public bid, a new company, Empresa Amazonense de Transmissão de Energia S.A (EATE), was created to built and operate the lines. EATE comprises Alusa, Schahin, and Eletrobras, a Brazilian state-owned company. By 2006, the project ownership was Alusa 27.43%, Eletrobrás 45.14%, Cemig 13.72% and Brascan 13.72%.  The contract between ANEEL and EATE was signed in June 2001 and will be valid until June 2031. According to the contract, the line were expected to start operating within 22 months of signature. The line was inaugurated within the contractual deadline.  The project reached financial closure in March 2002, when Brazil’s development Bank, BNDES, approved financing of US$209 millions (R$488 millions) for the project. The financing corresponds to 78.75 percent of the total investments of US$266 million (R$619 million).   The total length of the line, from substation Tucurui to substation Presidente Dutra, was expected to be 942 KM. In addition to building and operating the transmission line, the project also comprises the construction of Acailandia substation and the expansion of the other substations involved. The project will increase the interconnection between the North and the Northeast regions. This project is the third section of the interconnection project linking these two regions.   By 2009, the project ownership was Alusa 29%, Eletrobrás 40.2%, Cemig 14.9% and Brascan 14.9%.
In October 2001 the municipalities of Itsmina and Tado municipalities granted a 12 year lease contract (operation and investment implementation program) to Francisco Velasquez Ingenieria Civil y Sanitaria. The contract became operation in January 2002.Itsmina had a population of 13,500 with a water coverage of 33% while Tado had a population of 9,100 with a water coverage of 46%. The contracts indicated investment commitments for US$1.7 million in Itsmina and US$0.6 million in Tado.
Pipavav Railways Corporation Ltd. (PRCL) was a joint venture company between the Ministry of Railways, Government of India and Gujarat Pipavav Port Ltd., each having an equal stake in the project to transport Inland Container Depots (ICDs).   PRCL undertook the construction, operation and maintenance of the 270 km long Broad Gauge Rail line between Surendranagar and Pipavav Port with a project cost of Rs. 373 crores (approx. US$85 million).  The project became operational in April of 2003 and was to compete with the existing Concor run Mumbai-Delhi corridor, which had been a monopoly.    The 33-year concession agreement with PRCL was reached in June of 2001.  Under an agreement signed in March of 2002, Western  Railway constructed and commissioned the broad gauge rail line, including the gauge conversion from meter gauge to broad gauge between Surendranagar and Rajula City (approximately 250kms) and a new broad gauge rail line between Rajula and Pipavav port (approximately 20 kms).  PRCL was to carry out the operations and maintenance of the rail line through Western Railway, as their nominated operator.  The Ministry of Railways and Gujarat Pipavav Port Ltd. contributed approximately 2/3 of the equity capital in the project.  The debt component of the project was Rs 173 crore, secured through Union Bank of India.
On January 24, 2002, Nicaragua’s state-owned enterprise Emrpesa Nicaraguense de Electricidad (Enel), sold a 115 MW diesel powered thermal generator Generadora de Occidente SA (Geosa) to El Paso Corporation for $11.3 million. The generator consisted of two power stations, 100 MW Nicaragua and 15 MW Chinandega, located in western Nicaragua.   The contract was awarded at a privatization auction in January 2002. El Paso Corporation’s bid of US $11.3 million beat Singapore-based Keppel Group’s bid of US $8 million. The government did not set a minimum bidding price.   The auction was conducted as part of a larger effort by the Nicaraguan federal government to privatize all of Enel’s generation assets.   The project was canceled in September 2007.
Yantian International Container Terminals Ltd. (YICT) was a joint venture company formed by Hutchison Whampoa Ltd, through its subsidiary Hutchison Port Holdings (HPH) (65%), and the state-owned Shenzen Yantian Port Group Co. Ltd. (45%) to jointly develop and operate Yantian International Container Terminal Phase III at Yantian, Guangzhou province in China.  Yantian International Container Terminal Phase III planned to be situated on 90 hectares of land and have four container berths.  The construction was launched in early 2002, and the first two berths began operations on October 16 and November 26, 2003 respectively. It was estimated that the whole project would be completed by the end of 2005.   The joint venture company announced that they expected to invest US$846.4 million (HK$ 6.6 billion) in the whole project.  In April of 2004, YICT signed an agreement on a five-year term loan of HK$3.3 billion (US$423 million) with a banking syndication which included the Bank of China, the Industrial and Commercial Bank of China, China Construction Bank, the Agricultural Bank of China and China Development Bank.
In April of 2002, PBA Holdings, which was the holding company for the Penang Water Authority (Perbadanan Bekalan Air Pulau Pinang), listed 45% of its equity on the Kuala Lumpur Stock Exchange (KLSE).  The Penang Water Authority (PWA) was involved in the entire spectrum of the water supply business from the sourcing and treatment of raw water, to the final sale of treated water to end customers. PWA, unlike some other Malaysian water utilities, boasted the lowest non-revenue water (NRW) in the country at 22%, high water revenue collection of 98%, and a good profit track record.  PWA held the monopoly to supply water to 1.26 million people in Penang.   Following the public listing, the Penang state government held a 55% stake in PBA while the state-owned Penang Development Corp. held 10%. The private stakeholders were the construction company Yayasan Bumiputera Pulau Pinang (10%), PBA employees (5%), PBA consumers (10%) and the public (10%).  PBA made a public issue of 51 million shares at an IPO price of RM1.30 a share to raise a net total of RM62.3 million (US$17.4 million) which had been earmarked for capital expenditures.  PBA expected to invest RM331 million between 2002 and 2005 on treatment capacity, reservoirs and the upgrading of its distribution network.
In 2001, Ceylon Electricity Board (CEB) approved the development of an 8.4 MW mini hydro project in Ratnapura district (Sabaragamuwa province, Sri Lanka) by Didul Private Limited (DPL) on build-own-operate (BOO) basis. By December 2002, DPL obtained all the necessary approvals from the various government agencies to develop this “run of river” mini hydro project that utilized the water flow of river Way Ganga.   In 2002, DPL entered into a long term power purchase agreement with CEB for the sale of all its power.  DPL, a special purpose company, was fully owned unit of Vallibel Holdings, a local equity fund owned and run by Sri Lankan entrepreneur Mr. Dhammika Perera.   The total cost of this mini hydro project was estimated at US$ 8.0 million. The project reached financial closure in October 2002 with a debt equity ratio of 3:1.   Construction on the project began in 2002. Commercial operations commenced in July 2004.
Xinghua Xinao Gas Company Limited is a Sino-foreign joint venture that was established in December 2002 by Xinao Gas Holdings Limited through its subsidiary Jiangsu Xinao Investment Limited which has a 100% stake in the project. The company will operate the gas piped business in Xinghua, Jiangsu Province. Operations will commence in mid-2003; however as of December 2002, no pipeline had been constructed. Total investment was RMB 50 milliion.
In October 2002, Aguas de Bom Sucesso Ltda was awarded a 25-year concession to operate the water and sewerage systems of the city of Bom Sucesso, in the State of Minas Gerais. Aguas de Bom Sucesso started operating the systems in December 2002, attending a population at the time of 13,727.  Aguas de Bom Sucesso was owned by the local companies Global Engenharia and Planex Consultoria.  The project company, Aguas de Bom Sucesso, committed to invest US$1.06 million (R$3.09 million) throughout the concession period.
Rizhao Xinao Gas Company Limited is a Sino-foreign joint venture that was established in July 2002 by Xinao Gas Holdings Limited through its wholly-owned subsidiary Xinao Shandong Investment Limited which has an 80% stake in the project. The remaining stake is held by the Rizhao City Town Gas Company. The company will operate the gas piped business in Rizhao City, Shandong Province for a period of 30-years. As of December 2002, the project included 6 km of existing pipeline. Total investment in the project was RMB 200 million.
In 2002, Brazilian company Rocha Terminais Portuarios e Logistica was awarded the contract to expand, rehabilitate and operate a general cargo terminal at Paranagua port, state of Parana.  Information on the bidding criteria, other bidders and winning bid was not available. The 20-year contract was signed in September 2002, and the sponsors took over the facilities in the same year.  In December 2016, Rocha announced an investment of US$ 116 million (BRL 400 million) to expand the terminal. Financial closure was achieved in March 2017, when the sponsor was granted a US$ 40.8 million (BRL 129.6 million) loan from the Brazilian state-owned bank BNDES. The remaining investment cost was equity financed.  Constructions works were expected to be concluded by April 2017. The new terminal was expected to reach a capacity of 6 million tons/year.
Net Group Solutions, a South Africa-based company, took over the management of Tanesco in April 2002 under a 2-year management contract. Tanzania Electricity Supply Company (TANESCO) is a vertically integrated, state owned utility, licensed to generate, transmit, distribute and sell electricity throughout the country. Net Group was contracted to make TANESCO turn profitable ahead of its privatization. The firm is charged with managing TANESCO's operations, maintenance and expansion.  NetGroup received US$ 2.6 million as fixed fee for the two year contract. The contract was performance based and included a success fee based on improvements to revenue collection and operating efficiency.  Swedish International Development Corporation Agency (SIDA) provided a grant for the fixed fee portion of the contract through a World Bank trust fund.   There was general agreement that the contract with NetGroup was successful. In 2004, the contract was initially extended by three months to allow time for negotiations for an extension by either two or five years. The contract was finally extended for an additional two years until December 2006. The contract was concluded in December 2006, and Tanesco returned to the government.
The project comprises the construction and operation of a 128MW thermal power plant (fuel oil) in Candeias, the state of Bahia. The company responsible for the project is Companhia Energetica de Petrolina, controlled by Cisa Trading, a subsidiary of Grupo Coimex. In October 2002 the plant was inaugurated. The estimated total costs were US$103 million. ABN Amro Bank provided US$47.5 million   In January 2002, Petrolina signed a PPA with the Brazilian Commerce Chamber for Emergency Energy (CBEE), which is a three-year take-or-pay contract for the full capacity of the plant.   Petrolina power plant is part of a priority program for thermal power plants (Programa Prioritario de Termeletricas), implemented by the Brazilian federal government in 2000. The program, in order to foster the construction of thermal power plants, provides a short-term take-or-pay contract and, in some cases, financing for the construction of the plants (through the Brazilian Development Bank, BNDES).  As of December 2009, the shareholding structure of the project company had changed to: Grupo Coimex (35%), Comvix Tradind SA (25%) Caraiva Participacoes (20%) and Vale do Lobo Participacoes (20%).
Hubei Xisaishan Power Generation Company Limited ("Hubei Xisaishan"), an associate company of Meiya Power Company Limited (MPC), achieved financial close for its 700 MW coal-fired power plant and its ancillary facilities at Xisaishan, Huangshi City, Hubei province, People’s Republic of China in May 2002. Hubei Xisaishan was a sino-foreign joint venture company incorporated in China to develop, construct and operate the Project. MPC owned 49% of Hubei Xisaishan, in partnership with state-owned Hubei Huangshi Power Generation Co. Ltd. (50%) and Huangshi City Investment Company (1%).   Construction of the 660 MW pulverized coal-fired plant had started with the target date for commercial operation set for mid-2005.  The electric power was to be purchased by the state-owned Hubei Electric Power Company under a 20-year long-term power purchase contract.  The total cost of the project was expected to be US$382 million provided by non-recourse debt funds from the China Development Bank (US$275 million) and equity funds from MPC.  MPC was jointly owned by PSEG Global Inc (50%), the Asian Infrastructure Fund (30%), and Hydro-Quebec International (20%).  In July 2004, Darby Asia Investors, Ltd. ("DAI"), acquired Hydro-Quebec's 20% stake for a total cash consideration of US$84.6 million.
PCS Digital Nicaragua, a unit of Mexico's America Movil, launched its mobile services in December 2002, after receiving its license September 19, 2002.  It contracted Ericsson in October 2002 to build out its nationwide 1900 MHz GSM network and spent $42 million for this.  America Movil, through its subsidiary Servicios de Comunicaciones de Nicaragua, S.A. (Sercom), received the PCS license from regulator Telcor after it took away the license from Azteca Holdings, the original winning bidder in the March 2001 auction at $8 million, on the grounds Azteca acquired it through corruption.  As the second highest bidder, America Movil received the license for a price of $7.14 million. PCS Digital will also have to pay the regulator 2.5% of future earnings.  The network will initially be setup with a switch to allow for up to 60,000 connections, with total network capacity of 250,000 lines.  In July 2006, Sercom officially merged with Enitel, project #2773.
In August 2002, a concession contract was signed for the expansion, rehabilitation and operation of the water and sewerage systems of Alta Floresta, a town with approximately 44 thousand residents in the state of Mato Grosso. The contract was awarded through a competitive tender, with an option to renew the contract through direct negotiation at the end of the thirty year period. No information was available regarding the bidding criteria.   In 2009, the Alta Floresta had 100% in water coverage and 35% sewerage collection coverage. The 30-year contract envisaged a 70% sewerage collection coverage by 2016. No information was available regarding the original sponsor nor their investment commitment in the project company. However, in June 2009, CAB Ambiental took over the concessionaire and committed to invest US$ 3.5 million (BRL 6 million)by 2013.
El Paso Corporation inaugurated the 870 MW Macae Merchant thermal power plant in November 2001.  El Paso invested US$656 million in building the plant located in northern Rio de Janeiro state.  The plant used 20 open cycle GE LM 6000 turbines, each with a capacity of 44 MW.  On December 4, 2002 the IFC signed a US$65 million loan and US$10 million in quasi-equity to finance the Macae plant.  It was to be matched with loans from a syndicate of banks including Brazil's national development bank, BNDES, that released a US$94 million loan to El Paso in 2003, and OPIC, that approved in principle to a US$200 million loan in 2003.  El Paso Corporation principally conducted their Brazilian development activities within an investment arm called Gemstone.  El Paso Corp. owned approximately 50% of Gemstone, which, in turn, owned 100% of Macae Power Plant.  Gemstone Investors, an unrelated party capitalized by private equity (Rabobank International) and debt, owned the remaining 50 percent of Gemstone.   Macae is part of a priority program for thermal power plants (Programa Prioritario de Termeletricas), implemented by the Brazilian federal government in 2000. The program, in order to foster the construction of thermal power plants, guarantees natural gas supply for 20 years, provides financing for the construction of the plants (throught the Brazilian Development Bank, BNDES) and provide subsidies for gas transportation costs.  Macae signed a PPA with Petrobras, a state-owned company, to sell the total energy produced. The PPA is a take-or-pay contract, in which Petrobras will pay for the electricity regardless of using it or not. In early 2005, Petrobras disputed contingency payments owed to Macae, arguing that the payments were intended to smooth out cash-flow volatility, not to shore up consistent operating deficits. At the end of 2005, Macae and Petrobras were still involved in arbitration proceedings.   On May 9, 2006, Petroleo Brasileiro SA (Petrobras) completed the purchase of Macae Merchant for US $357.5 million to settle the dispute with El Paso Corporation.
South African state-owned rail operator Spoornet had won the $67.7 million concession in December 2002 to upgrade and operate parts of Mozambique's railway network over 15 years. Spoornet and its partner, New Limpopo Bridge Projects Investments, will pay the Mozambique authorities an estimated $67.7 million over the initial 15 year period, and will invest US$10 million to rehabilitate the railway line. The concession started in April 2003.
In September 2002, Perusahaan Gas Negara (PGN), which was at that time a fully state-owned gas distribution and transmission company, divested a 40% stake in PT Transportasi Gas Indonesia (Transgasindo) to the Trans Asia Pipeline Company for a total of US$187.6 million. The Trans Asia Pipeline Company was a private consortium comprised of Petronas (35%), Conoco Phillips (35%), Singapore Petroleum (15%) and Talisman Petroleum (15%).    Transgasindo owns and operates a 536 km pipeline from Grissik in South Sumatra to the Duri steamflood project in Central Sumatra (Grissik-Duri). It also owns and operates a 470 km pipeline from Grissik to Singapore (Grissik-Batam-Singapore). Construction on this pipeline began in June 2002 and was completed in August 2003. Gas will be delivered to Singapore Power under a 20-year contract.
The project company, Pizhou Wah Sang Company Limited, was established in April 2002. The project is located in Pizhou City, Jiangsu Province. Wah Sang Gas Holdings Limited has 100% stake in the project and would operate and manage the joint venture for 50 years. The total investment was HK$ 15 million (US$ 1.92 million).
Tractebel's BOO 763MW Baymina Plant reached financial closure in November 2002. The $360m deal was covered by various multilateral tranches from MIGA, Exim, OeKB, Hermes and OND. The deal was the first major long-term international debt financing to close since the Lira was heavily devalued in early 2001.   The project cost was US$490m giving a debt equity split of 75/25. Construction started in July 2001. The plant started operation in February 2004.   The project was backed by a 15-year offtake contract with Turkish Electricity Trading & Contracting Company (TETAS) with gas supplied by Botas.  The project received a MIGA guarantee in 2002, of US$115.4 million. The guarantee covered Tractebel SA and BNP Paribas for US$35 million and US$80.5 million respectively, to cover their loan guarantee to the project (US$39 million) as well as the US$84.7 million non-shareholder loan to the project company. The guarantee spanned 15 years, and covered: transfer restriction, expropriation, war & civil disturbance, and breach of contract.
The project comprises contruction and operation of two hydroeletric plants: Fundao(119MW) and Santa Clara(119MW). They will be 15KM apart in the Jordao River in the Parana State. The concession was originally awarded to Triunfo. The concession contract was signed in 2001 and the construction works started in 2002. The first plant was expected to start operations in 2004 and the second in 2005.  The company responsible for the project is Centrais Eletricas do Rio Jordao (Elejor). Elejor was originally composed by Construtora Triunfo S/A. In July 2002, Copel (a partially privatized utility in the state of Parana) and Paineira (a group of local investors) became shareholders of Elejor. In September 2002, Eletrobras, a state-owned utility, acquired 50% of the total capital (89% of the preferred or non-voting shares) of Elejor through a capital increase. The other 50% was held by Copel Participacoes S/A (20%), Triunfo Participacoes e Investimentos S/A (15%) and Paineira Participacoes e Empreendimentos S/A (15%). In December 2003, COPEL increasing its stake to 35% of the total capital (70% of the voting capital) and took the control of Elejor by acquiring Triunfo's stake in the company (15% of the total capital and 30% of the voting capital).   Elejor signed a PPA to sell 81% of the power generated in both plants to COPEL.   In 2005, BNDES acquired bonds of Elejor worth US$ 109.2 million (BRL 265,4 million) (these bonds could be converted into shares). The Santa Clara unity began to operate in July 2005, and the Fundao one in August 2006.
In August 2001 a 25 year lease for the container terminal at Itajai port was awarded to a consortium led by Andraus Engenharia e Construcoes. Terminal de Conteineres do Vale do Itajai (Teconvi) is located in the state of Santa Catarina. Andraus began operating the terminal in January 2002.  As of late 2004/beginning of 2005, the main sponsors of Teconvi were: Santa Catarina Participacoes S/A (46.54%), Cattalini Terminais Maritimos Ltda (23.65%), Marcon Servicos e Despachos em Geral Ltda. (21.34%).  In May 2005, AP Moller-Maersk -through a subsidiary called Technical Investimentos e Participacoes Ltda- bought a 50% stake in Teconvi on an operation worth US$35.5 million.  After the operation, the remaining stakeholders were Cattalini Terminais Maritimos Ltda (30%) and Marcon Servicos e Despachos em Geral Ltda. (20%).  In the first phase of the rehabilitation works, Teconvi invested US$ 40 million (between 2003 and 2007). In 2007, APM Terminals acquired 100% of Teconvi's shares. In February 2008, Teconvi commenced the second phase of the investments in the terminal, and included the construction of a new berth and the expansion of the containers storage area. Investments on this second phase, which were expected to be completed by the second half of 2009, were estimated at US$ 54.6 million (BRL 100 million). By April 2009, the construction works had already been completed and the operations started on the new berth.
The project comprised construction and operation of a 216 MW thermal power plant located in the port of Pecem, Ceara State. The first phase of the project (100 MW) started operations in July 2002.  TermoCeara plant was owned by MPX Participacoes. MPX was owned by Brazil's EBX Capital Partners (51%) and MDU Resources International, a subsidiary of US Montana Dakota Utilities (49%).   TermoCeara was a part of a priority program for thermal power plants (Programa Prioritario de Termeletricas), implemented by the Brazilian federal government in 2000. The program, in order to foster the construction of thermal power plants, guaranteed natural gas supply for 20 years, provided financing for the construction of the plants (through the Brazilian Development Bank, BNDES) and providee subsidies for gas transportation costs.  TermoCeara signed a 65-month take-or-pay PPA contract with Petrobras, a state-owned company, to sell the total energy produced. In January 2005, Petrobras suspended contingency payments to TermoCeara arguing that the contract was originally intended to smooth out cash-flow volatility, not to shore up consistent operating deficits. After arbitration between the parties started, Petrobras decided to acquire TermoCeara.  In June 2005 Petrobras’ board approved the purchase for US$137 million.
Qingdao Huawei Wind Farm Project was located in Wenquan Town, Jimo City, Shandong Province. Infra Vest GmbH, a German company formed a joint venture with a local firm and it was granted an agreement to build and operate the project for 25 years. Infras Vest’s stake in the project was unknown. The total investment was US$ 16.84 million. The construction of the project commenced in December 2002 and came into operation in October 2003 with an installed capacity of 16.35 MW.
In July 2002, a project cooperation deal was signed between the local Qingdao Hua'ou Group and the Tianjin Institute of Desalination and Seawater Use (a subsidiary of the State Oceanic Administration) to build and operate a 3,000 cubic meters per day capacity desalination plant in Qingdao city, Shandong province.    Construction of the project began in October of 2002 and was completed in 2003. The total project cost was about RMB 42 million (US$5 million).  The plant was able to produce one ton of fresh water at a cost of less than five yuan (US$0.60).  Exact shares in the project and the length of the contract were not disclosed.
On July 1, 2002, Bombay Suburban Electric Supply Company (BSES) acquired 51 percent stake in Central East Delhi Electricity Distribution Company Limited and took over its management and operation from the Government of National Capitol Territory in Delhi (NCT). The distribution company was renamed BSES Yamuna Power Limited (BYPL) after the take over. BYPL’s service area included central and east regions of Delhi and was responsible for all power distribution activities - supplying electricity, metering, billing, and controlling transmission and commercial losses and power thefts.   The partial divestiture of BRPL was part of a major restructuring effort undertaken by NCT to privatize the distribution portion of Delhi Vidyut Board (DVB), a vertically integrated state owned power enterprise. DVB was functionally unbundled into six companies in 2001 – a generation company, a transmission company a holding company and three distribution companies. BSES Yamuna Power Limited was one of three companies to which the distribution assets of DVB were transferred. The other two companies were BSES Rajdhani Power Limited and North Delhi Power Limited.  BSES acquired 51 percent stake in BYPL for Rs 5,900 lakhs (US$ 12.3 million) and the remaining 49% was held by Delhi Power Company Limited (DPCL), a holding company fully owned by NCT. BSES won the tender by committing to reduce aggregate technical and commercial (ATC) loss by 17.25 percent in the first five years of the take over. BSES estimated an investment of US$ 105.26 million to meet the ATC targets. BSES also bought a 51 percent stake in BRPL and Tata Power took over NDPL.   Delhi Electricity Regulatory Commission, regulator of Delhi’s power industry, was responsible for setting tariffs for electricity, licensing new capacity, and prescribing performance standards. There was to be a uniform retail tariff all over Delhi for the first five years of the privatization but the bulk supply tariff for each distribution company was based on its paying capacity. To avoid sudden increase in retail tariffs, the Delhi government  (NCT) also committed up to Rs 3,450 crores (USD $ 720 million) for the first five years in the form of discounted price for the bulk power that the three distribution companies purchased from the state owned transmission company but no specific amount of money was targeted for each distribution company. NCT also committed to a 16% return on the invested capital of the private distribution companies.  In January 2003, BSES became part of the Reliance Group and was renamed Reliance Energy Limited.
In May 2002, Malawi Mobile Limited (MML) was awarded the third mobile telephone licence in Malawi.  The new company was a joint venture between a local consortium and Ubambo Investments of South Africa.    The company wanted to introduce new technology, avoid duplicating services and take up the government's espoused target to extend to the rural areas of the country where 80% of the 12 million population of Malawi lived. MML was to compete against Celtel Malawi and Telekom Networks Malawi.  Ericsson was going to supply MML with services, hardware, software and infrastructure for its GSM network over a three-year period at a cost of US$25 million.    However, since receiving the licence in August 2002, MML had failed to launch services as of end 2004.  In April 2005, Malawi's Communications Regulatory Authority revoked the license of Malawi Mobile, after having failed to rollout service prior to the deadline set by the government.
This joint venture, Laoshan Hong Kong and China Gas Company Limited, was established in early 2002. The project is located in Laoshan, Shandong Province. The Hong Kong and China Gas Company Limited (Towngas) will operate and manage the joint venture for 50 years.
The project comprises the construction and operation of a 48MW thermal power plant (diesel) in the state of Rio Grande do Norte. The company responsible for the project is Termo Eletrica Potiguar SA (TEP), controlled by Global SA, a Brazilian company, and Petrobras Distribuidora (20%). In September 2002, the plant was comissioned. The estimated total costs were US$41 million.   In January 2002, Potiguar signed a PPA with the Brazilian Commerce Chamber for Emergency Energy (CBEE), which is a three-year take-or-pay contract for the full capacity of the plant.   Potiguar power plant was part of a priority program for thermal power plants (Programa Prioritario de Termeletricas), implemented by the Brazilian federal government in 2000. The program, in order to foster the construction of thermal power plants, provided a short-term take-or-pay contract and, in some cases, financing for the construction of the plants (through the Brazilian Development Bank, BNDES).
In August of 2002, Vivendi Environnement (known as Veolia Environnement as of May 2003) was awarded a 50-year concession contract for the provision of water services to residential and commercial customers in Pudong, Shanghai's financial district.  The project included responsibility for the treatment, distribution and sale of potable water, and for the maintenance of service facilities.  The project had distribution rights for a 1,700 km network that was to initially supply water to 550,000 customers with an average daily consumption of 1.2 million cubic metres.  The total population living in the Pudong district at the time was 1.9 million people, but this number was expected to rise to 5 million people.  The service area covered by the contract included many commercial buildings and residential complexes, as well as the new international airport of Shanghai, and numerous business parks located in the Pudong area.    To implement the contract, the Shanghai Pudong Water Corporation was created as the project company which was owned by Compagnie Générale des Eaux of France, a subsidiary of Vivendi Environnement (50%) and the state-owned Shanghai Pudong Tap Water Co Ltd. (50%).  Vivendi paid Euro 266 million (US$246 million) for its share in the joint venture. Other bidders for the project were Ondeo (SUEZ) and Thames Water. The 50-year contract was expected to generate a turnover of over 10 billion euros during the term due to the expected substantial growth of Pudong in the coming years.  The joint venture was to invest US$30 million a year to expand the distribution networks over the first few years of the contract.  In 2004, MIGA issued a guarantee of US$70 million to Compagnie Générale des Eaux for its equity investment in Shanghai Pudong–Veolia Water Corporation, Ltd. of China. The guarantee was for a period of 15 years and provided coverage against the risk of expropriation.
The project company, Laixi Wah Sang Gas Company Limited, was established in June 2002. The project is located in Laixi City, Shandong Province. Wah Sang Gas Holdings Limited has 100% stake in the project and will operate and manage the joint venture for 50 years. The total investment was HK$ 22 million (US$ 2.82 million).
The Cuban government awarded a six-year management contract to Spanish Aeropuertos Espanoles y Navegacion Aeria (AENA) to management the Cayo Coco International Airport. The contract was signed in 2000, but it was started to be effective in Mid 2001 when airport construction was scheduled to be finished. The airport facility was located in Cayo Coco, the central islet of a chain of islets known as King's Gardens, 450 to 500 kilometers east of the Havana. Cayo Coco was the first Cuban airport managed by a non-Republic of Cuba government-operated company. The contract included a US$ 21 million loan issued by Cataluna, Spanish-based Banco de Sabadell, to complete construction of the facility. The loan would be repaid from airport operation revenues and from a portion of the US$ 20 departure tax levied on passengers departing from Cuba. AENA is the Spanish state-owned enterprise that manages forty-three airport facilities in Spain as well as airports in Colombia and Mexico.  The airport began operation in 2002 which began the effective date of the contract. As of December 2010, the airport was still operational.
Nigerian Agip Oil Company Ltd (NAOC), a joint venture comprising of Nigerian National Petroleum Corporation (60 percent), Eni (20 percent) and ConocoPhillips (20 percent), implemented the Okpai independent power project (Okpai IPP). The project consisted of an integrated cycle 450 MW electric generation plant, made up of two gas turbines and one steam turbine. The Nigerian state electricity utility, National Electric Power Authority (NEPA), purchased the power from NAOC under a power purchase agreement that was signed in July 2001. NEPA in turn sold this power to 11 distribution companies in Nigeria. The 11 distribution companies were created in 2004 after unbundling the distribution arm of NEPA under a major reform initiative undertaken by the Nigerian government.   The power station was built near the NAOC’s oil and gas production and treatment plant at Kwale. Okpai IPP was part of a comprehensive Gas Master Plan (GMP) that Eni had developed in collaboration with NNPC and Phillips, which aimed at gradually eliminating the flaring of natural gas associated with oil production and to put the natural gas to productive use.  The total project cost approximately US$ 462 million and achieved financial close in 2002. Construction of Okpai IPP began in 2003.   Okpai IPP was commissioned on April 1, 2005.
This joint venture, Zibo Hong Kong and China Gas Company Limited, was established in early 2002. The project is located in Zibo, Shandong Province. The Hong Kong and China Gas Company Limited (Towngas) has a 50% stake in the project and will operate and manage the joint venture for 50 years.
Between 1997 and 2002, the Government of Sri Lanka, together with the World Bank and Global Environment Facility, hosted the Energy Delivery Project. Under the project, a credit line was offered to private developers, NGOs and cooperates to develop mini hydropower projects, off-grid mini hydropower projects, and solar PV electrification of rural homes.   In total 15 grid-connected mini hydropower projects were commissioned, of 31MW.   Total credit line was US$19.7 million, from IDA, and US$3.8 million from GEF. This was supplemented by individual loans from participating banks, including: DFCC Bank, National Development Bank (NDB), Hatton National Bank (HNB), Sampath Bank, Commercial Bank, and Sarvodaya Economic Enterprises Development Services (SEEDS).   Project: Galaththa Oya	Location: Atabage, Kandy  Bank: DFCC  sponsor:Hydrodynamics (Pvt) Ltd  Size: 1,200 kW (applied for UNFCCC CDM financing)  Project: Deiyanwala, Gantelgoda Ela  Location: Aranayaka, Kegalle  Bank:NDB  Sponsor:Hydrojet  Size:1,400 kW  Project: Ellapita Ella  Location: Deraniyagala, Kegalle  Bank:NDB  Sponsor:Eco Power (Pvt) Ltd  Size:550 kW  Project: Mandagal Oya (Maliboda Estate)  Location: Deraniyagala, Kegalle	Bank:NDB  Sponsor:Eco Power (Pvt) Ltd  Size:1,271 kW  Project: Panakura Oya  Location: Deraniyagala, Kegalle  Bank:DFCC  Sponsor:Sunro Company (Pvt) Ltd  Size:320 kW  Project: Carolina Estate  Location: Ambagamuwa, Nuwara Eliya  Bank:DFCC & HNB  Sponsor:Mark Marine Services (Pvt) Ltd  Size:2,500 kW  Project: Glassaugh  Location: Nanuoya, Nuwara Eliya  Bank:NDB  Sponsor:Eco Power (Pvt) Ltd  Size:2,526 kW - bought in January 2010 by Hemas Power from SENOK for 198.5 million rupees  Project: Medapiti Oya  Location: Hanguranketha, Nuwara Eliya  Bank:NDB & DFCC  Sponsor:Natural Power (Pvt) Ltd  Size:1,500 kW  Project: Upper Watawala  Location: Ambangamuwa, Nuwara Eliya  Bank:Commercial & DFCC  Sponsor:Mark Hydro (Pvt) Ltd  Size:1,300 kW (applied for UNFCCC CDM financing)  Project: Bambara Batu Oya (or: Bambarabatuoya) Location: Pelmadulla, Ratnapura  Bank:DFCC, HNB, NDB & Sampath  Sponsor:Vidullanka Limited  Size:3,200 kW  Project: Delgoda  Location: Kalwana, Ratnapura  Bank:NDB  Sponsor:Zyrex Power Company Ltd  Size:2,400 kW  Project: Erapura Ganga  Location: Kolonna, Ratnapura  Bank:DFCC, NDB & Sampath  Sponsor:Ceylon MKN Eco Power Pvt Ltd  Size:750 kW  Project: Niriella  Location: Ratnapura  Bank:DFCC &NDB  Sponsor:Power Base Tech (Pvt) Ltd, a subsidiary of Hydropower International (HPI)   Size:3,000 kW Commissioned: September 2002.   Project: Nividu  Location: Pelmadulla, Ratnapura  Bank:HNB & NDB  Sponsor:Nividhu (Pvt) Ltd  Size:2,000 kW  Project: Rat ganga (Hapugastenne 1)  Location: Ratnapura  Bank:NDB & DFCC	Sponsor:Eco Power (Pvt) Ltd  Size:4,650 kW (Applied for UNFCCC CDM financing, from January 2003)  Project: Rat ganga - Expansion  Location: Ratnapura  Bank:DFCC  Sponsor: Eco Power (Pvt) Ltd  Size:2,150kW  Total Hydro  30,717 kW  Total cost was unknown, but conservatively estimated at US$31 million (based on US$1 million per MW).
The project comprises building and operating a 48MW thermal power plant (natural gas) in Pernambuco. The company responsible for the project is Termocabo Ltda. In 2002, when the plant was under construction, 90% of the total capital of Termocabo was sold by Ceramica Monte Carlo Ltda, a family-owned Brazilian company, to SLAP Cabo, a company controlled by Scudder Latin American Power Fund. The plant was comissioned in September 2002. The total amount of investment for the  construction of the plant was estimated in US$ 35 million.   In January 2002, Termocabo signed a PPA with the Brazilian Commerce Chamber for Emergency Energy (CBEE), which is a three-year take-or-pay contract for the full capacity of the plant.  In 2003, Multilateral Investment Guarantee Agency (World Bank Group) has provided guarantees to SLAP Cabo of US$1.2 million and US$ 31.4 million to cover its equity investment in and shareholder loan to Termocabo. The guarantees are for a period of three and a half years.  Termocabo was part of a priority program for thermal power plants (Programa Prioritario de Termeletricas), implemented by the Brazilian federal government in 2000. The program, in order to foster the construction of thermal power plants, guarantees natural gas supply for 20 years, provided financing for the construction of the plants (through the Brazilian Development Bank, BNDES) and subsidies for gas transportation costs.   In 2008, Termocabo signed a lease agreement with Petrobras, and the state-owned company is operating the facility since then.
In October 2002, the municipality of Galapa signed with Sociedad de Acueducto, Alcantarillado y Aseo (Triple A) de Barranquilla a 20 year concession for the operation, rehabilitation and expansion of its water and sewerage services. The municipality had a population of 31,596 inhabitants in 2005.   At the time of the concession was signed Galapa did not have sewerage network. Under the concession contract, the local government agreed to provide the funding required to expand access among the poor (estratos 1,2, and 3).
On September 11, 2002, The Visakhapatnam Port Trust signed a concession agreement with Visakha Container Terminal Pvt Ltd (VCTL, a joint venture between Dubai Port Authority and India's United Liner Agencies) to develop the container terminal and additional project works. The works include two multi-purpose berths (EQ8 & EQ9, each with 2.5 million tonnes capacity), and rail track for loading and unloading.  The cost will be Rs140 crore for the berths, another Rs140 crore for the mechanization of the port, and Rs20 crore for dredging to make the waterfront at the berths deep enough for large vessels (total Rs 300 crore or about US$62 million). As of December 2009 the project company ownership change to Gammon Infra Project Limited (part of the Gammon Group) and Lastin Holding Ltd).
In May 2002, the Government of Sri Lanka (represented by Ceylon Electricity Board) contracted Alstom Power Rentals (APR) to set a 20MW temporary power plant in Chunnakam located in Jaffna area in northern Sri Lanka. The rental period was for 15 months.
The municipal government of El Chaco (Nanino) granted to SIE de Colombia a management contract to operate its water and sewegerage services in 2001 and the contract became operational in January 2002. El Chaco municipality had a population of 5,300 at that time. Of the US$1.6 million to be spent in water utility during the contract period, US$1.3 million was to come from the National and municipal governments. The rest was to come for the utility cash flow. There was no information on the contract lenght.  The municipality of Guapi (Cauca) also granted a management contract to operate its water utility to SIE Colombia in 2001 and the contract also became operational in January 2002. Guapi municipality had a population of 14,000 at that time. Of the US$1 million to be spent in water utility during the contract period, US$0.6 million was to come from the National and municipal governments. The rest was to come for the utility cash flow. There was no information on the contract lenght.
The project company, Feng County Wah Sang Gas Company Limited, was established in June 2002. The project was located in Feng County, Jiangxi Province. Wah Sang Gas Holdings Limited has 100% stake in the project and would operate and manage the joint venture for 50 years. The total investment was RMB 10 million (US$ 1.21 million). This project was however cancelled for some reason in 2004.
Nam Con Son is a $1.3 billion project involving the development of an offshore gas field, construction of 399 kilometers of a 24-inch diameter pipeline (370 km under the sea and 29km on land), onshore processing facilities. The pipeline portion of the project began in March 2001 but only began delivering gas to the state-owned PetroVietnam in December 2002 and will continue to do so for approximately 20 years. The project was developed by a joint venture among Petro Vietman, Vietnam's Oil and Natural Gas Corporation Videsh Limited 51%),BP (32.6%), and ConocoPhillips (16.3%). The gas will be transported to Phu My industrial area close to Ho Shi Minh city to supply three power plants and one urea plant.
In 2002 the Colombian municipality of Buenaventura (Valle de Cauca department) awarded a 20-year concession contract for its water and sewage provision to private consortium Hidropacifico S.A. At the time the contract was awarded, service was very unreliable day due to weak sewers and water-pipes. Only 17% of the city’s 300,000 inhabitants had 8 hours of running water per day.   Hidropacifico was a consortium based in the Antioquia department and comprised of Colombian firms Conhidra and Hidroestudios de Bogota. Information on the exact stakes of the two members was not publicly available.   The investment under the contract was estimated at US$62 million of which the national and local goverments were providing US$34 million and the rest was expected to come from cash flow.
The 1,900m long Koh Kong Bridge, located in Koh Kong Province in southwestern Cambodia, was completed and open to traffic in April 2002. Total project cost was $US7.2 million. The bridge is being operated under a 30-year build-own-transfer deal with the Cambodian government.
In 2002 the Timorese Government awarded a 15-year contract to Build, Operate and Transfer a telecommunications network service in Timor-Leste (according to the terms of reference included in the tender) to a consortium led by Portugal Telecom International (PTI). PTI created a new company, Timor Telecom, which has the exclusive operation of services pertaining to fixed and mobile telephones, data and international links of these services. The contract is renewable for a further 10 years.  The wining consortium was formed by Portugal Telecom (51%), China's Vodatel Network Holding Ltd., and some unnamed local companies. As of December 2005, Portugal Telecom controlled 41% and Vodatel controlled 17% of Timor Telecom.   The contract was awarded through an International Tender arbitrated by the United Nations. An Australian-led consortium failed to submit its tender documents on time, thus leaving the consortium led by Portugal Telecom International as the only bidder.   The project reached financial closure on July 19, 2002 when they signed the contract agreeing to invest US$30 million. The contract also stipulated that the operator had to provide a telecommunication mobile network system within four months in five big districts and, after 13 months, the operator had to provide mobile and fixed lines telephones in all country of Timor-Leste. By the end of 2004, the company's fixed and mobile-phone network covered all the thirteen districts' major towns in the country.
In March of 2002, Sino-French Holdings was awarded a 30-year concession contract for the operation and management of the facilities of two water plants: Zhushan Water Plant and the newly built Longshan Water Plant in Xinchang County, Zhejiang Province.  When the Longshan Water Plant was put into operation, the capacity of the system was increased to 160,000 cubic meters per day.    To implement the contract, Xinchang Sino French Water Supply Company Ltd. was created as the project company in which Sino-French took a 50% stake, while the remaining 50% was held by the state-owned local Xinchang County Water Development Company Ltd.  Sino-French, in turn, was a 50-50 joint venture between Suez water subsidiary Ondeo and New World Infrastructure of Hong Kong.  The plant began operations in March 2002.    Total investment was 350 million yuan (US$42.27 million). The plant began operations in March 2002.
In 2002 Guizhou CLP Power Company Ltd. was formed under the joint venture contract to develop, construct and operate two 300 MW coal-fired generating units to supply the Guizhou power grid and through it, to supply Guangdong Province. The 600 MW coal-fired Anshun II Power Project was located in Anshun City, Guizhou Province, in Western China.  Guizhou CLP Power Co., Ltd. was 70% owned by CLP Power China Ltd., a wholly-owned subsidiary of China Light and Power Ltd. (CLP), 18% by state owned China Huadian Corporation and 12% by state-owned Guizhou Development Investment Corporation.    The US$ 302.04 million (RMB 2.5 billion) investment was 25% funded by shareholder equity with the remaining 75% by RMB project financing.   Anshun II Power Station started commercial operation in 2004.
Huaian Xinao Gas Company Limited is a Sino-foreign joint venture that was established in March 2002 by Xinao Gas Holdings Limited who has an 80% stake in the project. The company will operate the gas piped business in Huaian City, Jiangsu Province. As of December 2002, the project included 23 km of existing pipeline. Total investment is estimated at $33.8 million (RMB280m) with an intial investment of $7.2m (RMB60m). This project is distinct from another project with a similar name, the Haian Xinao, which was awarded for Haian County.
In March 2000, Non-Conventional Energy Development Corporation of Andhra Pradesh Limited (NEDCAP) approved the development of a 6 MW biomass power plant in Rithwik district of Andhra Pradesh State by Rithwik Energy Systems Limited (RESL) on BOO (build-own-operate) basis.   All the power from this project was supplied to APTRANSCO, the electricity transmission company for the state of Andhra Pradesh, under a long term power purchase agreement (PPA) signed in February 2002. The PPA was for an initial period of 20 years (from commercial operations date) with a possibility of renewal for an additional term upon mutual agreement by the parties.  The fuel used for the plant was generally agricultural waste, including rice husk, ground nut shell and agro waste. The fuel required for the power plant was procured from farms in nearby villages under short-term contracts.  RESL, a special purpose company, was majority owned by India’s Lanco Group (56.7%). Information on the other promoters of RESL was not available from public sources.  The total cost of this power plant was estimated at US$ 6.0 million (Rupees 278 million). The project reached financial closure in 2002.  In April 2006, RESLL signed an emission reduction purchase agreement for trading of the issued Certified Emission Reductions (CER), pursuant to the clean development mechanism (CDM), with Electricity De France (EDF).  The project began commercial operations in September 2002.
The GMR Group has formed a consortium with Messrs, United Engineers (Malaysia) Berhad (UEM) to construct and operate two projects, the Ankapalli-Tuni Expressway in Andhra Pradesh and the Tambaram-Tindivanam Expressway. Equity holdings for the GMR Group and UEM are 74% and 26%, respectively.  The Ankapalli-Tuni Expressway project involves the strengthening and widening to four lanes on NH-5 in Andhra Pradesh.    Financial closure for both projects was obtained in June 2002.  The projects have a combined capital outlay of Rs7,430 million (US$152.3m) and will be funded with a debt/equity ratio of 3:1 with a total debt of Rs5, 570m.  Tenure of the debt is 13.5 years including a construction period of 2.5 years.  The group of nine lenders was lead by the ICICI Bank and includes the State Bank of India, Union Bank of India, Indian Overseas Bank, Jammu & Kashmir Bank, Bank of India, Punjab National Bank, Industrial Investment Bank of India and State Bank of Mysore.
The Juiz de Fora power plant's first phase came on line on November 25, 2001, and the second phase on December 6, 2001.  The power plant is a 50/50 joint venture between Alliant Energy and Companhia Forca e Luz Cataguazes-Leopoldina.  The later being 49.1% owned by Alliant Energy.  In April 2006, Alliant Energy sold its stake in the company to Cataguazes-Leopoldina. The power plant's initial capacity is 80 MW using two turbines operating in single cycle mode.  Once complete the capacity will total 103 MW.  BNDES financed 80% of the initial $73 million project cost.  EXIM bank is expected to provide additional long-term debt.  In October 2007, Petrobras a state-owned oil company bought Juiz de Fora Power Plant.
The Brazilian company Cocal Comercio Industria Canaa Acucar e Alcool Ltda., a wholly-owned subsidiary of Grupo Cocal, was granted authorizations to build three thermal power plants located in the state of Sao Paulo (municipality of Narandiba and Paraguacu Paulista). The cogeneration power plants were set to use sugar-cane residue resulting from the sugar cane pressing and ethanol producing unit belonging to the same company as fuel.  The 30-year contract for the Cocal Power Plant was signed with the federal regulatory agency Aneel in December 2001. The power plant was set to have a capacity of 28.2 MW. Construction works on this plant started in 2002, and the unit became operational in same year. The investment value committed to this power plant was not available. This power plant was established through a partnership with two subsidiaries of the Brazilian company Arcadis Logos S.A., but Cocal maintained a 90% controlling stake at the project.  Two other projects were implemented since then: in May 2004, Termeletrica Canaa, located at Paraguacu Paulista (Sao Paulo) was granted a 30-year authorization from Aneel; and in June 2008, Cocal II, located at Narandiba (Sao Paulo), was also granted a 30-year authorization. Both projects were wholly-owned by Cocal.  In 2005, the sponsor began the construction of Termeletrica Canaa.  This power plant was set to have a capacity of 30 MW and was financed with a US$ 16.5 million (BRL 41.1 million) loan granted from the state-owned bank BNDES, which was approved in December 2005 (total investment on this cogeneration unit was estimated at US$ 20.57 million or BRL 50 million).  In 2008, the sponsor began the construction of Cocal II.  This power plant was set to have a capacity of 160 MW and was financed with a US$ 164.97 million (BRL 301.41 million) financing package approved by the state-owned bank BNDES in February 2008 (total investment in the pressing unit and cogeneration facility was estimated at US$ 273.82 million or BRL 501.1 million; the investment committed solely to the cogeneration unit was not available). Commercial operations on this unit commenced in September 2014.   UTE Canaa and Cocal signed power purchase agreements arranged with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies).  In February 2012, the state-owned bank BNDES granted a US$ 57.3 million (BRL 111.9 million) loan to finance the expansion of the electricity generation units and the associated sugar processing facilities. No information was available on the investment figures.
In December 2006, Iberdrola SA presented the Mexican state utility Comision Federal de Electricidad (CFE) the only bid to build, own and operate a new 1036 MW gas-fired combined cycle plant complex know as Altamira III and IV in the state of Tamaulipas. The new plants were part of Iberdrola’s expansion plan and were Mexico’s largest privately held facility. The special purpose vehicle Iberdrola Energia Altamira was formed as the project company for the complex and was 100% owned by Iberdrola SA.  Iberdrola SA was awarded the project in a competitive tender in December 2006 as the only bidder. Bidding criteria was not available.   Total project cost was estimated at US $590 million. Construction of the facility began in 2001 and by December 2002, the project was more than 25% complete. The plant became operation on December 24, 2003. In accordance with the tender documents, Iberdrola Energia Altamira had a 25 year power purchasing agreement with Comision Federal de Electricidad (CFE) to sell the entire capacity of the plant to the Mexican national grid.
MMC Engineering, a wholly owned subsidiary of Malaysia Mining Corp Bhd, and its European locomotive-maker partner, Frazer-Nash, were awarded the right to construct and operate a 37 km (23 mile) monorail system on Penang island by the government of Malaysia in October 2003. The rail was to link Penang International airport to Komtar. MMC Engineering had a "letter of exclusivity from the government" for the 1.1 billion ringit (US$289 million) monorail. In June 2008, the government put Penang monorail project on hold under the Ninth Malaysia Plan (9MP), announcing that it was not in a high priority.
On January 16th, 2003, Berlinwasser International (BWI) signed a 20-year BOT contract for the construction and operation of the Qingshanhu Wastewater Treatment Plant with the Municipal Public Utility Bureau (MPUB) and the Wastewater Disposal Company (NSDPL) of the city of Nanchang, the capital of Jiangxi province in south-eastern China. The plant was to have a capacity of 330,000 cubic meters per day and was to purify the wastewater produced by over 1 million people in this city with a total population of around 3.5 million.  To implement the contract, Nanchang Qingshanhu Project Co. Ltd was created as the project company which was owned by BWI (80%) and the state-owned Shanghai Environmental Protection Group (20%).  BWI, in turn, was a wholly owned subsidiary of Berlinwasser Holdings.    The project was to have a construction period of 18 months, followed by an operating period of 20 years with BWI taking over responsibility for the operation of the plant and the purification of the wastewater in accordance with environmental protection standards.  Third Construction & Engineering Co. Ltd. of the Beijing Urban Construction Group was contracted as general contractor for the project.  Total investment of BWI for the plant was RMB 232 million (US$ 28.02 million).  The project finance agreement for CNY 200 million (approx. Euro 22.5 million) was concluded with the ICBC (Industrial and Commercial Bank of China).    The construction works began in early 2003 and completion and commissioning of the plant was expected in October 2004.
In September 2003, Transnav Ltda. signed a 15 year concession contract with the Port Authority of Vila do Conde to expand and operate a container terminal at the Port of Vila do Conde in the city of Baracena, state of Para. The contract was extendable for an additional 15 years upon expiration.   The port was originally built in 1985 by the federal government as to increase cargo-handling capacity in northern Brazil. Investment in the port was to total R$ 105 million with the port authority investing R$ 40 million (US $12.9) and the remaining R$ 65 million (US $21) by the private sector.  In 2005, Para Empreendimentos Financeiros SA. took over the leas of Transnav Ltda. and Conteineres de Vila do Conde SA (“CONVICON”) was formed as the project company and 100% subsidiary of Para Empreendimentos Financeiros SA.  As of the end of 2009, Santos Brasil indicated that an additional US$ 15 million (BRL 30 million) would be invested in the facility between 2010 and 2012, which would allow the capacity to increase from the current 120 thousand TEUs per year to 500 TEUs per year.  In March 2008, Nara Valley Participacoes, subsidiary of Santos Brasil Participacoes SA, one of Brazil’s largest container operators, purchased a 75% share in Para Empreendimentos Financeiros SA for US $25 million. The remaining 25% was held by Paulo Roberto Brandao, one of the controlling shareholders of Para Empreendimentos Financeiros SA. One factor which attracted Santos Brasil was that Para produced around 21% of Brazil’s total beef output. The port had the capacity to handle 250,000 TEU and expansion plans were set to further expand the capacity of the facility by another 250,000 TEU through the creation of two new births.
The 705 MW project, initially co-sponsored by Fiat Energia, was assumed by Petrobras and Edison International SpA (Italy). The joint venture, comprising Petrobras and Edison, is Ibiritermo SA. Total project costs is US$222 million and will financed with a 75/25 debt to equity ratio. The twelve year project debt is in three tranches – US$53 million direct loan from US Exim, Euro 60 million (US$75 million) underwritten by BNP Paribas, and R$87 million (US$29 million) direct loan from BNDES. Financial closure was reached in 2003 with the direct loan from BNDES.  Because over 90 percent of Brazil’s energy is hydro-based, Ibiritermo’s reliance on gas will lessen Brazilian energy’s dependency on adequate rainfall. The first phase of the plant (226 MW) was expedited in order to meet growing energy demands under the Brazilian government's Thermoelectric Priority Plan.  The first phase includes a 150 MW gas turbine; one heat recovery steam generator; a 76 MW steam turbine; and a 138 KV substation. Construction of the combined cycle unit began in 2001 and was completed in June 2003.   In November 2001, ANEEL authorized an expansion in capacity to 850MW. Full construction of the 850MW capacity is expected to be completed by May 2005.
In October 2003, Golden State Environment, a US register company, took over a potable water treatment plant in Zhenjiang City, Jiangsu Province with a 50 year concession agreement. The plant capacity was 25,000 cubic meters per day.   Golden State Environment invested RMB 25 million (US$ 3.02 million) in the plant and owned 100% of the project.
The government of Mozambique awarded to Maputo Port Development Company (MPDC) a 15 year concession to run the Maputo Port in March 2003. The contract was renewable for 10 years. The company committed to invest around US$70 million in rehabilitating and modernizing port infrastructures over the following three years.  51% of the MPDC shares were held by Portus Indico, described as a joint venture investment vehicle, while the remaining 49 per cent remained in the hands of the publicly owned ports and rail company, CFM. The investors in Portus Indico were the British Mersey Docks and Harbour Company (18.3 per cent), the Swedish company Skanska (16.33 per cent), Liscont of Portugal (14.84 per cent), and the local company Mocambique Gestores (1.53 per cent).  The US$ 70 million capital program aimed to restore the port's basic land and marine infrastructure, and supply urgently needed equipment. Other projects included building new harbor offices, developing a new port entrance linking to the main highway, purchasing of new material-handling equipment, and upgrading roads. As result of the new investment the port capacity was expected to increase from 4 million to 18 million tons. By the end of 2003, total volume had increased to 4.9 million tons and container volume had increased by 15 percent since the start of the project.   Over the years shares have changed hands. In April 2005, Grindrod purchased 12.24 per cent of Portus Indico from the European partners for an undisclosed sum. In November 2006, Grindrod also purchased all of Skanska's shares in MPDC. Mota Engil, the Portuguese company that owned over 80 per cent of Liscont, sold the Liscont holding in MPDC in December 2007. In 2005, Mersey Docks and Harbour was purchased by Peel Ports, the second largest ports group in Britain and Peel decided to pull out of Mozambique altogether. As a result of several shares trading, by 2007 DPWorld and Grindrod each held 48.5% of Portus Indico, with the remaining 3% owned by Mocambique Gestores.   In June 2010, the government extended the concession to 2033, with na option to extend for a further ten years.   In 2013, Maputo port announced it expected to exceed its previous record of 17 million tonnes in terms of cargo handling. MPDC had invested US$80 million in 2013 in facilities, part of a $2 billion investment program over five years.
This joint venture, Tongxiang Hong Kong and China Gas Company Limited, was established in March 2003. The project is located in Tongxiang City, Zhejiang Province. The Hong Kong and China Gas Company Limited (Towngas) has a 76% stake in the project and will operate and manage the joint venture for 50 years. The total investment was US$ 10 million.
In  September 2003, the municipality of Barra dos Garcas, in the state of Mato Grosso, Brazil, awarded a 30-year rehabilitate, operate and transfer contract for its water and sewage infrastructure to private operator Aguas de Barra dos Garcas. In 2003, the town of Barra dos Garcas had a population of 56,853.   Aguas de Barra dos Garcas was established as a wholly-owned subsidiary of Emasa - Empresa Matogrossense de Agua e Esgoto.  The concession was awarded through an open competitive tender. No information was available on the number of final bidders. The investment committed by the private sponsor was also not available.
In September 2003 the local government of Birigui, the Brazilian state of Sao Paulo, awarded a 15 year Build Own Transfer contract for water supply services in the municipality to private operator Materia Perfuracao de Pocos. The company was to serve a population of 30,000 and invest some $1 million by 2005 (R$3.1 million). According to the Brazilian agency for private concessionaires in the water and sewage sector (ABCON) all investments were completed by the end of 2005.
Hong-Kong listed Xinao Gas Holdings Ltd (Xinao), one of the first non-state-owned city gas distributors in China, announced in September of 2003 that it had formed a joint venture with Kaifeng City Development Investment Co Ltd to operate a piped gas business in Kaifeng, Henan Province for 30 years.  The joint venture, named Kaifeng Xinao Gas Company Limited, had a registered capital of US$10 million. Total investment was RMB 103 million. Xinao held a 90% stake in the company while its state-owned partner owned the remainder.
On 26 November 2002, the Government of Uganda (GoU) signed a 20 year generation concession with Eskom Uganda Limited, a wholly owned subsidiary of Eskom Enterprises (Pty) Ltd of South Africa. On April 1, 2003, Eskom took over the operations and maintenance of 120 MW Kiira and 180 MW Nalubaale power stations at Owen Falls in Jinja from Uganda Electricity Generation Company Limited (UEGCL). Under the concession all the electricity generated was sold to Uganda Electricity Transmission Company Ltd (UETCL). The concession required Eskom to commit approximately US$ 6.8 million in the first four years to refurbish the two plants and to extend the switchyards for the last two Kiira units. Eskom had to pay US$ 500,000 as a one time entry fee and was required to pay a monthly concession fee to GoU.  The generation concession was part of a major power sector reform in Uganda that began with the functional unbundling of the Uganda Electricity Board (UEB), a vertically integrated state owned enterprise. Until April 2001, UEB was the sole electricity generator as well as the only transmitter and distributor of electricity in the country and enjoyed a legal monopoly status. However, in April 2001, UEB was divided into three separate limited liability companies – The Uganda Electricity Distribution Company Ltd (UEDCL), The Uganda Electricity Transmission Company Ltd (UETCL) and the Uganda Electricity Generation Company Ltd (UEGCL).   The Electricity Regulatory Authority (ERA), established in 2000, is an independent body responsible for regulating the electricity sector in Uganda.  At the time of the concession, the two power stations generated 95% of Uganda’s electricity supply. Two more units of 40MW were expected to be installed at the Kiira power station by early 2005 and UEGCL was to oversee the implementation.
The company Brookfield Brasil, a subsidiary of the Canadian group Brookfield Renewable Energy Partners, was established as one of the major players operating in the Brazilian market for small hydro power plants. Its portfolio was established both through the acquisition of existing power plants and with the granting of authorizations to build and operate new power plants. As of March 2013, its portfolio consisted of 36 small hydro power plants located in the states of Rio Grande do Sul, Parana, Santa Catarina, Minas Gerais, Goias, Mato Grosso and Mato Grosso do Sul with a total capacity of 443.4 MW. Each power plant received a license from the regulatory agency ANEEL with either 30 or 35-year duration.  Brookfield Brasil was created in 1999 and it began its commercial operations in the end of 2003, when PCH Salto Natal (15 MW) and PCH Pedrinho I (16 MW) started supply electricity. The investment directed to these power plant was not available.  In December 2003, Brascan Energetica, a subsidiary of Brookfield, acquired two power projects from Hidreletricas Grapon S.A., a subsidiary of the Brazilian company CAT LEO. Both power plants were operational at the time of the acquisition:  PCH Ivan Botelho I (24 MW) - operational since 2003 PCH Tulio Cordeiro de Mello (16 MW) - operational since 2003  Brookfield paid US$ 16.8 million (BRL 51.7 million) in the acquisition.  In October 2005, Brascan Energetica acquired six authorizations that were previously granted to the Brazilian company Azaleia by the regulatory agency ANEEL. Of the six acquired projects, only one was operational at the time of the ownership transfer:  PCH Cacador (23 MW) - Became operational in 2008 PCH Cotipora (20 MW) - Became operational in 2008 PCH Linha Emilia (20 MW) ¬ Became operational in 2009 PCH Passo do Meio (30 MW) - Operational since 2003 PCH Pezzi (19 MW) - Became operational in 2012 PCH Serra dos Cavalinhos II (29 MW) - Became operational in 2013  Brookfield paid US$ 22.9 million (BRL 55.6 million) for this acquisition. PCH Cacador, PCH Cotipora and PCH Linha Emilia were included in PROINFA, a federal sponsored program which established power purchase agreements for the sale of electricity.  Also in 2005, another of Brookfield's power plants became operational: PCH Salto Corgao (27 MW). The investment directed to this power plant was not available.  In April 2006, another six power plants (75 MW in total capacity) were acquired, again from the Brazilian company CAT LEO by Brascan Energetica Minas Gerais, a subsidiary of Brookfield. All of these power plants were operational at the time of the purchase:  PCH Ivan Botelho II (12 MW) - Operational since 2003 PCH Ivan Botelho III (24 MW) - Operational since 2005 PCH Ormeo Junqueira Botelho (23 MW) - Operational since 2003 PCH Anna Maria (2 MW) - Operational since 2003 PCH Benjamin Baptista (9 MW) - Operational since 2003 PCH Guary (5 MW) - Operational since 2003  Brookfield paid US$ 122.5 million (BRL 267 million) for this acquisition.  Also in 2006, two other power plants became operational: PCH Piranhas (20 MW) and PCH Sacre II (30 MW). PCH Piranhas was included in PROINFA, a federal sponsored program which established power purchase agreements for the sale of electricity. The investment directed to these power plants was not available.  Eleven of the power plants (45.14 MW in total capacity) were acquired in 2007 when Brookfield bought the company Zona da Mata Geração, a subsidiary of the Brazilian company Energisa:  PCH Cachoeira Alta (0.3 MW) PCH Coronel Domiciano (5 MW) PCH Ervalia (7 MW) PCH Joao Camilo Penna (22 MW) PCH Matipo (0.42 MW) PCH Mauricio (1 MW) PCH Miguel Paiva (1 MW) PCH Neblina (6 MW) PCH Roca Grande (1 MW) PCH Santa Cecilia (0.42 MW) PCH Sinceridade (1 MW)  All these power plants were already operating by the time of the purchase. Brookfield paid Energisa US$ 150 million in this deals.  Also in 2007, two other power plants became operational: PCH Ponte Alta (13 MW) and PCH Salto (19 MW).  In 2010, PCH Angelina (25 MW) and PCH Santa Ana (6.3 MW) commenced operations.  Besides the power purchase contracts established through PROINFA, Brookfield's power plants also sell its electricity in the unregulated market and to electricity distribution companies.  Brookfield was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.   The company first applied for carbon credits in April 2006.
Rewa Tollways Pte Ltd was awarded a 15 year build-operate-transfer (BOT) contract for the 141.3 km Satna-Maihar-Tala-Umaria Road by the State of Madhya Pradesh in September of 2002.  Rewa Tollways Pte Ltd is a fully owned subsidiary of Malaysian IJM Corporation Berhad. There had been an urgent need to strengthen and upgrade the region’s roads due to a considerable increase in traffic and commercial activities.   Total cost of the road was estimated at Rs.54 crore (approx. US$12.5 million), Rs. 29 crore of which was given in the form of a government grant/subsidy.    The project was part of the third phase of a larger, three phase state-wide road development program that aimed at constructing 15 new road corridors totaling 2155 km throughout Madhya Pradesh.  The state had planned total expenditures of around Rs.1,000 crore (approx. US$225 million) for the program with Rs.500 crore of that amount raised through the issuance of infrastructure bonds that were to be used subsidize the private operators.  Madhya Pradesh was the first Indian state to implement a road development program on such a large scale with private participation.    Under the “Bond BOT” scheme, investment was made by the private developer who was then allowed to collect tolls on the road for a 15 year term, which was inclusive of the construction period.   To make the projects more attractive, the government provided grants/subsidies to the private sector company on a competitive bidding basis.  For each project, three privately outsourced consultants were appointed: a technical consultant, a financial consultant and a supervision and quality control consultant.       Financial closure for the Satna-Umaria Road was achieved through SBI (State Bank of India) Investment, which had provided more than Rs.25 crore by December of 2003.   As of that date, four tranches of government subsidy had been released and work on the project was approximately 45 percent complete.
Delhi-Gurgaon Super Connectivity Limited (DGSCL) was awarded the right to construct and manage a 28-km. Expressway on National Highway 8 to link Delhi with Gurgoan under a 17-year build-operate-transfer (BOT) contract in December of 2001.   The project was located in India’s highest vehicle density region and Northern India’s commercial hub.  The area had been experiencing high population and traffic growth and was given the highest priority by the Central Government.   The project highway catered to both urban as well as through traffic and was to be used by local commuters and traffic headed towards IGI Airport, western ports, North Indian markets, as well as newly developed townships and localities in the vicinity.      DGSCL was a special purpose vehicle (SPV) formed between the consortium of Jaiprakash Industries Ltd. (98.6%) and DS Constructions Limited (1.4%).  DGSCL was formerly called Jaypee DSC Ventures Limited. The project was notable because the National Highways Authority (NHAI) had earmarked a grant of Rs 40 crore to enhance the attractiveness of the project and announced that the company that bid for the lowest grant would win.  However, JPDS offered to “pay” NHAI Rs 61 crore for the right to build the six/eight lane expressway and collect tolls on it for 17 years and subsequently won the bid.     In June of 2003 the project reached financial closure, raising Rs 383.30 crores as debt and 164.2 crores as equity to cover the estimated US$126 million cost of the project.  Among the lenders were HUDCO, the Life Insurance Corporation (LIC), Punjab National Bank and non-banking finance company SREI International Finance.  This was the first project to achieve financial closure under a BOT model in which 100% Foreign Direct Investments were allowed.    Construction work on the project began in October of 2003 and was expected to be completed within 24 to 30 months.
LDC Bioenergia, a subsidiary of the French company Louis Dreyfus Commodities, entered the business of sugar-cane processing, production of ethanol and thermal electricity generation in 2000, when it started acquiring units already operating in the Brazilian market. As of 2009, LDC held authorizations to operate eight thermal power plants located in the states of Rio Grande do Norte (municipality of Ares), Mato Grosso do Sul (municipalities of Rio Brilhante and Maracaju), Paraiba (municipality of Pedras do Fogo), Minas Gerais (municipality of Lagoa da Prata) and Sao Paulo (municipalities of Jaboticabal and Leme). Of the eight projects, the power plants located in Jaboticabal and Maracaju received authorizations to operate as captive units (supplying power to the sugar cane pressing facilities that belong to LDC), while the other plants received authorizations to operate in the electricity market as independent producers. These authorizations, with 30 or 35 years in length, were issued over the years starting in October 2002.  The unit in Ares, also referred to as UTE Estivas, was set to have a capacity of 17 MW; the unit in Rio Brilhante, also referred to as UTE Passa Tempo, was set to have a capacity of 10 MW, while the other unit in Rio Brilhante, LDC Rio Brilhante, would have a capacity of 90 MW; the unit in Pedras do Fogo, also referred to as UTE Giasa II, was set to have a capacity of 30 MW; the unit in Lagoa da Prata was set to have a capacity of 60 MW; and the unit in Leme was set to have a capacity of 42.3 MW.  The cogeneration power plants were set to use sugar cane residues as fuel. Energy cogeneration commenced only in 2003, when the power plant in Leme was authorized to begin operations.  In 2008, the LDC Rio Brilhante commenced operations. A total of US$ 382.5 million (BRL 700 million) was directed to facilities dedicated to the pressing of sugar cane, producing ethanol and generating electricity.  In 2008, UTE Conquista do Pontal, UTE Santa Luzia I and UTE Cacu were able to sign 15-year power purchase agreements guaranteeing the sale of electricity to the national grid.   Investment figures solely on the cogeneration facilities were not available.  In October 2009, LDC Bioenergia acquired a 60% stake in Santelisa Vale Bioenergia. The operation involved the establishment of a new company, LDC-SEV, to manage the assets of LDC Bioenergia and Santelisa Vale Bioenergia. LDC-SEV became one of the largest companies operating in the business of sugar-cane processing, production of ethanol, and electricity generation.  July 2011: investment figures were ESTIMATED based on a price of 1.3 million per MW (average for LAC).  In June 2012, the state-owned bank BNDES granted a US$ 31.9 million (BRL 62.2 million) to LDC Bioenergia to finance the expansion of the thermal power plant located in Lagoa da Prata from 40 MW to 85 MW in capacity. The total investment in the expansion was not available. Construction works on this unit were concluded in July 2014.  Also in 2012, LDC-SEV changed its name to Biosev S.A.  In 2013, UTE Passa Tempo had its capacity expanded additional 74.6 MW. The investment was estimated at US$ 69.2 million (BRL 162.9 million), and the construction works were concluded by November 2013.
In July of 2003, Zhangzhou Jinfen Water Works Co Ltd (ZJWW) entered into a 50-year BOT agreement with the Government of Chihu, Zhangpu District to construct a 30,000 cubic meter per day capacity water treatment plant and supply treated water in Chihu, Fujian Province.  The project was to be divided into two parts, namely the construction of the water treatment plant and the supply of pipe network.       ZJWW was set up in China with a paid-up capital of US$1.169 million and was a wholly owned subsidiary of DKLS-PJI Venture Capital Sdn Bhd (DKLS-PJI), which in turn was which in turn was a joint venture between DKLS Industries (70%) and PJI Holdings Bhd. unit Ocean Electrical Co Sdn. Bhd. (30%), both of Malaysia.    ZJWW was the sole investor of the project which was expected to cost 15 million ringgit (approx. US$4 million) in total.  DVSB implemented a rights issue exercise, the proceeds for which enabled it to finance the project to be undertaken by ZJWW.
CSX World Terminals signed an agreement with Caucedo Development Corporation to build, own, and operate the merchant terminal facility in the Caucedo peninsula of the Dominican Republic. Caucedo Investments Inc was created to operate the Port of Caucedo (“Caucedo”) under a ten year concession automatically renewable for four consecutive ten year periods. Caucedo, the only deep water dedicated container terminal in the island of Hispaniola was located on the Caucedo Peninsula of the Dominican Republic, approximately 30 kilometers from the capital city of Santo Domingo  The estimated US$200 million project was designed to relieve a similar facility, also run by CSX World Terminals in Dominican Republic's Rio Haina. The Caucedo port was to relieve congestion at the Rio Haina facility and the new port's 15 meter deep-water harbor enabled larger vessels to enter the harbor.  The primary sponsors were CSX World Terminals, a fully-owned subsidiary of United States-based CSX Corporation, and Caucedo Development Corporation (CDC). CSX World Terminals was responsible for the port's development, marketing, and management. CDC represented three local partners - Jaak Rannik of Agencias Navieras B&R, industrial developer Samuel Conde, and chairman of the Itabo Industrial Park Manuel Enrique Tavares.  Financial closure was obtained by securing an IFC loan and financing from a consortium of lenders led by Scotiabank Group. Scotiabank directly funded US$150 million in a four-tranche loan to Caucedo Investments. The tranches comprised: tranche 1 (US$80 million on 8-year loan), tranche 2 (US$70 million, 12-year loan), tranche 3 (US$15 million, 12-year loan), and tranche 4 (US$30 million, 12-year loan).  The greenfield port was located within the Caucedo Free Trade Zone or Zona Franca Multimodal, an expected logistics hub for the Dominican Republic and the Caribbean. The free trade zone was designed for warehousing, distribution, and logistics. The port included 1.1 kilometers (0.68 miles) of sea front and was expected to handle high volumes of containers. Phase one construction, starting in May 2002 and estimated to conclude in first quarter 2004, had a berth with quay length of 600 meters (656 yards) and was dredged to 14 meters (46 feet). The container terminal also included five gantry cranes. The gantry cranes, supplied by Shanghai Zhenhua Port Machinery Company Ltd.,  were designed to handle throughput of one million TEUs per year. The port was estimated to store more than 18,000 TEUs. The terminal commenced operations on December 4, 2003.  In February 2005, Dubai Ports International (DPI) acquired CSX World Terminals for approximately US$1.15 billion. With this transaction, DPI gained control of Caucedo Terminal.  In 2010, Caucedo’s Phase II expansion project commenced and included construction of a new 300m quay / Breakwater Berth on the inside face of the Caucedo terminal’s breakwater, the acquisition of 2 new mobile harbor cranes for the feeder berth, a 6th quay crane for the main quay and supporting equipment as well as the development of staging yard space on the existing breakwater reclamation. Caucedo’s Phase II expansion project was expected to be completed in the first semester of 2012. The expansion was to incremental capacity of 275,000 marine lifts.  The total project cost was estimated at $69 million. IFC approved an A Loan of $17.5 million in December 2010.
Arun Valley Hydro Power Development Company was planning the development of the 3MW Piluwa Khola run-of-river hydropower plant, near Sankhuwasabha District, Koshi Zone, Piluwa River, a tributary of Arun River.   The PPA was signed with NEA in 2000, to supply 19.56GWh annually. Construction started in March 2000 and was completed in August 2003. Commercial operation started on September 18th 2003. The project was connected to the grid via a 33kV transmission line. Equipment was supplied by Wasserkraft Volk AG, from Germany (Turgo impulse turbines).Civil work ws done by Marushin Shitaka Construction Company (Japan). Metal works was done by Machhapuchhere Metal and Machinery Works Company, Pokhara, Nepal.  No further financial information about the project was available. The financial closure date was an estimate (completed construction, September 2003). The total cost was US$1.45 million per MW (US$4.35 million), or Nrs.326.4 million. The IRR of the project was reported as 22.8%.  Financing was provided by: Bank of Kathmandu Limited (Lead), Nepal SBI Bank Limited (itself 55% owned by SBI Bank, India), Machhapuchchhre Bank Limited, Nepal Bank Limited.
Bulgarian-Russian gas company Overgas Inc., 50% owned by Russian Gazprom, won a 10-year licence for gas supplies to Bulgaria’s capital Sofia in July 2003 through its subsidiary Sofiagas. Sofiagas planned to invest over 49 million euro (US$60 million) in the gasification of Sofia by 2013. Sofiagas planned to install 175 km of pipes in the city of some 1.2 million people in 2004.  The gasification was going to start with areas of Sofia that did not have alternative sources of heating.  In September 2006, the State Energy and Water Regulatory Commission (SEWRC) granted Sofiagas a new license with a term of 35 years.  As of December 2008, Sofigas had 10,300 residential and nearly 500 commercial customers.  Overgas was established in 1991. As of Dec. 31, 2008, Gazprom [Russia] and Overgas Holding each had a 50% holding in Overgas Inc.
A local private company, Weixing Group was granted a 50 year agreement to construct and operate the Tuoluo River Power Plant in Weixi Lisu Minoriy Autonomative County, Yunnan Province. The project was procured through direct negotiation. The total capacity of the project is 30MW and Weixing Group owns 100% of the project. The total investment was RMB 150 million (US$ 18.12 million). A subsidiary company, Yunnan Jianghai Investment Co., Ltd., was established to operate the facility. Construction commenced in October 2003 and the power plant started operation in August 2006.
Meiya Power Company Limited (MPC) acquired a 37% interest in a 4 x 300MW coal-fired power plant in Qujing, Yunnan Province, for US$35.76 million in May of 2003.  Situated in the city of Qujing in Yunnan, the first phase project involved the construction of two 300-MW coal-generating units. The project started in December 1995 and went into full operation three years later. The Yunnan Provincial Development & Investment Company, the State Development & Investment Company, the Yunnan Electric Power Group and the Guangdong Electric Power Company acted as the four investors, owning a respective stake of 37%, 36%, 19% and 8% in the project. The Qujing Phase-II Project was considered to be one of the major components of China's "West-East Power Transmission Project" and started on November 25, 2001. The project also consisted of the installation two 300 MW coal-fired generating units.  The first unit was expected to become operational at the end of October 2003 while the second unit was expected to become operational in early 2004.   Completion of the second phase project was to make the Qujing Power Plant the largest thermopower plant in Yunnan. The Yunnan Provincial Development & Investment Company was the investing arm of the provincial government, and after it relinquished the 37% stake, MPC became the second largest shareholder in the Qujing Power Plant after the State Development & Investment Company.   MPC was jointly owned by PSEG Global Inc (50%), the Asian Infrastructure Fund (30%), and Hydro-Quebec International (20%).  In July 2004, Darby Asia Investors, Ltd. ("DAI"), acquired Hydro-Quebec's 20% stake for a total cash consideration of US$84.6 million.
This joint venture Jinan Hong Kong and China Gas Company Limited, was established in September 2003. The project is located in Jinan City, Shandong Province. The Hong Kong and China Gas Company Limited (Towngas) has a 48% stake in the project and will operate and manage the joint venture for 50 years. The total investment was RMB 410 million (US$ 49.52 million).
TMais SA is a utility created to provide local and long-distance telephone services in certain cities in the States of Sao Paulo, Parana and Santa Catarina. TMais received licenses to operate in the regions where one of the mirror companies are not delivering services. TMais is one of the so-called "espelhinhos" (small-mirrors), and initially it was serving cities with less than 200,000 habitants.   TMais was authorized to deliver services in 55 cities of Region II (the mirror company of Brasil Telecom is Global Village Telecom) and 14 cities in Region III (where the mirror company of Telefonica is Vesper). These authorizations were originally granted by ANATEL, the regulatory agency, to Espelho Sul Holding SA, in 2000. In 2003, Espelho Sul Holding had its name changed to TMais SA.  In November 2003, TMais was authorized to deliver local and long-distance services in the main capitals of the countries, including Sao Paulo, Rio de Janeiro, Belo Horizonte, Curitiba, Porto Alegre, Salvador, Recife, Belem and other cities in the states of Parana and Rio Grande do Sul. This expands the services provided by the company to cities that have more than 200,000 habitants.     TMais started operations in March 2003 in one city of the State of Rio Grande do Sul (Lajeado).
Bozhou Xinao Gas Company Limited was a Sino-foreign joint venture that was established in December 2002 by Xinao Gas Holdings Limited through its subsidiary Anhui Xinao Investment Ltd. which has a 70% stake in the project. The remaining 30% is held by Bozhou City Construction. The company was granted exclusive rights to supply piped gas in Bozhou City in Auhui Province for a period of 30-years.  The project had a total investment of RMB 110 million.   Xinao Gas is one of the first non-state-owned city gas distributors that invest in, construct and operate gas pipeline and related infrastructure in the PRC. As of December of 2002, Xinao Gas had 28 gas projects on the mainland, covering a total population of over 7.3 million.
In 2003 the municipality of St. Petersburg, Russia, granted a 12 year build, own and operate (BOT) contract to international consortium Nordvod for the construction of a new wastewater treatment plant. The plant was intended to operate in Southwest St. Petersburg and process wastewater from some 720,000 residents. The new plant was designed to process 330,000 cubic meters of sludge per day. The Southwest Wastewater Treatment Plant (SWTP) in St. Petersburg was Russia’s first public-private partnership (PPP) scheme. The plant was expected to greatly improve water quality in the Baltic Sea.  Construction consortium Nordvod was a special purpose joint venture created by local municipal water treatment agency Vodokanal (41%), the Nordic Environment Finance Corporation (18%), and three contractors holding the remaining 41%: Skanska, Swedish construction company NCC and Finland's YIT Corp.  Construction work on the Southwest Wastewater Treatment Plant started in 1987, but was abandoned in the 1990s for the lack of financing. Approximately one-fifth of the plant's concrete structures were completed. Nordvod paid US$36.7 million to buy the unfinished St. Petersburg's Southwest wastewater purification facility from St. Petersburg water utility Vodokanal.   In 2003 the total cost of the project was estimated at EUR 188.75 million (US$ 203 million). Financial closure was reached March 2003, and work on the plant began the same month. The plant was completed in September 2005.   The plant was operated for 12 years by Ecovod, a company with the same shareholding structure as Nordvod.  The SWTP was the first project to be implemented under the framework of Northern Dimension Environmental Partnership (NDEP), an international environmental program, initiated by the EU Commission, countries around the Baltic Sea and international financial institutes. The project was financed through contributions from Denmark, Finland and Sweden and the EU's Tacis program as well as through loans from the Nordic Investment Bank (NIB), the European Bank for Reconstruction and Development (EBRD), Finnfund and Swedfund.
In June 2003, a local private developer, Henan Ruihua Public Utilities Investment Co. Ltd. won the Xunchang to Weishi Expressway project through an open competitive bidding process. Ruihua invested RMB 1.88 billion (US$ 227.05 million) in the project and owned a 100% stake. The road was 64 km long. The construction of the project commenced in September 2003. Ruihua would operate the toll road for 30 years.
In February of 2003, Xinao Gas Holdings Ltd. announced that it had signed up, for natural gas connection, the city center of Chaohu in Anhui Province.  Xinao was to invest US$5.7 million to establish the wholly owned company Xinao Anhui Investment Co. Ltd. to start business in Chaohu, which had a population of 230,000 in 2003.  The BOT contract was for a 30-year period.
This joint venture, Weifang Hong Kong and China Gas Company Limited, was established in November 2003. The project is located in Weifang City, Shandong Province. The Hong Kong and China Gas Company Limited (Towngas) has a 50% stake in the project and will operate and manage the joint venture for 50 years. The total investment was over RMB 247 million (US$ 29.83 million).
In May 2003, the government of Gabon granted to Setrag a temporary four month management contract to operate national railway company Trans-Gabonese Railroad (the 'Transgabonais). The contract was then extended a few times until September 2005 when a new concession contract became operational. The management contract was granted after the Transgabonais consortium, which was granted a 20-year concession to operate the railway company in 1999, withdraw from the company operation in May 2003. Transgabonais was a 650-km stretch of railway connecting the coastal port of Owendo (just outside the capital, Libreville) and the timber- and manganese-rich areas of the south-east, around the city of Franceville.    Setrag, a subsidiary of South African company Compagnie miniere de l'Ogooue (Comilog), which itself was ultimately owned by the French-controlled group Eramet, a mining firm operating in south-eastern Gabon.    The Transgabonais railway was completed in 1986 and in 1999 a 20-year concession contract was awarded to Transgabonais consortium led by Belgian Transurb Technirail, and integrated by Societe nationale des bois du Gabon, and other private partners.  The consortium withdrew from that agreement in May 2003 after having faced opposition to rising freight charges.  The government also claimed that the operator had failed to pay its concession fees, meet required investment, provide sufficient business accounts, and meet facility maintenance expectations.
In April 2003 the municipality of El Banco awarded a 16-year concession for water and sewerage services to private operator Operagua. The contract covered rehabilitation, upgrade, and operation of the municipality’s water and sewerage services. The municipality had some 52,000 residents.  In 2003 Operagua, Aguas de la Guajira, was a subsidiary of the Spanish firm Aguas de Valencia.  Financing was achieved through federal government contributions (US$1.8 million), municipal government (US$4.5 million) and the concessionaire (US$0.05 million).
Yangtze Electric Power Co. (YEPC) was set up in November of 2002 as the listing vehicle to raise capital for the state-owned China Yangtze River Three Gorges Development Corporation, which ran the world's largest hydropower project.  YEPC raised nearly US$1.2 billion on its initial public offering (IPO) in Shanghai in November of 2003 by offering a total of 2.33 billion shares at 4.30 yuan each.  The listing was China’s largest in that year and was oversubscribed by an estimated 70 times.  55 percent of the total 2.33 billion shares were slated for public investors, while the remaining 45 percent were placed with institutional investors, who had a lock-up period (meaning they must hold the shares) from six months to 18 months.  YEPC offered 29.6% of its shares and China Yangtze River Three Gorges Development Corporation retained a 63% controlling stake.   The proceeds from the issue were to be used to purchase the first tranche of 700MW generators operating at the Three Gorges hydroelectric project in Hubei province. YEPC was to buy the generators from China Yangtze River Three Gorges Development, which owned an 89.5% interest in YEPC prior to the issue.  The company's other investors included Huaneng Power International (3%), China Nuclear Power Industry Group (3%), the China National Petroleum Corporation (3%), the Gezhouba Group (1%) and the Yangtze River Water Resources Commission (0.5%).    The Three Gorges project began construction in 1993 and generated its first electricity early in 2003 but was not expected to be fully completed until 2008.  The US$25 billion Three Gorges Dam was to be the largest power project ever undertaken in Asia, although its 18,200MW generating capacity was to represent less than a single year's worth of growth in Chinese electricity demand.  The Dam was 2,309 meters long and 185 meters high, and its vast reservoir held 39.3 billion cubic meters of water.  China had said that the purpose of the dam was to control flooding on the Yangtze river and produce electricity for China's rapidly expanding industrial base.
Jaiprakash Power Ventures Ltd. (JVPL) undertook the development of 400 MW Vishnuprayag Hydroelectric Project (VHP) on Alaknanda river, in Chamoli district in Uttaranchal State, on build-own-operate (BOO) basis. The power generated from this project was to be sold to Uttar Pradesh Power Corporation Ltd (UPPCL), a transmission and distribution utility operating in Uttar Pradesh State, under a 30 year power purchase agreement (PPA). The project consisted of 4 generator units, each producing 100 MW each. This hydroelectric plant was designed to be a "run of the river" scheme and did not require any storage facilities like dam or reservoir.   JPVL, a special purpose company, was a wholly owned subsidiary of India’s Jaiprakash Associates Limited.  The total cost of the project was estimated at US$ 408 million. The project reached financial closure in 2003 with a debt equity ratio of 70:30. The project debt consisted of rupee term loans (US$ 253.65 million) and foreign currency loans (US$ 32 million).   JVPL signed the PPA with UPPCL in September 2002. This PPA was guaranteed by Uttar Pradesh State government for payment obligations of UPPCL. The 30 year term of the PPA began from the date of commercial operation of the last unit. Under the PPA, 12% of the total power generated was to be supplied to Uttaranchal State for free.  Construction works began in 2003 and the project was expected to be commissioned in June 2006.
The San Francisco power project involves the construction of a 260-MW hydro power plant and a 230 kv transmission line. The project was awarded to Hidropastaza SA, a joint-venture between state-owned company Hidroagoyan (80 percent), Odebrecht (14 percent)  and Ansaldo Energy (6 percent). The sponsors will build, own and operate the plant for a 30-year period, and then return the assets to the government at no cost.   The concession contract was awarded to Hidropastaza in Mar. 2000. However, project financing, although arranged in 2000, was not complete until the President of Ecuador signed a loan guarantee for the project in October 2003. The loan guarantee covered a US$268 million loan from Brazil's development bank (BNDES). The energy regulator in Ecuador, Conelec, was not able to sign the contract until the loan guarantee was signed by the President.     Construction began in November 2003 and was expected to commence operations in February 2008. There was no power purchase agreement between the public utility and Hidropastaza, and no tariff has been set in association with the concession contract (Hidropastaza is free to negotiate its tariff with the distribution companies). In 2001, Hidropastaza S.A. recevied a $150 million MIGA guarantee for its loan guarantee to BNDES which covers the risk of breach of contract.  Commercial operations commenced in June 2007.
This joint venture, Xuzhou Hong Kong and China Gas Company Limited, was established in December 2003. The project is located in Xuzhou City, Jiangsu Province. The Hong Kong and China Gas Company Limited (Towngas) has an 80% stake in the project and will operate and manage the joint venture for 50 years. The total investment was RMB 245 million (US$ 29.59 million).
The transmission project comprised a 1,278 km, 500 kV line that was to transport 1,200 MW from the Imperatriz substation in the Brazil’s northeast state of Maranhao to the Samambaia substation in the Federal District. The project, comprising development, construction, erection, commissioning, operation, and maintenance, was designed to run in parallel to the existing north-south transmission line. The existing line, called North-South interconnection I, was a 1,279Km high-tension transmission line linking Brazil's main northern and southern power grids. The US$936 million project, built and operated by the Brazilian state-owned company Eletrobras, connected Brazil's North/Northeast grid to the South/Center-East/Southeast system creating a one interconnected system for most of the country (as of 2003 the states of Amazonas, Roraima, Acre, Amapa and Rondonia were still excluded). The first line connected the cities of Imperatriz in Maranhao state and Colinas and Miracema in Tocantins state. The North South interconnection II was expected to duplicate the transmission capacity between the North/Northeast and the South/Center-East/Southeast subsystems.  The two projects were to share some access for inspection, maintenance, and limited operation. The project also included investment and improvement of the existing six substations in the Federal District and the states of Goias, Tocantins, and Maranhao. After construction completion, the line was expected to improve system reliability and reduce energy shortages and interruption.  ANEEL, the Brazilian regulatory agency responsible for concessioning transmission lines, awarded the Novatrans Consortium (Camargo Correa and Civilia Engenharia) the concession for the lines on August 30, 2000. The concession contract was awarded for 28 years after the commercial operation date - thereby creating a combined 30 year contract (2 years for construction and 28 years thereafter). In February 2002, Enelpower, subsidiary of Italy’s state power company ENEL, assumed 90% ownership of Novatrans Energia. The remaining 10% was assumed by Brazilian engineering company Civilia Engenharia. In 2003, through a restructuring within ENEL group, the corporate control of Novatrans was transferred from Enelpower to Terna, another wholly-owned subsidiary of ENEL. In this operation, the control of Tranmissora Sudeste Nordeste (TSN) was also transferred from Enelpower to Terna. As of August 2003, Novatrans had implemented the first section of the line, connecting Samambaia substation, in the Federal District, to Serra da Mesa, in the State of Goias.    Financial closure for the project was reached with the Inter-American Development Bank approved US$66 million to Novatrans Energia. In addition, Brazil’s national development bank, BNDES, provided US$133 million and the commercial bank ABN was expected to provide US$33 million. Total project investmemt was expected to be US$338 million. The project began to operate in April 2004.  In November 2009, Cemig bought a state in Terna Participacoes, which held 100% of the shares of Novatrans Energia by that date. The name of the company changed from Terna Participacoes to Transmissora Alianca de Energia Eletrica S.A. (Taesa). The shareholders of Taesa are: FIP Coliseu (33.6%), Cemig (32,3%) and small local investors (34.1%).
In 2001, Ceylon Electricity Board (CEB) approved the development of a 9.9 MW mini hydro project in Kuruwita (Ratnapura district, Sri Lanka) by Vallibel Power Erathna Limited (VPEL) on build-own-operate (BOO) basis. By December 2002, VPEL obtained all the necessary approvals from the various government agencies to develop this “run of river” mini hydro project that utilized the water flow of the upper reaches of river Kuru Ganga.   In 2002, VPEL entered into a long term power purchase agreement with CEB for the supply all its power.  VPEL was originally fully owned unit of Vallibel Holdings, a local equity fund owned and run by Sri Lankan entrepreneur Mr. Dhammika Perera. In April 2006, Vallibel Holdings offered 20.1% stake in VPEL through an initial public offering (IPO). The money raised through the IPO was used to retire long term loans obtained for project financing and to increase equity investments in another of Vallibel Holdings’ mini hydro project, Didul (Pvt) Limited.  The total cost of this mini hydro project was estimated at US$ 6.78 million (SLRs 740 million). The project reached financial closure in March 2003.   Construction on the project began in July 2002. Commercial operations commenced in July 2004.
The construction of the 36km Hangzhou Bay Bridge connecting Shanghai and Ningbo commenced in June 2003. After a series of changes in ownership composition, the project company, Ningbo City Hangzhou Bay Bridge Development Co., Ltd., was established as a joint venture of multiple state owned enterprises and local private companies. The private partners include Younger (3.16%), Cixi Jianqiao (9%), Cixi Xingqiao (5.19%), Tianyi Investment (6.49%), and Yuyao Hangzhou Bay (2.60%). The total investment was RMB 12500 million (US$ 1509.66 million). The agreement was granted via direct negotiation. The project company will operate the bridge for 30 years. The bridge opened in May 2008.
The government of Angola awarded to Hidrochiacapa company a 40 year BOT contract for the 16 MW Chicapa hydroelectric plant in November 2003.   Hidrochicapa is owned by Alrosa (55%) and state owned energy Empresa Nacional de Energia (45%). Alrosa funded the US$ 45 million project cost with through the loans acquired from Russian Vneshtorbank.   The hydro plant was designed to have four generating units and was to be completed in 2006. The electricity to be generated by the plant would be sold to diamond mine Catoca and to the inhabitants of Saurimo, located in the north eastern province of Lunda Sul. The plant was the first privately owned power station in Angola.
Hong Kong-listed Xinao Gas Holdings Ltd (Xinao), one of the first non-state-owned city gas distributors in China, announced in August of 2003 that it formed a joint venture with the Lianyungang city government to operate a piped gas business in Lianyungang, Jiangsu province for 50 years.  The joint venture, named Lianyungang Xinao Gas Company Limited, had a registered capital of RMB49.5 million. Total investment was RMB 200 million. Xinao held a 70% stake in the company while its state-owned partner owned the remainder.
In July 2003, a Hong Kong based company Rong Group signed a 20 year agreement to build and operate a sewerage treatment plant in Yizheng City, Jiangsu Province. The plant would be built in two phases with the total capacity of 50,000 cubic meters per day.   Rong Group invested US$ 5 million in the plant and owned 60% of the project.    The construction of the plant commenced in July 2003 and it came into operation at the end of 2004.
Transnet was awarded a 25 year concession to run the port of Tema by the National Ports Authority (NPA) of Ghana in February 2003. Transet was to operate the port through its daughter company of Portcon in conjunction with local partners.   Tema city and port lied in southeastern Ghana along the Gulf of Guinea (Atlantic Ocean), 18 miles (29 km) east of Accra. Opened formally in 1962, Tema's harbor enclosed 410 acres (166 hectares) of sea and was Africa's largest man-made harbor. There were 3 miles (5 km) of breakwaters, 12 deepwater berths, an oil-tanker berth, and a dockyard, warehouses, and transit sheds. The port's container yard was capable of holding over 8,000 TEU.  The Port of Tema was also a traffic junction, where goods were transshipped and transit cargo destined for the hinterlands/landlocked countries of Burkina Faso, Mali and Niger were handled.  Beginning in 2002, the Port of Tema increased its shipping throughput as neighboring countries began to use the port in lieu of the Abidjan port in Cote d'Ivoire (armed conflict in Cote d'Ivoire in 2002 caused the shift). Throughput increased to 855,093 tons in 2003.
Asia Power will hold a 25 percent stake in the joint venture company Changxhou Huayuan Electric Power Co Ltd. (CHEPC) after an initial 16.5 million yuan (Approx. US$2 million) investment.  Total investment was expected to be 163.53 million yuan for the project.  The other partners in the JV were the largely state-owned Changzhou Changxin Electric Power Co Ltd, Yangzhou Suyuan Group Co Ltd, Jiangsu Electric Power Development Co Ltd and the China Huadian Group Co Ltd.  CHEPC will build, manage and operate the power plant in Changzhou City in Jiangsu Province, China.  The combined-cycle project would comprise a 39.6-MW gas turbine and 20-MW steam turbine. The plant was due on-line by year-end 2003. Asia Power already owned a 25% stake in a 51-MW oil-fired plant in Changzhou which it acquired in March of 1999.
In August 2002, Consorcio SA Vila do Conde (a partnership of Schahin Engenharia Ltda and Alusa’s subsidiary Companhia Tecnica de Engenharia Eletrica) was awarded in a competitive bidding process organized by the regulatory agency ANEEL the 30-year contract to build and operate a 155- km transmission line located in the state of Para (Vila do Conde-Santa Maria). Information on the other bidders was not available.  The bidding criteria set by ANEEL was the lowest required annual revenue CONSÓRCIO SA - VILA DO CONDE presented the lowest offer, a total value of US$ 5.48 million (BRL 12.88 million), 0,10% below the ceiling set by the regulatory agency. The contract was signed in December 2002, and the sponsors created the company Empresa Regional de Transmissao de Energia S.A. (ERTE) to lead the project during the 30-year contract period. Over the years, the shareholding structure of ERTE changed and, as of 2009, the shareholders were Alusa (50,00%), state-owned Cemig (18,35%), American company MDU Resources International (13,30%) and  Canadian company Brookfield (18,35%).   The sponsor committed to invest US$ 26 million (BRL 80 million) in the transmission line. Financial closure was achieved in 2003, when the sponsor was granted a US$ 17.7 million (BRL 54.4 million) loan from BNDES. The remaining cost was set to be financed with the sponsors’ internal resources.  Operations commenced in September 2004.
In November of 2003 the municipalities ofTacaima and Agua de Dios in Cundinamarca Deparment signed a 20 year concession contract with Aguas del Alto Magdalena SA ESP for the operation, rehabilitation and expansion of their water and sewerage services. The concession included investments for US$16 million of which the operator agreed to contribute with US$ 3 million while the remaining was to be funded by the municipal government (US$8 million), departamental government (US$3.8 million) and the national government (US$1.25 million). In 2005 Tacaima had a population of 9,777 inhabitans while Aguas de Dios of 8,839 inhabitants.
Hydropower International (HPI) developed the 2.0MW Rath Ganga small hydropower plant, in Rathnapura District. The project company was PanAsian Power (Pvt) Ltd. The project fed of the Rath Ganga River. The project company was a joint venture with New Energy, from the UK.  Construction started in August 2002. The Standard PPA with Ceylon Electricity was signed in December 2002. The project was commissioned in July 2004. The turbine was supplied by Tianjin Flying Electric (China). The generator was supplied by Stamford (UK). The transformer was supplied by Lanka Transformer (Sri Lanka). The substation was supplied by ABB (India). The PPA was for a period of 15 years, until July 2019.  Total project cost was ESTIMATED at US$2 million. Financial closure date was ESTIMATED at April 2003, based on the 25% completion rule.
In 2003, Jabalpur Corridor (I) Pvt. Ltd was awarded a 15 year concession contract for strengthening, widening, and reconstructing the 176 km long Sagar-Damoh-Jabalpur road by Madhya Pradesh Road Development Corporation Limited (MPRDC). MPRDC is a wholly owned Madhya Pradesh (MP) state government company responsible for the construction and rehabilitation of MP state roads. Under the contract, investment was made by Jabalpur Corridor (I) Pvt. Ltd. in return for the rights to collect tolls during the term of the contract.  Jabalpur Corridor (I) Pvt. Ltd won the competitive tender, conducted by MPRDC, by bidding the lowest government subsidy/ grant amount of US$ 10.24 million.   The total cost of the project was estimated at US$ US$ 19.26 million.  As of February 2006, 45% of the construction was completed.
In April 2003, the government of Zambia signed a 20 year concession contract with with a consortium of New Limpopo Bridge Projects Investments (NLB1) and Spoornet, South Africa to operate and modernize the 1271km 1067mm-gauge railway. The concessioned railway connected with Congolese National Railway, Tazara, and National Railways of Zimbabwe, and was a key part of the Cape gauge network serving southern Africa. The railway also served the copper belt of the southern part of the Democratic Republic of Congo and northern Zambia.  The five year investment commitments were estimated at US$14.8 million.  In 2007, the government repeatedly complained that RSZ had failed to properly run Zambia's rail lines since taking over management of the state-run Zambia Railways in 2003. Early 2008, Finance Minister Ng'andu Magande affirmed the government intended to cancel the Railway Systems of Zambia's rights to operate the African nation's railways because it had failed to improve their quality.   Larsons General Contractors Limited was operating the Mulobezi Railway line as of 2012. In 2013, state-owned Zambia Railways said it planned to end the concession agreement with the Mulobezi Railway by the end of December.
The Nigerian telecommunications Ltd (Nitel) was the state-owned company responsible for providing public telecommunications services in Nigeria. The monopoly of Nitel on telecommunications services was officially ended in October 1997, promoting the role of the private industry in the sector.     The proposed sale of a 51% stake in Nitel fell through in early 2002. This led the Bureau of Public Enterprises (BPE) to temporarily transfer the management of Nitel to a Dutch firm, Pentascope Group, through a three year management contract license in March 2003. 14 firms initially expressed interest in the process but only five of them submitted the final bid.  Under the contract, Pentascope would recieve an annual management fee of US$10 million for managing Nitel only if it met the agreed targets on call completion, increased revenue collection and network expansion. Pentascope committed to provide one million GSM lines and to add 600,000 new fixed lines to the existing 700,000 lines.   By December 2004, the Nigerian House Committee on Communication had demanded a full public hearing on the NITEL Management Contract Awarded to Pentascope.  It was being alledged that Pentascope was not meeting established targets and that the contract award in 2003 was flawed.  In February of 2005, the Federal Government terminated the Management Contract with Pentascope for Nigeria Telecommunications Limited (NITEL), citing alleged incompetence and inability to meet targets.  An alleged demand for the upward review of the annual management fee from US$10 million to US$16 million was reportedly another reason for the action.   The partial divestiture of NITEL continued to be sought as at end 2005. A second auction held in December 2005 was canceled after the uncontested US$256.5 million bid from Orascom Telecom of Egypt was rejected by the government for being too low.
Hong Kong listed Xinao Gas Holdings Ltd (Xinao), one of the first non-state-owned city gas distributors in China, announced in October of 2003 that it had formed a joint venture with the Jiaocheng government to operate a piped gas business in Jiaocheng, Shandong province, for 36 years.  The joint venture, named Jiaocheng Xinao Gas Company Limited, had a registered capital of US$5 million.  Xinao held a 51% stake in the company while its state-owned partner owned the remainder. Total investment was RMB 40 million.
The project comprises the construction of a 452MW power plant (Peixe Angelical) in the State of Tocantins, Brazil. The project had been initially undertaken by a joint-venture of Eletricidade de Portugal (EdP) (95%) and Grupo Rede (5%). In October 2003, Furnas, a state-owned eletricity utility in Brazil joined the project with a stake of 40%. EdP reduced its stake in the project to 59% and Grupo Rede to 1%.   The project involves a total investment of US$433.3 million (R$1.3 billion). Financial closure was reached in October 2003 when the Brazilian Development Bank, BNDES, approved a US$266.6 million (R$800 million) financing package.  In October 2003 the construction works were resumed, after being interrupted in 2002, during the initial phase of the project, due to the lack of financial resources. The plant commenced operations in September 2006.
The Government of Nigeria awarded to Shell Nigeria Gas (SNG) a BOT contract for the Agbara/ Ota Natural gas pipeline in January 2003. The pipeline project aims at transmitting and distributing natural gas to Agbara Ota industrial estate located South Western Nigeria near Lagos. The project was the first one to promote industrial use of natural gas in the country.   The BOT contract for Agbara/ Ota Natural gas pipeline was signed between Shell Nigeria Gas (SNG), a fully owned subsidiary of the Shell Petroleum Development Company, and Nigerian Gas company, a subsidiary of Nigerian National Petroleum Corporation (NNPC).  In its initial phase, the US$ 34 million pipeline was planned with a supply capacity of 45 million standard cubic feet of gas and a customer base of 45 companies in Agbara Ota industrial area. The pipeline capacity could be expanded up to 121 million standard cubic feet. As of January 2003, the project sponsor had signed agreements with 30 companies to supply natural gas.
In September 2003, Western Route Joint Venture (JV) was established to build and operate Western Delta route-Phase I for 30 years. This Project, developed under BOT basis, consisted of a 14.7 Km dual three lane expressway connecting the Guangzhou and Shunde.  Western Route JV was owned by Hopewell Highway Infrastructure Ltd. (HHI) of Hong Kong (50%) and state-owned Guangdong Provincial Highway Construction Co., Ltd. (50%). The total cost of Phase I was approximately RMB 1,750 million (US$211 million).  The project was the first of the three phases to develop the Western Delta Route. Phase II consisted of 46 km to connect Bijiang to Zhongshan. This project was implemented in 2005.
In 2002, Instituto Nacional de Vias (INVIAS - Colombia's national road and highway agency) awarded to Consorcio Solarte Ingenieros Constructores the concession for the Briceno-Tunja-Sogamoso toll-road. The Briceno-Tunja-Sogamoso toll-road is a 184.3 km highway that stretches from Briceno in Cundinamarca, going through the Sabana de Bogota and the Valle del Rio Sogamoso, reaching Sogamoso in Boyaca.   Consorcio Solarte Solarte reached financial closure in August 2003.  Although the concession was estimated to last 30 years, the contract is terminated when the concessionaire reached the expected revenue of US$830 million (1,800,000 million of 2000 COL$). The estimated project cost was US$110.4 million.  In July and September 2005, the government signed with the concessionaire two modifications to the contract, redefining the extent of the project.
In April 2003 the municipality of the city of Novokuznetsk and Metalenergofinance signed a lease agreement for the municipal electricity network. Metalenergofinance began to distribute electricity to several large industrial customers, to more than 3,000 of small and medium enterprises, and to more than 500,000 residents of the cities of Novokuznetsk, Tashtagol and Tashtagol province (Kremerovo region). Shortly, the lease agreement for the heating network (distribution of hot water) was signed between municipality and Metalenergofinance. The single entity responsible for both electricity and heating distribution was created, employing more than 130 people. In july 2003, Metalenergofinance took industrial heating plant and heating network of the sity of Tashtagol (Kremerovo region)under its management as well.    In 2004 Metalenergofinance invested into the networks about 3 million $US (96 million rubels), and planned to spend similar amount in 2005.   Metalenergofinance Lld. («&#1052;&#1077;&#1090;&#1072;&#1083;&#1083;&#1101;&#1085;&#1077;&#1088;&#1075;&#1086;&#1092;&#1080;&#1085;&#1072;&#1085;&#1089;») was created in November 1999 as subsidiary of EvrazHolding (Evraz Group S.A.). Evraz Group S.A. owned several large steel plants and other industrial entities in Russia, including those in Kremerov region.  Novokuznetsk's population was about 563.3 thousand people in 2005, it was one of the largest steel producing and coal mining centers in Russia.
The Maritza East III plant was an 840 MW (4 x 210 MW), lignite fired facility, located in south-central Bulgaria near the town Stara Zagora. The power plant was commissioned in the late 1970s and accounted for 7% of country’s installed capacity in the 1990s. The aim of the Project was to rehabilitate the plant to improve output and efficiency, to boost output capacity to 900 MW and to extend operating life for at least an additional 15 years.  In October 1998, Entergy Power Development Corporation (Entergy), a subsidiary of the US utility Entergy, and Natsionalna Electricheska Kompania (NEK), the Bulgarian state-owned, vertically integrated electricity utility, agreed to create Maritza East III power company AD as a joint venture to own, rehabilitate, and operate the plant. Enel became Entergy’s partner on the project in March 2003 by acquiring 60% of Entergy’s 73% interest in the project for 140 million euro (US$164 million). After that transaction, the joint venture was owned by Enel (44%), Entergy (29%), and Bulgarian NEK (27%).  The operation of the power plant was governed by a long-term power purchase agreement (PPA) signed in 2001 with a term covering the duration of the improvement works plus at least 15 years (18 years in total).  The total project cost was estimated 650 million euros (US$697.6 million) and was to be covered through senior debt (53%), shareholders contributions (23%), and internal generated cash (24%). A total of 348 million euros in loans were signed in February 2003. EBRD provided loans for 132 million euros; four Bulgarian banks for 75 million euros; and Credit Agricole Indosuez, Societe Generale, Banca Mediocredito, and Bank Austria for 140 million euros. The last loan had MIGA coverage.  The project, which was the first private power sector project in Bulgaria and the largest foreign direct investment in the country by 2003, was part of power sector restructuring process which started in 1999. A new energy law was adopted in 1999 and Natsionalna Electricheska Kompania (NEK), the state owned electricity monopoly, unbundled into 7 generating companies, 7 distributing companies, and one transmission company in 2000.   MIGA issued a euro 50 million (US$51.1 million) guarantee to Entergy for its euro 111.5 million equity investment in Maritza East III Power Company in 2003. In addition, MIGA issued a euro 233 million (US$238.2 million) guarantee to Societe Generale S.A. of France, in its capacity as Agent for a syndicate of lenders for a euro145 million non-shareholder loan and a euro 25.4 million standby facility, plus interest to the project enterprise. Euro 142.50 million of this exposure was syndicated through MIGA's Facultative Reinsurance Program. The guarantees were for a period of up to 13 years and provide coverage against the risks of transfer restriction, expropriation and war and civil disturbance.  In June 2006, Enel acquired 73% in the Maritza East III while the Bulgarian state controlled the remaining 27% share. Subsequently, Italian Enel sold its stake in the Maritza East III power plant in Bulgaria to ContourGlobal LP of the U.S. in July 2011. ContourGlobal LP was to buy Maritza East III Power Holding BV and Maritza O&M Holding Netherland BV, which together own 73% of shares, for 230 million euro.     During 2003-2009, the previous sponsors, Enel and Energy, invested 650 million euro,increased the installed capacity of the plant from 840MW to 908MW, and extended its operating lifetime by more than 15 years.
On September 22, 2003, the government of Gabon awarded a 25-year concession contract to operate and manage Gabon's port and free zone facilities at Owendo (30 km south of Libreville) and Port-Gentil.  Control of the ports was handed over from the state-owned Office des ports et rades du Gabon (Oprag), to Societe d'investissement de gestion et d'exploitation des ports et rades du Gabon, a subsidiary of PIP/Puertos de las Palmas, a Spanish company, which managed several other ports in Africa.  Of the capital of the company's Gabonese subsidiary, 5% was reserved for employees and 20% for "Gabonese citizens."  Under the concession agreement, PIP/Puertos de las Palmas was to rehabilitate Owendo port, help with the task of reducing overstaffing at Oprag and construct a 240-metre extension to the port that would allow larger ships to dock.  Total facility investment for the project was estimated at CFAfr74 billion over the 25 years, of which CFAfr44 billion was to be spent in the first 15 years. The company was also required to pay a fixed royalty of CFAfr130 million per year and a variable fee equivalent to 15% of gross profits.  The concession began on November 1, 2003.      In 2007, the government of Gabon cancelled the concession operated by Sigeprag (Progosa) and awarded it under a 25 year ROT agreement to Gabon Port Management (GPM). Gabon Port Management (GPM) was an SPV 51% owned by the Singaporean company Portek, 49% owned by the government of Gabon. Gabon Port Management (GPM) started operation in January 2008.
In March 2003, a Heilongjiang based private firm, Zhongzhi Enterprise Group was granted a BOT agreement for Jiaozuo - Wen County Expressway in Henan Province. Zhongzhi invested RMB 854 million (US$ 102.66 million) in the project and owned a 100% stake. The expressway is 30.29 km long. The project came into operation in July 2005 and Zhongzhi would operate it for 30 years.
In December 2003 the municipality of Tomsk granted a 49 year lease and investment contract for the city’s water and wastewater infrastructure facilities to Russian company Tomsk Utility Systems (TUS). The contract was offered without a tender. TUS was expected to serve some 487,700 people in the city of Tomsk.  Operating company Tomsk Utility Systems was a subsidiary of Joint Stock Company Russian Communal Systems (RKS). RKS was created on May 29, 2003 by RAO Unified Energy Systems (25%), GazpromBank (25%), Interros (10%), Kuzbassrazrezugol (10%), Renova (10%), EvrazHolding (10%), and Evrofinans (10%). By the end of 2005 privately held company Integrated Energy Systems had purchased a 50% stake in RKS, while RAO UES held on to its 25% share.  In March 2007, the municipality of Tomsk terminated the 49 year contract with the TUS. The decision was made first by the Municipal Duma in October 2006. The reason cited by press was the TUS’ growing debt (1.2 billion ruble by February 2007) to the electricity provider "TomskEnergo" and the deteriorating quality of services, mainly heat and electricity supply services.  The TUS, in its turn, claimed that municipality owned it about 600 million rubles. As a result of long-standing conflict situation and disagreements between the municipality and the Municipal Duma on one side and the private operator on the other the decision was made for the TUS to “peacefully” leave. The service provision for the effected services was handed over to the municipal unitary enterprises.
Hong Kong-listed Xinao Gas Holdings Ltd (Xinao), one of the first non-state-owned city gas distributors in China, announced in May of 2003 that it formed a joint venture with Changzhou Wujin Gas Company to operate a piped gas business in Changzhou, Jiangsu province for 30 years.  The joint venture, named Changzhou Xinao Gas Company Limited, had a registered capital of US$5 million.  Xinao Hunan Investment held a 60% stake in the company while its state-owned partner owned the remainder.
The government of Argentina initially let twelve toll road concessions in 1990 as part of an intercity road network. The concessions were set to expire in November 2003. The government reorganized the highway system and let tenders for six management contracts in 2003. The concessions granted in 1990 were for the improvement, operation, and maintenance in facilities. After these twelve concessions expired in 2003, the government created a new type of contract whereby private operators were responsible for routine maintenance and operation of the road network. The private operators were also responsible for collecting tolls and placing all collections in a joint fund to be partitioned between the six consortium of operators. This collection and pooling system thereby allowed for an indirect subsidy for contract areas where toll collections or toll rates were comparatively low.  The state government was thereby responsible for funding investment for expansion works and repaving. The state allocated via a separate investment fund, US$174 million (500 million Argentine pesos) over five years to be applied to the group of six contract areas. The management contracts were initiated in part because the state was able to save an estimated 325 million Argentine pesos as compared to the concession contracts let in 1990 that were amended to include subsidy payments to the operators related to their VAT contributions.   The twelve contracts concluded in 2003 included concessionaires Semacar (corridor 1 and 2), Caminos de Oeste (corridor 3 and 4), Nuevas Rutas (corridor 5 and 17), Covico (corridor 6), Servicios Viales (corridor7, 8, and 9), Covicentro (corridor 10), Covinorte (corridor 11), Concanor (corridor 12), Vicovsa (corridor 13), Rutas del Valle (corridor 14), Caminos del Abra (corridor 16), and Red Vial Centro (corridor 20). The management contracts of 2003 consolidated the toll road areas into six corridors, each with respective highways. Operations of the toll roads began 1 November 2003.  Corridor 1, including highways 3, 205, 226, and 252, was won by a consortium of Coarco S.A. and Equimac S.A. The consortium was expected to pay a canon of 4.2 percent to the government.   In October 2008, the contract period was prolonged until the new concessionaire could take posession of the assets in 2009.
In September 2002, the municipal government of Maua awarded a 30 year contract to rehabilitate, operate and transfer the sewarage system of the city of Maua to Empresa Concessionaria de Saneamento de Maua S.A. (ECOSAMA). The project was to serve 385,000 residents in the municipality of Maua (state of Sao Paulo). It involved complying with a detailed plan (Projeto Sanear) developed by Saneamento Basico do Municipio de Maua (SAMA –the local government water utility).   ECOSAMA was the project company created by Construtora Gautama, who submitted the lowest offer for the sewerage system concession (the offers were not disclosed).  In March 2003, Ecosama started operations. The Projeto Sanear plan was expected to require a US$44.5 million (150 million reals) investment. In December 2004 ECOSAMA obtained US$15.8 million (43 million reals) from Caixa Economica Federal.  The plan included a collection network and a treatment plant, as well as increasing the percentage of collection and treatment of wastewater from 72% to 100% in the first seven years. Treated wastewater was expected to be made available for industrial uses. Ecosama was to continue to operate the potable water treatment and distribution system.    In December 2007, Brazilian engineering group Odebrecht, though its subsidiary Foz do Brasil, bought Ecosama, the water utility serving Sao Paulo state city Maua, for 20mn reais (US$11.2m). At the time, Ecosama was blamed for not complying with its contractual commitments.  In September 2009, the sponsor began negotiating with the municipality a new investment plan, because the possibility of supplying treater wastewater to the petrochemical industrial complex was rulled not financially viable. In September 2009, Foz do Brasil announced its intention to invest US$60m (BRL 120m) in the construction of a new wastewater facility in the first quarter of 2010.  In 2016, the contract was cancelled, because a new tendering process took place advised by Odebrecht. The new concession contract was signed in March 2016 (ID# ).
In June 2003, a local private company, Hanergy Group (formerly, Farsighted) was granted an agreement to construct and operate the Helanshan Wind Farm Project in Azuo Qi County, Ningxia  on a direct negotiation. The total investment for phase I was unknown; the total investment for phase II was RMB 92.27 million (US$ 11.4 million). Hanergy owns 50% of this project with a capacity of 30.9MW (both Phase I & II) and will operate the power plant for 25 years by a project company, Ningxia Tianjinshenzhou Wind Power Generation Co., Ltd.. Phase I was operational in March 2004 and Phase II came into operation in June 2005.
In September of 2002, US-based MTS Inc. was awarded two licenses for fixed wireless and long distance service by the Nigerian telecom regulator, Nigerian Communications Commission (NCC). MTS was initially an analogue service provider in Nigeria who installed its cellular network in Abuja in 1992, and two years later the network was launched in Lagos. The company had 3,000 cellular phone subscribers by 1995. However, the company shut down business in 1996, a few months after national operator Nitel unilaterally disconnected MTS service due to claims that the latter owed it US$3.4 million.  By mid-1998, MTS First Mobile was a wholly-owned subsidiary of state-owned Nitel.  MTS applied to the Ministry of Communications for the new licenses, claiming that it wanted to offer service again having resolved its problems with Nitel. After a series of meetings between the Ministry of Communications, the GSM operators and MTS, an agreement was reached to provide MTS with the two new licences.   In January of 2003, MTS First Wireless signed agreements worth N15 billion (US$121 million) for the deployment of a total of 3,000 km Long Distance Communications network. The agreements also covered the deployment of 700,000 CDMA 20001X fixed lines in the country. As a follow-up to the agreements, China Putian/Eastcom of China supplied the equipment for the deployment of an initial 300,000 voice and data lines. The deployment of the 300,000 lines was coming in the first phase of the company's operation. Full deployment of the first phase and the offical launch of the network was completed in August 2004 and was to bring MTS services to 12 cities including Lagos, Port Harcourt, Kaduna, Onitsha/Asaba amongst others.    Funding of the network was provided by local banks, The US Exim Bank, and investors from outside Nigeria led by Jessie Hill, the retired chairman of Atlanta Life Insurance and former director of Intelsat. Hill was the chairman of MTS Inc..   By the end of 2004, MTS First Wireless had reached an estimated 10,000 subscribers.
Rewa Tollways Pte Ltd was awarded a 15 year build-operate-transfer (BOT) contract for the 246.8 km Rewa-Jaisinghnagar-Shahdol-Amarkantak Road by the State of Madhya Pradesh in September of 2002.  Rewa Tollways Pte Ltd is a fully owned subsidiary of Malaysian IJM Corporation Berhad. There had been an urgent need to strengthen and upgrade the region’s roads due to a considerable increase in traffic and commercial activities.   Total cost of the road was estimated at Rs. 110 crore (approx. US$25 million), 53.5 crore of which was given in the form of a government grant/subsidy.    The project was part of the third phase of a larger, three phase state-wide road development program that aims at constructing 15 new road corridors totaling 2155 km throughout Madhya Pradesh.  The state had planned total expenditures of around Rs. 1,000 crore (approx. US$225 million) for the program with Rs. 500 crore of that amount raised through the issuance of infrastructure bonds that were to be used subsidize the private operators.  Madhya Pradesh was the first Indian state to implement a road development program on such a large scale with private participation.    Under the “Bond BOT” scheme, investment was made by the private developer who was then allowed to collect tolls on the road for a 15 year term, which was inclusive of the construction period.   To make the projects more attractive, the government provided grants/subsidies to the private sector company on a competitive bidding basis.  For each project, three privately outsourced consultants were appointed: a technical consultant, a financial consultant and a supervision and quality control consultant.       Financial closure for the Rewa-Amarkantak Road was achieved through SBI (State Bank of India) Investment, which had provided more than Rs.48 crore by December of 2003.   As of that date, four tranches of government subsidy had been released and work on the project was approximately 45 percent complete.
In February of 2003, Telesource International, Inc. announced that its wholly owned subsidiary, Telesource Fiji Limited (TFL) had been awarded a 20-year energy conversion agreement by the Fiji Electric Authority (FEA) which involved the management of three diesel power plants in Fiji.  Telesource was to operate a 45.5-MW power plant located in Kinoya, a 20 MW power plant in Vuda, and a 12.5-MW power palnt in Labasa.  The actual takeover took place on March 15, 2003.  Telesource agreed to offer employment contracts to existing FEA employees on terms and conditions equal to or greater than their current arrangement with the FEA.  Telesource International was a global company located in Lombard, Illinois and changed its name to Pernix Group, Inc. in October 2009.
Hong Kong listed Xinao Gas Holdings Ltd (Xinao), one of the first non-state-owned city gas distributors in China, announced in December of 2003 that it had reached an agreement with the Jiaonan city government to operate a piped gas business in Jiaonon, Shandong province for 15 years.  The joint venture, named Jiaonon Xinao Gas Company Limited, had a registered capital of US$2 million.  Xinao held a 100% stake in the company. Total investment was RMB 80 million.
In May 2003, a local private company Qingdao Galaxy Group  signed a 25 year agreement to build and operate a sewerage treatment plant in Zhucheng City, Shandong Province. The plant would be developed in two phases. The design capacity of phase I was 66,000 cubic meters per day and the total design capacity was 100,000 cubic meters per day.   Qingdao Galaxy Group  invested RMB 72 million (US$ 8.7 million) in the plant (phase I) and owned 70% of the project.    The construction of the plant commenced in May 2003 and the plant was operational as of April 2004.
The project comprises the construction and operation of a 310MW thermal power plant (natural gas) in Porto Pecem, state of Ceara. The company responsible for the project is Central Geradora Termeletrica Fortaleza SA (CGTF), a special purpose company owned by Endesa International (51%) and Enersis SA (49%).    The construction works started in May 2002 and the plant started operations in December 2003. The total cost of the project was estimated at US$250 million.   By May 2003, Termofortaleza had signed a 20-year PPA to sell its entire output to Companhia Energetica do Ceara (Coelce) under a take-or-pay contract. The plant had also signed GSAs with Cegas and Petrobras.   Termofortaleza was part of a priority program for thermal power plants (Programa Prioritario de Termeletricas), implemented by the Brazilian federal government in 2000. The program, in order to foster the construction of thermal power plants, guarantees natural gas supply for 20 years, provides financing for the construction of the plants (throught the Brazilian Development Bank, BNDES) and provide subsidies for gas transportation costs.
In August  2001 , Hot line Construcoes was awarded in a competitive bidding process organized by the regulatory agency ANEEL the 30-year contract to build and operate a 51-km transmission line located in the states of Pernambuco and Paraíba (Goianinha – Mussure). No information was available on the other bidders.  The bidding criteria set by ANEEL was the lowest required annual revenue. Hot Line presented the lowest offer, a total value of US$ 0.9 million  (BRL 2.75 million), 0,01% below the ceiling set by the regulatory agency. The contract was signed in January 2002, and the sponsors created the company Goiana Transmissora de Energia S.A. - GTESA to lead the project during the 30-year contract period.    The sponsor committed to invest US$ 5.8 million (BRL 14.1 million) in the transmission line, which became operational in August 2003. In November 2007, Transmissora Sudeste Nordeste S.A. (TSN) acquired GTESA and PATESA, which also belonged to Hot Line, in a deal worth US$ 30.4 million (BRL 89.8 million). TSN is a wholly-owned subsidiary of TAESA.
The government of Rwanda awarded a five year management contract to run the energy and water parastatal Electrogaz to a German consortium formed by Lahmeyer International Gmbh (LI) and Hamburger Wasserwerke in June 2003.  The contract was granted through an international competitive tender process in which six major international consortia pre-qualified to submit bids, but only two (LI and South Africa’s Eskom Enterprises) submitted the final bids.  Electrogaz had an installed capacity of 30 MW which was largely based on hydropower from Mukungwa (12 MW) and Ntaruka (11.3 MW) hydro-electric dams.  The water production capacity of the company was 15 million cubic meters.  Electrogaz served some 25,000 combined customers for power and water services.  Created in 1976, Electrogaz was responsible for the production, transport, marketing and distribution of electricity, water and gas.  Technical losses amounted to 33% for electricity and 50% for water. Apart from the technical losses, commercial losses of the company reached 60% for water and electricity combined. Due to this lack of efficiency in ensuring payments, Electrogaz had large outstanding accounts payable owed by its clients amounting to nearly Frw 17.5 billion (US$40.7 million) by the end of 1999.  The government of Rwanda developed a two step privatization strategy. In the short term, an initial performance based management contract was to be set up.  Then, after the establishment of financial and operational stability, a long term concession or lease arrangement was to follow.  According to management contract, LI was to carry out in depth analysis of the utility and then develop reliable forecasts for energy and water. Loss reduction programs were to be implemented, facilities rehabilitated and the power and water systems expanded.  These improvements were to be funded in part through a US$25 million World Bank (IDA) credit and US$6 million from the Nordic Development Fund as part of the Urgent Electricity Rehabilitation Project approved in 2004.  The program aimed to finance construction of a 10MW power station and rehabilitation of a hydro power dam able to produce 2 MW. The money was also to be used to rehabilitate the grid of Electrogaz and the lines that enabled it to import power from Congo-K's Societe Nationale d'Electricite and the Societe Internationale d'Electricite des Pays des Grands Lacs (Sinelac).    By early 2005, Electrogaz served 67,000 customers, a signficant increase from 2003, but still only about 6% of Rwandan households had access to electricity, the majority of them in urban areas.     On the 31st of March, 2006, an agreement was reached between Lahmayer International and the Government of Rwanda for a friendly termination of the management contract. Operational control reverted to the Government of Rwanda.
Aboitiz Equity Ventures was awarded Subic Bay Power Distribution concession for a period of 25 years by the Energy Regulatory Commission (ERC) in October 2003. The Power Distribution Agreement (PDA) which was a a Rehabilitate-Operate-Transfer (ROT) arrangement had been signed with Subic Bay Metropolitan Authority (SBMA) in May 2003.    The PDA covered the Subic Bay Freeport Secured Area. It served the Central Business District, the Gateway area, the Subic Port District, Cubi-Triboa area, Kalayaan and Binictican housing area and the West Ilanin forest. From 1997 to 2001, the total electricity demand at the SBMA grew at an annual average growth rate of 3.33%. The system peak demand grew from 23.9 MW in 1997 to 32.8MW in 2002.  Aboitiz was to pay annual fee of p40 million (US$761,000) to the government and to invest some P368 million (US$7 million) to rehabilitate the facility before transferring it back to SBMA.  The power cost of P3.9 was cheaper than the industrial charges in Manila at P6.02 Kw/h. The terms of reference of the agreement required bidders to offer rates below the rates of the SBMA which was P4.49 Kw/h.
In December 2003, the Danish Group AP Moller – Maersk , through it subsidiary APM Terminals, and the state-owned Shanghai Port Authority formed a joint venture called Shanghai East Container Terminal Co. Ltd. to operate and manage the fourth-phase container wharf of Waigaoqiao Port in Shanghai, China. The Danish group took 49% and the Shanghai Port Authority held a 51% stake in company. The joint venture's registered capital was 1.1 billion yuan.  AP Moller and the Shanghai Port Authority had in September of 2002, established a temporary holding company to manage the port.    The construction of the terminal's fourth-phase was initiated 2002 and was completed in February 2003.  The four berth terminal was the largest in Shanghai at 1,250 meters in length and 1.63 million square meters in area. It had a design handling capacity of 1.8 million teu per year.
The government of Argentina initially let twelve toll road concessions in 1990 as part of an intercity road network. The concessions were set to expire in November 2003. The government reorganized the highway system and let tenders for six management contracts in 2003. The concessions granted in 1990 were for the improvement, operation, and maintenance in facilities. After these twelve concessions expired in 2003, the government let a new type of contract whereby private operators were responsible for routine maintenance and operation of the road network. The private operators were also responsible for collecting tolls and placing all collections in a joint fund to be partitioned between the six consortium of operators. This collection and pooling system thereby allowed for an indirect subsidy for contract areas where toll collections or toll rates were comparatively low.  The state government was thereby responsible for funding investment for expansion works and repaving. The state allocated via a separate investment fund, US$174 million (500 million Argentine pesos) over five years to be applied to the group of six contract areas. The management contracts were initiated in part because the state was able to save an estimated 325 million Argentine pesos as compared to the concession contracts let in 1990 that were amended to include subsidy payments to the operators related to their VAT contributions.   The twelve contracts concluded in 2003 included concessionaires Semacar (corridor 1 and 2), Caminos de Oeste(corridor 3 and 4), Nuevas Rutas (corridor 5 and 17), Covico (corridor 6), Servicios Viales (corridor7, 8, and 9), Covicentro (corridor 10), Covinorte (corridor 11), Concanor (corridor 12), Vicovsa (corridor 13), Rutas del Valle (corridor 14), Caminos del Abra (corridor 16), and Red Vial Centro (corridor 20). The management contracts of 2003 consolidated the toll road areas into six corridors, each with respective highways. Operations of the toll roads began 1 November 2003.  Corridor 5, including highways 9 and 34, was won by a consortium of Covico Concesionario Vial S.A., Cooprisa S.A., Estructuras S.A., Glikstein y CIA S.A., and Noreste Construcciones S.A. The consortium was expected to pay a canon of 21 percent to the government.   In October 2008, the contract period was prolonged until the new concessionaire could take posession of the assets.
This joint venture, Maanshan Hong Kong and China Gas Company Limited, was established in June 2003. The project is located in Maanshan City, Anhui Province. The Hong Kong and China Gas Company Limited (Towngas) has a 50% stake in the project and will operate and manage the joint venture for 50 years. The total investment was US$ 30 million.
The government of Argentina initially let twelve toll road concessions in 1990 as part of an intercity road network. The concessions were set to expire in November 2003. The government reorganized the highway system and let tenders for six management contracts in 2003. The concessions granted in 1990 were for the improvement, operation, and maintenance in facilities. After these twelve concessions expired in 2003, the government let a new type of contract whereby private operators were responsible for routine maintenance and operation of the road network. The private operators were also responsible for collecting tolls and placing all collections in a joint fund to be partitioned between the six consortium of operators. This collection and pooling system thereby allowed for an indirect subsidy for contract areas where toll collections or toll rates were comparatively low.  The state government was thereby responsible for funding investment for expansion works and repaving. The state allocated via a separate investment fund, US$174 million (500 million Argentine pesos) over five years to be applied to the group of six contract areas. The management contracts were initiated in part because the state was able to save an estimated 325 million Argentine pesos as compared to the concession contracts let in 1990 that were amended to include subsidy payments to the operators related to their VAT contributions.   The twelve contracts concluded in 2003 included concessionaires Semacar (corridor 1 and 2), Caminos de Oeste(corridor 3 and 4), Nuevas Rutas (corridor 5 and 17), Covico (corridor 6), Servicios Viales (corridor7, 8, and 9), Covicentro (corridor 10), Covinorte (corridor 11), Concanor (corridor 12), Vicovsa (corridor 13), Rutas del Valle (corridor 14), Caminos del Abra (corridor 16), and Red Vial Centro (corridor 20). The management contracts of 2003 consolidated the toll road areas into six corridors, each with respective highways. Operations of the toll roads began 1 November 2003.  Corridor 4, including highways 8, 33, 36, 38, 193 and autopista A-005, was won by a consortium of Corporacion America S.A., Helport S.A., and Podesta Construcciones S.A. The consortium was expected to pay a canon of 7.77 percent to the government.   In October 2008, the contract period was prolonged until the new concessionaire could take posession of the assets.
In July 2003, the Government of Madagascar granted a 25 year concession to operate the Northern railway network to Madarail consortium. The railway network had 650 km length and was divided in three main sections. The TCE line (from the port of Toamasina to the capital city of Antananarivo), the TA line (from the capital city to Antsirabe) and the MLA line (Moramanga to the Lake Alaotra). The railway carried 94% of the country's rail freight and 86% of the passenger traffic.   Madarail consortium was integrated by Madarail Holdings (51%), government of Madagascar (25%), Manohisoa Financiere (12.5), First Immo (9%), and Fianciere Aro (2.5%). The shareholders of Madarail Holdings (Mauritius) were Comazar (51%) and Madagascar Utilities (49%). Comazar was founded as a private pan-African railway operator by South African Transnet (Spoornet) and Transurb Consult (a subsidiary of the Belgian Railways) in 1995.   Under the contract, concessionaire was responsible for the commercial operation of railway services, including maintenance, partial renewal/redeployment of existing rail infrastructure and real estate management of the railway public domain assets. The government kept ownership of track infrastructure (rail, bridges, buildings) while Madarail owned the rolling stock. Madarail's activities were regulated by the concession agreement prepared by CPCS Transcom. The    Under the contract, Madarail agreed to a 5-year investment program estimated at US$36 million. The financial institutions providing the finances for the investment program are: • European Investment Bank: Euro 11 million loan • BFV - Société Générale: 950 millions Francs Malagasy
Madhya Pradesh Road Development Corporation Limited (MPRDC) awarded a 15 year concession to MSK Highways Limited in September 2002, for strengthening, widening, rehabilitating and maintaining the existing 101 km long Raisen-Rahatgarh state highway in Madhya Pradesh.  MPRDC is a Madhya Pradesh state government undertaking responsible for the rehabilitation of state roads. The concession was in response to the urgent need to strengthen and upgrade the region’s roads due to a considerable increase in traffic and commercial activities.    Under the contract, investment was made by MSK Highways Limited who was then allowed to collect tolls on the road for a 15 year term, which was inclusive of the construction period.  MSK won the contract by requesting the lowest subsidy of US$ 7.04 million in a competitive tender conducted by MPRDC.  MSK Highways Limited was a special purpose vehicle promoted by MSK Projects (India) Limited to implement this project.   The total cost of the project was estimated at US$ 12.4 million. The project was financed through a combination of equity (US$ 2.53 million), debt (US$ 3.86 million) and a grant from MPRDC in the amount of US$ 7.04 million.   Rehabilitation work on the Raisen-Rahatgarh highway began in 2003 and was expected to be completed by early 2006.
The private company NOVOGOR-Prikamye started its operations in "Permvodokanal" (municipal water supply enterprise of the Perm city) on December 1, 2003. According to the agreement with Perm City administration, Permvodokanal assets were transferred under the lease contract to NOVOGOR-Prikamye. Former utility staff was transferred to NOVOGOR-Prikamye as well. Initially the lease was for 1 year, and the second 49 year lease agreement was signed on February 11, 2005.  In line with the lease agreement the private company was expected to invest US$50 million over the lease period, including no less than US$20 million in the first five years for the renovation and development of water supply and sewerage systems. The total lenght of the network was 2054 km, of which water -1096 km, sanitation -957.8 km.  The city of Perm was home to 1.1 million inhabitants in 2003. Perm was one of the largest industrial cities of Russia and the capital of the Perm province. The city was located 800 miles east of Moscow, on the Kama river.  NOVOGOR-Prikamye entered into another 30 year lease contract for the water utility in the city of Berezniki located in the same province on February, 2005.  NOVOGOR-Prikamye started operations in another water utility in the city of Krasnokamsk since December 1, 2006.  The operator NOVOGOR-Prikamye was a specialized public utility company of Interros in 2003. It became a subsidiary of OJSC Russian Utility Systems (RKS) on January 17, 2007, that in turn was a part of Integrated Energy Systems (IES Holding). In July 2006, IES-Holding increased its shareholding in OJSC Russian Utility Systems to 75%.   In May 2008, through a public auction, RAO UES sold its 25% stake in the RKS to Indville Management Ltd., an affiliate of IES-Holding, thus giving Integrated Energy Systems a 100% stake in the company.
Kilembe Investments Limited (KIL) was awarded a concession to distribute power to the rural areas in Kasese by the Electricity Regulatory Authority of Uganda (ERA) in November 2003. Kasese had a population of 53,400 in 2002.   According to the contract, KIL gets the electricity form Kilembe Mines Ltd that used only two out of the five megawatts of the power generated from its hydro plants at Mobuku dam built in the early 1950’s.  KIL was created in 1997 by the employees of Kilembe Mines Ltd. with 78 registered members and a capital of Shs 1.5m million. As of 2003, member base grew to 630 with a capital base of Shs 30 million.
Hong Kong-listed Xinao Gas Holdings Ltd (Xinao), one of the first non-state-owned city gas distributors in China, announced in August of 2003 that it had established a joint venture with Changsha Gas General Company to operate a piped gas business in the capital city of central China's Hunan province for a period of 20 years.  The joint venture, named Changsha Xinao Gas Company, had a registered capital of RMB150 million.  The total investment was RMB 830 million. Xinao  held a 55% stake in the company while its state-owned partner owned the remainder.  The first phase was designed with transmission capability of 1 million cubic meters per day.
In October of 2003, InterChina Holdings Company Limited of Hong Kong was awarded a 30-year BOT contract by the Xianyang city government to invest, finance, design, construct and operate the 300,000 tons per day Xianyang Water Treatment Plant Project. InterChina Holdings was to purchase natural water from suppliers designated by the Xianyang Government and sell the processed water to purchasers also designated by the Xianyang Government. The Xianyang city government was committed to taking 60%-80% of the plant's projected water capacity for the first three years immediately after the start of operations under a water purchase agreement.   InterChina Holdings was to own 100% of the project and invest RMB 200 million (US$24 million) in the new plant, all funded from internal resources.  The plant was to be completed following a construction period of two years. The contract was extendable for a further term of 20 years if no material breach was committed during the initial term.
In March 2003, a Canadian-French Consortium Canac-Getma was awarded a 25 year concession to operate and maintain the 1270 km Dakar-Bamako railroad, with an option to renew for another 10-year period.  The Dakar-Bamako railroad until now was jointly operated by the Senegalese National Rail Corporation (SNFCS) and Malian National Rail Corporation (SCFM), in Senegal and Mali, both in West Africa.  During the SNCFS/SCFM concession, each company maintained and navigated the rail link to the joint border, but it was inefficient.  Poor infrastructure also limited the efficiency of the Dakar-Bamako railroad.  So under the new contract, the consortium agreed invest over US$55.40 million to upgrade and dilapidated line, new rolling stock and locomotives during the first five years of the contract.  This concession contract was awarded through competitive bidding process. The Canac-Getma consortium’s bid was chosen ahead of a rival bid submitted by a consortium comprising French National Railway (SNCFI), Bollore, Maersk, Canarail, and Comzar.   Canac-Getma had 51% ownership and the remaining 49% of shares was split between the two participating countries (10% to each), the employees of the new company (9%), and private shareholders (20%).  The objective of this concession was to increase the efficiency of the railway network between the two countries, enhance services offered to users and make sure that the states would not have to make up for financial losses caused by the railway.
In November 2003, a local private company Yintaida Group signed a 20 year agreement to build and operate a sewerage treatment plant in Boluo County, Guangdong Province. Yintaida Group won the project through open bidding. The plant capacity was unknown.   Yintaida Group invested RMB 48 million (US$ 5.8 million) in the plant and owned 100% of the project.    The construction of the plant commenced in November 2003 and it came into operation at the beginning of 2005.
In March 2003, a Beijing based private company Beijing Sound Environment Industry Group signed a 30 year agreement to build and operate a sewerage treatment plant in Gongzhuling City, Jilin Province. The plant capacity was unknown.   Beijing Sound Environment Industry Group’s investment on this project was unknown either but it owned 100% of the project.
In July 2003, a Chongqing based private company Chongqing Kangda Environmental Protection Co. Ltd. signed a 25 year agreement to build and operate a sewerage treatment plant in Feng County, Xuzhou City, Jiangsu Province. The total treatment capacity was 40,000 cubic meters per day.   Chongqing Kangda Environmental Protection Co. Ltd. invested RMB 50 million (US$ 6.04 million) in the plant and owned 100% of the project.   The construction of the plant commenced in July 2003 and it came into operation in December 2004.
In September 2003, Veolia Environnement won a 20 year agreement to build and operate the phase one of a sewerage treatment plant in Beijing Municipality through open bidding. The total treatment capacity of the project was 100,000 cubic meters per day.  Veolia Environnement invested RMB 84.7 million (US$ 10.23 million) in the plant and owned about 23% of the project.  The rest of the investment came from Beijing Municipal Sewerage Group with support from the World Bank.   The plant was planed to come into operation in July 2004.
The transmission project is part of the Peru's Camisea Project, an exploration, transport and distribution project. The transport and distribution consortium Transportadora de Gas del Peru (TGP) won a 33-year contract to construct and operate two pipelines, one for liquified natural gas (LNG) and the other for natural gas (NG).  The LNG line will be 560 kilometers and will extend from Camisea to a natural gas liquids plant near Pisco (on Peru's Pacific coast).  The NG line will transport 7 million cubie meters of natural gas per day (2.6 billion cubie meters per year) over 625 kilometers. The line will cover the same areas as the LNG line, with the additional diversion at Pisco to head North along the coastline to Lima.  TGP comprises Techint (30 percent), Pluspetrol (19.2 percent), Hunt Oil (19.2 percent), Grana y Montero (12 percent), Sonatrach (10 percent), and SK Corp. (9.6 percent). Citigroup advised the consortium to obtain the US$80 million project financing. Equity support was expected to be financed by the IADB, BNDES, and others. Debt financing was was expected to be provided by the IADB, BNDES, Corporacion Andina de Fomento (CAF), and export credit agencies.  Commercial operations commenced in August 2004. The sponsors committed to invest US$ 800 million in the project. In 2004, CAF approved a US$ 75 million loan to finance the works on the pipelines (US$ 50 million - A Loan; US$ 25 million - B Loan). Also in 2004, the IADB approved a US$ 75 million A-loan to finance the pipelines' construction.  In 2010, the NG pipeline was expanded in more 105-km in lenght. The total investment was estimated at US$ 320 million (Coast Loop).  In 2013, TGP announced another expansion of its network: the 30-km Coast Loop II and the 18-km Ayacucho pipeline (US$ 260 million in additional investment). As of 2015, construction works were underway.
Seeking diversification in its generation capacity, Malaysian private power developer Malakoff Bhd. completed the acquisition of a 90% stake in SKS Power on 28 October 2003 for M$835 million (US$219.7 million) using part of the proceeds from a M$1.85 billion bond issue.  SKS Power, originally owned by Northern Power,  had been awarded the license to design, construct, operate and maintain a 2,100MW coal-fired power plant in Tanjung Bin, Johor for a period of 25 years. The acquisition was successfully completed in less than three (3) months after the signing of the Share Sale Agreement on 7 August 2003 and a week after shareholders; approval was received on 21 October 2003. The power plant was expected to be fully completed in 2007 and to be the biggest coal-fired power plant in the country.  Tanjung Bin was to assist in developing Southwest Johor as a transshipment hub.    SKS Power had signed a 25-year power purchase agreement (PPA) with the majority state-owned electricity utility Tenaga Nasional Berhad (TNB) on 25 July 2002.  In its PPA, only 85% of the cornerstone tariff (CRF) was guaranteed; the remaining 15% was to be paid according to dispatch.    The engineering, procurement, and construction contract was awarded to a consortium comprising Japan's Sumitomo Corporation and the local Zelan Holdings in early 2003.   Preliminary works on the plants construction had commenced in February 2003, while the plants detailed engineering design began in August 2003.   The plant was to consist of three (3) generating units of 700MW each.  Commissioning of the first unit was scheduled for 31 August 2006, the second unit for 28 February 2007 and the third unit for 31 August 2007.  The plant was to include Electrostatic Precipitators to prevent ash from being emitted into the atmosphere. It was also to have Flue Gas Desulphurisation facilities to keep the sulphur dioxide (SO2) level to below the limit set by the government.  The estimated M$7.8 billion ($US2.05 billion) project achieved financial close on 11 November 2003.  SKS Power had successfully raised up to RM5.6 billion ($US1.47 billion) via the issuance of an Istisna Medium-Term Notes Programme to finance the construction of the power plant.  A group of eight banks was mandated to arrange the financing in February 2003 including the local Malayan Banking, Aseambankers, Bumiputra-Commerce Bank, Commerce International Merchant Bankers, KAF Discounts, Bank Islam Malaysia and Bank Muamalat Malaysia, and Singapore's United Overseas Bank.  The consortium agreed to issue the bonds in five tranches with a tenor of five to nine years.    In February 2012, Malakoff Corporation, via its subsidiary Tanjung Bin Energy Issuer Bhd, reached financial closure on an expansion of the Tanjung Bin power plant with 1,000 MW. The project also signed a supply-agreement with TNG Fuel Services, for 25 years in December 2011.   The project was financed with a combination of senior and junior debt facilities, comprising of Islamic bonds and loans denominated in Malaysian ringgit as well as US dollar. The senior debt included a RM3.29 billion serially-amortising senior secured Islamic bond (Sukuk) in traches with maturities between 5-20 years and rates between 4.45-6.05%, a US$400 million term loan (15 years, offshore) and a RM700 million term loan (12 year).  The junior debt comprised of equity loans of RM1.3 billion (bridge). HSBC was the financial adviser. The Sukuk loan was arranged by HSBC and Maybank (Lead Arrangers), and CIMB, Affin, Bank Muamalat, OCBC, RHB. The domestic loan (RM700MM) was arranged by Maybank and RHB. The junior debt was arranged by Affin, CIMB, Maybank and RHB.  The output was expected to be sold to Tenaga Nasional Bhd, under a 25 year PPA. Maintenance was to be done by Teknik Janakuasa Sdn Bhd, a wholly-owned subsidiary of Malakoff. Alstom was to supply the supercritial-coal fired power plant under an EPC contract valued at EUR830 million, jointly with its partners Mudajaya and Shin Eversendai. Commissioning was expected in 2016. The project received a AA3 credit rating from Rating Agency Malaysia, based on the size and experience of Malakoff (owning 25% of the Malaysia generating capacity), and the off-take and fuel supply agreements with TNB - even without a cover.
In October 2003, a local private company Dalian Dongda Environmental Engineering Co. Ltd. took over a wastewater treatment plant in Lvshun City, Liaoning Province. The plant capacity was 60,000 cubic meters per day. Dalian Dongda rehabilitated the existing facilities and worked on the second phase of the plant.   Dalian Dongda invested RMB 41.30 million (US$ 5 million) in the plant and owned 100% of the project.  The operation period was 20 years.
In  December 2003, the municipality of Pedra Preta, in the state of Mato Grosso, Brazil, awarded a 20-year rehabilitate, operate and transfer contract for its water and sewage infrastructure to private operator Aguas de Pedra Preta. In 2003, the town of Pedra Preta had a population of 13,452.   Aguas de Pedra Preta was a special purpose company owned by Brazilian company Brasil Central Engenharia (Grupo Dias). In 2012, Aegea (subsidiary of the Brazilian company Equipav) acquired the project company along with another 15 water and wastewater concessionaries that were operating in the state of Mato Grosso and belonged to Grupo Dias. The ownership of all these companies were transfered to a newly created holding called Nascente do Xingu, itself a wholly-owned subsidiary of Aegea.  The concession was awarded through an open competitive tender. No information was available on the number of final bidders. Aguas de Pedra Preta committed to invest US$ 2.7 million (BRL 8.4 million) over the concession’s lifetime.
In September 2003 Panriver Investment, a subsidiary of Hong Kong based Panva Gas Holding Ltd, formed a joint venture Chizhou Panva Gas Co., Ltd. in Chizhou City, Anhui Province. The total investment was US$ 2.42 million. Panriver owned 60% stake.   The project company Chizhou Panva Gas Co., Ltd. was granted a 50 year concession to operate pipe natural gas pipe business in Chizhou City, Anhui Province.  Hong Kong based Panva Gas Holding Ltd was a publicly traded company in the Hong Kong stock exchange and was principally focused on commercialization of natural gas and liquefied petroleum in China mainland.
The project company, Yanshi Zhongyu Gas Co., Ltd., was established in May 2003. The project is located in Yanshi City, Henan Province. Zhongyu Gas Holdings Limited has 95% stake in the project and would operate and manage the joint venture for 50 years. The total investment was RMB 69 million (US$ 8.33 million).
In December 2003, Indraprastha Gas Limited (IGL), a state controlled natural gas distribution and retail utility serving National Capital Territory of Delhi (NCT), raised US$ 41 million through an initial public offering (IPO) of 40 million equity shares (28.57 %) in the domestic Indian capital markets (National stock exchange and Bombay stock exchange).   IGL was incorporated in 1998 as a joint venture between NCT government (5%) and two government controlled companies - GAIL (India) Limited (22.5%) and Bharat Petroleum Corporation Limited (22.5%).  The remaining shares in IGL were held by financial institutions – American International Group, Inc. (AIG) held 25% stake through its local Indian affiliate Infrastructure Leasing & Financial Services Limited (IL&FS), IDFC (15%) and State Bank of India (SBI) (10%). The three selling shareholders in the December 2003 public offering were AIG, IDFC, and SBI.  As of March 31, 2007, IGL supplied cooking gas to 75,000 households through piped natural gas (PNG) connections and operated 153 compressed natural gas (CNG) stations that fuelled over 150,000 vehicles and more than 300 commercial customers.
Four local private companies, Jiamei, Longpeng, Chuangyi, and Shunmei were granted a 50 year agreement to construct and operate the 25MW Yongkou Hydro Power Plant in Dehua County, Fujian Province through direct negotiation. Construction commenced in August 2003. The four companies have an equal stake in the project (25% respectively). The total investment was RMB 214 million (US$ 25.85 million) and 160 million of it was debt from banks. The project came into operation in June 2006.
In December of 2003, Veolia Water, a subsidiary of Veolia Environnement, signed a 50-year concession contract for the rehabilitation and operation of Shenzhen's water and wastewater utility, the Shenzhen Water Group, following an open international bidding.  With net assets of some 6 billion yuan (US$722.89 million), Shenzhen Water Group had five water plants and four wastewater treatment plants, along with a daily water supply capacity of 1.67 million tons and a wastewater disposal capacity of 1.08 million tons.  The water supply covered under the contract was to reach a population of 2.2 million in central Shenzhen.  Compagnie Generale Des Eaux (CGE), a unit of Veolia Environment, along with the state-owned Beijing Capital Group, purchased a 45% stake in the Shenzhen Water Group, with CGE owning 49% of the venture. This gave Veolia an effective 22% stake in the project company and Beijing Capital an effective 23% stake.  The remaining 50% was to be owned by the Shenzhen municipal government.    Veolia Water, was to inject US$400 million in capital into the group.  The deal was the largest property rights purchase involving foreign investment in China in 2003 as well as the largest water project purchase ever in China.
Aguas de Marcelandia signed the 30-year concession contract to expand, rehabilitate and operate the water and sewerage systems of the city of Marcelandia (state of Mato Grosso) in June 2003. No information was available regarding the bidding criteria for this concession contract. The company took over the operation of the facilities in September 2003. Information on investment commitments was not publicly available. Marcelandia had a total of 18.6 thousand residents in 2003.  Aguas de Marcelandia was established as a wholly-owned subsidiary of Brasil Central Engenharia Ltda (Grupo Dias). In 2012, Aegea (subsidiary of the Brazilian company Equipav) acquired the project company along with another 15 water and wastewater concessionaries that were operating in the state of Mato Grosso and belonged to Grupo Dias. The ownership of all these companies were transfered to a newly created holding called Nascente do Xingu, itself a wholly-owned subsidiary of Aegea.
Gulf Yala Green Company Limited (GYG) was developing the Yala Power Project, a parawood- fueled biomass power plant, with 20.2-MW installed capacity, in Lam Mai Subdistrict, Muang District, Yala Province. This 1.5 billion baht (US$36 million) project signed a power purchase agreement with the state-owned utility Electricity Generating Authority of Thailand (EGAT) in June of 2003. Yala Power was one of 14 pilot projects initiated and supported by the Office of Energy Policy and Planning, aimed at encouraging the utilization of agricultural waste to produce power.  GYG was 95% owned by Gulf Electric Public Company Limited (GEC), a joint venture between partially divested Electricity Generating Company (EGCO) of Thailand (50%), Japan Electric Power Development Company Limited (EPDC or J-POWER) (49%) and Mit Siam (1%). The other 5% of the project was owned by Asia Plywood Company Limited. As of 2004, the stake holders of EGCO were EGAT (25.41%), CLP Power (22.42%), Thai investors (30.09%), and foreign investors (22.08%).  As for the 1.5 billion baht investment budget, 1.05 billion was derived from a loan from the Bank of Ayudhya, while the remaining 450 million baht came from shareholders. The loan agreement was signed May 2003 and GYG had a first draw down of debt on August 28, 2003. This power plant had also been selected to receive financial support from the government's Renewable SPP Program. As of end 2003, GYG had finished land filling and begun the construction.  Progress was delayed however, and construction was suspended for 6 months in April 2005 following unrest in the southern border provinces.  Construction was expected to be completed by September 2006.
Monte Rio Power Corp. announced the development of a 101.5-MW merchant heavy-fuel oil power plant was located at Azua. Monte Rio Power Corp. was established as a partnership of Caterpillar Power Ventures International and Paliza-Viyella Group. Investment was estimated at US$ 95 million.  The sponsors agreed to sell most of its power supply to the Dominican national grid. Construction works were completed in June 2003.
In November 2003, a local private company Yintaida Group signed a 25 year agreement to build and operate a sewerage treatment plant in Huidong County, Guangdong Province. Yintaida Group won the project through open bidding. The plant capacity was 60,000 cubic meters per day.   Yintaida Group invested RMB 59.50 million (US$ 7.19 million) in the plant and owned 100% of the project.    The construction of the plant commenced in November 2003 and it came into operation in 2005.
The government of Jamaica awarded a 30-year contract to consortium Montego Bay Jamaica (MBJ) Airports Ltd. to operate, expand, and rehabilitate the Sangster International Airport. The consortium's committed US$200 million was to be for the operation in addition to terminal expansion and other facilities. The terminal was to be expanded from 25,000 squre meters to 60,000 square meters. In addition to expanding the terminal, the consortium was also responsible for operating the airport and its commercial services.   The consortium was to pay a three-tier lease fee to the government; the fee was based on the number of airport passengers and cargo throughput and pre-determined percentages of excess operator returns.  The Sangster airport served Montego Bay; in 2003 it served approximately 3 million customers. The airport was one of two international airports in Jamaica (the Kingston international airport was the other). The conortium was to expand the capacity from 3 million (2003) to 6 million by 2013. An "airport improvement fee" was to be levied on each departing passenger to pay for part of the capital expenses.   MBJ Airports comprised Spain's Dragados Group (part of ACS Group), Canada's Vancouver International Airport Authority (YVRAS), Chile's port services company Agencias Universales (Agunsa), and Israeli construction company Ashtrom.  The IFC's total US$45 million assistance in 2003 contributed to financing the first phase of the airport investments.   In September 2006, Agunsa sold its 35% stake to ACS Group’s subsidiary Dragados for US $37 million, increasing ACS Group’s stake to 70%. Ashtrom Group and Vancouver International Airport retained their 15% stake in the project.  In September 2007, Abertis Infraestructuras SA acquired for US $381 million ACS's airport concession arm DCA (Dragados).   IFC and First Caribbean International Bank invested US$15 million to resurface Sangster International Airport’s single runway and support other safety upgrades, such as the construction of a new fire hall (IFC 7.5 million). Work on the 2.6-kilometer runway was underway at the end of 2013 and was planned to allow for smoother and safer landings in Montego Bay, which received twice as many passengers as Kingston. IFC made four investments in the airport since 2003 for a total of US$105 million, including US$53.5 million mobilized from other investors. IFC provided MBJ with A and B loans to finance the construction of a new terminal in 2003, the refurbishment of the original terminal buildings in 2005, and check-in related equipment in 2008.  In April 2015, Abertis sold its stake in the project to the Mexican company Grupo Aeroportuario del Pacifico (a partnership of Corporacion Mexicana de Aeropuertos (CMA) - 10%; the Spanish company AENA - 5%; and small investors - 85%).
Panva Gas, through its wholly owned subsidiary, Pan River Investments Company, acquired a 90% interest in the state-owned Sichuan Pengxi Natural Gas company for a total of $1.4 million. Pengxi Panva had exclusive rights to develop and operate gas pipelines for a period of 50 years in the Pengxi county of Sichuan Province. The project involved 20 km of long range pipelines and more than 30 km of city pipelines.  Following the acquisition, Panva Gas extensively restructured the operation of this formally state-owned enterprise. It had been renamed as Pengxi Panva and had adopted the Panva brand service and management system. The registered capital for the project company was US$ 0.43 million (RMB 3.59 million).   Panva Gas was a company listed on Growth Enterprise Market Board of the Stock Exchange of Hong Kong Limited. It was principally engaged in the sale and distribution of natural gas and liquefied petroleum gas and construction of gas pipeline in the PRC. As for July 2005, its main shareholder was Enerchina Holidngs Limited (60.57%), which was a subsidiary of Sinolink Worldwide Holdings Ltd (64.33%). Sinolink Worldwide Holdings Ltd. was a company incorporated in Bermuda and 50.83% controlled by Mr. Ouyaping (the Chairman of both Enerchina and Panva Gas). The rest of the shareholder structure for Panva Gas was: public and other shareholders (38.89%), Asia Pacific Promotion Ltd. (0.54%). Aisa Pacif Promotion Ltd., a private company incorporated in the British Virgin Islands which was wholly-owned by Mr. Ouyangping.
Aryan Toll Road Private Limited was created to implement the expansion to four lanes and strengthening of Pune - Solapur Road (N.H. - 9) from Km 14/000 to 40/000. The total length was 26 km. The project was awarded by Ministry of Road Transport & Highways on behalf of Government of India to IRB Infrastructure under an 16 year concession contract including 24 months of construction period. The concession contract was signed in February 2003 and the starting period (construction) was March 2003. The construction phase was completed in December 2004. The concession period ends in March 2019.  The project cost was estimated to be INR630 Millions (US$13.5 million). The project reached financial closure in March 2003 with a loan from IDBI Bank Ltd (erstwhile United Western Bank Ltd).
JNP Road Infrastructure Pvt. Ltd. was awarded a 15 year build-operate-transfer (BOT) contract for the 140 km Jabalpur-Narsinghpur-Piparia Road by Madhya Pradesh Road Development Corporation Limited (MPRDC) in January 2003. MPRDC is a wholly owned Madhya Pradesh (MP) state government company responsible for the construction and rehabilitation of MP state roads.  Under the contract, all the investment was made by JNP Road Infrastructure Pvt. Ltd. in return for the right to collect tolls during the term of the contract. This BOT contract was in response to an urgent need to strengthen and upgrade the region’s roads due to a considerable increase in traffic and commercial activities.    JNP Road Infrastructure Pvt. Ltd. won the competitive tender conducted by MPRDC in December 2002 by bidding the lowest subsidy/ grant amount of US$ 9.8 million.   Maharashtra based Kotecha Group created JNP Road Infrastructure Pvt. Ltd. to implement this project.  The total cost of the project was estimated at US$ 17.32 million. The project was financed through a combination of sponsor equity (US$ 2.52 million), loans (US$ 5 million) and a grant from the government in the amount of US$ 9.8 million. IL&FS Investsmart Limited, the sole arranger of the loan, syndicated the loan requirement with Punjab National Bank, Union Bank of India and SIDBI.  Construction of the project was expected to be completed in early part of 2006.
In May 2003, a 30-year concession agreement was signed between South Africa’s Western Cape government and the black empowerment consortium Capstone. The consortium, who in late 2003 changed their name to Entabeni Limited, will design, build, finance, operate, and rehabilitate Chapman’s Peak Drive. The road is renowned for its scenic drive and also for its dangerous surroundings – the road was previously closed after falling rock killed travelers.  Entabeni Limited comprises Concor (55 percent), Haw and Inglis (15 percent), Thebe Travel Investments (20 percent), and Marib (10 percent).  The consortium has agreed to construct, using Swiss technology - catch fences, canopies, shields and other protection from falling rock. In addition, the consortium was responsible for building two toll booths. The total distance of the toll road is 9.5 kilometers.  Between 2003 and 2009, the toll road's project has only been opened intermittently. In 2009, after many road closures, the governement announced it was envisaging of reneotiating or cancelling the contract.
Bulgarian-Russian gas company Overgas Inc. won a 10-year licence for gas supplies to the northern Bulgarian port city of Russe in October 2003 through its subsidiary Gasosnabdyavane Ruse. Overgas planned to invest 10 million euro (US$13 million) in building a 14-km gas grid in Russe. The company connected over 360 households to its gas grid in Russe by end 2004.  As of October 2007, Gasosnabdyavane Ruse had 2,000 residential customers and 147 industrial and commercial clients.  Overgas was established in 1991. As of Dec. 31, 2008, Gazprom [Russia] and Overgas Holding each had a 50% holding in Overgas Inc.
In February 2003, the Chinese government approved to allow a local private company, Zhuhai New Yongtze River Construction and Investment Co. Ltd. to build and operate the Jiangmen - Zhuhai Expressway located in Guangdong Province for 25 years. Construciton of the 32.622 km Zhuhai Section commenced in August 2003 and that of the 20.659 km Jiangmen Section commenced in February 2004. The total investment was RMB 3.067 billion (US$ 370.41 million). The expressway would be operation in 2007.
The project company, Longkou Hong Kong and China Gas Company Limited, was established in June 2003. The project is located in Longkou City, Shandong Province. The Hong Kong and China Gas Company Limited (Towngas) has a 100% stake in the project and will operate and manage the joint venture for 50 years. The total investment was over RMB 100 million (US$ 12.08 million).
In August 2003, the government of Albania granted a five year management contract to a consortium of BerlinWasser International GmbH (BWI) and AquaMundo GmbH for the water and wastewater services in four Albanian towns: Durres, Fier, Lezhe and Saranda, with a total population of 400,000. The management contract offered the private operator a fixed payment plus performance-based commission. The project goal was to ensure that within five years the water supply and sewage disposal systems in the four cities ran on an independent, economical and cost-covering basis. To achieve the task, BWI and AquaMundo experts assumed management responsibilities and were to be assisted by a team of experts in various fields including engineering services, leak detection, system operations, procurement functions, maintenance, customer services, payment collection procedures, and accounting.  The management contract was part of a larger project to improve the provision of water and sewage services in the targeted cities. The project included infrastructure investments to improve operations and maintenance. The World Bank supported this project by providing a $15 million loan through its International Development Association (IDA) to fund the management fee and necessary investments. In addition, the government of Albania was to fund investments worth $6.93 million.    AquaMundo was owned by Austrian registered company InfraMan GmbH, a subsidiary of AmiWater, the water management arm of the Saudi pipe maker Amiantit Group.
Armenian government transferred financial and management control of the Metsamor Nuclear Power Plant (Metsamor) to the majority state-owned Russian Unified Energy System (UES) for a five-year period as a part of a deal reached between the Russian and Armenian governments to pay off Armenia’s US$40 million debt for the nuclear fuel supplied.   Metsamor is located in Armavir Marz about 28 kilometers west of Yerevan and 16 kilometers from the Turkish border. The facility with a two VVER-440 reactors was commissioned in 1979 and it had capacity of 815 MW installed in two units and a design life of 30 years. The operation of the plant was halted in 1989 after a major earthquake, though it wasn't damaged. In 1995 the second unit of Metsamor was rehabilitated and re-commissioned. The unit had, however, operated at less than full (407.5 MW) capacity most of the time. The plant supplied almost one-third of Armenia’s electric power in 2003.  In 2009, the contract was extended until 2013.
Hong Kong listed Xinao Gas Holdings Ltd (Xinao), one of the first non-state-owned city gas distributors in China, announced in June of 2003 that unit Langfang Xinao Investment Ltd formed a joint venture with Dongguan Xinfeng Piped Gas Co Ltd to operate a piped gas business in Dongguan for 30 years.  The joint venture, named Dongguan Xinao Gas Co Ltd, had a registered capital of US$18 million.  Langfang Xinao held a 49% stake in the company while its state-owned partner owned the remainder.
VIVA Highways Private Ltd. was awarded a 15 year build-operate-transfer (BOT) contract for the 203 km. Indore-Sanawad-Burhanpur-Edelabad Road by the State of Madhya Pradesh in September of 2002.  There had been an urgent need to strengthen and upgrade the region’s roads due to a considerable increase in traffic and commercial activities.   Total cost of the road was estimated at Rs. 123 crore (approx. US$28 million), 45 crore of which was given in the form of a government grant/subsidy.    The project was part of the first phase of a larger, three phase state-wide road development program that aimed at constructing 15 new road corridors totaling 2155 km throughout Madhya Pradesh.  The state had planned total expenditures of around Rs. 1,000 crore (approx. US$225 million) for the program with Rs. 500 crore of that amount raised through the issuance of infrastructure bonds that would be used subsidize the private operators.  Madhya Pradesh was the first Indian state to implement a road development program on such a large scale with private participation.    Under the “Bond BOT” scheme, investment was made by the private developer who was then allowed to collect tolls on the road for a 15 year term, which was inclusive of the construction period.   To make the projects more attractive, the government provided grants/subsidies to the private sector company on a competitive bidding basis.  For each project, three privately outsourced consultants were appointed: a technical consultant, a financial consultant and a supervision and quality control consultant.       The IDFC had approved and sanctioned the financing package and provided a term loan of Rs. 65 crore through syndication for the Indore-Edlabad Road.  The first installment of Rs.50 crore was released in early-2003.   Nine tranches of subsidy were released by the government and investment of more than Rs 121 crore was done by mid-2003.  As of December 2003, two sections (134 km) of the road had been completed and toll collection had begun.  Project completion was scheduled for early 2004.
In July 1998,  Zecon Toll Concessionaire Sdn Bhd (ZTC) and the Government of Sarawak state signed a concession agreement under which ZTC was granted the rights to design, construct, manage, operate and maintain approximately 3-km Jalan Tun Salahuddin  including the Tun Salahuddin Bridge, commencing from Tanah Puteh intersection at Jalan Kwong Lee Bank/Jalan Utama located on the South bank of Sungai Sarawak to the new junction at Jalan Demak  The concession period was for the period of thirty-three (33) years commencing from 1 October 2003 and expiring on 30 September 2036, and may be extended by such other period as may be decided by the relevant authority or based on mutual agreement.   ZTC was a wholly owned subsidiary of Zecon Engineering Berhad, which was a private consortium whose main share holders were Dawla Capital Sdn Bhd with 43.88% and Inas Kapital Sdn Bhd with 17.36%
Luan Xinao Gas Company Limited is a Sino-foreign joint venture that was established in July 2002 by Xinao Gas Holdings Limited through its wholly-owned subsidiary Xinao Anhui Investment Limited which had a 100% stake in the project. The company was to operate the gas piped business in Luan City, Anhui Province for a period of 30-years. As of December 2002, the project included 8 km of existing pipeline. Total investment in the project amounted to RMB 170 million with a first-phase installed capacity of 100,000 cubic meters.
Aggreko Plc contracted with Cadafe, the state power company, to supply 30 MW to the national grid in November 2003. The contract has been renewed annually due to lack of Venezuelan investment in infrastructure and was operational as in December 2006. The power station was located in San Fernando de Apure, in the state of Apure.
Peruvian-Chilean consortium Norvial won a 25-year concession to rehabilitate and build coastal roads and bridges known as Red Vial Number 5 or highway network number 5. The roads connect the cities of Ancon, Huacho, and Pativilca in Peru. The road and bridge network contributes to the regional activities such as industrial manufacturing, agriculture, mining, fisheries, and access to the Callao port and the city of Lima. The project includes the construction of two bypasses (total length 34 kilometers), construction of two bridges (total length 587 meters), construction of two interchanges, and rehabilitation of several roadway sections.    The winning offer made by Norvial was to pay the state 5.5 percent royalty on collected tolls. Members of the consortium Norvial are the Peruvian groups Grana y Montero and JJC Contratista and the Chilean group Besalco. Norvial expects to invest US$75 million in the project during the concession period.   The project is divided in two stages, the initial satge involves construction along Huacho-Primavera, Ambar-Pativilca, and Huacho-Pativilca stretches. The IADB and the IFC committed US$35 million in loans for the project's initial investment. The second stage involves additional roadway, bridge, and interchange construction after two years (as soon as traffic reaches required levels).  Similar to the first stage, the second stage is expected to be partially financed with the support of international institutions and development banks.
In May 2002, National Highway Authority of India (NHAI) awarded a 20 year concession to GVK group of Hyderabad to upgrade the two lane Jaipur-Kishangarh section (90.4 km) of National Highway 8 (NH-8) in Rajasthan to six lanes. The Jaipur-Kishangarh Highway Project (JKHP) was part of the larger Golden Quadrilateral National Highways Development Project of the Government of India. The Golden Quadrilateral National Highways Development Project was developed by NHAI and the Department of Road Transport and Highways, Government of India and links the four metropolitan cities of Delhi, Mumbai, Chennai and Kolkata and spans a total length of 5846 km.  GVK formed a special purpose vehicle, GVK Jaipur-Kishangarh Expressway Private Limited (GJKE), to implement the Rs 7060 million project (US$ 151.56 million). The project scope involved conversion of 90.4 km two lane highway to six lanes with flyovers and interchanges at major junctions and provision of state of the art highway traffic management and toll system. GJKE was further responsible for the operation and maintenance and toll collection during the concession period. The 20 year concession period included construction time.  JKHP achieved financial closure on March 17, 2003. The project received a capital grant of Rs 2,110 million (US$ 45.3 million) from NHAI.   The construction was completed in March 2005.
Vemagiri Power Generation Limited (VPGL), an independent power producer, implemented the 520 MW greenfield power plant at Vemagiri, in East Godavari district and 12 kilometres away from Rajahmundry in Andhra Pradesh. The plant was to be developed on build-own-operate (BOO) basis. The power plant was built in two phases and was based on natural gas. The first phase involved creating a generation capacity of 370 MW and the power generated from the plant was supplied to the Transmission Corporation of Andhra Pradesh (APTRANSCO). Vemagiri power plant was part of an overall effort undertaken by Government of Andhra Pradesh (GoAP) and erstwhile Andhra Pradesh State Electricity Board (APSEB) to establish short gestation power stations to alleviate the power shortage in the state. APSEB conducted a global tender on tariff basis and awarded eight projects to six developers for a total capacity of 2000 MW.   VPGL entered into a power purchase agreement with APTRANSCO, which was approved and cleared by Andhra Pradesh Energy Regulatory Commission in April, 2003. APTRANSCO was created after GoAP initiated a comprehensive power sector reform in 1998 and functionally unbundled APSEB into one generation company, one transmission company (APTRANSCO) and four distribution companies. During the transition period and as of April 2005, APTRANSCO was operating under a single buyer model and procured power from generation companies for further sale to distribution companies. VPGL also entered into a natural gas supply agreement with Gas Authority of India Ltd, to secure 1.64 million cubic meters per day of natural gas supply for 15 years.  VPGL is part of the privately held GMR group. In early 2004, India Development Fund bought a 15% stake in VPGL. India Development fund is a public private fund set up with the support of the Ministry of Finance, Government of India, to facilitate the development of infrastructure in India.  Financial closure for the first phase of the Vemagiri power plant was achieved in October, 2003. The cost of the first phase was estimated at Rs 112,400 lakhs (US$ 241.3 million) and the debt equity ratio was 70:30.  The first phase of the Vemagiri plant was expected to be commissioned by December 2005, but became operational in Feb 2008.
MSK Infrastructure and Toll Bridge Private Limited was awarded a 15 year build-operate-transfer (BOT) contract for the 185.6 km Hoshangabad-Harda-Khandwa Road by the State of Madhya Pradesh in May of 2002.  There had been an urgent need to strengthen and upgrade the region’s roads due to a considerable increase in traffic and commercial activities.   Total cost of the road was estimated at Rs. 81 crore (approx. US$18.5 million), 51 crore of which was given in the form of a government grant/subsidy.    The project was part of the second phase of a larger, three phase state-wide road development program that aimed at constructing 15 new road corridors totaling 2155 km throughout Madhya Pradesh.  The state had planned total expenditures of around Rs. 1,000 crore (approx. US$225 million) for the program with Rs. 500 crore of that amount raised through the issuance of infrastructure bonds that would be used to subsidize the private operators.  Madhya Pradesh was the first Indian state to implement a road development program on such a large scale with private participation.    Under the “Bond BOT” scheme, investment was made by the private developer who was then allowed to collect tolls on the road for a 15 year term, which was inclusive of the construction period.   To make the projects more attractive, the government provided grants/subsidies to the private sector company on a competitive bidding basis.  For each project, three privately outsourced consultants were appointed: a technical consultant, a financial consultant and a supervision and quality control consultant.       Financial closure for the Hoshangabad-Harda-Khandwa Road had been achieved through SBI (State Bank of India) Investment, which provided over Rs. 44 crore.  As of December 2003, five tranches of subsidy had been released by the government.  It was projected that toll collection on first section would be started in early 2004.
In March of 2003, Hutchison Whampoa (30%), state-owned Cosco Pacific (20%), state-owned Shanghai Industrial Infrastructure Development Holdings Limited (10%) and Shanghai Port Authority (40%) formed a joint venture, Shanghai Pudong International Container Terminals Ltd., to operate the existing Shanghai Waigaoqiao Container Terminal Phase I under a 50-year concession agreement in Shanghai Municipality. The total investment was RMB 2.8 billion (US$359.6 million). There are three container berths and the annual container throughput volume was 1.8 million TEU's.
In November 2003, the Odessa City council decided to grant a 49 year lease on Odessvodokanal (water utility) to Infox, a large Ukrainian holding company reportedly active mainly in the oil sector.  The Infox committed to invest 500 million Hryvnja (or about $100 million) over the next 5-7 years for the rehabilitation and construction of new sewerage systems in the southern parts of Odessa city, finish construction of wastewater treatment plant, and other works. The City budget committed to put in additional 20 million Hryvnja for the 2003-2007 investment program with the funds coming mainly from the increased tariff. Over the investment period the lease payment for the use of the utility assets was set to be 1 Hryvnja/year.  After the investment period Interfox would be paying Odessa City a full lease payment of about 9 million Hryvnja a year.  According to the 2008 press release, the City Council has set up a committee which is currently evaluating the performance of water utility under lease contract.
The project comprises construction and operation of 127MW in Corumba River, in the State of Goias. This is the fourth hydroeletric plant to be built in the Corumba river basin. The project was expected to start operations in January 2004. In October 2002, the expected inauguration date was postponed to January 2005.   The company responsible for the project is Corumba Concessoes S/A. Corumba Concessoes originally comprised Companhia Energetica de Brasilia(CEB) (45%) and Via Engenharia (Dragados Group) (55%). In 2001, Via Engenharia sold its stake to two brazilian engineering companies: Serveng Civilsan (35%) and C&M Engenharia (20%). The 35-year concession contract was signed with the regulatory agency Aneel in November 2000.  The total investment in the project was estimated in US$160 million (R$321 million). The project reached financial closure in May 2003, when the Brazilian Development Bank, BNDES approved a US$ 76.6 million (R$230 million) financing for the project.   Operations commenced in February 2006.
Chilime Hydropower Company (CHC) developed the 20MW hydropower plant in Rasuwa District, Nepal. The project became operational in March 2003. NEA, the state-owned utility holds 51% of CHC, the remainder is floated on the stock market.    The state-owned utility NEA held 51% of the equity, NEA employees own 24 percent and the remainder was floated on the stock market (25%). NEA will buy power from Chilime for Rs 3 per unit.  Total cost was Rs 2.32 billion (US$ 26.2 million). Financial closure date was unknown, estimated here was March 2003, commissioning date.
Norwegian telecom group Telenor reached a three-year managment deal with Ghana to manage and improve Ghana Telecom in January 2003. The agreement included provision to increase the total number of fixed lines operated by GT by 400,000 within three years, increase the staffing level of GT from 3,900 to 6,000, undertake to improve the quality of service and for the government to closely monitor the performance of Telenor on an annual basis.  Telenor was not obliged to take any stake and was to play the role of management consultants.   GT awarded a US$80 million contract to Alcatel in August 2003 to install 250,000 new fixed lines and to expand its mobile network capacity to 630,000 lines.  Ghana Telecom (GT) was the national fixed local and long distance carrier in the country. The government started to divest the company in December 1996 when it sold, through competitive bidding, a 30% stake for US$38 million to Volta Communications, a consortium controlled by Telekom Malaysia. At the same time that GT was being divested, a second national operator license was awarded through competitive bidding to ACG Telesystems, a private consortium of mainly U.S. investors that would operate under the brand name Westel.   GT was divested with network expansion commitments, which added up to around US$350 million over the first 5 years. The basic phone services (fixed local and long distance) were to be provided by only GT and Westel at least until 2001.  In May 1997, the divested company signed a US$12 million turnkey contract with Telecommunications Consultants India Ltd. (TCIL) for the provision of equipment and installation of 10,000 lines within 18 months. The company had over 55,000 subscribers by the end of 1999.  IFC financing was intended to make the company more responsive to local business by reducing network congestion and extending coverage into rural areas.   GT also offered GSM mobile services through the One Touch brand name.  One Touch had 100,000 subscribers by December 2002.    By early 2000, Ghana Telecom needed a cash injection. Telekom Malaysia agreed to pay US$100 million for an additional 15% in the company, which valued the whole company at US$667 million. In August of that year, Telekom Malaysia paid half of the amount, US$50 million, as a good-faith deposit. At about the same time, IFC promised US$100 million -- but only if Telekom Malaysia retained management authority.   In February 2002, GT ended the management contract with Telekom Malaysia, which had run the company for four years. The state bought back the 30% of Ghana Telecom shares it sold to Telekom Malaysia's local subsidiary, G-Com.  The Malaysian group had originally intended to increase its stake in Ghana Telecom, but this plan was abandoned and the government terminated its management services agreement in February 2002.  The government claimed that Telekom Malaysia failed to meet all its agreed terms. In particular, it did not meet targets for installation of telephone lines and improvement in the infrastructural and financial base of the company.   Telekom Malaysia filed an international arbitration claim seeking to force the Ghanaian government to buy back the Malaysian firm's share of Ghana Telecom. Telekom Malaysia had offered to sell its stake back to the government for up to US$103 million, but the negotiations collapsed as the Ghanaian government was not prepared to pay this amount. Apart from the US$103 million, Telekom Malaysia was also demanding a reimbursement of the US$54 million it paid to the government in 2000 for a further 15% share to bring their total investment in Ghana Telecom to 45%. The Malaysians claimed that though the money was paid, the deal did not go through. Telekom Malaysia was also demanding a sum of US$10 million in outstanding fees for managing Ghana Telecom from 1997 to April 2002.   By the end of 2004, Ghana Telecom had 165,890 subscribers.  At the end of 2005, Ghana Telecom had around 231,084 subscribers.  The contract was concluded in December 2006. The government planned a divestiture of the company for sometime in 2007.
In November 2003, Golden State Environment, a US register company signed a agreement to build and operate a sewerage treatment plant (City South Wastewater Treatment Plant) and take over an existing sewerage treatment plant (City North Wastewater Treatment Plant) in Yancheng City, Jiangsu Province. The total treatment capacity was 50,000 cubic meters per day.   Golden State Environment invested RMB 150 million (US$ 18.12 million) in the plant but its ownership of the project was unknown.
At the end of 2003 the municipality of Tambov granted a 25 year lease and investment contract for the city’s water and wastewater infrastructure facilities to Russian company Tambov Utility Systems. The contract was offered without a tender. Tambov Utility Systems was expected to serve some 294,300 people in the city of Tambov.  Operating company Tambov Utility Systems was a subsidiary of Joint Stock Company Russian Communal Systems (RKS). RKS was created on May 29, 2003 by RAO Unified Energy Systems (25%), GazpromBank (25%), Interros (10%), Kuzbassrazrezugol (10%), Renova (10%), EvrazHolding (10%), and Evrofinans (10%). By the end of 2005 privately held company Integrated Energy Systems had purchased a 50% stake in RKS, while RAO UES held on to its 25% share. In July 2006, IES-Holding increased its shareholding in OJSC Russian Utility Systems to 75%.   In May 2008, through a public auction, RAO UES sold its 25% stake in the RKS to Indville Management Ltd., an affiliate of IES-Holding, thus giving Integrated Energy Systems a 100% stake in the company.
In November 2003 Panriver Investment, a subsidiary of Hong Kong based Panva Gas Holding Ltd, formed a joint venture YPC & Panva Gas Company Limited in Yangzhou City, Jiangsu Province. The total investment was US$ 1.21 million. Panriver owned 55% stake.   The project company Yangzhou YPC & Panva Gas Company Limited was granted a 25 year concession to operate pipe natural gas pipe business in Yangzhou City, Jiangsu Province.  Hong Kong based Panva Gas Holding Ltd was a publicly traded company in the Hong Kong stock exchange and was principally focused on commercialization of natural gas and liquefied petroleum in China mainland.
In March of 2003, Sinomem Technology Ltd. (Sinomem) of Singapore was awarded a contract to build and operate a 5,000 cubic meters per day capacity seawater desalination plant by the Xiamen municipal government.    To implement the contract, Suntar Desalination was formed as the project company in which Sinomem took a 30% stake while the Xiamen Resources Group, wholly owned by the Xiamen municipal government, held on to the remainder.    The total cost of the project was S$3 million (US$1.7 million). Financial closure was reached in June of 2003 when Sinomem sucessfully listed on the Singapore stock exchange, raising S$44-million (US$25.5 million) to fund the desalination plant and other operations.  The plant was expected to become operational by 2004.
Spanfreight Group was awarded a 10 year concession to operate Mutsamudu port in Anjouan Island located in Mozambique Channel in March 2003. The Kenyan company assumed the responsibility of port handling, transshipment and storage. Spanfreight group made an investment of US$ 500,000 in the project.  Mutsamudu port is the only international port of Comoros which can accept vessels up to 25000 tons.
The project comprises the construction and operation of a 330MW power plant (Aimores), in the Doce river in the state of Minas Gerais. The consortium responsible for the project originally comprised Centrais Eletricas de Minas Gerais (CEMIG) (49%), the CEMIG's shareholder AES (25.5%), and Companhia Vale do Rio Doce (CVRD) (25.5%). AES withdraw from the project in 1999 and CVRD took over its stake, becoming responsible for 51% of the project. In December 2000, ANEEL, the Brazilian regulatory agency for the eletricity sector, signed the concession contract with CEMIG and CVRD. The total estimated investments in the project are US$165.7 million (R$325 million). The plant was expected to start operations in 2004.  In June 2003, the Brazilian Development Bank approved a US$48 million loan in connection with the Funil and Aimores power plants. In addition, in January 2003, CVRD acquired US$300 million from the Japanese Bank for International Cooperation and, in April, US$64 million from the American Import Export Bank in connection with its generation projects. In addition to Funil and Aimores, the consortium CEMIG-CVRD owns stakes in Capim Branco and Porto Estrela power plants.  Aimores power plant will be located in the border to the states of Minas Gerais and Espirito Santo, which is mainly a consumption area: there are no power plants in this region. According to CEMIG, the plant is expected to reduce losses causes by the transmission of electricity from the generation centers to this consumption region.  In February 2006, the first of three turbines became fully operational generating 110 MW of electricity. The plant was officially inaugurated and given the honorary name Eliezer Batista after the former CVRD president and government minister in a ceremony on May 5, 2006.
This joint venture, Zhangjiagang Hong Kong and China Gas Company Limited, was established in August 2003. The project is located in Zhangjiagang City, Jiangsu Province. The Hong Kong and China Gas Company Limited (Towngas) has a 51% stake in the project and will operate and manage the joint venture for 50 years. The total investment for phase I was RMB 150 million (US$ 18.12 million).
ATR Infrastructure Private Limited was created to implement the expansion to four lanes and strengthening of Pune - Nashik Road (N.H. - 50) from Km 12/190 to 42/000. The total length was 29.81 km. The project was awarded by Ministry of Road Transport & Highways on behalf of Government of India to IRB Infrastructure under an 18 year concession contract including 24 months of construction period. The concession contract was signed in August 2003 and the starting period (construction) was September 2003. The construction phase was completed in December 2005. The concession period ends in September 2021.  The project cost was estimated to be INR737.00 Millions (US$15.8 million). The project reached financial closure in September 2003 with a loan from ICICI Bank LtdDate of Signing of Agreement25th August 2003
The government of Argentina initially let twelve toll road concessions in 1990 as part of an intercity road network. The concessions were set to expire in November 2003. The government reorganized the highway system and let tenders for six management contracts in 2003. The concessions granted in 1990 were for the improvement, operation, and maintenance in facilities. After these twelve concessions expired in 2003, the government let a new type of contract whereby private operators were responsible for routine maintenance and operation of the road network. The private operators were also responsible for collecting tolls and placing all collections in a joint fund to be partitioned between the six consortium of operators. This collection and pooling system thereby allowed for an indirect subsidy for contract areas where toll collections or toll rates were comparatively low.  The state government was thereby responsible for funding investment for expansion works and repaving. The state allocated via a separate investment fund, US$174 million (500 million Argentine pesos) over five years to be applied to the group of six contract areas. The management contracts were initiated in part because the state was able to save an estimated 325 million Argentine pesos as compared to the concession contracts let in 1990 that were amended to include subsidy payments to the operators related to their VAT contributions.   The twelve contracts concluded in 2003 included concessionaires Semacar (corridor 1 and 2), Caminos de Oeste(corridor 3 and 4), Nuevas Rutas (corridor 5 and 17), Covico (corridor 6), Servicios Viales (corridor7, 8, and 9), Covicentro (corridor 10), Covinorte (corridor 11), Concanor (corridor 12), Vicovsa (corridor 13), Rutas del Valle (corridor 14), Caminos del Abra (corridor 16), and Red Vial Centro (corridor 20). The management contracts of 2003 consolidated the toll road areas into six corridors, each with respective highways. Operations of the toll roads began 1 November 2003.  Corridor 3, including highways 9, 11, 19, 188 and autopistas A-012, A-009, and Rosario Armstrong, was won by Decavial S.A. and Vialco S.A. The consortium was expected to pay a canon of 32.1 percent to the government.  In October 2008, the contract period was prolonged until the new concessionaire could take posession of the assets.
Bulgarian gas company Varnagas was awarded a 10-year licence to supply gas to the city of Varna, on the northern Black Sea coast of Bulgaria in July 2003. In March 2008, the license was extended until 2039.  Varnagas was set up as a joint venture by the Bulgarian gas company Overgas (66%) and the municipality of Varna (34%). The main shareholders in Overgas were Russian Gazprom with 50%, Overgas Holding with 24.50% and Creditbank with 5%.  Total 27 million euro (US$36 million) were to be invested in the development of the gas supply network in the city.  A total of 4.3 million euro (US$5.3 million) were invested in the gasification of Varna in 2004 for the construction of a gas supply grid of 55 km covering more than 3,000 consumers in the Black Sea city and 5.3 million Bulgarian levs (US$3.5 million) were expected to be invested in 2005.
In December 2003, Panriver Investment, a subsidiary of Hong Kong based Panva Gas Holding Ltd, acquired 100% of Sichuan Lezhi Gas Company for US$1.79 million (RMB 14.8 million) from the local government of Lezhi county, Sichuan province. As part of the acquisition, Sichuan Lezhi Gas Company changed its name to Lezhi Panva Gas Company and was granted a 50 year exclusive concession to develop and operate the natural gas network in Lezhi county. The county had an area of 1,425 squared kilometers and a population of 869,000. At the time of the transfer, the company had 90.8 km of pipelines.   Hong Kong based Panva Gas Holding Ltd was a publicly traded company in the Hong Kong stock exchange and was principally focused on commercialization of natural gas and liquefied petroleum in China mainland.
Gas de Camisea para Lima y Callao (GNLC) was created in May 2002 to distribute natural gas to the Peruvian regions of Lima and Callao. GNLC was created as part of the Camisea Project, Peru's largest natural gas project. The Camisea Project comprises the extraction, transportation, consumption,and export of gas (both liquified natural gas and natural gas).  The Camisea Project faced strong opposition from environmental and human rights groups concerned with the project's location in the Peruvian Amazon.  Tractabel, part of SUEZ, is the primary sponsor in the consortium; Puntahuacaluna of Peru has a minority stake. It was expected that 200,000 customers would be connected to the line within the first six years of operation. Operations were expected to commence in August 2004 and initial gas supply was expected to be 2.6 billion cubic meters per year.  In June 2007, SUEZ Energy International transfered its shares to Ashmore Energy and Promigas in return for a 51% stake in Panama's 280 MW Central Termica Bahia Las Minas.  In March 2010, IFC approved a US $40 million A Loan and a $10 million C loan from IFC’s own account for the phase I of the expansion of Calidda’s distribution network, designed to increase the distribution capacity of natural gas in the concession area from 255 to 420 million standard cubic feet per day. The total Project cost was calculated at US $236 million, and was to include: (i) the expansion and upgrades to the main grid, (ii) the expansion to the low pressure secondary grid, and (iii) refinancing of existing senior debt.  Empresa de Energia de Bogota (EEB) purchased a 60% stake in the project in February 2011.
Port Authority of Thailand awarded a 30 year concession to operate the C3 container terminal at the port of Laem Chabang to Peninsular and Oriental Steam Navigation Co (P&O Ports), an international port operator in April 2003. The C3 terminal was planned to commence operation from mid-2004. The terminal provided deep water draft of 16 meters, quay line of 500 meters and an estimated capacity of over 800,000 teus (twenty foot equivalent unit). P&O Ports expected to invest US$45 million on equipment.
The project comprised building and operating two transmission lines for a period of 30 years. The first 500Kv line connected Xingo substation in the State of Sergipe to Angelim substation in the State of Pernambuco (200 Km). The second 230Kv line connected Angelim substation to Campina Grande, in the state of Paraiba (186 Km). The company responsible for the project, Nordeste Transmissora de Energia (NTE), was held by Abengoa Brasil, Instalaciones Inabensa and Dragados Industrial.   ANEEL, the Brazilian independent regulatory agency for the electricity sector, offered through public bid the concession for the lines in September 28, 2001. The Spanish company Inabensa was the winner.  In 2002, 49.9% of the shares of Inabensa Brasil were transferred from the Spanish Instalaciones Inabensa (Abengoa) to Dragados Industrial (part of ACS Group as of December 2003). In 2003, Nordeste Transmissora de Energia (NTE) was created as the JV company responcible for the project.  The contract between ANEEL and Inabensa was signed in January 2002. According to the contract, the lines were to start operating within 24 months of signature. In April 2004, NTE inaugurated the line.   The project reached financial closure in August 2003, when Brazil’s development Bank approved a financing of US$82.1 million (R$238.6 million) for the project. The total investment in the project was expected to be R$340.9 million (US$117.3 million).   The project was expected to expand distribution in the Northeast region of Brazil by up to 3,000 MW. It was also expected to integrate the North/Northeast and South/Southeast/Center-West systems. The Xingo-Angelim line linked 17 cities while Angelim-Campina Grande line linked 16 municipalities.
Eco Power (Pvt.) Ltd, from Sri Lanka, developed the 3.0MW Hulu Ganga 1 and 2.95MW Hulu Ganga 2 small hydropower plants (run-of-river). The projects consisted of Francis turbines. The capacity factor of plant 1 was expected to be 39.4%, and 44% for plant 2. Annual output was expected to be 10.3GWh and 11.3GWh respectively, totaling 21.6GWh.  Output was sold to the Ceylon Electricity Board (CEB), via Standard Power Purchase Agreements under 10MW. Construction of plant 1 started in April 2002 and was expected to be completed in June 2003. Plant 2 was expected to start construction in March 2004, with commissioning in January 2006. The operational life was expected to be 30 years. According to UNFCCC the project already received CERs from January 2003, which seems to be before construction started. More info required.  Financing came from the sponsor and from domestic commercial banks. Financial closure date was unknown, but estimated at June 2003 (commissioning plant 1).  Project coordinates: Hulu Ganga Phase I  Small Hydropower Project   Longitude N 7o 23.5’  / Latitude E 80o 44.8’   Hulu Ganga Phase II Small Hydropower Project   Longitude N 7o 23.3’  / Latitude E 80o 44.5’
ICE, the state owned electricity company in Costa Rica, granted Union Fenosa a BOT contract for the 50MW La Joya hydro power plant in 2003. Under the contract, ICE agreed to buy the plant’s electricity output through a 20 year power purchase agreement.  The new plant was to cover approximately 3% of Costa Rica’s power needs. The plant had an installed capacity of 50 MW. It was located in the river Reventazon, in the Central Valley of Costa Rica 60 km from San Jose. La Joya was a clean development initiative in accordance with the Kyoto protocol.  The plant construction began in April 2003 and concluded in June 2006 when it was commissioned. The estimated cost was US$ 95 million (80 millones Euros).
In September 2003, Salcon Bhd unit Salcon Engineering Bhd was awarded a management contract worth RM64.1 million (US$8.97 million) from Jabatan Air Negeri Sembilan (JBANS) to manage and maintain phases one and two of the Kuala Jelai water treatment plant, which were originally built by Salcon in Negeri Sembilan. The scope of work included providing management, supervision, labor, tools and chemicals for a period up to March 31, 2012 or the privatization of JBANS, whichever was earlier. The total capacity of the two plants was 45 million litres of water daily.  The project was initially undertaken on a month to month basis beginning April 1, 2003.
In November of 2003, Senai Airport Terminal Services Sdn Bhd (SATS) was granted a 30-year concessional license to redevelop the Senai International Airport in Malaysia's Johor state neighbouring Singapore which handled 950,000 passengers a year at the time of the takeover.  The contract was acquired for 80 million ringgit (US$21 million) from state-owned Malaysia Airports Holdings Bhd., who was the country's sole commercial airport operator and manager prior to this project.   Senai had one runway measuring 3,354 metres and a terminal capacity of 2.5 million passengers per annum. It was the third largest in terms of passenger handling after Kuala Lumpur International Airport and Penang. SATS planned to pump in RM1 billion over 10 years to upgrade the cargo and passenger facilities at the airport to transform it into a premier logistics hub.    SATS was a Malysian firm whose main owner was believed to be businessman Syed Mokhtar Albukhary. In April 2009, MMC Corporation Berhad completed the acquisition of Senai Airport Terminal Services Sdn Bhd (SATS). Under this deal, MMC paid RM1.7 billion in cash for SATS, respectively RM580 million for Senai International Airport and RM1.12 billion for SATS’s 2,718 acres of freehold land slated for the development as an Airport City.
Shijiazhuang Xinao Gas Company Limited was a Sino-foreign joint venture that was established in January 2003 by Xinao Gas Holdings Limited, which holds a 70% stake in the project with the remaining 30% interest held by the state owned company Shijiazhuang Gas Group. The total investment was RMB 220 million (US$ 26.57 million). The company would operate the gas piped business in Shijiazhuang City, Hebei Province for a 30-year period.
The government of Argentina initially let twelve toll road concessions in 1990 as part of an intercity road network. The concessions were set to expire in November 2003. The government reorganized the highway system and let tenders for six management contracts in 2003. The concessions granted in 1990 were for the improvement, operation, and maintenance in facilities. After these twelve concessions expired in 2003, the government let a new type of contract whereby private operators were responsible for routine maintenance and operation of the road network. The private operators were also responsible for collecting tolls and placing all collections in a joint fund to be partitioned between the six consortium of operators. This collection and pooling system thereby allowed for an indirect subsidy for contract areas where toll collections or toll rates were comparatively low.  The state government was thereby responsible for funding investment for expansion works and repaving. The state allocated via a separate investment fund, US$174 million (500 million Argentine pesos) over five years to be applied to the group of six contract areas. The management contracts were initiated in part because the state was able to save an estimated 325 million Argentine pesos as compared to the concession contracts let in 1990 that were amended to include subsidy payments to the operators related to their VAT contributions.   The twelve contracts concluded in 2003 included concessionaires Semacar (corridor 1 and 2), Caminos de Oeste(corridor 3 and 4), Nuevas Rutas (corridor 5 and 17), Covico (corridor 6), Servicios Viales (corridor7, 8, and 9), Covicentro (corridor 10), Covinorte (corridor 11), Concanor (corridor 12), Vicovsa (corridor 13), Rutas del Valle (corridor 14), Caminos del Abra (corridor 16), and Red Vial Centro (corridor 20). The management contracts of 2003 consolidated the toll road areas into six corridors, each with respective highways. Operations of the toll roads began 1 November 2003.  Corridor 6, including highways 11, 12, and 16, was won by a consortium of Supercemento S.A. and Dragados y Obras Portuarias S.A (that merged with ACS Group as of 2003). The consortium was expected to pay a canon of 33.2 percent to the government.  In October 2008, the contract period was prolonged until the new concessionaire could take posession of the assets.
In April 2003, Controladora y Operadora de Terminales (COT) won a concession to operate an existing one berth container terminal and development rights for an 85 hectare deepwater terminal in the port of Lazaro Cardenas for 30 years. The special-purpose vehicle LC Terminal Portuaria de Contenedores S.A. de C.V was formed as the concession holder. In July 2003, Hutchison Port Holdings, subsidiary of Hutchison Whampoa Ltd, acquired a 51% stake in LC Terminal Portuaria de Contenedores S.A. de C.V.   The project was intended to take full advantage of the NAFTA rail corridor which connected the Gulf of Mexico with east coast of the United States. Hutchison Port Holdings was in competition with Stevedoring Services of America – Mexico (SSA-Mexico) for the project. The container terminal had a capacity of 60,000 TEU at the time of contract signing.   The development of the deepwater terminal was delayed for several years. In 2006, Hutchison Port Holdings began construction of its US $244 million “phase 1” expansion of its container terminal with new a deep-water container-handling facility. Capacity of the terminal was expanded from its initial 100,000 TEU to 700,000 TEU. phase two and phase three expansions were also scheduled but had not yet been realized.
Guangzhou Guangcong Expressway Co. Ltd., a joint venture of Guangdong Gaofeng Enterprise Co. Ltd., Guangdong Fangyuan Group Ltd., and Hong Kong Jinsi Investment Co. Ltd. was formed in January 2004 to build and operate the Conghua Jie - Beixing Expressway in Guangzhou City, Guangdong Province. The 21 km expressway had a total investment of RMB 980 million (US$ 118.36 million). Guangcong would operate the road for 25 years. The construction of the project commenced in September 2003 and the expressway would come into operation in 2007.
In 2003 PT Sumber Segara Primadaya (S2P) began development of the 600MW coal-fired Cilacap power plant.  The plant was to be fueled by coal purchased from coal producers Adaro, Kodeco and Jorong under 5 year contracts.  Power from the plant was to be sold to the state-owned utility PT Perusahaan Listrik Negara (PLN) at US$ 4.57 cents per kWh.  S2P was a joint venture between PT Pembangkit Jawa-Bali (a subsidiary of PLN, 49%) and PT Sumber Energi Sakti Prima (51%, Indonesia).  Construction began in early 2004, and was undertaken by Chengda Engineering Corporation (China).  The plant cost US$ 510 million to build, and the two 300MW units began operation in early 2006. Construction was financed by a US$408 million loan from a syndicate of Chinese banks. The Bank Nasional Indonesia also issued a letter of credit to S2P for $200 million.  The Cilacap project was initially sponsored by a consortium including Duke Energy and Mitsubishi, but the project was put on hold after the 1997 financial crisis.
In October 2003, Iraqna, a consortium led by Egyptian based Orascom Telecom Holding S.A.E. (OTH), was granted by the Coalition Provisional Authority (CPA) of Iraq a two-year license to build and operate GSM service in Iraq’s central region which includes Baghdad.   The license was one of the three awarded by the CPA in 2003.  Kuwait based telecom firms MTC and Wataniya also won licenses to operate in the Southern and Northern regions of Iraq respectively.  Even though renewal rules were not specified at the time licenses were granted, it was expected that the licenses will be extended before expiring in June of 2005.   Iraqi Ministry of Telecommunications selected the winning consortium from more than 100 bidders under no specific bid criteria.  All three companies paid only an annual license fee to the Telecommunications Ministry, which had not asked for any royalty fee and gave each firm two months to begin operations.  The license agreement restricted all three companies to offering services in their regions until they meet their license obligation to establish a well functioning network within that region first.  Motorola was to supply the bulk of the GSM network and secure a majority of the estimated US$100 million in financing for equipment services to be deployed over the initial two year network rollout phase.  Coverage of the central region was completed in January 2004.    By end 2004, Iraq's three mobile network licensees had all begun to expand their networks beyond the original operating regions, after satisfying their 12-month roll-out obligations.  Iraq was to become a fully competitive, three-operator market by early 2005.    In July 2005, Iraqna became a fully owned subsidiary of Orascom after Orascom bought out all the minority shareholders.     The original license recieved a 6 month extension and expired in June 2006, followed by a second extension lasting until the end of August, 2007.  In December 2007, Zain acquired Iraqna, in a transaction worth US$ 1.2 billion. Subsequently, Iraqna and MTC-Atheer (3055) merged to become a new entity jointly operating under the Group’s new brand Zain.
Beginning March 1, 2004, Jamshedpur Utilities and Services Company Limited (JUSCO), along with Veolia Water India began operations to supply water and power to about 750,000 residents residing within the jurisdiction of Jamshedpur Notified Area Committee (JNAC) in the State of Jharkand.    Jamshedpur was India’s first industrial city and the Tata steel plant was established there in 1907. Jamshedpur did not have a municipal body for self governance and Tata Steel’s Town Services Division had provided municipal services to its residents for close to a century.  Tata Steel was spending upwards of Rs 100 crore (US$21.47 million) per year to provide these services which also included pay roll services, management of Tata group owned schools and civil construction works like bridges, roads, parks etc.  In an effort to be more competitive in its core business of steel production, Tata Steel Ltd. (TSL) decided to spin off its Town Management Division to JUSCO and seek the assistance of an experienced multinational utility firm.  JUSCO was incorporated in August 2003 as a wholly owned subsidiary of TSL, the flagship company of the Tata Group.  Veolia Water India was a wholly owned subsidiary of Veolia Water Africa -Middle East - India (AMI), itself a subsidiary of Veolia Environnement of France.    JUSCO was to own and manage all city utilities while Veolia Water India was to provide expertise for reducing operating costs, increasing revenue, bringing management efficiency and monitoring performance through benchmarking practices.
Aerotech Telecomunicacoes Ltda provides local and long-distance telephone services in the States of Sao Paulo and Rio de Janeiro. Aerotech received licenses to operate in the regions where one of the mirror companies are not delivering services. Aerotech is one of the so-called "espelhinhos" (small-mirrors).   Aerotech was initially authorized to deliver local services to one city in the state of Rio de Janeiro and to four cities in the state of Sao Paulo. In 2002, it was granted permission to start long-distance services in the cities where it had been operational. Also, in 2002, it was authorized to expand its services to other cities in the state of Sao Paulo and Rio de Janeiro. In 2003, Aerotech was authorized to deliver local and long-distance services in Region III, and in the some broader areas in some areas in the states of Rio de Janeiro, Minas Gerais, Parana, Santa Catarina, and Rio Grande do Sul.  In September 2003, Aerotech started operating in two cities in the state of Sao Paulo (the capital and Brodosqui).
Ireland's ESB International (ESBI) in March 2003 officially assumed five years management of the United Energy System of Georgia (UES) after winning an international tender and signing a contract in May 2002. UES comprises the "Elektrodispetcherizatsia-2000" (energy dispatching) and "Elektrogadatsema" (energy transmitting) companies. The contract involves ESBI taking full executive control of the 4500 staff state-owned organization with assets of over US$ 300 million, turnover of US$ 50 million.  The total cost of the project is US$ 55.7 million, including US$ 27.4 million to be allocated by the Internatoional Development Association (IDA), US$ 12.4 million by German Credit Bank of Reconstruction (KfW) and Euro 1 million (US$ 1.1 million) provided by the European Bank for Reconstruction and Development (EBRD), the rest of the amount to be assigned by Georgia.  The project concluded in December 2007.
In July 2003, China Evergreen Environmental Corporation (CEEC), later renamed to China Water Group, Inc., was awarded a 22-year BOT contract for the 20,000 tons of sewerage per day Haiyang Wastewater Treatment Plant in Shandong Province.   To implement the contract, the Hai Yang City Sheng Shi Environment Protection Company Limited was created as the project company in which CEEC held a 90% stake while the state-owned partner held the remainder. CEEC was a private wastewater engineering company based out of Guangzhou Province.   Total investment was RMB 30 million (US$3.6 million).  Operations began in June of 2005.
In November 2001, Spanish power group ENDESA and German Siemens signed a contract with Moroccan state-owned electrical utility ONE (L'Office National d'Electricite) for the construction and operation of a Combined Cycle Gas Turbine (CCGT) power station in Tahaddart, approximately 30 km. from Tangiers, in northern Morocco.  The plant, whose construction was to be carried out by Siemens, was to have a capacity of 384 megawatts and burn natural gas supplied by ONE.  The plant was expected to commence commercial operations in mid-2004.    The joint venture company was to invest US$360 million in the project.  Four Moroccan banks signed the financing agreement in late 2002.  The Moroccan state-owned utility was to purchase the plant&#8217;s total capacity and energy output for a period of 20 years through a power purchase agreement.
The project company, Jiaozuo City Zhongyu Gas Co., Ltd., was established in October 2003. The project is located in Jiaozuo City, Henan Province. Zhongyu Gas Holdings Limited has 93.2% stake in the project and would operate and manage the joint venture for 30 years. The total investment was RMB 400 million (US$ 48.31 million).
Utila Power Company (UPCO), comprising Tennessee Valley Infrastructure Group Inc. (22 percent) and other United States and Honduran investors (78 percent), was awarded a 25-year contract to generate and distribute power for the island of Utila. UPCO assumed control of the transmission and distribution system operated by the Honduran Empresa Nacional de Energia Electrica (Enee). The US and Honduran investors comprise individuals or firms with small shares of UPCO.  Estimated investment was US$3.8 million and consists of debt equity financing. US$1.89 million debt financing was provided by Banco Grupo El Ahorro Hondureno and the Central American Bank for Economic Integration (CABEI). The remaining investment was equity financed.  Construction of the first phase included an integrated infrastructure platform consisting of generation facilities, pre-paid power metering and water purification units. Upon completion of the first phase, UPCO was expected to provide island residents with 24-hour power service. The project also includes desalination units to produce potable water (50,000 liters/day). Construction completion was expected in April 2004 and was expected to double the number of customers to more than 900. The second phase includes the installation of wind turbines.
In July of 2003, Pinang Water Ltd. (PWL) was awarded a 29-year BOT contract from the government of Yichun City to construct a 100,000 cubic meters per day water treatment plant on the Yuan River.  The project was to be built in two phases of equal size (50,000 cubic meters per day).  As of 2003, Yichun had only two water treatment facilities, each capable of producing a maximum of 50 million liters of treated water per day, while the peak demand for water was 100 million liters.     PWL was a Malaysian joint venture company owned by YLI Holdings (37%), PBA Holdings (26%) and KWI Far East Sdn Bhd (37%).  The JV was formed to look for waterworks related projects outside of Malaysia.  In 2004, Ranhill Utiltites of Malaysia purchased 70% of KWI Far East Sdh Bhd.     The total cost of the project was estimated at US$9 million.  The project was funded though internal capital provided by the shareholders of PWL with the balance financed through credit terms from the machinery suppliers.  The completion of the first phase of the project was expected in mid 2004, while the entire project was expected to be completed by the end of 2004.
Hong Kong-listed Xinao Gas Holdings Ltd (Xinao), one of the first non-state-owned city gas distributors in China, announced in June of 2003 that it had formed a joint venture with the Jinhua local government to operate a piped gas business in the Jinhua Economic and Technical Development Zone, Zhejiang Provice, for 30 years.  The joint venture, named Jinhua Xinao Gas Company Limited, had a registered capital of US$5 million.  The total investment was close to RMB 600 million. Xinao held a 100% stake in the company.
Hong Kong-listed Xinao Gas Holdings Ltd (Xinao), one of the first non-state-owned city gas distributors in China, announced in June of 2003 that it had formed a joint venture with the local government of the Binhaiyuan district to operate a piped gas business in the Wenzhou Economic and Technical Development Zone, Zhejiang Province for 30 years.  The joint venture, named Wenzhou Xinao Gas Company Limited, had a registered capital of US$3.1 million. Total investment was RMB 300 million. Xinao held a 100% stake in the company.
Iberdrola SA was awarded a contract to build, own, and operate the estimated 1,121 MW power plant. Iberdrola was to self-finance the estimated US$550 million project. Construction was to begin in 2004. Altamira V was the largest independent power producer contract awarded in Mexico's history. The plant was to be fueled by natural gas supplied by CFE. The plant was located in the state of Tamaulipas, in the port of Altamira.   Iberdrola was to sell all of the plant's capacity to the Comision Federal de Electricidad (CFE) under a 25-year Power Purchase Agreement. Construction was expected to finish in 2006.
The 865 km pipeline was established to transport natural gas from Pande and Temane gas fields in Mozambique to Mpumalanga, South Africa. Sasol Limited, a petrochemicals company and the project’s main sponsor, planned to initially supply the gas to 500 industrial customers. The pipeline was part of ‘Mozambique - South Africa  Gas Pipeline Project’ (Mosagas) that included the development of Pande and Tamane gas fields in Mozambique, the construction of a central processing facility in Mozambique and the conversion of the sponsor’s Sasolburg operations to natural gas. The project's sponsors expected a life span of at least 25 years.  The pipeline was owned and executed by Republic of Mozambique Pipeline Investment Company (Pty) Ltd. (ROMPCO) of South Africa, a joint venture formed between Sasol and the governments of South Africa and Mozambique. The parties had made provision for the future inclusion of black economic empowerment (BEE) shareholders as well as privatization initiatives. Sasol established a wholly owned subsidiary in Mozambique, Sasol Petroleum Temane Limitada (SPT), to develop the upstream gasfields and the central processing field.   The entire project was estimated to cost around US$ 1.2 billion. The pipeline was estimated to cost US$ 410 million. In January 2003, Sasol obtained a 12 month R 550 million (US$ 72.75 million) bridge facility from Development Bank of Southern Africa (DBSA) to finance the construction of the pipeline. For the bridge loan, MIGA provided equity cover amounting to US$27 million for Sasol Petroleum investment in SPT and US$ 45 million for Sasol Gas holding in ROMPCO. In March 2004, Sasol completed a 12 year US$ 1.2 billion project financing. ROMPCO borrowed R1.6 billion (US$ 278.4 million) and Eu100 million (US$ 134 million), while SPT borrowed R1.060 billion (US$ (US$ 184.4 million) and Eu30 million (US$ 40.2 million). The ROMPCO debt was broken down into an EIB tranche of Eu100 million (US$ 134 million), R 200 million (US$ 34.8) from the African Development Bank, and R350 million (US$ 60.9 million) from Development Bank of South Africa. Of ROMPCO’s commercial debt package, R350 million (US$ 60.9 million) had Export Credit Insurance Corporation of South Africa (ECIC) coverage, R70 million (US$ 12.18 million) had coverage from the International Bank for Reconstruction and Development and R320 million coverage from MIGA. The SPT financing included -- R300 million (US$ 52.2 million) from DBSA, AFDB provided R350 million (US$ 60.9 million), and DEG, FMO and Proparco provided Eu30 million (US$ 40.2 million) between them.  The pipeline began commercial operations in February 2004.
Dharmshala Hydro Power Limited (DHPL) developed a 4.5 MW hydro power plant (“Maujhi Phase I”). DHPL was owned by Ind-Barath Power Infra Private Ltd. (99.7%). The power plant was commissioned in June 2004. Power was sold to PTC India on merchant basis. The project was registered under the United Nations Framework Convention on Climate Change (“UNFCCC”) and hence is eligible for generating and selling CERs under the Kyoto Protocol’s Clean Development Mechanism (“CDM”) project.  Pursuant to an agreement dated July 9, 2002 with the Himachal Pradesh State Electricity Board (“HPSEB”), DHPL sells power generated from Maujhi Phase I at an average tariff rate of Rs. 2.50 per kWh. If the power generated from Maujhi Phase I is sold to third parties or outside the state of Himachal Pradesh, DHPL is obliged to provide 10.0% of power generated from Maujhi Phase I to HPSEB, free of cost, from the commercial operation date. If the power generated from Maujhi Phase I is sold by DHPL exclusively to HPSEB, this levy is waived for fifteen years from the commercial operation date. After 15 years from the commercial operation date, DHPL will be obliged to provide 10.0% of power generated from Maujhi Phase I to HPSEB, free of cost. All power generated by DHPL is currently sold to HPSEB This agreement is valid until June 2044 and is renewable for an additional term of 20 years by the Government of Himachal Pradesh.  The total cost of Maujhi Phase II was estimated to be Rs. 300 million (US$6.5 million).  Maujhi Phase I reached financial closure in 2003 and was funded through a combination of equity contributions from our Company and other investors and secured debt. As of March 31, 2010, the total equity investment made by our Company in DHPL (for both Maujhi Phase I and Maujhi Phase II) is Rs. 171.94 million including share application funds. Financing secured amounted to Rs. 185.70 million for the implementation of Maujhi Phase I, from three lenders, including Indian Renewable Energy Development Agency Limited and Punjab National Bank. As of March 31, 2010, Rs. 74.70 million in principal amount of secured loans remains outstanding.  DHPL added an additional 5.0 MW power project (Maujhi Phase II) at Kangra, Himachal Pradesh, which became operational in June 2010.   The  implementation agreement for Maujhi Phase II with the Government of Himachal Pradesh was signed on July 25, 2006. Under the terms of the Maujhi Phase II implementation agreement, DHPL was required to hand over Maujhi Phase II to the Government of Himachal Pradesh in January 2049. DHPL was also required to reserve at least 70.0% of the workforce for the power project, for residents of Himachal Pradesh. This quota did not apply to executive level positions, but DHPL is required to give priority to residents of Himachal Pradesh for such executive level positions. The Government of Himachal Pradesh agreed to assist in acquiring the land required by the Maujhi Phase II project and in providing a rehabilitation plan for any persons displaced by the Maujhi Phase II project.  The total cost of Maujhi Phase II was estimated to be Rs. 339.32 million (US$7 million). Maujhi Phase II reached financial closure in 2009 and was funded through a combination of equity contributions from our Company and other investors, and secured and unsecured debt. As of March 31, 2010, the total equity investment made by our Company in DHPL (for both Maujhi Phase I and Maujhi Phase II) is Rs. 171.94 million including share application funds. The company secured financing of Rs. 236.80 million for the implementation of Maujhi Phase II from Indian Renewable Energy Development Agency Limited.
In July 2003, Alstom Power Rentals (APR) won a contract to supply 34MW of temporary power in Haiti. The contract period was for 24 months. Under the agreement, APR needed to act as a 'power bridge' while a permanent fix was established.
MTrans Holding Sdn Bhd was awarded Putrajaya Light Rail Transport (LRT) project by the Government of Malaysia in April 2003.   MTrans was required to build the rail lines, supply trains and related equipment and operate the system. The project comprised 23 stops along the line of 18 km and was expected to be operational by late 2004 or 2005. The civil work of the project was already undergone by the government at the time of the signing the agreement. MMC Engineering Group was the other bidder of the project.
On May 8, 2003, PA Government Services Inc. (PA), part of the PA Consulting Group, signed an interim management contract with the Republic of Georgia and with the management of the United Distribution Company, the state-owned electricity distribution utility in Georgia. The United Distribution Company (UDC) was formed in 2002, as an amalgamation of several regional electricity companies. It had about 660,000 customers and a service area covering 70% of the country. The company was in very serious difficulty, characterized by dismal financial performance, huge payables, inadequate business systems, all of which combined made the UDC unable to provide reliable electricity supplies to its customers.  USAID contracted PA Consulting for the project and agreed to finance the interim management contract as part of the broader U.S. Government's foreign assistance program for Georgia and in response to the urgent request of the Government of Georgia. PA Consulting Group was a leading management, systems and technology consulting firm operating world-wide from over 40 offices in more than 20 countries. The contract provided to PA the right to manage the United Distribution Company for a period of approximately 18 months, with funding to be provided by the US Agency for International Development (USAID). PA Consulting was to step in with an 18-month interim management contract intended to give the government time to organize a tender and appoint a long-term private management contractor to take over the management of the UDC for an additional period of five years. The tender did not take place as was anticipated and in 2004, PA's management contract was extended for additional two years. In February 2007, the Government sold 100% stake in the United (Energy) Distribution Company to Czech company EnergoPro (ID 4785).
Hong Kong-listed Xinao Gas Holdings Ltd (Xinao), one of the first non-state-owned city gas distributors in China, announced in April of 2003 that it had formed a joint venture with the Lanxi city government to operate a piped gas business in Lanxi, Zhejiang province for 30 years.  The joint venture, named Lanxi Xinao Gas Company Limited, had a registered capital of US$1.5 million.  Xinao held a 80% stake in the company while its state-owned partner owned the remainder.
Aban Power Company Limited (APCL) developed a 120 MW natural gas based combined cycle power plant on build, own and operate (BOO) basis at Karuppur village, in Thanjavur (or Tanjore) district of Tamil Nadu. APCL committed to supply all the power to Tamil Nadu Electricity Board (TNEB) under a 15 year power purchase agreement, signed in September 2003. TNEB awarded the power plant to increase the generation capacity and alleviate the severe power shortage in the state of Tamil Nadu.   APCL won the power project through an international competitive tender held by TNEB. APCL was initially a joint venture between Lanco group (74 percent) and Aban Group (26 percent). In June 2004, Malaysian Genting Group, acquired 35 percent of APCL for Rs 4,900 lakhs (US$ million). Other foreign investors that acquired stake in APCL include, Third Millennium Investments, Mauritius (0.3%) and Century Investments, Mauritius (26%).   The project achieved financial closure in September 2003. The cost of the project was estimated at Rs 43,940 lakhs (US $ 94.33 million).  The project was scheduled to be commissioned by December 2004.
In November 2003, a consortium formed by Veolia Water Asia, a subsidiary of Veolia Environnement, and the local private China Everbright International was awarded a 25-year concession contract for the rehabilitation and operation of two wastewater treatment plants in Qingdao city, Shandong province.  The contract included work to improve the performance of both plants and to raise the treatment capacity the Maidao plant from 80,000 cubic meters per day to 140,000 cubic meters per day in two years.  The combined capacity of the two plants was to be just over 200,000 cubic meters of wastewater per day.  Qingdao, a city of 2.3 million people located 700 kilometers southeast of Beijing, was to host the swimming events in the 2008 Olympic Games.   To implement the contract, Everbright International, Veolia and the Qingdao government  formed a separate joint venture project company, capitalized at US$350,845. Veolia held 78% of that venture, Everbright International 21% and the state-owned Qingdao Drainage Company the remaining 1%.   The Veolia-Everbright consortium paid US$9.2 million for their stake in the project and also committed to finance US$27.6 million of additional investment into the wastewater facilities.
In December 1997, Non-Conventional Energy Development Corporation of Andhra Pradesh Limited (NEDCAP) approved the development of a 12 MW biomass power plant in Prakasam district of Andhra Pradesh State by Clarion Power Corporation Limited (CPCL). In January 1998, CPCL formally entered into a memorandum of understanding with NEDCAP for the development of this project.   All the power from this project was supplied to APTRANSCO, the electricity transmission company for the state of Andhra Pradesh, under a long term power purchase agreement (PPA) signed in September 2003. The PPA was for an initial period of 20 years (from commercial operations date) with a possibility of renewal for an additional term upon mutual agreement by the parties.  The fuel used for the plant was generally agricultural waste, including rice husk, ground nut shell and agro waste. The fuel required for the power plant was procured from farms in nearby villages under short-term contracts.  CPCL, a special purpose company, was majority owned by India’s Lanco Group (86%). Information on the other promoters of CPCL was not available from public sources.  The total cost of this power plant was estimated at US$ 10.1 million (Rupees 470 million). The project reached financial closure in 2003.  In April 2006, CPCL signed an emission reduction purchase agreement for trading of the issued Certified Emission Reductions (CER), pursuant to the clean development mechanism (CDM), with Electricity De France Trading Limited (EDF).  The project began commercial operations in January 2004.
Hong Kong-listed Xinao Gas Holdings Ltd (Xinao), one of the first non-state-owned city gas distributors in China, announced in November of 2003 that it had formed a joint venture with Zhuzhou City Coal Gas Co to operate a piped gas business in Zhuzhou, Hunan Province for 30 years.  The joint venture, named Zhuzhou Xinao Gas Company Limited, had a registered capital of RMB135 million. Total investment was RMB 170 million. Xinao held a 55% stake in the company while its state-owned partner owned the remainder.
In July of 2002, the Samra Wastewater Treatment Plant Company (SPC) won a 25 year build-operate-transfer (BOT) contract with the Ministry of Water and Irrigation (MWI) to increase the capacity of the then 15-year-old Khirbet Al-Samra plant from 68,000 cubic meters per day (cm/d) to 268,000 cm/d, equivalent to 80% of Jordan’s wastewater.  The plant was to serve the then 2.5 million inhabitants of Amman and its surrounding area.     SPC’s shareholders were Morganti, the US affiliate of Greece-based Consolidated Contractors International Company (CCC) (50%), Ondeo Degremont, the U.S.-based subsidiary of France’s Suez Environnement (30%), and Suez Environnement itself (20%).  SPC had expected the plant to generate annual revenues of US$15 million throughout the period of concession.    On December 10, 2003, construction work (estimated to last 3 years) began on the US$169.5 million wastewater treatment plant in Zarqa following the signing of 18 contract agreements between the government, the project company and the project financers.   SPC signed a 15-year commercial loan agreement with a syndicate of banks led by the Arab Bank.  The consortium was lending US$60 million to SPC over 10 years, extendable for a further five years. A facility to borrow a further US$8 million to cover government variations was also agreed to. Eight other banks and the Social Security Corporation were in the loan syndicate. They were: Housing Bank for Trade & Finance, Jordan Kuwait Bank, Arab Banking Corporation (Jordan), HSBC, Export & Finance Bank, Industrial Development Bank, Jordan Bank for Investment & Finance and the Arab Investment Bank. Ticket sizes ranged from US$1 million-US$11 million. Interest on the loan was to be fixed at 7.6% during the construction phase. Once the project entered the operational phase the loan was to switch to a variable rate based on six-month government treasury bills.    The project was also being funded by a US$78 million grant from the US Agency for International Development (USAID), US$17.5 million in equity from the SPC companies and a US$14 million grant from the government to reduce the cost per cubic meter to a level affordable to the average household.  The Swedish International Development Agency also contributed to Khirbet Al Samra with US$5 million in technical assistance.
In 2003, the local government of Osh city in Kyrgyz Republic signed a 30 year joint venture agreement with Aquamundo, a subsidiary of Amiantit Group, for the provision of water supply and wastewater disposal. The contract became operational in May 2003.  At the time of signing the contract the city had a population of 300,000 with 110,000 water connections and 80,000 sewerage ones. The actual water projection was estimated at 128 cubic meters and unaccounted water was estimated between 20% to 50%.  Aquamundo valued the contract at Euros 10 million in 2003.
Mexico's Omega Construcciones Industriales, part of Grupo Omega, won a 30-year concession to build, operate, and transfer the 14 km Libramiento de Matehuala highway. The concession was granted by the national transport and communications ministry, SCT, after Grupo Omega submitted their investment offer of US$38.7 million (400 million mexican pesos). The highway, located in the center-north San luis Potosi state, was expected to be built in 15 months after the initiation of construction in August 2003. The road network will include a four-lane 14 kilometer highway. Tolls were initially set at 12 pesos per bus and 7 pesos per car. 8,200 vehicles per day were expected to use the fully operational highway.  Financing for the estimated US$38.7 million project was provided 45 percent by Grupo Omega and 55 percent by a combination of Banobras, the state developemnt bank, and Finfra, the national infrastructure trust fund.
The US$615 million Tuxpan III and IV were the largest generating complexs funded by a private company in Mexico. The project, located in the city of Tuxpan (the eastern Mexican state of Veracruz), was to be built and operated by Union Fenosa. The complex had a capacity of 1,000 MW and was inagurated in 2003 by Mexican President Vincente Fox. The capacity was estimated to meet the needs of the Veracruz state. Union Fenosa completed the financing for Tuxpan in the first trimester of 2003 by signing a US$430 million credit.   Power generaged by Tuxpan III and IV was sold to the Federal Electricity Commission (CFE), which was to then distribute the energy throughout Mexico. Mexico's constitution was ammended in 1992 to allow independent power producers to sell electricity by contract to the electricity commission.
Gas Negara, incorporated as a company in May 1965, was the national gas company of Indonesia. The state-owned company was partially privatized in December 2003 through an initial public offering (IPO) in the Jakarta and Surabaya Stock Exchanges. In the IPO the government sold 39% of the company shares for US$299 million. On 15 Dec. 2006, the government made a divestment 4.1% of company equity, for which it received IDR 2.108 trillion or US$232.5 million. As of December 2008, the government owned 56.96% of Gas Negara, while private investors owned 43.04% through the stock market.    Gas Negara, long engaged in the integrated downstream gas business, ranges from transportation and distribution pipelines, storing as well as trading of natural gas across the nation. In Indonesia, Gas Negara owns and operates a transmission and distribution pipeline network in various cities. In 1998, the company completed its first long distance transmission pipeline project linking Grissik and Duri, while in August 2003, the final phase of the pipeline was completed, linking Grissik with Singapore via Batam. On the island of Sumatra, Gas Negara's transmission network alone spans over 1006 km in length, from ConocoPhillips gas processing plant complex in Jambi to Duri, and from Grissik to Singapore, supplying processed gas to meet the needs of power, industrial and residential sectors.   As of December 2008, Gas Negara operated a transmission pipeline network of 2,109 km with a total capacity of 1,839 MMScfd. The transmission network comprised five major pipelines: Medan, Grissik-Duri, Grissik-Singapore, South Sumatra West Java I (SSWJ I) and SSWJ II. In addition, Gas Negara operated a distribution pipeline network comprising three business units: West Java and South Sumatra; East Java; and North Sumatra. In total, the distribution network covered at least 3,212 km, with a total capacity of 1,005 MMScfd.
The project company, Luohe City Zhongyu Gas Co., Ltd., was established in October 2003. The project is located in Luohe City, Henan Province. Zhongyu Gas Holdings Limited  has 71.9% stake in the project and would operate and manage the joint venture for 30 years. The total investment was RMB 124.71 million (US$ 15.06 million).
Raghu Rama Renewable Energy Limited (RRREL) developed an 18 MW biomass coal based power plant at Ramnad, Tamil Nadu. RRREL was owned by Ind-Barath Power Infra Private Ltd. (99.7%). The power plant was commissioned in October 2004. Power was sold to PTC India on merchant basis. Pursuant to an agreement dated April 6, 2009, as amended on October 22, 2009, RRREL sells 12.0 MW of power per month to PTC India at an average tariff rate of Rs. 5.90 per kWh. The agreement is valid until March 31, 2014, however the tariff is valid until May 31, 2010, after which it is subject to renegotiation. In case RRREL fails to meet 80.0% of its scheduled energy supply for a given month, RRREL must pay a penalty to PTC India for such a shortfall. Similarly, where PTC India does not utilise more than 80.0% of the scheduled energy supply for a given month, PTC India must pay a penalty to RRREL. RRREL must also provide a performance guarantee equivalent to 10.0% of the expected monthly charges in favour of PTC India and the current performance guarantee is valid until June 2010. RRREL also provides a rebate of 2.0% to PTC India for full payments received from PTC India within 10 days of invoicing. RRREL has submitted bids through PTC India in respect of the TNEB tender for new tariffs, beginning June 1, 2010.  The project was registered under the United Nations Framework Convention on Climate Change (“UNFCCC”) and hence is eligible for generating and selling CERs under the Kyoto Protocol’s Clean Development Mechanism (“CDM”) project.  The project cost was estimated to be Rs605 million (US$13 million). The project reached financial closure in 2003. The RRREL Power Project was funded through a combination of equity contributions from our Company and other investors and secured debt. As of March 31, 2010, the total equity investment made in RRREL was Rs. 181.27 million. The company secured financing of Rs. 423.20 million for the implementation of the RRREL Power Project, from two lenders, UCO Bank and Power Finance Corporation Limited.
In November 2003, a domestic private company Yiqi Group signed a 25 year agreement to build and operate a sewerage treatment plant in Weiyuan County, Zigong City, Sichuan Province. The total treatment capacity was 20,000 cubic meters per day.   Yiqi Group invested RMB 32 million (US$ 3.86 million) in the plant but its ownership of the project was unknown.
The consortium Companhia Energetica Rio das Antas (CERAN), won a 35 years concession to build and operate the three hydroelectric power plants in the Rio das Antas River, in the Rio Grande do Sul state. The power plants are, 100 MW Hydroelectric 14 de julho in the city of Bento Goncalves, 130 MW Hydroelectric Castro Alves in the city of  Nova Padua and 130 MW Hydroelectric Monte Carlo in the city of Veranopolis. The consortium is composed by CPFL Energia (65 percent), Companhia Estadual de Energia Eletrica (30 percent) and Desenvix SA (5 percent).  The consortium offered the winning bid of  US$ 40.3 million (R$ 92.8 million) in the Aneel’s (Brazilian energy regulatory agency) auction, which will be paid in annual installments until the end the concession period. The concession contract was award by Aneel in February of 2001. The construction of the Monte Claro power plant (130MW) was initiated in April of 2002 and concluded in January of 2005. The construction of the Castro Alves power plant (130MW) is expected to be launched in October 2006 and expected to start operations in February of 2007. The construction of 14 de Julho is expected to be initiated in October of 2004 and concluded in August of 2007.   The project reached financial closure in December 2003, when the Brazilian Development Bank, BNDES, approved a US$148.2 million (R$ 435.8 million) loan to CERAN. The total investments in the project are estimated at US$ 223.7 million (R$658 million).
In August of 2003, Cagayan Electric Power & Light Co., Inc. (CEPALCO) began construction works on a US$5.3 million solar power project in Cagayan de Oro on the island of Mindanao.  The 1-MW, 6,480 solar cell unit project was to be the largest distributed, grid-connected photovoltaic installation in the developing world and was to supply power to not less than 770 Cepalco residential consumers.  Sumitomo Corporation of Japan was the turnkey contractor for the project and the solar modules were manufactured by Sharp Corporation of Japan.  Commercial operation commenced when the plant was issued a Certificate of Compliance by the Energy Regulatory Commission on September 22, 2004.   CEPALCO was one of five electricity distribution utilities serving the Northern Mindanao region in the Philippines.  The private company operated electricity distribution services in the city of Cagayan de Oro and the municipalities of Tagoloan, Villanueva, and Jasaan, all in the province of Misamis Oriental in the island of Mindanao under an exclusive franchise awarded in 1961. The legislative franchise was to be extended for another 25 years starting in 2011.  CEPALCO was a closely held company, where the Abaya family was the founding and the major shareholder. The combined four top shareholders (Fullmax Philippine Development, LLC, Abaya Investments Corporation, Breavel, Inc., and the Abaya family) together owned 63.1% of the company.  In June of 2003, The International Finance Corp. (IFC) agreed to provide US$4 million to finance the project from its Global Environment Facility (GEF), a financing window for innovative applications of renewable energy technologies. IFC said the loan may be converted into a grant after five years if certain conditions were met. Cepalco invested the remaining US$1.4 million as equity.
Engevox Telecomunicacoes Ltda provides local and long-distance telephone services in two cities in the state of Bahia and in two cities of the state of Minas Gerais. Engevox received licenses to operate in the regions where one of the mirror companies are not delivering services. Engevox is one of the so-called "espelhinhos" (small-mirrors).   Engevox was initially authorized to deliver local services in two cities in the state of Bahia (Tres Rios and Teixeira de Freitas). In 2001, it was also authorized to deliver local services in the city of Prado, also in the state of Bahia. In 2002, it was granted permission to start long-distance services in the cities where it had been operational. In 2003, it returned to ANATEL, the regulatory agency, the authorization to operate in Tres Rios. In the same year, it was granted permission to deliver local and long-distance services in part of the state of Rio de Janeiro, in the capital of the state of Minas Gerais, and in part of the state of Bahia.   In July 2003, Engevox started operating in two cities in the state of Bahia (Prado and Teixeira de Freitas). In addition, in January 2004, it began operations in two cities in the state of Minas Gerais (Belo Horizonte and Contagem).
Formed in January of 2000, International Telecommunications Ltd. (INTELCO) is a telecommunications company that was given a licence for telephone (fixed, long distance, and mobile) in Belize. Following the Telecom Act 2002, the telecommunications market previously dominated by Belize Telecommunications Limited was open to competition.   Intelco expected to offer cellular, internet, international long distance, local long distance, local voice, and video services through a nation-wide wireless local loop telecom network covering all municipalities in Belize. As of 2003, the company was offering mobile services.Intelco contracted with Alcatel to construct a nationwide GSM/GPRS 1900MHz network to be initiated in 2003. Intelco also has the exclusive 15-year contract, signed in 2003, to supply the government of Belize with all telecommunications services.   Financing for Intelco's mobile operations was achieved primarily through debt financing with 5 percent of financing deriving from shareholder contributions. The Royal Bank of Trinidad and Tobago reportedly provided $25 million as a fixed rate in March, 2003. The loan was given with an 11% interest rate under a 5-year agreement.  In 2004 the project was canceled after Intelco filed for bankruptcy. Operations ceased and and thus mobile services in Belize returned to monopoly control under Belize Telecommunications Limited (BTL). In early 2005 the assets of Intelco were to be sold to BTL for an estimated US$10 million.
State-run electric utility company Korea Electric Power Corp. (KEPCO) made its first inroads to China's electricity market in August of 2003 when the company signed a 20-year joint investment contract to build two 50-MW combined cycle coal-fired power plants in Wuzhi (Wozhi), a small town in Henan Province.  The project was being developed by the Handian Wuzhi Power Generation Co., a 70:30 cooperative joint venture established in August 2003 between Kepco and the Wuzhi No. 1 Thermal Power Co.  KEPCO began construction of the coal-fired plants in December 2003 and aimed to complete the project by October 2005.  The plants were to feature pollution-free fluidized bed combustion boilers.    The cost of the plants were estimated at Rmb 650 million (US$78.5 million).  KEPCO contributed US$13.66 million in equity and US$5.86 million came from its state-owned partner while the rest of the project was financed through loans extended by the Agricultural Bank of China.
In July 2003, a Beijing based private company Beijing Sound Environment Industry Group formed a joint venture with Xinjiang Zhongjia Co. Ltd. and the joint venture then signed a 15 year agreement to build and operate a potable water treatment plant in Suyuan County, Jiangsu Province. The plant capacity was 100,000 cubic meters per day.   Beijing Sound Environment Industry Group owned 80% of the project. The total investment was RMB 120 million.   The construction of the plant commenced at the end of 2003 and it came into operation in 2005.
In September 2002, AAP Infrastructure Ltd. was awarded a 15 year concession contract for the strengthening, widening, and reconstructing the 114 km Seoni-Balaghat-Gondia road by Madhya Pradesh Road Development Corporation Limited (MPRDC). MPRDC is a wholly owned Madhya Pradesh (MP) state government company responsible for the construction and rehabilitation of MP state roads. Under the contract, investment was made by AAP Infrastructure Ltd. in return for the rights to collect tolls during the term of the contract.  AAP Infrastructure Ltd. won the competitive tender, conducted by MPRDC, by bidding the lowest government subsidy/ grant amount of US$ 7.5 million.   The total cost of the project was estimated at US$ 12.84 million.   Construction of the project was expected to be completed by early 2006.
In August 2002, Brazilian company Central Nacional de Energia Eolica S.A – CENAEEL was granted and authorization to build and operate a 4.8-MW wind power plant located in the state of Santa Catarina (municipality of Agua Doce). This power plant, known as Parque Eolico do Horizonte, began operations in 2003. Investment commitment was not available.  In December 2002, the Brazilian company Parque Eólico de Santa Catarina Ltda was also granted a 30-year authorization to build and operate a 9-MW wind power plant located in the state of Santa Catarina (municipality of Agua Doce). In 2005, prior to the project construction works begin, the authorization was transferred to CENAEEL. In April 2006, the state-owned bank BNDES approved a US$ 9.4 million (BRL 20.5 million) loan to finance the construction of the 9-MW power plant. The total investment commitment to the project was US$ 13.5 million (BRL 29.5 million).  The contracts signed with the regulatory agency ANEEL allowed the power plants to operate in the electricity market as independent producers. These authorizations granted the sponsor with the right to sell electricity in the Brazilian wholesale market.   In October 2008, EDP Renovaveis do Brasil, a wholly-owned subsidiary of the Portuguese company EDP, acquired CENAEEL for US$ 27.9 million (BRL 51 million). This event represented the entry of EDP in the renewable power generation sector of Brazil.   In March 2009, EDP Renovaveis do Brasil acquired another Brazilian company, Elebras Projetos Ltda, which held authorizations issued by Aneel in September 2002 to build and operate wind power plants located in the state of Rio Grande do Sul: Parque Eolico Elebras Santa Vitoria do Palmar I (126 MW) and Parque Eolico Elebras Cidreira I (70 MW). The transaction involved a payment of US$ 4.5 million (BRL 9 million) for Elebras’ shares. Construction works on these wind power plants were set to start in 2010.  All the power plants signed power purchase agreements arranged with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies).  In March 2011, the state-owned bank BNDES granted a US$ 139.5 million (BRL 227.7 million) loan to finance the infrastructure works at the Parque Eolico Elebras Cidreira I in Tramandai. The total investment committed to this project was estimated at US$ 153.2 million (BRL 250 million).
This joint venture, Wuhan City Natural Gas Company Limited, was established in March 2003. The project is located in Wuhan City, Hubei Province. The Hong Kong and China Gas Company Limited (Towngas) has a 49% stake in the project and will operate and manage the joint venture for 50 years. The total investment for phase I was RMB 1.05 billion (US$ 126.82 million).
In November 2003 the Kirov municipality granted a short term lease contract for 11 month for the city’s water and wastewater infrastructure facilities to Russian company Kirov Utility Systems. In November 2004 the contract was extended to a 15 year lease and investment agreement. The contract was offered without a tender. The private investor committed in 2004 to invest some $US 20 million over the 15 years. Kirov Utility Systems was expected to serve some 502,900 people in the Kirov region, located in the North Eastern part of European Russia.  Since July 2005, Kirov Utility Systems operated heating systems in the city of Kirov and Kirovo-Chepetsk.    Operating company Kirov Utility Systems was a subsidiary of Joint Stock Company Russian Communal Systems (RKS). RKS was created on May 29, 2003 by RAO Unified Energy Systems (25%), GazpromBank (25%), Interros (10%), Kuzbassrazrezugol (10%), Renova (10%), EvrazHolding (10%), and Evrofinans (10%). By the end of 2005 privately held company Integrated Energy Systems (IES-Holding)had purchased a 50% stake in RKS, while RAO UES held on to its 25% share. In July 2006, IES-Holding increased its shareholding in OJSC Russian Utility Systems to 75%.   In May 2008, through a public auction, RAO UES sold its 25% stake in the RKS to Indville Management Ltd., an affiliate of In November 2003 the Kirov municipality granted a short term lease contract for 11 month for the city’s water and wastewater infrastructure facilities to Russian company Kirov Utility Systems. In November 2004 the contract was extended to a 15 year lease and investment agreement. The contract was offered without a tender. The private investor committed in 2004 to invest some $US 20 million over the 15 years. Kirov Utility Systems was expected to serve some 502,900 people in the Kirov region, located in the North Eastern part of European Russia.  Since July 2005, Kirov Utility Systems operated heating systems in the city of Kirov and Kirovo-Chepetsk.    Operating company Kirov Utility Systems was a subsidiary of Joint Stock Company Russian Communal Systems (RKS). RKS was created on May 29, 2003 by RAO Unified Energy Systems (25%), GazpromBank (25%), Interros (10%), Kuzbassrazrezugol (10%), Renova (10%), EvrazHolding (10%), and Evrofinans (10%). By the end of 2005 privately held company Integrated Energy Systems (IES-Holding)had purchased a 50% stake in RKS, while RAO UES held on to its 25% share. In July 2006, IES-Holding increaseD its shareholding in OJSC Russian Utility Systems to 75%.   In May 2008, through a public auction, RAO UES sold its 25% stake in the RKS to Indville Management Ltd., an affiliate of IES-Holding, thus giving Integrated Energy Systems a 100% stake in the company.
In September 2003, a consortium of Dayen Environmental (Dayen) of Singapore and the state-owned SAC General Products (SAC) of China was awarded a 23-year contract for the construction and operation of a 30,000 cubic meters per day capacity wastewater treatment plant in Diao Bing Shan city, Liaoning province.    Shenfei Dayen Environmental Ltd. (Shenfei Dayen) was the joint venture project company, created in May of 2003, in which Dayen held a 51% stake and SAC the remainder. SAC was a division of the state-owned Shenyang Aircraft Corp. Group which was involved in the development of fighter aircraft in China and was diversifying into non-aero businesses, including the water industry.  The total cost of the project was US$8.46 million, financed by a RMB 40 million state loan and the remainder by Shenfei Dayen.  Under the contract, the local government of the Diao Bing Shan City has agreed to paid Shenfei Dayen 0.80 yuan per cubic meter of wastewater treated.  The city government began making its first payments in 2004, with Shenfei Dayen receiving US$1.2 million.
Agroh Infrastructure Developers Private Ltd was awarded a 15 year build-operate-transfer (BOT) contract for the 134 km Ujjain-Agar-Susner-Jhalawad Road by the State of Madhya Pradesh in November of 2001.  There had been an urgent need to strengthen and upgrade the region’s roads due to a considerable increase in traffic and commercial activities.   Total cost of the road was estimated at Rs. 65.19 crore (approx. US$15 million), 22.3 crore of which was given in the form of a government grant/subsidy.    The project was part of the first phase of a larger, three phase state-wide road development program that aimed at constructing 15 new road corridors totaling 2155 km throughout Madhya Pradesh.  The state had planned total expenditures of around Rs. 1,000 crore (approx. US$225 million) for the program with Rs. 500 crore of that amount raised through the issuance of infrastructure bonds that were to be used subsidize the private operators.  Madhya Pradesh was the first Indian state to implement a road development program on such a large scale with private participation.    Under the “Bond BOT” scheme, investment was made by the private developer who was then allowed to collect tolls on the road for a 15 year term, which was inclusive of the construction period.   To make the projects more attractive, the government provided grants/subsidies to the private sector company on a competitive bidding basis.  For each project, three privately outsourced consultants were appointed: a technical consultant, a financial consultant and a supervision and quality control consultant.       Financial closure for the Ujjain-Jhalawad Road had been achieved through the IDFC, which was to provide a term loan of Rs.37.63 crore.  As of December of 2003, investment of more than Rs.64 crore had been done and eight tranches of subsidy had been released by the government.  Toll collection on first section of the road had commenced.  The project was projected to be complete by early 2004.
Steag State Power Inc. was a joint venture of German firm STEAG AG and State Investment Trust Inc to build and operate a 210 MW coal power plant at Cagayan de Oro, Mindanao. The power purchase agreement (PPA) was signed with National Power Corporation and Power Sector Assets and Liabilities Management Corporation.  The PPA was for 25 years starting when the power plant entered operation, which was expected in 2006. The fuel supply was to be provided by PT Jerong Barutama Greston in Indonesia.   The total project cost was US$305 million of which equity stake was US$89 million and VAT facility was US$15 million. The debt was US$201 million which comprised a US$60.6 million JBIC direct loan facility, US$40.4 million NEXI facility and a US$200 million GKA facility. In January 2007, the plant went on operational.  In November 2007, Aboitiz Power Corporation acquired a 34% stake in the Steag State Power Company’s independent power producer project for almost US$92 million.  Upon the transaction, Germany’s Evonik Industries, formerly known as Steag, owned a 55% controlling stake in the project while the remaining 11% was owned by the local State Investment Trust.
This joint venture, Taian Taishan Hong Kong and China Gas Company Limited, was established in December 2003. The project is located in Weifang Taian City, Shandong Province. The Hong Kong and China Gas Company Limited (Towngas) has a 50% stake in the project and will operate and manage the joint venture for 50 years. The total investment was RMB 200 million (US$ 24.15 million).
Terminal Petikemas Makassar (TPM) was awarded to Portek for a period of 10 years by the state port operating company in May 2003. Portek was to jointly operate TPM with its partner of Pelayaran Nusantara Meratus.   The port was located in the Island of Sulawesi and it was the largest port in the eastern Indonesian region with a volume of 200,000 teu. It was expected that the company would recieve about US$1.8 million in the first full year of operations and US$3.5 million within five years time from port operations.  The contract did not include major capital investment since the port was already established and operational. In 2006, Filipino International Container Terminal Services Inc. (ICTSI) acquired 95% stake in the company for US%5.6 million. Makassar had a throughput of 239,522 TEU in 2005.
This joint venture, Wujiang Hong Kong and China Gas Company Limited, was established in October 2003. The project is located in Wujiang City, Jiangsu Province. The Hong Kong and China Gas Company Limited (Towngas) has a 80% stake in the project and will operate and manage the joint venture for 50 years. The total investment was RMB 150 million (US$ 18.12 million).
In December 2003, Aggreko plc began operating a 10 MW power facility in Kandahar under a two-year contract. Aggreko's power facility was intended to supply power while the 33 MW Kajaki Dam was closed for renovations. In November 2005, United States Agency for International Development (USAID) purchased the leased units.
In May 2003, a local private company Yintaida Group signed a 20 year agreement to build and operate the first phase of a sewerage treatment plant in Sihui City, Guangdong Province. Yintaida Group won the project through open bidding. The plant would be developed in three phases with a total capacity of 100,000 cubic meters per day. The capacity of phase I was 30,000 cubic meters per day.   Yintaida Group invested RMB 40 million (US$ 4.83 million) in the plant and owned 100% of the project.    The plant came into operation in 2004.
Phu My 3 was a 716.8MW gas-fired combined cycle plant in Ba Ria- Vung Tau province. It was being developed by Phu My 3 BOT Power Co., comprising subsidiaries of the UK's BP, Singapore's SembCorp Utilities and Japan's Kyushu Electric Power Co and Nissho Iwai Corporation (later Sojitz Group). Each sponsor carried a 33.3% stake.   Total cost of the project was US$412 million with finance comprising a US$309 million syndicated loan as well as US$103 million of equity. The Asian Development Bank (ADB) provided a US$40 million direct loan and a US$32 million political risk guarantee, while the Multilateral Investment Guarantee Agency (MIGA) provides political risk guarantees totaling US$138 million. The ADB political risk guarantee covered US$32 million of the commercial debt, while MIGA guaranteed US$90 million of the project's commercial debt and swap breakage, as well as US$48 million of equity. The Nexi cover underpined the remaining commercial debt. The ADB loan was repayable within 14 years, including a grace period of up to two years. In addition, Japan Bank for International Cooperation (JBIC) was to provide a US$99 million direct loan and Japan's Nippon Export and Investment Insurance (Nexi) was to extend political risk cover. A syndicate of international commercial lenders was to provide US$170 million of debt underwritten by the five lead arrangers - Bank of Tokyo-Mitsubishi, Credit Agricole Indosuez, Credit Lyonnais, Fortis Bank and Mizuho Corporate Bank.   MIGA reported issuing a US$15 million guarantee to Credit Lyonnais (France) towards its swap agreements with the project company, allowing the project to pay a fixed interest rate on loans. The guarantee covers 15 years, and includes: transfer restriction, expropriation, war & civil disturbance, and breach of contract. Earlier, MIGA covered the project with US$43.2 million in equity coverage and US$75 million towards the non-shareholder loan.  The combined-cycle gas turbine facility, built by Germany's Siemens AG (SIEGn.DE), was to be fuelled by indigenous gas from BP's partially owned Block 6.1 in the Nam Con Son Basin off the coast of southern province of Ba Ria-Vung Tau. The plant's electricity was to be purchased by electricity of Vietnam (EVN) under a 23 year contract which was signed in 2001.  The plant entered operations in March of 2004.   In March 2009, Phu My 3 BOT Power Co. made an investment commitment of US$ 10 million for the overhaul, using Siemens technology, which would help increase the electricity generation capacity of the station by 3 to 4%.  In January 2012 it was reported that BP sold its share to TNK-BP, from Russia - a merger between BPs Russian assets and Alfa, Access/Renova (AAR) Group, from Russia (50/50).
In February 2003 the municipality of Kavaja signed a four year performance based management contract with German utility company Aquamundo. The contract gave Aquamundo management rights over local company U.K. Kavaja, the sole water and wastewater utility in the town of Kavaja at the time. The town had some 35,000 inhabitants in 2003.   Aquamundo was selected as preferred bidder for the project in July 2002, after a competitive tender. In February 2003 the contract was signed, giving Aquamundo full operational, maintenance and management rights over U.K. Kavaja for four years. The private operator’s remuneration was divided into a fixed payment component and a success-oriented component. The management contract ended in June 2007.   The project was expected to cost some $1.07 million (1 million Euros). Financing was provided by Germany’s Kreditanstalt für Wiederaufbau (KfW) under the German-Albanian development cooperation program.   AquaMundo was 66% owned by Saudi pipe maker Amiantit Group, through its water projects subsidiary AmiWater.
Under a deal singed in July of 2003, Hong Kong & China Gas (a.k.a Towngas) paid around 900 million yuan (US$ 108.7 million) to take a 30 percent share in the Shenzhen Gas Group -- the dominant natural gas supplier in the city.  New Hope Group, which was controlled by mainland tycoon Liu Yonghao, bought 10 percent of the shares at a price of 125 million yuan (US$15 million). The Shenzhen Investment Management Co, which represents the government to manage State-owned assets, held the controlling 60 percent.  The operating period of the JV is 50 years.  The US$60 million deal was part of the Shenzhen government's reform plan to reduce its influence over state utilities.  Hong Kong & China Gas was the privately owned sole provider of piped gas in Hong Kong. Shenzhen Gas was among the first batch of unlisted state-owned enterprises that overseas investors were allowed to buy into through international tender.  Shenzhen Gas was the only piped gas supplier with exclusive gas supply rights in Shenzhen and had over 400,000 residential customers and a pipeline network of more than 900 kilometers.
In 2003, Government of India’s Ministry of Shipping, Road Transport and Highways (MSRTH)  awarded a 12 year concession to DSC Vicon Ventures Private Limited (DVVPL) to upgrade, finance, operate and maintain the 27 km section on National Highway six (NH-6) between Raipur and Durg, in Chhattisgarh State. This project primarily involved conversion of the existing two lane road to an access controlled four lane expressway. The concession term included the construction period of 36 months.   The concession agreement between MSRTH and DVVPL was signed in May 2003. This road upgrade project linking the state capital of Raipur with surrounding industrial areas was expected to improve connectivity, decongest traffic, ensure smooth cargo movement and fuel economic growth in the region.   DVVPL, a special purpose company established to implement this project, was wholly owned subsidiary of India’s DS Constructions Limited.   The total capital cost of the project was estimated at US$ 24.5 million. The project reached financial closure in July 2003. DVVPL was to be compensated for the capital and operating costs from the tolls collected during the concession term.  The project began commercial operations in June 2006.
The government of Malaysia awarded KLIA dedicated highway to Konsortium Lapangan Terjaya (KLT) under a 33 year BOT (build, operate, and transfer) contract in July 2003. After the contract expires in 2036, the highway was to be transferred to the government. The highway, also known as Kuala Lumpur - Putrajaya - KL International Airport Highway, was desinged as 26 kilometers and consisted of three lanes.   The total project cost was estimated at RM2 billion (US$602.4 million), including RM600 million (US$180.7 million) to acquire land for the highway. The Government agreed to finance part of the construction cost for the first section. The Government provided the consortium with a soft loan of RM215 million (US$64.8 million). The rest of the cost was to be financed by shareholders' equity and bank borrowings.   The project started in 2003 and was scheduled for completion in March 2006. The total capacity of the highway was expected to reach to some 190,000 vehicles daily by the year 2020.  KLT's main shareholders were Bright Focus Sdn Bhd, a subsidiary of Maju Holdings Sdn Bhd with 51 percent, Anson Perdana Bhd with 30 percent and Hi-Summit Construction Sdn Bhd with 19 percent.
Chetak Enterprises Pvt. Ltd. was awarded a 15 year build-operate-transfer (BOT) contract for the 126.7 km Hoshangabad-Piparia-Panchmarhi road by Madhya Pradesh Road Development Corporation Limited (MPRDC) in February 2003. MPRDC is a wholly owned Madhya Pradesh (MP) state government company responsible for the construction and rehabilitation of MP state roads. This BOT contract was in response to an urgent need to strengthen and upgrade the region’s roads due to a considerable increase in traffic and commercial activities.     Chetak Enterpises Pvt. Ltd. won the contract by bidding the lowest government grant/ subsidy amount of US$ 7.62 million in a competitive tender conducted by MPRDC in December 2002. Under the contract, all the investment was made by Chetak Enterpises Pvt. Ltd. in return for the right to collect tolls during the term of the contract.  The total cost of the project was estimated at US$ 12.86 million.   The Hoshangabad-Piparia-Panchmarhi Road became fully operational in 2006.
The project comprises construction and operation of a 770MW power plant in Macae, Rio de Janeiro. The consortium responsible for the project originally was comprising Centrais Eletricas do Rio de Janeiro (CERJ), Espirito Santo Centrais Eletricas (Escelsa), Eletrobras and Electricite de France (EDF). In 2001, CERJ, Escelsa and Eletrobras pulled out of the project and Electricite de France (EDF) became the owner of a 90% stake, while Petrobras had a 10% stake. In May 2003, with the end of construction, EDF started preliminary tests on the plant. The plant was expected to become operational in February or March 2004. The total investments in the plant were estimated in US$500 million.
The project company, Zhangjiagang Wah Sang Gas Company Limited, was established in June 2003. The project is located in Zhangjiagang City, Jiangsu Province. Wah Sang Gas Holdings Limited has 98% stake in the project and would operate and manage the joint venture for 50 years. The total investment was US$ 2.8 million.
Viramgam Mahesana Project Limited (VMPL) entered into a concession agreement with Ministry of Railways, Government of India (GoI) in May 2003, to implement the 65 km Viramgam Mahesana gauge conversion project in Gujarat, India. The project involved conversion of existing meter gauge railway track lines connecting Viramgam to Mahesana to broad gauge and the associated civil and track works. VMPL was also responsible for all the financing, and operation and maintenance of the rail line for 12 years, excluding construction period.   The new broad gauge railway line was expected to improve the railway connectivity of Kandla Port in Gujarat with northern India. The project was also expected to reduce the distance between North/North-Western States and ports of Gujarat by 70 Km and ease traffic at the busy Ahemdabad section, resulting in big savings to Railways. The anticipated traffic on the project railway line was about 10 freight trains and 2 passenger trains each way per day initially, which was likely to grow further in future, as against just two trains prior to the project.  VMPL, a wholly owned subsidiary of Delhi based DS Constructions Limited (DSCL), was established to implement this project. DSCL won the project in an international competitive tender, conducted by Indian Railways in December 2002, by quoting the lowest annuity amount of US$ 1.7 million. Under the concession, VMPL was compensated for the capital and operating costs including returns by way of a fixed semi annual payment (annuity) from the GoI during the operation period of 12 years.   The total cost of the project was estimated at US$ 19.9 million. The project reached financial closure in August 2003 with a debt equity ratio of 70:30.  UTI Bank was the sole financier of the US$ 14 million debt.   Construction on the project began in May 2004 and the new broad gauge railway line operational in November 2004.
In June 2003, two domestic private companies Hong Yuan Ju Co. Ltd. (30%) and Chengda International Investment Co. Ltd. (25%) formed a joint venture with the state owned Jinan Municipal Water Supply Group (45%) to operate a potable water treatment plant in Jinan City, Shandong Province through a 30 year concession agreement. The total treatment capacity was 280,000 cubic meters per day and total investment was RMB 360 million (US$ 43.48 million).
Kenh Dong Water Supply was established in 2003 to build own and operate water infrastructure in  Ho Chi Minh City. The project entails building and operating a 200,000 m3/day water treatment plant that is to be completed by the second semester of 2012.  Kenh Dong Water Supply Joint Stock Company,the project company has a bulk water supply contract with Saigon Water Corp.(SAWACO) for a guaranteed volume of 150,000 m/day.   Kenh Dong Water Supply Joint-Stock Company was established with a charter capital of US$19 million(300 billion VND) by the shareholders: Ho Chi Minh City Investment Fund for Urban Development,  now Ho Chi Minh City Finance and Investment State-Owned Company (HFIC), Saigon Water Supply Corporation, Vietnam Construction And Import - Export Joint Stock Corporation, Saigon Real Estate Corporation, Irrigation Service Exploitation Management Company and CII Company, with CII Company's capital contribution accounting for 36% of the charter capital.  As of 2010, the construction of raw water reservoirs had been completed, that of the water treatment plant is 53% completed, the installation of the D1200 pipeline 36% completed, that of the D1800-2000 pipelines 95% completed. In 2010 the company contributed another 34.4 billion VND, bringing the total contributed capital to US$7 million (108 billion VND) out of the total registered capital of US$7 million (108 billion VND).  In May 2012, Manila Water Company agreed to acquire 49% of Kenh Dong from local infrastructure company CII (Ho Minh City Infrastructure Investment Joint Stock Company). At the same time, its parent company, Ayala agreed to purchase a 10% stake in CII.
PT Menamas Mitra Energi, the project company, developed the Tanjung Batu Power Plant.  The 20 MW gas-fired plant supplied electricity to state-owned electrical utility, PT PLN, under a power purchase agreement (PPA).  PT Menamas Mitra Energy developed the greenfield project on a build, own and operate basis in Tanjung Batu, near Samarinda in East Kalimantan province.  PT Menamas Mitra Energi was a consortium led by a private company, PT Menamas. The project reached financial closure in May 2003, when the project company concluded an equipment supply contract with Rolls Royce for a 20 MW gas turbine generating set.  The EPC contractor, PT Meta Epsi, completed installation of the generating set in 2005. The EPC contract was valued at US$20 million.   On April 19, 2007, PT Truba Alam Manunggal Engineering Tbk, through its wholly-owned unit PT Manunggal Power, acquired a 51% stake in PT Menamas Mitra Energi in a transaction valued at US$3.3 million (30 billion Indonesian Rupiah [IDR]). On Jan. 31, 2008, PT Truba Alam increased its ownership in the project company to 67%.
ABG Goa Port Ltd. (ABG) won the right to construct two new berths at Mormugao Port in Mumbai in June of 2000.  Under the 30-year build-operate-transfer (BOO) contract, Mumbai-based promoter ABG Heavy Industries Ltd. was to invest approximately US$20.6 million for the berths to be used mainly for the handling of coal and coke that was to aid the supply to potential users such as the iron and steel, cement and power units located in the hinterland, comprising Goa and parts of northern Karnataka.        Work on the ABG project was launched in June of 2002, yet financial closure was not reached until September of 2003, after ABG had already invested Rs 250 million in the project.  The Housing and Urban Development Corp. (HUDCO) of India agreed to provide a Rs 500 million non-recourse loan to cover the remaining project cost in the 2003 agreement.    During the period of 1999-2003, total coal and coke traffic to the port had increased at a rate of about 64 percent.  After the re-development, studies indicated that the new ABG berths were likely to receive traffic of 4.83 million tons by 2006-7 and 5.61 million tons by 2011-2012.  The license agreement for the new project provided ABG exclusive rights for handling the traffic up to 4 million tons.   It was projected that the two new berths would be commissioned by the end of March 2004.
In July of 2002, a consortium formed by Singapore-based Darco Water Technologies Ltd. and the Taiwanese company Globe Environmental Co. won a 25-year contract to build and operate a potable water treatment plant in Deqing County, Zhejiang Province.  Once completed, the plant was to supply 60,000 cubic meters of potable water a day to be used for domestic purposes and manufacturing industries in the province.  To implement the contract, Deqing Huanzhong Producing Water Company (DHPWC) was created as the project company.  Darco's wholly owned unit, Darco Environmental Pte. Ltd., acquired a 75% stake in Globe Environmental's Hong Kong unit, Globe Environmental (HK) Pte. Ltd., which in turn took a 70% stake in the Hong Kong-incorporated DHPWC.  State-owned Zhejiang Deqing Province Water Co. was to hold the joint venture's remaining 30% stake and provide the necessary land, pipeline and water resources.  The total cost of plant was estimated at S$79 million (US$7.95 million). In June 2002, part of the project financing was achieved when Darco raised S$6.8 million through a 27 million share offer, S$3 million of which was allocated for the initial site work for the plant.  In December of 2003, the project reached financial closure when Darco received approval for a US$7.1 million MIGA guarantee following a year long wait.  The guarantee was for a period of 15 years and provided coverage against the risks of transfer restriction, expropriation, war and civil disturbance.    Beginning in 2004, the project experienced delays after Darco’s partner, Zhejiang Deqing Province Water Co, said Darco failed to contribute its share of the capital within the prescribed period.  Darco said it had staggered its payment according to the construction phases of the water-treatment plant.  Darco sought to pull out of the contract in August of 2005 and applied with MIGA to recover most of its investment in the project.  However, in September 2005 Darco said it had agreed on a settlement deal brokered by MIGA, which required Darco to complete the project six months after its partner secured all the necessary permits. Construction was then expected to be completed by early 2006.
The municipality of Blagoveshchensk, through a direct negotiation, granted an 11 month extendable lease contract for the city’s water and wastewater utility (Vodokanal) and heating utility (Gorteploset) to Amur Utility Systems (AKS), the newly created subsidiary of Russian Utility Systems (RKS), in August 2003. Following water and heating utilities, electricity utility (Gorelectroset) was leased to the AKS under the same contract as well. The AKS began operations in all three sectors in August 2003 and was operational as of 2007. Electricity distribution accounted for 29% of activity of AKS, water and wastewater for 13 %, heating for 55%, and other activities for 3% in 2006.   AKS was expected to serve some 223,700 people in the city of Blagoveshchensk, the capital of the Amurskaya Oblast (Amur Province).  The city major and AKS signed “municipal request for investment and rehabilitation” agreement on July 29 2004, for the development of municipal electricity, water, and heating infrastructure in the city of Blagoveshensk. 2 days earlier, on July 27, AKS won the contest to get such an agreement by proposing its investment plan amounting to 31 million $US (900 million rubels) for 15 years. AKS was one of the 4 contestants.   In 2004, the RKS was ready to invest about 6 million $US (173 millions rubels) into urgent municipal infrastructure issues in the city of Blagoveshensk: about 3 millions $US (90 million rubels) for water and sanitation, 1.7 millions $US (50 million rubels) for heating, more than 343 thousand $US (10 million rubels) on electricity, and more than 760 thousand $US (22 million rubels) on other needs.   RKS was created on May 29, 2003 by RAO Unified Energy Systems (25%), GazpromBank (25%), Interros (10%), Kuzbassrazrezugol (10%), Renova (10%), EvrazHolding (10%), and Evrofinans (10%). By the end of 2005 privately held company Integrated Energy Systems (KES) had purchased a 50% stake in RKS, while RAO UES held on to its 25% share. As of 2007, Integrated Energy Systems (KES) held 75% of RKS, with RAO UES holding 25%.   As of 2007 RKS was present in 13 regions within Russia: Altai and Perm Territories; Amur, Bryansk, Vladimir, Kirov, Rostov, Sverdlovsk, Tambov, Tver and Tomsk regions; and Republics of Karelia and Udmurtia. The company provided comprehensive power, gas, water and heat supply services.  In May 2008, through a public auction, RAO UES sold its 25% stake in the RKS to Indville Management Ltd., an affiliate of IES-Holding, thus giving Integrated Energy Systems a 100% stake in the company.
China Resources Power (CRP) operated coal-fired power plants in China's Guangdong, Jiangsu, Zhejiang, Hebei and Henan provinces. It is a sister company of blue-chip conglomerate China Resources Enterprise Ltd.  Both are units of state-owned China Resources (Holdings) Co.  On November 12th 2003, CRP raised HK$2.95 billion (US$333 million) by floating 1.06 billion new shares through an initial public offering (IPO) in Hong Kong, the first by a Chinese power company abroad in four years.   CRP increased power generation capacity by 516 megawatts to 1,545 megawatts in 2003, after two units of the Liyujiang Power Plant began operating in July and September respectively and demand for power increased significantly during that year.
In July of 2003, Salcon, through its wholly owned subsidiary Salcon Water, was awarded a 50-year concession contract for a water supply project in Changle county, Weifang city, Shandong province.  The contract covered all aspects of potable water supply including construction, operation and maintenance as well as downstream activities in the form of billings and collection.  The project was to provide potable water to a total population of about 600,000 people, of which 100,000 were living in urban centres consisting of 15 townships and an Economic Development Zone.   To implement the contract, Shangdong Changle Salcon Water Supply Company (SCSW) was created as the project company in which Salcon took a 75% stake while the local state-owned Changle County General Water Supply Company (CCGWSC) held the remainder. In December of 2005, Salcon Water acquired the remaining 25% registered capital of SCSW for a total cash purchase consideration of RMB 3.89 million, raising its stake in the project to 100%.    SCSW was to take over the existing 20,000 cubic meters per day capacity water treatment plant as well as build a new 20,000 cubic meters per day capacity water treatment plant. A total capacity of 40,000 cubic meters per day was expected by 2007.  Financial close was achieved in December of 2003 when Salcon finalized its RMB 5.5 million equity injection into the project company.  The project began on January 1, 2004.
Jin'anqiao Hydroelectric Power Plant was located in Lijiang City, Yunnan Province. The project company, Jin'anqiao Hydroelectric Power Plant Co., Ltd., was formed by a Beijing based private developer Farsighted Investment in May 2003 to build and operate the project for 50 years. Farsighted Investment’s stake in the project was 100%. The total investment was RMB 14 billion (US$ 1690.82 million). The construction of the project commenced in August 2003 and would come into operation in 2009. The total capacity of 2500 MW.
The Electricity Regulatory Authority (ERA) granted license to the West Nile Rural Electrification Company Limited (WENRECO) to generate, distribute and sell power to the districts of Nebbi and Arua in March 2003. WENRECO was a project company formed by Industrial Promotion Services (IPS Group) with 55% and Rural Maintenance Ltd. (RML) with 45%.  As a part of the contract, WENRECO had to invest US$ 11.3 million to rehabilitate 3.5 MW diesel power plant and to increase number of connections to at least 4000 customers from the current figure of 1000. The Norwegian Agency for Development (NORAD) provided a US$4 million grant for a new high voltage electricity grid lines.   Ministry for Energy and Mineral Development signed three agreements with the project company: an Implementation Agreement, a Rural Electrification Subsidy Agreement and an Asset Transfer Agreement. The Implementation Agreement defined the government of Uganda's support for the project while the Asset Transfer Agreement and Rural Electrification Subsidy Agreement provided subsidies which would ensure affordable tariffs for the people of Arua and Nebbi Districts.
This joint venture, Nanjing Hong Kong and China Gas Company Limited, was established in June 2003. The project is located in Nanjing City, Jiangsu Province. The Hong Kong and China Gas Company Limited (Towngas) has a 50% stake in the project and will operate and manage the joint venture for 50 years. The total investment for phase I was RMB 1.2 billion (US$ 144.93 million).
The project comprises construction and operation of two hydroeletric plants, Capim Branco I (240MW) and Capim Branco II (210MW), located in the Araguari river in the state of Minas Gerais.   The company responsible for the project is a consortium originally comprising Companhia Vale do Rio Doce (CVRD), Centrais Eletricas de Minas Gerais (CEMIG), Paineiras (Grupo Suzano) and Companhia Mineira de Metais (Grupo Votorantim) and Camargo Correa. The later sold its stake of 5% in 2002 to the remaining shareholders: CVRD (48.4%), CEMIG (21.1%), Paineiras (17.9%) and CMM (12.63%).  The total investment in the project is estimated in US$163 million (R$600 million). Financial closure was reached in July 2003, when CEMIG announced that it would invest US$69.9 million (R$200 million). Construction works started in September 2003 and the first plant is expected to start operations in December 2006. The energy produced will be consumed by the four shareholders.  Operations commenced in May 2007.
The project company, Suizhou City China Gas Co., Ltd., was established in December 2003. The project was in Suizhou City, Hubei Province. China Gas Holdings Limited has 100% stake in the gas project and would operate and manage the joint venture for 30 years. The total investment was RMB 70 million (US$ 8.45 million).
Hydro Power International (Sri Lanka) developed the 6MW Wee Oya small hydropower plant, Kegalle District. The project company was Powerbase Technology (Pvt.) Ltd., a joint venture with Naturab Group (also called: Naturub Group). The project fed from the Wee Oya River. The project used a Francis Turbine.  The project signed a Standard PPA in December 2002 and was commissioned in April 2005. Construction started January 2003. The turbine was supplied by Tianjin Fyling Electric (China). The generator was supplied by Marali Motori (Italy), the transformer by Univesral Transformers (India). The substation was developed by ABB (India).   Total project cost was ESTIMATED at US$6 million based on a conservative US$1 million/MW. Financial closure date was ESTIMATED at August 2003, based on 25% completion rule.
In March 2003, S Telecom was awarded a 15-year wireless mobile CDMA license by the Vietnamese governement. The company began operations in July 2003 under the brand name "S-Fone."  S-Fone was to be the third mobile provider in the country.    S Telecom was a joint venture between SLD Telecom (50%) and the state-owned Saigon Post and Telecommunication System (SPT) (50%). SLD Telecom, in turn, was a South Korean consortium 55% owned by South Korean (SK) Telecom, 43% by LG Electronics and 2% by Dongah Elecomm. SPT founders consisted of 11 Vietnamese state-owned enterprises working in different scopes.  The total cost of the network was estimated at US$230 million and was suppplied by Qualcomm of the US.  By the end of 2005, S-Fone was looking to invest a similar amount to expand the network.  By 2008, SK Telecom expected S-Fone to have four million mobile phone subscribers and revenue of US$350 million.   By end 2005, S-Fone had only 400,000 subscribers, last in the mobile market behind state-owned Viettel, which had three million subscribers after one and a half years of operations.   The state-owned Vietnam Posts and Telecommunications Corp. (VNPT) fully owned market leader Vinaphone and partially owned the second place MobiFone, which both operated on a GSM standard.   In 2006, S-Fone anticipated signing up an additional one million subscribers. The company also committed to a $260 million investment in base stations to increase coverage. In November of 2006, S-Fone launched its own mobile data services to compete with other mobile access providers in Vietnam.
The Armenian government transferred the country's Sevan-Hrazdan cascade of hydro power stations to a subsidiary of Unified Energy System (UES), the majority state-owned Russian power utility for US$25 million in return for Armenia’s state debt to Russia. Sevan-Hrazdan cascade consists of six power stations with a combined capacity of 560 MW and average annual output of 1.16 billion kWh electricity.  The transfer of the assets were counted as partial payment of US$40 million of Armenia’s atomic power plant’s debt for the nuclear fuel supplied. The remaining US$15 million was expected to be paid over the next two years from receipts from domestic electricity sales. UES also took over Armenian state obligations attached to a 40-year (including 10 year grace period) US$20 million loan from KfW of Germany to upgrade two 25MW units at the plant.  In 2013, the European Bank for Reconstruction and Development (EBRD) and the Asian Development Bank provided USD 25 million each to International Energy Corporation (IEC) to finance the rehabilitation of the Sevan-Hrazdan hydropower system.
The Honduras National Congress approved a US$860 million electricity supply contract with Empresa Energia Renovable (Enersa - subsidiary of Empresa de Mantenimiento y Construccion Electrica (EMCE)). Under the contract, Enersa was responsible to build, operate, and maintain a diesel-run power plant with sufficient generating capacity as defined in the contract. According to the 12-year Power Purchase Agreement (PPA), Enersa was to supply 85 MW by the end of March 2004 to state electricity company Empresa Nacional de Energia Electrica de Honduras (ENEE). The total contracted amount of supply was 200 MW. Also according to the contract, Enersa was to invest US$8.5 million in the project in the first six years.  The contract was signed with Enersa only after an identical agreement was canceled between ENEE and AES El Faro, the local unit of US AES Honduras. According to ENEE, the contract was canceled because AES did not meet contractual deadlines and financial guarantees.  The project was awarded under an emergency Presidential Decree to safeguard against projected power shortages. Construction of the plant was to be in two stages; the first 85 MW was expected to be completed by March 2004; the remaining to be completed by March 2005. After completion of the Chloma III plant, Enersa was to be the largest private electricity generator for ENEE.  Operations commenced in March 2004.
Hong Kong-listed Xinao Gas Holdings Ltd (Xinao), one of the first non-state-owned city gas distributors in China, announced in June of 2003 that unit Xinao Hunan Investment Ltd formed a joint venture with Xiangtan Coal Gas Co Ltd to operate a piped gas business in Xiangtan, Hunan Province for 30 years.  The joint venture, named Xiangtan Xinao Coal Gas Co Ltd, had a registered capital of RMB100 million.  Xinao Hunan Investment held a 85% stake in the company while its state-owned partner owned the remainder.   In May of 2004, Xinao Gas Holdings Ltd said IFC was to take a small stake in the firm (2.71%) and provide US$25 million in debt financing to three of its units, including Xiangtan Xinao Coal Gas Co Ltd.
RV Infrastructure Engineers Pvt. Ltd. was awarded a 15 year concession for strengthening, widening, and reconstructing the 98.3 km Dewas-Ujjain-Badnagar-Badnawar Road by Madhya Pradesh Road Development Corporation Limited (MPRDC). MPRDC is a wholly owned Madhya Pradesh (MP) state government company responsible for the construction and rehabilitation of MP state roads. Under the contract, all the investment was made by RV Infrastructure Engineers Pvt. Ltd. in return for the rights to collect tolls during the term of the contract.  The total cost of the project was estimated at US$ 10.6 million. RV Infrastructure Engineers Pvt. Ltd. won the competitive tender, conducted by MPRDC in December 2002 by bidding the lowest government subsidy/grant amount of US$ 5.2 million.   Dewas-Ujjain-Badnagar-Badnawar Road became fully operational in 2006.
The government of Argentina initially let twelve toll road concessions in 1990 as part of an intercity road network. The concessions were set to expire in November 2003. The government reorganized the highway system and let tenders for six management contracts in 2003. The concessions granted in 1990 were for the improvement, operation, and maintenance in facilities. After these twelve concessions expired in 2003, the government let a new type of contract whereby private operators were responsible for routine maintenance and operation of the road network. The private operators were also responsible for collecting tolls and placing all collections in a joint fund to be partitioned between the six consortium of operators. This collection and pooling system thereby allowed for an indirect subsidy for contract areas where toll collections or toll rates were comparatively low.  The state government was thereby responsible for funding investment for expansion works and repaving. The state allocated via a separate investment fund, US$174 million (500 million Argentine pesos) over five years to be applied to the group of six contract areas. The management contracts were initiated in part because the state was able to save an estimated 325 million Argentine pesos as compared to the concession contracts let in 1990 that were amended to include subsidy payments to the operators related to their VAT contributions.   The twelve contracts concluded in 2003 included concessionaires Semacar (corridor 1 and 2), Caminos de Oeste(corridor 3 and 4), Nuevas Rutas (corridor 5 and 17), Covico (corridor 6), Servicios Viales (corridor7, 8, and 9), Covicentro (corridor 10), Covinorte (corridor 11), Concanor (corridor 12), Vicovsa (corridor 13), Rutas del Valle (corridor 14), Caminos del Abra (corridor 16), and Red Vial Centro (corridor 20). The management contracts of 2003 consolidated the toll road areas into six corridors, each with respective highways. Operations of the toll roads began 1 November 2003.  Corridor 2, including highways 5 and 7, was won by Homaq S.A. The operator was expected to pay a canon of 15 percent to the government.  In October 2008, the contract period was prolonged until the new concessionaire could take posession of the assets.
The Government of Tanzania (GOT) awarded the provision of water and sewerage services in the area of Dar es Salaam Water and Sewerage Authority (Dawasa) to City Water Services Ltd (CWS) under a 10 year lease contract in February 2003.  Dawasa's service area included the city of Dar es Salaam, coastal towns of Kibaha and Bagamoyo, and settlements along the two transmission mains of Upper and Lower Ruvu. DAWASA had about 100,000 water customers and 22,000 sewerage customers.  The 50-50 joint venture between British Biwater International and German Gauf Ingeniure held a 51% stake in CWS and took over the provision of services in July 2003. Later, the Super Doll Trailer Manufacturer Company became the local partner with a 49% stake.   The lease contract was awarded through a competitive tender, whose bidding criterion was the lowest tariff.  Although there were three prequalified bidders, only one bid was ultimately received.  Prior to the deal, water produced and distributed by Dawassa was not metered and bills were established on the basis of estimations, while only about 50% of the customers paid their water bill regularly.  The water transmission lines had many weak points and were liable to burst at anytime.  Only about 10% of the population was served by sewerage systems.  The sewerage infrastructure built in the early 1980s was at various stages of collapse.   Under the contract, the Dawasa’s water supply and sewerage assets remained in government hands with Dawasa acting as the asset holding authority. CWS was to bear the commercial risk as its revenues were to come only from bills collected.  CWS also became responsible for: 1. Operating and maintaining the water supply and sewerage assets and extending services to un-serviced areas. 2. Upgrading about 135,000 existing connections (87,000 active, 13,000 inactive and an estimated 35,000 illegal connections), creating 35,000 new connections, installing about 173,000 meters and laying a total of about 960 km of primary and secondary pipes with the main objective of reducing UfW as well as rehabilitating existing sewers, 15 pumping stations and nine stabilization ponds. 3. Contributing US$8.5 million to finance the working capital of the operation, inventories and operational equipment, of which US$2.5 million was to be paid at the commencement date of the lease contract; 4. Forming a Tanzanian registered operating company to identify local partners to take up a minimum of 20% but not more than 49% of its shareholding (Super Doll became that local shareholder); 5. Paying a rent to Dawasa for the assets as follows: Tanzanian shillings 50 million every month throughout the first year; Tanzanian shillings 75 million a month during the second year; and Tanzanian shillings 100 million a month from the third to the 10th year.  Dawasa assumed responsibilities for: 1. Defining and executing the capital investment program including all procurement and contributing US$12.5 million, or about 10% of the cost of the construction activities from internal sources; 2. Monitoring the private operator and requesting independent financial and technical auditors to review the private operator’s performance annually. GOT was to also bear the foreign exchange risk.  Energy and Water Utilities Regulatory Authority (EWURA) was to regulate the provision of water supply and sanitation services on behalf of GOT and audit the private operator in relation to its license.    The consortium began providing services in August of 2003.  However, CWS did not have monopoly rights over its service area. Before the contract was awarded, many private companies were already licensed to run water supply and sanitation businesses. Trucks owned by individuals and private companies were delivering clean water to city residents, while others were emptying sewerage tanks.   The total capital investment program for Dawasa was expected to amount to US$164.5 million and was funded by the Word Bank (US$61.5 million IDA credit), the African Development Bank (US$48 million loan), and the European Investment Bank (US$34 million loan) along with the agreed to contributions from CWS (US$8.5 million) and the GOT (US$12.5 million).   In May 2005, the Tanzanian government terminated the 10-year contract with City Water, claiming the company had made less than half the required investment (US$4.1 million out of US$8.5 million) and failed to improve services.  The dispute began after the company pressed the government to review the contract, claiming that operating conditions were different from what it had expected. The government claimed, however, that there was no justification for review of the contract. Biwater was taking legal action over the cancelled water contract, seeking compensation for alledged damages.  The government had formed a new firm, the state-owned Dar es Salaam Water and Sewerage Corporation, to replace CWS.
At time of signing on 14 August 2003, the US$1.05 billion 15.75 year BLCP Power project, sponsored 50/50 by Banpu and CLP Power, was the biggest non-recourse debt deal for a greenfield independent power plant (IPP) in Asia since 1997. It was also Thailand’s biggest project financing in three years. In December 2006, Electricity Generating Public Company Limited (EGCO)acquired CLP's share in BLCP Power Company Limited.  The total generation capacity of BLCP was planned to be 1,434 MW split in two units. The plants were to be located in the Map Ta Phut Industrial Estate in Rayong Province, 200 km South of Bangkok. All of the power generated by the plant was to be sold to the state-owned Electricity Generating Authority of Thailand (EGAT) through a 25-year power purchase agreement (PPA). The PPA was awarded in December 1997 and included an average power sales tariff of Bt 1.589/kWh (then US$5.36/KWh). The coal supply agreement was signed with Australian Coal Holdings which is 100% owned by Rio Tinto.  The first unit started commercial operations in December 2006 and the second one was expected to do so in February 2007. A Japanese consortium comprising Mitsubishi Heavy Industries and the Mitsubishi Corporation was awarded the engineering, procurement and construction (EPC) contract.  Total project costs on BLCP were US$1.45 billion at a debt to equity ratio of 76:24. Participants in the US$1.1 billion equivalent local denominated debt led by Bangkok Bank and Krung Thai Bank included Siam Commercial Bank, Bank of Ayudhya, Siam City Bank, Thai Military Bank and Industrial Finance Corporation of Thailand. The third stage of the deal closed on 12 November 2003 with ADB providing a direct loan of US$40 million, followed by the closing on 4 February 2004 of a complementary financing scheme loan of up to US$100 million and US$70 million in PRI.
In December 2003 the municipalities of Baranoa and Polonuevo, located in Columbia’s Atlantico department, awarded a 20 year concession for their water and sewage infrastructure to private consortium Aguas del Norte S.A. The contract covered an area with a total population of 56,000 inhabitants. The concessionaire committed to a number of operational improvements, such as expanding network coverage, enhancing service by improving continuity, and increasing the efficiency of water and sewerage services. In the first year of operations the private operator was expected to add 10,000 connections.  Financing for the total US$6.2 million (18 billion pesos) project was provided by the federal government (4.9 billion pesos - stemming from a World Bank loan), the municipal governments (9 billion pesos for capital investment and 3.6 billion pesos for subsidies) and the private concessionaire (US$240,000 or 0.5 billion pesos).  In June 2005 Aguas del Norte S.A. ceded its concession contract to Baranquilla-based Empresa de Acqueducto y Alcantarillado de Barranquilla (AAA). The change came as Aguas del Norte S.A. had made little progress in expanding service and improving operations.
In 2001 the municipality of Maicao (Guarija department) awarded a 30-year concession for the city’s water and sewerage services to private company Aguas de la Peninsula. The contract required the operator expand the existing water network, which covered only 55 percent of the municipality’s residents in 2001. The contract also covered rehabilitation of existing works. By December 2003,  the consortium had installed a 30 km water line, over 200 km of distribution network to new connections to more than 7,500 new water connections and over 1,600 sewerage connections.  Aguas de la Peninsula was a consortium of Bermad Colombia (a subsidiary of Israeli company Bermad), Colombian Ingenieria Total, and Hydros. The Maicao concession was awarded in February 2001, but operations only commenced in December 2003.  Financing of the project was completed with contributions from the Guajira department, which pledged to invest US$6.58mn, Colombia's ministry of environment, investing US$6.17mn, and the city of Maicao US$1.44mn. Aguas de la Peninsula pledged some US$3.9mn to the project.
International Seaports, a special purpose company formed by ISP Singapore, and Dubai-based S.S. Global held the respective 67 and 33 percent stakes in the 4A berth at Haldia Dock Complex.   The Rs 100-crore (approx. US$23 million) project involved the construction of the berth and installing mechanical handling equipment for the dry bulk cargo.   Larsen & Toubro was awarded the contract to construct the berth in June 2002.    The company signed an agreement with Steel Authority of India to use the berth for 30 years for the import of coking coal.  This was to assure about 70 percent berth occupancy to handle about 3 million tones annually and revenue of about Rs 25 crore.      Financial closure was achieved in March of 2003 with funding arrangements provided by Indian national banks.  The berth was commissioned in January of 2004.
The Baoding-Tianjin Expressway project was a joint venture between Hong Kong based Road King Infrastructure Ltd. and the state-owned Hebei Provincial Expressway Development Company (HPEDC) which was to own and operate the 105 km (65 mile) toll road for a period of 30 years.  Road King was to have a 40% interest in the toll collection as well as the operation rights of the project in Hebei Province.    In September 2003, Road King contributed a total 960 million yuan (US$115.9 million) in cash to the JV.  For the equity stake, it paid 384 million yuan (US$46.4 million).  It also contributed 576 million yuan (US$69.5 million) in the form of a shareholder's loan to the JV.   HPEDC constructed the highway itself for the remaining 60 percent share.  The total cost of the project was 2.4 billion yuan (US$290 million).
In May 2003, Bashair Telecom (BT) was awarded a 15-year license to build and operate Sudan’s second mobile network by the state-run Telecommunication Corporation. The license was an effort to break the monopoly of the Sudanese Mobile Telephone Company Limited (Mobitel).  BT won the second GSM license by offering the highest license fee among 29 other Sudanese and foreign companies. BT paid US$177 million to the Sudanese Government for the license which it was formally awarded in October 2003. In July 2005, Bashair Telecom, operating under the "Areeba" brand, launched its network in Khartoum.  BT was a consortium majority owned (55%) by Investcom Holding, a Luxembourg-based company which was partly owned by the Lebanese Mikati Group in partnership with Syrian investors that had mobile operations in Africa and the Middle East.  Other investors holding minor stakes in Bashair Telecom included Yemeni operator Sabafon, Sabaa Islamic Bank, the Sudanese National Fund for Pensions and the National Fund for Social Securities.  In September 2005, Investcom Holding acquired an additional 30% stake in Bashair Telecom, brining its share to 85%.  In 2005, Investcom moved its headquarters from Luxembourg to Dubai, UAE, ahead of its IPO, which was managed by Citigroup and HSBC.  Bashair telecom planned to invest US$500 million over several years to build out a network that would initially serve 3 million subscribers. By the end 2005, after just half a year in operations, the company had 268,517 subscribers. Bashair continued its rapid growth in 2006, serving an estimated 1.07 million subscribers in 2006, making Bashair the second largest mobile phone service provider in Sudan, after Kuwati-owned Mobitel Sudan, and ahead of state-owned Sudani.  In July 2006, South Africa's MTN Group paid $5.3 billion to acquire Investcom's mobile operations in West Africa and the Middle East, including the business in Sudan.
In October 2001, the government of Nepal invited offers for the purchase of its 75% shares in Butwal Power Compan (BPC), a state-owned company that operated two generation plants (5.1-MW Andhikhola and the 12-MW Jhimruk hydro power plants). In December 2001, Interkraft Nepal of Norway in partnership with Shangrila Energy of Nepal submitted the winning bid. No more public information about the tender and price offered paid. In January 2003, the winning consortium and the Ministry of Finance signed the sale and Purchase Agreement of 75% shares of GON in BPC. BTC had power purchase agreement with Nepal Electricity Authority. No information on that contract was publicly available.  By end of 2008, Shangri-La Energy Limited owned 69% of BPC, Interkraft Nepal AS 6%, the general public 10%, and government institutions the remaining.   BPC’s distribution business spread to four districts, Syangja, Palpa, Pyuthan and Arghakhanchi, continued to expand  under the Rural Electrification Expansion Project. By end of 2008, BPC provided electricity to 31,500 households.  Total cost of $30 million is an estimate.
The US-based Unipower Inc, which was majority-owned by Beijing-based Farsighted Investment, acquired the 160MW Nina hydroelectric project in Qinghai province for just over Rmb 1.2 billion (US$145 million).  The deal was the first in China in which a private company had bought state-owned generating assets. The partly completed plant on the Yellow River in northwest China was acquired from the state-controlled Qinghai Sanjiang Hydroelectric Development Company.  The acquisition was to be the first of a proposed three power station deal aimed at financing additional power plant construction in the province.  Qinghai had been suffering from power shortages.    The Nina plant was to comprise four 40MW units, one of which entered operation in May 2003.  The other three units were scheduled to begin production by the end of 2003.
In October 2003, the Orenburg municipality granted a 25 year term lease contract for the city’s water infrastructure facilities to Rosvodokanal (RVK), one of Russia’s largest private utility operators. The contract was concluded through direct negotiations. The municipality also signed a parallel five year investment agreement with RVK for a total investment commitment of about $63.9 million. As of January 2007, RVK owns a 100% stake in the Orenburg Water Utility.   As of January 2007, RVK provides technical and operational management services through long term lease contracts to total of six municipal utilities throughout Russia (Barnaul, Kaluga, Krasnodar, Orenburg, Tyumen and Tver).  RVK was a wholly owned subsidiary of A1, the private equity arm of Alpha Group, one of Russia’s largest financial and industrial groups, with oil and gas, banking, telecommunications and other holdings.  In 2008, RVK received a loan financing from the IFC (RUB 624 million or $25 million) and parallel financing from EBRD (RUB 5.6 billion or $224 million) to support its obligations under the six long term lease contracts and investment agreements with the municipalities.  The EBRD/IFC loan would provide financing to implement 5-year investment programs in each city in which RVK currently operates and the acquisition of new utility operator(s). Both loans were approved by the IFI's respective Boards in 2007. Loan Agreements signing is pending.
A local private company, Xin Zhong Qiao Infrastructure Investment Co. Ltd. was contracted to build and operate the 101.3 km Haozhou - Fuyang Expressway located in Anhui Province for 25 years. The total investment was RMB 2.5 billion (US$ 301.93 million). The construction of the expressway commenced in December 2002 and the road came into operation at the end of 2005.
First Gen Renewables Incorporated (FBRI), 100% owned by First Gen, a subsidiary of Lopez Group, aquired the 1.6MW Agusan mini hydro power plant, in Damilad, Manolo, Fortich, Bukidnon.  Originally held by the Power SEctor Assets and Liabilities Management Corporation, First Gen participated in a tender in 2004 and won the bid.   Total cost was unknown, but ESTIMATED at US$1 million.
In November 2004, Berlinwasser International AG (BWI) was awarded the 23-year concession contract for the operational takeover of the 310,000 cubic meters per day Wangxiaoying Wastewater Treatment Plant in the Chinese provincial capital of Hefei by the Hefei city government via international tender.  It was intended that the project play a leading role in improving water quality in Lake Chaohu and the Nanfei River, the only two water sources available to Hefei and its population of more than four million.  To implement the contract, Hefei Wang Xiao Ying Sewage Treatment Co., Ltd. was set up as the project company, a joint venture between BWI and its state-owned Chinese partner The East China Engineering Science & Technology Co. Ltd. (ECEC).  The exact shares in the project were not public.  According to the Hefei Development and Planning Commission (HDPC), plant construction started in 1993 for about RMB300 million, part of which was financed with an ADB loan. The plant had been losing money since it started operating in 2002, putting a strain on the Hefei city government's finances. The government decided to sell the operating rights to either local or international investors by way of a public tender, which was launched in August 2003 at an indicative price of RMB268 million.  Berlinwasser International consortium ended up paying a price of RMB480 million (US$58 million), 79% higher than the indicative price, outbidding offers of RMB450 million from the Hong Kong-listed Tianjin Capital Environmental Protection Co along with two others. The JV was to retain all profits or bear all losses resulting from the plant's operation.  Further investments during the operation period were planned, but nothing was committed.  Since the completion of construction in 2001, the plant ran in regular operation and disposed the sewerage of about one million people.
In July 2003, Government of Sri Lanka (GoSL) awarded a 10 year build-own-operate (BOO) contract to Heladhanavi Ltd. to build and operate a 100 MW thermal power plant at Puttalam, a town on Sri Lanka's western coastal belt. Power from this plant was sold to Ceylon Electricity Board (CEB), state-owned power utility, under a power purchase agreement signed in May 2003. The project consisted of six 18V46 Wärtsilä two stroke medium speed engines (17,550 kW each)  This power plant was one of the two 100 MW diesel thermal power plants awarded by the GoSL to independent power producers (IPP) on a fast track basis. The other power plant was developed by a joint venture led by local Aitken Spence & Company Ltd. in Embilipitiya, north-central Sri Lanka. The objective of the thermal power plants was to improve generation and reduce Sri Lanka’s dependence on hydropower.  Heladhanavi Ltd. won the international tender, conducted by GoSL in 2002, by offering the lowest tariff among the qualified bids. Heladhanavi Ltd. was a joint venture between local companies Lakdhanavi Limited, Sri Lanka’s first IPP, and Hemas Holdings Limited. There was no public information on the ownership structure of Heladhanavi Ltd. Lakdhanavi Limited, a subsidiary of Lanka Transformer Limited, was owned by CEB, ABB Group (27%) of Norway and an Employees Trust.   The total cost of the project was estimated at US$ 62 million. The project reached financial closure in 2004. The entire financing for the project, both equity and debt, were arranged locally.  Lakdhanavi Limited was the Engineering, Procurement, and Construction (EPC) contractor during construction and was responsible for managing the plant after commissioning through an operation and maintenance (O&M) contract.  Construction work on the project commenced in October 2003 and the power plant began commercial operations in September 2004.
In November 2003 the local port authority of Jingtang, China, awarded a 50 year build-rehabilitate, operate and transfer contract for the port’s operation to special purpose company Jingtang International Container Port Co. Ltd. In 2003 the container port of Jingtang, situated on the Bohai Sea in the province of Hebei, had poorly developed facilities and was not operating efficiently. The concessionaire planned to invest some 36 million Euros ($35 million) to expand the port by purchasing new cranes, yard equipment, and improving the infrastructure. By 2006 the port was intended to handle 400,000 TEU.  Jingtang International Container Port Co. Ltd. was created as a joint venture between Spanish company Dragados Servicios Portuarios y Logisticos (52%) and state owned Tangshan Port Investment (40%) and Beijing Jinzhou Engineering & Technology (8%). Dragados was a subsidiary of Actividades de Construccion y Servicios SA (ACS).  Dragados was to begin operating the Jingtang port in February 2004, when construction was to be completed.   In 2004 Dragados received a $6.1 million MIGA guarantee. The guarantee was for a period of 15 years and provided coverage against the risks of transfer restriction, expropriation, war and civil disturbance.
In 2004 the municipality of Koh Sichang granted a 30 year tap water supply contract to the Universal Utilities Co., Ltd. (UU), a 100%-owned subsidiary of the Eastern Water Resources Development and Management Plc (East Water).  Under the contract the UU would produce quality tap water to be distributed to over 1600 households of Koh Sichang Municipality at Koh Sichang District, Chonburi Province with the production capacity of 250 cubic meters/day  Universal Utilities Co., Ltd. (UU) managed waterworks business, receiving concession from governmental agencies such as the Provincial Waterworks Authority (PWA) and various municipalities. Universal Utilites’ business included tap water production and water distribution pipeline management. In 2001, the company began its operation under PWA contract, establishing waterworks offices in five areas, namely Chachoengsao Water Supply Co., Ltd. Bangpakong water supply CO., Ltd. and Nakornsawan Water Supply Co., Ltd. (25-year BOOT contract); Sattahip Water Supply Co., Ltd. (10-year lease contract, extended to 25 year contract) and Si Chang island Municipality which produced tap water from seawater by Reverse Osmosis system. The company also invested in Egcomtara Co., Ltd. which was granted a concession to produce and supply tap water in Ratchaburi-Samut Songkhram areas and operated tap water related business, such as engineering and maintenance service for pipeline system, tap water production system and wastewater treatment system.  Following its IPO in 1997, East Water had the following shareholder structure: state-owned Provincial Waterworks Authority (PWA) (44%), Industrial Estate Authority of Thailand (IEAT) (5%), and general investors (51%).  By 2005, that shareholding structure was: the partially private Electricity Generating Company (EGCO) of Thailand (18.22%), PWA (40%), IEAT (4.5%), and public investors (37.25%). As of 12/01/2006 East Water had 1,738 shareholders. Major shareholders were governmental PWA (39.99%), partially private EGCO (18.62%), IEAT (4.45%), and the rest of general investors held 36.9%.
In January 2004, Panriver Investment, a subsidiary of Hong Kong based Panva Gas Holding Ltd, acquired 90% stake in Yuechi Natural Gas Company for US$4.47 million (RMB 37 million) from Yuechi municipal government. With that transaction, Yuechi Natural Gas Company became a limited liability company and its name was changed to Yuechi Panva Gas Company. The Yuechi government owned the remaining 10% in the company.  Yuechi Panva Gas Company was granted a 30 year exclusive concession to operate, expand, and manage the piped gas network in the area governed by Yuechi municipality, located in Sichuan province. The municipality had an area of 1,480 square kilometers and a population of 1.1 million comprising 290,000 households.  Hong Kong based Panva Gas Holding Ltd was a publicly traded company in the Hong Kong stock exchange and was principally focused on commercialization of natural gas and liquefied petroleum in China mainland.
Thiruvananthapuram Road Development Company Limited (TRDCL) was awarded a 17.5 year concession contract for the construction and operation of road network in the Thiruvananthapuram Capital Region (Kerala State). The contract was part of Thiruvananthapuram City Roads Improvement Project. The concession involved widening and strengthening of 42 km of roads across 13 corridors in Thiruvananthapuram and construction of two flyovers, 64 junctions, 94 busbays and one underpass.   The 17.5 year contract term included a construction period of 30 months. Under the contract, TRDCL would be compensated for the capital and operating costs including returns by way of a fixed semi-annual payment (annuity) from the Kerala Road Fund Board during the operation period of 15 years. Under the annuity scheme, the private operator does not collect tolls from the users of the facility.  TRDCL was joint venture between Punj Lloyd Limited (50%), a private Indian firm, and Consolidated Toll Network India Private Limited (50%). TRDCL won the competitive tender conducted by the Government of Kerala in January 2004 by quoting the lowest annuity amount of US$ 4 million.   The total cost of the project was estimated at US$ 50.5 million. The project reached financial closure in March 2004, with a debt equity ratio of 3:1. The loan was arranged by a consortium led by Punjab National Bank and included J&K Bank, Bank of India, Indian Overseas Bank and Oriental Bank of Commerce. The loan had a term of 12 years and an interest of 9.75 per cent during the construction stage and 8.75 per cent there after.  Construction began in April 2004 and the roads were expected to be operational by December 2006.
In July of 2004, financial close was achieved on Iran's first private power plant, with the local Arian Mah’taab Gostar (Aryan Mahtab Goster) Company carrying out the project on a build-own-operate basis. The plant was to be located at Rudeshur, 40 kilometres outside Tehran.  Gas was to be sourced from Iran Natural Gas Company and the offtaker was to be state power company Tavanir.    Belgium-based Unit International was awarded the engineering, procurement and construction (EPC) contract for the single-cycle plant that was to initially have 750 MW of generating capacity, rising to 1,250 MW and then to 2,000 MW in subseqent phases.  Germany's Siemens was been awarded the subcontract to supply three 264-MW turbines and electrical equipment while Unit International subsidiary STFA was to carry out civil and mechanical works.  Work began immediately following the financial closure and was scheduled for completion in about 22 months.  Financing was arranged by Hypovereinsbank and was structured as a blend of export credits from Germany’s Hermes and Belgium’s Office National du Ducroire, along with commercial debt. About Eur 150 million (US$180 million) was raised at syndication, with four banks coming on board – BNP Paribas, Calyon, Dexair and Fortis Bank.  Germany’s Fichtner was the consultant.  Government guarantees were signed by the Economy & Finance Ministry.
On December 22, 2004, the Omsk City Council signed a 25 year lease and investment agreement for the city’s water infrastructure facilities with Russian company Eurasian Water Partnership (EWP). The contract was awarded following a competitive tender. The city of Omsk was located in South-East Siberia and had a population of 1.1 million according to the 2002 census.   The lease contract included over 20 target indicators of quality and efficiency, to be monitored at 5-year regulation periods. In the first year EWP committed to invest some 450 million Rubles ($16 million) in the city’s water and wastewater infrastructure. Over the lifetime of the contract the company expected to invest ten times that amount; this additional investment was not specifically mandated in the original lease contract. The lease contract had a clause allowing it to be extended to 49 years.  The lease contract was held by joint stock company Omsk Vodokanal, a joint veture between Eurasian Water Partnership and the municipality of Omsk. The city’s water and sewage infrastructure was to remain in the ownership of municipal utility Vodokanal.  EWP started operating the Vodokanal infrastructure in mid 2005.  As of November 2007, OAO Omskvodokanal operated as a subsidiary of Rosvodokanal. Rosvodokanal acquired 74.8% interest in JSC Omsk Vodokanal from Eurasian Water Partnership LLC and other investors for US$76 million in November 2007.
STM Telecom Sanchar Private Limited was awarded a 10 year renewable license to provide telecommunication service (local, domestic long distance and international telephone service) in the eastern development region of Nepal that comprised of 534 village development committees (VDC). The license was awarded by Nepal Telecommunications Authority (NTA), Nepal’s telecommunications regulator, in an effort to increase the access to telecommunications in rural areas.   NTA used minimum subsidy auction to select the rural service provider. A consortium led by STM Communications Services, a US based Satellite and equipment provider, won the auction with the lowest bid of US$ 11.9 million. The license was issued by NTA to STM Telecom Sanchar Private Limited in November 2003. STM Telecom Sanchar Private Limited had the following ownership structure - STM Communications Services (55 percent), Samart Communication Company Limited of Thailand (15 percent), STM Networks Inc.(10 percent) and Apollo Investment Pvt. Ltd. (20 percent).  Government of Nepal funded the subsidy through a line of credit from International Development Association (IDA) of the World Bank Group.  STM Telecom Sanchar Private Limited was granted limited exclusivity for five years to provide telecommunications services in the 534 VDCs. The license required STM to install and operate at least two public access lines in each of the 534 VDCs. The license also specified standards for quality and availability of service but did not dictate the technology that STM must use. To ensure completion of the project, the service provider was required to submit a performance guarantee that would be forfeited if it failed to meet its obligations.  STM began to roll out its network in April 2004 and had launched service in half of the VDCs by December 2004.
Guigang Xinao Gas Company Limited was established in December 2004 by Xinao Gas Holdings Limited, which holds a 100% stake in the project. Xinao has exclusive rights to operate and manage gas pipeline infrastructure, and to sell and distribute piped natural gas in Guigang City, Guangxi Province for a period of 30 years. The project was operated by Guigang Xinao Gas Company Limited, a wholly-owned subsidiary of Xinao Gas. The total investment was RMB 10.56 million (US$ 1.28 million).
In May 2004 the local government of Santo Antonio de Padua, in the Brazilian state of Rio de Janeiro, awarded a 30 year concession contract for water supply services in the municipality to private operator Aguas de Santo Antonio. The company was to serve a population of 13,929 and invest some $1.1 million (R$3.29 million) in infrastructure development. All investments were to be completed by the end of 2010.  In 2008, the project company was acquired by Conasa (Companhia Nacional de Saneamento).
The transmission project comprises one 500 Kv transmission line that connects Itumbiara and Marimbondo substations (close to the hydroelectric plant of Marimbondo), both in the state of Minas Gerais. Itumbiara-Marimbondo line will have 212 KM and the project comprises building and operating the line for a period of 30 years.   The line is an expansion of the North-South interconnection, which is already partly operated by Expansion (Samambaia-Itumbiara-Emborcacao). The line will increase the transmission capacity ot the Southeast system and increase reliability in the system.   The company responsible for the project, Expansion Transmission Itumbiara Marimbondo (ETIM), is controlled by three private Spanish groups - Elecnor, Isolux, and Abengoa - and a private Brazilian company.   ANEEL, the Brazilian independent regulatory agency for the electricity sector offered through public bid the concession for the line in August 2002. Expansion was the winner by offering the lowest price for an annual revenue in exchange for the electricity transmission services: US$8.7 million (R$26.2 million). The contract between ANEEL and Expansion was signed in December 2002 and it will be valid until December 2032. According to the contract, the lines should start operating within 28 months of signature (expected April 2005).   The project reached financial closure in April 2004 when the Brazilian Development Bank, BNDES, approved a financing package of US$45.2 million (R$133 million). The total project investment is US$64.9 million (R$188 million).  In March 2010, the shareholding structure was again modified when a Chinese state – owned company, SGID, acquired the shares of Isolux, Cobra and Elecnor, which represented 75% of the shares.
Dragon Power Co., Ltd. is a wholly foreign owned enterprise headquartering in Beijing Municipality, specializing in the generation of clean energy from agricultural waste and the manufacture of equipment and systems required for such conversion.  China Dragon Base Power Technology Ltd. has 88% stake in the company and Citibank owns the rest of the share. The company was created in 2004 and had more than 13 biomass power plants in operation across China, mainly distributed in Hebei and Shandong provinces, with a total installed capacity of 30 MW and seven under construction in 2007. The registration capital of the company is US$ 181 million.
In  July 2004, the municipality of Jangada, in the state of Mato Grosso, Brazil, awarded a 30 year rehabilitate, operate and transfer contract for its water and sewage infrastructure to private operator Aguas de Jangada. In 2004, the town of Jangada had a population of 2,946.   Aguas de Jangada was a special purpose company owned by Brazilian company Brasil Central Engenharia (Grupo Dias). In 2012, Aegea (subsidiary of the Brazilian company Equipav) acquired the project company along with another 15 water and wastewater concessionaries that were operating in the state of Mato Grosso and belonged to Grupo Dias. The ownership of all these companies were transfered to a newly created holding called Nascente do Xingu, itself a wholly-owned subsidiary of Aegea.  The concession was awarded through an open competitive tender. No information was available on the number of final bidders. Aguas de Jangada committed to invest US$ 0,3 million (BRL 1 million) over the concession’s lifetime.
Hidroenergia del General (HdG) was a special purpose company created to develop a 40 MW hydropower plant that would generate and sell electricity to Costa Rica’s Instituto Costarricense de Electricidad (ICE ) through a 20 year power purchasing agreement. The build, own, operate (BOO) project was located in the Sarapiqui region of the Heredia province.   The main shareholders of HdG were local companies Hidroelectrica Platanar (HPSA, 70%), Saret Energy Systems (10%), and US-based Oxbow Power Corporation (20%).  Financial closure for the project was reached on May 10th 2004. Trinidad & Tobago-based bank RBTT Merchant Bank Limited loaned HdG $57 million in the form of a senior secured note. The senior secured note was due in 2019 and charged an interest rate of Libor plus 5%.   The total cost of the hydroelectric plant was projected to be $80 million. In January 2005 GE Energy delivered and began installing two 21MW turbines and two 23.5MVA generators for HdG. The turbines were fabricated in Norway and the generators in Brazil. In January 2005 the hydro plant was 33% complete. Commercial operation was scheduled to begin in July 2006.
In 2000, Sociedade de Desenvolvimento de Corridor de Norte (SDCN) signed 15 year concession contract with CFM (Mozambique's Port and Railway Administration) to manage Mozambique's Nacala Port and Railway. The concession included rehabilitation of the 77 km section of the line between Cuamba and the border of Malawi at Entre Lagos, infrastructure improvements for Malawi to improve drainage and reduce line interruptions during annual rains and refurbishment of the Nacala Port. The concession was part of the larger Nacala Corridor project, which was developed to connect landlocked Malawi and Zambia to the port of Nacala, to facilitate trade and to provide a direct route to transport essential food aid to famine-stricken regions. Central East African Railways Company (CEAR), created by SDCN (51%) and CFM (49%), was awarded a 20 year lease contract by Malawi Privatization Commission to manage Malawi Railways and began operations on December 1,1999.  SDCN (51%) and CFM (49%) created Corredor De Desenvolvimento do Norte (CDN) or North Development to execute the project. SDCN in turn was a consortium formed by Railroad Development Corporation (RDC) (USA), Edlow Resources Limited (ERL) (Bermuda), Manica Africa (Pty) Ltd (Mozambique) and other private Mozambican investors.   The implementation of the project was delayed until funding could be guaranteed by Overseas Private Investment Corporation (OPIC). In June 2003, OPIC signed an agreement with SDCN and pledged US$29.6 million to finance the project. Of the US$ 29.6 million by OPIC, US$ 12.3 million was used to rehabilitate the railway in Malawi and the rest (US$ 17.3 million) was used to rehabilitate and upgrade Nacala port and railway in Mozambique.   CDN paid an entry fee of US$ 2 million to the conceding authority, Government of Mozambique (GoM) – US$ 1.5 million for the Nacala rail system and US$ 0.5 million for Nacala port system, and made an initial capital investment of US$ 3 million. According to the lease agreement, for the rail system, CDN’s annual fixed fee schedule was as follows - US$ 1.5 million for years 2-5, US$ 2 million for years 6-10 and US$ 3 million for years 11-15. In addition to the fixed fee, CDN also had to pay variable fee for the rail system - 5% of annual turnover for years 1-5, 7.5% of the annual turnover for years 6-10 and 10% of annual turnover for years 11-15. For the port system, CDN paid a fixed annul fee of US$ 0.5 million for years 2-5, US$ 1.5 million for years 6-10 and US$ 2 million for years 11-15. The variable fee schedule for the port system was as follows - 5% of annual turnover for years 1-2, 10% of annual turnover for years 3-5, 12.5% of the annual turnover for years 6-10 and 15% of annual turnover for years 11-15.  CDN took over Nacala Port and Railway on January 10, 2005.
In May 2004, a local private company Shanghai Qingyue Investment Development Co. Ltd. signed a 23 year agreement to build and operate a sewerage treatment plant in Suining County, Jiangsu Province. The plant capacity was 20,000 cubic meters per day.   Shanghai Qingyue Investment Development Co. Ltd. invested RMB 40 million (US$ 4.83 million) in the plant and owned 100% of the project.
The government of Venezuela awarded a 20-year contract to rehabilitate and operate the Margarita General Santiago Marino International Airport. The airport is located in the Nueva Esparta state and is the major gateway to Margarita Island. The award of the contract follows the cancellation of a previous concession for the airport; operator Consorcio CVA failed to meet contractual obligations and had their concession canceled in 2002. A strategic alliance was signed in April 2004 with between the consortium and the government to enable the airport to receive international flights as well as chartered flights.   The works will cover upgrading the terminal and handle the estimated 1.5 million passengers per year. Total project investment of US$34 million will be spent on the works and management.  Swiss-Chilean consortium Unique IDC, comprising Gestion de Ingenieria IDC and Unique Zurich Airport, holds the new concession.   In June 2005, the government took control of the airport facilities. In July 2005, this decision was appealed to a tribunal and the judged ruled in favor of Unique IDC. On December 30, 2005 the government again took control of the airport to execute an audit and maintained posession of the facilities in 2006.
In 2004, Ranks Telecom Limited (Rankstel) was awarded a license by Bangladesh Telecommunication Regulatory Commission (BTRC) for the provision of fixed telecommunications services in four of five zones in Bangladesh namely – North-West, North-East, South-East, and South-West. This new license directly followed BTRC’s decision to introduce competition in the fixed line sector and thus ending the long standing monopoly of Bangladesh Telegraph & Telephone Board (BTTB). Private operators like Rankstel were seen as key to improving the very low tele-density in Bangladesh.  Rankstel began commercial operations in May 2005 with country's southeastern and northeastern regions.  In 2007 Ranks contracted with Ericsson to supply its MINI-LINK PDH microwave radio solution in order to expand its network coverage. In 2007, Ranks was awarded the Nationwide PSTN license by the Bangladesh Telecommunication Regulatory Board.  Operator's license was suspended after Illegal VoIP activity. RanksTel won back approval from the telecom regulator on 17th July, 2011 to resume operations after a 16-month shut-down.
In May 2004, Panriver Investment, a subsidiary of Hong Kong based Panva Gas Holding Ltd, acquired 90% of stated-owned Sichuan Pingchang Gas Company for an undisclosed amount from the local government. The remaining 10% was owned by state-owned Construction Investment Development of Kiangkou city.  As part of transaction, Sichuan Pingchang Gas Company was renamed as Pingchang Panva Gas Company and was granted a 30 year concession to build and operate the natural gas pipeline network in Pingchang county. Total investment was RMB 8 million. The county was part of Bazhong city in Sichuan province, and had a population of 890,000.  Hong Kong based Panva Gas Holding Ltd was a publicly traded company in the Hong Kong stock exchange and was principally focused on commercialization of natural gas and liquefied petroleum in China mainland.
On April 1, 2004, Bollore Group started to operate the Port of Vidri in Abidjan, under a 15 year lease contract, with a possible 10 year extension. Award and financial closure date were unknown.   Under the contract, existing assets remained in government hands and were handed over for free to the private operating company, "Société d’Exploitation du Terminal de Vridi" (SETV). SETV agreed to pay an annual redevance of 3.5 million Euros (US$4.8 million) in addition to a variable part based on the volume transported. SETV was legally responsible of all necessary investments during the lease period. The private operator was in charge to set tariffs and to decide of services proposed.  According to the private operator, 18.7 million Euros (US$22 million) were invested between April 2004 and January 2005.   In 2011, the European Commission authorised Ivorian company Socimac and Bollore of France to merge, to exercise joint control over SETV. In 2011, SETV in Abidjan handled 530,000 TEU. In 2012, the government of Cote Ivoire suggested that Bollore opened up its terminal to its competitors.
Arkay Energy Power Project Limited (AEPPL) developed a 60 MW combined cycle power plant on build own and operate (BOO) basis in Valathur village, in the Ramnad district of Tamil Nadu. AEPPL was to sell power to Tamil Nadu State Electricity Board under a ten year power purchase agreement (PPA), that was signed in May 2002.  AEPPL achieved financial closure in January 2004. The total project cost was estimated at Rs 25,400 lakhs (US$ 56.05 million). Power Finance Corporation funded the project through term loans. GEA India was awarded the US$ 30 million engineering, procurement and construction contract for the project.  AEPPL signed a ten year gas supply agreement with Gas Authority of India Limited to secure the necessary natural gas fuel to power the plant.  The project was expected to begin commercial operation in May 2005.
In May 2004, Aguas de Vera Abastecimento e Distribuicao Ltda signed the 30-year concession contract to expand and rehabilitate the water and sewerage systems of the city of Vera (state of Mato Grosso). No information was available regarding the private sponsor´s investment commitment and the bidding criteria for this concession contract. The concession contract envisaged a guaranteed payment to the private sponsor of US$ 26 million (BRL 76.5 million) over the life of the concession, which was the value of the estimated tariff revenues. The city had a population of 10.8 thousand in 2004.  Aguas de Vera was established as a wholly-owned subsidiary of Brasil Central Engenharia Ltda (Grupo Dias). In 2012, Aegea (subsidiary of the Brazilian company Equipav) acquired the project company along with another 15 water and wastewater concessionaries that were operating in the state of Mato Grosso and belonged to Grupo Dias. The ownership of all these companies were transfered to a newly created holding called Nascente do Xingu, itself a wholly-owned subsidiary of Aegea.
The transmission project comprises one 230 KV transmission line from Uruguaiana substation to Santa Rosa substation (Rio Grande do sul State). In total the line will connect four substations being approximately 389 KM long. The project comprises building and operating the line, and expanding four substations.   The project is located in the west region of Rio Grande do Sul, extending from the southwest to the northwest and cutting the state from south to north. It will connect and expand four substations that already exist and are owned by other electric utility companies: Uruguaian (operated by AES Uruguaiana), Macaramba (CEEE), Santo Angelo (Eletrosul), and Santa Rosa (CEEE). The transmission line will pass through 13 municipal districts.   The company responsible for the project, Sul Transmissora de Energia Ltda (STE), is a special purpose corporation created to build the Uruguaiana-Santa Rosa transmission line and to expand the four substations. In 2003, ANEEL, the Brazilian regulator for the electricity sector, authorized ASA Investment AG (a subsidiary of Abengoa) to transfer 49.8 percent of its shares to STE to Control y Montajes Industriales Cymi SA (a subsidiary of ACS Group (Actividades de Construccion y Servicios). The two companies share control of STE.   ANEEL, the Brazilian independent regulatory agency for the electricity sector, offered through public bid the concession for the line in August, 2002. ASA Investment AG was the winner offering the lowest price for an annual revenue in exchange for the electricity transmission services: US$12.9 million (R$25.8). The contract between ANEEL and STE was signed in December 2002 and it will be valid until December 2032. According to the contract, the lines should start operating within 20 months of signature.   The project reached financial closure in May 2004 when Brazil's National Development Bank, BNDES, approved a financial support worth US$52.5 million (R$146.1 million) to STE for the installation of the transmission line between Uruguaiana and Santa Rosa. the amount approved by the Bank represents 70 percent of the total investments.
In June 2004, Panriver Investment, a subsidiary of Hong Kong based Panva Gas Holding Ltd, acquired 100% in Dayi Gas Company for US$1.57 million (RMB 13 million) from the Finance Bureau of Daya County, Sichuan province. As part of the acquisition, Dayi Gas Company was renamed Dayia Panva Gas Company and was granted a 50 year exclusive concession to operate pipe natural gas pipe business in Daya County. The county had a population of 500,000 and an area of 1,548 squared kilometers, located near the city of Chengdu, the capital of Sichuan province.  Hong Kong based Panva Gas Holding Ltd was a publicly traded company in the Hong Kong stock exchange and was principally focused on commercialization of natural gas and liquefied petroleum in China mainland.
The Brazilian government, under the power regulator Aneel, awarded a greenfield build, own , and operate contract for a transmission line in Brazil’s eastern state of Minas Gerais. The project company, Companhia Transleste de Transmissão will transmit power through the concessional period of 30 years. The line will connect the areas of Montes Claros and Irape. The Transleste II project was one of 7 transmission concessions awarded by Aneel in 2003-2004; all lines cover 1,787 km and will include investment of US$614 million. Aneel was prompted to release the bids after Brazil's National Privatization Council (CND) issued a resolution in June 2003 calling for 7 groups of transmission concessions.  The greenfield build, own, and operate contract was awarded by Aneel in November 2004. The contract was signed by the winning consortium comprising federal generator Furnas Centrais Electricas (Furnas - 24 percent), Companhia Energetica de Minas Gerais (Cemig - 25 percent), Alusa (41 percent), and Orteng Equipamentos e Sistemas (10 percent). The consortium paid US$3.74 million for the right to operate the line and the substations. The winning consortium was selected on the basis of offering the lowest transmission tariff.  Total project financing of the US$40 million project was provided by the sponsors in November 2004 with support from BNDES.   The Transleste II project was expected to start operations 18 months after the contract signing – approximately May 2006. When completed, the 150-km line will pass through the municipalities of Berilo, Virgem de Lapa, and Aracuai. Operations commenced in 2007.
In February 2002, the consortium of the Spanish companies Elecnor and Isolux SA was awarded in a competitive bidding process organized by the regulatory agency ANEEL the contract to build and operate a 181-km transmission line located in the state of Sao Paulo (Tijuco Preto – Cachoeira Paulista). Besides this consortium, three other companies took part in the contest: Instalaciones Inabensa S/A (Spain); Earth Tech Brasil Ltda (Brazil); and Consorcio SA-Tijuco (SCHAHIN Engenharia Ltda-50% e Companhia Tecnica de Engenharia Eletrica-50%, both from Brazil).  The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. The sponsors presented the lowest offer, a total value of US$ 9.5 million (BRL 27.8 million), 11.99% below the ceiling set by the regulatory agency. The contract was signed in December 2002, and the sponsors created the company Cachoeira Paulista Transmissora de Energia to lead the project during the 30-year contract period. In December 2003, the Spanish company Cobra entered in the partnership, such that each sponsor held a third of Cachoeira Paulista Transmissora’s shares. In March 2010, the shareholding structure was again modified when a Chinese state – owned company, SGID, acquired Cachoeira Paulista Transmissora de Energia and other transmission projects from Plena Transmissora de Energia (Isolux, 33,3%; Elecnor, 33,3%; Cobra Instalaciones y Servicios, 33,3%), which held 100% of the shares of the project company at the time the transaction took place. SGID invested US$ 1.72 billion (BRL 3.1 billion) in the acquisition of Plena Transmissora de Energia.  The sponsor committed to invest US$ 80 million in the transmission line. In 2004, MIGA approved a US$ 17.94 million guarantee to Elector for a US$ 18.9 million loan guarantee the company had issued to Cachoeira Paulista Transmissora. In 2005, MIGA approved other guarantees to the sponsors for their equity investment in the project: US$ 6.7 million to Isolux; US$ 6.9 million to Cobra; and US$ 1.8 million to Elecnor.  Construction works began in the second semester of 2003 and were concluded in November 2004.
In September 2004, Danish port operator APM Terminals, a wholly-owned unit of AP Moller-Maersk, entered into a 50 year agreement with state-owned Xiamen Port Group to deveolp the Xiamen Songyu Container Terminal on China's east coast.  Construction began immediately on 70 hectares of land to build three berths on 1.24 km of quayside with depths of 17 meters by December, 2006.  APM Terminals committed to invest 1.5 billion of the estimated 3.016 billion yuan total cost in the 50-50 joint venture.     Xiamen port was the mainland’s sixth largest container port and handled approximately 20 million tonnes of cargo, including 1.4 million teu from January to June of 2004.  The port had planned to invest a total of Yuan 10 billion to 14 billion over 2004-2010.
In 2004, Aggreko Plc was awared a rental contract to supply 14MW for peak production and to allow for scheduled maintenance of SEEG’s hydro-dams.   As of June 2007, the 14MW power plant was still operational due to the continued lack of hydro-power in country.
In October 2004, Panriver Investment, a subsidiary of Hong Kong based Panva Gas Holding Ltd, acquired 100% stake in Cangxi Natural Gas Company for US$6.28 million (RMB 52 million) from the municipal government of Cangxi, Sichuan Province. With that transaction, Cangxi Natural Gas Company was renamed Cangxi Panva Gas Company.  Cangxi Panva Gas Company was granted a 30 year exclusive concession to operate pipe natural gas pipe business in Cangxi city, which had 2,330 square kilometers and a population of 780,000 comprising 200,000 households.  Hong Kong based Panva Gas Holding Ltd was a publicly traded company in the Hong Kong stock exchange and was principally focused on commercialization of natural gas and liquefied petroleum in China mainland.
In November 2004, a US company Hans Technologies signed a 25 year agreement to build and operate a sewerage treatment plant in Zhenyuan County, Guizhou Province. The plant capacity was 20,000 cubic meters per day.   Hans Technologies invested RMB 51 million (US$ 6.16 million) in the plant and owned 100% of the project.    Construction of the plant commenced in November 2004. Phase one of the plant came into operation in 2006 and phase two would be completed in 2010.
In 2003, the Government of the Estado de Mexico awarded a 30 year contract to build, operate and transfer a toll road that links four radial highways and circumvents Mexico City to Concesionaria Mexiquense SA de CV (Conmex). The Circuito Exterior Mexiquense was a 152.7 km long four-lane toll road that bypasses Mexico City in the North and East, connecting four highways from Mexico City to Queretaro, Pachuca and Puebla. The project was set to be developed in four phases: The first was a 52.7 km road between Jorobas and Penon; the second was a 37 km road between Texcoco and Chalco; the third was 19 km and connected Tultepec with Lago de Guadalupe; the fourth phase was 44 km long linking Chalco and Nepantla.  Conmex was formed by Obrascon Huarte Lain (Grupo OHL – 74.55%) and Compania Espanola de Financiacion del Desarrollo (Cofides – 25.45%).  The total cost for the four phases of the project was estimated at US$761.5 million (8,581 million pesos). The first phase of the project had an estimated cost of US$352 million (3,970 million pesos) and reached financial closure in October 2004. BBVA-Bancomer, Banco Nacional de Obras y Servicios Publicos (Banobras –Mexico’s National Bank of Public Works and Services) and Instituto de Credito Oficial (ICO –Spain’s export credit agency) provided in equal parts a US$205 million (2,310 million pesos) credit facility in local currency to for the first phase of the project. The remaining US$147 million was being financed by Conmex’s shareholders.   Construction for the first phase began in 2004 and in November 2005 it began operating. According to the contract, construction of the remaining phases was to be triggered by meeting pre-specified traffic levels in the operating toll road.   In June 2009, OHL cloased a 12 billion pesos loan to refinance existing debt and finance phases II and III of the road. BBVA contributed Ps2.5 billion, Banorte Ps2 billion, ICO Ps1.876 billion, Santander Ps1.625 billion, and Banobras Ps4 billion. The 15-year debt was oversubscribed. 5.5 billion was OHL's equity contribution. The total investment cost of phase II and phase III was approximately US $400 million.
Maharashtra State Road Development Corporation (MSRDC) awarded a 15 year concession to Ideal Road Builders Private Limited (IRB) to operate, toll and maintain both the Mumbai-Pune Expressway (MPEW) and National Highway 4 (NH4).Ideal Road Builders Private Limited (IRB)created Mhaiskar Infrastructure Private Limited to implement the project.  MSRDC handed over both the roads to IRB in August 2004 for an upfront fee of Rs. 918 crore (US$ 202.56 million). The contract involved:  · Operation and maintenance of the 94 km MPEW and exclusive toll collection rights to IRB for 15 years. MPEW was a toll road when the contract was awarded.  · Upgrade of the 111 km Mumbai-Pune stretch of NH-4 to a four lane highway in 24 months.   · Operation and maintenance of NH-4 and exclusive toll collection rights to IRB. NH-4 was not a toll road when the contract was awarded. Toll collection was permissible only after the 4-lane upgrade of NH-4 was completed.   MSRDC estimated an additional expenditure of Rs 1143.40 crore (US$ 252.29) for the upgrade and operation and maintenance.  MSRDC included both roads connecting Mumbai to Pune in the contract to make the tender financially attractive to potential investors. IRB was the highest bidder at Rs. 918 crore (US$ 202.56 million). Other bidders included a joint venture between Gammon India and Ashok Buildcon, GMR infrastructure, Viva Highways and Viva Infrastructure Pvt. Ltd., and a joint venture between Shaktikumar Sancheti, Sangam India and Nidhi Mercantile.
In November of 2004, Anhui Guozhen Environmental Protection Science & Technology Co., Ltd. (GZEP) won a 20-year concession contract for two water treatment plants in Changsha, capital of Hunan province, with a total capacity of 140,000 cubic per day following an international tender with 19 total bidders.   To implement the contract, GZEP, together with the state-owned Sichuan Zhongkecheng Environment formed a joint venture project company.  GZEP was a private Chinese company from Annui province.  Exact shares in the JV were not known.    The JV agreed to pay US$29.88 million for the assets.
In August 2004, a local private company Dalian Dongda Environmental Engineering Co. Ltd. signed a 20 year agreement to build and operate a sewerage treatment plant in Dalian City, Liaoning Province. The plant would be developed in three phases and the total design capacity was 140,000 cubic meters per day.   Dalian Dongda won the project through open bidding. It invested US$ 5 million in the plant and owned 100% of the project.    The construction of the plant commenced in August 2003.
Eco Power was listed in the CDM documentation as the principal developer of the 2.24MW Atabage and 1.14MW Kolapatana run-of-river small hydropower plants. Atabage is located in Gampola. Kolapatana is located in Nawalapitiya. Both are in Kandy District, Central Province. Kolapatana utilized 1 Francis turbine, and 1 Turgo turbine. Atabage utilized 1 Francis Turbine.   According to CDM documentation, Kolapatana was expected to be commissioned in August 2006. Atabage was expected to be commissioned in November 2004. The output was sold to the Ceylon Electricity Board.   Total cost was unknown, but estimated at US$1 million/MW (conservative), US$3.4 million. The project applied for UNFCCC CDM financing, together with Upper Watawala, Agra Oya, and Galatha Oya. All reported separately. Financial closure date was unknown, but ESTIMATED was November 2004, commissioning of Atabage.  The coordinates are: Kolapatana: N 6° 59.75’ E 80° 36.00” Atabage: N 7º 08.39’ E 80º 36.31’
In June 2004 the municipality of San Luis Potosi, Mexico, awarded a 20 years build, operate, and transfer contract for a wastewater treatment plant to private consortium consortium Aguas de Reuso del Tenorio SA. The project included the construction (two year duration) and operation (18 year duration) of a plant with a capacity of 1050 liters of water per second in primary processing and 450 liters in secondary advanced processing in the city of San Luis Potosi, the capital of the state bearing the same name. The plant was expected to cover 60 percent of the city’s sewage treatment needs.  The consortium Aguas de Reuso del Tenorio SA won the contract for the $342 million (Euro 263 million) project through a competitive bid. The consortium was comprised of French company Suez (41 percent under their subsidiary Degremont), Japanese group Sumitomo Corporation (39 percent), and Mexican engineering firm Prodin (20 percent).  Project financing for the $315 million (Euro 263 million) project was provided by subsidies from the Mexican government covering 40 percent of the project’s costs, a loan from BANOBRAS covering 30 percent, and the consortium’s own funds for the remaining 30 percent.   The facility was designed to channel 57 percent of the water after primary treatment to a lagoon then distribute it to farmers, for agricultural uses. The remaining 43% was intended to go through secondary and tertiary treatment, making it fit for use as coolant fluid in the neighboring thermal power station of Villa de Reyes.  The plant became operational in April 2005.
In 2004 the state government of Michoacan, Mexico, awarded a 20 years build, operate, and transfer contract for a 1,200 liters per second wastewater treatment plant in the city of Morelia to a 50-50 joint venture of private Mexican companies Aquasol and Tecnologica Intercontinental (Ticsa).  The plant was expected to cost $30 million. Financing was reached with the help of the Mexican government, who provided 40 percent of the financing. The remaining 60 percent were arranged through a combination of private operator financing and loans.  Operations commenced in February 2007.  In May 2013, the Colombian company EPM acquired 80% of Ticsa's shares for US$ 113 million. The remaining 20% of the shares were held by the Mexican family Primelles.
In July of 2004, Malaysian power producer Kapar Energy Ventures Sdn. Bhd. (KEV), completed its purchase of a 40% stake in the 2,420-MW Kapar Power Station from Tenaga Nasional Bhd (TNB).  KEV, the project company which was to own and operate the Kapar plant, was originally a 100% subsidiary of Malakoff Bhd. But following the purchase of the power plant, Malakoff transferred 60% of the company to Tenaga.  This deal was agreed to in order to facilitate the divestment of Kapar, which was intended to reduce TNB’s debt burden.    Kapar was a multi-fuel thermal power station operating on three primary fuels: coal, natural gas and oil and a standby fuel, distillate, for the gas turbines.  The power plant had orignially cost TNB RM5.22 billion and had started operations in 1985.  KEV began operations on July 1, 2004. Tenaga had a 25-year PPA agreement with Kapar.   The total cost of the stake was about 4.6 billion ringgit (approx. US$1.1 billion) of which RM4.2 billion was the purchase prive and the balance was for various short-term operational needs of KEV.  In June of 2004, KEV closed on a RM3.4 billion Islamic bond issue, comprising RM3.4 billion of notes issuance under the Syariah Principle of Bai' Bithaman Ajil (BaIDS) and RM200 million of Murabahah working capital facility. The BaIDS was supported by the issuance of primary and secondary notes in bearer form. There was to be 29 tranches of notes with maturities ranging from one to 15 years. AmMerchant Bank and RHB Sakura were the lead arrangers for the fully-underwritten bond issue. Other arrangers included KAF Discounts Bhd, Malaysian International Merchant Bankers Bhd and Bank Muamalat Malaysia Bhd.
Hemavathy Small Hydro Project was a 24 MW, two phase, mini hydro plant located at the foot of Hemavathy Dam (Built in 1984), Gorur Village, Hassan District, Karnataka, India. The project was developed on build operate and transfer (BOT) basis by Hemavathi Power & Light Pvt Ltd., which was acquired by Greenko Energies Pvt. Ltd. Hemavathi Power & Light Pvt Ltd signed  a 15 year PPA with with KPTCL/ CESCO, a state government owned power utility company.   There was not information on the total cost of setting up of the project, but the acquisition priced paid by Greenko Energies Pvt. Ltd. was US$32.8 million. The project became operational in 2004.
In March 2004 the local government of Carlinda, in the Brazilian state of Mato Grosso, awarded a 30 year concession contract for water and sewage services in the municipality to private operator Aguas de Carlinda. The company was to serve a population of 6,000 and invest some $0.03 million (R$0.14 million) in infrastructure development. All investments were to be completed by the end of 2010.  According to the Brazilian agency for private concessionaires in the water and sewage sector (ABCON) Aguas de Carlinda was owned by local firm Perenge Engenharia.   In 2012, Aegea (subsidiary of the Brazilian company Equipav) acquired the project company along with another 15 water and wastewater concessionaries that were operating in the state of Mato Grosso. The ownership of all these companies were transfered to a newly created holding called Nascente do Xingu, itself a wholly-owned subsidiary of Aegea.
Nandi Infrastructure Corridor Enterprises LTD. (NICE) undertook the Bangalore-Mysore Infrastructure Corridor Project (BMICP) on a 30 year build-own-operate-transfer (BOOT) basis. The scope of BMICP involved construction of the 111 km Bangalore-Mysore expressway, a 41 km peripheral road linking NH4 and NH7, a 9 km link road, a 3 km elevated road, 16 interchanges and five townships along Bangalore-Mysore expressway. BMICP was conceived to fight the traffic congestion in India’s IT capital of Bangalore by providing entrepreneurs an opportunity to move capital and investments to cities outside Bangalore and to townships along the Bangalore-Mysore expressway. The project was delayed by 9 years due to several political and legal roadblocks.  NICE was a special purpose company jointly promoted by India’s Kalyani Group and US based firms Vanasse Hangen Brustlin Inc. and SAB International Ltd. However, there was no public information on the shareholding structure of NICE.  NICE planned to implement the project in three phases over 13 years. The first phase comprised of the 41 km peripheral road, 12 km of the Bangalore-Mysore expressway (BME) up to Bidadi, 9 km link road connecting the expressway to State Highway 17, development of interchanges at Hosur Road, Tumkur Road and Link road, and the first township.  The total cost of the entire project was estimated at US$ 485.4 million. The first phase estimated at US$ 185.3 million reached financial closure in March 2004. The project sponsors invested US$ 79.4 million and the balance was raised as debt from Punjab National Bank, ICICI Bank, Bank of India, LIC and HUDCO among others.  Construction on the first phase began in May 2004 and was expected to be operational by December 2005.   As of December 2005, operational and financial negotiations were still underway for subsequent phases but nothing conclusive had emerged.
In February 2004, Peru's government signed a 30-year lease contract for the 130-MW Yuncan hydroelectric project with EnerSur, the local subsidiary of Belgian energy company Tractebel, which was in turn owned by the French company Suez.  The project had been repeatedly delayed due to protests in the Pasco region where the plant was to be located.    The total estimated investment in the project was about US$262 million, of which the Japan Bank for International Cooperation (JBIC) was financing 75% and the Peruvian government 25%.  State power company Empresa de Generacion de Energia Electri ca del Centro SA (Egecen) was building the plant but had to stop work in April 2003 after the government ran out of cash to finance its 25%.  The state turned to the private sector to help cover the remaining construction costs of the project.  Work restarted in June 2003 and the plant was 85% complete towards the end of 2004.  Egecen was scheduled to transfer the project to EnerSur upon completion of construction and tests in June 2005.  EnerSur paid a total of US$205 million for the 30-year lease contract for the plant. This was composed of US$57.6 million upfront contract right to be paid in full by July 30, 2005, as well as US$124.5 million use right to repay the debt contracted by the Peruvian state to the JBIC and US$23 million for the Pasco Department Social Contribution.  The latter two payments were to be paid over 17 years to the government on a semiannual basis.  In May of 2004, Tractebel paid the first US$27.06 million installment for the contract.  The state guaranteed a refund of the advanced payments if the contract was rescinded for failure to deliver the plant within the maximum term established.    EnerSur was the only bidder for the project after the other pre-qualifiers, Norway's state power company Statkraft and US-based PSEG, declined to take part in the auction. Under the usufruct agreement, EnerSur had the exclusivity to operate the plant and sell the energy it generated, most of which was to be supplied to the wholesale market.    Yuncan was powered by the Paucartambo and Huachon Rivers.  The catchment area was greater than 1,300km², and the reservoir's total volume was 63,000m². The project involved the construction of two intake dams (one floating, one concrete-gravity), a 29km waterway and a 130MW underground Hydroelectric Center that was to use three 44.5-MW generators. There was also to be 50km of 220kV transmission lines and associated substations between Yuncan and Carhuamayo to connect to the national grid.  In February 2006, the power plant was commissioned and commenced operations.
In October of 2004, Veolia Water, the water division of Veolia Environnement, was awarded a 22-year concession contract for the operation and expansion of an existing drinking water facility in the eastern city of Weinan, Shaanxi province with a population of 300,000.  Following the expansion of the plant, capacity was expected to reach 160,000 cubic meters per day.   Veolia's share in the facility was 34.3% (49% ownership in the JV with Beijing Capital, which has 70% share in the facility).
Hong Kong listed Xinao Gas Holdings Ltd (Xinao), one of the first non-state-owned city gas distributors in China, announced in March of 2004 that unit it had formed a joint venture with the Tongliao government to operate a piped gas business in Tongliao, Inner Mongolia for 20 years.  The joint venture, named Tongliao Xinao Gas Company Limited, had a registered capital of US$3 million. Total investment was RMB 30 million (US$ 3.62 million). Xinao held a 80% stake in the company while its state-owned partner owned the remainder.
In April 2004, a local private company Yintaida Group signed a 25 year agreement to build and operate a sewerage treatment plant in Shilong Town, Dongguan City, Guangdong Province. The total treatment capacity of the project was 40,000 cubic meters per day.   Yintaida Group invested RMB 50 million (US$ 6.04 million) in the plant and owned 100% of the project.
PT Citra Margatama Surabaya (CMS) was established in 1996 as a joint venture between Pt Citra Marga Nusaphala Persada Tbk (CMNP) 85% and state-owned PT Jasa Marga (15%) to operate the Surabaya Eastern Ring Road (SERR) or Waru Juanda Toll Road under a 35 year BOT contract. The 12km toll road was to run from Waru to the Juanda airport of Surabaya and be completed in four phases with respective lengths of 1.7 km, 2.9km, 3.8km and 4.4 km.   The project reached financial closure on December 28, 2004 when a loan facility was signed between CMS and Bank Negara Indonesia (BNI) for Rp 390,105,000,000 (US $43.6 million). The total project cost was estimated to be US $155.5 million. An additional loan was obtained in 2007 for approximately Rp 400 billion (US $43.7 million) through PT Bank Mega Tbk and Bank Mandiri Tbk.
In June 2004 the Columbian Department of Bolivar awarded a 20 year concession for the water and sewage systems in the towns of Arjona and Turbaco to private consortium Social de Acueductos y Alcantarillado de Colombia (CSAAC). Arjona and Turbaco had a population of 103,000 people in 2004. The private operator was to manage an investment program of 60bn pesos (US$21mn) over the 20-year concession. The Columbian federal government was to provide 45% of the investment funds, the municipalities 30% and the concessionaire 25%.   The contract was awarded following a public tender, where CSAAC was the sole bidder. The bidding process started in 2002, but was delayed until 2004. In February 2004 the ministry of environment voided the bid, but the process was later resumed. The concession contract was finalized in June 2004.  The CSAAC consortium was comprised of Mejilla y Llegas Constructores, Sicon SA, Sicon SA Servicios, Construcciones Insaca Ltda, and Sala SA ESP. The exact stakes of the shareholders were not disclosed.
Hong Kong-listed Xinao Gas Holdings Ltd (Xinao), one of the first non-state-owned city gas distributors in China, announced in August of 2004 that it had formed a joint venture with the Longwan local government to operate a piped gas business in Longwan, Zhejiang Province for 30 years.  The joint venture, named Longwan Xinao Gas Company Limited, had a registered capital of US$6 million. Total investment was US$ 32 million. Xinao held a 100% stake in the company.
Bursagaz was created to carry out natural gas distribution Bursa city in 1997. The company was a subsidiary of Botas Petroleum Pipeline Corporation, which in turn was a subsidiary of state-owned Turkish Petroleum Corporation (TPAO). Bursagaz was privatized April in 2004 when the Turkish privatization administration sold 100% stake to Calik Energy and Industry Company (Calik Holding) for US$120 million.  The company was put on the privatization scheme in September 2002 and was sold through a block sale to Calik Holding. The final price (US$120 million) resulted from a final price negotiation.  In April 2007, German energy firm EWE reached an agreement to buy 39.9% stake in Bursagaz. In Novemeber 2008, EWE acquired an additional 40.15 stake in Bursagaz from Calik Group, increasing its stake to 80%.
Hong Kong listed Xinao Gas Holdings Ltd (Xinao), one of the first non-state-owned city gas distributors in China, announced in August of 2004 that it had reached an agreement with the Shangqiu government to operate a piped gas business in Shangqiu, Henan province for 30 years.  The company, named Shangqiu Xinao Gas Company Limited, had a registered capital of US$7 million. Total investment was US$ 16.20 million. Xinao held a 100% stake in the company.
In April 2004, a local private company Chongqing Kangda Environmental Protection Co. Ltd. took over a sewerage treatment plant in Henghsui City, Hebei Province. The company would operate the plant for 30 years. The plant capacity was 100,000 cubic meters per day.   Chongqing Kangda Environmental Protection Co. Ltd. invested RMB 110 million (US$ 13.29 million) in the plant and owned 100% of the project.
This joint venture, Danyang Hong Kong and China Gas Company Limited, was established in June 2004. The project is located in Danyang City, Jiangsu Province. The Hong Kong and China Gas Company Limited (Towngas) has an 80% stake in the project and will operate and manage the joint venture for 30 years. The total investment was RMB 150 million (US$ 18.12 million).
The government of Bulgaria, through its Privatization Agency, sold a 65% stake in fixed line operator Bulgarian Telecommunications Company (BTC) to investment fund Viva Ventures. At the time of the divestiture BTC was the only fixed line operator in Bulgaria, with some 2.9 million installed connections.  The contract was awarded through a highest-offer competitive tender held in September 2002. Two bids were submitted: one from Viva Ventures and a second from a Turkish consortium of Turk telecom and Koc Holding. The winning bid was $306 million and it came from Viva Ventures, an investment fund with headquarters in Austria, Vienna. Viva Ventures was wholly owned by US based Advent International, a leading mid-market private equity investment firm with a portfolio of $6 billion invested in some 25 countries.  The partial divestiture reached financial closure in June 2004, almost two years after the initial bid was submitted. The delay was caused by widespread criticism of the deal in Bulgaria. A series of lawsuits from trade unions, the Internet society, and the center right opposition party impeded the completion of the divestiture. Local lobbyists supported the Turkish bidder and eventually got the Bulgarian government to restart negotiations with the Turkish consortium. This led to the strange situation of having two sets of initialed contracts in the summer of 2003, one with each bidder. Advent International took legal action and won 13 top court decisions in Bulgaria, but these were not enough to force the government to complete the sale. Advent next filed a complaint with the international court in Washington for some $300 million. The first hearing in the trial was scheduled for February 16, 2004. The Bulgarian government finally decided to complete the deal in February 2004, before the scheduled international court hearing. One of the major concerns with the deal was the sale price – well below the $610 million offered for 51% of BTC in 2000 by Greek company OTE and rejected by the government. To counter the criticism the government attempted to increase the sale price of BTC by granting it a GSM license. On February 20th 2004 Advent agreed to pay some $340 million (280 million Euros) for the 65% package, of which some $60 million (50 million Euros) were a capital increase. Only 20% of the $340 million was paid at the February signing, as Advent insisted the GSM license be awarded to BTC before the divestiture was completed. In June 2004 BTC was granted the GSM license and the transaction was completed.  Advent International pledged to invest at least $500 million (Euro 400 million) over a five year period in modernizing and expanding the BTC network. Over the five years the digitalization of BTC's network was to be completed. Viva Ventures has also agreed to maintain some minimal employment levels at BTC, and to organize the refinancing of BTC's long term debt. In November 2004 BTC signed a long term loan with the EBRD for 123 million Euros.  In February 27, 2005 the Bulgarian government sold its remaining 35% BTC shares on the Sofia stock exchange. It was estimated that investors bought 2,867,888 shares of BTC for more than BGN 624 million (US$416 million). The payments were made using in compensatory notes. Compensatory notes and receipts were issued in the 1990s in exchange for property, which was seized by the state during the communist rule in Bulgaria and which could not be restored to the original owners. The issuing of compensatory papers was part of the ownership restoration process, which followed the period of communist rule in Bulgaria prior to 1989.  In January 2005 BTC completed the acquisition of small analog mobile phone operator Mobikom. Mobikom had a 2.3% market share in the Bulgarian mobile phone market. In 2005 BTC launched its own GSM service - Vivacell. The company planned to gradually transfer Mobikom's customers to Vivatel. Mobikom was to be closed sometime in 2006. In May 2005, BTC was granted a 20 year license for construction of mobile 3G telecommunications systems under the UMTS standard. BTC paid  BGN 42 million (US$26.5 million for the license). BTC was divested without exclusivity or fixed line monopoly. In October 2003, exclusivity rights for the provision of local, national and international fixed line voice as well as leased lines were removed by the telecommunications act.  In August 2007, U.S. AIG Investments, though its company AIG Capital Partners, Inc. acquired 90% in BTC from Viva Ventures Holding and from minority shareholders after it received the relevant approval on the part of the European Union and other regulatory authorities.  In January 2009, BTC announced the merger with its subsidiary BTC Mobile (Vivatel). In September 2009, BTC and Vivatel united into a new brand - Vivacom.   Via the acquisition of all voting shares held by the public as well as Golden shares with special voting rights held by the government, Vivacom established itself as the sole shareholder of the company on 21 October 2013. It was subsequently delisted from the Bulgarian stock exchange.
In April of 2004, Northwind Power Development Corp. (Northwind began construction of a 25-MW wind power project in Bangui Bay, Ilocos Norte, paving the way for the Philippines to become the first producer of wind power in Southeast Asia.  Northwind was to invest over P2 billion (US$38 million) for the project, which was expected to be finished by the end of 2004.  The project was part of the federal government's plan to increase the harnessing of wind power for electrification of off-grid rural areas.  Dutch firm Vestas Wind Systems provided the wind turbines which were to harvest the breezes from the South China Sea using 15 giant wind turbines, each standing 70 meters tall with rotor blades spanning 40 meters.  The government leased the four-kilometer (2.5-mile) stretch of shoreline on which the turbines were installed to Northwind for a 25-year period, which was renewable for an additional 25 years.   Northwind was a consortium of Filipino investors (60%) and Niels Jacobsen of Denmark (40%).  Northwind was to sell power generated from the project to Ilocos Electric Cooperative (Ineco) under a 20-year PPA.   This first phase of the wind farm project was funded by the Danish International Development Agency (Danida) in March of 2004, through a US$29 million subsidized loan payable in 10 years.  Northwind provided an additional US$9 million through foreign bank ABN Amro and the Philippine Export-Import Credit Agency provided the guarantee.  In October 2007, Northwind tapped Danida for an additional loan of US$13 million to fund a second phase expansion of the facility. The expansion, which added 5 wind turbines and an additional 8 MW in generation capacity, was commissioned in September 2008.    In February 2011, the Philippines' Ayala Corporation acquired a 50% stake in Northwind Power, through its 100%-owned subsidiary Michigan Power. With the initiation of FiT in Philippines, Bangui was the first plant to benefit after years of issues regarding tariff. Northwind received P9.30 per kWh.
In August 2004, Heshan Power Company Limited was established by the employees of Badong County Power Company to build and then operate the Qiaohe Cascade One Hydropower Plant in Badong County, Hubei Province. The total investment was 36.32 million Yuan (US$ 4.39 million). The capacity of the project was 6.4 MW.
In December 2003, the Guayaquil Airport Authority (AAG) awarded a 15-year concession to build, rehabilitate, operate and transfer the Guayaquil International Airport to Terminal Aeroportuaria de Guayaquil SA (TAGSA). The project stipulated that TAGSA had 29 months from the signing of the contract (February 2004) to complete expansion works that included a new international terminal with capacity for three million passengers per year, a cargo terminal and a control tower as part of an investment plan to regain the airports' status as a category 1 airport. Works also included the repair of the existing runway and construction of an internal bus road linking the national and international terminals. Construction began in mid 2004 and was expected to be finished by July 2006.  TAGSA was formed by the New York based American International Airports (AIA), Argentina’s Corporacion America SA (CASA) and the local Deller Group.    The project cost was estimated at US$80 million.   The contract was awarded thorugh a competitive tender in which the bidding criteria was  the highest percentage of gross income to be paid to the government. TAGSA won by offering 50.5%; the consortium formed by Hidalgo & Hidalgo and Aena offered 35.57%, and a consortium of Agunsa and Odebrecht 29.12%. AAG established a minimum bid of 20%. Income at the airport was expected to be about US$20 million, which means Corporacion America will pay around US$10 million annually.  In 2008, the contract was extended until 2024.
Beihai Xinao Gas Company Limitedwas established in Juen 2004 by Xinao Gas Holdings Limited, which holds a 100% stake in the project. Xinao has exclusive rights to produce and supply LNG in Beihai City, Guangxi Province for a period of 30 years. The project will be operated by Beihai Xinao Gas Company Limited, a wholly-owned subsidiary of Xinao Gas. The total investment was RMB 350 million (US$ 42.27 million). The construction commenced in June 2004 and as of December 2005, the first phase (RMB 150 million) came into operation.
In December of 2004, Keppel Integrated Engineering (KIE), a wholly owned subsidiary of Singapore based Keppel Corporation, purchased a 25% stake in Guangzhou Baiyun Airport Facilities Management and Operation Company for RMB 5.05 million.  The remainder of the JV was to be held by state-owned Guangzhou Baiyun International Airport Ground Handling Service Company, a subsidiary of Guangzhou Baiyun International Airport (GBIA).  The airport officially opened in August of 2004 and was expected to handle up to 25 million passengers and one million tonnes of cargo a year.     The joint venture had a 15-year contract to provide operations and management services to the airport's aero- bridges, escalators, travellators and elevators, as well as the air-conditioning, baggage handling and building management systems.  Keppel, a conglomerate with interests in marine engineering and property, was partly owned by the Singapore government and provided operations and management services at Singapore's Changi International Airport.
The project company, Fosan City Shunde Hong Kong and China Gas Company Limited, was established in September 2004. The project is located in Foshan City, Guangdong Province. The Hong Kong and China Gas Company Limited (Towngas) has a 100% stake in the project and will operate and manage the joint venture for 40 years. The total investment was RMB 442 million (US$ 53.38 million).
In January 2004 the local government of Matao, located in the Brazilian state of Sao Paulo, awarded a 30 year Build-Own-Transfer contract for a sewage treatment plant in the municipality to local private company Companhia Matonense de Saneamento. The treatment plant was designed with a capacity to process sewage from 120,000 people.  Companhia Matonense de Saneamento (CMS) was awarded the Greenfield contract after winning a competitive tender. No details were known on the number of bidders or decision criteria. According to the Brazilian association for private water sector operators CMS was owned by a holding of local companies MBP, Branco Peres and Emissão.  Investments in the treatment plant were expected to reach some $4 million (R$ 12 million). The construction phase was completed in 2005.
The Government of Andhra Pradesh (GoAP) mandated Andhra Pradesh Industrial Infrastructure Development Corporation (APIIC) to develop  a bulk water supply project to serve the needs of the industrial areas and residential users of the town through a Public Private Partnership (PPP) in 1997.   A Special Purpose Company Visakhapatnam Industrial Water Supply Company Limited (VIWSCo) was set up for the development and implementation of the project on a Build,Own,Operate and Transfer (BOOT)basis. Larsen and Toubro Ltd. (L&T) held the majority equity in VIWSCo (51 per cent).The balance 49 per cent equity was held by the governmental agencies namely, Andhra Pradesh Industrial Infrastructure Corporation Limited (APIIC) and Visakhapatnam Municipal Corporation (VMC).  The Concession Agreement was signed by Government of Andhra Pradesh with VIWSCo in March 2004. The VIWSP was inaugurated on 25 September 2004 and commenced delivery of water from 25 December 2004.  The project was to be implemented in two phases with investments in Phase I of Indian Rupees US$ 110.75 Million (Indian Rupees 4430 Million).  The project aims to supply about 520 Million Litres per Day (MLD) bulk water to develop industrial areas around Visakhapatnam and to domestic users in Visakhapatnam City.  VIWSCo entered into Bulk Water Supply Agreements (BWSA) with consumers for the supply of water on a take or pay basis. GoAP had to subsidize the tariffs in the initial years and created a Transition Support fund to enable VIWSCo bridge the revenue gap due to lower tariff in initial years. This subsidy was to be repaid to GoAP by VIWSCo in the later years of the concession period as VIWSCo generated  a surplus in view of the gradual tariff escalation that was planned.
The government of Ecuador, under the port authority APE, awarded a 25-year concession for rehabilitation, operation, and maintenance of the Esmeraldas Port.  In addition to managing the operation of the 700,000 ton throughput port, the concessionaire will also construct additional quays and storage facilities. The port capacity was expected to triple within three years of the contract. Nearly half of the project investment will go towards channel dredging  The concessionaire Puerto Nuevo Milenio, comprises the Hidalgo and Hidalgo (74.5 percent) and Colombia’s Grupo Portuario SA (25.5 percent). The consortium will invest 25 million over the project and will make annual payments of US$824,000 to the government. Additional payments to the government are dependent on the port’s throughput.  In September 2010, Ecuador's federal government revoked the lease of Consorcio Puerto Nuevo Milenio (CPNM)claiming that CPNM breached the original contract by failing to repair the port's main dock and by postponing its yearly dredging. CPNM had paid approximately US $10 million in state fees during its six years of operation.
In September 2004, Golden State Environment, a US registered company signed 30 year agreements to take over a sewerage treatment plant (North District Wastewater Treatment Plant) and build and operate another two sewerage treatment plants (Huaqiao Wastewater Treatment Plant and Wusongjiang Wastewater Treatment Plant) in Kunshan City, Jiangsu Province. The total treatment capacity of the project was 88,000 cubic meters per day.   The project company Kunshan Jinyuan Environmental Investment Co., Ltd. had a registration capital of RMB 80 million and Golden State Environment owned 80% of the projects.
Cambodian developer Khmer Electric Power Co. (KEP) began a 32 MW oil-fired private power plant to supply electricity to Phnom Penh.  The project was announced in September 2003, when KEPC signed an 18-year power purchase agreement for 32 MW with Electricite du Cambodge, the state-owned utility operating the national grid.  The PPA average price of US$ 8.1 cents/kWh was expected to be much lower than that from other private power plants in Cambodia.  KEP is a subsidiary of the Anco Group (Cambodia).  The project cost US$ 25 million, and financial closure was reached in February 2004.  In March 2005 construction was completed on the initial 32 MW plant, followed by the announcement of a planned expansion to 48 MW to be completed in July 2006.
In September 2002, Second Vivekananda Bridge Tollway Company Limited (SVBTC) entered into a 30 year BOT agreement with National Highways Authority of India (NHAI) to finance, design, build, operate and maintain a 6.1 km long six laned bridge across river Hoogly on NH-2, near Kolkata in West Bengal. The scope of the project included the construction of 0.88 km long bridge and six lane approaches on both Howrah (3.67 km) and Kolkata (1.56 km) with many ramps. Construction time of three years was included in the contract term of 30 years. This project formed the critical eastern link of NHAI’s  5,486 km Golden Quadrilateral Program that linked the four major Indian cities of New Delhi, Mumbai, Chennai and Kolkata.  SVBTC was a special purpose vehicle formed by Pacific Alliance-Stradec Group Infrastructure Company (PASGIC) and India’s Larsen and Toubro Limited (L&T). PASGIC had a 67% equity interest in SVBTC and the balance was held by L&T. PASGIC in turn was a consortium that comprised of infrastructure development, investment, engineering and construction firms from the US, Philippines, Malaysia, and India. The lead investor in PASGIC was Malaysia’s IJM Corporation Berhad.  The project reached financial closure in March 2004 with an estimated cost of US$ 144 million. The project cost was funded through a senior debt of US$ 89 million, NHAI grant worth US$ 27 million and US$ 28 million equity and convertible equity from the sponsors. The debt was raised by a consortium of 14 banks led State Bank of India and IL&FS Investsmart Limited on a project recourse basis.  Construction on the project began in 2004 and the bridge was expected to be operational in 2007.
The Mexican government, under the Comision Federal de Electricidad (CFE), awarded a greenfield contract to build, own, and operate and electricity generation plant in Mexico’s state of Veracruz. The project company, Electricidad Sol de Tuxpan, will generate 495 MW for consumer distribution through CFE. The project company will do this through a 25-year power purchase agreement (PPA). The PPA will go into effect upon construction completion (expected September 2006). The Tuxpan plant is located near the city of Tuxpan de Rodriguez Cano (state of Veracruz). Establishing the additional generation capacity was deemed necessary by the government of Mexico in order to meet the rising electricity demand; the addition of Tuxpan was one of several plants scheduled for 2004 onwards in order to add 25,000 MW generation capacity between 2004 and 2012.  The contract was awarded (based on a competitive tender) in December 2003 and the PPA was signed with CFE in January 2004. The winning consortium, Electricidad Sol de Tuxpan, comprises Mitsubishi Corp. (70 percent project ownership) and Kyushu Electric Power Co. (KEPCO – 30 percent project ownership). Operation and maintenance of the plant was contracted under a six year sub-contract to NAES Mexico, a subsidiary of North America Energy Services Company. This sub-contract was expected to commence upon construction completion.  Financial closure for the US$300 million project was achieved in July 2004. This was the first independent power producer (IPP) in Mexico to achieve financial closure before the start of facility construction; the six-month lag between awarding the contract and reaching financial closure was relatively fast in the Mexican energy history. Project financing was reached with sponsor contribution of 30 percent (distributed between Mitsubishi and KEPCO according to their respective project ownership), JBIC financing of 42 percent, and commercial bank loans of 28 percent. Due to the high use of commercial bank loans, JBIC issued a political risk guarantee covering 97.5 percent of the commercial bank loans.   The Tuxpan V project follows on Tuxpan II and Tuxpan III and IV projects; the sponsor composition at the time of contract signing was identical to that of Tuxpan II. The new natural-gas fueled plant is a combined-cycle plant with a capacity of 495 MW. Mitsubishi Corp. will manage the construction of the facility and a subsidiary of North America Energy Services Company (NAES Mexico) will operate and maintain the plant for the initial six years of operation. The operations and maintenance contract is between the project company and NAES Mexico.  Operations commenced in September 2006.
In September of 2004, the government of Malyasia awarded control of state-owned water distribution company Perbadanan Urus Air Selangor Bhd. (PUAS), to Syarikat Bekalan Air Selangor Sdn. Bhd (Syabas) under a 30-year concession contract.  PUAS served around 5 million customers in central Selangor state and the federal territories of Kuala Lumpur and Putrajaya, the country's most populous and industrialized areas.  In these areas, water treatment and extraction had been handled by the private companies Puncak Niaga, Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (SPLASH) and Konsortium Aliran Bekalan Air Selangor Selatan Sdn Bhd (ABASS).  However, water distribution and billing services were undertaken by PUAS prior to this project. Syabas formally took over the management of PUAS including all of its 1,500 employees on January 1, 2005 following the formal contract signing on December 15, 2004.   Syabas was 70% owned by Puncak Niaga, Malaysia's biggest water treatment company, while state-owned Kumpulan Darul Ehsan Bhd held the remainder.      PUAS had distributed 3.6 billion liters of water daily in Selangor and that amount was expected to rise by 200 million liters a day annually.  Of the total treated water supply, 42.78% was lost annually due to leaking pipes and water theft, at a cost of MYR600 million a year.  As a result, PUAS owed the three private water treatment operators, which included Puncak Niaga, a total of MYR2.23 billion in unpaid receivables as of August 31, 2004.  As part of the deal, the government of Selangor subjected Syabas to a performance-based tariff adjustment structure. Syabas was to reduce NRW to 37.78% by 2006 from 42.78% at the time of the contract signing and meet a NRW target of 27.98% by 2009, 19.98% by 2012 and 15.48% by 2015. The company also had to meet other targets as well, such as actual capital expenditure, revenue collected and amounts paid for bulk water from its suppliers. If Syabas did not meet these targets, it would not be eligible to recieve approval for tariff increases.  When Syabas did request a tariff review from the government, it was required to be backed by review documents, including statements of actual revenue and amount spent by the company in purchasing raw water.   The total planned and committed capital expenditure was RM9.57 billion (US$2.52 billion), to be spent on capital expenditure for new and replacement water supply infrastructures over the 30-year life of the concession. In December of 2004, the Malaysian government concluded a deal that gave Syabas RM2.8 billion (US$729 million) of financial support including RM1.864 billion (US$491 million) of soft loans from Bank Pertanian & Industri Malaysia Berhad, and RM905 million (US$238 million) of Federal Government funding. The capital expenditure was also to be financed by tariff increases.   In September of 2005, Syabas (Syabas) signed agreements for a facility of RM3.2 billion (US$850 million) worth of Islamic bonds with a consortium of banks including Bank Islam Malaysia Bhd, Bumiputra-Commerce Bank Bhd, Commerce International Merchant Bankers Bhd and HSBC Malaysia Bhd. The funds were to go towards capital expenditures in the Syabas Water Distribution Project over the following seven years.
Hyflux signed an agreement in October 2004 to construct the Tiantai County Wastewater Treatment Plant with a capacity of 20,000 cubic meters per day in Tiantai County, Zhejiang Province. The project was procured via competitive bidding. Hyflux would operate the facility for 20 years before transferring it back to the local government. The total investment was US$ 5 million and Hyflux owns 100% of the project.
A consortium led by UAE’s Emirates National Oil Company (ENOC) developed a bulk liquid storage terminal in Doraleh, 10 km from Djibouti Port on the Red Sea, on a build, own and operate (BOO) basis. This new terminal, with an initial capacity of 240,000 cubic meters, was built for the storage and handling of petroleum products, chemicals, vegetable oils and LPG. This terminal primarily served oil companies Shell, Mobil, Total, and ENOC, commercial and non-commercial customers including the US and French navies.  The ENOC consortium established Horizon Djibouti Terminals Ltd SAFZ (HDTL) to implement this project. DP World was also one of the promoters of HDTL. However, information on the actual stake of DP World in HDTL was not available from public sources. Further, there was no information on how this project was awarded to the HDTL.   The total cost of the project was estimated at US$ 130 million. The project reached financial close in November 2004 after Adu Dhabi Commercial Bank signed a US$ 40 million project finance deal with HDTL. DP World invested US$ 30 million in the project.   Construction of this liquid storage terminal began in July 2003. The terminal commenced commercial operations in February 2006. Further expansions were underway and the total capacity of the facility was expected to reach 340,000 cubic meters by July 2007.
This joint venture, Weihai Hong Kong and China Gas Company Limited, was established in January 2004. The project is located in Weihai City, Shandong Province. The Hong Kong and China Gas Company Limited (Towngas) has a 50% stake in the project and will operate and manage the joint venture for 50 years. The total investment was over RMB 245 million (US$ 29.6 million).
Xinao Gas Holding Limited (Xinao), one of the first non-state-owned city gas distributors in China, announced in April of 2004 that it would set up a JV with Guilin Tourist Co., Ltd. to construct and operate a natural gas pipeline. The joint venture, named Guilin Xinao Gas Company Limited, had a registered capital of US$6 million.  Xinao held a 60% stake in the company while its state-owned partner owned the remainder. Total investment was RMB 166 million.
In October of 2004, Veolia Water, the water division of Veolia Environnement, announced that it had won a 30-year concession contract for the rehabilitation and operation of a drinking water production site, including 9 treatment plants/wellfields, with a capacity of 515,000 cubic meters per day in the city of Hohhot, the capital of Inner Mongolia, with a population of approximately 2.5 million.   To implement the contract, Hohot Chunhua Water Development Co. Ltd. was created as the project company in which Veolia Water took a 51% stake while the state-owned Hohhot Chunhua Water Development Co., Ltd. held the remaining 49%.    Veolia Water invested RMB 355 million (US$42.9 million) for its stake in the project company.  The assets of the Hohhot Groundwater Plant and Hohhot Surface Water Plant were reportedly worth 450 million yuan.  The overall contract was expected to be worth around 600 million euro (US$737 million) to Veolia over the life of the contract.
Shantou Xinao Gas Company Limited is a Sino-foreign joint venture that was established in September 2004 by Xinao Gas Holdings Limited, which holds a 51% stake in the project. The total investment was over RMB 1 billion (US$ 120.78 million). The company will operate the gas piped business in Shantou City, Guangdong Province for a 30-year period.
In December 2004, Art Smart International Limited, a wholly owned subsidiary of NWS Holdings Limited singed an agreement to form a joint venture (Zhaoqing Yuezhao Expressway Co., Ltd.) with Guangdong Highway-Bridge Construction Development Co. Ltd. (25%), Zhaoqing Highway Development Ltd. (25%), and Guangdong Provincial Expressway Development Co. Ltd. (25%) to build and operate the 37 km Guangzhou - Zhaoqing Expressway located in Guangdong Province. The project includes an expressway session – Zhaoqing Gaoyao to Foshan Sanshui (48 km) and Roadway No. 321 – Zhaoqing Gaoyao to Sihui (60.37 km). The joint venture would operate the project for 33 years. The road was operational as of April 2005. The total investment was unknown.
In October of 2004, the China-based and Singapore-listed Bio-Treat Technology Ltd. announced that its wholly-owned subsidiary, True Global Limited, had secured a 25-year Build-Operate-Transfer (BOT) contract for a 200,000 cubic meters per day wastewater treatment plant in Xianyang City, Shaanxi Province. Xianyang City covered an area of 10,000 square kilometers, and had a population of approximately 4.8 million.   Bio-Treat, a private Chinese company based out of Dongguan city in Guangdong Province, was to own 100% of the project.  Construction commenced at the end of October, 2004 and was expected to be completed by December, 2006.  True Global was to receive regular recurring income payments from the local government of Xianyang City for the services of the plant wholly-guaranteed by the local government of Xianyang City for the entire 25 years.    The total estimated cost of the project was RMB288,000,000 (US$35 million) and was to be funded from the US$69.4 million in net proceeds from the share placement exercise undertaken by Bio-Treat in early October of 2004 on the Singapore stock exchange.
In August 2004, Onetel Communications Limited (Onetel) was awarded a license by Bangladesh Telecommunication Regulatory Commission (BTRC) for the provision of fixed telecommunications services in the North West (Rajshahi Division) of the country. This new license directly followed BTRC’s decision to introduce competition in the fixed line sector and thus ending the long standing monopoly of Bangladesh Telegraph & Telephone Board (BTTB). Private operators like Onetel were seen as key to improving the very low tele-density in Bangladesh.  Onetel was promoted by two Bangladeshi business conglomerates namely -  ABSCO Group and NITOL Group.  Onetel began commercial operations in early 2005. In the initial phase of the network rollout, Onetel was expected to offer CDMA voice, short-messaging service (SMS) and high-speed data access to subscribers across 16 cities in the region.  OneNet Communications Ltd. is a BTRC (Bangladesh Telecommunication Regulatory Commission) approved Nation-Wide licensed ISP (Internet Service Provider) and an ISP Division of OneTel Communications Ltd. It provides VSAT.
In September 2003, U.S. based Hans Technologies Inc. (HTI) signed a 20-year BOT Agreement with Bijie Prefecture of Guizhou Provincial Government for the Guizhou Environmental Infrastructure Project (GEIP) which consisted of 16 projects including water, wastewater, and landfill facilities for six counties of the Province.  The project was expected to benefit more than a half million people in six counties in the Western Chinese province.      The project was 100% owned by Western Water (Bijie) Corporation, a subsidiary of Western Water Corp (Hong Kong) which in turn was wholly owned by HTI (California).    The American company’s committed investment for the initial phase of the project was US$150 million towards the cost of the new treatment plants.  The inital phase of the project reached financial closure in June of 2004 when China's Construction Bank committed a loan of US$30 million, yet the first phase had been under the construction since the Grand Opening Ceremony of January 15, 2004, with the initial equity fund of US$5 million from the WWC (Hong Kong) for the local civil works through Chengdu Railway Engineering Corp, the EPC of the project.      The initial phase of the GEIP included construction of four water supply plants to be built in Dafang, Nayong, Hezhang and Zhi-jin counties in Guizhou.  The construction period for this project was initially 2 years.  By end 2005, the company had built two water plants with a daily treatment capacity of 25,000 tons and 20,000 tons of water respectively, supplying for a total of 150,000 people in two counties in Guizhou.
The project company, Linyi City Zhongyu City Gas Co., Ltd., was established in May 2004. The project is located in Linyi City, Shandong Province. Zhongyu Gas Holdings Limited  has 51% stake in the project and would operate and manage the joint venture for 30 years. The total investment was RMB 220 million (US$ 26.57 million).
In Feb 2004, Panriver Investment, a subsidiary of Hong Kong based Panva Gas Holding Ltd, and Jinan Gas Company established Jinan Panva Gas Company to develop and operate the natural gas piped network of the Western district in Jinan city’s under the 50 year exclusive concession. The Western district had a population of 600,000 with potential for 150,000 natural gas connections.  Jinan Panva Gas Company was created with a register capital of US$12.08 million (RMB 100 million) and was owned by Panva Gas Holding’s subsidiaries (51%) and state-owned Jinan Coal Gas Company. Total investment was RMB 100 million.   Hong Kong based Panva Gas Holding Ltd was a publicly traded company in the Hong Kong stock exchange and was principally focused on commercialization of natural gas and liquefied petroleum in China mainland.
Government of India (GoI) sold 432.9 million equity shares of NTPC Limited (formerly National Thermal Power Corporation) through an initial public offering (IPO) in October 2004. The IPO also included a fresh issue of 432.9 million equity shares and raised a total of US$ 1,184 million. The partial divestiture was part of GoI’s program to privatize state-run firms and to raise funds to finance capital investments. As of March 2004, NTPC had a total generation capacity of 23,749 MW through its 13 coal based (19,480 MW), seven gas based (3,955 MW) and three joint venture projects (314 MW). NTPC also offered consulting, and engineering and construction services to power utilities in India and abroad.  NTPC was listed on New York Stock Exchange and Bombay Stock Exchange in November 2004. ICICI Securities, Enam Financial Consultants and Kotak Mahindra Capital were the lead managers for the IPO.  Out of the total IPO proceeds of US$ 1.18 billion, US$ 592 million was paid to the GoI and the balance was retained by the company to finance capital expenditure.  As of December 2004, GoI held 89.5% of the total equity shares of NTPC and the balance 10.5% was held by financial institutions, institutional investors and the public.   In February 2010, the national divested an additional 412,273,220 Equity Shares under a Further Public Offer equivalent to 5% of the shares in the company, reducing the government’s shareholding 	from 89.5% to 84.5% of India.  The price of each equity share was Rs. 10, and the government collected INR 82867 million (US$1812 million). NTPC Limited did not receive any proceeds from this FPO. At the time of the second divestiture, the total installed capacity in the project company was 31,134 MW.
The Khador Hydro Power Project was awarded a 20 year build-own-operate (BOO) contract to the Georgian company Peri to build and operate two 12MW hydro units located in Pankisi George, Georgia.  The construction of Khador Hydro Electric Plants was completed by China’s Sichuan Electric Power in 2003.  The hydro electric project had a generating capacity of 24 MW from two units of 12 MW each, and the first unit became operational in January 2004.    The Khador Hydro Electric Project was owned and operated by the Chinese Sichuan Electric Power under a 20-year joint venture with the Georgian Peri company, with the Chinese holding a 93 percent stake.   The total cost of the project was estimated at US$27 million. There was no public information
In September 2004, a local private company Chongqing Kangda Environmental Protection Co. Ltd. signed a 25 year agreement to build and operate a sewerage treatment plant in Gaomi City, Shandong Province. The plant capacity was 50,000 cubic meters per day.   Chongqing Kangda Environmental Protection Co. Ltd. invested RMB 55 million (US$ 6.64 million) in the plant and owned 100% of the project.    The plant was operational as of May 2005.
In January 2004, a local private company Lianheruitong Water Affairs Development Co. Ltd. took over a sewerage treatment plant in Weifang City, Shandong Province. The company would operate the plant for 20 years. The total treatment capacity of the project was 110,000 cubic meters per day.   Lianheruitong Water Affairs Development Co. Ltd. invested RMB 216 million (US$ 26.09 million) in the plant and owned 100% of the project.
In 2003, Talisay Bioenergy Inc (TBI) began development of a 30 MW bagasse (a sugar-cane byproduct) co-generation plant in Talisay, Negros Occidental.  The plant was to receive fuel under energy supply agreements with First Farmers Holding Co. (Phillipines, owned by sugarcane farmers and stockholders).  The plant was to sell power to Central Negros Electric Cooperative to supply the Bacolod City under a 30-year power supply agreement, and would also supply steam and power to a medium-sized sugar mill and refinery in the area.  The plant would be owned by TBI (70%) and PNOC (30%, the state-owned oil company).  TBI was owned by Bronzeoak Phillipines, which in turn was owned by Zabaleta & Co (50%, Philippines) and Bronze Oak group (50%, UK).  The project was expected to cost US$60 million, which was to be financed by equity from PNOC (US$6 million) and TBI (US$12 million), with the remaining US$42 million to be financed by loans.  Construction was expected to begin in 2006, and to be completed by August 2006.
The government of Bulgaria awarded a 35 year BROT-type license to Black Sea Technology Company AD (BSTC) for the construction of a gas distribution network in the Miziya area. The Miziya region was located in northern Bulgaria, centered around the town of Pleven. In 2004 the city of Pleven had some 130,000 inhabitants. The license was awarded to allow consumers in the Dobrudja area to switch to gas for heating and industrial power. BSTC hoped to eventually sell gas to some 37,000 households, 300 industrial complexes and 600 utility companies in the area.  The license was awarded following a competitive process. Three bidders submitted offers: BSTC, Technoterm Engineering, and Pleven Gas (wholly owned by Bulgarian Overgas). BSTC was awarded the contract in February 2004. As of Dec. 31, 2007, BSTC was 99.75% owned by Italy’s AMGA Azienda Multiservizi SpA.  BSTC pledged to invest some US$46.5 million over ten years to set up a 235 km gas distribution network in the Miziya area. In March 2004 local bank Bulbank, owned by Italian Unicredito, declared it would extend a US$26.4 million (22 million euro) credit to BSTC to help finance the project. In September 2004 BSTC started work on a 14 km portion of the gas distribution network in Pleven.
In February 2004, Government of Pakistan (GoP) divested an additional 10% of its stake in Sui Southern Gas Company Limited (SSGCL), an integrated gas utility with exclusive distribution and sale license in the provinces of Sindh and Balochistan, for US$ 29.8 million through a secondary public offering in the local Pakistani capital markets. SSGC’s transmission network comprised of 2,942 km of high pressure pipeline from Sui in Balochistan to Karachi in Sindh. The distribution network of over 25,764 Km covered 120 towns and 930 villages in Sindh and Balochistan. The Company sold 337,638 million cubic feet (MMCF) of natural gas during the year 2004-2005 to about 1.8 million industrial, commercial and domestic consumers.  The company was originally listed on the Pakistani stock exchange in 1956.  SSGCL was formed by the merger of three companies, namely Sui Gas Transmission Company Limited, Karachi Gas Company Limited and Indus Gas Company Limited, in March 1989.   As of June 2005, the GoP directly owned 60.43% of SSGCL shares and held another 18.19% indirectly through entities in which the government had a majority shareholding. The remaining shares (21.38%) were held by general public and institutions.   In September 2003, Oil and Gas Regulatory Authority (OGRA), a statutory body created to regulate Pakistan’s oil and gas sectors, granted a 30 year license to SSGCL. Under the license, SSGCL’s monopoly on the sale of gas would end in 2010.
In October of 2004, United Envirotech of Singapore was awarded a concession contract for a 200,000 cubic meters per day capacity wastewater treatment plant in Liaoyang city, Liaoning province.  The contract was for a term of 30 years, with an option to extend for a further 20 years.    United Envirotech expected to invest RMB 180 million (US$21.7 million) in the plant and own 100% of the project. The funds for the project were raised when United Envirotech made an initial public offering on the Singapore stock exchange in April 2004.
E.ON purchased 67% of Elektrorazpredelenie Gorna Oryahovitza and Varna in the 2004 privatization.   The company operated 41,200km of network and upplied 4.8TWh in sales to 1.1 million customers.   Total price was EUR 140.7 million (US$ 183 million).  In July 2012, E.ON sold its subsidiary E.On Bulgaria to Energo-Pro, from Czech Republic. The sales price has remained undisclosed. The deal was initially announced in December 2011 but delayed due to financing problems. The initial price was EUR 133 million, but in the final transaction it is rumored the price was lowered by 30%, implying around EUR 93 million.
The Argentinian government (Energy ministry) awarded Electro Ingenieria a contact to build, operate, and maintain a transmission line linking the national and Patagonian power grids. The additional line links the Patagonia region to the national grid, a move that was expected to reduce electricity bills in the Patagonia region by 30 percent. The contract is awarded in perpetuity. Connecting the region enabled the aluminium company Aluar - a major user of the Patagonia system - to expand its production with the additional electricity capacity. The contract was issued independently and was not associated with other transmission contracts.   The contract was awarded by competitive bidding process in March 2004. Argentine company Electro Ingenieria, a project company of aluminium production firm Aluar, won the contract over five other competing firms. Aluar is acting through its power generation subsidiary Hidroelectrica Futaleufu.   Financial closure for the project was reached in April 2004. Project finance included a total investment of US$77 million supplied from both the private sponsor Aluar and the Argentine government. Aluar provided 31 percent of the project finance while the state government covers 69 percent.  The project entails construction of a 370 km, 500kV line that spans Choele Choel and Puerto Madryn. Construction of the line commenced in April 2004 and was expected to last for 20 months.   The project became operational on February 28, 2006, according to a press release by Transener S.A.
In 2004, Jindal Power Limited (JPL), a wholly owned subsidiary company of Jindal Steel and Power Limited (JSPL), began construction of a 500 MW thermal power plant on build-own-operate (BOO) basis at Raigarh, in the Indian State of Chhattisgarh. JPL committed to supply 350 MW to JSPL through a power purchase agreement (PPA). JPL was to supply the remaining 150 MW to Chhattisgarh State Electricity Board under a power purchase and wheeling agreement that was signed in May, 2001.   JPL achieved financial closure in September, 2004. The cost of the 500 MW power plant was estimated at Rs 214,200 lakh (US$ 472.64 million) and was financed in the ratio of 70 percent debt and 30 percent equity. The equity portion, amounting to Rs 64,200 lakh (US$ 141.66 million) was funded by JSPL. A consortium of 12 banks and financial institutions led by Power Finance Corporation (US$ 115.8 million), State Bank of India (US$ 60.68 million) and Punjab National Bank (US$ 37.29 million) financed the Rs 1500 crore (US$ 330.98 million) debt for the project. The loan was a 13 year door to door term loan at a margin of about eight percent.  The thermal power plant was accorded mega power project status by Government of India as it was authorized to have a final generating capacity of 1000 MW. JPL decided to implement the power plant in two phases of 500 MW each. As of January 2005, JPL was in the process of obtaining Ministry of Environment & Forest clearance for the next 500 MW.  The power plant was expected to begin commercial operation in 2007.   Unit 1 of 250MW was commissioned on 2nd September 2007. Unit-2 of 250MW was commissioned on 6th March 2008. Unit-3 of 250MW was commissioned on 10th February 2008.
In an effort to increase tourism in Mondulkiri province, a local Cambodian company was to build a toll road linking the provincial capital to a scenic waterfall.  In September of 2004, Sorla Investment Co. signed a 30-year build-operate-transfer agreement with the local government to construct a 36-km road linking Sen Monorom with Bou Sra waterfall, a popular tourist destination. The company planned to invest US$6 million in the road, which was to also connect the provincial capital to other development projects. Sorla planned to charge trucks about US$12.50 and tourism buses about US$3.70 to use the road, which it planned to complete within 18 months.  The company did not expect the project to be profitable, rather it was intended to be a way to give back to the local community.
In July of 2004, International Port Management Beirut (IPMB), a consortium composed of U.S.-based International Maritime Associates (IMA) and the British Mersey Docks and Harbour Company (MDHC), won the international public tender to manage the container terminal at the Port of Beriut for 10 years.  IPMB beat out a total of five bidders that participated in the tender by submitting the lowest bid, offering to process container cargo for 39.6% of handling fees with 60.4% of revenues going to the state-owned Port Authority.    The Port Authority, along with the private Dubai Port Authority (DPA), had built the US$150 million container terminal, which had with a berth 600 m in length, 15.5 m in depth and 23 Hectares of backup area.  The Port was completed in 2000 but had never become fully operational.  Full operations were cut short in 2001 when manager DPA withdrew over allegations of over-pricing. Since then it had been run by a politically affiliated group of contractors that had profited from a 65% commission on handling costs.  The Port handled 5.15 million tons of cargo in 2002, of which around 35% was general cargo, 32% was in containers, 24% was liquid fuel, and 9% was dry bulk cargo.  Over 90% of the cargo handled at the Port was imported.    IPMB was to manage the terminal for 10 years with an option to renew for an additional 5 years provided the Port was not privatized.  Under the contract, Mersey Docks was to take day-to-day control of the Beirut operation with IMA providing a consultancy role. The company committed to invest US$3 million and pay a performance bond of US$3 million for the duration of the contract.  The contract period was to officially begin in January of 2005.
In February 2004, PT Merapi Internusa, a Malaysian fully-owned company, signed a 28-year agreement with local authorities to build, operate and transfer a toll road project in Magelang, Central Java in Indonesia.  The 10km road, which was to be designed by Malaysian consulting engineers and constructed by local Indonesian contractors and workers, was estimated to cost between RM12 million and RM15 million (US$3.4 - US$4 million).  The gross toll collection over the 28 year period was estimated at RM150 million, of which the local authority was to get a portion of approximately RM50 million (US$13.1 million). The road was to be specifically used by vehicles transporting sand from the surrounding Gunung Merapi base.     The road construction works commenced in May 2004 after obtaining full approval from the authorities there in the first week of March of that year.  Construction was expected to take eight months to a year to complete and PT Merapi Internusa was to finance the cost with internal funds.
In February 2004, Konaseema EPS Oakwell Power Limited (KEOPL), an independent power producer promoted by the local Hyderabad based VBC group, achieved financial closure for the long awaited 445 MW combined cycle power plant in Konaseema, East Godavari District in Andhra Pradesh. The roots of the Konaseema power plant lies in an effort undertaken by the Government of Andhra Pradesh (GoAP) and erstwhile Andhra Pradesh State Electricity Board (APSEB) to establish short gestation power stations to alleviate the power shortage in the state. In 1995, APSEB conducted a global tender on tariff basis and awarded eight projects to six developers for a total capacity of 1635 MW. EPS Oakwell Power Limited was one of the projects awarded by APSEB but it did not have the necessary natural gas allocation. EPS Oakwell Power Limited decided to merge with Konaseema power project, which had the fuel allocation but did not have a sanctioned power project. The combined project was implemented by KEOPL.   The power generated from Konaseeman plant was supplied to the Transmission Corporation of Andhra Pradesh (APTRANSCO). In November 2003, KEOPL signed the power purchase agreement with APTRANSCO for a period of fifteen years from the project’s commercial operation date. APTRANSCO was created after GoAP initiated a comprehensive power sector reform in 1998 and functionally unbundled APSEB into one generation company, one transmission company (APTRANSCO) and four distribution companies. During the transition period and as of April 2005, APTRANSCO was operating under a single buyer model and procured power from generation companies for further sale to distribution companies.   The project required 2.0 million cubic meters per day of natural gas (MSCMD). KEOPL has entered into a natural gas supply agreement with Gas Authority of India Ltd, and has a firm natural gas allocation of 1.6 million cubic meters per day and a fall back allocation of 0.4 million cubic meters per day.   The project was estimated to cost Rs 138,300 lakhs (US$ 308 million) and achieved financial close in March 2004. A consortium of Larsen and Toubro, Seimens AG and Russian Power Machines (PM)/ (LMZ) was the EPC contractor for the Konaseema project. Seimens supplied 2 gas turbines, and PM/LMZ supplied the steam turbine and generators for the power plant.  The plant was expected to be commissioned in 2006.
Iran's Power Development Company (IPDC) was created by the state-owned utility Iran Power Generation, Transmission & Distribution Management Company (Tavanir) to carry out the process of building new power plants, with a special mandate to lead a private power programme.  In 20002, state-owned Iran Power Plant Projects Management Company (Mapna) and Germany's IFIC Holding A.G. (IHAG) signed a memorandum of understanding with the IPDC to build the South Isfahan independent power plant.     South Isfahan was to be developed on a 20-year, build-operate-transfer (BOT) basis.  The plant was to have a generating capacity of 954 MW and was to require investment of 320 million euro (US$380 million).  Financial close was achieved in 2004 though Bank Saderat Iran.  By end 2004, the plant, Iran's first BOT project, was more than 50 percent complete.
In June 2004, the Turkish State Airports Administration (DHMI) awarded an 8.5 year concession contract to ATM (Aksa-Turkuaz-Manas) consortium for operating and managing the Dalaman Airport in Turkey.  The contract included building a new international terminal and upgrading of the current airport facilities.  This project also aimed at relieving the traffic of international and domestic flights by providing a new international terminal building, additional apron, and a car park to be built at the current airport area.      The concession contract was granted through a competitive tender.  The winning bidder was the Turkish-Kyrgyz consortium ATM (Aksa-Turkuaz-Manas).  ATM consortium was formed by Turkish construction group Aksa(51%), Kazakh’s Turkuaz group(20%), Kyrgystan’s airport terminal operator Manas Aviation(5%).  The other three bidders were a consortium of Bilkent Holding and Regional Limited, a consortium of Cakir Yapi and German Flughafen, and constructor Makyol.   The total cost of the project was estimated at US$102 million (EUR80 million).  The project reached financial closure in June 2004.  The project received financing from a 6.5 year US$102 million from Germany's HVB Group in September 2004.  The domestic and international terminals at Dalaman airport covered an area of 35,000 square meters and served 3 million passengers per year.  Construction work of a new international terminal began in June 2004 and was expected to complete in April 2006. The new facilities would increase airport area to 95,000 square meters and annual passenger capacity to 10 million people. In July 2006, the new international terminal at the Dalaman Airport was launched. The consortium company ATM signed an additional loan of $30 million with the HVB/UniCredit Group for the construction of an airport hotel and the renovation of runways and taxi stops.    The ATM Airport concession concluded on 28 April, 2015. YDA will operate a new contract for both international and domestic terminals beginning 1 August 2015. See project Dalaman Airport Domestic Terminal, ID: 8299
This dry bulk terminal was constructed by Moinho Dias Branco SA Comercio e Industria. The works started in December 2003, and the terminal began operations in December 2004 (ANTAQ issued the operation license in August 2005). The terminal operations were transferred to C. Port, a logistic company. The terminal aimed at handling grains, particularly fertilizers and soy beans that are produced in the western region of Bahia state.   A total of US$ 51.2 million (BRL 150 million) was invested in the terminal with a storage capacity of 130 thousand tons. In 2008, another storage facility with a handling capacity of 350 thousand tons to be dedicated exclusively to soy beans export was expected to be constructed, along with a second berth. In June 2009, BNDES approved a US$ 53 million (BRL 106 million) loan to finance the expansion works, whose total cost was expected to reach US$ 250 million (BRL 500 million). Of this value, US$ 175 million (BRL 350 million) was directed to the first phase of the expansion works, while the remaining investment was expected to be implemented in 2011.   The environmental licenses to construct and operate these new facilities were issued in March 2010, and the construction works on the first phase were completed by June 2010.
A 24 MW run of the river project, it is located 5 kms downstream of the picturesque Narayanpur dam and 120 kms from Raichur in Karnataka.  Total cost of setting up of the project is estimated at Rs.800.51 millions. The funding for the project was secured in 2004 and came from term loan (Rs.501.86 million), Capital subsidy (Rs.37.5 million) and equity (Rs.261.15 million).  Work on the project began in September 2004 and commissioning of the plant is scheduled in Feb 2007.
In 2004 the state government of Pedro Moncayo, Ecuador, awarded a five year management contract for the water and sanitation services in the city of Tabacunda and several smaller towns to private company Leonardo Armijos Luna. The contract required Leonardo Armijos Luna to oversee a series of system improvements and, subsequently, to operate and maintain both the main transmission pipeline and the water distribution system in the municipal capital. The length of the contract was five years or until five million cubic meters of water were sold, whichever came first. Leonardo Armijos Luna did not take on any investment risks, but did assume responsibility for commercial risks (billing, collection, and operational risks).   Leonardo Armijos Luna was an Ecuadorian construction company.   The contract was awarded through a competitive tender.  The Pedro Moncayo water project was part of the Rural and Small Towns Water Supply and Sanitation Project (PRAGUAS), which received financing from the World Bank (IBRD Loan 7035-EC for US$32 million), municipalities and local communities.  In 2009, the contract term expired.
Hong Kong listed Xinao Gas Holdings Ltd (Xinao), one of the first non-state-owned city gas distributors in China, announced in August of 2004 that it had formed a joint venture with the Luquan city government to operate a piped gas business in Luquan, Hebei province for 30 years.  The joint venture, named Luquan Fuxin Xinao Gas Company Limited, had a registered capital of US$1.6 million. Total investment was US$ 2.3 million. Xinao held a 49% stake in the company while its state-owned partner owned the remainder.
In October of 2004, Sino-French Holdings was awarded a contract to build and operate an  180,000 cubic meters per day capacity water treatment plant in Qingdao city, Shandong province.  Sino-French had originally won a 25-year concession contract for two existing drinking water treatment plants with a total capacity of 440,000 cubic meters per day in August of 2002.  The contract for the additional capacity was sparate from the original contract.   To implement the initial contract, Qindao Sino French Hairun Water Supply Company Ltd was created as the project company in 2002 in which Sino-French took a 50% stake, with the state-owned local water supply company, Qingdao Tap Water Corp. Ltd., retaining the other half.  Sino-French, in turn, was a 50-50 joint venture between Suez water subsidiary Ondeo and New World Infrastructure of Hong Kong.   Suez subsidiary Degremont was to construct the new water treatment plant.  The municipal authorities agreed to purchase the water produced by the plant under guaranteed conditions in terms of prices and minimum volumes. This third plant was scheduled to enter operations at the beginning of 2006.  Investment information was not disclosed.
In March of 2004, state-owned Airports of Thailand PCL (AoT) sold a 30% stake or 412.57 million shares in an IPO on the Stock Exchange of Thailand (SET) to raise THB17.33 billion (US$439 million).  The Finance Ministry, which retained the 70% stake, sold 58.7% of the offered shares to local investors and the remaining 41.3% to foreigners.  The portion for local retail investors was oversubscribed 8.5 times, while the portion for local and foreign institutional investors was oversubscribed as much as 18 times.   AoT, registered as a corporation in September 2002, operated five airports in Thailand, which were Bangkok International Airport, Chiang Mai International Airport, Chiang Rai International Airport, Phuket International Airport and Hat Yai International Airport. The company's sixth airport, New Bangkok International Airport, or Suvarnabhumi, was scheduled to open in September 2005 and was expected to provide a further boost to earnings.  Proceeds from the IPO were to be used to fund construction of the new airport.   About 61% of AOT's revenue came from landing and passenger fees, with the rest provided by concessionary cargo and ground services and rents for office space.
In November 2004, Mexico’s Secretaria de Comunicaciones y Transportes (SCT) awarded a 30 year contract to build, operate and maintain 41 km of the Mexicali bypass in the state of Baja California to Grupo Omega. The project includes building, operating and maintaining a stretch linking the Federal highway San Luis Rio Colorado with Mexicali, and completing construction of a stretch of the Federal Highway between Mexicali and Tijuana.  The project cost was estimated at estimated at US$63.9 million. Mexico’s National Bank of Public Works and Services (Banco Nacional de Obras y Servicios Publicos – Banobras) provided a 15 year loan for US$10.4 million (110 million pesos) and a trust (Fideicomiso de Infraestructura –FINFRA) in Banobras provided US$37 million (390 million pesos) as subordinated equity.   The Greenfield project was granted through a public tender carried out by the SCT. The project was awarded to the bidder who presented a technical and financial proposal that complies with the requirements established in the bidding documents and requested the lowest amount of public funds –measured as the sum of the initial contribution and the net present value of the subordinate contribution. Grupo Omega won over 5 other bidders by requesting public funds to cover 57.4% of the cost.   Construction began in January 2005 and was expected to be completed by July 2006.
Xinao Gas Holding Limited (Xinao), one of the first non-state-owned city gas distributors in China, announced in July of 2004 that it would set up a JV company with Zhanjiang Gas Corporation for a designed duration was 50 years.  Total investment was RMB 212 million.  Xinao Gas said it was to finance its contribution either through internal cash resources or through bank borrowings. The new company was to deal with the production and distribution of natural gas and the gas instruments in Zhanjiang city, Guangdong Province. It was to hold the exclusive rights in city gas operation in Zhanjiang Economic and Technological Development Zone.
In March of 2004, Fuzhou CWC Water Company Limited (Fuzhou CWC) won a 30-year concession contract for the operations and management of the Fuzhou Economic & Technological Development Zone (FETDZ) Water Supply Company, following a public tender lead by the Property Right Transaction Institution of Fujian Province.  The utility had a daily capacity of 125,000 tonnes of water.    Fuzhou CWC was established in early 2004 and was a Sino-foreign cooperative joint venture between China Water Company (CWC) (72%) and the state-owned FETDZ Baimei Water Supply Company Limited (Baimei Company) (28%).  CWC, in turn, was owned by the UK's RWE-Thames Water (48.8%) and Sime Darby of Malaysia (33.3%) by 2002.     The registered capital of Fuzhou CWC was RMB 210 million (US$25.4 million), of which RMB 150 million (US$18 million) was contributed by CWC.  The transfer of assets commenced on 27 December 2004, when operation of the utility was successfully handed over to Fuzhou CWC.
Aguas de Novo Progresso, a wholly-owned subsidiary of Perenge Engenharia, signed the concession contract to rehabilitate and operate the water and sewerage systems of the city of Novo Progresso (state of Para) in 2004. The company committed to invest US$ 0.6 million (BRL 1.2 million) during the 30-year concession period, providing services to 21.6 thousand residents.  Tendering information was not publically available for this project.  In February 2014, Nascente do Xingu, a subsidiary of AEGEA Saneamento e Participacoes, acquired Aguas de Guaranta from Perenge Engenharia.
On September 30, 2004, the government announced that the 0.4-MW Cawayan Hydroelectric Plant in Sorsogon City had been awarded to the Sorsogon II Electric Cooperative (Soreco II) for consideration of US$410,000. The electric cooperative was the highest of the three bidders for the asset.   In April of 2004, the Philippine government launched a planned US$5 billion divestiture of the power assets of state-owned National Power Corp. (Napocor) through the Power Sector Assets and Liabilities Management Corporation (PSALM).  The Cawayan plant was one of 35 owned by Napocor, which the government had planned to divest in order to trim the firm's debts.
In Novemeber of 2004, Sta. Clara International Corp. won the bidding for the 1.2-MW Loboc hydroelectric power plant in Bohol.  The construction firm gave the highest bid at US$1.42 million, beating five other companies.   In April of 2004, the Philippine government launched a planned US$5 billion divestiture of the power assets of state-owned National Power Corp. (Napocor) through the Power Sector Assets and Liabilities Management Corporation (PSALM).  The Loboc plant was one of 35 owned by Napocor, which the government had planned to divest in order to trim the firm's debts.
In April 2004, Pakistan Telecom Authority (PTA), Pakistan’s telecommunication regulator, awarded one of the two new nationwide GSM (Global System for Mobile Communications) licenses to Telenor ASA. The other license was awarded to Warid Telecom. The license allowed Telenor to build and operate a mobile network in Pakistan for 15 years and was renewable. The license was part of a broader reform undertaken by the Government of Pakistan to foster competition in the telecom industry and increase the infrastructure capacity to meet the rapidly growing demand for cell phones.   Telenor acquired the 15 year license for US$ 291 million in an open-outcry auction, conducted by PTA in April 2004. Telenor paid 50 percent of the winning bid (US$145.5 million) upfront and the balance was paid over the next 10 years. Telenor Pakistan, a wholly owned subsidiary of Norway’s Telenor ASA, was created to execute the Pakistani operations.   Telenor estimated an accumulated capital expenditure of around US$ 700 million (excluding license payments) by the end of 2007 and approximately US$ 175 million was to be spent in 2004. Telenor contracted Siemens and Nokia to set up and run the GSM network on their behalf.  The license terms required Telenor to cover 70 percent of Pakistan’s 297 administrative tehsil headquarters (45 percent population coverage) by 2008.  Telenor launched its GSM network for commercial service in March 2005. At the time of the launch Telenor’s network covered nearly 32 million people in Rawalpindi, Islamabad, Karachi, Lahore, Faisalabad and Hyderabad. Telenor had 344,000 subscribers within the first 17 days of operation. As of March 2005, Telenor competed with five other mobile phone operators in Pakistan – – Ufone, Mobilink, Paktel, Instaphone, and Warid.
The transmission project comprises a 500 Kv transmission line connecting Tucurui, Maraba, and Acailandia substations. The total length of the line will be 469 KM. In addition to building and operating the transmission line, the project also comprises the construction of Acailandia substation and the expansion of the other substations involved.   The project will increase the interconnection between the north and northeast regions. The project is the fourth connection circuit between Tucurui and Acailandia being part of a larger project linking the north and northeast substations. The third section of the north-northeast connection is under control of Empresa Amazonense de Transmissao de Energia (EATE), a consortium between Schanin and Alusa, with the state-owned company Electrobras. In this fourth section of the north-northeast interconnection, Electrobras is not part of the consortium. Initially the company responsible for the project, Empresa Norte de Transmissao de Enrgia S.A. (ENTE), was held by a consortium of Alusa and Schahin. By 2006, the project ownership was Alusa 50%, Cemig 18%, Brascan 18% and Montana-Dakota Utilities Company 14%   ANEEL, the Brazilian independent regulatory agency for the electricity sector, offered through public bid the concession for the lines in August, 2002. Consorcio C4, composed by Schanin and Cia Tecnica de Engenharia Eletrica was the winner for offering the lowest price for an annual revenue in exchange for the electricity transmission services: US$24.5 million (R$72.9 million).   The contract between ANEEL and ENTE was signed in December 2002 and it will be valid until December 2032. According to the contract, the lines were expected to become operational within 24 months of signature.   The project reached financial closure in March 2004 when Brazil's Development Bank, BNDES, approved a financing package of US$106.7 million (R$296.7 million) for the project. The contract with BNDES was signed in July 2004 and operations commenced in October 2004.
Karnataka Road Development Corporation Ltd (KRDCL), a Karnataka state government  undertaking, awarded a eight year concession contract to Brindavan Infrastructure Co. Pvt. Ltd. (BICPL) in October 2003 to widen and upgrade the 62 km stretch of Karnataka state highway 17 (SH-17) between Bangalore and Maddur. This concession contract was in response to an urgent need to widen and upgrade the region’s roads due to a significant increase in traffic and commercial activities.    Under the contract, BICPL was compensated for the capital and operating costs including returns by way of a fixed semi-annual payment (annuity) from KRDCL during the concession term. Under the annuity scheme, the private operator does not collect tolls from the users of the facility. BICPL won the competitive tender conducted by KRDCL by quoting the lowest annuity amount of US$ 6.6 million.   BICPL was a joint venture of private Indian firms - Nagarjuna Construction Company Limited, Maytas Infra Pvt. Ltd., and KMC Constructions Ltd. There was no information on the exact shareholding structure of BICPL.   The total cost of the project was estimated at US$ 61.8 million. The project reached financial closure in April 2004. The project raised US$ 40.8 million in senior debt from IDFC (US$ 29.8 million) and Corporation Bank (US$ 11 million).  Construction work on the project began in December 2003 and was completed in 2005.
Centrais Eletricas Salto dos Dardanelos S.A., a partnership of the Brazilian companies Madeireira Barra Grande Ltda (50.3%) and Magabra Agropastoril Ltda (49.4%), was awarded the contract to build and operate a  10 MW hydro power plant located in the Aripuana River, state of Mato Grosso. The company signed a 30-year concession contract with ANEEL in Novembro 2002, and the power plant was named PCH Faxinal II.  In 2003, PCH Faxinal II established a power purchase agreement to sell all its output to the electricity distribution network of CEMAT. The sponsor committed to invest US$  5.1 million (BRL 15 million) in the project, which was financed with a US$ 3.1 million (BRL 9.1 million) loan granted by the state-owned bank Banco do Brasil in 2004. The power plant commenced operations in November 2005.  In April 2012, the power plant was authorized by the regulatory agency Aneel to expand its capacity to 30 MW. The investment committed to this expansion was not available. As of March 2013, construction works were underway, and operations on this new unit commenced in November 2014.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.  In March 2008, the company applied for carbon credits.
Sharikat Kahraba Skikda (SKS), a special purpose company created in May 2003, developed an 825 MW greenfield power plant in the Algerian coastal city of Skikda on a build-own-operate (BOO) basis. This BOO contract was the result of Government of Algeria’s effort to reform the utilities sector and to gradually open it to competition. State-owned power company, Sonelgaz, planned to add 7100 MW of new capacity with private partnership by 2010.   Sharikat Kahraba Skikda was a joint venture between Canada’s SNC-Lavalin (25%) and three Algerian state-owned companies (75%) – Sonelgaz, Sonatrach and Algerian Energy Company.  The total cost of the project was estimated at US$ 562 million. The project reached financial closure in Februray 2004, with a debt equity ratio of 70:30. Societe Generale Corporate & Investment Banking arranged the US$ 382 million financing guaranteed by the Export-Import Bank of the United States (US$ 192 million) and Export Development Canada (EDC).  SNC-Lavalin was the sole engineering, procurement and construction (EPC) contractor for the project. SNC-Lavalin was also awarded a 12 year operation and maintenance contract, with a possibility of an additional 12 year extension.   SKS was scheduled to be commissioned in the first quarter of 2006.
Mozambique’s Minister of Mineral Resources and Energy awarded a 20 year concession to a consortium of ElectroTec (Mozambique) and Rural Maintenance and Siemens (South Africa) to generate, distribute and sell electricity in the rural areas of Inhambane and Sofala province. The concession area includes the towns of Vilankulo, Inhassaro and Nova Mambone of Inhambane province and Machanga of Sofala Province.   Earlier the power systems in Inhambane province was operated by ElectroTec under a management contract (since 1999). However, the terms of the management contract did not provide enough incentive for ElectroTec to improve collection rates and connect new customers. Therefore the need to replace the management contract with a concession specifically designeds to expand access to electricity in rural areas. The concession was based on output based aid subsidies to close the gap between new infrastructure costs and what households are willing and able to contribute. Payment of the subsidy was contingent on physical verification of households being connected and were financed through an International Development Association credit.  The concession agreement was formally signed in June 2004 and the private consortium took over the operations by the end of 2004. The concession was awarded through an international competitive bidding process and the bidders bid on the tariff at which they would supply electricity given a fixed subsidy payable for each new residential connection.   According to the concession, the concessionaire paid a concession fee of 2.5 percent of gross revenue billed to the government and received US$ 400 subsidy for each new residential connection made. The concession was expected to deliver 3,000 new connections. The total project cost was estimated at US$5.8 million by the South African Development bank, the funding entity.  The concessionaire had exclusive generation rights for 10 years and exclusive distribution rights for 20 years.   The government terminated ENMO's contract in August 2007 for a series of contractual violations. On 7 November ENMO suddenly announced it was closing down immediately and tried to shut down the system, disconnecting consumers throughout the three districts. To prevent this, the government immediately took over operations.
In March 2004, Longkou Port Company Limited, a joint venture of Zibo City Nanjinzhao Group Ltd. (40%), Dongping Wukuang (Canada) Company Limited (25%) and Longkou Port Authority (35%) was established under a 50 year agreement to build and operate Longkou Port East District in Zibo City, Shandong Province. The total investment was 142 million Yuan (17.15 million US$).  The capacity of the port was 20,000 tons per year.
The Brazilian government, under the power regulator Aneel, awarded a greenfield build, own, and operate contract for a transmission line in Brazil’s North-Eastern Piaui state to the neighboring Ceara state. The project company, Consorcio AC Transmissao, will transmit power through the concessional period of 30 years. The 500 KV and 545 KM line will connect the two states and their generating plants at Teresina II and Fortaleza II. The project also includes the construction of three substations. The AC transmissao project was one of 7 transmission concessions awarded by Aneel in 2003-2004; all lines cover 1,787 km and will include investments of US$614 million. Aneel was prompted to release the bids after Brazil’s National Privatization Council (CND) issued a resolution in June 2003 calling for 7 groups of transmission concessions.   The greenfield build, own, and operate contract was awarded by Aneel in late 2003 and signed the concessional agreement in February 2004. The contract was signed by the winning consortium comprising state-owned Companhia Hidro Electrica do Sao Francisco (Chesf – 49 percent) and Alusa (51 percent). The consortium was selected on the basis of offering the lowest transmission tariff.   Total project financing of the US$190 million project was provided by the sponsor in October 2004 with the support of regional development bank BNB. The bank provided 300 million real financing for the project.   The AC Transmissao project started operations in January 2006.
In April 2004, Pakistan Telecommunication Authority (PTA), Pakistan’s telecommunications regulator, awarded one of the two new nationwide GSM (Global System for Mobile Communications) licenses to UAE based Warid Telecommunications Pvt. Limited (Warid Telecom). The second GSM license was awarded to Norway’s Telenor. The license allowed Warid Telecom to build and operate a mobile network in Pakistan for 15 years and was renewable. The license was part of a deregulation initiative undertaken by the Government of Pakistan to foster competition in the telecom industry and to increase the very low teledensity in Pakistan. Warid Telecom also acquired a 20 year long distance international (LDI) license.  The 15 year GSM license was awarded through an open auction, conducted by PTA in April 2004, for US$ 291 million. Warid Telecom paid 50 percent of the winning bid upfront and the balance was to be paid over the next 10 years. The LDI license was granted by the PTA for a license fee of US $ 0.5 million and a $10 million performance bond. Warid Telecom was owned by the UAE based Abu Dhabi group.   Warid Telecom planned to build a network to handle 1.5 million customers with an initial investment of approximately US$ 150 million for its launch. A consortium of 18 Pakistani banks led by the state owned Habib Bank Ltd. and privately owned Askari Commercial Bank extended US$ 200 million loan to finance the roll out of the GSM network.   Ericsson was chosen by Warid Telecom to provide the complete turnkey GSM solution. For national and international long distance calls, Warid Telecom contracted Nortel Networks to provide Voice Over Internet Protocol (VOIP) next generation network.  In May 2005, Warid Telecom launched its GSM network for commercial service covering 28 cities with a population of around 32 million. At the time of its launch, Warid telecom was competing with five other mobile phone operators in Pakistan – Ufone, Mobilink, Paktel, Instaphone, and Telenor. The LDI service was launched in October 2004.   In 2007, Singapore Telecommunications, SingTel, bought a 30% of Warid's shares for $758 million.
In January 2004, GVK group began construction of a 220 MW expansion of their existing Jegurupadu combined cycle power plant in Andhra Pradesh. GVK group signed a power purchase agreement with Transmission Corporation of Andhra Pradesh (APTRANSCO) in June 2003 to supply the additional 220 MW to distribution companies in Andhra Pradesh. APTRANSCO was created after Government of Andhra Pradesh initiated a comprehensive power sector reform in 1998 and functionally unbundled APSEB into one generation company, one transmission company (APTRANSCO) and four distribution companies. During the transition period and as of April 2005, APTRANSCO was operating under a single buyer model and procured power from generation companies for further sale to distribution companies.  The 220 MW expansion achieved financial closure in January 2004, and was estimated to cost Rs 76,000 lakhs (US$ 167.7 million). The expansion was 100 percent debt financed by a consortium of financial institutions led by the Industrial Development Bank of India Limited (IDBI). GVK group has the authorization from the Government of Andhra Pradesh to expand the generating capacity up to 440 MW. The reduced capacity was due to lack of availability of enough natural gas to power the plant. Additional capacity up to the approved 440 MW was expected to be built in a later phase.  Alstom of France was the EPC contractor for the expansion project. GVK signed a long term service agreement (LTSA), worth Euros 24 million, with Alstom in March 2004. The agreement included the supply of a gas turbine for the combined cycle power plant and also covered major inspections of the turbine. This ensured efficient and economic operation and maintenance of the new plant for GVK.  The project was expected to begin commercial operation by November 2005.
Eco Power (EPL), from Sri Lanka, was developing two mini hydropower plants, Alupola and Badulu Oya, of 2.4 and 5.8MW respectively. Annual output of a combined 37GWh was expected. The name of the project company of Badulu Oya was Highland Energy Developments Pvt. Ltd. The location of the projects is:  Badulu Oya: Uva Province, Badulla District Alupola: Sabaragamuwa Province, Ratnapura District  Output was to be sold to the Ceylon Electricity Board, through a standard PPA for <10MW. The capacity factor of Badulu Oya was expected to be 58%. For Alupola this was 57.7%. Expected operational life was 30 years. Construction started in March 2003 (Alupola) and January 2003 (Badulu Oya). Commissioning was expected for June 2004 (Alupola) and June 2007 (Badulu Oya).  Financing was to come from commercial banks. Total cost was unknown, but estimated at 8.2 million. Financial closure date was unknown, but estimated at June 2004 (construction completion Alupola).  Coordinates: Badulu Oya: Longitude / Latitude: N 70 8.5’ /E 810 0.6’ Alupola: Longitude / Latitude:  N 6degrees 41.5’  / E 80degrees 32.5’
In December 2004, a local private company Dalian Dongda Environmental Engineering Co. Ltd. took over a sewerage treatment plant in Panjin City, Liaoning Province. The company would operate the plant for 30 years. The total treatment capacity of the project was 100,000 cubic meters per day.  Total investment of the project was RMB 250 million (US$ 30.19 million). Dalian Dongda Environmental Engineering Co. Ltd. owned 52% of the project.
The Jiangsu Yangtong Investment and Development Co. was established in November of 2003 to build and operate the Yangkou Port for a period of 50 years commencing October 28, 2004. The Yangkou Port is located in Rudong County of Jiangsu. It has a natural deep-water channel with a depth of 17 meters and was considered an ideal site for the 150,000-200,000 ton port.  Portions of the port were expected to become operational in 2008.  The original partners in the JV were Global Achiever, a 100% subsidary of Steady Forth Ltd., (60%), and state-owned Jiangsu Yangkou Port Investment and Development Co., which held the remainder.  However, in April 2004, Paul Y.-INC Construction Holdings purchased a 90.1% stake in Global Achiever Ltd., giving it a 54.06% interest in Yangkou Port.  The remaining 9.9% of Global Achiever's issued share capital continued to be held by Steady Forth Limited. The HK$520.8 million investment, through Paul Y-ITC's wholly owned unit, Century Harbour, was funded by existing cash and bank facilities.  Paul Y-ITC, in turn, was a 55%-owned subsidary of the ITC Corporation, a Hong Kong-listed investment company.     Jiangsu Yangtong Investment and Development Co.'s registered capital was US$30 million. Global Achiever was to contribute about US$18 million in cash and Jiangsu Yangkou Port Investment injected assets in the form of land and marine rights worth about US$12 million.
Terminal de Contenedores de Yucatan was the container terminal in the Progreso Port, located on the Caribbean sea in the state of Yucatan. It began operating on July 2005.  The 20-year Greenfield project was granted through a public tender. The wining company was the consortium formed by Grup Maritim TCB with a 70% share in Terminal de Contenedores de Yucatán –the operating company- and various local companies with a 30% stake in 2004. In December 2005, the state government of Puebla awarded the project to the consortium headed by Terminal de Contenedores de Barcelona (TCB). TCB won over five other offers by offering to pay US$4.3 million (45 million pesos) for the contract.  The consortium headed by TCB was expected to have to invest an estimated amount of US$20 million.  In December 2015, APM Terminals acquired Grup Maritim TCB in a transaction valued US$ 1 billion.
Astha Projects (India) Ltd. ("APIL"), a a subsidiary of Greenko Group, was created to build and operate a Dehar SHP, a 5 MW hydro power plant on Dehar Khad, a tributary of Gaj Khad in Beas basin in Chamba District, Himachal Pradesh. APIL ha a PPA with Himachal Pradesh State Electricity Board for 40 years. Total cost of setting up of the project was estimated at US$6 million. Dehar SHP power plant  became operational since July 2004.  A second project of Astha Projects (India) Ltd.  was Upper Awa SHP,  a 5 MW hydro power plant located on Awa Khad, a tributary of Binwa River in Beas basin in Kangra District, Himachal Pradesh. APIL signed a PPA with Himachal Pradesh State Electricity Board for 40 years. Total cost of setting up of the project was estimated at US$6 million. The project became operational since May 2008.
Torrent Power Generation Ltd (TPGL), a special purpose vehicle, was created to develop a 1100-MW combined cycle power plant on build-own-operate (BOO) basis at Akhakol, in Surat district of Gujarat.  The majority of the power from the plant was to be sold to local private distribution companies owned by Torrent Group (Torrent Power SEC 50% and  Torrent Power AEC 25%) under long-term power purchase agreements: 25% for Torrent Power Ahmedabad Electricity Company Limited (AEC) and 50% to Torrent Power Surat Electricity Company Limited (SEC). TPGL also signed a memorandum of understanding with PTC India Limited, a public-private company that provided power trading solutions in India, for off-taking the balance power (25%) for inter-state sale.  The Torrent group took over AEC in 1998.  It was an integrated power utility with a generating capacity of 500-MWs suppling 4 billion units of power to around 1.25 million customers. The Torrent Group took over SEC in 1996.  It was a power utility distributing power to about 0.44 million customers in 52 sq km of its license area in the city of Surat.  Both had been purchasing power from the Gujarat State Electricity Board to meet shortfalls in supply, which was costly compared to its own generation cost. The companies, therefore, helped establish TPGL in order to enhance their generation capacity to meet this demand.    Torrent Group was the lead sponsor of the project and majority shareholder (60%) of TPGL. The balence of the 40% stake in TPGL was held by Asian Development Bank (10%) and other institutional investors and strategic partners.  TPGL achieved financial closure in September 2004. The total project cost was estimated at Rs 30,960 million (US$683 million). The project was financed with a debt-equity ratio of 70:30 and an IDFC led consortium loaned Rs 216,700 lakhs (US$478 million). The lenders included IDFC (US$88.26 million), Power Finance Corporation (US$139.4 million), Industrial Development Bank of India Limited (US$66.2 million), UCO Bank (US$ 66.2 million), Canara Bank (US$66.2 million), Punjab National Bank (US$58.9 million), and ADB (US$54.36 million). The project was financed with a debt-equity ratio of 70:30.    The power plant was expected to begin commercial operations in November 2006 and achieve full completion in November 2007.
In August of 2003, the Jamuna Multipurpose Bridge Authority (JMBA) awarded a new five-year mangement contract for the Jamuna Bridge to Marga Net One Ltd, a joint venture of Pt Jasa Marga of Indonesia and Net One Ltd of Bangladesh, who were to become the bridge's second operators.  Bangabandhu Jamuna Multipurpose Bridge opened in June 1998 and was the longest bridge in Bangladesh as well as in South Asia, and the 11th longest bridge in the world.  The initial management contract for the 4.8 km bridge, which was awarded to JOMAC (a consortium headed by Intertoll Group of South Africa), expired on July 19, 2003, but was extended for another eight months that ended April 1, 2004. The new tender for operation and maintenance of the bridge was valued at Rp78 billion (US$9.5 million) over the five years.      The bridge was constructed over the River Jamuna, mightiest of the three major rivers of Bangladesh, and fifth largest in the world in terms of volumetric discharge. The bridge established a strategic link between the eastern and western parts of Bangladesh.  The bridge was constructed at a cost of US$962 million. The cost of construction was shared by IDA, ADB, OECF of Japan, and the government of Bangladesh.  The contract concluded in 2009, and as of the end of that year, had not been reawarded.
In April of 2004, German firm Detecon International, an affiliate of the Deutsch Telekom group, won the bidding for a four-year management contract for one of Lebanon's two mobile companies by the Lebanese cabinet. Detecon submitted the lowest offer for management of both the Cellis and LibanCell networks.  It was, therefore, asked to select which network it would like to run.  Detecon decided to select the Cellis network to manage (which was considered the more valuable of the two), meaning that the former Cellis network owner, Orange (France Telecom), was pushed out of the Lebanese market after it submitted the second-lowest bid for the network.  The government was to effectively pay Detecon US$201,316,292, or US$4.1 million per month, to manage the former Cellis network for the 48 month period, beginning in June of 2004.     The government in 2001 canceled the licenses of the country's two cell phone operators, Cellis and Libancell, in a dispute over demands that the companies pay hundreds of millions of dollars in back taxes and fines for allegedly exceeding their quotas of 400,000 lines each. The government, however, asked the companies to continue managing the companies for a fee. But the government complained that Cellis and Libancell charged too much for operating the networks and hoped to save money by auctioning them off to foreign firms.  In fact, the winning bids, including Kuwait's MTC which was to manage the former Libancell, were both about 30% less than the management fees charged by the two previous companies.  Detecon inherited about 440,000 subscribers. The network formerly known as Cellis was replaced by the brand name "Alfa."  Clic, the prepaid Cellis card, was replaced by Alfa Active, which had accounted for 70% of the Cellis's customer base.   The government was generating US$49 million a month from both networks, a revenue representing 20% of the total income of the state.  This made it unlikely that the tariff rates, among the highest in the region, were to be reduced, fueling a series of attempted day-long cellular boycotts among subscribers in 2004.  The government decided to offer the management contracts to tender after receiving a poor response for the sale of two licences to operate the networks for 20 years.
rehabilitate and operate the road network in Thiruvananthapuram city in the State of Kerala. The phase I of the project consists of improvements to be made to the city roads of Thiruvananthapuram by way of development of ten corridors and three NH bypass links totalling 42 kms which included 13 corridors, 63 junctions, two flyovers and one underpass.  The concession for phase I was awarded to us by the Kerala Road Fund Board on a BOT (Annuity) basis for a period of 17.5 years (including an initial construction period of two and a half years) which commenced in May 2004 and will end in November 2024 for Phase I. The project became operation in November 2006.  Phase II and III Development of roads with an aggregate length of approximately 107 Lane Kms in Thiruvananthapuram city in the State of Kerala. The Concession for Phases II and III of this project was awarded by the Kerala Road Fund Board on a BOT (Annuity) basis for a period of 17.5 years (including an initial construction period of two and a half years). The Concession Agreement was signed in May 2004, but became effective in May 2009 and will last until November 2026. The Phase II and III Project is expected to be completed by November 2011.  Thiruvananthapuram Road Development Company Limited (TRDCL), was owned by L&FS Transportation Networks LTD (ITNL) with 50% of equity and M/s. Punj Lloyd Ltd (PLL) with the other 50%.  Kerala government decided to develop road corridors in Thiruvananthapuram city on an annuity basis and it has formed the Kerala Road Fund. CTNL-PLL Consortium was declared the successful bidder on the basis of lowest annuity amount quoted. The annuity for phase I total INR118 million and for phases II and II INR 237 million. Annuities were to be paid in semiannual installments.   The total cost of phase I was INR 1098 million (US$24.3 million). The project reached financial closure in May 2004 (two weeks after signing the concession contract) with total debt of INR625 million. The debt was provided by a consortium of five banks namely, Punjab National Bank, Indian Overseas Bank, Bank of India, The Jammu & Kashmir Bank Ltd. and Oriental bank of Commerce.  The implementation of phase I was delayed due to delays by the government of Kerala to acquire land for the project. In January 2008, 14.27 km of phase I became operational and the government of Kerala started paying the proportionally biannual annuity in the completed segment.  The total cost of phases II and III was estimated in INR 2,626 million (US$54.2 million). The project reached financial closure in 2009 with a debt of INR 1092 million and subordinated debt of INR344 million. Phases II and III, but they expected to become operational in November 2011.
In 2003, Mitra Energi Batam began the development of a 55MW combined-cycle gas-fired project in Panaran on Batam Island.  The project was developed on an independent power producer basis and supplied electricity to local industries and housing on Batam Island.  State electricity company, Persusahaan Listrik Negara (PLN), was to purchase the entire output under a long term power purchase agreement with the initial power sales tariff of US$22/MWh (Rp197/kWh). State gas utility PGN was to supply 15 million cu ft per day of gas under a 15-year fuel supply contract.   Mitra Energi Batam comprised the local Medco Energi Menamas with 54%, the Batam subsidiary of the state electricity PLN with 30% and the PLN-owned YPK Foundation with 16%.  Medco Energi Menamas, which was an indirect subsidiary of the oil, gas and power firm Medco Energy International, purchased its stake in the project from the private power developer PT Menamas for an undisclosed amount in May 2004. The project held a PPA with PT PErusahaan Listrik Negara (PLN), in 2004.  Bank Central Asia in August extended US$22 million (Rp 197 million) of debt finance with a seven-year term to Mitra Energi Batam for the project. The plant was built by PT Dalle Energy with the total project cost of US$30 million.  Conversion of the plant from an open-cycle to a combined cycle facility was planned as power demand increased rapidly on the industrialized island of Batam, located just south of Singapore.  The plant was equipped with two 27.75MW Rolls Royce gas turbines.    The new generating plant was expected to be the lowest cost generator on Batam Island.  The plant entered into operation in December 2004.  In 2012, Medco was reported as holding 64% of Mitra Energy Batam, the operator of the plant.  In January 2012, PT Medco sold 51% of its equity in PT Medco Power Indonesia to PT Saratoga Power, a subsidiary of Saratoga Capital - a private equity firm. Based on PT Medco Power holding 64% of the project equity, this means Saratoga now holds 32.6% of the project equity, and PT Medco International the remaining 24.3% (of the 64%), and IFC the last 7%.
In April of 2004, a consortium of Citic Pacific of Hong Kong and Compagnie Generale des Eaux (CGE) of France (a subsidiary of Veolia Environement), was awarded a 35-year concession contract to handle the operation of two water treatment plants in Zunyi, Guizhou province by the Zunyi Municipal People’s Government.  The Zunyi facilities included the Nanjiao and Beijiao plants, each with a capacity of 100,000 cubic metres per day. The consortium was to operate and maintain the plants, as well as treat raw water and sell the treated water to the city's state-owned Zunyi Water Supply and Sewage Treatment Company who were to, in turn, sell it to the roughly 600,000 citizens in the city.  Under the concession, two joint ventures were set up: CGE (Zunyi) Water Treatment Company and CGE (Zunyi) Water Treatment Operation Company.  Under the scheme, CGE (Zunyi) Water Treatment Operation Company was to be charged with running the facilities and was to be paid fees by CGE (Zunyi) Water Treatment Company.  The ultimately state-owned Citic held 25% of the first joint venture and 75% of the latter.    The total cost of the project was estimated at about 200 million yuan (US$24 million) of which Citic was to contribute 60 million yuan and Veolia the remainder.  Included in this figure was the 152 million yuan paid by the JVs for the concession.  The partners said that their contributions to the registered capital of the JVs were to be funded internally. Further expansion of the water supply operation was planned.
In  February 2004 the municipality of Claudia, in the state of Mato Grosso, Brazil, awarded a 30 year rehabilitate, operate and transfer contract for its water and sewage infrastructure to private operator Aguas de Claudia. The concession was awarded through Municipal ordinance no. 057/2003 and Contract no. 033/2004. In 2004 the town of Claudia had a population of 12,000 people, served by a total of 2,400 water connections.   Aguas de Claudia was a special purpose company owned by Brazilian company Perenge Engenharia.  The concession was awarded through an open competitive tender. No information was available on the number of final bidders. Aguas de Claudia committed to invest some 0.88 million Real (approximately 300,000 US$) over the concession’s lifetime. Losses in the water network were to be reduced from 35% to 25% by 2016.  In 2012, Aegea (subsidiary of the Brazilian company Equipav) acquired the project company along with another 15 water and wastewater concessionaries that were operating in the state of Mato Grosso and belonged to Grupo Dias. The ownership of all these companies were transfered to a newly created holding called Nascente do Xingu, itself a wholly-owned subsidiary of Aegea.
In November 2004, a local private company Tiantian Group Holdings was granted a 50 year agreement to build and operate a port in Taizhou City, Zhejiang Province through direct negotiation. Tiantian Group owns 100% of the project. The total investment was RMB 12.75 million (US$ 1.54 million). A subsidiary company of Tiantian Group, Tiantian Logistics Co., Ltd. will operate the port. The project came into operation in December 2007.
In August 2004, Prime Smart Group Ltd. a wholly owned subsidiary of NWS Holdings Limited formed a joint venture with some other firms and persons to build and operate the 37 km Beijing-Zhuhai Expressway (Guangzhou-Zhuhai Northern Section) located in Guangdong Province. The joint venture would operate the project for 30 years. NWS Holdings Limited had a 15% stake in the road. The road was operational as of December 2005. The total investment was unknown.
In February 2000,  the Brazilian company Consorcio Candonga was awarded in a competitive bidding process organized by the federal regulatory agency Aneel the 35-year contract to build and operate a 140-MW hydro power plant located in the Doce River, state of Santa Catarina. Consorcio Candonga was established as a partnership of Vale(50%) and Alcan Aluminio/Novelis, a subsidiary of the Indian group Aditya Birla(50%). Information on the other bidders was not available.  The bidding criteria set by the federal regulatory agency ANEEL was the highest payment to the government for the concession rights. The company agreed to pay US$ 0.062 million (BRL 0.181 million) in yearly installments during the life of the contract, starting once operations commence (using a discount rate of 10%, the present value of this contribution was estimated at US$ 69 million). The contract was signed in April 2000, and sponsor created the company Consorcio Candonga to lead the project during the 35-year contract period.  The sponsor committed to invest US$ 50 million in the power plant. Construction works were undertaken by Construtora OAS, Vatech, and Geoprojetos Engenharia Ltda. Construction works started in June 2001, and operations commenced by September 2004.
In June 2004, the municipal government of Tangerang selected PT Tirta Kencana Cahaya Mandiri ("TKCM") as the new operator of the Cikokol Water Treatment Plant for a period of 15 years. The plant was located in city of Tangerang, province of Banten. Under the agreement, TKCM pledged to invest Rp. 72.5 billion or roughly US$ 8.1 million for the first three years of the project with Rp. 24.4 billion for the first year, Rp. 27.3 billon for the second year, and Rp. 20.8 billion for the third year. The investment commitment was for the rehabilitation of the existing plant and an increase of the production capacity from 950 l/sec to 1,575 l/sec. TKCM was a joint venture between PT Petrosea Tbk (47.8%), PT Enviro Nusantara (28%), and PT Quarta Desira (25%).
In November of 2003, France Telecom won the five-year, US$11.2 million management contract for TeleYemen and was to begin on January 1, 2004. TeleYemen was Yemen's monopoly provider of local and international direct dialling as well as internet services.  It also provided analogue mobile services but competed with two other GSM operators in that sector.    When the UK's Cable & Wireless (C&W) officially concluded its 13-year concession contract with TeleYemen on December 31, 2003, Yemen's state-owned Public Telecommunications Corporation (PTC) acquired C&W's shares and became the sole public owner of the company. Six international companies submitted bids by the October 1, 2003 deadline for the five-year management contract for TeleYemen.  The bidders were France Telecom, Deutsche Telekom, Telecom Egypt, Monte Carlo-based Mediterranean Network, Korea Telecom and Hong Kong-based PCCW.  With the concession contract expired, France Telecom won the contract to manage TeleYemen without taking any equity for five years from 1st January 2004 to 31st December 2008. In Decemeber 2008, the contract was extended for 2 years until 31st December 2010. France Telecom was expected to help build international communication and information technology infrastructure in Yemen's rural areas.    TeleYemen provided fixed-line, telex, internet and analogue mobile services to some 70,000 subscribers by end 2003.   In 2011, TeleYemen invited bids for a new operating contract, given that the management contract with France Telecom expired in June 2011.
In May 2004, Veolia Water, the water-management division of Veolia Environnement (VE), signed a 23-year BOT contract with the Beijing municipal government for the construction and operation of a wastewater treatment plant in Bei Yuan, which was to be built next to the Olympic Village for the 2008 games.    The total investment of Veolia is RMB 58 million (US$ 7.08 million). Veolia's exact share in the project and the size of the project was unknown.
In June 2004, First Generation Holdings Corp. (First Gen) won the contract to purchase the 1.6-MW Agusan Hydroelectric Power Plant in Manolo Fortich, Bukidnon. The Power Sector Assets and Liabilities Management Corporation (PSALM) said First Gen offered the highest bid for the Agusan power plant at US$1.5 million.  First Gen was the energy arm of the Lopez Group. First Gen bested two other bidders: Hydro Electric Development Corp. and Sta. Clara International Corp.    In April of 2004, the Philippine government launched a planned US$5 billion divestiture of the power assets of state-owned National Power Corp. (Napocor) through PSALM.  The Agusan plant was one of 35 owned by Napocor, which the government had planned to divest in order to trim the firm's debts.
In April of 2004, Kuwaiti firm Mobile Telecommunications Co. (MTC) won the bidding for a four-year management contract for one of Lebanon's two mobile companies by the Lebanese cabinet. MTC offered the second lowest bid for the former Libancell network, behind Detecon of Germany which bid US$192.3 million.  But Detecon also offered the lowest bid (US$201.3 million) for the Cellis network, and chose to accept that contract (the tender terms did not allow one firm to run both networks).  The government was to effectively pay MTC US$209,301,151, or US$4.35 million per month, to manage the Libancell network for the 48 month period, beginning in June of 2004.  The government in 2001 canceled the licenses of the country's two cell phone operators, Cellis and Libancell, in a dispute over demands that the companies pay hundreds of millions of dollars in back taxes and fines for allegedly exceeding their quotas of 400,000 lines each. The government, however, asked the companies to continue managing the companies for a fee. But the government complained that Cellis and Libancell charged too much for operating the networks and hoped to save money by auctioning them off to foreign firms.  In fact, the winning bids were both about 30% less than the management fees charged by the two previous companies.     MTC aimed to increase the number of subscribers of the network to 650,000, up from the 400,000 it inherited within the four year contract.  The network was given the brand name "Touch."      The government was generating US$49 million a month from both networks, a revenue representing 20% of the total income of the state.  This made it unlikely that the tariff rates, among the highest in the region, were to be reduced, fueling a series of attempted day-long cellular boycotts among subscribers. The government decided to offer the management contracts to tender after receiving a poor response for the sale of two licences to operate the networks for 20 years.   The project was extended for one year in February 2009. The project was extended for one year in February 2011. The project was extended for one year in February 2012, expiring January 31, 2013.
In December 2003, the local government of Moscow, Russia, through its water operator Mosvodokanal, awarded a 13.5 year build, own, operate and transfer (BOOT) contract for a potable water plant in South-West Moscow to German WTE Wassertechnik GmbH (WTE). WTE became responsible for the design, financing, construction and operation of the water treatment plant. The plant was expected to cost Euro 190 million (US$ 220.78 million) and was designed to produce 250,000 cubic meters of water per day. The plant would supply drinking water to one million people.   WTE Wassertechnik GmbH became part of the Austrian group EVN AG in October 2003.   Construction of the plant started in September 2003. WTE chose French Degremont, water treatment unit of utilities conglomerate Suez, for the construction of the ultrafiltration unit at the South-West Moscow drinking water plant in June 2004. The plant was expected to start operations by 2007. Ten years after completion, the ownership of the plant was expected to be transferred to Moscow municipality-owned water utility, Mosvodokanal.  In 2005 MIGA issued a guarantee of Euro 42.7 million ($56.4 million) to WTE Wassertechnik GmbH of Germany (WTE) for its Euro 47.5 million equity investment in WTE Sud-West of the Russian Federation. The guarantee spanned a period of 13 years and provided coverage against the risks of expropriation and breach of contract. The guaranteed replaced a 2004 shareholder loan and equity guarantee.
In July 2004 the municipality of Itapema, Brazil, awarded a 25 year concession contract for the town’s water and sewage services to private operator Aguas de Itapema. The town, located in the state of Santa Catarina, had a total of 34,000 inhabitants in 2004. Water and sewage services had previously been provided by state utility Companhia Catarinense de Aguas e Saneamento (CASAN). In 2004 Aguas de Itapema serviced some 10,500 water connections. Network losses were high, at 57%.  Aguas de Itapema was a special purpose company owned by local private firms Construtora Nascimento and Linear Participacoes e Construcoes de Cuiaba. The exact ownership structure was not known.  According to figures from the water agency ABCON, the concessionaire committed to invest some 48 million Reals ($16 million) by 2010. The company reported investments over US$ 34.5 million (BRL 69 million) between 2004 and mid-2009.  In December 2015, Conasa reached an agreement with the municipality to incur in addtional investments of US$136.1  million (BRL 504 million) in exchange for an extension of the existing contract until 2044.
On October 1, 2003, Avon River Power Corp. signed two contracts with Aklan Electric Cooperative (Akelco) for the construction and 20-year operation of a 7.5-MW diesel-fired power plant in Nabas, Aklan, and a 5-MW plant in New Washington town, also in Aklan.  The plants were expected to cost a total of 600 million pesos (US$11 million).  Both plants began construction in April of 2004 and were expected to become operational by the end of 2004. The 7.5-MW Nabas plant was to serve commercial and residential customers on the beach resort island of Boracay. The 5-MW facility in New Washington was to provide electricity to other municipalities in Aklan.  Avon River Power signed a (revised) power purchase agreement with Iloilo I Electric Company (ILECO I) in early 2005.  Avon River Power Corp. was a 100%-owned subsidary of Mirant Global Philippines Corp., a joint venture between US-based Mirant Corp. and the Pilipino company Global Business Holdings Inc., a unit of Metropolitan Bank & Trust Co.  The plant became operational in early 2005.
PowerLinks Transmission Ltd (Powerlinks), a joint venture between private utility Tata Power Company (TPC) and the Government of India owned Power Grid Corporation of India Ltd (PGCIL), was established to implement the Tala Transmission Project (TTP) on a build-own-operate-transfer basis (BOOT) for 30 years. Tala Transmission Project involved installation of 1200 km transmission line from Siliguri, in West Bengal, to Mandaula, near New Delhi and the operation and maintenance of the transmission line for 30 years. The transmission line was built to transport power from the Tala hydroelectric plant in Bhutan to New Delhi, India and to carry surplus power from the eastern grid of India to the power deficit Northern grid.   Tata Power Company Limited was selected to partner with PGCIL in TTP in December, 2001 through an international bidding process. Tata Power has a majority stake of 51% in Powerlinks and the balance is held by PGCIL. The only other pre-qualified bidder who participated in the TTP tender was National Grid of UK.  Powerlinks achieved financial closure for TTP in January, 2004 for an estimated investment of Rs 1,220 crore (US$ 269 million). The debt equity ratio was 70:30 and the lenders financed 70 percent of the estimated project cost in the form of a non-recourse term loan. The lenders comprised of State Bank of India (US$ 35.3 million), Infrastructure Development Finance Corporation (US$ 39.7 million), and International Finance Corporation (US$ 75 million). IFC’s loan had a maturity of 15 years and was denominated in Indian Rupees.  The revenues for the project came from the transmission tariffs paid by Power Grid, which in turn collected it from the state electricity boards. The tariffs were regulated and calculated on a formula of cost base plus 16 percent return on equity plus 10 percent majoration factor.  The project construction was completed in September 2006.
This joint venture, Anqing Hong Kong and China Gas Company Limited, was established in November 2004. The project is located in Anqing City, Anhui Province. The Hong Kong and China Gas Company Limited (Towngas) has a 50% stake in the project and will operate and manage the joint venture for 50 years. The total investment was RMB 182 million (US$ 21.98 million).
In July of 2004, the 1.8-MW Barit Hydroelectric Plant in Camarines Sur province was sold to lawyer Ramon Constancio, representing undisclosed investors, for US$480,000.    In April of 2004, the Philippine government launched a planned US$5 billion divestiture of the power assets of state-owned National Power Corp. (Napocor) through the Power Sector Assets and Liabilities Management Corporation (PSALM).  The Barit plant was one of 35 owned by Napocor, which the government had planned to divest in order to trim the firm's debts.
Globaltrans was established during the early stages of the reform of Russian railway market in the early 2000s. It began life as two private companies, Sevtekhnotrans and New Forwarding Company, engaged in the freight rail transportation business. In a few years, it grew to become Russia’s largest privately owned freight rail operator, second only to OAO Russian Railways and its subsidiaries by fleet size. It was the first private freight rail transportation group with operations focusing on Russia to be publicly listed.  Sevtekhnotrans was established in 2000 as a Russian limited liability company by entities controlled by the current beneficial owners of Transportation Investments Holding Limited (TIHL) and their associates. Until 2004, Sevtekhnotrans was mainly engaged in freight forwarding and rolling stock leasing services. In 2003, it received a freight rail carrier licence and began its principal business of providing freight rail transportation services.  In May 2004, the Company was established in Cyprus by EIL and a company controlled by the beneficial owners of TIHL. In July 2004, the original founding entities of New Forwarding Company transferred their respective shares in New Forwarding Company to the Company. In June 2007, the shares of Sevtekhnotrans were also transferred to the Company.   In March 2008 following a special resolution approved by the shareholders, the Company was converted into a public limited liability company. In May 2008, the GDRs were listed on the Main Market of the London Stock Exchange with a free-float of approximately 30%. The listing and initial public offering (the IPO) consisted of both primary and secondary components and comprised an offering of GDRs by Globaltrans and TIHL and EIL to international institutional investors outside of the United States and the Russian Federation, and to qualified institutional buyers in the United States. The IPO generated approximately USD 224.7 million in gross proceeds for Globaltrans.  Globaltrans’ ownership structure as of the end of 2009 was as follows:  (a) 50.1% is owned by Transportation Investments Holding Limited (“TIHL’), which carried out its business under the brand NTrans; (b) 14.7% is owned by Envesta Investments Limited (“EIL”); and 35.2% is in free float.  In 2010, the company implemented a new expansion program. The total cost of this expansion was estimated at $248 million. IFC provided a $30 million A loan for IFC’s own account.
The government of Bulgaria awarded a 35 year build, own and transfer (BOT) license to Black Sea Technology Company AD (BSTC) for the construction of a gas distribution network in the Dobrudja area. The Dobrudja region included 18 municipalities, the largest being Dobrich and Shumen. The BOT was awarded to allow consumers in the Dobrudja area to switch to gas for heating and industrial power. BSTC planned to eventually distribute gas to some 300 industrial companies, 500 public institutions and 56,000 households in the area.  The BOT contract was awarded following a competitive process. Two bids were received: one from BSTC and another from Technoterm Engineering. BSTC was awarded the contract on February 25th, 2004. As of Dec. 31, 2007, BSTC was 99.75% owned by Italy’s AMGA Azienda Multiservizi SpA.  BSTC pledged to invest some US$58 million over ten years in the area to set up a gas distribution network. Commercial bank Bulbank was expected to provide some funding for the investments, and to service the subscription of end-gas consumers.  In 2004 BSTC invested some $3.8 million in building a 44 km gas distribution grid in the Dobrodja area.
In May of 2004, China Evergreen Environmental Corporation (CEEC), later renamed to China Water Group, Inc., signed a 25-year BOT project for the 20,000 tons of sewerage per day capacity Beijing Tianzhu Wastewater Treatment Plant (Phase 1).   To implement the contract, the Bei Jing Hao Tai Shi Yuan Water Purifying Company Limited was created as the project company in which CEEC took a 100% stake.  CEEC was a private wastewater engineering company based out of Guangzhou Province.   Total investment was RMB 20 million (US$2.4 million).  Operations began in October of 2005.
Huarui Investment Group and Farsighted Investment Group, both private Beijing-based companies, won the 25-year BOT tender for the first phase, 100MW, Jiangsu Rudong Wind Power Plant near Nantong city in Rudong county, Jiangsu province.  Jiangsu Unipower Wind Power Co. was the project company, reflecting the Farsighted Group's American subsidary, Unipower Inc.. Farsighted's Netherlands-based subsidiary Europe China Power BV was also involved in the project.  The Rudong project was the first Chinese wind farm to be tendered on a competitive bidding basis. The State Development Reform Commission approved the tender in 2002 and the project was awarded in September 2003.  Rudong County borders on the south of the Huanghai Sea and lies in the northern bank of the Yangtze River Delta.   The project had an estimated cost of Rmb 800 million (US$97 million) and was scheduled to enter commercial operation in 2005.  Construction began in August of 2004.  The project could be followed by two further phases which would take the installed capacity of the wind farm complex to between 500MW and 850MW by 2010 and cost an estimated US$246 million, making it the biggest wind farm in Asia.
In November of 2004, Kanartel consortium, 40% owned by Emirates Telecommunications Corp. (Etisalat), the United Arab Emirates' state-owned telecommunications firm, bid EUR45 million (US$59 million) to win the Second National Operator (SNO) license in Sundan over two rival consortia. The National Telecommunication Commission (NTC), Sudan's regulatory authority, awarded the license to the Abu Dhabi-based Etisalat, ending former incumbent Sudatel's monopoly.  Etisalat was to manage, operate and maintain the Kanartel network, with the new company committed to providing 500,000 fixed lines.  Operations were set to begin in January 2006.   Etisalat declined to identify its partners in Kanartel, other than to say that they were UAE and Sudanese investors. Etisalat already owned 9% of Sudan Telecommunications Co., Sudatel, the incumbent provider and soon to be competitor.  It was not clear whether the UAE firm would retain this stake when it embarked on setting up the new network.   Kanartel had earmarked US$200 million for the roll out of the fixed operations over its first two years. By March 2006, after a month of operation, Kanartel had signed up 18,000 subscribers.   Canar launched WiMAX service in 2011 to its business segment, which was extended the subsequent year to residential and SME segments. By 2012, 89% of Canar was owned by Etisalat.
In April 2004 the Columbian municipalities of Cerete, Sahagun, Cienaga de Oro, and San Carlos awarded a 20 year concession contract for their water and sewage provision to private consortium Uniaguas, previous known as Union Temporal ERAS. The contract covered a population of 200,000 people living in the four Cordoba department municipalities. Water coverage rates ranged between 50% and 90% in 2004.   Union Temporal ERAS was a local consortium comprised of Centro Aguas, Obsa and Aguas del Norte, among others. The consortium obtained the concession following an open tender process where it made the sole bid. This was the second attempt by the government to attract a private operator.   Estimates made in 2003 indicated ERAS would require some $30 million in investments. At the end of 2003 the Colombian central government committed to provide US$7.96 million in financial support to ERAS to make the utility more attractive to potential bidders.
In late 2003, Anhui Guozhen Environmental Protection Science & Technology Co., Ltd. (GZEP), signed a 30-year concession contract for the upgrading and operation of a 140,000 tons per day sewage treatment plant in Xuzhou City, Jiangsu Province.  Following the upgrade, the plant was to have a capacity of 165,000 tons per day.    GZEP formed the Guozhen Water Operation Co., Ltd. (XGWO) and was to invest RMB 160 million (US$19.3 million) in the project. GZEP was a private business from Anhui Province. No information on GZEP's share in the project company was available. Operations began in mid April 2004.
In September 2004, Singapore-based Hyflux signed a 30-year contract with Liaoning Zhengye Enterprise Group, to develop, build, own, operate and transfer the first seawater desalination plant in Liaoning province.  The desalination plant was to have an initial capacity of 50,000 cubic meters per day when completed in 2006 and the company had planned to expand the plant's capacity to 100,000 cubic meters per day after 2008.  Huludao was situated in southwestern Liaoning province on the bank of Bohai Bay.   To implement the contract, Newspring (Huludao) was created as the project company which was owned by Hyflux (49%) and the state-owned Liaoning Zhengye Group Real Estate Development Co Ltd.  Ashcraft Holdings was to hold the remaining 2% stake.   The Zhengye Group's investment was composed of land and capital while Hyflux's investment was composed of technology, equipment and capital worth 230 million yuan.  In addition, the Huludao Municipal People's Government was to provide a US$6.05 million credit to the project, while a local bank committed to lend US$4.65 million.
In December 2004 the municipal government of Guapimirim, the Brazilian state of Rio de Janeiro, awarded a 20 year rehabilitate operate and transfer concession contract for its water supply to private operator Fontes da Serra Saneamento de Guapimirim Ltda. The concessionaire was to treat water from the Rio Soberbo and supply it to inhabitants of the Guapimir municipality, home to some 25,700 in 2004. Coverage rates were not known.  Fontes da Serra Saneamento de Guapimirim Ltda. was owned by Brazilian company Emissao Engenharia. Details on how the contract was awarded were not publicly available.   According to the Brazilian association for private water and sanitation operators (ABCON), the concessionaire committed to invest some $6 million in the water system over the contract’s lifetime.
In April of 2004, the Philippine government, through the Power Sector Assets and Liabilities Management Corporation (PSALM), launched a planned US$5 billion divestiture of its state-owned power assets with the initial sale of a 3.5-MW plant to local firm Hydro Electric Development Corp. (HEDC), a subsidary of Aboitiz Power Co., which was in turn a subsidary of Aboitiz Equity Ventures (AEV).  HEDC bought the Talomo Hydroelectric Plant in the southern city of Davao in Mindanao for US$1.37 million.  Built in 1957, the Talomo Plant was the first hydroelectric plant in southeastern Mindanao. It was leased in 1972 to Davao Light & Power Co., a subsidiary of Aboitiz Power Co., before being returned to Napocor in 1998.   The plant was one of 35 owned by state-owned National Power Corp. (Napocor), which the government had planned to divest in order to trim the firm's debts.
The Brazilian government, under the power regulator Aneel, awarded a greenfield build, own, and operate contract for a transmission line in Brazil’s Bahia state. The project company, Muhirah Transmissora de Energia SA, will transmit power through the concessional period of 30 years. The 106 km line will connect Camacari and Sapeacu (both in Bahia state). The project was one of seven transmission concessions awarded by Aneel in 2003-2004; all lines cover 1,787 km and will include investments of US$614 million. Aneel was prompted to release the bids after Brazil’s National Privatization Council (CND) issued a resolution in June 2003 calling for seven groups of transmission concessions.   The greenfield build, own, and operate contract was awarded by Aneel in late 2003 and signed the concessional agreement in October 2004. The contract was signed by the winning consortium comprising ACS subsidiary Control y Montajes Industriales (Cymi – 95 percent) and Brazilian firm Fluxo Energaria Limitada (5 percent). The consortium was selected on the basis of offering the lowest transmission tariff.   Total project financing of US$38 million was provided by the sponsors in October 2004 with the support of BNDES. The project commenced operations by mid-2005.
In May 2001, Sino-French Water Development signed a 30-year concession contract with the city of Sanya for the provision of potable water to 300,000 residents of Sanya, Hainan province.  The agreement included the acquisition of three water production facilities which had a combined capacity of 230,000 cubic meters per day as well as the operation and management of the entire distribution network for the duration of the contract.    To implement the contract, Sanya Sino-French Water Development Co. was created as the project company which was owned by Sino-French Holdings (50%) and the state-owned Hainan Tianya Water Industry Holding Co. (50%).  Sino-French, in turn, was a 50-50 joint venture between Suez water subsidiary Ondeo and New World Infrastructure of Honk Kong.   The total investment in the project was estimated at 36 million euros (about US$31.5 million).  The concession period did not begin until January 1, 2004, following a delayed financial closure.
LTL Holdings, via its subsidiary Nividhu, was developing the 4.0MW Aranayake mini hydropower plant. The project consists of two 2MW turbines, supplied from Germany. Lakdhanavi Limited was a fully owned subsidiary of Lanka Transformer Limited (LTL). LTL was owned by Ceylon Electricity Board (majority shareholder), ABB Group (27%) of Switzerland (Asea Brown Boveri (ABB)) and an Employees Trust (see project 3814). SN Power held 30% of the equity. LTL Holdings held 48%; LAnka Ventures (venture capital firm) held 16%; Employees Trust held 4%.   Construction started in August 2003. The project commissioned in May 2005. Output was sold to the Ceylon Electricity Board, under a 15 year PPA starting in 2004.   Total cost was US$3.6 million. Financial closure date was unknown, but ESTIMATED here was February 2004 (25% completion rule). The project applied for UNFCCC CDM financing together with the Belihul Oya plant, project 7001. Financing was provided by a consortium of Sri Lankan banks (non-recourse).
The Mexican government, under the Comision Federal de Electricidad (CFE), awarded a greenfield build, own, and operate contract for an electricity generation facility in Valladolid, Mexico. The project company, Compania de Generacion Valladolid (CGV), will generate power for CFE (to be distributed to consumers) under a 25-year power purchase agreement (PPA). The PPA will go into effect upon construction completion (expected in mid-2006). The Valladolid plant is located in Mexico’s Yucatan Peninsula. Establishing the additional generation capacity was deemed necessary by the government of Mexico in order to meet the rising electricity demand; the addition of Valladolid III was one of several plants scheduled for 2004 onwards in order to add 25,000 MW generation capacity between 2004 and 2012.  The greenfield build, own , and operate contract was awarded by CFE in October 2003. A PPA was signed so that power would be generated to both industrial users and consumers (the distribution between these two groups was not disclosed). The winning consortium, CGV, comprises US-company Calpine (45 percent), Japanese-company Mitsui (27.5 percent), and Japanese-company Chubu (27.5 percent). The EPC contract was awarded to Mitsui (Japan).  Financial closure was achieved in December 2004 for the total project financing of US$275 million. Japan Bank for International Cooperation (JBIC) is providing US$117 million and Japanese banks Mizuho, Sumitomo Mitsui, and Standard Chartered Bank, are each loaning US$26 million to the project company.   The Valladolid III project follows on the Valladolid I and II projects, also in the Yucutan peninsula. The natural gas-fired plant has a capacity of 525 MW. Upon construction completion, the plan was expected to meet the electricity demands of more than 500,000 households on a 24-hours-a-day, seven-days-a-week basis.  Operations commenced in June 2006.
On February 24, 2003, an Italian/Russian consortium Enel ESN Energo won a contract to manage the North West Thermal Power Plant (NWTPP) in St. Petersburg, Russia. The NWTPP, the most technologically advanced thermal power plant in Russia, was located near St. Petersburg in the Northwest region of Russia and utilized combined cycle gas turbine (CCGT) technology. The plant, a 450MW combined cycle unit producing 3.4TWh per year, supplied electricity to the Russian wholesale electricity market and Fortum, the Finnish energy group. The main shareholders of NWTPP were RAO UES (46.7%), OAO Lenenergo (13.8%), Lentransgaz (12.3%), the St. Petersburg State Property Management Committee (7.5%) and the state-run company Technopromexport (3.7%).  Unified Energy Systems (UES) held a competitive tender for the management of Russia's North-West thermal power plant in February 2003.  UES was looking for a European utility to manage the power plant as part of Russia's attempt to lure private investment into the country's aging electricity sector. Fortum, the Finnish energy group, and Enel, the Italian utility, submitted their bids. The Germany's RWE and France's EdF, both of which expressed an interest in the management tender, decided not to bid.  The requirements for the bidders for the management rights on the North West thermal power plant were set the UES Board of Directors in September of 2003 as follows: (i) annual turnover of $5 billion  (ii) a generating capacity of 5,000 MW (iii) a credit rating from S&P and Fitch not lower than BBB-, and not lower than Baa3 from Moody's. Enel ESN Energo LLC (EEE) - a 50-50 joint venture - won the tender to manage NWTTP for three years, with the possibility of a one-year extension.   In June 2004, RAO Unified Energy System of Russia (RAO UESR) signed a three-year management contract with Enel ESN Energo. Under the terms of the management agreement the consortium would become the management company for the NWTPP, assuming responsibility for day-to-day management and operations, overseeing the development of the plant’s second generating unit, and arranging for the financing of up to US$125 million to complete its construction. The power plant’s first unit, which had an installed capacity of 450 MW, was commissioned in December 2000. The second unit, which was planned to have an installed capacity of 450 MW, was under construction and was expected to be completed in 2006.  The management tender held by RAO EUS in February 2003, was part of Russia's general reform of the power sector, which aimed to restructure national utility Unified Energy System (UES) and to attract foreign capital to the industry. With a market capitalization exceeding US$11 billion and FY03 revenues of US$19.6 billion, RAO UES operated Russia’s unified power system, controlling more than 70 percent of the country’s electric power grid.
APM Terminals, the ports division of Denmark’s AP Moller - Maersk Group, was awarded a 15-year management contract for the Douala Container Terminal in Cameroon.  The new operating company, Douala International Terminal, was a partnership with the state-owned Port Autonome de Douala and was to be responsible for management, stevedoring and handling both container and Roll-on/Roll-off vessels at the facility.   The terminal handled 160,000 TEUs, 35,000 vehicles and 350,000 cubic meters of breakbulk cargo in 2003. The consortium had planned on developing the terminal by investing in new equipment, including new gantry cranes in 2005, and the installation of an IT system.
In July 2002, Hot line Construcoes was awarded in a competitive bidding process organized by the regulatory agency ANEEL the 30-year contract to build and operate a 135-km transmission line located in the state of Rio Grande do Norte(Paraiso-Acu). No information was available on the other bidders.  The bidding criteria set by ANEEL was the lowest required annual revenue. Hot Line presented the lowest offer, a total value of US$ 2.4 million  (BRL 6.9 million), 0,01% below the ceiling set by the regulatory agency. The contract was signed in December 2002, and the sponsors created the company Goiana Transmissora de Energia S.A. - GTESA to lead the project during the 30-year contract period.    The sponsor committed to invest US$ 10.4 million (BRL 30.4 million) in the transmission line, which became operational in September 2004. In November 2007, Transmissora Sudeste Nordeste S.A. (TSN) acquired GTESA and PATESA, which also belonged to Hot Line, in a deal worth US$ 30.4 million (BRL 89.8 million). TSN is a wholly-owned subsidiary of TAESA.
In 2004, Triple Oro began operating the assets of Empresa Municipal de Agua Potable y Alcantarillado de Machala (Emapam), in the province of Oro. The length of the concession contract was not publically available. The contract was originally signed by the municipality of Machala and Triple Oro in July 2001, but conflicts with civil groups and workers from Emapam delayed its implimentation until 2004. In 2004, Epamam had a capacity of 400 litres per second, but needed an additional 350 litres per secon of capacity to reach the unserved portion of Machala's population. An investment of approximately US $10 million was needed to meet the capacity needs of the municipality.  Triple Oro was a company of mixed capital with participation of Oriolsa SA [Ecuador] and Sociedad de Acueducto, Alcantarillado y Aseo de Barranquilla SA ESP (Triple A) [Colombia]. Triple A primarily serving Barranquilla, Colombia as well as the Ecuadorian province of Samborondon. The mix of public and private capital was not known.  In October 2009, an audit conducted by Ecuador's housing ministry Miduvi recomended the renegotiation of water concession contracts held by Amagua and Interagua after alleging distortion in thier rates as well as the lack of a social tariff. Miduvi also recommended the termination of Triple Oro's contract in Oro province. Under Ecuadorian law, if the contracts were not renegotiated within one year, they could all be terminated. The comptroller general was reviewing the report as of December 31, 2009.
In 2004, Government of Mozambique (GoM) awarded a  25 year concession for the port of Quelimane in central Mozambique to Cornelder Quelimane (CQ), a joint venture between the Dutch company Cornelder B.V. and CFM (Mozambique’s state owned port and railway administration). CQ took over  the Quelimane Port from CFM in March 2005.   Cornelder was the majority stakeholder in CQ with a 51% stake, while the balance was held by CFM. Cornelder committed to invest US$ 16.7 million to rehabilitate the port. Of the US$ 16.7 million, US$ 14.464 million was secured as soft loans from KfW and US$ 1 million as share capital. Under the concession agreement, CQ had to pay a fixed annual fee to the GoM - US$ 60,000 for years two and three (with year one as the grace period), which gradually increased to US$ 250,000 by year seven and was capped at that level with periodical adjustments for inflation.  CQ also paid a variable fee based on gross revenues.
Enercon Windfarms (Jaisalmer) Pvt. Limited developed a 24 MW wind energy based independent power project in Jaisalmer, in the Indian state of Rajasthan. The “green energy” generated from the plant was supplied to Rajasthan Vidyut Prasaran Nigam Limited (transmission utility) and the three distribution companies in Rajasthan. The plant was set up in response to Government of Rajasthan’s commitment (February, 2000 policy) to achieve an installed capacity of 100 MW exclusively from wind by 2004.   Enercon Windfarms (Jaisalmer) Pvt. Limited signed a 20 year power purchase agreement (PPA) with Rajasthan Vidyut Prasaran Nigam. The PPA was co-signed by the three distribution companies that served Rajasthan: Jaipur Vidyut Vitran Nigam Limited, Ajmer Vidyut Vitran Nigam Limited, and Jodhpur Vidyut Vitran Nigam Limited.   Enercon Windfarms (Jaisalmer) Pvt. Limited, a 100 percent owned subsidiary of Enercon India Limited (EIL), was established to implement the wind energy project in Jaisalmer. EIL was a joint venture between Germany’s Enercon GmbH (56 percent) and India’s Mehra Group (44 percent).  The US$ 26.48 million power project achieved financial closure in March 2004. Power Finance Corporation Limited sanctioned a loan of US$ 21.72 million for the project.   The project was commissioned in June 2004.
Hong Kong-listed Xinao Gas Holdings Ltd (Xinao), one of the first non-state-owned city gas distributors in China, announced in June of 2004 that it had formed a joint venture with the Huzhou local government to operate a piped gas business in Huzhou, Zhejiang province for 30 years.  The joint venture, named Huzhou Xinao Gas Company Limited, had a registered capital of US$9.1 million. Total investment was US$ 21 million. Xinao Hunan Investment held a 50% stake in the company while its state-owned partner owned the remainder.
In May 2004,  Government of Mozambique and the government owned port and rail company CFM awarded the restoration and management of the Beira rail system in Central Mozambique to the Indian consortium Rites and Ircon International (RII) under a 25 year concession agreement. The Indian consortium, comprising of two Government of India companies Rites Ltd. and Ircon International Limited, won the international tender amid stiff competition from the Chinese consortium comprising  of Tenwin Trading Company and China Railways Construction Company. CFM and RII formed a new joint venture company, Beira Railway Company (Companhia Dos Caminhos De Ferro Da Beira or CCFB) to implement the project. CFM holds a 49% stake in CCFB and the balance is held by Rites (26%) and Ircon International (25%).   CCFB took over the management of Beira rail system in December 2004. The Beira rail system consists of two lines, the Machipanda line -  from the port in Beira  to Zimbabwe and the Sena line – from Beira port to the Moatize coal mines in Tete province (with a spur into Malawi). The Sena line was completely sabotaged during the civil war and required significant reconstruction. The Machipada line though operational required rehabilitation. In addition to the complete restoration of the railway infrastructure, the project also required acquisition of new engines and other rolling equipment and the installation of telecommunications and security systems. The work took more than 3 years to complete.  The total cost of the project was around US$ 152.5 million. The world bank granted a loan of US$110 million from the International Development Agency line of credit to the Mozambican government as part of a rehabilitation package. Of the US$110 million loan from the world bank, US$104.5 million was earmarked for the rebuilding of the Sena line and the remaining US$5.5 million was used for the institutional empowerment of CFM. The rehabilitation of the Machipanda line was funded in full by RII and was around US$ 55 million.   In early 2011, the government of Mozambique indicated its plans to cancel the contract indicating that the concessionaire had to fulfill its obligations to improve services.
In April 2004, a local private company R&F Properties Group signed a 25 year agreement to build and operate a sewerage treatment plant in Dongguan City, Guangdong Province. The total treatment capacity of the project was 60,000 cubic meters per day.   R&F Properties Group invested RMB 70.53 million (US$ 8.52 million) in the plant and owned 100% of the project.   The plant was operational as of the end of 2006.
In November 2004, a consortium led by APM Terminals, the port operating arm of Denmark's A.P. Moller-Maersk, was awarded a 30-year BOT contract by the Tangiers Mediterranean Special Agency (TMSA) to develop a greenfield container terminal at the Tangier Mediterranean Port, Morocco. This container terminal was designed to have a capacity of 1.3 million TEU per annum.  APM Terminals Tangier S.A (APMTT), a joint venture between AP Moller Maersk (90%) and Casablance based AKWA Group (10%), was established in March 2005 to implement this project. The winning consortium won this project in an international competitive tender, conducted by TMSA, by beating the other finalist – a constorium of France’s CMA-CGM, Taiwan-based Evergreen and the UK’s P&O.   The total cost of the container terminal was estimated at US$ 200 million ( 160 million euros) .  In addition, APMTT was expected to pay a monthly rental fee that was estimated to total US$ 125 million over the term of the contract and also guarantee the utilization of the terminal's capacity. Information on the details of the financial closure was not available from public sources.  Construction work began in May 2006. The terminal was scheduled to commence full commercial operations in September 2007.
In August 2004 the government of Armenia granted a four year management contract for the state-owned water and sewerage joint-stock company Armvodokanal (AWSC) to French firm Saur. SAUR created its Armenian branch under the name of SAUR SEVAN SERVICES. AWSC served 300 communities covering about 45 percent of the national population. In 2004 the other major water and wastewater utility company in Armenia was the Yerevan Water and Sanitation Company (YWSC), covering the capital city service area (about 33 percent of the national population).  Saur won the management contract through an open international tender. Under the terms of the contract Saur was expected to receive full delegation of powers to manage AWSC, while a newly established company board would act as the top-level managing body, reviewing schedules and investment programs developed by Saur.   The contract was signed for a period of 4 years till October 2008. Considering company’s accomplishments, successfully implemented projects and continuous efforts, the government extended the management contract with 2 more years until 2010 October 18.   Armvodokanal was expected to implement an investment program worth US$ 29.2 million. US$ 23 million were to be provided by the World Bank (WB) and US$ 6.2 million by the Armenian Government. The WB’s financial support was designed to support recruitment of the management contractor (paying the fixed fee and performance incentive for the four-year management contract) and finance investments in AWSC during the management contract.  In 2007, ADB loaned credit of over US$40 million to AWSC to recover the water supply system in the rural district  In 2008, IDA made a US$20 million loan to AWSC.  In 2010, the contract was extended for another 12 months until October 2011. The government and the sponsor expected to sign a new contract by October 2011 with revised tariffs.  In October 2011 the contract was extended until 2013, with the option of a 1-year extension. The GoA was to provide additional funds for the investment program of the company (estimated to cost US$18million). Part of the funds came from a US$15 million loan approved by WB in 2/2012.
In March 2004, a US registered company North America Envirotech Ltd. formed a joint venture with Tsinghua Tongfang Co. Ltd. to sign a 25 year agreement to build and operate a sewerage treatment plant in Haerbin City, Heilongjiang Province. The plant capacity was 325,000 cubic meters per day.   North America Envirotech Ltd. invested RMB 32 million (US$ 3.86 million) in the plant and owned 10% of the project.    The construction of the plant commenced in June 2004 and came into operation in December 2005.
In 2004, Dhaka Telephone Company Limited (DTCL) was awarded a license by Bangladesh Telecommunication Regulatory Commission (BTRC) for the provision of fixed telecommunications services in all four zones covering the entire country -- North-West, North-East, South-East, and South-West. This new license directly followed BTRC’s decision to introduce competition in the fixed line sector and thus ending the long standing fixed line monopoly of Bangladesh Telegraph & Telephone Board (BTTB). Private operators like DTCL were seen as key to improving the very low tele-density in Bangladesh estimated at 0.4 telephone for every 100 persons.  DTCL initially planned to set up a network, with a potential to provide basic telephony, value added services and various data services to 200,000 subscribers all over Bangladesh. Within five years of operation, DTCL planned to expand the network to have a potential 500,000 fixed telephone lines covering both voice and data services.  In July 2006, DTCL began commercial operations in Chittagong and Sylhet divisions. In 2007, along with two other private land phone companies, RanksTel and and Square Informatix, received licence from the BTRC to operate in Dhaka.
In September 2004 the local authorities of the Baja California Sur State, Mexico, through regional water authority Oomsapalc, awarded a 20 year build, own and transfer contract for a desalination plant in the town of Can San Lucas to private company Promaqua Desalacion. The project included extracting and desalinating raw water, storing treated water, and delivering water to the communities of Los Cangrejos and Mesa Colorado. The project was expected to serve some 40,000 people and deliver 200 liters of water per second.  The project company, Promaqua Desalacion, was owned by two Mexican firms (Cableados Industriales, Vazlu and Libra Ingenieros Civiles) and the Spanish group Obrascon Huarte Lain OHL (90 percent, under their subsidiary Inima). Inima was designated to manage the plant for the 20 year contract duration.  Financing for the project’s US$21.7 million was provided by government subsidies (30 percent of project costs) and loans (70 percent). In 2006, the plant became operational.
In January 2004, GPPL began construction of a 464 MW combined cycle power plant based on natural gas in Peddapuram, in the East Godavari District of Andhra Pradesh. The government of Andhra Pradesh (GoAP) awarded the power plant to GPPL on a build-own-operate (BOO) basis in order to alleviate the power shortage in the state.  GPPL entered into a 15 year power purchase agreement with Transmission Corporation of Andhra Pradesh (APTRANSCO) to supply power to distribution companies in Andhra Pradesh. This PPA was approved and cleared by Andhra Pradesh Energy Regulatory Commission in June 2003. APTRANSCO was created after GoAP initiated a comprehensive power sector reform in 1998 and functionally unbundled APSEB into one generation company, one transmission company (APTRANSCO) and four distribution companies. During the transition period and as of April 2005, APTRANSCO was operating under a single buyer model and procured power from generation companies for further sale to distribution companies.  In July 1996, GoAP conducted an international tender and awarded eight projects to six developers and the bidding criteria was lowest tariff. Gautami power project was the result of the merger of two of these projects to be developed by Satyam Constructions Company Limited and Nagarjuna Construction Company Limited. The project was repeatedly delayed as it was unable to achieve financial closure. Finally, Satyam Constructions sold its stake in GPPL to GVK group. As of May 2005, GPPL was a joint venture led by the GVK group, with the following stakeholders: Nagarjuna Construction Company Limited (NCC), IJM (India) Infrastructure Limited (subsidiary of Malaysian IJM Corporation Bhd.) and Maytas Infrastructure Private Limited.   GPPL achieved the financial closure for a 464 MW power plant in March 2004. The contract allowed GPPL to produce up to 598 MW. The reduced capacity was due to lack of availability of enough natural gas to power the plant. The project was estimated to cost Rs 145,000 lakhs (US $ 315 million). Additional capacity up to the approved 598 MW was expected to be built in a later phase.  As of April 2005, the plant was under construction and was expected to be commissioned in June 2006. Alstom was the engineering, construction and procurement contractor for the project.
In March of 2004, the Danish company AP Moller Terminals signed a two-year management contract for the Aqaba Container Terminal, located in southern Jordan.  Under the contract signed with the Aqaba Special Economic Zone Authority, the project company APM Terminals Jordan was to operate and manage Aqaba Container Terminal and implement a number of upgrades to the facility, including handling equipment, IT systems and other areas of the port’s infrastructure.  The two-year agreement, worth approximately US$2 million in management fees, began on June 1, 2004 and was to be expanded to a 25-year concession if both parties were satisfied with the initial trial period.    APM Terminals was to receive technical assistance from Oman-based Salalah Port Services, which APM managed and in which it held a 30 percent stake.  APM Terminals was to be responsible for working towards a goal of doubling the Aqaba Port's initial capacity of 250,000 20-foot equivalent units (TEUs) to deal with anticipated increases in throughput of freight bound for Iraq.  The other goal of the project was to ease congestion at the port, which was causing liners to divert their business to other regional facilities, such as Djibouti and Jeddah.    In 2006, the management contract concluded and a 25-year concession contract was awarded to the SPV APM Terminals (50%) - Aqaba Development Corporation (50%).
In December 2004, Hutchison Port Holdings (HPH) signed a deal with Shenzhen Yantian Port Holdings, the listed vehicle of state-run Yantian Port Group, to own and manage three berths at Yantian Westport — a new site alongside Yantian Phase One and Two.  The new joint venture, Hutchison Whampoa Yantian Port Investment Company, followed the original joint venture between the two entities, Yantian International Container Terminals Ltd (YICT), set up in 1994 to manage and operate the middle section of the Yantian Port. Yantian port, the only deepwater facility in Shenzhen, was rapidly expanding capacity to meet demand.   HPH paid 102.5 million yuan (US$12.3 million) for a 41.67% stake in the venture, allowing the world’s largest container terminal operator to jointly own one berth and lease the other two. Two of the three berths were already up and running at the time of the agreement. Yantian Port Group used the land use rights of No. 1 wharf as well as cash for its share of the investment, and Hutchison Whampoa invested in cash. The joint venture had a registered capital of 275 million yuan.
In August 2004, Jawaharlal Nehru Port Trust (JNPT) entered into a license agreement with Gateway Terminals India Private Limited (GTI) to redevelop an existing bulk shipping terminal in Jawaharlal Nehru Port (in the western state of Maharashtra, south of Mumbai) into a container terminal on a BOT (build, operate and transfer) basis for a period of 30 years.   GTI is a joint venture between Maersk India, a fully owned subsidiary of Danish giant AP Moller - Maersk Group, and government-owned Container Corporation of India (Concor). Maersk holds 74% stake in the joint venture, while Concor has the remaining 26%. GTI was awarded the project after an open tender based on revenue sharing and a minimum guaranteed throughput model. The other bidders were consortiums led by PSA International, CMA CGM and United Liner Agency of the JM Baxi Group. GTI had quoted the highest revenue share of 35.5%.  The cost of the 1 million twenty-foot equivalent unit (TEU) project was Rs 1,000 crore (US $ 220.65 million).   GTI was the third container terminal (CT) in JNP. The other two CTs built before GTI  are the private Nhava Sheva International Container Terminal and the state run JNP CT, and together they handled 2.27 million TEU during the year 2003-2004. GTI was developed to ease the congestion in JNP and to meet India’s increasing export – import trade.  GTI was expected to be operational by August 2006, but became operation on 5 January 2007.
In 2004, InterChina Aihua (Tianjin) Municipal & Environmental Engineering Co. Ltd. was awarded a contract to build and operate a 120,000 cubic meters per day capacity wastewater treatment plant in Haigang district, Qinhuangdao city, Hebei province.    Total project cost was RMB 120 million (US$14.5 million).  The term of the contract and other details were not disclosed.
Hydro Power Free Lanka, majority owned by Free Lanka Capital, was developing the Sanquhar and Delta small hydropower plants, of 1.6MW each. The plants are located on two tea estates carrying the same name, in Kandy District, Central Province. Both estates are operated by Pussellawa Plantations, under a long term lease from the Sri Lankan government.  Sanquhar was commissioned in December 2003. Delta was commissioned in April 2006. Construction of Delta started in November 2004. The output was sold to the Ceylon Electricity Board under a Standard Power Purchase Agreement for plants under 10MW. The equipment supplier was Hydro Power SA (France), with 1 Francis turbine for Sanquhar, and 1 Vertical Pelton turbine for Delta. Expected life was 25 years for both plants.  Total cost was unknown but conservatively estimated at US$1 million/MW, or US$3.6 million. Financial closure date was unknown, but ESTIMATED at November 2004, start of construction of Delta. The projects applied for UNFCCC CDM financing jointly.    The coordinates are: Sanqhuar 80°35.906” 7°06.950” Delta 80o 39’63’’ 07o 07’54’’
The Brazilian government, under the power regulator Aneel, awarded a greenfield build, own, and operate contract for a transmission line in Brazil’s Campos Novos area in Santa Catarina, Brazil. The project company, Lumitrans, will transmit power through the concessional period of 30 years. The line will connect the Machadinho and Campos Novos areas. The Lumitrans project was one of 7 transmission concessions awarded by Aneel in 2003-2004; all lines cover 1,787 km and will include investments of US$614 million. Aneel was prompted to release the bids after Brazil’s National Privatization Council (CND) issued a resolution in June 2003 calling for 7 groups of transmission concessions.  The greenfield build, own, and operate contract was awarded by Aneel in November 2004. The contract was signed by the winning consortium comprising two subsidiaries of Consorcio Lumitrans – Luminar Montagem Electricas Ltda (70 percent) and Luminar Comercio Industria Ltda (30 percent). The consortium was selected on the basis of offering the lowest transmission tariff.   Total project financing of the US$22.7 million project was provided by the sponsors in November 2004 with the support of BNDES.  The Lumitrans project was expected to start operations 18 months after the contract signing – approximately May 2006. When completed, the transmission line will span 51 km. Operations only commenced in October 2007.  In November 2008, state-owned company Cemig acquired 80% of Lumitrans The transaction was worth BRL 32,4 million.
Telecom Malagasy (Telma) was the state owned, incumbent fixed-line and long distance telecommunications operator in Madagascar. The government agreed to sell a 34% stake in Telma to Hong Kong-based Distacom for US$12.6 million in August 2003 through competitive bidding.  Distacom out bid France Telecom when it won the share in Telma in December of 2001, but political instability in Madagascar delayed the divestiture process and the sale was not finalized until June of 2004.  As part of the deal, France Cable et Radio, a subsidiary of France Telecom which owned 34% of Telma, also sold its share to Distacom for about US$12 million. The remaining 32% of Telma remained in the hands of the government, of which 10% was to be assigned to the employees of the company.  Telma had approximately 58,000-fixed line subscribers from a population of 15 million as of 2004. It had planned to increase its fixed-line telephony subscribers to 160,000 over the following four years.  As a part of the divesiture scheme, Telma was granted a two year exclusivity period before a second national operator could be allowed into the market.  Also under the agreement, Distacom was committed to covering the 112 regions of Madagascar with fixed-line telephony by 2006.  Distacom was also the principal shareholder in Madacom, one of the island's three cellular phone operators with a total of 200,000 subscribers at the time of the sale. However, in 2005 Distacom sold 66% of it shareholding in Madacom to Celtel of the Netherlands.
In Novermber 2004 the Government of Sao Tome signed a 45 year concession agreement with Sinergie Investment (Portugal) to rehabilitate and operate the hydroelectric plant at Contador and construction and operation of a new hydroelectric plant on the Yo Grande river.  Sinergie would sell electricity to the government at a pre-determined price.  The contract was expected to require US$ 50 million of investment.  Work on the Yo Grande dam and power station was expected to be completed in 2007.  In 2009, the Government of Sao Tome was ordered to pay $23 million in damage payments to Synergie Investments towards compensation for unilaterally nullifying and voiding the 2004 contract in 2005 by the International Court of Arbitration.
In 2004, the Sabah government granted a 30-year concession contract to Sabah Ports Sdn., Bhd. (SPSB) to operate, maintain, and manage seven ports in Sabah, including Kota Kinabalu, Sapanggar Bay, Kudat, Lahad Datu, Sandakan, Tawau, and Kunak. The concession contract was renewable for additional 30 years, and upon its expiry, SPSB should transfer all the new port facilities to SPA. Those ports were previously managed by Sabah Ports Authority (SPA), which transferred their operation to SPSB in September 2004.   SPSB was a fully-owned subsidiary of Suria Capital Holdings Bhd. (Suria Capital). Suria Capital was a public-listed company on Malaysian stock exchange (Bursa Malaysia Berhad) and with interests mainly in the State of Sabah.  Under the concession contract, SPSB was the terminal operator responsible for all cargo handling and ships operation, while the SPA functioned as the landlord of all wharves, servicing ships on a common-user basis and all warehouses go-downs that served as transit storage warehouse for goods before loading into the ships in respect of export cargo and before collection by consignees or their agents in the case of import cargo.  SPSB agreed to invest more than US$ 18.42 million (RM 70 million) to upgrade port facilities, and to pay total concession fees for US$ 55.26 million (RM 210 million). The concession fees included the values of operations of Sabah ports, surplus assets and approximately 23.25 acres in vicinity of the Kota Kinabalu Port land which leaded out for a 99-year term to Suria Capital. They were to be paid as follows:  •	For the first five concession years, US$ 0.26 million (RM 1 million) per annum; •	From the sixth to the tenth year, US4 0.79 million (RM 3 million) per annum and US$ 0.2  (RM 0.75) per ton of cargo handled at the ports in excess of annual threshold throughput of 10 million ton •	From the eleventh year on, US$ 1.32 million (RM 5 million) per annum and US$ 0.2 (RM0.75) per ton of cargo handled at the ports in excess of annual threshold throughput of 10 million ton  The project was implemented after a few years it was conceived. The concession contract was initially proposed by Sabah State government in June 2001 when it approved the injection of the port operations and identified movable assets of SPA into Suria Capital. This was done through a subsidiary company (NEWCO) to be incorporated by Suria Capital to assume the port undertakings. On 5th June 2002, the Sabah State government approved the terms and conditions of the proposed concessions, and Surai’s shareholder approved them in June 2003.
In September 2003 the Municipal government of Xalapa, Mexico, awarded a 20 year build, own and transfer contract for a wastewater treatment plant and sewage collection network in the city to private operator Aguas Tratadas de Xalapa (ATX). The contract included: building a treatment plant capable of processing 17-million gallons of wastewater per day; the construction of 40 miles of sewers; the installation of two pumping stations; and operating the sewerage and wastewater treatment services. The construction part of the project was intended to be completed in two years, after which ATX was to operate the infrastructure for 18 years. Xalapa was the capital of the state of Veracruz and had a population of 400,000.  ATX was awarded the greenfield contract following a competitive bidding process organized by the Municipal Water Commission of Xalapa and started in April 2003.   Aguas Tratadas de Xalapa was a special purpose consortium created by three companies: US based Earth Tech (a subsidiary of Tyco International), and Mexican firms CAABSA Constructora, and Arquictectos Aguayo.  The project reached financial closure in March 2004. It was estimated total costs would be around $55 million. Forty percent of the project financing was provided by the Mexican government through its Fondo de Inversion en Infrastructure (FINRA), administered by the El Banco Nacional de Obras y Servicios Publicos, S.N.C. (BANOBRAS). The remainder of the financing costs was provided by the private operator through a mix of equity and loans.  In March 2006 the local government canceled the contract. Construction on the project, initially intended to be completed in 2006, was under 40% finished. An audit requested by the local government estimated the private operator had only invested some $8 million in the project.
In 2002, China broke up the former state-owned monopoly, State Power Corp., into five similar-sized power producers - China Huaneng Group, China Datang Group, China Huadian Group, China Guodian Group and China Power Investment Group.  On October 15, 2004, China Power Investment Group became the fourth of these state-owned mainland power companies to list in Hong Kong; only China Guodian Group had not yet divested equity at that time.    China Power International Development Ltd. was a wholly owned unit of China Power Investment Corp. and its listing vehicle.  The IPO initially raised US$321.1 million, but after the bookrunner exercised an over-allotment ("green-shoe") option on October 19, issuing an additional 148.5 million shares at the offer price, the total amount raised by the sale increased to US$369 million.  Including the over-allotment shares, China Power sold about 1.14 billion shares, split evenly between international and local investors, amounting to 38% of the company.    China Power Investment Corp mainly invested in hydropower and was the smallest of the five spin-off Chinese energy companies.  It had a 2004 asset portfolio capacity of 3,010 MWs, but planned to double that amount by 2009 after the construction of three new power plants in Anhui, Henan, and Hubei provinces.
On May 11, 2004, the government of Uzbekistan signed a four year performance based management contract for the Bukhara and Samarkand water distribution companies with Uzbek Water Management GmbH & CO KG. The contract covered Bukhara Water and Wastewater Utility (BVK), a company with some 260,000 customers, and Samarkand Water Wastewater Utility (SVK), which supplied drinking water to some 390,000 people in 2004. The goal of the program was to improve the quality and reliability of water provision in the two cities.  Uzbek Water Management GmbH & CO KG was formed by Swedish Water Development AB, registered in Stockholm, Sweden and owned by the Stockholm Water Company, and InfraMan GmbH, registered in Volders, Austria. InfraMan was owned by AmiWater of the Amiantit Group of Saudi Arabia.  A management contract with an international water utility operator was a pre-condition to the completion of a larger investment program involving the two water utilities. In total some US$62.33 million were to be invested over a four year period in BVK and SVK. The project was financed through multilateral support offered by the International Development Association (US$20 million credit), the International Bank for Reconstruction and Development (US$20 million loan) and the Government of Switzerland (US$9 million grant). The Government of Uzbekistan was to provide local currency capital investments for the project worth some US$13 million. Uzbek Water Management was to be paid some US$ 2.7 million for the four years, plus an incentive fee of up to US$2 million.
In August 2004, the government of  Colombia, under the national concessions unit Instituto Nacional de Concesiones (Inco), signed with Concesioniaria de occidente SA a 16-year concession to build and operate the La Victoria-Cartago highway. The project included construction, rehabilitation, and operation of a 50.4 km highway and would connect the highway from Valle de Cuaca to a major coffee transport highway in west-central  Colombia. Construction works were expected to start in early 2005 and finish by March 2007.  The consortium Concesionario de Occidente submitted the winning bid for the US$26 million project. The consortium includes the firms Conalvias, Patria, Agremezclas, Cesar Jaramillo, and Edgar Jaramillo. The operators will finance the investment costs and will cover these costs through collection of tolls.  The project included the following segments: Cartago - Cerritos (8,15 Km), Cerritos - Intersección El Pollo (9 Km), La Victoria - Cartago excluding national highways Obando and Cartago (30,17 Km), and national highways Obando and Cartago (9,47 Km).
In April of 2004, local private company, Bali Energy Limited, in collaboration with the state oil company, PT Pertamina, took over the management of a geothermal power plant project located in Bedugul, Bali, which was suspended by the Indonesian government in 1997 following the regional financial crisis.  The project was expected to produce 10-MW of energy by April 2006, while subsequent phases of the project were scheduled to produce an additional 55 MW by June 2008; 55 MW more by June 2009; and another 55 MW by June of 2010. Once the plant came into operation, the power was to be sold to the state-owned electric company PT Perusahaan Listrik Negara (PLN).   US$46.7 million had already been invested in the project before it was suspended, covering the cost of geophysical surveys, test drilling, and infrastructure creation. The 30 year production lease was to begin following the actual commencement of commercial operations, with a 4% profit share payable to the government and a 34% share for Pertamina.  The balance of any profits was to go to Bali Energy Limited.
In May 2004, the Turkish Privatization Administration awarded a 30 year concession to Turkish company Ege Liman Isletmeleri A.S. (Ege Ports) to operate and expand the Kusadasi Port, the west coast of Turkey in the southern Aegean Sea. The port’s expansion included a new passenger terminal, extension of the existing berths, and purchases of equipment necessary for carrying out operations of the Kusadasi port.    Ege Liman Isletmeleri A.S. (Ege Ports) was a special purpose Turkish company specifically incorporated to operate a cruise ship terminal in the Kusadasi Port under the 30 year concession. The company was majority owned by Global Investment Holdings and Royal Caribbean Cruises Ltd.  The concession contract was awarded through a competitive bidding process.     The cost of expansion program was estimated at US$29.3million. In addition, Ege Ports committed to pay US$24.3 million in concession fees. The project received a US$18 million loan from IFC.
ESGAZ was created to carry out natural gas distribution within the adjacent area of Eskisehir Province in 1994.   The company was a subsidiary of Botas Petroleum Pipeline Corporation, which in turn was a subsidiary of state-owned Turkish Petroleum Corporation (TPAO). ESGAZ was privatized October in 2004 when the Turkish privatization administration sold 100% stake to Turkish Kolin Construction, Tourism, Industry and Commerce Inc. (Kolin Group) for US$43 million.   As of March 2004, ESGAZ had 48.611 m Steel, pipes and 323.654 m PE pipes Distribution Lines, 34 Regional Regulator and 2 RMSA stations in total and its number of subscribers equivalent to the dwellings was 107.001.  Natural gas consumption of Eski&#351;ehir Province in the year of 2003 was 182.338.944 m3, and the amount of the natural gas consumed by Eski&#351;ehir O.S.B was 260 million cubic meter.  The company was put on the privatization scheme in September 2003 and was sold through a block sale to Kolin Group. The final price (US$43 million) resulted from a final price negotiation. The company holds a 30-year license to distribute natural gas in Eskisehir.
In December of 2004, China Light and Power Holdings Ltd (CLP) of Hong Kong, purchased a 45% stake in a 27-MW, US$29.8 million wind farm in Changdao, Shandong Province, China.  A subsidiary of the Huaneng Group, the parent company of Hong Kong-listed Huaneng Power International Inc., held the remaining 55% stake.   The wind farm was to supply Yantai City and became operation in 2006. CLP was aiming to boost its renewable energy sources portfolio—including hydro and wind energy—to account for about 5% of its total generating capacity by 2010.
In Nov 2004, Foshan Panva Gas Group was granted a 50 year exclusive concession to operate and expand Foshan city’s natural gas piped network. Foshan Panva Gas Group was created based on Foshan Gas, which was established in 1993 and was originally a department of the Foshan City Infrastructure Bureau. In 1999, Foshan Gas, was incorporated as an unlimited liability company and renamed Foshan Gas. In 2003, Foshan Gas, owned approximately 320 kilometers of gas pipelines supplying approximately 60,000 residential household customers, 23 industrial customers, and more than 400 commercial customers at a piped gas penetration rate of approximately 27%.   Foshan Panva Gas Group was created as a joint venture among Panriver Investments Company (30%), Sinolink Power Investments Company (15%), state-owned Foshan Construction and Transportation Assets Management Company (31%), and Employee Holding Ltd (24%). Panriver paid US$ 6.07 million (RMB 50.28 million) for its share while Sinolink Power paid US$ 3.04 million (RMB 25.14 million). Both Panriver and Sinolink Power were wholly-owned subsidiaries of the Panva Gas Holdings. In total, Panva Gas Holding acquired an aggregate of 45% equity interest in Foshan Gas Company (Foshan Gas) from Foshan CTAm for US$ 9.11 million (RMB 75.4 million).  Hong Kong based Panva Gas Holding Ltd was a publicly traded company in the Hong Kong stock exchange and was principally focused on commercialization of natural gas and liquefied petroleum in China mainland.
Rairangkhola Hydropower Development Company Limited developed the 0.5MW Rairang small hydropower plant, Dhading District. The project produces 2318868 kWh annually. The project was managed by Ridi Hydropower Development Company Limited.   The project was commissioned in 2004 and renovated in 2012. The project held a PPA with NEA.   Financing was provided by Nepal NCC Bank Limited. Total cost was unknown, but estimated at US$0.5 million (conservatively based on US$1 million/MW). Financial closure date was unavailable, but the project reached financial closure by January 2004, its commissioning year.
In July 2005, the Ministry of Transport and Communication of Kazakhstan and Doszhan Temir Zholy JSC signed a 23 year (BOT) concession contract for building and operating a new railway in the East Kazakhstan. Construction of a new railway was envisioned by the Kazakhstan Development Strategy until 2010.  The project implementation and the creation of a special purpose vehicle for its implementation were initiated by the state-owned Kazakhstan Investment Fund. The project was structured in the absence of the law on concession which was adopted only in 2006.  The project was the first PPI experience in Kazakhstan.   Before the new rail line was opened in December 2007, the only railway connection the East Kazakhstan Oblast had with other Kazakhstan regions was via route Ust-Kamenogorsk (Kazakhstan) – Lokot (Russia) – Semipalatinsk (Kazakhstan).  The new direct rail line of about 153 kilometers would go via route Shar (Ust-Kamenogorsk city) - Shalobai - Ekasha - Zavidnoe - Novo-Ust Kamenogorsk over the territory of Kazakhstan.   The construction and operation of a new direct rail line would result in cargo shipping time reduction by 12-14 hours and for passenger in reduction of the transportation costs to destinations in the center of Kazakhstan by 20%.    The project company - Doszhan Temir Zholy JSC - was set up jointly by the Kazakhstan Investment Fund (49% stake), and three local private companies - Zangar Invest Group (22%), ABE Corporation (22%) and JSC Express (7%).  The Kazakhstan Investment Fund was 100% state-owned development institution established in 2003. The Fund provided financial support to the private sector initiatives to promote competition in non-extractive industries in Kazakhstan.  The Ministry of Transport and Communication of Kazakhstan and Doszhan Temir Zholy JSC signed the concession agreement in July 2005.  The construction of the new rail was financed by the equity (US$4.4 million or KZT1.17) billion provided by the project sponsors and proceeds from the issue of the infrastructure bonds for US$231 million or KZT 30 billion. The registration for the first bond placement was announced by the Kazakhstan Investment Fund in July 2005 and the first tranch of about US$ 11.5 million or KZT 1.5 billion was placed in September 2005. The bondholders were represented by the local Kazakh bank - ATF Bank. The coupon payments on the bonds were tied to a formula "inflation + fixed margin" and the bond maturity was 23 years. In addition, the Government provided a bond repayment guarantee. The bonds were sold through a series of tranches which were placed through an auction to allow Kazakhstan institutional investors such as pension funds to participate in the deal.
In June 2005, China-based and Singapore-listed Bio-Treat Technology Ltd. announced that it had secured a 25-year contract to build and operate a 80,000 tons per day capacity wastewater treatment plant in Lianyungang city, Jiangsu Province over two phases.  Phase I was expected to commence in early 2006 and Phase II in early 2007.  Concurrently, Bio-Treat was also awarded a concession contract to rehabilitate and operate an existing wastewater treatment plant in Lianyungang city.  Bio-Treat, a private Chinese company based out of Dongguan city in Guangdong Province, was to own 100% of the project. The total cost of the project was estimated at RMB 105 million (US$12.7 million) and was funded substantially through bank borrowings secured in June 2005.
In April 2005, the Brazilian company Grapiuna Investimentos e Empreendimentos Ltda was awarded in a competitive bidding process the contract to operate and lease the airport located at the city of Angra dos Reis (state of Rio de Janeiro). Besides Grapiuna Investimentos e Empreendimentos Ltda, no other company took part in the contest. The bidding criteria set by the regulatory agency was available.   Grapiuna established the special purpose company Angra Aero-Portos Ltda to lead the project and transferred part of its shares to two other Brazilian companies:  Sociacam and Costa do Sol Operadora Aeroportuaria. Angra Aero-Ports Ltda ownership was divided equally among the three companies. The 25-year contract was signed with the regulatory agency and the sponsors took over the operations in September 2005. The project company committed to transfer 5% of its net revenues to the state government.  In 2011, the Brazilian group Libra acquired 60% of Costa do Sol Operadora Aeroportuaria shares; the remaining 40% remained with small investors.
In October 2005 the government of Nigeria, through its Bureau of Public Enterprises (BPE), awarded a 25 year rehabilitate, lease and transfer concession for Federal Ocean and Terminal (FOT) A at the Onne port to private operator Intels Nigeria Ltd. The concessionaire pledged to pay leasing fees to the government amounting to some $38.13 million for terminal A, in net present value. Additionally, the concessionaire was expected to make all investments on the terminal’s berths (except for the quay wall, which remained the government’s responsibility), stacking yard, equipment, as well as improved security and fencing systems. The net present value of investments in infrastructure were estimated at $20.65 million. The project was part of a wider plan started in 2004 - 2005 to attract private participation in the Nigerian port sector.  The contract was awarded in October 2005 after direct negotiations between Intels and the Nigerian government.    No further information was publicly available on the ownership structure of the concessionaire, investments in facilities, or the terminal's capacity.
Ravikiran Power project was 7.5 MW biomass power plant located at Gangavathi Taluk, Koppal District of Karnataka. The plant used rice husk, ground nut shell and bagasse as the major fuel and has Travelling Grate, multi fuel fired boiler. The project became operational in June-05 under Ravi Kiran Power Projects, a subsidiary of Greenko Energies Pvt. Ltd. The project was registered under CDM and signed a PPA with Gulbarga Electricity Supply Company Limited GESCOM (state DISCOM). Total cost of setting up of the project was estimated at US$5.5 million.
In August 2005, Panriver Investment, a subsidiary of Hong Kong based Panva Gas Holding Ltd, and state-owned Shenzhen Huaxinlian Investment Limited Liability Company created the joint venture Shangdong Panva Gas Company, which was granted a 50 year contract to build and operate the natural gas piped network in the West region of Jinan city, Shandong province.   According to the joint venture agreement, state-owned Jinan Gas held 50% of Shangdong Panva Gas Company, Panriver Investment had 48%, and Shenzhen Huaxinlian Investment had 2%. Shangdong Panva Gas Company was created with a register capital of US$48.33 million (RMB 400 million). Jinan Gas’s contribution was its operational assets and liabilities while the other partners provided cash capital.  Shangdong Panva Gas Company became operation in November 2005.  Hong Kong based Panva Gas Holding Ltd was a publicly traded company in the Hong Kong stock exchange and was principally focused on commercialization of natural gas and liquefied petroleum in China mainland.
In April of 2005, New Efficient Ltd. announced that it had secured a 30-year contract to build and operate a 100,000 cubic meters per day capacity water treatment plant in Jiangdu city, Jiangsu province.  A portion of the treated water supply was to be wholesale supply to existing small water supply companies and the other portion was to go directly to the city’s new development for the residential, manufacturing, and commercial buildings including power plants.  New Efficient Ltd. was a joint venture owned by World Eagle International of Hong Kong (70%) and Bio-Treat, a private Chinese company based out of Dongguan city in Guangdong Province (30%).  To implement the contract, Jiangdu Yunjian Water Network Company was created as the wholly-owned project company of New Efficient.   The total cost of the project was RMB 98 million (US$ 11.97 million).  The project was expected to commence in the second half of 2005 and be completed within 24 months from the time of construction.
The city of Petrozavodsk granted a 20 year lease contract to Russian company Petrozavodsk Utility Systems for the operation of city's water utilities. Petrozavodsk Utility Systems was also granted an investment contract, but there was no public information on the company's investment commitments. Petrozavodsk was the capital of the Republic of Karelia, Russia, with a population of 266,160.   Operating company Petrozavodsk Utility Systems was a subsidiary of Joint Stock Company Russian Communal Systems (RKS). RKS was created on May 29, 2003 by RAO Unified Energy Systems (25%), GazpromBank (25%), Interros (10%), Kuzbassrazrezugol (10%), Renova (10%), EvrazHolding (10%), and Evrofinans (10%). By the end of 2005 privately held company Integrated Energy Systems had purchased a 50% stake in RKS, while RAO UES held on to its 25% share.In July 2006, IES-Holding increased its shareholding in OJSC Russian Utility Systems to 75%.   In May 2008, through a public auction, RAO UES sold its 25% stake in the RKS to Indville Management Ltd., an affiliate of IES-Holding, thus giving Integrated Energy Systems a 100% stake in the company.
In 2004, the Brazilian electricity regulator Aneel signed with Artemis Transmissora de Energia SA a 30 year contract to build, own, and operate an electricity transmission line between Ivaipora and Londriana in Parana state. The project was designed with length of 376 kms and was one of the seven transmission line concessions granted by Aneel in 2003-04. All lines had a total length of 1,787 km and represented investments for US$614 million. Aneel tendered those projects with the approval of Brazilian National Privatization Council.  In 2003, Artemis Transmissora de Energia was owned by Spanish ACS (51%) through its subsidiary Control y Montajes industriales, state-owned Electrosul (46.5%), and Brazilian Santa Rita Comercio Engenharia (2.5%).   Artemis Transmissora de Energia won the transmission line contract through a competitive tender by requesting the lowest transmission tariff in late 2003. The consortium also agreed to pay annual concession fees amounting to a total of US$ 5 million.    The transmission line cost was estimated at US$96.9 million. The project reached financial closure in June 2005 with a US$68.6 million loan from BNDES. Sponsors provided the remaining funding through equity. Commercial operations commenced in October 2005.
In September 2002, the Ecuador government granted a 35-year contract project with the Corporacion Quiport S.A. consortium to build and operate a new airport in Puembo, 25km outside Quito.   The contract was also involved a management contract to operate existing Mariscal Sucre Airport until the new airport began commercial operations. The new site in Puembo was about 15 times the area of Mariscal Sucre and the runway was expected to measure 3600 meters while the Mariscal Sucre’s runway had 500 meters. Under the contracts, operating profits from Mariscal Sucre airport were to fund the construction of the new airport.  After some changes in the sponsor composition in 2002, Corporacion Quiport was owned by Canadian Aecon (30%), Brasilian Andrade Gutierrez (30%), US Houston Airport System (HAS) (25%) and Canadain Airport Development Corporation (ADC) (15%). Under the sponsor agreement, HAS and ADC were delegated the operation of Mariscal Sucre airport, while the other two partners were responsible for design and construction of the new airport.   The cost of the new airport was estimated at a $585 million. The new airport project reached financial closure in August 2005 when Corporacion Quiport obtained loans for US$$359 million. The financing broke down into US$$200 million from Overseas Private Investment Corporation, US$75 million from the Inter American Development Bank, US$37.5 million from Canada's Export Development Corporation, and US$57.75 million from US Export-Import Bank. All four facilities were signed with a 15 year tenor, with small differences in final maturity to take account of differing repayment schedules. MIGA was set to guarantee sponsors' equity investments.  The new airport was planned to be constructed under a 51-month fixed-price engineer/procure/construct contract signed between the City of Quito and the Canadian Commercial Corporation (CCC), a Crown agency of the Canadian government. The CCC, in turn, subcontracted 100% of construction work to an equal part joint venture between Aecon and Andrade Gutierrez.   Corporacion Aeropuerto y Zona Franca del Distrito Metropolitano de Quito (Corpaq), Quito's municipal airport authority, was the public agency granting the contract. Corpaq was established to assume control of the airport from civil aviation authority (DAC). While the central government provided top-level assurance that the concession would not be expropriated, Corpaq conducted the negotiations and was responsible for security and its other obligations under the concession agreement.   The project was designed in 2001 after Canadian Aecon approached the Ecuadorian government with an unsolicited proposal to build a new airport for Quito, an infrastructure needed for over three decades. The Ecuadorian government decided to use a Swiss challenge process to deal with Aecon’s proposal. By September 2001, Corpaq and Aecon came out with a project structure (management rights for existing and new airports and a construction contract) that a competing bidder would have to match, but there were no other bids. The contract was then awarded to Corporacion Quiport, a consortium led by Aecon.  Operations of the new facility commenced in November 2013.  In June 2015, the shareholding structure of Quiport was changed as CCR, a partnership of the Brazilian companies Serveng, Camargo Correa and Andrade Gutierrez (48.78% of CCR's shares were floated in the Brazilian stock market), increased its stake to 50% and the Colombian group Odinsa acquired the remaining 50% shares from the previous sponsors.
In April 2005, a Hong Kong based company InterChina Holdings took over the Shanghai Zhuyuan No. 1 Sewage Treatment Plant in Shanghai Municipality from Shanghai Youlian Group, a local private company. The plant capacity was 1,700,000 cubic meters per day.   InterChina Holdings invested over RMB 150 million (US$ 18.12 million) in the plant and owned 100% of the project. InterChina Holdings would operate the plant for 20 years.
In September of 2005, a consortium led by Dayen Environmental Ltd. of Singapore was awarded a 25 year BOT contract by the Pizhou local government for a potable water treatment plant.  The project was to be undertaken in two phases. In its first phase, the plant capacity was planned to be 0.59 cubic meters per second with the possibility to be expanded up to 1.16 cubic meters per second.  The term of the contract was undisclosed.   Pizhou Penyao Water Supply Co. (Pizhou Penyao) was created as the project company and had a registered capital US$1.8 million.  Pizhou Penayo was a 100% owned subsidiary of Pizhou Water Holdings Pte. Ltd. (“Pizhou Water”), a joint venture company formed by Dayen Environmental Ltd (50%), Asia Environment Holdings Ltd. of Singapore (25%), and Lionguard Investments Limited, a unit of Hong Kong firm Richfull Development (25%).  The total project cost was estimated at US$9.9 million (RMB 82 million) with phase one costing US$5.2 million (RMB 43 million). Pizhou Pengyao had received a letter of intent from Construction Bank of China to provide up to US$3.0 million (RMB 25 million) for the project from China Construction Bank.  The balance of US$2.2 million (RMB 18 million) was funded through the equity contributions from the joint venture partners of Nantong Water. Asia Environment’s capital commitment for Phase I was US$ 0.54 million (RMB 4.5 million).  Under the BOT contract, Asia Environment’s subsidiary, Jiangsu Penyao Environmental Engineering Contract Co., Ltd., was appointed as the main contractor to provide turnkey services to the project. These turnkey services involved design, production, procurement, construction, engineering, installation, commissioning and after-sale services.  Phase I was to be completed within 10 months from the start of construction in late 2005.
West African Gas Pipeline Company Limited (WAPCo) was created to implement the West African Gas Pipeline Project (WAGP), which had an estimated cost of US $ 590 million. The project consisted of (a) a new pipeline system (678 km long) that would transport natural gas from Nigeria to Ghana, Togo, and Benin; (b) spurs to provide gas to power generating units in Ghana, Benin, and Togo; (c) conversion of existing power generating units to gas; and (d) as needed additional compression investments. To meet the expected market potential of about 450 million standard cubic feet per day (MMscf/day), the new pipeline was designed with 20 inches in diameter.  	 West African Gas Pipeline Company Limited (WAPCo) was owned by ChevronTexaco West African Gas Pipeline Company Ltd (38.2%), Nigerian National NNPC (26.0%), Shell Overseas Holdings Limited (18.8%), and Takoradi Power Company Limited (as shareholder for the Government of Ghana) (17.0%), Societe Beninoise de Gaz SA  (2%), and Societe Togolaise de Gaz SA (2%).  The initial US$590 million cost was to be financed through direct equity and shareholder loans to WAPCo from the Sponsors, and the subsequent compression-related capital expenditures are expected to be financed by cash flow from operations. WAPCo would recover its investments through gas transportation charges under its Gas Transportation Agreements (GTAs) with N-Gas and other future shippers.  The project was marked as reaching financial closure in 2005 when the private project sponsors received guarantees on their equity participation from MIGA and payments from IDA.  In April 2008, the West African Gas Pipeline Company (WAPCo) commenced the commissioning of its natural gas transmission system, with the introduction of natural gas into its inlet station at Itoki in Ogun State, Nigeria.
In July 2004, Asia Environment Holdings (AEH) of Singapore was awarded a 25-year BOT contract by the city government of Rugao for a potable water treatment plant which was part of a larger project known as the Nantong City North-West District Water Supply Project.  The plant was to provide 200,000 tonnes of water daily - enough for about 600,000 of Rugao's population of about one million people.  AEH was also granted the right of first refusal to construct Phase II and III for an additional capacity of 400,000 tonnes per day.  Like many of China's northern cities, Rugao was facing a serious water shortage after a prolonged drought.   AEH, through its wholly owned subsidiary Nantong Water Holdings Private Limited (“Nantong Water”), took a 25% stake in the project company, Nantong Penyao Water Supply Co. Ltd. (Nantong Penyao), while the remainder was held by the state-owned Zhejiang Buoao Industrial Development Co. Ltd. (“Zhejiang Buoao”).  The project reached financial close in September of 2005 following the completion of the land survey, drawing and plans. The project cost was estimated at US$48.1 million (RMB 398 million) and was funded through a combination of equity and loans. Of the total cost, US$35.9 million (RMB 298 million) was to be funded through loans from Chinese banks including the Jiangsu Branch of Industrial and Commercial Bank of China.  The remaining US$12.2 million (RMB 100 million) was equity contributions from AEH and Zhejiang Buoao.     AEH, through its Chinese subsidiaries, was also the main equipment supplier as well as the engineering design contractor for the project. The project was initially delayed because the company had failed to secure land use rights as a result of the Chinese government's tightening of the rules on the granting of such rights.  The project was expected to be completed by 2007.
In 2001, Orissa Power Consortium Ltd. (OPCL), an independent power producer, entered into a memorandum of understanding with the Government of Orissa to develop the Samal Hydro Electric Project on Brahmani River in Angul district (Orissa state) on a build-own-operate (BOO) basis. The hydro electric project had a potential generating capacity of 18 MW from two units of 9 MW each. OPCL was majority owned (72.11 %) by VBC Group of India.   The total cost of the project was estimated at US$ 24.69 million. The project reached financial closure in 2005 with a debt equity ratio of 70:30.   In August 2004, OPCL entered into a power purchase agreement (PPA) with PTC India Limited, a power trading firm, for a period of 30 years from the date of commissioning.  Construction work began in 2005 and the project was scheduled for commissioning in 2007.
In November 1999,  the Brazilian company Guascor was awarded in a competitive bidding process organized by the federal regulatory agency Aneel the 35-year contract to build and operate a 44-MW hydro power plant located in the Paranapanema River, state of Parana. Information on the other bidders was not available.   The bidding criteria set by the federal regulatory agency ANEEL was the highest payment to the government for the concession rights. The company agreed to pay US$ 0.037 million (BRL 0.089 million) in yearly installments during the life of the contract, starting once operations commence (using a discount rate of 10%, the present value of this contribution was estimated at US$ 0.35 million). The contract was signed in May 2000, and sponsor created the company Ourinhos Energia to lead the project during the 35-year contract period. In 2003, construction works were stalled due to financial difficulties faced by the private sponsor. In June 2003, Companhia Brasileira de Alumínio, a wholly-owned subsidiary of Grupo Votorantim, acquired the shares of Ourinhos Energia.  The sponsor committed to invest US$ 49.4 million (BRL 120 million) in the power plant. Construction works resumed in 2003, and perations commenced by the end of 2005. Financing for the project was provided with equity.
In December 2005, Bangladesh Telecommunications Regulatory Commission (BTRC) awarded the sixth nationwide mobile phone license to Warid Telecom, part of United Arab Emirates’ Abhu Dhabi Group. The license allowed Warid Telecom to build and operate a mobile network in Bangladesh for 15 years. Warid Telecom paid US$ 50 million in license fee and provided US$ 3 million in bank guarantee fees to BTRC.   Warid Telecom won the international tender conducted by BRTC in October 2005. Warid Telecom was selected because of its competitive call charge, quick rollout plan and promise to invest in other sectors. In September 2005, Abhu Dhabi Group signed a memorandum of understanding with the Bangladesh government’s Board of Investment committing to invest around $1 billion in various sectors in the country including telecom, tourism and pharmaceuticals. Omniah of Jordan was the only other bidder competing for the license.   The other five mobile operators in Bangladesh are - Norway's Telenor ASA subsidiary GrameenPhone, Telecom Malaysia Bhd.'s AKTEL, Egypt's Orascom Telecom Holding's Banglalink, Singapore Telecommunication’s Pacific Bangladesh Telecom Ltd., and state-owned Teletalk.  Warid Telecom invested US$ 400 million in 2006 to build the initial network and infrastructure to launch its mobile service. The company planned to invest another US$ 300 million in the next two years to further expand and enhance their network.  On May 10th 2007, Warid Telecom launched commercial operations, with a GSM Mobile Cellular network covering 64 districts of the country and encompassing 70% of the mobile phone using population- the single largest launch the country has ever seen. On 19th July, 2007 Warid Telecom announced in major dailies of having achieved one million subscribers in the first of 70 days of operation.  In January 2010, Bharti Airtel Limited of India acquired a 70% stake in Warid Telecom for US$300 million. After the purchase Warid Telecom  became Air-Tel(BD). The investment of US$54.5 million was calculated based on the share of Air-Tel(BD) in the total number of lines in Bharti Airtel Limited of India.
The Mandu cogeneration project involves the expansion of a cogeneration plant fuelled with sugar cane bagasse from 4.8 MW to 25 MW in the municipality of Guaira, state of Sao Paulo. The expansion was expected to be completed in May 2006.  Mandu was owned by local sugar and ethanol company Cristalsev until May 2010, when it was acquired by Guarani S.A., a subsidiary of the French group Tereos International (60.44%) and the state-owned company Petrobras (39.56%).  The project cost was estimated at US$15.84 million (44.8 million real). In November 2004, Banco Nacional de Desenvolvimiento Economico e Social (BNDES) approved a US$12.7 million (35.9 million real) credit facility to Mandu. The facility included a direct loan of US$6.3 million and indirect facilities through Unibanco (US$4.1 million) and Itau (US$2.3 million).  The loan from BNDES was approved under the Financial Support Program for Investments in Alternative Sources of Electric Energy (PROINFA). PROINFA was a government sponsored renewable energy program in which wind, biomass, and small hydro projects selected for development received access to BNDES financing and/or were guaranteed 20-year power sales contracts with federal utility Eletrobras.  Commercial operation commenced in July 2006.  In 2011, the power plant capacity was expanded to 65 MW. Commercial operations on the new 40 MW unit commenced in July 2011. The total investment directed to the expansion amounted to US$ 57.9 million (BRL 94.5 million).  In 2013, a new generation unit was added to the power plant, whose total capacity reached 90 MW. This new unit commenced operations in July 2013. The investment on this new unit was estimated at US$ 40.1 million (BRL 94.5 million)
On 11th October 2005, Government of Senegal contracted Aggreko to supply a 40MW temporary power station for Senegalese utility company-Societe Nationale d'Electricite (SENELEC) for two years. The location was to be Dakar, Senegal. The 40MW power package was supplied in two 20 MW packages and was delivered over a period of eith months; the first power package was commissioned in March 2006 and second 20 MW package was delivered in August 2006.
In May 2005, Hong Kong Wind Power (Muling) Company Limited, a joint venture by Hong Kong Construction (Holdings) Limited was established to build and then operate a wind farm in Muling City, Heilongjiang Province under a 70 year agreement. Hong Kong Construction (Holdings) Limited owned 86% of the project. The total investment was 600 million Yuan (US$ 73.26 million). The capacity of the wind farm was 30 MW.
Kahrama SpA was awarded a 25 year build-own-operate (BOO) contract by the Government of Algeria in 1999, to develop an independent water desalination and power project (IWPP) in the city of Arzew, 400 km to the west of Algiers. The new plant, with a capacity of 314 MW of electricity and 88,000 cubic meters per day of potable water, was expected to increase power supply in the Arzew district as well as resolve some of the water shortages in the nearby Oran. The project comprised of three units, each producing 105 MW of power and about 29,000 cubic meters per day of desalinated water.  The 25 year BOO contract was the result of Government of Algeria’s effort to reform the utilities sector and to gradually open it to competition. State-owned power company Sonelgaz planned to add 7100 MW of new capacity with private partnership by 2010. A new law on electricity and gas distribution, enacted in February 2002, paved the way for independent power plants. Further, the Ministry of Water Resources planned to develop 28 desalination plants (combined capacity of 1,950,000 cubic meters per day) with private sector participation.  Kahrama SpA was a joint venture between US based Black and Veatch Corporation (B&V) (5%) and state owned Algerian Energy Company (AEC) (95%). AEC increased its equity interest in Kahrama SpA from the original 20% to 95% when B&V failed to secure funding for the project.  The total cost of the Kahrama IWPP was estimated at US$400 million. Although the sponsors originally planned a debt equity ratio of 70:30 by investing US$120 million as equity, they were unable to secure finance for the construction phase.  During construction, the project was fully financed by equity contribution and a bridge loan from AEC. Construction of all three units was completed in the second half of 2005. The sponsors were expected to refinance their investment after the project became operational.  Kahrama awarded the EPC (engineering, procurement and construction) contract worth US$ 260 million to Japanese consortium of Itochu Corporation and Ishikawajima-Harima Heavy Industries in January 2002. Oman’s Sogex was awarded a 10 year renewable operations and management contract worth US$ 120 million.  Kahrama IWPP signed 25 year take or pay off take agreements for an estimated total of US$ 1,500 million (over the entire contract term) with state owned energy company, Sonatrach, for the water element and with the state power company, Sonelgaz, for power. The agreements were guaranteed by Sonatrach.  The project became fully operational in the second half of 2005.
The Government of Algeria (through ONA, the National Wastewater Authority and AdE, the Algerian Water Authority) awarded a five year management contract to Suez Environnement (Suez) in November 2005, to manage the water and wastewater services for the capital city of Algiers. Under the contract, AdE and ONA created a new company SEAAL – Societe des Eaux d’Assainissement d’Alger, to take over the provision of potable water and wastewater services to Algiers’ 3.5 million population. The management control of SEAAL was to rest with Suez.   The management contract was the result of an operational diagnosis carried out in 2002 by Suez at the request of the Algerian authorities (ONA and ADE) to define a long term sustainable solution to the water distribution problems in Algiers.  The priority of the contract was to upgrade and modernize the Algiers water and wastewater system to make them more reliable over the long term. The contract also included an extensive training program for the 3000 employees of SEAAL to mobilize and transfer Suez's expertise and know-how. Suez committed to 24 hours (per day) water supply within the first three and a half years of operation.   The entire investment for the upgrade and modernization of Algiers water and wastewater system was to be financed by the Algerian government under an investment program of Euro 200 million per annum.   The management contract was expected to become operational in March 2006. In 2011, the contract was renewed for another period of 5 years. See new project ID#5930.
In 2003, the Brazilian power regulator Aneel awarded a greenfield build, own, and operate contract for a transmission line in Brazil’s Mato Grasso state to the Amazonia-Eletronorte consortium. The project company was to transmit power through the concessional period of 30 years. The 193 km line was expected to connect the Coxipo, Cuiaba, and Rondonopolis stations in the Mato Grasso state. The project, signed by the concessional agreement in May 2004, was one of seven transmission concessions awarded by Aneel in 2003-2004. All lines cover 1,787 km and will include investments of US$614 million. Aneel was prompted to release the bids after Brazil’s National Privatization Council (CND) issued a resolution in June 2003 calling for seven groups of transmission concessions.   Amazonia-Eletronorte Transmissora e Energia SA originally was joint venture of state-owned Electronorte (49%) and the Amazonia consortium (51%). After some changes in ownership of the Amazonia consortium (including Mastec Brasil selling its stake), it was comprised of Engenharia Comercio e Industria (11.76 percent), Linear Participacoes e Incorporacoes (8.65 percent), Bimetal Industria (19.83 percent), and Alubar Cabos SA (10.76 percent). The consortium was selected on the basis of offering the lowest transmission tariff.   The project cost was estimated at US$37.8 million ($111 million real). Project financing was provided by the Banco Nacional de Desenvolvimento Economico e Social (BNDES) for US$24.9 million and by the sponsors (US$12.9 million). Construction began in August 2005 and the project was expected to start operations in mid 2006, allowing for a 13 month construction period.  By August 2006, operations had commenced.
In April 2005, the government of Montenegro finalized the sale of its 51.12% stake in Telekom Montenegro (TCG) to Hungarian Matav for Euro 114 million (US$147 million). At the same time Matav acquired an additional 21.92% of TCG's shares from minority shareholders for EUR 2.2 per share, resulting in a purchase price of EUR 22.9m.     The stake was sold through competitive negotiation.   In January 2005, Matav was selected to enter into exclusive negotiations to acquire Telekom Montenegro. The agreement was upon conclusion of the Share Purchase Agreement, Matáv would acquire 51.12% of the shares for Euro 114m from the Government of Montenegro and submit an offer to the minority shareholders to acquire an additional stake of up to 48.88%. The maximum price offered for 100% of TCG by Matáv would be EUR 165m, which would mainly be financed from debt.      Telekom Montenegro had around 195 thousand fixed access lines and operated with a lines/employee ratio of 167 in 2004. The fixed-line penetration was 31.4%at the end of 2004. TCG Group had 1,389 employees at the end of 2004. MoNet, TCG's mobile subsidiary was Montenegro's second largest mobile player with 179 thousand revenue producing customers, giving it a 42% share in a market with an estimated penetration of 68%.      After its divestiture, the company was rebranded as Crnogorski Telekom (CGT). By 2005, CGT was the holder of the only license issued for fixed line telecommunications services in Montenegro although the period of exclusivity provided by Telecommunications Law published in 2000 expired at the end of 2003. The license allowed CGT to provide domestic and international voice and data services as well as VOIP, leased line, public payphone, value added, etc. services.      The telecommunications sector in Montenegro was regulated by the 2000 Law. The 2000 Law established the Telecommunications Agency with broad authority and instituted a licensing regime whereby all telecommunications activity must be licensed by the Telecommunications Agency. Prices of CGT must be approved by the Telecommunications Agency.   At the time of the divestiture, CGT’s tariff structure was highly unbalanced, monthly access fees and local calls were inexpensive, whereas long-distance and international calls were very expensive, and businesses were charged approximately twice as much as individuals. During the privatization process, a schedule for the cost-based re-alignment of prices for access lines and traffic, rebalancing tied to the timing of market liberalization was agreed with the Montenegrin government.  As of 2006, Crnogorski Telecom operates as two brands, T-Com the operator for fixed communication lines and T-Mobile, the operator for mobile communications (which replaced MoNet). T-mobile was granted a 3G license in May 2007.  On May 1, 2009 Crnogorski Telekom a.d., T-Mobile Crna Gora d.o.o and Internet Crna Gora d.o.o were merged into one legal  entity, Crnogorski Telekom a.d. The services were marketed under the T-Com and T-Mobile brands.  In 2010 Crnogorski Telecom signed a US$3.9 million contract with Ericcson Nikola Tessla which covers he modernisation of the firm’s fixed network (T-Com Crna Gora) and the extension and upgrade of its existing 2G/3G mobile infrastructure (T-Mobile Crna Gora).  As of end of 2011, the shareholders' structure of Crnogorski Telekom was Magyar Telekom (76.53%), Other companies (11.06%), Residential/Individual investors (11.84%), and privatization funds 0.57%. Therefore, the company is 99.5% private.
In January 2005, Road King Infrastructure partially took over Tangshan - Tianjin Expressway in Hebei Province. Road King invested RMB 798.92 million on the project and had a 45% stake. The rest of the interest was owned by Hebei Provincial Road Investment and Management Bureau. The total investment was RMB 1775 million (US$ 214.37 million). The joint venture would operate the road for 18 years. The 58.21 kilometer long road is the main linkage between Tangshan City, Hebei Province and Tianjin Municipality.
The Departamento Tecnico Administrativo del Medio Ambiente de Barranquilla (DAMAB - Barranquilla's Environmental Agency) carried out a public tender in 2005 for a sewerage treatment plant project in Barranquilla. On December 20, 2005 DAMAB awarded the Greenfield project to a consortium formed by Obresca, Consultores del Desarrollo S.A. (Condesa) and Hidrotec. The contract for the water treatment plant was awarded to the consortium for a total of US$3.37 million (7,700 million pesos), after the bidding process began in October. The project consists of designing, constructing, operating and maintaining a plant capable of treating at least 350 liters per second. The construction phase of the project must be completed within 12 months of the project being awarded.  The works will take a year to complete and will be in operation by 2006.
In September 2004, the South African Minister of Communications granted a 25-year Second National Operator’s license to provide fixed-line and long distance telecommunications services to SNO Telecommunications (Pty) Limited (SNO-T).  The Independent Communications Authority of South Africa (ICASA) formally issued this license on December 9, 2005, following a protracted process that began in early 2002.  SNO-T was not expected to commence business activities until the second half of 2006.   The shareholding structure for SNO-T was initially as follows: State-Owned Enterprises Transnet (the telecoms arm of the South African train utility Transnet) and Esitel (the telecoms arm of the electricity utility Eskom) each holding a 15% stake; Nexus Connexion (a South African Black Empowerment Enterprise (BEE)) with 19%; and Strategic Equity Partner Company (SEPCo) holding the majority 51% stake.  SEPCo, in turn, consisted of strategic equity partners TATA Africa Holdings (Pty) Limited (VSNL) (51%); CommuniTel (an African consortium based in South Africa) (24.5%); and Two Telecom Consortium Limited (a Swedish group) (24.5%).  TATA Africa Holdings (Pty) Ltd. was a member of the TATA Group, a large Indian conglomerate with information and communications operations.   The project required an initial investment of R7 billion (about US$1.2 billion) over the first four-five years, to be met with a mix of debt and equity.   The SNO, which was licensed at an initial cost of Rand 100 million (US$15 million) was obligated to making residential and business fixed lines available to half of the South African population in major cities within five years of start-up and to 80% of the entire country within a decade as a license condition imposed by ICASA.  By end 2005, Tata Holdings had committed R1,5bn to the project while parastatals Eskom Telecommunications and Transtel had spent R2bn between them on network capital expenditure.   SNO-T was to initally use the networks of Transtel and Esitel to compete with Telkom. SNO-T was also to roam on Telkom's network for a period of two years after its launch, during which time it would have to pay for that access.  Telkom was to have monopoly of the local loop for at least two more years after SNO-T’s launch.  Service was expected to be launched initially in the municipalities of Johannesburg, Tshwane, Mangaung, Cape Town, Mogale City, Ethekwini, Nelson Mandela Metropolitan, Buffalo City, Mafikeng, Mbombela, Polokwane, Sol Plaatjie, Msunduzi, and Ekurhuleni.   Telkom SA had projected that it might lose 10%-15% of its market share to the second national operator in the first five years of SNO-T’s operation.   In June 2008, Tata Communications increased the stake in the company to 56 per cent from 26 per cent.   The project became operational in May 2008.
In April 2005, the government of Albania awarded a 20 year concession contract to Tirana Airport Partners Sh.p.k. (TAP) for operating and managing Nene Tereza International Airport in Tirana.  The contract also included the upgrading of the airport facilities to handle 1 million passengers per year and building a new passenger terminal.  Nene Tereza International Airport was the most important hub of transportation in Albania and the country’s only international airport.  In 2005, it was used by close on 785,000 passengers.  The project was awarded through a competitive negotiation. In April 2004, TAP consortium was selected as the preferred bidder.  The Tirana Airport Parners Sh.p.k. (TAP) consortium was led by Hochtief Airport (47%), an airport investor and manager.  This TAP consortium was comprised of DEG Deutsche Investitions-und Entwicklungsgesellschaft (31.7%) and the Albanian-American Enterprise Fund (21.3%).   Under the concession contract, the TAP consortium had to accomplish two goals: optimizing the operation of the new airport and converting it into one of most modern infrastructure facilities in Albania.   The total cost of the project was estimated at US $308 million.  The project reached financial closure in April 2005. The entire debt facility for this project comprised of a syndicated loan in the amount of US$ 64.1million and guarantee facility in the amount of US$ 11.6million.  The lenders were EBRD, DEG of Germany, the American Bank of Albania and Alpha Bank.  Construction work of a new passenger terminal began in April 2005 and was expected to be completed in fall 2006 and be fully operational by spring 2007.  In 2008, Tirana International Airport initiated Phase B. The project comprised (i) extension of the passenger terminal to a capacity of 1.5 million PAX; (ii) supply of additional equipment and systems; (iii) investment into airfield; (iv) construction of airside equipment building; (v) procurement of ground handling equipment and also includes the refurbishment of the old terminal. Phase B was completed in September 2009. The financing of Phase B included EUR22 million in debt. EUR 10.6 million (US$15.5 million) in loans came from EBRD while EUR 11.4 million (US$16.7 million) in loans was provided by DEG, Alpha Bank and the American Bank of Albania.
Beni Saf Water Company SpA (BSWC) was awarded a 25 year build-own-operate (BOO) contract by the Government of Algeria to develop a seawater desalination plant near the city of Oran, in western Algeria. The plant was expected to supply 150,000 cubic meters per day (1.74 cubic meters per second) of potable water to approximately 750,000 people.   The contract was part of the Government of Algeria’s effort to encourage private sector participation in the development of large scale desalination plants to alleviate the country’s water shortage. The Ministry of Water Resources (Government of Algeria) planned to develop 28 desalination plants (combined capacity of 1,950,000 cubic meters per day) with private sector participation.  BSWC was a joint venture between the state owned Algerian Energy Company (AEC) (49%) and Geida Consortium (51%) of Spain. Geida Consortium won the rights to participate in the joint venture by bidding the lowest price (US $0.70 per cubic meter of water desalinated) in an international competitive tender conducted by AEC in May 2004.    Geida consortium was composed of four Spanish companies - Abengoa’s Befesa and Codesa, AbenCobra-Tedagua of ACS group, and Sadyt of Sacyr Vallehermoso. Each of these companies held 25% of Geida’s capital.   The total cost of the Beni Saf desalination plant was estimated at US$160 million. The project reached financial closure in September 2005, with a debt equity ratio of 70:30. Four banks, led by Banque Exterieure d’Algerie (BEA), Credit Populaire d’Algerie, Banque Nationale d’Algerie and Banque de l'Agriculture et du Developpement Rural arranged the loan.  ADS signed a 25 year take or pay water purchase agreement (WPA) with Algerienne des Eaux (ADE), the national water service authority of Algeria. The WPA was guaranteed by the state owned energy company, Sonatrach.  Construction of the desalination plant began in December, 2005, and was expected to be completed in 24 months.
In August 2004, Entreprise Portuaire de Bejaia (“EPB”), port authority and operator of the Port of Bejaia in eastern Algeria, signed a joint venture agreement with Singapore’s Portek International Limited (PIL) to upgrade, modernize and manage two container berths in Bejaia port under a 20 year concession. The two container berths in Bejaia port had a combined capacity of 300,000 TEUs and handled both container and bulk cargo. Under the concession, PIL was responsible for managing the container terminal, improving the productivity and increasing traffic by marketing the terminal to shipping lines, importers and exporters.   EPB and PIL formed a joint venture company, Bejaia Mediterranean Terminal SPA (BMT), to operate the container terminal. EPB held a majority stake of 51% in BMT while the remaining was held by PIL. Information on how EPB selected PIL to be its private sector partner in the joint venture was not available from public sources.  BMT was estimated to invest US$ 17 million for two quayside container cranes, four rubber-tyred gantry cranes, terminal operations systems and other infrastructure to operate an efficient and modern container terminal.   BMT took over the operations of Bejaia container terminal in July 2005.
Aguas de Skikda SpA (ADS) was awarded a 25 year build-own-operate (BOO) contract by the Government of Algeria to develop a seawater desalination plant in Skikda, in north east Algeria. The plant was expected to supply 100,000 cubic meters per day (1.16 cubic meters per second) of potable water to approximately 500,000 people in Skikda.   This project was part of the Government of Algeria’s effort to encourage private sector participation in the development of large scale desalination plants to alleviate the country’s water shortage. The Ministry of Water Resources planned to develop 28 desalination plants (combined capacity of 1,950,000 cubic meters per day) with private sector participation.  ADS was a joint venture between the state-owned Algerian Energy Company (AEC) (49%) and Geida Consortium (51%) of Spain. Geida Consortium won the rights to participate in the joint venture by bidding the lowest price (US$0.74 per cubic meter of water desalinated) in an international competitive tender conducted by AEC in April 2004.    Geida consortium was composed of four Spanish companies - Abengoa’s Befesa and Codesa, AbenCobra-Tedagua of ACS group, and Sadyt of Sacyr Vallehermoso. Each of these companies held 25% of Geida’s capital.   The total cost of the Skikda desalination plant was estimated at US$110 million. The project reached financial closure in July 2005, with a debt equity ratio of 70:30. The project was financed by local Algerian banks Banque Nationale d’Algérie (BNA) and Credit Populaire d’Algerie (CPA).   ADS signed a 25 year take or pay water purchase agreement (WPA) with Algerienne des Eaux (ADE), the national water service authority of Algeria. The WPA was guaranteed by the state owned energy company, Sonatrach.  Construction of the desalination plant began in September, 2005, and was expected to be completed in 24 months.
Caleta Cruz was a 150MW thermoelectric project in the province of Tumbes in northern Peru developed by BPZ Energy. The project was designed to be fired by gas from BPZ’s Corvina gas field in block Z-1, using two 7-single cycle gas fired turbines. The project included building a 16km pipeline to transport gas from the field to the thermal plant. In August 2005, BPZ announced it had signed a 90MW 10 year take-or-pay contract starting January 2007 with distributor Luz del Sur SA. The power purchase agreement had an option to be extended by 20MW at a later unspecified date.  The project cost was estimated at US$100 million. In May 2005, BPZ signed a mandate letter with the International Finance Corporation to finance up to US$70 million. In addition, BPZ has raised a total of US$34.4 million from a private placement in the US market of 11.5 million ordinary shares at US$3 per share.
In March 2005, Golden State Environment, a US register company signed a 20 year agreement to build and operate a potable water and sewerage treatment plant in Yufa Town, Daxing District, Beijing City. The potable water treatment capacity was 30,000 cubic meters per day and sewerage treatment capacity was 25,000 cubic meters per day. The plant served 30,000 people.   Golden State Environment invested RMB 60 million (US$ 7.33 million) in the plant and owned 100% of the project.
In November 2005 the government of Nigeria, through its Bureau of Public Enterprises (BPE) awarded a 25 year rehabilitate, lease and transfer concession for terminal A of the Apapa port to private operator Flour Mills Nigeria Limited. The Apapa port, which served the city of Lagos, was part of a concerted effort by the Nigerian government to attract private sector involvement in infrastructure. In 2005 all terminals of the Apapa port were concessioned to private operators.  Flour Mills Nigeria Limited was incorporated as a private limited liability company in 1960 and listed on the Nigerian Stock Exchange in 1979. At of 2006 the company was owned by Excelsior Shipping Company Plc (51.59%), and other Nigerian shareholders (48.41%). The company was active in flour milling, pasta manufacturing and bulk cement trade.  The concession was awarded on October 24th 2005 and signed on November 16th of the same year. Flour Mills committed to pay an entry fee of $1.5 million plus some $15.60 million in net present value over the lifetime of the concession for Apapa Terminal A. The company submitted business plans outlining plans for future investments in facilities worth some $6.25 million.
China Gas Holdings Limited formed a project company to take over a gas project in Yangzhou City, Jiangsu Province in November 2005. China Gas Holdings Limited has 50% stake in the gas project and would operate and manage the joint venture for 30 years. The total investment was RMB 210 million (US$ 25.64 million).
China Gas Holdings Limited formed a project company in Liuzhou City, Guangxi Province in December 2005. China Gas Holdings Limited has 50% stake in the gas project and would operate and manage the joint venture for 30 years. The total investment was RMB 140.38 million (US$ 17.14 million).
CLP Guangxi Fangchenggang Power Co., Ltd. was established on a 70:30 equity basis between China Light and Power Ltd. (CLP) and state-owned Guangxi Water & Power Engineering (Group) Co. Ltd. for the development and management of Guangxi Fangchenggang Power station in Guangxi Zhuang Autonomous Region.   First phase of the coal-fired power station, with a generating capacity of 1,200 MW (2 units with 600 MW each), had an investment of US$ 664.5 million (RMB 5.5 billion). It was the largest foreign investment power project in the Guangxi Province.   The project was jointly undertaken by CLP Power Asia Ltd. (CLP Power Asia), a wholly-owned subsidiary of private power company, CLP, and Guangxi Water and Power Engineering (Group) Co, Ltd.(Guangxi Water and Power), a subsidiary of state-owned Guangxi Electric power Co., Ltd.,  in which CLP Power Asia took a 70% interest and Guangxi Water and Power took a 30% interest separately.   A domestic banking consortium on August 31 2005 agreed to grant loans worth US$ 500.18 million (RMB 4.14 billion) to the project. This consortium consisted of the Industrial and Commercial Bank of China, the Agricultural Bank of China and Bank of China Ltd. The three banks respectively provided US$ 186.06 million (RMB 1.54 billion), US$ 157.06 million (RMB 1.3 billion) and US$ 157.06 million (RMB 1.3 billion) to the project.   Commercial operation for the first unit was to begin in the 2nd half of 2007 while 2nd unit was to start in early 2008.   The site was located at a new coastal development site in Fangchenggang city, 190 km south of Nanning. Upon commissioning, it was to meet the local demand for electricity, as well as supplementing the power demand in nearby provinces.
Shanghai Mingdong Container Terminals Ltd (SMCT), a new joint venture company, was created by Shanghai International Port Group (SIPG) and the Hutchison Port Holdings (HPH) to invest a container terminal at Shanghai Waigaoqiao Phase V for 50 years.   The BOT contract was signed in September 2005. In December 2005 the new joint venture company opened with the registered capital of US$ 481.93 million (RMB 4 billion). SIPG, which was state-owned, held 50% in the project company with the remaining 50% by the HPH Group, a wholly-owned subsidiary of Hong Kong-list Hutchison Whampoa Ltd.(HWL). There are no further financing information available.   With a total area of 1.63 million square meters, SMCT had four deepwater berths, two feeder berths, twelve Super Post-Panamax Quay cranes, two specialized RTGC quay cranes for barges, stacking capacity of 24, 649 TEU, plus reefer plugs, dangerous goods and container freight station (CFS) facilities.   SMCT was located at the Yangtze estuary near Wu Hao Gao, approximately 50 nautical miles from Yangtze anchorage and 110 nautical miles from Yangshan Deep-water Port, providing the shortest navigation channel for ocean-going vessels.
In September of 2005, the local government of Kunming City awarded a 30-year lease contract to a consortium led by Veolia Water to manage its water utility, Kunming Water Supply Company.  Kunming, also known as Spring City, was the capital of Yunan province and had 3.5 million inhabitants in 2005.    The lease contract was granted through an international tender, in which more than 20 firms competed.  The tender was launched in August 2004 at the Yunan Property Rights Exchange Center to attract strategic local and foreign investors in an attempt to enhance Kunming Water Supply Company’s competitiveness.    The consortium, formed by Veolia Environnement of France (51%) and Hong Kong based Citic Pacific (49%) acquired a 49% stake in the Kunming Water Supply Company while the municipal authorities, through the state-owned Changzhou City Construction Group, held on to the remaining 51%.  The partners paid an acquisition price of RMB 1 billion (US$124 million) for the stake.    Under the contract, the consortium was to be responsible for the management and operation of the Kunming Water Supply Company, which had 1,145 employees.  It was to be responsible for water production and distribution (nine plants with capacity of 1,615,000 m3 per day, and a 1,500km-long network), as well as providing customer services to as many as 2.5 million people in Kunming.  The deal was expected to generate 1.6 billion euros (US$1.87 billion) in revenues of the life of the contract. Information on investment commitments were undisclosed.
In February 2005, Panriver Investment, a subsidiary of Hong Kong based Panva Gas Holding Ltd, acquired 48% stake in Changchun Gas Holding Ltd for US$45.81 million (RMB 379.2 million) from Changchun Municipality state-owned Assets Administrative Bureau. An additional 2% in Changchun Gas Holding Ltd was sold to Shenzhen Huafy Energy Investment Company for US$1.91 million (RMB 15.8 million). The remaining 50% was owned by Changchun Municipality state-owned Assets Administrative Bureau.  Changchun Gas Holding Ltd owned Shanghai-listing A share Changchun Gas Company Ltd. Both companies involved in building and operating natural gas pipeline network in Changchun city, the capital of Jilin Province. Changchun city had 20,571 squared kilometers and 7.18 million inhabitants. Changchun Gas Holding Ltd was granted a operation life of 30 years since the ownership transaction took place.   Hong Kong based Panva Gas Holding Ltd was a publicly traded company in the Hong Kong stock exchange and was principally focused on commercialization of natural gas and liquefied petroleum in China mainland.
In September 2005 the government of Nigeria, through its Bureau of Public Enterprises (BPE), awarded a 10 year rehabilitate, lease and transfer concession for terminal C of the Tin Island port to private company Sifax Nigeria Ltd. The concessionaire pledged to pay leasing fees to the government amounting to some $104.42 million in net present value. Additionally, the concessionaire was expected to make all investments on the terminal’s berths (except for the quay wall, which remained the government’s responsibility), stacking yard, equipment, as well as improved security and fencing systems. The net present value of investments in infrastructure were estimated at $64.98 million. The project was part of a wider plan started in 2004 - 2005 to attract private participation in the Nigerian port sector.  The contract was awarded in September 2005 after a competitive tender with two bidders. The bids were ranked using a highest fee paid to the government criterion.   Sifax Nigeria Ltd was owned by local investors and partnered with German company Bremenports for the Tin Can Island terminal.  No further information was publicly available on the ownership structure of the concessionaire, investments in facilities, or the terminal's capacity.
In June 2005 Colben System Pte Ltd signed a contract to build and operate a 5 MW oil-fired power plant at Sihanoukville, followed in July 2005 by a contract for a 10 MW plant located in Phnom Penh.  The 10-year power purchase agreements were signed with Electricite du Cambodge, the state-owned utility.  Colben is a subsidiary of Asiatic Group (Holdings) Ltd (Singapore).  The total project cost was expected to be US$25 million.  The Phnom Penh plant and the Sohanoukville plant were completed and started commercial operation since November 2006.
The construction of the Fuzhou Xingtong Port Berth 3 commenced in June 2005 in Fuzhou City, Fujian Province. The 50 year agreement was granted to a consortium of local private companies Fujian Jingwei Group, Fujian Xinhai Metallurgic Group, and Fujian Changlong Textile Co., Ltd. through competitive bidding. The companies jointly own 100% of the port project with a capacity of 600,000 tons per year. The total investment was RMB 166 million (US$ 20.08 million). A project company, Fujian Xintong Port Co., Ltd., was established to operate the port. The project came into operation in June 2007.
In August 2003 Canadian firm Artumas Group Inc entered an agreement with the government of Tanzania for the development of the Mnazi Bay Gas-to-Electricity Projoect.  The project would include development of a natural gas field, and the construction, operation and maintenance of a 27 km pipeline and six generating units each with a 2 MW capacity (12 MW in total)gas generation plant.  Electricity would be sold to Tanesco (the state-owned utility), to supply electricity to the southern regions of Lindi and Mtwara under a 25 year Transmission and Distribution Franchise Agreement.  The project reached financial closure during 2005.  The project was expected to cost at least US$ 32 million.  Construction began in November 2005 and first electricity was generated at the Mtwara power plant on December 23, 2006 and full commissioning of the integrated gas-to-power project, or the Mtwara Energy Project – was achieved on March 5, 2007. Continuous electrical power was being provided to the towns of Mtwara and Lindi since then.   In February 2010, the rehabilitation and expansion works carried out under the interim contract permitted the inland town of Masasi to be connected to AG&P Power’s power station in Mtwara. This had a positive impact on demand for power generated by AG&P Power, a Artumas subsidiary, and presently three generating units each with a two MW capacity (6 MW in total) have been purchased and delivered to Mtwara where they are ready for installation and integration into AG&P Power’s power station.  In March 2012, 100% of equity of this project was sold to Tanzania Electric Supply Company (TANESCO) for US$13.5 million. This sale was effective as of February 7, 2012 and closed on March 8 2012.
In March 2005, L’Autorite de Regulation de la Poste & des Telecommunications (ARPT), Algerian Post and Telecommunications Regulatory Authority, awarded the country’s second national fixed-line license to Egyptian Consortium Algerien des Telecommunications (CAT) for US$ 65 million. The license allowed CAT to build and operate national and international fixed line networks for a period of 15 years, with a possibility of an extension. Under the license, CAT was allowed to offer high-speed data and other specialized services in addition to local, national and international telecommunication services.   The new license was awarded to overcome the large unfulfilled demand for basic residential telephony and to end the monopoly of state owned Algerie Telecom. The licence included a two-year exclusivity period to operate both national and international fixed-line network services.  CAT was a joint venture between Egyptian Orascom Telecom (50%) and Egypt’s state run Telecom Egypt (50%). The Egyptian consortium was the sole bidder for one of the two fixed line licenses that were tendered by APRT in December 2004. APRT was re-tendering the two fixed line licenses as they had originally failed to attract any formal bids in March 2004.  The Consortium planned to build an advanced next generation telecommunications network for an estimated investment of US$ 1 billion during the 15 year license period. CAT planned to spend US$ 400 million in the first year to rapidly deploy high quality network and launch service in the main urban areas of Algiers, Oran and Constantine. The network investment was to be funded through internal cash flow, debt and equity.   In February 2006, CAT launched its fixed line services in Algiers, under the brand name “Lacom”.
Hidroelectrica Rio Hondo was a 32 MW hydro facility in Rio Hondo (Deep River), in the rural Zacapa region in southeastern Guatemala. The electricity from the project was to be sold on the spot market for a user population that is largely poor. The project was designed to replace a 3 MW hydropower facility on the same site that was damaged by Hurricane Mitch in 1998.  The project was being sponsored HydroWest International, a subsidiary of Alaska Power & Telephone.   The project reached financial closure in August 2005 when the Overseas Private Investment Corporation approved financing for US$41.6 million.  In July 2005, Villagers in the Río Hondo community of voted against the hydro project in a referendum. Construction was expected to take 36 months and operations were tentatively scheduled for 2008.
In May 2005, a local private company Beijing Sound Environment Industry Group signed a 30 year agreement to build and operate a sewerage treatment plant in Nanchang City, Jiangxi Province. The plant capacity was 200,000 cubic meters per day. The plant served a population of 400,000 people.   Beijing Sound Environment Industry Group invested RMB 185 million (US$ 22.59 million) in the plant and owned 100% of the project.    The plant was operational as of May 2006.
The Brazilian company Desenvix, a wholly-owned subsidiary of Jackson Empreendimentos, was granted authorizations to build four small hydro power plants located in the states of Santa Catarina, Rio Grande do Sul and Rio de Janeiro (80.9 MW in total capacity): PCH Santa Rosa II (30 MW), located at the state of Rio de janeiro; PCH Santa Laura (15 MW), located at the state of Santa Catarina; PCH Esmeralda (22.2 MW) and PCH Moinho (13.7 MW), located at the state of Rio Grande do Sul. The 30-year contracts were signed with the regulatory agency ANEEL over the years since May 2001.   The construction of PCH Esmeralda involved an investment of US$ 43.2 million (BRL 72.6 million) financed with a loan from the state-owned development bank BNDES (US$ 32.9 million  or BRL 55.4 million) granted in June 2005 and the sponsor own resources. In 2006, PCH Esmeralda signed power purchase agreements arranged with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies). This power plant commenced operations in December 2006.  The construction of PCH Santa Laura involved an investment of US$ 39.1 million (BRL 65.8 million) financed with a loan from the state-owned development bank BNDES (US$ 24.3 million  or BRL 40.8 million) granted in October 2006 and the sponsor own resources. In 2007, PCH Santa Laura signed power purchase agreements arranged with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies). This power plant commenced operations in October 2009.  The construction of PCH Santa Rosa II involved an investment of US$ 82.6 million (BRL 139 million) financed with loans from the state-owned development bank BNDES and the private bank Bradesco (total of US$ 52.8 million  or BRL 89 million) granted in August 2008 and the sponsor own resources. In 2008, PCH Santa Rosa II signed power purchase agreements arranged with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies). This power plant commenced operations in July 2008.  The construction of PCH Moinho involved an investment of US$ 55.3 million (BRL 93 million) financed with loans from the state-owned development bank BNDES and the private bank Bradesco (total of US$ 28.4 million  or BRL 47.8 million) granted in May 2010 and the sponsor own resources. PCH Moinho signed power purchase agreements to sell electricity to the grid for 19 years starting in August 2011. This power plant commenced operations in September 2011.
In Oct 2005, a local private company, Sichuan Dezhong Infrastructure Co. Ltd. was granted a 30 year agreement to rehabilitate a 28.87 KM railway linking Pengzhou City and Baishuihe Town in Sichuan Province. The construction was delayed for interference with a dam project but it was recovered in April 2007. The total investment was about 350 million Yuan (US$ 42.74 million) and Sichuan Dezhong owned 100% of the project.
In 2005, the French container shipping company CMA-CGM and the Spanish investment group Progosa signed a 10 year build-own-operate(BOO) agreement with the Republic of Togo to build and operate a new container terminal at the Port of Lome in Togo. Lome was on the Gulf of Guinea in the extreme southwestern corner of the Togo, and it became important as ad administrative, commercial, and transport centre.  Under this contract, CMA-CGM and Progosa established a joint venture, the Societe d’Investissement de Terminal a Conteneurs (SITC Togo), based in Lome.  It was expected to invest US $76.9 million (58.7 million euros) in the next 10 years.
China Gas Holdings Limited formed a project company in Fangchenggang City, Guangxi Province in December 2005. China Gas Holdings Limited has 100% stake in the gas project and would operate and manage the joint venture for 30 years. The total investment was RMB 70 million (US$ 8.55 million).
In June 2005, Hong Kong and China Gas Co. Ltd. (Towngas) was awarded a 30-year concession contract by the state-owned Wujiang Water Investment Co. Ltd. to operate and manage the water utility in Wujiang Administrative Zone in Jiangsu Province, China.  The city, with a population of just over a million was near Shanghai and Suzhou and had many investors from Taiwan.   Wujiang's demand for water had been growing at about 20% a year since 2001, mostly because of rapid growth in local industry and manufacturing.  Water was being supplied at 830,000 cubic meters per day and water consumption was forecast to reach 115 million m3 for 2005.  Wujiang Hong Kong and China Water Co. Ltd. was established as the project company in which Towngas held an 80% stake and was responsible for the company’s overall management.  Wujiang Water Investment Co. Ltd. retained 25% of the joint venture company.    The joint venture involved a total investment of RMB 970 million (US$117 million) of which Towngas paid RMB 776 million (US$93.8 million) for the stake in the project company.
Quanzhou Xinao Gas Company Limited was a Sino-foreign joint venture that was established in December 2005 by Xinao Gas Holdings Limited, which holds a 60% stake in the project with the remaining 40% interest held by Quanzhou Municipal State Assets Investment and Operation Company (32%) and Quanzhou Zhongyuan Real Estate Development Company (8%). The total investment was RMB 1.26 billion (US$ 153.85 million). The company will produce and supply natural gasin Quanzhou City, Fujian Province for a 29-year period.
In September of 2005, United Envirotech of Singapore was awarded a 30-year contract to build and operate a wastewater treatment plant in Xintai City, Shandong Province.  The plant was to supply at least 30,000 cubic meters of water per day to Xintai City initially, with the supply volumes rising to 80,000 cubic meters per day on the fifth year of the contract. The Xintai facility was originally designed to treat wastewater for discharge into nearby rivers but United Envirotech said it would use its membrane filtration technology to recycle wastewater into potable water.   To implement the contract, United Envirotech Water Treatment Xintai Co Ltd. was created as the project company in which United Envirotech purchased a 100% stake for US$4.2 million in October of 2005.  The total cost of the plant was expected to cost RMB 70 million (US$8.65 million).  The funds for the project were secured in part by a United Envirotech share placement in August of 2005.
Southern Hydropower Joint Stock Company was planning the development of the 13.5 MW Dasiat hydropower plant, near Loc Bao Commune, Bao Lam District, Lam Dong province. It consisted of two turbines of 6.75 MW.  The project was designed to produce 57.163 MWh annually. It applied to UNFCCC CDM financing and got accepted January 11th 2011. The CERs issued were to be bought by Grey K Environmental (Europe) II Ltd.   The EPC contract was awarded to Cavico Corporation, valued at $4.36 million with a duration of 18 months.   The project was located downstream of Dong Nai 3 and Dong Nai 4, both owned by EVN. Construction started on July 1st 2006.   Financial close was reached on November 22 2005. Industrial Commercial Bank of Vietnam (Incombank), Vietcombank, and Agribank agreed to syndicate VND 169 billion. Total cost was estimated at VND 241 billion ($11.6 million), implying a debt to equity ratio of 70.1/29.9.
In September 2005 Hong Kong and China Gas Co. Ltd. (Towngas) was awarded a 30-year concession contract by the Anhui Provincial Government for the provision of water and sewerage services to the Wuhu administrative Zone following a competitive bid process.  Wuhu was the second largest city in Anhui Province with a population of 2.25 million.  In 2004 the city consumed 85 million cubic meters of water and consumption in 2005 was expected to exceed 86 million cubic meters.  Wuhu Hong Kong and China Water Co. Ltd. was established as the project company in which Towngas held 75% stake and was responsible for the company’s overall management. The Wuhu city government retained 25% of the joint venture company.  Towngas had promised not to dispose of its stake for five years.  The project involved a total investment of US$84.6 million (RMB 700 million), which included the US$27.2 million (RMB 225 million) purchase price for the stake made by Towngas and US$57.4 million (RMB 225) for facilities investment.  Wuhu Hong Kong and China Water Company Limited had a registered capital of US$36.1 million (RMB 300 million).
The Government of Ghana (GoG) awarded a five-year management contract to Vitens Rand Water Services BV to manage and operate the state owned national water utility, Ghana Water Company Limited (GWCL) in November 2005. The management contract was aimed to restore GWCL to sound financial footing.  At the time that the management contract was signed, GWCL had 320,000 connections and only 51% of Ghana’s population had access to improved water supply.  The project company was expected to take over the operations of GWCL in March 2006.  Vitens Rand Water Services BV won the management contract through an international competitive tender by bidding the lowest fee of US$13,227,600 for the entire term of the contract. French firms Veolia and Saur also participated in the tender. Vitens Rand Water Services BV (Vitens Rand) was a joint venture between Dutch company Vitens Int. (51%) and South African Rand Water (49%).  Vitens Rand Water Services BV created Aqua VitRa Limited, a limited liability company in Ghana, to implement the management contract.    Under the contract, Aqua VitRa was obliged to provide potable water and sanitation services in the service area on an exclusive basis and was responsible for all billing and collections. In addition, all the facilities and assets of GWCL came under the care and custody of Aqua VitRa during the term of the management contract.   GoG received financial support from the International Development Association (IDA) of the World Bank Group for this contract through a US$103 million credit to finance system expansion and rehabilitation, the fee of management contractor, a severance program and to build domestic capacity. With the IDA funding, the government set a goal of installing at least 50,000 new household connections, the majority of which was to be to low income households and for the provision of stand-posts.  On June 6, 2011, the contract period ended. The Government of Ghana chose not to renew the contract citing its non-performance, and Aqua Vitens Rand officially handed over its operations to Ghana Water Company.
On March 10, 2005 the state-owned Electricity of Vietnam (EVN) sold 43.6 million shares (40% stake) in Vinh Son - Song Hinh Hydropower JSC to 215 investors for US$29.4 million (VND462 billion) at Ho Chi Minh City Center, Hanoi Securities Trading and the plant's head office in Binh Dinh province. The lowest price per share was $0.66 (VND1 0,500) and the highest $1.89 (VND 30,000) per share, compared with the face value of $0.63 (VND 10,000).    Vinh Son - Song Hinh Hydropower JSC was an independent power producer which generated and sold electricity to the national power grid through two hydropower plants, Vinh Son and Song Hinh with the total installed capacity of 138MW. The plants also served irrigation land in Binh Dinh and Phu Yen provinces. Song Hinh Hydropower plant became operational on October 23, 1999 while Vinh Son Hydropower plant l on April 1, 2001.  The partial divestiture of Vinh Son-Song Hinh Hydropower Plant was part of a new government regulation that required selling at least 20% stakes in electricity generation firms to minority shareholders. The Vinh Son-Song Hinh Hydropower Plant was the first affiliate of the state-owned Electricity of Vietnam (EVN) that became a publicly traded power company.
In November 2005, a local private company Jinan Shifangyuantong Water Affairs Development Co. Ltd. signed a 20 year agreement to build and operate a sewerage treatment plant in Changyi City, Shandong Province. The plant capacity was 30,000 cubic meters per day.   Jinan Shifangyuantong Water Affairs Development Co. Ltd. invested RMB 45 million (US$ 5.49 million) in the plant and owned 100% of the project.
In March 2005 the local government of the Atlantico Departnement, Colombia, awarded a 19 year concession for water and sewage services in the towns of Sabanagrande and Santo Tomas to local private operator Empresa de Acqueducto y Alcantarillado de Barranquilla (AAA). The two cities had a combined population of some 69,000 people. In 2005 water coverage rates for Sabanagrande and Santo Tomas were 93% and 57%, and sewage coverage was 60% and 40%, respectively. Water loss rates for the two cities stood at 73%. AAA’s contract followed the 2004 cancellation of a previous ten year concession awarded to Acuasasa SA (see project 3323).  The contract between the Atlantico Department and AAA was signed on March 18, 2005. AAA was awarded the contract following an open competitive tender. Two groups purchased packages with the bidding rules, but AAA was the only company to submit a bid. In 2005 AAA operated water utilities in Colombia, the Dominican Republic and Ecuador.  AAA committed to meet a number of performance goals within the first three years of operation: * Expand water coverage rates to 95% of the population. * Expand sewage coverage to 85% of the population.  * Increase continuity of service to 24 hours per day. * Increase service quality such that 100% of the water supplied meets the standards set out in Decree 475 of 1998 of the Colombian Ministry of Health.  These objectives were to be reached through an investment program estimated at 6,000 million peso ($2.58 million). Financing was provided as follows: 1,850 million peso from the Atlantico Department, 2,150 million peso from the central government, and 2,000 million peso from the operator.
In September 2005, a joint venture was formed between Beijing Pingzhun Investment Co., Ltd. (30%) and Shanghai Standard Infrastructure Investment Co., Ltd. (70%) to build and operate the Zhuji City - Yongjia County Expressway in Zhejiang Province. In Sep 2004, Bank of China signed a contract with the project company for a loan of RMB 3.217 billion (US$ 392.80 million). The total investment on the 225 km road was RMB 16.39 billion (US$ 2.001 billion). The construction of the project commenced in 2005 and the road would come into operation in 2007. The joint venture will then operate the road for 25 years.
Bangalore International Airport Limited (BIAL) signed a build-own-operate-transfer (BOOT) contract with the Ministry of Civil Aviation, Government of India in July 2004, to develop a greenfield international airport at Devanhalli, in the outskirts of the city of Bangalore, Karnataka, India. The initial term of the BOOT contract was 30 years, with a possibility of an additional 30 year extension. Bangalore International Airport (BIA) was initially expected to serve 5 million passengers per year and have a cargo capacity of 140,000 tones per year. Once operational, BIA was expected to replace Bangalore’s existing HAL airport that handled both domestic and international flights.   The international airport was originally conceived in 1991 to make India’s technology hub of Bangalore more attractive to prospective investors. However it took a long time for the project to materialize as potential investors were hesitant to invest in an uncertain political and legal climate.   This BOOT contract was the result of Government of India’s (GOI) commitment to encourage private sector participation to expand India’s airport infrastructure. GOI passed the Airport Authority of India Amendment Act 2003, which defined institutional and legal framework for private investments and paved the way for greenfield airports to be set up in private sector.   The project company, BIAL, was a joint venture between Seimens AG (40%), Unique (Flughafen Zürich AG) (17%), Larsen and Toubro Limited (17%), Government of India’s Airports Authority of India (13%) and Karnataka State Industrial Investment Development Corporation(13%). The private consortium led by Seimens AG won the rights to participate in the joint venture in an international competitive tender conducted by the Government of Karnataka in October 2001. The project was significantly delayed as it took almost three years to negotiate the contract. As at the end of 2013, the sponsors of BIAL were GVK Group (43%),Siemens Project Ventures GmbH (26%), Flughafen Zurich AG (5%), Airports Authority of India (AAI, 13%),and Karnataka State Industrial and Infrastructure Development Corporation (KSIIDC, 13%).   The total cost of the airport was estimated at US$ 324.2 million. The project reached financial closure in June 2005. The financing for the project was fully non-recourse. India’s ICICI bank was the lead arranger of the 12 year commercial loan in the amount of US$ 166.9 million. Karnataka state government gave US$ 80 million interest free loan to the project. The balance amount came in the form of equity from the consortium partners.  Airports Authority of India (AAI), the apex statutory organization under the administrative control of Ministry of Civil Aviation, GOI, is responsible for the regulation and management of all the air traffic services in India.  Construction began in July 2005 and the airport was expected to begin commercial operations by April 2008. The Airport officially started operations on 24th May 2008.  In 2013, BIAL underwent an expansion project - the project entailed the expansion of Terminal T1 of Bangalore International Airport from an annual passenger handling capacity of 11.5m to 17.2m in Bangalore, India.   Funding for the expansion project was closed on 18th March 2013 with a debt equity ratio of about 75:25.The estimated capital cost of the expansion was US$ 251.4mn (INR 14730mn @58.6 INR/USD). Financing comprised a 14-year 6-months term loan of US$ 187.7mn (INR 11000mn) and US$ 63.6mn (INR 3730mn) sponsor Equity. The term loan had been arranged by ICICI and had a repayment schedule of 52 quarterly installments. The other participating banks were Axis Bank Ltd (INR 75mn),Central Bank of India (250mn),Vijaya Bank (175mn),Syndicate Bank (150mn),Bank of India (100mn).
In December 2005 Panriver Investment, a subsidiary of Hong Kong based Panva Gas Holding Ltd, formed a joint venture Benxi Tieling Panva Gas Co., Ltd. in Tieling City, Liaoning Province. The total investment was US$ 4.81 million. Panriver owned 80% stake.   The project company Tieling Panva Gas Co., Ltd. was granted a 30 year concession to operate pipe natural gas pipe business in Tieling City, Liaoning Province.  Hong Kong based Panva Gas Holding Ltd was a publicly traded company in the Hong Kong stock exchange and was principally focused on commercialization of natural gas and liquefied petroleum in China mainland.
GMR Hyderabad International Airport Limited (GHIAL) signed a 30 year build-own-operate-transfer (BOOT) contract with the Ministry of Civil Aviation, Government of India (GOI) in December 2004, to develop a greenfield international airport at Shamshabad, near the city of Hyderabad, Andhra Pradesh, India. GMR Hyderabad International Airport (GHIA) was designed to have an ultimate capacity of 40 million passengers per annum. At the time of its opening in March 2008, GHIA was expected to serve 7 million passengers per year.   The new international airport was designed to overcome the capacity constraints faced by Hyderabad’s existing airport at Begumpet and to attract foreign investors to the hi-tech city of Hyderabad. Once operational, GHIA was expected to replace the existing airport that handled both domestic and international flights.   This BOOT contract was the result of Government of India’s (GOI) commitment to encourage private sector participation to expand India’s airport infrastructure. GOI passed the Airport Authority of India Amendment Act 2003, which defined institutional and legal framework for private investments and paved the way for greenfield airports to be set up in private sector.   The project company, GHIAL, was a public-private joint venture between GMR Group (63%), Malaysia Airports Holdings Berhad (MAHB) (11%), Government of India’s Airports Authority of India (13%) and State Government of Andhra Pradesh (GoAP) (13%). The private consortium led by GMR Group was selected as the preferred bidder in an international competitive tender conducted by the GoAP in May 2001. GHIAL was subsequently formed in June 2002.   The total cost of the airport was estimated at US$ 399.1 million, including a contingency of US$ 22 million. The project reached financial closure in August 2005, with a debt equity ratio of 1.2:1. The debt totalling US$ 217.7 million was tied-up with IDFC as the lead lender of the consortium. The other participating banks included Allahabad Bank, Bank of Baroda, Canara Bank, IDBI, Oriental Bank of Commerce, State Bank of Hyderabad and Vijaya Bank. The Government of Andhra Pradesh gave a grant of US$ 24.26 million to the project, in addition to an interest free loan of US$ 71.4 million. The remaining funds came in the form of equity from the consortium partners.  Airports Authority of India (AAI), the apex statutory organization under the administrative control of Ministry of Civil Aviation, GOI, is responsible for the regulation and management of all the air traffic services in India.  Construction began in September 2005 and the airport was expected to begin commercial operations in the first quarter of 2008.
The Brazilian company Ludesa Energetica S.A. was granted a 30-year authorization by the federal regulator Aneel the contract to build and operate a 30-MW small hydro power plant located in the Chapeco River, state of Santa Catarina (between the municipalities of Abelardo Luz and Sao Domingos).  The contract was signed with ANEEL in December 2002. In March 2006, the company´s shares were transferred from Indústria de Papel L. Dall'Astra Ltda. - IPDL  to Ludesa Holding Ltda (55%) and to Mr. Guilherme Weege (45%). In June 2010, the shareholding structure was altered as Dobreve Energia acquired 60% os the shares of Ludesa; the remaining 40% remained in the control of Ludesa Holding Ltda.  Ludesa Energetica S.A. committed to invest US$ 40.3 million (BRL 98 million) in the construction of PCH Ludesa. Financial closure for the project was reached in December 2005, when the company was granted a US$ 29.6 million (BRL 72.1 million) syndicated loan by the state owned bank BNDES. The remaining cost was set to be financed with the sponsors’ internal resources.  Construction works on this power plant started in 2006, and the unit became operational in 2007.  PCH Ludesa signed a power purchase agreement with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies).  In February 2014, CPFL Renovaveis, a subsidiary of the Brazilian company CPFL Energia, acquired 100% of Dobreve's shares.
In September 2005, Telecom Regulatory Board of Afghanistan (TRBA), a unit of Ministry of Communications, awarded the third nationwide GSM (Global System for Mobile Communications) license to Areeba Afghanistan. The license allowed Areeba Afghanistan to build and operate a mobile network in Afghanistan for 15 years and was renewable for another 10 years.   Areeba Afghanistan was originally a wholly owned subsidiary of Lebanese Investcom LLC. In July 2006, South Africa’s MTN group completed the acquisition of Investcom LLC for US$ 5 billion. As of August 2007, Areeba Afghanistan is a wholly owned subsidiary of MTN Group.  Areeba Afghanistan won the license by making the highest bid of US$ 40.1 million in an international competitive tender conducted by TRBA in August 2005. There were four other bidders – a consortium of Vodafone-Arcor of Germany and Siemens; UAE-based Warid Telecom; Luxembourg-based MillicomInternational, in partnership with Chinese vendor ZTE and the company Dayanat; and a Saudi-US consortium, including American firms CellularOne and GlobeComm and Saudi-based Al Houbi Telecom.  In June 2006, IFC signed a loan agreement for US$40 million and an equity investment of up to US$5 million in Areeba Afghanistan to support the construction and operation of a nationwide cellular network.  Areeba Afghanistan was expected to launch commercial services under the Areeba brand during the first half of 2006.  In June 2009, IFC provided a US$65 million loan and US$10 million in equity to MTN Afghanistan to support the expansion of the company’s mobile telephone network and meet the country’s growing demand for affordable mobile phone services. In 2007 and 2011 the project received guarantees from MIGA of US$76.5 and US$80.4 millions respectively.  The operator name was changed from Areeba Afghanistan to MTN Afghanistan (MTNA).
The government of Bulgaria, through its Privatization Agency, sold a 67% stake in Energy Distribution Group Western to Czech CEZ Group. The Western Group consisted of three local distribution companies: EDC Stolichno (Sofia), EDC Sofia Oblast and EDC Pleven. In 2003 the Western Group served 1.7 million customers, selling a total of 8,000 gigawatt hours of electricity. The divestiture was part of an effort to privatize the country’s entire distribution network. In 2003 the government reorganized Bulgaria’s seven local distribution companies into three geographical groups: Southeast, Northeast, and West. Each of the groups was to be privatized separately, with the provision that no single company could win a bid for more than one group.  The divestiture contract was signed January, 2005. CEZ won a competitive tender that attracted three other bidders: Czech CEZ Group, Italy’s Enel Power and Greece’s Public Power Corporation. CEZ offered the highest bid for the Northeast Distribution Group, at $363.5 million (281.5 million Euros). At the end of 2007, EDC Sofia and Oblast and EDC Pleven were deregisted and merged EDC Stolichno (Sofia), which was then renamed CEZ Razpredelenie Bulgaria AD.
In June 2004, Asia Water Technology (AWT) of Singapore, together with the three other undisclosed partners, was awarded a license to build and operate a municipal wastewater treatment plant in Hankou city, Hubei Province (called the “Hanxi Project” for short).  The term of the contract was undisclosed.    To implement the contract, Wuhan Kaidi Water Services Ltd. was created as the project company in which AWT took a 43% shareholding. Upon the completion of construction in December of 2005, the wastewater treatment plant was expected to serve an estimated population of 600,000, as well as treat 400,000 cubic meters of wastewater daily.   The aggregate investment by Asia Water Technology was RMB 193 million (US$23.57 million).  The financing for the project was raised following AWT's initial public offering (IPO) on the Singapore stock exchange in February 2005.
In December 2005, Hong Kong Lvyan International Environmental Protection Investment Company Ltd was awarded a 30 year agreement to build and operate the Huaxin Town Wastewater Treatment Plant in Qingpu District, Shanghai Municipality on a competitive basis. Hong Kong Lvyan International Environmental Protection Investment Company Ltd invested US$ 19.44 million in the plant. The total capacity of the plant was 51,000 cubic meters per day.
In August of 2005, Fomento de Construcciones y Contratas SA (FCC) of Spain, through its water subsidiary Aqualia, was awarded a 25-year concession contract to rehabilitate, build and operate wastewater treatment plants in Bengbu, Anhui province.  Under the contract, a population of 2,000,000 inhabitants was to be served.   To implement the contract, a 50-50% joint venture project company was formed between Aqualia and the local state-owned BCCA.  The JV was to be responsible for: Managing the wastewater treatment plant no.1 in Bengbu with a capacity of 100,000 cubic meters per day; building and managing an enlargement to the plant which was to bring its capacity to a total of 200,000 cubic meters per day; designing, building and managing the two phases of the Yantaizi Plant (Bengbu No2) with a final capacity of 200,000 cubic meters per day.  Investment in the project was expected to total euro 49 million (US$60.6 million) and Aqualia expected to earn revenues totalling euro 500 million over the life of the contract.  Work was to begin early in 2006.
The government of Malaysia awarded a 33-year contract to Senai-Desaru Expressway Bhd (SDEB) for the construction and operation of a 77 kilometer expressway connecting Senai with Pasir Guadang and Desaru in the state of Johor in July 2004. The project developed on Build-Operate-Transfer (BOT) basis and was designed to have a dual carriageway, 18 land bridges, 19 river bridges, four toll plazas and two rest areas. It was to feature a 1.9 kilometer bridge over Sg Johor.  SDEB was 70% owned by Rancak Bistari Sdn Bhd, which was majority owned by Ranhill Berhad. The remaining 30% was owned by Yayasan Pelajaran Johor, and agency of Johor’s state government.  The project cost was estimated at USD 368 million (RM 1.05 billion). The project reached financial closure in December 2005 when SDEB issued a US$255 million (RM 965 billion) of irredeemable convertible unsecured loan stocks (ICULS) in the Malaysian bond market. The debt tenor was for up to 33 years. SDEB also secured US$50 million financial support of Islamic development Bank (IDB) through its infrastructure fund (IDBIF) in June 2005 which helped it to issue the ICULS.    To mitigate risks of cost overruns and construction delays, SDEB entered into a fixed-price construction contract with Ranhill Engineers and constructors Sdn Bhd (RESCB) in June 2005. RESCB was wholly owned by Ranhill Bhd. The expressway had projected earning of US$ 39.47 million (RM 150 million) by 2009 and a peak of US$263.16 (RM 1 billion) by 2038.   After construction, the expressway would become the third longest toll road in Malaysia after the North-South expressway and the East Coast Highway. The expressway commenced from just east of the crossover between Federal Route 1 and the Malaysia-Singapore Second Crossing in the eastern corridor of Johor, and ended at Penawar in the eastern corridor (the crossing at Sungai Johor was via a cable-stay bridge). Meanwhile, the highway branched out at Cahaya Baru through a corridor leading south to Pasir Gudang (via a link referred to as the “Pasir Gudang Connector”). The expressway would link seven main industrial areas in Johor such as Senai, Ulu Toram, Pasir Gudang, and Penawar. Pasir Gudang was expected to provide 50% of the traffic flow on the expressway.  The construction period was divided in two phases. Phase one consisted on connecting Senai Airport to Ulu tiram to Cahaya Baharu and Pasir Gudang, and was planned to be ready in 2007. Phase two consisted on connecting Cahaya Baharu to Desaru and Bandar Penawar, and included a 1.1 km bridge across Sungai Johor. This phase was planned to be completed in 2008. In August 2009, the phase one part of the project became open to traffic.  The expressway was designed to alleviate traffic congestion along the Pasir gudang Highway, and to provide a quicker and more direct route to connect the eastern and western corridors of Johor. The expressway was to shorten the traveling time between those corridors by more than an hour.  In December 2014, the Malaysian government granted an extension of the concession from July 2038 until July 2053. And in May 2014, the Senai-Desaru Expressway (SDEB) issued RM1.89 billion ($586 million) in sukuk bonds to refinance its existing senior and junior debt.   Bank Muamalat led the issue and CIMB was facility agent. The tenor of the sukuk was at least 24 years and up to 39 with a final maturity date of July 17 2053. The issuance refinanced SDEB’s existing sukuk programme, which comprised RM1.89 billion in senior notes and RM3.69 billion in junior notes.
In September 2005 the government of Nigeria, through its Bureau of Public Enterprises (BPE), awarded a 20 year rehabilitate, lease and transfer concession for terminal B of the Harcourt port to private company BUA International Limited. The concessionaire pledged to pay leasing fees to the government amounting to some $12.36 million in net present value. Additionally, the concessionaire was expected to make all investments on the terminal’s berths (except for the quay wall, which remained the government’s responsibility), stacking yard, equipment, as well as improved security and fencing systems. In total, investments in infrastructure were expected to reach $33.79 million. The project was part of a wider plan started in 2004 - 2005 to attract private participation in the Nigerian port sector.  The contract was awarded in September 2005 after a two stage competitive tender. BUA International Limited was judged to be the only bidder with a passing mark for the technical evaluation for the project.   No information was publicly available on the ownership structure of the concessionaire, investments in facilities, or the terminal's capacity.
The government of Bulgaria, through its Privatization Agency, sold a 67% stake in Energy Distribution Group Southeast to Austria's Energie-Versorgung Niederosterriech (EVN). The Southeast Group consisted of local distribution companies Elektrorazpredelenie Plovdiv AD and Elektrorazpredelenie Stara Zagora AD. In 2003 the Southeast Group served 1.5 million customers, selling a total of 6,577 gigawatt hours of electricity through a 56,000km network. The partial divestiture was part of an effort to privatize the country’s entire distribution network. In 2003 the government reorganized Bulgaria’s seven local distribution companies into three geographical groups: Southeast, Northeast, and West. Each of the groups was to be privatized separately, with the provision that no single company could win a bid for more than one group.       The divestiture contract was signed on October 29, 2005. EVN won a competitive tender that attracted four other bidders: Germany’s E.On, Czech CEZ Group, Italy’s Enel Power and Greece’s Public Power Corporation. EVN offered the highest bid for the Southeast Distribution Group, at $345 million (271 million Euros). EVN's offer was some $100 million higher than that of the next bidder, Italian company Enel Power. By purchasing the Southeast Group EVN doubled its yearly electricity sales.    EVN Bulgaria, majority owner of the electricity distribution companies (EDC) in Plovdiv and Stara Zagora, invested US$86.5 million(BGN 130 million) in new equipment and maintenance of existing equipment over the first two years of private management.  In 2006, Elektrorazpredelenie Stara Zagora AD changed its name to  Elektrosnabdiavane AD.  In 2011, EVN acquired an additional 30.75% stake in Elektrorazpredelenie AD (48,100 shares), increasing its stake to a total 97.75% of the shares. The shares were sold on the Sofia Stock Exhange at an average price of US$ 1,096.31 (BGN 1 632.6/share). In 2010,the company delivered 8 TWh electricity to 1.64 million customers.   In 2011, EVN acquired an additional 32.73% stake (61,600 shares) in Elektrosnabdiavane AD (former Stara Zagora AD), increasing its stake to a total of 99.73% of the shares. The shares were sold on the Sofia Stock exchange at an average price of US$ 105.1 (BGN 156.6 share).
In April 2005, a local private company Anhui Guozhen Environmental Protection Science & Technology Co., Ltd.  started executing a management contract to operate the Buji Caopu Wastewater Treatment Plant in Shenzhen City, Guangdong Province. The design plant capacity was 150,000 cubic meters per day and maximum capacity was 200,000 cubic meters per day.
Yongkang Xinao Gas Company Limited was established in January 2005 by Xinao Gas Holdings Limited, which holds a 100% stake in the project. Xinao has exclusive rights to operate and manage gas pipeline infrastructure, and to sell and distribute piped natural gas in Yongkang City, Zhejiang Province for a period of 30 years. The total investment was US$ 14 million. The construction commenced in December 2005 and as of May 2006 the project had partially came into operation.
In March 2005, Panriver Investment, a subsidiary of Hong Kong based Panva Gas Holding Ltd, acquired 81% of Anshan City Gas Company for US$13.35 million (RMB 111.96 million) from Anshan City Public Utilities Management Bureau. With that transaction, Anshan City Gas Company became a sino-foreign joint venture and its name was changed to Anshan Pava Gas Company. The company was granted a 30 year concession to operate, expand, and manage the piped gas network of Anshan city, which had an area of 9,525 square kilometers and a population of 3.4 million comprising 890,000 households. The city was an industrial one whose primary activity was steel production.  Before the transaction, Anshan City Gas Company was 100% owned by Anshan City Bureau. Anshan Pava Gas Company was established with a registered capital of US$16.70 million (RBM 138.22 million). The initial agreement was signed in December 2004.  Hong Kong based Panva Gas Holding Ltd was a publicly traded company in the Hong Kong stock exchange and was principally focused on commercialization of natural gas and liquefied petroleum in China mainland.
In November 2005, a consortium led by Pakistan’s Hasan Associates Private Limited took over the management and operations of Karachi Electric Supply Company (KESC), a vertically integrated state owned power utility, after acquiring a majority equity stake (73%) in the company.  KESC, with a generation capacity of 1,750 MW and a distribution network that spanned around 6,000 square kilometers, served the southern port city of Karachi in Pakistan. Government of Pakistan (GoP) was forced to divest KESC as the utility was making losses for over a decade and had to be supported by a US$ 200 million annual government subsidy. The privatization of KESC was seen as a means to end the unsustainable subsidies, bring fiscal discipline and offer better services through professional management, new investment and employment benefits.  The winning consortium (Hasan Consortium) consisted of Pakistan’s Hasan Associates Private Limited; KES Power Limited - a holding company owned by Saudi Arabia’s Al Jomaih Holding Co.; and Premier Mercantile Services. However, there was no public information on the exact shareholding structure of the constituent companies in the consortium as of Nov. 29, 2005, the date when management control of KESC was transferred.  The winning consortium was selected through an international competitive tender, based on maximum price per KESC share, conducted by GoP’s Privatization Commission (PC) in February 2005. The bidders had the option to purchase between 51% to 73% equity in KESC. Of the two consortia who participated in the tender, a consortium led by Kanooz Al Watan of Saudi Arabia, made the higher offer of US$ 0.017 (Rs 1.65) per KESC share. However, the deal with Kanooz consortium did not materialize after it failed to pay the government. In July 2005, Hasan Consortium (the second bidder) matched the highest bid and agreed to pay US$ 268 million for a 73% equity stake in KESC.  Under the purchase agreement, Hasan Consortium was required to make a mandatory investment of US$ 74 million in KESC facilities, offer a 20 % increase in salaries to contract employees, offer 10 % shareholding of KESC to full time employees, retrain the workforce and allow trade union activities to be resumed within 6 months of take over.   To reduce regulatory risk, National Electric Power Regulatory Authority adopted a long term regulatory framework and issued a seven year tariff order for KESC in 2003.  On Nov. 29, 2005, Hasan Consortium took over KESC after making a total payment of US$ 268 million to the GoP. The Hasan Consortium planned to invest US $ 500 million in KESC over a period of three years.  On Dec. 3, 2005, National Industries Group (NIG) of Kuwait announced to the Kuwaiti Stock Exchange that it had purchased, for US$150 million, a 40% share in KES Power Limited, the holding company led by Al Jomaih Holding (60%). As of December 2008, KES Power owned 71.5% of KESC's equity, giving National Industries Group a 28.6% effective share, and Al Jomaih a 42.9% effective share, in KESC. The remaining equity holders were the GoP (26.65%) and private investors (1.85%), including Hassan Associates (1%) and Premier Mercantile Services (0.5%).   In May 2009, Abraaj Capital [United Arab Emirates] completed the acquisition of a 50% stake in KES Power via an additional share issuance. In return for a 50% stake in KES Power, Abraaj Capital committed to invest US$361 million in KESC over three years.  As a result of this transaction, Al Jomaih's share in KES Power was diluted to 30% while that of NIG was diluted to 20%. Therefore, the effective holdings in KESC at end 2009 were Abraaj (35.75%), Al Jomaih (21.45%), NIG (14.3%), GoP (26.65%) and others (1.85%).
The Agua Bonita Cogeneration project involves the expansion of a cogeneration plant fuelled with sugar cane bagasse to 17 MW in the Taruma, state of Sao Paulo.   The project cost was estimated at US$11.7 (30.7 million real). In April 2005, Banco Nacional de Desenvolvimiento Economico e Social (BNDES) approved a US$7.85 million (20.6 million real) to Destilaria Agua Bonita, the rest would be financed by the company through their own resources.   Agua Bonita was granted a 20 year PPA under the terms of the Financial Support Program for Investments in Alternative Sources of Electric Energy (PROINFA). PROINFA was a government sponsored renewable energy program in which wind, biomass, and small hydro projects selected for development were guaranteed power sales contracts with federal utility Eletrobras at pre-specified prices and receive access to BNDES financing.
The government of Bulgaria, through its Privatization Agency, sold a 67% stake in Energy Distribution Group Northeast to Germany’s E.ON AG. The Northeast Group consisted of two local distribution companies: Elektrorazpredelenie Varna AD and Elektrorazpredelenie Gorna Oryakhovitsa AD. In 2003 the Northeast Group served 1.13 million customers, selling a total of 4,935 gigawatt hours of electricity. The divestiture was part of an effort to privatize the country’s entire distribution network. In 2003 the government reorganized Bulgaria’s seven local distribution companies into three geographical groups: Southeast, Northeast, and West. Each of the groups was to be privatized separately, with the provision that no single company could win a bid for more than one group.  The divestiture contract was signed on October 28, 2004. E.ON won a competitive tender that attracted three other bidders: Czech CEZ Group, Italy’s Enel Power and Greece’s Public Power Corporation. E.On offered the highest bid for the Northeast Distribution Group, at $181 million (140 million Euros). The deal was completed in January 2005.  In January 2006 E.On transferred 8% of its shares in the electricity distribution companies to the European Bank for Reconstruction and Development (EBRD).  In December 2011,  E.ON sold its stakes to Energo-Pro for 133 million euro (US$172 million. The sale was later approved the Bulgaria's Competition watchdog, in January.
Meida Daishan Wind Farm was sponsored by a local private company Zhejiang Meida Group. A project company Zhejiang Meida Power Development Company Limited was established to build and then operate the wind farm for a 22 year period. The project was located in Daishan County, Zhejiang Province and construction commenced in October 2005. The total investment was 425 million Yuan (US$ 51.89 million) and Meida Group owned 45% of the project. The capacity of the wind farm was 40.8 MW.
Government of Andhra Pradesh (GoAP) awarded a 30 year build-own-transfer (BOT) to Gangavaram Port Limited in July 2002, to develop a new deep water port in Gangavaram, Vishakhapatnam district, Andhra Pradesh State, India. The port was initially expected to have five berths and a cargo handling capacity of 35 million tons per annum. The new port at Gangavaram was expected to complement and decongest the nearby Vishakhapatnam Port.  This BOT contract was the result of Government of India’s (GOI) commitment to encourage private investments to augment and upgrade the country’s port capacity. To this effect, GOI took several policy initiatives. Of these, the guidelines issued in October 1996 was the most comprehensive, facilitating private sector participation in the construction and operation of additional assets such as container terminals and cargo berths.   Gangavaram Port Limited (GPL) was jointly owned by Dubai based DP World, Hyderabad based entrepreneur Mr. D.V.S. Raju and GoAP. For a 11 % share in GPL, GoAP gave 1800 acres of land for the project, and assured the sponsors that it will provide external infrastructure such as roads, power supply and water supply up to the port boundary. The consortium led by Mr. Raju was selected to develop the greenfield port in an international competitive tender conducted by Andhra Pradesh Industrial Infrastructure Corporation Limited (GoAP) in May 2002.   The total cost of the project was estimated at US$ 385.5 million. The project reached financial closure in December 2005, with a debt-equity ratio of 70:30.  Thirteen Indian banks, led by SBI Capital Markets Ltd., raised long term non-recourse debt worth US$ 265.3 million for the project. The loan had a 14 year term and was arranged at an interest rate of 8.75%.  Gangavaram port was designated as a minor port. All major ports in India are administered by the central government while the minor ports are administered by the respective state maritime boards under the Indian Ports Act 1908. In terms of tariff setting, the major ports came under the Tariff Authority for Major Ports while the minor ports had the freedom to fix their own tariff.  Construction of the project began in December 2005 and the port was expected to begin commercial operations by December 2007.But it started its commercial operations in December 2009.
In November 2005, the Bulgarian Transport and Communications Ministry awarded a 25-year concession to Slanchev Dar JSC for operating and modernizing the Oryahovo ferry terminal. The Oryahovo terminal was located at the Lom port on the Danube River. The concessionaire, Slanchev Dar,was mainly a wholesaler of grain, seeds and animal feeds. It committed to invest approximately $2.12 million in the Oryahovo terminal during the concession period and also agreed to pay $6,003 annual concession fee. The concession attracted the two bidders: the Greek real estate and construction group GEK S.A and Slanchev Dar (Varna based). The concession on the Oryahovo terminal was one of the two dozens port terminal concessions offered by the Bulgarian government to transfer state-administered activities to private management. Slanchev Dar bid for the Svishtov ferry terminal concession as well.
Chunchi Doddi Mini Hydel Scheme was a 10.25 MW run-of-river hydro power plant located on Arkavati River near Chunchi Doddi Village in Karnataka. The project was developed and operated by Sai Spurthi Power (P) Ltd., a subsidiary of Greenko Group. It has 3 units and was operational since 2005. Sai Spurthi had a PPA with to Karnataka Power Transmission Corporation Limited (KPTCL) for 10 years. The project is registered under UNFCCC's Clean Development Mechanism.  Total cost of setting up of the project was estimated at US$12.3 million. The project was commissioned in April 2005.
In June 2005, Bio-Treat Water announced that it had secured a 25-year concession contract to undertake modification works to an existing 100,000 tons per day capacity wastewater treatment plant in Lianyungang city, Jiangsu Province.  The project was the first phase of a three phase project initiated by the Lianyungang government and Bio-Treat Water had secured the right of first refusal for the other two phases.  Concurrently, Bio-Treat was also awarded a contract to build and operate a new wastewater treatment plant in Lianyungang city.  Bio-Treat Water was a joint venture between Perfect Grace Investments Ltd., a wholly owned Hong Kong based subsidiary of Bio-Treat Technology Ltd., itself a private Chinese company based out of Dongguan city in Guangdong Province (95%), and Oriental Fortune International Ltd., a Hong Kong incorporated investment company (5%).    The total cost of the project was estimated at RMB 140 million (US$16.9 million) and was funded substantially through bank borrowings secured in June 2005.  The project was expected to be completed in the first quarter of 2006.
In September 2005, Peruvian Ministry of Transport and Communications granted a 30 year concession contract to Concesionaria Vial del Peru to expand, rehabilitate, and operate Red Vial Number 6 project. The project consisted of rehabilitating and maintaining a 72 km stretch of Panamerican South highway between Pucusana bridge and Cerro Azul, and the construction of a 149km toll road between Cerro Azul and Ica city (roughly 300 km south of Lima). The concession contract was attractive as it was one of the country's busiest highways, and economic development and growth was expected in the highway impact zone (Chincha, Cañete and Pisco).  Concesionaria Vial del Peru, previous known as Binacional Andino consortium, was formed by Ecuadorian company Hidalgo & Hidalgo and local firm Cono Norte-Construccion y Administracion SA. There was not public information on stake of consortium members.  The project cost was estimated in US$191 millions. The concession contract was signed in September 2005 and Binacional Andino consortium took over the operation of Red Vial Number 6 in December 2005.    The contract was granted through a competitive tender organized by ProInversion, the Peruvian privatization agency. Concesionaria Vial del Peru won the tender by offering the highest share of monthly gross revenues to the government (18.6%) after the first highway expansion was completed but no later than the fifth concession year. Before that, the concessionaire had to pay 1% of its monthly gross revenues to the government. Three other consortia submitted final bids: Consorcio Vial 6 formed by Grana y Montero and JJC Contratistas Generales, Argentineans Vialco, and BrazilianConsorcio Planova-Schahin. The government provided the concessionaire with a minimum revenue guarantee as follows: 9.2 million Axes multiplied by current toll during the first four years of concession 10 million Axes multiplied by current toll during the fifth and sixteenth concession year 12 millions Axes multiplied by current toll during the seventeenth concession year and the end of the concession period.
In 2005 Kounoune Power S.A. began development on a 67.5 MW heavy fuel diesel plant at Kounoune, near Dakar.  The plant was to sell electricity to the Societe Nationale d’Electricite du Senegal (SENELEC, the state-owned utility) under a 15-year power purchase agreement signed in March 2005.  The project would include construction of the plant, a fuel supply pipeline connecting the plant to the fuel source and a sub-station linking the plant to SENELEC transmission grid.  The Kounoune project was to be the second private power plant in Senegal, after GTi Dakar (1997).  Kounoune Power is a joint venture between Matelec S.A.L. (the electrical equipment division of Lebanon’s Doumet Group) and MHI Equipment Europe B.V. (a fully owned subsidiary of Mitsubishi Heavy Industries Ltd. of Japan).  The project reached financial closure in December 2005 with funding from the IFC.  The total project cost was estimated at approximately 55 million euros (US$ 46.6 million).  The project received financing from many multilateral agencies including the International Finance Corporation, Société de Promotion et de Participation pour la Coopération Économique, Banque Ouest Africaine de Développement, the African Development Bank, and Compagnie Bancaire de l’Afrique Occidentale.  The project also received a partial risk guarantee from the World Bank’s International Development Association.
In June of 2004, Slacon Bhd. unit salcon Water (HK) Ltd. was awarded a 30-year concession contract by the state-owned Linyi Municipality Water Supply Co. (LMWS) to operate the water supply system in Linyi City, Shandong Province. The project involved the supply water to Lanshan, Luo Zhuang and He Dong areas, as well as the High Tech Development Zone and the Economic Development Zone in Linyi Municipality. Linyi City was composed of over 1 million residents, yet less than half had access to potable water by 2004.   To implment the contract, Linyi Salcon Water Co. Ltd. (LWSC) was formed as the project company which was owned by Salcon Water subsidiary Salcon Linyi (HK) Ltd. (60%) and LMWS (40%).   Although the agreement to form the JV had been signed in mid-2004, the project experienced delayed and did not reach financial close until November of 2005. Salcon injected US$4.4 million (RMB 36 million) into LWSC and tookover the entire operations of the water supply system in January 2006. At the time of the contract signing in June 2004, LWSC owned assets valued at US$21.7 million (RMB 180 million) and the registered capital of the company was US$7.3 million (RMB 60 million)  The weighted average water tariff was US$0.17 (RMB 1.41) per cubic meter. The non-revenue water (NRW)rate for LInyi city stood at 26%, but Salcon promised a reduction to below 20%.
On November 25, 2005, the state-owned Electricity of Vietnam (EVN) sold over 62.3 million shares (22% of the equity) of Pha Lai Thermoelectricity Power JSC to 304 investors for more than US$40.2 million (VND635.6 billion) at Hanoi Securities Trading.  The highest share price was US$0.95 (VND 15,000) per share while the lowest bid was $0.64 (VND 10,200).  Pha Lai Thermal Power Company (PPC) was an independent power producer which operated two coal power plants with a total installed capacity of 1,040MW. The first thermal plant, Pha Lai I, became operational in 1983.  The second plant, Pha Lai II, became operational in 2002. The company was the third biggest electricity company in Vietnam, supplying one-fourth of the power output in northern Vietnam and one-tenth nationally.  Its total electricity production was sold to EVN and transmitted to the national power grid.  Before the sale of shares, Pha Lai Thermal Power Company (PPC) was a wholly owned subsidiary of EVN with headquarters in Hai Duong Province.   On April 2, 2007 the state-owned Electricity of Vietnam (EVN) sold another packaged of shares in PPC (41.7 million shares) to the public for US$180 million (VND2.9 trillion) at the Ho Chi Minh City Securities Trading Center.  As a result of the auction, EVN further reduced its ownership in PPC from 78.4% to 51%. More than 1,460 investors purchased the stock at an average price of US$4.3 (VND 69,710).      The partial divestiture of Pha Lai Thermoelectricity Power JSC was part of a new government regulation that required selling at least 20% stakes in electricity generation firms to minority shareholders.  From September 15 to October 23 in 2009, EVN sold 2.771 million shares, equal to 0.85% stake in PPC. As a result EVN reduced its stake in PPC from current 66.29% to 65.44%.
In August of 2005, Asia Water Technology Ltd (AWT) of Singapore purchased an existing 10,000 cubic meters per day capacity water treatment plant in Huaiyuan City, Anhui Province under a 20-year concession agreement.  AWT purchased the assets for RMB5.61 million (US$692,000) from the state-owned Yuanquan (Huai Yuan) Tapwater Co..  Huaiyuan City had a population of around 1.29 million.  To operate the plant, AWT incorporated a wholly-owned subsidiary, Bangbu Xinya Water Services Co., Ltd.   Along with the provincial government’s plan to cease the opening of new wells and close off existing wells in a bid to switch the city’s source of water from well water to treated tapwater, the plant’s current operating capacity of approximately 40% to 50% of potential was expected to increase to 90% within 3 to 5 years.
A local private company Shenzhen Huaqiang Group signed an agreement in September 2005 to construct a potable water treatment plant with a capacity of 78,000 cubic meters per day in Binzhou City, Shandong Province. The project was procured via direct negotiation. Shenzhen Huaqiang established an equity joint venture, Binzhou Huaqiang Xihai Water Affairs Co. Ltd. to operate the facility for 40 years before transferring it back to the local government. The total investment was RMB 190 million (US$ 23.2 million) and Shenzhen Huaqiang owns 88% of the project.
In September of 2004, Asia Environment Holdings (AE) of Singapore was awarded a 20-year contract to construct and operate the 200,000 cubic meters per day capacity Honggutan water treatment plant in Nanchang city, Jiangxi province.  In the second phase of the project, the plant was to be extended to a capacity of 400,000 cubic meters per day.  To implement the contract, a joint-venture project company was created between AE and the Nanchang Municipality with AE holding 25% and the state partner holding the remainder.    The total project cost was estimated at US$21.69 million.  The project experienced a six-month delay related to problems obtaining land-use rights from the provincial government.  The issue was resolved and construction began in March of 2005.  However, in September of 2005, SIIC Investment Shanghai Co Ltd (SIIC) purchased a 49% stake in the Nanchang project for RMB 28.5 million (US$3.5 million).  Asia Environment's interest in the project was diluted to 12.78% from 25% as a result of the transaction.  SIIC was a wholly owned subsidiary of the state-owned Shanghai Industrial Investment Holdings Co Ltd (SIIH).
The Shenzhen Metro Line 4 Phase 2 is approximately 15.8 km long, consisting of approximately 5 km of underground section and 10.8 km of at-grade and elevated section.  The total project cost is approximately RMB 6.0 billion (US$ 732.60 million), which is 100% funded by MTR Corporation. The project was expected to complete by September 2009. MTR has established a subsidiary company in Shenzhen, MTR Corporation (Shenzhen) Limited, to undertake the project management of this investment project in Shenzhen.  The project also involved the acquisition of property development rights from the Shenzhen Municipal Government along Line 4 with an aggregate gross floor area of 2.9 million m2.  On 26 May 2005, MTR Corporation initialed a 30 year concession agreement with Shenzhen Municipal Government on the investment, construction and operation of Shenzhen Metro Line 4. The construction of the project commenced in November 2005.
On December 2005, the state-owned Electricity of Vietnam (EVN) sold over 15.38 million shares (24.2% of the equity) of Thac Ba Hydropower Joint Stock Company to over 300 minority investors for US$10.6 million (VND153.6 billion) at Hanoi Securities Trading.  The initial price per share was set at US$0.68 (VND 10,800) which was also lowest buying price while the highest bid per share was US$0.81 (VND 12,900). Prior to the transaction, the company had a face value of US$0.63 (VND 10,000) per share.  Thac Ba Hydropower Joint Stock Company was an independent power producer which operated a 108 MW hydro power plant in Yen Bai Province. The plant was operational since October 1971. Its total electricity production was sold to EVN and transmitted to the national power grid.  Before the sale of shares, the company was a wholly owned subsidiary of EVN.   The partial divestiture of Thac Ba Hydropower JSC was part of a new government regulation that required selling at least 20% stakes in electricity generation firms to minority shareholders.  Between December 31 2008 and January 15 2009, EVN sold a 24.8% stake in the company to a sovereign investment fund. In March, 2009, EVN announced that it would sell a 21% stake in Thac Ba Hydropower Joint Stock Co (TBC) between March 10 and April 10, 2009, transfering 13.3 million shares of TBC to EVN Finance Company under the negotiation method. As a result, EVN reduced its current 51% stake in TBC to 30%. In October, 2009, EVN Finance cut its stake in Thac Ba Hydropower JSC from 17.5% to 7.5%, selling 6.35 million shares to Refrigeration Electrical Engineering JS Corp (REE).
In Jun 2005, Panriver Investment, a subsidiary of Hong Kong based Panva Gas Holding Ltd, acquired 70% in Pengshan Natual Gas Company (Pengshan Gas) for US$2.54 million from Peng Shan Municipality, Sichuan Province.   As part of the transaction, Pengshan Gas was renamed Peng Shan Panva Gas Company, and was granted a 30 year exclusive concession to operate pipe natural gas pipe business in Peng Shan Municipality, which was part of Meishan district. Peng Shan Municipality had 465 squared kilometers and 320,000 inhabitants.  Hong Kong based Panva Gas Holding Ltd was a publicly traded company in the Hong Kong stock exchange and was principally focused on commercialization of natural gas and liquefied petroleum in China mainland.
In November 2005 the government of Nigeria, through its Bureau of Public Enterprises (BPE) awarded a 25 year rehabilitate, lease and transfer concession for terminal B of the Apapa port to private operator Flour Mills Nigeria Limited. The Apapa port, which served the city of Lagos, was part of a concerted effort by the Nigerian government to attract private sector involvement in infrastructure. In 2005 all terminals of the Apapa port were concessioned to private operators.  Flour Mills Nigeria Limited was incorporated as a private limited liability company in 1960 and listed on the Nigerian Stock Exchange in 1979. At of 2006 the company was owned by Excelsior Shipping Company Plc (51.59%), and other Nigerian shareholders (48.41%). The company was active in flour milling, pasta manufacturing and bulk cement trade.  The concession was awarded on October 24th 2005 and signed on November 16th of the same year. Flour Mills committed to pay an entry fee of $1.5 million plus some $10.57 million in net present value over the lifetime of the concession for Apapa Terminal B. The company submitted business plans outlining plans for future investments in facilities worth some $22.2 million.
In May 2005, a local private company Qingdao Galaxy Group signed a 25 year agreement to build and operate a sewerage treatment plant in Cao County, Shandong Province. The plant capacity was 30,000 cubic meters per day.   Qingdao Galaxy Group invested RMB 32.14 million (US$ 3.92 million) in the plant and owned 100% of the project.    The construction of the plant commenced in May 2005 and came into operation in December 2006.
In June 2005, Golden State Environment, a US registered company signed a 20 year management contract to operate a sewerage treatment plant in Fenghua City, Zhejiang Province. The total treatment capacity of the project was 60,000 cubic meters per day. The total investment of the project was RMB 163.4 million (US$ 19.73 million).   The project came into operation in 2005.
Sanima Hydropower Company developed the 2.6MW Sun Koshi small hydropower plant, near Sindhupalchowk. The project consisted of two Turgo turbunes of 1.30 MW each.   The project was constructed between 2004 and 2005. The project was recorded as operational by NEA in August 2005, but no further information was available. The EPC contract was awarded to Himal Hydro.  Total cost was estimated at US$3.0 million. Financial closure date has been estimated at January 2005, based on its first known date of operations.
In June 2005, the Turkish State Airport Authority (DHMI) granted a 16-year lease contract to TAV Havalimalary Isletme A.S. to operate Ataturk Airport in Istanbul. The airport operations included international and domestic terminals, the multistory car park, and the general aviation terminal at the Istanbul Ataturk Airport, Turkey.   TAV Havalimalary Isletme A.S, previously known as TAV HI, was established in 1997 by Tepe Construction (47.5%), Akfen Construction (47.5%) and Airport Consultants Vienna (5%). The company was created to implement a seven year build-operate-transfer (BOT) for Ataturk’s New International Terminal and multi-storey car park. When the BOT contract period ended in 2004, the terminal ownership and operation was transferred to the government as initially agreed.  The lease contract was granted to TAV Havalimalary Isletme A.S. through a competitive tender in which the bidding criteria was the highest lease fee. TAV Havalimalary Isletme A.S won the tender by offering US$2.543 billion in lease/concession fees.  Two other consortia submitted financial bids. The transaction was one of the largest Turkish privatization in 2005.    Under the contract, TAV had to pay DHMI a total amount of $2.543 billion plus value added tax (VAT) in installments: a) 2.5% of the aggregate lease payment was payable on the date of the execution of the lease agreement;  b) 5% of the aggregate lease payment was payable within five business days following 3 July 2005;  c) 15.5% of the aggregate lease payment was payable within 180 days following 3 July 2005 (i.e. by 30 December 2005); and  d) 5.5% of the aggregate lease payment was payable within five business days of the beginning of each subsequent operation year, starting with the operation year commencing on 3 January of each lease year. The final lease payment is scheduled to be made within five business days of 3 January 2020.   The lease payments from 2006 onwards (around $140 million plus VAT per year) would be paid by revenues generated by TAV. But the lease payments for in 2005 ($690 million) had to be financed.   The project received US $715 million finance in December 2005 securing lease payments for 2005. The $715 million financing comprises a $660 million commercial facility, $15 million in working capital and a $40 million mezzanine facility.
In April 2005 Aggreko Plc (UK) signed an agreement with the Government of Uganda to install and operate a 50 MW temporary diesel power plant at Lugogo, Kampala for three years.  The plant would sell power to the Uganda Electricity Transmission Company Limited, the state-owned company that operates the national grid.  The project was designed to provide electricity on a temporary basis to prevent load-shedding, until longer term permanent generation could be brought online.  Aggreko won the contract over two other final bids (from Cummins Power Generation Ltd and Jacobsen Electro AS) despite not having the lowest bid.  The expected cost of the project was US$168 million, of which at least US$120 million would be fuel costs.  The plant was designed to be brought online very rapidly, with first electricity available within one week and the full 50 MW within four weeks.  Generation began in May 2005.  In February 2011, the plant was still operational. Lugogo power plant was temporarily shut down by Aggreko in June 2011 following financial disputes with the government. (update needed)
In December 2005, US$ 92 million BOO project of Thu Duc potable water treatment plant reached financial closure. The project was awarded in November of 2004 to Thu Duc Water BOO Corp(TDW) with total registered capital of US$ 30 million (VND 500 billion) to replace the foreign investors and resume construction of the water plant(Thu Duc Water Project, no 2657) in Thu Duc district.   TDW was led by Ho Chi Minh City Infrastructure Investment Joint Stock Company (CII)(40%) and five other companies including the General Construction Corporation No. 1(20%), the Ho Chi Minh City Investment Fund for Urban Development(16%), the Refrigeration Electrical Engineering Joint Stock Company (REE)(10%), the Thu Duc Housing Development Joint Stock Company(10%) and the Water and Environment Joint Stock Company (WACO)(4%). The total cost of the project was expected to be US$92 million (VND 1.55 trillion).   This potable water treatment plant project with a daily capacity of 300,000 cubic meters involved a development of two water-pumping stations, a clean water reservoir and a water treatment facility and a water pipeline under the BOO scheme. All the output will be wholesaled to Saigon Water Supply Corp. (SAWACO) at a fixed price of 16 U.S. cents per cubic meter in the first 10 years to supply for districts 2, 7, 9 and Nha Be.  The project was financed through a loan contract of 12 year term US$62 million(VND 1.05 trillion) with  the Vietnam Development Assistance Fund, including two years of grace, at an annual interest rate of 7.8%.  In May 2009, TDW started supplying water to three districts east of HCMC with initial daily output of 100,000 cubic meters. In September 2010, the plant was put into operation.   In December 2011, the Manila Water Company bought 49% stake in the Thu Doc Water Corp.
In 2003, the Brazilian power regulator Aneel awarded a greenfield build, own, and operate contract for a transmission line in Brazil’s Parana and Sao Paolo states to Abenasa Transmissao de Energia Ltda. The company was to transmit power through the concession period of 30 years. The 370 km line would connect Londrina (Parana state) to Assis (Sao Paolo). The project, signed by concession agreement in February 2004, was one of seven transmission concessions awarded by Aneel in 2003-2004. All lines covered 1,787 km and included investments of US$614 million. Aneel was prompted to release the bids after Brazil’s National Privatization Council (CND) issued a resolution in June 2003 calling for seven groups of transmission concessions.   Abenasa Transmissao de Energia Ltda comprised Abengoa SA and its Brazilian subsidiary. It was selected on the basis of offering the lowest transmission tariff.   Total project cost was US$211 million. BNDES provided US$95 million project financing in March 2005. The project was expected to start operations in late 2006, but became operational in October 2005.
The Giasa Cogeneration project involves the expansion of a cogeneration plant fuelled with sugar cane bagasse from 20 MW to 30 MW in the municipality of Pedras de Fogo, state of Paraiba.   Giasa SA is part of the Tavares de Melo Group.  The project cost was estimated at US$4.5 million (10 million real). In November 2005, Banco Nacional de Desenvolvimiento Economico e Social (BNDES) approved a US$3.15 million (7 million real) to Giasa for the expansion of the cogeneration plant.    Giasa was granted a long term PPA under the terms of the Financial Support Program for Investments in Alternative Sources of Electric Energy (PROINFA). PROINFA was a government sponsored renewable energy program in which wind, biomass, and small hydro projects selected for development were guaranteed 20-year power sales contracts with federal utility Eletrobras at pre-specified prices and receive access to BNDES financing.  In November 2009, the french group Louis Dreyfus Commodities incorporated the Giasa Power Plant.
Thai Airways International Public Company Limited (THAI) signed a ten year management contract with the Civil Aviation Authority of Bangladesh (Government of Bangladesh) in December 2005, to manage the Shah Amanat International Airport in the city of Chittagong, Bangladesh.   THAI won the management contract by requesting the lowest cumulative management fee of US$ 9.06 million. Under the contract, THAI was expected to operate, maintain and manage the airport terminal building, ramp handling, cargo handling, airport security, maintenance and upkeep of buildings, as well as preventive and routine maintenance. In addition, THAI was responsible for collecting fees for airport landing charges, security charges, embarkation fees, as well as ground handling related fees on behalf of the Civil Aviation Authority of Bangladesh.  The management contract was expected to become operational in March 2006.  In June 2007, Thai Airways decided to terminate the contract citing costs as a factor. Although the contract was signed, the airport was never actually handed over to Thai Airways. The Bangladeshi government also issued a statement that the contract was terminated and that they would issue a fresh tender.
The 37 MW Middle and Lower Kolab Hydro Electric Project in Orissa state was developed by an independent power producer, Meenakshi Power Ltd., on a build-own-operate (BOO) basis. The project consisted of 25 MW Middle Kolab hydro electric project and 12 MW Lower Kolab hydro electric project.   In January 2004, Meenakshi Power Ltd. entered into a power purchase agreement (PPA) with PTC India Limited, a power trading firm. The term of the PPA is 30 years from the date of commissioning.  The project reached financial closure in 2005. There was no public information on the cost of the project.  Construction work began in 2005 and the project was scheduled for commissioning in 2007.  July 2012: total investment was ESTIMATED at 37MW x 0.9 million per mw (average for SA), $33.3 million.
In November 2005 Panriver Investment, a subsidiary of Hong Kong based Panva Gas Holding Ltd, formed a joint venture Benxi Panva Gas Co., Ltd. in Benxi City, Liaoning Province. The total investment was RMB 150 million (US$ 18.32 million). Panriver owned 80% stake.   The project company Benxi Panva Gas Co., Ltd. was granted a 30 year concession to operate pipe natural gas pipe business in Benxi City, Liaoning Province.  Hong Kong based Panva Gas Holding Ltd was a publicly traded company in the Hong Kong stock exchange and was principally focused on commercialization of natural gas and liquefied petroleum in China mainland.
In March 2005, a Hong Kong based company Xucheng Industrial Development Co. Ltd. signed a 25 year agreement to build and operate a sewerage treatment plant in Qianxi County, Tangshan City, Hebei Province. The plant capacity was 40,000 cubic meters per day.   Xucheng Industrial Development Co. Ltd. invested over RMB 70 million (US$ 8.55 million) in the plant and owned 100% of the project.    Construction of the plant commenced in November 2005. The project was carried out in two phases. Phase one (20,000 cubic meters per day) was completed in October 2006 and phase two (20,000 cubic meters per day) could be completed in 2007.
NOVOGOR-Prikamye entered into 30 year lease contract for the water utility (and also electricity and heat municipal utilities) in the city of Berezniki located in the Perm province of Russian Federation on February, 2005.  NOVOGOR-Prikamye also operated water utities in the city of Perm and city of Krasnokamsk.  The city government of Berezniki granted the private Russian company NOVOGOR-Prikamye a lease contract and an investment contract for the water utility.  Berezniki, the second biggest city in the Perm province after the city of Perm, was an industrialized town situated on the banks of the Kama River 176 kms to the north of Perm with 250 thousand of population.  There was no public information on investment commitments under this contract.  The operator NOVOGOR-Prikamye was a specialized public utility company of Interros. It became a subsidiary of OJSC Russian Utility Systems (RKS) on January 17, 2007, that in turn was a part of Integrated Energy Systems (IES Holding).   In May 2008, through a public auction, RAO UES sold its 25% stake in the RKS to Indville Management Ltd., an affiliate of IES-Holding, thus giving Integrated Energy Systems a 100% stake in the company.
In March 2004, the company Vales dos Ventos Geradora Eolica S.A., a wholly-owned subsidiary of the Australian company Pacific Hydro, was granted several authorizations by the regulatory agency ANEEL to build and operate wind power plants located in the state of Paraiba (municipality of Mataraca). Ten power units were set to have the capacity of 4.8 MW each (Vales dos Ventos Wind Farm), while one unit would have the capacity of 10.2 MW (the contract for this last unit was signed in January 2004 and was initially granted to Millennium Inorganic Chemicals do Brasil S.A., and then transferred to Millennium Central Geradora Eolica S.A., also a subsidiary of Pacific Hydro).  The 25-year contracts signed with ANEEL allowed the power plants to operate in the electricity market as independent producers (the contract for the 10.2 MW power plant was set to last for 30 years instead). These authorizations granted the sponsor with the right to sell electricity in the Brazilian wholesale market.   The construction of the Millennium wind park involved an investment of US$ 22.7 million (BRL 45.5 million). Financial closure was achieved in December 2005 with a US$ 16.4 million (BRL 32.7 million) loan from the state-owned bank BNB. Operations on this power plant commenced in April 2008.  The total investment commitment to the Vale dos Ventos wind park was estimated at US$ 125 million (BRL 250 million). Construction works began in 2007, but financial closure was only achieved in June 2009, when the state-owned bank BNB approved a US$ 81 million (BRL 162 million) loan. The sponsors financed the remaining of the investment cost with equity.  Pacific Hydro signed power purchase agreements arranged with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies).
In August 2005, Aggreko plc signed a two-year contract to provide 10 MW of power to the Rwandan government. Power was to be mainly given to the industrial sector, security agencies and vital government institutions. The contract was valued at US $18 million. Operations were expected to commence in September 2006.   In 2010, the power plant was still operational.  In April 2011, the plant was still operational.
In September 2005 the government of Nigeria, through its Bureau of Public Enterprises (BPE), awarded a 10 year rehabilitate, lease and transfer concession for a container terminal at the Lagos port to private operator West Africa Container Terminal. The concessionaire pledged to pay leasing fees to the government amounting to some $9.65 million in net present value. Additionally, the concessionaire was expected to make all investments on the terminal’s berths, stacking yard, equipment, as well as improved security and fencing systems. The net present value of investments in infrastructure were estimated at $15.41 million. The project was part of a wider plan started in 2004 - 2005 to attract private participation in the Nigerian port sector.  The contract was awarded in September 2005 after a competitive tender. Details on the number of bidders were not available. The winning bidder, West Africa Container Terminal, was a subsidiary of the Danish AP Moller - Maersk Group.   The terminal had a capacity of 8,000 to 9,000 TEUs. An expansion project was ongoing for the construction of a new 570m quay. The expansion was expected to be completed in 2007. No information was publicly available on the total investments in facilities.  2011 saw a record throughput of 47,000 TEUs.   In 2013 it became known that the concessionaire had invested N3 billion since 2006 (US$18.5 million). In September 2013, the National Council of Nigeria Licensed Customs Agents urged Nigerian Ports Authority to take over the management of the Lilypond terminal, because of operational problems (not enough containers, management considering pulling out themselves).
In September 2005 the government of Nigeria, through its Bureau of Public Enterprises (BPE), awarded a ten year rehabilitate, lease and transfer concession for terminal A of the Tin Can Island port to private company Joseph Dam & Sons Nigeria Limited. The concessionaire pledged to pay leasing fees to the government amounting to some $14.05 million in net present value. Additionally, the concessionaire was expected to make all investments on the terminal’s berths (except for the quay wall, which remained the government’s responsibility), stacking yard, equipment, as well as improved security and fencing systems. In total, investments in infrastructure were expected to reach $84.3 million. The project was part of a wider plan started in 2004 - 2005 to attract private participation in the Nigerian port sector.  The contract was awarded in September 2005 after a competitive tender. Joseph Dam & Sons was the sole bidder for terminal A. The firm was a private limited liability company incorporated as a commodity trading company in 1988. Joseph Dam & Sons was one of the largest Nigerian importers of industrial sugar, salt, glucose and various chemicals used in the brewery and confectionery industry.  No information was publicly available on the ownership structure of the concessionaire, investments in facilities, or the terminal's capacity.  Lagos was the principle port of Nigeria situated on the Gulf of Guinea. The port was split into three main sections: Lagos, Apapa and Tin Can Island.  Tin Can was a self contained port entered through Badagry Creek via a 200m wide channel which has been dredged to 8.5m. Tin Can provided 11 berths including seven break-bulk general cargo berths, one dry bulk cargo berth and two dedicated roro berths (numbers 9 and 10). Total length over the quays was over 2000 meters and has a maximum draught of 10 metres - up to 13 vessels could be accommodated at a time. Berth No 9 had special ro-ro ramps to work the ro-ro vessels. There were five transit sheds and three warehouses offering a covered storage area of 54,000m2 and an open storage area of 125,000m2. There were also 5 vehicle parks - each able to accommodate 6000 cars at a time. Tin Can was linked to Apapa by a road bridge.
In September 2005 the government of Nigeria, through its Bureau of Public Enterprises (BPE), awarded a 25 year rehabilitate, lease and transfer concession for terminal B of the new section of the Warri port to private operator Intels Nigeria Ltd. The concessionaire pledged to pay leasing fees to the government amounting to some $6.60 million in net present value. Additionally, the concessionaire was expected to make all investments on the terminal’s berths (except for the quay wall, which remained the government’s responsibility), stacking yard, equipment, as well as improved security and fencing systems. The net present value of investments in infrastructure were estimated at $7.05 million. The project was part of a wider plan started in 2004 - 2005 to attract private participation in the Nigerian port sector.  The contract was awarded in September 2005 after direct negotiations between Intels Nigeria Ltd and the government.   No further information was publicly available on the ownership structure of the concessionaire, investments in facilities, or the terminal's capacity.
In October 2005 the government of Nigeria, through its Bureau of Public Enterprises (BPE), awarded a 25 year rehabilitate, lease and transfer concession for terminal A of the old section of the Warri port to private operator Intels Nigeria Ltd. The concessionaire pledged to pay leasing fees to the government amounting to some $2.55 million in net present value. Additionally, the concessionaire was expected to make all investments on the terminal’s berths (except for the quay wall, which remained the government’s responsibility), stacking yard, equipment, as well as improved security and fencing systems. The net present value of investments in infrastructure were estimated at $10.61 million. The project was part of a wider plan started in 2004 - 2005 to attract private participation in the Nigerian port sector.  The contract was awarded in October 2005 after direct negotiations between Intels Nigeria Ltd and the government.   No further information was publicly available on the ownership structure of the concessionaire, investments in facilities, or the terminal's capacity.
In March 2005, Panriver Investment, a subsidiary of Hong Kong based Panva Gas Holding Ltd, acquired 13% stake in Chengdu Gas Company for US$20.58 million (RMB 170.35 million) from Chengdu municipal government. The other shareholders of Chengdu Gas Company were the company’s employees (10%), state-owned China resources petrochem (36%), and the local government through Chengdu City Development and Investment Corporation (41%).  In 2005, Chengdu Gas Company was granted the rights to provide and operate the city gas pipeline network for a 30 year period. Chengdu city was the capital of Sichuan province and had an area of 12,399 squared kilometers with an estimated population of 11 million. Of them 2.89 million were expected to be connected customers.  Hong Kong based Panva Gas Holding Ltd was a publicly traded company in the Hong Kong stock exchange and was principally focused on commercialization of natural gas and liquefied petroleum in China mainland.
In September of 2005, Veolia Environnement was awarded a 25-year concession contract by the city of Handan (population 800,000), Hebei Province, for the operation and expansion of a wastewater treatment plant from a capacity of 100,000 cubic meters per day to 200,000 cubic meters per day.   The project also included the construction of a sludge dewatering system, a wastewater reclamation system and the renovation of a sewage collection system.   Veolia Water Systems, a technology subsidiary of Veolia Water, handled the engineering and construction work. The total project investment was 129 million yuan (US$15.75 million).  Total revenue generated for Veolia under this contract was expected to amount to US$75 million.
In January of 2005, China Evergreen Environmental Corp.'s wholly owned subsidiary Evergreen Asset Group Ltd. signed a 22-year contract with the municipal government of Hebei Province to build and operate a 100,000 cubic meters per day capacity municipal waste water treatment facility.  The Hebei Hangdan facility was scheduled to be completed by the end of 2005.  The project reached financial close when China Evergreen completed a private share placement in September of 2005.  The project was expected to generate annual revenues for China Evergreen of US$3 million over the life of the contract.  China Evergreen's investment was US$ 10 million.
In May of 2005, InterChina Water Treatment Limited (a 95%-owned subsidiary of InterChina Holdings of Hong Kong) was awarded a 25-year contract to build and operate two sewage treatement plants, each with a daily capacity of 40,000 tons, in Zhuozhou city, Hebei province.   The company was to invest HKD118 million (US$15.1 million) over the life of the project.  The Zhuozhou government was to provide sewage and pay sewage treatment charges to InterChina Water Treatment at a rate of HKD0.71 per tonne for the first two years after the plants commenced operation. The two plants were to be constructed within two years of the contract signing.   The project was later cancelled for disagreement upon some issues.
Palgaz Dogal Gaz Dagitim Sanayi ve Ticaret Anonim Sirketi (Palgaz) was an incorporated joint stock company that was created on December 10, 2003 to develop, construct and operate a natural gas distribution system in the city of Gebze, located outside of Istanbul, Turkey. The tender was called by the Turkish Energy Market Regulatory Authority (EPDK). Palgaz won the tender by bidding the lowest price of US$0.052 (0.046 euro) for the distribution of one kWh of natural gas.   The project was to involve the construction of medium and low pressure gas distribution pipelines throughout the city and connecting residential, commercial and industrial consumers in the license areas, primarily in the first three years of the 30-year license. BOTAS, the state-owned oil and gas company, was to supply natural gas to the project.  Palgaz was 89% owned by Palmet and an aggregate of 10% by the municipalities of Gebze, Tavsancil, Darica, Sekerpinar, Dilovasi and Caryirova, and with the balance owned by three Palmet employees. Palmet, in turn, was a privately owned project management and construction/contracting company founded in 1984, with approximately 84% of its shares owned by its founder, main shareholder and general manager, Mr. Doganay Samuary.   The total project cost was estimated at US$21.2 million. In May of 2005, IFC committed investment of a US$5.0 million A loan for IFC’s own account. A stand-by loan of US$5.0 million to Palmet was also awarded for future gas distribution licenses.
Shenzhen Dachan Bay Modern Port Development Co., Ltd., a joint venture company, was created to develop five berths for Phase I of Dachan Bay Container Termnals Project in Shenzhen, Guangdong Province.   The JV agreement was signed in July 2005 by the Modern Dachan Bay Investment Holdings (Hong Kong) Co., Ltd. and state-owned Shenzhen Dachan Bay Port Investment & Development Co. The registered capital of the project company was US$ 298.3 (RMB 2.48 billion), while the total investment of the project was approximately US$ 857.5 million (RMB 7 billion). The state-owned company made a capital contribution with a land using right to take a 35% stake in the joint venture company, while Dachan Bay Investment, which was responsible for the operation and management, made an investment in cash to take 65% (about RMB 4642 million). Dachan Bay Investment was a wholly owned subsidiary of Wharf (Holdings) under Modern Terminals, which in turn was 55.3% owned by Wharf (Holdings).   The phase I project was to have a designed capacity of 2.5 million TEUs a year. Covering a total area of 112 hectares, its five berths were to have a combined quay length of 18.30 meters. The initial depth along side of -15.5 meters could later be deepened to -18 meters, enabling it to handle the largest existing and planned container vessels. The first two berths were to be put into operation by the end of 2007 and the construction of the other three was to be completed by the end of 2008. MTL expected the phase I project to provide profits from 2009.  The total Dachan bay Container Termials had 4 phases, which included 24 berths to build, with a total investment of US$ 3 billion (RMB 25 billion). According to the plan, after the completion of the 24 berths, The Dachan Bay Port was expected to have an initially yearly throughput of 7 million TEUs of containers and finally reach a throughput of ten million TEUs, equal to the existing throughput of the Shenzhen port.  Dachan Bay Container Terminals had been designed by the China Communication Planning and Design Institute of Water Transportation, under the supervision of the Third Harbor Engineering Investigation and Design Institute. The land treatment for the gatehouse area was undertaken by the Third Navigation Engineering Bureau.  With a strategic location that encompassed convenient land and waterway access to both the eastern and western sides of the Pearl River Delta (PRD), the terminal was ideal for handling containers passing between all parts of the vast Pan-PRD cargo catchments area and the rest of the world.
In March of 2005, China-based and Singapore-listed Bio-Treat Technology Ltd. announced that it had secured two 30-year BOT contracts for an 80,000 cubic meters per day capacity water treatment plant and a 60,000 cubic meters per day capacity wastewater treatment plant in Suqian city, Jiangsu province. The project was part of the PRC's massive National South-to-North Water Diversion Project.  Suqian city had a total area of 8555 square-kilometers and a population of 5,150,000.   Bio-Treat, a private Chinese company based out of Dongguan city in Guangdong Province, was to own 100% of the project.  The company was to receive wholly-guaranteed regular recurring income payments from the local government of Suqian City for the operation of the plant.    The total estimated cost of the project was RMB 178 million (US$21.5 million) which was to be supported by the internal resources raised through the company's October 2004 share placement on the Singapore stock exchange.  The project was expected to commence on or around the end of May 2005 and be completed by September 2006.
In June 2005, International Container Terminal Services, Inc. (ICTSI) granted a 20 year concession with state-owned Societe de Gestion du Port Autonome de Toamasina (SPAT) for the operation, management, financing, rehabilitation, and development of the container terminal in the Port of Toamasina in Madagascar on a public-private partnership basis. The Port of Toamasina was Madagascar’s main port. The Madagascar International Container Terminal (MICT) handled over 90 percent of the country’s container traffic in 2004.  The concession contract was granted through a competitive bidding process in which the winning bid was selected based on the highest royalty fee per 20-foot container handled. In addition to International Container Services Inc (ICTSI), three other bidders were pre-qualified: AP Moller Finance, Hutchison Port Holdings, and the consortium of Malta Freeport.  The concession contract was signed on October 16, 2005. ICTSI through its subsidiary Madagascar International Container Terminal Services Limited (MICTSL) took over the operation of the container terminal on October 17, 2005.   The 20 year concession included the performance objectives and granted exclusivity of container operations until the concessionaire reach the level of 400,000 TEU. The container traffic was 104,000 TEU in 2004.  Under the concession contract, the concessionaire committed: 1. To pay an entry fee consisting of an initial payment of Euro 5 million (US$6.25 million) to SPAT, the port authority towards to purchase equipment from port, reimburse the government transaction in development cost, and operating budget of SPAT; 2. To pay an additional Euro 5 million (US$6.25 million) during the first three year for container cranes; 3. To undertake mandatory rehabilitation and construction works whose cost were estimated at Euro 10 million (US$12.5 million).  4. To provide project company (MICTSL) with a minimal equity of Euro 5 million (US$6.25 million).  In sum, the concessionaire committed to invest at least US$12.5 in rehabilitation and construction work and to pay at least US$12.5 million in entry fee and other fees. The addition fees (royalties) were calculated as a share of the container traffic (fee per 20-foot container handled).  This concession represented a breakthrough for Madagascar to equip with improved container handling facilities.  It was designed to facilitate Madagascar’s growing international trade.  This project also was expected to improve efficiency and capacity of the terminal which lowering the cost of Madagascar's goods sent to market. The concession documents specified the obligations and risks that were shared between the private operator (ICTSI) and the newly-established landlord port authority of Toamasina, the Societe de gestion du Port Autonome de Toamasina(SPAT).   In July 2007, Madagascar International Container Terminal Services Ltd completed a US$30 million modernisation programme aimed at revitalising the port. The upgrade focused on container-handling equipment, infrastructure and information technology.
West Gujarat Expressway Limited was a Special Purpose Vehicle promoted by IL&FS and group company, IL&FS Transportation Networks Limited (ITNL) for the conversion of the 68 km Jetput-Gondal-Rajkot and Rajkot Bypass section of NH-8B into an access controlled four-lane highway and improvements to Gondal-Rajkot section. This project involved the widening of the existing Jetpur–Gondal road from two lanes to four lanes, the improvement of the existing four lanes between Gondal and Rajkot, the widening of the existing Rajkot bypass from two lanes to four lanes on the National Highway 8 B and construction of side roads, with an aggregate length of approximately 389 Lane kms in the State of Gujarat. The concession for this project was awarded to us by the NHAI on a BOT (Toll) basis for a period of 20 years (including a construction period of two and a half years), which commenced in September 2005 and will end in September 2025. We completed the construction of this project and commenced its commercial operations in March 2008.  The Concession was awarded by NHAI on a BOT (toll) basis for a period of 20 years (including a construction period of two and a half years) in March 2005. The Concession Agreement was signed in September 2005. The Project commenced operation in March 2008.  The total project cost was estimated to be INRs 2758 million (US$62.5 million). The project reached financial closure in September 2005 with a debt equity of 2.25 :1. IL&FS Investsmart Limited (IIL) was the sole arranger for the senior debt of Rs 1662 mn financed in the debt equity of 2.25:1 with Punjab National Bank as the Lead alongwith a consortium of 7 banks. The project was the first of its kind being implemented under the Viability Gap Funding Scheme of NHAI and part of the prestigious East-West corridor program of NHAI. The project received a grant of INR180 million and equity contribution of INR400 million.
In January of 2005, China Evergreen Environmental Corp.'s wholly owned subsidiary Evergreen Asset Group Ltd. signed a 22-year concession contract with the municipal government of Henan province to purchase and operate two watewater treatment plants. The facilities processed 130,000 cubic meters per day of industrial and municipal waste water with a municipal water recovery component of 80,000 cubic meters per day.   Evergreen Asset Group purchased 100% of the two plants.  The project reached financial close when China Evergreen completed a private share placement in September of 2005.  Total investment for the two projects was US$7.7 million, which was expected to generate annual pre tax profit of US$2.35 million per annum.
In 2003, Bolivian Energy Superintendency granted a 30-year contract to build and operate three electrical power lines and five substations in Bolivia to Colombia's Interconexion Electrica SA (ISA). The three transmission lines - Santivanez-Sucre, Sucre-Punutuma, and Carrasco-Urubo - comprised 604 kilometers of power lines. The Santivanez (Cochabamba) to Sucre (Chuquisaca) line was to hold 220 million volts and was to be 248 km. It included the construction of two substations. The line between Sucre (Chuquisaca) and Punutuma (Potosi) was to hold 220 million volts and was to be 188 km. It included the construction of one substation in Punutuma. The Carrasco (Cochabamba) to Urubo (Santa Cruz) line was to hold 220 million volts and was to be 168 km. It included the construction of one substation in Urubo. The project, completed in November 2005, double Bolivia’s current capacity for high voltage transport. ISA's extension in Bolivia was an effort to connect the electricity network of the Andean region by 2006.   The project company, Interconexion Electrica ISA Bolivia S.A., was comprised of three ISA subsidiaries: ISA (51%), Transelca (part of ISA's energy group - 48.9%) and Internexa (part of ISA's telecom group - 0.1%). ISA's bid of US$87.3 million was selected over those of five other bidders. Financial closure was acheived in September of 2005 with a US$31 million A loan from the InterAmerican Development Bank (IADB) and a a US$23 million loan provided by the Corporacion Andina de Fomento (CAF).    The project was the result of a tender held by Bolivia's power regulator in June 2003. ISA was awarded a 30-year concession contract to build and operate the lines after it bid US$87.3mn, beating out the only other bidder, Spain's Abengoa, which bid US$97.5mn.
Ind-Barath Energies Thoothukudi Limited (IBETL) developed a 20.0 MW biomass coal based power plant at Thoothukudi, Tamil Nadu. IBETL was owned by Ind-Barath Power Infra Private Ltd. (72.3%). The power plant was commissioned in June 2006. Power was sold to PTC India on merchant basis. Pursuant to an agreement dated April 9, 2009, as amended on October 22, 2009, IBETL sells 15.0 MW of power per month to PTC India at an average tariff rate of Rs. 5.90 per kWh. The agreement is valid until March 31, 2014, however the tariff is valid until May 31, 2010, after which it is subject to renegotiation. The project was registered under the United Nations Framework Convention on Climate Change (“UNFCCC”) and hence is eligible for generating and selling CERs under the Kyoto Protocol’s Clean Development Mechanism (“CDM”) project.  The project cost was estimated to be Rs 660 million (US$15 million). Financial closure was achieved in 2005. The IBETL Power Project was funded through a combination of equity contributions from our Company and other investors, and secured and unsecured debt. As of March 31, 2010, the total equity investment in IBETL is Rs. 156.59 million. Financing secured amounted to Rs. 503.40 million for the implementation of the IBETL Power Project, from three lenders, including Indian Renewable Energy Development Agency Limited, Andhra Bank and UCO Bank. As of March 31, 2010, Rs. 330.31 million and Rs. 347.81 million in principal amount of secured and unsecured loans, respectively, remains outstanding.
In December 2005, the Egyptian Government sold 20% stake in Telecom Egypt (TE), the state owned fixed line monopoly, through an initial public offering for US$ 892 million. TE’s fixed line networks covered 95% of Egypt with 10.3 million customers as of December 2005.  Credit Suisse First Boston and Egypt's EFG-Hermes and Commercial International Bank were the lead advisors to the government for the IPO. The 342 million share deal was split into two tranches — half for retail investors (public offer) and half for institutional investors (private offer). The public offer was launched in the Cairo and Alexandria Stock Exchange (CASE) and the private offer was made through CASE and Global Depository Receipts (GDR) on the London Stock Exchange.   TE owned 25 per cent stake in Vodafone Egypt, the country's second largest mobile phone operator. TE had recently acquired a 15-year license to build and operate a fixed line network in Algeria in a joint venture with Orascom Telecom.
Trans-Asia developed the 3.4MW Guimaras diesel power plant, San Miguiel, Jordan, Guimaras. Trans Asia is the energy branch of Philippine Investment Management (Phinma).  The project became operational in April 2005 and supplies power during peak hours. The excess power generated is then sold at WESM, the wholesale electricity spot market (WESM).   Total project cost is unavailable, but estimated at US$3.4 million based on a conservative $1 million/MW. Financial closure date is unknown, but estimated here at April 2005 - the date of commissioning.
In July 2005, a local private company New Century Oil Chemical Co., Ltd. was awarded a 60 year agreement to build and operate the Zhejiang New Centrury Petrochemical Port in Jiaxing City, Zhejiang Province through competitive bidding. The total investment was 44.85 million Yuan (5.48 million US$). New Century Oil Chemical Co., Ltd. owned 100% of the project. The capacity of the port was 980,000 tons per year.
In January 2005, the Gujarat State Road Development Corporation (GSRDC) signed a 20 year concession contract (including construction period) to India’s MSK Projects Ltd. to strengthen the 38 km section on State Highway 65(SH 65) between Sahol and Mandvi in the state of Gujarat.  Under the contract, MSK was responsible for the rehabilitation, finance, operation and maintenance of the existing two-lane highway with paved side shoulders. The project was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  	 MSK won the tender through competitive bidding, conducted by GSRDC. While the bidding details were not known at the time of collection of information, it is known that the SPV was to recover the capital costs and operating costs including returns through tolls during the concession period (excluding construction period).  The concession agreement for the project was signed in January 2005. The total capital cost of the project was estimated at US$ 5.25 million.  	 Construction on the project began in January 2005.
Lanco Amarkantak Power Pvt Ltd (LAPPL), a special purpose company, was formed to develop the 600 MW Pathadi coal-fired power project in Korba district of Chhattisgarh state on a build-own-operate (BOO) basis. The project was executed in two phases of 300 MW each. LAPPL was expected to further expand the project in additional phases to have an ultimate capacity of 1200 MW.  LAPPL was originally a joint venture between India’s Lanco Group and KVK Energy Private Ltd. In August 2006, DEG completed the acquisition of 11.76% of the share capital of LAPPL, with the remaining held by Lanco Group (78.24%) and KVK Energy (10%).  The total cost of Phase I was estimated at US$ 285 million. Phase I reached financial closure in August 2005 with a debt-equity ratio of 80:20. The debt of US$ 227.5 million comprised of US$199 million non-recourse and US$ 28.5 million guaranteed facilities. The tenor of the loan was 16 years including a three year construction period. Repayment of the loan was by amortization starting one year after construction had been completed. The loan had a margin of 8.50 % with a three-year reset.  The total cost of Phase II was estimated at US$ 295.7 million (Rs 13,400 million). Phase II reached financial closure in July 2006 with a debt equity ratio of 4:1. The debt raised from a consortium of banks and financial institutions namely Power Finance Corporation, Andhra Bank, Bank of India, Canara Bank, Housing and Urban Development Corporation, India Infrastructure Finance Company Rural Electrification Corporation, Indian Bank, Indian Overseas Bank, Small Industries Development Bank of India, and Syndicate Bank.  All the output from both phases was to be sold to PTC India Limited under a 25 year power purchase agreement that was signed in May 2004.  PTC in turn was to sell the power to Madhya Pradesh Electricity Board under a 25 year power sale agreement that was signed in June 2005.  Construction work on Phase I began in August 2005 and was expected to be completed by May 2008. The engineering, procurement and construction (EPC) contract worth US$ 200 million was awarded to Zelan Projects Private Ltd., a subsidiary of Tronoh Consolidated Malaysia Berhad.   Construction on Phase II began soon after the project reached financial closure in July 2006 and was expected to commence operations in April 2009.  In January 2007, LAPPL entered into a Memorandum of Understanding (MoU) with the Government of Chhattisgarh and the Chhattisgarh State Electricity Board (CSEB) for establishing the third unit of the 4x300 MW LANCO Amarkantak Power Project in the State.
Tianjin Five Continents International Container Terminal Co., Ltd, a joint venture company, was granted a 25-year BOT contract to provide the terminal operations and other related services in November 2005.   Under the contract, the project company was created by NWS Ports management Ltd., the wholly owned subsidiary of New World Infrastructure (NWI) (18%), Cosco Ports (Tianjin) Ltd.(14%), Tianjin Port Holdings Co.(40%), China Shipping Terminal Development Co., Ltd.(14%) and China Merchants International Terminals (Tianjin) Ltd (14%). Except NWI, the rest of the sponsor companies were all state-owned.   With the total investment of  US$ 287.3 million (RMB 2,378), the container terminal had four berths with a quay length of 1,202 meters and a water depth alongside of 15.7 meters, occupying an area of 516,000 square meters with an designed annual handling capacity of 1,500 thousand TEUs.
In December 2005, Beijing Herocan Environmental Company Group, a subsidiary of CNA Group (Singapore) signed a 25 year agreement to build and operate a sewerage treatment plant in Nangong City, Hebei Province. The total plant capacity was 30,000 cubic meters per day.   CNA Group invested over RMB 34 million (US$ 4.15 million) in the plant and owned 100% of the project.
Taizhou Xinao Gas Company Limited was a Sino-foreign joint venture that was established in March 2005 by Xinao Gas Holdings Limited, which holds an 80% stake in the project with the remaining 20% interest held by the state owned company Huangyan Gas Company. The total investment was US$ 10 million. The company will operate the piped gas business in Taizhou City, Zhejiang Province for a 30-year period.
Hemas Holding acquired 100% ownership of the 2.6MW Upper Agra Oya mini hydropower plant, in Nuwara Eliya District - December 31, 2009. The CDM application labels Eco Power, from Sri Lanka, as the developer. The equipment supplier lists Senok Mark Hydro (Pvt.) Ltd. as its customer (and hence developer?). The project company was Upper Agra Oya Hydro Power (pvt) Ltd.   The project consists of two horizontal-axis Fracis Turbines, from equipment supplier Gilbert Gilkes & Gordon (UK) with generators from Alconsa Berango (Spain). Under the CDM application, the project activity is recorded as starting in March 2000. The crediting period started in January 2007. According to the equipment supplier, the project was commissioned in July 2005.  The project applied for UNFCCC CDM financing as a bundle of five projects - together with Upper Watawala, Kolapatana, Atabage, and Galatha Oya.  Financial closure date is unknown and ESTIMATED at July 2005, reported commissioning date. Total cost was unknown, but ESTIMATED at US$ 2.6 million.
In September 2005, Eurasian Water Parnership, a private water group set up by former employees of Russian Communal Systems (RKS), won a 25 year lease contract to manage the Rostov-on-Don water utility with a 1.1 million of population. The company also signed an investment contract estimating it would invest US$43 million (1,200 million Russian Rubles) in the water infrastructure.  Rostov-on-Don was the Southern Federal District of Russia, located on the Don River. The Don River that the city was named for was a major shipping lane connecting southwestern Russia with regions to the north, and Rostov-on-Don was an important river port in both passenger-oriented and industrial shipping. With such a good geographical position, the city grew rapidly.   Eurasian Water Partnership Ltd was a national private operator of water and wastewater infrastructure. EWP had two water and wastewater utilities under management control in cities of Omsk and Rostov-on-Don with total population of 2.3 million inhabitants. The company reportedly invested over $17 million (500 million RUR) for the rehabilitation and development of the water and wastewater infrastructure in the two cities by the end of 2005.
In March 2005, a local private company Chongqing Kangda Environmental Protection Co. Ltd. signed a 30 year agreement to build and operate a sewerage treatment plant in Caiyu Town, Daxing District, Beijing Municipality. The plant capacity was 10,000 cubic meters per day.   Chongqing Kangda Environmental Protection Co. Ltd. invested RMB 25 million (US$ 3.05 million) in the plant and owned 100% of the project.    The construction of the plant commenced in June 2005 and was completed at the end of 2006.
In March 2005, Panriver Investment, a subsidiary of Hong Kong based Panva Gas Holding Ltd, acquired 100% of state-owned Jianyang Natural Gas Company for US$3.44 (RMB 28.5 million) from the Jianynag Development Bureau. After the transaction, Jianyang Natural Gas Compan was renamed Jianyang Panva Gas Company and was granted a 30 year exclusive concession to build and operate the natural gas network in Jianyang city.   Hong Kong based Panva Gas Holding Ltd was a publicly traded company in the Hong Kong stock exchange and was principally focused on commercialization of natural gas and liquefied petroleum in China mainland.
In May 2005, The Hangzhou Gas (Group) Co., Ltd., Shell (China) Ltd., Shell China B.V. and The Hong Kong and China Gas Co., Ltd. (Towngas) signed a joint venture contract to construct, operate and management a high pressure natural gas pipeline system in Hangzhou. The project included a 117 kilometers pipeline and two natural gas city gate stations. The estimated cost of the project was US$ 91 million (RMB 750 million)  The project company was owned by state owned Hangzhou Gas (Group) Co. Ltd. with 51%, Shell (39%) through its subsidiaries Shell China Ltd. and Shell China B.V., and Hong-Kong based Towngas with 10%.   Construction work on the project started 2004 with 18 kilometers of pipeline and one city gate station completed. In May 2005, the city gate station and nine kilometers of the completed pipeline had been put into operation, supplying 150,000 cubic meters of gas per day to 190,000 families and some commercial users in Hangzhou. The project was expected to be completed in 2008 and be operated at its capacity of 600 million cubic meters of gas per year in 2010.
Jaopraya Surasakmontree Municipality and Borwin Sub District Administrative Organization have contracted Universal Utilities Co., Ltd. (UU) to produce quality tap water in accordance with the industrial standard. The tap water was to be distributed to over 9,000 households with initial production capacity of 2,400 cubic meters/day. Production capacity was expected to gradually increase to 2,880 cubic meters/day over the 25 years contract. Date of commericial commencement was July 2005. UU 2006 investments into the project were supposed to be around 523,423 US Dollars (20 million Baht).  Universal Utilities Co., Ltd. (UU) managed waterworks business, receiving concession from governmental agencies such as the Provincial Waterworks Authority (PWA) and various municipalities. Universal Utilites’ business included tap water production and water distribution pipeline management. In 2001, the company began its operation under PWA contract, establishing waterworks offices in five areas, namely Chachoengsao Water Supply Co., Ltd. Bangpakong water supply CO., Ltd. and Nakornsawan Water Supply Co., Ltd. (25-year BOOT contract); Sattahip Water Supply Co., Ltd. (10-year lease contract, extended to 25 year contract) and Si Chang island Municipality which produced tap water from seawater by Reverse Osmosis system. The company also invested in Egcomtara Co., Ltd. which was granted a concession to produce and supply tap water in Ratchaburi-Samut Songkhram areas and operated tap water related business, such as engineering and maintenance service for pipeline system, tap water production system and wastewater treatment system.  East Water held 100% shares in Universal Utilites Co., Ltd (UU).  Following its IPO in 1997, East Water had the following shareholder structure: state-owned Provincial Waterworks Authority (PWA) (44%), Industrial Estate Authority of Thailand (IEAT) (5%), and general investors (51%).  By 2005, that shareholding structure was: the partially private Electricity Generating Company (EGCO) of Thailand (18.22%), PWA (40%), IEAT (4.5%), and public investors (37.25%). As of 12/01/2006 East Water had 1,738 shareholders. Major shareholders were governmental PWA (39.99%), partially private EGCO (18.62%), IEAT (4.45%), and the rest of general investors held 36.9%.  As of 2004, the stake holders of EGCO were state-owned EGAT (25.41%), CLP Power (22.42%), Thai investors (30.09%), and foreign investors (22.08%). As of November 13, 2006, EGAT share in EGCO was 25.41%.
In February 2005, the Telecommunications Authority of Maldives (TAM) awarded the second nationwide mobile phone license to Wataniya Telecom Maldives Private Limited (WTMPL), a wholly owned subsidiary of Kuwait’s Wataniya Telecom. The license allowed WTMPL to build and operate a mobile network in Maldives for 15 years. The new mobile license ended the 16 year telecommunications monopoly of state controlled Dhiveni Raajjeyge Gulkhun Private Limited (Dhiraagu Pvt. Ltd.).   WTMPL won the international tender, conducted by TAM in August 2004, by committing the shortest deployment period and highest investment of all bidders. The other three bidders were Telekom Malaysia, Syriatel Mobile Telecom S.A, and India’s Bharti Consortium.  All bidders proposed acceptably low tariff commitments.  WTMPL planned to spend US$ 40 million to develop the network. The project reached financial closure in November 2005 with a US$ 20 million loan from the International Finance Corporation (IFC). In addition, IFC mobilized a $7 million parallel loan from the OPEC Fund for International Development.  WTMPL began commercial operations in August 2005 and had 50,162 customers by the end of the year.
In 2004 Jimah Energy Ventures Sdn Bhd (JEV) began development of a 1,400 MW coal-fired plant at Mukim Jimah in the Pork Dickson area of Negri Sembilan State.  The plant was to sell power to Tenaga Nasional Berhad (TNB, the Malaysian utility) for RM 0.135 per kWh (US$ 3.6 cents per kWh) under a 25-year year power purchase agreement signed in August 2004.  The PPA contained options for the sales agreement to be extended for three additional periods of five years each, subject to mutual agreement.  The PPA contained a risk-sharing mechanism not seen in previous IPP agreements in Malaysia (which were take-or-pay contracts), where TNB guarantees to purchase 50% of the project’s generation for the first 9 months of the plant’s operation, 85% for the next 5 years and then 80% for the remainder of the PPA.  JEV was initially 100% owned by the Negeri Sembilan royal family, but intended to sell a 20% stake to TNB and to offer to sell a 15% stake to the Negeri Sembilan state government.  Financial closure was reached in April 2005.  The project will have less than 5% equity, with at least 95% debt.  Financing came from a RM 6.1 billion (US$ 1.6 billion) Islamic funding facility arranged by AmMerchant Bank, RHB Sakura Merchant Bankers, Malaysian International Bankers and Bank Muamalat Malaysia.  The funding includes a RM 167.7 million (US$44 million) bank guarantee, an RM72 million (US$19 million) standby letter of credit and up to RM4.84 billion (US$1.27 billion) of senior bonds and RM1 billion (US$ 263 million) of subordinate bonds.  Bonds will have durations ranging from 1.5 to 16.6 years.  Construction began in January 2005, and the first 700 MW turbine was expected to commence operation in January 2009, with the second turbine to commence in July 2009.  The plant was to be constructed by a Japanese consortium led by Sumitomo and including Ishikawajima-Harima Heavy Industries, Toshiba and Taisei Corporation.
Sociedad Agrícola e Industrial San Carlos S.A., a sugar mill company, initially started producing electricity using sugar cane residue as fuel solely for its own needs. In 2004, the sponsor decided to increase its capacity to 35 MW. The expansion allowed that the company started exporting part of the electricity generated at the plant to the national grid (15 MW).  The expanded facility, located at Coronel Marcelino Mariduena (Guayas province) commenced operations in July 2005. The sponsor financed the investment with carbon credits. The investment directed to this expansion was not available.  In 2013, the sponsor announced an additional expansion of the power plant capacity to 43 MW. The investment was estimated at US$ 49 million.  In June 2013, the IIC approved a US$ 8 million loan to finance the expansion of the power plant's capacity.
In October 2005 the government of Nigeria, through its Bureau of Public Enterprises (BPE), awarded a 25 year rehabilitate, lease and transfer concession for Federal Lighter Terminal (FLT) B at the Onne port to private operator Intels Nigeria Ltd. The concessionaire pledged to pay leasing fees to the government amounting to some $29.06 million for terminal B, in net present value. Additionally, the concessionaire was expected to make all investments on the terminal’s berths (except for the quay wall, which remained the government’s responsibility), stacking yard, equipment, as well as improved security and fencing systems. The net present value of investments in infrastructure were estimated at $13.63 million. The project was part of a wider plan started in 2004 - 2005 to attract private participation in the Nigerian port sector.  The contract was awarded in October 2005 after direct negotiations between Intels and the Nigerian government.    No further information was publicly available on the ownership structure of the concessionaire, investments in facilities, or the terminal's capacity.
In December 2005 Panriver Investment, a subsidiary of Hong Kong based Panva Gas Holding Ltd, formed a joint venture Qingyuan Panva Gas Co., Ltd. in Qingyuan City, Shandong Province. The total investment was US$ 8.03 million. Panriver owned 80% stake.   The project company Qingyuan Panva Gas Co., Ltd. was granted a 30 year concession to operate pipe natural gas pipe business in Qingyuan City, Shandong Province.  Hong Kong based Panva Gas Holding Ltd was a publicly traded company in the Hong Kong stock exchange and was principally focused on commercialization of natural gas and liquefied petroleum in China mainland.
In 1995, Ratchaburi Power Company (then named Union Power Development Company) began development of a 1,400 MW coal fired project at Hin Krut in Prachuap Khiri Khan province.  In 2003, local and environmental opposition meant that the project was changed to a 1,400 MW gas-fired combined cycle plant be located at the site of the existing Ratchaburi Electricity Generating Co. Ltd power complex in Ratchaburi province, 80km west of Bangkok.  The plant would sell power to the Electricity Authority of Thailand (EGAT) under a 25-year power purchase agreement.  RPC was initially owned by Union Energy (Thailand, 51%), Tomen (Japan, 34%) and Fortum (15%).  By 2004, the project was owned by Ratchaburi Energy (Thailand, 25), Hong Kong Electric International (25%), Petroleum Authority of Thailand (Thailand, 15%), Chubu Energy (15%), Toyota Tsusho (Japan, 10%) and Union Energy (Thailand, 10%).  Ratchaburi Energy was owned by Ratchaburi Electricity Generating Holding Plc, which was 45% owned by EGAT and 55% owned by private shareholders.  Financial closure was reached in December 2005.  The expected project cost of US$640 million was supported by the Japan Bank for International Cooperation with financing from the Sumitomo Mitsui Banking Corporation, Calyon, the Hong Kong and Shanghai Banking Corporation, the Bangkok Bank and the Krung Thai Bank.  The plant would be operated and managed by a 50:50 joint venture between Ratchaburi Energy and Chubu Electric Power.  The two 700 MW units were scheduled to be completed in March and June 2008.
In September 2005 the government of Nigeria, through its Bureau of Public Enterprises (BPE), awarded a 10 year rehabilitate, lease and transfer concession for a roll-on-roll-off (RoRo) terminal at the Tin Can Island port to private operator Comet Shipping Agency Nigeria Limited. The concessionaire pledged to pay leasing fees to the government amounting to some $86.63 million in net present value. Additionally, the concessionaire was expected to make all investments on the terminal’s berths (except for the quay wall, which remained the government’s responsibility), stacking yard, equipment, as well as improved security and fencing systems. The net present value of investments in infrastructure were estimated at $9.89 million. The project was part of a wider plan started in 2004 - 2005 to attract private participation in the Nigerian port sector.  The contract was awarded in September 2005 after a competitive tender with a single bidder.   No further information was publicly available on the ownership structure of the concessionaire, investments in facilities, or the terminal's capacity.
The government of Colombia, under the national concessions unit Instituto Nacional de Concesiones (Inco), awarded a 12-year greenfield road project to Concesion Autopista Bogota-Girardot. The project includes construction and operation of a 126-km highway in addition to the construction and operation of a 4.2 km tunnel in the Nariz del Diablo sector. The highway will stretch from Soacha to El Paso. Construction was expected to start in 2005 and conclude in 2009; construction began six-months ahead of schedule in late 2004.  The contract was signed in Febraury 2004. Financial closure was achieved in November 2005. The consortium Consorcio Promesa de Sociedad Future Concesion Autopista Bogota-Giradot submitted the winning bid and was later awarded the contract. The consortium included the firms NMV, Gas Capital, Alvarez y Collins, and Vergel y Castellanos.  The total project investment US$242 million of which the government agreed to contributed with US$27.8 million. The project was funded with two bond issues and syndicated debt.  Operations commenced in April 2014.
In March 2005, Panriver Investment, a subsidiary of Hong Kong based Panva Gas Holding Ltd, acquired 100% in Zhong Jiang Natural Gas Company for US$4.43 million (RMB 36.7 million). As part of the acquisition, Zhong Jiang Natural Gas Company was renamed Zhong Jiang Panva Gas Company and was granted a 30 year exclusive concession to operate pipe natural gas pipe business in Zhong Jiang municipality. The municipality was part of Deyang city and had a population of 1.4 million.   Hong Kong based Panva Gas Holding Ltd was a publicly traded company in the Hong Kong stock exchange and was principally focused on commercialization of natural gas and liquefied petroleum in China mainland.
In September of 2005, the city of Urumqi granted a 25-year concession contract for the modernization and operation of the city’s wastewater treatment plant (Urumqi Hedong Sewage Treatment Plant) to a consortium led by Veolia Environnement of France. Urmuqi was the capital city of Xinjiang Uygur Autonmous region, located in North West of China with 1.2 inhabitants in 2005.  Hedong Chuanwei Water Company was created as the project company in which Veolia and the state-owned Beijing Capital Group of China owned a combined 51% stake, while the local government owned the remaining 49%.  Veolia's exact share was unknown.   Urumqi Hedong Sewage Treatment Plant had an installed capacity for treating 100,000 cubic meters per day of sewage water in 2005.  As part of the contract, Veolia was expected to double the capacity of the plant in phase two of the project and double it again to 800,000 cubic meters per day by the third phase of the project, in order to keep up with growth in the city’s sewerage needs.   The Veolia Consortium was expected to invest US$44.7 million (RMB 370 million) in the plant’s modernization and expansion. Total revenue for Veolia Environment over the duration of the contract was expected to about US$227 million.
On 21 November 2005, Ministry of Communications and Information Technology (MCIT) of the Islamic Republic of Iran awarded the second national mobile (GSM) licence to Irancell Telecommunications Services Company (Irancell). Irancell was joint venture between Government of Iran and South Africa’s MTN Group.   MCIT conducted an international tender in 2004 to select a joint venture partner to establish Iran’s second national GSM network. Turkey’s Turkcell originally won the rights to participate in the joint venture with a majority stake of 70%. However, Turkcell was expelled from the project when it refused to take a minority stake of 49% instead of the originally promised 70%. MCIT accepted MTN Group’s offer of US$ 350 million for the right to participate in the joint venture with a minority stake of 49%.  The only other national GSM operator in Iran was MCI, the mobile phone arm of state owned Telecommunications Company of Iran (TCI). There were also three localized GSM operators – Valiacom operating Tehran, Mobile Telecommunications Company of Esfahan operating in Esfahan and Telecommuniations Kish Company operating in the island of Kish.  Irancell estimated to invest US$ 1.5 billion by 2008 to roll out the network. As of June 2006, the company had placed equipment and network orders to Nokia, Huawei and other telecom infrastructure manufacturers in the amount of US$ 500 million.  Irancell was expected to launch commercial operations in September 2006.
In October 2005, the Nigerian Bureau of Public Enterprises (BPE), the privatization agency, signed a 10 year concession with ENL Consortium to operate, rehabilitate and maintain terminal D at the Apapa port. The terminal handled bulk cargo. The concessioning of Apapa’s terminal D was part of a port reform program, which included all other terminals at Apapa’s port. The Nigerian Ports Authority (NPA) was responsible for monitoring the terminal operators under the landlord port model.   The ENL Consortium comprised ENL, a Nigerian-based public utility management company, Haastrup Line WA, GSI and Dublin Port Company. There was no disclosure of individual stake of each consortium member.  ENL Consortium won the concession contract through a competitive tender by offering the highest bid for lease and royalty fees which amounted to US$12.25 million for terminal D through the concession period, in net present value. The ENL Consortium also committed to invest, modernize and expand the container terminal capacity according to its development plan estimated to cost some $11.14 million.   BPE qualified eight bidders to submit bids for the terminal D tender, which took place in February 2005. The ENL Consortium was selected as preferred bidder for terminal D and Michelle Nigeria/Gold Star Line with a bid price of $5 million as the reserve bidder. In April 2005, the ENL Consortium was declared the winning bidder for terminal D. The final terms of the contracts for the terminal were negotiated with BPE between April and October 2005.  The ENL Consortium took over the operation of terminal D in March 2006. It would operate the terminal for 10 years after which the terminal management would revert to the Federal Government. Under the concession contract, the terminals had to operate as a common-user facility. Port charges were expected to fall by 20-30 percent, but no time line was publicly disclosure on such charge reduction.
In 2005, Portonave was created to build and operate Navegantes port, a new container terminal port in Itajai located in Acu river. The port was to be located 92 kilometers North of Florianopolis, capital of Santa Catarina state. The port was designed to have 750m in quays, three berths with capacity to receive ships of up to 290m in length and 250,000 sq meters of container storage area.  The Portonave consortium, the project company, was owned by private companies Backmoon Investments Inc. (50%), Construtora Triunfo (20%), Ivai Engenharia de Obras (20%), and Maresgaudium (10%).   The project total cost was estimated at US$186 million (423 million reais). The cost of first phase, which included three vessel berths, was estimated in US$158 million (359 million reais) should be completed by August 2007. A second stage could be launched in 2011, depending on port demand and traffic flow.  The port was designed and implemented by project investors to meet Santa Catarian’s growing demand for port capacity to handle refrigerated cargo, including chicken, pork, and other products. Navegantes Port was one of the two merchant ports in Santa Catarina state developed in 2005. The other one was US$100 million Tecon Santa Catarina.  In July 2006, the financial services arm of General Electric (GE) signed a project finance contract for a loan worth US $110 million with Portonave S/A. The purpose of the loan was to enable Portonave S/A to complete works on the port and begin operations in October 2007.  Construction works were concluded in August 2007. As of the end of 2009, the company was considering the expansion of the port, which would require na additional investment of about US$ 35 million (BRL 70 million). At this time, the company shareholders were: Construtora Triunfo (50%) and Backmoon Investments (50%). Also, during 2009, Portonave invested US$ 25 million (BRL 50 million) in the reconstruction of one of its terminal that was destroyed by fire in the end of 2008.  The expansion of the port facilities commenced in 2013. The investment was estimated at US$ 63.8 million (BRL 150 million). In June 2014, the sponsors were granted a US$ 217 million (BRL 510 million) 7-year credit facility arranged by Banco Santander and BTG Pactual.
In August 2005, Public Works Department (PWD)of Government of Rajasthan signed a 7 year concession contract (including 12 month of construction period) to India’s Murari Lal Agarwal Construction Pvt. Ltd. to strengthen the 31.5 km section on State Highway 26 (SH 26) between Nasirabad, Kekri and Deoli in the state of Rajasthan.  Under the contract, Murari Lal Agarwal Construction Pvt. Ltd. was responsible for the rehabilitation, finance, operation and maintenance of the existing two-lane highway. The project was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   Murari Lal Agarwal Construction Pvt. Ltd. won the tender through competitive bidding, conducted by PWD, Rajasthan, by requesting the lowest concession period of 7 years. The SPV was to recover the capital costs and operating costs including returns through tolls during the concession period (excluding construction period).   The concession agreement for the project was signed in August 2005. The total capital cost of the project was estimated at US$ 5 million.   Construction on the project began in August 2005 and was expected to be completed by August 2006.
In Novembewr 2003, Mexico’s Secretaria de Comunicaciones y Transportes (SCT) awarded a 30 year contract to build and operate the 103 km Amozoc-Perote highway that runs through the states of Puebla, Tlaxcala and Veracruz to a consortium  of seven companies headed by Fabricacion y Colocación de Pavimentos SA de CV (FACOPSA). The Amozoc-Perote highway was part of a short route to Xalapa, capital city of the state of Veracruz. Its construction was expected to directly connect Xalapa to the central region of the country, and offer an alternative route to Veracruz, the country’s largest and most important port. The Greenfield project also included responsibility for the maintenance of the 17.6 km. Perote bypass. Works included expanding the entire highway section to four lanes.  In October 2005, ownership of the project company Grupo de Autopistas Nacionales SA de CV changed. The wining consortium (with the exception of FACOPSA) was replaced, as OHL Group joined FACOPSA.   The cost of the project was estimated at US$160 million (1,700 million pesos). Project sponsors reached financial closure in October and in November 2005 construction for the 103 km highway began.   The project cost was determined in a public tender through which the highway concessionaire was selected. The consortium headed by FACOPSA won the tender by requesting the lowest amount of public funds: US$94.35 million (55.5% of estimated cost). The amount of public funds requested was calculated as the sum of the initial government contribution and the net present value of the subordinate contribution –to ensure debt service of loans used to finance work. According to the tender basis, a trust (Fideicomiso de Infraestructura –FINFRA) in Mexico’s National Bank of Public Works and Services (Banco Nacional de Obras y Servicios Publicos –Banobras) was responsible for providing requested public funds.  The consortium headed by FACOPSA was replaced after it failed to secure financing and delays in construction of more than a year. The project was set to start construction on February 2004 and did not start until November 2005. Among the companies that were replaced by OHL were: Fastel, Rostec, GIHM, Grumimex and Construcción y Senalamiento Vial.  In October 2009, OHL increases its stake in the concession from 55% to 69%.
The Brazilian company Atiaia Energia S.A., a partnership of Grupo Cornelio Brennand (90%) and KI Investimentos (10%), was granted authorizations by the regulatory agency ANEEL to build six small hydro power plants located in the states of Mato Grosso and Mato Grosso do Sul (162 MW in total capacity). The 30-year contracts were signed with the regulatory agency ANEEL over the years since September 2001.  The first contract signed was for the Canoa Quebrada Plant, which was set to have a capacity of 28 MW. Construction works on this plant and on the PCH Garganta da Jararaca (located at Sangue river/MT and wiht 29 MW of capacity) started in 2005 and the units became operational in the end of 2006. Three other projects were implemented since then and, as of September 2008, were also operational: PCH Buriti, located at Sucuriu river (MS), with capacity of 30 MW; PCH Paranatinga II, located at Culuene river (MT), with capacity of 29 MW; and PCH Porto das Pedras, located at Sucuriu river (MS), with capacity of 28 MW. Another plant, Paranatinga I (PCH Pedra Furada) was also granted an authorization to be built, but construction had not begun, as of 2009.  The power plants Canoa Quebrada and Garganta da Jararaca demanded a total investment of US$ 109.1 million (BRL 265 million), which was financed with a US$ 68.6 million (BRL 166.7 million) loan granted by BNDES in 2005. In 2006, BNDES also financed the construction of Buriti power plant with a loan of US$ 34.4 million (BRL 75 million); this project demanded US$ 53.2 million (BRL 116 million) and became operational in February 2007.  The Paranatinga II power plant required an investment of US$ 70.3 million (BRL 137 million), which was financed with the sponsors own resources. It became fully operational in July 2008.  In August 2007, BNDES approved another loan, this time to finance the Porto das Pedras power plant. This project demanded an investment of US$ 67.7 million (BRL 132 million) and the loan represented 71% of this value. The power plant became operational in September 2008.  Most of the power plants were set to sell electricity to the national grid. The power plants either had power purchase agreements with the distribution company CEMAT or with the state-owned company Eletrobras (20-year agreements arranged through the Brazilian Federal program PROINFA, an incentive program for alternative power generating companies).
In December 2005, Panva Gas Holding Ltd formed a joint venture Chaoyang Panva Gas Co., Ltd. in Chaoyang City, Liaoning Province. The registration capital was RMB 89.25 million (US$ 10.9 million). Panva Gas owned 90% stake.  The project company Chaoyang Panva Gas Co., Ltd. was granted a 30 year concession to operate pipe natural gas pipe business in Chaoyang City, Liaoning Province.  Hong Kong based Panva Gas Holding Ltd was a publicly traded company in the Hong Kong stock exchange and was principally focused on commercialization of natural gas and liquefied petroleum in China mainland.
Datang Ruifeng Shuangliao Wind Farm Project Phase I was invested and implemented by Datang Jilin Ruifeng Power Company Limited, a Sino-foreign joint venture of CLP Group (24.5%), Hydro Tasmania (24.5%), and Datang Group (51%) under a 30 year agreement. Construction commenced in October 2005. The project was located in Taonan City, Jilin Province. The total investment was 492.347 million Yuan (US$ 60.12 million). The capacity of the wind farm was 49.3 MW.
In June 2005, the Mexican Secretary of Communications and Transport (SCT) awarded a 30-year concession contract for a 83 km. length two lane highway between Morelia and Salamanca to the consortium headed by La Peninsular Compania Constructora SA de CV. The highway connected Morelia, capital city of the state of Michoacan, and the Bajio region east of Salamanca in Guanajuato. The concession contract included two components: The first was a 30 year period to build operate and maintain 51.2 km of the Morelia-Salamanca highway between km 58.3 and km 109.5. The second was a 20 year period to operate and maintain 31.8 km of Morelia-Salamanca highway between km 26.5 and km 58.3.  The wining company was formed by La Peninsular Compania Constructora SA de CV, Grupo Profrezac SA de CV, and  Pavimentos de la Laguna SA de CV. There was no public information on the stake of each consortium member.   The Consortium headed by La Peninsular Compania Constructora will have to invest an estimated amount of US$83.8 million (883.4 million pesos). The wining consortium secured financial backing from HSBC bank in 2005. The 83 km. stretch was expected to starto operating in 2006.  The project cost was estimated in a public tender through which the highway concessionaire was selected. The consortium headed by La Peninsular won the tender by offering the lowest construction cost. SCT selected the winning bid based on the second bidding criteria (lowest construction cost) because two bids (the consortium headed by La Peninsular and Promotora Inburas) were tied on the first bidding criteria (lowest amount of public funds requested). The amount of public funds requested was calculated as the sum of the initial government contribution and the net present value of the subordinate contributions –to ensure debt service of loans used to finance construction work. According to the tender basis, a trust (Fideicomiso de Infraestructura –FINFRA) in Mexico’s National Bank of Public Works and Services (Banco Nacional de Obras y Servicios Publicos –Banobras) was responsible for providing requested public funds.  Five other participants presented offers: OHL-Compania Contratista Nacional consortium; Grupo Mexicano de Desarrollo; Promotora Inbursa; Omega Corp.; and a consortium between Operadora y Administracion Tecnica, and Consorcio de Obras y Dragados Maritimos, SA de CV.   Under the concession contract, SCT provided final designs and rights of way, and set maximum average tolls as well as the rule for updating them. The concessionaire agreed to pay 0.5% of gross revenues to the government for exploiting the road. The contract also stipulated that in the event that the concessionaire’s investment was recovered ahead of schedule, excess revenues were set to be shared between the concessionaire and Banobras.
In in September 2005, Veolia Water (ChangZhou) Investment Ltd. was awarded a 30-year concession contract by the local government of ChangZhou city for its water utility company, ChangZhou Tap Water Group, following an international tender.  Changzhou, located in Jiangsu Province, was a fast-growing city with a population of 1.2 million in 2005.  To implement the contract, the Changzhou Tap Water Group was created as the project company in which Veolia Water (Changzhou) Investment Ltd. acquired 49% stake, while the state-owned Changzhou City Construction Group owned the remaining 51%.  Veolia Water (Changzhou) Investment Ltd., in turn, was owned 50% by Veolia Environnement and 50% by the state-owned Citic Pacific of Hong Kong with a net asset value about US$93 million (RMB 770 million).  Veolia Water (Changzhou) Investment Ltd. paid US$55.6 million (RMB 450.47 million) for the stake in Changzhou Tap Water Group.  Under the agreement, the JV was responsible for managing the water utility ChangZhou Tap Water Group, including its 850 employees, 5 water treatment plant of a total capacity of 715,000 cubic meters a day, and 1,750 km network. The JV was also responsible for managing customer services.  Total revenues under this contract were expected to be more than US$993.8 million (Euro800 million).  Veolia did not appear to make any investment commitments under the lease contract.
The Nova America project involves the expansion of a cogeneration plant fuelled with sugar cane bagasse from 11.5 MW to 51.5 MW in the Taruma, state of Sao Paulo.   Nova America is part of the Rezende Barbosa Group.  In August 2005, Banco Nacional de Desenvolvimiento Economico e Social (BNDES) approved a US$21 million (50 million real) to Nova America to fund the expansion of the power plant.    The loan from BNDES was approved under the Financial Support Program for Investments in Alternative Sources of Electric Energy (PROINFA). PROINFA was a government sponsored renewable energy program in which wind, biomass, and small hydro projects selected for development received access to BNDES financing and/or were guaranteed 20-year power sales contracts with federal utility Eletrobras.  In March 2009, Cosan acquired Nova America project.
In December 2005, the Mexican Secretary of Communications and Transport (SCT) awarded a 30 year BOT contract for the Libramiento Norte to the IDEAL-Inbursa consortium. The Libramiento Norte was a four lane 223 Km. bypass, connect the corridors that converge in the Mexico City metropolitan area: Mexico- Nogales, Mexico-Nuevo Laredo, Acapulco-Tuxpan and Puebla-Ciudad Hidalgo. Libramiento Norte was designed to link Mexican South and Southeastern regions with North and Northwestern ones directly by avoiding passing through the metropolitan area of Mexico federal district. The project was designed in two phases: The first one was a 78 km stretch between Atlacomulco and the cross-raod of Tula I in Hidalgo. The second phase was a 142 km. stretch from Tula I in Hidalgo to San Martin Texmelucan in Puebla.  The wining consortium was formed by two private local companies: Promotora Inbursa SA de CV and Impulsora Del Desarrollo Y El Empleo En America Latina SA de CV (IDEAL). There was no public information on the stake of each consortium member.   The project cost was estimated at US$282 million (2,972 million pesos). Project sponsor secured funding for the project with its own resources to meet the two year construction period stipulated in the contract. Construction for the 78 km first phase began in January 2006 and was expected to finish by late 2006. The second phase was expected to be operational by 2008.   The project cost was determined in a public tender through which the highway concessionaire was selected. IDEAL-Inbursa consortium won the tender by offering the second lowest construction cost. SCT selected the winning bid based on the second bidding criteria (the lowest construction const) because all five bidders were tied on the first bidding criteria (lowest amount of public funds requested). The amount of public funds requested was calculated as the sum of the initial government contribution and the net present value of the subordinate contribution –to ensure debt service of loans used to finance work. According to the tender basis, a trust (Fideicomiso de Infraestructura –FINFRA) in Mexico’s National Bank of Public Works and Services (Banco Nacional de Obras y Servicios Publicos –Banobras) was responsible for providing requested public fuds.  IDEAL-Inbursa consortium won the tender after Acciona-FCC consortium, which offered the lowest construction cost (US$251 million) was disqualified because it did not comply with some financial and technical requirements. According to STC, Acciona-FCC consortium’s proposal did not meet the minimum 25% of equity contribution an other technical requirements. Acciona-FCC challenged the results, but no decision to overturn had been made. Other bidders were OHL, ICA-Itinere consortium and Norberto Odebretch-Omega-Autorutes Du Sud de la France consortium.  Under the Greenfield contract, SCT provided final designs and rights of way, and set maximum average tolls and the rule for updating them. The concessionaire agreed to pay 0.5% of gross revenues to the government for exploiting the road. The contract also stipulated that in the event that a concessionaire’s investment was recovered ahead of schedule, excess revenues were set to be shared between the concessionaire and Banobras. The project contract did not grant any income guarantees for the concessionaire. The return on investment and profitability were the sole responsibility of the concessionaire.  Construction works were concluded in July 2014.  In December 2016, Canada Pension Plan Investment Board (CPPIB) and Ontario Teachers' Pension Plant acquired a 49% stake in the project for US$ 903.3 million.
On March 17, 2005 the state-owned Electricity of Vietnam (EVN) sold 2,121,880 shares (49% stake) in Vietnam Khanh Hoa Power Company to 53 investors for US$1.76 million (VND 462 billion) at Hanoi Securities Trading. The average share price was $0.83 (VDN 13,109) per share, with the highest price being $4.7 (VND 74,000), and the lowest price $0.66 (VND 10,500). According to Hanoi Securities Trading Center, out of 53 bidders who successfully purchased shares 50 were private investors.  Prior to the divestiture, Khanh Hoa Power Company was a 100% subsidiary of the state-owned EVN, and was primarily responsible for generating electricity for customers in Khanh Hoa province. The company’s business was developing, constructing, operating and managing small hydro and thermal power plants.    The partial divestiture of Khanh Hoa Power Company was part of a new government regulation that required selling at least 20% stakes in electricity generation firms to minority shareholders.
In February 2005, the Mexican Secretary of Communications and Transport (SCT) awarded a 30-year concession contract to expand, rehabilitate, operate, and maintain a two lane, 237.7 km toll road between the Nayarit and Sinaloa states to Promotora Inbursa SA de CV. The Tepic-Villa Union highway was part of Mexico-Nogales central corridor, whose construction would be finished with Tepic-Villa Union highway. The 30-year contract included different highway sections: 88.4 km length already operational, 18.6 km under construction, and 130.9 km to be built between Yago station in Nayarit, and Escuinapa in Sinaloa state. The highway was designed to reduce by 1 hour and 20 minutes the commute between Tepic and Villa Union, benefiting over 1 million people.  STC granted the contract through a public tender in which the bidding criteria was the highest payment to the government for the concession rights. Promotora Inbursa, also known as Concesionaria de Carreteras, Autopistas y Libramientos de la Republica Mexicana, won the tender by offering US$144 million (1,612 million pesos) was almost three times higher than the next closest offer US$48.2 (540 million pesos). Three other companies presented bids: ICA SA de CV, La Peninsular, and Obrascon, Huarte, Lain (OHL).  The concession contract was signed in May 2005 after Promotora Inbursa paid the US$144 million offered Fideicomiso de Infraestructura (FINFRA), a trust fund of Mexico’s National Bank of Public Works and Services (Banobras). With the signature of the concession contract, Promotora Inbursa took over the operation of Tepic-Villa Union Highway.  In addition to the government payment of US$144 million (1,612 million pesos), Promotora Inbursa was expected to invest US$201.5 million (2,556 million pesos) to build 130.9 km to be built between Yago station in Nayarit, and Escuinapa in Sinaloa state, and finish construction of the additional 18.6 km. Construction period was planned to start in November 2006, and last for eighteen months.  Construction works were concluded in March 2008.
Deqing Wuxin Line Water Canal Operation Co. Ltd., was awarded a 30-year contract for upgrading and operating a waterway project in Zhejiang Province in August 2005. The consortium was allowed to collect tolls for a 30-year period. The project included deepening, widening and straightening the existing 40 km canal to only 24.9 km and rebuilding 12 overhead bridges.As a result, the total volume of cargo to be transported via the canal was expected to increase from the 28 million tons per year up to 34 million tons per year by 2020  The partners under the joint venture company, Deqing Wuxin Line Water Canal Operation Co. Ltd., included Malaysia-based Isyoda Corp. Bhd (70%) in conjunction with the state-owned  Deqing County Transportation Bureau (20%) and Zhejiang Provincial Port & Navigation Administration Bureau (10%).   The construction phase was expected to take 20 months with the total project cost was estimated at US $47 million (RM178.12 million). Under the project, 65% of the investment, estimated US$ 30.55 million (RM 115.78 million), was to be funded by loans and the rest 35% (RM 62.34 million) by equity. The term loan was expected to be fully repaid in about nine years, after which the Deqing Wuxin Line Water canal was expected to yield cash flow of about US$ 3.01 (RMB 25 million) per annum.  The toll was to be US$ 0.18 (RMB1.5) per tonne compared with US$ 0.06 (RMB 0.5) per tonne in 2005.
In November 2005, the Government of Tamil Nadu (GoT) signed a contract of 30 years (including two and a half years of construction period) to Ennore Tank Terminal Pvt. Ltd. (ETTPL a joint venture between IMC and Larsen & Toubro Ltd.), for the development of marine liquid terminal on Ennore port in Tamil Nadu. The project consisted of setting up of a liquid cargo handling berth at Ennore Port. Please note that Ennore port was designated as a minor port.   The consortium won the international competitive tender, conducted by Ennore Port Trust, by quoting the highest revenue share from operations. The consortium then established Ennore Tank Terminal Pvt. Ltd., a special purpose vehicle (SPV), for the execution of the project on a Build, Own, and Transfer (BOT) basis.   The total cost of the project was estimated to be US$ 50 million. The project reached financial closure in November 2005.    The construction has commenced in November 2005 and the port is expected to be in commercial operation by June 2008.
In December 2005, a joint venture was formed between Taiwan company Taiwan Qinglan Water Affairs Company Ltd and a local private company Qingdao Galaxy Group and awarded a 25 year contract to build and operate a sewerage treatment plant in Changde City, Hunan Province through competitive bidding. The total investment was 130.58 million Yuan (US$ 15.94 million). The capacity of the plant was 150,000 cubic meters per day.
National Highways Authority of India (NHAI) awarded a 20 year concession contract to India’s Larsen and Toubro Limited (L&T) in September 2005 for widening the existing four-lane 10 km stretch of NH-1 (National Highway 1), in Panipat district of Haryana state, to six lanes. The scope of the project included construction of a 3.4 km long  six-lane elevated highway section across the congested central Panipat area, a separate two-lane peripheral road with paved shoulders on either side of the access controlled six-lane highway for the local Panipat traffic and a 20-lane toll plaza to collect tolls. The 20 year concession term included the construction period of three years.  L&T established a special purpose vehicle, L&T Panipat Elevated Corridor Limited, to implement the project. The project was awarded through a competitive tender, conducted by NHAI, with a bidding criteria of lowest government subsidy required. However, the bidders did not request any subsidy. L&T won the contract by offering to pay US$ 21.86 million to NHAI in return for the rights to collect tolls during the term of the concession.  The total cost of the project was estimated at US$ 95.58 million. The project reached financial closure in December 2005. The entire debt facility comprised of a senior debt in the amount of US$ 68 million and subordinate debt worth US$ 9 million. The lenders were State Bank of India (US$31.36 million), State Bank of Hyderabad (US$ 11.43 million), State Bank of Bikaner & Jaipur (US$ 11.43 million), State Bank of Mysore (US$ 11.43 million) and State Bank of Patiala (US$ 11.43 million).  Construction work on the project began in April 2006 and was expected to be completed in early 2009.
In September 2005 the government of Nigeria, through its Bureau of Public Enterprises (BPE), awarded a 25 year rehabilitate, lease and transfer concession for terminal E of the Apapa Port to private operator Greenview Dev. Nigeria Limited. Greenview pledged to pay leasing fees to the government amounting to some $25 million in net present value. Additionally, the concessionaire was expected to make all investments on the terminal’s berths (except for the quay wall, which remained the government’s responsibility), stacking yard, equipment, as well as improved security and fencing systems. In total, investments in facilities were estimated at $33.85 million.  The project was part of a concerted effort to attract private participation in the Nigerian port sector. The port of Apapa, which served the city of Lagos, had five of its terminals plus a container terminal concessioned in 2005.   The contract was awarded in September 2005 after direct negotiations between Greenview and the government.   Greenview Dev. Nigeria Limited was a subsidiary of the Dangote Group, a diversified Nigerian holding.
In December 2005, AES Maritza East 1, a subsidiary of AES Corporation, secured finance to develop 670 MW cold fired Maritza East I Power Plant. The plant was to be located in Galabovo, 250 km south-east of Sofia, the capital city of Bulgaria. AES was the sole owner of the project. The project had a 15 year power purchase agreement, but a 35 year build owned and operate contract with the government of Bulgaria.   The new facility was designed to comply with EU emission standards for coal-fired stations and to provide new capacity to replace old nuclear plants being decommissioned. The plant was to replace an existing 500MW of capacity, of which 300MW were already phased out and dismantled. Maritza East I Power Plant was a part of three Maritza plant projects replacing old nuclear plants being decommissioned under the agreement with EU. The third unit at the site - a joint venture between Enel and state power company NEK - was the subject of a Eu348 million financing in 2003. The second was state-owned. The total project cost was estimated at US$ 1.4 billion (Eu 1.1 billion). In 2005, financing was secured with a Eu 825 million debts from which the lead arrangers were BNP Paribas, Calyon and ING. The lead arrangers underwrote a third each of the Eu 711 million covered facilities, which the remaining Eu114 million coming direct from the EBRD's books as an A loan.  The Eu 711 million debt was provided by an EBRD B loan of Eu 228 million, a Coface-covered tranche of Eu102 million, a Hermes-covered tranche of Eu 200 million, Eu 65 million in MIGA-covered debt, a Eu 48 million debt service reserve account letter of credit; a Eu20 million working capital facility; and an uncovered local bank facility of Eu 48 million. All of the above facilities have a tenor of 16 years with the four-year grace period that coal plant construction times demand.  The plant was to be constructed by Alstom under a turnkey contract and was planned to be commissioned in 2009. Construction work started in late 2005. The plant became operational in June 2011.  The project was initially awarded through an international tender to Access International, which signed an energy conversion agreement with Natsionalna Elektricheska Kompania (NEK) in October 1998. AES Corporation acquired full ownership of the project in 1999, and signed 15 year power purchase agreement with NEK, and 15 year coal supply with state owned mining company, Mini Maritza Iztok in 2001.  The MIGA guarantee issued in 2006 totaled US$117.8 million and was held by Calyon (France), and AES Bulgaria Holdings BV (incorporated in Netherlands). The guarantee covered EUR 89 million of loans and interest on loans syndicated by Calyon of France, and EUR 10 million of equity investment by AES Bulgaria. The length of the guarantee was 16 years and covered: expropriation (loans only), war & civil disturbance (loan and equity).
In December 2004, Civil Aviation Ministry (on behalf of the Government of Arab Republic of Egypt) awarded an eight year management contract to Germany’s Fraport AG to manage Cairo International Airport (CIA). The management contract did not require any capital investment from Fraport AG. CIA had three terminals - two passenger and one cargo. Two of the terminals were already operational. The third terminal was under construction with World Bank funds and due for completion in 2007. The management contract was a requirement for the US$ 335 million loan from the World Bank, which covered projects to double capacity at CIA and Sharm- el Shaikh Airport.  Fraport AG won the international competitive tender, conducted by Civil Aviation Ministry in June 2004, by making the lowest revenue sharing offer. The exact value of the management contract was not publicly available but Fraport AG was estimated to receive between US$ 1 million and US$ 1.5 million annually in operating fees. The management fee was split into a fixed part and an additional part that depended on Cairo Airport’s operating earnings.  In January 2005, Fraport took over the management of CIA. CIA served 10 million passengers in 2005.
In December 2004, Civil Aviation Ministry (on behalf of the Government of Arab Republic of Egypt) signed a six year management contract with France’s Aeroports de Paris (ADP) to manage five regional airports in Egypt - Sharm El Sheikh, Hurghada, Luxor, Aswan and Abu Simbel. The management contract did not require any capital investment from ADP. The five regional airports handled some 10 million passengers between them in 2004. The management contract was a requirement for the US$ 335 million loan from the World Bank, which covered projects to double capacity at CIA and Sharm el Shaikh Airport.  In June 2004, the Civil Aviation Ministry conducted an international competitive tender based on revenue sharing to award two management contracts for the Cairo Intenational Airport (CIA) and the five regional airports mentioned above. Fraport AG, the winner for both the bids, chose CIA since the tender for the contracts stipulated that two different bidders must be selected. ADP was awarded the management contract for the 5 regional airports  The management contract became operational in early 2005.
In August 2004, the Malaysian federal government (GOM) granted to Konsortium Lebuhraya Utara Timur Sdn Bhd. (Kesturi) a 34 year contract to design, construct, operate, and maintain the 18.4-kilometre Duta-Ulu Kelang Expressway (DUKE). The project, which was previously known as Kuala Lumpur North-East Expressway (KLNEE), was to be developed on BOT basis. The project was designed as a dual-four lane expressway from Duta Interchange to Kuching Interchange, and the remaining stretches were dual-three carriageways. The road was to connect the North Klang Valley Expressway on the Western part of Kuala Lumpur to the Kuala Lumpur – Karak Highway on the Eastern side and onwards to Middle Ring Road 2 (“MRR2”) at Jalan Ulu Kelang. The expressway was also aimed at dispersing city traffic to suburban areas via its connections to major roads. Duke was expected to have a traffic volume of between 40,000 and 60,000 vehicles per day at the beginning of its operation.  Kesturi, formed in 2002, was a wholly owned subsidiary of Nuzen Corporation bhd., which was owned by Wira Kristal Sdn Bhd (70%) and Malaysian Resources Corporation Bhd (30%).   The project cost for Kesturi was US$ 218.95 million (RM 832 million). Such cost did not include the land acquisition to be assumed by GOM and estimated at US$ 87.89 million (RM 334 million), raising the total cost of the expressway to US$ 306.84 million (RM 1.166 billion). The project was designed to minimize land acquisition by including, viaduct or bridge structure. Of the total land required by the project, only 20% would be acquired from private owners.  The 34 year contract included 3 year construction period and 31 year operational period. In the latter one, Kesturi was given the right to manage the toll operations and collect toll revenues. Tolling on the expressway was on an “open basis” concept and the three toll plazas were located at Kg Batu Ayer Panas and Sentul Panas.  Kesturi reached financial closure in October 2005 by issuing a US$ 205.26 million (RM 780 million) bond through Redeemable secured serial Sukuk Istisna in Malaysian market. The bond had a tenor of 13 years. The remaining project cost was to be funded through equity contributions.  The risks during construction period were assigned as follows. GOM assumed the land acquisition cost and risk. Ekovest Construction Sdn Bhd’s was appointed as the construction contractor and assumed construction risk by agreeing on a fixed sum and fixed day turnkey contract with Kesturi. Delays were passed to the contractor through the back-to-back liquidated ascertained damages arrangement in the turnkey contract.   The project financiers appointed Independent Consulting Engineer (ICE) and Perunding ZKR Sdn Bhd., to supervise the expressway construction and ensure that construction works were executed in compliance with the turnkey contract, budget and timeline.  For the phase 2 of the project or Duta-Ulu Kelang Extension Expressway reached financial closure in December 2013 by issuing senior sukuk and junior bonds to fund a bond buyback and finance the project, which links the eastern and western parts of Kuala Lumpur. The estimated cost of the project is US$381 million.   In December 2013, Konsortium Lebuhraya Utara-Timur (Kesturi), the project company issued US$730 million of senior sukuk and US$57 million of junior bonds. The proceeds from the senior bond issue would redeem an outstanding US$260 million Islamic MTN issue and part-finance the construction and financing costs of US$381 million for the extension of the Duta-Ulu Kelang Expressway. Kesturi is wholly owned subsidiary of Nuzen Corporation Sdn Bhd, which is a joint venture company between Wira Kristal Sdn Bhd and Malaysian Resources Corporation Berhad.  CIMB was the sole lead manager, and the sukuk issue was offered in 15 tranches at tenors ranging from six to 20 years, with annual gaps, priced to yield 4%-5.25%.  Ekovest Construction was the EPC contractor for the project.  (In 2014, Ekovest buys 30% stake of the project from RMBC)
In October 2005, the Nigerian Bureau of Public Enterprises (BPE), the privatization agency, signed a 20 year concession with A.P. Moller Apapa Terminal Ltd., a subsidiary of Danish AP Moller - Maersk Group, to operate, rehabilitate and maintain the container terminal at Apapa port.  The port was Nigeria's largest port and contained a number of wharfs. A range of commodities were handled at Apapa, including dedicated facilities for the discharge and loading of wheat, cement, oil, petroleum, fish, dry cargo and containers. The container terminal was located at the Third Apapa Wharf extension and covered an area of 44 hectares. The terminal's maximum capacity was 22,000 TEU.  A.P Moller Finance SA won the concession contract through a competitive tender by offering the highest bid for lease and royalty fees with a present value of US$1.061 billion (N141.11 billion) for the concession period. The net present value was calculated considering a discount rate of 10%, used by the government in the tender to compare bids. In addition, A.P Moller Finance SA agreed to pay a US$10 million entry fee and US$15.4 million for the terminal’s moveable assets at the time at the contract signing. A.P Moller Finance SA also committed to invest, modernize and expand the container terminal capacity according to its development plan. The development plan was expected to amount to some US$239.46 million in present value terms.  BPE qualified ten bidders to submit bids for the container terminal concession tender, which took place in February 2005. Of them, five bidders submitted offers. In addition to A.P Moller Finance, those bidders were International Container Terminal Services Inc with a bid price of US$202 million, Hutchinson Ports Holding with US$120.3m, PSA International with US$85.1m and International Terminal and Logistics Operators at US$60m.  At the time, A.P Moller Finance was selected as preferred bidder and International Container Terminal Services Incorporated as reserved bidder. In April 2005, A.P Moller Finance was declared the winning bidder, and it negotiated the final contract with BPE between April and October 2005.  A.P Moller Finance S.A took over the operation of container terminal concession in March 2006. It created the local company SPV APM Apapa Port Terminal Ltd. to operate the facility. It would operate the terminal for 25 years after which the terminal management would revert to the Federal Government. Under the concession contract, Apapa Container Terminal was to operate as a common-user facility. The port charges were expected to fall by 20-30 percent, but no time line was publicly disclosure on such charge reduction.   The concessioning of Apapa’s container terminal was part of a port reform program, which included the other terminals at Apapa’s port. With port reform Nigerian Ports Authority (NPA) became responsible for monitoring the terminal operators under the landlord port model.   In 2011, it was reported that APM Terminals had already invested 190 million dollars in infrastructure, equipment and training at Apapa. It announced in December 2011 that it was to invest another 135 million U.S. dollars. The terminal handled 485,000 TEU in 2010, and was projected to handle 600,000 TEU in 2011. In 2011, in fact, it was announced that throughput had increased to 650,000 TEU.  In 2013, APM Moller-Maersk stated that the fresh investment of US$135 million was to make the Apapa terminal the largest in West Africa, with a capacity of 1.2 million TEU.
In September 2005, Government of Iran sold 350 MW Khoy Combined Cycle Power Plant (KCCPP), located in West Azerbaijan province, to a consortium of two local firms – Sanir Company and Niru Investment Company. The sale was part of a privatization deal initialed in 2004 and was finalized after the power purchase agreement (PPA) was signed with Tavanir Company, state-owned vertically integrated power utility, in September, 2005. KCCPP exported excess energy production (after meeting the plant's contractual obligations to Tavanir Company) to Turkey. The 350 MW plant comprised of two 123.4 MW gas turbines and a 102.5 MW steam turbine.  There was no public information on the sale price of KCCPP.
In June 2005, a local private company Qingdao Galaxy Group signed a 25 year agreement to build and operate a sewerage treatment plant in Shan County, Shandong Province. The plant capacity was 40,000 cubic meters per day.   Qingdao Galaxy Group invested RMB 67 million (US$ 8.18 million) in the plant and owned 100% of the project.    The construction of the plant commenced in June 2005 and came into operation in August 2006.
In June 2005, CLP Power Asia, a wholly owned subsidiary of China Light and Power (CLP) Holdings Ltd. concluded commercial arrangements for a greenfield wind project of 19.5 MW at Weihai on the coast of Shandong Province. It was the 2nd wind project of CLP in the Chinese Mainland, after the 27 MW wind farm at Changdao, also in Shandong, committed in December 2004.  CLP Power Asia had partnered with Huaneng New Energy Industrial, a wholly-owned subsidiary of China Huaneng Group, to develop the first phase of 19.5 MW of Weihai wind plant, which was targeted for commissioning in 2006. LP held a 45% stake in the project joint venture, while China Huaneng Group held the rest.  The project cost was estimated at US$ 19.93 million (RMB 165 million) for the first phase. In future phases, Weihai wind plants were expected to have about a total generation capacity of 150 MW.   CLP Power Asia, established in July 2003 by merging CLP Power China and CLP Power International, was 100% owned by CLP Holdings Ltd., which was one of the largest investor-owned power businesses in Asia. China Huaneng Group was one of the largest state-owned power companies in China.
In December 2004, PT Pusaka Jaya Palu Power (PJPP) started the construction of 30-MW Mpanau coal-fired power plant in Desa Mpanau, North Palu. The plant is powered by 2 units of 15 MW generator. Shandong Machinary I&E Group Corporation (SDMIEC) and PT. Adhi Karya Indonesia were responsible for the construction. The cost is estimated to be at  Rp. 311 Milyar or about US$ 32 million (using the average of exchange rate of Rp. 9705 per 1 U.S. dollar in 2005). PJPP has a Power Purchase Agreement (PPA) with the state-owned electricity company (PT PLN) to buy the produced electricity at the rate of 4.94 cent US/KWh (levellized price) for a period of 30 years.  PJPP is a joint venture of PT Toba Sejahtera, PJPP, and Palu Municipality.   In November 2006, the power plant became operational.
The Karnataka Urban Infrastructure Development and Finance Corporation (KUIDFC) awarded a Management Contract to the Indian subsidiary of the French company Veolia Environnement, Veolia Water India in April 2005.   As per the contract, Veolia Water India would manage the water supply in four cities of Hubli, Dharwad, Belgaum and Gulbarga in the state of Karnataka for a fixed Management fee.   The broad scope of work included the following: 1.	To roll out a water network capable of guaranteeing supply 24 hours a day. 2.	To rehabilitate an existing water supply  network which was in poor condition due to lack of adequate maintenance 3.	Increase household connections, including 10,000 social connections.  4.	To increase and sustain the reliability of drinking water services.  The project was expected to  benefit a population of 200,000. The Management Contract was awarded in 2005 for an initial period of 42 months but then was extended to 59 months. The project concluded in March 2010.
In October 2005, the Hong Kong based company Hutchison Whampoa Limited signed a 50 year agreement with Dalian Port Authority to build and operate an ore port in Dalian City, Liaoning Province. Hutchison Whampoa got the project through direct negotiation. The total investment was 2.2 billion Yuan (268.62 million US$). Hutchison Whampoa owned 50% of the project. The capacity of the port was 300,000 tons per year.
In May 2005 Bethlehem Hydro signed agreements with Dihlabeng local municipality to build a 4MW hydroelectric plant in the Free State.  The project consisted of a 1.7MW site at the Saulkspoort Dam on the As River, and a 2.2MW run of river site.  The project was the first hydro plant in South Africa, and also the first Independent Power Plant in South Africa.  The plant would provide power to the Bethlehem community by selling electricity to Dithlabeng local council in eastern Free State, and also expected to sell greenhouse gas emissions credits.  The plant was the first IPP project in South Africa.  Bethlehem Hydro was a joint venture between Dutch firm NuPlanet BV (26%), the Energy Development Corporation of South Africa (49%) and Black Economic Empowerment (25%).    The total project cost was R42 million (US$ 6.66 million).  Of this, the Development Bank of South Africa provided US$ 4.75 million through a 15 year term loan.  The remainder was equity provided by NuPlanet (US$ 0.6 million) and EDC (US$1.2 million).  Construction of the plant began in late 2005, and it was due to become operational by 2007.
Breitener Energetica was granted the authorization to build and operate two diesel-fueled power plants located in Manaus, in the Amazon region (312 MW in total capacity). The project was developed by the Breitener consortium which signed a 20-year power purchase contract with the Manaus Energia utility, a subsidiary of the federal power company Elertonorte in June 2005.  The Breitener consortium was formed by Skanska (35%), Brazil's federal energy company Petrobras (30%), Thermes (24%), local power equipment supplier Orteng (5.5%)and engineering firm Enerconsult (5.5%). In January 2010, the ownership of Breitener Energetica was restructured: state-owned Brazilian company Petrobras acquired the shareholding of Skanska, increasing its participation to 65%. Also in 2010, the power plants were converted to natural-gas fueld units.  Breitner Energetica signed the 30-year contracts with the regulatory agency Aneel in July 2005, and the power plants were named UTE Jaraqui and UTE Tambaqui.   The new plants in Manaus were expected to be ready for service between November 2005 and January 2006.  UTE Tambaqui became operational in January 2006. The power plant had an initial capacity of 83.3 MW; in June 2011, Aneel approved the expansion of the capacity to 156 MW, but, as of March 2013, this new unit had not become operational.  UTE Jaraqui became operational in April 2006. The power plant had an initial capacity of 83.3 MW; in June 2011, Aneel approved the expansion of the capacity to 157 MW, but, as of March 2013, this new unit had not become operational.  The investment committed to both power plants was estimated as US$ 87.2 million (BRL 212 million), financed with the sponsors own resources.  The power plant was to be built using equipment from Breitener’s power plant in Fortaleza which had a 3-year emergency contract. The contract expired in the second quarter of 2005.
In December 2005, a local private company Dalian Dongda Environmental Engineering Co. Ltd. took over a sewage treatment plant in Anshan City, Liaoning Province. The plant capacity was 100,000 cubic meters per day. Dalian Dongda got the project through an open bidding process.   Dalian Dongda invested over RMB 110 million (US$ 13.43 million) in the plant and owned 100% of the project.  Dalian Dongda would operate the plant for 30 years.
In August of 2005, China-based and Singapore-listed Bio-Treat Technology Ltd. announced that it had secured a 25-year contract to build and operate a 40,000 cubic meters per day capacity wastewater treatment plant in Nanjing city, Jiangsu Province.  The project was the first of a two phase project, both involving the construction and operation of a 40,000 cubic meters per day capacity wastewater treatment plant.  Bio-Treat, a private Chinese company based out of Dongguan city in Guangdong Province, was to own 100% of the project. The total cost of the project was estimated US$10 million.  Construction began when the agreement was finalized in December of 2005 and was expected to be completed by the end of 2006.
Hamma Water Desalination SpA (HWD) was awarded a 25 year build-own-operate (BOO) contract by the Government of Algeria to develop a seawater desalination plant near the capital city of Algiers. The plant was expected to supply 200,000 cubic meters per day (2.31 cubic meters per second) of potable water to Algiers.   The contract was part of the Government of Algeria’s effort to encourage private sector participation in the development of large scale desalination plants to alleviate the country’s water shortage. The Ministry of Water Resources (Government of Algeria) planned to develop 28 desalination plants, with a combined capacity of 1,950,000 cubic meters per day, with private sector participation.   HWD, a special purpose company, was a joint venture between the state owned Algerian Energy Company (AEC) (30%) and US-based Ionics Incorporated (70%). Ionics Incorporated won the rights to participate in the joint venture by bidding the lowest price (US$0.82 per cubic meter of water desalinated) in an international competitive tender conducted by AEC in October 2003. In November 2004, Ionics Inc. was acquired by General Electric Company (GE) and became GE Infrastructure, Water & Process Technologies.   The desalination project, with an estimated cost of US$240 million, reached financial closure in June 2005. US government’s Overseas Private Investment Corporation (OPIC) gave US$200 million limited recourse loan to HWD. GE and AEC provided the remaining funds in the form of equity.   HWD signed the  25 year take or pay water supply contract with Algerienne des Eaux (ADE), the national water service authority of Algeria. The water supply contract was guaranteed by Sonatrach, state-owned energy company.  The project began construction in July 2005 and was expected to be completed in 24 months.
In October 2005 the government of Nigeria, through its Bureau of Public Enterprises (BPE), awarded a 25 year rehabilitate, lease and transfer concession for terminal A of the Calabar port to private operator Intels Nigeria Ltd. The concessionaire pledged to pay leasing fees to the government amounting to some $2.51 million in net present value. Additionally, the concessionaire was expected to make all investments on the terminal’s berths (except for the quay wall, which remained the government’s responsibility), stacking yard, equipment, as well as improved security and fencing systems. The net present value of investments in infrastructure were estimated at $7.05 million. The project was part of a wider plan started in 2004 - 2005 to attract private participation in the Nigerian port sector.  The contract was awarded in October 2005 after direct negotiations between Intels Nigeria Ltd and the government.   No further information was publicly available on the ownership structure of the concessionaire, investments in facilities, or the terminal's capacity.
In September 2005 the government of Nigeria, through its Bureau of Public Enterprises (BPE), awarded a 15 year rehabilitate, lease and transfer concession for terminal A of the Harcourt port to private company Ports and Terminal Operators Limited. The concessionaire pledged to pay leasing fees to the government amounting to some $90.81 million in net present value. Additionally, the concessionaire was expected to make all investments on the terminal’s berths (except for the quay wall, which remained the government’s responsibility), stacking yard, equipment, as well as improved security and fencing systems. In total, investments in infrastructure were expected to reach $78.13 million. The project was part of a wider plan started in 2004 - 2005 to attract private participation in the Nigerian port sector.  The contract was awarded in September 2005 after a two stage competitive tender. Final bids were received from Ports and Terminal Operators Limited, the DDR Consortium and Ocean & Ports Services Limited. The bids were ranked using a highest fee paid to the government criterion.  No information was publicly available on the ownership structure of the concessionaire, investments in facilities, or the terminal's capacity.
In September 2005 the government of Nigeria, through its Bureau of Public Enterprises (BPE), awarded a 15 year rehabilitate, lease and transfer concession for terminal B of the Tin Island port to private company Tin Can Island Container Terminal Ltd. The concessionaire pledged to pay leasing fees to the government amounting to some $83.31 million in net present value. Additionally, the concessionaire was expected to make all investments on the terminal’s berths (except for the quay wall, which remained the government’s responsibility), stacking yard, equipment, as well as improved security and fencing systems. The net present value of investments in infrastructure were estimated at $36.06 million. The project was part of a wider plan started in 2004 - 2005 to attract private participation in the Nigerian port sector.  The contract was awarded in September 2005 after a competitive tender with three bidders. The bids were ranked using a highest fee paid to the government criterion.   The Tin Can Island Container Terminal was made up of French Bollore Group, Zim Integrated Shipping and local partners.  No further information was publicly available on the ownership structure of the concessionaire, investments in facilities, or the terminal's capacity.  Lagos was the principle port of Nigeria situated on the Gulf of Guinea. The port was split into three main sections: Lagos, Apapa and Tin Can Island.  Tin Can was a self contained port entered through Badagry Creek via a 200m wide channel which has been dredged to 8.5m. Tin Can provided 11 berths including seven break-bulk general cargo berths, one dry bulk cargo berth and two dedicated roro berths (numbers 9 and 10). Total length over the quays was over 2000 meters and has a maximum draught of 10 metres - up to 13 vessels could be accommodated at a time. Berth No 9 had special ro-ro ramps to work the ro-ro vessels. There were five transit sheds and three warehouses offering a covered storage area of 54,000m2 and an open storage area of 125,000m2. There were also 5 vehicle parks - each able to accommodate 6000 cars at a time. Tin Can was linked to Apapa by a road bridge.
In 1999, the municipality of Chihuahua, Mexico, through its Junta Municipal de Agua y Saneamiento, awarded a build, own and operate contract for a wastewater treatment plant to private company Atlatec Chihuahua SA. The plant was designed to treat 1.2 cubic meters of wastewater per second. This project was the continuation of Chihuahua North Wastewater Project implemented in 1992. The project was implemented by the same consortium. The estimated project cost was U$$30 million.
In August 2005, the consortium Proactiva Aguas del Archipielago SA ESP obtained the concession for Aguas de San Andres SA Empresa de Servicios Publicos (ESP) for a period of 15 years. Aguas de San Andres was incorporated in October 2004 as the Departmento de San Andres, Providencia y Santa Catalina’s official company responsible for water and sewer services in the San Andres Island. San Andres Island is a 27 km2 tourist destination in the Caribbean sea.  With the concession, Aguas del Archipielago acquired the responsibility of increasing sewerage coverage (number of connections), improving the continuity and reliability of the service, and to build and start operating (within 18 months) a submarine discharger of treated wastewater that meets environmental and health criteria.  The Departamento de San Andres, Providencia y Santa Catalina provided Aguas de San Andres with the infrastructure for water and sewer services that it owned in San Andres Island, and the central government provided a US$8.9 million cash subsidy so that the concession could take place.   The concession was awarded through a public tender carried out by the Superintendencia de Servicios Publicos Domiciliarios, based on a weighted average of the following: •	An index of based on relative speed and coverage of sewer continuity and number of connections (85%) •	An index based on the relative speed with which the operator committed to begin operating the submarine discharger (10%) •	An index based on the relative participation of capital that came from the island (5%)  In addition to Proactiva Aguas del Archipelago , the Consortium Aguas y Aguas del Caribe also presented an offer. However, Aguas y Aguas del Caribe’s offer was declared non-eligible because it did not meet the financial and technical requirements.   Fabrica Nacional de Autopartes (Fanalca) SA owns 50% of Proactiva Aguas del Archipiélago directly. The remaining stake is jointly owned by FCC Group (25%) Veolia Environment (25%) through four companies in which they share ownership. These companies owned the following amount of Proactiva Aguas del Archipielago:  Proactiva Colombia, SA (49.9%); Proactiva Medio Ambiente SA (0.00033%); Proactiva Dona Juana SA (0.00033%) and Proactiva Oriente, SA (0.00033%).
In October 2005, a Hong Kong based company InterChina Holdings signed a 25 year agreement to build and operate a sewerage treatment plant in Ma'anshan City, Anhui Province. The plant capacity was 60,000 cubic meters per day.   InterChina Holdings invested RMB 84 million (US$ 10.26 million) in the plant and owned 100% of the project.    Construction of the plant commenced in October 2005.
In November 2004, Panriver Investment, a subsidiary of Hong Kong based Panva Gas Holding Ltd, and the local government of Qiqihar, Heilongjang Province, created Qiqihar Panva Gas Company to operate the natural gas pipeline business in Qiqihar city under a 30 year concession. The city was the second largest in Heilongjang Province with a population of 5.6 million and potential natural gas pipeline users of 1.48 million.  Qiqihar Panva Gas Company was 61.65% owned by Panriver Investment, and the remaining was owned by state-owned Construction Investments Development Co. of Crane City Heilongjian Province. Panriver Investment paid RMB 77.21 million (US$ 9.43 million) for its participation in the company.   Hong Kong based Panva Gas Holding Ltd was a publicly traded company in the Hong Kong stock exchange and was principally focused on commercialization of natural gas and liquefied petroleum in China mainland.
In  May 2005, the municipality of Sao Geraldo do Araguaia, in the state of Para, Brazil, awarded a 30-year rehabilitate, operate and transfer contract for its water and sewage infrastructure to the Brazilian company Saneatins, a joint-venture of private sponsors (76.52%) and the state of Para (23.84%). The private participation in Saneatins was evenly split between Foz do Brazil (subsidiary of Odebrecht) and EMSA (these two companies created the holding Foz Centro Norte to represent their interests in Saneatins).  In 2005, the town of Sao Geraldo do Araguaia had a population of 27,303. The concession contract established that Saneatins had the right to be reimbursed by the investment expenditures undertaken or exchange the investment amount for the shares of Companhia de Saneamento de Sao Geraldo do Araguaia. In 2008, Saneatins acquired all shares in the company for US$ 1.7 million (BRL 3 million).  The concession was awarded through an open competitive tender. No information was available on the number of final bidders. Information on investment commitments was also not available.
On July 1, 2005, the Turkish Privatization Administration (OIB) divested 55% of its stake in the country’s national fixed line operator Turk Telekom. OIB sold the stake for $6.55 billion to Italian – Saudi consortium Oger Telecom. Turk Telekom was the world's 13th largest fixed line telecom operator, with 19 million subscribers. The company did not have a legal monopoly on fixed line communications in Turkey, but in practice accounted for the entire fixed line market. In addition, the company had a 40.5% stake in the country’s third largest mobile operator – Avea. In June 2006, the company agreed with Telecom Italia to purchase their 40.5% stake in Avea for USD500 million. Thus, Turk Telekom’s share in Avea increased to 81%.   The formal tender process for the block sale of 55% of Turk Telekom commenced with the tender announcements on November 25, 2004. Four bids were submitted after a detailed due diligence process in which the Tender Committee evaluated the business plans of all bidders. The opening of the financial bids took place on July 1st, 2005. After the joint bargaining process, Oger Telecoms Joint Venture Group submitted the highest bid, with $6.55 billion. The result of the tender was approved by the Council of Ministers and published in the Official Gazette dated 02.08.2005. Oger Telecoms Joint Venture Group and the Governement signed the Share Sale and Purchase Agreement on 24 August 2005. The draft concession agreement was initialed by Turk Telekom and the Turkish Telecommunications Authority as per the tender process, The Council of State gave its opinion about the draft concession agreement on 21th. October 2005. The transaction was closed on November 14th, when Oger Telecom paid a first instalment of $1.3 billion to the Turkish Treasury. This led to the signing of the Shareholders Agreement and Share Pledge Agreement on November 14, 2005. Oger Telecom committed to pay the remaining sum in five equal installments at an interest rate of Libor plus 2.5 percent over five years. As of end-2005, Turk Telekom was owned by Oger Limited (55%) and the Turkish government (45%).  Oger Telecom was a joint venture created by Saudi-Lebanese group Saudi Oger Limited (82.67) and Telecom Italia (13.33%). The Italian company’s stake was held through through TIM International, which also had a 40.5% stake in Avea – one of Turkey’s three mobile operators.  In May 2008, the Turkish Privatization Administration (OIB) held an initial public offering (IPO) of 15% of Turk Telekom's equity, corresponding to 525,000,000 shares. 210,000,000 of these shares were sold to domestic investors, while 315,000,000 shares were sold to foreign institutional investors.  At a price of 4.6 YTL per share, the IPO raised YTL2.42 billion (US$1.9 billion) for the government, making it the largest IPO in Turkey's history. On May 15, 2008, Turk Telekom began trading on the Istanbul Stock Exchange. As of end 2008, 55% of Turk Telekom's equity was owned by Oger Limited, 30% was owned by the government, and 15% was publicly traded.
In July 2005, Public Works Department (PWD) of Government of Rajasthan signed a 8 year concession contract (including 12 month of construction period) to India’s ANS Constructions Ltd. to strengthen the 56.5 km section between Kama Jurehera and Punhana on Major District Road 72 (MDR 72) and between Kama Pahari on Other District Road 16 (ODR 16) in the state of Rajasthan.  Under the contract, ANS Constructions Ltd. was responsible for the rehabilitation, finance, operation and maintenance of the existing two-lane highway with paved side shoulders. The project was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   ANS Constructions Ltd. won the tender through competitive bidding, conducted by PWD, Rajasthan, by requesting the lowest concession period of 8 years. ANS was to recover the capital costs and operating costs including returns through tolls during the concession period (excluding construction period).   The concession agreement for the project was signed in July 2005. The total capital cost of the project was estimated at US$ 9 million.   Construction on the project began in July 2005 and was expected to be completed by July 2006.
In December 2005 the government of Armenia awarded a ten year lease contract to Veolia Water for the operation and management of the Yerevan Water and Sewerage Company (YWSC), the water utility of Yerevan. The contract covered managing all the water production, distribution, wastewater collection and customer service. The total population served by the project was approximately one million inhabitants in Yerevan, the capital city of Armenia.  Under the lease contract Veolia Water was fully responsible for the management, operation, and maintenance of the water and sewage system in Yerevan Water’s entire service area.  Technical and operational performance criteria were defined in the contract.  Veolia Water was expected to generate total revenues of $192.4 million (160 million euros) over the contract’s lifetime.  The lease contract was awarded through an international bidding process which Veolia won by requesting the lowest tariffs. The contract also gave the lessee the responsibility to execute an investment program designed to provide the city of Yerevan with a continuous safe water supply and reduce environmental pollution. The investment program was to be funded by a $20 million IDA loan and some government funds.   The 2005 lease was the second the private participation contract granted for YWSC.  Previously YWSC was managed by a consortium led by Italy’s ACEA under a contract lasting from 2000 to 2005.
In August 2005, Celtel Tanzania formally split with its former parent, the Tanzania Telecommunications Company Limited (TTCL), which was the country's incumbent fixed line operator, following the restructuring of both entities.  The government agreed to sell 25% of its shareholding in TTCL's former mobile subsidiary to Celtel International (which in turn owned 35% of TTCL and hence the same in the mobile subsidiary) at a price of US$28 million.  The end result was the government owning 40% of the shares in the newly autonomous Celtel Tanzania and Celtel International owning the remaining 60%.    As part of the deal, Celtel International was to provide a loan of US$25 million to Celtel Tanzania for capital expenditure in 2005. The two shareholders also agreed on the structures of the two Boards of Directors and on the management of the two independent companies. The Government was to have a majority on the TTCL Board and Celtel International was to have a majority on the Celtel Tanzania Board.   In May 2005, Celtel (formerly MSI Cellular Investments of the Netherlands) was acquired by Mobile Telecommunications Co. (MTC) of Kuwait for US$3.4 billion.  According to a managing director, the company was looking for US$80-US$90 million funding for expansion of services in 2006.   By end 2005, Celtel Tanzania had 971,000 subscribers to its network, representing a 27% market share.    In June 2006, Celtel Tanzania secured $70 million in fresh funding to expand its network coverage from a consortium of Tanzanian banks, led by National Bank of Commerce, Exim Bank, Tanzania Investment Bank and Standard Chartered Bank Tanzania. In October 2006, Celtel announced that the Celtel network across sub-Saharan Africa would be integrated into a single network that would allow users from any of its national networks to roam free of charge in any other Celtel network. By the end of 2006, Celtel Tanzania had 1.52 million subscribers, maintaining its second place position in the market.
In October 2005, a Singapore company Meilu Enterprises was award a 50 year agreement to build and operate the Meilu Petrochemical Public Port in Jiaxing City, Zhejiang Province through competitive bidding. A project company Zhejiang Zhapu Meilu Warehousing Co.,Ltd. was established to implement the project. The total investment was 246.08 million Yuan (23.9 million US$). Meilu Enterprises owned 100% of the project. The capacity of the port was 1.90 million tons per year.
In April 2005, Asia Wind Power (Mudanjiang) Company Limited, a joint venture by Hong Kong Construction (Holdings) Limited was established to build and then operate a wind farm in Mudanjiang City, Heilongjiang Province under a 70 year agreement. Hong Kong Construction (Holdings) Limited owned 86% of the project. The total investment was 300 million Yuan (US$ 36.63 million). The capacity of the wind farm was 30 MW.
In July 2005 the Municipalidades Provinciales de Tumbes, Zarumilla and Contralmirante Villar awarded a 30-year concession contract of the Empresa Municipal de Frontera de Agua Potable y Alcantarillado (EMFAPA) Tumbes to the Latinaguas-Concyssa consortium. EMFAPA Tumbes was Tumbes’ utility that provided water and sewer services to urban customers in the provinces of Tumbes, Zarumilla and Contralmirante Villar.   The public tender for the concession was carried out by Peru’s private investment promotion agency (ProInversion). ProInversion awarded the concession to the consortium formed by Latinaguas (60%) –an Argentine private water operator- and Concyssa (40%) –a Peruvian construction company specialized in the water and sewer industry. The Latinaguas-Concyssa consortium won the concession by requesting the lowest present value of guaranteed annual revenues during the first five years of the contract (US$31.4 million), beating the Colombian firms of Canovias (US$44.9 million) and Cohydra (US$48.1 million). The Municipalidades Provinciales de Tumbes, Zarumilla and Contralmirante Villar agreed to provide the minimum revenue guarantee.   In September 2005 the Latinaguas-Concyssa consortium started to operate as Aguas de Tumbes, S.A. In addition to operating and maintaining water supply and sewerage services, Aguas de Tumbes took over the responsibility of completing the following objectives within the first five years of the contract: •	Add 8,650 new residential connections for potable water and 9,967 new sewer connections. •	Add 435 new public water fountains. •	Extend coverage of micro-metering to 86%. •	Achieve minimum pressure in the network of 10 m.c.a. •	Extend availability of water services to 23.5 hours per day •	Increase treatment of wastewater during to 80%.   The Superintendencia Nacional de Servicios de Saneamiento (SUNASS), was the regulatory entity in charge of supervising the terms of the concession.   Aguas de Tumbes was expected to invest an estimate of US$ 32 million during the first five years of the contract, and US$40 million in the following 25 years to meet the objectives and obligations stipulated in the contract. To assist in the financing, the government obtained from Kreditanstalt für Wiederaufbau (KfW) -Germany’s official cooperation agency- a US$9.7 million (Euro8.1 million) loan and a US$11.3 million (Euro9.4 million) donation. In addition the government provided US$4 million to assist investments needed during the first five years and to prevent increases in tariffs.  According to the contract, real water tariffs would not change during the first two years. It was stipulated however that tariffs were set to increase 6.1% in the third year (September 2008) and 6.5% in the fifth year (September 2010) if Aguas de Tumbes met the established goals. In addition, to the water tariff, the tariff for sewerage is set to 45% of the total amount due for potable water.
In April 2005,Public Works Department (PWD), Government of Rajasthan signed a 7 year concession contract (including 9 month of construction period) to India’s A.K. Duggar & Company to strengthen the 18 km section on Other District Road 12 (ODR 12) between Kelwa and Amet in the state of Rajasthan.  Under the contract, A.K. Duggar & Company was responsible for the rehabilitation, finance, operation and maintenance of the existing two-lane highway with paved side shoulders. The project was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   A.K. Duggar & Company won the tender through competitive bidding, conducted by PWD, Rajasthan, by requesting the lowest concession period of 7 years. The SPV was to recover the capital costs and operating costs including returns through tolls during the concession period (excluding construction period).   The concession agreement for the project was signed in April 2005. The total capital cost of the project was estimated at US$ 1.5 million.   Construction on the project began in April 2005 and was expected to be completed by December 2005.
In September 2005, the government of Gabon awarded a 30 year concession to Societe d'exploitation du Transgabonais (Setrag) to rehabilitate, operate, and manage the Transgabonais railway (the Trans-Gabonese railroad). The contract included the management of railway network, rolling stocks, infrastructure and building.  However, all of these assets remained property of the Gabonese government. Transgabonais was a 650km stretch of railway connecting the coastal port of Owendo (just outside the capital, Libreville) and the timber- and manganese-rich areas of the south-east (around the city of Franceville).    Setrag was a subsidiary of the French-controlled group Eramet, which operated a mining business in Southeastern Gabon.   Under the concession contract, Setrag took the obligation to finance railway maintenance for 50 bln Central African francs (US$91.77 million) over the first 5 year of the concession to maintain in good condition the network and to preserve the current staff of nearly 1,000 employees.  The Gabon government held a golden share in the Setrag capital, which it allowed it to block certain decisions within the Setrag executive board.   The contract was granted through a public tender in which Setrag was the only interested bidder.   The concession contract was the second contract for Setrag in the railway. Previously Setrag was contracted to manage the railway under a short term management contract, which ended up lasting for 2 years. The management contract was granted after the Transgabonais consortium, which was granted a 20-year concession to operate the railway company in 1999, withdraw from the company operation in May 2003.  Transgabonais consortium was led by Belgian Transurb Technirail.
In November 2005, a US company Hans Technologies signed a 25 year agreement to build and operate a sewerage treatment plant in Xitang Town, Jiashan County, Zhejiang Province. The plant capacity was 15,000 cubic meters per day.   Hans Technologies invested RMB 47 million (US$ 5.74 million) in the plant and owned 100% of the project.    The plant commenced was operational as of August 2006.
The Brazilian company RC Administracao e Participacoes S.A., a wholly-owned subsidiary of Grupo Rialma, was granted the authorization to build four small hydro power plant located in the state of Goias (68.8 MW in total capacity). The 30-year contracts were signed with the regulatory agency ANEEL starting in April 2001.  Grupo Rialma named to power plants PCH Santa Edwiges II (13 MW), PCH Santa Edwiges III (11.6 MW), PCH Pontal do Prata (14.2 MW) and PCH Santo Antonio do Caiapo (30 MW).  Grupo Rialma established power purchase agreements with the electricity distribution CELG to sell all the power generated by the power plants, which became operational in the following dates:  PCH Santa Edwiges II - January 2006 - Investment: US$ 19.7 million (BRL 43 million) PCH Santa Edwiges III - January 2009 - Investment: US$ 29 million (BRL 57.9 million) PCH Pontal do Prata - April 2012 PCH Santo Antonio do Caiapo - December 2012  The investment on the power plants PCH Pontal do Prata and PCH Santo Antonio do Caiapo was not available.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.  In 2009, the company applied for carbon credits.
In November 2004, Consorcio Planalto Transmissao (a partnership of CPFL Geração Energia S/A  (45%), Alcoa Aluminio S/A  (31,8%), Companhia Estadual de Energia Elétrica  (10%), DME Energetica Ltda  (7,9%) and Camargo Cimentos S/A  (5,3%)) was awarded in a competitive bidding process organized by the regulatory agency ANEEL the 30-year contract to build and operate a 187,3-km transmission line located in the states of Santa Catarina and Rio Grande do Sul (Campos Novos-Lagoa Vermelha-Santa Marta). Besides Consórcio Planalto Transmissão, eight other companies took part in the contest. No information was available on the other bidders.   The bidding criteria set by ANEEL was the lowest required annual revenue. Consorcio Planalto Transmissao presented the lowest offer, a total value of US$ 4.21 million (BRL 12.32 million), 0.03% below the ceiling set by the regulatory agency. The contract was signed in December 2002, and the sponsors created the company Empresa de Transmissao do Alto Uruguai S.A. - ETAU to lead the project during the 30-year contract period. The shareholding structure changed over the years and, as of 2009, the current shareholders of the company are TAESA (52.6%), state-owned company Eletrosul Centrais Eletricas S.A. (27.4%), DME Energetica Ltda (10%) and state-owned Companhia Estadual de Energia Eletrica S.A. (10%). The state-owned Cemig held a third of the shares of TAESA, as of 2009.  The sponsor committed to invest US$ 48.2 million (BRL 117 million) in the transmission line. Financial closure was achieved in June 2005, when the sponsor was granted a US$ 33.7 million (BRL 82 million) loan from BNDES. The remaining cost was set to be financed with the sponsors’ internal resources.
Alliance Power Nepal developed the 1.5MW Chaku Khola hydropower plant, in Sindhupalchowk.  The project was reported as operational by NEA in August 2005, but may have been for a while.  No further financial information was available. Total cost has been estimated at US$2 million. Financial closure date has been estimated at January 2005, based on its first known date of operations.  In June 2012, the tariff was revised upwards to Rs.8.4 in summer and Rs. 4.8 in rainy season.
In December 2005, the Maharashtra State Road Development Corporation (MSRDC) signed a 15 year concession contract (including 18 month of construction period) to India’s Ideal Road Builder Pvt. Ltd. to strengthen the 14.9 km section on State Highway 42(SH42) between Thane and Ghodabunder in the state of Maharashtra.  Under the contract, Ideal Road Builder Pvt. Ltd. (IRBPL) was responsible for the improvement of 4.4 Km four lane stretch, for providing concrete pavement on 7.1 Km four lane stretch out of existing six lane road and providing concrete pavement on 3.3 Km six lane stretch out of existing ten lane road. The total project lenght was 14.9 km. The project was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   IRBPL established a special purpose vehicle Thane - Ghodabunder Toll Road Pvt. Ltd., to implement the project. IRBPL won the tender through competitive bidding, conducted by MSRDC. While the bidding details were not known at the time of collection of information, it is known that the SPV was to recover the capital costs and operating costs including returns through tolls during the concession period (excluding construction period).  The concession agreement for the project was signed in December 2005. The construction cost of the project was estimated at INR893.44 million (US$ 20.3 million). In addition, the concessionaire had to make an upfront payment to MSRDC of INR 1404 million (US$31.8 million).  Construction on the project began in December 2005 and was completed by June 2007.
In July 2005, a Hong Kong based company Wai Kee Holdings Ltd. signed a 25 year agreement to build and operate a sewerage treatment plant in Wuxi City, Jiangsu Province. The total plant capacity was 60,000 cubic meters per day.   Wai Kee Holdings Ltd. invested over RMB 120 million (US$ 14.65 million) in the plant and owned 95% of the project.    Construction of the plant commenced in July 2005. The project was carried out in two phases. Phase one (20,000 cubic meters per day) was completed in October 2006.
In 2005, Ventos Do Sul Energia SA started to develop a 150 MW wind farm project in Osorio, in the state of Rio Grande do Sul. The greenfield project was the largest wind power project in Latin America and consisted of three 50MW sites, each with 25 turbines of 2MW each. The project had a 20 year power purchase contract with federal utility Eletrobras through Financial Support Program for Investments in Alternative Sources of Electric Energy (PROINFA).   Ventos do Sul Energia SA was owned by Spanish Elecnor (64%) throught its subsidiary Enerfin Enervento, German Enercon through its subsidiary Wobben Windpower Brasil, and CIP Brasil. Wobben Windpower Brasil was the equipment supplier.  The project cost was estimated at US$296.5 million (793.1 million real). The project reached financial closure on October 2005 when it obtained a US$206.5 million 12-year financing package from a banking consortium led by Banco Nacional de Desenvolvimiento Economico e Social (BNDES). BNDES provided a direct facility of US$46.5 million (105 million real) and a US$160 million (360 million real) covered tranche. The covered tranche was funded by consortium comprising Banco do Brasil (US$44.3 million), Santander, ABN Amro Real, Banrisul and BRDE Caixa do Rio Grande do Sul. BNDES funding was also part of the PROINFA initiative.   The sites were expected to begin producing in June, September and December of 2006.  The units started operating in December 2006. As of December 2009, the ownership structure of Ventos do Sul had changed and was set as follows: Enercon (9%) and Elecnor (91%).
The Brazilian company Cesbe S.A. Engenharia e Empreendimentos  was granted three authorizations to build small hydro power plants located in the state of Rio  Grande do Sul (37 MW in total capacity). The 30-year contracts were signed with the regulatory agency ANEEL over the years starting in December 2000.   The first contract signed was for the Carlos Gonzatto Plant, which was set to have a capacity of 9 MW. Construction works on this plant started in October 2004, and the unit became operational in June 2006. The sponsor created the company Campo Novo Energia S.A. to manage this project.  Two other small power plant projects were authorized since then:  Marco Baldo (16 MW) and Toca do Tigre (12 MW). Only Marco Baldo power plant started to be built (Marco Baldo).   In 2005, the estimated investment in the Carlos Gonzatto Plant was worth US$ 10 million (BRL 25 million). In December 2005, Cesbe signed a US$ 6.3 million (BRL 15.4 million) contract with BNDES to finance this project.   CESBE signed power purchase agreements for the CArlos Gonzatto power plants with the state-owned company Eletrobras. The agreements were set to last for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies).  In 2010, constructions works of PCH Marco Baldo commenced. The investment at this power plant was estimated at US$ 45.4 million (BRL 80 million. Commercial operations began in June 2011.  The construction works of PCH Toca do Tigre commenced in 2012 and were concluded in late 2012. Commercial operations of this power plant began in February 2013. The investment amount was estimated at US$ 92.2 million (BRL 180 million).
In December 2005, the Municipality of Kaluga awarded a 25 years lease contract for the city’s water infrastructure facilities to Rosvodokanal (RVK), one of Russia’s largest private utility operators.  The municipality also signed a parallel five year investment agreement with RVK for a total investment commitment of about $137.7 million. RVK owned a 100% stake in the Kaluga Water Utility. Prior to RVK, the water utility was operated and maintained by the Municipal Unitary Enterprise (MUE).   As of January 2007, RVK provided technical and operational management services through long term lease contracts to total of six municipal utilities throughout Russia (Barnaul, Kaluga, Krasnodar, Orenburg, Tyumen and Tver).  RVK is a wholly owned subsidiary of A1, the private equity arm of Alpha Group, one of Russia’s largest financial and industrial groups, with oil and gas, banking, telecommunications and other holdings.  In 2008, RVK obtained a loan from the IFC for RUB 624 million or $25 million and another loan from the EBRD for RUB 5.6 billion or $224 million to support its obligations under the six long term lease contracts and investment agreements with the municipalities.  The EBRD/IFC loan provided financing to implement 5-year investment programs in each city in which RVK operated in 2007 and the acquisition of new utility operator(s).
In 2005, Aggreko was contracted to install, operate and maintain a 40 MW power station in Manaus City. Manaus City had rationed their power and needed a temporary solution until permanent facilities could be constructed. The contract lasted until April 2006.
Kutch Railway Company Limited (KRCL) entered into an 35 year agreement with Ministry of Railways, Government of India in January 2004, to implement the 313 km Gandhidham – Palanpur gauge conversion project in Gujarat, India. The project involved conversion of existing meter gauge railway track lines connecting Gandhidham to Palanpur to broad gauge and also building stretches of new broad gauge rail lines. KRCL was also responsible for all the financing, and operation and maintenance of the rail line. The new broad gauge railway line was expected to improve the railway connectivity of Kandla and Mundra Ports in Gujarat with northern India.   KRCL was a joint venture promoted by Government of India’s Rail Vikas Nigam Ltd (50 per cent), Kandla Port Trust (26 per cent), Gujarat Adani Port Ltd (20 per cent) and Government of Gujarat (4 per cent).  The total cost of the project was estimated at US$ 113.4 million. The project reached financial closure in November 2005 with a US$ 68 million loan from Oriental bank. The remaining funds came as equity from the sponsors.   Construction on the project began in April 2005 and the new broad gauge railway line was expected to be operational by December 2007. The traffic on the route was estimated at 9.68 million tones a year by 2010-2011 and 12.75 million tones by 2014-2015. The main commodities to be handled on this route would be coal, fertilizers, food grains and salt.
In 2004, Costa Rica’s public works and transportation ministry (MOPT) awarded a 25-year BOT concession for the San Jose – San Ramon toll road to SC Autopistas del Valle SA. According to the contract, the concessionaire had to build six overpasses, expand Autopista General Cañas from four to six lanes and the Bernardo Soto road from two to four lanes. The concessionaire was also resp9onsible for the expansion of the Santa Ana – San Antonio beltway, building a nw beltway around San Antonio and Rio Segundo de Alajuela, and building required pedestrian bridges, bus stops safety zones and the toll booths.  SC Autopistas del Valle SA was owned by Concesiones Viales de Costa Rica (a subsidiary of FCC), Itinere Costa Rica (a subsidiary of Sacyr Vallehermoso), Soares da Costa Concesiones Costa Rica (a subsidiary of Soares da Costa) and M&S Concesiones (50% owned by FCC).  The project required an estimated investment of US$270 million. Project funding was secured in 2005. The Inter American Development Bank (IADB) provided a US$100 million loan and backed a US$96 million loan from Caja de Madrid. The concessionaire financed the rest, including a US$34.2 million payment to the government for compensations needed for land expropriation.  Costa Rica’s Nacional Concessions Council (CNC) granted the contract through a public tender in 2004 and in June declared the only bidder, SC Autopistas del Valle SA (at that time known as Consorcio Vial San Jose – San Ramon), the winner of the 25 year concession. However, the Attorney General had some issues with the contract, thus delaying the final approval until May 2005.  The highway was designed with five tollbooths and users would pay depending on the length of their journey, with a maximum toll charge of US$1.30 for cars, US$2.60 for buses, US$3.25 for two or three axis trucks and US$8.23 for 5 or more axis trucks. The project was expected to be completed by May 2008.  In March 2013, the contract was acquired by Brazilian firm OAS for US$ 34 million.  President Laura Chinchilla appeared on national television on April 22, 2013 to confirm that the 30-year concession would be cancelled in light of public opposition. Opponents of the highway had complained that such an important national road should not be concessioned, and that the proposed US$3.9 one-way tariff was too high. Opponents also charged Pedro Castro, head of Costa Rica's public works and transport ministry, MOPT, with a conflict of interest in awarding the concession due to his consultancy role with OAS between May and August 2012. The US$524mn rehabilitation and expansion of the 57.9km highway was expected to wrap up within 30 months, according to the public works and transport ministry MOPT.  The concession contract was cancelled in April 2013.
China Gas Holdings Limited formed a project company in Jiangbei district, Nanjing City, Jiangsu Province in January 2005. China Gas Holdings Limited has 100% stake in the Greenfield project and would operate and manage the joint venture for 30 years. The total investment was RMB 560 million (US$ 68.38 million).
In October 2005, the government of Rwanda completed the sale of 99% stake in Rwandtel for US$20 million to Terracom Communications, a Jersey-based IT services provider. Rwandtel was the fixed line incumbent provided, which also provided long distance services. As part of the privatization package, Rwandtel was granted a GSM license. The remaining 1% was held by the National Post Office, Rwandan Development Bank, Sonarwa SA, Caisse Sociale du Rwanda, Rwandex SA and Tabarwanda SARL.  The privatization process of Rwandtel began in February 2004. Terracom won the stake in Rwandtel in an international public tender in which two other bidders participated. Terracom, an IP provider, already hada fiber backbone network centred on Kigali (the capital) and a wireless broadband network. The government urged Terracom to speed up plans to provide mobile-phone services, providing much needed competition to the expensive monopoly provider, MTN-Rwandacell.  In July 2007, the government bought back the 99% stake in Rwandatel for US$12 million. In October 2007, the government sold 80% of Rwandatel to LAP Green Com for US$100 million.
In December 2001,  the Brazilian company Consorcio Empresarial Salto Pilao-CESAP was awarded in a competitive bidding process organized by the federal regulatory agency Aneel the 35-year contract to build and operate a 182.3-MW hydro power plant located in the Itajai River, state of Santa Catarina. CESAP was established as a partnership of Companhia Brasileira de Aluminio (60%), a wholly-owned subsidiary of Votorantim, Camargo Correa Energia (20%), and government-owned DME Energetica (20%). Information on the other bidders was not available.  The bidding criteria set by the federal regulatory agency ANEEL was the highest payment to the government for the concession rights. The company agreed to pay US$ 7 million (BRL 17 million) in yearly installments during the life of the contract, starting once operations commence (using a discount rate of 10%, the present value of this contribution was estimated at US$ 104 million). The contract was signed in April 2002, and sponsor created the company Ourinhos Energia to lead the project during the 35-year contract period.  The sponsor committed to invest US$ 205.8 million (BRL 500 million) in the power plant. Financial closure was achieve in June 2005, when the state-owned bank BNDES granted a US$ 113.3 million (BRL 275.4 million) loan to CESAP. The remaining cost was set to be financed with equity.  Construction works started in August 2006, and operations commenced by December 2009.
Alexandria Port Authority awarded a 25 year concession to Alexandria International Container Terminals (AICT) in March 2005 to expand, modernize and manage two terminals at the ports of Alexandria and El Dekheila in Egypt. Under the contract, AICT was expected to convert the existing cargo terminals in each of the ports into modern container terminal facilities. The total project cost was estimated at US$ 86 million. The concession contract was a result of Egyptian Government’s commitment to modernize the port facilities to support the country’s fast growing international trade.  AICT was a joint venture between Alexandria Port Authority, Hutchison Port Holding, Arab World for Port Development and Saudi Arabia’s Al Balagha Group. Information on the shareholdings of each partner in the joint venture was not available.  The initial phase of construction was expected to be completed in 2007.
India Gateway Terminal Private Limited (IGTPL) signed a lease contract with the Cochin Port Trust in February 2005, to take over the operations and management of the existing Rajiv Gandhi Container Terminal (RGCT), in Cochin, Kerala. The lease contract was awarded to IGTPL as an interim measure until the new Vallarpadam International Container Transhipment Terminal (VICTT) became operational. VICTT was being developed by IGTPL on a BOOT (build-own-operate-transfer) basis. Under the lease contract, IGTPL had up to eight years to transfer all its operations from RGCT to VICTT.  IGTPL was jointly owned by Dubai Ports World (DP World) (75%), Transworld Group (5%), Chakiat Agencies Private Limited (5%) and state owned Container Corporation of India (15%).   Under the lease, IGTPL agreed to pay an annual rent of US$ 2.2 million (Rs 9.6 crores) with a 5% annual increase to Cochin Port Trust for the use of the facilities and equipment at RGCT. IGTPL invested approximately US$17 million on quayside and yard- handling equipment, and information technology (IT) systems upgrade to improve the productivity of RGCT.  IGTPL took over the operations of RGCT in April 2005.
In February of 2005, Chenggong Salcon Water Co. Ltd. (CSW) signed a 30-year concession contract with government of Chenggong County, Kunming City, for the implementation of a water supply project involving the rehabilitation, management and operation of the city’s water utility.  The project involved taking over the operations and management of the existing 8,000 cubic meters per day water treatment plant, its distribution network and the responsibility for collecting water tariffs from users.  The project also involved the construction of a water treatment plant with an initial capacity of 20,000 cubic meters per day and the capacity to be upgraded to 60,000 cubic meters per day as well as constructing a reticulation trunk main and sub-reticulation pipelines within the concession area.     CSW was incorporated as the project company which was 60% owned by Salcon Yunan (HK) Pte. Ltd, a Salcon wholly owned subsidiary, and 40% by state-owned Chenggong County Water Supply Company.    Salcon's total investment in this project is 240 million yuan (US$ 29.3 million). In June of 2005, Salcon received financial support from a local bank and took over operations of the existing network and began construction work on the new plant.
In May 2004, the government of Uganda granted a 20 year concession contract to Umeme Limited to operate and manage the electricity distribution in Uganda from the Uganda Electricity Distribution Company Limited (UEDCL), the state-owned distributor. Umeme leased the existing distribution network from UECDL, except for the rural electrification schemes which remained under UECDL. The new distribution company had to purchase power from the Uganda Electricity Generation Company Limited (UEGCL, operated by Eskom under a concession contract).  The distribution network covers roughly 40% of Uganda, and provides service to approximately 250,000 customers. Umeme Limited took over management of electricity distribution in Uganda On March 1 2005.    Umeme Limited was jointly owned by Eskom Enterprises Ltd (44%, South Africa) and Globaleq (56%, UK).  The concession contract was part of electricity reforms in Uganda.  In 2001, the Uganda Electricity Board (UEB) was split into three parts - UEDCL, UEGCL and the Uganda Electricity Transmission Company Limited (UETCL) after a concerted effort in 1999 to make UEB profitable to prepare for privatization.  Umeme agreed to pay the government a US$ 1.4 million transaction fee and an annual rental fee (initially US$ 18 million) for use of UEDCL’s assets for the 20-year period of the concession.  Under the concession contract, Umeme was required to invest a minimum of US$ 65 million by 2010 to improve the network infrastructure and billing systems, though Umeme expected to invest US$ 100 million over this period.  Umeme was also required to make a minimum of 20,000 new connections per year until 2010, and then 25,000 new connections per year thereafter.   Miga granted a 20 year US$40.5 million in guarantees to Globeleq Ltd. of Bermuda and Eskom Enterprises (Pty.) Ltd. of South Africa covering their $45 million equity investment in, and shareholder loans to, Umeme Ltd. of Uganda.
In December 2005, the Municipality of Barnaul awarded a 25 years lease contract for the city’s water infrastructure facilities to Rosvodokanal (RVK), one of Russia’s largest private utility operators.  The municipality also signed a parallel five year investment agreement with RVK for a total investment commitment of about $73.3 million. RVK owned a 51% stake in the Barnaul Water Utility. Prior to RVK, the water utility was operated and maintained by the Municipal Unitary Enterprise (MUE).   As of January 2007, RVK provided technical and operational management services through long term lease contracts to total six municipal utilities throughout Russia (Barnaul, Kaluga, Krasnodar, Orenburg, Tyumen and Tver).  RVK is a wholly owned subsidiary of A1, the private equity arm of Alpha Group, one of Russia’s largest financial and industrial groups, with oil and gas, banking, telecommunications and other holdings.  In 2008, RVK obtained a loan from the IFC for RUB 624 million or $25 million and another loan from the EBRD for RUB 5.6 billion or $224 million to support its obligations under the six long term lease contracts and investment agreements with the municipalities.  The EBRD/IFC loan provided financing to implement 5-year investment programs in each city in which RVK operated in 2007 and the acquisition of new utility operator(s).
In September 2005, a Hong Kong based company Dayi Property and Construction Co. Ltd. signed an agreement to build and operate Pingxiang - Hongkou Expressway in Jiangxi Province. The total investment on the 33.668 km road was RMB 16.90 million (US$ 206.35 million). Dayi formed a specific purpose company Dayi Hongping Expressway Development (Jiangxi) Co., Ltd. for this project. The construction of the project commenced in October 2006. The project company will then operate the road for 310 months.
In June 2005 Veolia Water, through its local subsidiary Societe Eau Pure (SPEP), signed a 5-year partnership contract with Vodokanal, the local water company of St. Petersburg, to manage the drinking water production plant in the southern part of that city. The water plant was one of the largest facilities of its type in Europe, processing some 13.89 cubic meters per second. The plant served approximately two million inhabitants.  Societe Eau Pure has been registered in St. Petersburg since 1995. The company was a joint venture owned 51% by Veolia, 49% by Vodokanal, and 1% by the city of St. Petersburg.
In February 2005, the Gujarat State Road Development Corporation (GSRDC) signed a 15 year contract (including 14 month of construction period) to India’s MSK Projects Ltd. to strengthen the 8.7 km Himatnagar Bypass on State Highway 9(SH 9) in the state of Gujarat.  Under the contract, MSK Projects Ltd. was responsible for the rehabilitation, finance, operation and maintenance of the bypass. The project was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   MSK Projects Ltd. won the tender through competitive bidding, conducted by GSRDC. While the bidding details were not known at the time of collection of information, it is known that the SPV was to recover the capital costs and operating costs including returns through tolls during the concession period (excluding construction period).  The concession agreement for the project was signed in February 2005. The total capital cost of the project was estimated at US$ 1.75 million.   Construction on the project began in February 2005 and was completed by April 2006.
In 2002 the Nam Theun 2 Power Company Ltd (NTPC) began the development of the Nam Theun II power project, a 1,075 MW hydro dam on the Nam Theun River.  The project consisted of four 250 MW and two 43 MW units. The project was located in Khammouane province, 250km east of Vientiane.  The dam was to be constructed under a 25-year build, own, operate and transfer contract.  Up to 95% of the power from the project was to be exported to Thailand, under a 25-year year power purchase agreement between NTPC and the Electricity Generating Authority of Thailand Plc (EGAT).  The remaining 5% was to be used for domestic consumption.  Government revenues from taxes, royalties and dividends (expected to be around 5% of total government revenue) were intended to be spent on development programs in Laos.  NTPC was a joint venture between Electricite de France International (EDFI, 35%,), Lao Holding State Enterprise (25%, Laos), EGAT (25%) and Italian-Thai Development Co. (15%).  Financial closure was reached in April 2005.  The total project financing was US$ 1,580 million of equity, loans and guarantees.  Of this, US$ 1,250 is to be used to construct to power project, with US$180 million set aside for environmental and social protection.  Finance included US$450 million of equity from shareholders, along with US$130 million of bonds and guarantees.  A three tranche US$126 million political risk guarantee loan and a three tranche US$200 million export credit agency loan were provided by nine international commercial banks (ANZ Investment Bank, Bank of Tokyo-Mitsubishi, BNP Paribas, Calyon, Fortis, ING, KBC Bank, SG CIB and Standard Chartered Bank).  Direct loans came from the Asian Development Bank (US$50 million), Nordic Investment Bank (US$34 million), Proparco (US$30 million), Agence Francaise de Developpement (US$30 million) and Export Import Bank of Thailand (US$30 million).  Finally, loans of Thai Baht 20 billion (US$ 500 million) came from seven Thai banks (Bangkok Bank, Bank of Ayudhya, Kasikornbank, Krung Thai Bank, Siam Commercial Bank, Thai Military Bank and Siam City Bank).  The Nam Theun 2 project received considerable development bank assistance in the form of grants, loans and guarantees.  These include a US$20 million grant from the International Development Association along with a US$50 million partial risk guarantee and up to US$200 million in political risk guarantee from the World Bank, a US$20 million public sector loan to the Government of Laos and a US$50 million political risk guarantee from the Asian Development Bank (in addition to the US$50 million private sector loan above), a US$55 million loan from the European Investment Bank and a 5 million Euro (US$ 6.5 million) grant from Agence Francais de Developpement.  Construction began in June 2005, and was expected to be completed by the end of 2009.  The primary construction contractor was EDFI.  Nam Theun 2 was the fourth hydropower project in Laos to sell most of its power to EGAT.  As of December 2009, the operation of Nam Theun-2 hydropower project had been delayed, which was originally to start in December 2009 and was rescheduled to March 2010. The project became operational in July 2010.
Antonio Ruette Agroindustrial project was a 28 MW bagasse power plant at Paraiso city, Sao Paulo state. The project was a cogeneration plant which agreed to sell 21 of the 28 MW to state owned Eletrobras through a 20-year power purchase contract. The contract was part of the Financial Support Program for Investments in Alternative Sources of Electric Energy (PROINFA). PROINFA was a government sponsored renewable energy program in which wind, biomass, and small hydro projects selected for development were guaranteed 20-year power purchase agreements with federal utility Eletrobras at pre-specified prices and receive access to BNDES financing.  The project cost was estimated at US$23 million (67.6 million real). 70% of the cost was financed by a direct loan from Banco Nacional de Desenvolvimento Economico e Social (BNDES) and the remaining 30% by the sponsor.   The power plant commenced operations in May 2006.
In August 2004, the Turkish government awarded an 18-year and eight months build-own-transfer (BOT) contract to Tepe-Akfen Ventures (TAV) to build and operate a new domestic and international terminal at the Ankara Esenboga Airport.    TAV was created in 1997 by local firms Tepe Construction(47.5%), Akfen Construction(47.5%) and Austria’s Flughafen Wien (5%). From its creation TAV specialized in building and operating airport terminals.   The project cost was estimated at $305 million. The project reached financial closure in July 2005 when the bank loans to the project were syndicated.  The project received financing from a 12 year $232 million loan from Germany’s HVB Group in November 2004. The loan consisted of $123.5 million in trade financing and $71.5 million to finance the purchase of goods and services for the project. The remaining amount represented $26.5 million in voluntary reserves and $10.5 million in operating capital. TAV, the project company, provided US$65 million as equity.   The new terminal at Esenborga Airport was expected to serve around 5.5 million domestic passengers and 4.5 million international passengers per year. A total of 18 bridges were projected for the terminal: 12 for domestic flights and six for international flights. A multi-level car park for 4,000 vehicles was included in the project, providing both open-air and covered parking. Construction on the terminal started on December 2004 using sponsor equity and was expected to take 24 months. In October 2006, TAV completed the construction for the domestic and international terminals at the Ankara Esenboga Airport. The Esenboga airport with the opening of the new terminals reached 10 million passenger capacity.
On June 2005,  China National Nuclear Corporation (China, 65%), was signed a Build Own, Operate and Transfer agreement with PRIVATE POWER & INFRASTRUCTURE BOARD (PPIB)  for the construction, operation and transfer for a 20 years term of a 330 MW, Nuclear power plant at Chashma. The contractor was the Chinese government represented by China National Nuclear Corporation.  Under the BOOT agreement, China National Nuclear Corporation was to supply 330 MW of energy to PPIB for a term of 20 years. The remainder of the energy was to be sold to the public.    Following a direct negotiation process, Chinese government was awarded to set up a 330 MW nuclear power plant at Chashma.  The total project cost was 860 US millions. The project reached financial closure in December 2005, according to a CNNC press release.  The plant’s first grid connection took place on March 14, 2011.
In October 2005 the government of Nigeria, through its Bureau of Public Enterprises (BPE), awarded a 25 year rehabilitate, lease and transfer concession for Federal Lighter Terminal (FLT) A at the Onne port to private operator Brawals Nigeria Limited. The concessionaire pledged to pay leasing fees to the government amounting to some $16.66 million in net present value. Additionally, the concessionaire was expected to make all investments on the terminal’s berths (except for the quay wall, which remained the government’s responsibility), stacking yard, equipment, as well as improved security and fencing systems. The net present value of investments in infrastructure were estimated at $3.03 million. The project was part of a wider plan started in 2004 - 2005 to attract private participation in the Nigerian port sector.  The contract was awarded in October 2005 after direct negotiations between Brawals and the Nigerian government.    No further information was publicly available on the ownership structure of the concessionaire, investments in facilities, or the terminal's capacity.
Istanbul-based Palen Enerji Dogal Gaz Dagitim Endustri ve Ticaret Anonim Sirketi (Palen) was an incorporated joint stock company that was created on October 22, 2003 to develop, construct and operate a natural gas distribution system in the city of Erzurum, located in eastern Turkey.  The tender was called by the Turkish Energy Market Regulatory Authority (EPDK).  The project was to involve the construction of medium and low pressure gas distribution pipelines throughout the city and the connection of residential, commercial and industrial consumers in the license areas, primarily in the first three years of the 30-year license. BOTAS, the state-owned oil and gas company, was to supply natural gas to the project.  Palen was 89% owned by Palmet and an aggregate of 10% by the Erzurum (9.5%) and Ilica (0.5%) municipalities, with the balance owned by three Palmet employees.  Palmet, in turn, was a privately owned project management and construction/contracting company founded in 1984, with approximately 84% of its shares owned by its founder, main shareholder and general manager, Mr. Doganay Samuary.  The total project cost was estimated at US$13.6 million. In May of 2005, the IFC committed investment consisting of a US$2.0 million A loan for IFC’s own account. A stand-by loan of US$5.0 million to Palmet was also granted for future gas distribution licenses.  The project was completed in late 2004.
A new joint venture company was created by a foreign-led consortium including APM Terminals (APMT) and Hutchison Port Holdings (HPH) to build and operate the Phase II of Shanghai’s Yangshan mega-port project in Shanghai for 50 years. The project was expected to provide Shanghai with another 2.1 million teu annual capacity.  The 50-year BOT contract was signed in December 2005 by the foreign companies and Shanghai Municipal government. Under the agreement, HPH, a wholly-owned subsidiary of Hutchison Whampoa limited, had a 32% stake in the joint venture company. APM Terminals, the terminal operating unit of Denmark’s A.P. Moller-Maersk group took up a 32% share in the project. The rest of the consortium members were all state-owned company. Shanghai International Port (Group) Co. Ltd. (SIPG), which was 30% owned by China Merchant Holdings, had 16% of the project and Cosco Pacific and China Shipping group each owned 10%.  The total project cost was estimated at US$ 740 million -US$ 870 million, while the register capital of the joint venture company was about US$ 482 million. HPH was committed to invest US$ 154 million (RMB 1.28 billion) for the equity proportion in the venture but no further financing information is public available.  Subsequent to the Phase I of Yangshan Deepwater project, Yangshan Phase II terminals was another monumental port project approved by National Development and Reform Commission, PRC. It had a total area of 64 hectares with a quay length of 1,400 meters and a depth alongside of exceeding 15 meters. It comprised of four deep-water berths capable for accommodating 100,000-ton or above container vessels.  Phase II was expected to open for operations in December 2006. At that time, Yangshan Island terminal was to be served by a 32 kilometer, six lane bridge, connecting it to the bustling mainland city of Shanghai at the mouth of the Yangtze River.
In April 2005, Zhuhai International Container Terminal (Gaolan) Co., Ltd., a 50-50 joint venture between Hutchison Delta Ports (a subsidiary of Hutchison Port Holdings) and Zhuhai Port Enterprises Group, began work on the second phase of the Gaolan Port terminal. The project comprises two new 50,000-ton container berths and involves total investment of about RMB 1.886 billion (US$ 230.28 million). Expected to be completed by 2007, the new berths will be capable of handling at least 800,000 TEUs a year. Length of berth is 824 meters. The joint venture would provide terminal operations and other related services for 50 years.
In October 1999, Agencia Nacional de Energia Electrica (ANEEL –Brazil’s energy regulatory agency) awarded a 35 year contract to build and operate an 880MW hydroelectric project on the Canoas River in the State of Santa Catarina to the consortium Campos Novos Energia (Enercan). The Campos Novos Power Plant project consisted of three 293MW turbines, a 201m high rock filled dam with a 590m crest and an 11 km transmission line to be connected to the existing 230kV Campos Novos Substation.  The wining consortium was originally composed by CPFL Geracao de Energia, Companhia Paranaense de Energia (COPEL), Companhia Estadual de Energia Eeletrica (CEEE) and Centrais Eletricas de Santa Catarina (CELESC). In 2003, COPEL sold its stake in Enercan to Companhia Brasileira de Aluminio (CBA, subsidiary of Votorantim). COPEL received US$5.9 million in November 2003 and US$24.5 million in February 2004. As of 2005, Enercan was composed by CPFL Geracao (48.72%), CEEE (6.51%), CELESC (2.04%), CBA (22.69%) and Companhia Niquel Tocantins (CNT, also part of Votorantim) – 20.04%.  The project cost was estimated at US$523.9 (1,276.7 million real).  The project reached financial closure on January 25 2005. The project is being financed by a 15 year (12 years with a 26-month grace period) US$75 million A loan from the IADB and a US$267.5 million loan with the same maturity from BNDES.   The project began construction in June 2001 and was expected to begin operations in February 2006 with the first turbine. Protest by local residents and rising costs for compensation payments to displaced communities in 2005 were not expected to delay the project, though they did impact the cost estimate, increasing it from the US$523.9 million original estimate.  The company offered the winning bid of US$ 9.7 million (R$ 22.6 million) in the auction carried out by ANEEL. The amount was to be paid in annual installments until the end the concession period.  The contract includes 12 year power purchase agreements with the project sponsors for the following amounts: CPFL Distribuicao, 119MW; CPFL Piratininga, 63MW; CBA, 85MW and CNT 75MW.   In May 2007, the Campos Novos Power Plant became fully operational.
Santa Terezinha's project was a 50.5 MW bagasse power plant at Tapejara city, Parana state. The project was a cogeneration plant which agreed to sell 28 of the 50.5 MW to state owned Eletrobras through a 20- year power purchase contract. The contract was part of the Financial Support Program for Investments in Alternative Sources of Electric Energy (PROINFA). PROINFA was a government sponsored renewable energy program in which wind, biomass, and small hydro projects selected for development were guaranteed 20-year power purchase agreements with federal utility Eletrobras at pre-specified prices and receive access to BNDES financing.  The project cost was estimated at US$59.3 million (163 million real). 61% of the cost was financed by a direct loan from Banco Nacional de Desenvolvimento Economico e Social (BNDES) and the remaining by the sponsor.   Usina de Acucar Santa Terezinha Ltda was to add a modern boiler and new control equipment to an existing 13.2 MW electricity cogeneration power facility at its complex in order. The expansion and upgrade would allow the sponsor to achieve efficiency and reduce emissions from the operating plant that burned bagasse left over from processed sugar cane to produce energy.  The power plant became operational in 2006.
In September 2005, Gansu Datang Yumen Wind Power Co. Ltd. was created by Chinag Datang Corporation (CDT), one of the country’s extra large power enterprises, and  Korea Electric Power Corp. (KEPCO), to jointly build a 49 MW wind power plant in Guansu, a province in Northwestern China. The joint venture agreed to operate the power plant for 26 years including construction period.  Under the terms of the project, Kepco and China Datang agreed to build and operate a wind power plant with capacity of 49 megawatt. The total investment was to estimated at US$ 57.5 million, 66.6% of which (US$ 38.3 million) was raised through Chineses banks and US$ 19.2 million in paid-in capital. According to the contract, KEPCO was to pour US$ 7.68 million (40% of the first-phase investment of US$ 19.2 million) into the project and participated in the operation as the second biggest shareholder.   The plant started construction in October 2005 and was expected to take about a year to complete. Kepco expected an annual dividend income of more than 10% of its investment from the deal.
In December 2001 the Shell Petroleum Development Company of Nigeria (SPDC) won contracts from the National Electric Power Authority (NEPA) to refurbish, operate and transfer the Afam I-IV power plants and to lease operate and transfer the Afam V plant, all located near Port Harcourt.  The gas-fired plants were operating below capacity because of poor maintenance, so SPDC was required to refurbish the plants and then operate them for 15 years, selling electricity to NEPA, the national electricity utility.  The project was delayed, and final contracts were signed in 2003, with construction to begin in early 2006.  The rehabilitation project was expected to increase capacity from 240 MW to 400 MW in the short term, at a cost of US$ 238 million, and eventually to 930 MW by the first quarter of 2007.  This was expected to require total investment by SPDC of US$ 540 million.  Commercial operation started in 2008.
The Kaeng Khoi 2 power plant project was a 1,468 MW natural gas-fired plant located in Saraburi province, and was developed by Gulf Power Generation. The plant was to supply power to the Electricity Generating Authority of Thailand (EGAT, the state-owned utility) under a 25-year power purchase agreement, with the power sales tariff starting at around Baht 1.685/kWh (US$ 4.1 cents/kWh).  Fuel would be supplied by the Petroleum Authority of Thailand under a 25-year gas supply agreement, with the plant to receive 125 million cu ft a day of natural gas for the first 734MW with the figure rising to 250 million cu ft a day from March 2008.  The plant was to replace Gulf Power Generation’s 734 MW coal-fired IPP project at Bo Nok in Prachuap Khiri Khan province, which was cancelled after it ran into vehement local and environmentalist opposition.  Gulf Power Generation was a subsidiary of Gulf Electric Public Company Limited (GEC) which was a joint venture between the partially divested Electricity Generating Company (EGCO) of Thailand (50%), Japan Electric Power Development Company Limited (EPDC or J-POWER) (49%) and Mit Siam (1%). EGCO was set up in May of 1992 as a holding company to divest some of the assets of the state-owned Electricity Generating Authority of Thailand (EGAT). In November 1994, EGCO floated 204 million shares, or 51% of the company, at 22 baht each, raising US$178.5 million and effectively making it a privately run company. The shares made their debut on the Thai stock market in January of 1995. Although EGAT retained a 48% interest in EGCO, the company was to be run as a separate entity and was to be out of the EGAT's sphere. In July of 1998, Hong Kong utility firm China Light and Power Co. Ltd. (CLP Power) acquired a 14.9% stake in EGCO for US$241 million. As of 2004, the stake holders of EGCO were EGAT (25.41%), CLP Power (22.42%), Thai investors (30.09%), and foreign investors (22.08%).  In December 2005, Gulf Power Generation reached financial closure for the plant, after years of delays caused by a series of problems relating to the plant’s site and fuel choice.  The first phase of financing was completed on November 15, 2004 when Gulf Power Generation signed off on Baht 35.5 billion (US$866 million) worth of loan facilities for the project. A Baht 28 billion (US$683 million) loan facility was being extended by seven local financial institutions including the Thai Military Bank, Siam City Bank, Bank of Ayudhya, Bank of Asia, BankThai, UOB Radanasin Bank and the Government Savings Bank. In addition, a Baht 7.5 billion (US$183 million) standby letter of credit facility was signed with six foreign financial institutions including Barclays Capital Securities (Thailand), Bank of Tokyo-Mitsubishi, BNP Paribas, ING Bank, Mizuho Financial Group and Sumitomo Mitsui Banking Corporation.    However, final financial closure was conditional on the second phase of financing completed in December 2005, with the Japanese Bank for International Cooperation signing a long-term loan agreement to co-finance the project with the other financial institutions.  The construction was completed and the Block 1 entered into commercial operation in May 2007 and the Block 2 in March 2008 respectively. The engineering, procurement and construction contract for the project was awarded to Japan's Mitsui & Co, which was to procure the equipment from France's Alstom and operate the plant under a 12-year contract upon its completion.
In December 2005 Panriver Investment, a subsidiary of Hong Kong based Panva Gas Holding Ltd, formed a sole venture Shaoguan Panva Gas Co., Ltd. in Shaoguan City, Guangdong Province. The total investment was US$ 7.33 million.   The project company Shaoguan Panva Gas Co., Ltd. was granted a 30 year concession to operate pipe natural gas pipe business in Shaoguan City, Guangdong Province.  Hong Kong based Panva Gas Holding Ltd was a publicly traded company in the Hong Kong stock exchange and was principally focused on commercialization of natural gas and liquefied petroleum in China mainland.
In July 2004, West Route Joint venture (JV) was granted the phase II of Western Delta Route. The project, to be developed under a 20 year BOT basis, consisted of a 46 km closed system dual three lane expressway which would extend Western Delta Route from Bijiang interchange in Shunde, where ended Phase I, to Zhongshan in the South, linking to National Trunk 105. Western Delta Route Phase I and II would shorten the travel time between Guangzhou and Zhongshan by over an over.  West Route JV was a joint venture company created by Hopewell Guangzhou-Zhuhai Superhighway Development Ltd. (50%) and state-owned Guangdong Provincial highway Construction Co., Ltd. (50%). The first partner was a wholly-owned subsidiary of Hong Kong based HHI of which Hopewell Holdings Ltd. owned 74.98%.   The estimated total cost of phase II was US$ 592 million (RMB 4.9 billion). Project sponsors planned to finance 35% of total cost through equal capital contributions to West Route JV. Payments of equity contribution were to be determined by progress in construction planned at 30% in 2005, 40% in 2006, and 30% in 2007. The construction of phase II, which was planned to take 3 years, started in December 2005.   West Route JV was also the consortium of the 30-year BOT for Western Delta Route- Phase I, which started operation in April 2004.
On September 21, 2000, Thai Tap Water Supply Public Company Limited (TTW), entered into the Water Purchase and Sale Agreement with the Thailand's Provincial Waterworks Authority (PWA) to produce and distribute tap water for a period of 30 years or until July 20, 2034 on the BOO basis.  The area serviced by the TTW under the concession agreement included communities living in Nakhon Pathom and Samut Sakhon provinces west of Bankok.    To operate the newly built infrastructure, the TTW had to obtain a concession from the Ministry of Natural Resources and Environment.  The latter granted such concession on March 11, 2005 for a period of 25 years.   Under the concession agreement with the PWA, the TTW would undertake construction of the tap water production and distribution systems with the maximum production capacity of 320,000 cubic meters/day.  TTW was to maintain the ownership of the tap water production and distribution systems. The Water Purchase and Sale Agreement also specified the minimum order quantity (MOQ) to be purchased by the PWA from the TTW throughout the 30-year period .  On 15 September 2006, PTW signed another WPSA with the PWA to increase the tap water supply by an additional volume of 70,000 cubic meters per day under the build, operate, and own contract.The WPSAs guarantee a minimum volume to be purchased by the PWA with the pricing formula linked to the Consumer Price Index (CPI). The estimated cost of the expansion was US$39 million (BT 1,300 million) and was partilly financed in 2008 with debt emssion.  TTW was a joint venture between Mitsui & Co., Ltd. (Mitsui) and Ch.Karnchang Public Company Limited (CHK), a construction company established and registered in Thailand. Mitsui held a 26% share in TTW and CHK held a 35% share. The project company launched an IPO in 2008 where it raised US$130 million (THB4.20 billion). As of January 2010, main shareholders of TTW are CH.Karnchang Plc.(35.31%), Mitsui Water Holdings (Thailand) Ltd. (25.88%), Bangkok Expressway Plc. (9.24%), HSBC (SINGAPORE) NOMINEE PTE LTD. (4.56%), and Thai NVDR Co.,LTD. (3.39%)
Arkay Energy Rameswarm Limited (“AERL”) developed a 95.3 MW natural gas based power project at Ramnathpuram, Tamil Nadu in two phases in February 2006 and July 2006. AERL was owned by Ind-Barath Power Infra Private Ltd.(81%). The power plant was commissioned in February 2006. Power was sold to PTC India on merchant basis. Pursuant to an agreement dated April 6, 2009, as amended on October 22, 2009, AERL sells 45.0 MW of power per month to PTC India at an average tariff of Rs. 5.90 per kWh. The agreement is valid until March 31, 2014, however the current tariff is valid until May 31, 2010, after which it is subject to renegotiation. AERL is permitted to produce and sell an additional 4.5 MW per month to PTC India at the same rate. The total project cost was estimated to be INR 2614 million (US$59.3 million). The project reached financial closure in 2005. The AERL Power Project was funded through a combination of equity contributions from our Company and other  nvestors preference share capital from our Company and secured debt. As of March 31, 2010, the total equity share capital investment made by our Company in AERL is Rs. 581.13 million. As of March 31, 2010 the preference share investment made by the Company in AERL is Rs. 361.85 million. AERL entered into four agreements to provide debt financing for the AERL Power Project: • On March 22, 2005, AERL entered into a subscription agreement to issue up to Rs. 1,000.00 million in principal amount of non-convertible debentures to IDFC. Since April 2007, we have redeemed debentures for an aggregate principal amount of Rs. 430.73 million. As of March 31, 2010, debentures aggregating Rs. 569.27 million in principal amount remains outstanding. • AERL has entered into financing agreements with Axis Bank, Union Bank of India and IDBI Bank for an aggregate amount of Rs. 1,033.50 million. As of March 31, 2010, Rs. 445.42 million in principal amount remains outstanding and the debt availed from Union Bank of India has been repaid in full.
In January 2005, the Germany company Lahmeyer International was awarded a two-year management contract to operate Jiro sy Rano Malagasy (Jirama), the state-owned electricity and water utility of Madagascar.  Jirama is an integrated utility, providing electricity generation, transmission and distribution services, as well as the transport and distribution of water.  Lahmeyer was required to improve administrative, technical and trade operations as well as financial management.  The Malagasy government retained control over tariff levels.  The contract was awarded on the basis of a competitive tender, with Lahmeyer’s bid of 1.8 million euros (US$ 2.3 million) significantly lower than the other bidder (French Firm Compagnie Generale des Eaux bid 4.2 million euros).  At the beginning of 2005 Jirama had a notional capacity of 220 MW, of which 40% was from hydro plants and 60% from diesel, but by December 2005 actual generation had dropped to 137 MW due to diesel fuel shortages.  Jirama was the sole provider of transmission and distribution services, but did not have a monopoly in generation.  Jirama had contracts for purchasing energy with French firm Hydélec and Malagasy firm Fraise, which provided 10% of generation capacity.  The company was in severe financial difficulty by the end of 2005.  The contract to manage Madagascar’s power utility Jiro sy Rano Malagasy (JIRAMA) came to an end on March 31 and was not renewed. The German group Lahmeyer had been blacklisted by the World Bank and the European Bank for Reconstruction and Development (EBRD) because of its involvement in a corruption scandal with the Lesotho Highland Water Project.
VS Hydro developed the 1.5MW Upper Korawaka Oya small hydropower plant. The project company was Santak Power Pvt. Ltd. The project consisted of a Francis Turbine. The project feeds of the Upper Korawaka Oya river, located in Kandy District.  The turbine was supplied by 3G Hydro Power (China), the generator was supplied by Stamford (UK) and Marali Motori (Italy). The transformer was supplied by Lanka Transformer (Sri Lanka). The Control system was supplied by Hydro Power International (Sri Lanka). The substation was supplied by ABB (India). The project was commissioned December 2005.  Total cost was ESTIMATED at US$1.5 million, based on conservative US$1 million/MW. Financial closure date was ESTIMATED at December 2005, commissioning date.
The Caete Cogeneration project involves the expansion of a cogeneration plant fuelled with sugar cane bagasse from 9 MW to 34 MW in the municipality of Conceicao das Alagoas, state of Minas Gerais.   Usina Caete –part of the Carlos Lyra Group- owns the Caete Cogeneration project.  In November 2005, Banco Nacional de Desenvolvimiento Economico e Social (BNDES) approved a US$36 million (80 million real) to Usina Caete - Filial Volta Grande; while the company was relying US$12.2 million (27 million real) on equity. In addition to funding the expansion of the power plant, part of the funds were also destined to increase sugar plantation.    The loan from BNDES was approved under the Financial Support Program for Investments in Alternative Sources of Electric Energy (PROINFA). PROINFA was a government sponsored renewable energy program in which wind, biomass, and small hydro projects selected for development received access to BNDES financing and/or were guaranteed 20-year power sales contracts with federal utility Eletrobras.  Commercial operations commenced in October 2006.
Lower Nyadi Hydroelectric Project Company, was developing the 4.5MW Lower Nyadi hydropower plant, on the Lower Nyadi River, Lamjung District. Butwal was a privatized company (2003), and is 15% owned by the government of Nepal. Majority ownership (69%) is held by Shangri-La Energy Limited.  The project was reported as operational by the NEA in August 2005. No further information was available. The project was purchased by Butwal Power Company from LEDCO in 2006, with the plan to expand it to 20MW, which is currently upgraded to 30MW. Under LEDCO, the project conducted its feasibility study in 2000, and the EIA was conducted by Butwal Power Company - approved and obtained in March 2000. The 30MW expanded plan has completed its feasibility study. The PPA and Connection Agreement with the NEA were also started, and progressing (not completed). Construction was expected to start in 2012, and commissioning was planned for 2015. Total output was to be 168GWh annually, to be evacuated via the Marsyangdi Corridor Transmission Line, planned by NEA at Khudi Hub. Consulting was provided by Hydro Consult, from Kathmandu. Underground design was performed by Mott Macdonald International (UK).   Total cost was estimated at US$6 million. Financial closure date was ESTIMATED at January 2005.
Fengyang Xinao Gas Company Limited was established in November 2005 by Xinao Gas Holdings Limited, which holds a 100% stake in the project. Xinao has exclusive rights to operate and manage gas pipeline infrastructure, and to sell and distribute piped natural gas in Fengyang City, Anhui Province for a period of 30 years. The project was operated by Fengyang Xinao Gas Company Limited, a wholly-owned subsidiary of Xinao Gas. The total investment was US$ 12.58 million.
Khudi Hydropower Limited, most probably a subsidiary of Butwal Power Comapny (BPC), developed the 3.45MW Khudi Hydropower plant, ont he Khudi Khola River, Lamjung District.  The project was reported as having obtained a PPA by the NEA, but corporate website claims commissioning in December 2006. The sponsor has a good website, but was partly down November 2012.  No financial information was available. Total cost was reported as Nrs. 560 million (US$6.5 million). Finanicial closure date was ESTIMATED at January 2005. Financing was provided by a consortium of five banks, led by Nepal Investment Bank Ltd. The debt/equity ratio was 70/30.
In October 2005, the Nigerian Bureau of Public Enterprises (BPE), the privatization agency, signed a 10 year concession with ENL Consortium to operate, rehabilitate and maintain terminal C at the Apapa port. The terminal handled bulk cargo. The concessioning of Apapa’s terminal C was part of a port reform program, which included all other terminals at Apapa’s port. The Nigerian Ports Authority (NPA) was responsible for monitoring the terminal operators under the landlord port model.   The ENL Consortium comprised ENL, a Nigerian-based public utility management company, Haastrup Line WA, GSI and Dublin Port Company. There was no disclosure of individual stake of each consortium member.  ENL Consortium won the concession contract through a competitive tender by offering the highest bid for lease and royalty fees which amounted to US$13.585 million (N1.806 billion) for terminal C through the concession period, in net present value. The ENL Consortium also committed to invest, modernize and expand the container terminal capacity according to its development plan estimated to cost some $10.22 million.   BPE qualified eight bidders to submit bids for the terminal C tender, which took place in February 2005. The ENL Consortium was selected as preferred bidder for terminal C and Michelle Nigeria/Gold Star Line with a bid price of US3.7 million as the reserve bidder. In April 2005, the ENL Consortium was declared the winning bidder for terminal C. The final terms of the contracts for the terminal were negotiated with BPE between April and October 2005.  The ENL Consortium took over the operation of terminal C in March 2006. It would operate the terminal for 10 years after which the terminal management would revert to the Federal Government. Under the concession contract, the terminals had to operate as a common-user facility. Port charges were expected to fall by 20-30 percent, but no time line was publicly disclosure on such charge reduction.
Cellular operator TK-Mobile was launched in 2005 as Tajik-Chinese joint venture. TK-Mobile was the first operator in Tajikistan to provide cellular communications in the CDMA-2000 1X standard.  Tajikistan owned 49 percent of the shares and the Chinese company ZTE assumed the 51% ownership interest in the closed joint-stock company TK-Mobile. A 49-per-cent stake in it was rumoured to belong to former Communications Minister S. Zuvaydov.  On December 21, 2006 Asia-Plus-China Development Bank (CDB) had provided US$70 million loan to TK-Mobile for purchasing a new telecommunications system and installing it in Tajikistan.
In October of 2005, Anurak Water Treatment Facilities Co. Ltd. (Anurak) signed a 20-year BOT contract for two water treatment plants at the Amata Nakorn Industrial Estate in Thailand with capacities of 10,000 cubic meters per day and 16,000 cubic meters per day respectively.  The project company was also to design, build, operate and maintain a wastewater treatment plant in the same area with a capacity of 10,400 cubic meters per day.  Anurak was to provide the services for domestic and industrial use water and wastewater treatment.   Anurak was a subsidiary of Ranhill Utilities Bhd.'s 70% owned subsidiary Ranhill KWI Sdn Bhd and a local company, Amata Quality Water Co. Ltd.  The total cost for the project was expected to be US$5.62 million (RM 21.2 million). The project was expected to be funded initially through capital injection by the shareholders of Ranhill KWI and internally-generated funds.
In July 2003, Government of Sri Lanka (GoS) awarded a build-own-operate (BOO) contract to Ace Power Embilipitiya (Pvt) Ltd to build and operate a 100 MW thermal power plant in Embilipitiya, north-central Sri Lanka. The power from this plant was supplied to state-owned Ceylon Electricity Board under a power purchase agreement.   This power plant was one of the two 100 MW diesel thermal power plants awarded by the GoS to independent power producers (IPP) on a fast track basis. The other power plant was developed by a joint venture led by Lanka Transformers in western Puttalam district. The objective of the thermal power plants was to improve generation and reduce Sri Lanka’s dependence on hydropower.  Ace Power Embilipitiya (Pvt) Ltd was initially a joint venture between Sri Lanka’s Aitken Spence & Company Ltd. and US based Caterpillar Inc. After the plant became operational in April 2005, Caterpillar divested its entire shareholding in the project and accepted a joint offer by Aitken Spence and DEG, German Investment and Development Company and a member of the KfW banking group. As of January 2006, Aitken Spence & Company Ltd. owned 74% of the shares in Ace Power and the balance was held by DEG.  The total cost of the project was estimated at US$ 60 million.   Construction work began in April 2004 and the project began commercial operations in April 2005.
Enersur, a subsidiary of GDF Suez [France] began developing Central Termoeléctrica ChilcaUno in September 2005. The Chilca I TPP was to have two 174 MW units and operate in an open cycle gas powered plant, the first to receive gas from the Camisea gas field. The first 174 MW unit became operational in December 2006 and the second 174 MW unit became operational in July 2007 bringing capacity to 348MW. The project cost of was approximately US $50 million for the first unit and US $40 million for the second unit. The first unit included setup of the plant. The project included a 220kv transmission line to be connected with the national grid with definitive concession to trasmit electricity granted by Peru's MEM (energy and mines ministry) in 2006.  In the first semester of 2008, the construction of a third 193 MW turbine began which became operational in the third semester of 2009. The total project cost was approximately US $90 million.   The third phase involved developing the turbines into a combined cycle instead of open cycle facility and was to boost capacity to approximately 800 MW. A 270 MW vapor turbine was to be added to the existing facility. To finance the third phase, Enersur signed a US $310 million financing contract with Banco de Credito del Peru in June 2010.  In January 2015, Enersur was granted the authorization to build another natural gás combined cycle generating unit with capacity of 112.8 MW. The investment in this unit was estimated at US$ 140 million. Construction works which were contracted to Duro Felguera S.A. commenced in March 2015. The unit was expected to begin commercial operations in the second semestre of 2016.
Rio Amazonas Energia S.A., a wholly-owned subsidiary of the Brazilian company Multiner S.A. (Grupo Bolognesi, 55%; Multiner FIP, 45%), was granted the authorization to build and operate a 85.4-MW diesel fueled power plant located in the state of Amazonas. The 30-year contract was signed with the regulatory agency ANEEL in October 2006.  The power plant was named UTE Cristiano Rocha.  The power plant commenced operations in November 2006, and it established a 20-year power purchase agreement to sell all its output to the Amazonas state electricity distribution company. A total of US$ 100 million (BRL 200 million) was invested in the power plant.  In 2012, the sponsor began the expansion of the power plant adding more 50 MW to its capacity and the conversion to natural gas. The investment was estimated at US$ 62 million (BRL 121 million). The conversion process was expected to be concluded by April 2013.
In December 1999 the Secretary of Public Works and Communications awarded a 30 year BOT contract to Autopistas del Nordeste C. for the design, construction, operation, and maintenance of a 106 km toll road to connect Santo Domingo with the country’s northeastern peninsula. The contract which was identified as a concession under the country laws was the country’s first-ever highway license. The project was designed to lower transportation costs by reducing distance and travel time from 220 km and four hours to 120 km and 1.5 hours respectively.   The project company, Autopistas del Nordeste C. por A., was controlled by Colombian Grupo Odinsa (42.5%) and also owned by Dominican construction firm Consorcio Remix (37.5%) and Colombian Grodco SA (20%).  The contract was awarded through an international bidding process. But no additionally information was publicly available.  The project company and the Secretary signed the BOT contract on July 18th 2001. The estimated projec cost by Odinsa, the leading sponsor, was US$250 million. The financing structure agreed for the project was as follows:  20% of construction cost to be financed by a government contribution. Those resources were to be managed by an international financial entity through a trust fund. 20% of construction cost to be financed by a contribution from the concessionaire. 60% of construction cost to be financed through long term debt. 100% of financing and other costs to be financed through long term debt.  The project reached financial closure in February 2006 with the issuance of US$162 million in senior notes, underwritten by Morgan Stanley and rated by Fitch in February 2006. The financing was raised in the form of senior secured notes issued pursuant to Rule 144A and Regulation S of the US Securities Act. Morgan Stanley acted as underwriter. The notes have a 20 year legal maturity and a 13 year average life. The debt was rated B by Fitch Rating, one notch above the sovereign ceiling. The issuance was a structured finance deal backed by future toll revenues.   The financing was innovative because it was the first-ever bond issue for project finance covered by MIGA. In March 2006, MIGA provided $108 million in political risk insurance for the development of a toll road in the Dominican Republic.   The insurance covers portions of a $14 million equity investment in and a $162 million bond issue for Autopistas del Nordeste C. Por. A. The coverage was for up to 20 years against the risks of transfer restriction, expropriation, war and civil disturbance, and breach of contract.  Tariffs were defined in Dominican pesos and were indexed to local inflation. Under the concession contract, the Government assumes the Project’s traffic risk and guarantees the Company a minimum level of revenues sufficient to cover certain project payments. Excess revenues beyond the minimum guaranteed revenues were to be shared between the Company and the Government, through a formula designed to give both the Company an incentive for increased revenue collection and the Government a return for its minimum revenue guarantee obligation.   Construction began in 2006 and the project became operational in August 2008.   In 2009, the sponsors of Autopistas del Nordeste decided to exercise an option in their contract to rehabilitate 99km of existing road running between the towns of Nagua, Sanchez, Samana, El Limon, and Las Terrenas, and building a new section between Las Terrenas and Majagual. A new project company was created for the undertaking. See project 5355 Boulevard Touristico del Atlantico (BTA).
In October 2006, the National Highway Authority of India (NHAI) signed a 20 year contract (including 3 years of construction period) to India’s Gammon Infrastructure Projects Limited (Gammon) to construct and operate the 10.6 km section (including a Major Bridge of 1.875 kms across the river Kosi) on National Highway 57 (NH57), in Supaul district of state of Bihar.  Under the contract, Gammon was responsible for the design, construction, finance, operation and maintenance of 4-lane Bridge across river Kosi including its approaches, the guide bund and afflux bund. The project, part of National Highway Development Project-Phase II, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region. The project stretch was a vital link connecting the northern states of India to the north eastern states.  Gammon established Kosi Bridge Infrastructure Company Limited (KBICL), a special purpose vehicle, to implement the project. Gammon won the tender through a competitive tender, conducted by NHAI, by requesting for the lowest annuity payments. Under the contract, Gammon was to recover the capital costs and operating costs including returns by way of a fixed annual payment (annuity) from the NHAI in the amount of US$ 15.95 million during the concession term (excluding three years of construction period). Under the annuity scheme, KBICL cannot collect tolls from the users of the facility.  The project reached financial closure in July 2007 with a debt equity ratio of 8.1:1. The total capital cost of the project was estimated at US$ 109.89 million. Canara Bank has syndicated entire debt of US$ 98 million and also is the leader of the consortium of lenders.   Construction on the project was scheduled to begin in April 2007 and was expected to be completed by April 2010.
The Republic of the Philippines had singed the Supplemental Toll Operations Agreements (STOA) with South Luzon Tollway Corporation (SLTC) for the extension and widening project of the South Luzon Expressway (SLEX) in February 2006, a crucial infrastructure that was to free up traffic from the South.  The STOA was related to the franchise to operate, construct and maintain toll facilities in SLEX for 30 years counted from February 2006. The Toll Regulatory Board (TRB) in behalf of the government was the grantor and officials of the state-owned Philippine National construction Corp. (PNCC), while the SLTC and the Manila Toll Expressway System Inc. (MATES) were the operator.  The SLTC was a subsidiary of MTD Manila Expressways, Inc. (formerly known as Hopewell Crown Infrastructure Inc.) (MTDME), of which the majority controlling interest was held by MTD Equity Sdn Bhd (MTDE), a wholly-owned subsidiary of MTD Capital Bhd (MTD). MTD had a 67% stake in MTDME since June 2005. Northeast Development and Acquisitions Corp (NDAC)., which used to control MTDME, was left with a 23% interest. Hopewell Holdings Ltd., of Hong Kong tycoon Gordon Wu, kept its 10% stake in the MTDME. SLTC was the grantee of the concession for the design, construction and financing of the project.  Construction of the SLEX was expected to take three years to complete and an estimated cost of US$214.6 million Under the agreement, MTD was to finance the project’s total cost through its own funds and any loans was not to entail any sovereign guarantee from the Philippine government.  MTD had earlier deposited US $2.5 million with a Philippine bank as a proof of its financial capacity to undertake the project. The International Finance Corp (IFC), the World Bank’s investment arm, had already committed to provide US$ 50 million (P2.6 billion) for the project. The amount was to be invested as a loan to the joint-venture partner of the PNCC and MTD. A consortium of banks led by Banco de Oro was expected to lend an additional 5.55 billion pesos ($111 million equivalent). Debt equity ratio for the project was estimated at 75/25.   The STOA defined the parameters of the toll rates the project developer charged to ensure its viability. It came into effect on 3 February 2006, which was the date of its approval by the Secretary of the Department of Transportation and Communication of the Republic of the Philippines. Toll was to be collected on the basis of the distance traveled. The toll rate was subject to adjustment very 2 years based on the parametric formula.  The SLEX, involved a total of 90.4 km of toll roads including 35 km construction expressway, had three components: rehabilitation of Alabang viaduct; widening of the expressway from Filinvest Alabang to Calamba and the extension from Calamba to Sto. Tomas, Batangas connecting to the Southern Tagalog Arterial Road (STAR). It was the main artery that connected Metro Manila with the southern Luzon provinces in the Philippines. The highway started in Manila’s Paco district and ends in Calamba City in the province of Laguna, some fifty kilometers south of Manila. The SLEX passed through the following cities and municipalities: Manila, Makati, Pasay, Taguig, Paranaque and Muntinlupa in Metro Manila; San Pedro, binan, Santa Rosa, Cabuyao and Calamba City in Laguna; and Carmona in Cavite.  Under the plan, the 1.2 kilometer Alabang viaduct was to be widened to 8 lanes because the existing 6 lanes created a bottleneck when the Skyway was extended to Alabang. Its slabs and girders were to be replaced and existing columns and foundations was to be strengthened to accommodate cargo trucks. The existing 27.3 kilometer Filinvest Alabang Calamba expressway was to be widened from four lanes to eight lanes to decongest the expressway particularly up to the St. Rosa section for a total of 15.6 kilometer eight-lane expressway. Besides those, MTD was to widen and strengthen all 14 bridges and other substructures along the expressway which, based on its findings, do not comply with the current earthquake code.  MTD was the second biggest toll operator in Malaysia handling four tollways there. It also operated a tollway in Sri Lanka. It was engaged in highway construction such as the Kuala Lumpur to Karak highway project and constructed the 1.2-billion ringgit Phase I of the east Coast Expressway project in Malaysia.  MTDME (formerly known as Hopewell Crown Infrastructure Inc. (HCII)) was a Philippic strategic company originally established by Hopewell Holdings and Crown Equities Inc. to undertake the rehabilitation, construction, operation and maintenance of portion of the South Luzon Express way. Before it was sold to MTD, MCII was a 90%-10% joint venture of Crown Equities, Inc. and Hong Kong’s Hopewell Holdings of tycoon Gordon Wu. SLTC was the joint venture corporation established by PNCC and MCII pursuant to their Amended Joint Venture Agreement (AJVA) executed in August 2000.  AT that time, MCII controlled interested of 80% in the SLTC and the PNCC held the remaining 20%.   The implementation of the agreement was supposed to take effect in 2000 but was delayed several times in the following five years due to HCII’s difficulties in putting up the needed funds. The PNCC gave HCII until May 20, 2005 to prove its capability to finance the project or the joint-venture deal was to be rescinded. However, HCII sought reconsideration, and presented to the PNCC board a financial plan indicating that it could finance the project by partnering with MTD. MTD was chosen over five other foreign groups that showed interest in the project as HCII’s strategic partner.  MTD acquired a 40% stake in HCII and the rights for another 40% for a total of  US$ 3.61 million (RM 13.54 million) from Northeast Development & Acquisitions Corporation (NDAC) and Crown Equities Inc. in December 2004 through MTDE.  NDAC was a low-key Phillipine company run by some ex-Philippine National bank officials and Bangko Sentral ng Pilipinas. Crown Equities Inc. was known in the business community as a concern of the group of banker George Go of equitable PCI Bank. In April 2005, MTD bought another 10% stake in HCII from Hopewell Crown Infrastructure Inc. for about US$0.89 million.  Till June 2005, MTD raised its stake in HCII to 67% and HCII renamed as MTDME.  The extension from Calamba to Sto. Tomas, Batangas was inaugurated on December 15th, 2010
Energética Eldorado Ltda, a wholly-owned subsidiary of  the Brazilian company Companhia Eldorado de Agronegocios was granted an authorization by the regulatory agency ANEEL to build an 28-MW thermal power plant located in the state of Mato Grosso do Sul (municipality of Rio Brilhante). The cogeneration power plant was set to use sugar cane residues as fuel. Besides the cogeneration unit, the industrial complex was set to have a sugar-cane pressing facility and an ethanol producing unit.   The 30-year contract for the UTE Eldorado was signed by Energetica Eldorado Ltda with ANEEL in October 2004, allowing the power plant to operate in the electricity market as an independent producer. UTE Eldorado began operations in 2006 and demanded investment of US$ 15.4 million (BRL 33.6 million).   In March 2008, ETH Bioenergia, a subsidiary of  the Brazilian group Odebrecht (66%) and the Japanese Sojitz Corporation (33%), paid US$ 382.5 million (BRL 700 million) for Eldorado pressing unit and cogeneration plant, and additional investment should be directed to its expansion (as of 2009, its capacity was of 12 MW).  In August 2010, UTE Eldorado took part in a competitive bidding process to sell electricity to the regulated wholesale market (a 15-year power purchase agreement was signed guaranteeing the sale of electricity to the national grid).
In June 2006, a local private company, Weixing Group was granted a 50 year agreement to construct and operate the Luoma Hydro Power Plant in Weixi Lisu Minoriy Autonomative County, Yunnan Province. The project was procured through direct negotiation. The total capacity of the project is 60MW and Weixing Group has a 70% stake of the project with the remaining share owned by individuals. The total investment was RMB 241.8897 million (US$ 30.35 million). A subsidiary company, Yunnan Jianghai Investment Co., Ltd., was established to operate the facility.
In October 2006, the Sociedad Portuaria de Barrancabermeja S.A. began the 20 year concession of the Port of Galan, near the mouth of the Magdalena River. The concession to rehabilitate and operate the multi-purpose port was granted by Cormagdalena, the river management authority for the Magdalena River region. For the use of the port zone, Sociedad Portuaria de Barrancabermeja S.A. will pay a counter payment of US $478,582. For use of the port facilities, Sociedad Portuaria de Barrancabermeja S.A. will pay US $68,611 per year which has a present value of US $736,850. In addition to these payments to the government, the concessionaire has to invest US $188,892 in the port facilities.   The project was presented as unsolicited proposal by the sponsor. Cormagdalena published the proposal in public sources to determinate other proposals but none was submitted.
The Brazilian company Consorcio Enerbras and WM (Enerbras Comercializadora de Energia Ltda. and Water Mark Engenharia e Sistemas Ltda.) was granted authorizations to build three small hydro power plants located in the state of Bahia (41.8 MW in total capacity). The 30-year contracts were signed with the federal regulatory agency ANEEL in December 2003. In the same year, a Specific Purpose Company was created to managed the projects: Energetica Serra da Prata (ESPRA). The Brazilian company Renova Energia S.A. initially owned 86% of ESPRA’s shares, but by 2006 Renova acquired ESPRA’s entire control.  The power plants began construction in 2006, and all three units became operational in January 2008. They are located in the state of Bahia: PCH Colino I (11MW) and PCH Colino II (16MW) at Colino river and PCH Cachoeira da Lixa (14.8MW) at Jucurucu river.  Energetica Serra da Prata S.A. committed to invest US$ 86.7 million (BRL 189.2 million) in the construction of the three PCHs. In July 2006, ESPRA signed a US$ 58.2 million (BRL 127 million) contract with BNB (Banco do Nordeste), the Northeastern Region Development Bank. The amount was released through FNE, a fund designed to finance renewable energy sources.  All PCH´s signed power purchase agreements with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies).
On Nov. 14, 2006 Sochi City Assembly approved a rehabilitate, lease and transfer type concession for the water utility of the city of Sochi with OOO SochiVodokanal, which was subsequently renamed OOO Yugvodokanal.  OOO Yugvodokanal was a subsidiary of OAO Evraziysky (Eurasian), which operates several water utilities in Russia.  On Dec. 29, 2006, the concession contract entered into force. The length of the concession contract was not identifiable.  Under the contract, OOO Yugvodokanal was responsible for the quality of services and infrastructure development of the water utility.  The project company was to invest its own capital in the amount of RUR800 million (US$29.4 million) to pay off the current debt of Sochi Water Utility, register property rights, and make investments in water supply and sanitation.  All the water utility's assets remain in municipal ownership. Further, the municipal authority coordinates the development of water infrastructure and sanitation systems by identifying and monitoring targets for quality, reliability, availability, service delivery, as well as the tariff, and environmental and health regulation. In case of breach of contract terms, the municipal authority may terminate the contract.
In April 2006, Telefonica International SA acquired 50% plus one share of Colombia de Telecomunicaciones SA ESP (Telecom) for US $368 million. Telecom had fixed lines covering over 1000 Colombian municipalities and 2,400,000 users at the end of 2006.   In April 2006, the 50% stake was divested through a competitive bid organized by Telecom. Two final bids were submitted by CANTV and Telefonica SA with a minimum bid of US $233 million.  Financial closure was reached later in April 2006, when the shares were transferred to Telefonica SA. In December 2006, Colombia de Telecomunicaciones SA ESP (Telecom) merged with Telefonica Data Colombia SA giving Telefonica SA 52.03% of the shares of Telcom. At this point, Telecom’s name was changed to Telefonica Telecom.   Telefonica Telecom was the largest fixed line carrier and had approximately 60% of the Colombian local and long distance telephone market. It competed with Telmex and ETB in 2006.  In June 2012 Telefónica Móviles Colombia, S.A. and Colombia Telecomunicaciones S.A. merged bringing all of its operations in the country (fixed and mobile services) together under the Movistar brand. Telefónica Colombia reported 14.1 million accesses at the end of 2012.
In January 2006, Huizhou Port Group, the parent company of Huizhou Port Co., Ltd., sold 100.78 million shares to Hutchison Whampoa, or 33.59 of the total stock capitalization. Huizhou Port would build two new 50,000-tonne container berths, a total berth length of 800 meters, a yard area of 60 hectares, and depth alongside and water channel of 15.2 meters.
In March 2006 the government of Sudan awarded a 30 year concession contract to build, rehabilitate, operate and transfer for the port of Juba to Kuwaiti group Al Masoud International. The port of Juba, located on the river Nile, served as an important transport hub in the Bahr al-Jebel state of southern Sudan.   The project was part of a larger investment scheme that included building a fishery and a hotel in Juba. Investment commitments in the port were some $30 million. Construction work was expected to be complete in two years.   Five percent of port revenues were paid to the government of the Bahr al-Jebel state.
In August 2005, the Mexican Secretary of Communications and Transport (SCT) awarded a 20-year concession of the Irapuato-La Piedad highway to Ingenieros Civiles Asociados SA de CV (ICA). The initiative was part of the new Public-Private Partnership (PPP) program began in 2005 to improve the quality of public services through long-term partnerships between the government and private sector companies. The Irapuato-Piedad highway was the first such venture. The Irapuato-La Piedad project was a 73.4 km. length highway in the state of Guanajuato. In addition to building supporting infrastructure determined in the contract (ramps, illumination, bus stations, etc.), ICA was also responsible for building two additional lanes in a 15 km. stretch and rehabilitating 59.3 km. of road. The rehabilitation work was expected to begin on November 2005 and was expected to be completed by July 2007.  SCT carried out the public tender for the project. To participate in the public tender, each bidder had to calculate and submit a requested payment as a function of construction, maintenance and operating costs, rate of return on equity, estimated annual traffic and duration of contract. The concession was awarded to the bidder who presented a proposal that complied with the technical, legal and financial requirements established in the bidding documents, and requested the lowest net present value of periodic payments. Four groups presented offers: ICA, the consortium formed by FCC-Acciona, Transportaciones y Construcciones Tamaulipecos SA de CV, and the consortium formed by Construobras de la Garza-Construobras Santander-Materiales y Construcciones Villa de Aguayo-Gifer-GMC.   The concession contract established an association between the SCT and the private participant to design, finance, build, rehabilitate, maintain and operate a highway. In exchange for those services, the private participant receives periodic payments from SCT. Periodic payments came from two parts: The first part of the payments were a minimum payment for the functioning of the road according to the standards set by the contract; the second part consisted of payments linked to traffic levels as determined by the SCT (or shadow tolls).  ICA had to invest an estimated amount of US$70 million (735 million pesos). It reached financial closure in April 2006 by securing a 14-year loan from Banco Santander Serfin for US$48 million (500 million pesos). Banco Santander Serfin later financed the Queretaro-Irapuato highway for ICA.  In January 2016, the project company was granted a US$ 14.7 million loan whose proceeds were used to refinance previous debt committments. The loan was granted by Banco Santander and Banco Mercantil del Norte.
In December 2005, National Highways Authority of India (NHAI) signed a 20 year concession agreement with Balaji Tollways Limited (BTL) for the upgrade, operation and maintenance of the 40.8 km stretch on National Highway six (NH-6), between Nagpur and Kondhali, in the state of Maharashtra. Under the agreement, BTL was required to design, finance and widen the existing two lane Nagpur-Kondhali section of NH-6 to a four lane dual carriageway. The concession term included the construction period of 30 months.   BTL was a joint venture between India’s Atlanta Limited (74%) and SREI Infrastructure Finance Limited (24%). BTL won the concession in an international competitive tender, conducted by NHAI, by bidding the lowest subsidy of US$ 12.6 million. India’s highway development policy allowed ‘viability funding’ by NHAI to the tune of 40 percent of the capital costs as grant to the concessionaire, subject to competitive bidding.   The total capital cost of the project was estimated at US$ 50 million. The project reached financial closure in August 2006. The project was financed by a combination of equity (US$ 12.8 million), debt (US$ 24.53 million) and NHAI grant (US$ 12.6 million). The debt component was raised from India Infrastructure Finance Company Limited (US$ 9.9 million), SREI Infrastructure Finance Limited (US$ 3.3 million) and Union Bank of India (US$ 8.8 million).  BTL was to be compensated for the capital and operating costs from the NHAI grant and the tolls collected during the concession term. BTL was to receive half of the NHAI grant (US$ 6.3 million) during the construction period and the balance was spread out during the remaining concession term. The toll collection commenced after the construction was completed and was for a period of 17.5 years.   Construction work on the project began in August 2006 and was expected to be completed by March 2009.
In May 2006, BNDES, the Brazilian development bank approved a US $32.4 million loan for the consortium Uirapuru Transmissora de Energia S.A. to build, maintain and operate a new 525 kv transmission line for 30 years. The 121.5 km line was designed to run from the Ivaipora substation to the Londrina substation in Parana state and cross ten municipalities. The Brazilian operator of electrical systems, ONS, indicated that the Uirapuru transmission line would increase the power sharing ability of the south with the southeast and prevent power rationing situations in the future. Uirapuru Transmissora de Energia SA was a specific purpose company (SPE) comprised of: Eletrosul Centrais Elétricas SA (49%), Control y Montajes Industriales Cymi SA (41%) and Santa Rita Comércio e Engenharia Ltda (10%).  Electrosul Centrais Electricas is a subsidiary of state-controlled Electrobras; while Cymi was a subsidiary of the ACS Group, a Spanish construction company and concessionaire. Santa Rita Comércio e Engenharia Ltda was a Brazilian company with expertise in the implementation of electrical installation projects.  The contract was awarded by the ministry of mines and energy in February 2005, and approved by ANEEL, the electricity regulator, in 2006. The project reached financial closure in May 2006 with a BNDES funded loan that covered 69.92% of the investment costs. The funds of US $32.4 million were distributed through Banco Regional de Desenvolvimento do Extremo Sul (BRDE). Total investment requirements were estimated at US $46.3 million. The line was slated to become operational in September 2006.   The power plant began to operate in July 2006. In April 2007,Santa Rita sold its 10% shares to  Cymi Holding SA.
In March 2006, Asia Environment Holding and Shanghai Excellent Trade Co. won a 40-year build, operate, transfer (BOT) contract to provide potable water in Fengtai and Panji Counties of Anhui Province, China. The potable water facility provides 100,000 cubic meters of water daily.   The project company was owned 35% by Singapore-listed Asia Environment Holding, 50% by Chinese Shanghai Excellent Trade Co., and the remaining 15% by the Fengtai County government. Total estimated investment in the project was RMB 140 million (US$ 17.6million) in two phases, with the first phase providing 50,000 cubic meters at a cost of RMB 85 million (US$ 10.7 million) and the second providing an additional 50,000 cubic meters at RMB 55 million (US$ 7.1 million).  The contract was expected to run through 2048, 40 years after construction is completed. The plant and pipe network were projected to finish first phase construction in 2007 and second phase in 2008. As of February 2007, the project was under construction.
Universal Utilities Co. Ltd. (UU) had signed a concession agreement with the Provincial Waterworks Authority (PWA) in 2006 to manage Rayong Waterworks. Under a 25 years contract, UU agreed to provide quality tap water to the area of Muang District and Baankai District, covering over 44,000 households. UU promised to increase tap water production capacity from 33,000 cubic meters/day to 86,400 cubic meters/day and set prevention of water loss from 35% to 20% within the year 2007. UU had begun replacing obsolete and damaged tap water pipelines with new pipelines in the Muang District and was going to continue to maintenance and/or replace more pipelines in other service area such as Baankai Community, Baan Pae, Boung Summakngan Yai and Laem Mae Pim in order for the community to utilize clean tap water with better water pressure.  Universal Utilities Co.,Ltd.(UU) was established on December 15, 1998 as a 100% subsidiary of Eastern Water Resources Development and Management Public Co.,Ltd.(East Water). Following its IPO in 1997, East Water had the next shareholder structure: state-owned Provincial Waterworks Authority (PWA) (44%), Industrial Estate Authority of Thailand (IEAT) (5%), and general investors (51%).  By 2005, that shareholding structure was: the partially private Electricity Generating Company (EGCO) of Thailand (18.22%), PWA (40%), IEAT (4.5%), and public investors (37.25%). As of 12/01/2006 East Water had 1,738 shareholders. Major shareholders were governmental PWA (39.99%), partially private EGCO (18.62%), IEAT (4.45%), and the rest of general investors held 36.9%. As of 2004, the stake holders of EGCO were state-owned EGAT (25.41%), CLP Power (22.42%), Thai investors (30.09%), and foreign investors (22.08%). As of November 13, 2006, EGAT share in EGCO was 25.41%.   On March 26, 2007 Eastern Water announced that Rayong Administrative Court has ordered to revoke the selection procedure of private water supplier to Provincial Waterworks Authority (PWA) of Rayong province. The court had also ordered to revoke the water supply agreement between the PWA, the first defendant, and UU Group Consortium Co., Ltd., the second defendant. The PWA was going to appeal the judgment to the Administrative Supreme Court. As the investment regarding this matter was exceeding 32 million $US (Baht 1,000,000,000), the Court held that PWA did not comply with the Private Participation Act B. E. 2535.  UU Group had recognized the revenue from the Rayong Waterworks Project, for the period from July 2006 to February 2007, of about 1,875,783 $US (Baht 59,000,000) and had invested 4,673,560 $US (Baht 147,000,000) from total committed investment of 18,853,204 $US (Baht 593,000,000) on this project.
In March 2006, the National Highways Authority of India (NHAI) awarded a 20 year concession contract to India’s GMR Group to widen and strengthen the section between Adloor Yellareddy and Kalkallu / Gundla Pochanpalli on National Highway -7 (NH-7). The road ran through Nizamabad and Medak districts of Andhra Pradesh state covering a distance of about 103 kms.   GMR Group established GMR Pochanpalli Expressways Private Limited (GMR Pochanpalli), a fully owned special purpose vehicle, to implement the project. GMR won the tender through an international competitive tender, conducted by NHAI. Under the contract, GMR Pochanpalli was compensated for the capital costs and operating costs including returns by way of a fixed annual payment (annuity) from the NHAI in the amount of US$ 12 million during the concession term. Under the annuity scheme, the private operator (GMR Pochanpalli) cannot collect tolls from the users of the facility.  The project reached financial closure in September 2006 with a debt equity ratio of 4:1. The total capital cost of the project was estimated at US$ 152 million. ICICI Bank, the lead lender, syndicated the loan of US$ 121.8 million with the following banks: Central Bank of India, Punjab National Bank, Andhra Bank, Bank of India, SIDBI, United Bank of India, Bank of Baroda and Vijaya Bank. The debt repayment period was fifteen and half years.    Construction on the project began in September 2006 and was expected to be completed by March 2009.
In October 2006, Turkish Savings Deposit Insurance Fund (TMSF) sold the 99.99% stake in the Orta Dogu Antalya Port Management Inc to a private consortium Mediterranean Port Management Corp to manage the Antalya Port for 22 years. The consortium company paid $61 million to the TMSF and committed to invest $10 million in the mid-term to upgrade the port and to increase the passenger capacity by 50-100%. Mediterranean Port Management (also called as Orta Dogu Antalya Liman Isletmeleri) was a joint venture formed by the two companies: Celebi Yatirim Danismanlik, an affiliate of Celebi Holding and Global Altyapi, an affiliate of the Global Yatirim Holding. They had equal shares of 50% in the consortium.   Initially, in July 27, 2006, six companies submitted their offers for the Antalya Port concession. Mediterranean Port Management gave the highest bid of $60 million. The other companies which took part in the tender were Yenigun Construction Corp., IC Ictas Airport Investment Management & Trade Corp., Akfen Holding Corp., Cengiz Construction, Industry & Trade Corp. and Ozaltin Construction, Trade & Industry Corp. However, TMSF rejected the first bidding session as the highest bid was below the estimated value of Antalya Port, $74 million. In July 28, 2006, a new concession was granted through the bargaining method. Mediterranean Port Management won the concession, offering the highest bid of $61 million.   Antalya Port was located at the coast of the Gulf of Antalya. It had two main sections: the new commercial port with an annual loading capacity of three million tons, including cargo handling facilities and bulk cargo facilities and the yacht harbor.
In February 2006, the state public water and sewerage utility Companhia de Saneamento de Minas Gerais (Copasa) divested 30.2% of its shares in an initial public offering (IPO) for US $382.6 million (813.4 million Brazilian reals) A total of 34.37 shares were sold on the Novo Mercado. Prior to the divestiture, Copasa was 100% owned by the state government of Minas Gerais. In 2006, Copasa had over 3 million connections and intended to use its revenues from the sale to fund over US $400 million in capital expenditures.
In October 2006, the Sociedad Administrativa Portuaria de Berrio S.A. began the 15 year concession of Port Berrio in Antioquia in the Magdalena River region. The concession to rehabilitate and operate the multi-purpose port was granted by Cormagdalena, the river management authority for the Magdalena River region. For the use of the port zone, Sociedad Administrativa Portuaria de Berrio S.A. will pay a counter payment of US $317,643. For use of the port facilities, Sociedad Administrativa Portuaria de Berrio S.A. will pay 30% of their revenue to Cormagdalena.   The project was presented as unsolicited proposal by the sponsor. Cormagdalena published the proposal in public sources to determinate other proposals but none was submitted.
In 2006, Aggreko plc signed a two year rental contract with Yemen’s state-owned Public Electricity Corporation for 50 MW of generation capacity. This project was the second project that the government of Yemen had awarded to the company in 2006. The first project was a 50 MW which ran for 2 years and located in the town of Al Hudayah (please refer to Project #4452 for more information on the first project).  As of June 2011, the power plant was still operational. (Aggreko was having trouble getting the Empresa Nacional d'Angola, ENA, to pay for the lease of several generators, concerning several months of an annual contract worth several tens of millions of dollars.)
On 5 December 2006, state-owned Telekom Srbija bought 65% of Telekom Srpske, the state-owned telecom operator in Bosnia and Herzegovina, for US$860.5 million (Euro 646 million). In 2006, Telekom Srpske had 345,000 fixed-line users and 572,000 mobile subscribers. The company had exclusivity rights over fixed telephony until 2005.  Telekom Srbija was selected by the government of Bosnia and Herzegovina as the buyer through a public tender in which two bidders submitted final bids: Telekom Srbija and Telekom Austria. Telekom Srbija won the tender by offering the highest payment to the government (US$860.5 million) while Telekom Austria offered US$622 million (Euro 467 million). The minimum sale price had been set at 400 million euros (510 million dollars). Telekom Srbija obtained $700 million syndicated loan financing for the 65% acquisition of Telekom Srpske, in May 2007.  The Citigroup was the arranger of the financing.   The signing of the agreement was expected to follow in the second half of December. Bosnia's two other telecom networks, BH Telekom and HT Mostar, operate in the Muslim-Croat Federation and are still state-owned.  In 2002, Telekom Srpske was created to provide telephone services. It was incorporated as stock company with the following capital structure: State 65 %, Privatisation funds 10%, Pension and disability insurance fund 10%, Restitution fund 5%, others 10%.  In March 2009, the subsidiary was also issued with a licence for Universal Mobile Telecommunications Systems (UMTS licence) for a period of 15 years.
In September 2006, a local private company Chongqing Kangda Environmental Protection Co. Ltd. took over a wastewater treatment plant in Suzhou City, Anhui Province. The plant capacity was 80,000 cubic meters per day. The company would operate the plant for 28 years.   Chongqing Kangda Environmental Protection Co. Ltd.  invested RMB 80 million (US$ 10.04 million) in the plant and owned 100% of the project.
In October 2006 the government of Nigerian, through its Bureau of Public Enterprises (BPE), awarded a 20 year rehabilitate, operate and transfer concession for the country’s Central Railway to private operator Global Infrastructure Nigeria Limited (GINL). The Central Railways consisted of some 329 km of standard gauge lines (1.435-m gauge), running from Itakpe to Warri via Ajaokuta. The railway was not fully finished, as it stopped at Ovu, some 22 km from Warri. Completion of the railway was the obligation of the federal government, not the concessionaire. Under the concession arrangement 90% of the freight moved was initially expected to be steel-industry related. However, this was not a captive railway, as other shippers had access to the line as well, and shipping tariffs were monitored and regulated by the Nigeria Transport Commission (NTC).  The concessionaire agreed to pay a fixed concession fee of 25 million kobo ($200,000) per year (some $821,000 million in net present value using a 10% discount rate), plus a $5 million fee for the rolling stock, including three locomotives and 71 wagons. Additionally, GINL agreed to pay variable fees starting three years after the concession was awarded, worth 50 kobo per tone kilometer for up to 164 million tone cargo and 35 kobo per tone for traffic levels in excess of 164 million tones.   The contract was offered after a process of direct negotiation between GINL and the government. GINL was a subsidiary of Global Steel Holdings, which was in turn owned by Indian steel giant Ispat. In Nigeria GINL controlled the Nigeria Iron Ore Mining Corporation (NIOMCO) at Itakpe, the Ajaokuta Steel Company (ASCL) and the Delta Steel Company (DSC).  The Central Railway was turned over to GINL on January 12th, 2007.
The Sorang Hydro Power project was a 100 MW run of the river project located on Sorang Khad a tributary of Sutlej River in Kinnaur district of Himachal Pradesh.  The Project was being developed by Himachal Sorang Power Pvt. Ltd. (HSPPL), a Special Purpose Vehicle (SPV) promoted by Maytas Infra Limited in joint venture with Nagarjuna Construction Co. Ltd., & SSJV Projects Private Limited.    The project was awarded to Himachal Sorang Power Pvt. Ltd. by the government of Himachal Pradesh (GoHP) through competitive bidding on a Build, Own, Operate, and Transfer (BOOT) basis for a period of 40 years.   The bidding for the project was initiated by GoHP in July 2002 and the project was awarded in August 2002. However, the re-bidding was initiated in 2003. The details of re-bidding were however not known at the time of collection of information. The Project was awarded to HSPPL in January 2006.   The project was estimated to cost USD 145 million and achieved financial closure in June 2006. The project was expected to be commissioned in 2010.
On June, 2006, the Argentine federal government signed an 82 year contract for the construction, operation and maintenance of the 500/132kv Interconexion Rincon Santa Maria-Rodriguez South with Integracion Electrica Sur Argentina (Intesar SA). Interconexion Rincon Santa Maria-Rodriguez was designed as a 920km transmission line connecting the Hydroelectric plant Yacyreta to the province of Buenos Aires. The southern section was to run approximately 239.7km from Colonia Elia to the substation Rodriguez in Buenos Aires Province.  Interconexion Rincon Santa Maria-Rodriguez South was part of a federal plan to increase the capacity of the high voltage (500k) transmission network and integrate energy supply and demand throughout Argentina.   The project was granted to Intesar SA through a public competitive tender. The main bidding criterion was the lowest present value of payments during the period of operation and maintenance. Intesar SA won the tender by presenting the lowest present value. Intesar SA was a company owned by Argentine Electroingenieria SA y Gerardo Ferreyra.  The cost of the transmission line was estimated by Intesar SA at approximately US $158.4 million. Intesar SA provided its own financing and by December 2006, 25% of construction was completed. The line was expected to become operational in January 2008.  In the project contract, the federal government agreed to pay to Intesar SA: (1) a monthly fee during the construction period of 600 days and another monthly fee for the first 15 years of the line operation. Both fees were defined based on Intesar’s winning bid.   The divested Transener SA (project number 55), the owner of technical license of all high voltage lines, was responsible for supervising the line construction, operation, and maintenance. Transener SA was to receive 4.5% of Intesar SA’s monthly operational and maintenance payments during the 15 year of operations. For the remainder of the contract, Intesar SA was to pay 2.5% of its earnings to Transener SA.  In June 2008, the project became operational along with the Northern section according to Transener SA.
In July 2006, Societe Concessionnaire des Aeroports (SCA) signed a 35 year concession to rehabilitate, expand and manage Sihanoukville International Airport in Sihanoukville, Cambodia. SCA was expected to complete the project in two phases which was estimated to cost SCA US$250 million over the lifetime of the project in two phases.  SCA was a Cambodia-based joint venture between France’s Vinci SA (holding 70-percent) and Malaysia’s Muhibbah Engineering (holding 30-percent). SCA completed the $8 million renovation of the airport as phase one of the project in January 2007, when it finished all tasks required to reopen the airport. The second phase involved the lengthening of the runway from 1.8km to 2.2km and the construction of a new terminal. The second phase was expected to cost $100 million and be completed by 2014. SCA expected the airport to serve two million passengers annually, after completion of all work on the airport.   Total project cost was $40.1 million until 2010 included Terminal Expansion at SRIA (2006) for $6.4 million (15.9%), Capital Expenditure at SIA in 2006-07 for US$ $9.7 million (24.2%), and runway investment at SIA in 2008-10 for $24.0 million (59.9%). Such investment program consisted of the mandatory capital investments required under the concession for SIA for 2006 and 2007; the terminal capacity increase at SRIA to provide service to the increasing passenger growth; and  the capital investments required at SIA in 2008-10, should traffic at the airport increase in accordance with the company’s projections.  The project company secured $35 million in funding from IFC (US$17.5 million)and French Proparco (US$17.5 milion). The IFC provided SCA with a $7.5 million loan, as well as upto $10 million in stand-by funding.   SCA was previously awarded a concession for two other Cambodia airports – Phnom Penh Airport, and Siem Reap Airport. Both concessions were extended by 20 years shortly before SCA won the Sihanoukville concession.   As of June 2007, the airport was operational.
In January 1996, PT Dizamatra Powerindo and PT Pertamina, a state-owned oil company, signed a JOC (Joint Operation Contract) to develop Sibayak geothermal field in North Sumatra. Under JOC, Powerindo was reponsible to deliver the produced electricity to PT Perusahaan Listrik Negara (PLN). An Energy Sales Contract (ESC) was signed by Powerindo and PLN for the Powerindo to build own and operate a 120 MW geothermal power plant in Sibayak, North Sumatra, under a long term 30 year contract.  The project was sidetracked during the 1997 financial crisis but was revived in 2000 when Powerindo and PLN agreed with a new contract and agreed electricity price. In 2005, Powerindo and China National Electric Wire and Cable Imp/Exp Corporation agreed to continue building the 120 MW power plant. Under the agreement, they planned to construct a 10 MW in the first phase. China National provided two generator turbine geothermal units each capable of producing 5.65 MW. They expected the plant to start operation in mid-2007. The cost is estimated to be around IDR 113.4 billion or US$14.6 million (calculated using 2006 US$/IDR average).  The financial closure was reached in July 2006 when PT Primanaya signed an EPC with Powerindo.  In October 2008, it was reported that the plant was expected to become operational during 2009.
In February 2006, a local private company Fuchun Port Affairs Co., Ltd. was awarded a 50 year agreement to build and operate the Fuchun Multipurpose Port in Jiaxing City, Zhejiang Province through competitive bidding. The total investment was 233 million Yuan (29.23 million US$). Fuchun Port Affairs Co., Ltd. owned 100% of the project. The capacity of the port was 1 million tons per year.
Hrazdan is a thermal power plant in located in the Kotayk province. The construction for  the fifth unit of the plant started in 1980 but it was stopped following the Soviet Union collapse. The plant was intended to have an installed capacity of 480MW  In March 31, 2006 Gazprom and the Government of the Republic of Armenia signed a 25-year agreement which laid out the principles of Gazprom's participation in gas and power projects in  Armenia. According to the agreement Gazprom planned to increase its stake in ArmRosGazprom and was to acquire the incomplete facility. At the time Gazprom committed to invest more than US$200million on completing the construction for the fifth unit. Gazprom claims to have invested over US$450 million in finishing the construction of the unit and installing the state-of-the-art steam and gas turbines.  It was expected that the plant would be connected to the Armenian national grid in January 2012.
MTR Corporation (MTR) formed a joint venture, Beijing MTR Corporation Limited, with Beijing Infrastructure Investment Co. Ltd. (2%) and Beijing Capital Group (49%) for the investment, construction and operation of the 28.65 km Beijing Metro Line 4 in December 2004. 70% of the Line 4 total investment was funded by the Beijing Municipal Government for the civil works, trackwork and partial station-based E&M systems. PPP Joint Venture Company took up the remaining 30% that mainly covers the system-wide E&M works (US$ 577.16 million).  In April 2006, MTR and its PPP partners formally signed the Concession Agreement with the Beijing Municipal Government for a term of 30 years operation after the target project completion by September 2009. Furthermore, PPP Joint Venture Company signed the Project Management Agreement with Beijing Metro Construction and Administration Corporation. The metro line became operational in December 2010.
In August 2006, the government of Jordan signed a 25-year concession contract with the Special Purpose Company Aqaba Container Terminal Pvt Company to build, rehabilitate and operate Aqaba Container Terminal. Aqaba Container Terminal Pvt Company was a joint venture between AP Moller-Maersk (50%) and the State Owned Corporation,owner of Aqaba ports, Aqaba Development Corporation (50%).  The contract was awarded by direct negotiation. AP Moller-Maersk operated the Aqaba Container Terminal under a management contract (3280) from 2004 to August 2006.  Under the agreement, Aqaba Container Terminal Pvt Company committed to invest US$705 million to expand the terminal's capacity from 500 thousands in 2006 to 2.4 million TEUs.
In April 2006, Empresa Industrial Servicios (EIS) de Cucuta granted a 15-year concession contract to the Cuban-based company Aguas Kpital to provide water and sewer services in the city of Cucuta, capital of Santander province in northeastern region. EIS was the water utility of Cucuta, which had 130,000 users of potable water services and 126,000 users of sewage services in 2005. The EIS’s total revenues amounted to US$14 million (Colombian peso 33,000 million) in 2005.   The contract was granted through a competitive tender in which two bidding consortia submitted offers: Proactiva and Aguas Kpital. The bidding criterion was the lowest fixed charge tariff. Aguas Kpital won the tender by requesting an average tariff of US$12.83 (30,000 Colombian pesos) for 19 cubic meters per month. The contract was signed in May 2006 and Aguas Kpital started to operate Cucuta’s water services in June 2006.   The concession contract included investment obligations for US$254 million (Colombian peso 600,000 million) of which US$17 million was planned to be investment by the second year of the contract and US$42 million in the fifth year of the contract. Of the US$254 million investment commitment, the municipal government agreed to finance US$71.7 million (Colombian peso 169,329 million). Those resources were to come from central government’s transfers established in the law 715. The investment program, whose goal was to expand service coverage and ensure service continuity, was defined by the master plan of EIS.  The contract also included tariff adjustments throughout the contract period.   Aguas Kpital created Aguas Kpital Cucuta as the project company to operate the water services in Cucuta. Under the concession contract, Aguas Kpital was required to offer 25% of Aguas Kpital Cucuta to Cucuta’s citizens and former workers of EIS after two months of operating the water services.   Under the concession contract, Aguas Kpital also committed to pay to EIS a monthly fee between US$360,000 and US$423,000 through the concession period for the use of EIS’s facilities. Such monthly fee was set to allow EIS to cover its pension liabilities. For the investment in government assets, the net present value of such monthly fee was calculated using the US risk free rate as discount rate. In total, monthly fees added to US$51 million over 15 year of contract length.  Granting the concession contract was part of the government effort to rescue EIS from insolvency. The utility billed only 60% of the distributed water in 2005. In addition, EIS owed the central government US$41.5 million (Colombian peso 98,000 million). As part of the reform process of EIS, the utility was converted into a company in which the local government owned 51% of the shares and the central government the remaining 49%. The central government shares in EIS were given in exchange for EIS's debt.
In June 2005, National Highways Authority of India (NHAI) awarded a 20 year concession contract to India’s IVRCL Infrastructures & Projects Ltd. (IVRCL) for the upgrade, operation and maintenance of the 49 Km stretch on National Highway 1 (NH-1), between Jalandhar and Amritsar, in the State of Punjab. Under the contract, IVRCL was required to design, finance and widen the existing two-lane stretch to a four lane duel carriageway in return for the right to collect tolls during the concession term. This road expansion was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region. The concession term included the construction period of 30 months.  IVRCL established a special purpose company, Jalandhar Amritsar Tollways Limited, to implement this project.  IVRCL won the concession in an international competitive tender conducted by NHAI by making the lowest subsidy request in the amount of US$ 8.7 million.   The total capital cost of the project was estimated at US$ 52.5 million. The project reached financial closure in July 2006. The project was financed through a combination of equity (US$ 9.1 million), debt (US$ 34.7 million) and a grant from NHAI in the amount of US$ 8.7 million. The debt was financed by Canara Bank, Allahabad Bank, State Bank of Bikaner and State Bank of Jaipur.   Construction work on the project began in May 2006 and was expected to be completed by November 2008.
In December 2006 the government of Burkina Faso sold 51% of its shares in L'office National des Telecommunications (Onatel) to foreign telecom operator Maroc Telecom. Onatel was the monopoly provider of fixed line service in the country, with some 107,000 subscribers (0.7% penetration rate). The company also offered mobile service, with some 463,000 customers. In the mobile market Onatel competed with Telecel Faso (id 2784) and Celtel Burkina Faso (id 2785).  Maroc Telecom won an open international tender for the 51% stake with a bid of $290 million. Six other bidders made offers: Detecon (Germany), Essat Teleholding (India), France Telecom (France), Monaco Telecom (Monaco), Saudi Telecom (Saudi Arabia) and Sistema/MTS (Russia). In December 2006 Onatel’s remaining shareholders were: The Burkina Faso government (23%), staff (6%) and others (20%).  Maroc Telecom (id 2675) had some 12 million subscribers in Morocco at the end of 2006. The company was 51% owned by French operator Vivendi.  In March 2009, it was announced that Burkina Faso had raised 29 billion CFA francs (US$59.6 million) from the sale of 20 percent of ONATEL through the initial public offering. Shares in ONATEL, which is 51 percent owned by Maroc Telecom , were expected to be listed on the West Africa franc zone regional BRVM bourse based in Ivory Coast.
In August 2005, Consorcio Concesionario Interoceanica Urcos –Inambari signed a 25 year build-own-transfer contract with the government of Peru for Section 2 of the Inter-Oceanic Highway. The Inter-Oceanic Highway was a road corridor that was planned to connect the Atlantic Ocean in Brazil with the Peruvian ports of San Juan de Marcona, Matarani and Ilo, in the Atlantic.   The contract was part of the Inter-Oceanic Highway project which entailed the construction and renovation of a total of 2603 kilometers of roads connecting the Amazonian state of Acre, Brazil with the port cities in the southern coast of Peru. Section 2 was a 300 km. stretch that went from Urcos (in the Department of Cusco) to Inambari (Madre de Dios). It was estimated that this section would require an investment of US $263 million. The concessionaire was responsible for building, improving and rehabilitating, operating and maintaining the road sections, according to the technical guidelines contained in the Agreement (level of service index, among others).   ProInversion, Peru’s private investment promotion agency carried out a public tender for the contract in June 2005. The public tender was awarded to the bidder who obtained the highest score according to a math formula based on the lowest value of periodic payments, and the national component proposed by the bidder. Later that month, ProInversion awarded the contract to Consorcio Concesionario Interoceanica Urcos–Inambari. The following companies made up the consortium: Construtora Norberto Odebrecht S.A. (70%), Constructora  Grana y Montero S.A. (18%), JJC Contratistas Generales (7%) and Ingenieros Civiles y Contratistas Generales (5%).  Financial closure was reached in March 2006, when the Andean Development Corporation (CAF) signed a US $150 million bridge line of credit agreement for Section 2 and Section 3 of the Inter-Oceanic Highway with the concession holder IIRSA Sur S.A. Section 2 received US $59.08 million while Section 3 received US $91.38 million.  Consorcio Concesionario Interoceanica Urcos–Inambari enjoyed a revenue guarantee from the government based on two types of payments: Annual Payment for Works (PAO) and Annual Payment for Maintenance and Operation (PAMO). PAO are biannual payments for each stage of construction, upon conformity of works. PAMO are quarterly payments for operation and maintenance. The main source of funds for PAO and PAMO came from toll revenue collected by the concessionaire that was deposited in a trust fund. If toll revenue would not be sufficient to cover costs, then the Peruvian government agreed to pay the difference.
In 2005, the Public Works Department (PWD) of the State Government of Karnataka awarded a greenfield road project, Sandur By-Pass Road Project, to DS Constructions Limited (DSCL) on build-own-transfer (BOT) basis.  This project involved construction of a new 16.5 km long two lane bypass road with earthern shoulders to Sandur Town, located in Bellary district of Karnataka. The objective was to divert heavy iron ore traffic from mines situated in and around Sandur away from the town. DSCL was expected to own and operate the bypass for 20 years, including the construction period of 18 months.  DSCL established a special purpose company, Sandur Bypass Project Limited (SBPL), to implement this project. The concession agreement between PWD and SBPL was signed in November 2005.   The total capital cost of the project was estimated at US$ 8.83 million.   Construction works began in May 2006 and the project was scheduled to begin commercial operations in November 2007.
World Wide Recycling BV, from the Netherlands, developed the 3-6MW landfill gas-fired power plant, Matuail landfill site, Dhaka, Bangladesh. The developer cooperated with local NGO Waste Concern (WC).  The project was expected to become operational in August 2006.  Total cost was unknown but estimated at US$9 million (US$2 million/MW). Financial closure date was unknown, but ESTIMATED at August 2006 (commissioning date). The project applied for UNFCCC CDM financing.
In November 2006, Hutchison Port Holdings signed a 30 year concession contract by the Manta Port Authority to build and operate a new container terminal at the Port of Manta, Ecuador. The Port of Manta is Ecuador’s only natural deep-sea port. At a depth of 30 meters, it is capable of handling the largest vessels. The project was intended to make Manta the principle port on the Pacific coast of South America and the major point of entry for goods coming from Asia with a capacity of 1.6million TEUs. Manta is located at the point in South America that is closest to Asia.   The concession contract was granted through a competitive tender gave a 20% advantage to the first proposal. The original bid criteria was total investment in facilities. Hutchison Ports Holding Ltd. presented the first and only proposal of US $523mn, although the government extended the deadline from July 30 to August 18 in order to attract other bidders. The contract was awarded in early September 2006. Although the contract was signed in November 2006, Hutchison Port Holdings did not take possession of the port until January 31, 2007 due to minor disagreements with the port authority. The Ecuadorian government has agreed to finance US $55mn of the US $523mn investment commitment total. Hutchison Port Holdings formed the company Terminales Internacionales de Ecuador S.A. (TIDE) as the project company and operator. Hutchison Port Holdings Group is a subsidiary of the multinational conglomerate Hutchison Whampoa Limited (HWL).   It was the first time the Ecuadorian government has allowed foreign interests to develop its ports, which it considered strategic assets.  In February 2009 TIDE announced it was leaving the port and withdrawing from the concession. In July 2009, Hutchison Ports Holding reached an agreement with the port authority to transfer its shares in TIDE to the government in exchange for US$ 5 million. Hutchison Ports Holding  committed to return tax breaks worth over US$ 1 million to the government, to deposit an additional US$ 2 million in TIDE's account, and to renounce all rights over the US$ 18 million that was invested in the port. The operations were finally handed over to the port authority in April 2010.
In 2005, PT Dalle Energy Batam was developing Panaran II gas-fired power plant on Batam Island.  The plant’s total capacity was 55MW with two additional chiller facilities with an output of 2x4 MW.  With the operation of Panaran II in 2006, Medco Energi through PT Mitra Energi Batam and PT Dalle Energy Batam was to become a major electricity supplier for the state-owned electricity company, Parusahaan Listrik Negara (PLN), in Batam.  Medco Energi was to generate almost 80% of the power supply capacity on the island.  The power purchase agreement was signed with PLN Batam in January 2005 for twelve years. PT Dalle Energi Batam also signed a gas supply agreement with state-owned Perusahaan Gas Negara.  In January 2005, state-owned PLN named PT Dalle Energi and Medco Energi International as the winners in the tender to build the plant.  According to PLN, there were 10 bidders participating in the tender.  Dalle Energi Batam was the owner and operator of the power plant.  The total project cost was US$28.9 million.  Following the completion of shares acquisition of PT Dalle Energy Batam in July 2005, MedcoEnergi owned 58% of the company shares.  In 2007, Dalle Energi Batam was in the process of adding 22 MW to the plan’s capacity.  In March 2012, total capacity of the plant was reported as 82MW. Also reported, was that Dalle Energy Batam operated and owned a 19MW truck-mounted gas turbine as a backup generator to the Panaran 2 plant, installed in December 2006. The unit is a General Electrics Truck Mounted Aero-Derivative 19MW Gas Turbine, labeled TM2500. The plant signed a separate PPA with TOP (at CF90% ?). The plant was commissioned in May 2009. Total cost of these expansions was unknown, but estimated at (82MW - 55MW = 27MW) $600,000 per MW, is US$16.2 million.   In 2012, Medco was reported as holding 55% of Dalle Energy Batam (instead of 58% reported earlier). Also, in March 2012, the IFC acquired 11% of Medco Power. Finally, in January 2012 PT Medco International sold 51% of the equity in PT Medco Power Indonesia to PT Saratoga Power (subsidiary of Saratoga Capital, a PE firm), holding 55% in Dalle Energy Batam. As a consequence, PT Saratoga holds 28% of the project equity, and PT Medco International the remaining 21%, and IFC the last 6%.
In August 2006, a local private company Beijing Sound Environment Industry Group signed a 25 year agreement to build and operate a wastewater treatment plant in Tongliao City, Inner Mongolia. The plant capacity was 100,000 cubic meters per day. Beijing Sound Environment Industry Group got the project through an open bidding process.   Beijing Sound Environment Industry Group invested RMB 100 million (US$ 12.55 million) in the plant and the Tongliao Municipal Government invested RMB 30 million (US$ 3.76 million).    Construction of the plant commenced in October 2006. The plant was planed to be operational as of the end of 2007.
In October 2005, National Highways Authority of India (NHAI) awarded a 20 year concession contract to India’s Larsen and Toubro Limited (L&T) to upgrade, operate and maintain the 62 Km stretch on National Highway number seven (NH-7), between Krishnagiri and Thopurghat, in Tamil Nadu State. Under the contract, L&T was required to design, finance and widen the existing four-lane road to a six lane divided highway. In addition, the project included the construction of one railway overbridge, one major bridge across Ponniyar River, 11 minor bridges, five flyovers, 15 underpasses, 28 km service roads, rest areas, bus stops and a toll plaza near the Thopurghat check post. The 20 year concession term included the construction period of 30 months.   The Krishnagiri Thopurghat toll road project, awarded under National Highway Development Program – Phase II, formed the critical link between the two major districts of Krishangiri and Dharmapuri. The road expansion was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  The concession agreement between NHAI and L&T Krishnagiri Thopur Toll Road Limited (L&T-KTTRPL) was signed in January 2006. L&T -KTTRPL, a wholly owned subsidiary of L&T, was created to implement the project. L&T won the international competitive tender, conducted by NHAI, by offering to make an upfront payment of US$ 31 million for the right to collect tolls during the term of the concession. According to the tender documents, NHAI would pay up to 40 percent of the capital costs as grant to the concessionaire, subject to competitive bidding. However, in high traffic density corridors like this one that are very profitable, the bidders usually offered an upfront payment to NHAI instead of seeking a grant.   The total capital cost of the project was estimated at US$ 82 million. The project reached financial closure in May 2006. SBI Capital was the lead arranger of the debt that had a 14 year tenor.  Construction work on the project began in June 2006 and was expected to be completed by December 2008.
The Brazilian company Termoeletrica Itaenga Ltda, a wholly-owned subsidiary of Grupo Petribu, was granted an authorization to build a 22-MW thermal power plant located in the state of Pernambuco (municipality of Lagoa de Itaenga). The cogeneration power plant was set to use sugar cane residues, wood or oil as fuel.   In March 2002, Termoeletrica Itaenga Ltda signed a 30-year contract with the regulatory agency ANEEL allowing the company to operate in the electricity market as a independent producer. This authorization granted the sponsor with the right to sell electricity in the Brazilian wholesale market. The company established supply contracts with Comercializadora Brasileira de Energia Emergencial (CBEE).  The estimated investment on the 22-MW power plant was US$ 12 million in 2007 value (BRL 30 million in 2002 value). The power plant commenced operations in February 2007.   In 2008, the company was granted the authorization to expand its capacity to 47 MW. The estimated investment commitment on this expansion was not available. In February 2009, the company was granted a US$ 32.3 million (BRL 64.7 million) loan contract from BNDES, a state-owned development bank.   Construction works on this new generating unit were concluded in May 2010.
In 2006, National Highways Authority of India (NHAI) awarded a 25 year concession to Indu Navayuga Infrastructure Private Limited (INIPL) to upgrade, finance, operate and maintain the 40 km section on National Highway 45 (NH-45) between Trichy and Padalur, in the southern state of Tamil Nadu. The project included four-laning of the existing two lane 40 km stretch; construction of three major bridges (across rivers Cauvery, Kollidam and Uppar), eleven minor bridges, five major railway overbridges, and two flyovers. The concession term included the construction period of 30 months.   INIPL, a special purpose company established to implement this project, was a joint venture between two Indian firms namely - Navayuga Group and Indu Group. However, the exact shareholding structure of INIPL was not publicly available. The Indu-Navayuga consortium won the project in an international competitive tender, conducted by NHAI in August 2005, by bidding for the lowest grant (US$13.24 million). India’s highway development policy allowed ‘viability funding’ by NHAI to the tune of 40 percent of the capital costs as grant to the concessionaire, subject to competitive bidding.  The total capital cost of the project was estimated at US$ 90.7 million. The project reached financial closure in December 2006. SBI Capital arranged a lean of US$ 58.7 million. INIPL was to be compensated for the capital and operating costs from the tolls collected during the concession term.  Construction work on the project began in December 2006 and was expected to be completed by June 2009.
In March 2006, a local private company Chongqing Kangda Environmental Protection Co. Ltd. took over a wastewater treatment plant in Shangqiu City, Henan Province. The plant capacity was 80,000 cubic meters per day. The company would operate the plant for 25 years.   Chongqing Kangda Environmental Protection Co. Ltd.  invested RMB 90 million (US$ 11.29 million) in the plant and owned 100% of the project.
In November 2006, a local private company Zhejiang Zhongchang Environmental Protection Industrial Company Ltd was awarded a 30-year contract to build and operate a sewerage treatment plant in Pan'an County, Zhejiang Province through competitive bidding. Zhejiang Zhongchang invested 27.4 million Yuan (US$ 3.44 million) in the plant and owned 100% of the project. The total capacity of the facility was 15,000 cubic meters per day.
The Trombay TPS expansion was a 250 MW unit being added to the existing Trombay Thermal Power Station located at Trombay in Maharashtra. The existing Trombay Thermal Power Station had 7 units and this extension was the unit 8 of the project. The project was being developed by Tata Power Company Limited (TPCL). TPCL is promoted by Tata Sons Limited and has a presence in all areas of the power sector: generation, transmission and distribution of power in various regions in India.   The power generated by the Trombay TPS extension would be supplied by TPCL in the area of Mumbai. 150 MW was sold under PPAs to the distribution business of Tata Power and Bombay Electric Supply & Transport Undertaking (BEST) in Mumbai, and 100 MW was sold on a merchant basis through Tata Power Trading.  The project cost was estimated at USD 247.5 million and achieved financial closure in September 2006. The project was expected to be commissioned by August 2008 but was finally commissioned in March 2009.
Surajbari Private Limited was created to build and operate a wind power project in the state of Gujarat operating at a capacity of 10.5 MW (7 turbines of 1.5 MW each). The entire power generated was to be sold to GUVNL, the state run power utility via a long term power purchase agreement. As per the plan SWDPL had commissioned the first phase by July 2007 and the second phase by December 2007 but the Power Purchase Agreement (PPA) was signed with Gujarat Urja Vikas Nigam Limited (GUVNL) only after February 2008.  The plant was eligible for Clean Development Mechanism (CDM) benefits created under the Kyoto Protocol. The plant was owned and operated by Energy Infratech Pvt Ltd (“EIPL”). Asian Genco had a 50% interest in this plant through EIPL.  The  project cost was INR592 million (US$13.6 million).
Dalian Port, headquartered in the Dalian City, Liaoning Province, is the largest port operator in northeaster China, operating the 11-berth Dalian Container Terminal, as well as the Dalian oil terminal. The company sold 840 million IPO shares, or 30 percent of its enlarged share capital, and raised 2.47 billion HK$ (US$ 316.67 million) through the offer, which was listed on the Hong Kong Stock Exchange in April 2006.
In March 2006, a US company Hans Technologies signed a 27 year agreement to build and operate a wastewater treatment plant in Yunhe County, Lishui City, Zhejiang Province (2 years for construction and 25 years for operation). The plant capacity was 30,000 cubic meters per day.   Hans Technologies owned 100% of the project. The total investment in this project was unknown.   The plant was planed to come into operation in 2008.
Asahan-1 HPP was a an 180-MW independent power producer (IPP). It was a joint venture of China's Huadian Corp. and Indonesia's PT Bajra Daya Sentranusa. The plant was located at Porsea, Toba Samosir, North Sumatra Province. The project was intended to provide additional electricity power to North Sumatra. The project cost was estimated to be $270 million project.   Originally, the project was proposed as an IPP in the mid-1990s by PT Bajradaya Sentranusa.  A 30-year PPA was signed with PLN in 1997 but the project was postponed in January 1998 due to financial crisis that struck Indonesia in 1997. In 2002, the project was revived with a revised power sales tariff of 4.6 cents/kWh.  In June 2008, it was reported that the plant was on track to be operational by December 2009. The project was commissioned on 18 January 2011.  In July 2012, it was reported that the plant concluded refinancing of the project. Malaysian Maybank Group syndicated the loan of US$330.6 million. Other participating banks in the first US$ 187.5 million 10 year tranche were: PT Bank Bukopin Tbk, PT Bank Internasional Indonesia, Maybank Islamic Bhd, PT Bank Maybank Syariah Indonesia, Export-Import Bank of Indonesia. Banks participating in the second US$44.7 million 10 year second tranche were: Malayan Banking Bhd, PT Bank Bukopin Tbk, TP Bank Internasional Indonesia, Maybank Islamic Bhd, PT Bank Maybank Syariah Indonesia, Export-Import Bank of Indonesia. All aforementioned banks also participated in the third US$100 million Islamic finance tranche. Output was to be sold under a 30 year PPA to PT PLN.
In December 5, 2006 the state-owned Metropolitan Waterworks System (MWSS) awarded to DMCI-MPIC Water Company an 83.97% stake in Maynilad Water Services Inc. (Mayniland), which provided water and sewerage services to Metro Manila East Water Supply and Wastewater Service Zone. In 1997, Mayniland, a consortium formed by Pilipino Benpres Holdings Corp. (60%) and French Suez (40%), was granted a 25 year exclusive concession to provide water and sewerage services in the area of West Metro Manila in 1997, running until May 2022. Under the concession, Mayniland committed to invest US$ million over the contract period. However, in 2005 Benpres returned its stake in the concession to the government after a serious of financial difficulties and disputes with the regulator, while Suez saw its stake reduced to 16%.   Under the 25 year concession contract, Maynilad’s exclusive service area comprised approximately 540 sq. kilometres of West Metro Manila and included eight cities and three municipalities in the Metro Manila area, and one city and five municipalities in Cavite province. In 2006, the total population of Maynilad’s service area exceeded 8 million and its network facilities include two water treatment plants and approximately 4,100 kilometers of pipes and aqueducts. There was no information on Maynilad’s number of connections in 2006.  The 83.97% stake in Maynilad was awarded through a competitive tender process in which three consortia submitted bids, but only two were accepted as valid by the privatization agency (MWSS). The DMCI-MPIC consortium, which was integrated by Hong Kong based First Pacific Company Limited (50%) and Filipino DMCI (50%) won the tender by offering the highest equity increase in Mayniland (US$447 million). The other qualified bidder, which was a consortium formed by Manila Water and another Alaya family controlled company, lost the tender by offering US$400 million in equity increase for Mayniland. The third bidder was the Singaporean Noonday-Rubia consortium was disqualified for failure to pay the US$2.5 million bid guarantee and show that it had P6 billion in capitalization.  The terms of DMCI-MPIC bid comprised: 1.	A cash payment of US$56.7 million for acquiring the 83.97% stake in Mayniland, the repayment of financial assistance provided to Mayniland by MWSS, and interest. This payment was stipulated in the bidding process as the minimum financial bid and comprised US$22.7 million for the 83.97% stake in MWS, US$31 million for the of financial assistance provided to MWS by MWSS, and US$3 million for interest; 2.	An equity contribution of US$447 million by DMCI-MPIC consortium over three years. The equity contribution was to finance capital expenditure and to repay existing credits of Mayniland. In December 2006, Mayniland had around US$256.8 millions of debt which was subject to various debt restructuring agreements. The bidding process required that, if not paid in cash, the additional equity contribution were required to be supported by a standby letter of credit issued by a BBB rated bank; and 3.	A mandatory US$12 million performance bond to be provided by DMCI-MPIC for Mayniland’s obligations under the concession and the payment of transaction fees and expenses of US$16.9 million.   The transactions contracts were signed in December 28, 2006. The completion of transaction occurred in 23rd January 2007.  There was no public information on Mayniland’s investment commitments for the remaining 15 years left in the concession besides the committed equity contribution of DMCI-MPIC’s consortium. In February 2007, DMCI-MPIC Water Company announced it planned to raise its planned annual expenditure from the original US$58 million (Pesos 2.9 billion) to US$100 million (Peso 5 billion), totaling about US$600 million (Peso 30 billion) over their first six to seven years of Maynilad’s ownership.    In September 2009, Maynilad Water Services, Inc. (Maynilad) got an approval from the Metropolitan Waterworks and Sewerage System (MWSS) on the extension of its concession for another 15 years, or by 2037. In April 2010, the extension of the concession was approved.  In June 2011, the company announced that it was on track to spend US$ 136 million for the calendar year to improve and extend its network in the south of Manila. The project was to benefit over 520,000 residents. Capital spending for the year 2011 was US$ 245.47 million (P10.5 billion).  As of February 2012, Maynilad connected its one millionth water service account.  In May 2012, the World Bank extended a US$275 million loan to state-run Land Bank of the Philippines to be made available to the two water concessionaires (Maynilad and Manila Water Company) to be used to improve wastewater collection and treatment practices in Metro Manila. Of the total loan, US$178.3 million are to be used by Maynilad in sewage treatment plants and associated wastewater conveyance systems in Quezon City, Pasay, Alabang, Muntinlupa, Valenzuela, and a septage treatment plant in the southern part of Metro Manila.  In June 2012, Maynilad Water Services has completed the construction of a sewage treatment plant worth P25 million (US$ 600,000) designed to treat up to 570 cubic meters per day of waste water.The new STP is expected to benefit 4,400 people in the area and help clear the San Juan River Basin.
On February 24, 2006, the provincial authorities of San Juan signed an 82 year contract for the construction, operation and maintenance of the 500/220kv Interconexion Gran Mendoza-San Juan with Transportadora Cuyana SA. The transmission line was to run for 175km from the Grand Mendoza to the San Juan substation and was the first section of the Minera line.  Interconexion Gran Mendoza-San Juan was part of a federal plan to increase the capacity of the high voltage (500k) transmission network and integrate energy supply and demand throughout Argentina.   The project was granted to Transportadora Cuyana SA through a public competitive tender. The main bidding criterion was the lowest present value of payments during the period of operation and maintenance. Transportadora Cuyana SA won the tender by presenting the lowest present value.   The cost of the transmission line was estimated by Transportadora Cuyana SA at approximately US $46.9 million (143 million pesos). Transportadora Cuyana SA provided its own financing and by December 2006, 25% of construction was completed. The line was expected to become operational in March 2007.  In the project contract, the provincial governments agreed to pay to Transportadora Cuyana SA: (1) a monthly fee during the construction period of 420 days and another monthly fee for the first 10 years of the line operation. Both fees were defined based on Transportadora Cuyana SA’s winning bid.   The divested Transener SA (project number 55), the owner of technical license of all high voltage lines,  was responsible for supervising the line construction, operation, and maintenance. Transener SA was to receive 3% of Transportadora Cuyana SA’s construction payments and 4% of its monthly operational and maintenance payments during the 10 year of operations. For the remainder of the contract, Transportadora Cuyana SA was to pay 2.5% of its earnings to Transener SA.  The line was commissioned in September 2007.
On July 3rd 2006, the Nigerian Bureau of Public Enterprises awarded a 75% stake in national operator Nigerian Telecommunications Ltd (Nitel) to private company Transnational Corporation Plc. (TransCorp). At the time of the sale Nitel offered fixed line telephony to some 250,000 customers. At the end of 2006 Nitel also had an estimated 2.8 million mobile subscribers through its wholly owned M-Tel subsidiary.  Nigeria fifth attempt to divest Nitel was a negotiated sale in which 28 expressions of interest were received and of which seven prospective investors were short-listed. Transnational Corporation in partnership with the British Telecom was selected as Preferred Bidder, meaning they had the Right of First Offer in the negotiated sale process and the others as reserved bidders    TransCorp was a Nigerian company formed in 2005. It purchased privatized government assets in three sectors: telecommunications, energy and hospitality.   This was the fourth major attempt to attract private participation in Nitel. In 2002 Investment International Limited (ILL) of Britain failed to pay the $1.317 billion it offered for a 31% stake in the company. In 2003 Pentascope, a Dutch company, won a bid to manage Nitel and put it on sound footing for an eventual sale (project 3158). The management contract was cancelled in 2005. A third attempt was made with Orascom of Egypt, but their 2005 offer of $256.43 million was deemed too low by the government.  The project reached financial closure in November 2006, when TransCorp paid a first installment of $500 million to the government. Funding for the $500 million was secured with loans from a large consortium of local banks including Union Bank, UBA, Wema Bank, Skye Bank, and Intercontinental Bank Plc.   In late 2006 TransCorp decided to only keep the 51% of Nitel it had already paid for. The remaining 24% of the Nitel stake were to be offered through IPOs on the Lagos Stock Exchange in 2007. The first IPO took place in February and was vastly undersubscribed.  British Telecom (BT) was the technical for both Nitel and MTel following their acquisition by TransCorp in November 2006. Under phase one of this engagement, BT supplied consulting services to address key elements of the technology evaluation, reorganisation and reengineering of the companies, as well as supplying the interim CEOs for both Nitel and its mobile subsidiary, M-Tel. In April 2007 BT withdrew from Nitel and M-Tel and recalled their CEOs over failures to agree with TransCorp on key issues such as the operator’s working capital requirements. Following a performance review, an agreement was reached in December 2007 in which the government would sell 24% of its 49% stake and Transcorp would sell up to 27% of its 51% stake, giving the new core investor a 51% shareholding and thus majority ownership.  In June 2009, the government took back control of the fixed line operator and its mobile unit MTEL, citing lack of investment and unpaid debts in the three years Trans National Corporation Plc bought a majority stake in the national carrier.  Mtel/Nitel appeared to be closed in Q1, 2011.
Krymenergo was Ukraine'second largest utility company according to market capitalization. It operated the electrical power distribution  on the Crimean Peninsula and offered regional consumer services of electricity supply and transport. the Company operated 29,400 km of 0.4 — 110 kV overhead transmission lines, 4,100 km of 0.4 — 10 kV cable lines, over 10,000 power transformers with total capacity of nearly 6,000 MVA. The grid and substations were spread over the territory of 27,000 sq. km which housed some 2 million population. The company supplied electricity to 802,900 customers, including 780,300 households and approx. 22,600 industrial and commercial customers  As of 2006, 70% of Krymenergo shares were state-owned and were transferred to the Statutory Fund of NJSC Energy Company of Ukraine, 5.128% were owned by VS Energy International N. V. (Netherlands) and 6.143% by "Lindsell Enterprises Limited" (Cyprus). 5.6% of further shares were owned by physical entities. In March 2006, 10.01% of shares in Krymenergo were accumulated by Hasador Group Ltd. (GB Virgin Islands).   As of June 2010, DTEK confirmed it owned 12.49% of the stock in Krymenergo. The Energy Company of Ukraine owned 25% while the State Propeerty Fund of Ukraine owned 45%.
In March 2005, Akenerji won a competitive bidding for the right to finish and manage Cinarcik Dam, which had been completed 95% by DSI (state electrical authority), and to build and manage a 95 MW Uluabat Hydroelectric Power Plant for 40 years. The company paid YTL 33.8 million ($26 million) to get a license for the Ç&#305;narc&#305;k Dam and Uluabat Power Tunnel. Under the agreement, Akenerji agreed to pay some USD 75 million in 10 installments to State Hydro Authority 5 years after the plant became operational and invested USD 130 million for the project. Cinarcik Dama and Uluabat HEPP Project located within Susurluk Basin in Marmara Region, Turkey.   The financial closure was reached in July 2006, after Akenerji secured a loan of USD 49.88 million (USD 24.93 million plus EUR 19.5 million) from Yapi Kredi Bankasi. The loan had a grace period of three years and matured in seven years.
In January 1997, Government of Andhra Pradesh (GoAP) awarded the development of an all weather deep water greenfield port in Krishnapatnam (Nellore district, Andhra Pradesh State) to Krishnapatnam Port Company Limited (KPCL)via an international competitive bidding. Under the contract, KPCL had the exclusive right to design, finance, build, manage and operate the Krishnapatnam port for 30 years (from the commercial operations date) with an option to extend the lease for an additional 20 years. Further, KPCL was required to pay 2.6 percent of the revenues to GoAP. The port was initially expected to have three berths and a cargo handling capacity of 13.5 million tons per annum. According to revised concession agreement Dt. 17.9.2004 GoAP has to provide land on lease, external infrastructure such as Roads, Water Supply, Power, Rail connectivity etc.  Phase-II expansion, which is underway, consists of seven berths including 4 for coal handling, 1 for container cargo handling and 2 for general cargo handling under a 30-year concession agreement. Phase-II has a capacity of handling 10 vessels and a cargo of 40 million tonnes per annum (mta).  The Krishnapatnam port project was originally conceived to serve the large coal shipments for the mega thermal power plants planned in the region. The port was also expected to serve iron-ore exports from Hospet and Bellary regions, and other industries in Nellore and Rayalseema. However, the port construction was considerably delayed due to delays in the finalization of the power plants that it was going to serve.  This BOT contract was the result of Government of India’s (GOI) commitment to encourage private investments to augment and upgrade the country’s port capacity. To this effect, GOI took several policy initiatives. Of these, the guidelines issued in October 1996 was the most comprehensive, facilitating private sector participation in the construction and operation of additional assets such as container terminals and cargo berths.   KPCL was jointly owned by the Indian firms - Natco Pharma Ltd (26%) and Navayuga Group (74%). KPCL was selected to develop the port in an international competitive tender conducted by GoAP.   The total cost of the Phase-I of the project was estimated at US$ 143.5 million. The project reached financial closure in December 2006.  UTI bank raised a dual currency debt facility in the amount of US$120 million, with US$ 98 million in Indian rupees and the balance in US dollars. The project was funded on a non-recourse basis.  The 2nd phase of the Krishnapatnam Port Project comprising seven berths including four for coal handling, one for container cargo handling and two for general cargo handling is estimated to cost US$ 789.9 million (INR 38242 mn @ 48.41 INR/USD). The financial closure for the 2nd phase was attained on 17th March 2009. Financing comprised US$ 617.6 million (INR 29900 mn @ 48.41 INR/USD) Debt and US$ 172.3 million (INR 8341.8 mn @ 48.41 INR/USD) Equity. Debt was further split between a US$ 578.4 mn (INR 28000 mn @ 48.41 INR/USD) 14.75-year term loan and a US$ 39.2 mn (INR 1900 mn @ 48.41 INR/USD) 14.75-year subordinate term loan. State Bank of India was the lead arranger.   Krishnapatnam port was designated as a minor port. All major ports in India are administered by the central government while the minor ports are administered by the respective state maritime boards under the Indian Ports Act 1908. In terms of tariff setting, the major ports came under the Tariff Authority for Major Ports while the minor ports had the freedom to fix their own tariff.  Construction for Phase-I was over and trial operations were completed in July 2008 and commercial operations were expected to start in March 2009. Further expansions plans under Phase II and Phase III were under progress. KPCL has already completed the 2nd phase works to the tune of US$ 106.4 mn and was expected to be fully commissioned by January 2012.
On 23 May 2002 the Nigerian government, through aviation minister Kema Chike, awarded a Build, Own and Transfer (BOT) contract for terminal one at the Murtala Muhammed terminal to local company Stabilini Vision Limited (SVL). The BOT was necessary to replace the old terminal building at the airport, which was destroyed by fire in March 2000. In October 2001 a first attempt at rebuilding the terminal was made with a 10 year BOT contract was awarded to Nigerian-Canadian consortium Royal Sanderton Ventures.   On 24 April 2003 a concession agreement was signed between the Nigerian Government and the Federal Airports Authority on one side and Stabilini Visinon Litd (as sponsor) and Bi-Courtney Ltd (as concessionaire) from the other side.  The BOT concession was originally signed for 12 years with construction taking 18 months. Following a supplementary agreement the construction period was extended to 33 months. Bi-Courtney Aviation Services Limited (BASL) was established to manage the MMA2 terminal.  The estimated cost of the project was $200 million. The project was partionally financed with a loan of $150 million from a consortium of 6 banks —Oceanic Bank International Plc, Zenith Bank Plc, GT Bank Plc, First Bank Plc, First City Monument Bank Plc and Access Bank Plc. Debt to equity ratio is 60:40. As per the agreement, the Bi-Courtney should pay a concession fee in the amount of 5% of the annual turnover.  On 7 April 2007, the terminal was inaugurated by the then president of Nigeria Olusegun Obasanjo and flight operations began on 7 May 2007.  On 25 August 2017 Bi-Courtney obtained ministerial approval for extension of the contract for 36 years, which is being contested by the Federal Airports Authority of Nigeria (FAAN).
In June 2005, Vamshi Industrial Power Limited (VIPL) signed an implementation agreement with the government of Himachal Pradhesh (GoHP) that allowed VIPL to build, own, operate and maintain Drinidhar hydroelectric power project on Beas river, in Kangra District of Himachal Pradesh State, for a period of 40 years from the date of commissioning.  The project consisted of 2 generator units, each producing 2.5 MW each, for a total capacity of 5MW. This project was implemented under the Small Hydro Project Self Identified Schemes policy of GoHP.  The power generated from the project was to be supplied to the Himachal Pradesh State Electricity Board (HPSEB) under a 35 year a power purchase agreement.  VIPL, a special purpose company, was a wholly owned subsidiary of India’s Lanco Group.  The total cost of the project was estimated at US$ 6.35 million. The project reached financial closure in March 2006.   Construction work began in 2006 and the project was scheduled for commissioning in April 2008.
In December 2006, Torrent Power Limited (TPL) signed a 10 year franchisee agreement with Maharashtra State Electricity Distribution Company Limited (MSEDCL) to distribute power to 0.16 million customers in Bhiwandi district (near Mumbai) of Maharashtra State. The estimated demand in the circle was 750 MVA with an annual power consumption of 2400 million units. Under the agreement, TPL was responsible for power supply, infrastructure upgradation and revenue collection for the Bhiwandi distribution circle.  Specifically, TPL’s activities included meter reading, billing, revenue collection, operation and maintenance, customer care, capex (capital expenditure) investment and incremental power sourcing.   MSEDCL supplied bulk power to TPL at the average rate of $0.04/kWh over the 10 years. However, TPL was allowed to source additional power from other producers in case of higher demand. TPL then sold this power to consumers of Bhiwandi at rates fixed by Maharashtra Electricity Regulatory Commission.  This distribution franchise agreement was the result of both Government of India’s and State Government of Maharashtra’s (GoM) commitment to reform the loss making electricity sector. In June 2005, GoM unbundled the power sector and MSEDCL was given the task of distribution. MSEDL in turn decided to bid out various distribution circles to private parties under the franchisee model for reducing the transmission and distribution (T&D) losses and boosting profitability.    In June 2006, TPL won the Bhiwandi distribution franchise in an international competitive tender conducted by MSEDCL. Although 40 companies showed interest in the pre-bidding stage, TPL and Crompton Greaves Ltd. were the only two companies that participated in the final round. TPL promised to cut T&D losses from 45 per cent to 14 per cent and increase collection from 62 per cent to 98 per cent. TPL was expected to generate additional revenues of US$ 33 – 40 million (Rs 1,500 – 1,800 million) in the first year itself and over the ten year period, the company was expected to add revenues  of about 350 million (Rs 15,000 - 20,000 million).    TPL was expected to invest US$ 22 million (Rs 1,000 million) in the first six months to upgrade the distribution systems.  TPL took over the operations of Bhiwandi distribution circle in January 2007.
In December 2006, National Highway Authority of India (NHAI) signed a 20 year concession agreement (includes a construction period of 30 months) to a consortium of India’s Ashoka Buildcon Limited and Infrastructure Development Finance Corporation (IDFC) to strengthen and widen the 80 km section on National Highway 6 (NH6) between Raipur (in the state of Chattisgarh) and Nagpur (in the state of Maharashtra).  Under the contract, the consortium was responsible for the design, expansion, finance, operation and maintenance of the existing two-lane highway to a four-lane highway with paved shoulders. The expansion project, part of National Highway Development Project - Phase IIIA, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   The consortium established Ashoka Highways (Bhandara) Limited (AHBL), a special purpose vehicle, to implement the project. The consortium won the competitive tender, conducted by NHAI, by requesting the lowest grant of US$ 2.5 million. Apart from this upfront payment by NHAI, under the contract, AHBL was to recover the capital costs and operating costs including returns through tolls during the concession period (excluding the construction period).  The concession agreement for the project was signed in December 2006. The total capital cost of the project was estimated at US$ 106 million.   Construction on the project was scheduled to begin in June 2006 and was expected to be completed by December 2008.
Concessionaria Mosquitao S.A., a partnership of the Brazilian companies Ilcalopes Empreendimentos e Participacoes (60%), JRF Empreendimentos Ltda (20%) and Triton Energia Ltda (20%), was awarded the contract to build and operate a  30-MW hydro power plant located in the Caiapo River, state of Goias. The company signed a 30-year concession contract with ANEEL  in March 2002, and the power plant was named PCH Mosquitao.  PCH Mosquitao established a 20-year power purchase agreement with Eletrobras in 2004 to sell all its output through the federal sponsored program PROINFA. The investment commitment was estimated at US$ 50 million (BRL 100 million).  The construction works started in 2003, and commercial operations commenced in December 2006.
The Brazilian company Arcadis Logos Energia and several small local investors  were granted authorizations to build two small hydro power plants located in the state of Mato Grosso, municipality of Rondonopolis and Pedra Preta (50.3 MW in total capacity). The 30-year contracts were signed with the regulatory agency ANEEL in December 2002. The private investors would control the projects through its subsidiaries Hydropower Energia S.A. (PCH Jose Gelasio da Rocha) and Tupan Energia Eletrica S.A. (PCH Rondonopolis).  Construction works on these plants started in 2006, and both projects were operational early in 2007. The investment committed to the PCH Jose Gelasio da Rocha was estimated at US$ 22.1 million (BRL 37.9 million in 2002 or BRL 48.1 million in 2006), while the investment in the PCH Rondonopolis was estimated at US$ 20.7 million (BRL 42.5 million in 2002 or BRL 57.4 million in 2006).  In July 2008, Tractebel Energia S.A. (a Brazilian subsidiary of GDF – Suez) acquired both projects (project #1991). This transaction´s total cost was estimated in US$ 116.8 million (BRL 213.9 million).  The power plants have signed power purchase agreements with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies).
China Gas Holdings Limited formed a joint venture in Fushun City, Liaoning Province in June 2006. China Gas Holdings Limited has 70% stake in the gas project and would operate and manage the joint venture for 30 years. The total investment was RMB 280 million (US$ 35.26 million).
In November 2004, ANEEL, Brazil’s federal electricity regulator, awarded a 30 year contract to ATE II Transmissora de Energia SA to build, maintain, and operate a new 922 km transmission line connecting the northern and northeastern regions of Brazil. The line was designed to run from the Colinas substation in the state of Tocantins to the Sobradinho substation in the state of Bahia passing through the states of Maranhao and Piaui. According to the IDB, the project was vital in linking regions with surplus generation to regions with energy deficits.  ANEEL awarded to the contract through a competitive tender to the consortium that paid the highest price to the government.  Fourteen bidders were present, but Transmissora de Energia SA presented the winning offer of 107.57 mln Brazilian reais ($39 mln/29.91 mln euro).  ATE II Transmissora de Energia SA was a special purpose company created by the Spanish engineering firm Abengoa to manage the project. Abengoa owned 100% of the project company.   The total project cost was estimated at US $440.6 million. Construction began in 2005, but financial closure was reached in June 2006 with the approval of US $119.5 million loan from the Inter-American Development Bank (IDB). US $11.8 million of the IDB loan was granted as a complimentary line of credit. Accompanying this loan was debt financing from the Brazilian development bank BNDES and co-lenders for a total project debt financing of approximately US $280 million. The remainder was to be financed through equity.
In August 2006, a local private company Shenzhen China Technology (Industry) Group Company purchased the 100% ownership of the Luoding Railway General Company to rehabilitate and operate the 65.12 KM Luoding Railway in Guangdong Province through open audition for 41.86 million Yuan (5.25 million US$). Meanwhile Shenzhen China Technology (Industry) Group Company also undertook to build and operate the 75.71 KM Luoceng Railway linking to Guangxi Province with an investment over 1.4 billion Yuan (175.66 million US$). Shenzhen China Technology (Industry) Group Company owned 100% of the entire project.
Government of Malaysia awarded Ranhill Powertron II Sdn Bhd(RPII), a wholly-owned subsidiary of the Ranhill Power Bhd, to build, own, and operate a 190MW Gas Fired Power Project in Kota Kinabalu, Sabah for a period of 21 years. The plant was going to supply electricity to Sabah Electricity Sdn Bhd (SESB). The power purchase agreement between RPII and Sabah Electricity was signed on June 2006.   The financial closure was reached on July 2006 when RPII awarded the EPC Contract for the engineering, procurement, construction, and commissioning of the Plant to Ranhill Engineers and Constructors Sdn Bhd at a fixed lump sum turnkey price of RM570 million or USD 155 million  In October, 2009 Maybank Investment Bank Bhd (Maybank IB) and Affin Investment Bank Bhd arranged syndicated credit facilities of USD 181.5 million for Ranhill Powertron II Sdn Bhd (RPII). No further information is available.
In March 2005, the consortium Porto Primavera Transmissora was officially awarded a contract by ANEEL, Brazil’s power regulator, to construct, operate and maintain a 490km, 230Kv transmission line in Mato Grosso do Sul. The project was designed to expand and improve the safety of the power supply in Mato Grosso do Sul and strengthen interconnectivity between the southern regions. Porto Primavera Transmissora was equally owned by Isolux SA, Elecnor SA and Cobra Instalaciones y Servicios SA.   The project was previously tendered on September 30, 2004 at a public auction. The winning bidder was Isolux SA with a bid of 24% below annual maximum revenues.   In December 2006, BNDES, the Brazilian development bank, financed US $90.6 million for the construction, operation and maintenance of the transmission line. Total investment requirements were estimated at US $170.2 million. Indirect financing was provided by three different groups of private banks (Banco Bradesco S.A., Banco Votorantim S.A., Banco Santander Brasil S.A. and Banco BNP Paribas Brasil S.A).   In a similar fashion, BNDES also financed #3777 Cuiaba – Itumbiara Transmission Line and #4352 Vila do Conde Transmissora de Energia Ltd.  MIGA has issued guarantees of $20.6 million to Cobra Instalaciones y Servicios SA to cover its US $22.9 million equity investment. The coverage is against the risk of breach of contract and transfer restriction for up to 15 and 10 years, respectively.  In March 2010, the shareholding structure was again modified when a Chinese state – owned company, SGID, acquired Porto Primavera Transmissora de Energia and other transmission projects from Plena Transmissora de Energia (Isolux, 33,3%; Elecnor, 33,3%; Cobra Instalaciones y Servicios, 33,3%), which held 100% of the shares of the project company at the time the transaction took place. SGID invested US$ 1.72 billion (BRL 3.1 billion) in the acquisition of Plena Transmissora de Energia.  Operations commenced in July 2011.
Nagarjuna Power Corporation Limited (NPCL) was incorporated in 1996 to develop a 1,015 MW (comprising two units of 507.5MW each) greenfield coal-fired power plant in Ududpi district of Karnataka State on BOO (build-own-operate) basis. NPCL committed to supply 90% of the power to the five electricity supply companies (Escoms) in Karnataka and the balance to Punjab State Electricity Board under 25 year power purchase agreements (PPA) signed in December 2005. NPCL was expected to use imported coal from Australia, South Africa and Indonesia as the primary fuel to generate power. Nagarjuna Power Project (NPP) was significantly delayed due to delays in obtaining various government clearances.   NPP was a result of Government of India’s (GoI) commitment to its ambitious goal of “Mission 2012: Power for All” that required additional capacity creation of nearly 100,000 MW by 2012. In April 2004, NPP was granted “Mega Power Project Status” by the Ministry of Power (GoI) which allowed certain fiscal benefits to NPCL for undertaking the project, such as exemption from customs duty on imported equipment and sales tax exemption on capital goods supplied to the power plant.  NPCL was a joint venture between India’s Lanco Group (74%) and Nagarjuna Group (26%). Since NPP took a long time (almost 10 years) to reach financial closure, information on how this project was awarded originally was not available from public sources.  The total cost of NPP was estimated at US$ 958.3 million (Rs 43.42 billion). The project reached financial closure in November 2006 with a debt equity ratio of 4:1. A consortium of 14 banks and financial institutions, led by Power Finance Corporation, financed the project loan of US$ 766.72 million (Rs 34.74 billion).  Construction on the project began in full fledge immediately after the financial closure was achieved. NPP was expected to begin commercial operations by the last quarter of 2009.
In July 2006, the consortium Ecotren was awarded a 20 year concession to build, rehabilitate and operate the rolling stock of a railroad in Salta province known as “Tren a las Nubes”, or train of the clouds. Tren a las Nubes was a passenger train for mostly tourists that ran 434km between Salta and La Polvorilla at 4,200m above sea level. Ecotren was formed by the Argentine companies Tranex, Lasami and Ecopas. Belgrano Cargas, a private operator, owned the fixed assets.  The contract was awarded through a competitive tender that opened in December 2005 and included four bidders: a consortium of Ferrovias, concessionaire of the Belgrano Norte and construction firm Benito Roggio; La Veloz del Norte, Exposium America Latina and Ecotren. Bids were evaluated based upon: the bidder's experience, organization of service, benefits offered, investment plan, risk prevention programs and contingency plans for emergencies.   The project was re-tendered after Trenes y Turismo (TyT), the previous operator, was accused of negligence after stranding approximately 450 tourists on high mountain passes in July 1005.   Ecotren committed to investing US $15 million during the first four years of the concession to mostly rolling stock. The provincial government committed 25mn pesos (US$7.9mn) in the rehabilitation of some 60km of railways between Quijano and La Polvorilla.  Operations commenced in October 2007.
In August 2006, China Water Affairs Group Ltd signed a 25-year concession with the Construction Committee of Jingzhou City to maintain and operate a sewage treatment in Jingzhou City, Hubei Province, China. The plant capacity was not disclosed.   Hong Kong-based China Water Affairs Group held 51% of the project company; the remainder was held by Construction Committee of Jingzhou City, Hubei Province. The project achieved financial closure when China Water Affairs Group issued convertible bonds and took out bank loans in September 2006. The total project cost was estimated at HK$ 126million (US$ 16.2million). China Water Affairs Group expected to recoup its investment by selling water at an average tariff of RMB 0.70 (US$ 0.09) per cubic meter.  The project was under construction as of February 2007.
In August 2006, a local private company Beijing Sound Environment Industry Group signed a 25 year agreement to build and operate the Xiangfan Xiangcheng Guanyinge Wastewater Treatment Plant in Xiangfan City, Hubei Province. The plant capacity was 100,000 cubic meters per day. Beijing Sound Environment Industry Group got the project through an open bidding process.   Beijing Sound Environment Industry Group invested over RMB 100 million (US$ 12.55 million) in the plant and owned 100% of the project.    The plant was planed to be operational as of the end of 2007.
In June 2006, National Highways Authority of India (NHAI) awarded a 20 year concession to Lucknow Sitapur Expressways Limited (LSEL) to upgrade, finance, operate and maintain the 75 km stretch on National Highway twenty four (NH-24) between Lucknow and Sitapur, in Uttar Pradesh State. The Lucknow Sitapur expressway project primarily involved strengthening and widening of the existing two lane road to four lane dual carriageway. The concession term included the construction period of 36 months. This road upgrade project was expected to enhance the accessibility of western UP to the rest of the country and give significant stimulus to trade and commerce in the entire region.   LSEL, a special purpose company established to implement this project, was promoted by India’s DS Constructions Limited and its partners. However, information on the other partners and the exact shareholding structure of LSEL was not available. The DS consortium won the project in an international competitive tender, conducted by NHAI, by bidding for the lowest grant. Note that information on the grant amount was not available.   India’s highway development policy allowed ‘viability funding’ by NHAI to the tune of 40 percent of the capital costs as grant to the concessionaire, subject to competitive bidding. However, in high traffic density corridors that are very profitable, the bidders usually offered an upfront payment to NHAI instead of seeking a grant.  The total capital cost of the project was estimated at US$ 99.3 million. The project reached financial closure in December 2006. The debt was raised by a consortium of banks led by State Bank of Travancore.   LSEL was to be compensated for the capital and operating costs from the tolls collected during the concession term.  Construction work on the project began in June 2006 and was expected to be completed by June 2009.
In October 2006 the government of Algeria awarded a 20 year concession for the construction and operation of a gas pipeline linking Algeria with Spain to special purpose consortium Medgaz. The pipeline was to run from Ain Temouche in Algeria to Almeria in southern Spain, for a total length of 210 kilometers. The Medgaz pipeline was expected to transport some eight billion cubic meters of natural gas per year. The gas was acquired from Algerian state utility Sonatrach and sold mainly on the Spanish market.  Medgaz was created in February 2001 under the name of Sociedad para el Estudio y Promocion del Gasoducto Argelia-Europa, vía Espana S.A. Up to 2005 Medgaz produced a number of feasibility studies, environmental and technical reports. In 2004 Medgaz became a construction company. At the end of 2006 Medgaz was owned by five energy companies: Sonatrach (Algerian state utility, 36%), CEPSA (Spain, 20%), Iberdrola (Spain, 20%), Endesa (Spain, 12%) and Gaz de France (France, 12%).  The Medgaz project reach reached financial closure in December 2006, when the project’s sponsors made the “final investment decision”. Total costs were expected to reach $1,170 million (900 million Euros). Financing was to be provided by the project’s shareholders through participative loans.  Construction was scheduled to begin in early 2007. The pipeline was expected to become operational in mid 2009.
In October 2005, National Highways Authority of India (NHAI) awarded a 20 year concession contract to India’s Larsen and Toubro Limited (L&T) to upgrade, operate and maintain the 56 Km stretch on National Highway number seven (NH-7), between Jadcherla and Kothakota, in Andhra Pradesh State. Under the contract, L&T was required to design, finance and widen the existing two-lane stretch to a four lane divided highway in return for the right to collect tolls during the concession term. In addition, the project included the construction of one railway overbridge, five major bridges, a bypass to Jadcherla town, two flyovers, toll plaza and other wayside amenities. The 20 year concession term included the construction period of 30 months.   The Jadcherla Kothakota toll road project, awarded under National Highway Development Program – Phase II, formed the important link in the Hyderabad-Bangalore corridor. The road expansion was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  L&T Western Andhra Tollways Private Limited (L&T-WATPL) was a special purpose company created by L&T to exclusively implement this project. The concession agreement between NHAI and L&T-WATPL was signed in January 2006. L&T won the concession by requesting the lowest subsidy/grant in an international competitive tender conducted by NHAI. The amount of subsidy requested was estimated to be US$11 million.  The total capital cost of the project was estimated at US$ 90 million. The project reached financial closure in August 2006. IDFC was the lead arranger of the US$ 57.9 million debt.  Construction work on the project began in August 2006 and was expected to be completed by February 2009.The company achieved the Commercial Operation Date (COD) for the project on March 13, 2009 as against the scheduled date of February 20, 2009; however, this delay was mainly due to the unavailability of the land in the project stretch and did not result in any cost overrun for the company.
The Brazilian company SANE Ltda. was granted an authorization to build a small hydro power plant located in the state of  Tocantins (30 MW in total capacity). The 30-year contract was signed with the regulatory agency ANEEL in May 2004. In February 2004, the power plant´s ownership control was transferred to Porto Franco Energetica S.A., a subsidiary of SANE Ltda which would manage the project.  In March 2006, the Porto Franco Energetica ´s ownership control changed again, when SANE sold its shares to Crema Participacoes e Investimentos Ltda (85%) and other small investors (15%).   Porto Franco Energetica committed to invest US$ 60 million (BRL 130 million) in the project. In October 2006, Porto Franco Energetica S.A. was granted a US$ 47.7 million (BRL 104  million) loan contract from Banco da Amazonia, a state-owned development bank. Of this loan value, US$ 35.7 million came from FDA (Amazonia Development Fund), while the remaining US$ 12 million was channeled from FNO (Northern Region Development Fund). Construction works on this plant started in 2006, and the unit became operational in 2009.   Porto Franco Energetica S.A. signed  power purchase agreements with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies).
In July 2006, Chhattisgarh State Electricity Board (CSEB) approved the development of a 63 MW coal dust based power plant in Korba district of Chhattisgarh state by SV Power Private Limited (SVPPL) on build-own-operate basis. SVPPL entered into a power purchase agreement (PPA) with Reliance Energy Trading Limited (RETL) for the sale of 60MW of power generated from the Phase I plant.   This power project was a result of coal discovery - over a dozen opencast coalmines - in the Korba district by South Eastern Coalfield Ltd, a subsidiary of Coal India Ltd. SVPPL planned to set up coal washery units and use their dusts for the plant.   SVPPL was a subsidiary of Andhra Pradesh based KVK Energy Limited.   The project was estimated to cost US$ 97 million (INR 4.4 billion). The project reached financial closure in November 2006.   Construction on the project began soon after financial closure and was scheduled for completion in December 2008.
In  October 2006, the municipality of Sao Jose do Rio Claro, in the state of Mato Grosso, Brazil, awarded a 30-year rehabilitate, operate and transfer contract for its water and sewage infrastructure to private operator Aguas de Sao Jose. In 2006, the town of Sao Jose do Rio Claro had a population of 13,535.   Aguas de Sao Jose was a special purpose company owned by Brazilian company Brasil Central Engenharia (Grupo Dias). In 2012, Aegea (subsidiary of the Brazilian company Equipav) acquired the project company along with another 15 water and wastewater concessionaries that were operating in the state of Mato Grosso and belonged to Grupo Dias. The ownership of all these companies were transfered to a newly created holding called Nascente do Xingu, itself a wholly-owned subsidiary of Aegea.  The concession was awarded through an open competitive tender. No information was available on the number of final bidders. Information on the investment commitments was also not available.
In November 2006, Tartous Port General Company (TPGC), the port authority of Tartous, signed a ten year concession agreement with Philippine International Container Terminal Services (ICTSI) to upgrade and operate the container terminal at the port of Tartous, 250 km from Damascus, the capital city of Syria. At the end of ten years, the concession agreement allowed for a possible extension for another five years. In 2004, Tartous International Container Terminal (TICT) had handled 52,628 twenty foot equivalent units (TEU) and 9.7 million total cargo tonnage.   ICTSI established a fully owned local subsidiary, Tartous International Container Terminal jsc, to implement this project. ICTSI won the concession in an international competitive tender conducted by TPGC in October 2005. It is not clear what the bidding variable was (largest investment or revenue sharing) based on information available from public sources. The other three firms that participated in the tender were French megaliner CMA CGM, Kuwait and Gulf Link Transport/Gulf Stevedoring, and OPM/PWC Logistics.  ICTSI planned to invest US$ 37 million (over the lifetime of the concession) to improve facilities and upgrade equipment at the port, including major investments in modern container handling equipment, IT systems and manpower.  Under the concession agreement, ICTSI was expected to pay TPGC fa yearly fixed and variable fee per TEU.  ICTSI was expected to take over the operations of TICT in early 2007.
The project company, Baoji China Gas Co., Ltd., was established in March 2006 to take over a gas project in Baoji City, Shannxi Province. China Gas Holdings Limited has 64% stake in the gas project and would operate and manage the joint venture for 30 years. The total investment was RMB 170 million (US$ 21.33 million).
In March 2006, PT. Metaepsi Pejebe Power Generation (Meppogen) started the construction of first Phase (Phase I) Gunung Megas gas powered power plant 2 x 40 MW. The plant began commercial operations in November 2006. The construction for the second phase (Phase II) 2 x 40 MW was expected to start in January 2007 with the commissioning phase in October 2007. The second phase was susbequently expected to enter commercial operations in late 2008, but this could not be confirmed. The cost was estimated to be around US$45 million. The financing was to come from Meppo-Gen, which had issued and paid-up share capital of US$10 million, and a US$25 million loan from a local bank, PT Bank Internasional Indonesia ("BII").   The plant was to be located in Gunung Megang, Muara Enim District, South Sumatra Province. The produced power was to be connected to South Sumatra-Riau grid. The gas supply for the power generation was secured through a purchase agreement with Medco E&P.  The power purchase agreement was signed on November 2005 between Meppogen and PLN. In the contract, PLN was scheduled to purchase 80% of the power output generated by the plant for a period of 20 year.  PT Meppo-Gen was a joint venture company of PT Metaepsi, PT Pembangkit Jawa Bali (a subsidiary of PT Perusahaan Listrik Negara or PLN), PT Widjayatunggal Sejahtera, and Portek International Ltd [Singapore].  This project was considered environmentally friendly due to the usage of natural gas and applied for Clean Development Mechanism (CDM) as part of Certified Emission Reductions (CER) program endorsed by the United Nations based on Kyoto Protocol Agreement.
A local private company, Hanergy Group (formerly, Farsighted) was granted an agreement to construct and operate the Huangtian Hydro Power Plant in Dongyuan County, Guangdong Province for RMB 316 million (US$ 39.65 million). Hanergy owns 100% of this project which has a capacity of 20MW. A project company, Guangdong Huangtian Hydropower Development Co., Ltd. was established to operate the power plant. Construction commenced in October 2006.
In April 2006, National Highways Authority of India (NHAI) signed a 20 year concession agreement with Guruvayoor Infrastructure Private Limited (GIPL) to upgrade, finance, operate and maintain the 65 km section on National Highway 47 (NH-47) between Thrissur and Angalmali, in the southern state of Kerala. The project primarily involved conversion of the existing two lane road to a four lane access controlled expressway. The concession term included a construction period of 30 months. This road upgrade project was part of NHAI’s National Highway Development Project Phase II (or North South Corridor) connecting Srinagar (Kashmir State) with Kanyakumari in Tamil Nadu State.  GIPL, a special purpose company established to implement this project, was a joint venture between KMC Constructions Ltd (51%) and SREI Infrastructure Finance Limited (49%).  GIPL won the project in an international competitive tender, conducted by NHAI, by offering to pay US$ 47.5 million to NHAI. This payment was payable to NHAI in six installments.  India’s highway development policy allowed ‘viability funding’ by NHAI to the tune of 40 percent of the capital costs as grant to the concessionaire, subject to competitive bidding. However, in high traffic density corridors like this one that are very profitable, the bidders usually offered an upfront payment to NHAI instead of seeking a grant.  The total capital cost of the project was estimated at US$ 121.4 million. The project reached financial closure in October 2006.   GIPL was to be compensated for the capital and operating costs from the tolls collected during the concession term.  Construction work on the project began in September 2006 and was expected to be completed by March 2009.
In March 2005, the consortium Vila do Conde Transmissora de Energia Ltd. was officially awarded a contract by ANEEL, Brazil’s power regulator, to construct, operate and maintain a 324km, 500Kv transmission line in northern Para state for 30 years. The project was designed to carry power from the Tucurui power plant, safely discharge its full generating power, and supply the power needs of Para state. Vila do Conde Transmissora de Energia Ltda. was equally owned by Isolux SA, Elecnor SA and Cobra Instalaciones y Servicios SA.   The project was previously tendered on September 30, 2004 at a public auction. The winning was offered by Isolux SA for 36% below annual maximum revenues.    In December 2006, BNDES, the Brazilian development bank, financed US $87.4 million for the construction, operation and maintenance of the transmission line. Total investment requirements were estimated at US $125.5 million.  At this time, BNDES also financed #3777 Cuiaba – Itumbiara Transmission Line and #4353 Porto Primavera - Dourados – Imbirissu.  MIGA issued a guarantee to Cobra Instalaciones y Servicios SA for $US 5.4 million to cover its $6.0 million equity investment in a transmission line project in the State of Para, Brazil. The coverage is against the risks of transfer restriction and breach of contract for up to 15 years.  In March 2010, the shareholding structure was again modified when a Chinese state – owned company, SGID, acquired Vila do Conde Transmissora de Energia and other transmission projects from Plena Transmissora de Energia (Isolux, 33,3%; Elecnor, 33,3%; Cobra Instalaciones y Servicios, 33,3%), which held 100% of the shares of the project company at the time the transaction took place. SGID invested US$ 1.72 billion (BRL 3.1 billion) in the acquisition of Plena Transmissora de Energia.
In August 2006, Kina Biopower and Seguntor Bioenergy started construction of two 10 MW power plants using empty fruit bunches as fuel in Sandakan, Sabah. The project had been registered as a CDM (Clean Development Mechanism) project with the UN, and was expected to generate CO2 emissions credits. The power plant was slated to begin operations in March of 2008 with an estimated cost of US$25 million. The produced electricity would be sold to Sabah Eletricity Sdn Bhd under long purchase agreement.   Kina Biopower Sdn Bhd is a joint venture of Chubu Electric (Japan, 18%), GoBio (Malaysia, 40%), SMEC (Malaysia, 30%), and Agritech Marketing Co. Ltd (Japan, 12%). The project scheme was that Chubu Electric would provide the loan in return Chubu would receive CO2 emission credits (approximately 2 tons). Hong Kong Shanghai Bank Co (HSBC) handled the financing of the loan. The both power plants have been in commercial operation since mid January 2009.
In July 2006, National Highways Authority of India (NHAI) awarded a 15 year concession contract to India’s Larsen and Toubro Limited (L&T) to widen and strengthen the 83 Km stretch on National Highway 8 (NH-8), between Vadodara and Bharuch, in Gujarat State. Under the contract, L&T was responsible for the operation, maintenance and widening of the existing four-lane road to a six lane divided highway. In addition, the project included 10 major and 36 minor bridges, 11 flyovers, two road over bridges, 11km of service roads, and pedestrian and cattle crossings at specified locations. The 15 year concession term included the construction period of 30 months.   The Vadodara-Bharuch road project, awarded under National Highway Development Project – Phase V, forms an important link in the high density corridor connecting Mumbai and Delhi. The road expansion was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  L&T established a special purpose vehicle, L&T Vadodara-Bharuch Tollway Limited, to implement the project. L&T won the international competitive tender, conducted by NHAI, by offering to make an upfront payment of US$ 104 million for the right to collect tolls during the term of the concession.  According to the tender documents, NHAI would pay up to 40 percent of the capital costs as grant to the concessionaire, subject to competitive bidding. However, in high traffic density corridors like this one that are very profitable, the bidders usually offered an upfront payment to NHAI instead of seeking a grant.  The total capital cost of the project was estimated at US$ 145.6 million. The project reached financial closure in December 2006. State Bank of India was the lead arranger of the bank debt, which had a 13.5 year tenor and featured cash sweeps with accelerated payments.  Construction work on the project began in Jan 2007 and was expected to be completed by July 2009. As per NHAI, the project was completed in September 2009.
On June 29, 2005, Ecuador’s federal power regulator Conelec awarded a 15 year contract to Termoguayas Generation SA (TGSA) to build and operate competitively a 150 MW thermal generation plant for Esclusas, the southern section of Guayaquil. The project was slated to increase the security of Ecuador’s power supply. It was part of the larger La Josefina electric power complex which included power barges owned by Intervisa Trade and Ulysseas.   Termoguayas Generation SA was a wholly owned subsidiary of Keppel Energy Pte Ltd, a Singapore energy company.   The project reached financial closure on January 20, 2006 when TGSA signed the contract with Conelec. Power generation was to be provided by plants on barges that were redeployed from Brazil. TGSA possessed the assets at the time of contract signing and committed US $15 million to become operational and build transmission lines connecting to the national grid. TGSA was to gain revenue from competitive sales on the national grid as well as contractual payments by Conelec for generation capacity. Based on MIGA's insurance the estimated project cost was US$103 million.  On December 1, 2006 the power barges became operational and began supplying power to the national grid.
In December 2006, Colombia’s national concessions institute (Inco), granted a 30 year concession to Sociedad Portuaria Carbones del Carare S.A. to expand and operate a dry bulk terminal at Capulco Port on the Magdalena river. Sociedad Portuaria Carbones del Carare S.A. is a subsidiary of Coalcorp Mining Inc. (Canada). It has committed US $20 million for the project. The contract included a counter payment of US $565,000 by the concessionaire to Cormagdalena, the Colombian government agency that manages transport on the Magdalena River. The port was expected to become fully operational by the second quarter of 2008.   The project was part of Coalcorp’s plan to upgrade facilities on the Magdalena River for easier coal transport to the port of Cartagena. In association with this project, Coalcorp also received a 30 year concession to build and operate a terminal at Cartagena. Construction was expected to begin in 2007.
In September 2005, National Highways Authority of India (NHAI) signed a 20 year concession agreement with Ircon – Soma Tollway Private Limited (ISTPL) for the upgrade, operation and maintenance of the 118 km stretch on National Highway 3 (NH-3), between Dhule and Pimpalgaon, in the state of Maharashtra. Under the agreement, ISTPL was required to design, finance and widen the existing two-lane stretch to a four lane highway with paved shoulders. In addition, ISTPL was also responsible for the construction of 14 km of service roads on both sides of the highway, two toll plazas, two truck laybys and one rest area. The concession term included the construction period of 36 months.   The Dhule-Pimpalgaon road upgrade project, part of the National Highway Development Project – Phase III A, was in response to an urgent need to strengthen and upgrade the region’s roads due to a considerable increase in traffic and commercial activities.    ISTPL was a joint venture with equal ownership between India’s Ircon International Limited and Soma Enterprise Limited.  The Soma-Ircon consortium won the concession in an international competitive tender, conducted by NHAI, by offering to make an upfront payment of US$ 13 million for the right to collect tolls during the term of the concession. India’s highway development policy allowed ‘viability funding’ by NHAI to the tune of 40 percent of the capital costs as grant to the concessionaire, subject to competitive bidding. However, in high traffic density corridors like this one that are very profitable, the bidders usually offered an upfront payment to NHAI instead of seeking a grant.   The total capital cost of the project was estimated at US$ 133.7 million, including the upfront payment to NHAI. The project reached financial closure in November 2006. The debt was arranged by a consortium led by State Bank of India and included State Bank of Hyderabad, State Bank of Patiala, State Bank of Bikaner & Jaipur, Allahabad Bank, UCO Bank, United Bank of India and Bank of Maharashtra.   Construction work on the project began in March 2006 and was expected to be completed by March 2009. As per NHAI, the project was completed on March 2010 and is currently operational.
In May 2006, the government of Bangladesh divested 25% of the state owned Power Grid Company of Bangladesh (PGCB) through an initial public offering (IPO). PGCB was incorporated in 1996 as a subsidiary of state-owned Bangladesh Power Development Board, and was engaged in the transmission of electricity in parts of Bangladesh.  PGCB was listed on the Dhaka Stock Exchange in May 2006.  The total value of the offering was US$13.2 million (Tk 911 million), corresponding to a face value of US$14.50 (TK 1000) per share.  As of December 2008, PGCB was owned by the government (76.25%) and private investors (23.75%) via the stock market.
The Government (of Union Territory) of Pondicherry (GoP) awarded the development of an all weather deep water greenfield port in Karaikal to Karaikal Port Private Limited (KPPL). Under the agreement that was signed between KPPL and GoP in January 2006, KPPL had the exclusive right to design, finance, build, manage and operate the Karaikal port for 30 years from the commercial operations date. The contract also mandated KPPL to pay 2.6 percent of the annual revenues to GoP for 30 years. The port was initially expected to have two berths and a cargo handling capacity of four million tons per annum.    The Karaikal port project was expected to generate significant savings on transportation costs for companies in the major industrial belts of Tamil Nadu and Pondierry.  The port was focused on dry cargo mainly comprising of textiles, textile machinery, cement, agro products and chemical fertilizers.   This BOT contract was the result of Government of India’s (GOI) commitment to encourage private investments to augment and upgrade the country’s port capacity. To this effect, GOI took several policy initiatives. Of these, the guidelines issued in October 1996 was the most comprehensive, facilitating private sector participation in the construction and operation of additional assets such as container terminals and cargo berths.   KPPL was a fully owned subsidiary of Marg Constructions Limited (MCL). However, there was no public information on whether GoP used competitive tender to award the project to MCL.  The total cost of the project was estimated to be US$ 92 million. The project reached financial closure in December 2006.  A consortium led by Indian Bank provided a debt of US$ 67 million. The other partners in the consortium were Oriental Bank of Commerce, State Bank of Hyderabad, Corporation Bank, Allahabad Bank and India Infrastructure Finance Company.  Karaikal port was designated as a minor port. All major ports in India are administered by the central government while the minor ports are administered by the respective state maritime boards under the Indian Ports Act 1908. In terms of tariff setting, the major ports came under the Tariff Authority for Major Ports while the minor ports had the freedom to fix their own tariff.  Karaikal port was expected to commence commercial operations by January 2009, but started in April 2009.   Further expansions were planned under Phase II to add four additional berths and increase the cargo handling capacity to 10 million tons per annum but no further information was available as of July 2007. The phase 2A started construction in January 2009 and expected to be completed in October 2011. This phase included two berths for Coal & Edible Oil/Multi- Cargo. The cost of phase II was estimated to be INR14.67 billion (US$321 million). The company tied-up the entire debt requirement of Rs.1071cr for Phase 2A from seven banks in 2009. The promoters so far infused Rs.106cr and were close to inking an agreement with two private equity firms for the remaining equity.
In January 2006, National Highways Authority of India (NHAI) signed a 20 year concession agreement with Bangalore Elevated Tollway Limited (BETL) to build a 9.98 km four lane elevated expressway connecting Silk Board Junction in Banglaore city with Electronics City, an industrial park in the suburbs of Bangalore city, on build-own-transer (BOT) basis. The scope of the project included six laning of the existing four lane ground level stretch on National Highway seven (NH-7) between Bangalore and Hosur (Tamil Nadu State), construction of two lane service road on both sides of Bangalore-Hosur section of NH-7 to cater to slow moving traffic and four new underpasses for pedestrians. The concession term included the construction period of 30 months.  The Bangalore-Hosur corridor, one of the busiest sections in India, catered to more than100,000 vehicles driving in and out of Bangalore city towards Electronics city, Hosur and other parts of Tamil Nadu and Kerala daily. This corridor was considered one of India’s top priorities for road expansion as the manufacturing and service industries in the vicinity contributed significantly to the national economy annually. Once operational, the new highway was expected to significantly ease traffic congestion and drastically reduce travel time. This would enable thousands of IT professionals to commute to work faster and easier.  BETL was equally owned by three Indian firms namely: Soma Enterprise Limited, Nagarjuna Construction Company Limited and Maytas Infrastructure Limited. Soma consortium won the concession in an international competitive tender, conducted by NHAI, by offering to make an upfront payment of US$ 3.5 million for the right to collect tolls during the term of the concession. Other bidders that participated in the tender included Larsen & Toubro Limited, GMR Group, Gammon India, and HCC.   India’s highway development policy allowed ‘viability funding’ by NHAI to the tune of 40 percent of the capital costs as grant to the concessionaire, subject to competitive bidding. However, in high traffic density corridors like this one that are very profitable, the bidders usually offered an upfront payment to NHAI instead of seeking a grant.   The total capital cost of the project was estimated at US$ 168.8 million, including the upfront payment to NHAI. The project reached financial closure in November 2006. The debt of US$ 132 million was arranged by a consortium of local banks led by Canara Bank.   Construction work on the project began in March 2006 and was expected to be completed by September 2008.
In June 2006 the Nigerian Communications Commission (NCC), the government’s telecom sector regulator, awarded a 10 year “unified access service license” to private operator Prest Cable & Satellite TV Systems Limited (PresTel). The license allowed PresTel to offer National Digital Mobile Services, National Fixed Telephony Services, National Long Distance Services, International Access, Internet Services Provision and Broadband Multimedia Services.   The NCC website did not publish the total fees paid by PresTel, but indicated they were paid in full by the end of 2006. Press articles placed the licensing fees at N260 million ($2 million).  At the end of 2006 PresTel was majority owned by GV Telecom, incorporated in the British Virgin Islands.   In May 2007 PresTel signed an agreement with Hauwei have signed a $250 million equipment contract for a CDMA 1x & EV-DO network rollout. By mid 2007 PresTel claimed to cover eleven out of the 36 states in Nigeria.
In June 2006, MTD Capital Bhd. won its bid for the Cikarang-Tanjung Priok Road, in Berkasi and Jakarta Provinces, Indonesia under a build-operate-transfer contract. MTD Capital expected construction to take two years out of the 35-year concession, and estimated the project cost at RM1.13 billion (US$308 million).   MTD Capital Bhd. was a Malaysian –based and –listed firm and held 90-percent of the project. PT Nusacipta Etika Pratama, an Indonesian firm, held the remaining 10-percent. The project design called for a 34-km two-lane expressway in each direction. MTD Capital had raised funding for past projects through its market capitalization and through loans from Malaysian banks.   As of June 2007, the project was under construction and was expected to take two years to complete.  The first section of the road, a 3.4km section from Rorotan to Cilincing was inaugurated  in January 2011.
In November 2006, Electricidad de Valencia (Eleval) signed a five year management contract to operate CATEG, Ecuador’s power generation and distribution company for southern Guayaquil. The terms of the contract allowed for a one-time five-year extension.   In 2006, CATEG had a generation capacity of 213 MW and approximately 400,000 connections in its distribution network. Eleval outbid the Colombian multi-utility EPM and US firm Southern Light & Gas Company. Eleval was to receive approximately US $4.4 million (2.2%) of Categ’s estimated US $180 million turnover per year for their services.   Eleval’s consortium was comprised of its subsidiaries Electricidad de Valancia Capital and Valencia Electricity Corp.     As of January 2007, Conelec, Ecuador’s electricity regulator, appointed a temporary administrator of CATEG and had not ceded control of CATEG to Eleval. The administration of President Alfredo Palacio signed the contract with Eleval in 2006, but the new administration of President Correa challenged its validity in 2007 and considered terminating the contract.  In July 2007, President Correa signed a decree creating Guayaquil electric power unit Udelec, a state owned enterprise that replaces Categ, the "temporary administrator" of Guayaquil-based generator and distributor.
On June 17 2005, Concesionaria Eje Vial Norte signed a 25 year concession to rehabilitate and expand the Northern Amazon Hub which included 955 kilometers of roads and served as an integration corridor between the Pacific Ocean and the Peruvian Amazon. It included the following roads: (a) Yurimaguas- Tarapoto with 127.20 Km,  (b) Tarapoto-Rioja with 133,00 Km., (c) Roja-Corral Quemado with 274,00 Km., (d) Corral Quemado-Olmos with 196,20 Km; (e ) Olmos-Piura with 168,90 Km.; and (f) Piura-Paita with 55.80 Km.  The Northern Amazon Hub (tramos viales del eje multimodal Amazonas Norte) was part of the South America infrastructure integration initiative (IIRSA).  ProInversion, Peru's Investment Promotion Agency under the Ministry of Economics and Finance, carried out the public tender for the project contract. Two bids were submitted in May of 2005, and ProInversion awarded the contract to the consortium of Concesionaria Eje Vial Norte which requested bidding the lowest present value amount of PAO and PAMO payments (at a 10% discount rate). The Concesionaria Eje Vial Norte consortium was formed by Grana y Montero SA and the Brazilians Odebrecht SA and Construtora Andrade Gutierrez.   Under the contract, there were two types of payments that the concessionaire received from the government: 15 annual payments for construction (PAO - Pagos Anuales por Obras) and 25 annual payments for maintenance and operation (PAMO - Pagos Anuales por Mantenimiento y Operacion). Expected toll revenues were subtracted from the government payments. The values of the annual payments were stated in the economic offer and contract as US$29,450,963 for PAO and US$15,290,534 for PAMO. The contract stated that this amount could change depending on the cost of construction materials, and upon approval from OSITRAN, the Peruvian public road regulator.  Under the concession contract, the concessionaire committed to the following works:  Preparatory Works (180 days) included maintenance of unpaved road between Tarapoto and Yurimaguas making possible to drive in 3.5 hours.  First phase (2 years) included the construction of 114 km road between vías Yurimaguas and Tarapoto; and rehabilitation and improvement of the stretches of Olmos to Piura (169km) and  Piura to Paita (56km).  Second phase (2 years) included (a) rehabilitation and improvement of streches from Tarapoto to Rioja (133km) and from Naranjitos to Corontochaca, (b) reinforcement of Bolivia and Cumbaza bridges, (c) construction of Ponazapa Bridge.  The estimate cost of the project was US$205 million which was to be invested in the first four years of the concession. The concession became effective in April 2006 and the assets were transferred to the concessionaire after the concessionaire secured short term financing for the project. The financing consisted of a US$60 million short term credit from the Andean Development Corporation (CAF) whose payment were guaranteed by the Peruvian government and a US$60 million partial credit guarantee from the Inter-American Development Bank (IADB) to cover the government annual payments for construction. The concession contract was amended in July 2006 to facilitate long term financing for the project by establishing that based on the certification of works progress issued by the regulator, the granting government would issue in favor of the concessionaire certificates acknowledging the annual payments accrued. The long term financing included primarily proceeds from a series of bond offerings. The bond offerings were to be securitized by future PAO obligations of the Government of Peru. Concessionaire IIRSA Norte hired Astris Finance as the financial advisor to structure the bond offering. Astris announced that the financing was set to be structured as a securitization of the capital payments through a bankruptcy remote issuer, and raised in the US private placement market.
In May 2006, Aggreko plc signed a two year rental contract with Yemen’s state-owned Public Electricity Corporation for 50 MW of generation capacity. Aggreko’s existing generators were to be shipped to Yemen, installed in the town of Al Hudaydah and connected to Yemen’s national grid by the end of May 2006.   Aggreko plc won a competitive public tender organized by the Yemen’s Ministry of Electricity because of its commitment to install its generators within the government’s time frame. According to Yemen’s Minister of Electricity, the power was to be used to support economic reforms which required the support of strong infrastructure.  Still operational in 2011.
In December 2005, the Bulgarian Transport Minister awarded a 25-year concession to the Bulgarian cargo company Port Balchik to upgrade and maintain the Bulgaria’s port terminal of Balchik. The Balchik sea port was located in northeastern Bulgaria. It was a part of Varna port. The port of Balchik was the main port for grain exports from the northeastern part of Bulgaria. The concession included repairing and expanding the current port terminal; and acquiring the new equipment.   Under the terms of the concession agreement the concessionaire is obliged to • keep Port terminal Balchik in a valid for exploitation condition for the concession period;  • provide port services with no right to use the service of subcontractors for this purpose;  • make the investments stated in the approved Investment program as the amounts of the investments that for the first two years of the concession period should not amount less than BGN 1 097 900, and for the entire period of the concession agreement not less than BGN 3 474 800.;  • develop and present annual investment programs regarding the subject to the concession for approval by the Concessee;  • preliminary coordination with and approval by the Concessee for improvements of the subject to the concession;  • pay concession fees according to the terms of the concession agreement;  • insure the subject to the concession;  • secure bank guarantees for the concession period;  During the concession period, the Bulgarian company Port Balchik committed to invest around $2.6 million in the Balchik port. The grain wholesaler Zarneni Hrani Bulgaria owned 80% of the project company Port Balchik while the Bulgarian Mills had the remaining 20 percent of it. The Port Balchik agreed to pay $169,400 annually as the concession fee.   The concession was offered through a competitive tender process. Two Bulgarian companies, Port Balchik and Chimimport  Balchik, were tendered and Port Balchik was awarded the concession. The concession became effective as of May 25, 2006.
In December 2005, National Highways Authority of India (NHAI) awarded a 20 year concession to Oriental Pathways (Nagpur) Private Limited (OPNPL) to upgrade, finance, operate and maintain the 50 km section on National Highway number six (NH-6) between Kondhali and Telegaon, in Maharashtra State. This project primarily involved strengthening and widening of the existing two lane stretch on NH-6 to a four lane dual carriageway. The concession term included the construction period of 30 months.   The concession agreement between NHAI and OPNPL was signed in March 2006. This road upgrade was part of NHAI’s National Highway Development Project (NHDP) Phase III A. The objective of NHDP Phase IIIA was to widen (four lane) sections of national highways carrying high volume of traffic, connecting state capitals with the NHDP Phases I and II network and providing connectivity to places of economic, commercial and tourist importance.   OPNPL, a special purpose company established to implement this project, was jointly owned by Oriental Structural Engineers Private Ltd. and Delhi Brass Consortium. OPNPL won the project in an international competitive tender, conducted by NHAI, by bidding the lowest subsidy. Note that information on the actual subsidy amount (positive or negative) and the ownership structure of OPNPL was not available from public sources.  India’s highway development policy allowed ‘viability funding’ by NHAI to the tune of 40 percent of the capital costs as grant to the concessionaire, subject to competitive bidding. However, in high traffic density corridors that are very profitable, the bidders usually offered an upfront payment to NHAI instead of seeking a grant.  The total capital cost of the project was estimated at US$ 60.75 million.   OPNPL was to be compensated for the capital and operating costs from the tolls collected during the operational period of about 17.5 years.  Construction work on the project began in September 2006 and was expected to be completed by March 2009. As per NHAI, the project was completed in March 2009 and is currently operational.
The Torangallu Ext. Project was a 600 MW (2 units of 300 MW each) coal based power plant located in Vijayanagar in the state of Karnataka. The project was being developed by JSW Energy Limited (JSWEL). JSWEL had formed a special purpose vehicle JSW Energy Vijayanagar Limited (JSWEVL) for the implementation of this project.   JSWEVL proposed to sell power generated from this project by way of a long-term PPA with JSW Steel Limited (JSWSL) for 300 MW, a long-term PPA with JSW Cement Limited (JSWCL) for 6 MW and short-term PPAs for the balance with JSW Power Trading Company Limited (JSWPTCL), a power trading company which was part of the JSW Group. JSWEVL had entered into a power off-take agreement with JSWSL on September 21, 2006 to supply power for a period of 10 years from the date the project achieved commercial operation. Under this PPA, JSWSL was required to purchase 300 MW of capacity from the plant.  JSWEVL had entered into a power off-take agreement with JSWCL on November 13, 2006. The term of this agreement was 10 years. Under this PPA, JSWCL was required to purchase 6 MW of capacity from the plant. The balance of available power from the power plant was to be sold to JSWPTC under short-term PPAs.  The project was estimated to cost USD 465 million and achieved financial closure in November 2006. A consortium of banks with IDBI Bank Limited in the lead provided the debt required for this project.   The project achieved commercial operation on 1st September 2009 as per state regulator database.
Government of Turkey awarded Akenerji for the right to manage operate Erikli, Akocak Regulators and a 79 MW Akocak Hydroelectric Power Plant Project for 40 years in April 2005. The company won the project in a competitive bidding by submitting the highest bid of TRY 952,000 or USD 700.5 thousand for the 40-year license. The company beat two other competitors--Yapisan’s (which bid TRY 300,000) and Ayen Enerji (which bid TRY 26,000). Under the agreement, Akenerji agreed to invest USD 73 million. The Akocak HPP is located in Arakl&#305; county of Trabzon province .   The financial closure was reached in December 2006, after Akenerji secured a loan of USD 50 million  from Yapi Kredi Bankasi. The project became operational in July 2010.
On July 29th 2006 the government of Yemen made an initial public offering for a 45% stake in state owned telecom operator Yemen Mobile. The company held a nationwide license for mobile telephony and had some 500,000 subscribers. Yemen Mobile was the country’s third cell phone operator behind Spacetel (id 2969) and Sabafon (id 2968), but the only one using the CDMA technology.   The IPO consisted of some 86,524 million shares (45%) were offered for a price of $2.5 each. By October some 90% of the shares had been subscribed.
Cixi Wind Farm Project Phase I was sponsored by a local private company King Ring Group. A project company, Cixi Yangtze River Wind Power Company Limited, was established to build and then operate the wind farm in Cixi City, Zhejiang Province under a 20 year agreement. Construction commenced in November 2006. The total investment was 600 million Yuan (US$ 75.28 million) and King Ring owned 25% of the project with the remaining 75% interest held by Three Gorge Development Corporation. The capacity of the wind farm was 49.5 MW.
In December 2006, a Hong Kong company China Water Industry Group Limited acquired 100% of Dangshan Water Company and would operate a potable water treatment plant under a 30-year concession agreement in Danshan County, Anhui Province. The total investment was 25 million Yuan (US$ 3.14 million). The capacity of the plant was 30,000 cubic meters per day.
In April 2006 the government of Tunisia sold a 35% stake in national telecom company Tunisie Telecom to a consortium of Tecom and Dubai Investment Group. In 2006 Tunisie Telecom had some 3.4 million mobile subscribers and 1.2 million fixed line subscribers in a population of over 10 million. The company had no competition in the fixed line market, and shared the mobile market with Tunisiana (project 2971).  Tecom-DIG won a competitive international tender in March 2006 with a bid of $2.25. Twelve consortia initially made bids for the 35% stake. In April 2006 a binding share purchasing agreement was signed.   Tecom and Dubai Investment Group (DIG) were both part of Dubai Holding, an investment group owned by the government of Dubai. The group had some 20 subsidiaries that covered a broad range of activities such as real estate, hospitality, finance, healthcare, energy, research, education, entertainment, media, internet, tourism and biotechnology.   The project reached financial closure on July 17th, 2006. The $2.25 billion were obtained through a syndicate loan subscribed by over 40 banks. Approximately half of the lenders were from the Middle East. Emirates Bank and Standard Chartered Bank were the mandated lead arrangers.  Tecom-DIG had an option to purchase a further 16% in Tunisie Telecom.
East Asia Power Resources Corporation, a subsidiary of the Singapore based RGM International was granted an agreement to build and operate the Xiamen East Gas Fired Power Plant Phase I in Xiamen City, Fujian Province in December 2006. East Asia Power obtained the agreement by direct negotiation. The power plant has a capacity of 786MW and the total investment was RMB 2837 million (US$ 355.96 million). East Asia Power owns 100% of the project and will operate it for 25 years by a project company, East Asia Power (Xiamen) Co., Ltd. The project came into operation in May 2009.
In May 2006 the government of Nigeria, through its Bureau of Public Enterprises (BPE), awarded a 10 year rehabilitate, lease and transfer concession for terminal B of the old section of the Warri port to private operator Associated Maritime Services. The concessionaire pledged to pay leasing fees to the government amounting to some $1.9 million in net present value. Additionally, the concessionaire was expected to make all investments on the terminal’s berths (except for the quay wall, which remained the government’s responsibility), stacking yard, equipment, as well as improved security and fencing systems. The net present value of investments in infrastructure were estimated at $0.6 million. The project was part of a wider plan started in 2004 - 2005 to attract private participation in the Nigerian port sector.  The contract was awarded in May 2006 after a competitive bidding process. The bids were ranked using a highest fee paid to the government criterion. The final number of bids was not publicly available.   No further information was publicly available on the ownership structure of the concessionaire, investments in facilities, or the terminal's capacity.
The National Highways Authority of India (NHAI) awarded a 20 year concession to India’s Reliance ADA Group for the upgrade, operation and maintenance of the 33.5 km stretch on National Highway 7 (NH-7) between Namakkal and Karur in Tamil Nadu State. The concession involved expansion of the existing two lane stretch to four lane road with paved shoulders; and construction of 11.5 km of service roads, one bypass (near Velur), six bridges, four flyovers, five underpasses and 20 bus stops. The contract also included the operations and maintenance of the already four-laned 10-km long Namakkal bypass. The concession term included a construction period of 30 months.  This road expansion, part of the North-South Corridor under National Highways Development Project – Phase II, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   Reliance ADA Group established NK Toll Road Limited (NKTRL), a wholly owned special purpose company, to implement this project. The concession agreement between NHAI and NKTRL was signed in Jan 2006. Reliance ADA Group won the project through an international competitive tender conducted by NHAI by requesting the lowest grant of US$ 5.3 million. Under the agreement, NKTRL was compensated for the capital and operating costs including returns from toll collections during the concession period.  The total cost of the project was estimated at US$ 45.4 million. The project reached financial closure in October 2006. The loan, arranged by SBI Capital, was raised in the local rupee market and had a tenure of 16 years.  Construction began in July 2006 and was expected to be completed by December 2008.
The Brazilian company GERA - Geradora de Energia do Amazonas S/A, a partnership of Grupo Servtec (50%) and Fundo de Investimento em Participações Brasil Energia (50%), was granted an authorization to build and operate an 85.4-MW thermal power plant located in the state of  Amazonas (municipality of Manaus). The power plant was set to use diesel and natural gas as fuel.   In January 2006, GERA signed a 30-year contract with the regulatory agency ANEEL allowing the company to operate in the electricity market as a independent producer. This authorization granted the sponsor with the right to sell electricity in the Brazilian wholesale market. The company established a 20-year agreement to sell the electricity to the local distributor Manaus Energia.   GERA committed to invest US$ 105.5 million (BRL 230 million) in the facility. In 2006, the company was granted a US$ 61.9 million (BRL 136 million) loan contract from Banco da Amazonia, a state-owned development bank.   The power plant commenced operations in December 2006.
National Highways Authority of India (NHAI) awarded a 20 year concession to Trichy – Tanjavur Expressways Limited (TTEL) to upgrade, finance, operate and maintain the 56 km section on National Highway 67 (NH-67) between Trichy and Tanjavur in the southern state of Tamil Nadu. The project primarily involved four-laning of the existing two lane stretch. The concession term included a construction period of 30 months.   The concession agreement between NHAI and TTEL was signed in June 2006. This road upgrade project was part of NHAI’s National Highway Development Project (NHDP) Phase III A. The objective of NHDP Phase IIIA was to four lane stretches of national highways carrying high volume of traffic, connecting state capitals with the NHDP Phases I and II network and providing connectivity to places of economic, commercial and tourist importance.   TTEL, a wholly owned subsidiary of Madhucon Projects Limited (MPL), was established exclusively to implement this project. MPL won the project in an international competitive tender, conducted by NHAI, by bidding for the lowest grant of US$ 17.3 million. India’s highway development policy allowed ‘viability funding’ by NHAI to the tune of 40 percent of the capital costs as grant to the concessionaire, subject to competitive bidding.   The total capital cost of the project was estimated at US$ 75 million. The project reached financial closure in December 2006. TTEL was to be compensated for the capital and operating costs from the tolls collected during the concession term.  Construction work on the project began in December 2006 and was expected to be completed by June 2009.
In June 2006, the Mexican Secretary of Communications and Transport (SCT) signed a 20-year contract of the Queretaro-Irapuato highway to Ingenieros Civiles Asociados SA de CV (ICA). The Queretaro-Irapuato project was a 108 km highway in the states of Guanajuato and Queretaro. The initiative was part of the new Public-Private Partnership (PPP) program began in 2005 to improve the quality of public services through long-term partnerships between the government and private sector companies. The Irapuato-Piedad highway, also run by ICA, was the first such venture. Responsibilities of ICA included: increasing 45.1 km of highway from two to four lanes; reconstructing 47.9km of highway; and building 8 pedestrian overpasses, 15 bridges, 3 overpasses, and one railway overpass.   SCT carried out the public tender for the project. To participate in the public tender, each bidder had to calculate and submit a requested payment as a function of construction, maintenance and operating costs, rate of return on equity, estimated annual traffic and duration of contract. The concession was awarded to the bidder who presented a proposal that complied with the technical, legal and financial requirements established in the bidding documents, and requested the lowest net present value of periodic payments. Four consortia presented offers: ICA-Controladora; FCC Acciona; IDEAL; and Construobras, a consortium of four Tamaualipas state firms. SCT required bidders to confirm credit lines from their banks to make a decision. ICA-Controladora presented the lowest tariff of 1 peso per kilometer compared with 3.3 pesos per kilometer presented by FCC-Acciona and IDEAL. Although the tariff was not the only factor, SCT awarded the contract to ICA in May 2006.  ICA established Concesionaria de Vias Irapuato Queretaro, S.A. de C.V. as a special purpose vehicle to hold the contract. The contract established an association between the SCT and the private participant to design, finance, build, rehabilitate, maintain and operate a highway. In exchange for those services, the private participant received periodic payments from SCT. Periodic payments come from two parts: a minimum payment for the functioning of the road according to the standards set by the contract; and a “shadow toll” or payments linked to traffic levels as determined by the SCT.  The Queretaro-Irapuato highway was divided into ten sections, and SCT was to pay ICA for each section built. ICA received financial backing from Banco Santander Serfin, through a 14-year credit that was to account for US $61 million. The rest of the projected US $128 million was to be financed through equity. Banco Santander Serfin also financed ICA’s other PPP, the Irapuato-Piedad highway earlier in 2006. The Queretaro-Irapuato highway reached financial closure when the contract was signed in June as it already had significant financial support. Works were to begin in July of 2006 and end in 2009.
The Allain Duhangan hydro electric project was a 192 MW run-of-river hydroelectric power plant, located on the Allain and Duhangan tributaries of the Beas River near Manali, Kullu District in the state of Himachal Pradesh. The project was being developed by Malana Power Company Limited (MPCL) which is owned by the LNJ Bhilwara (LNJ) Group.   MPCL had established Allain Duhangan Hydro Power Limited (AD Hydro) for implementing the project. MPCL was a Joint Venture between the LNJ Bhilwara group, and SN Power Invest, a Norwegian firm. The Norwegian firm was an equal venture between Norway’s electricity company Statkraft and the state-funded risk capital investor Norfund. LNJ Bhilwara holds 51% equity in MPCL while SN Power Invest holds 49% equity in MPCL.  MPCL in turn held 90% of the equity in AD Hydro and International Finance Corporation (IFC) held 10%.    AD Hydro proposed to sell power through a combination of long term PPAs with states in the northern region of India and short term PPAs with Power Trading Corporation, a public-private partnership. The details of the final set of PPAs signed were not available at the time of collection of this information.   The project was estimated to cost USD 230.58 million.  The project was been funded through 65:35 debt equity ratio. IFC had committed around USD 49 million of equity and debt to the project in April 2005, with the debt component being approximately USD 42 million the equity being approximately USD 7 million.  The debt funded by IFC had a maturity of 15 years. The rest of the funding had been tied up from Indian Banks and the project achieved financial closure in November 2006. The project was expected to be commissioned in June 2009. Commissioning was realized in April 2010.
Tianjin Port Development Company Limited, headquartered in Tianjian Municipality, is principally engaged in the port handling, the warehousing and storage of cargo and the provision of freight forwarding and shipping brokerage services. The Company mainly handles bulk coke, coal, ore and containers. During the year ended December 31, 2006, the Company handled approximately 91 million metric tons of bulk cargo and 2.9 million Twenty-Foot Equivalent Units (TEUs) of containers, provided shipping brokerage services for 10,044 ships and freight forwarding services for approximately 16.7 million metric tons of cargo. In 2006, approximately 90% of the total revenue was from the port handling services. As of December 31, 2006, the Company had five major subsidiaries. The company sold 578 million IPO shares, or 34 percent of its enlarged share capital, and raised 1.09 billion HK$ ($139.74 million) through the offer, which was listed on the Hong Kong Stock Exchange in May 2006.
In September 2006, Beijing Herocan Environmental Engineering Tech Co. Ltd. signed a 20-year build, operate, transfer (BOT) contract to construct and operate the Caijiabo Wastewater Treatment Plant in Baoji City, Zhishanxian County, Shaanxi Province, China. The plant's design capacity was 50,000 cubic meters of waste water daily.  Beijing Herocan was a 51% subsidiary of Singapore automation company CNA Group. The contract was signed on behalf of the local government by the Zhishanxian County Construction Department of Baoji City. The project was expected to cost RMB 60million (US$ 7.5million) and was financed partly by CNA's resources and partly through government loans.   Plant construction was expected to have started in the third quarter of 2006 and was expected to be complete by December 2007. As of February 2007, the project was under construction.
In January 2006, Bio-Treat Technology was awarded a 27-year build, operate, transfer (BOT) contract to construct a plant to treat municipal wastewater in Suzhou City, Jiangsu Province China. The project can process 150,000 cubic meters daily.   Chinese-based and Singapore-listed Bio-Treat Technology held 100% of the project. The project achieved financial closure when Bio-Treat Technology issued US$62.9 million of convertible bonds in Singapore in January, 2006 to cover the total expected RMB 500million cost of the project.  Construction began in 2006 and was expected to finish in mid-2008. As of February 2007, the project was under construction.
In December 2005, the Colombian company Tecnologica Intercontinental (Ticsa) was awarded the 20-year contract to build and operate the wastewater treatment plant named PTAR Colima (Colima, state of Colima). The bidding criteria was the lowest cost per m3 of treated wastewater, and three other bidders took part in the bidding process established by the state government: Hidrobiotecnologia, Servicios y Construcciones de la Laguna and Corporacion Hidroindustrial.   In February 2006, the sponsor had established the special purpose company Ecosistemas de Colima S.A. de C.V. to lead the project. The treatment plant was initially established with 800 liters/second or 69.1 m3/day in capacity (Phase I), which was later increased to 1200 liters/second or 103.7 m3/day (Phase II). A total of 300,000 people benefited from the project.  The first phase involved an investment of US$ 28.1 million (Pesos  305.2 million) and became operational in 2007.   In May 2013, the Colombian company EPM acquired 80% of Ticsa's shares for US$ 113 million. The remaining 20% of the shares were held by the Mexican family Primelles.
Song Da Corporation was planning the development of the 250 MW Xekaman 3 hydropower project, along the Nam Pagnou River, part of the Xekaman River, in the South of Laos. The project was expected to generate 977.5 GWh annually and was to consist of a storage reservoir, tunnel, penstock and powerhouse. Xekaman 3 Power Company Limited, the project company, was a joint venture between the Lao government (15%) and Song Da Corporation, which will be responsible for the operations over the project lifespan.   Construction of the project started with the award of the concession agreement in April 2006, and was initially expected for commissioning in 2009, but later expected to be completed in April 2012. The project holds two vertical shaft Francis turbines. Expected operating hours per year was 3,910 hours. Turbines were to be produced by Va Tech Hydro GmbH, as well as the generators. The output was to be delivered to the Vietnameze and Laos national grid and was to be connected to the Vietnameze grid via a 92 km 230 kV transmission line. Project life was expected to be 29 years. 25 MW of the project was to be used for the Laos market and the remaining capacity was to supply Electricity of Vietnam (EVN). In 2011, the project was reported as 96.18% completed by the Laos government. Commissioning was expected for late-2011. Construction started in 2006.  Total investment was expected at VND 3,863,429 million ($182.4 million), though the Saigon Times reports a more realistic total cost of $310 million. Initial cost estimates were made at VND 2.4 trillion, which was raised to VND 2.7 trillion. Financial close was reached in April 2006.
Energi Prima Elektrika developed the 12MW Pati Galung natural gas fired power plant, consisting of 2x6MW turbines in Pati Galung, Prabumulih, South Sumatra. Since July 2010, 85% of the project is owned by Medco Power Indonesia.   The project signed a PPA with PLN in 2004, for 20 years. Commissioning took place on 1 June 2006. The project was acquired by Medco Energi, via its subsidiary Medco Power Indonesia, on 29 July 2010. The output was supplied to the communities in Jambi and Bengkulu.   The acquisition costs were US$22 million, financed with long term debt from Bank CIMB Niaga in May 2010. This is assumed here to be the total project cost. Financial closure is assumed to be June 2006, date of commissioning.
In October 2006, Asia Water Technology signed a build, own, operate (BOO) contract to construct a water supply and distribution facility in Lv Liang City, Shanxi Province, China. The project consisted of four water reservoirs of 10,000 cubic meters capacity each for a total of 40,000 cubic meters of water, and 60km of piping to supply Lv Liang City with 20 million cubic meters of water annually.  Asia Water Technology was a Singapore-based and -listed company. It established Lv Liang Xinya Water Services Co. Ltd., the project company, with its wholly-owned Chinese subsidiary, Wuhan Kaidi Water Services Company. Asia Water was the sole owner and operator of the entire project, though 40.82% of the project was owned through Wuhan Kaidi Water; the remaining 59.18% was owned directly by Asia Water. Asia Water expected to invest RMB 256million (US$ 32.1million) in the project and expected to recoup its investment by charging a fee to use the water reservoir and piping network. The project was funded internally.  The project was under construction as of February 2007.
In May 2006, Georgian government awarded a 49-year lease contract to the Danish Greenoak Group on the Batumi seaport. Under the terms of the lease contract, the Greenoak Group acquired the port management of the Batumi Sea Trading Port Ltd. from the Batumi Commercial Seaport Company owned by the Georgian state.  In 1999, Greenoak also acquired Batumi Oil Terminal.  The Greenoak Group was an international investment company. At the group, Naftrans was the holding company for oil transportation. ENR Russia Invest Securities, the Hillside Apex Fund and Nobel Investment Limited were the minority shareholders at Naftrans.   The lease contract was granted through a competitive tender process in which the bidding criterion was the highest lease fee. The minimum bid was set at $35 million by the Georgian economy ministry. Greenoak Group won the tender by offering $92 million. There were four other bidders: International Container Terminal Services (ICTS), Kazakh commercial bank TuranAlem, Eastwind Maritime Company of New York and Russian-controlled Energy Invest. Eastwind made the smallest bid, $53 million. ICTS offered $53.8 million, TuranAlem $65 million, Energy Invest $71 million  Batumi seaport had five terminals: the oil terminal, the multi-purpose container terminal, the railway ferry terminal, the dry cargo terminal and the passenger terminal. The main operation at the port was to provide uninterrupted cargo handling and passenger service. The Greenoak Group guaranteed the annual shipment of 6 million tones of cargo through the port.  In 2007, Kazmunaigas (KMG), the state oil company of Kazakhstan, has bought a 100% interest in the Batumi Oil Terminal and in the 48-year lease on Batumi Sea Port from Danish entrepreneur Jan Bonde Nielsen's Greenoak Group and its minority partners. KMG also bought a 50% stake in the Batumi Oil Terminal in 2006.  Greenoak continues as operational manager.
In December 2006, Peru’s transport and communications ministry (MTC) and the consortium GBH-Swissport Aeropuertos signed a 25 year contract for the maintenance, operation and expansion of Aeropuertos del Peru S.A.  The project includes nine regional airports: Anta-Huaraz, Cajamarca, Chachapoyas, Iquitos, Tumbes, Pucallpa, Talara, Tarapoto, and Trujillo. The original tender called for three additional airports; Piura, Pisco and Chiclayo; but they have not been granted due to administrative delays.   MTC’s stated objectives are to bring Peru’s regional airports up to international standards and exceed the airport standards of other Latin American countries. The first three years of the concession called for projects with an immediate impact, such as upgrading the terminals to clean and safe levels as well as repaving the runways, many of which were in poor condition. The second phase, years 4 to 25, was expected to focus on expanding the existing capacity of the airports.   GBH-Swissport Aeropuertos was the only bidder after the Colombian group Aeropuertos Unidos dropped out of the bidding process. Aeropuertos Unidos requested more information and time to make a proposal for the three additional military airports on the grounds that ProInversion did not make available all the information needed. ProInversion refused to postpone the deadline. In August 2006, GBH-Swissport Aerpouertos won the tender because it had already placed its technical and economic offer for all twelve airports. Both consortia had pre-qualified for the bid. The original bid criteria was the amount of PAMO (payments for maintenance and operation) requested by the concessionaire.  GBH-Swissport Aeropuertos was expected invest approximately US $220mn during the 25 year concession. The airports have lost money in the past, and government has agreed to co-finance the operation if airport revenue falls below US $ 9.4mn per year. GBH-Swissport Aeropuertos was co-financed by a revenue guarantee of US $9.4mn per year in the form of PAMO (payments for maintenance and operation). PAO, payments for construction, are awarded after the works are complete. Airport revenues were subtracted from government payments. The concession arrangement was expected to save the government approximately US $4mn per year. The concession contract can be renewed provided satisfactory performance of the concessionaire for up to 60 years total.  GBH-Swissport Aerpouertos is co-owned by GBH Investments and Ferrovial. GBH Investments is a Peruvian company which and has a majority stake in GBH-Swissport Aeropuertos.  Swissport International Ltd, the worlds leading operator of airports, was purchased by Ferrovial in 2005.   ProInversion planned the concession of a second group of regional airports in the south of Peru for 2007. Cuzco airport was not included in the group and was expected to have an independent bid.
In July 2006, a local private company Dalian Dongda Environmental Engineering Co. Ltd. was awarded a 20-year contract to build and operate a sewerage treatment plant in Dalian City, Liaoning Province through competitive bidding. Dalian Dongda invested 115.1 million Yuan (US$ 14.44 million) in the plants and owned 100% of the project. The capacity of the plant was 120,000 cubic meters per day.
In January 2006, National Highways Authority of India (NHAI) awarded a 17.5 year concession to OB Infrastructure Limited (OBIL) to upgrade, finance, operate and maintain 62.8 km of highway in Uttar Pradesh state: Orai-Bhognipur (35 km) section of National Highway number 25 and Bhognipur-Barah (27.8 km) section on National highway number 2. The project primarily involved conversion of the existing two lane road to a four lane expressway. The concession term included a construction period of 30 months.   OBIL, a special purpose company established to implement this project, was a joint venture between Nagarjuna Construction Company Ltd (64%) and KMC Constructions Ltd (36%).  OBIL won the project in an international competitive tender, conducted by NHAI, by quoting the lowest annuity. Under the concession, OBIL was compensated for the capital costs and operating costs including returns by way of a fixed semi annual payment (annuity) from the NHAI in the amount of US$ 9.9 million during the operational period of 15 years. Under the annuity scheme, the private operator (OBIL) cannot collect tolls from the users of the facility.  The total capital cost of the project was estimated at US$ 117.3 million.   Construction work on the project began in October 2006 and was expected to be completed by April 2009.
In November 2006, a local private company Chongqing Kangda Environmental Protection Co. Ltd. took over a wastewater treatment plant in Jiaozuo City, Henan Province. The plant capacity was 100,000 cubic meters per day. The company would operate the plant for 26 years.   Chongqing Kangda Environmental Protection Co. Ltd.  invested RMB 120 million (US$ 15.06 million) in the plant and owned 100% of the project.
In February 2006, two joint ventures, Ningbao Yining Port Operation Co., Ltd. and Ningbo Yongli Port Operation Co., Ltd. were formed between ITALIA MARITTIMA S.p.a. and Ningbo Port Group to build and operate the berth #5 and #6 respectively, as the forth phase of Beilun Terminal development program. ITALIA MARITTIMA S.p.a. was selected by Ningbo Group through a competitive negotiation process. The projects were located in Ningbo City, Zhejiang Province. The two 50:50 joint ventures would operate the berths for 50 years. Each join venture has a registration capital of US$ 50 million. The total investment for each berth was US$ 99 million.
Hayleys, via its subsidiary Bhagya Hydro Pvt. Ltd., developed the 1.0MW Gomala Oya small hydropower plant. The project consisted of a single Francis turbine. The project is located at Eheliyagoda.  The project was commissioned in 2006. The project held a PPA to sell power to the national grid to Ceylon Electricity Board for 0.8MW.   Financial closure date was unknown, estimated here was January 2006, commissioning year. Total cost was unknown, estimated was US$1 million, based on a conservative US$1 million/MW.
In July 2006 the Algerian government awarded a twenty year build own and transfer (BOT) project for a 1277 MW gas-fired thermal power plant in the province of Tipasa to mixed company Shariket Kahraba Hadjret En Nouss S.p.A. (S.K.H. S.p.A.). Three separate contracts were awarded to S.K.H.:  •	An engineering, procurement and construction (EPC) contract.  •	An operations and maintenance services (O & M) contract.  •	A 20 year power purchasing agreement signed between S.K.H. and Sonelgaz, the state owned electricity distributor.  S.K.H. S.p.A. was a special purpose company 51% owned by Algerian Utilities International Limited and 49% by three government owned enterprises: Sonatrach, Sonelgaz and Algerian Energy Company. Algerian Utilities International Limited was 51% owned by SNC-Lavalin and 49% by Mubadala Development Company, the investment and development company owned by the Government of Abu Dhabi.  The contracts were awarded following a two year competitive tender, in which German company Siemens was the only other bidder. The SNC/Mudabala consortium was judged to have the better technical offer.  Financial closure for the $1,150 million (1.3 billion Canadian dollars) plant was reached in November 2006. Some $265 million were provided in equity by the shareholders, with the rest being financed by loans from three Algerian banks: Banque Exterieure d'Algerie, the Banque Nationale d'Algerie, the Caisse Nationale d'Epargne et de Prevoyance and the Credit Populaire d'Algerie.  The plant was expected to supply some 20% of Algeria’s energy. Construction was scheduled to begin in the second half of 2007, and the plant was to be operational by 2008. SNC Lavalin was to operate the plant for 20 years following its completion.  The plant became operational in July 2009.
In July 2006, Interconexion Electrica SA (ISA) assumed control of 50.1% of the common stock of Companhia de Transmissao de Energia Eletrica Paulista (CTEEP) in Sao Paolo State for US $535 million. In 1999, CTEEP was created as an electrical transmission company by the state-owned company CESP – Companhia Energetica de Sao Paulo, which split its generation, transmission and distribution networks into separate companies. In 2001, CTEEP incorporated EPTE, Empresa Paulista de Transmissao de Energia Eletrica and increased its transmission capacity to approximately 11,780 km of transmission lines. CESP owed a debt of approximately US $5.4 billion. Sales from CTEEP’s shares were earmarked to pay a portion of this debt as the first of a four-stage capitalization program organized by UBS and Morgan Stanley.   The state of Sao Paulo offered its controlling share of CTEEP in an auction on June 28, 2006; and six companies qualified to bid. Four companies qualified but did not submit final offers: Alusa Engenharia, Brascan Brasil, Pactual Transmissao e Investimentos, and Makele Participacoes. Only two companies presented final offers: Terna SpA (Italian) for 1.06 billion real and ISA (Colombian) for 1.94 billion real (US $535 million). The highest bid won the tender.   On July 17 2006, ISA subscribed a loan agreement for USD550 million with the Banks ABN AMRO and JP Morgan to acquire 50.1% of the common shares of CTEEP through ISA Capital do Brasil, by way of a tender offer on the São Paulo Stock Exchange (BOVESPA). On December 28, the Company prepaid a tranche of the afore-mentioned loan: USD350 million thus complying with the commitments accorded with the rating agencies and the lending banks. The second tranche of the afore-mentioned loan for USD200 million was syndicated with 10 local and international banks by ABN Amro and JP Morgan.   After a brief dispute over the legality of the sale, ISA’s purchase of the stock was approved by ANEEL, the Brazilian power sector regulator, on July 25, 2006. ANEEL ruled that any extra costs resulting from disputes over pensions could not be included in CTEEP’s transmission rate adjustments. The deal reached financial closure on July 26, 2006 when ISA assumed control of the stock.   ISA formed ISA Capital Do Brasil Ltda as the project company and operator of CTEEP. ISA is 73% owned by the Colombian national government and other federal entities. The remaining 27% is in the hands of private investors including individuals and institutions.  In 2007, ISA Capital do Brasil Ltda increased its participation in CTEEP's common shares from 50.1% to 89.4% of common shares and increased its ownership in CTEEP from 20.1% to 37.5%. CTEEP's total capital stock included both common and preferred shares. The public offering was conducted on the Bovespa stock exchange at a cost of US$353 million. A total of 39,28% of the common shares were sold: 15.28% belonged to the Brazilian government, 14.18% to employees and the rest were owned by minority shareholders. In total US $137 million was paid to the government. Also in 2007, a BRL 764.2 million loan was granted from the Brazilian government BNDES to finance its investment in infrastructure.
China Gas Holdings Limited formed a joint venture in Huhhot, Inner Mongolia Autonomous Region in August 2006. China Gas Holdings Limited has 50% stake in the gas project and would operate and manage the joint venture for 30 years. The total investment was RMB 800 million (US$ 100.38 million).
In August 2006, a Singaporean company Sinomem Technology Ltd. took over a sewerage treatment plant in Siping City, Jilin Province. The plant capacity was 90,000 cubic meters per day. The company would operate the plant for 30 years.   Sinomem Technology Ltd. invested RMB 90 million (US$ 11.29 million) and owned 100% of the project.
In February 2006, the National Highways Authority of India (NHAI) awarded a 20 year concession contract to India’s GMR Group to widen and strengthen the 58 km stretch between Shivrampalli / Farukhnagar and Jadcherla on national highway 7 (NH-7) in the state of Andhra Pradesh.   Under the contract, GMR was responsible for the operation, maintenance, and widening of the existing two-lane highway to a four-lane highway with paved shoulders. GMR was also responsible for the construction, operation and management of the toll gates. The Farukhnagar-Jadcherla section of NH-7, reported to have one of the highest traffic densities in the country, connected Hyderabad city with Bangalore and Chennai. This expansion project was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  GMR Group established GMR Jadcherla Expressways Private Limited, a special purpose vehicle, to implement the project. GMR won the tender through an international competitive tender, conducted by NHAI, by making the lowest subsidy request – a negative grant of US$ 18.25 million.  The project reached financial closure in August 2006 with a debt equity ratio of 3:1. The total capital cost of the project, including the negative grant, was estimated at US$104 million. ICICI Bank, the lead lender, syndicated the loan of US$ 78 million with the following banks: Central Bank, Canara Bank, Bank of Baroda, Andhra Bank, Vijaya Bank and Bank of India. The tenure for repayment of loan was twelve years with a moratorium of 2 years.    Construction on the project began in August 2006 and was expected to be in full commercial operation by February 2009.
In October 2006, Salcon Berhad won a 30-year rehabilitate, build, operate, transfer (RBOT) contract to operate an existing potable water supply plant and construct a new plant in Haining City, Zhejiang Province, China. The existing plant had a capacity of 60,000 cubic meters daily, but was operated beyond capacity at 70,000 cubic meters daily, and the new plant was planned with a capacity of 300,000 cubic meters daily to serve Haining City's 900,000 residents with a total capacity of 360,000 cubic meters daily.  The contract was awarded through a competitive bidding process by the local Haining City government. The winning project company, Haining Salcon Water Company, was 60% owned by Salcon Zhejiang, the Chinese arm of Malaysian water company Salcon Berhad, and 40% by the water public utility, Haining City Water Supply Co. The project was estimated to cost MYR 150million (US$ 40.9million) and the new plant was to be completed in two phases of 150,000 cubic meters daily each.  The existing plant was operational as of February 2007. Construction on the first phase of 150,000 cubic meters in the new plant was estimated to finish in 2007.
In May 2006, the government of Bangladesh divested 25% of the state owned Dhaka Electric Supply Company (DESCO) through an initial public offering (IPO). DESCO was incorporated in 1996 as a state-owned company engaged in the distribution of electricity to industrial and residential customers in a franchise area comprising Mirmur in Greater Dhaka.  DESCO was listed on the Dhaka Stock Exchange in May 2006.  The total value of the IPO was US$4.6 million (Tk 318 million), corresponding to a face value of US$1.45 (Tk 100) per share. Ownership of the remaining 75% of the company’s equity was retained by the Dhaka Electric Supply Authority (DESA), an agency of the government of Bangladesh.
Joint Russian-Tajik company Sangtudinskaya GES-1, a subsidiary of  Inter RAO UES, was developing the 670 MW Sungtuda 1 Hydropower Plant Vakhsh River, Danghara District, Khatlon Province. Annual output was estimated at 2,700 GWh, by 4 167.5 MW Francis turbines from Power Machines. The equity was held by the Government of Russia (66.39%), the Government of Tajikistan (16.45%), FGC UES (14.92%) and Inter RAO UES (2.24%). FGC UES (Federal Grid Company of Unified Energy System) (MICEX-RTS: FEES) was a Russian Transmission company, owned for 75% by the Russian government. The remaining 25% was free floating, of which the Russian government held ~2% as well. Inter RAO was majority state-owned but publicly traded (MICEX-RTS: IRAO).  The project was commissioned in July 2009. Construction resumed in April 2005 after a halt in the early 1990s. The project initially started in 1989. The output is sold to Barqi Tojik, the national electricity company. Construction lasted 4 years, FC is assumed to be June 2006 (25%). The project was recorded as being 84% private (100%-16.45%).  Total cost was $720 million.
In March 2006, National Highways Authority of India (NHAI) signed a 20 year concession agreement with Andhra Pradesh Expressway Limited (APEL) to upgrade, finance, operate and maintain the Kotakatta-Kurnool section on National Highway number seven (NH-7), in Andhra Pradesh state.  This project primarily involved strengthening and widening of the existing two lane 74 km stretch on NH-7 to a four lane divided expressway. The concession term included a construction period of 30 months.   APEL, a special purpose company established to implement this project, was a fully owned subsidiary of Infrastructure Leasing & Financial Services Limited (IL&FS).  APEL won the project in an international competitive tender, conducted by NHAI, by bidding the lowest annuity amount of US$ 12.5 million. Under the concession, APEL was compensated for the capital costs and operating costs including returns by way of a fixed semi annual payment (annuity) of US$ 12.5 million from the NHAI during the operational period of 15 years. Under the annuity scheme, the private operator (APEL) cannot collect tolls from the users of the facility.  The total capital cost of the project was estimated at US$ 164.4 million. The project reached financial close in April 2006.  Construction work on the project began in September 2006 and was expected to be completed by March 2009. APEL appointed KMC Construction Limited for the construction works contract (EPC) and ITNL (IL&FS Transportation Networks Limited) for the operation and maintenance (O&M) of the project.
Termoelectrica Manuel Belgrano was an 830 MW natural gas power planted slated for construction in Campana, Buenos Aires province. It was to sell its electricity to Argentina’s wholesale market. The power plant was owned by Termoelectrica Manuel Belgrano SA, a consortium of private generators led by Spanish Endesa.   The power plant had an estimated cost of US $511 million and was developed as part of the federal government’s strategy to ensure that capacity expansion was sufficient to meet the growing electricity demand in the country. Financing for construction was provided by three sources: the Foninvemem trust fund, a 3% tariff increase for large and medium-sized users over five years, and banks and pension funds. If those sources were insufficient, then the Argentine government was to cover the difference.  In 2004, the Argentine government created Foninvemem as a fund to finance private investment in generation capacity and prevent future energy crisis. Foninvemem was financed with wholesale power revenues owed to generators. If a company participated in Foninvemem, they would give up 65% of the credits that accrued from 2004 through 2006, but they would receive ownership rights in any projects built with Foninvemem resources. In 2005, Endesa, which represented 72% of Argentina’s generating capacity in 2005, and 21 other power generation companies agreed to participate in Foninvemem in exchange for government increases in wholesale power prices through 2007.   In 2006, Foninvemem had approximately US $450 million available to build Termoelectrica Manuel Belgrano and Termoelectrica Jose de San Martin. The latter plant was also designed under the same scheme as Termoelectrica Manuel Belgrano.  Ownership rights in Termoelectrica Manuel Belgrano were granted in proportion to the Cammesa credits accrued in Foninvemem of each private generator. The major shareholders of both plants included Endesa, Total, AES, Petrobras, EDF and Duke with Endesa as the dominant partner in Termolectrica Manuel Belgrano S.A. and Total as the dominant partner in Termoelectrica Jose de San Martin S.A.   In November 2006, the Argentine government signed a turnkey contract with Siemens Power Generation (PG) for the construction of both Termoelectrica Manuel Belgrano and Termoelectrica Jose de San Martin. A 10 year service contract for the operation and maintenance was also awarded to Siemens for when the plant was to become operational. With the turnkey contract, Foninvemem funding and the government’s guarantee to cover additional construction costs, Termoelectrica Manuel Belgrano was securely financed in November 2006.  Operations commenced in March 2008.
In April 2006, Brazilian Engevix Engenharia SA acquired a greenfield contract to build own and operate the Santa Rosa II hydroelectric plant in Rio de Janeiro State from France's SIIF. It was originally awarded by Aneel, Brazil’s power regulator, and the government of Rio de Janeiro state in 2002. The contract included a 20 year power purchasing agreement (ppa) to Electrobras, the Brazilian federal power holding company. The Santa Rosa hydroelectric plant was to be located between the cities of Bom Jardim and Cordeiro and had a capacity of 30 megawatts. In addition to the plant, a 69 kV transmission line with a six km extension was to be constructed.   Santa Rosa SA was a Specific Purpose Enterprise (SPE) created by Engevix SA to construct and explore commercially the hydroelectric plant Santa Rosa II. Engevix SA specialized in engineering and project management in the following sectors: electric energy, gas, oil, steel, waste and water.   The project required investment of US $50 million (108 million real) and reached financial closure in October, 2006 when Banco Nacional de Desenvolvimento Economico e Social (BNDES), the Brazilian national development bank,  approved a US $37 million (80 million real) loan to finance the project. The remaining US $17 million (28 million real) was to be financed directly by Santa Rosa S/A. The BNDES financing was granted under the federal government’s renewable power incentive program, Proinfa. Proinfra was created by the Brazilian ministry of mines and energy to diversify Brazilian energy supply and expand its capacity by 3.3 thousand megawatts.  Construction began in March 2006 and had an expected completion date of December 2007.
Ecofren Power project was 8 MW biomass power plant located at Durg Block, Durg District, Chhattisgarh. The project became operational since October-06 and was acquired by Greenko in September 2008. The plant used rice husk, saw dust and topada pottu as the major fuel. The project is registered under CDM. The project signed a 10 year PPA with Chhattisgarh State Electricity Board CSEB (state DISCOM). Total cost of setting up of the project was estimated at US$6.4 million.  ISA Power project was 8MW biomass power plant located at Kurud Bloch, Dhamthari District, Chhattisgarh. The project is operational since August-06 and was acquired by Greenko in September 2008. The plant used rice husk, saw dust and sal doc as the major fuel. The project is registered under CDM. The project has a 10 year PPA with CSEB (state DISCOM).  Total cost of setting up of the project was estimated at US$6.4 million.
In March 2006, Anji Dachuan Logistics Company Limited , a joint venture of Hong Kong Xuda International Logistics Company (90%) and Anji Yachuan Logistrics Company Limited (10%) was established to build and operate the Anji County Container Terminal Port in Anji County, Zhejiang Province under a 50 year agreement. The total investment was 45 million US$. The capacity of the port was 200,000 TEU per year.
In September 2006, the Ministry of Road Transport & Highways (MoRTH),Government of India signed a 15 year concession contract (including 18 month of construction period) to Malaysia’s Plus Expressway Berhad to widen and strengthen the 21.6 km section on State Highway 40(SH 40) and National Highway 222 (NH 222) between Bhiwandi, Kalyan and Shil Phata in the state of Maharashtra.  The project was divided in two phases where Phase I involved Strengthening and widening the existing 2-lane carriageway to a 4-lane divided carriageway, whereas the second phase involved constructing Kalyan Bypass (with major bridge on Ulhas river and River Over Bridge (ROB) on the Central Railway Line along with the approach roads) and flyover bridge of Bhiwandi Bypass Junction. Work on both the phases was expected to start parallely.  Plus Expressway Berhad established a special purpose vehicle, Plus BKSP Toll Limited, to implement the project. PEB won the tender through competitive bidding, conducted by MoRTH. While the bidding details were not known at the time of collection of information, it is known that the SPV was to recover the capital costs and operating costs including returns through tolls during the concession period (excluding construction period).  The concession agreement for the project was signed in September 2006. The total Project cost is estimated to be INR 187 crores (approximately US$41.3 million) over a concession period of approximately 6 years and 8 months. Financing comprises an INR $815m (US$18 million) term loan solely provided by Canara Bank and equity.  Construction on the project began in September 2006 and was expected to be completed by March 2008.
The Budge Budge Power Plant Unit-3 was a 250 MW unit being added to the existing 500 MW (2 X 250 MW) Budge Budge Thermal Power Station (TPS). The project was being implemented by the Calcutta Electric Supply Corporation (CESC) Ltd. CESC, a privately owned company, was incorporated in 1897 and is responsible for power generation and distribution in Calcutta and its suburbs. CESC owns and operates four coal-based generating stations with an aggregate capacity of 975MW in the State of West Bengal.   The Budge Budge Unit 3 was estimated to cost USD 295 million and achieved financial closure in 2007.   Work on Unit-3 started in the year 2006 and on 28th February, 2010, the 3rd Unit started commercial operation.
At the end of 2006, the government of Angola awarded a contract to Aggreko Plc. for installation and operation of 30 MW a diesel-fired power plant in Cabinda. The contract period was for 2 years. The project became operational in January 2007. Under the agreement, Aggreko supplied electricity to Electricidade de Luanda (EDEL), the distribution grid in the Angolan capital.The project was part of the government's plan to meet an increase demand for electricity in Angola.   As of June 2011, the power plant was still operational. (Aggreko was having trouble getting the Empresa Nacional d'Angola, ENA, to pay for the lease of several generators, concerning several months of an annual contract worth several tens of millions of dollars.)
On July 1, 2006, Aeroport de Paris Management signed a 4 year renewable management contract for the operation and maintenance of Houari Boumediene Airport in Algiers.  This contract was awarded directly by the Algerian government and followed a 2 year technical assistance contract, signed in 2004 between the airport authority of Algiers and Aeroport de Paris, for the construction of the airport.   In 2006, 3.5 million passengers transited thru Houari Boumediene Airport.  The contract was extended for one year in October 2010.  No evidence was found for another extension of the contract in 2011.
In July 2006, Obrascon Huarte Lain (OHL) finalized its acquisition of 49% of the equity in the concession of Administradora Mexiquense del Aeropuerto Internacional de Toluca (AIMAT), the concessionaire of Toluca airport. AIMAT acquired the concession for 50 years in 2005, but was entirely controlled by Mexican state and federal government entities. After the acquisition, the concession became 49% private, reaching financial closure. The ownership structure of the concession was as follows:  •	Obrascon Huarte Lain (OHL) 49% •	Aeropuertos y Servicios Auxiliares (ASA) 25% •	The state government of Mexico State 26%  OHL negotiated directly to with the Mexican government to expand the capacity of the terminal and rehabilitate the runways in exchange for rights to the concession. OHL was committed to invest US $100 million (1.1 billion pesos) in airport facilities. The Mexican state and federal governments were expected to match this amount. Toluca airport, formally Licenciado Adolfo López Mateos International Airport, is located 70km west of Mexico City. As a member of the Mexico City Metropolitan Airport Group, it serves as an alternative airport. The concession arrangement was designed to divert more international carriers to Toluca from Mexico City airport, which was approaching maximum capacity and could not be expanded due its location in the city center.  In September 2009, OHL officially increased its stake in the concession from 32.8% to 49%.  Construction works were concluded in April 2009.
The Maheshwar Hydro Power Project was a 400 MW run-off-the-river project located at the Narmada river, in Mandaleshwar (Madhya Pradesh).  The project was developed by the S. Kumars group through a subsidiary, Shree Maheshwar Hydel Power Corporation Limited (SMHPCL). The project was awarded to the S. Kumars group in 1992 by the Government of Madhya Pradesh (GoMP) through a process of competitive bidding for execution on Build, Own and Operate (BOO) basis.  The project was initially started under Narmada Valley Development Authority (NVDA) of GoMP in 1978 and was later awarded to Madhya Pradesh Electricity Board (MPEB/ MPSEB) by GoMP in 1988.    The work on project was initiated in 1997 but was stalled in 2001 due to various extraneous reasons impacting the financial tie ups of the project consequent on the sudden and unforeseen withdrawal of the American collaborating company, M/s Ogden Energy Asia Pacific Ltd, from their commitment to contribute 49% of the total project equity. This was as a result of the decision of M/s Ogden to close down their operations not only in India but in Asia in general.  Subsequently, Infrastructure Leasing & Finance Services Limited (IL&FS) was employed as financial advisors for the project to recommend Financial Realignment Plan (FRP). In the year 2005, an Amended & Restated Agreement was signed by GoMP with SMHPCL, Power Finance Corporation (PFC), MPSEB and the S.Kumars Group. During FY 2004-05, the Ministry of Power, Govt. of India formed a task force including of Directors of PFC for speedy development of project. Subsequently, as mandated by the lenders and in agreement with the promoters, an independent management was inducted with nominees of PFC, other lenders and GoMP.  SMHPCL had signed a Power Purchase Agreement (PPA) with MPSEB in 1994 for 35 years (extendable by 20 years) for sale of power generated from this project. The PPA was amended in 1996.   The project cost was estimated to cost USD 612.3 million and achieved financial closure in September 2006. PFC is the lead financier for the project.
At the end of 2006, the government of Angola awarded a contract to Aggreko Plc. for installation and operation of 30 MW a diesel-fired power plant in Luanda. The contract period was for 2 years. The project became operational in January 2007. Under the agreement, Aggreko supplied electricity to Electricidade de Luanda (EDEL), the distribution grid in the Angolan capital. The plant was named Caminhos de Ferro de Angola. The project was put together by the British operator Aggreko in conjunction with Angola’s national utility Empresa Nacional de Electricidade (ENE), which invested $8 million. The project was part of a plan by the government to meet an increase demand for electricity in Luanda, Angola.   As of June 2011, the power plant was still operational. (Aggreko was having trouble getting the Empresa Nacional d'Angola, ENA, to pay for the lease of several generators, concerning several months of an annual contract worth several tens of millions of dollars.)
In February 2005, the state controlled utility Electrobras signed a 20 year power purchase agreement (PPA) with the Spanish firm Iberdrola SA for energy from a new 49 MW wind farm titled Rio do Fogo in Rio Grande do Norte state. The new wind farm had an estimated cost of US $93 million and was developed by Enerbrasil, Iberdrola SA’s subsidiary.   The project was developed under the federal initiative of ProInfra funding of US $5.5 billion through BNDES, the Brazilian development bank. ProInfra was created by the Brazilian ministry of mines and energy to diversify Brazilian energy supply and expand its capacity by 3.3 thousand megawatts.  The project reached financial closure in April 2006 upon the granting of a direct loan from BNDES for US $31.5 million (R $68 million) and a second tranche underwritten by Banco ABN AMRO Real for an additional US $31.5 million. 65% of the project was financed through debt and the remaining 35% was financed through equity.   Iberdrola SA owned the project through its subsidiary Enerbrasil. As of 2006, the project had completed its first phase of construction. Construction of the wind farm was completed by Wobben Windpower Ltda, the local Brazilian manufacturing facility of Enercon GmbH of Germany. It became operational in 2007.
In October 2006, a Malaysian company Long Quan Group signed a 30 year agreement to build and operate a potable water treatment plant in Tianchang City, Anhui Province. The plant capacity was 100,000 cubic meters per day. Long Quan Group invested RMB 86 million (US$ 10.79 million) and owned 100% of the project.   The project would be executed in two phases. The capacity of each phase was 50,000 cubic meters per day. Phase two would commence in October 2010.
Beijing Herocan Environmental Engineering Tech Co. Ltd signed an agreement in December 2006 with Shandong Ningjin County Government to construct a wastewater treatment plant with a capacity of 50,000 cubic meters per day in Ningjin County, Shandong Province. The project was procured via direct negotiation. Herocan will operate the facility for 30 years before transferring it back to the local government. The total investment was RMB 36 million (US$ 4.52 million). Herocan owns 80% of the project.
In October 2006, Kadoo Investment Company Limited formed a joint venture with a state owned enterprise to build and operate 76.16 KM Guilin-Wuzhou Expressway Majiang-Wuzhou Section. Kadoo won the project Guangxi Zhuang Autonomous Region through competitive bidding. The total investment was 3.659 million Yuan (459.1 million US$). Kadoo’s share in the joint venture was unknown.
In March 2006, Goldis Berhad acquired a 20-year build, operate, transfer (BOT) contract from three Chinese firms to treat municipial sewerage water for Lian Yun Gang City, located in Ganyu County, Jiangsu Province, China. The agreement provided for the construction of a treatment plant capable of treating 20,000 cubic meters a day of wastewater.   The contract was originally won by three Chinese firms - Jiangsu New Century Co. Ltd., Nanjing Ze Shi Science & Technology Co. Ltd., and Suzhou Ke Rui Investment Consulting Co. Ltd. - and was bought out by Goldis Berhad. A project company, Ganyu Xin Cheng Sewage Treatment Co, Ltd. ("GXC"), was established to implement the contract. GXC is co-owned by Goldis Berhad through its subsidiary JiangSu Gold Water Company, and Zou Ben Qiang, at 77.5% and 22.5%, respectively.  The total investment was estimated at RMB39 million (US$ 48.5million) and was financed internally and through shareholder borrowings at Goldis Berhad. The project was operational as of February 2007.
In November 2006, a local private company Chongqing Kangda Environmental Protection Co. Ltd. was awarded a 25-year agreement to build and operate the Linyi Nanfang New District Wastewater Treatment Plant in Linyi City, Shandong Province. The capacity of the plant was 80,000 cubic meters per day.
In March 2006, a US company Hans Technologies signed a 25 year agreement to build and operate a potable water and sewerage treatment plant in Changxing County, Zhejiang Province. The plant capacity was 45,000 cubic meters per day. Hans Technologies invested US$ 14.75 million in the plant and owned 100% of the project.
In December 2006, a joint venture was formed between Xiaoshan Airport Co., Ltd. and The Airport Authority Hong Kong to expand and operate the Xiaoshan Airport in Hangzhou City, Zhejiang Province. The transaction was approved by the Chinese government in August 2006.  Xiaoshan Airport Co., Ltd. invested RMB 3.6959 billion (65%) and the Airport Authority Hong Kong invested RMB 1.9901 billion (35%). The joint venture would focus on developing phase two of the airport (RMB 6.8 billion).
In October 2006, China Evergreen Environmental Corporation (CEEC), later renamed to China Water Group, Inc., was awarded a 20-year build, operate, transfer (BOT) contract to construct and operate a municipal waste water plant. The plant was planned with a capacity of 20,000 cubic meters daily.  The contract was awarded to China-based, New York Stock Exchange-listed China Evergreen Environmental Group, an entirely private company. CEEC's investment was about US$ 2 million.  As of February 2007, the project was under construction.
In September 2005, a private company, Weixing Group was granted a 40 year agreement to construct and operate the Yun County Nan River Cascade One Hydro Power Plant in Yun County, Yunnan Province. The project was procured through competitive tendering. The total capacity of the project is 40MW. Weixing Group has a 80% stake in the project with the remaining share owned by Mr. Tao Dongguo and Mr. Jin Rupeng (10% respectively). The total investment was RMB 200 million (US$ 24.42 million). A project company, Yunnan Yun County Asia Pacific Investment Co., Ltd., was established to operate the facility. Construction commenced in August 2006.
In July 2006, Bio-Treat Technology signed a 29-year rehabilitate, operate, transfer concession contract with the city government of Wuhan City to treat municipal sewerage water for the city, located in Hubei Province, China. The agreement included the transfer of an existing plant to Bio-Treat, which will operate it and complete some unspecified modifications.  Bio-Treat was a Chinese-based and Singapore-listed company and was the sole owner and operator of the plant. Bio-Treat did not disclose its investment in the plant, but announced it had financed it internally.  As of February 2007, the plant was operational.
In July 2006, Bio-Treat Technology signed a 29-year build, operate, transfer contract with the Beijing City government to construct and operate an underground waste water treatment facility capable of processing 40,000 cubic meters of waste water daily.  Bio-Treat, a Chinese-registered, Singapore-listed company, was the contract operator. The project was expected to cost RMB 110 million (US$ 13.8 million) and was financed internally by Bio-Treat. Bio-Treat won the competitive bidding process, which included both domestic Chinese and foreign firms, though the exact number of bidders was not disclosed.   This project was the first of a two-phase project, which would eventually process 80,000 cubic meters of waste water daily. This project was awarded as part of Beijing's 2008 Olympic preparations. Construction began in December, 2006, and was expected to conclude in December, 2008.
The project company, Chongqing China Gas Co., Ltd., was established in December 2006. The project is located in Kai County, Chongqing Municipality. China Gas Holdings Limited has 100% stake in the project and would operate and manage the joint venture for 30 years. The total investment was RMB 800 million (US$ 100.38 million).
In December 2006, SUEZ signed a 30-year contract to manage and operate water services in Changshu City, Jiangsu Province, China. The contract covered the operation of three water plants with a total capacity of 675,000 cubic meters daily and 2,500km of the water piping network for the city's 1.5million residents.  Sino-French Water Development was a 50-50 joint venture of French utility company SUEZ and New World Infrastructure of Hong Kong. Sino-French purchased 49% of the outstanding shares of the public water utility Changshu Water Supply Company, after winning an international competitive bidding process and being named the preferred bidder. SUEZ and New World Infrastructure held 24.5% each of the Changshu Water Supply Company through Sino-French. SUEZ announced it expected to earn €1 billion over the 30-year contract.   As of February 2007, the project was operational.
In September 2006, Veolia Environnement signed a 30-year contract with the Liuzhou City government to manage and operate the city's four water treatment plants and 807km of water pipes. The four plants had a total capacity of 540,000 cubic meters.  French utilities company Veolia Environnement operated in China through Veolia Water, a wholly-owned subsidiary, that owned 51% of the project company, Liuzhou Water Services. The remaining 49% continued to be owned by the government. Veolia was expected to earn €340 million (US$ 450million) in revenue through the 30-year period.  The contract took effect at the end of 2006.
In November 2006, a local private company Chongqing Kangda Environmental Protection Co. Ltd. signed a 25 year agreement to build and operate a wastewater treatment plant in Linyi City, Shandong Province. The plant capacity was 80,000 cubic meters per day.   Chongqing Kangda Environmental Protection Co. Ltd owned 100% of the project. The total investment in this project was unknown.
A local private company Zhongyi Environmental Protection Industrial Development Co., Ltd. was granted an agreement in January 2006 to construct a wastewater treatment plant with a total capacity of 40,000 cubic meters per day in Dongguan City, Guangdong Province. The project was procured via competitive bidding. Zhongyi would operate the facilities for 25 years before transferring them back to the local government. The total investment was RMB 53.99 million (US$ 6.77 million) and Zhongyi owns 100% of the project.
In August 2006, a local private firm Fujian Zhengrong Group won an agreement to build and operate Fuzhou - Quanzhou Expressway (Putian to Xiuyu Branch) through an open competitive bidding process. The total investment on this 24.5 km road was RMB 1.295 billion (US$ 162.48 million) and Zhengrong had a 100% stake. The construction of the project commenced in October 2006 and the expressway would come into operation in 2009. Zhengrong would then operate the project for 24 years and 10 months.
In February 2005, UAE’s DP World led consortium signed a 38 year build-own-operate-transfer (BOOT) agreement with Cochin Port Trust (CoPT) to develop a greenfield international container transshipment terminal at Vallarpadam (VICTT), in the southern state of Kerala. VICTT was designed to have an ultimate capacity of three million TEUs (twenty foot equivalent unit). Once operational, this new terminal was expected to replace the existing Rajiv Gandhi Container Terminal (RGCT) at Cochin Port and reduce India’s dependence on foreign ports to handle transshipment.   As part of this BOOT agreement, DP World took over the management and operations of RGCT in February 2005 under a separate lease contract. DP World had up to ten years to transfer the operations from RGCT to VICTT.   This BOOT agreement was the result of Government of India’s (GOI) commitment to encourage private investments to augment and upgrade the country’s port capacity. To this effect, GOI took several policy initiatives. Of these, the guidelines issued in October 1996 was the most comprehensive, facilitating private sector participation in the construction and operation of additional assets such as container terminals and cargo berths.   DP World and its partners established India Gateway Terminal Private Limited (IGTPL) to develop VICTT. IGTPL was jointly owned by DP World (75%), Transworld Group (5%), Chakiat Agencies Private Limited (5%) and state owned Container Corporation of India (15%). DP World won this greenfield transshipment terminal by bidding the highest revenue share of 33.33% with CoPT. The other two bidders in the international competitive tender conducted by CoPT in early 2004 were namely: Maersk Sealand and a consortium of IL&FS and Punj Lloyd.  The total cost of the project was estimated at US$ 500 million. The project received non recourse debt funding from a consortium of banks led by Infrastructure Development Finance Company Limited (IDFC).   IGTPL planned to develop VICTT in two phases. Phase I, with an investment of US$ 200 million for a capacity of one million TEUs, was expected to be commissioned by April 2009.
In September 2003, a Guangdong based private company Liantai Group signed a 30 year agreement to build and operate Shaoyang - Yongzhou Expressway in Hunan Province. Liantai Group invested RMB 4.526 billion (US$ 567.88 million) in the project and owned a 100% stake. Liantai Group formed a specific purpose company Hunan Shaoyong Expressway Co., Ltd. for this project. The road was 111.129 km long. The construction of the project commenced in May 2006 and would come into operation in May 2009.
In September 2006, SUEZ signed a 30-year concession with the Chongqing City government to manage and operate a municipal wastewater treatment plant. The plant was expected to process 300,000 cubic meters of waste water daily.   Sino-French Water Development was the joint venture company setup by French water utility SUEZ and New World Infrastructure of Hong Kong. Sino-French and the public utility Chongqing Water Company formed a project company in April 2006 for this project; its name was not released. The project company was owned 25% by SUEZ through Sino-French, 25% by New World Infrastructure through Sino-French and 50% by the Chongqing Water Company. Sino-French's investment value was RMB 300 million (US$ 37.64 million).  This was the second project awarded to Sino-French in Chongqing in the past five years - Sino-French was previously awarded a 50-year concession in 2002 to provide potable water to Chongqing. This was also the first of two projects awarded by the Chongqing government this year in the water sector: in November 2006, China Water Affairs Group was awarded a 50-year concession for potable water distribution.   The project was operational as of February 2007.
Asia Power (Leibo) Hydroelectricity Co., Ltd was incorporated in March 2006 with the Asia Power holding an equity interest of 40.05%. The principal activities of Leibo were to develop and operate hydropower electricity generation plants with 40 MW installation capacity in Leibo County, Sichuan Province for 50 years. The total investment was US$ 18.63 million. The project agreement was granted by the Leibo County Government.
Jaypee Karcham Hydro Corporation Limited (JKHCL) undertook the development of 1000 MW Karcham Wangtoo hydro electric project (KWHEP) on Satluj river, in Kinnaur district of Himachal Pradesh State, on build-own-operate (BOO) basis. The project consisted of 4 generator units, each producing 250 MW each. This hydroelectric plant was designed to be a ‘run of the river” scheme and involved the construction of a concrete gravity dam. Though the implementation agreement (to develop KWHEP) between JKHCL and Himachal Pradesh State Government was signed in November 1999, the project was significantly delayed due to legal hurdles that affected the construction work on the main tunnel, dam and other sites.   In March 2006, JKHCL signed a power purchase agreement (PPA) with PTC India Limited, a majority privately-owned power trading company, committing to sell over 70% (704 MW) of its power for 35 years.   JKHCL, a special purpose company, was a wholly owned subsidiary of India’s Jaiprakash Associates Limited. Information on how the contract was originally awarded to JKHCL was not available from public sources.  The total cost of KWHEP was estimated at US$ 1260 million (Rs 57,100 million). The project reached financial closure in 2006.   Construction works began in 2006 and the project was expected to be commissioned 2011. The project was commisioned in August 2011.
In May 2006 the government of Nigeria, through its Bureau of Public Enterprises (BPE), awarded a 25 year rehabilitate, lease and transfer concession for terminal A of the Calabar port to private operator Ecomarine Ltd. The concessionaire pledged to pay leasing fees to the government amounting to some $30.03 million in net present value. Additionally, the concessionaire was expected to make all investments on the terminal’s berths (except for the quay wall, which remained the government’s responsibility), stacking yard, equipment, as well as improved security and fencing systems. The net present value of investments in infrastructure were estimated at $23.79 million. The project was part of a wider plan started in 2004 - 2005 to attract private participation in the Nigerian port sector.  The contract was awarded in May 2006 after a competitive bidding process. The bids were ranked using a highest fee paid to the government criterion. Ecomarine came in with the highest bid, while Bua International Limited offered $2.33 million, and the Calabar Terminal limited offered $3.1 million.  No further information was publicly available on the ownership structure of the concessionaire, investments in facilities, or the terminal's capacity.
In March 2006, a local private company Weihai Dean Water Engineering Co. Ltd. signed a 50 year agreement to build and operate a wastewater treatment plant in Dashuipo Town, Wendeng City, Shandong Province. The plant capacity was 10,000 cubic meters per day.   Weihai Dean Water Engineering Co. Ltd. invested RMB 12 million (US$ 1.51 million) and owned 100% of the project.   Construction of the plant commenced in June 2006 and was planed to come into operation by the end of 2006.
The construction of the 4 lane 48 km long Jiujiang-Ruichang Highway in Jiangxi Province connecting Jiujiang City and Ruichang City commenced in July 2006. The 27 year agreement was granted to Hong Kong Chengkun International Investment Co., Ltd. through competitive bidding. The company owns 100% of the project and the total investment is RMB 1820 million (US$ 228.36 million). A project company, Chengkun International (Jiangxi) Jiurui Expressway Development Co., Ltd., was established to operate the toll road.
In January 2006, a Hong Kong company China Water Affairs Group Ltd formed a joint venture company Xinyu Water Affairs Group Co., Ltd. with the local government to provide water treatment and distribtuion services in Xinyu City under a 30 year concession agreement. The total investment was 100 million Yuan (US$ 12.55 million) and China Water Affairs Group Ltd owned 80% of the joint venture. The company serves 0.5 million people in Xinyu City.
In May 2006 the Mexican Secretary of Communications and Transport awarded a 30 year contract to build, operate, and maintain libramiento de Tecpan to Mexican Omega Construcciones Industriales SA de CV. The road project was designed as 4.4 km long and two lanes including a 600 meter bridge over Tecpan river connecting cities of Acapulco and Zihuatanejo in Guerrero state.   The project contract was awarded through a competitive public tender that began in October 2005. Four qualified consortia submitted final bids in April 6: Tradeco Infraestructura-Operadora de Vías Terrestres; Omega Construcciones Industriales; Concesionaria de Proyectos de Infraestructura; and el consorcio formado por Promotora del Desarrollo de América Latina- Promotora Inbursa. Omega won the tender by offering the highest percentage of net income to be paid to the government: 5%.  The project cost was estimated at US$17.6 million. Construction began in June 2006 and was expected to conclude in May 2007.
The Brazilian company Centrais Eletricas Belem S.A. (CEBEL), a wholly-owned subsidiay of Companhia Energética Serra da Carioca S.A., was granted an authorization by the regulatory agency ANEEL to build and operate a 30-MW small hydro power plant located in the Comemoracao River, state of Rondonia (in the municipalities of Vilhena). The 30-year contract was signed with the regulatory agency ANEEL in May 2002.   CEBEL S.A. committed to invest US$ 74.3 million (BRL 162 million) in the construction of PCH Apertadinho. Financial closure for the project was reached in 2006, when the company was granted a US$ 68.8 million (BRL 150 million) syndicated loan by three pension funds from the employees of utility companies (Petros from Petrobras, Celos from Celesc and Prece from Cedae).   Construction works on this power plant started in 2007, and the unit would become operational in 2008, but days before the inauguration, the dam did not resist. The company had to pay about US$ 30 million (BRL 60 million) in environmental damages costs, and sued the consortium responsible for the EPC contract (Schahin Engenharia e EIT - Empresa Industrial e Tecnica). By the time the accident happened, the insurance policy had expired. The company began to rebuild the power plant, and as of August 2010 the project was still under construction. As of February 2012, construction works were still underway and due to the delays the regulatory agency ANEEL refused to grant the project company with subsidies it once had right to use to finance the project.  PCH Apertadinho signed a power purchase agreement with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies).
In December 2006, the Energy Development Co (EDC) - a subsidiary of Philippine National Oil Company (PNOC) - held its first initial public offering at the Philippine Stock Exchange.  Both local and international investors purchased 36% of the company.  PNOC-EDC raised approximately US$320 million (Peso 17 billion) of proceeds from the initial offer of 5.2 billion shares.  The proceeds increased to more than US$384 million (Peso 19 billion) after a 15% over-allotment option was exercised towards the end of the month.  Overall, the company sold about 40% of shares.  The mid-December market debut of PNOC-EDC saw a 42% surge in the stock from the offer price of Peso 3.2 a share to the Peso 4.55 a share posted at the close of the opening day of trading.  Some 74% of the shares were sold to overseas institutional investors with the remaining 26% being allocated to domestic investors.   PNOC-EDC declared Red Vulcan the winning bidder in the November 21, 2007 second company auction.  Red Vulcan Holdings Corp. remitted the full payment of US$1.4 billion (Peso 58.5 billion) to PNOC for the government’s 60% stake in the company in November 2007.     Red Vulcan Holdings Corp. included the consortium of First Gen Corp., Spalmare Holdings B.V. and Prime Terracota Holdings Corp.  First Gen Corp. was 55% owned by the local holding company - First Philippine Holdings Corporation.  Spalmare, was First Gen's minority partner in Red Vulcan.  It was a joint venture between Icelandic sustainable energy firms Reykjavik Energy Invest (REI) and Geysir Green Energy (GGE).   In a statement dated Dec. 28, 2007 and posted on Reykjavik Energy's Web site, the company reported that it decided with Green Geyser to sell their 40% stake in Red Vulcan Holdings Corp to First Gen Corp.  Prime Terracota Holdings Corp. was a subsidiary of First Gen Corp.  As a result, in November 2007 First Gen solely committed for Red Vulcan the entire US$1.4 billion bid price.  First Gen thereby became the 100% owner of Red Vulcan, along with the shares held by its subsidiary, Prime Terracota Holdings Corp.    Development Bank of the Philippines and ING extended a staple financing facility of US$650 million (Peso 27.9 billion) to Red Vulcan to fund the acquisition of the controlling stake in PNOC-EDC.  Banco de Oro also provided financing for the acquisition along with Calyon and Bank of Tokyo Mitsubishi.  In addition, First Gen raised US$300 million from its own funds to bankroll the purchase.     PNOC EDC, the largest geothermal producer in the country, had an installed capacity of 1,149.4MW as of December 31, 2007 and represented 60% of the country's total geothermal capacity.  On Nov. 25, 2008, IFC signed a US$82 million (4.1 billion Philippine Pesos), 15-year loan to support EDC's acquisition of more geothermal assets.    As of Dec. 31, 2008, First Gen, through its Red Vulcan subsidiary, held a 40% economic interest in EDC, which gave First Philippine Hodlings Corporation a 22% effective interest in EDC.  In May 2011, the IFC signed a loan of US$75 million to partially finance the project company's medium-term capital expenditure plan.      In May 2012, EDC faced an impairment charge of P5 billion for closing down the 49MW Northern Negros Geothermal facility. The facility was underperforming, by generating only 5-10MW. The facility was closed was to be transfered to the company's Nasulo concession area were the firm had a 20MW plant installed, but the concession had the potential to generate up to 45MW. Transfering the Northern Negros plan to Nasulo would allow to utilize this capacity.
In August 2005, Consorcio Concesionario Interoceanica Inambari-Inapari signed a 25 year build-own-transfer contract with the government of Peru for Section 3 of the Inter-Oceanic Highway.. The Inter-Oceanic Highway was a road corridor that was set to connect the Atlantic Ocean in Brazil with the Peruvian ports of San Juan de Marcona, Matarani and Ilo, in the Atlantic.   The contract was part of the Inter-Oceanic Highway project which entailed the construction and renovation of a total of 2,603 kilometers of roads connecting the Amazonian state of Acre, Brazil with the port cities in the southern coast of Peru. Section 3 was a 403 km. stretch that went from the city of Inapari (Madre de Dios), in the frontier with the Brazilian city of Assis (Acre), to Inambari (Madre de Dios) going through a stretch of the Amazon jungle. It was estimated that this section would require an investment of US$332 million. The concessionaire was responsible for building, improving and rehabilitating, operating and maintaining the road sections, according to the technical guidelines contained in the agreement (level of service index, among others).  ProInversion, Peru’s private investment promotion agency, carried out a public tender for the concession contract in June 2005. The public tender was awarded to the bidder who obtained the highest score, according to a math formula based on the lowest value of periodic payments, and the national component proposed by the bidder. Later that month, ProInversion awarded the concession to Consorcio Concesionario Interoceanica Urcos–Inambari. The following companies made up the consortium: Construtora Norberto Odebrecht S.A. (70%), Constructora  Grana y Montero S.A. (18%), JJC Contratistas Generales (7%) and Ingenieros Civiles y Contratistas Generales (5%).  Financial closure was reached in March 2006, when the Andean Development Corporation (CAF) signed a US $150 million guarnatee for Section 2 and Section 3 of the Inter-Oceanic Highway with the concession holder IIRSA Sur S.A. Section 2 received US $59.08 million while Section 3 received US $91.38 million.  Consorcio Concesionario Interoceanica Urcos–Inambari enjoyed a revenue guarantee from the government, based on two types of payments: Annual Payment for Works (PAO) and Annual Payment for Maintenance and Operation (PAMO). PAO are biannual payments for each stage of construction, upon conformity of works. PAMO are quarterly payment for operation and maintenance. The main source of funds for PAO and PAMO came from toll revenue collected by the concessionaire that was deposited in a trust fund. If the toll revenue would not be sufficient to cover costs, the Peruvian government agreed to pay the difference.
Luoyang Xinao Gas Company Limited was a Sino-foreign joint venture that was established in January 2006 by Xinao Gas Holdings Limited, which holds a 51% stake in the project with the remaining 49% interest held by China Huayou Group (19%) and Luoyang Municipal Gas Group (32%). The total investment was RMB 360 million (US$ 45.17 million). The company will operate the gas piped business in Luoyang City, Henan Province for a 30-year period.
Termoelectrica Jose de San Martin was an 830 MW natural gas power planted slated for construction in Timbues, Santa Fe province, and was to sell its electricity to Argentina’s wholesale market. The power plant was owned by Termoelectrica Jose de San Martin SA, a consortium of private generators led by Total SA.   The power plant had an estimated cost of US $548 million and was developed as part of the federal government’s strategy to ensure that capacity expansion was sufficient to meet the growing electricity demand in the country. Financing for construction was provided by three sources: the Foninvemem trust fund, a 3% tariff increase for large and medium-sized users over five years, and banks and pension funds. If those sources were insufficient, then the Argentine government was to cover the difference.  In 2004, the Argentine government created Foninvemem as a fund to finance private investment in generation capacity and prevent future energy crisis. Foninvemem was financed with wholesale power revenues owed to generators. If a company participated in Foninvemem, they would give up 65% of the credits that accrued from 2004 through 2006, but they would receive ownership rights in any projects built with Foninvemem resources. In 2005, Endesa, which represented 72% of Argentina’s generating capacity in 2005, and 21 other power generation companies agreed to participate in Foninvemem in exchange for government increases in wholesale power prices through 2007.   In 2006, Foninvemem had approximately US $450 million available to build Termoelectrica Jose de San Martin and Termoelectrica Manuel Belgrano. The latter plant was also designed under the same scheme as Termoelectrica Jose de San Martin.  Ownership rights in Termoelectrica Jose de San Martin were granted in proportion to the Cammesa credits accrued in Foninvemem of each private generator. The major shareholders of both plants included Endesa, Total, AES, Petrobras, EDF and Duke with Endesa as the dominant partner in Termolectrica Manuel Belgrano SA and Total as the dominant partner in Termoelectrica Jose de San Martin SA.   In November 2006, the Argentine government signed a turnkey contract with Siemens Power Generation (PG) for the construction of both Termoelectrica Manuel Belgrano and Termoelectrica Jose de San Martin. A 10 year service contract for the operation and maintenance was also awarded to Siemens for when the plant was to become operational. With the turnkey contract, Foninvemem funding and the government’s guarantee to cover additional construction costs, Termoelectrica Jose de San Martin was securely financed in November 2006.  Operations commenced in 2008.
In September 2006, Fraport Twin Star Airports Management, the German-Bulgarian joint company of Fraport and BM Star, was awarded a concession by the Bulgarian government to modernize, expand and operate the Bourgas (BOJ) and Varna (VAR) airports for more than 35 years. During the concession period, Fraport committed to invest $529 million for the two airports, including $246 million for the Varna Airport and $283 million for the Bourgas Airport. The concession was important for Bulgaria to reach the European standards at the two Black Sea airports. The contract included taking over the operations for the airports, building new terminal facilities and acquiring the airport vehicles and equipment.   Fraport owned 60 percent share in the concession deal while BM Star had the remaining 40 percent. Fraport agreed to pay the Bulgarian state $3.9 million one time fee and 19.2 percent of the airports’ operating revenues annually for the concession contract duration. Fraport was the operator of the Frankfurt International Airport.   Initially, in June 2005, the Bulgarian government granted the contract to the Copenhagen Airports (CPH) for the 35-year period. Fraport Twin Star Airports Management and France’s Vinci Airports and Vinci Concession were ranked second and third in the international tender. However, CPH failed to meet the financial requirements of the bidding and also lacked the management criteria required for the international tenders, including management of more than one airport. In the end, the court accepted the objections of Fraport and Vinci companies against the Bulgarian government decision. After more than a year delay, the Bulgarian government signed the concession agreement with the German-Bulgarian joint company Fraport and BM Star.   By the end of 2009, the new terminals were expected to be launched. In November, 2011 an EPC contract was signed for the construction of the two new terminals scheduled to become operational in 2013.   The runway of the Varna aiport was operational as of February 29,2012. In 2013, Fraport Twin Star Airport Management reported that the number of passengers serviced at the Varna airport rose by 8.0% to 1.32 million in 2013, while at the Burgas airport traffic increased by 4.2% to almost 2.5 million passengers, an all-time high. In December, Fraport announced it had opened a new terminal at the Burgas airport. It had invested $55.6 million (80 million levs) in the design and construction.
The Malana II Hydro Electric Project was a 100 MW (2 units of 50 MW each) run-of-the-river project. The project was located in the Malana Nallah, a tributary of Parbati River in the Beas Basin, near the Malana village of Kullu District in the State of Himachal Pradesh. The project was being implemented by Everest Power Private Limited (EPPL). Everest Power Private Limited was owned by Asian Genco, Athena Infraprojects Pvt Ltd and Larsen & Tourbo.  The project was awarded to EPPL in August 2001 by the Himachal Pradesh State Electricity Board (HPSEB), on build, own and operate basis (BOO) for a period of 40 years. In lieu of the surrender of potential site, the project was required to provide royalty to the Government of Himachal Pradesh (GoHP) in the form of free power to the extent of 12% of the energy generated from the project for the first 12 years and 18% of the energy generated for the remaining 28 years.   EPPL signed a PPA with PTC India Limited (PTC), a majority privately-owned power trading firm, for the saleable power generated from this project. PTC in turn signed a PPA with Punjab State Electricity Board (PSEB) for sale of power from the project for a period of 40 years.  The project was estimated to cost USD 149.5 million and achieved financial closure in August 2006. The project was expected to be commissioned in March 2009.
In 2006, the State Government of Punjab (through the Department of Public Works) awarded a 17 year concession to Rohan Rajdeep Tollways Limited (RRTL) for upgrade, operation and maintenance of Balchaur Dasuya road project.  Under the concession, investments were made by RRTL in return for the exclusive right to collect tolls on the road during the operational period.   This road has been fully operational since March 2007.
Daqin Railway Co., Ltd. is a railway transportation services provider, established in October 2004 and headquartered in the city of Datong in Shanxi Province, China. The Company is mainly involved in the transportation of power coal and provides transport services for five big power generation companies and over 380 power plants around China. Daqin transported more than 90 percent of the coal produced in Shanxi and Inner Mongolia between 2003 and 2005. In 2006, coals from Datong of Shanxi province reached 62 million tons; 104.6 million tons from the surrounding areas of North Tong-pu line; 65 million tons from the West of Inner Mongolia; and 18.5 million tons from the North of Shaanxi Province. The company runs railways with a total lenght of 1157.3KM, including the 658KM Daqin Line (Datong-Qinhuangdao).  Daqin issued a total of 3.03 billion IPO shares (out of total 12.98 billion shares) and raised 14.73 billion Yuan (US$1.85 billion) through the offer, which was listed on the Shanghai Stock Exchange in August 2006. Taiyuan Railway Bureau still owned 72.94% of the equity of the company as the representative of the Ministry of Railway.
In December 2005, National Highways Authority of India (NHAI) awarded a 20 year concession to Oriental Pathways (Indore) Private Limited (OPIPL) to upgrade, finance, operate and maintain the 80 km section on National Highway number three (NH-3) between Indore and Kalghat, in Madhya Pradesh State. This project primarily involved strengthening and widening of the existing two lane stretch to a four lane dual carriageway. The concession term included the construction period of 30 months. OPIPL was to be compensated for the capital and operating costs from the tolls collected during the operational period of about 17.5 years.  The concession agreement between NHAI and OPIPL was signed in March 2006. This road upgrade was part of NHAI’s National Highway Development Project (NHDP) Phase III A. The objective of NHDP Phase IIIA was to widen (four lane) sections of national highways carrying high volume of traffic, connecting state capitals with the NHDP Phases I and II network and providing connectivity to places of economic, commercial and tourist importance.   OPIPL, a special purpose company established to implement this project, was jointly owned by Oriental Structural Engineers Private Ltd. and Delhi Brass Consortium. Note that information on the exact ownership structure of OPIPL was not available from public sources. OPIPL won the project in an international competitive tender, conducted by NHAI, by quoting an upfront payment of US$ 1.3 million.   India’s highway development policy allowed ‘viability funding’ by NHAI to the tune of 40 percent of the capital costs as grant to the concessionaire, subject to competitive bidding. However, in high traffic density corridors like this project that are very profitable, the bidders usually offered an upfront payment to NHAI instead of seeking a grant.  The total capital cost of the project was estimated at US$ 119.26 million.   Construction work on the project began in September 2006 and was expected to be completed by March 2009. As per NHAI, the project was completed in September 2009 and is currently operational.
In May 2006 the government of Kenya, acting through its Permanent Secretary of Treasury Mr. Joseph Kinyua, completed an initial public offering (IPO) for 30 percent of public utility Kenya Electricity Generating Company Limited (KenGen). The company was the largest electricity producer in the country with total capacity of some 945 MW, representing 80 percent of Kenya’s generating capacity. KenGen sold all produced electricity to transmission and distribution utility Kenya Power & Lighting Co. Ltd. (KPLC). In 2005 KengGen reported an operating profit of some $27 million.   Registration for the IPO was open on March 20th and closed on April 12th, 2006. Shareholder certificates were credited on May 5th, 2006. The IPO was some 337 percent oversubscribed, and the government capped the number of shares one investor could get at 6,600. The government sold a total of 659,508,437 shares at 11.90 Kenyan Shillings each, representing a 30 percent stake in KenGen.   At the end of 2007 no private investor held more than 1.5% of KenGen.
In November 2006, Russian government sold its 100% stake in the Sochi International Airport in an open auction to the Russian company Strategiya Yug, an affiliate of the Bazovyt Element Holding. Strategiya Yug paid the Russian government approximately $144 million (5.5 billion rubles) to take over the Sochi Airport. The transaction was the largest privatization deal in 2006 conducted by the Russian Federal Property Fund.  The other companies which bid in the auction were the Aviation Oil Company (3.5 billion rubles) and Meridiany (4.253 billion rubles). The minimum bid was set as 50 million rubles. Sochi International Airport was located in Adler District of the city Sochi on the Black Sea coast in Krasnodar Krai, Russia. It was the 7th biggest airport among the other Russian major airports. In 2005, Sochi Airport's passenger traffic reached 2.35 million people, including international and national ones.
In the first half of 2006, the government of Uganda awarded a contract to Aggreko Plc for installation and operation of a 50 MW diesel-powered temporary power plant in Jinja, Uganda, to supply electricity to Uganda Electrical Transmission Company Ltd (UETCL). The contract period was for two years. The project became operational in late 2006. This contract was an addition to the 50 MW installed by Aggreko in 2005. This meant that the Aggreko supplied an estimated 40% of the country’s total grid capacity. In addition to the power generation contract, Aggreko provided fuel on a pass-through basis for the contract, which was likely to be worth approximately $120m at current prices.  The contract was renewed for 6 months in December 2008.  In February 2011, the plant was still operational.  Jinja power plant was shut down by Aggreko in June 2011 following financial disputes with the government. It was announced that Kiira power plant would not resume operations following the expiry of its contract in June.
In November 2005, Vamshi Hydro Energies Private Limited (VHEPL) signed an implementation agreement with the government of Himachal Pradhesh (GoHP) that allowed VHEPL to build, own, operate and maintain two 5 MW hydroelectric power plants, Baner-III and IKU-II, in Kangra district of Himachal Pradesh State for a period of 40 years from the date of commissioning. Both Baner-III and IKU-II were designed to be “run of the river” schemes across Beas river. This project was implemented under the Small Hydro Project Self Identified Schemes policy of GoHP.  The power generated from this project was to be supplied to the Himachal Pradesh State Electricity Board (HPSEB) under a 35 year a power purchase agreement.   VHEPL, a special purpose company, was a subsidiary of India’s Lanco Group.  The total cost of the project was estimated at US$ 12.27 million. The project reached financial closure in March 2006.   Construction work began in 2006 and the project was scheduled for commissioning in April 2008.
This project included the development of two highway lanes with an aggregate length of 2,106 Lane km and the improvement of four corridors, connecting Phalodi to Ramji-ki-Gol, Hanumangarh to Kishangarh, Alwar to Sikandra, Lalsot to Kota, and Baran to Jhalwar in the State of Rajasthan. The concession for this project was PPP (Toll) basis for a period of 32 years (including a construction period of two years) which commenced in January 2006.  The project sponsors were Infrastructure Leasing & Financial Services (IL&FS) and the Government of Rajasthan.  The total cost of phase I was estimated to be INR 16,180 million (US$357 million). The project reached financial closure in January 2006. The project was financed with debt and sub-debt of INR13030 million, grant of INR2,150 million, equity of INR1,000.   The project became operational June 2007 with road sections being commissioned from June 2007 to November 2009.
In June 2006 Panva Gas Holding Ltd formed a joint venture Fuxin Panva Gas Co., Ltd. in Fuxin City, Liaoning Province. The total investment was US$ 22.45 million. Panva  Gas owned 90% stake.   The project company Fuxin Panva Gas Co., Ltd. was granted a 30 year concession to operate pipe natural gas pipe business in Fuxin City, Liaoning Province.  Hong Kong based Panva Gas Holding Ltd was a publicly traded company in the Hong Kong stock exchange and was principally focused on commercialization of natural gas and liquefied petroleum in China mainland.
In November 2006, the Mexican Secretary of Communications and Transport (SCT) awarded and signed a 20-year concession contract for the Tapachula-Talisman highway with a consortium comprised of AVZI, S.A. and Concesiones Intercontinentiales, S.L. Both groups were owned by Grupo AVZI, a Spanish firm. The Tapachula-Talisman project was a 45.1 km highway in the state of Chipas, near Guatemala. The initiative was part of the new Public-Private Partnership (PPP) program began in 2005 to improve the quality of public services through long-term partnerships between the government and private sector companies. The Irapuato-Piedad highway and the Queretar-Irapuato Highway were part of the same initiative. Responsibilities of the concessionaire included: widening a 10km stretch from Tapachula to an intersection with a road to Ciudad Hidalgo, widening an 8km stretch from this point to El Talisman, and widening a 27 km branch to Ciudad Hidalgo. Ciudad Hidalgo is on the Mexican-Guatemalan border, and the road was meant to facilitate transport between the two countries.  SCT carried out the public tender for the project. To participate in the public tender, each bidder had to calculate and submit a requested payment as a function of construction, maintenance and operating costs, rate of return on equity, estimated annual traffic and duration of contract. The concession was awarded to the bidder who presented a proposal that complied with the technical, legal and financial requirements established in the bidding documents, and requested the lowest net present value of periodic payments. Two groups presented offers: Omega Corp., S.A. de C.V. and the consortium comprised of AVZI, S.A. and Concesiones Intercontinentiales, S.L.   The contract established an association between SCT and the private participant to maintain, modernize and widen a 45.1km road. In exchange for those services, the private participant received periodic payments from SCT. Periodic payments come from two parts: a minimum payment for the functioning of the road according to the standards set by the contract; and a “shadow toll” or payments linked to traffic levels as determined by the SCT.  The Tapachula-Talisman highway was divided into sections, and SCT was to pay AZVI for each section built. AZVI received financial backing from Banco Santander Serfin, through a 14-year credit that was to account for US $72.3 million. Banco Santander Serfin also financed the Irapuato-Piedad highway, and the Queretaro-Irapuato highway earlier in 2006. Construction was to begin in March of 2007 and end in 2008.  In November 2010, the highway was innaugurated by President Calderon, although an 8km stretch linking the highway to the town of Talisman, which was initially part of the project, had yet to be completed and was suspended.
In november 2004, Consórcio Transleste 2 (a partnership of CEMIG, 24,5%; Alusa, 41%; Furnas, 24,5%;  and Orteng, 10%) was awarded in a competitive bidding process the contract to build and operate a 65- km transmission line located in the state of Minas Gerais (Irape – Aracuai).  Besides Consórcio Transleste 2, only Abengoa S.A. placed another offer for the transmission line.    The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. Cia. Técnica de Engenharia Elétrica presented the lowest offer, a total value of US$ 3.5 million (BRL 10.3 million), 11% below the ceiling set by the regulatory agency. The contract was signed in March 2007, and the sponsors created the company Companhia Transirapé de Transmissão to lead the project during the 30-year contract period.     The sponsor committed to invest US$ 29.7 million (BRL 64.8 million) in the transmission line. The construction works commenced in 2005, but financial closure was only achieved in September 2006, when the sponsor was granted a US$ 20.6 million (BRL 44.8 million) loan from BNDES. The remaining cost was set to be financed with the sponsors’ internal resources.  Operations was fully operational in 2008.  In October 2014, BNDES granted an additional loan of US$ 2.5 million (BRL 5.9 million).
Quanjiao Xin'ao Gas Company Limited was a subsidiary established in September 2006 by Xinao Gas Holdings Limited, which holds 100% of the project. The total investment was 60 million Yuan (US$ 7.89 million). The company would build and then operate the piped natural gas business in Quanjiao County, Anhui Province for a 30-year period.
On January 12, 2006, the provincial authorities of Chubut and San Cruz signed an 82 year contract for the construction, operation and maintenance of the 500/132kv Interconexion Puerto Madryn-Pico Truncado with Integracion Electrica Sur Argentina (Intesar SA). The transmission line was to run 530km through the provinces of Chubut and San Cruz, connecting Puerto Madryn with Pico Truncado. It was an extension of the Choele Choe—Puerto Madryn transmission line (project number 3416).  Interconexion Puerto Madryn-Pico Truncado was part of a federal plan to increase the capacity of the high voltage (500k) transmission network and integrate energy supply and demand throughout Argentina.   The project was granted to Intesar SA through a public competitive tender. Bidding took place in July 2005 and the main bidding criterion was the lowest present value of payments during the period of operation and maintenance. Intesar SA won the tender by presenting the lowest present value. Intesar SA was a company owned by Argentine Electroingenieria SA y Gerardo Ferreyra.  The cost of the transmission line was estimated by Intesar SA at approximately US $155.1 million (473 million pesos). Intesar SA provided its own financing and by December 2006, 25% of construction was completed. The line was expected to become operational in November 2007.  In the project contract, the provincial governments agreed to pay to Intesar SA: (1) a monthly fee during the construction period of 22 months and another monthly fee for the first 15 years of the line operation. Both fees were defined based on Intesar’s winning bid.   The divested Transener SA (project number 55), the owner of technical license of al high voltage line,  was responsible for supervising the line construction, operation, and maintenance, and was to receive 4.5% of Intesar SA’s monthly operational and maintenance payments during the 15 year of operations. After that, Intesar SA was to pay 2.5% of its earnings to Transener SA.  The line was commissioned in June 2008, begining the stage of operation and maitenance.
In December 2006, the National Highway Authority of India (NHAI) signed a 20 year concession contract (including 30 month of construction period) to a consortium of C&C Constructions Ltd. (C&C) and B Seenaiah Company (Projects) Ltd. (BSCPL) to strengthen and widen the 44 km stretch of the NH-21 from Kurali to Kiratpur in the state of Punjab.  Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance and widening of the existing two-lane highway to a four-lane highway with paved shoulders. The expansion project, part of National Highway Development Project - Phase IIIA and Special Accelerated Development Project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.     The consortium established BSC-C&C Kurali Toll Road Limited, a special purpose vehicle, to implement the project. The consortium won the competitive tender, conducted by NHAI, by making the lowest fixed subsidy request of US$ 10.98 million. Apart from this upfront payment by NHAI, the company was to recover the capital costs and operating costs including returns through tolling during concession period (excluding construction period).  The project reached financial closure in December 2006. The total capital cost of the project was estimated at US$ 77.25 million.   Construction on the project began in December 2006 and is expected to be completed by June 2009.
In May 2006 the government of Kenya awarded a two year management contract for public utility Kenya Power and Lighting Company (KPLC) to Canadian operator Manitoba Hydro International. In 2006 KPLC was the monopoly electricity distributor in Kenya. Most of the power sold by KPLC was purchased from Kenya Electricity Generating Company, the partly privatized generation utility (id 4041). Manitoba Hydro’s contract started in July 2006 and contained a provision for a possible extension into a third year.   By May 2006 KPLC was 49% owned by the Kenyan government. The remaining shares were divided among a large number of minority private shareholders. KPLC had such ownership structure for some time, but its private shareholders were fragmented, and the government continued to operate KPLC. By 2006, the company was still classified as a state owned enterprise when the management contract was awarded.  According to the management contract, Manitoba Hydro’s main obligations were: •	Reduce transmission losses from illegal connections and ageing wires by 4%; •	Raise the rate of new connections from 70,000 in 2005 to 120,000; •	Reduce the rate of monthly outages from and average of 11,000 to 3,000.  The management contract was awarded through a competitive tender in which Manitoba Hydro beat out Irish company ESBI and Spanish firm Union Fenosa. Manitoba Hydro was a major Canadian utility headquartered in Winnipeg, Manitoba. Its core activity was electricity generation, and it was active in four wholesale energy markets in Canada and the mid-western United States.   The management contract with a private operator was a part of an agreement with a consortium of development agencies which pledged to finance a loan of $225 million to improve KPLC’s technical, operational and financial performance. The program, led by the World Bank, was initiated in 2004 and named the Energy Sector Recovery Project. The World Bank agreed to lend $80 million with supporting funds coming from the European Development Bank ($17 million), the French development agency (AFD) ($25 million) and the Nordic Development Fund ($12 million.) Local resources were provided by the government ($200,000), the Kenya Electricity Generating Company ($7.5 million) and KPLC ($25.8 million).  The management contract concluded in July 2008.
The National Highway Authority of India (NHAI) awarded a 25 year concession contract to Malaysian firm IJM Corporation Berhad (IJM) in March 2005, to upgrade and widen the 108 km long Jaipur-Mahua section of National Highway 11 in the state of Rajasthan.   Under the contract, IJM was responsible for the operation, maintenance, and widening of the existing two-lane highway to a four-lane divided highway. IJM was also responsible for the construction, operation and management of the toll gates. The project further included the construction of a two lane ROB (railway over bridge), one major bridge, one flyover on Dausa Bypass (at junction point of NH11 And NH11A), and 15 bus bays.  IJM established a special purpose vehicle, Jaipur Mahua Tollway Private Limited, to implement the project. IJM won the tender through an international competitive tender, conducted by NHAI, by making the lowest subsidy request of US$ 15 million.   The project was estimated to cost US$ 109.5 million. NHAI gave a grant of US$ 15 million for the project. The project reached financial closure in 2006.   Construction on the project began in October 2005 and was expected to be completed by October 2008. As per NHAI, the project was completed on September 2009 and is currently operational.
In 2006, TANESCO, the national electrical utility company of Tanzania, awarded Alstom Power Rentals (APR) a 40MW power project to temporarily supply power to Mwanza region. The temporary power plant was to be located in Mwanza on the shores of Lake Victoria approximately 600 miles north west of Dar es Salaam. The project cost was estimated to be US$150 million. The project mobilization schedule was divided into two 20MW phases.    The main reason for this project was the region's dependence on hydro power, and Mwanza's hydro power reservoirs were suffering from low rainf all and the need to have the power plant only quickly was of up most importance.
In December 2005, the state of Colima granted a 20 year BOT contract for a waste water treatment plant to Mexican Tecnologia Intercontinental. The facility was defined to provide wastewater treatment services in the municipalities of Colima and Villa Alvarez. The capacity of the treatment plant was agreed at 800 liter per second or 69 thousand of cubic meter per day. The estimate cost of the plant was US$25 million. The contract was awarded through a competitive tender. Finance was secured and construction began in 2006.
In August 2006, Costa Rica’s Pacific port authority, Instituto Costarricense de Puertos del Pacífico (INCOP), and Sociedad Portuaria Granelera de Caldera S.A. officially entered into a 20-year concession to manage Caldera Port’s multipurpose terminal on the Pacific coast of Costa Rica. The consortium Consorcio Portuario Caldera II was awarded the concession as part of a broad port modernization initiative to reduce costs and increase efficiency in the country’s ports began in 2001. A contract to build, operate and transfer Caldera Port’s new grain terminal was also awarded to Consorcio Portuario Caldera I under the same initiative and project company.  There were two bidders for the project: Consorcio Portuario Caldera II and Codinsa, a Colombian consortium. The bidding began in August 2001 and the contract was officially awarded to Consorcio Portuaria Caldera II in May 2002 with a payment of US $5,081,000. Consorcio Portuaria Caldera II was comprised of two Colombian and two Costa Rican companies respectively: Portuaria Regional de Buenaventura S.A., a subsidiary of Grupo Empresarial del Pacifico S.A. (GEPSA); Estacion de Servicios Brisas del Pacífico S.A.; Comercializadora R y S, S.A. and Logistica de Granos S.A. The ownership was entirely private. The signing of the contract was delayed due to disputes over the Costa Rican government’s authority to concede the ports and the severance package for the port workers employed by INCOP. A settlement was reached for an indemnity of US $19 million.  The contract was officially counter-signed in March 2006 and reached financial closure at that time. A three-month transition period commenced to fulfill the obligations of the contract. Under the terms set in the contract, the concessionaire had to establish a trust with the initial payment of US $5,081,000. In addition to the above fees, the concessionaire was obligated to pay 15% of annual revenues to INCOP. The contract estimated the net present value of the initial payment and revenue from annual cash flows was $10,674,413. To mitigate the risk of the investment, INCOP set up a contractual mechanism to ensure that the project had a minimum internal rate of return of 14.3%.   On October 2016, SAAM announced the acquisition of a 51% stake at Sociedad Portuaria Granelera De Caldera S.A. Local firms Saret (21%) and Logística de Granos (19%), as well as Colombian company Grupo Empresarial del Pacífico (9%) kept their stakes in the project.
National Highways Authority of India (NHAI) awarded a 25 year concession to TN (DK) Expressways Limited (TNEL) to upgrade, finance, operate and maintain the 68.125 km section on National Highway Seven (NH-7) between Karur and Dindigul, in the southern state of Tamil Nadu. The project primarily involved four-laning of the existing two lane stretch. The concession term included a construction period of 30 months.   The concession agreement between NHAI and TNEL was signed in January 2006. This road upgrade project was part of NHAI’s National Highway Development Project (NHDP) Phase II (or North South Corridor) connecting Srinagar (Kashmir State) with Kanyakumari in Tamil Nadu State.  TNEL, a wholly owned subsidiary of Madhucon Projects Limited (MPL), was established exclusively to implement this project.  MPL won the project in an international competitive tender, conducted by NHAI, by bidding for the lowest grant of US$ 19 million. India’s highway development policy allowed ‘viability funding’ by NHAI to the tune of 40 percent of the capital costs as grant to the concessionaire, subject to competitive bidding.   The total capital cost of the project was estimated at US$ 79.5 million. The project reached financial closure in October 2006. The debt for the project was arranged by SBI. TNEL was to be compensated for the capital and operating costs from the tolls collected during the concession term.  Construction work on the project began in October 2006 and was expected to be completed by April 2009.
In September 2006, Government of Philippine's Power Sector Assets and Liabilities Management Corporation (PSALM) declared First Generation Hydropower Corporation (FGHPC) as the winning bidder for the 112-megawatt (MW) Pantabangan-Masiway Hydroelectric Power Plant Complex. The two plants are located in Nueva Ecija, and were previously owned by National Power Corp. (Napocor). FGHPC, as the new owner, was to sell the electricity produced at the complex into the wholesale electricity spot market (WESM).   FGHCPC won the project through a competitive tender by bidding US$129 million which topped SN Aboitiz Power Inc.’s offer of US$ 112 million. As of Dec. 31, 2008, FGHCPC was owned by First Gen Corporation (40%) and Energy Development Corporation (EDC) (60%). Given that First Gen was 55% owned by First Philippine Holdings Corporation, while EDC was 40% owned by First Gen through First Gen's wholly owned subsidiary, Red Vuclan Holdings, First Philippine Holdings Corporation was the largest single shareholder in FGHCPC, with a 35% economic interest.   The financial closure date was on November 16, 2006 when PSALM submitted the closing documents for the privatization of the abovementioned plant to FGHPC. At the same time, in compliance to Asset Purchase Agreement (APA), FGHPC delivered its Certificate of Closing and documentary deliverables, and posted a performance bond of US$2.58 million, which is equivalent to 2% of the purchase price to complete the transaction. The operational turnover of the plant was held on Friday, 17 November 2006.
Bulgarian company Energy Invest, part of Advance Equity Holding, put into operation four wind turbines of its 2.4 MW wind park near Kavarna, Bulgaria, on the country's northern Black Sea coast on December 21, 2006.   Energy Invest invested US$1.5 million (2.3 million Bulgarian levs) in the wind farm with US$$1.2 million (1.8 mln levs) of the funding coming under a European Bank for Reconstruction and Development (EBRD) energy efficiency credit line in support of renewable energy sources.    Each of the four turbines had a capacity of 600 kW. Energy Invest signed a contract with the Varna power distributor for plugging the wind turbines to the power grid. Under the acting energy legislation, power distributors were obliged to buy out the output of wind farms.
In May 2006, Darco Water signed a 25-year build, operate, transfer (BOT) contract with the Deqing County Government in China, to build a potable water supply plant for Deqing County, Zhejiang Province, China. The plant is expected to supply 100,000 cubic meters of water daily to Deqing County's 16 townships and 450,000 residents.   Darco Water was a Singapore-registerd and -listed company that operates in China through its wholly-owned subsidiary Shanghai Darco Envirotech Company, Ltd. The company was the sole owner and operator of the plant. The current project was estimated to cost US$ 20million. The project achieved financial closure when Darco issued syndicated loans to cover the project in November 2006.  Darco previously constructed a 60,000 BOT cubic meter daily water supply plant in Deqing County, which it was awarded in 2002. Construction was put on a fast-track basis in November 2006, and was expected to conclude in 2008. As of February 2007, the project was under construction.
In July 2006, National Highways Authority of India (NHAI) signed a 20 year concession agreement with Trichy Tollway Private Limited (TTPL) for the upgrade, operation and maintenance of the 92.75 km stretch on National Highway 45 (NH-45), between Ulundurpet and Padalur, in the southern state of Tamil Nadu. Under the agreement, TTPL was required to design, finance and widen the existing two-lane stretch to a four lane highway with paved shoulders in return for the right to collect tolls for 20 years. The concession term included the construction period of 30 months. This road expansion project was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  TTPL was a joint venture with equal ownership between Mumbai based Shroopji Pallonji Group and Malyasian IJM Berhad.  The IJM consortium won the concession in an international competitive tender, conducted by NHAI, by bidding for the lowest grant of US$ 8.83 million. India’s highway development policy allowed ‘viability funding’ by NHAI to the tune of 40 percent of the capital costs as grant to the concessionaire, subject to competitive bidding.   The total capital cost of the project was estimated at US$ 125 million. The project reached financial closure in November 2006. The debt was arranged by a consortium led by SBI Group.   Construction work on the project began in November 2006 and was expected to be completed by April 2009.
The government of Indonesia awarded PT Cahaya Fajar Kaltim (CFK) to build, operate, and owned a 50MW (2x25 MW) coal-fired power plant in Embalut, East Kalimantan. On June 2006, a power purchase agreement (PPA) was signed by CFK and PT Perusahaan Listrik Negara (PLN) for the plant to supply electricity to two of the largest cities in Kalimantan - Samarinda and Balikpapan - through PT Perusahaan Listrik Negara (PLN), a state-owned electricity company at the price of US$0.04 per kwh. The project was scheduled to finish in 2008. The cost to build the plant was estimated to be around IDR450 billion - IDR500 billion or US$49 million to US$54.6 million.   The financial closure happened on December 2006 after a syndication of three local banks (PT Bank Mega Tbk, Bank Bukopin Tbk, and PT Bank Panin Tbk) disbursed IDR310 billion or US$33.8 million loan to CFK.  The tenor of the loan was eight year with a rate above the commercial rate. CFK was a consortium of PT Kaltim Elektrik Power (a subsidiary company of Jawa Pos Group) and Perusahaan Daerah Kelistrikan Kaltim (a power company belongs to the Provincial Government of East Kalimantan).
In May 2006, Nam Ngum 2 Power Company Limited (NN2) began the development of the Nam Ngum 2 Hydro Power Plant project, a 615 MW hydro dam on the Nam Ngum River.  The project consisted of three 205MW hydroelectric turbines and generators (total capacity 615MW). The dam was to be constructed under a 25-year build, own, operate and transfer contract.  Up to 95% of the power from the project was to be exported to Thailand, under a 25-year year power purchase agreement between NN2 and the Electricity Generating Authority of Thailand Plc (EGAT).  The remaining 5% was to be used for domestic consumption.  NN2 was subsidiary company of SouthEast Asia Energy Limited (SEAE) and was setup to assume the rights and privilages under the Concession Agreement and the Power Purchase Agreement. SEAE was a joint venture between Slapak Group (USA, 4 %), Electricite de Laos (EdL, 25%), C.Kanchang (Thailand, 28.5%), PT Construction & Irrigation Co. (Lao, 4%), Ratchaburry (Thailand, 25%), Bangkok Expressway PCL (Thailand, 12.5%), and TEAM Consulting Engineering and Management Co., Ltd. (Thailand, 1%). In March 2012, Thailand's Thai Tap Water Supply Company (TTW) aquired 30% stake in CK Power Ltd., which held 28.5% equity in SEAE, the controlling share. TTW payed Baht 2.73 billion (US$89.3 million) for the equity. Thai construction company Ch. Karnchang owns equity in both TTW and CK Power (38%).  In July 2006 a revised PPA was signed with EGAT. The EPC contract was awarded in September 2006, to Mitsui and Co and Toshiba Corporation, valued Yen 11 billion (US$533 million). The PPA was 30 years. The plant was commissioned in December 2009. Maintenance was done by Ratch-Lao Services under a 27 year operations and maintenance agreement, signed in June 2009. The power is evacuated with a 500kV line connecting to EGAT at Udon Thani. The PPA had a tariff of Baht 1.99/kWh (US$49.99/MWh), signed in May 200.   Financial closure was reached in May 2006 when C.Kanchang entered into an Equity Contribution Agreement with SEAE and NN2, other shareholders and lenders of SEAE. The projected cost for the project was US$760 million in 2006, but increased to $900 billion in 2009. Banks invovled were Krung Thaibank, TMB Bank, Siam City Bank. The financing comprised of a Bt15,003 million tranche, a $180 million tranche, and a 25 year guarantee facility with an initial amount of $25 million.
In April 2006, the National Highways Authority of India (NHAI) awarded a 17.5 year concession contract to India’s Larsen & Toubro Limited (L&T) to upgrade, operate and maintain the 76 km stretch on NH-14 (National Highway number fourteen) between Palanpur (Gujarat State) and Swaroopgunj (Rajasthan State). The concession involved four laning of the exiting two lane stretch; and construction of six major bridges, 20 minor bridges, two rail overbridges, one flyover, and 14 underpasses, along with other wayside amenities. The concession term included a construction period of 30 months.  The Palanpur-Swaroopganj road formed an important link on the East-West corridor and was the main route for commercial traffic heading towards the east from the Kandla and the Mundra ports. The road expansion was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   L&T established L&T Inter-State Road Corridor Limited (L&T-IRCL), a fully owned subsidiary, exclusively to implement this project. L&T won the project through an international competitive tender conducted by NHAI. Under the contract, L&T was compensated for the capital and operating costs including returns by way of a fixed semi-annual payment (annuity) from the NHAI during the operation period of 15 years. Under the annuity scheme, the private operator cannot collect tolls from the users of the facility. Note that there was no public information on the actual annuity payments from NHAI to L&T-IRCL.  The total cost of the project was estimated at US$ 121 million. The project reached financial closure in September 2006, with a debt equity ratio of 10:1. The US$ 110 million loan was arranged by a consortium led by Citigroup and included India Infrastructure Finance Company, Bank of Baroda and Abu Dhabi Commercial Bank. The loan had a tenure of 16.5 years and was a mix of domestic FCNR (Foreign Currency Non-Resident) and External Commercial Borrowings.  Construction began in September 2006 and was expected to be completed by March 2009.
In 2005, Haryana State Industrial & Infrastructure Development Corporation (HSIIDC) awarded the development of a 135 km access controlled Kundli Manesar Palwal Expressway Project to KMP Expressways Limited (KMPEL) on a build-own-transfer (BOT) basis. The project involved construction of a new four to six lane high speed link/road that connected four of most industrial centers of Haryana State and intersected four of India’s busiest national highways (NH) – NH 1 near Kundli (Sonipat), NH-10 at Bahadurgarh, NH-8 at Manesar (Gurgaon) and NH-2 near Palwal (Faridabad). The project also included five flyovers, four railway overbridges, 16 overpasses and underpasses, 62 pedestrian crossing passages, 31 cattle crossing, 18 major and minor bridges, ten toll plazas, two truck parking bays and four bus bays. KMPEL was expected to own and operate the expressway for 23 years and nine months, including the construction period of 3 years.  The BOT agreement between HSIIDC and KMPEL was signed in Jan 2006. This project illustrates Haryana government’s continued commitment to encourage private investments for establishing world class infrastructure. The new expressway was expected to not only improve Haryana’s connectivity with the National Capital Region, but also facilitate the development of a new economic corridor for India. It was expected to provide high-speed connectivity to Northern Haryana with its Southern Districts such as Sonepat, Jhajjar, Gurgaon and Faridabad. Additionally, this expressway was expected to facilitate the flow of traffic from West and South India towards Haryana, Punjab and Uttar Pradesh.  KMPEL, a special purpose vehicle established to implement this project, was a joint venture between India’s DS Constructions Limited (67%) and UK based Apollo Enterprises Limited (33%). The DS- Apollo consortium won the project in an international competitive tender, conducted by HSIIDC, based on the technical and financial soundness of the bid. Four other firms participated in the tender namely - Larsen & Toubro Ltd, IL&FS, Gammon India, and the Malaysia-based IJM Corporation. There was no positive or negative grant in the project - neither the Haryana Government gave any money to KMPEL for constructing the road, nor did it receive any money from KMPEL for letting it collect the tolls. HSIIDC acquired more than 3,000 acres of land for the project and transferred it to KMPEL.  The total capital cost of the project was estimated at US$ 422.6 milion. The project reached financial closure in December 2006. KMPEL raised a debt of US$ 254 million from a consortium of 12 banks and financial institutions led by IDBI.   KMPEL was to be compensated for the capital and operating costs from the tolls collected during the commercial operation period of about 20 years.  Construction works on the project began in July 2006, with commercial operations scheduled for June 2009. The project was terminated by the government in March 2015 and revived the same year later by launching another tender.
In September 2006, SKVE Holdings Sdn Bhd won a 43-year build-operate-transfer contract for an expressway in the southern portion of Klang Valley, Malaysia. The cost was estimated at RM1.9 billion (US$518 million).   SKVE Holdings, previously known as the Gadek-Perspec Consortium, was 60-percent owned by Malaysian Hunterton Sdn Bhd., and 40-percent owned by Virtual Peaks Resources Sdn Bhd. This project was part of an expressway with a total length of 52.6km. 9.2km were completed in 2000; this project was for the construction of the remaining 43.4km. SKVE Holdings expected to be done with the construction of the remainder of the expressway within four years.   SKVE Holdings did not disclose their funding source for the project.  As of June 2007, the project was under construction.
In April 2006, the Public Works Department (PWD) of Government of Orissa signed a 10 year concession contract (including 15 month of construction period) to India’s Keonjhar Infrastructure Development Company Limited (KIDCO)to strengthen the 28 km section between Palaspanga and Bamebari in the state of Orissa.  Under the contract, KIDCO was responsible for the rehabilitation, finance, operation and maintenance of the existing two-lane highway. The project was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   The Government of Orissa awarded the contract on Negotiated (MOU) basis to KIDCO. While the details of MOU were not known at the time of collection of information, it is known that the SPV was to recover the capital costs and operating costs including returns through tolls during the concession period (excluding construction period).  The concession agreement for the project was signed in April 2006. The total capital cost of the project was estimated at US$ 9 million.   Construction on the project began in April 2006 and was expected to be completed by July 2008.
Wuhan Aoshen Technological Development Co. Ltd. formed a project company Hunan Changzhu Expressway Development Co., Ltd. to build and operate the Changsha to Zhuzhou Expressway in Hunan Province. Wuhan Aoshen invested RMB 1.65 billion (US$ 207.03 million) in the project and owned a 100% stake. The road was 41 km long. The project company would operate the project for 30 years. The construction of the project commenced in October 2006 and would come into operation at the end of 2008.
On September 29th, 2006, the government of Gambia awarded a five year management contract for the state utility National Water and Electricity Company (NAWEC) to private company Global Management System. The utility had a 40 megawatts capacity in 2006.  Global Management System was a previously unknown local company. There was no bidding process for the management contract.   As of May 2012, NAWEC appeared to be in public hands again, but there was no information publicly available as to whether the contract with Global Management System had ended.
On September 28th, 2006, the Gauteng Provincial Government of South Africa and private consortium Bombela signed a 20 year contract for the financing, design, build, operation and maintenance of a light rail system. Construction period was estimated in five years and operational period in 15 years. The project, implemented through a PPP agreement, was planned as a state-of-the-art rapid rail link with around 80 km of railway lines, of which 14 km would be underground, over 200 bridges/viaducts, and 10 stations. The system could be extended in the future. General commuter services were expected to be operated on both the Johannesburg-Tshwane spine and on the link between Sandton and Rhodesfield in Kempton Park. A separate dedicated, purpose-designed train service suited for the specific needs of domestic and international air passengers would be operated between Sandton and Johannesburg International Airport (JIA). About 96 train coaches would be provided to transport the expected more than 130,000 passengers per day that would use the system at opening. The trains was expected to travel at speeds of more than 160 km/h, to meet a required travel time between Johannesburg and Tshwane of about 40 minutes, and 12 minutes between Sandton and JIA. Trains would operate more than 15 hours a day, with reliability, punctuality and predictability being key features of the service. Passenger safety and security were expected to be one of the key features of the system.   Bombela consortium was selected as declared preferred bidder in July 2005 after winning a competitive tender. The only other bidder was the Gauliwe consortium. The Bombela consortium was made up of Canadian firm Bombardier Transportation (25%), French company Bouygues Travaux Public (25%), South African consortium Murray & Roberts (25%) and the Strategic Partners Group Concession (25%). The latter was a South African special purpose company for black empowerment, and its inclusion was one of the requirements to qualify for the project tender (a minimum of 15.3% stake in the project company).  The total project cost was estimated at R22,293 million (US$3.483 billion). The project was financed through a combination of financing facilities provided by the private sector and contributions from the public sector. Under the PPP agreement, the public sector (national and provincial) committed provide a capital grant of R19,199 million (US$3 billion) over the five year development period in 2005 terms while the private sector committed to provide R3,094 million (US$483 million) in capital funding of which 85% was to be debt raised from the local banking sector. Financing for the project was provided as follows: •	$1.5 billion from the South African federal government. •	$1.5 billion from the Gauteng Provincial Government. •	$410 million in debt financing taken by the Bombela consortium. •	$73 million equity.  The public sector was also responsible for the land acquisition and the costs of managing and monitoring the agreement by the newly established Gautrain Management Agency.  The project reached financial closure n January 25th 2007 when the Investment Development Corporation (IDC) posted a bond covering the Strategic Partners Group Concession's equity participation in the project. Previously, in 2006 the project secured private debt financing for the $410 million from Rand Merchant Bank and Standard Bank.    The project was to be built in two stages: phase one linked Sandton, Marlboro, Midrand, Rhodesfield, and Johannesburg International Airport (JIA), and was to be completed in 45 months; phase two included routes to the Park Station, Rosebank, Centurion, Tshwane (Pretoria) and Hatfield stations and was scheduled for completion in 54 months, nine months after the first phase. The Gautrain light rail system was one of the largest private-public greenfield railway projects in the world, with total projected construction costs of almost $3.5 billion.  The project was designed a
In September 2005, TAV Urban Georgia consortium was awarded an 11.5 year BOT concession by the Tbilisi International Airport Joint Stock Company to design, finance, construct, and operate the Tbilisi International Airport. TAV took over the operations of the Tbilisi International Airport in November 2005.The contract included constructing a new international terminal; renovating the taxiway and runway; and acquiring the ground handling equipment at the Tbilisi International Airport. The Tbilisi International Airport was the main airport in Georgia. In 2005, it handled around 535,000 passengers. The airport had a 2.8 m passenger/year capacity  The project company, TAV Urban Georgia, was a joint venture formed by four companies: Tepe (30 %), Akfen (30 %), Flughafen Wien AG (VIE) (10%) and Urban (30%). TAV had an option to increase the initial duration of the concession from 11.5 years to 15 years by designing, financing and constructing but not operating the Batumi International Airport for $15 million.  Initially, in May 2005, the contract for the Tbilisi airport was granted through a competitive tender to a consortium formed by Turkish Celebi Holding, the Belgian-Luxembourg company GTS (Gestion en Technique Speciale) and the US company A&J. However, the contract was canceled in early September 2005 because the Celebi Holding failed to raise the necessary financing for the Tbilisi airport after GTS and A&J withdrew from the consortium. The other companies which took part in the tender were the architecture Giorgi Tukhareli, the Georgian company “Palad Palace” and the sister company of German Takomi “Gluer Aid Pivden”.   In 2006, European Bank for Reconstruction and Development (EBRD) provided a senior loan of USD 27 million to the project while the International Finance Corporation (IFC) committed to co-finance it with a senior loan of USD 27 million. The total project cost was estimated to be $76.5: $51.5 million for constructing a new international terminal and car park, renovating the taxiways and runway and upgrading the emergency services at the Tbilisi airport; $15 million for the construction and modernization works at the Batumi International airport.   The construction of the new terminal at the Tbilisi Airport started in January 2006. On February 7, 2007, the new terminal was launched.
In May 2006, Changtu Liaoneng Xiexin Wind Power Company, a joint venture by China Windpower was established to build and then operate the Changtu Liaoneng Xiexin Wind Farm in Changtu County, Liaoning Province under a 20 year agreement. China Windpower owned 25% of the project. The total investment was 430 million Yuan (US$ 53.95 million). The capacity of the wind farm was 49.5 MW.
In January 2006, Asia Power took over 24.9% stake of the state owned enterprise Tianquan River (Shiyang Section) Hydroelectric Power Development Company Limited which operated a hydro power plant located in Tianquan County, Sichuan Province under a 50 year concession agreement. The total investment was US$ 87.83 million. The installed capacity of the power plant was unknown.
On June 23, 2006, ABG Kandla Container Terminal Limited (ABGKCTL) entered into a 30 year concession agreement with Kandla Port Trust (KPT) for the development of existing berth numbers 11 and 12 at Kandla port as container terminal. The concession agreement required ABGKCTL to invest and commission container handling facilities in the two berths as well as operate and manage the new container terminal. ABGKCTL was projected to have a throughput of 450,000 TEUs in the fifth year of operation.  This concession was the result of Government of India’s (GOI) commitment to encourage private investments to augment and upgrade the country’s port capacity. To this effect, GOI took several policy initiatives. Of these, the guidelines issued in October 1996 was the most comprehensive, facilitating private sector participation in the construction and operation of additional assets such as container terminals and cargo berths.   ABGKCTL was a subsidiary of India’s ABG Group. ABG Group won the international competitive tender conducted by KPT by bidding the highest (48.997%) revenue share from operations. ABG seemed to have partnered with Voltri Terminals, which runs a box facility at Genoa at Italy, to meet the minimum experience criteria for participating in the international tender. However, there was no information available on Voltri’s stake in ABGKCTL. Afcons and Gammon India were the other two bidders for the project. The Afcons-Hamburg Port Authority combine had quoted 33.399 per cent while Gammon India-Mercy Docks and Harbour had offered to part with 16.974 per cent of their annual revenues.   The total cost of the project was estimated to be US$ 45.5 million. There was no information available on the financial closure of this project.  Kandla port was designated as a major port in India. All major ports in India are administered by the central government while the minor ports are administered by the respective state maritime boards under the Indian Ports Act 1908. In terms of tariff setting, the major ports came under the Tariff Authority for Major Ports while the minor ports had the freedom to fix their own tariff.  ABGKCTL took over the operation of berth number 11 and 12 at Kandla port in early 2007.
In April 2006, Delhi International Airport (P) Ltd (DIAL) signed a 30 year concession contract with the Ministry of Civil Aviation, Government of India (GOI), to operate, upgrade and modernize the Indira Gandhi International Airport (IGIA) in New Delhi, the capital of India. The concession mandated DIAL to finance, design, operate, manage as well as expand the airport for a period of 30 years with an option to extend it by another 30 years. IGIA was being designed to have an ultimate capacity of 100 million passengers per annum (mppa).  The concession was aimed to overcome the enormous capacity constraints faced by the capital’s airport and to upgrade the outdated facilities to enhance passenger comfort, and ensure more efficient airport operations. The concession also reflects GOI’s commitment to encourage private sector participation to expand India’s airport infrastructure.   DIAL was a public private joint venture company comprising of India’s GMR Group (50.1%), Germany’s Fraport AG (10%), Malaysia Airports Holdings Berhad (10%), a private equity fund called India Development Fund (3.9%), and Government of India’s Airports Authority of India (26%). The GMR-Fraport consortium won the IGIA concession by offering to share 45.99% of the revenue with the government in an international competitive bidding (ICB) process conducted by the GOI. The other consortiums that participated in the ICB were: Reliance-ASA Mexico, DS Constructions- Munich Airport and Sterlite-Macquire-Airport de Paris.  DIAL developed a master plan to expand IGIA’s passenger capacity from 16.5 mppa (2006) to 37 million by 2010 and eventually to 100 mppa. The salient features of the master plan were – •Integrated terminal for both domestic and international traffic by 2010 •Third runway that is 4,480 m long and capable of handling A380 sized aircraft by 2008. •High speed metro connectivity with city centre and a six -lane access road to airport from NH8.  In addition to the master plan, DIAL took steps to improve existing airport infrastructure by adding new taxiways and improving passenger facilities (such as number of baggage X ray machines).   The total investment for implementing the master plan was estimated at US$ 1.88 billion. DIAL tied up funds in the amount of US$ 0.88 billion from ICICI bank and Punjab National Bank. GMR Group raised additional funds for the project through an initial public offering held in July 2006.   DIAL took over the operations and management of IGIA in May 2006. DIAL awarded the design and construction of the terminal, runway and associated works to India’s Larsen and Toubro in December 2006 for US$ 1.19 billion.   January 2007: The project received clearance from Ministry of Environment and Forest (MoEF).  February 2007: On 17 February 2007, foundation stone was laid for creating world-class infrastructure facility.   March 2007: Delhi International Airport was in the process of preparing two new taxiways U and V which would facilitate faster runway clearance from runway 10 side towards the international terminal.  May 2007: On 22 May 2007, Delhi International Airport Ltd., a subsidiary of GMR Infrastructure incorporated a company named as 'Delhi Aerotropolis Pvt. Ltd., as its 100 per cent subsidiary for commercial property development.  June 2007: Delhi International Airport Ltd (DIAL), a subsidiary of GMR Infrastructure & a consortium mandated to modernise, manage and develop Indira Gandhi International Airport seeking expression of interest from potential Indian and international real estate investors to develop hospitality project at airport site.   July 2007: Companies like DLF, Unitech, Emaar MGF, Starwood and Accord are in the race for commercial developmental rights of GMR Infrastructure's 250 acres of land in Delhi International Airport (DIAL).   October 2007: Delhi International Airport (DIAL) shortlisted nine applicants of which four was considered to participate in a competitive bidding process to select a final list of developers, to develop 45 acres of commercial land near the international terminal.  November 2007: Pratibha Industries in joint venture with Pratibha Pipes & Structurals bagged an order worth Rs.41.35 crore for construction/expansion of domestic arrival terminal of Indira Gandhi International Airport. The order was scheduled for completion within five months.  30 November 2007: Financial closure was likely to achieve by end-December 2007.  December 2007: Delhi International Airport (DIAL) achieved financial closure for the modernisation and expansion of the project and signed the financing documents with its project lenders More than 69 per cent of the work on the runway and the associated taxiways was completed.  February 2008: GMR decided to put on hold the controversial real estate project from the development of the project.
In August 2006, the Hong Kong based China Water Affairs Group Ltd was awarded a 25 year concession agreement to operate the Jinzhou City Hongguang Wastewater Treatment Plant in Jinzhou City, Hubei Province on a competitive basis. China Water Affairs Group Ltd invested 130 million Yuan (US$ 16.3 million) in the plant and owned 100% of the project. The total capacity of the plant was 100,000 cubic meters per day.
In May 2006, the ministry of mines and energy sold Electrificadora del Tolima (Enertolima) in a public auction to the consortium Empresa de Energia del Combeima, for US $106.6 million (251.6bn Colombian pesos). This was US $19.8 million (46bn pesos) more than the asking minimum price of US $86.6 million (205bn pesos). The six original bidders were: Codensa SA, Consorcio Distolima, Consorcio Interaseo SA, Empresa de Energía del Combeima, Consorcio Energía para el Tolima and Consorcio Eléctrico del Centro.   Enertolima was an electricity generation and distribution company serving over 320,000 clients in the the department of Tolima. Its sale was part of a program of privatization pursued by President Alvaro Uribe in 2006 and 2007 in agreement with the International Monetary Fund. Funds from the sale of Enertolima were earmarked to pay off the creditors of Electrolima, its predecessor, which had credit obligations of some 100bn pesos or US $42.4 million.  The consortium Empresa de Energia del Combeima was comprised of: Aseo Capital SA ESP, Energia y Alumbrado de Pereira SA ESP, Servicios Integrales de Valle and Enelar Pereira.
In November 2006 the Nigerian Communications Commission (NCC), the government’s telecom sector regulator, awarded a 10 year “unified access service license” to private operator Gicell Wireless Limited (Gicell). The license allowed Gicell to offer Digital Mobile Services, Fixed Telephony Services, Full International Gateway Services and National Long Distance Services.   GiCell Wireless committed to build a 60,000 subscriber network for telecom services along the routes leading from Yola to Biu, Calabar to Obubra and Ilorin to Yashikera. This project was to create the backbone voice and data services for 405 communities located in the Adamawa, Borno, Cross Rivers, Kwara and Oyo states. These regions were some of the poorest in Nigeria.   The NCC website did not publish the total fees paid by PresTel, but indicated they were paid in full by the end of 2006. Press articles placed the licensing fees at N260 million ($2 million).  The International Development Associations (IDA) supported the project with a one time subsidy of US$5.05 million.
In October 2005, the Kenyan and Ugandan governments awarded a 25-year concession to Rift Valley Railways Consortium (RVRC) to operate and manage the national railways systems of both Kenya and Uganda. This project covered a network of 2210 km link Mombasa and Kampala, and spur lines to Portbell, Tororo, Jinja and Lugazi Covering a total of 290km.    The Rift Valley Railways Consortium won the contract through a competitive tender. There was only one other final bid for the concession, made by Rites Limited of India. According to the privatization unit, the winning proposal was selected ‘on the strength of their financial and technical proposals’. No details on the bidding criteria were known.  At the end of 2006 the main shareholder was South African Sheltam Rail Company Pty, with 60%. The other shareholders were Trans-Century ltd. (20%), ICDCI (10%) and Babcock & Brown (10%).  Under the concession contract, Rift Valley Railways Consortium was required to pay an initial fee of $3 million for Kenya and $1 million for Uganda to operate the railway. Additionally, Rift Valley was to pay an annual concession fee of 11.1 % of gross revenues in each country and an additional $1 million per year for the passenger services concession in Kenya, for a total of about $9.5 million per year (some $140 million in present value for the project’s 25 years).   Rift Valley Consortium's winning bid included a commitment to turn around and develop the two railway systems. The program was expected to lead to a 75% increase in freight volumes by year five of the contract and a minimum 60% of GDP growth thereafter. The Rift valley Consortium was expected to invest some $400 million over the lifetime of the contract, of which $111 million in the first five years.   The project reached financial closure in December 2006. Funding for the first five years’ investments was provided as follows: $47 million by the sponsors in the form of direct equity and internal cash generations; an A loan of $32 million from the International Finance Corporation; a $32 million loan from Germany’s development agency Kreditanstalt fur Wiederaubau (KfW). In addition, IDA Partial Risk Guarantees were provided by the World Bank for amounts of up to US$45 million to RVRC's Kenyan subsidiary and US$15 million for RVRC's Ugandan subsidiary.  The Rift Valley consortium took over operations of the railway in November 2006, one month before the project reached financial closure.  In August 2010, Citadel Captial aquired 51% of Rift Valley consortium. The new ownership structure was as follows: Citadel: 51%, Trans Century Ltd: 34%, Bomi Holdings Ltd: 15%.  In August 2011, Citadel raised new debt for the project. Six different lenders contributed to the loan package, including International Finance Corporation with US$ 22 million, the African Development Bank with US$ 40 million, the German Development Bank with US$ 32 million, the Dutch Development Bank with US$ 20 million, the ICF Debt Pool with US$ 20 million, the Belgian Development Company for Developing Countries with US$ 10 million and the Kenyan Equity Bank with US$ 20 million. Shareholders Citadel, TransCentury (34%) and Bomi Holdings, will match the debt (total loan package $164 million) with a US$ 82 million equity investement. This brought the total investment to $287 over five years.  In November 2011, the Kenyan and Ugandan governments told Rift Valley Railways (RVR) shareholders that they were to transfer their interests to a new entity, the Kenya-Uganda Railway Holdings (KURH), following the failure of the South  African firm to get new capital to fulfil its mandated role. IFC and KfW have withheld over $60 million due a shareholding anomaly that insists on a 35% minimum for the lead investor. RVR was unperforming.   The Kenyan parliament considered canceling the concession agreement in June 2013, citing non-performance. It had already moved to a yearly renewal, rather than in longer periods.
In november 2004, Consórcio Sudeste de Minas (a partnership of CEMIG, 24,5%; Alusa, 41%; Furnas, 24,5%;  and Orteng, 10%)  was awarded in a competitive bidding process organized by the regulatory agency ANEEL the 30-year contract to build and operate a 140-km transmission line located in the states of Minas Gerais (Itutinga-Juiz de Fora). Besides Consórcio Sudeste de Minas, only Elecnor took part in the contest.    The bidding criteria set by ANEEL was the lowest required annual revenue Consórcio Sudeste de Minas presented the lowest offer, a total value of US$ 3.99 million (BRL 11.7 million), 23.04% below the ceiling set by the regulatory agency. The contract was signed in March 2005, and the sponsors created the company Companhia Transudeste de Transmissão to lead the project during the contract period.    The sponsor committed US$ 35.73 million (BRL 77.9 million) in the transmission line. The construction works commenced in 2005, but financial closure was only achieved in September 2006, when the sponsor was granted a US $ 22.2 million (BRL 48.4 million) loan from BNDES. The remaining cost was set to be financed with the sponsors’ internal resources.  Operations commenced in 2007.
National Highways Authority of India (NHAI) awarded a 20 year concession to Western UP Tollway Limited (WUTL) to upgrade, finance, operate and maintain the 78.31 km section on National Highway 58 (NH-58) between Meerut and Muzaffarnagar, in Uttar Pradesh State. The project included four-laning of the existing two lane stretch; construction of three railway overbridges, one flyover, two major bridges, seven underpasses, service roads, four truck laybys and one rest area on Khatauli bypass. The concession term included the construction period of 36 months.   The concession agreement between NHAI and WUTL was signed in September 2005. This concession was part of NHAI’s National Highway Development Project (NHDP) Phase III A. The objective of NHDP Phase IIIA was to widen (four lane) sections of national highways carrying high volume of traffic, connecting state capitals with the NHDP Phases I and II network and providing connectivity to places of economic, commercial and tourist importance.   WUTL, a special purpose company established to implement this project, was jointly owned by three Indian firms namely - Nagarjuna Construction Company Limited (30%),  Maytas Infra Private Limited (30%) and Gayatri Projects Limited (40%). WUTL won the project in an international competitive tender, conducted by NHAI, by bidding for the lowest grant in the amount of US$ 28.2 million. India’s highway development policy allowed ‘viability funding’ by NHAI to the tune of 40 percent of the capital costs as grant to the concessionaire, subject to competitive bidding.   The total capital cost of the project was estimated at US$ 79.5 million. The project reached financial closure in May 2006. The debt was raised by a consortium of banks that included Bank of Baroda, Canara Bank, Syndicate Bank, and Corporation Bank.   WUTL was to be compensated for the capital and operating costs from the tolls collected during the concession term.  Construction work on the project began in March 2006 and was expected to be completed by March 2009.
In May 2006, Hyflux signed a 30-year build, operate, transfer contract with the Liaoyang City government to build a plant capable of providing recycled water for industrial use. The new plant was designed to accept 30,000 cubic meters daily of wastewater and provide 25,000 cubic meters daily of recycled water for industrial users in Liaoyang City.  Hyflux Utility was a wholly owned subsidiary of SinoSpring Utility, Ltd., which in turn was 50% owned by Singapore-based and -registered Hyflux, and RB (Labuan), an arm of Malaysian textile manafacturer, Ramatex Group. Hyflux operates the plant, which has a projected cost of RMB 77.30million (US$ 9.7 million).   Construction began in 2006 and was expected to finish in the first half of 2008. As of February 2007, the project was under construction.
In February 2006, a Singaporean company Sinomem Technology Ltd. signed a 25 year agreement to build and operate a sewerage treatment plant in Ji'an City, Jiangxi Province. The plant capacity was 80,000 cubic meters per day. The company got the project through a open bidding process.   Sinomem Technology Ltd. owned 100% of the project but the total investment was unknown.
The Mexican government, under the Federal Electricity Commission (FEC), awarded a greenfield contract to build, own, and operate an electricity generation plant in Mexico’s San Luis Potosi state. The Tamazunchale project was to use natural gas to generate power, and this power was to be supplied to FEC (and on to consumers) through a 25-year contract. The contract was awarded separate from other energy programs; and was the largest contract granted for independent power production (IPP) in Mexico’s history.   The power purchase agreement was awarded by CFE in July 2004. Iberdrola SA won the competitive bid by offering a fixed generation price of US$0.09 per kWH. The contract was awarded to Spanish firm Iberdrola SA who will operate the plant through its Mexican subsidiary.  The total project cost was US$500 million. Iberdrola financed the initial phase of the construction with its own resources and secured project financing in December 2006.  Construction of the 1,135 MW gas-fired combined-cycle plant was expected to commence in early 2005 and became operational in June 2007.
In October 2006, Airport Authority of Hong Kong got an agreement with the State-owned Assets Supervision and Administration Commission of Zhuhai City to jointly operate Zhuhai Airport. The Airport Authority Hong Kong established a joint venture, Zhuhai-Hong Kong Airport Management Company Ltd., to manage and operate the Zhuhai Airport for 20 years.   The joint venture with a registered capital of 360 million yuan (45 million U.S. dollars), would pay a franchise fee for the exclusive right to operate. According to the agreement, AA held the joint venture's 55 percent stake, which it acquired for RMB 198 million (US4 24.75million) through its wholly owned subsidiary HKIA (China) Ltd.  The joint venture's remaining shares were held by the State-owned Assets Supervision and Administration Commission of Zhuhai city government through an injection of RMB 162 million (US4 20.25million) by its wholly owned company Zhuhai Headway Transportation Investment Co. Ltd.
In February 2006 the Privatisation Commission of the government of Malawi completed the sale of an 80% stake in fixed line operator Malawi Telecommunications Ltd (MTL). The stake was sold to private consortium Telecom Holdings Limited (THL) for a reported US$30.5 million. In 2006 fixed line penetration in Malawi was around 1%, and MTL was the only fixed line operator. The government did plan to issue a second fixed line license, but had not done so by the end of 2006.  No details were available on the contract award method. The 80% stake was awarded to THL in early 2005, but the sale was hotly contested by MTL management. The process was stalled on a number of occasions by verdicts passed by local courts. Finally, in February 2006, the Malawi Supreme Court declared the sale can go on. This was a second attempt to divest a controlling stake in MTL, after a failed 2003 offer made by a group led by Econet.   The THL consortium comprised of local media group Press Corporation Limited (65.4%), Old Mutual (25.1%), Nico Holdings Limited (6.25%) and technical partner Detecon (3.257%). The consortium partner’s shareholding in MTL was prorated based on their contribution in THL: PCL 52.32%; OML 20.08%; NICO 5% DETECON 2.6%.  THL committed to increase the number of fixed line connections from some 57,000 to 84,000 in its first year after the takeover, and to 104,000 in the second year. THL was to pay a fine of US$500 for every line it failed to provide in urban areas and US$1,000 for every line it failed to offer in rural areas.   In 2007 MTL acquired a controlling stake in the Telekom Networks Malawi, the country’s largest mobile operator (project 1791).
In September 2006, Aerocivil, the Colombian national airport authority and Operadora Aeroportuaria Internacional OPAIN signed a 20 year concession agreement to expand and operate El Dorado International Airport in Bogota. Aerocivil sought a concessionaire to build: a new international passenger terminal, a runway for smaller aircraft, a new cargo terminal, and access roads connecting the airport to the Transmilenio public transport system. The existing runways were operated by a private concessionaire (project #848), so OPAIN would be limited to operating the El Dorado Terminal until the new terminal and runway were built.   The bidding was carried out by Aerocivil, the Colombian airport authority, and supervised by the consultancy KPMG, to ensure transparency. Five groups posted bids: El Dorado S.A.; Nuevo Milenio S.A.; AER Dorado S.A., formed by the firm Stratis; Operadora Aeroportuaria Internacional OPAIN; and ASA Internacional El Dorado S.A. On July 25, 2006 the first group eliminated was El Dorado S.A., owned by Corporacion America S.A., because the committee deemed its proposal unsound. The groups Nuevo Milenio S.A., and AER Dorado S.A. were allowed to resubmit their proposals after being deemed unacceptable. Operadora Aeroportuaria Internacional OPAIN and ASA Internacional El Dorado S.A. were both approved without reservation.   On August 24, 2006 Aerocivil awarded the contract to Operadora Aeroportuaria Internacional OPAIN in the final round of bidding. The main criteria used for the bid was the percentage of revenue offered to Aerocivil by the new concessionaire. The bidding criteria specified that the government must choose an offer that is in the median plus 11% or 47.75%. The Colombian government’s intention was to ensure that the concessionaire would be able to remain financially solvent throughout the operation. The bids presented were as follows:  Promesa de Sociedad Futura El Dorado Nuevo Milenio		49.5250% Promesa de Sociedad Futura Sociedad Conceionaria- OPAIN	        46.1600%* Promesa de Sociedad Futura ASA Internacional El Dorado S.A.	36.7500% Promesa de Sociedad Futura Aer Dorado S.A.			35.1600% Promesa de Sociedad Futura Concesion El Dorado S.A.		35.1500%  OPAIN offered 46.16% of its revenue plus an additional 5% that was stated in the bidding rules. A grand total of 51.16% of its revenues were to be paid to Aerocivil every six months. OPAIN is comprised of the following companies: Grupo ODINSA S.A., CSS Constructores S.A., and Grupo Condor Inversiones. S.A., Marval S.A., Termotecnica Coindustrial S.A., Arquitectura y Concreto S.A., Consultoria Colombiana S.A., Flughafen Zurich AG, Construcciones El Condor S.A., Luis Hector Solarte Solarte y Carlos Alberto Solarte Solarte.     The contract reached financial closure when the contract was signed in December 2006. OPAIN officially entered operations on January 19, 2007. The contracted obligated OPAIN to invest $650 million to upgrade the status of its airports and to demonstrate financial backing for the upgrades by the end of the second quarter of 2007. The new terminal was expected to become operational by the end of 2010.   In December 2010, the Inter-American Development Bank approved a US $165 million senior loan to help fund the roll out of the new terminal. This was co-financed by a US $50 million loan from CAF.  In November 2016, Odinsa increased its shareholding in OPAIN to 65% in a transaction worth US$ 152 million.
In October 2004, the Agencia Nacional de Energia Electrica (ANEEL –Brazil’s energy regulatory agency) awarded a 30 year contract to build, operate and maintain an 811 km transmission line of 500 kV and two power substations between Cuiaba in Mato Grasso and Intumbiara in Minas Gerais to the Spanish firm Elecnor. Elecnor won the bid in an auction in September 2004 by offering 40% below the maximum annual revenues. It offered to pay US$59.3 million (164.6 million real) to the Brazilian government for the concession.  In December 2006, BNDES, the Brazilian development bank, financed US $224 million for the construction, operation and maintenance of the transmission line. Total investment requirements were estimated at US$361 million (788 million real). Indirect financing was provided by three different groups of private banks (Banco Bradesco SA, Banco Votorantim SA, Banco Santander Brasil SA and Banco BNP Paribas Brasil SA). At this time, BNDES also financed #4352 Vila Do Conde Transmissora de Energia Transmission Line and #4353 Porto Primavera - Dourados – Imbirissu.  MIGA also issued guarantees of $35.4 million to Cobra Instalaciones y Servicios SA. (Cobra) of Spain to cover its $39.2 million equity. The coverage is for fifteen years against the risk of breach of contract, and up to 10 years against the risk of transfer restriction.  In March 2010, the shareholding structure was again modified when a Chinese state – owned company, SGID, acquired Itumbiara Transmissora de Energia and other transmission projects from Plena Transmissora de Energia (Isolux, 33,3%; Elecnor, 33,3%; Cobra Instalaciones y Servicios, 33,3%), which held 100% of the shares of the project company at the time the transaction took place. SGID invested US$ 1.72 billion (BRL 3.1 billion) in the acquisition of Plena Transmissora de Energia.
The project company, Qingdao Taineng Natural Gas Co., Ltd., was established in December 2006. The project is located in Qingdao City, Shandong Province. China Gas Holdings Limited has 51% stake in the project and would operate and manage the joint venture for 30 years. The total investment was RMB 256 million (US$ 32.12 million).
In February 2006, the Gujarat State Road Development Corporation (GSRDC) signed a 13 year concession contract (including construction period) to India’s MS Khurana Engineering to strengthen the 44.6 km section on State Highway 42(SH 42) between Bhuj and Nakhtrana in the state of Gujarat.  Under the contract, MS Khurana was responsible for the rehabilitation, finance, operation and maintenance of the existing two-lane highway with paved side shoulders. The project was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   MS Khurana established a special purpose vehicle, to implement the project. MS Khurana won the tender through competitive bidding, conducted by GSRDC. While the bidding details were not known at the time of collection of information, it is known that the SPV was to recover the capital costs and operating costs including returns through tolls during the concession period (excluding construction period).  The concession agreement for the project was signed in February 2006. The total capital cost of the project was estimated at US$ 9 million.   Construction on the project began in February 2006.
On June 17, 2005 TransCanada Corporation was awarded a 26 year build own operate (boo) contract for a 125km natural gas pipeline in east-central Mexico by Mexico’s Comision Federal de Electricidad (CFE). The pipeline was designed to connect an electricity generation station near Tamazunchale to a Pemex Gas facility near Naranjos, Veracruz. The pipeline was to have an initial capacity of 170 million cubic feet per day (mmcf/d). Plans existed to expand capacity to 430 mmcf/d in 2009 to meet the needs of additional proposed power plants.  Transcanada placed the winning bid for construction at US $181.1 million over a consortium of Petrobras (Brazil) and Technit (Italy-Argentina) for US $208.2 million.    Construction began in 2005, and by the end of the March 2006 (1Q), TransCanda had invested a significant amount of its own resources on the project. The pipeline was commissioned in September 2006 and began commercial operations on December 1, 2006.  The operation of the pipeline was executed by TransCanada’s wholly owned subsidiary Transportadora de Gas Natural de La Huasteca (TGNH).
In December 2006, Beijing Herocan Environmental Engineering Tech Co. Ltd. signed a 25-year build, operate, transfer (BOT) agreement to build a municipal waste water plant in Ning Jin County, Shandong Province, China. The plant was expected to have a daily processing capacity of 30,000 cubic meters of waste water. Herocan's share in this project was 50%.  Beijing Herocan was a 51% subsidiary of Singapore automation company CNA Group. The contract was signed with the Ning Jin County government. The project was expected to cost RMB 33.3million (US$ 4.2million) and was financed partly by CNA Group's finances and partly through government loans.  The project was expected to finish construction in December 2007. As of February 2007, the project was under construction.
In May 2006, Afghanistan Telecommunications Regulatory Authority (ATRA) awarded the first LFSP (Local Fixed Service Provider) license to build, own and operate communications services in northern Afghanistan to UAE based Modern Technology International FZCO (MTI). The license allowed MTI to provide mobile, fixed- line and data services to eight provinces in northern Afghanistan namely – Balkh, Kunduz, Jawzjan, Samangan, Baghlan, Takhar, Badakhsahn and Faryab. The population in the license area was estimated at seven million in 2006. Information on the term of the license was not available.   MTI established a subsidiary, Wasel Telecom, to implement the project. Information on the process used by ATRA to award this project was not available.  MTI planned to invest US$ 25 million (Dh91 million) during the first three years to build the network. There was no information on how much MTI paid ATRA, if any, for the LFSP license.  Wasel Telecom was expected to launch commercial operations before the end of 2006.
In January 2006, National Highways Authority of India (NHAI) signed a 20 year concession contract with Salem Tollways Limited (STL) for the upgrade, operation and maintenance of the 54 km stretch on National Highway 47 (NH-47), between Salem and Kumarapalayam, in the southern state of Tamil Nadu. Under the agreement, STL was required to design, finance and widen the existing two-lane stretch to a four lane highway with paved shoulders in return for the right to collect tolls during the concession term. STL was also responsible for the construction of nearly 33 km of service roads on both sides of the highway, three bypass stretches, 12 minor bridges, two railway overbridges,  three flyovers, six underpasses, 17 bus stops and other wayside amenities. The concession term included the construction period of 30 months. This road upgrade project was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  STL, a wholly owned subsidiary of India’s IVRCL Infrastructures & Projects Ltd. (IVRCL), was established exclusively to implement this project. IVRCL won the concession in an international competitive tender conducted by NHAI by making the lowest subsidy request in the amount of US$ 28.5 million.   The total capital cost of the project was estimated at US$ 110.6 million. The project reached financial closure in September 2006. The project was financed through a combination of equity (US$ 17.7 million), debt (US$ 64.5 million) and a grant from NHAI (US$ 28.5 million). The debt was arranged by Infrastructure Development Finance Company Limited (IDFC).   Construction work on the project began in September 2006 and was expected to be completed by March 2009.
In April 2005, the Brazilian company Dix Empreendimentos Ltda, subsidiary of Agemar group, was awarded in a competitive bidding process the contract to build, rehabilitate and operate the airport located at the city of Bonito (state of Mato Grosso). Three other companies presented offers on the bidding process, but additional information on these companies was not available. In addition, information  on the bidding criteria set by the regulatory agency was also not available.   The 13-year contract was signed with the regulatory agency in October 2006, when the sponsors took over the operations of the facilities. The project company committed to invest US$ 0.8 million (BRL 1.7 million) in the construction of a new passenger terminal with capacity of 240 thousand passengers per year. Construction works were concluded in 2009.
In November 2005, Vamshi Industrial Power Limited (VIPL) signed an implementation agreement with the government of Himachal Pradhesh (GoHP) that allowed VIPL to build, own, operate and maintain Upper Khauli hydroelectric power project on Beas river, in Kangra District of Himachal Pradesh State, for a period of 40 years from the date of commissioning.  The project consisted of 2 generator units, each producing 2.5 MW each, for a total capacity of 5MW. This project was implemented under the Small Hydro Project Self Identified Schemes policy of GoHP.  The power generated from the project was to be supplied to the Himachal Pradesh State Electricity Board (HPSEB) under a 35 year a power purchase agreement.  VIPL, a special purpose company, was a wholly owned subsidiary of India’s Lanco Group.   The total cost of the project was estimated at US$ 6.35 million. The project reached financial closure in March 2006.   Construction work began in 2006 and the project was scheduled for commissioning in April 2008.
In 2006, the Bulgarian government sold 41 MW Ruse-West thermal power plant to Ruse-based Gerrad US$3 million (3.6 million levs) through competitive bidding in which 10 bidders participated.
Villonaco Wind Power was the special purpose company created to build and operate a 15 MW wind farm in the province of Loja in Ecuador. It was the first project of its kind, and was intended to be a catalyst for future wind projects in Ecuador. Feasibility studies for 45 MW additions to the plant were conducted during 2006. Construction on the project started in 2006.  The contract to construct and operate the wind farm was signed in August 2006 between Villonaco Wind Power (VWP) and Conelec, the Ecuadorian electricity regulator. VWP received authorization to sell electricity either on the national grid for US $0.093 per kWh for 12 years of its 25 year concession, or sign private contracts. A small part of the energy from the project was intended to power a water treatment plant serving some 400,000 users.  Villonaco Wind Power was formed by Canadian alternative energy generator Protocol Energy (80%) and Loja province owned generator Enerloja (20%).   Construction works were completed by January 2013.  The project cost was estimated at US$26 million. The project was financed by Protocol Energy. A private placement of 1.6 million shares at US$0.413 ($0.50 Canadian dollars) was 50% completed by 2006.
In January 2006, National Highways Authority of India (NHAI) signed a 20 year concession contract with Kumarapalayam Tollways Limited (KTL) for the upgrade, operation and maintenance of the 48.5 km stretch on National Highway 47 (NH-47), between Kumarapalayam and Chengapalli, in the southern state of Tamil Nadu. Under the agreement, KTL was required to design, finance and widen the existing two-lane stretch to a four lane highway with paved shoulders in return for the right to collect tolls during the concession term. KTL was also responsible for the construction of nearly 39 km of service roads on both sides of the highway, six bypasses, seven bridges, three flyovers, seven underpasses, 19 bus stops and other wayside amenities. The concession term included the construction period of 30 months. This road upgrade project was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  KTL, a wholly owned subsidiary of India’s IVRCL Infrastructures & Projects Ltd. (IVRCL), was established exclusively to implement this project. IVRCL won the concession in an international competitive tender conducted by NHAI by making the lowest subsidy request in the amount of US$ 3.9 million.   The total capital cost of the project was estimated at US$ 93 million. The project reached financial closure in September 2006. The project was financed through a combination of equity (US$ 14.4 million), debt (US$ 74.8 million) and a grant from NHAI (US$ 3.9 million). The debt was arranged by Infrastructure Development Finance Company Limited (IDFC).   Construction work on the project began in September 2006 and was expected to be completed by March 2009.
In January 2006, the Government of Pondicherry signed a contract of 30 years (including 3 years of construction period) to Pondicherry Port limited (PPL) (a joint venture between Subhash Projects & Marketing Ltd. and Om Metals Ltd.), for the development of Pondicherry port in Pondicherry . The project was planned to be executed in four phases. The first phase of the port consisted of constructing two container berths and one general cargo berth (with an expected capacity of 540 thousand throughput). The second phase involved bulk cargo terminal capable of exporting 5.7 million tonnes per annum(mtpa) of iron ore and importing 2.8 mtpa of coal. Whereas the third and the fourth phase consisted of a liquid cargo terminal (with capacity of 1.8 mtpa) and the third container berth respectively. Please note that Pondicherry Port was designated as a minor port.   Under the contract, PPL had the exclusive right to design, finance, build, manage and operate the Puducherry Port. Sheltered between two major ports Chennai and Tuticorin on the eastern coast, Pondicherry Port was designed as a fair weather port.  The consortium won the international competitive tender, conducted by Port Department, Pondicherry, by quoting the highest revenue share from operations to Port Department, Pondicherry. The consortium then established Pondicherry Port Ltd, a special purpose vehicle (SPV), for the execution of the project on a Build, Own, Operate, Share, and Transfer (BOOST) basis.   The total cost of the project in Phase-I was estimated to be US$ 466.75 million. The Phase-I of the project reached financial closure in January 2006.    The construction commenced in January 2006 and the port was expected to be in commercial operation by 2009.
On October 4, 2006 the municipality of the city of Krasnodar and the company Krasnodar Vodokanal, part of the private holding Rosvodokanal (RVK), signed 25 year lease agreement for the assets of municipal water utility. Previously, Krasnodar Vodokanal had a short term operating agreement for the same utility from December 7, 2005. Krasnodar Vodokanal’s “Investment program” for 2007-2011 was approved by the city government. During the 5 years Krasnodar Vodokanal was expected to invest into facilities $127.9 million.   The company Rosvodokanal (RVK) was created in 1949. In 2003, it became a part of Alfa Group Consortium, one of Russia’s largest privately owned financial-industrial conglomerates, with interests in oil and gas, commercial and investment banking, asset management, insurance, retail trade, telecommunications, technology, as well as other industrial-trade and special-situation investments.   Rosvodokanal was undertaking projects in various parts of Russia, namely in Orenburg, Barnaul, Krasnodar, Tyumen, Tver, Kaluga, and Kaluga region. In addition, it was about to underatake projects in large cities in Ukraine.  Krasnodar was a city in Southern Russia on the Kuban River with population of  754,000 people (2007). It was the administrative center of Krasnodar Krai (also known as Kuban).   in 2008, Rosvodokanal obtained a loan from the IFC for RUB624 million or $25 million and another loan from the EBRD for RUB 5.6 billion or $224 million to support its obligations under the six long term lease contracts and investment agreements with the municipalities.  The EBRD/IFC loan provided financing to implement 5-year investment programs in each city in which RVK operated in 2007 and the acquisition of new utilities.
The Brazilian company SANE Ltda. was granted authorization to build a small hydro power plant located in the state of Tocantins (25.6 MW in total capacity). The 30-year contract was signed with the federal regulatory agency ANEEL in February 2004.   In July 2005, the power plant´s ownership control was transferred to Lagoa Energetica S.A., which had as shareholders Nova Vitoria Imobiliaria e Participacoes Ltda. (50%), Energetica Sao Patricio S.A. (25%) and Crema Participacoes e Investimentos (25%). Once more, the shareholders changed in June 2006, and Lagoa Grande Energetica shares were transferred to CR3 Agropecuaria e Participacoes Ltda. (24.03%), Energetica Sao Patricio (55%), Maua Empresa Brasileira de Participacoes Societarias Estruturadas Ltda. (13.75%) and small shareholders (7.22%).   Lagoa Grande Energetica SA committed to invest US$ 45.8 million (BRL 100 million) in the construction of PCH Lagoa Grande. Financial closure was achieved in June 2006, when Lagoa Grande Energetica was granted a loan from the state-owned bank Caixa Economica Federal (amount of the loan was not disclosed). Construction works on this plant started in 2006, and the unit became operational in 2008.   Lagoa Grande Energetica S.A. signed power purchase agreements with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies).
China Gas Holdings Limited formed a project company in Conghua City, Guangdong Province in March 2006. China Gas Holdings Limited has 100% stake in the gas project and would operate and manage the joint venture for 30 years. The total investment was RMB 150 million (US$ 18.82 million).
In August 2006, a Singaporean company Sinomem Technology Ltd. signed a 30 year agreement to build and operate a sewerage treatment plant in Dengzhou City, Henan Province. The plant capacity was 30,000 cubic meters per day.   Sinomem Technology Ltd. invested RMB 32 million (US$ 4.02 million) and owned 100% of the project.
In September 2006, Asia Environment Holdings signed a 25-year contract to maintain and operate a waste water treatment plant in Zhangzhu Town, Jiangsu Province, China. The plant was capable of processing 10,000 cubic meters a day of waste water.   Asia Environment Holdings Limited was a Singapore-listed Chinese firm that operates in China under the Penyao brand. In cooperation with the Zhangzhu Town Government, Asia Environment Holdings established a project company to manage the project. The project achieved financial closure when Asia Environment Holdings paid RMB 16million (US$ 2million) as consideration for the project in three tranches from internal resources and bank borrowings; it expected to earn RMB 114.6million (US$ 14.4million) over the 25-year period of the contract.
On July 15, 2006, an agreement was signed between NWS Holdings Limited and Wenzhou Port Group to form a joint venture, Ningbao Wenzhou Zhuangyuan Ao New World International Terminals Company Limited to build and operate Phase One of Wenzhou Zhuangyuan Ao Terminals program. The project was located in Wenzhou City, Zhejiang Province. NWS Holdings Limited has 55% state of the project. The joint venture would provide terminal operations and other related services for 50 years till 2056. The size of the terminal was 563,000 square meters, length of berth was 682.6 meters, and handling capacity was 2.3 million tons. The project company had a registration capital of US$ 67.5 million. The total investment of the project was US$ 175 million.
In 2006, the State Government of Punjab (through the Department of Public Works) awarded a 16.5 year concession to IDEB Projects Private Limited (IDEB) for the upgrade, operation and rehabilitation of the 55.7 km Patiala-Malerkotla road project.  Under the concession, investments were made by IDEB in return for the exclusive right to collect tolls on the road during the operational period of 15.5 years.   The total cost of the project was estimated at US$ 17 million. The project was financed through a combination of equity (US$ 2 million), debt (US$ 9.3 million) and a grant from the state government of Punjab in the amount of US$ 5.7 million. The project reached financial closure in August 2006 with term loans from Punjab National Bank and Canara Bank.  Rehabilitation work on this road began in August 2006 and was expected to be completed by October 2007.
In November 2006, Bhutan Infocomm and Media Authority (BICMA) awarded the second nationwide cellular service license to Bhutan’s Tashi Group. The license allowed Tashi Group to build, own and operate a cellular network in Bhutan for 15 years. This new license was expected to create a competitive telecommunications market in Bhutan by ending the monopoly of state owned Bhutan Telecom (B-mobile).   Tashi Group won the license with the highest bid (US $ 17.15 million or Ngultrum 777 million) in an international competitive tender conducted by BICMA. Tashi Group was required to pay 25% of its bid (US$ 4.3 million) up front, with the remainder to be paid throughout their operating tenure.   There were three other bidders competing for the license, namely – (1) a joint venture (JV) of Bhutan’s Singye Group and India’s Reliance Group (2) JV of Bhutan’s Druktel and India’s Bharti Group and (3) JV of Bhutan Steel and Shin Satellite Public Corporation Limited of Thailand. Foreign companies were eligible to participate in the tender only through joint ventures with local companies and with the additional requirement that the Bhutanese partner of any joint venture must hold an equity share of at least 51 per cent.   Tashi Group was required to finish the paperwork and make the up front payment (25 % of the bid for the license) by December 15, 2006. Operations were launched in April 2008.
On October 30, 2006 the Russian fifth wholesale generating company (OAO OGK-5) sold 5.1 billion of new shares (14.4% of increased capital) through an initial public offering (IPO) for US$459 million.  As a result of the IPO, the Russian state-owned electricity monopoly RAO UES saw its stake in the company decreased from 87.67% to 75.0%. Strategic investors, including the European Bank for Reconstruction and Development, bought shares equivalent to 5% of OGK-5's increased capital while institutional and portfolio investors bought the remaining 9.4% stake being sold. Not a single IPO participant received more than 1.1% of the company's increased capital. The proceeds of the IPO were expected to be investment in renovating OGK-5’s four main power plants and in additional generation capacity.    OAO OGK-5 was one of the Russia’s six wholesale thermal generating companies spun off from Russian state-owned electricity monopoly RAO UES under major restructuring plan designed to create competition in the sector. The company was established in 2004 and had a total installed capacity of 8,672 MW and 2,242 GCal/h in four generation plants around Russia (Reftinskaya HPP and Sredneuralskaya HPP in the Ural region, Nevinnomysskaya HPP in the northern Caucasus, and Konakovskaya HPP in Central Russia. The company sold electricity and heat to local power distribution networks which served industrial enterprises and residential consumers. The shares of OAO OGK-5 owned by private entities were divested through the Russian voucher privatization program which partially divested the regional power utilities or Energos in 1993.  On June 6, 2007, RAO UES sold a 25%-plus-one share (25.03%) stake in OGK-5 through an open auction to Italian Enel SpA for US$1.52 billion (39.2 billion rubles). Other bidders in the auction included German E.On AG, Russian aluminum producer UC Rusal, and Russian natural gas producer OAO Novatek.  Enel won the tender by offering to pay the highest price for the stake, whose starting price was about US$986 million (RUB24.66 billion). After the transaction, RAO UES selling down its post-IPO stake from 75.03% to 50% plus one share.  Enel subsequently bought OGK-5 shares raising its stake to 37.15%.  Enel finished consolidating a controlling stake in the company in February 2008, following a partial takeover bid submitted to OGK-5 minority shareholders launched in November 2007. The shares tendered into the Public Tender Offer (PTO) launched by Enel amounted to 22.65% of OGK-5’s share capital.  The PTO allowed Enel a total ownership of 59.80% of OGK-5’s share capital. On May 07, 2008 the EBRD acquired an additional stake of around 4.1% in OGK-5 by purchasing common shares from Enel. The transaction raised the EBRD’s total stake in the OGK-5 to around 5.2%. At the end of 2009, OGK-5's principal shareholders were Enel (55.86%), Federal Property Management Agency (26.43%), EBRD (5.12%), Gazprombank (5.27%) and other minority shareholders (7.32%).  Over 2003-2007 period, the Russian power sector underwent significant restructuring. Until 2003 the main assets of RAO UES, the state-owned holding for energy companies, were united into regional vertically integrated energy companies: 73 regional power utilities or Energos which produced and transmitted electricity and heat. RAO UES also centrally managed 32 Federal Power Plants, the Central Dispatch, High Voltage Grid plus Grid Service. 2003 energy sector reform envisioned a new organizational structure that included companies involved in potentially competitive activities (power generation and sales, repair and services) and natural monopolies (transmission, dispatching).   As a result of the reform RAO UES was planned to be dissolved on July 1, 2008.  The companies replacing RAO UES were: a System Operator was to receive functions and assets of regional dispatch administrations; a Federal Grid Company (FSK) was to manage the trunk grids; 11 interregional distribution grid companies were to manage regional distribution grids; RAO Eastern Energy Systems Holding was to manage energy companies of the East and isolated power systems of the Far East region; six wholesale generation companies (OGKs) were formed on the basis of large federal plants; one Hydro OGK was to manage large hydro plants; 14 territorial generation companies (TGKs) were formed on the basis of combined heat and power plants and Inter RAO UES was to remain the major investor and a leading exporter and importer of electric power in Russia.  Rosenergoatom was to include all nuclear power plants.    Wholesale generation companies (OGKs) were formed in 2004-05 on the basis of large federal power plants with a typical installed capacity of 1000-2000 MW. These large power producers were to become the largest participants and the main competitors on the wholesale power market. Seven of such companies were created in the process of reform: six of them incorporated large thermal power plants (OGKs) and one incorporated large hydro power plants (Hydro-OGK). In an effort to restrict the monopoly influence on the competitive wholesale power market, each of the OGKs was established on the basis of power plants geographically dispersed across the country.   The reform also created Territorial generation companies (TGKs) by uniting combined heat and power plants with a typical installed capacity of 100-500 MW which were located in a few neighboring regions or one macro region. The territorial generation companies would sell electricity as well as supply regional consumers with heat energy.   Interregional Distribution Companies were formed as operating companies to manage electricity distribution networks located in a number of neighboring regions.   OGK-5 signed a credit line facility totalling EUR 240 million (US$351.39) with ABN Amro in July 2008 to finance the construction of a new EUR350 million (US$512.45 million), 410-MW unit at the existing gas-fired thermal power plant, Sredneuralskaya GRES, in the central region of Ekaterinburg.   On March 3, 2009, financial close was reached on a EUR120 million (US$167 million) EBRD loan to help finance the construction of highly efficient CCGT units (410MW) at Nevinnomysskaya GRES, one of OGK-5’s plants. The total project cost was EUR400 million (US$556 million). The Project will achieve enhanced environmental performance and add 100 MW of net generating capacity in this constrained region without increased utilization of natural gas.
In August 2006, Costa Rica’s Pacific port authority, Instituto Costarricense de Puertos del Pacífico (INCOP), and the Sociedad Portuaria Granelera De Caldera S.A. officially entered into a 20-year contract to build, own and ultimately transfer a new grain terminal in Caldera Port on the Pacific coast of Costa Rica. The consortium Consorcio Portuario Caldera I was awarded the contract as part of a broad port modernization initiative to reduce costs and increase efficiency in the country’s ports began in 2001. A concession for Caldera Port’s multi-purpose terminal was awarded to Consorcio Portuario Caldera II under the same initiative with to the same group of investors.  Consorcio Portuario Caldera I presented the only offer, an initial payment of US $8,201,000. The bidding began in August 2001 and the contract was officially awarded in January 2002. Consorcio Portuario Calder I is comprised of two Colombian and two Costa Rican companies respectively: Portuaria Regional de Buenaventura S.A.(a subsidiary of Grupo Empresarial del Pacifico S.A. (GEPSA), Estacion de Servicios Brisas del Pacífico S.A., Comercializadora R y S, S.A. and Logistica de Granos S.A. The ownership is entirely private. Total investment commitments in facilities were approximately US $21 million. The signing of the contract was delayed due to disputes over the Costa Rican government’s authority to concede the ports and the severance package for the port workers employed by INCOP. A settlement was reached for an indemnity of US $19 million.  The contract was officially signed in April 2006. A three-month transition period commenced to fulfill the obligations of the contract. The contract reached financial closure upon fulfillment of these obligations in August 2006. Under the terms set in the contract, the concessionaire had to establish a trust with the initial payment of US $8,201,000. The concessionaire also had to pay guarantees of US $250,000; US $2,053,542; and US $90,000 per year to ensure the fulfillment, construction and operation of the project.  The construction fee, amounting to 10% of the cost of the construction, could be returned upon the satisfactory completion of construction. In addition to the above fees, the concessionaire was obligated to pay 5% of annual revenues in canon fees to INCOP.  In February 2015, the new terminal was inaugurated.  On October 2016, SAAM announced the acquisition of a 51% stake at Sociedad Portuaria Granelera De Caldera S.A. Local firms Saret (21%) and Logística de Granos (19%), as well as Colombian company Grupo Empresarial del Pacífico (9%) kept their stakes in the project.
The National Highways Authority of India (NHAI) awarded a 20 year concession to India’s Reliance ADA Group for the upgrade, operation and maintenance of the 53 km stretch on National Highway 7 (NH-7) between Dindigul and Samyanallur in Tamil Nadu State. The concession involved expansion of the existing two lane stretch to four lane road with paved shoulders; and construction of nearly 17 km of service roads, two bypasses (Kodai road and Vadipatti), 30 minor bridges, three flyovers, two rail overbridges, eight underpasses and 14 bus stops. The concession term included a construction period of 30 months.  This road expansion, part of the North-South Corridor under National Highways Development Project – Phase II, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   Reliance ADA Group established DS Toll Road Limited (DSTRL), a wholly owned special purpose company, to implement this project. The concession agreement between NHAI and DSTRL was signed in Jan 2006. Reliance ADA Group won the project through an international competitive tender conducted by NHAI by requesting the lowest grant of US$ 6.8 million. Under the agreement, DSTRL was compensated for the capital and operating costs including returns from toll collections during the concession period.  The total cost of the project was estimated at US$ 62.6 million. The project reached financial closure in October 2006. The loan, arranged by SBI Capital, was raised in the local rupee market and had a tenure of 16 years.  Construction began in July 2006 and was expected to be completed by December 2008.
In May 2006, KazTransGaz, a Kazakhstan’s government owned company bought 100 % in Tbilgaz, the gas distribution company for the Georgian capital, for $12.5 million. In 2005, Tbilgaz served over 200,000 homes and up to 400 major industrial enterprises which served with 2,000-km gas network. But the network was in poor condition and the company was declared bankrupt in 2005. Tbilgaz had debt exceeding US$100 million in 2005. KazTransGaz committed to invest $82 million in the 2,000-km Tbilisi gas network, and planned start by "establishing order" in the distribution system and stopping unauthorized siphoning off of gas.  KazTransGaz won Tbilgaz through a public tender process in which Gazprom also participated, but KazTransGaz was the only qualified bidder that submitted final bid.
In November 2006, the Manabi provincial authority signed a 25 year concession contract with the consortium Convial to design, construct, rehabilitate, operate, and administer a 189km highway stretching along the southern beltway of Manabi province. Convial planned to connect and rehabilitate several stretches of road over the next two years and charge tolls upon completion.  The Manabi provincial council oversaw a competitive tender in which the following four firms participated: Convial Manabi; Herdoiza Crespo Construcciones y Asociados; Constructora Carlo Poggi Barbieri Y Asociados; and the consortium Promesa de Asociacion Anillo Vial Centro Sur de Manabi. In September 2006, Convial Manabi, comprised of the firms Verdu and Hidalgo and Hidalgo S.A., was awarded the concession and committed US $27 million for the first two year construction phase. The provincial authority of Manabi estimated the total investment requirement for the 25 year contract to exceed US $43 million.  To support the project, the Manabi provincial government committed US $17.6 million in 13 bi-annual payments.
In April 2006, Mumbai International Airport Pvt. Ltd. (MIAL) signed a 30 year concession contract with the Ministry of Civil Aviation, Government of India (GOI), to expand and upgrade the Chhatrapati Shivaji International Airport (CSIA) in Mumbai, India’s financial capital. The concession mandated MIAL to finance, design, build, operate and manage the airport for a period of 30 years with an option to extend it by another 30 years. After the expansion, CSIA was expected to cater to 40 million passengers per year and one million metric tones of cargo per year.  Air travel in India was booming fuelled by strong economic growth, rapid expansion of low cost airlines and increasing international business links. The concession was aimed to overcome the enormous capacity constraints faced by CSIA - the busiest airport in India in 2006, and to upgrade the outdated facilities to enhance passenger comfort and ensure more efficient airport operations. The concession also reflects GOI’s commitment to encourage private sector participation to expand India’s airport infrastructure.   MIAL was a public private joint venture company comprising of India’s GVK Group (37%), Airports Company South Africa (10%), South Africa’s Bidvest Group (27%) and Government of India’s Airports Authority of India (26%). The GVK consortium won the CSIA concession by offering to share 38.7% of the revenue with the government in an international competitive bidding (ICB) process conducted by the GOI. The other consortiums that participated in the ICB were: Reliance-ASA Mexico, GMR-Fraport, and DS Constructions- Munich Airport.  MIAL designed a master plan to expand and upgrade the infrastructure at CSIA from a capacity of 18 million passengers and 400,000 tons of cargo annually in 2006 to 40 million passengers per year and one million metric tones of cargo per year.  The development cost for the first five years will be Rs.2,600 crore  he management of the existing Mumbai international airport (Chhattrapati Shivaji International Airport) was formally handed over the Mumbai International Airport Pvt Ltd. in August 2006.  On 10 August 2006, the Supreme Court reserved its judgement on the Mumbai and Delhi airport modernisation and privatization case. The same will be delivered by the first week of September 2006.   The government's SPV -- India Infrastructure Finance Company (IIFCL) was likely to fund 20 per cent of the total cost of the project.  On 12 October 2006, Mumbai International Airports unveiled its master plan for the airport development. Finances have been arranged through domestic institutions led by IDBI and Unit Trust of India.On 7 November 2006, the Supreme Court dismissed the plea filed by Reliance Airport Developers (Anil Ambani Group) that challenged the finalization of the contracts for the project.   On 24 April 2007, Mumbai International Airport (MIAL) achieved financial closure for modernising the Chhatrapati Shivaji International Airport (CSIA) in Mumbai.  In 2013, MIAL underwent expansion of Domestic part of Terminal T2 and related infrastructure of Mumbai International Airport. The company raised additional debt due to cost escalation of existing project and inability to raise funds from other sources.It was planned the project would be funded through a mix of debt,equity,internal accruals,airport development fee,and deposits from real estate development. Monetization of real estate and realization of Airport Development Fees, a major source of funds had not materialized so far.    This additional funding for the expansion project was closed on 31st August 2013. The additional funding was for US$ 468.9mn (INR 27478mn @ 58.6 INR/USD) However, out of the total debt raised, INR 8000mn was to repay an existing bridge loan. The balance US$ 332.4mn (INR 19478mn) was expected to be used for capital expenditure. The 12-year term loan had been arranged by IDBI and Axis Bank and had a quarterly repayment schedule.The other participating banks were Bank of India, Vijaya Bank, and Canara Bank.
3iPowergen operated three hybrid wind-diesel power plants in the island of Marinduque, Tablas, and Romblon of the Phillipines. These power plants supplied electricity for the three (3) islands electric cooperatives: Marinduque Electric Cooperative, Inc. (MARELCO), Tablas Island Electric Cooperative, Inc. (TIELCO) and Romblon Electric Cooperative, Inc. (ROMELCO) for a period of 15 years. The location of three power plant are at Bgy. Balogo, Sta Cruz, Marinduque, at Bgy. Cajimos, Romblon, Romblon, and at Bgy. Tubigon, Ferrol, Tablas Island. The capacities of the three power plants were to be 15.7-MW, 4.2 MW, and 10.6 MW, respectively.   In September 2005, 3iPowergen Inc., won a competitive bid to supply power to the Philippine islands of Marinduque, Romblon, and Tablas. The power supply agreement (PSA) was signed on September 2005. 3iPowergen was a subsidiary of Coastal Power Development Corporation (CPDC). All three power plants was expected be operational on February 2007.  The total estimated costs were to be Peso 1.4 billion or USD 24.8 million (calculated using average exchange rate of Peso/US$ for 2006 which was US$1= Peso 51). The plant was scheduled to replace the old aging bunker fuel oil-fired power plant in located in three islands.  In August 2006, the Government of Phillipines granted 3i Powergen a package of tax breaks under the government's initiative for the 3 projects.
In August 2005, the Mexican Secretary of  Communicayions and Transport (SCT) granted a 30 year Greenfield contract for a 27 km. suburban railway from Buenavista (in northern Mexico City) to Cuatitlan (Mexico State), to consortium Ferrocarriles Suburbanos.   Ferrocarriles Suburbanos is formed by Construcciones y Auxiliar de Ferrocarriles (CAF) SA with a 70% share in the operating company, and Inversiones en Concesiones Ferroviarias (ICF) with a 30% stake.   SCT carried out the public tender.  Two consortia presented offers to the SCT for the project: the consortium formed by Allston-ICA-Hermes made an offer for a tariff of US$1.09 (11.41 pesos); while the consortium headed by CAF was for US$0.91 (9.49 pesos). SCT awarded the project to the Ferrocarriles Suburbanos since it presented a proposal that complied with the technical, legal and financial requirements established in the bidding documents, and requested the lowest tariff.   The consortium headed by CAF was expected to have to invest an estimated amount of US$639 million (6,700 million pesos). The project reached financial closure on February 2006 when CAF reached an agreement with Banco Santander for over US$300 million (3,144 million pesos) in project finance.  The project was expected to reduce average travel times between the Buenavista rail station in northern Mexico City and Cuatitlan in neighboring Mexico state by over two and a half hours (round trip). The construction of the first part of the project –between the Buenavista and Huehuetoca- was expected to be concluded by the end of 2006.
In November 2006, China International Water and Electric Corporation (CWE), a Chinese state controlled company was awarded a 30 year agreement to build and operate the Nanli 1-2 Hydropower Station in Myanmar. The total investment was 142 millions US$ and CWE owned 90% of the project. The remaining share was owned by a local state company. The entire capacity of the hydropower plant was 100MW.
This joint venture, Jintan City Hong Kong and China Gas Company Limited, was established in October 2006. The project is located in Jintan City, Jiangsu Province. The Hong Kong and China Gas Company Limited (Towngas) has a 60% stake in the project and will operate and manage the joint venture for 50 years. The total investment was RMB 150 million (US$ 18.82 million).
In October 2006, Bulgaria's State Energy and Water Regulatory Commission (SEWRC) awarded a 35-year concession to RilaGas EAD for the construction and operation of a gas distribution network in the country's western (Zapad) region. RilaGas EAD was a joint venture between Acegas-Aps [Italy] (52%) and Construzioni Dondi [Italy] (48%).  Bulgaria's State Energy and Water Regulatory Commission (SEWRC) held a competitive tender for the award of the license. Offers from four bidders were opened on Dec. 19, 2005. The bidders were Overgas, Acegas/Construzioni Dondi, AMGA and EVN. RilaGas was deemed the winning bidder and was awarded the license in October 2006.   The project was to be implemented in four phases. RilaGas planned to invest EUR57 million (US$71.5 million) in the construction of the gas distribution network in the first 20 years of the concession. The entire project entailed the construction of a 70 km transportation network and an 870 km distribution network serving about 110 000 residential, 280 industrial and 430 administrative customers.    In November 2009, Acegas-Aps increased its holding in RilaGas EAD from 52% to 100% by buying out Construzioni Dondi's 48% holding in the company.
TANESCO, a state-owned enterprise that supplies electricity to Tanzania, contracted Ltd. Dowans Holdings to install a rental (leased) plant at Ubungo where at site B (near the SONGAS plant) units of 22 MW are installed and at site A (behind TANESCO Head Office Ubungo building) units of 80 MW are to be installed in 2006. The project was estimated to cost around T.Shs. 172.5 billion. Intially, TANESCO chose Richmond Development Corporation (RDC) of United States of America as the contractor. The contract was signed on 23rd June 2006 and the works were supposed to have been completed in 150 days, and the rental contract is for two years. However, RDC on 23rd December 2006 assigned their rights and obligations acceptable within the contract to Dowans Holdings Ltd. of United Arab Emirates.   Delivery of the first 20MWplant was done and by the end of the year the plant was still undergoing test runs. The contractor managed to connect to the grid on several occasions but the plant has not stabilized due to technical problems. The balance of the plant i.e. 80 MW was sea frighted and equipment was received in Dar es Salaam on 27th December, 2006. Installation was expected to start when site leveling and compaction works were completed.   The rental project concluded in August 2008. It was reported that Tanesco was considering buying the generators.  In 2011, Symbion Power bought up the 120MW power plant (lying idle) for an estimated $120 million. See project Symbion Rental Ubungo Power Plant.
The Mundra thermal Power Project was a 4620 MW imported coal based thermal power project located at Mundra in Kutch district in the state of Gujarat. The project was being implemented in four phases. Phase I had a capacity of 660 MW (2x 330 MW). Phase II had a capacity of 660 MW (2x 330 MW) and Phase III had a capacity of 1320 MW (2 x 660 MW). The project was being developed by Adani Power Ltd. (APL), a Adani Group company. The Phase-IV of 1980 MW (3 x 660 MW) was added in January 2009 as part of the expansion of the existing project.  The project was awarded to APL by the Govt. of Gujarat through the Gujarat Urja Vikas Nigam Limited (GUVNL) which was appointed as the agency for conducting the international competitive bidding process for the award of the project.  APL had signed two Power Purchase Agreements with GUVNL to supply 2,000 MW power per annum for 25 years. APL had also entered into an agreement with Adani Energy Limited for selling surplus power from Phase III on merchant basis. Various other PPAs have been negotiated with Uttar Haryana Bijli Vitran Nigam Limited (UHBVNL), Dakshin Haryana Bijli Vitran Nigam Limited ( DHBVNL), Maharashtra State Electricity Distribution Company Limited (MSEDCL), Jaipur Vidyut Vitran Nigam Ltd (JVVNL), Ajmer Vidyut Vitran Nigam Ltd  (AVVNL), Jodhpur Vidyut Vitran Nigam Ltd (JVVNL) for a total contracted capacity of 6144 MW from its various power projects (apart from the Mundra Project).  The Phase I and II of the project were estimated to cost US $ 401 million and US $ 385 million respectively and achieved financial closure in September 2006 and July 2007 respectively. ICICI Bank was the lead arranger for the Phase-I and Phase-II of the project.  Phase III of the project was expected to cost US $ 1332 million. Financing was funded on a 76/24 debt-to-equity basis. The $1,076.5m debt package was arranged by a mix of rupee borrowings and external commercial borrowings (ECB) dominated in USD. The ECB portion was underwritten by Standard Chartered Bank while the Rupee tranche was lead arranged by State Bank of India. Financial close was achieved on 27 Mar 2008. Senior syndication was launched on 31 Mar 2009 for the ECB portion.   Phase-IV was expected to cost US $1850.9 million. Financing comprised US $1480.7 million (INR 71680mn) debt and US $370.2 million (INR 17920mn) equity. Debt was split between a INR 67200mn 13.25-year term loan and a INR 4480mn 13.25-year term loan. State Bank of India was the lead arranger. Financial close took place on 24 Jun 2009.  It was expected that Phases I & II of the project would be fully commissioned by October 2009 and Phase III  & IV of the project would be fully commissioned by June 2011. As on information available in September 2009, the first unit (330MW) of the Phase-I has been commissioned and synchronised.
SAIF Powertec Limited [Bangladesh] officially took over operations of the main container terminal at Chittagong Port from the Chittagong Port Authority (CPA) under a 2 year management contract. Bangladesh’s interim government awarded the lease contract in order to increase efficiency at the port. Saif Power Tech Lmtd’s operation of the container terminal was originally slated for 2006, but was delayed due to strikes by union workers supported by Chittagong’s mayor.   The interim government of Bangladesh planned on privatizing the entire port and was constructing a new mooring terminal with greater capacity. In 2007, however, only the main container terminal was given to a private operator. According to the terms of the agreement, earnings from the container terminal were to be split between SAIF Powertec Lmtd. and the CPA at a ratio of 66.50 percent to 33.50 percent.  SAIF Powertec's management contract expired on August 6, 2008.  As of December 2008, CPA was evaluating bids from a number of private companies for a new contract for the container terminal.
In September 2006, Konsortium Pelabuhan Kemaman Sdn Bhd (KPK) won a 60-year contract to expand and manage the East Wharf and Liquid Chemical Berth at Kemaman Port, Pahang State, Malaysia. The cost of the entire project was not disclosed, however, a new liquid chemical berth was estimated to cost RM45 million (US$12.3 million), while there was a separate cost for the acquisition of movable assets at the port.  KPK was jointly owned by two Malaysian firms, Road Builder (M) Holdings and the Eastern Pacific Industrial Corporation Bhd (EPIC). Road Builder was subsequently bought fully by Malaysian firm IJM Corporation. EPIC held 61-percent of KPK, while the remainder was held by IJM Corporation, through its wholly-owned subsidiary, Road Builders (M) Holdings. KPK acquired the movable assets of the port form RM1.2 million ($327,000) and signed a separate lease agreement for the East Wharf and Liquid Chemical Berth. KPK held an initial 30-year lease that was renewable for another 30 years.   The total capacity of the project was not released.  KPK assumed operational responsibility for the port on 1 October, 2006. As of June 2007, the project was operational.
Asia Power incorporated Asia Power (Yunxian) Hydroelectricity Co., Ltd as a subsidiary in June 2006 with an effective equity stake of 94%. Located in Yun County, Yunnan Province, Asia Power undertook the development of Baishui hydro power electricity generation plant and Waqiao hydro power electricity generation plant along Nayu River with a total installation capacity of 19.5 MW. The total investment was RMB 100 million (US$ 12.55 million). Both projects were granted by the Yun County Government.
In April 2005, Linyi National Environmental New Energy Company Limited, a joint venture by Hong Kong Construction (Holdings) Limited was established to build and then operate a Waste-to-Energy power plant in Linyi City, Shandong Province under a 30 year agreement. Hong Kong Construction (Holdings) Limited owned 40% of the project with the remaining 60% interest held by China Energy Conservation Investment Corporation. The total investment was 278 million Yuan (US$ 34.88 million). The capacity of the wind farm was 10 MW. The project contract was granted by the Linyi Municipal Government.
In September 2004, Himachal Pradesh State Government (GoHP) awarded the development of a 70 MW hydro electric power project in Chamba district (Himachal Pradesh State) to Lanco Green Power Private Limited (LGPPL) on a 40 year BOOT (build-own-operate-transfer) basis. The term of the BOOT implementation agreement, signed in Novemeber 2005, was 40 years from the date of commercial operation after which the project would be transferred to GoHP. The project was also known as Budhil Hydroelectric project (BHP) as it was located across the Budhil Nallah tributary of the Ravi river. BHP was part of the master plan drawn by GoHP for harnessing the hydroelectric potential of the Ravi River.    BHP was expected to generate 313.33 million units of power per annum. Under the implementation agreement, LGPPL had the right to sell the power generated from the facility to any customer outside the State of Himachal Pradesh. However, LGPPL was required to supply 12.0% of the deliverable energy generated to GoHP free of charge as royalty payments for an initial twelve year period commencing from the date of commercial operation, which would be increased to 18.0% for the remaining years. In March 2005, LGPPL entered into a power purchase agreement (PPA) with Power Trading Company (PTC) of India Limited, a power trading firm. The term of the PPA was 35 years from the date of commissioning.  LGPPL, a wholly owned subsidiary of India’s Lanco Group, was formed to implement this project. LGPPL won BHP by participating in a competitive bidding process conducted by GoHP. However, there was no further information on the bidding process and the bidding variable.  The total cost of BHP was estimated at US$ 92.47 million (Rs 4,190 million). LGPPL achieved financial closure in March 2006 with a debt equity ratio of 4:1. ICICI bank was the term lender for the project.  Construction on the project began in immediately after financial closure was obtained. BHP was expected to begin commercial operations by April 2008.
In April 2006, Aggreko plc was awarded a 100 MW temporary power contract with Kenya Electricity Company Ltd (KenGen) for one year. The low water level in 2006 created a scarcity of hydroelectric power and the generation capacity was needed to support the national grid and local industry.  Bidding took place in a competitive tender in which five companies submitted final bids. Aggreko won the bid in an open public tender advertised by the local press and the World Bank. The contract had an estimated worth of US $34 million.   In October 2007, Aggreko was awarded a two-year extension to the contract.  In April 2011, the power plant was still operational but it was operating under a broader supply package won by Aggreko that included a new plant at Lake Naivasha (60MW). The total supply of 140MW (80MW at Embakasi and 60MW at Naivasha) was contracted for 2 years. See project #5502.
In November 2006, a local private company Chongqing Kangda Environmental Protection Co. Ltd. signed a 26 year agreement to build and operate a wastewater treatment plant in Jiaozuo City, Henan Province. The plant capacity was 150,000 cubic meters per day.   Chongqing Kangda Environmental Protection Co. Ltd.  invested RMB 190 million (US$ 23.84 million) in the plant and owned 100% of the project.
In June 2006, the Argentine federal government signed an 82 year contract for the construction, operation and maintenance of the 500/132kv Interconexion Rincon Santa Maria-Rodriguez North with LIMSA SA. Interconexion Rincon Santa Maria-Rodriguez was designed as a 920km transmission line connecting the Hydroelectric plant Yacyreta to the province of Buenos Aires. The northern section was to run approximately 672km from the Hydroelectric plant Yacyreta in Corrientes province to a substation in Colonia Elia.  Interconexion Rincon Santa Maria-Rodriguez South was part of a federal plan to increase the capacity of the high voltage (500k) transmission network and integrate energy supply and demand throughout Argentina.   The project was granted to LIMSA SA through a public competitive tender. The main bidding criterion was the lowest present value of payments during the period of operation and maintenance. LIMSA SA won the tender by presenting the lowest present value. LIMSA SA was a company owned by Argentine Electroingenieria SA y Gerardo Ferreyra.  The cost of the transmission line was estimated by LIMSA SA at approximately US $239.34 million. LIMSA SA provided its own financing and by December 2006, 25% of construction was completed. The line was expected to become operational in January 2008.  In the project contract, the federal government agreed to pay to LIMSA SA: (1) a monthly fee during the construction period of 20 months and another monthly fee for the first 15 years of the line operation. Both fees were defined based on LIMSA SA’s winning bid.   The divested Transener SA (project number 55), the owner of technical license of all high voltage lines, was responsible for supervising the line construction while LITSA was responsible entered into a separate service contract with LIMSA SA for the operation and maintenance. The southern section was simultaneously awarded (Project #4154).  In June 2008, the project became operational according to Transener SA.
In November 2006, a local private company Shanghai Fudalefumen Environmental Protection Engineering Co. Ltd. signed a 25 year agreement to build and operate a wastewater treatment plant in Xiuning County, Anhui Province. The plant capacity was 40,000 cubic meters per day.   Shanghai Fudalefumen Environmental Protection Engineering Co. Ltd. invested RMB 78 million (US$ 9.79 million) and owned 100% of the project.   Construction of the plant commenced in December 2006 and was planed to come into operation in June 2008.
In April 2006, The Macedonian government finalized the sale of a 90% stake in ESM AD Elektrostopanstvo na Makedonija to Austrian EVN.  ESM supplied energy to the entire Republic of Macedonia, which comprised an area of approximately 25,700 km². Around two million people lived in the area covered by ESM, of whom 600,000 reside in the capital city of Skopje and also owned 11 mini- and small hydro power plants with a total capacity of 35 MW. ESM serves approximately 700,000 customers. Its customers were found in urban areas such as Skopje, Kumanovo (104,000 inhabitants), Bitola (90,000 inhabitants), Prilep (74,000) and Tetovo (72,000).   The government sold the stake in ESM through a competitive tender process announced in December 2005. The tender took place in March 2006 and four bidders were qualified to submit final bids (Czech CEZ, Italian ENEL, German RWE, and Austrian EVN), but three (CEZ, ENEL, and EVN AG) did so. EVN won the tender by offering US$274 million (225 million Euro) for the 90% stake and pledged to invest US$117 million (96 million Euro) in ESM during the first three years of ownership. Calculated in years, EVN commited to invest 35.5 million Euros in the first year, 31.5 million Euros in the second year, and 29 million euros in the third year. The second-ranked company at the tender was the Czech electric power company CEZ, which offered 181.5 million euros and investments of 62.72 million euros, while third was Italian ENEL with 40 million euros and investments worth 80.22 million euros.  On May 8, 2009, EVN initiated international arbitration proceedings against the Republic of Macedonia in accordance with the “Treaty Between the Republic of Austria and the Republic of Macedonia on the Promotion and Protection of Investments” as well as the “Energy Charter”. The government claimed that EVN Macedonia must pay a EUR93 million debt for unpaid electricity supplies that accrued prior to privatization (1995–2005). The court of first instance ordered EVN Macedonia to pay this amount. Subsequently, EVN Macedonia filed an appeal on May 13, 2009. The appellate court annulled the original verdict on October 1, 2009 due to procedural shortcomings. The court case is scheduled to continue in February 2010.  In July 2011, ICSID recorded a settlement agreement that the parties involved in dispute signed in June 2011
In July 2005, National Highways Authority of India (NHAI) signed a concession agreement with Guna Infrastructure Limited (GIL) for the upgrade, operation and maintenance of the 14 km long Guna bypass on National Highway three (NH-3), in the state of Madhya Pradesh. Under the agreement, GIL was required to design, finance and four-lane the existing two-lane stretch in the town of Guna in return for the right to collect tolls during the concession term. Information on the exact length of the concession term was not available. This road upgrade project, part of National Highway Development Project – Phase III A, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  GIL, a wholly owned subsidiary of IVRCL Infrastructures & Projects Ltd, was established to implement this project. IVRCL won the concession in an international competitive tender, conducted by NHAI, by offering to make an upfront payment of US$ 4.2 million. India’s highway development policy allowed ‘viability funding’ by NHAI to the tune of 40 percent of the capital costs as grant to the concessionaire, subject to competitive bidding. However, in high traffic density corridors like this one that are very profitable, the bidders usually offered an upfront payment to NHAI instead of seeking a grant.   The total capital cost of the project was estimated at US$ 10.2 million. In 2006, the project company obtained a loan of Rs.260.00 Millions (US$5.75 million) financed by YES Bank Ltd, payable within a year.   Construction work on the project began in January 2006 and was expected to be completed by July 2007. As per NHAI, the project was completed in December 2007 and is currently operational.
In March 2006, the National Highway Authority of India (NHAI) awarded a 20 year concession contract to India’s GMR Group to widen and strengthen the 71.25 km long Tindivanam-Ulundurpet section of National Highway-45, in the southern state of Tamil Nadu.   Under the contract, GMR was responsible for the operation, maintenance, widening and strengthening of the existing two lane highway to a four-lane divided highway. In addition, the project included nearly 21 km of service roads, two bypasses, three ROB (railway over bridge), five pedestrian underpasses and twenty bridges.  GMR Group established GMR Ulundurpet Expressways Private Limited, a special purpose vehicle, to implement the project. GMR won the tender through an international competitive tender, conducted by NHAI, by making the lowest subsidy request – a negative grant of US$ 33.6 million (net present value discounted at 10%) to be disbursed up to the thirteenth year of the concession period.  The concession agreement for the project was signed in April 2006 and the project reached financial closure in October 2006. The total capital cost of the project was estimated at US$ 175.5 million. The company raised US$ 131.6 million in debt from ten banks namely Andhra Bank, Bank of India, Bank of Baroda, Central Bank of India, Canara Bank, IDBI Ltd, IIFCL, Punjab National Bank, Union Bank of India and ICICI Bank. The debt was syndicated by ICICI Bank. The door to door tenure of the loan was 16 years.  Construction on the project began in November 2006 and was expected to be completed by April 2009.
In August 2006, Millicom International Cellular SA won the bid to acquire 50% and one controlling share of Colombia Movil SA ESP for US $124 million. Colombia Movil had a mobile telephone license that covered all of Colombia and had 2,120,000 users at the end of 2006. It acquired its license in 2003 for a period of ten years and competed under the brand name Ola.   State owned enterprises EPM Telecomunicaciones S.A. ESP, and Empresa de Telecomunicaciones de Bogota ETB, controlled by the municipalities of Medellin and Bogota, organized a competitive bid for the shares. Three final bids were submitted. After the auction, EPM and ETB each retained 24.99% of the remaining shares of Colombia Movil SA ESP.   Financial closure was reached in October 2006, when the shares were purchased and Colombia Movil SA ESP was consolidated as a subsidiary of Millicom. As the controlling shareholder, Millicom International Cellular SA was the operator of Colombia Movil SA ESP. Financing for the share purchase was provided by another wholly owned subsidiary of Millicom in Latin America who acquired a new debt for the purchase.  Colombia Movil SA ESP was the third largest carrier and had approximately 9% of the Colombian mobile telephone market. It competed with Telefonica (25%) and America Movil (65%) in 2006.  In August 2014, Millicom announced the merger of Colombia Movil with UNE, a fixed-line telecom company owned by the state-owned Empresas Publicas de Medellin. The consumer base was expected to increase to 8.4 million customers with the merger.
An agreement was signed between COSCO Pacific Limited and Guangzhou Port Group Co., Ltd. on 16 April 2005 to set up a joint venture company to build and operate a container terminal at Nansha Port Phase II in Guangzhou City, Guangdong Province.   The total investment amount of the joint venture company will be approximately RMB4.01 billion and the registered capital will be approximately RMB1.40 billion (US$ 503.14 million). COSCO Pacific holds a 56% equity interest in the joint venture company through its subsidiary, COSCO Ports (Nansha) Limited. COSCO Ports (Nansha) Limited will pay a cash consideration of approximately US$95 million for its share in the registered capital of the joint venture company. AP Moller - Maersk Group holds 33.9 stake of COSCO Ports (Nansha) Limited.  Nansha Phase II Terminal will have 6 deep-water berths in total with a quay length of 2,100 meters, a water depth alongside of 14.5 meters, which could be dredged to 17 meters, and a total area of about 2,730,000 square meters. Its annual handling capacity will be up to 4,200,000 TEUs and is expected to be operational in 2006.  As the only deep-water port in Guangzhou City, Nansha is capable of serving the fifth and the sixth generation container vessels. It has excellent geographic location, with its hinterland of the Pearl River Delta as one of the most developed areas in China.
The commencement date of the contract, awarded via competitive bidding process, was November 1, 2005. This was a 6 year management contract. In terms of the contract the private “Strategic Partner” was to provide 3 senior managers (CEO, Operations Manager and Commercial Manager) and head office support. By the end of year 3 the three senior managers were required to put their successors in place. During the remaining three years support was given to the entity.   The contract holder was Uzinzo (Pty) Ltd which was a Joint Venture between Amanz’ aBantu Services and Water and Sanitation Services South Africa (WSSA), both private companies. There was no investment, except for expertise, required from the private partner. According to the Key Performance Areas (KPAs), the main responsibility of private party was the transfer process which entailed the consolidation of the financial sustainability, operations, customer services, revenue management, HR, skills transfer, Black Economic Empowerment and Local Economic Development. In a nutshell, the main tasks of the Strategic Partner were:  -	to amalgamate the previous service providers into one entity which is owned by the municipality and renders the water services which the municipality is mandated to render; -	to restructure the various units into one integrated entity with its own corporate identity; -	to implement various strategic and operational initiatives to improve the quality of the services rendered; -	to identify and develop candidates to take up the positions of CEO, Operations Manager and Commercial Manager at the end of three years; and -	to coach and mentor the three senior managers and to provide support to the entity for a further 3 years. Ideally the strategic partner was expected to leave behind a sustainable organisation which can function without external support.  Maluti-a-Phofung Municipality held 100% of the project ownership. The Municipality was a water service authority in terms of the Water Services Act and the Municipal Structures Act. It was responsible for rendering water services within its area of jurisdiction.   The municipality previously had contracts in place with Sedibeng Water for the QwaQwa and Kestell areas and with Rand Water for the Harrismith area (Both Sedibeng and Rand Water were water boards i.e. organs of state). These contracts were service provider type contracts whereby water services were rendered on behalf of the municipality for a fee. The municipality provided the budget for the work to be done.  There were approximately 40 people of previously municipal staff seconded to one of the previous service providers. The staff than had been transferred to Maluti-a-Phofung Water (Pty) Ltd.   The services provided included treatment of raw water to potable water standard, storage and distribution of the purified water, collection of the waterborne sewage as well as from conservancy tanks (small scale), treatment of the sewage and return of the final effluent to the water sources. Revenue collection was included. This was an operation and maintenance contract so the implementation of the capital projects was done by a special unit of the municipality known as the Project Management Unit (PMU). The contractor assisted the PMU in the planning and supervision of the capital works.  The service area was the whole area of jurisdiction of the Maluti-a-Phofung local municipality. It fell within the Thabo Mofutsanyane District Municipality which was situated in the Eastern part of the Free State province. The main towns in the area of jurisdiction were Phuthaditjhaba, Harrismith and Kestell. The peri-urban and rural areas surrounding these towns were also served under the contract. The service area was mountainous with altitudes ranging from 1200 to 2200m above sea level. The climate was mild in summer and very cold in winter. Due to the extent of the area and the remoteness of some of the areas the exact population was not accurately known. The population was estimated to be about 600,000. Of these only about 23% were employed resulting in high levels of poverty.  There were 59,000 individual water connections and 36,000 households served by communal standpipes. 51,000 households had access to waterborne sewerage and 57,000 had a basic level of service or lower. There was a constant influx of people into the informal areas which kept increasing the service backlogs.  The project's contract period ended in 2011 as scheduled. No further information was available on any extension beyond the contract period.
In August 2006 the municipality of Cape Town, South Africa, awarded a 20 year build-own-operate contract for a 5.2 MW wind farm project located in the town of Darling to private company Darling Wind Power. The farm, located some 70 kilometers north of Cape Town, had a 20 year power purchasing agreement with the municipality. The wind farm consisted of four 1,3 MW Fuhrlaender wind turbines which were scheduled to start supplying an average of 13.5 GWh electricity annually to Cape Town on a commercial basis.  In August 2008, the project company signed a 20-year PPA with the city government of Cape Town. The project consisted of 4 turbines, 1.3MW each - producing 8.6GWh annually.  The Darling Wind Power was first in a pilot program designed to demonstrate the viability of commercial-scale wind facilities in South Africa. Future expansion was planned in a second phase of 7,8 MW and a third phase of 13 MW. No clear timeline was set for the start of expansion works.  The main shareholders of Darling Wind Power were the Central Energy Fund (a public entity 49%), the Darling Independent Power Producer Pty Ltd (26%) with black empowerment partners holding the balance.   Financial closure for the $9.9 million project was reached with loans from the Danish government agency Danida, and the Development Bank of South Africa.
In October 2006, Czech power utility company CEZ acquired 100% of the Varna power plant in Bulgaria for $259 million (206 million Euro). Initially CEZ offered 192 million Euro and then raised its offer by 14 million Euro. Under the terms of the contract, CEZ also pledged to invest $126 million (100 million euro) and did so by raising the power plant’s capital 16% through issuing new shares which CEZ itself acquired. The purchase price of the each shares (572,821 total shares) was 359.63 euro.   Varna power plant was the second-largest thermal power plant in Bulgaria. 1260-MW coal fired Varna plant was located near the Black Sea port in south-eastern Bulgaria . It comprised six 210-MW units, firing on imported coal. The power plant produced 2.3 billion kWh of electricity annually. CEZ planned to increase the annual production to 4-6 billion kWh over the next 10 years.   Initially, in April 2005, the Russian energy group Unified Energy System (UES) offered the highest price, 579 million euro, for the acquisition of Varna plant and became the winner of the tender. UES wanted to purchase the Varna plant together with 400-MW Ruse power plant. However, the Bulgarian antitrust office cancelled the sale of Ruse. Thus, UES withdrew from its offer in January 2006. The other companies which took part in the tender were Czech power company CEZ, Italian energy provider ENEL and Greek state-owned energy company Public Power Corporation.   CEZ was the largest electricity producer in the Czech Republic. In 2005,the company acquired 67% of three Bulgarian electricity distribution companies, Elektrorazpredelenie Stolichno JSC, Elektrorazpredelenie Sofia Oblast JSC, and Elektrorazpredelenie Pleven JSC.
National Highways Authority of India (NHAI) awarded a 25 year concession to Madhucon Agra-Jaipur Expressways Limited (MAJEL) to upgrade, finance, operate and maintain the 57 km section on National Highway 11 (NH-11) between Bharatpur and Mahua, in the western state of Rajasthan. The project included four-laning of the existing two lane stretch, construction of one railway over bridge, one major bridge, one flyover, five underpasses and twenty one bus bays. The concession term included a construction period of 30 months.   The concession agreement between NHAI and JRTCL was signed in October 2005. This road upgrade project was part of NHAI’s National Highway Development Project (NHDP) Phase III A. The objective of NHDP Phase IIIA was to four lane stretches of national highways carrying high volume of traffic, connecting state capitals with the NHDP Phases I and II network and providing connectivity to places of economic, commercial and tourist importance.   MAJEL, a special purpose company established exclusively to implement this project, was jointly owned by Madhucon Projects Limited and SREI Infrastructure Finance Limited. However, the exact ownership structure of MAJEL was not publicly available. The Madhucon-SREI consortium won the project in an international competitive tender, conducted by NHAI, by bidding for the lowest grant of US$ 13.7 million. India’s highway development policy allowed ‘viability funding’ by NHAI to the tune of 40 percent of the capital costs as grant to the concessionaire, subject to competitive bidding.   The total capital cost of the project was estimated at US$ 66 million. The project reached financial closure in March 2006. MAJEL was to be compensated for the capital and operating costs from the tolls collected during the concession term.  Construction work on the project began in April 2006 and was expected to be completed by October 2008. As per NHAI, the project was completed in March 2009 and is currently operational.
In July 2006, a local private company Dalian Dongda Environmental Engineering Co. Ltd. was awarded a 20-year contract to build and operate a sewerage treatment plant (Dalian City Malan River Wastewater Treatment Plant Phase II) in Dalian City, Liaoning Province through competitive bidding. Dalian Dongda invested 100 million Yuan (US$ 12.55 million) in the plants and owned 100% of the project. The capacity of the plant was 80,000 cubic meters per day.
In May 2006 the government of Georgia sold  90.65% shares of its fixed-line operator United Telecommunication Company of Georgia (UTC), previously known as Sakartvelos Elektrokavshiri, to a Kazakh-Georgian consortium named Black Sea Telecom Holding BV for US$90 million. UTC had 350,000 of Georgia's 680,000 subscribers at the end of 2004. The Georgian fixed-line market had struggled through lack of investment and increasing fixed-mobile substitution. At the time of divestiture, 50% of UTC infrastructure and 75% of cables were reported as useless.  Black Sea Telecom Holding BV consortium was formed by Kazakh commercial bank TuranAlem and Georgia's Silk Road Group. The consortium won the stake in UTC through a competitive tender by offering the highest price for the government shares. The minimum price set by the government was for the 90.65% was US$50 million. The other bidder was U.S. group Metromedia, which owned an 81% stake in rival fixed-line operator Sakartvelos Telekomi, and offered US$81.25 million.  According to the conditions of privatization agreement, borrower had to pay 50% of its offer in one month after the tender, the rest in three months. In addition, the winning consortium was obliged to run and support the company and services to customers for three forthcoming years. In late 2006, Black Sea Telecom Holding indicated that it planned to invest US$50 million in its first three years of operations.  In 2010, United Telecommunications Company, Wanex Ltd and Ajara Electrocommunication Ltd were consolidated into one company Silknet. According to a Transparency International report, Silknet's current owners are unclear, although it seems partially owned by the Silk Road Group.  As of 2010, Silknet was awarded a radio frequency license which allows the company to offer wireless telephone (CDMA) and high speed internet services. As of 2011 the company offered comprehensive telecommunications packages - telephone, internet and TV services. As of 2012, Silknet, together with Caucasus Online, were the two main players in Georgia's internet market.  In Jul 2013, the Georgian government announced the extension of Silknet's radio frequency spectrum licenses for ten years. Silknet is required to pay $7.2 million for the extension.
In February 2006 Mediatech International launched service on its GSM 1800 network in the Seychelles. No details were available on the license terms or how it was awarded.   Mediatech International Limited was incorporated in Hong-Kong.  At the end of 2006 Mediatech was estimated to have some 7,000 subscribers in the Seychelles. It competed with two other operators: Cable and Wireless (id 2852) and Telecom Seychelles (2117).
TANESCO, the company responsible for generating and distributing electricity to customers in Tanzania and Zanzibar, awarded the contract to Aggreko to supply a temporary power to Tanzania Electric Supply Company (TANESCO) in form of 40 MW of gas-powered generation as a part of emergency measures being implemented to avert a prolonged shortage of electricity supply resulting from an extended drought. TANESCO also chose Aggreko due to its ability to achieve the delivery deadline and its commitment to provide 24-hour support service. The cost was estimated to be US$61.0 million (T.Shs. 70.7bn). Under the agreement, Aggreko designed and supplied a full turnkey gas power solution to TANESCO, including equipment mobilization, installation, operation, servicing and maintenance of the project. The equipment, part of Aggreko’s fleet of gas powered generators, was supplied with transformers, switchboards and a fully stocked onsite store with all spares and consumables required for the 2 year project duration.  Aggreko supplied the Gas Power solution to TANESCO in two phases. Generators were transported from Aggreko International’s headquarters in Jebel Ali, UAE for phase one which became operational on October 18th 2006. Equipment for the second phase was airlifted to the site from Aggreko’s holding facility in Europe due to the urgent need of power locally. This enabled Aggreko to supply the full 40MW on December 7th, 10 days earlier than stated in the Emergency Supply Agreement with TANESCO. The gas supply for the project is being supplied by the Songo Songo gas field offshore Tanzania.  The power plant was still operational in June 2011. In June 2011, the contract was renewed for one year. The Ubungo plant was active from 2006 until 2008. By 2011, the government signed a new deal with Aggreko to supply 100MW of rental power from two locations, Ubungo and Tegeta.
Telenor ASA, a Norwegian telecommunication company, acquired Mobi 63, a Serbian government owned cellular company, from Serbia government.  Telenor acquired 100 per cent of Mobi 63 after an auction in Serbia on July 31, 2006 for a total of EUR 1.513 billion or USD 1.919 billion. The auction process took eight rounds before Telenor outbid Mobikom of Austria, Orascom of Egypt and a consortium of Austrian investors to take control of Mobi 063. The acquisition implied a 10-year licence for GSM 900/1800 and 3G operation for the company, subsequently renewable for a successive 10 year period on application.    The financial closure was reached on August 2006 when Telenor ASA completed all the legal requirements as stipulated in Sales Purchase Agreement.  Mobi 63 was initially called Mobtel, a private cellular company owned by Bogoljub Karic. The government of Serbia suspended and took over Mobtel operation in January 2006 following claims that Mr. Karic breached licence terms and damaged national security by ceding control of wireless operations in Kosovo to Mobikos, a company owned by Kosovan businessman Ekrem Luka. Government of Serbia gave the control of Mobtel to Telekom Serbia, which in turn changed Mobtel's name to Mobi 63.
The Brazilian company Geraoeste Usinas Eletricas do Oeste, a wholly-owned subsidiary of Eletroeste – Centrais Eletricas Ltda,  was granted authorizations to build three small hydro power plants located in the state of Mato Grosso (51.1 MW in total capacity). The 30-year contracts were signed with the regulatory agency ANEEL over the years since November 2000. Geraoeste would control the projects through its subsidiaries Nhandu Energia S.A. and Usinas do Oeste S.A.  The first contract signed was for the Nhandu and Rochedo Plants, which were set to have a capacity of 22 MW (municipality of Novo Mundo). PCH Sao Lourenco (former Ze Fernando) located in the municipality of Jucimeira also belongs to Geraoeste. With a total capacity of 29.1 MW, it began construction in 2007 and became operational in March 2009.   The Nhandu and Rochedo power plants demanded a total investment of US$ 46 million (BRL 100.2 million), which was financed with a loan from Banco do Amazonas amounting to US$ 27.6 million (BRL 60.1 million) granted in October 2006.  The Sao Lourenco power plant demanded investments of US$ 62.2 million (BRL 135.7 million). An EPC contract was signed with Odebrecht in July 2006 amounting to US$ 46.3 million (BRL 101 million). Financial closure was achieved in July 2006, when Geraoeste signed another contract with the state-owned Banco da Amazonia for a US$ 35.9  million (BRL 78.3 million) loan.  All PCH´s have signed power purchase agreements with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies).
Siam Power Generation developed a 450 MW gas-fired combined cycle plant at the Rayong Industrial Estate (previously the SSP Industrial Estate) in Ban Khai, Rayong Province.  The project was to sell 60 MW of power to the Electricity Generating Authority of Thailand (EGAT) under a 25-year power purchase agreement signed in March 1997, once the first 150 MW of the plant became operational.  The remaining 90 MW of power was to be sold to G Steel Ltd (one of the companies in the industrial park).  Fuel was provided by the Petroleum Authority of Thailand (PTT) under a 20-year fuel supply agreement for the delivery of 90-million cubic ft/day of natural gas.  The plant was to operate under the Small Power Producers program, which encourages sale of excess power from plants to EGAT.  Siam Power Generation was originally owned by a consortium of local firms (SSP Property 30% and SSP Holdings 30%), Nippon Plant Management (20%), Siriboon Holdings (5%) and other shareholders (15%).  In November 2005, M-Power TT Ltd. purchased a 55% stake in Siam Power Generation from E Power (Thailand) for US$22 million, financed by bank borrowings.  M-Power TT was in turn owned by Melewar Industrial Group Bhd. (75%, Malaysia) and Transturbo Engineering Sdn. Bhd. (25%, Malaysia).  By 2005, the remaining 45% of Siam Power was owned by BKK Partners Ltd. (Thailand).  It was initially expected that the first 200 MW would become available in 1998, with the full 450 MW available by 1999.  Gas Turbines, SA (France), a subsidiary of GEC-Alsthom, and Kolon Engineering and Construction (South Korea) were selected as the turnkey contractors.  However, the project faced significant delays following a shareholder dispute.  By 2005, the project had been divided into an initial 150 MW phase (20% completed by November 2005) expected to be completed by mid 2007 and a second 300 MW phase to be completed by 2009.
The private company NOVOGOR-Prikamye started its operations in municipal water utility in the city of Krasnokamsk on December 1, 2006.  The operator NOVOGOR-Prikamye was a specialized public utility company of Interros. It became a subsidiary of OJSC Russian Utility Systems (RKS) on January 17, 2007, that in turn was a part of Integrated Energy Systems (IES Holding).   NOVOGOR-Prikamye operated municipal water utility of Perm city and municipal water, electricity and heat utilities in the city of Berezniki, all located in the same Perm province called Permskiy Krai.
In September 2006, the Government of Orissa (GoO) signed a contract of 25 years (including 4 years of construction period) to Gopalpur Port Company Ltd. (GPL) (Consortium of Orissa Stevedores Ltd., Sara international Ltd., and Noble Group Ltd.), for the development of an all weather Gopalpur port in Orissa. The port is expected to handle annual cargo of 5.5 million tonnes. Please note that Gopalpur port was designated as a minor port.   Under the contract, GPL had the exclusive right to design, finance, build, manage and operate the Dhamra Port. When fully developed, the port was expected to handle all types of cargo such as dry bulk, break bulk, liquid and container cargo. The National Highway No. 5 (Kolkata-Chennai) passes about 6 Km from Gopalpur Port site. State Highway 7 and 17 are also connected with NH 5 and provide good road network in the region. There are two access roads connecting Gopalpur Port area to NH 5. The port project included rail connectivity to the main Howrah-Vishakhapatnam-Chennai broad gauge railway line. This railway siding is broad enough to handle a total cargo of more than 35 million tons. This connectivity would facilitate transport of forest produce and other agricultural products to the port of Gopalpur on sea and to larger markets on the coastal areas.  The consortium won the international competitive tender, conducted by Department of Commerce and Transport, Orissa, by quoting the highest revenue share from operations. The consortium then established Gopalpur Port Company Ltd, a special purpose vehicle (SPV), for the execution of the project on a Build, Own, Operate, Share, and Transfer (BOOST) basis, and operate the existing port during the construction of the new facility.   In October 2006, the state government transferred the operation of the port to the concessionaire. In 2007-08 shipping season [November-May], 18 vessels anchored at the minor port, which handled 2,46,738 MT of cargo. While during the shipment season of the year 2008-09, 11 vessels with a quantity of 2,52,351.800 MT were handled. In September 2009, the concessionaire made the first payment to the state government under the revenue sharing arrangement.   The expansion of the port reached its financial closure in April 2010. The total cost of the expansion was estimated to be INR 12.12 billion project was estimated to be US$ 267.5 million (at INR 45.31 per US$ exchange rate) with a debt-equity ratio of 70/30.     Construction commenced in September 2006 and the port was expected to be in commercial operation by 2010.
In September 2006, the Municipality of Tver awarded a 25 years lease contract for the city’s water infrastructure facilities to the Rosvodokanal (RVK), one of Russia’s largest private utility operator.  The  municipality also  signed a parallel five year investment agreement with RVK for a total invment commitment of about $86 million. RVK owned a 75% stake in the Tver Water Utility, the municipality owns the remaining 25%. Prior to RVK, the water utility was operated and maintained by the Municipal Unitary Enterprise (MUE).   As of January 2007, RVK provided technical and operational management services through long term lease contracts to total six municipal utilities throughout Russia (Barnaul, Kaluga, Krasnodar, Orenburg, Tyumen and Tver).  RVK is a wholly owned subsidiary of A1, the private equity arm of Alpha Group, one of Russia’s largest financial and industrial groups, with oil and gas, banking, telecommunications and other holdings.  In 2008, RVK obtained a loan from the IFC for RUB624 million or $25 million and another loan from the EBRD for RUB 5.6 billion or $224 million to support its obligations under the six long term lease contracts and investment agreements with the municipalities.  The EBRD/IFC loan provided financing to implement 5-year investment programs in each city in which RVK operated in 2007 and the acquisition of new utilities.
In June 2005, the National Highway Authority of India (NHAI) awarded a 20 year concession contract to India’s GMR Group to widen and strengthen the 35.1 km section on National Highway (NH) 21 & NH 22 between Ambala and Chandigarh, in Punjab state.   Under the contract, GMR was responsible for the operation, maintenance, and widening of the existing two-lane highway to a four-lane highway with paved shoulders. In addition, the project included nearly 21 km of service roads, two flyovers and 16 bus bays. The expansion project, part of National Highway Development Project - Phase III, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  GMR Group established GMR Ambala Chandigarh Expressway Pvt. Ltd, a special purpose vehicle, to implement the project. GMR won the tender through an international competitive tender, conducted by NHAI, by making the lowest subsidy request – a negative grant of US$ 12.34 million (net present value discounted at 10%) during the concession term of 20 years.  The concession agreement for the project was signed in November 2005 and the project reached financial closure in May 2006. The total capital cost of the project was estimated at US$ 86.5 million. The company raised US$ 62.3 million in senior debt from six bankers namely the Central Bank, Punjab National Bank, Bank of Maharashtra, State Bank of Patiala, Corporation Bank and the State Bank of Hyderabad. The debt syndication was done by UTI Bank Limited. The door to door tenure of the loan was 16 years including the repayment of loan in 12 years.  Construction on the project began in May 2006 and was expected to be completed by November 2008. As per NHAI, the project was completed in March 2009 and is currently operational.
In December 2005, National Highways Authority of India (NHAI) awarded a 20 year concession to Oriental Pathways (Agra) Private Limited (OPAPL) to upgrade, finance, operate and maintain the 45 km section on National Highway number 11 (NH-11) between Agra (Uttar Pradesh State) and Bharatpur (Rajasthan State). This project primarily involved strengthening and widening of the existing two lane stretch to a four lane dual carriageway. The concession term included the construction period of 30 months. OPAPL was to be compensated for the capital and operating costs from the tolls collected during the operational period of about 17.5 years.  The concession agreement between NHAI and OPAPL was signed in March 2006. This road upgrade was part of NHAI’s National Highway Development Project (NHDP) Phase III A. The objective of NHDP Phase IIIA was to widen (four lane) sections of national highways carrying high volume of traffic, connecting state capitals with the NHDP Phases I and II network and providing connectivity to places of economic, commercial and tourist importance.   OPAPL, a special purpose company established to implement this project, was jointly owned by Oriental Structural Engineers Private Ltd. and Delhi Brass Consortium. Note that information on the exact ownership structure of OPAPL was not available from public sources. OPAPL won the project in an international competitive tender, conducted by NHAI, by quoting an upfront payment of US$ 0.7 million.   India’s highway development policy allowed ‘viability funding’ by NHAI to the tune of 40 percent of the capital costs as grant to the concessionaire, subject to competitive bidding. However, in high traffic density corridors like this project that are very profitable, the bidders usually offered an upfront payment to NHAI instead of seeking a grant.  The total capital cost of the project was estimated at US$ 45 million.   Construction work on the project began in September 2006 and was expected to be completed by March 2009. As per NHAI, the project was completed in June 2009 and is currently operational.
Guohua Ruifeng (Rongcheng) Wind Power Company Limited was a Sino-foreign joint venture that was established in December 2006 by CLP Group and Hydro Tasmania, which holds a 24.5% stake in the project with the remaining 51% interest held by Guohua Energy Investment Co, Ltd.. The total investment was 503 million Yuan (US$ 63.11 million). The joint venture company would operate the wind farm in Rongcheng City, Shandong Province for a 20-year period. The capacity of the wind farm was 48.75 MW.
On Nov. 10, 2006, Orient Power Company (Pvt) Limited (OPCL) signed an implementation agreement with Private Power and Infrastructure Board (PPIB) of the Government of Pakistan to buid, own, operate and maintain a 225 MW combined-cycle power plant in Balloki, just outside the city of Lahore in Punjab province of Pakistan. This power project was the first to be implemented under the Policy for Power Generation Projects 2002 that clearly laid out the incentives and regulatory regime for private investments in power generation.   OPCL committed to sell all its power to the National Transmission and Dispatch Company under a 30 year long-term power sales agreement signed in August 2006. The generation capacity of this power project was expected to be doubled to 450MW under Phase II expansion. On completion of both phases, this project was expected to serve nearly 20% of the power requirements of Lahore. The project held a fuel supply contract with SNGPL signed in October 2006. The project consisted of 2 GT (GE 6FA)+2 HRSG+1 ST.  OPCL was jointly owned by entrepreneur Nadeem Babar (26.1%), Oman Oil Company (49%), and DEG (24.9%), part of the KfW group owned by the Government of the Federal Republic of Germany. Information on how this project was awarded to OPCL was not available from public sources.   The total cost of this project (Phase I) was estimated at US$170 million. The project reached financial closure in December 2006 with a debt of Rupees 8 billion from a consortium that included Habib Bank, Muslim Commercial Bank, United Bank, Allied Bank, Bank Alfalah, and Pak Oman Investment Company.  Construction on the project began in December 2006. OPCL was initially scheduled for commercial operations in December 2008. The power plant was evenutally commissioned in May 2010.
Senegalaise des Eaux was awarded a five year lease contract for the water utility of the capital city Dakar in April 2006, after the 10 year lease contract which started in April 1996 expired.    The Senegalese government included a unique clause in the contract which allowed the government to fine SdE if it failed to hit performance targets. The two main targets related to leakage reduction (to bring losses to a maximum of 15% over a five-year period) and improvement in bill collection (up to a level of 97% bill collection in the third year of operations).  One year extension granted in November 2010 until December 2012.  In May 2012, it was decided that Sde was to have its concession renewed for a period of 30 years, starting January 2012.
National Highways Authority of India (NHAI) awarded a 25 year concession to Raipur Expressways Limited (REL) to upgrade, finance, operate and maintain the 45 km section on National Highway six (NH-6) between Raipur and Aurang, in Chhattisgarh State. The project included four-laning of the existing two lane stretch; construction of two railway overbridges, one major bridge, six minor bridges, one flyover, six underpasses, 19 km long service roads, and three truck laybys. The concession term included the construction period of 30 months.   The concession agreement between NHAI and REL was signed in October 2005. This road upgrade project linking the state capital of Raipur with surrounding industrial areas was expected to improve connectivity, decongest traffic and ensure smooth cargo movement. This project was part of NHAI’s National Highway Development Project (NHDP) Phase III A. The objective of NHDP Phase IIIA was to widen (four lane) sections of national highways carrying high volume of traffic, connecting state capitals with the NHDP Phases I and II network and providing connectivity to places of economic, commercial and tourist importance.   REL, a special purpose company established to implement this project, was a joint venture between India’s DS Constructions Limited(58.22%), UK based Apollo Enterprises Limited (a DSC Group Company) (40%), John Laing International Limited (1.25%) and Laing O’Rourke Plc (0.50%) . The DS-Apollo consortium won the project in an international competitive tender, conducted by NHAI, by bidding for the lowest grant of US$ 1.7 million (net present value discounted at 10 %). India’s highway development policy allowed ‘viability funding’ by NHAI to the tune of 40 percent of the capital costs as grant to the concessionaire, subject to competitive bidding.   The total capital cost of the project was estimated at US$ 63.1 million. The project reached financial closure in December 2006 with a debt of 200 crores (US$44.14 million). The debt was raised by a consortium of banks led by State Bank of Travancore. Debt finance came from Sate Bank of Tranvancore (INR 40 crores), United Bank of India (INR 40 crores), Indian Infrastructure Finance Company (INR 40 crores), State Bank of Patiala (INR 26 crores), State Bank of Mysore (INR 18 crores), State Bank of Hyderabad (INR 18 crores) and State Bank of Indore (INR 18 crores). The remaining US$17.28 million was equity. REL was to be compensated for the capital and operating costs from the tolls collected during the concession term.  Construction work on the project began in April 2006 and was expected to be completed by January 2009.
At the end of 2006, the municipality of the city of Tyumen and  “Tyumen Vodokanal”, a 100% owned subsidiary of Rosvodokanal (RVK), signed a 25 year lease agreement for the city water and sewerage municipal utility. Previously, Tyumen Vodokanal had an 11 month operating agreement for the same utility. Under the 2007-2011 investment program approved by the city government on October 27, 2006 the investment commitments into the project for the period were about $182 million.   The company Rosvodokanal was created in 1949. In 2003, it became a part of Alfa Group Consortium, one of Russia’s largest privately owned financial-industrial conglomerates, with interests in oil and gas, commercial and investment banking, asset management, insurance, retail trade, telecommunications, technology, as well as other industrial-trade and special-situation investments. Rosvodokanal was undertaking projects in various parts of Russia, namely in Orenburg, Barnaul, Krasnodar, Tyumen, Tver, Kaluga, and Kaluga region. In addition, it was about to underatake projects in large cities in Ukraine.  Tyumen was a city in Russia, located on the Tura River 2,144 km east of Moscow. It was the administrative center of Tyumen Oblast in the Urals Federal District, with population of 510,719 people (2002 Census).  In 2008, Rosvodokanal obtained a loan from the IFC for RUB624 million or $25 million and another loan from the EBRD for RUB 5.6 billion or $224 million to support its obligations under the six long term lease contracts and investment agreements with the municipalities.  The EBRD/IFC loan provided financing to implement 5-year investment programs in each city in which Rosvodokanal operated in 2007 and the acquisition of new utilities.
In October 2006, OCCOVI, the Argentine highway concession control organization, awarded a 30-year concession to Corporación America-Helport to widen and build a 180 km highway in the Buenos Aires region. The first 100km planned to widen Route 8, and the final 80km was to be new construction. It connected the towns: Pilar, Capilla del Senor, San Antonia de Areco, Capitan Sarmiento, Arrecifes and Pergamino in the Buenos Aires region and was projected to shorten commutes to 1 hour. The project was the first successful initiative to qualify for a government program that gave a 5% bidding advantage to the original, private proponent of an infrastructure project.    The contract was awarded through a competitive tender in which three bidding consortia submitted offers for the lowest tariff: •	UTE comprised of Benito Roggio e Hijos S.A., Esuco S.A., and JCR S.A. for 11.7364 pesos;  •	Corporación America and Helport for 11.7340 pesos; and  •	CCI Construcciones S.A--Petersen Thiele and Cruz for 11.6192 pesos  Although Corporación America-Helport was not the lowest bid, its 5% bidding advantage ensured preference from OCCOVI. The consortium Corporación America-Helport was created by Corporación America (CASA), an investment company, and Helport S.A., a construction company. They are both private entities controlled by investor Eduardo Enuerkian.   The project reached financial closure on November 3rd, 2006 when Corporación America-Helport took possession of the portion of Route 8 earmarked in the contract. The total investment obligations were US $322 million (Argentine Peso 1 billion). The investment will be recovered through two toll booths situated at kilometer 66 and 193 of Route number 8.   As of June 2012,the government was considering cancelling the project, as the concessionaire failed to undertake the investment commitments.
In December 2006, Yunnan Joint Power Development Co., a joint venture of Yunnan Huaneng Lancang River Hydropower Co., Ltd., Yunnan Power Grid Company, and Yunnan Machinery & Equipment I/E Co.,Ltd. who are all Chinese state controlled companies, was awarded a 40 year agreement to build and operate the Shweli River Cascade 1 Hydropower Station in Shan State, Myanmar. The total investment was 414.1 million US$ and Yunnan Joint Power Development Co. owned 80% of the project. The capacity of the plant was 600MW and the plant started its operation in May 2009.
In January 2006, Turkish Airport Operator Tepe Akfen Ventures (TAV) secured a $ 132.75 million (113 million Euro) from Turkish bank Vakifbank and German bank West-LB to finance the construction of an international terminal at the Izmir Adnan Menderes Airport. Under the terms of the Build-Operate-Transfer (BOT) contract, the consortium company TAV took over the operations at the airport for 7 years and 4 months. The project had a 5 year loan re-payment period with an interest rate of LIBOR+ 0.3%. The total project cost was estimated $146 million (125 million Euro). On September 9, 2006, the new international terminal building was launched. Its capacity was 5 million passengers. The new terminal had 4 check-in islands, 34 lifts and 10 aircraft boarding bridges. Its parking lot had a capacity of 2237 vehicles.   In December 2011, TAV signed a new concession agreement to operate the international and domestic terminals of the airport until 2032. TAV won the tender for this concession by beating rival offers from  two other consortia Frapor/IC Ictas Holding  and Limak/GMR Infrastructure, with an offer of US$821 million (610 million euro)and a commitment to invest US$ 324.6 million (250 million euros) in the construction of a new domestic terminal. As a result of the contract TAV established TAV Ege Terminal Yatirim Yapin ve Isletme, as the company to operate the airpot.    In December 2012, TAV Airports signed a deal with five banks to borrow US$324 million(250 million euro) for the construction of the new terminal at Izmir Adnan Menderes Airport. The debt was provided as follows: EBRD provided a US$90.7 million (70 million euro) A-loan, and a US$97.2(75 million euro)B-loan with UniCredit participating with US$51.84(40million euro) and Siemens Bank participating with US$38.16 million(35 million); DenizBank provided a  US$84.2million (65 million euro) loan and Black Sea Development Bank provided a US$51.8 million (49 million euro).
In 2005, Ho Chi Minh City government awarded a 29 year BOT contract to a local consortium, Phu My Bridge BOT Shareholding Company (also called Phu My Bridge Joint-stock Company), to build the Phu My Bridge that spans the Saigon River linking districts 2 and 7. No information was available on contract award method.  Phu My Bridge BOT Shareholding Company was a consortium of five local companies comprising Hanoi Construction Company, Investment and Development Construction, Concrete 620, HCM City Infrastructure Investment and Thanh Danh Construction and Trading.   Financial closure was reached in November 2006. Financing was mainly provided through a US$93 million loan contracted with French banks Societe Generale and Calyon and guaranteed by Vietnam’s Ministry of Finance. It had a term of 10 years with a three-year grace period.  Representing a total investment of US$133 million, the bridge was expected to be completed late 2008. Under the terms of the contract, the Phu My Bridge BOT Shareholding Company was expected to collect tolls during 26 years beginning in 2009.  The 2,031-meter cable stayed bridge project with six lanes for vehicles and two lanes for pedestrians was the second biggest suspension bridge in Vietnam after the Bai Chay Bridge.  In September 2008, Vietnam Infrastructure, a publicly traded fund focusing on investment into infrastructure in Vietnam qcuired a minority equity stake in Phu My Bridge. However, it was unclear how much stake Vietnam Infrastructure bought in the project and from which investor. In September 2009, Phu My bridge was inaugurated and opened to the public.
In December 2006, a Beijing based private developer Farsighted Investment formed a subsidiary Xinjiang Farsighted Yeerqiang River Hydroelectric Power Development Co., Ltd. in Kashi District, Xinjiang Uygur Autonomous Region with the intention to develop the hydroelectric resources of Yeerqiang River. The registration capital of the venture was RMB 50 million (US$ 6.27 million). Farsighted Investment planned to invest over RMB 5 billion in hydroelectric projects in this area in the future. The project contract was granted by the Kashi District Government.
In 2003 the Kakira Sugar Works undertook plans to expand its cogeneration plant in order to provide power to the local Jinja area and to sell power to the national grid.  The project involved expanding the 4.5 MW generation capacity to 20 MW, of which 12 MW would be sold to the Uganda Electricity Transmission Company Limited.  The plant was fueled by bagasse (a sugar by-product).    The Kakira Sugar Works were a subsidiary of the Madhvani Group (Uganda).  The project was expected to cost US$43 million (including some expenditure on agricultural development and factory expansion).  Financing was being provided from the East African Development Bank ($8.6 million), the Netherlands Development Finance Institution (US$11.7 million) and the Global Environment Fund (US$3.3 million).  The Ugandan Government provided a US$3.54 million subsidy in to encourage development of the project.  Construction was expected to be completed by late 2006.   By 2009, the 20MW plant was delivering 12MW to the national grid.
The Brazilian company Brasil PCH  was granted authorizations to build and operate thirteen small hydro power plants located in the states of Rio de Janeiro, Minas Gerais, Goais and Espirito Santo (269 MW in total capacity). The 30-year contracts were signed with the regulatory agency ANEEL over the years since December 1999.  Brasil PCH was established as a partnership of Petrobras (49%), Eletroriver (21.56%), BSB Energetica (14.7%), Araguaia Centrais Eletricas (12.74%) and Jobelpa (2%).  The first contract signed was for the Carangola Power Plant, which was set to have a capacity of 15 MW. Construction works on this plant started in 2006 and the unit became operational in 2008. Twelve other projects were implemented since then and, as of June 2009, were also operational: PCH Bonfante, at Paraibuna river (MG), with capacity of 19 MW;  PCH Calheiros, located at Itabapoana river (RJ), with capacity of 19 MW; PCH Funil, located at Guanhaes river (MG), with capacity of 22,5 MW; PCH Jatai, located at Rio Claro river (GO), with capacity of 30 MW; PCH Retiro Velho, located at Rio da Prata river (GO), with capacity of 18 MW; PCH Sao Joaquim, located at Benevente river (GO), with capacity of 21 MW; PCH Sao Simao , located at Itapemirim river (ES), with capacity of 27 MW; PCH Fumaça IV (Caparao SA), located at Rio Preto river (MG), with capacity of 4,5 MW; PCH Irara, located at Rio Doce river (GO),  with capacity of 30 MW; PCH Monte Serrat, located at Paraibuna river (MG), with capacity of 25 MW; PCH Santa Fe I, located at Paraibuna river (MG), with capacity of 30MW; and PCH Sao Pedro, located at Rio Jucu Braco Norte (ES), with capacity of 30 MW.   Brasil PCH committed to invest US$ 581.2 million (BRL 1.3 billion) in the construction of the thirteen PCHs. In 2006, the project reached financial closure when Brasil PCH was granted a US$ 370.2 million (BRL 807 million) loan from the state-owned bank BNDES.  Most of the power plants were set to sell electricity to the national grid. The power plants had agreements with the distribution companies Light, CEMIG, Ampla, ESCELSA, Enersul and CELG. Except for PCH Calheiros, all other power plants signed  power purchase agreements with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies).  In February 2014, Renova Energia acquired 51% of Brasil PCH's shares in a deal worth US$ 314.8 million (BRL 739.9 million).
The Amatitlan Geothermal Facility was a 20MW power plant located  near the town and lake of the same name, 28km south-east of Guatemala's capital, Guatemala City, Guatamala. The Amatitlan Geothermal Facility was owned by Ortitlan Limitada a wholly-owned subsidiary,Omrat Technologies, Inc  [USA]. It was constructed in the fourth quarter of 2006 through equity contributions from its sponsor.   The plant was Ormat's second in the country, following its involvement in Zunil, a 24MW facility that came online in 1999. Ormat was the engineering, procurement, and construction contractor on that project, using its own technology, and gradually built up a stake in the plant from original investors CDC, the IFC and FMO. It took complete ownership of the Zunil plant in 2006.  The sponsor, which evolved from being an equipment supplier to contractor to developer and owner, signed the 20 year power purchase agreement (PPA) for Amatitlan in 2003. The PPA in turn, evolved from a tender for capacity that the INDE issued in 1999. It originally planned to finance the project with the Inter-American Development Bank, but was unable to reach terms with the lender.  The plant became operational in March 2007, initiating the PPA which was scheduled end in 2028. The remaining capacity was sold to a private company and the spot market.  As of December 31, 2008, the power plant generated nearly 17 MW and was scheduled to reach its designed capacity of 20MW towards the end of the second quarter of 2009.   The Amatitlan project was registered under the CDM (Clean Development Mechanism) on December 12, 2008. Under CDM the project will be eligible to receive certified emission reduction ("CER") credits, each equivalent to one tone of carbon dioxide, which can be traded or sold. The Project has a long term contract to sell all Amatitlan's CERs to a buyer domiciled in Europe.
In October 2006, Hyflux signed a 25-year rehabilitate, build, operate, transfer contract to maintain, operate and expand an existing water treatment facility in Langfang City, Hebei Province, China. The contract transfered maintainence and operation of an existing 80,000 cubic meter daily water treatment plant and required Hyflux to construct another 40,000 cubic meter daily plant to recycle water.  Hyflux Utility was a wholly owned subsidiary of SinoSpring Utility, Ltd., which in turn was 50% owned by Singapore-based and -registered Hyflux, and RB (Labuan), an arm of Malaysian textile manafacturer, Ramatex Group. Hyflux expected to invest US$ 18.9million in the project.  The project was expected to be complete by the end of 2007. As of February 2007, the project was under construction.
Wapda, a Pakistani integrated public sector power utility, awarded a contract to Alstom Power Rental (APR) for the installation and also the operation of a 136 MW power plant in Sheikhupura. The contract was for 36 months, with subsequent renewals of agreement, possibly on a longer-term basis. The project was estimated to cost APR about US$ 117 million. The emergency power supply agreement was signed on September 20, 2006. And, the project became operational in October 2006.  The plant was mentioned in a report in December 2010 and there doesn't seem to be any evidence of contract termination.
The municipality of Bryansk granted an 11 month lease contract extendable to 10 years for the city’s electricity and heating utility GUP "Bryanskkommunenergo" to Bryansk Utility Systems (BKS), subsidiary of Russian Utility Systems (RKS), on July 1, 2006. The BKS was created in May, 2006. Electricity distribution accounted for 24% of BKS’s activity, heating for 72%, and other activities for 3% in 2006.   Under the contract, BKS was to operate heat and electricity distribution in the city of Bryansk and in the Bryansk region, and liquidate the utility’s existing debts. In case the contract was extended over the initial 11 month period, the BKS committed to invest 538 million rubels over 2007-2009 period: 255 million rubels into electricity, 284 million rubels into heating. In 2007 BRK planned to invest 240 million rubels.  Under the contract, the next assets were transferred to BKS for the term of the lease: 456 heating plants, 860 km of heating pipes, 45 heating centers, 2514 transformer stations, and 11900 km of electricity networks. BKS was the biggest subsidiary of RKS.  RKS was created on May 29, 2003 by RAO Unified Energy Systems (25%), GazpromBank (25%), Interros (10%), Kuzbassrazrezugol (10%), Renova (10%), EvrazHolding (10%), and Evrofinans (10%). By the end of 2005 privately held company Integrated Energy Systems (KES) had purchased a 50% stake in RKS, while RAO UES held on to its 25% share. As of 2007, Integrated Energy Systems (KES) held 75% of RKS, with RAO UES holding 25%.  In May 2008, through a public auction, RAO UES sold its 25% stake in the RKS to Indville Management Ltd., an affiliate of IES-Holding, thus giving Integrated Energy Systems a 100% stake in the company.
In December 2006, the National Highway Authority of India (NHAI) signed a 20 year concession contract (including two years of construction period) to a India’s Hindustan Construction Company Limited (HCC) to widen and strengthen the 31 km section on National Highway (NH) 7 between Kadtal and Armur, in the state of Andhra Pradesh.  Under the contract, HCC was responsible for the design, construction, finance, operation and maintenance and widening of the existing two-lane highway to a four-lane highway with paved shoulders. The expansion project, part of National Highway Development Project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  HCC established Nirmal BOT Ltd. (NBL), a special purpose vehicle, to implement the project. HCC won the tender through competitive bidding, conducted by NHAI by making the lowest annuity payment request. Under the contract, Nirmal BOT Ltd. was to recover the capital costs and operating costs including returns through a fixed annual payment (annuity) from the NHAI in the amount of US$ 11.9  million during the concession term (excluding two and a half years of construction period). Under the annuity scheme, the private operator cannot collect tolls from the users of the facility.  The project reached financial closure in December 2006.The total capital cost of the project was estimated at US$ 79.5 million. This included a 16 year term loan of $63.768 million with State Bank of India in the lead. The debt equity ratio was 80/20  Construction on the project began in December 2006 and was expected to be completed by November 2008.
In August 2006 the Nigerian Communications Commission (NCC), the government’s telecom sector regulator, awarded a 10 year “unified access service license” to private operator Danjay Telecoms Ltd. The license allowed Danjay Telecom to provide National Digital Mobile Services, National Fixed Telephony Services, National Long Distance Services, International Access, Internet Services Provision and Broadband Multimedia Services.   The NCC website did not publish the total fees paid by Danjay Telecoms, but indicated they were all paid in full by the end of 2006. Press articles placed the licensing fees at N260 million ($2 million).  Danjay Telecoms was a subsidiary of JAP Holdings, founded by Paul Mbu.
In February 2005, Grimaldi Lines signed an agreement with the Federal Government of Nigeria through its subsidiary Ports & Terminal Multiservices Ltd (PTML) to Build, Operate and Transfer (BOT) a new terminal in Lagos. Under the BOT agreement – the first of this kind signed by the Federal Government in the maritime sector – Grimaldi assumed the obligation to build the new infrastructure at its own cost, to manage it for 25 years, to pay royalties to the Nigerian Port Authority and to return it at the end of the concession to the Federal Government.  The first phase of the Terminal – which entailed the construction of a new 220mt berth, the paving of 220,000 sqm and the provision of all necessary infrastructure – was commissioned after only 16 months, in August 2006 by the then President of Nigeria, Chief Olusegun Obasanjo, GCFR. $60 million was invested. The second phase – which included the construction of a second 200mt berth and the reclamation of additional 40,000 sqm of terminal area, was completed one year later. Upon completion, PTML featured two berths for deep-sea vessels, more than 210,000 square meters of yard, and state-of-the art facilities and equipment (3,500 square meters of warehouses).   PTML invested over $100 million in infrastructural development and procurement of cargo handling.
Huaqi Environmental Protection Co., Ltd. signed an agreement in September 2006 to construct a wastewater treatment plant with a capacity of 25,000 cubic meters per day in Dingshu Zhen, Yixing City, Jiangsu Province. The project was procured via competitive bidding. Huaqi would operate the facility for 25 years before transferring it back to the local government. The total investment was RMB 53 million (US$ 6.65 million). Huaqi owns 100% of the project.
In October 2005, National Highways Authority of India (NHAI) signed a 20 year concession agreement with Mumbai Nasik Expressway Limited (MNEL) for the upgrade, operation and maintenance of the 100 km stretch on National Highway 3 (NH-3), between Vadape and Gonde, in the state of Maharashtra. Under the agreement, MNEL was required to design, finance and widen the existing two-lane stretch to a four lane highway with paved shoulders in return for the right to collect tolls for 20 years. The project also included construction of three major bridges, six railway over bridges, six underpasses for vehicles, eight pedestrian and cattle crossing, and nice truck laybys. The concession term included the construction period of three years. This road upgrade project, part of National Highway Development Project – Phase III A, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  MNEL was a jointly owned by three Indian firms namely: Gammon India Limited, Sadbhav Engineering Limited (20%) and B.E. Billimoria & Company Limited. However, the exact ownership structure of MNEL was not publicly available. MNEL won the concession in an international competitive tender, conducted by NHAI, by bidding for the lowest grant of US$ 17.7 million. India’s highway development policy allowed ‘viability funding’ by NHAI to the tune of 40 percent of the capital costs as grant to the concessionaire, subject to competitive bidding.   The total capital cost of the project was estimated at US$ 128 million. The project reached financial closure in May 2006. The debt was arranged by a consortium led by SBI Group.   Construction work on the project began in April 2006 and was expected to be completed by April 2009.
In July 2006, National Highways Authority of India (NHAI) signed a 15 year concession agreement with IDAA Infrastructure Private Limited (IDAA) to upgrade, finance, operate and maintain the 65 Km stretch on National Highway 8 (NH-8) between Bharuch and Surat, in Gujarat State. The project included six laning of the existing four lane stretch; construction of 12 major and 33 minor bridges, 6 flyovers, two rail overbridges, 27.5 km of service roads, and 10 pedestrian underpasses. The 15 year concession term included the construction period of 30 months.   The Bharuch-Surat highway project, an important link in the high density corridor connecting Mumbai and Delhi, was the first project to be awarded under National Highway Development Project (NHDP) – Phase V. Under this phase, about 6,500 km of National Highways including the Golden Quadrilateral were to be widened from 4 to 6-lanes.   IDAA Infrastructure Private Limited was jointly owned by four Indian firms namely - Ideal Road Builders Ltd, Aryan Toll Road Company, DVJ Leasing and Finance Pvt Ltd and ATR Infrastructure. However, information on the exact shareholding structure of IDAA was not available from public sources. IDAA won the project in an international competitive tender, conducted by NHAI, by offering to make an upfront payment of US$ 111 million for the right to collect tolls during the term of the concession.    India’s highway development policy allowed ‘viability funding’ by NHAI to the tune of 40 percent of the capital costs as grant to the concessionaire, subject to competitive bidding. However, in high traffic density corridors that are very profitable, the bidders usually offered an upfront payment to NHAI instead of seeking a grant.  The total capital cost of the project was estimated at US$ 199.8 million. The project reached financial closure in December 2006 with US$267.3 million of debt and US$43.7 million of equity.  Construction work on the project began in Jan 2007 and was expected to be completed by July 2009. As per NHAI, the project was completed in September 2009 and is currently operational.
In October 2006, Bulgaria's State Energy and Water Regulatory Commission (SEWRC) awarded a 35-year concession to Citygas for the construction and operation of a gas distribution network in the Trakia region. Citygas was 90.2% owned by Gruppo Societa Gas Rimini SpA [Italy].  Bulgaria's State Energy and Water Regulatory Commission (SEWRC) held a competitive tender for the award of the license. The four other bidders were Overgas, Acegas/Construzioni Dondi, Enel and EVN. Citygas was deemed the winning bidder and was officially awarded the license in October 2006.   The project’s objective is the construction and operation of 1,700km of gas distribution pipelines and associated infrastructure that will provide a gas connection to over 1,000 industrial clients, 1,500 commercial clients and 96,000 domestic users. Citygas planned to invest 294 mln levs (US$191.6/EUR150.4 million) over the license period.
In February 2001, a memorandum of understanding (MoU) was signed between Pakistan’s Civil Aviation Authority (CAA) and the Sialkot Chamber of Commerce and Industry (SCCI) for the construction, operation and management of Sialkot International Airport. Under the MoU, Sialkot International Airport Limited (SIAL) was formed by SCCI to develop the airport on a build, own and operate (BOO) basis. The airport was developed to realize the full business potential of one of Pakistan’s most heavily industrialized region, the export-oriented golden triangle between Sialkot, Gujranwala and Gujrat. Before SIA, the region was served by Lahore and Islamabad Airports, which were fairly distant. According to the feasibility studies, the total savings generated by SIA was estimated at around US$ 51.49 million annually. The Government of Pakistan (GoP) was unable to fund the project due to financial constraints.  SIA was designed to have a 3.6 km runway and an apron covering 45,000 square meters. At the time of its opening, SIA was estimated to serve 472,000 passengers per year and handle a cargo load of 24,000 tons per year.   The total cost of the project was estimated at US$ 40 million. The project was owned and funded by the members of the SCCI. As of December 2006, SIAL had 250 industrialists and businessmen from the Sialkot region as directors on its board, and each of the directors had personally invested US$ 0.09 million generating a total of US$ 22.5 million.   SIAL engaged National Engineering Services Pakistan (Pvt) Limited (NESPAK) to develop the master plan for SIA, which was further approved by CAA. Pakistan State Oil (PSO) was responsible for the provision of aviation, consumer and retail facilities at SIA. Australian company “inter-scan” was hired by SIAL to provide international standard travel facilities, guidance to the aircrafts and for the installation of air traffic control.   After experiencing significant delays during the construction phase, SIA commenced commercial operations on Nov. 30, 2007.
In August 2008, Kardan Water International Group Co., Ltd. successfully acquired 88.13% of Tianjin Huanke Water Affairs Co. Ltd. from Tianjin Trust Investment Company. Tianjin Huanke Water Affairs Co. Ltd. provides potable water supply services in Tianjin Municipality with a capacity of 220,000 cubic meters per day. Kardan paid RMB 119 million (US$ 15.64 million) in the deal.
In October 2007, Hyderabad Urban Development Authority (HUDA) signed a 15 year contract(includes a construction period of 30 months) with East Hyderabad Expressway Ltd. (EHEL) for construction of a 13 km stretch on Outer Ring Road (ORR) between Pedda Amberpet and Bongulur, in Andhra Pradesh. It is a part of Greater Hyderabad Growth Corridor Project (Outer Ring Road Project).   Under the contract, EHEL was responsible for the design, construction, development, finance, operation and maintenance of the 13 km stretch of the eight lane access controlled expressway. This ring road is expected to decongest the traffic flow on the existing major arterials and relieve congestion on metropolitan area and inner ring road and meet the future demand.  EHEL, a joint venture between IL&FS Transportation Networks Limited and KMC Constructions Limited EHEL, was established to implement this project. The consortium won the tender through domestic competitive bidding, conducted by HUDA, by asking for the lowest annuity payment. Under the contract EHEL was allowed to recover the capital costs and operating costs including returns, through a fixed annual payment (annuity) from HUDA during the operation period. Under the annuity scheme, the private operator was not allowed to collect tolls from the users.   The project reached financial closure in October 2007. The total capital cost of the project was estimated at US$ 106.95 million.   Construction work on the project began in October 2007 and was expected to be completed by March 2010.
In September 2007, a Hong Kong company InterChina Holdings acquired 100% of Hanzhong City Xingyuan Water Supply Co., Ltd. through competitive bidding to operate a water distribution network in Hanzhong City, Shannxi Province under a 25 year contract. The total investment was 103.27 million Yuan (US$ 13.59 million). The network serves 0.28 million people in Hanzhong District.
MAPNA Group, an Iran industrial group, was planning the development of the 467MW Yadz Power Plant (also reported as 478MW), using both CCNG and CSP technology, in Yadz province. It consisted of two gas turbines of 159MW each, a steam unit of 143MW, and a CSP unit of 17MW. Total capacity used here was 478MW due to the level of detail in the breakdown (more convincing).   The EPC contractor was Petrotechno (Petro Tech Sun International Co., or: PTS). The equipment was supplied by Alstom and Siemens (CCNG). The CSP system was supplied by Doosan and MAPNA, using Parabolic Through technology. The project was commissioned in 2009. The 'contract' between Iran Electricity Development Organization and MAPNA was signed in fall of 2006. It is not totaly clear if MAPNA is the developer or the EPC contractor - the alternative would be Iran Electricity Development Organization. However, given that Petrotechno reportedly executed the EPC work, it seems more likely MAPNA was the developer and got permitted/awarded by Iran Electricity Development Organization. Assuming construction lasted 3 years (2006-2009), financial closure was reached in fall of 2007.  Total cost was reported at EUR 125.7 million ($158.2 million), of which EUR100.55 ($126.6 million) was provided through debt and the remainder in equity ($57.7 million). The debt/equity ratio was 64/36.
Beijing Herocan Environmental Engineering Tech Co. Ltd signed an agreement in September 2007 to rehabilitate and operate a wastewater treatment plant with a capacity of 43,000 cubic meters per day in Huzhou City, Zhejiang Province. The project was procured via competitive bidding. Herocan established a project company, Huzhou Nanxun Jiacheng Co., to operate the facility for 50 years before transferring it back to the local government. The total investment was RMB 102.48 million (US$ 13.47 million) including RMB 63.48 million (US$ 8.34) for rehabilitation. Herocan owns 100% of the project.
The Taizhou City Dachen Island Wind Farm Project was sponsored by two local private firms Shanghai Hupo Energy Technology Company Limited and Zhejiang Xingxing Group, who established a joint venture Taizhou City Xingxing Wind Power Company Limited (65% and 35% respectively) to build and then operate the wind farm under a 50 year agreement. The project was located in Dachen Island, Taizhou City, Zhejiang Province and construction commenced in July 2007. The total investment was 254.26 million Yuan (US$ 33.46 million). The capacity of the project was 25.5 MW.
In February 2007, Terminal de Servicios Portuarios Patagonia Norte SA signed a 20 year concession contract with Consorcio de Gestión del Puerto de Bahía Blanca (CGPBB), the port authority of Bahia Blanca, to operate a container terminal at the dock Ingeniero White. The terminal was completed in 2006 by CGPBB. It was the only container terminal at Bahia Blanca. Terminal de Servicios Portuarios Patagonia Norte SA also operated the port of San Antonio Este, in Rio Negro state. Although both terminals were on similar shipping routes, only the Bahia Blanca terminal was able to service large container vessels due to its deep water.   In October 2006, the contract was awarded through a public tender in which Terminal de Servicios Portuarios Patagonia Norte SA submitted the only bid. Three other firms: Terminal Bioceanica, Transporte y Logistica Don Pedro SRL, and International Trade Logistics bought the bidding rules but they did not actually make offers.  Total investment for the 20 year concession was estimated at US $9.5 million. In October 2007, The Inter-American Investment Corporation loaned US $4 million to Terminal de Servicios Portuarios Patagonia Norte SA to make the port operational. It was expected to become partially operational by the end of November 2007 and fully operational by the first quarter of 2008.   Operations commenced in April 2008.
In September 2004, the contract to build, operate and maintain a new underwater tunnel was awarded to Concesionaria Tunel de Coatzacoalcos SA de CV (Cotuco) by the state of Veracruz for a period of 30 years. Further bidding information was not available. The Coatzacoalcos Underwater Tunnel or Tunel Sumergido de Coatzacoalcos was to relieve traffic congestion and connect Coatzacoalcos city with its port district on the other side of the Coatzacoalcos River in the state of Veracruz. It was to complement an existing bridge that had been in operation since 1958 that had experienced frequent traffic bottlenecks.   The project's total layout was 2,280 meters in length, 1,196 of which run through the tunnel as follows: 828 metres are cut through an underwater tunnel and 368 metres are run using the “cut and cover” system. Of the latter section, 261 metres lie on the Coatzacoalcos side and 107 metres in Allende. Both areas are reached by ramps; the west ramp was 140 metres long and the east ramp was somewhat longer than 113 metres. The tunnel was designed to have five lanes, including one emergency lane, and would carry roughly 18,000 vehicles per day.  In November 2007, the contract to construct the bridge was signed with federal authorities, the state of Veracruz and the project company, Cotuco. Cotuco was a subsidiary of GVI which, in turn, was owned by Caja Madrid [Spain] and Fomento de Construcciones y Contratas S.A. (FCC) [Spain].   Tunel Sumergido de Coatzacoalcos agreed to pay for 60% of the project and would recoup costs through tolls, to be set at roughly 14 pesos each way. Veracruz state and the Federal government agreed to pay for the balance of the project cost.   Financing for the bridge came from several sources and was committed during the contract signing. GVI was to provide 600mn pesos (US $54.6 million) of its own resources and had a credit line of 700mn pesos (US $63.7 million) from a syndication of Banco Santander and Banobras. Veracruz state was to donate 380mn pesos (US $34.6 million) and the federal government was to grant 370mn pesos (US $33.7 million) from its infrastructure investment fund Finfra. Total project cost was estimated at 2050 mn MXN (US $186.7 million).   36 months were allocated for construction which commenced in March of 2007.  The bridge was expected to become operational in 2010.   In December 2013, the government openned a court case against the private sponsors, due to delays in the construction works and financial issues associated with the project.  In June 2016, the sponsors were granted a US$ 45.2 million in loans to refinance its debts.
In February 2007, the Government of Gabon divested partially Gabon Telecom by selling 51% of its stake to Vivendi's subsidiary Maroc Telecom at a price of US$79 million.  Gabon Telecom was the national telecom operator and had monopoly on landline services in the country. A key asset of Gabon Telecom was its wholly owned GSM subsidiary Libertis. As of December 2007, Gabon Telecom had 23 500 fixed lines connections and 386 300 mobile lines connections. Gabon Telecom was also a shareholder of the Sat-3/WASC submarine cable and proposed a wide range of services such as ISP, data-transmission services through VSAT, and radio and TV signal transmissions.   The award followed a competitive bidding process. It was reported than about 10 companies expressed their interest in the divestiture. However, the exact number of bidders and their names were not disclosed.  Under the divestiture agreement, Gabon Telecom was granted a five-year fixed-line exclusivity period.
Following a period of competitive negotiation, PT Jakarta Lingkar Baratsatu (JLB) signed a toll concession agreement to develop Jakarta Outer Ring Road Section W1, connecting Kebon Jeruk in West Jakarta with Penjaringan in North Jakarta, on a build, operate and transfer basis for a period of 35 years on Feb. 2, 2007.  Financial closure was reached on Aug. 1, 2007, with the signing of a syndicated loan agreement between JLB and Bank Mandiri (MLA), Bank Bukopin, Bank DKI and Bank Panin. The 9.7 km road had an estimated investment cost of US$241 million, 31% of which (US$75 million) was be provided by JLB and 69% of which (US$166 million) was from the syndicated loan.  The loan had a tenor of 11 years including a grace period of 3.5 years. Bank Mandiri alone was provide US$133 million of the financing. The remainder of the debt (US$33 million) was to be provided by Bank Bukopin, Bank DKI and Bank Panin.  The main equity holders in JLB were PT Bangun Tjipta Sarana and Bosowa Group. A dispute between PT Bangun Tjipta Sarana and Bosowa group concerning their relative equity shares in JLB had prevented loan disbursement for several months during 2007-8. As of Dec. 31, 2008, construction of the toll road was 40% complete.
The Colombian company Tecnologica Intercontinental (Ticsa) was awarded the 20-year contract to build and operate the wastewater treatment plant named PTAR Lerdo (Lerdo, state of Durango). The treatment plant was set to have a capacity of 750 liters/second (17.3  m3/day), benefiting 130,000 people.  In April 2007, the sponsor had established the special purpose company Ecosistema de Ciudad Lerdo S.A. de C.V. to lead the project. Detailed information on the project award process led by the state government was not available.  The investment was estimated at US$ 27.7 million (Pesos 350 million). Construction works were concluded in August 2010.
In March 2007, a consortium of PSA Corp [Singapore] and ICTS [Philippines] was awarded a 20-year concession by the Port Authority of Guayaquil (APG)  to rehabilitate and increase the capacity of a container and multi-purpose terminal in the port of Guayaquil. The terminals had a capacity of 600,000 TEU in 2006.   Although seven bidders pre-qualified for the project, the winning consortium was the only one to make a final bid in December 2006. The winning consortium bid to pay APG, US$10.43 per container handled, which was 73% higher than the US$6.00 amount set in the bidding rules. The contract was signed on June 1, 2007. ICTS and PSA corp formed Contecon Guayaquil SA (CGSA) as a special purpose vehicle for the project.  To expand capacity at the port, the CGSA was to invest approximately US $160 million. It was also to pay US $30 million in five annual installments of US $6 million to the port authority. The first installment was paid at contract signing. CGSA took possession of the port on August 1, 2007.
In June 2007, Veolia Environment was awarded a 30 year concession contract to provide water supply and sewerage treatment services in Haikou City, Hainan Province on a competitive basis. Veolia invested 933.45 million Yuan (US$ 122.82 million) in acquiring 49% ownership of the facilities (raw water supply; potable water supply, 250,000 cubic meters per day; and sewerage treatment, 290,000 cubic meters per day) serving 800,000 people in Haikou City. A joint venture Haikou City Veolia Water Affairs Co., Ltd. was established to implement the project.
Guohua Ruifeng (Dongyinghekou) Wind Power Company Limited was a Sino-foreign joint venture that was established in December 2007 by CLP Group and Hydro Tasmania, which holds a 24.5% stake in the project with the remaining 51% interest held by Guohua Energy Investment Co, Ltd.. The total investment was US$ 75 million. The joint venture company would operate the wind farm in Hekou District, Shandong Province for a 20-year period. The capacity of the wind farm was 50 MW.
In november  2005 , Alusa Engenharia Ltda, was awarded in a competitive bidding process organized by the regulatory agency ANEEL  the 30-year contract to build and operate a 195-km transmission line located in the state of Santa Catarina (Barra Grande – Lajes-Rio do Sul). Besides Alusa Engenharia Ltda, eight other companies took part in the contest: CONSÓRCIO CME - EFACEC; state-owned company CEMIG; ABENGOA S.A.; CONSÓRCIO CURUPIRA; CONSÓRCIO BANDEIRANTE; ISA - INTERCONEXIÓN ELÉCTRICA S.A. E.S.P.; and ELECNOR S.A.  The bidding criteria set by ANEEL was the lowest required annual revenue. Alusa Engenharia Ltda. presented the lowest offer, a total value of US$ 8.16 million (BRL 17.79 million), 41.44% below the ceiling set by the regulatory agency. The contract was signed in April 2006, and the sponsors created the company Sistema de Transmissão Catarinense S.A. to lead the project during the 30-year contract period.   The sponsor committed US$ 86.1 million (BRL 167.8 million) in the transmission line. Financial closure was achieved in October 2007, when the sponsor was granted a US $ 63.7 million (BRL 124.3 million) loan from BNDES. The remaining cost was set to be financed with the sponsors’ internal resources.  In October 2008, 80% of the shares in the project company was transferred to the company Empresa Amazonense de Transmissão de Energia S.A., whose shareholding structure was the following: the state-owned company Cemig held 49.99% of the shares, while Alusa held 50.01%.
In August 2007, the Government of Uganda procured Aggreko to implement a 50MW thermal plant at Mutundwe under a 3-year rental contract. This emergency power supply contract was supported by the World Bank.  The award followed a competititve bidding process initiated in 2006. Four companies participated to the bidding process: Unatrac International, Jacobsen AS Elecktro, MFK Corporation and Aggreko International.  The implementation agreement and the power purchase agreement were signed in January 2008 in Kampala. Under the agreement, the plant was expected to run for 18-hours daily under the power purchase agreement.   The equipment for the contract was expected to be installed in phases and commissioned during the second quarter of 2008.  The estimated investment for the rental power plants was determined by calculating an equivalent annual depreciation per MW and multiplying it by the number of years in the contract. We have used the following assumptions for this estimate: US$600 per kW as estimated investment, 15 years as expected asset life, and 10 percent as the annual discount (return) rate.  Mutundwe power plant was shut down by Aggreko in November 2011 following financial disputes with the government. By 2012, the government had decommissioned the Mutundwe plant.
OAO KirovEnergoSbyt was an energy sales company engaged in the electricity power distribution serving residential and industrial consumers in Kyrov Oblast. The company was founded in 2005 and was based in Kirov, Russian Federation.  The company served about 640,000 residential customers. Open Joint Stock company KirovEnergoSbyt was spun off its parent OAO KirovEnergo in May 2005 as part of the energy sector reform carried out in Russia.   On December 4, 2007 RAO UES of Russia held an auction to sell the government-owned stake in KirovEnergoSbyt.  IES-Holding, represented by the Center Region Invest LLC, purchased a 48.17% stake in Kirovenergosbyt at a price less than 1% above the initial bid or US$ 12.34 million.  IES-Holding faced no competition for KirovEnergoSbyt.  KirovEnergoSbyt was also owned by IES, Wilmington Investments Limited (18%) and Basly Management Limited (8%). In October 2009, it was reported that IES had increased its stake in KirovEnergoSbyt to 94.5% by buying out Wilmington Investments' share in the company.  As of 2011 the shareholders of the company were (the company did not publish the actual shareholders but only nominee shareholders) "Depository and Corporate Technologies" (nominee),69.57%; "Depository Clearing Company" (nominee), 17.25%;"National Settlement Depository" (nominee), 8.27%; Other legal entities, 0.60%; Individuals ,4.31%
In April 2007, the City of Astana (Astana Akimat)in Kazakhstan granted a 10 year management contract to operate, manage and maintain Astana International Airport to Malaysia Airports Management & Technical Services (Labuan) Private Ltd or MAMTS (L). At that time the contract was signed, Astana airport was the second largest international airport in Kazakhstan. Previously the airport was managed by the Joint Stock Company International Airport Astana (JSC), which was a wholly-owned company of the Kazakhstan government.   MAMTS(L) was a wholly owned subsidiary of Malaysia Airports Holdings Bhd (MAHB). MAMTS(L) had been providing some management service to the airport since September 2002 but that was together with the Kazakh government. The management contract took the following form: MAMTS(L) entered into a trust management agreement through which it was transferred the entire state shareholding in the Joint Stock Company "International Airport Astana" (JSC). Under that contract, MAMTS(L) agreed to be paid up to a maximum of 50% of the dividends declared by the JSC annually. The percentage of the dividend that the contractor would receive would depend solely on the ratings achieved by MAMSTL based on a set of key performance indicators (e.g. the number of passengers, service standards, total revenue per passenger and total operating costs per passenger).   Malaysia Airports and JSC International Airport Astana agreed to the mutual termination of the Trust Management Agreement for Astana International Airport with effect from 4 June 2009. This decision was made mutually in view that the expertise, knowledge and experience garnered by the state-owned International Airport Astana from working with Malaysia Airports had enabled International Airport Astana to manage and operate the airport independently.
The Teesta VI Hydro Electric Project was a 500 MW project located across the Teesta River in the state of Sikkim. The project was designed to generate 2441 million units per annum (about 500 MW – 4 units of 125 MW each). The project was developed by LANCO Energy Pvt Ltd (LEPL), a special purpose vehicle established to implement the project on a Build-Own-Operate-Transfer (BOOT) basis for a period of 35 years.   LANCO Infratech Ltd (LITL) held 74% stake in LANCO Energy Pvt Ltd (LEPL) while Government of Sikkim (GoS) held the remaining 26%. The equity participation of GoS did not involve any actual upfront payment by the Government. Instead, the payment of upfront equity was to be adjusted against the proceeds from sale of free power from the project to the GoS. The project was required to provide royalty to the GoS in the form of free power to the extent of 12% of the energy generated from the project for the first 12 years, 18% of the energy generated for the for 12-30 years and 30% of the energy generated for beyond 30 years. LEPL signed a power purchase agreement (PPA) for the sale of remaining power from this project for a period of 25 years with Maharashtra State Electricity Distribution Company Limited (MSEDCL), the electricity distribution licensee in the state of Maharashtra.   The project was awarded by the Government of Sikkim by way of competitive bidding on the basis of the highest upfront premium paid to the Government of Sikkim.   The project was expected to cost US$ 750 million and achieved financial closure in July 2007. The project was financed through a mix of debt (80%) and equity (20%). Consortiums of nine banks and financial institutions, with ICICI Bank in the lead, have provided the debt required for the project.
In June 2007, Taipusi Shenhua Xiehe Wind Power Company, a joint venture by China Windpower was established to build and operate the Taipusi Shenhua Xiehe Wind Farm in Taipusiqi, Inner Mongolia Autonomous Region under  a 30 year agreement. China Windpower owned 50% of the project. The total investment was 397 million Yuan (US$ 52.24 million). The capacity of the wind farm was 49.5 MW.
The Brazilian company Eletrotecnica Tangara Ltda (ELTAN) was granted an authorization to build and operate a 30-MW small hydro power plant located in the Curua River, state of Para (in the municipality of Altamira). The 30-year contract was signed with the federal regulatory agency ANEEL in  July 2002.   ELTAN committed to invest US$ 86.2 million (BRL 168.2 million) in the construction of PCH Salto Curua. Financial closure for the project was reached in 2007 when the company was granted a US$ 62.2 million (BRL 121.4 million) syndicated loan by the state owned bank BNDES.  The remaining cost was set to be financed with the sponsors’ internal resources. The special purpose company Curua Energia S.A. was created to manage the project.  In 2007, the ownership of Curua Energia was transferred to Mafe Energia e Participacoes S.A.  Construction works on the power plant started in 2007, and the unit became operational in 2008.  Curua Energia signed a power purchase agreement with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies) but the contract was revoked soon after the signing.
In January 2007, Concesion Aeropuerto San Andres y Providencia SA, (CASYP SA) signed a 20 year concession contract for the rehabilitation and modernization of the San Andres and Providencia Airports with AEROCIVIL, Colombia’s civil aviation authority. Traffic at the two island airports, named Gustavo Rojas Pinilla and El Embrujo respectively, had increased by over 50% in the few years preceding the concession and was expected to continue to rise. The contract called for expanding the terminal at both airports, increasing the size of the runway at the Gustavo Rojas Pinilla airport as well as various other works.   The contract was awarded in December 2006 and carried out through a competitive tender. The bidding criteria stipulated that the winning bid would be the median amount of government participation plus an additional five percent. Three consortia presented offers: •	Promesa de Sociedad Futura Concesionaria Aeroportuaria delArchipiélago S.A. (37.2500%)  •	Promesa de Sociedad Futura Aeroportuaria San Andrés y Providencia (ASAP) S.A.; (20.9960%) •	Promesa de Sociedad Futura Operadora Aeroportuaria del Caribe S.A. (Opercaribe) S.A. (12.2000%)  The ASAP consortium presented the winning bid as it was closest to the median amount and the next highest bid was more than 5% of its offer. ASAP formed the special purpose vehicle Concesion Aeropuerto San Andres y Providencia SA, (CASYP SA) to administer the airports. The SPV was comprised of: Estudios Tecnicos SA, Vicon SA, CONINSA & Ramon HSA, AIA SA, Construcciones CF LTDA, Agencias Universales SA AGUNSA, Construtel LTDA, Pedro Ramon Emiliani Catinche.   Total investment commitments for the project were estimated at US $20 million.    The concession contract was terminated in September 2014 due to lack of compliance of the contract terms by the sponsors.
In December 2007, the Hyderabad Urban Development Authority (HUDA) signed a 15 year contract (including two and a half years of construction period) to Hyderabad Expressway Pvt. Ltd.(HEPL) for construction of a 13 km stretch of 8-lane expressway in the city of Hyderabad.  The project was part of Phase II program of Outer Ring Road (ORR) of HUDA in Andhra Pradesh. The important places to be linked by this outer ring road include Patancheru, Shamirpet, Shamshabad and Amberpet Kalan on Vijayawada road. It would be 75 feet wide and would have eight lanes.   Under the contract, HEPL was responsible for the design, construction, development, finance, operation and maintainence of the 13 km stretch of the eight-lane acess controlled expressway (AP-IV ORR).This ring road is expected to decongest the traffic flow on the existing major arterials and relieve congestion on metropolitan area and inner ring road and meet the future demand.  HEPL, the project company established to implement the project, was owned by India’s Gayatri Projects Ltd (50%) and Maytas Infrastructure Private Ltd (50%). The consortium won the contract through domestic competitive bidding conducted by HUDA, by asking for the lowest subsidy. Under the concession contract, HEPL was to recover the capital costs and operating costs including returns by way of a fixed annual payment (annuity) from the Hyderabad Urban Development Authority in the amount of US$ 15.25 million during the concession term (excluding two and a half years of construction period) and one time upfront subsidy of US$ 17.6 million from HUDA.  The total capital cost of the project was estimated at Rs 430.96 crores (104 million). Of this, the upfront subsidy would cover  US$ 17.6 million. The project reached financial closure in December 2007 with a debt equity ratio of 4.2:1. Contribution by both Gayatri Projects Ltd. and Maytas infrastructure Private Limited was US$ 8.5 million each. IL&FS Financial Services Ltd (IL&FS) has syndicated entire debt of US$ 70.4 million and United Bank of India is the Leader of the Consortium of Lenders.  Construction on the project began in December 2007 and was expected to be in full commercial operation by June 2010.
The provincial administration of South Sulawesi and city administration of Makassar granted a contract to the private investor PT Bosowa Marga Nusantara to build, own, operate and transfer the Makassar Section IV toll road. PT Jalan Tol Seksi Empat was formed as a special purpose vehicle for the project. The BOT contract was signed on May 29, 2006. The toll road was included in tender for investment stage 1. The length of the road was 11.57 km. Makassar (Macassar, Mangkasar), with population of 1.25 million people, was the provincial capital of South Sulawesi, Indonesia, and the largest city on Sulawesi Island. Additional project details were:  Length : 11.57 km Design Speed : 80 km/hours Number of Lane : 2 x 3 lane Lane Width : 3 x 3.5 m Outer Shoulder Width : 2.0 m Inner Shoulder Width : 0.5 m Median Width : 3.0 m Right of Way (ROW) : 30.0 m (minimum) Number of Interchange : 1 unit (Kima) Estimated Traffic and Investment Cost Traffic Forecast (2008) : 17,500 vehc./day Investment Cost : US$ 49 Million  The toll road was to join the section 1 and 2 of Makassar Toll Road that were already in operation, starting from Tallo Lama Bridge heading to KIMA industrial estate and ending at Mandai towards Hasanuddin Airport.  PT Bosowa Marga Nusantara was awarded the project through a competitive tender in which the lowest tariff was the bidding criteria. The number of bidders was unavailable.  In April 2007, a loan for IDR 250 billion (US $27.3 million) was secured by PT Jalan Tol Seksi Empat through PT Bank Mega Tbk (Bank Mega) for a period of ten years. Total investment was estimated at US $49 million. It was to be financed 70% through debt and 30% through equity.  The road officially opened on Septemeber 29, 2008.
In  December 2007, the municipality of Belford Roxo, in the state of Rio de Janeiro, Brazil, awarded a 30-year rehabilitate, operate and transfer contract for its water and sewage infrastructure to private operator Aguas de Belford Roxo. In 2007, the town of Belford Roxo had a population of 480,000 people.   Aguas de Belford Roxo was established as a wholly-owned subsidiary of the Brazilian Group Equipav. The concession was awarded through an open competitive tender. No information was available on the number of final bidders. Information on investment commitments was also not available.
In January 2007, the National Highway Authority of India (NHAI) signed a 20 year concession contract (including 36 month of construction period) to a consortium formed by India’s Madhucon Projects Ltd.and SREI Infrastructure Finance Limited to widen and strengthen the 128 km section on National Highway 45B(NH-45B) between Madurai and Tuticorin in the state of Tamil Nadu.  Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance and widening of the existing two-lane highway to a four-lane highway with paved shoulders. The expansion project, part of National Highway Development Project Phase IIIA, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   The consortium established Madurai-Tuticorin Expressways Ltd., a special purpose vehicle, to implement the project. The consortium won the tender through competitive bidding, conducted by NHAI, by requesting the lowest fixed subsidy of US$ 36 million. Apart from this upfront payment by NHAI, under the contract, Madurai-Tuticorin Expressways Ltd. was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement was signed in January 2007. The total capital cost of the project was estimated at US$ 157.25 million.   Construction on the project began in January 2007 and is expected to be completed by January 2010.
In November 2006, the Hong Kong based China Water Affairs Group was awarded a 30 year agreement to build and operate the 10.77 KM Xiannvhu Road in Xinyu City, Jiangxi Province. The total investment was 360 million Yuan (45.17 million US$). Water Affairs Group owned 75% of the project. Construction started in 2007.
In May 2007, the government of Georgia granted to TAV Urban Georgia a 20 year lease contract to operate Batumi International Airport. The contract was granted a few days before the new Batumi International Airport was inaugurated. The airport was modernized TAV Urban Georgia under the Tbilisi International Airport concession agreement between the government of Georgia and TAV Urban signed in 2006. Under that contract TAV had an option to increase the initial duration of the Tbilisi International Airport concession from 11.5 years to 15 years by designing, financing and constructing but not operating the Batumi International Airport for $15 million.  TAV Urban Georgia, was a joint venture formed by four companies: TAV (60 %), Flughafen Wien AG (VIE) (10%) and Urban (30%).    Under the lease contract, TAV Batumi Operations LLC, agree to pay US$ 28.5 million for 20 year operating rights. The Batumi Airport had a passenger capacity of 562,500 a year.
Vidullanka PLC developed the 2.0MW Batathota small hydropower plant, in Kuruwita, Ratnapura District. The project generated 11.21GWh annually, and consisted of two Francis turbines of 800kW and one turbine of 500kW. It feeds from the Kuru Ganga River.  The project was commissioned in March 2007. The project held a 15 year PPA with Ceylon Electricity Board. The plant factor was 64%.  Financial closure date was unavailable but ESTIMATED at March 2007 (commissioning date). Total cost was unknown but conservatively estimated at US$2.0 million (@ US$1 million/MW).
On December 21, 2007, the government of Kenya sold for US$390 million a 51% stake in Telkom Kenya to a private consortium formed by France Telecom (78.5%) and Alcazar Capital Limited (21.5%).  Telkom Kenya was the national telecom operator and had monopoly on landline services in the country. As of December 2007, Telkom Kenya had 280000 fixed-line customers and it was expected to be granted a mobile license.  The award followed a competitive bidding process. In November 2007, four firms had submitted their bids: Reliance of India, Telkom South, Lap Fund of Libya and France Telecom. France Telecom submitted the highest bid.  In November 2010, Communications Commission of Kenya (CCK)granted a 3G licence to Telkom Kenya for the amount of US$10 million. Bharti Airtel (formerly Zain) was then granted a 3G licence in July 2010 while Safaricom was granted a 3G licence in 2007, but rival operators complained that the licence fee of US$25 million. In March 2011, Telkom confirmed it had launched FTTH broadband services in Muthaiga and Parlkands, two affluent Nairobi suburbs.
Ind-Barath Power Infra Limited (wind farm) developed a 0.75 MW wind farm power plant Idukki, Kerala. The power plant was commissioned in April 2008. Power was sold to KSEB under long term purchase agreement. Pursuant to our agreement with the Kerala State Electricity Board (“KSEB”), dated March 26, 2008, we sell 0.75 MW of power per month at an average tariff rate of Rs. 3.14 per kWh. This agreement is valid for twenty years from the date of commissioning of the power project. We provide a 2.0% prompt payment discount to the KSEB for any payments received by us before due date.   The total cost of the power project was approximately Rs. 42.57 million (US$1.03 million). The project reached financial closure in 2007.  Of this amount, approximately Rs. 30.00 million was financed through debt and the balance of Rs. 12.57 million was funded through equity contributions from our Company and other shareholders.
In July 2007, the National Highway Authority of India (NHAI) signed a 20 year concession (including 30 month of construction period) with a consortium formed by Lanco Knodapalli Power Private Limited and Lanco Infratech to widen and strengthen the 81 km section on National Highway (NH-4) between Bangalore and Mudbagal in the state of Karnataka. Under the contract, the consortium was responsible for the design, finance, operation and maintenance and widening of the existing two-lane highway to a four-lane highway with paved shoulders. The expansion project, part of National Highway Development Project Phase III, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region. The consortium established ‘Lanco Hoskote Highways Private Limited’, a special purpose vehicle, to implement the project. The concession awarder, National Highways Authority of India (NHAI), invited bids for the four laning the road during January 2006. The consortium won the tender through competitive bidding, conducted by NHAI, by requesting the lowest fixed subsidy of US$ 44 million. Apart from this upfront payment by NHAI, under the contract, ‘Lanco Hoskote Highways Private Limited' was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement was signed in July 2007. The project reached financial closure in January 2008 with debt equity ratio of 49/51. The expected capital cost of the project was US$ 173 million. A consortium led by State Bank of India was to provide a debt of US$ 84 million. The consortium of banks was to provide the rupee loan for 14 years and 6 months. Contribution of Lanco Group to the equity was US$ 89 million (including grant from NHAI). Construction on the project began in July 2007 and was expected to be completed by December 2009.
In December 2007, a Singapore company Bio-Treat Technology Ltd.was awarded a 23-year agreement to build and operate a sewerage treatment plant in Shishan Town, Nanhai District, Foshan City, Guangdong Province through competitive bidding. Bio-Treat invested 60 million Yuan (US$ 7.89 million) in the plant and owned 100% of the project. The capacity of the plant was 50,000 cubic meters per day.
The State Property Committee of Belarus agreed the divestiture of 50% of the government's stake in Beltransgaz, the state-owned natural gas transmission and distribution company, to OAO Gazprom [Russian Federation] in 2007.    On May 18, 2007, with a view to setting up a Belarusian-Russian gas transportation joint venture, the State Property Committee of Belarus and OAO Gazprom signed a contract for the sale of 50% of Beltransgaz shares to Gazprom for US$2.5 billion. Under the agreement, Gazprom was to make a US$625 million payment for a 12.5% stake each year for four years.  The first purchase took place in June 2007, the second in January 2008, and the third in February 2009. The final payment was scheduled for February 2010.  The fourth transaction took place in February 2010, when Gazprom acquired an additional 12.5% of Beltransgaz for US$625 million, bringing its holding to 50%.  In November 2011, Gazprom signed an agreement with the State Property Committee of Belarus to to acquire the remaining 50% stake for US$2.5 billion. In December 2011, Gazprom paid Belarus US$2.665 billion(78,304 million RUB)
In May 2007, the National Highways Authority of India (NHAI) signed a 20 year concession contract to a consortium of India's Soma Enterprise Ltd. and Avinash N. Bhosale for the rehabilitation and upgradation of Km 175 (Maharashtra/Andhra Pradesh Border) to Km 230 (Islam Nagar) on NH-7 in the State of Andhra Pradesh under North-South Corridor (NHDP Phase II). The distance covered was about 55 kms.   Under the contract, the consortium was responsible for the design, construction, development, finance, operation & maintenance and widening of the existing two-lane highway to a four-lane highway with paved shoulders. The highway was expected to ease traffic congestion of the existing north-south corridor and give significant stimulus to trade and commerce in the entire region.  The consortium won the tender through competitive bidding, conducted by NHAI, by making the lowest annuity payment request. Under the contract, the project company was allowed to recover capital costs and operating costs including returns through a fixed annual payment (annuity) from the NHAI in the amount of US$ 15.74 million during the concession term. Under the annuity scheme, the private operator was not allowed to collect tolls from the users.  The project reached financial closure in May 2007. The total capital cost of the project was estimated at US$ 90.1 million.   Construction on the project began in May 2007 and was expected to be completed by November 2009.
On December 4, 2007 RAO UES sold its 49% equity stake in Perm Energy Sales Company (PermEnergoSbyt) to a private investor as part of the energy sector reform to allow competition and bring in investments in the sector.  PermEnergoSbyt was an energy sales company engaged in the electricity distribution serving residential and industrial consumers in Perm Oblast with population of 3 million people.  RAO UES of Russia sold the 49% stake in the company through a public auction to Center Nadezhnosti, the company which represented regional investors, which offered the highest price or US$51.36 and won the auction.  Integrated Energy Systems held about 36% share in PermEnergoSbyt. The rest was held by minority shareholders including other private shareholders of PermEnergoSbyt. Those shares were transferred to private owners through the Russian voucher privatization program which partially divested the regional utilities (Energos) in 1993.
In October 2005, Sanming Airport Company Limited, a joint venture of Hainan Tong'ao Group,  Hong Kong Zhilong Group and the local government was established to build and operate Sanming Airport in Sanming City, Fujian Province through competitive bidding. The total investment was 450 million Yuan (54.95 million US$). The two private firms jointly owned 60% of the project. Construction work was planned to start in 2008.  Sanming City Airport in Shaxian Phoenix Mountains near the airfield designed for grades 4 C-class, an area of 2322 mu, a runway of 2,800 meters, 45 meters wide, can meet the requirements of the use of models such as B737.
On May 24, 2007, the Queretaro State Water Comission signed a contract with Suministro de Agua de Queretaro, SA de CV (SAQSA) to build, own and operate a water supply and purification system for the state of Queretaro. SAQSA was given 26 months to build a technically complex 108km utility, a diversion dam, two pumping plants, a purification plant, and a storage tank known as Aqueduct II. Upon completion, SAQSA was to operate and maintain the system for 214 months. Aqueduct II had a capacity of 130,000 cubic meters per day. The program was a public private partnership and used funds from the Mexican development bank Banobras’ Infrastructure Investment Fund (FINFRA). Banobras formed FINFRA to increase the capacity of Mexican basic infrastructure by using a mix of public and private investment capital.  The project was awarded on May 1, 2007 to Controladora de Operaciones de Infraestructura in an internationally monitored competitive tender. The contract was awarded to the consortium that met the technical requirements of the project and presented the lowest net present value of periodic payments. Final bids were initially submitted to the Queretaro State Water Commission in December 2006 by: Spain’s Acciona; Mexican consortia: C&C Ingenieria y Proyectos, Promotora del Desarrollo de America Latina and Scavi; and Controladora de Operaciones de Infraestructura.   Controladora de Operaciones de Infraestructura was comprised of ICA SA de CV [Mexico, 37%], Fomento de Construcciones y Contratas S.A. (FCC) [Spain, 26%], Mitsui’s local subsidiary Servicios de Agua Trident, SA de CV [Japan, 26%], and Proactiva [Mexico, 11%]. Controladora de Operaciones de Infraestructura formed Suministro de Agua de Queretaro, SA de CV (SAQSA) as a special purpose vehicle for the duration of the project.   The project reached financial closure in November 2007 when a US $150 million (MXN 1.7 billion) loan was arranged by Banco Santander as well as Nord LB and HSBC Mexico. MXN 1.45 billion was slated for the period of construction and MXN 250 million for the period of operation. Funds from the loan were available in monthly installments over a 26 month period. In addition to commercial bank debt, the project was financed through equity capital from the consortium and FINFRA, who contributed approximately US $72 million (MXN 800 million) as a cash subsidy. Total investment commitments for the project totaled US $246 million. SAQSA was to recoup its investment through fixed monthly payments of MXN 21 million from the Queretaro State water commission during the period of operation.  Construction works were concluded in January 2011.
In October 2007, a Hong Kong company China Water Affairs Group Ltd acquired 19.375% ownership of the state controlled China Water Affairs Investment Co., Ltd. by investing 175 million Yuan (US$ 23.03 million) through competitive bidding. China Water Affairs Investment Co., Ltd. had a portfolio with a total capacity about 3,300,000 cubic meters per day.
A local private company Chongqing Kangda was granted an agreement in September 2007 to construct Fengxian Wastewater Treatment Plant Phase II with a total capacity of 20,000 cubic meters per day in Feng County, Jiangsu Province. The project was procured via direct negotiation. Chongqing Kangda would operate the facilities for 25 years before transferring them back to the local government. The total investment was RMB 68 million (US$ 8.94 million) and Chongqing Kangda owns 100% of the project.
In June 2007, a joint venture by China Windpower was established to build and then operate the Zhenlai County Wind Farm Project Phae I in Zhenlai County, Baicheng City, Jilin Province under a 30 year agreement. China Windpower owned 50% of the project. The total investment was 450 million Yuan (US$ 59.21 million). The capacity of the wind farm was 49.5 MW.
The Anpara C Thermal Power Station was a 1200 MW coal based thermal power plant located in Sonbhadra district in the state of Uttar Pradesh. The project was developed by LANCO Infratech Limited (LANCO). In November 2006, LANCO signed a power purchase agreement (PPA) for the sale of 1000 MW power from this project to Uttar Pradesh Power Corporation Limited (UPPCL), the state owned utility in Uttar Pradesh responsible for bulk power procurement for the state of Uttar Pradesh. The PPA tenure was for 25 years.      LANCO formed LANCO Anpara Power Private Limited, a special purpose vehicle for implementing this project.  The project was awarded to LANCO following a competitive bidding process initiated by Uttar Pradesh Rajya Vidyut Utpadan Nigam Ltd (UPRVUNL) in the state of Uttar Pradesh for the award of this project. UPRVUNL was the state owned utility in Uttar Pradesh involved with generation of thermal power and was mandated by the distribution companies in Uttar Pradesh to undertake the process of bidding for award of this project. The criterion for award of the project was the lowest tariff quoted for the power to be generated from the project. LANCO received the Letter of Acceptance (LoA) from UPRVUNL for setting up the project in September 2006.        The project was estimated to cost US$ 1,100 million and achieved financial closure in November 2007 with the Rural Electrification Corporation of India (REC) being the lead funding agency.   The project was expected to be commissioned by July 2010.
In July 2006, Changi Airports International formed a joint venture with Sheremetyevo International Airport Joint Stock Co, a state owned company, to manage and operate a new passenger terminal, the second terminal in the airport. Sheremetyevo, built for the 1980 Moscow Olympic Games, was one of three airports serving Moscow, the capital of and largest city in Russia.   Sheremetyevo would hold a 51% in the joint company, and Changi the remaininig 49%.  The international terminal was launched in March 2007 and cost second US$87.677 million. The new terminal was expected to handle five million passengers a year and generate revenue of US$$110 million annually.
Beijing Herocan Environmental Engineering Tech Co. Ltd signed an agreement in August 2007 to construct a wastewater treatment plant with a capacity of 30,000 cubic meters per day in Lijin County, Shandong Province. The project was procured via direct negotiation. Herocan will operate the facility for 28 years before transferring it back to the local government. The total investment was RMB 37.2185 million (US$ 4.89 million). Herocan owns 100% of the project.
Beijing Herocan Environmental Engineering Tech Co. Ltd signed an agreement in September 2007 to construct a wastewater treatment plant with a capacity of 30,000 cubic meters per day in Weinan City, Shandong Province. The project was procured via competitive bidding. Herocan will operate the facility for 30 years before transferring it back to the local government. The total investment was RMB 42 million (US$ 5.52 million). Herocan owns 100% of the project.
In March 2007, National Highways Authority of India (NHAI) signed a 20 year concession agreement (including construction period) with Guruvayoor Infrastructure Private Limited (GIPL) to strengthen and widen the 40 km section on National Highway 47 (NH-47) between Thrissur and Edapalli, in the state of Kerala.   Under the contract GIPL was responsible for the design, construction, finance, operation and maintenance and widening of the existing two-lane highway to a four-lane highway with paved shoulders. The expansion project, part of National Highway Development Project - Phase II, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  GIPL, a special purpose company established to implement this project, was a joint venture between KMC Constructions Ltd (51%) and SREI Infrastructure Finance Limited (49%). GIPL won the project through international competitive bidding, conducted by NHAI, by offering the lowest subsidy request – an upfront payment (negative subsidy) of US$ 21.1 million to NHAI. Under the contract, GIPL was to recover the capital costs and operating costs including returns through tolls during the concession period (excluding construction period).  The concession agreement for the project was signed in March 2007. The total capital cost of the project was estimated at US$ 99.23 million, including the upfront payment of US$ 21.1 million to the NHAI.   Construction on the project began in March 2007.
In September 2007, Batumi Port Holdings Ltd. (BPHL) granted a 48 year concession contract to develop and operate a container terminal and to operate a ferry and dry bulk handling facility in the Port of Batumi in Georgia to ICTSI Georgia Corp. BPHL has the exclusive management right over the state owned shares in Batumi Sea Port Ltd. (BSPL).   ICTSI Georgia Corp was a subsidiary of Pilipino International Container Terminal Services Inc. (ICTSI).    For the concession, ICTSI Georgia Corp was to pay a total concession fee to BPHL of US$31 million in four installments through 2008. Investment requirements would include the refurbishment of the two container terminal berths to allow the installation of quay cranes.  At the time of the contract, the ferry terminal handled 52 ferry calls annually and the dry bulk handling facility handled 100,000 mt/year of general cargo.  As part of the contract, BSPL granted a 48-year lease with an operating agreement in favor of Batumi International Container Terminal LLC (BICTL), which was an ICTSI unit established to operate in the Port of Batumi. Under the contract, BICTL became the exclusive container terminal operator in the port. The lease contract covered a total area of 13.6 hectares in the port, consisting of two berths (No. 4 and 5) for a container terminal, and one berth (No 6) as a ferry terminal and for dry bulk general cargoes. BICTL agreed to pay an annual rental of 60 cents/square meter for the first 18 months, increasing to $5.50/square meter thereafter.   In July 2013, Georgian Batumi International Container Terminal (BICT) initiated arbitration proceedings to settle a dispute with its lessor Batumi Sea Port (BSP). BICT filed the request for arbitration with the London Court of International Arbitration to settle the dispute in accordance with the resolution mechanism under the lease agreement.
In May 2007, the Russian energy monopoly, RAO UES, sold its 49% stake in Sverdlovenergosbyt to the Russia-based Integrated Energy Systems (IES). Sverdlovenergosbyt was a major energy distribution company supplying about 92% of all electricity needs of the Sverdlovsk Oblast with a population of about 1.3 million. The company was spun off its parent “SverdlovkEnergo” in April 2005.  The company was the only electricity provider with the right to purchase electricity for the Oblast on the wholesale market.  In 2006, the company purchased about 42 billion KW hours on the wholesale market.   The shares were sold through a tender process but the Integrated Energy Systems faced no competition and bought the shares at the ask price of US$44.6 million.  IES was a private company founded in December 2002 to implement strategic investment programs in the Russian electricity market.  The company was active in generation, retail, gas distribution, energy consulting, engineering and energy trading.
On April 18, 2007 Ninh Binh Thermal Power Company raised $7.3 million (VND117.11 billion) by selling its shares at Hanoi Securities Trading Center.  The company auctioned 4,088,095 shares which represented 31.8% of the company.  The shares were sold at an average price of $1.78 (VND28,648), nearly double the $0.93 (VND15,000) initial price set for bidding, suggesting the firm was valued at nearly $23 million.  While initially foreign investors sought to purchase shares, none of them did.  Upon the auction, Electricity of Vietnam (EVN) owned 51% of the company; employees owned 17.2% and the remaining 31.8% was sold to the public.    Ninh Binh Thermal Power Company was a subsidiary of the state-owned Electricity of Vietnam (EVN) and supplied electricity to the national grid.  The company generated electricity through its coal-fired thermal power plant in Northern Province of Ninh Binh, 90 km south of Hanoi.  The total installed capacity of the plant was 100MW.    The partial divestiture of Ninh Binh Thermal Plant was part of a new legislation requiring state-owned enterprises to sell at least 20% of shares to minority shareholders.  Ninh Binh Thermal Plant was one the first subsidiaries of Electricity of Vietnam to become a publicly traded company.  In July 2009, the Hanoi Stock Exchange (HNX) announced that it had agreed in principal for Ninh Binh Thermal Power Joint Stock Company to list 12.865 million shares on the bourse. As of December 2009, the detailed information about the time of the listing is not available yet.
On March 29, 2007 the state-owned Electricity of Vietnam (EVN) sold 14 million shares (20% of the equity) of Thac Mo Hydropower Company to more than 1,200 investors for US$59 million at Hanoi and Ho Chi Minh City Securities Trading Centers.  The average price of a share was $4.2 (VND 67,929), more than three times the $1.24 (VND 20,000) initial price set for bidding.    At that time, Thac Mo Hydropower Company was an independent power producer which operated a 150 MW hydro power plant and had another 75MW hydro power plant under development on the Be River in the Dong Nai river system in Binh Phuoc province. The second power plant, whose cost was estimated at $49.4 million (VND813 billion), was scheduled to be commissioned by the end of 2008. The Japan Bank for International Cooperation provided 85% of the funding for that expansion.  The total electricity production of Thac Mo Hydropower Company was sold to EVN and transmitted to the national power grid.  Before the sale of shares, the company was a wholly owned subsidiary of EVN.   The partial divestiture of Thac Mo Hydropower Company was part of a new government regulation that required selling at least 20% stakes in electricity generation firms to minority shareholders.
In November 2007, the National Highway Authority of India (NHAI) signed a 20 year concession contract (including two and a half years of construction period) to a consortium formed by India’s Sadbhav Engineering Limited (51%) and SREI Infrastructure Finance Limited (49%)to widen and strengthen the 56 km section on National Highway (NH) 7 between Lakhnadon to MP border, in the state of Madhya Pradesh.  Under the contract, the consortium had to design, construct, finance, operate,maintain and widen the existing two-lane highway to a four-lane highway with paved shoulders. The expansion project, part of National Highway Development Project – North South Corridor, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  The consortium established Nagpur Seoni Expressway Limited, a special purpose vehicle,to implement the project. The consortium won the tender through competitive bidding, conducted by NHAI, by making the lowest annuity payment request from NHAI. Under the contract, the SPV was to recover the capital and operating costs including returns through a fixed annual payment (annuity) from the NHAI in the amount of US$ 17.7  million during the concession term (excluding two and a half years of construction period). Under the annuity scheme, the private operator cannot collect tolls from the users of the facility.  The project reached financial closure in November 2007.The total capital cost of the project was estimated at US$ 102 million.  Construction on the project began in November 2007 and was expected to be completed by May 2010.
In June 2007, Isagen SA, Colombia’s state owned electricity generation company, completed the sale of 19.9% of its shares in an initial public offering on the local Bogata stock exchange. Isagen SA included generation assets throughout Colombia with an installed capacity of: 2132 MW. Hydroelectric facilities comprised the majority of Isagen’s generation capacity (1832 MW) and included five plants while thermoelectric power totaled 300 MW and included one power plant. The plants were hydro plants San Carlos (1240 MW), Jaguas (170 MW), Calderas (26 MW) y Miel I (396 MW), y thermal power plant Termocentro (300 MW). Proceeds from the share sale were slated for social projects. Isagen sold its output in the wholesale energy market and through long-term bilateral purchase agreements.  The auction for the 19.9% was announced by the government of Colombia in late 2006. In early May 2007, the first share sale for 15.85% was completed for 488 billion Colombian Pesos. On June 2, the second and final share sale for 3.37% of the capital stock was completed for 104 billion Colombian pesos. The 2.44 million shares for both rounds were priced at COP1,130 each (US $0.57). The total amount sold amounted to 592 billion pesos (US $284.8 million). Pension funds and former employees were given priority in the sale which was oversubscribed five times.  After the sale, the federal government's stake in Isagen was 57.78% while Empresas Publicas de Medellin (EPM) kept its 13% stake.   As of December 2013, Isagen was nearly completing the construction of the 820-MW hydro power plant named Sogamoso (construction works commenced in 2011). The project envisaged an investment of US$ 1.4 billion, and commercial operations were expected to commence by May 2014.  In January 2016, the Canadian consortium Brookfield Asset Management Inc. acquired the Colombian government's 57.6% stake in Isagen. Brookfield won a public tender process by offering US$ 2 billion (Pesos 6.486 trillion). Three prospective bidders – Brookfield, Colbun and GDF Suez – were prequalified to bid by early 2015. In December 2015, the minimum price per share was raised from $3.399 (Pesos) to $4.130 (Pesos), valuing the 57.6% stake on offer at US$2 billion, and Brookfield consortium was the only potential bidder that remained in the process.
In February 2007, Aggreko plc signed a rental contract with Société d'Energie et d’Eau du Gabon (SEEG) to supply 30MW of power to supplement the utility grid.   The additional power was installed across two sites, Bellevue and Owendo.   No information was disclosed on the length of the contract.
In July 2007, a Singapore company Asia Water Technology was awarded a 30 year contract to build, expand, rehabilitate and operate 6 potable water treatment plants and build, rehabilitate and operate a 906 square kilometers water distribution networks in Huangpi District, Wuhan City, Hubei Province through competitive bidding. The total investment by Asia Water Technology and the local government was 840 million Yuan (US$ 110.53 million). The capacity of the plant was 260,000 cubic meters per day. Asia Water Technology owned 70% of the project.
The Shrinagar Hydro Electric Project is was a 330 MW project located 110 km from Rishikesh on the Alakhnanda riverRiver, in the state of Uttarakhand. The Srinagar Hydro Electric Project was being implemented developed  on a build, own, operate and transfer (?) ,  BOOT basis for 45  years by Alakananda Hydro Power Company Limited (AHPCL).   AHPCL was, the special purpose vehicle set up to implement the project and wasis wholly owned by the GVK Group. GVK Hydel Private Limited (GVK Hydel), a GVK Group Company, bought the project from Tata Power Company Limited (TPCL) in 2005. TPCL had earlier acquired the project in FY 2003-04 from the initial promoters of this project - Synergics Hydro Asia, the US subsidiary of Voith Siemens of Germany and the G P Goenka-promoted Duncan group. The project was then to be implemented by a special purpose vehicle (SPV) called Duncans North Hydro Power Company (DNHPC). Synergics Hydro Asia had held about 95% stake in DNHPC and the balance equity had been held by the Duncan group.    The project was  awarded under a Memorandum of Understanding based on direct negotiation between the initial promoters of this project and the undivided state of Uttar Pradesh. The Project was required to provide royalty to the Government of Uttaranchal (GoU) in the form of free power to the extent of 12% of the energy generated from the project to the State of Uttarakhand. In February 2006, GVK Hydel signed the 30-year Power Purchase Agreement (PPA) for the project with the Uttar Pradesh Power Corporation Limited (UPPCL) for sale of 88% of the power generated from this project. UPPCL is was the state owned utility in the state of Uttar Pradesh and is responsible for bulk power procurement for the state of Uttar Pradesh.   The BOT contract period (45 years) is longer than the PPA tenure (30 years) which would allow the project company to sell electricity on merchant basis after the PPA expiries if the PPA is not renewed on mutually agreed terms.  The project cost was estimated at US$ 517.25 million. The project achieved financial closure in August 2007. The debt/equity ratio of the project at financial closure was 80:20. The debt was syndicated by Axis Bank (formerly UTI Bank). Punjab National Bank was the lenders agent and Axis bank was the security trustee. The banks/financial institutions participating in the consortium were Andhra Bank, Central Bank of India, Dena Bank, Indian Bank, India Infrastructure Finance Company Limited, Industrial Development Bank of India Limited, Life Insurance Corporation of India, Punjab National Bank, UCO Bank, United Bank of India and Vijaya Bank. IDBI Bank Ltd. was the trust and retention account banker.  The project was expected to be ready for commercial operations by early 2011.
In July 2007, the National Highway Authority of India (NHAI) signed a 30 year concession contract (including 30 month of construction period) to Reliance Energy Ltd. (Reliance)to strengthen and widen the 80 km stretch of the National Highway 67 (NH-67) from Trichy to Karur in the state of Tamil Nadu.   Under the contract, Reliance was responsible for the design, construction, finance, operation and maintenance and widening of the existing two-lane highway to a four-lane highway with paved shoulders. The above project was to have adequate provisions for construction of ROBs, bridges, flyovers, service roads, and wayside amenities. The expansion project, part of National Highway Development Project - Phase III, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  	 Reliance established TK Toll Road Private Limited, a special purpose vehicle, to implement the project. Reliance won the tender through competitive bidding, conducted by NHAI, by asking for the lowest fixed subsidy of US$ 37.13 million. Apart from this upfront payment by NHAI, under the contract, the project company was to recover the capital costs and operating costs including returns through tolls during the concession period (excluding construction period).  The project reached financial closure in July 2007. The total capital cost of the project was estimated at US$ 129 million.   Construction on the project began in July 2007 and was expected to be completed by January 2010.
In December 2007, the Hyderabad Urban Development Authority (HUDA) signed a 15 year contract (including two and a half years of construction period) to Cyberabad Expressway Pvt. Ltd. (CEPL) for design, construction, development, finance, operate and maintain  a 12 km, eight-lane expressway (AP-II).  The project was part of Phase II program of outer ring road (ORR) of Hyderabad Urban Development Authority in Andhra Pradesh. This expansion project was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region. 	 Cyberabad Expressways Pvt Ltd, the project company established to implement the project, was owned by India’s Gayatri Projects Ltd (50%) and Maytas Infrastructure Private Ltd (50%). The consortium won the contract through domestic competitive bidding, conducted by HUDA by making the lowest subsidy request. Under the concession contract, CEPL was compensated for the capital costs and operating costs including returns through a fixed annual payment (annuity) from HUDA in the amount of US$ 19.8 million during the concession term (excluding  two and a half years of construction period) and one time subsidy of US$ 19.6 million.  The total capital cost of the project was estimated at US$ 121.3 million. The project reached financial closure in December 2007 with a debt equity ratio of 8.3:1. Contribution by both Gayatri Projects Ltd. and Maytas infrastructure Private Limited was US$ 5.63 million each. IL&FS (IL&FS Financial Services Ltd) has syndicated entire debt of US$ 91 million and United Bank of India is the Leader of the Consortium of Lenders for the SPV.  Construction on the project began in December 2007 and was expected to be in full commercial operation by June 2010.
In July 2007, a US company Golden State Environment was awarded a 30-year agreement to build and operate the Daming County Wastewater Treatment Plant Phase I in Daming County, Hebei Province on competitive basis. Golden State Environment invested 44.10 million Yuan (US$ 6.26  million) in the plant and owned 100% of the project. The capacity of the plant was 20,000 cubic meters per day.
In July 2007, Balkan Energy Company signed a 20-year concession contract and a Power Purchase Agreement with the Goverment of Ghana to equip, repair and commission the Osagyefo barge-mounted power station.   Under the agreement, Balkan Energy Company was expected to convert Osagyefo Barge into a combined cycle power plant. The conversion was expected to increase power generation from 125MW to 185MW within nine months at a cost of US$100 million.  Information on the bidding process was not disclosed.    In 2012, it appeared that the project was effectively cancelled, as the Supreme Court of Ghana annulled the PPA agreement, and various (sub)contractor companies were litigating in various courts in the Netherlands and the USA.
In October 2007, China Gas Holdings Limited was awarded a 30 year agreement to build and then operate piped gas business in Sujiatun District, Shenyang City, Liaoning Province. China Gas Holdings Limited owned 100% of the project. The total investment was 500 million Yuan (US$ 65.79 million).
On December 4, 2006, Departamento Autonomo de Agua e Esgoto de Rio Claro (DAAE) awarded the provision of sewerage services of Rio Claro city to Consorcio Rio Claro under a 30 year build-rehabilitated-operate and transfer concession contract. The special purpose vehicle Saneamento de Rio Claro SA was created to operate the concession under a public-private partnership (PPP).   The project was awarded through a competitive tender. Bidders received points for their economic offer and technical proposal. Consorcio Rio Claro achieved the highest score in both categories and totaling 94.12 points, followed by Engeform with 90.47 and the OAS/Trana Consortium with 80.53 points. Consorcio Rio Claro was controlled by Odebrecht SA and Lumina SA, Odebrecht’s subsidiary.   Consorcio Rio Claro took possession of the assets in January 2007 and on February 16, 2007 the final version of the concession contract was signed between Consorcio Rio Claro the water department of Rio Claro (DAAE). Investment commitments for the length of the concession were estimated to total 140 million Reais (US $72.1 million). The sewerage system included 464 km of drains at contract signing and was to be expanded by 248 km. The city of Rio Claro continued providing water services and administering fees, but fees for sewerage collection and treatment were to be reserved for the concessionaire.  In return, Saneamento de Rio Claro SA was to increase the sewerage coverage from approximately 30% of the population to 100% and build eight new waste-water treatment facilities.  In the first stage of the construction works set to start in 2009, a total of BRL 80.6 million was to be invested in a wastewater treatment facility, of which BRL 50.3 million was financed by BNDES. Odebrecht was supposed to finance the remaining BRL 30.3 million.  The project was expected provide operating synergies with Odebrecht and Suez Amiental’s Limeira Water and Wastewater (project ID 641).
In August 2007, a US company Golden State Environment was awarded a 23-year agreement to build and operate the Beijing No. 10 Water Plant A in Beijing Municipality. Golden State Environment invested 1,500 million Yuan (US$ 197.37 million) in the plant and owned 50% of the project. The capacity of the plant was 500,000 cubic meters per day.
In March 2007, a Malaysian company MTD Capital BHD signed a 30 year joint venture contract to build and operate the four lane 87 KM Yangshuo-Luzhai Expressway in Guangxi Zhuang Autonomous Region. It is a key section of the Shantou-Kunming Expressway. The total investment was 3.75 billion Yuan (493.42 million US$). The project was located in a popular tourist region and serves as an artery road for the western region to the more developed southern region of China. The BOT contract was for toll collection, operation and maintenance of the expressway.
In March 2007, the Madhya Pradesh Road Development Corporation (MPRDC) signed a 25 year concession contract (including 30 month of construction period) to a consortium formed by MSK Projects Ltd., Chetak Enterprises Pvt. Ltd. and BSBK Pvt. Ltd. to strengthen and widen existing 143 km stretch of State Highway 18 (SH-18)from Bhopal to Dewas in the state of Madhya Pradesh  Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance and widening of the existing two-lane highway to a four-lane highway with paved shoulders. The expansion project was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   The consortium established Dewas-Bhopal Corridor Private Ltd. (DBCPL), a special purpose vehicle, to implement the project. The consortium won the competitive tender, conducted by MPRDC, by asking for the lowest fixed subsidy of US$ 20.25 million (entire subsidy being funded by Viability Gap Funding (VGF) scheme of Government of India). Apart from this upfront payment by MPRDC, under the contract, DBCPL was to recover the capital costs and operating costs including returns through tolls during the concession period (excluding construction period).  The project reached financial closure in March 2007. The total capital cost of the project was estimated at US$ 106.66 million.   Construction on the project began in March 2007 and was expected to be completed by September 2009.
In June 2007, Pengyao Group, a subsidiary of the Singapore based Asia Environment Holdings Limited was awarded a 27 agreement to build and operate a wastewater treatment plant in Wangcheng County, Hunan Province on a competitive basis. The plant capacity (phase I) was 40,000 cubic meters per day. Asia Environment Holdings Limited invested 130 million Yuan (US$ 17.1 million) in the plant and owned 100% of the project.
In February 2007, PSA Corp signed a concession contract with the Gwadar Port Authority to operate and expand Gwadar Port for 40 years. Gwadar Port Phase I included the construction of a multipurpose terminal and involved heavy investment from China under an EPC contract. Upon completion in the second quarter of 2007, PSA Corp was to take over operations of the existing multi-purpose terminal, and build a new container terminal during Phase II.   A call for tenders was issued in September 2006. Proposals were received in December and competitive negotiation soon followed. Dubai’s DP World was originally stated as the preferred bidder, but backed out of the competition later. There were four original bidders: PSA International, Singapore; Globe Marine Service Co, Saudi Arabia; Pembianaan Redzai Sdn Bhd, Malaysia; and Pakistan International Container Terminal (PICT). Only PSA International and PICT stayed in the competition through 2006. PSA International was announced as the preferred bidder in December 2006 and signed its contract in February 2007. PSA International was a subsidiary of PSA Corp [Singapore].   Phase II of the terminal was designed with a capacity of 500,000 TEU and had an estimated cost of US $550 million. The project was expected to grow with demand and revenue was to be paid to the Gwadar Port Authority for each container handled. Construction was expected to be complete by 2010.
In March 2007, a mixed public and private consortium began construction of Retiro Baixo, an 82 MW hydroelectric plant on the Paraopeba river in the state of Minas Gerais, Brazil.  Retiro Baixo was part of a federal growth acceleration plan called PAC. The constortium owning Retiro Baixo was comprised of three Brazilian firms: Alen (10%), Logos (15.5%) and Orteng (25.5%) as well as state -owned Electrobras (49%). Logos was a subsidiary of Arcadis [Netherlands].  In December 2005, the 30 year contract to build, operate and transfer Retiro Baixo was awarded to Oteng through a competitive tender process. Bidding criteria was not known.  The plant was scheduled to start delivery of power in 2009, according to 30-year power sale contracts signed at the auction.  Total investment in Retiro Baixo was to be 293mn reais (US $150.3 million). The project reached financial closure on December 20, 2007 when the Brazilian development bank BNDES approved a loan of 185mn reais (US 94.9 million) for the construction of the Retiro Baixo hydro plant.  As of December 31, 2008, Arcadis, through Logos, controlled 25.5% of the project company shares.  In February 2010, ANEEL, Brazilian Regulatory Agency, authorized Retiro Baixo Energetica to test the power plant. Finally, in March of the same year, the first unit ( the power plant is composed by two units) began its commercial operation, while the second one started to operate in May.
Sino-French was granted a concession agreement in August 2007 to rehabilitate and operate a potable water treatment plant serving a population of 6 million in Yangzhou City, Jiangsu Province. The project was procured via competitive bidding (there were 4 bids). Sino-French would operate the facilities for 30 years before transferring them back to the local government. Sino French Water Development Company Limited (SFWD)was joint venture established by SUEZ in France and New World Development Company Ltd. The investment in government assets was RMB 450 million (US$ 59.13 million) and the investment in facility was RMB 445 million (US$ 58.48 million). Sino-French owns 49% of the project.
In 2006, Hidro Xacbal SA began constructing the Xacbal Hydroelectric Plant, a 94 MW merchant hydroelectric plant next to the Xalbal River in municipality of Chajul, department of Quiche in the northern region of Guatemala. Included in the project was a transmission line that was to connect to SIEPAC, the transmission system for Central American and Mexico that was slated for completion in 2008. The electricity from Xacbal would would be freely sold to the main electricity grid of Guatemala. Hidro Xacbal SA was formed as a special purpose vehicle for the project and was controlled by Grupo Terra (100%, Honduras).Government authorization for the project was obtained through direct negotiation.  The project had an estimated cost of US $226.8 million and was to be financed with a debt to equity ratio of 3:1. In March 2007, a team of banks led by Royal Bank of Trinidad & Tobago (RBTT) arranged a US $167.4 million syndication. The other syndicators included FMO with US $30 million, G&T Continental Bank with US $15 million, the Central American Bank for Economic Integration (BCIE) with US $90 million and Banco Agromericantil. The loan had a term of 15 years which was considered very favorable for Central America at the time. Although the project was conceivable eligible for carbon credits, they were not an important part of its financing.  The Xacbal Hydroelectric Plant became operational in August 2010.
On January 15, 2007, the National Power Corporation (NPC) awarded to DMCI Power Corporation (DMCI) the Masbate Power Generation, one of the small utilities groups (SPUG) of NPC. DMCI took over the power supply obligation in Masbate province with a 15-year Power Supply Agreement with Masbate Electric Cooperative (MASELCO). Masbate Power Generation had a total contract of 13MW of guaranteed dependable capacity.  DMCI, a wholly-owned subsidiary of DMCIHI, was engaged in the business of a generation company which designed, constructed, invested in, and operated power plants.   Three local groups were bidding for the Masbate-based small power utilities group (SPUG) assets of the NPC: DMCI, Vivant Corporation, which was run by the Aboitizes and Garcias, and Masbate Progress Power Corporation, a consortium led by EEI Corporation.     The privatization of SPUG Areas was mandated by the Department of Energy Circular No. 2004-01-001 issued on January 26, 2004. It called for the periodic assessment of the requirements and prospects of bringing power generation and associated power delivery systems to commercial viability on an area-by-area basis, including a program to encourage private sector participation in the SPUG areas.
In June 2002, the Brazilian company Rosa dos Ventos Ltda, a wholly-owned subsidiary of Ventania S.A. Geracao de Energia (owned by the Portuguese companies Martifer, 55%; and Energia Global, 45%), was granted authorizations to build and operate wind power plants located in the state of Ceara (municipality of Aracati).   The 30-year contracts signed with the regulatory agency ANEEL allowed the power plants to operate in the electricity market as independent producers. These authorizations granted the sponsor with the right to sell electricity in the Brazilian wholesale market. Central Geradora Eolica Lagoa do Mato was set with a capacity of 27 MW, while Central Geradora Eolica Canoa Quebrada was set with a capacity of 10.5 MW.  The total investment commitment was US$ 41 million (BRL 80 million). Construction works commenced in March 2007, but financial closure was achieved only in August 2007, when the state-owned bank BNB approved a US$ 22.6 million (BRL 44 million) loan to finance the construction of the power plants. The sponsors financed the remaining of the investment cost with equity.  Construction works on these wind power plants were concluded in November 2008.  Rosa dos Ventos Ltda signed power purchase agreements arranged with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies).
In December 2007, the Aggreko Cabinda 30MW Second Temporary Power project started supplying electricity to Luanda. The project increased the capacity of the first Cabinda Temporary Power project from 30MW to 60MW.  Empresa Nacional de Electricidade (ENE) awarded the Cabinda 30MW Second Temporary Power project under a rental contract to Aggreko in September 2007.  The duration of the contract was not publicly available. Aggreko estimated the value of the contract to US$15 million.
In December 2003, the government of Angola awarded through competitive bid a 20 year concession to operate Luanda Container Terminal to Sogester. Sogester was a Special Purpose Comapny formed by Gesto de Fundos and APM Terminals (APMT), a subsidy of AP Moller - Maersk Group. The Luanda container terminal, which handled more than 195,000 teu in 2002, included 550 m of berth and a 15-hectare container yard.   The concession contract was officially signed in July 2007. Under the terms of the contract, the consortium became responsible for operations, maintenance, repair and human resources.   Under the terms of the tender the consortium agreed to invest US$ 53 million within 5 years.
On December 21, 2006 the Lazaro Cardenas port authority APILAC awarded Terminales Portuarias del Pacífico (TPP) a 25 year greenfield contract to build and operate a mineral terminal in the port of Lazaro Cardenas, Mexico. The contract was extendable by up to ten years upon expiration.   Terminales Portuarias del Pacífico (TPP) was a special purpose vehicle comprised of: Carbonser [Mexico, 50%] and Transenergy [USA, 50%]. Grupo Mexicano de Desarrollo (GMD) [Mexico] and Technit SA [Mexico] owned Carbonser in equal parts. Transenergy [USA] was a subsidiary of Cemex USA which was a subsidiary of Cemex [Mexico].  Total investment commitments for the project were estimated at US $50 million. The terminal was to be built in two stages and included two new docks, mooring positions and a canal. The project received approval from Mexico’s federal secretary of communications and transportation (SCT) on March 28, 2007. In June of that year, construction started on the first phase of the project. Phase one was scheduled for completion by fourth quarter 2008.   Construction was pushed back due to the financial crisis of 2009. the project is due to become operational in July 2012.  The project became operational in July 2012.
In October 2007, a US company Golden State Environment was awarded a 30-year contract to build and operate the Taizhou City North Wastewater Treatment Plant in Taizhou City, Jiangsu Province through competitive bidding. Golden State Environment invested 55 million Yuan (US$ 7.24 million) in the plant and owned 100% of the project. The total capacity of the plant was 80,000 cubic meters per day.
The construction of the 487.6 km Bayanwula-Xinqiu Railway linking Fuxin City in Liaoning Province and Bayanwula District in Inner Mongolia commenced in October 2007. The agreement was granted to a local private company, Liaoning Chuncheng Industrial and Trade (Group) Ltd. through direct negotiation. The company has a 26% stake in the project. The total investment was RMB 5860 million (US$ 770.04 million). The construction period was 36 months. The railway was costructed to access the coal resources in Inner Mongolia and it was expected to deliver 12 million tons of coal per year with 3-5 years after completion.
On October 24, 2007, the Ministry of Transport and Communications for the government of Peru signed a 25 year concession contract with Concesionaria Vial del Sur SA to rehabilitate Inter-Oceanic Highway Section 5.  It stretched from 827.1 km from Matarani to Juliaca. 62.2 km were unpaved. Inter-Oceanic Highway Section 5 was part of the southern section of the Inter-Oceanic Highway project which entailed the construction and renovation of a total of 2,603 kilometers of roads connecting the Amazonian state of Acre, Brazil with the port cities in the southern coast of Peru.   Vial del Sur SA won the contract through a competitive tender carried out by ProInversion (Peru’s private investment promotion agency) in January 2005. The public tender was awarded to the bidder who obtained the highest score, according to a math formula based on the lowest value resulting from adding the present values of PAO and PAMO payments, and the national component proposed by the Bidder. Only one bidder submitted an economic offer, Vial del Sur SA which was comprised of the following companies: Hidalgo e Hidalgo SA., Construccion Administracion SAC., y Conorte S.A. It was awarded the contract in August 2007.  It was estimated that this section would require an investment of US $183.9 million. The concessionaire was responsible for constructing, improving and rehabilitating, operating and maintaining the road sections, according to the technical guidelines contained in the agreement (level of service index, among others).  The concessionaire obtained a revenue guarantee from the government, based on two types of payments: Annual Payment for Works (PAO) and Annual Payment for Maintenance and Operation (PAMO). PAO were biannual payments for each stage of construction, upon conformity of works. PAMO were quarterly payment for operation and maintenance. The main source of funds for PAO and PAMO came from toll revenue collected by the concessionaire that was set to be deposited in a trust fund. If the toll revenue was not enough to pay the concessionaire, the Peruvian Government agreed to pay the difference.   The concessionaire was expected to take possession of the assets after contract signing.  24 months were allotted for construction.  Construction works were concluded in December 2010.
In July 2007, a local company Suizhou City Yulong Water Supply Company Ltd. was awarded a 22-year agreement to build and operate a sewerage treatment plant in Suizhou City, Hubei Province. Suizhou City Yulong Water Supply Company Ltd. invested 50 million Yuan (US$ 6.58 million) in the plant and owned 100% of the project. The total capacity of the plant (Phase I) was 50,000 cubic meters per day.
Beijing Sound Environment Industry Group signed an agreement in July 2007 with Ezhou Municipal Government to construct a wastewater treatment plant with a capacity of 60,000 cubic meters per day in Ezhou City, Hubei Province. The project was procured via competitive bidding (there were three bids). The facility has been in operation since Dec 2008. Beijing Sound would operate the facility for 25 years before transferring it back to the local government. The total investment was RMB 62.4 million (US$ 8.21 million), and Beijing Sound owns 100% of the project.
In October 2007, the Austrian power utility EVN AG reached an agreement with the Bulgarian privatization authorities for the acquisition of the power distributor in the country's Black Sea resort of Slanchev Bryag (Sunny Beach). Slanchev Briag Electricity Distribution Company (EDC) catered for 3,100 households and 800 corporate clients. Most of the latter were big hotels.   EVN received an option for the acquisition of the Sunny Beach power distributor in 2004, when it purchased the power utilities in Plovdiv and Stara Zagora. However, the minority shareholders of the resort blocked the sale demanding a higher price. In 2006, EVN filed an arbitration case against Bulgaria at the International Court of Arbitration in Paris over its defaulting on the sale agreement. The two sides reached an out-of-court settlement in early October, ending a three-year deadlock.  Under the new agreement, ENV to pay US$32 million for the power company and would withdraw litigation at the International Court of Arbitration in Paris for Bulgaria's failure to carry out duties under the Slanchev Briag EDC privatization agreement.
In February 2007, a Malaysia based company Salcon Bhd and an Australian company Australia Sun A P/L were jointly awarded a 25-year concession agreement to rehabilitate and operate 4 sewerage treatment plants and build and operate a new one in Suzhou City, Jiangsu Province through competitive bidding. Salcon owned 70% of the project and Sun A owned 30%. The total investment was 450 million Yuan (US$ 59.21 million). The total capacity of the utility was 360,000 cubic meters per day.
Sinomem Technology Ltd. signed an agreement in October 2007 to construct a wastewater treatment plant with a capacity of 10,000 cubic meters per day in Tongyu County, Jilin Province. The project was procured via competitive bidding. Sinomem would operate the facility for 30 years before transferring it back to the local government. The total investment was RMB 33 million (US$ 4.73 million) and  Sinomem owns 60% of the project.
The first phase consisted of building a un-of-river 5 MW hydro power plant which became operational in 2002. The second phase of the project consisted of financing, building and operating a run-of-river 15 MW hydro power facility located on the Sahanivotry river, 30 km south of Antsirabe, in the province of Antanarivo in Madagascar. The facility was to function as a base load plant to feed the Antanarivo and Antsirabe grid, which suffers from chronic power cuts and load shedding. The expected generation cost of 4.8 c/kWh was lower than the cost of electricity currently produced by many existing thermal power plants. The second phase was implemented in 2007.   The second phase of the project (Sahanivotry hydro power plant) was to be implemented under a 30-year concession agreement. Electricity generated would be sold under a 10-year power purchase agreement signed between JIRAMA—the state-owned electricity company—and the project enterprise.   The project cost was estimated at Euro 13 million in 2007.
On October 23, 2007, the Ministry of Transport and Communications for the government of Peru signed a 25 year concession contract with Consorcio Interoceanica Tramo 1 to rehabilitate Inter-Oceanic Highway Section 1.  Section 1 was 757.6 km of paved road stretching from San Juan De Marcona to Urcos, consisting of the following stretches San Juan - Emp. Panamericana (39,7 Km), Emp. Panamericana-Nazca (38,3 Km), Nazca – Dv. Pampa Chiri (245,8 Km), Dv. Pampa Chiri-Chalhuanca (95,2 Km), Chalhuanca-Emp. R03S (102,7 Km),  Emp. RO3S-Abancay (15,3 Km),  Abancay-Pte. Cunyac (96,7 Km), Pte. Cunyac-Cusco (92,7 Km),and  Cusco-Urcos (31,2 Km). Inter-Oceanic Highway Section 1 was part of the southern section of the Inter-Oceanic Highway project which entailed the construction and renovation of a total of 2,603 kilometers of roads connecting the Amazonian state of Acre, Brazil with the port cities in the southern coast of Peru.   Consorcio Intersur won the contract through a competitive tender carried out by ProInversion (Peru’s private investment promotion agency) in January 2005. The public tender was awarded to the bidder who obtained the highest score, according to a math formula based on the lowest value resulting from adding the present values of PAO and PAMO payments, and the national component proposed by the Bidder. Although seven bidders presented technical offers, only one bidder submitted an economic offer, Consorcio Interoceanica Tramo 1, and won the tender in August 2007. It was comprised of the following companies: Grupo Grana SAA y Montero, JJC Contratistas Generales, Ingenieros Civiles y Contratistas Generales SA.  It was estimated that this section would require an investment of US $98.9 million. The concessionaire was responsible for improving and rehabilitating, operating and maintaining the road sections, according to the technical guidelines contained in the agreement (level of service index, among others).   The concessionaire obtained a revenue guarantee from the government, based on two types of payments: Annual Payment for Works (PAO) and Annual Payment for Maintenance and Operation (PAMO). PAO were biannual payments for each stage of construction, upon conformity of works. PAMO were quarterly payment for operation and maintenance. The main source of funds for PAO and PAMO came from toll revenue collected by the concessionaire that was set to be deposited in a trust fund. If the toll revenue was not enough to pay the concessionaire, the Peruvian Government agreed to pay the difference.   The concessionaire was expected to take possession of the assets after contract signing in October 2007. 24 months were allotted for construction.  Construction works were concluded in October 2010.
At an open auction held on May 22, 2007 RAO UES of Russia sold its 100% stake in the Orenburg Energy Sales Company or Orenburgenergosbyt to the Integrated Energy Systems (IES). Orenburgenergosbyt supplied electricity to about 725,000 residential and 14,700 industrial consumers on the territory of Orenburg Oblast or 75.6% of the Oblast market.  The rest of the market was served by smaller providers: the Urals Sales Company (1.5%), SEP (0.1%), Unified Power Supply Company (0.6%), Rusenergosbyt (4.6%), Orenburgselenergosbyt (1.4%), South-Urals Sales Company (1.4%), Mezhregionenergosbyt (10.6%).    The shares were sold through a tender but the Integrated Energy Systems (IES) faced no competition in the auction for Orenburgenergosbyt.  The company sold at a starting price of US$42.6 million.  The regional energy distribution company was sold as part of a sweeping reform of the power sector, under which all UES's assets would be sold off by July 2008 with the aim of raising investment and introducing competition to the electricity market.
In January 2007, Veolia Environment was awarded a 30 year concession contract to provide water supply and sewerage treatment services in Lanzhou City, Gansu Province on a competitive basis. Veolia invested 1,570 million Yuan (US$ 206.6 million) in acquiring 45% ownership of the water supply facilities and 140 million Yuan (US$ 18.4 million) in rehabilitation and future construction. The utility serves 1,730,000 people.
In August 2005, Tecon Santa Catarina (TCS) consortium signed an agreement with the state governor of Santa Catarina to develop a new, modern container port in Itapoa Bay of Babitonga, Santa Catarina state. The container port was designed with a 450,000 teu capacity as well as three berths at the end of a pier that would reduce the cost required for dredging but were expected to increase the operating costs of the terminal. With a depth of 16 m, the port was designed to handle the world’s largest container vessels  Tecon Santa Catarina (TCS) consortium, the project company, was owned by private companies Alianca Navegacao e Logistica Ltda (30%) and  Batistella Group (70%). The first investor was a subsidiary of German Hamburg Sud Group.  Financial closure was reached in November 2007, when a US $144 million loan was approved by the Inter-American Development Bank. The package comprised an IDB loan of up to US $57.6 million from the Bank’s ordinary capital and approximately US $86.4 million of co-financing from commercial banks.  The port was designed and implemented by project investors to meet Santa Catarian’s growing demand for port capacity to handle refrigerated cargo, including chicken, pork, and other products.   The new port, whose construction started in March 2007, was scheduled to begin commercial operations in the 1st semester of 2010. In June 2009, the project company was granted a BRL 330 million 10-year loan by BVA Bank to finance the investment in the terminal (11% interest rate was set to be charged plus an adjustment for annual inflation).  Operations on the facility commenced in December 2010.
On August 25, 2007, Attock General Limited (AGL) signed an implementation agreement with Private Power and Infrastructure Board (PPIB) of the Government of Pakistan to build, own, operate and maintain a 165 MW coal based power plant in Punjab province, near the city of Rawalpindi (Morgah), Pakistan. Attock General Limited was owned by Attock Oil Company Ltd (UK, 70%) and Attock Refinery Limited (Pakistan, 30%); thus, Attock Oil Company Ltd indirectly held 100% of the stakes in the project.   This power project was to be implemented under the Policy for Power Generation Projects 2002 that clearly laid out the incentives and regulatory regime for private investments in power generation.  Prior to financial close, AGL had entered into formal agreement with PPIB, 25 year power purchase agreement with the the Pakistan Water and Power Development Authority (WAPDA) signed September 2007, and fuel supply agreement with Attock Petroleum Limited signed June 2007.   According to the 2002 Policy for Power Generation Projects, projects were awarded to the bidder who submitted the lowest tariff. Further information on how this project was awarded to AGL  was not available from public sources.   The total cost of this project was estimated at $148.6 million. The project reached financial closure on September 25, 2007, with 80% debt financed through lenders Faysal Bank, Allied Bank and Meezan Bank. The remaining 20% was to be financed through equity. The project also held a GOP Guarantee signed September 2007.  The power project was initially expected to start its commercial operation by August 2008 but was eventually commissioned in March 2009.
In 1997, the Ministry of Public Works awarded the Kanci-Pejagan Toll Road to the consortium of PT Bakrie to build a 54km highway connecting Kanci and Pejagan in West Java. The highway was slated to connect to the existing Palimanan-Kanci  Toll Road as part of the 1500 km trans java toll road network. 80% of the shares in the project company were held by PT Bakrie Investindo. Other shareholders included the private Indonesian firm PT Arthayasa Karya Bina Caraka with 12-percent and the Indonesian state-owned road-construction and –operation company, PT Jasa Marga with eight-percent.   The Kanci-Pejagan Toll Road was originally awarded through direct negotiation in 1997, but it was delayed due the economic crisis by Presidential Decree no 39 of 1997. Presidential Decree no 15 of 2002 revoked Presidential Decree no 39 of 1997, and allowed the resumption of the projects if deemed necessary by the President. In December 2005, thirteen toll road projects including the Kanci-Pejagan were re-evaluated by the federal government.   The project reached financial closure in March 2007 with a syndication given by Bank Negara Indonesia Tbk (BNI) and Bank Rakyat Indonesia (BRI). PT Semesta Marga Raya (SMR) worth Rp. 1.389 trillion ($US 151.2 million). BNI was the syndication leader, with 65% of the total credit or IRp. 897.6 billion, (US $98.2 million) while the remaining 35% was covered by BRI. President Director of BNI, Sigit Pramono, stated that the effective interest rate is 14% during construction, reaching a value worth Rp. 139 billion with a grace period up to 3 (three) years. The Kanji-PejaganToll Road project was estimated to cost approximately Rp. 2.09 trillion, (US $228.6 million).   The road was inaugurated on January 26, 2010.
In September 2007, the Jordan's government divested 51% of Central Electricity Generating Company (CEGCO) and sold it to Energy Arabia (ENARA), a consortium of Dubai Holding (33.1%), MMC Corporation Bhd (12.8%) and Consolidated Contractors International Company (5.1%). In 2011, Dubai Holding sold its stake in the company to ACWA Power, a major Saudi Arabian developer. Acwa Power bought a 65 per cent stake in Enara in July 2011 from Jordan Dubai Capital with the World Bank’s International Finance Corporation, which provided $10.5 million. Athens-based Consolidated Contractors Company (CCC) holds the remaining 10 per cent ownership stake in Enara. The transactions valued 51% of Cegco shareholding at $144 million. In 2012, Saudi Arabia's ACWA power bought a 25 per cent stake in Enara Energy Investment from Malaysia’s Malakoff, bringing their total ownership of shares to 90%.    Central Electricity Generating Company (Cegco) was in charge of generating electricity nationwide. As of the end of 2007, Cegco had a total generating capacity of 1,700 MW from four large power stations in Aqaba, Rehab, Hussein and Risha and from four smaller power stations across the country.  As of end 2008, Cegco sold 100% of its power under purchase agreements to Jordan's state-owned electrical utility, National Electric Power Company.     The contract was awarded in May 2007 following an international competetitive bidding process. Three final bidders had been prequalified. The name of bidders remained undisclosed. The deal signed with Energy Arabia (ENARA) included a cash payment of US$120 million and settling over US$200 million of the state-owned company's debts.  In 2012, Cegco owned seven power generation complexes totalling about 1,700MW of capacity. The projects supply about 51% of Jordan's energy needs.
In January 2007, the Hong Kong based China Water Affairs Group Ltd. acquired 39.94% of the Xinhui Water Affairs Co., Ltd. in Xinhui City, Guangdong Province. China Water Affairs Group Ltd. invested 73.7 million (US$ 9.7 million) in the project. China Water Affairs Group Ltd. owned 10.06% of the plant through one of its subsidiaries before so its total share added up to 50%. The total capacity of the potable water treatment plant was 235,000 cubic meters per day.
In June 2007 China Gas Holdings Limited acquired 80% of Baotou City Gas Company for 147 million Yuan (US$ 19.34 million) Baotou City, Inner Mongolia Autonomous Region. The joint venture company would operate the piped natural gas business for a 50-year period.
In August 2006,  a consortium formed by Sadbhav Engineering Ltd. and Patel Engineering received the letter of acceptance for a 20 year BOT contract for 76 km Ahmedabad Ring Road in Gujarat state from Ahmedabad Urban Development Authority (AUDA). The construction was to be completed within 18 months, including a new bridge over the Sabarmati River near village Bhat. The road, when operational, would help reduce congestion in entire Ahmedabad and reduce the distance and commuting time. The project cost was estimated to be R 514 cores (US$124.3 million). The project was funded with a 75/25 debt/equity ratio in 2007.
In September 2007, the government of the Republic of Cameroon awarded the national provision of water services to Onep-Delta Holding-Ingema, under a 10-year lease-affermage contract. Under the contract, the Société Nationale des Eaux du Cameroun (SNEC) handed over water production and distribution to the "fermier" Camerounaise des Eaux, a private company created for operating the water utility. Assets and investment responsibilities remained in government hands with Cameroon Water Utilities Corporation (CAMWATER) acting as the asset holding company.  Onep-Delta Holding-Ingema was a Moroccan law holding, subsidiary of the Office National des Eaux (ONEP), the national Moroccan public water operator. Ownership breakdown by sponsor in the consortium was as follow: ONEP (33%), Delta Holding (33%), Ingema (1%) et Medz (subsidiary of Caisse de Depot et de Gestion)(33%), all Moroccan companies.  Two consortia, ONEP (Morocco) and Veolia (France), qualified to submit bids. According to some reports, the lower affermage fee requested by ONEP was the main determinant of the choice.   The contract was officially signed on December 18, 2007 by the Minister of Water and Energy, the Minister of Finance of Cameroon, the Director of CAMWATER and the Director of the Office national de l’Eau potable du Maroc (ONEP).   At the time of signature, 4,000,000 inhabitants were served by the public provider, the Société Nationale des Eaux du Cameroun (SNEC) and the unaccounted for water ratio stood at 38%.
In October 2007, a local private company Dalian Dongda Environmental Engineering Co. Ltd. was awarded a 30-year contract to build and operate the Baotou City Wanshuiquan District Wastewater Treatment Project in Baotou City, Inner Mongolia Autonomous Region. Dalian Dongda invested 400 million Yuan (US$ 52.63 million) in the plant and owned 100% of the project. The total capacity of the plant was 200,000 cubic meters per day.
Asia Water Technology signed an agreement in July 2007 to construct a wastewater treatment plant with a capacity of 450,000 cubic meters per day in Wuhan City, Hubei Province. The project was procured via direct negotiation. Asia Water Technology would operate the facility for 25 years before transferring it back to the local government. The total investment was RMB 330 million (US$ 43.36 million) and Asia Water Technology owns 70% of the project.
On July 13, 2007, SAIF Power Limited signed an implementation agreement with Private Power and Infrastructure Board (PPIB) of the Government of Pakistan to build, own, operate and maintain a 225 MW gas powered plant in the city of Sahiwal, province of Punjab, Pakistan. Saif Power Limited was majority owned by SAIF Group (Pakistan), while Orastar Limited and Habib Bank Limited held minority equity positions in the project company. As of Dec. 31, 2008, the exact percentage shareholding of each company was not publicly available.  This power project was to be implemented under the Policy for Power Generation Projects 2002 that clearly laid out the incentives and regulatory regime for private investments in power generation.  Prior to financial close, SAIF Power Limited had entered into formal agreement with PPIB, 30 year power purchase agreement with the Pakistan Water and Power Development Authority (WAPDA) signed April 2007. The project consisted of 2GT x 2HRSG x 1ST. The project held a fuel supply contract with SNGPL signed January 2007.  According to the 2002 Policy for Power Generation Projects, projects were awarded to the bidder who submitted the lowest tariff. Further information on how this project was awarded to SAIF Power Limited was not available from public sources.   The total cost of this project was estimated at US $200 million. The project reached financial closure on Sep. 11, 2007. Financing details were not publically available. The power project was commissioned in April 2010.
In April 2005, the government of Uganda awarded Bujagali Hydro Project to the private consortium Bujagali Energy Ltd. The project, designed as an independent power producer, consisted of a 30-year BOT for the development, construction and maintenance of a run-of-the-river power plant with a total capacity of 250 MW (5 X 50 MW turbine generators) on the River Nile, at Dumbbell Island, 8 kilometers north of the existing Nalubaale and Kiira power plants, in Uganda. An associated power transmission system, the Bujagali Interconnection Project, is a separate proposed project sponsored by Uganda Electricity Transmission Company Limited (UETCL) that will distribute the hydro electricity to the Ugandan power grid.   Bujagali Energy Ltd (BEL) was owned by Sithe Global Power LLC (57.4%), Aga Khan Fund subsidiary’s Industrial Promotion Services Limited (30.9%), and the Government 0f Uganda (11.7%). Bujagali Energy Ltd won the project through an international bidding which took place in March 2005 and two other bidders (Stucky Consulting Engineers Ltd and Wakisi Hydro Consortium) submitted final bids.   In December, 2005 Bujagali Energy Ltd signed a 30-year Power Purchase Agreement (PPA) with UETCL and an Implementation Agreement (IA). At the same time, the Government of Uganda committed to guarantee UETCL’s payment obligations under the PPA through a government guarantee. The first 50MW became operational in February 2012. The last 50MW became operational in June 2012.  The project total cost was estimated at US$799 million. In December 2007, the Bujagali hydropower project reached financial closure with the following financial structure: US$171 million in equity (US$151 million from Project Sponsors and US$20 million from the Government) and US$627 million in loans (US$130 million from IFC, US$130 million from EIB, US$115 million from commercial banks, US$110 million from African Development Bank, US$142 million from European Development Finance Institutions). In addition, the government of Uganda signed for the project a US$115 million partial risk guarantee on the commercial loans from the International Development Association and an US$115 million investment guarantee from the Multilateral Investment Guarantee Agency.  The hydropower plant was expected to be commissioned in 2011. In April 2011, it was confirmed that the total cost of the dam had been revised upwards, to US$ 860 million.  In June 2012, an additional US$5.3 million equity was guaranteed by MIGA. On July 27, 2012, MIGA amended its guarantee to include an additional $5.3 million of coverage to World Power Holdings Luxembourg S.à.r.l. (WPH), an affiliate of Sithe Global (USA). On June 22, 2018 MIGA provided political risk guarantees of up 20 years for equity investors in Bujagali Energy Limited.
In July 2007, Zhongjieneng Wind Power (Zhangbei) Company Limited, a joint venture by Hong Kong Construction (Holdings) Limited was established to build and then operate a wind farm in Zhangbei County, Hebei Province under a 25 year agreement. Hong Kong Construction (Holdings) Limited owned 40% of the project with the remaining 60% interest held by China Energy Conservation Investment Corporation. The total investment was 1.605 billion Yuan (US$ 211.18 million). The capacity of the wind farm was 200 MW.
In April 2007, the general directorate of state airports authority (DHMI) granted to the joint venture of Germany's Fraport and Turkish IC Holding a 17 year concession contract to operate Antalya Airport, the Turkey's busiest airport after Istanbul Airport. Antalya Airport handled nearly 18 million passengers in 2007, more than 15 million of which were international passengers. Located about ten kilometers east of the port city of Antalya, Antalya Airport (AYT) was Turkey’s biggest tourist airport. Antalya, the capital city of Antalya Province, was eight-biggest city in Turkey and together with the vacation destinations Belek and Kemer, was the mainstay of tourism in the Turkish Rivera. In 2006, 187 airlines served Antalya Airport, mainly charter carriers. Since the inauguration of a new international terminal, passenger traffic had grown more than 12 percent per year. The new international terminal was built under a BOT contract (Build, Operate, Transfer) contract signed with a joint venture of Fraport and a local construction company in 1998. The BOT contract expired in September 2007.  Fraport’s consortium, which was owned by Fraport (51%) and IC Holding (49%), won the contract through a public tender by placing the highest bid EUR2.37 billion euros (USD$3.19 billion) for the right to operate the 17 year concession.  Two other bidders submitted bids Turkish TAV Hava Limanlar&#305; Holding and a joint venture between Turkish Celebi Hava Servisi Corp and Austria's Flughafen Wien (Vienna Airport). However, the consortium of Celebi Hava Servisi Corp and Vienna Airport were disqualified for not presenting all required information. Turkish TAV Hava Limanlar&#305; lost the tender by offering US$ 3 billion.  DHMI and the winning consortium signed the concession agreement on May 22, 2007. Under the deal, the consortium agreed to operate two internationals and one domestic terminal at the airport for a period of 17 years until 2024 (one of the two international terminal's operating rights would be transferred for 15 years).   Of the USD$3.19 billion offered, Fraport and IC holding paid 3% at the contract signing. The remaining was to be after taking over the terminal operations and in periodic installments until to 2024. The operating company was obliged to maintain the terminal operations at international standards as well as the procedures and principles specified in the concession contract. At the end of the concession term, the operating company would be required to return all assets to DHMI in operative condition.  In accordance with the concession agreement the operating company deposited a performance bond amounting to Euro 142.3 million (USD 195) at the beginning of the concession period to the benefit of DHMI. This performance bond was issued by a Turkish bank, secured in part by corporate guarantees given by the shareholders.   In addition, the consortium committed to invest Euro 107 million (US$146 million) in airport renewal and construction.
In October 2007, a local private company Anhui Guozhen Environmental Protection Science & Technology Co., Ltd. was awarded an 18-year agreement to build and operate the Lankao County Wastewater Treatment Plant in Lankao County, Henan Province on a competitive basis. The capacity of the plant was 25,000 cubic meters per day. Anhui Guozhen invested 33 million Yuan (US$ 4.34 million) in the plant and owned 100% of the project.
In June 2007, a local private company, Hanergy Group (formerly, Farsighted) acquired the Wulang River Hydro Power Development portfolio of projects in Lijiang City, Yunnan Province on a direct negotiation basis for RMB 610 million (US$ 80.16 million). Hanergy owned 100% of this project with a capacity of 32MW and was to operate the power plant for 20 years throught the project company, Lijiang Wulang River Hydropower Development Co., Ltd. Plans were to build three reservoirs and ten cascades of hydropower stations. The first phase started commercial operations in December 2007.
The Rosa Power Project Phase I was a 600 MW (2 units of 300 MW each) coal based power plant located in Shahjahanpur district in the state of Uttar Pradesh. In November 2006, Reliance Power Limited (RPL), a subsidiary of Reliance ADA Group, signed a Power Purchase Agreement (PPA) to sell the entire electricity output from Rosa Power Project phase I to UP Power Corporation Ltd (UPPCL), the state-owned entity responsible for bulk power procurement for the state of Uttar Pradesh. The term of the PPA was 25 years from the commissioning of the project, which could be extended by mutual agreement between RPL and UPPCL. Upon expiration of the PPA, RPL was free to sell the power generated to a third party.   Reliance Power Limited acquired the rights to developed Rosa Power Project Phase I from Aditya Birla Group in November 2006. The Rosa Power Project was initially developed as two units of coal-fired 283.50 MW plants, by a joint venture between AV Birla Group (51%) and PowerGen of UK (49%) in the early 1990s.  The Rosa Power Supply Company Limited (RPSCL), a subsidiary of RPL, was created to implement the project. RPSCL signed the coal contract supply with the railways and Central Coalfields. The coal supply was to come from North Karanpura coalfields in Jharkhand state.  The cost of Rosa Power Project phase I was estimated at US $ 675.5 Million. In June 2007, this phase reached financial closure with a syndicated loan for which IDBI bank was the lead arranger and provided a US $ 125 million term loan. The other banks which contributed in the syndicate were UTI Bank (US $ 54.25 million), IIFCL (US $ 116.25 million), Canara Bank (US $ 50 million), Syndicate Bank (US $ 50 million), Vijaya Bank (US $ 50 million), United Bank (US $ 50 million), and SIDBI (US $ 25 million). The debt/equity ratio of the project was 80:20, which was expected to be maintained in latter phases also.  Construction of Phase-I started in March 2007 and was scheduled to conclude in 2010. The first 300 MW unit of Phase I was commissioned in December 2009, and the second 300 MW unit of this phase in June 2010.   Reliance Power Limited planned a second phase for this project which consisted of additional two coal fired units of 300 MW each which would use subcritical technology.  In 2006, the state government of Uttar Pradesh granted approval for the second phase subject to the condition that phase I was implemented in accordance with the timeframe indicated by the state Electricity Regulatory Commission in Uttar Pradesh. According to such timeframe, the two 300 units of phase I must be commissioned by 2010.  For phase II, the first 300 MW was scheduled to be on-stream by June 2010 and the second 300 MW unit in September 2010.
Beijing Herocan Environmental Engineering Tech Co. Ltd signed an agreement in November 2007 to construct a wastewater treatment plant with a capacity of 50,000 cubic meters per day in Rizhao City, Shandong Province. The project was procured via competitive bidding. Herocan will establish a project company, Rizhao Lanshan Yuntong Water Affairs Co., operate the facility for 25 years before transferring it back to the local government. The total investment was RMB 70 million (US$ 9.2 million). Herocan owns 100% of the project.
In  October 2007, the municipality of Xinguara, in the state of Para, Brazil, awarded a 30-year rehabilitate, operate and transfer contract for its water and sewage infrastructure to the Brazilian company Saneatins, a joint-venture of private sponsors (76.52%) and the state of Para (23.84%). The private participation in Saneatins was evenly split between Foz do Brazil (subsidiary of Odebrecht) and EMSA (these two companies created the holding Foz Centro Norte to represent their interests in Saneatins).  In 2007, the town of Xinguara had a population of 26,415.   The concession was awarded through an open competitive tender. No information was available on the number of final bidders. Information on the investment commitments was also not available.
In April 2007, a US company Easen International Company Ltd and a Spanish company Grupo Tradebe were awarded a 30-year contract to build and operate a sewerage treatment plant in Yongshun County, Hunan Province through competitive bidding. The total investment was 55.5 million Yuan (US$ 7.3 million) in the plant. The capacity of the plant was 30,000 cubic meters per day.
In February 2007, the Philippine Government sold its shares in the Philippine Telecommunications Investment Company (PTIC), which translated into a 6.4% in the Philippine Long Distance Telephone Company (PLDT), to First Pacific for US$ 546. The sale was based on a January 2006 Supreme Court decision which stated that the shares, registered under the Prime Holdings, Inc., in fact belonged to former President Marcos and were ill-gotten. The transaction was referred to as the third-biggest privatization undertaken by the Philippine government. As of end 2008, First Pacific remained the largest single shareholder in PLDT with a 26.37% interest, which it held through its two subsidiaries, Metro Pacific Resources and PTIC.   The Philippine Long Distance Telephone Company, or PLDT, was incorporated under the Corporation Law of the Philippines (Act 1459) on November 28, 1928, following the merger of four telephone companies under common U.S. ownership. By the 1930s, PLDT established an expansive fixed-line network and offered domestic and international radiotelephone services.  In 1967, a group of Philippine businessmen, headed by Ramon Cojuangco and closely associated with then President Marcos, formed an investment holding, the Philippine Telecommunications Investment Company (PTIC), to purchase 26% of the PLDT shares from the American stakeholder, the General Telephone and Electronics Corporation.  In 1977, 46% of the PLDT shares held by the PTIC were transferred to Prime Holdings formed by Rolando Gapud and Jose Campos Jr.  This transaction later became the subject of government sequestration and lengthy litigation on the suspicion that it contributed to Marcos’ “ill-gotten wealth.” In 1981, in furtherance of the then existing government policy to integrate the Philippine telecommunications industry, PLDT purchased substantially all of the assets and liabilities of Republic Telephone Company, becoming the country's telephone monopoly. The company enjoyed the monopolistic position until the passage of the Telecommunications Act that deregulated the Philippine telecommunications industry in 1995.   In 1986, after the Power Revolution that ended the regime of President Marcos, the Presidential Commission on Good Government seized Prime Holdings’ equity, involving the 46% of PTIC equity in PLDT. The Prime Holdings shares became the subject of litigation with at least four claimants of PLDT ownership, including the government and the Cojuangco family.   In 1999 the Hong Kong-based First Pacific Co., Inc., an investment firm owned by the Salim family of Indonesia, acquired 54% equity of the PTIC, thus paving the way for its control of PLDT.
In September 2007, the Gambian government sold 50% of the national fixed and mobile telecom company Gamtel for US$35 million to Spectrum Group, a leabnese consortium.  The company had 41,000 and 65,000 fixed and mobile access clients respectively.  In November 2008, the government terminated the partnership with Spectrum Group because of "fundamental breaches of the provisions of the partnership agreement". Based on publicly available information, no other details were available.   Gamtel continued to operate in the Gambian market until as recently as 2011, and beyond, but it remained in state hands.
On August 20th, 2007 the Government of Mangistau, the south-west region of Kazakhstan, selected the ATM Airport Construction and Management (ATM Group) as the winner for the 28-year concession to build and operate a new passenger terminal and rehabilitate existing infrastructure at the region’s main airport – Aktau Airport. Over the past decade the airport had seen significant increase in passenger traffic which made the expansion necessary. ATM Group was formed by Turkish construction group Aksa and Kazakh’s Turkuaz group.   Besides ATM, four local companies participated in the tender held by the regional government in August 2008. ATM Group bid offered the highest investment commitment and was selected as the finalist. The concession agreement was signed on December 3, 2007. The total cost of the project including construction of a new terminal was estimated to be US$31 million. In addition to building a new terminal ATM will rehabilitate the current run way and improve airport infrastructure to bring it to the international standards. The new terminal would have a service life of 28-30 years.   The new terminal was open in 2009.
Angkor Bio Cogen (ABC) developed the 2MW biomass plant, next to the Angkor Kasekam Roongroeung Rice Mill, Kandal Province, Cambodia. The project was fed by rice husk. The plant was a captive plant, selling its output to the rice mill. Initially, this was to be 380kW but with expanded production, the remainder was to be used as well. Total output is expected to be 15,840 MWh annually, of which 15% is to be used internally. The remainder, 13,464 MWh is expected to be sold to the grid.   The project holds a PPA with the Angkor Rice Mill, which in turn is to sell small amounts of surplus electricity to neighboring factories and communities. Expected project life was 21 years. Expected commissioning was April 2007. The plant was confirmed as operational in July 2011 via a posted youtube video, but exact commissioning date is uncertain.  Total plant cost was EUR 4,76 million (US$ 6.33 million). The project was expected to have a 50/50 debt to equity ratio. The project applied for UNFCCC CDM financing.
Kaliakra Wind Power AD was created to develop and operate a  35MW wind farm in the Kaliakra district of the municipality of Kavarna, a city on the coast of the Black Sea, 500 kilometers east of the capital city of Sofia. Power generated by the project was to be sold to the state-owned utility Natsionalna Electricheska Kompania under a 12-year PPA. The expected tariff was about €0.09 per kWh.  Project sponsors were Mitsubishi Corp (70%) and engineering company INOS-1 930%).   The project was the first loan JBIC extended to a wind power project in project financing and underlying financing for structuring a Joint Implementation (JI) project under the Kyoto Mechanisms, that was expected to reduce greenhouse gas (GHG) emissions through investment and technology provided by Japanese firms.  The total cost of the project was estimated to be US$63.80 million. The project reached financial closure in March 2007 with a debt/equity ratio of 78:22. Sponsors provided US$14.0 million in equity and debt of the project amounted to US$49.80 million. JBIC provided $24.90 million and the Mizuho Financial Group US$ 24.90 million.
In November 2007, China Gas Holdings Limited formed a joint venture to build and then operate the piped gas business in Yulin County, Shannxi Province for a 30-year period. China Gas Holdings Limited holds a 60% stake in the project with the remaining 40% interest held by Yulin City Investment and Operation Group Co, Ltd. The joint venture had a registration capital of 20 million Yuan (US$ 2.63 million).
In May 2007, the Hong Kong based China Water Affairs Group Ltd acquired 51 % of the Jinzhou City Water Supply Co., Ltd. in Jinzhou City, Hubei Province on a competitive basis and formed a new joint venture Jinzhou Water Affairs Group Co., Limited. The total investment was 233.33 million Yuan (US$ 30.7 million). The total water supply capacity of the new company was 715,000 cubic meters per day for a population of 880,000.
Beijing Herocan Environmental Engineering Tech Co. Ltd signed an agreement in December 2007 to construct a wastewater treatment plant with a capacity of 25,000 cubic meters per day in Xi’an City, Shannxi Province. The project was procured via competitive bidding. Herocan will operate the facility for 30 years before transferring it back to the local government. The total investment was RMB 40 million (US$ 5.23 million). Herocan owns 100% of the project.
Luoyang Xin'an Company Limited was a Sino-foreign joint venture that was established in September 2007 by Xinao Gas Holdings Limited, which holds a 90% stake in the project with the remaining 10% interest held by Xin’an Changtong Gas Company. The total investment was RMB 100 million (US$ 1.32 million). The joint venture company would operate the piped natural gas business in Xin'an County, Luoyang City, Henan Province for a 30-year period.
On April 23, 2007 the state-owned Power Sector Assets and Liabilities Management Corporation (PSALM), which was in charged of privatizing the government's energy assets, concluded the sale of Magat Hydroelectric plant (Magat HEPP) for US$530 million to SN Aboitiz Power Inc by signing the asset sale contract.  Magat HEPP was a 360MW (4x90 MW) power plant built in Ramon, Isabela province, Luzon island about 350 kilometers northeast of Manila. The hydro power plant was part of a multipurpose dam complex that was used primarily for irrigation, with power generation as its secondary function. The Magat HEPP, which became operation in 1983, was among the country’s few peaking plants in the Luzon grid and was expected to be dispatched largely during peak hours, running primarily as a 100% merchant power plant and selling electricity through the bid-based wholesale electricity spot market (WESM).   SN Aboitiz Power Inc was a joint-venture between subsidiaries of Norwegian Statkraft Norfund Power Invest AS (SN Power) with 50% and Filipino Aboitiz Equity Venture (AEV) with the remaining 50%. The PSALM formally transferred the control of the plant to SN Aboitiz Power Inc in April, 2007. The sale of Magat HEPP was as part of the privatization program stipulated in the Electric Power Industry Reform Act (EPIRA).    In December 2006, SN Aboitiz Power Inc won the project through a competitive tender by offering the highest price for the asset (US$530 million), outbidding  First Gen which offered US$420.9-million. Although there were four consortia qualified to submit final bids, only two submitted them. At the signing of the sale contract, the winning consortium paid US$371 million as upfront payment to PSALM and committed to pay the remaining in 14 semiannual installments.  Under the privatization scheme, the winner bidder had to pay at least 40% of the purchase price as up-front payment payable on or before the closing date. The balance of 60% may be paid in 14 equal semiannual payments with an interest of 12% per annum, compounded semiannually.  The winning bidder was also required to post a performance bond equivalent to 2% of the purchase price. The performance bond was to be reduced every year equivalent to 2% of the aggregate amount of the deferred payments. The winning bidder was also required to post a deferred payment security deposit or an irrevocable standby letter of credit acceptable to PSALM.   The winning bidder agreed to sign the purchase and lease agreements with PSALM and the lease contract and operating and maintenance agreement with the National Irrigation Administration (NIA). The latter agreement detailed the terms and conditions set by PSALM and the irrigation agency regarding the operation and maintenance of the dams and other non-power components needed for the operation of the Magat facility.   The project purchase was funded through mixture of equity from the project sponsors, shareholders’ advances, a shareholder loan from AEV, and PSALM’s deferred payment facility.  In October, 2007 the IFC approved a US$105-million loan to the project company.  Nordic Investment Bank contributed an additional US$47 million senior loan and a consortium of local banks completed the financing with US$228 million equivalent in Peso loans.
ICTSI obtained a 60% stake in Yantai Rising Dragon International Container Terminals Ltd. (YRDICT), which formally took over operations of the Yantai Gangtong Container Terminal in Yantai City, Shandong province in April 2007 under a 30 year lease agreement. The takeover of the terminal came after ICTSI received regulatory approvals from the Chinese government, according to documents provided by ICTSI. The port has a capacity to process 0.9 million TEU per year. The total investment was 771.88 million Yuan (US$ 101.56 million).   Tung Lung Yantai International Container Terminals Limited had two container berths and terminals shoreline 730 meters, the forefront of -14 meters water depth, completely closed the station's 240,000 square meters, storage 4,500 square meters. All types of professional equipment equipped with super-Panama-shore bridge six, tire-field Bridge 12.
In April 2007, Yunnan Southeast-Asia Economy and Technology Investment Industrial Co., Ltd., a Chinese state controlled company was awarded a 27 year agreement to build and operate the 302 kilometer Pnom Penh to Battamabang Transmission Line in Cambodia. The total investment was 113.39 million US$ and Yunnan Southeast-Asia Economy and Technology Investment Industrial Co., Ltd. owned 100% of the project.
Alaknanda Hydro Power Co Ltd was set up to develop and operate a 330 MW Hydropower Project in the State of Uttaranchal. The project, also known as Shrinagar Hydro Electric Project, involved a 4x82.5 MW run of the river hydroelectric power plant in India. The project is located on the Alaknanda River, a major tributary of the Ganga River, a perennial river in Uttarakhand.  Alakananda Hydro Power Company Limited (AHPCL) was originally incorporated in 1996 as Duncans North Hydro Power Company Ltd. (DNHPCL) and was renamed as Alakananda Hydro Power Company Limited in the year 2003, when Tata Power took over the project from the joint venture of Duncans and Synergics hydro Asia. However, in the year 2005, the GVK group took over the project through one of its group company, Bowstring Projects & Investment Private Ltd, which was later merged with GVK Power and Infrastructure ltd (GVKPIL)  Alaknanda Hydro Power Co Ltd was a subsidiary of GVK. The E&M contract was awarded to BHEL,  The project company signed a power purchase agreement with the Uttar Pradesh Power Corporation Limited. Power generated at Shrinagar project would be purchased by UP Power Corporation Ltd (UPPCL) at power station bus bar. As per the PPA signed between UPPCL & AHPCL, 88% of the generated power will be made available at 400 kV bus bar of the Power Station for sale to UPPCL, with UPPCL being responsible for making the necessary transmission infrastructure for evacuating the power from the project. The state of Uttarakhand will be provided 12% of the power generated as free energy.  As per the PPA signed between UPPCL & AHPCL, UPPCL was required to establish an Escrow Agreement as a collateral arrangement towards payment to AHPCL. UPPCL agreed to deposit the revenues from 'Specified Distribution Sections' (SDS) in the escrow account, so that the balance in the Escrow Account shall not be less than an amount equal to 1.25 times of the monthly payment, due from UPPCL to AHPCL. The invoice will be raised at the end of the month and UPPCL will get a rebate of 2%, if the payment is done within seven days. Though the main payment mechanism will continue to be irrevocable Letter of Credit, in case there is devolvement of LC, AHPCL would have first ranking lien on the funds in the Escrow Account.  The project cost was estimated at Rs20.690 billion (US$ 500 million). The project achieved financial closure on 3rd August, 2007 with a debt/equity ratio of 80/20. The US$400 million loan was provided by Punjab National Bank as the Lead Bank, while Axis Bank Ltd (erstwhile UTI Bank Limited) was the Security Trustee and IDBI Bank Ltd. was the Trust and Retention Account bank.  On 27th February 2013, AHPCL availed additional funds of US$ 347.1mn (INR 20340mn @58.6 INR/USD) to cater to additional cost for project overruns.Financing comprised a 19-year 7-months term loan of US$ 203.9mn (INR 11950mn) and sponsor equity of US$ 143.2mn (INR 8390mn).  The term loan had a grace period of 6-months and repayment schedule of 53 quarterly installment. Lenders were Punjab National Bank, Central Bank of India, Power Finance Corp and REC. Punjab National Bank was the lead arranger.  Construction was expected to be completed in July 2011.The project was commissioned in March 2014.
On October 27 2007, Multiplex Solution won a competitive auction for Tbilisi Water system located in Tbilisi, Georgia. Tbilisi Water System consisted of three companies Tbilisi Water Ltd, Mtskheta Water Supply System, and Cleaning Facilities of Gardabani Sewerage.  Multiplex beat 6 other candidates in the second decisive round of the auction by submitting the lowest water tariffs and the highest amount of committed investment for the construction. During the auction process, the tender comission took into consideration three factors - proposal of the maximal price, reservation of the low payment rate for use of water, and large investments. Multiplex bid of USD 85.7 was the third highest behind Spanish Aqualia – USD 107 million – and Penta Investments – USD 91.2 million. Multiplex paid USD 85.7 for the property and committed to invest a further USD 350 million over the next ten years. In addition, Multiplex promised to keep the current water tariff unchanged in 2008-2009 and committed to ensure a 24 hour uninterruptible provision, low tariff and high quality of water for the population of Tbilisi. Multiplex planned to increase the tariff for households from 2010 and maintain that increased tariff before 2018.
In May 2007, a US company Golden State Environment acquired 100% of the assets (potable water treatment plant and distribution networks) of the Xuyi County Water Supply Company in Xuyi County, Huai'an City, Jiangsu Province through competitive bidding. Golden State Environment invested 39.6 million Yuan (US$ 5.21 million) in the plant and would operate it for 30 years. A project company Xuyi Jinzhou Water Affairs Co., Ltd. was established to operate the plant with a capacity of 50,000 cubic meters per day.
On December 17, 2007, Gelsenwasser of Germany signed a 5.5 year management contract with Algeria’s Ministry for Water Resources, Algerienne des Eaux, to modernize and manage potable water and sanitation in the regions of Annaba and El Tarf, Algeria. Gelsenwasser was responsible for managing water in 36 municipalities with a total population of approximately 1 million inhabitants. The terms of the contract also included the assistance in the establishment of a training center in the region.   On November 29, 2006, three companies qualified for the final bidding round of an international tender: Gelsenwasser (Germany), Agbar Water (Spain) and Saur International (France). Agbar Water (Spain) and Saur International (France) also qualified for management contracts in Constantine and Oran (project 4482). The contract was officially awarded to Gelsenwasser for US $33 million (23 million euro). The assets belonged to a state owned enterprise comprised in equal parts by the Algerian government ministries Algérienne des Eaux and the Office Nacional de l’Assainissement.
Guohua Ruifeng (Lijin) Wind Power Company Limited was a Sino-foreign joint venture that was established in December 2007 by CLP Group and Hydro Tasmania, which holds a 24.5% stake in the project with the remaining 51% interest held by Guohua Energy Investment Co, Ltd.. The total investment was 500 million Yuan (US$ 65.79 million). The joint venture company would operate the wind farm in Lijin County, Shandong Province for a 20-year period. The capacity of the wind farm was 50 MW.
In March 2007, the National Highway Authority of India (NHAI) signed a 20 year concession contract (including two and a half years of construction period) to a consortium formed by India’s Gayatri’s Projects Limited and Infrastructure Development Corporation of India (IDFC) to widen and strengthen the 49.7 km section on National Highway 26(NH26)between Jhansi and Lalitpur, in the state of Uttar Pradesh.  Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance and widening of the existing two-lane highway to a four-lane highway with paved shoulders. The expansion project, part of National Highway Development Project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  The consortium established Gayatri Jhansi Roadways Limited (GHRL), a special purpose vehicle, to implement the project. The consortium won the tender through competitive bidding, conducted by NHAI by making the lowest annuity payment request. Under the contract, GHRL was to recover the capital costs and operating costs including returns through a fixed annual payment (annuity) from the NHAI in the amount of US$ 15  million during the concession term (excluding two and a half years of construction period). Under the annuity scheme, the private operator cannot collect tolls from the users of the facility.  The project reached financial closure in March 2007 with debt equity ratio of 4.3:1.The total capital cost of the project at financial closure was estimated at US$ 106 million. IDFC has syndicated entire debt of US$ 86 million and also is the Leader of the Consortium of Lenders. Contribution of Gayatri Projects Ltd. and IDFC to the equity was US$ 10.2 million and US$ 9.8 million respectively.  Construction on the project began in March 2007 and was expected to be completed by September 2009.
Dongguan Humen Port International Container Termial Co., Ltd., a 20:80 JV of Dongguan City Humen Terminal Holdings Ltd. and PSA was established in August 2007 to build and operate berths # 5 and # 6 of Humen Port in Dongguan City, Guangdong Province. The terminals have a capacity of 300,000 TEU and the total investment was US$ 155 million. The project came into operation in November 2008.
On May 19, 2007, the government of the Hashemite Kingdom of Jordan awarded a 25-year concession contract to ADP Consortium to operate, expand and rehabilitate the Queen Alia International Airport in Amman.   The ADP Consortium was composed of Edgo Ventures (Edgo) (9.5%), Aeroports de Paris Management (ADPM) (9.5%), Joannou & Paraskevaides (Overseas) Ltd.(9.5%), J&P-Avax (9.5%), Abu Dhabi Investment Company (ADIC) (38%) and Noor Financial Investment Company (24%).   The contract was awarded by following a competitive bidding process initiated in June 2006. At that time, more than 30 international companies expressed their interest in the project. The ADP Consortium won out over four other final qualified bidders by submitting the highest percentage of revenue tranfer to the government of Jordan. Under the concession agreement, the government is expected to receive 54.5% of total revenues in the first six years, then 54.6% thereafter.   On November 15, 2007, the contract was officially signed and the construction and operation of Queen Alia International Airport was handed over to Airport International Group Private Shareholding Company (AIG PSC), the project comapny created by ADP Consortium.  Under the term of the contract, AIG PSC was in charge of the operation and the construction of a new terminal of more than 85.000 m2. More particularly, Aeroports de Paris Management had the obligation to remain in charge of operating the airport and  Joannou & Paraskevaides was in charge of building the new terminal. With this expansion, airport's total capacity was expected to increase from 3.5 to 9 million passengers per year.   The project cost was evaluated at US$675 million. AIG PSC secured a US$370 million loan from the International Finance Corporation, the Islamic Development Bank, the banks Calyon, Natixis and Europe Arab Bank.   Detailed financing arrangements were as follow: - An IFC US$70 million, 17-year senior loan. - An IFC US$40 million, 18-year subordinated loan with a 15-year grace period to match the cashflows generated during the concession. - An IFC US$10 million standby loan to be disbursed in the event that the cashflows generated by existing operations were insufficient to complete the financing of the new terminal during the construction phase. - The IFC mobilized US$160 million in a 16-year syndication that attracted French banks Calyon and Natixis as well as Europe Arab Bank.  - The Islamic Development Bank provided a US$100 million loan.  - The IFC also provided a swap to Airport International Group to minimize the interest rate risk on the transaction.   The rest, about US$305 million, was agreed to be financed by equity and revenue of airport operation.  In March 2013, the airport became operational.
Bailingmiao Wind Farm Project was sponsored by an American company Golden State Environment who would build and then operate the project for a 50 year period. The project was located in Bailingmiao, Damaoqi, Inner Mongolia Autonomous Region. Construction commenced in May 2007. The total investment was 482 million Yuan (US$ 63.42 million) and Golden State Environment owned 100% of the project. The capacity of the wind farm was 49.5 MW.
In October 2007 China Gas Holdings Limited acquired 48% of the ownership of Haerbin Zhongqing Gas Company Limited for 477 million Yuan (US$ 62.8 million) with the remaining 52% interest held by Haerbin Gas Chemical General Company. The joint venture company would operate the piped natural gas business in Haerbin City, Heilongjiang Province for a 30-year period.
In November 2007, a Hong Kong company China Water Industry Group Limited  was awarded a 30-year concession agreement to operate the potable water treatment plant and 30 distribution networks in Danzhou City, Hainan Province through competitive bidding. China Water Industry invested 33.99 million Yuan (US$ 4.47 million) in the project and owned 100% of the project. The utility serves a population of 210,000.
The Kolkata Metropolitan Development Authority (KMDA) awarded a 30 year Build Operate Transfer (BOT) project to Navodigantho Water Company (NWC), a Special Purpose Vehicle company formed by Navodigantho Industrial Township Authority (NITA), KMDA and two subsidiary companies of Tata Enterprises (India) - Jamshedpur Utilities and Services Company Limited (JUSCO) and Voltas Limited.  The scope of the project included construction, maintenance and operation of a greenfield water supply and sewerage system at Sector V, Salt Lake which is emerging as an important Information Technology hub in Kolkata city.  The cost of the project is estimated at US $ 16.95 Million (Indian Rupees 678 Million). Of this, about 35% of the project cost, amounting to USD 5.93 Million (Indian Rupees 237.2 Million) has been funded through grants under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) program of Government of India. The balance 65% of the cost, totaling to about USD 11 Million (Indian Rupees 440.7 Million) will be invested by the Tata subsidiary companies-JUSCO and Voltas Limited. The land for this particular project was provided free of cost by KMDC  As per the contract, NWC would create and manage a Water Supply System with a capacity to supply 13.5 Million Litres per Day (consisting of conveyance mains for treated water, pump house and underground reservoir and water supply distribution network of 16.8 km). In addition NWC would also construct and maintain a sewerage system with a capacity of 8 MLD, (consisting of a sewage collection network, sewage pumping stations and sewage treatment plant).   NWC would be operating the system for a period of 30 years. While NWC will charge the users  a combined water cum sewerage fee at Rs. 25/KL of water supplied, it will be purchasing bulk water supply from Kolkata Municipal Corporation at Rs. 5/KL.  Nearly 80% of the customer base for NWC comprises Industrial, Commercial and Institutional (IT & IT Enabled services) customers and the rest (20%) of the water supply would be to domestic users.
In May 2007, Erlianhaote Changfeng Xiehe Wind Power Company, a joint venture by China Windpower was established to build and then operate the Taipusi Shenhua Xiehe Wind Farm in Taipusiqi, Inner Mongolia Autonomous Region under a 30 year agreement. China Windpower owned 49% of the project. The total investment was 230 million Yuan (US$ 30.26 million). The capacity of the wind farm was 21 MW.
In March 2007, Empresa Aguas de Comodoro Ltda signed the concession contract to expand and rehabilitate the water and sewerage systems of the city of Comodoro, located in the state of Mato Grosso. The bidding criteria was the lowest rate to be charged to consumers and the greater amount of investment. The private sponsor that won the bidding process was Agrimat Engenharia Industria e Comercio, which agreed to invest US$ 1 million (BRL 1.9 million) during the 30-year concession. The contract required that the concessionaire reached 100% water and sewerage collection coverage. Comodoro had a population of 12.6 thousand in 2007.
On June 28, 2007, the federal secretary of communications and transportation (SCT) awarded a consortium led by Grupho Marhnos a 30 year greenfield contract to construct, operate, exploit, conserve and maintain a new 10km international toll bridge in the state of Tamaulipas. The Puente Internacional Reynosa – Anzalduas was to connect the Mexican city of Reynosa with Mission, Texas. The US side of the bridge was to be built by a separate contractor.   The Puente Internacional Reynosa – Anzalduas was part of the Programa Sectorial de Comunicaciones y Transportes which sought to construct or modernize over 17,000km of roads between 2007 and 20012. The contract was granted under the new highway concession model which transferred all of the traffic risk to the private operator and required a minimum equity contribution. The new model also provided a minimum revenue guarantee for each project.   The contract was awarded through an international competitive tender that began on June 1, 2006 by SCT. To participate in the public tender, each bidder had to calculate and submit a requested payment as a function of construction, maintenance and operating costs, rate of return on equity, estimated annual traffic and duration of contract. The concession was awarded to the bidder who presented a proposal that complied with the technical, legal and financial requirements established in the bidding documents, and requested the lowest sum of the net present value of the minimum revenue guarantee and the initial public contribution. There were six bidders for the contract:  •	Compania Contratista Nacional SA de CV •	Constructora Garza Ponce SA de CV, and Grupo Rio San Juan SA de CV •	GAMI Ingeniera e Instalaciones SA de CV •	Construobras de la Garza SA de CV, and Construcciones y Puentes de Chihuahua SA de CV •	Concesionaria de Proyectos de Infraestructura SA de CV; Grupo Constructor Marhnos SA de CV; and Marhnos Turismo SA de CV •	Omega Construcciones Industriales SA de CV  On July 27, 2007, the consortium of Concesionaria de Proyectos de Infraestructura SA de CV; Grupo Constructor Marhnos SA de CV; and Marhnos Turismo SA de CV signed the contract. Construction began on the bridge in August of 2007 and was scheduled to finish in June 2009.   Total Investments in the new bridge were estimated at US $60.1 million. The private operator was allowed to charge tolls until an amount specified in the contract which was not publicly available. After this amount was reached, toll revenue was to be split between the government and the private operator.
Eco Power (Private) Limited developed the 3.0MW Dunsinane small hydropower plant, at Dunsinane. The project company was Dunsinane Power Company Pvt. Ltd. Expected annual production was 12.6GWh. The project consisted of two Pelton turbines of 1,550kW each.  According to CDM documentation, project activity commenced in May 2001, usually referring to an initial purchase. The CDM crediting started in January 2007. Turbines were supplied by a Slovenian manufacturer. The generators came from Germany, and the transformer from Sri Lanka.   The project applied for UNFCCC CDM financing. Total project cost was ESTIMATED at US$3 million, based on a conservate US$1 million/MW. Financial closure date was ESTIMATED at January 2007, CDM credit starting date.
In October 2006, Tianjin Port Pacific International Container Terminal Company Limited, a joint venture of Tianjin Port (51%) and PSA Corp.(49%) was established to build and operate Tianjin Port North Gangchi Container Terminal Phase III in Tianjin Municipality under a 50 year agreement. The total investment was 6.581 million Yuan (825.72 million US$). The capacity of the terminal was 4 million TEU per year.   Construction started in late 2006. Tianjin Port Pacific International Container Terminal successfully completed trial runs of its six new berths in December 2007. It commenced operations in January 2008 with 12 quay cranes and 28 yard cranes. When fully completed, the terminal had a quay length of 2,300 metres, with a designed capacity of 4 million TEUs capable of handling super mega containerships.
Territorial Generating Company-12 (TGK-12), also known as KuzbassEnergo, was created by merging power generating companies KuzbassEnergo and AltaiEnergo on March 4, 2007. At that time, TGK-12 had a total installed generating capacity of 4,407 MW, which was distributed in six power plants in Kemerov region and three in Barnaul. At the time of its creation, the two major shareholders were Russian state-owned RAO UES with a 49% controlling stake and Siberian Coal and Energy Company (SUEK) with 42% stake. Other minority shareholders owned the remaining shares. The private ownership in TGK-12 was a result of the Russian voucher privatization program which partially divested the regional power utilities or Energos in 1993.  From December 6 to 17, 2007, TGK-12 offered 100 million of additional shares (14.16% of its charter capital) through an initial public offering (IPO) in the local stock exchange. Existing minority shareholders of TGK-12 purchased 44,613,712 new shares under their pre-emptive right (6.32% stake in the increased charter capital) while company accepted eight bids for the remaining 55,386,288 additional shares which were offered to local and foreign investors. On December 18, 2007, TGK-12 completed its IPO, raising US$304 million which was expected to finance capacity expansion, in particular the construction of a coal-powered generating unit at its Kemerovo Region-based Tom-Usinskaya GRES power plant.   As a result of the IPO, the stake of RAO UES in TGK-12 declined from 49% to 42.06% while SUEK became the controlling shareholder by raising its stake from 42 to 44.02%. The remaining shares were owned by minority share holders. In 2009, Donalink, the Cyrpus-registered holding company that owns SUEK, acquired a further 16.14% stake in TGK-12, bringing SUEK's effective holding to 66%.   Over 2003-2007 period, the Russian power sector underwent significant restructuring. Until 2003 the main assets of RAO UES, the state-owned holding for energy companies, were united into regional vertically integrated energy companies: 73 regional power utilities or Energos which produced and transmitted electricity and heat. RAO UES also centrally managed 32 Federal Power Plants, the Central Dispatch, High Voltage Grid plus Grid Service. 2003 energy sector reform envisioned a new organizational structure that included companies involved in potentially competitive activities (power generation and sales, repair and services) and natural monopolies (transmission, dispatching).   As a result of the reform RAO UES was planned to be dissolved on July 1, 2008.  The companies replacing RAO UES were: a System Operator was to receive functions and assets of regional dispatch administrations; a Federal Grid Company (FSK) was to manage the trunk grids; 11 interregional distribution grid companies were to manage regional distribution grids; RAO Eastern Energy Systems Holding was to manage energy companies of the East and isolated power systems of the Far East region; six wholesale generation companies (OGKs) were formed on the basis of large federal plants; one Hydro OGK was to manage large hydro plants; 14 territorial generation companies (TGKs) were formed on the basis of combined heat and power plants and Inter RAO UES was to remain the major investor and a leading exporter and importer of electric power in Russia.  Rosenergoatom was to include all nuclear power plants.    Wholesale generation companies (OGKs) were formed in 2004-05 on the basis of large federal power plants with a typical installed capacity of 1000-2000 MW. These large power producers were to become the largest participants and the main competitors on the wholesale power market. Seven of such companies were created in the process of reform: six of them incorporated large thermal power plants (OGKs) and one incorporated large hydro power plants (Hydro-OGK). In an effort to restrict the monopoly influence on the competitive wholesale power market, each of the OGKs was established on the basis of power plants geographically dispersed across the country.   The reform also created Territorial generation companies (TGKs) by uniting combined heat and power plants with a typical installed capacity of 100-500 MW which were located in a few neighboring regions or one macro region. The territorial generation companies would sell electricity as well as supply regional consumers with heat energy.   Interregional Distribution Companies were formed as operating companies to manage electricity distribution networks located in a number of neighboring regions.
In January 2007, a local private company Beijing Sound Environment Industry Group was awarded a 25-year contract to build and operate a sewerage treatment plant in Xianning City, Hubei Province through competitive bidding. Beijing Sound invested 41.6 million Yuan (US$ 5.47 million) in the facility and owned 100% of the project. The total capacity of the facility was 60,000 cubic meters per day.
Belize Co-generation Energy Limited (Belcogen) was developing a 31.5 MW, partially captive, bagasse-fired cogeneration plant. Belcogen had a 15-year power purchase agreement with Belize Electricity Limited (BEL). Under the PPA, due to commence in mid-2009, Belcogen was to make 14 MW of capacity available to the offtaker. The remainder of the capacity was to be made available to the sugar refinery owned by the project sponsor, Belize Sugar Industries (BSI).  The greenfield project was to be developed on a build, own and operate basis.  The plant was located within BSI’s Tower Hill compound, near Orange Walk town in northern Belize.  The project was intended to expand the national electricity supply in Belize, and was expected to amount to 20% of total generation capacity in the country.  The US$62 million project reached financial closure on March 15, 2007, with the conclusion of a US$35.25 million loan agreement between Belize Sugar Industries and a consortium of multilaterals and development banks. The consortium included Inter American Development Bank (US$8.8 million), Caribbean Development Bank (US$8.8 million), Netherlands Development Finance Company [FMO] (US$8.8 million) and Corporacion Interamericana para el Financiamiento de Infraestructura (CIFI). Belize Sugar Industries was expected to contribute US$26.75 million in equity financing.  In March 2007, Belcogen announced that it had awarded an engineering, procurement and construction (EPC) contract to Chinese engineering firm, SFECO.  Construction commenced during 2008 and the plant was expected to be fully commercially operational by the end of 2009.  In December 2009 the plant became operational.
Beijing Herocan Environmental Engineering Tech Co. Ltd signed an agreement in October 2007 to construct a wastewater treatment plant with a capacity of 20,000 cubic meters per day in Linghu Town, Huzhou City, Zhejiang Province. The project was procured via competitive bidding (there were 6 bidders). Herocan will operate the facility for 30 years before transferring it back to the local government. The total investment was RMB 27.7 million (US$ 3.64 million). Herocan owns 100% of the project.
In December 2009, the New Bong Escape Hydropower Project, developed by Laraib Energy Limited (LEL) at the New Bong escape on the Jhelum river in the state of Azad Jammu and Kashmir (AJ&K), reached financial closure.  The 84 MW power plant was developed on a build, operate and transfer (BOT) basis for a term of 25 years.  The power generated by the plant was to be sold to National Transmission and Dispatch Company (NTDC), a state-owned national transmission company, under a 25 year power purchase agreement (PPA), valid until 2037. This project was the first hydroelectic IPP in Pakistan.  LEL was originally set up as a joint venture between Malaysia’s Ranhill Bhd (51%) and a group of private Pakistani investors led by Mr. Khalid Faizi. LEL conceived this project in 1995 and conducted the required feasibility study. In May 1996, LEL received a letter of support from the Government of Pakistan to commercially develop the project. However, the project met with significant delays largely attributable to the economic downturn and to disputes with thermal IPPs in the late 1990s.  The total project cost was originally estimated at US$ 149.2 million. Loans from ADB, IDB and local commercial banks were signed in June 2007 but were put on hold due to a change in sponsorship. Ranhill was replaced by Hub Power Company Limited (HUBCO), which became the principal equity holder in the project (75%). Hubco's principal shareholders were International Power (17%), Xenel Industries (12%) and Fauji Foundation (9%). In 2012, International Power divested its shares to Dawood Group and Allied Bank Limited. The Fauji Foundation increased its share to 10.12% equity share.  Aside from HUBCO, Coate & Co. Limited (16.67%) and Asghar Ali Sons & Co. (7.78%) had equity interests in the project. Commissioning was expected for May 2013.  The project received a tariff of $0.085 per kWh under the 25 year PPA. Under an earlier March 2003 PPA the tariff was reported as US$0.031/kWh according to Dealogic.   The project reached financial closure July 2nd, 2007. On Dec. 1, 2009, when the Government of Pakistan (GoP) executed the sovereign guarantee in a signing ceremony between LEL and PPIB.  The total project cost as of the financial closure date was approximately US$233 million. Total sponsors' equity contribution was US$58 million (25% of total project cost).  Debt (75% of total project cost) comprised two tranches: a US$40.6 million local currency-denominated 12 year term-loan from local commercial banks, Habib Bank and National Bank of Pakistan; and a US$134.4 million 15 year, USD-denominated multilateral debt tranche comprising US$35 million from IFC, US$37.3 million from IDB, US$37.3 million from ADB and US$24.8 million from Proparco.
In September 2007, two local private companies Lujiang County Changfa Real Estate Development Company Ltd and Anhui Daliang Real Estate Company Ltd were awarded a 25-year contract to build and operate a sewerage treatment plant in Lujiang County, Anhui Province through competitive bidding. The two companies owned 100% of the project but their total and respective investment was unknown. The total capacity of the facility was 20,000 cubic meters per day.
In 2005, a joint venture between Turkish Zorlu Enerji (51%) and U.S. Invar International, Inc (49%) won a tender to build one of the first private power plants near Moscow.  The Moscow Government held closed bidding for the leasing of construction sites for four heat and power plants in new districts of the capital – Kozhukhovo, Severny, Molzhaninovka, Tereshkovo for a period of 49 years.    Zorlu Enerji and Invar International through their joint venture, ICFS International, won rights to build two gas turbine power stations in Tereshkovo and Kozhukhovo.  ICFS International would build and operate the Tereshkovo power plant that would supply electricity and heat to approximately 1.5 million people.  The design capacity of the power plant would be 340 MW and the estimated cost US$500. The power station would run on natural gas. The construction of the plant began in 2007.  The Moscow Government was to buy all energy generated by the new plant at rates established by the Moscow Committee on Energy Tariffs. Therefore, consumer will be paying for privately generated electricity and heat at the established tariff.  According to the Moscow government, it had to lease district power plants to private investors, because MOSENERGO, the local power company, could not cope with the annual 3-4% rise in energy consumption in Moscow, while limited capacities of power grids make it impossible to transport electricity from other regions.
In June 2005, the Ministry of Petroleum and Natural Gas, Government of India, granted an authorization to build, own and operate East-West natural gas transmission pipeline to Reliance Industries Limited (RIL).  The East-West gas pipeline was to start from landfall point of natural gas at Kakinada in Andhra Pradesh, pass through the states of Karnataka, Maharashtra, and culminate in Ahmedabad (Gujarat).The pipeline, whose initial capacity was 1440 km of length and 120 million standard cubic meters per day (mmscmd), was to supply natural gas to power plants of National Thermal Power Corporation (NTPC) in Khawas and Gandhar in Gujarat apart from catering to fertilizer plant and city gas distribution projects built by various private players along the route of the pipeline.   The authorization for the pipeline was granted under direct negotiations with the Government of India.  The pipeline was granted authorization to break the monopoly of state-owned GAIL (India) Limited and increase competition in India’s gas transmission business. The project’s capacity included an excess capacity of 33% so as to enable non-discriminatory open access to third party users as required by sector regulations in all new trunk pipelines. In May 2007, GAIL signed a term sheet to buy gas from the project company through an agreement with Reliance Industries and also booked capacity in the pipeline.  The cost of the project was estimated at US$125 million. The project achieved financial closure in September 2007 and was financed by internal accruals of RIL through its 100% owned subsidiary Reliance Gas and Infrastructure Company Limited (RGTIL). Soon after the pipeline construction began and was expected to be completed by May 2008.
In August 2006, a Hong Kong based company New Universe International Group Limited established a project company New Century International (Zhenjiang) Port Affairs Company Limited to build and operate Zhenjiang City Xinminzhou Port Phase I in Zhenjiang City, Jiangsu Province. The total investment was 150 million US$. New Universe International Group Limited owned 100% of the project. The capacity of the port was 12 million tons per day.   The project company had to acquire the land before starting construction, which began in 2007.
In July 2007, a local private company Beijing Sound Environment Industry Group was awarded a 25-year contract to build and operate a sewerage treatment plant in Chang'an District, Xi'an City, Shannxi Province through competitive bidding. Beijing Sound invested 134 million Yuan (US$ 17.63 million) in the facility and owned 100% of the project. The total capacity of the facility was 100,000 cubic meters per day.
In July 20007, Union Fenosa SA [Spain] through its subsidiary EPSA, acquired 87% of the shares of Central Hidraulico de Rio Prado (Hidroprado), a 52 MW hydroelectric plant located in Prado, western Colombia for US $55 million.  The facility was previously run by the state-owned company Gestion Energetica (Gensa) and was built in 1973. The remaining 13% of shares were to be reserved for the local authorities of the Tolima department where the plant was located.  The shares of Central Hidraulico de Rio Prado were divested in a privatization auction in Bogata. Seven consortia were pre-qualified to submit bids. After the first round, five bidder remained in teh tender. Consorcio Energia del Centro, Hidroprado, Promesa Sociedad Futura Inversiones Central Hidroelectrica el Condor, Promesa de Sociedad Futura Generadora del Sur and Epsa. Union Fenosa won the tender by presenting the highest offer out of the seven international bidders at US 106 billion pesos (US $51 million). This was much higher than the reserve price set by the government of 65 billion pesos (US $31.2 million). The acquisition of the Hidroprado facility increased EPSA’s total capacity to 952 MW. Union Fenosa has planned to spend approximately 109 billion pesos (US $52.4 million) to increase the generation capacity of the facility by 10%.
On October 5, 2007, the Mexican Secretary of Communications and Transport (SCT) signed a 20-year concession contract with a consortium led by Supra Construcciones SA de CV [Mexico] to operate, conserve, maintain, modernizate, and widen from two to four lanes a 31.7 km highway in the state of Michoacan. The Nueva Italia-Apatzingan highway concession was to operate under the terms of a private service contract or Contrato de Servicios de Largo Plazo (PPS). The PPS initiative was part of the new Public-Private Partnership (PPP) program began in 2005 to improve the quality of public services through long-term partnerships between the government and private sector companies.   The contract was awarded through an international competitive tender that began on October 24, 2006 by SCT. To participate in the public tender, each bidder had to calculate and submit a requested payment as a function of construction, maintenance and operating costs, rate of return on equity, estimated annual traffic and duration of contract. The concession was awarded to the bidder who presented a proposal that complied with the technical, legal and financial requirements established in the bidding documents, and requested the lowest net present value of periodic payments. Three consortia presented offers:   •	Omega Construcciones Industriales SA de CV •	AZVI, SA; Concesiones Intercontinentales, SL; and Tradeca Infaestructura SA de CV •	Supra Construcciones SA de CV; Corporacion de Constructora de Vias Terrestres SA de CV; GAMI Ingeniera e Instalaciones SA and impulsora de Desarrollo Intergral SA de CV  On August 22, 2007, the consortium led by Supra Construcciones SA de CV was formally awarded the public bid for the project. The remaining companies in the consortium were: Corporacion de Constructora de Vias Terrestres SA de CV [Mexico]; GAMI Ingeniera e Instalaciones SA [Mexico] and impulsora de Desarrollo Intergral SA de CV [Mexico].  Total investment commitments for the project were estimated at US $51.6 million. Under the PPS contract, the concessionaire of the the 31.7km “shadow toll” road from Rio Verde to Ciudad Valle was to receive revenues from two types of periodic payments from SCT: a minimum payment for the availability of the road according to the standards set by the contract; and a “shadow toll” or payment linked to traffic levels. Construction of the additional lanes was scheduled to start in 2008 and was expected to be completed within 18 months.
In July 2007, Fuxin United Wind Power Company, a joint venture by China Windpower was established to build and then operate the Fuxin United Wind Farm in Zhangwu County, Fuxin City, Liaoning Province under a 30 year agreement. China Windpower owned 50% of the project. The total investment was 364.5 million Yuan (US$ 47.96 million). The capacity of the wind farm was 40.5 MW.
In July 2007, a Hong Kong company China Water Affairs Group Ltd formed a joint venture company Zhoukou City Water Affairs Group Ltd. with the local government to build and operate a potable water treatment plant under a 30 year contract in Zhoukou City, Henan Province through competitive bidding. The total investment was 50 million Yuan (US$ 6.58 million) and China Water Affairs Group Ltd owned 60% of the joint venture. The capacity of the plant was 30,000 cubic meters per day.
On May 22, 2007, the state-owned RAO UES sold its 49% equity stake in NizhnovEnergoSbyt to Transneftservice-S LLC. NizhnovEnergoSbyt was the largest energy distribution company in Nizhegorodskaya Oblast.  The company was registered in Nizhniy Novgorod on April 1, 2005 after it was spun off from its parent NizhnovEnergo. The company had about 54% of the energy market in the Oblast servicing 25,213 commercial and about 1.3 million of residential customers.   Two companies competed for the government-owned stake: Transneftservice-S LLC and KIT.  The starting price was US$29 million.  Transneftservice offered the highest price or US$79 million and won the auction. Transneftservice was one of the largest independent energy distribution companies in Russia active in 36 regions.  RAO UES sold its stake in NizhnovEnergoSbyt as part of the energy sector reform to allow competition and bring in much needed investments in the sector.  As of end of 2009, NizhnovEnergoSbyt was principally owned by Transneftservice (49.0%) and ZAO Depository Clearing Company (44.0%).
MWH Global, Inc signed an agreement in August 2007 to construct a wastewater treatment plant with a capacity of 50,000 cubic meters per day in Mianzhu City, Sichuan Province. The project was procured via competitive bidding. MWH Global, Inc established a project company, Puresino (Mianzhu) Water Affairs Co. Ltd., to operate the facility for 25 years before transferring it back to the local government. The total investment was RMB 66 million (US$ 8.67 million) and MWH Global, Inc owns 60% of the project.
Century Energy Corp., a subsidiary of Colombia's Helm Group, owns and operates four hydro power plants: Central La Cascada (2.3 MW); Central Caruquia (9.5 MW); Central Guanaquitas (9.8 MW); and Central Barroso (20.4 MW). All plants were located at Santa Rosa de Osos, Antioquia, and were set to supply electricity to the national grid.  The first unit to became operational was the La Cascada plant, which was commissioned in June 2007. The project involved an investment of US$ 3.5 million.  Central Caruquia became operational in October 2008, while Central Guanaquitas commenced operations in June 2010. The sponsor invested US$ 21.5 million in the Caruquia power plant and US$ 22.2 million in the Guanaquitas power plant. The power plants were financed with a US$ 15.5 million financing package granted from the IIC in December 2008. Also in December 2008, the IFC granted US$ 15.5 million to finance both power plants.  In 2012, a new hydro power plant commenced operations. The 20.4 MW plant named Barroso involved investments of US$ 45 million.  Carbon credits were requested to the following projects: Caruquia - January 2011; Guanaquitas - January 2013; Barroso - September 2011.
Beijing Herocan Environmental Engineering Tech Co. Ltd signed an agreement in September 2007 to rehabilitate and operate a wastewater treatment plant with a capacity of 40,000 cubic meters per day in Guan County, Shandong Province. The project was procured via direct negotiation. Herocan established a project company, Guang County Jiacheng Co., to operate the facility for 30 years before transferring it back to the local government. The total investment was RMB 54 million (US$ 7.11 million) including RMB 28 million (US$ 3.68) for rehabilitation. Herocan owns 100% of the project.
Anhui Guozhen Environmental Protection Science & Technology Co. Ltd. signed an agreement with Zunhua Municipal Government in November 2007 to construct a wastewater treatment plant with a capacity of 80,000 cubic meters per day in Zunhua City, Hebei Province. The project was procured via direct negotiation. Anhui Guozhen would operate the facility for 25 years before transferring it back to the local government. The total investment was RMB 152.23 million (US$ 20 million), and Anhui Guozhen owns 100% of the project.
In April 2007, a Malaysia company George Kent Malaysia Berhad was awarded a 30-year agreement to build and operate a potable water treatment plant in Binzhou City, Shandong Province. George Kent owned 60% of the project company, Binzhou George Kent-Nanhai Water Co Ltd. The total investment was 72 million Yuan (US$ 9.47 million). The capacity of the utility was 50,000 cubic meters per day.
On October 4, 2007 Aguas de Itu Exploracao de Servicos de Agua e Esgoto SA (Aguas de Itu)  began operating the water and sewerage utility of the municipality of Sao Paulo under a 30-year concession contract. In addition to meeting quality standards set in the contract, Aguas de Itu was to restore, improve and expand the water and sewage facilities by: constructing three new dams to increase the uptake of water, using computerized billing and collection systems, and constructing and operating an Operational Control Center. Additionally, it expressed the goal of becoming a role model for other concessions. Aguas de Itu was owned by Grupo Equipav [Brazil, 100%].  Aguas de Itu was awarded the concession contract by the municipal tourist office of Itu.  Further information on tendering was not publically available.   The total cost of the project was estimated at 113.7 million reais (US $58.3 million) over the 30-year concession. Of the total investment commitment, 51.1 million reais (US $26.2 million) was to be invested during the first three years of operation.
In July 2007, a US company Easen International Company Ltd and a Spanish company Grupo Tradebe were awarded a 30-year contract to build and operate a sewerage treatment plant in Zhaoan County, Fujian Province through competitive bidding. The total investment was 65 million Yuan (US$ 8.55 million) in the plant. The capacity of the plant was 60,000 cubic meters per day.
In April 2007, a local private company Anhui Guozhen Environmental Protection Science & Technology Co., Ltd. was awarded a 25-year agreement to build and operate Wuhu City Tianmenshan Wastewater Treatment Plant Phase I in Wuhu City, Anhui Province on a competitive basis. The capacity of the plant (phase I) was 60,000 cubic meters per day. Anhui Guozhen invested 70 million Yuan (US$ 9.21 million) in the plant and owned 100% of the project.
In July 2007, a Singapore company Asia Water Technology was awarded a 20 year contract to build and operate a sewerage collection networks in Huangpi District, Wuhan City, Hubei Province through competitive bidding. The total investment was 330 million Yuan (US$ 43.42 million). Asia Water Technology owned 100% of the project. The capacity of the plant was 450,000 cubic meters per day. The project was implemented by Wuhan Kaidi Water Service Co., Ltd., a subsidiary of Asia Water Technology based in Wuhan City, Hubei Province. The facility will serve 1.13 million people in Huangpi District.
Datang Ruifeng Datong Wind Farm Project was invested and implemented by Datang Jilin Ruifeng Power Company Limited, a Sino-foreign joint venture of CLP Group (24.5%), Hydro Tasmania (24.5%), and Datang Group (51%) under a 30 year agreement. Construction commenced in March 2007. The project was located in Taonan City, Jilin Province. The total investment was 490 million Yuan (US$ 64.47 million). The capacity of the wind farm was 49.5 MW.
In November 2006, UAE’s DP World launched the construction of a new container terminal in Doraleh port, 11 km from the Djibouti Port on the Red Sea. The initial capacity of this container terminal was estimated to be 1.5 million TEU (twenty foot equivalent units) annually. This terminal was conceived to meet the capacity constraints of the existing Djibouti port and was also expected to provide an efficient gateway to access the Horn of Africa's key markets in Ethiopia, Somalia and Eritrea.   DP World was already managing the port of Djibouti under a twenty year concession signed in 2001 and was also one of the main promoters of a bulk liquid storage terminal in Doraleh.  The total cost of the Doraleh container terminal (DCT) was first estimated at US$ 396 million. Financing comprises a $263m 10-year Islamic Musharaka and $133m equity. Standard Chartered, Dubai Islamic Bank and WestLB are the mandated lead arrangers. Financial close took place on 17 Dec 2007  In December 2007, MIGA underwrote US$427 million in guarantees covering an equity investment by DP World, as well as a swap agreement and syndicated financing led by Dubai Islamic Bank.   The first phase of DCT was expected to have six super post panamax gantry cranes and a quay length of 1050 m upon completion. DCT was expected to commence commercial operations in late 2008.   The project reached financial closure in December 2007 and started operation in December 2008.  In 2009, there was a refinancing of US$103 million of the original US$263 million of senior debt from the financing of Doraleh terminal in Djibouti.  In 2013, China Merchants Holdings International announced it had agreed to acquire a 23.5% stake in the Port of Djibouti. Port the Djibouti SA (PDSA) owned 66.66% of Doraleh Container Terminal SA.
In April 2007, a Hong Kong company China Water Industry Group Limited  formed a joint venture Linyi Hedong Water Co., Ltd. with Linyi City Hedong District Water Supply Company to provide water supply services for Hedong District, Linyi City, Shandong Province under a 30 year agreement. China Water Industry owned 60% of the project company. The total investment was 45 million Yuan (US$ 5.92 million).
In March 2007, the Russian metals company OAO Norilsk Nickel bought 17.83 million shares or 37.9% stake in OGK-3 for US$3.08 billion. OGK-3 was one of Russia’s six thermal power generation companies created based on the thermal generating assets controlled by RAO UES. OGK-3 had a combined installed capacity of 8,500 MW and six power plants (Kostroma, Pechora, Cherepetsk, Kharanorskaya, Gusinoozerskaya and Yuzhnouralskaya).   OAO Norilsk Nickel acquired the 37.9% stake in the company in a competitive tender by offering the highest price for 18 billion of new shares in OGK-3, which were part of an initial public offering (IPO). Six other bidders including Russian Gazprom, Finish Fortum Oyj, Italian Enel, French Mechel and Gaz de France, US Integrated Energy Systems participated in the tender.  Norilsk Nickel offer represented a 10% premium over the market price of those shares in March 2007. For that reason, most minority shareholders did not exercise their preemptive right to buy new shares. The new shares of OGK-3 issued in this IPO were 18 billion of which only 163.7 million shares were bought by the existing OGK-3 shareholders executing their pre-emptive rights.  OGK-3 issued new shares on 13 March 2007. With the IPO transaction, Norilsk Nickel increased its stake in OGK-3 from 14% to 51.9% while RAO UES’s stake was reduced from 59.7% to 37.08%. Norilsk Nickel and other minority share holders had shares of OGK-3 as a result of the Russian voucher privatization program which partially divested the regional power utilities or Energos in 1993.   In August 2007, Norilsk Nickel purchased additional shares of OGK-3 from of its existing minority shareholders thus increasing its share in the utility to 53.83%.  In September 2007, RAO UES sold 5.25 billion of its shares in OGK-3 or 11% of the company’s charter capital to Norilsk Nickel for US$954 million. That is the same price per share than that paid by Norilsk Nickel for the March IPO.  After that transaction, the stake of Norilsk Nickel in OGK-3 increased to 64.89% while that of RAO UES decreased from 37.08% to 26.02%.  On July 1, 2008, as a part of reorganisation of RAO UES, Norilsk Nickel received an additional 6,692 million shares of OGK-3. As a result of this restructuring, Norilsk Nickel's effective ownership in OGK-3 increased to 82.7%; however, subsequent share sales had reduced its stake to 60.15% as of end 2009.   Over 2003-2007 period, the Russian power sector underwent significant restructuring. Until 2003 the main assets of RAO UES, the state-owned holding for energy companies, were united into regional vertically integrated energy companies: 73 regional power utilities or Energos which produced and transmitted electricity and heat. RAO UES also centrally managed 32 Federal Power Plants, the Central Dispatch, High Voltage Grid plus Grid Service. 2003 energy sector reform envisioned a new organizational structure that included companies involved in potentially competitive activities (power generation and sales, repair and services) and natural monopolies (transmission, dispatching).   As a result of the reform RAO UES was planned to be dissolved on July 1, 2008.  The companies replacing RAO UES were: a System Operator was to receive functions and assets of regional dispatch administrations; a Federal Grid Company (FSK) was to manage the trunk grids; 11 interregional distribution grid companies were to manage regional distribution grids; RAO Eastern Energy Systems Holding was to manage energy companies of the East and isolated power systems of the Far East region; six wholesale generation companies (OGKs) were formed on the basis of large federal plants; one Hydro OGK was to manage large hydro plants; 14 territorial generation companies (TGKs) were formed on the basis of combined heat and power plants and Inter RAO UES was to remain the major investor and a leading exporter and importer of electric power in Russia.  Rosenergoatom was to include all nuclear power plants.    Wholesale generation companies (OGKs) were formed in 2004-05 on the basis of large federal power plants with a typical installed capacity of 1000-2000 MW. These large power producers were to become the largest participants and the main competitors on the wholesale power market. Seven of such companies were created in the process of reform: six of them incorporated large thermal power plants (OGKs) and one incorporated large hydro power plants (Hydro-OGK). In an effort to restrict the monopoly influence on the competitive wholesale power market, each of the OGKs was established on the basis of power plants geographically dispersed across the country.   The reform also created Territorial generation companies (TGKs) by uniting combined heat and power plants with a typical installed capacity of 100-500 MW which were located in a few neighboring regions or one macro region. The territorial generation companies would sell electricity as well as supply regional consumers with heat energy.   Interregional Distribution Companies were formed as operating companies to manage electricity distribution networks located in a number of neighboring regions.  As of June 2010 he Company’s ultimate controlling party was “Norilsk Nickel” (66.75%). The rest of the shares are held by nominee holders (12.88%), (VTB bank 15.90%), individuals (3.49%), and others (0.98%). As of 2010 the company was made up of 6 power plants:  Gusinoozerskaya TPP, Kostromskaya TPP, Pechorskaya TPP, Khranorskaya TPP, Cherepetskaya TPP, Yuzhnouralskaya TPP. As of end of 2010, the construction of 2 225MW units at Cherepetskaya TPP was 20% complete.  On 23 March 2011 MMC Norilsk Nickel? exchanged ordinary registered shares of WGC-3 for the ordinary non-documentary shares of OJSC Inter RAO UES? (?Inter RAO?) with a ratio of 35 shares of Inter RAO for 1 share of WGC-3. In this process Norilsk Nickel acquired 14.19% shares in InterRAO UES.   As a result Inter RAO became ultimate shareholder of the Group. As at 30 June 2011 Inter RAO owned 81.93% of the Group shares. The rest of the shares are held by individual and nominee holders (18.07%)  As of end 2011 the shareholder structure of OGK-3 was: InterRAO UES (81.93%), Shares in Treasury (4.14%) and minority shareholders (13.9%). The powerplants in OGK-3 were: Kostromskaya  SDPP, Cherepetskaya SDPP, Pechorskaya SDPP, Kharanorskaya SDPP, Yuzhnouralskaya SDPP, Gusinooserskaya SDPP, and Dzhubginskaya TPP.
Asia Hydro Power Generations (Pvt.) Ltd., subsidiary of Rank Holdings, from Sri Lanka, wdeveloped the 12MW Gatambe small hydropower plant (run-of-river). The project was expected to produce 56GWh annually, for 30 years. It is located on the Mahaweli Ganga River.  The power is sold to the Ceylon Electricity Board (CEB) under a Standard Power Purchase Agreement, based on the average avoided cost of the last three years. The project started reportedly in December 2006. Crediting period started in October 2007. Construction was expected to start in September 2006.  The project applied for UNFCCC CDM financing, administered by the IBRD for Denmark. Financial closure date was ESTIMATED based on 25% rule at March 2007. Total cost was reported by sponsor at US$28 million.  Project coordinates: Longitude: 70° 16’ 54” E  Latitude: 80° 36’ 11” N
In February 2006, Sinohydro (SHA:601669) , a Chinese state controlled company was awarded a 44 year agreement to build and operate the Kamchay Hydropower Station in Cambodia through open bidding. The total investment was 280 million US$ and Sinohydro owned 100% of the project. The capacity of the hydropower plant was 193.2MW, divided into three construction stages - 10MW, 3.2MW and 180MW. The construction of the project commenced in September 2007 and the first phase became operational in December 2009. Construction lasted four years.  In January 2012, the project was reported as being fully operational.
In October 2007, a Singapore based company Hyflux was awarded a 28-year contract to build and operate a potable water treatment plant in Xiajin County, Dezhou City, Shandong Province through competitive bidding. Hyflux invested US$ 13.47 million in the plant and owned 100% of the project. The total capacity of the plant was 104,000 cubic meters per day. A sole venture company Hyflux Xinquan Water Supply (Dezhou) Co., Ltd. was established to implement the project.
In June 2007, Xinao Gas Holdings Limited was awarded an agreement to build and then operate the piped natural gas system in Jinzhou District, Ningbo City, Zhejiang Province. Xinao’s investment and stake in the project was unknown.
The Ratnagiri Power Project was a 1,200 MW (4 units of 300 MW each) coal-fired power plant located in Ratnagiri in the state of Maharashtra. The project was being set up by JSW Energy Limited (JSWEL). This project was awarded to JSWEL pursuant to the signing of a Memorandum of Understanding (MoU) following direct negotiations with the Government of Maharashtra on June 10, 2005. JSWEL is was part of the JSW Group. In June 2006, JSWEL established JSW Energy Ratnagiri Limited (JSWERL) to implement this project.   JSWERL proposed to sell power generated by the project under a combination of long-term PPAs by participating in the competitive bidding organized by state distribution companies for the procurement of power and short-term PPAs with JSW Power Trading Company, a power trading company which was part of the JSW Group.   The project was estimated to cost USD 1125 million and achieved financial closure in August 2007. A consortium of 21 banks and financial institutions with the State Bank of India in the lead had  provided the debt for the project. SBI Capital Markets Ltd (SBI Caps) was the lead arranger and advisor for the project. The project had a debt-equity ratio of 3:1 (term loan of US $ 843.75 million for 14.5 years and equity of US $ 281.25 million).All the lead managing banks except Tamilnad Mercantile Bank are public financial institutions.    The project was expected to be completed by June 2010 and achieve commercial operation by October 2010. JSW Energy Ltd announced that Unit I of 300MW of the 4x300MW Power Project at Jaigad, Ratnagiri District, Maharashtra State, had been commissioned and had achieved Commercial Operation Date (COD) from September 01, 2010.
In September 2007, Veolia Environment was awarded a 30 year concession contract to provide 1,500,000 cubic meter water per day in Binhai New District, Tianjin Municipality on a competitive basis. Veolia invested 2,180 million Yuan (US$ 286.8 million) in acquiring the 49% ownership of the facilities (two water supply plants and distribution networks) and would invest 910 million Yuan (US$ 119.7 million) in rehabilitation and future construction. A joint venture Tianjin City North Water Affairs Company Limited was established to implement the project. The project serves 1,750,000 people.
In November 2001, Foz do Chapeco Energia SA signed with ANEEL, Brazil’s federal electricity regulator a 35 year contract to build, finance and operate Foz do Chapeco, a new 855 MW Hydroelectric Power Plant on the Uruguay River, between the states of Santa Catarina and Rio Grande. Under the terms of the contract, Foz do Chapeco Energia SA had 84 months from the date of contract signing to bring the first unit of the plant to operational status.  The BOT contract was awarded through an international competitive tender launched in March 2001 by ANEEL, Brazil’s federal electricity regulator. The winning consortium was selected based on the highest amount of annual payments to the government for the right to use the river over the life of the contract. A consortium of Companhia Vale do Rio Doce (CVRD), Serra da Mesa Energia, and Companhia Estadual de Eneergia Eletrica (CEEE) won the tender in August 2001 with an offer of US $10.6 million [Real 20.7 million] per year in annual payments. Payments to the government were to commence from the from the eighth to the thirty-fifth year and had present value of US $97.9 million using a discount rate of 10% for 27 years. The number of final bidders was not publically available.  The shareholding structure of Foz do Chapeco Energia SA changed several times between 2001 and 2007. In November 2001, CPFL Energia bought Serra da Mesa Energia; while in late 2006, the Brazilian state owned holding Furnas Centrais Eletricas S.A. (Furnas) bought the share of CVRD. Thus, in 2007, the shareholding structure was as follows: CPFL Energia [Brazil, 51%]; CEEE [Brazil, 9%]; and Furnas [Brazil, 40%]. CEEE and furnace were state-owned enterprises.   The total project cost was estimated at US $1.160 billion (BRL $2,262.4 million). The project reached financial closure in July 2007 when the Board of Directors of Banco Nacional de Desenvolvimento Economico e Social (BNDES) approved a BRL 1.6 billion financing to Foz do Chapeco Energia SA. The financing came in two forms: a direct project finance loan from BNDES for US $564 million (BRL 1.1 billion) and a syndication of the commercial banks Bradesco, Santander, Banco do Brasil and Banco Safra for US $283 million (BRL 552 million). This debt financing accounted for approximately 75% of the project while the remaining 25% was to be financed through equity.   The project loans received a reduced rate under the Growth Acceleration Program (PAC) which gave interest rate reductions to BNDES funded projects in the segments of: energy transmission and distribution, gas production and distribution, railways, ports, airports, roadways, sanitation and urban transportation.   Operations commenced in March 2011.
In December 2007, the Government of Ghana divested the fixed and mobile operator Westel by selling 75% of its stake to Zain's subsidiary Celtel at a price of US$120 million.   The award followed a competitive bidding process. In March 2007, four companies were short-listed: Celtel, Kinz Telecom, Vodacom, and African Soft. Kinz Telecom initially won the tender with the highest financial offer of US$95 million. However, further negotiations for additional spectrum for 3G license and WiMAX frequencies increased the sum to US$250 million. A memorandum of understanding was signed, but Kinz Telecom failed to pay the US$250 million. As a result, the government turned to the second-placed bidder Celtel and lowered the offer to US$115 million by removing the attribution of additional licenses for 3G and WiMAX frequencies.  Initially, Westel was launched in 1998 as a BOO project (project 1561) with 66% private shareholders. In January 2006, the state bought out the stakes held by private investors resulting in a 100% state ownership. Westel was the second national operator in Ghana to provide fixed and mobile telecommunications services.  In 2009, Zain Ghana commited to invest US$363 million to expand the  network in the rural and semi-urban areas of Ghana. Financing comprises $160m debt and $203m equity. The debt provided by IFC is split into a $70m 8-year A-loan, $70m 7-year B-Loan and a $20m 8-year C-loan.   Zain was taken over by Bharti of India in 2010.
In February 2007, provincial authorities of Ba Ria Vung Tau awarded Saigon International Terminals Vietnam Ltd (SITV) a 50 year BOT contract for a container terminal in the southern part of the province.  Saigon International Terminals Vietnam Limited (SITV) was a joint venture between Hutchison Port Group (70%) and Vietnam’s Saigon Investment Construction and Commerce Co Ltd (30%). The latter one was a state-owned enterprise.  The project's cost was estimated at US$267 million. The port was expected to have three berths with a total length of 700 meters and a terminal yard of 33.7 hectares. The facility was expected to accommodate vessels of up to 60,000DWT and have a throughput capacity of about 1.1 million TEUs a year.   Construction started in August 2008 and was expected to be completed in 2010. SITV commenced commercial operation on August 24, 2010
In December 2007, Xinao Gas was granted a 27 year agreement to build and operate LPG facilities in Yantai City, Shandong Province through direct negotiation. Xinao Gas owns 50% of the project. A project company, Yantai Xinao Gas Development Co., Ltd., was established to operate the facilities to serve 2 million people in Yantai. The total investment was RMB 299 million (US$ 39.29 million).
In October 2007, China Gas Holdings Limited formed a joint venture to build and then operate piped gas business in Dezhou City, Shandong Province for a 30-year period. China Gas Holdings Limited holds a 51% stake in the project with the remaining 49% interest held by Dezhou City Gas General Company (48%) and the government (1%). The total investment was 214.25 million Yuan (US$ 28.19 million).
In June 2007, the Madhya Pradesh Road Development Corporation (MPRDC) signed a 25 year concession contract (including 18 month of construction period) to India’s Keti Construction Pvt. Ltd. to reconstruct and rehabilitate the 108 km section on Matkuli–Tamia-Chhindwara stretch of state highway in the state of Madhya Pradesh.  Under the contract, Keti Construction Pvt. Ltd. was responsible for the construction, finance, operation and maintenance of the existing highway. The project was expected to ease traffic movement and give significant stimulus to trade and commerce in the entire region.   Keti won the competitive tender, conducted by MPRDC, by making the lowest fixed subsidy request of US$ 9.68 million (out of this US$ 4.92 million was funded by Viability Gap Funding (VGF) scheme of Government of India). Apart from this upfront payment by MPRDC (and GoI), Keti was to allowed recover the capital costs and operating costs including returns through tolling during concession period (excluding construction period).  The project reached financial closure in June 2007. The total capital cost of the project was estimated at US$ 23.52 million.   Construction on the project began in June 2007 and was expected to be completed by November 2008.
On December 20, 2007, Costa Rica recieved the final approval from the comptroller general for 25 year greenfield BOT contract between the Costa Rican transport ministry (MOPT) and Autopistas del Sol SA to build, own, and operate a 76.8 km highway linking the capital of San Jose with Caldera Port. The highway was designed in three stretches: San José-Ciudad Colón (14.2km), Ciudad Colón-Orotina (38.8km) and Orotina-Caldera (23.8km). It included additional safety measures, such as improved marking and lighting, and improved designs for gutters, drains, pavement, and slopes. In order to accommodate the additional safety measures, 30 months were given for construction instead of the initial 24 months.   The San Jose – Caldera Highway was originally awarded to a consortium of Cartellone, Acosol  and SNC Lavalin in 2001 and the concession contract was signed in 2003. The consortium of Cartellone, Acosol  and SNC Lavalin won the contract through a competitive tender in which eight consortia pre-qualified, but only this consortium submitted technical and final bids. Several others requested a tender delay in order to secure finance but the request was rejected. In 2004, the consortium requested the termination of the concession contract because of delays in obtaining right of way for the highway. In 2005, the national concessions council (CNC) authorized the transfer of the concession contract to Autopistas del Sol SA the contract with the approval of the general comptroller. Autopistas del Sol SA was comprised of: Sacyr Vallehermoso (SyV) [Spain, 35%], Caja Madrid [Spain, 17.5%], Grupo Soares da Costa [Portugal, 17%], Fomento de Construcciones y Contratas S.A. (FCC) [Spain, 17.5%] and M&S DI-MS Desarrollos Internacionales [Costa Rica 13%]. By February 2013, Autopistas del Sol was wholly-owned by Globalvia, a subsidiary of the Spanish group FCC.  After the project was awarded to Autopistas del Sol SA, the government added additional safety measures for the project and demanded that the equity of the concessionaires be kept in a special trust. Although the project was signed in 2005, it could not be implemented immediately because it did not have the approval of the general comptroller.   Financial closure was reached on December 21, 2007 through a US $247 million syndication that was arranged by the Central American Bank for Economic Integration (BCIE) and Caja Madrid. The Multilateral Investment Guarantee Agency (MIGA) gave a guarantee of US $152.96 million that was to cover US $143.96 of Caja Madrid’s debt and US $9.1 million of FCC’s equity against the risks of: transfer restriction, expropriation, war and civil disturbance, and breach of contract for a period of 18 years. Total project cost was estimated at US $330 million. The remainder of the project was to be financed through equity. Construction was scheduled to begin in January 2008 and end in 2010.  The highway opened in January 2010.
North-Western Power Investment and Development JSC was planning the development of the 32 MW Nam Chien 2 hydropower plant, near Chieng Muon and Chieng San communes, Muong La district, Son La province. The project was expected to generate 131,730 MWh annually, delivered to the national grid via a 110kV transmission line.   Construction was expected to take 41 months, and the project was reported  to have a 20 year life span, based on the maximum life span of twenty years as reported under the UNFCCC/CDM framework. The project was to receive Feed-in-tariffs of VND 606.3 per kWh (without VAT tax of 10%). A 2% resource tax is levied in vietnam. The project was also eligble for income tax breaks, 0% for the first 4 years, 5% for the next 9 years, 10% for the next 2 years and 28% for the remaining years. O&M costs were estimated at VND 3.1 billion ($0.14 million). Construction work was done by Cavico Mining. The tunnel works (1300mx4.8m) was done for $2.4 million. The project was commissioned in December 2009. Construction started in early-2007.  Financial close was reached in May 2007. The Bank for Investment and Development of Vietnam (BIDV) and the Military Commercial Joint Stock Bank (MCB) were to finance VND 399 billion. Son La BIDV was to provide VND 250 billion, Ha Giang BIDV VND 49 billion and the MCB VND 100 billion. Total investment was estimated at VND 625 billion, implying a 70/30 debt to equity ratio.  Total investment cost was estimated at VND 629.2 billion ($30 million).
In March 2007, China Gas Holdings Limited formed a joint venture to build and then operate piped gas in Hohhot, Inner Mongolia Autonomous Region for a 30-year period. China Gas Holdings Limited holds a 50% stake in the project with the remaining 50% interest held by Hohhot City Gas Company. The total investment was 800 million Yuan (US$ 105.26 million).
In December 2006, the government of Colombia awarded Autopistas de Santander SA a 20 year greenfield contract to design, build, finance, and operate and maintain the Zona Metropolitana de Bucaramanga (ZMB) highway in the region of Santander. The 82.9 km ZMB highway was to encircle Bucaramanga and integrate northwestern Colombia and Venezuela. It was divided into a new 30.3 km stretch and an existing 52.6 km stretch to be rehabilitated.   Autopistas de Santander consisted of nine companies led by Grodco. The consortium was comprised of: Cicon SA Kma Ltda; Constructora Emma Lntda Bernardo C. and Cia.Ltda Tecnica Vial S.En CA; Ci Procesdora De Safaltos En CA; Ci Grodco S. En SA Ingenieros Civiles; Garzon Ingenieros y Asociados Ltda; and Vanegas y Garzon Ltda.   Ten consortia competed in the public tender, representing over 100 companies. In order of eligibility, they were:  1.	Promesa de Sociedad Futura Autopistas de Santander.  2.	Unión Temporal Concesión Vial del Chicamocha.  3.	Promesa de Sociedad Futura Vías Metropolitanas S.A.  4.	Promesa de Sociedad Futura Desarrollo Vial de Bucaramanga.  5.	Promesa de Sociedad Futura Megaproyecto ZMB S.A..  6.	Promesa de Sociedad Futura ZMB 2010 S.A.  7.	Promesa de Sociedad Futura Covicol.  8.	Promesa de Sociedad Futura Concesionaria Metropolitana S.A.. 9.	Promesa de Sociedad Futura Concesión Bucaramanga-Lebrija-Rionegro.  10.	Promesa de Sociedad Futura Concesionaria Vial ZMB.   The contract allotted one year for pre-construction, four years for construction and rehabilitation and the remainder of the contract for operation and maintenance. Pre-construction was scheduled for November 2007. Autopistas de Santander SA, however, obtained financing for the ZMB highway in July 2007 which allowed it to start ahead of schedule. A total of US $76.9 million (160 billion pesos) was estimated as the project cost.
In October 2007, Red de Carreteras de Occidente, a subsidiary of ICA and Goldman Sachs, signed a 30 year concession contract to rehabilitate, operate, maintain and expand four Mexican toll roads with Secretaria de Comunicaciones y Transportes (SCT). The four roads spanned 558 km and were titled: Guadalajara-Zapotlanejo; Maravatio-Zapotlanejo; Leon-Lagos de Moreno-Aguascalientes and Zapotlanejo-Lagos de Moreno. Together they formed the Bajio-Centro-Pacifico highway. Under the contract, the concessionaire commited to constructing specified works on the four highways and investing approximately US $137 million (1.5 billion pesos). These works included: construction of the Encarnación de Díaz-San Juan de los Lagos highway section, expansion of the Guadalajara-Zapotlanejo highway to six lanes, modernization of an access ramp to the Maravatío-Zapotlanejo highway, and re-pavement of the El Desperdicio-Lagos de Moreno route.  The contract was awarded through an international competitive tender launched on June 18, 2007. Five consortia submitted satisfactory technical proposals and were therefore qualified to submit financial bids. The winning consortium was selected based on the highest payment to the government. On August 6, 2007, the consortium of Goldman Sachs Infrastructure Partners (USA, 80%) and Constructoras ICA (Mexico, 20%) won the tender. The bids were submitted as follows:  •	Constructoras ICA (Mexico) and Goldman Sachs Infrastructure Partners (USA), 44,051 million pesos. •	Promotora del Desarrollo de America Latina -IDEAL- (México) and Macquarie (Australia), 43,430 million pesos. •	Abertis Infraestructuras (Spain) y Banco Invex (Mexico), 42,000 million pesos. •	Globalvia (Spain) / FCC Construcción (Spain) and Caja de Madrid (Spain), 41,907 million pesos. •	Obrascon Huarte Lain -OHL- (Spain), 39,147 million pesos. •	Compañía de Concessoes Radioviarias –CCR- Brasil / Brisa Internacional (Portugal) / Grupo Hermes (Mexico), 29,066 million pesos.  On October 3, 2007, Red de Carreteras de Occidente paid the Mexican treasury US $4.03 billion (44.051 billion pesos) for the concession. On October 4, 2007, the consortium officially took possession of the highways.  To facilitate financing for the project, the Inter-American Development Bank (IADB) issued a partial credit guarantee of US $400 million.Banco Santander then arranged financing through a syndication of international banks. The syndicators were: Banco Santander with Ps 4.6bn; Dexia, HSBC and Banorte with Ps 4.5bn each; NordLB with Ps 4.4 bn; Inbursa Ps 5.5bn; Banobras Ps 3.3bn; ING and WestLB Ps 3.0bn; and Scotiabank with Ps 1.0 bn.  The loan had an interest rate of approximately 7.7% plus 165 basis points at the beginning of the term rising to 225 basis points over the loan’s seven year term. This was based off of the TIIE or Tasa de Interes Interbancaria de Equilibrio, Mexico’s inter-bank rate. The loan was to be disbursed in three tranches with 9 billion pesos reserved for equity making the debt to equity ratio 66% to 34%.   The concession was the first road package offered by the Fideicomiso de Apoyo para el Rescate de Autopistas Concesionadas (FARAC). FARAC was formed to administer the toll road concessions taken over by the Mexican federal government in 1994. Payments to the Mexican Treasury by the private concessionaire were to be used to pay FARAC’s debt, construct the Durango – Mazatlan road and execute infrastructure projects included in the Programa Nacional de Infraestructura 2007-2012. Payments to the treasury were to be transferred to FINFRA, the infrastructure fund of the Banco Nacional de Obras y Servicios (Banobras).  In July 2013, ICA sold its stake of 18.7% to Goldman Sachs for US$ 380 million. ICA continued to be the operation and management contractor for the concession.
Guohua AES (Huanghua) Wind Power Company Limited was a Sino-foreign joint venture that was established in November 2007 by AES Corp., which holds a 49% stake in the project with the remaining 51% interest held by Guohua Energy Investment Co, Ltd.. The total investment was RMB 530 million (US$ 69.74 million). The joint venture company would operate the wind farm in Huanghua City, Hebei Province for a 20-year period. The capacity of the wind farm was 49.5 MW. The Hebei Provincial Power Company will purchase all of the power generated by the facility, as required by the Chinese Renewable Energy Law.  The plant construction began in 2007 and was expected to conclude in 2009.
In August 2007, the Algerian government awarded the French rail firm, RATP Development, an 8 year management contract to operate and maintain the first metro transit system in the Algerian capital, Algiers.   The contract was awarded following a competitive bidding process initiated in 2006 and involving 4 other applicants: Keolis, Veolia Transport, Metro of Madrid and Metro of Rome. It was granted to RATP Development at a cost of approximately US$161 million.  On December 4, 2007, the contract was officially signed by RATP Development and the Metro of Algiers "Entreprise du Metro d Alger", under the patronage of the French President Nicolas Sarkozy and the Algerian President Abdelaziz Bouteflika.  For preparation and training purpose, the contract entered into effect about 15 months prior to the official opening the metro system in 2009. The first line of the underground metro system, between the centre of Algiers and the outer districts in the south-east, was expected to become operational early 2009. It was expected that the line would be 9km long, with 10 metro stops and 14 trains of 6 cars each. In 2007, annual traffic was forecasted at 110 million passengers.
In March 2007, the Jordan state utility National Electric Power Company (NEPCO) signed a BOO agreement with AES Jordan PSC, a joint venture between AES Oasis (60%) and Mitsui (40%), for the construction and operation of a 370MW gas-fired combined-cycle electric power station at Almanakher. The power to be generated by the plant was to be sold to the state-owned electric utility of Jordan at a price garanteed by a 25-year power purchase agreement (PPA). AES Oasis was a subsidiary of AES Corporation, of which 39% was sold to IDB Infrastructure fund (managed by Emerging Markets Partnership from Bahrain E.C.) in 2003 (US$150 million). This 39% was onsold to Qatar Electricity & Water Company (QEWC) in 2012.  The award followed a competetive bidding process. In June 2005, 9 companies were qualified to bid for the BOO project: Tractebel, AES Corporation, International Power/Saudi Oger, Malakoff, Mitsui, Siemens, UnitInternational and Xenel/Gama. In October 2005, 4 out of the 9 companies were shortlisted for the final bidding: AES Corporation, Gama/Xenel, Mitsui and Saudi Oger. In March 2006, AES Corporation/Mitsui won the tender by proposing 7% less on tariff than the second team Xenel/Gama.  Total project cost was evaluated at US$300 million. Financing was secured in March 2007 and was organized as follow: - US$110 million loan from Japan Bank for International Cooperation - US$70 million loan from Overseas Private Investment Corporation - US$45 million loan from Sumitomo Mitsui Banking Corporation (covered by IBRD Guarantee) - US$45 million equity from AES Corporation (90% covered by MIGA Guarantee) - US$30 million equity from Mitsui & Co. Ltd (90% covered by MIGA Guarantee)  The project was expected to be completed by 2009.
TGK-11 was created on July 1, 2005, as a power generation company serving Omsk, Tomsk and Novosibirsk. The state registration of the company was on August 26, 2005. TGK-11 was one of 14 territorial generation companies (TGKs) established by state-owned electricity monopoly RAO UES. The company was formed with the purpose of consolidating the existing regional energy companies OAO Tomskenergo and OAO Omskenergo within ths structure of TGK-11.  These assets comprised 4 CHPPs, 1 SDPP (Tomsk), 2 boiler-houses, and 2 heat networks, for a total generating capacity of 2026 MW.  At an extraordinary general meetings of OAO Omskenergo and OAO Tomskenergo held on August 24, 2007, shareholders decided to consolidate the companies within OAO TGK-11. The final decision to take over OAO Omskenergo and OAO Tomskenergo was made Sep. 3, 2007, by authorized board of RAO UES. TGK-11's charter capital was increased by 5.5 billion rubles to 5.51 billion rubles. The conversion ratio per TGK-11 common share was 0.00001048 common and 0.0000144 preferred shares of Omsk Generating Company with a par value of 1,516 rubles each. The ratio for Tomskenergo was 0.0415 common shares and 0.0453 preferred shares with a par value of 1 ruble per common share of TGK-11. As a result of the consolidation, the principal shareholders in TGK-11 were RAO UES (50.5%), SUEK (26.4%) and Rosneft subsidiary, Neft Aktiv (5.7%). Prior to the consolidation, Neft Aktiv held a 26% stake in Tomskenergo.   In December 2007, RAO UES scheduled the sale of a 28.9% stake in TGK-11 and the holding of a supplementary share issuance of 181 billion common shares in TGK-11 for the end of March 2008. However, in February 2008, Rosneft subsidiary Neft Aktiv filed a lawsuit at the Moscow Federal Arbitration Court seeking to invalidate the original consolidation of Tomskenergo within TGK-11, by arguing that it was not notified of the shareholders' meeting of August 24, 2007, at which the consolidation decision was made.  In March 2008, Neft Aktiv successfully obtained an injunction from a Russian court that blocked TGK-11's planned supplementary share issuance until the legal dispute over Tomskenergo's consolidation was resolved.    In July 2008, the Moscow Federal Arbitration Court ruled in favor of Rosneft by invalidating the consolidation of Tomskenergo within TGK-11.  The court upheld the ruling in December 2008, following an appeal by TGK-11. Despite this ruling, during 2009, Rosneft and TGK-11 reached an amicable agreement which approved the September 2007 consolidation of Tomskenergo within TGK-11, in return for which Rosneft was compensated for losses arising from the merger.  In July 2008, upon the dissolution of RAO UES as part of the Russian power sector restructuring, its equity holding in TGK-11 was distributed across two successor companies: TGK-11 Holding (16.3%) and Federal Grid Company UES (FSK) (27.5%).  In the same month, Donalink, the 100% owner of SUEK, purchased a 24.98% stake in TGK-11.  As of end 2009, the principal shareholders in TGK-11 were Inter RAO UES (29.9%), Federal Grid Company UES (27.5%), Donalink (25%) and TGK-11 Holding (16.3%).  As of end 2009, private entities held a 42.7% interest in Inter RAO UES, a 20.9% interest in Federal Grid Company and 100% interest in Donalink.
Ind-Barath Energies Maharashtra Limited (IBEML) developed a 20.0 MW biomass coal based power plant. IBEML was owned by Ind-Barath Power Infra Private Ltd. (79.2%). The power plant was commissioned in January 2009. Power sold directly to SEDCL under a long term purchase agreement. The project was registered under the United Nations Framework Convention on Climate Change (“UNFCCC”) and hence is eligible for generating and selling CERs under the Kyoto Protocol’s Clean Development Mechanism (“CDM”) project.  The estimated project cost was Rs 757.27 million (US$18.3 million). The project reached financial closure in 2007. The IBEML Power Project was funded through a combination of equity contributions from our Company and other investors, and secured and unsecured debt. As of March 31, 2010, the total equity investment made by our Company in IBEML is Rs. 192.57 million. We secured financing of Rs. 564.70 million for the implementation of the IBEML Power Project, from two lenders, IDBI and Indian Overseas Bank. As of March 31, 2010, Rs. 442.13 million and Rs. 157.29 million in principal amount of secured and unsecured loans, respectively, remains outstanding.  IBEML has entered into a biomass energy purchase agreement dated October 18, 2006 with MSEDCL. IBEML presently sells all of its power generated to MSEDCL at the prevailing tariff determined by the Maharashtra Electricity Regulatory Commission (“MERC”). Under the terms of the agreement, the tariff was determined at Rs. 3.08 per kWh, which was subject to an annual increase of between Rs. 0.04 and Rs. 0.03 per kWh. The agreement is valid for a period of 13 years from the commercial operation date in January 2009. On September 23, 2008, the Maharashtra Biomass Energy Developers Association filed a petition with the MERC, seeking an increase in biomass-based power tariffs. In an interim order dated December 14, 2009, MERC has set the tariff at Rs. 4.98 per kWh, which is valid until March 31, 2010. As of date, no supervening order has been issued and we will continue to bill MSEDCL at Rs. 4.98 per kWh until such order is issued.
In June 2007, the Albanian government signed a contract for the sale of 76% of the Albanian state phone company Albtelecom Sh.A. to a Turkish joint venture, named Cetel, in a deal worth US$161 million.  Cetel was a special purpose vehicle owned 80% by Calik Holding and 20% by Turk Telekom.     The sale also included a license to provide Albania's third mobile phone network, Eagle Mobile. The building of the mobile network was left up to the investor. Under the terms of contract, the shares of Albtelecom could not be transferred without the approval of the Albanian government for a period of five years. The contract was a result of two years of negotiations between the Albanian authorities and the Turkish consortium after, in 2005, the government canceled an original contract, claiming irregularities in the sale.  The Albanian government was to be represented on Albtelecom and Eagle Mobile's supervising boards for the next five years, or until the government's stake drops to 10%. Albtelecom held a monopoly on fixed telephony services, reaching 33% of Albanian households.  In 2007, ALBtelecom's parent company signed a coupled EUR 75 million with the European Bank for Reconstruction and Development (EBRD) and an EUR 25 million credit agreement with the Black Sea Bank for Trade and Development (BTDB). The investment was used to upgrade and expand the existing fixed-line network infrastructure, to build a new mobile GSM network and develop new broadband and data services. Out of the EUR 75 million EBRD loan, EUR 30 million was loaned on the Bank's own account, and the rest of the EUR 45 million was provided by commercial banks.   From Q1 2008, wireless operations were spun off into a separate company called Eagle Mobile. AlbTelecom continued to offer fixed telephony and internet services to businesses and private consumers. In February 2012, Albtelecom again merged with Eagle Mobile.  Eagle Mobile was finally awarded a 3G license in early 2013. This is expected to increase the company's mobile subscriber base in the long term, despite the sudden drop in its number of 2G subscribers in 2013.  ALBtelecom increased its fixed line port capacity in 2012 from 150,000 to 430,000 and in parallel to this it has started to transfer its local copper network to the new generation network.
The Brazilian company Construtora Gomes Lourenco, also known as GLEP Energias Renovaveis,  was granted two authorizations to build small hydro power plants located in the states of Minas Gerais and Santa Catarina (44.5 MW in total capacity). The 30-year contracts were signed with the regulatory agency ANEEL.   The first contract signed was for the Piedade Power Plant in December 2002, which was set to have a capacity of 16 MW. Construction works on this plant located in the Piedade River/Minas Gerais started in 2008 and were were concluded in August 2010. The second contract signed was for the Santa Luzia Power Plant in December 2007, which was set to have a capacity of 28.5 MW. Construction works on this plant located in the Chapeco River/Santa Catarina started in October 2008 and were concluded in July 2011.  The project company Piedade Usina Geradora de Energia S.A. was created to manage PCH Piedade. Financing for this project was provided by a US$  24.7 million (BRL 48.1 million) loan granted by the state-owned bank CEF in December 2007. Total investment was estimated at US$ 32.2 million (BRL 62.8 million).  The project company Santa Luzia Energetica S.A. was created to manage PCH Santa Luzia. Financing for this project was provided by a US$ 49.9 million (BRL 91.3 million) loan granted by the state-owned bank BNDES in August 2008. Total investment was estimated at US$ 74.5 million.  Both power plants signed power purchase agreements to supply electricity in the regulated market (distribution companies). These agreements represented the sale of more than 20% of the power plants capacity and were made possible because the sponsors took part in competitive bidding processes that took place in 2006 and 2007.
In October 2005, TE-TO Skopje, a joint venture company comprising Toplifikacija AD Skopje (20%) and Itera Holding Ltd. [Russian Federation] (80%), signed an agreement with the Government of Macedonia to develop a 250 MW gas-fired combined heat and power plant in Skopje on a build-own-operate (BOO) basis.  The project was the first independent power producer (IPP) in the country.   The total project cost was estimated at EUR170 million (US$233 million), and was funded on a 70/30 debt-to-equity basis. The equity was funded in line with the sponsors' shares in the project company.  In March 2007, before the project reached financial closure, Sintez Group [Russian Federation] - through its wholly-owned subsidiary Project Management Consulting Ltd. - purchased a 60% stake in the project company from Itera Holding.  This resulted in a shareholding structure of Sintez Group (60%), Toplifikacija AD Skopje (20%) and Itera (20%).    Financial closure was reached on October 19, 2007, with the signing of the long-term project financing.  The long-term debt, which was arranged by Landesbank Berlin (LBB), consisted of a EUR106.02 million (US$145.25 million) export credit agency (ECA) covered loan and a EUR14 million (US$19.18 million) commercial loan.  The ECA covered loan had a tenor of 12.5 years and was repayable in 20 consecutive semi-annual installments.  The EPC contractors for the project were Gama Power System [Turkey] and Alstom [Switzerland]. The ECA loan was based on the payment claims of subcontractors of Gama Power System in Poland and Germany. The ECA loan consisted of contributions from three ECAs: Euler Hermes [Germany], Kuke [Poland] and Serv [Switzerland].  The loan comprised nine tranches: - Tranche A: EUR31.025 million for 85% of the German portion (Euler Hermes cover) - Tranche B: EUR2.58 million for Euler Hermes costs (Euler Hermes covered) - Tranche C: EUR3.4 million for interest during construction for tranches A and B (Euler Hermes covered) - Tranche D: EUR15.385 million for 85% of the Polish portion (Kuke covered) - Tranche E: EUR2.1 million for Kuke costs (Kuke covered) - Tranche F: EUR2 million for interest during construction for tranches D and E (Kuke covered) - Tranche G: EUR40.48 million for 85% of Swiss portion (Serv covered) - Tranche H: EUR4.45 million for Serv costs (Serv covered) - Tranche I: EUR4.5 million for interest during construction for tranches G and H (Serv covered) Tranches G-I were partially reinsured by Euler Hermes and Kuke.  Construction began in April 2007 after the sponsors made the first payment under the EPC contract to Gama and Alstom. The plant, which was to comprise a single gas turbine and steam turbine, with a maximum installed capacity of 250 MWe and optimal thermal capacity in CHP mode of 160 MW, was scheduled to take 27 months to complete, but delays with the permitting process for a connection to the 110-kV grid as well as slow progress by the EPC contractor meant that the project was not expected to be commissioned until September 2010.   The construction of the plant was completed in November 2010 and a trial operation took place in June 2011.
The Teesta III Hydro Electric Project was a 1200 MW (6 units of 200 MW each) project located in North Sikkim. The project was being developed by Teesta Urja Limited (TUL). TUL signed a concession agreement with the Government of Sikkim (GoS) in July 2005 for implementation of the project on a Build-Own-Operate-Transfer (BOOT) basis for a period of 35 years.  Teesta Urja Limited (TUL) was a formed by a consortium of companies led by Asian Genco (50.1%) and integrated by PTC India Limited (11%), Athena Projects Pvt.(13%), and Government of Sikkim (26%). Asian Genco was a Singapore based developer. The shareholding pattern of these members was not known at the time of collection of information.   At the time of signing of the concession agreement, TUL held 74% stake in the project and Government of Sikkim (GoS) held the remaining 26% stake.  In April 2008, Power Trading Corporation (PTC) India Limited acquired 11% stake in the project, thereby reducing the stake of TUL to 63%. The equity participation of GoS did not involve any actual upfront payment by the Government. Instead, the payment of upfront equity was to be adjusted against the proceeds from sale of free power from the project to the GoS. . The project was required to provide royalty to the GoS in the form of free power to the extent of 12% of the energy generated from the project for the first 12 years, 18% of the energy generated for 12-30 years and 30% of the energy generated for beyond 30 years.TUL has signed a PPA with PTC India Limited, a power trading company for the saleable power generated from this project.      The project was awarded by the Government of Sikkim by way of competitive bidding on the basis of the highest upfront premium paid to the Government of Sikkim.   The project was expected to cost US $ 1426.38 million and achieved financial closure in September 2007. A consortium of banks with Rural Electrification Corporation in the lead had  provided the debt for the project. The project was expected to achieve commercial operation in the Eleventh Five year Plan (2007-2012).
In July 2007, a local private company Beijing Sound Environment Industry Group was awarded a 30-year contract to build and operate a sewerage treatment plant in Hu County, Shannxi Province through competitive bidding. Beijing Sound invested 98 million Yuan (US$ 12.89 million) in the plant and owned 100% of the project. The capacity of the plant was 60,000 cubic meters per day.
In 2005, a joint venture between Turkish Zorlu Enerji (51%) and U.S. Invar International, Inc (49%) won a tender to build one of the first private power plants near Moscow.  The Moscow Government held closed bidding for the leasing of construction sites for four heat and power plants in new districts of the capital – Kozhukhovo, Severny, Molzhaninovka, Tereshkovo for a period of 49 years.    Zorlu Enerji and Invar International through their joint venture, ICFS International, won rights to build two gas turbine power stations in Tereshkovo and Kozhukhovo.  ICFS International would build and operate the Kozhukhovo power plant that would supply electricity and heat to residents of Kozhukhovo district.  The design capacity of the power plant would be 340MW and the project would cost US$500 million. The power station would run on natural gas. The construction of the plant began in 2007.  The Moscow Government was to buy all energy generated by the new plant at rates established by the Moscow Committee on Energy Tariffs. Therefore, consumer will be paying for privately generated electricity and heat at the established tariff. According to the Moscow government, it had to lease district power plants to private investors, because MOSENERGO, the local power company, could not cope with the annual 3-4% rise in energy consumption in Moscow, while limited capacities of power grids make it impossible to transport electricity from other regions.
In February 2007, the Government of Georgia sold 100% stake in the United Energy Distribution Company of Georgia (UEDC) and the Energy Distribution Company of Adjara (EDCA) to Czech company EnergoPro.  As a result Energo-Pro became the leading electricity distributor in Georgia, with control of 62.5% of country’s market or total of 875,000 consumers, mainly in western Georgia.The United Energy Distribution Company of Georgia had 730,000 customers and distributed electricity in Imereti, Kvemo Kartli, Guria, Samegrelo-Zemo Svaneti, Samtskhe-Javakheti, Mtskheta-Mtianeti and Shida Kartli regions of Georgia. Located in Western Georgia, the Energy Company of Adjara served 95,000 residential customers. United Energy Distribution Company of Georgia was managed by PA Consulting, which was a USAID contractor in Georgia, under a management contract from 2003 to end of 2006.  EnergoPro won the stake in distribution companies at the public tender held in June 2006 by offering the highest price for the utilities. EnergoPro was active in energy generation and trading focusing on Central and Eastern European energy market.  A total of eight, both local and foreign, companies made their bids for purchasing electricity facilities. Among the bidders were the RAO UES, Czech company Energy-Pro, Georgian TBC Group's TBC Energy; Luxtron Energy; Unitrade Service; Geo Steel,  Falcon Capital, and SB Energy. The initial bidding price for the UEDC was US$30 million and for the EDCA was US$5 million.  The agreement reached financial closure on February 5, 2007.  Under the final agreement Energo-Pro was to pay the Government about US$38.8 for the two distribution utilities and to invest over US$100 million in modernizing the electricity network covering the service territory of UDC and ECA. Energo-Pro’s investments in Georgia were to be implemented with the support of the Czech state-run Export Bank, which supported the company’s foreign investments since 2002. Export Guarantee and Insurance Company (EGAP) of the Czech Republic was providing risk insurance associated with the investments in Georgia.
In November 2006, UK based Globeleq began constructing the first 184 MW phase of a gas fired plant in Chilca, south of Lima, Peru. Globeleq Peru SA was formed as the project company. Inkia Energy was created in Bermuda in June 04, 2007 as a special purpose vehicle to acquire the power generation assets, property of Globeleq Americas Limited in Latin America and the Caribean, which included seven operative companies in 6 countries: Peru, Bolivia, El Salvador, Dominican Republic, Panama and Jamaica. The acquisition of Globeleq's assets by Inkia Energy was concluded on June 18, 2007. Inkia Energy changed the SPV name to Kallpa Generation SA. Inkia was a wholly owned subsidiary of Israel Corp [Israel].  The contract to develop Kallpa was awarded to Globeleq by Peru's energy and mines ministry in March 2006. Further information on tendering was not available.  By January 2007, the first phase was approximately 25% complete. The first phase of the plant became operational in July 2007. Inkia Energy was to complete two additional phases of Kallpa with to bring the generation capacity to 570 MW in 2010. Inkia energy purchased the second turbine in December 2007. Kallpa's own funds and leasing from Banco de Credito del Peru financed the US $90million phase two. In July 2008, Kallpa Generation SA signed an agreement with the German company, Siemens, for construction of an additional gas turbine, which was expected to be placed into service in the first half of 2010, having an estimated cost of about $100 million. The third phase reached financial close in August 2008 with US $88 million credit facility from Scotia Bank Peru and US $12 million in equity from Inkia Energia on August 29, 2008.  In May 2016, the project company issued US$ 350 million in 10-year bonds to refinance its due debts.
Nagpur city is located in the state of Maharashtra. It had a population of approximately 2,000,000 in 2001 (Census of India 2001.  Veolia Water India, a subsidiary of French company Veolia Environnment was awarded a Management Contract by the Nagpur Municipal Corporation (NMC) for managing the distribution for 10,000 connections in the city for a period of 7 years.  The contract signed in July 2007 is for a fixed management fee of USD 5.3 Million (Indian Rupees 214 Million). As per the contract, Veolia Water India would be responsible for managing the distribution for 10,000 house connections within the city and moving from the present (2007) intermittent supply to 24x7 water supply.
In August 2007, a Hong Kong company China Water Affairs Group Ltd formed a joint venture company Gaoan City Water Affairs Group Ltd. with the local government to provide water supply services (two potable water treatment plants and 72 kilometer long distribution networks serving 18 square meters area) in Gaoan City, Jiangxi Province. The total investment was 100 million Yuan (US$ 13.16 million) and China Water Affairs Group Ltd owned 60% of the joint venture. The current capacity of the two plants was 45,000 cubic meters per day. The company serves 0.83 million people of Gaoan City.
The Suson-Asogli Power plant project is a private sector gas-steam combine cycle power plant project. It came to fruition as an Ghanaian businessman and paramount chief of Asogli state, Togbe Afede XIV, visited China and succeeded in bringing on board Shenzen Energy Group Limited and the China-African Development Fund (CADFUND). They founded the Chinese power producer Suson-Asogli Power (Ghana) Limited, which is jointly owned by Shenzen Energy Corporation and CADFUND, whereby the former has 60%, the latter 40% of the shares.   The project consists of a first phase (200MW), for which financial closure was reached in 2007; a second phase (another 360MW), being implemented in 2011 although the sponsor did only commit the money; and a last phase, expected in 2012, for another 440MW that was to bring the total capacity of the plant up to 1000MW. The first phase cost $200 million, the second phase $360 million, and the financing for the third and last round was still being negotiated in early 2012. The construction of the first phase was comleted in 2009. The funding of the first phase was provided by the sponsors.  The production of the electricity was directly fed into the Ghana Grid Company Limited (GRIDCo) network, as well as Electricity Company of Ghana (ECG). The gas supplied to the plant was part of the Volta River Authority's consignment for which Asogli had signed a contractual agreement with the West African Gas Pipeline Company (WAPCO). The plant wanted to receive direct supplies from the WAPCO pipeline, but this was still being negotiated.
On 20 July 2007, the Georgian Economy Ministry had auctioned off its oldest hydropower plant, Zahesi HPP. The 42-MW HPP located on the Kura River near Georgia’s capital of Tbilisi was built in 1927 and its six turbines required major maintenance as the plant was, at the point of sale, standing idle. Boneser Trading, an offshore firm reportedly controlled by a Georgian business man, acquired Georgia’s Zahesi HPP.  Boneser paid US$41 million for Zahesi HPP at the auction in July, 2007. Besides Boneser, Czech Energo-Pro, was bidding for the power station. EnergoPro was expected to win the auction:  the company already bought six other HPPs and two electricity distribution companies in Georgia earlier in 2007. However, Boneser Trading, the little-known company, made the highest offer, nearly three times the starting price of the auction of US$15 million.   Georgia wanted to privatize its power generating assets to improve power supply and put an end to its protracted energy crisis. In 2007, most of Georgia's power stations and distribution firms were controlled by Russia's former power monopoly RAO UES and the Czech Energo-pro.   In 2009, Energo-Pro Acquired Zahesi HPP.
In July 2007, the Public Works Department (PWD), Rajasthan signed an 11 year concession contract (including construction period) to India’s M/s Vishesh Infrastructure Pvt. Ltd. to strengthen and widen the 35 km section between Delhi – Ramgarh - Alwar in the state of Rajasthan.  Under the contract, Vishesh Infrastructure Pvt. Ltd. was responsible for the design, construction, finance, operation and maintenance and widening of the existing two-lane road to a four-lane highway with paved shoulders. The expansion project was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  Vihesh Infrastructure Pvt. Ltd. (VIPL) won the competitive tender, conducted by Rajasthan PWD. While the bidding details couldnot be ascertained at the time of collection of this information, it is known that VIPL was to recover the capital costs and operating costs including returns through tolling during the concession period (excluding construction period).   The project reached financial closure in July 2007. The total capital cost of the project was estimated at US$ 6.32 million.   Construction on the project began in July 2007.
The Khandke wind farm was a 50.4 MW wind farm project located in Ahmednagar district in Maharashtra. The project was being developed through a special purpose vehicle, Roaring 40s Wind Farms (Khandke) Pvt Ltd. (Roaring 40s). Roraring 40s was a joint venture of Roaring 40s Renewable Energy Pty Ltd. and Enercon (India) Limited (Enercon). Roaring 40s Renewable Energy Pty Ltd. was a joint venture between Hydro Tasmania of Australia and the CLP Group.    As per Maharashtra Electricity Regulatory Commission’s (MERC) Renewable Purchase Regulation (RPO), Maharashtra State Electricity Distribution Company Limited (MSEDCL), is mandated to buy 5% of its power purchase requirement from renewable sources.The project was fully commissioned in June’09 and is selling 100% of its output to MSEDCL under the terms of a 13 year Power Purchase Agreement.  The project was estimated to cost USD 67 million. HSBC Holdings Plc arranged finances for the project. USD 45 million was debt. The project was the first case of non-recourse financing in the wind power sector in India. 36 MW of capacity of the project was commissioned in May 2008. The remaining capacity of the project was commissioned in 2009 as per company website.
In August 2007, China Gas-SK Energy Holdings Limited formed a joint venture with Taizhou Gas to build and then operate piped gas business in Taizhou City, Zhejiang Province for a 30-year period. China Gas-SK Energy Holdings Limited holds a 50% state of the joint venture. The total investment was 71.2 million Yuan (US$ 9.37 million).
In February 2007, the Government of Orissa (GoO) signed a contract of 34 years (including 4 years of construction period) to Dhamra Port Company (DPC) (a joint venture between Tata Steel Ltd. and Larsen & Toubro Ltd.), for the development of an all weather Dhamra port in Orissa . The lease period may however be renewed or extended for two additional periods of 10 years each on mutually agreed terms and conditions. The project was planned to be executed in two phases. The first phase of the port consisted of two berths with a total capacity to handle annually 25 million tpa of bulk cargoes like iron ore and coal. Please note that Dhamra Port port was designated as a minor port.   Under the contract, DPC had the exclusive right to design, finance, build, manage and operate the Dhamra Port. Sheltered between the main land and the Kanika Sands Island on the eastern coast, Dhamra Port was designed as the deepest all-weather port of its kind in India with a draught of 18.5 meters, which could accommodate super-cape size vessels up to 180,000 DWT. The port was to benefit the mineral hinterland of north Orissa, Jharkhand, West Bengal and Chattisgarh where a large number of steel plants and mineral based industries were located. The port was designed to eventually have 13 berths to handle over 83 million tons of cargo per annum.  When fully developed, the port was expected to handle all types of cargo such as dry bulk, break bulk, liquid and container cargo. The port project included a 62-km rail connectivity to the main Howrah-Chennai line at Bhadrak.  The Govt. of Orissa awarded the consortium of Larsen & Toubro Ltd and Tata Steel Ltd, on a negotiated basis, the right to develop the project. The consortium then established Dhamra Port Company Ltd, a special purpose vehicle (SPV), for the execution of the project on a Build, Own, Operate, Share, and Transfer (BOOST) basis. L&T's Engineering Construction & Contracts division was selected to construct the modern port with all facilities while International Dredging Seaport Company Limited, a JV of L&T and Dredging International of Belgium, was selected to carry out the dredging work.  The total cost of the project in Phase-I was estimated to be US$ 600 million. The Phase-I of the project reached financial closure in February 2007.  A consortium led by Industrial Development Bank of India (IDBI) was to provide a debt of US$ 475 million. The consortium of eight banks headed by IDBI Bank was to provide the rupee loan at 9.75 per cent rate of interest.  The construction for Phase-I has commenced in March 2007 and the port is expected to be in commercial operation by March 2011.  Phase 1 of the project commenced operations in May 2011 with a capacity of 24 MMTPA (dry bulk) handled in two berths and other associated infrastructure. In September 2014, Dhamra Port Company (DMC) closed financing for supporting the constructions to increase capacity of the port. The 14-year term loan of US$ 68.2mn (INR 4000mn @58.6 INR/USD) was arranged by IDFC Bank.  On 17th May 2014, Adani Ports and Special Economic Zone (APSEZ) executed a definitive agreement with L&T Infrastructure Development Projects Limited and Tata Steel Limited to acquire 100% stake in the Dhamra Port Company Limited (DPCL) at an enterprise value of Rs 5500 crores. Following the acquisition, the 2nd phase of development would be initiated within 90 days and completion targeted in 30 months. This continued expansion will allow Dhamra port to exceed 100 million tons of cargo capacity by the year 2020.
The municipal government of Pangkalpinang City awarded PT Darco Indonesia (“PTDI”)a contract to upgrade and operate a water treatment plant with the local government of Bangka Island, Indonesia. The total contractual value amounted to approximately S$130.8 million. Under the terms of the agreement, PTDI undertook Engineering Procurement & Construction (EPC), and Operation & Maintenance (O&M) of water treatment purification facilities in Pangkalpinang City, Bangka Island. During the EPC phase, PTDI was granted S$15.1 million to modernize and upgrade the plant’s capacity from 12,000m3/day to 36,000 m3/day within 18 months. After the upgrade, PTDI formed a Joint Venture partnership with the municipal water authority to operate and maintain the plant for the next 20 years. PTDI did not publicly disclosed on the amount of committed investment for the plant. The plant supplied purified water for domestic consumption as well as commercial and industrial usage. The project was expected to commence by middle of October 2007 and supply of drinking water will begin within 18 months from the date of agreement.  Total recurring revenue PTDI approximated to S$115.7 million, a 70% share of the revenue as agreed in the contract. Together with the EPC revenue, the total order book of Darco ramed up to about S$600 million.  PTDI is a subsdiary of Darco Water Technologies Ltd. (singapore).
In March 2007, the Chennai Port Trust (CPT) signed a concession of 30 years (including 2 years construction period) for the development of a second container terminal at Chennai port in Tamil Nadu to Chennai International Terminals Pvt. Ltd. (CITPL), under the National Maritime Development Programme (NMDP). The container terminal was designed to have a quay length of 832 mt and depth of 15.5 mts. As per the plans, the committed throughput was expected to increase from 0.15 million TEUs in the first year of operations to 0.5 million TEUs by the end of third year. The rated capacity of the new terminal is 0.8 million TEUs per annum. Please note that Chennai Port is designated as a major port.   Under the contract, CITPL had the exclusive right to design, finance, build, manage and operate the new container terminal.   Chennai International Terminals Pvt. Ltd., the special purpose vehicle, established to execute the project, was a joint venture between PSA (Port of Singapore Authority) International Pte Limited  and  Sical Logistics Limited. The consortium won the international competitive tender, conducted by CPT, by quoting the highest (45.801%) revenue share from operations to CPT.  The total cost of the project was estimated to be US$ 150 million. CPT would be contributing US$ 25 million of the total project cost (around 20%) whereas the remaining (80%) would be contributed by the private players (PSA - 48%, Sical-32%). In 2010, PSA acquired all shares from Sical.  The port terminal became operational in May 2009.
In October 2007, the Government of Jharkhand (GoJ) signed a 30 year concession contract (including two and a half years of construction period) to India’s IL&FS Infrastructure Development Corporation (IIDC) to widen and strengthen the 270m long four lane bridge across river Kharkai along with 2 km of total approach road on both sides with a toll plaza on Adityapur in the state of Jharkhand.  Under the contract, IIDC was responsible for the design, construction, finance, operation and maintenance of the bridge cum road stretch. The upgradation project was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   IIDC established Adityapur Toll Bridge Company Ltd, a special purpose vehicle, to implement the project.  IIDC won the tender through competitive bidding, conducted by Government of Jharkhand (GoJ) by bidding for lowest fixed subsidy of US$ 2 million. Apart from this upfront payment by GoJ, under the contract, the company was allowed to recover the capital costs and operating costs including returns through tolling during the concession period (excluding construction period).  The project reached financial closure in November 2007. The total capital cost of the project was estimated at US$ 13.75 million.   Construction on the project began in November 2007 and is expected to be completed by May 2010.
In December 2007, the Public Works Department (PWD) of the Government of Maharashtra (GoM) signed a 20 year concession contract to a consortium formed by India’s Sadbhav Engineering Ltd. and PBA Infrastructure Ltd. to widen and strengthen the 66 km section on the State Highway 6 (SH6) between Aurangabad and Jalna, in the state of Maharashtra.  Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance and widening of the existing two-lane highway to a four-lane highway with paved shoulders. The expansion project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   The consortium established Aurangabad-Jalna Tollway Ltd. (AJTL), a special purpose vehicle, to implement the project. The consortium won the tender through competitive bidding, conducted by Maharashtra PWD. While the bidding details were not know at the time of collection of information, it is known that AJTL was to recover the capital costs and operating costs including returns through tolling during the concession period.  The project reached financial closure in December 2007. The total capital cost of the project was estimated at US$ 74.25 million.   Construction on the project began in Dec 2007 and was expected to be completed by mid 2009.
In February 2007 China Gas Holdings Limited acquired 97.62% of Chongqing Yubei District Natural Gas Company Limited for 115 million Yuan (US$ 15.1 million) in Chongqing Municipality. The company would operate the piped natural gas business for a 30-year period.
On October 2007, Atlas power an Independent Power Producer, was signed a Build Own and Operate agreement with PRIVATE POWER & INFRASTRUCTURE BOARD (PPIB)  for the construction and operation for a 10 years term of a 225 MW, Diesel power plant at Sheikhupura. The contractor was a joint venture between Atlas power (Pakistan, 50 %) and Man diesel (Germany, 50%).  Under the BOO agreement, Atlas Power was to supply 225 MW of energy to 3 for a term of 10 years. The remainder of the energy was to be sold to the public. The project was to consist of a 17MW steam turbine and 11 diesel generators of 19MW each. Siemens was to be the equipment supplier of the transformers as well as the distribution systems.   Following a direct negotiation process, Atlas Power was awarded to set up a 225 MW Diesel power plant at Sheikhupura.  The total project cost was 225 US millions. The project reached financial closure in June 2007, when the construction reached 25%, after a local presse publication.  According to the deal, Atlas Power will take care of the plant construction while MAN Diesel will provide the diesel generator that runs it.
The Hong Kong based HK Electric was granted a 20 year agreement to construct and operate a 48 MW wind power plant in Dali City, Yunnan Province. Construction commenced in October 2007. The project was procured through direct negotiation. HK Electric owns 45% of the project with a total investment of RMB 470 million (US$ 61.76 million). A project company, Huaneng Gangdeng Dali Wind Power Generation Co., Ltd., was established to operate the plant. The project started operation in December 2008.
The Brazilian company Performance Centrais Hidreletricas was granted authorizations to build two small hydro power plants located in the state of  Goais (48 MW in total capacity). The 30-year contracts were signed with the regulatory agency ANEEL in December 2002 and February 2004. In April 2007, management of both projects was transferred to Goias Sul S.A., a subsidiary of Neoenergia S.A.  The first contract signed was for the PCH Goiandira, which was set to be built at the Verissimo river with a capacity of 27 MW. Construction works on this plant started in 2007, and the unit was expected to become operational in 2010. The other project, PCH Nova Aurora, was implemented on the same river with a capacity of 21 MW. This plant should be also be operational by 2010.   Goias Sul S.A. committed to invest US$ 129.7 million (BRL 253 million) in the construction of the two power plants. Financial closure was achieved in November 2007, when the company signed a US$ 62.1 million (BRL 121 million) contract with BNDES.  PCH Goiandira became operational in November 2010, while PCH Nova Aurora commenced operations in January 2011.
The Brazilian company Empresa de Luz e Força Santa Maria S.A. (ELFSM) was granted an authorization to build and operate a 27-MW small hydro power plant located in the Manhuacu River, state of Minas Gerais (between the municipalities of Pocrane and Alvarenga). The power plant was named PCH Cachoeirao.  The 30-year contract was signed with the regulatory agency ANEEL in July 2000. In 2002, the sponsor created the special purpose company Santa Maria Energetica S.A. to lead the project due to the law forbidding a single company to operate in the generation and distribution segments simultaneously. In May 2007, state-owned company Cemig entered into a partnership with Santa Maria Energetica to implement the project and the sponsors changed the project company name into Hidreletrica Cachoeirao S.A. (Cemig holds a 49% stake in this company, while Santa Maria Energetica holds 51% of the shares).  Hidreletrica Cachoeirao S.A. committed to invest US$ 53 million (BRL 104 million) in the construction of PCH Cachoeirao. Financial closure for the project was reached in 2007, when the company was granted a US$ 36.5 million (BRL 71.3 million) syndicated loan by the state owned bank BNDES (US$ 31 million (BRL 60.6 million) represented funds transferred from Banco do Brasil and US$ 5.4 million (BRL 10.7 million) from Banco de Desenvolvimento de Minas Gerais, both state-owned banks). The remaining cost was set to be financed with the sponsors’ internal resources.  Construction works on this power plant started in 2007, and the unit became operational in 2008.  PCH Cachoeirao signed a power purchase agreement with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies).
EnerGeon Ampara Power (Pvt.) Ltd., developed the 9.75MW Ampara biomass plant. Annual output was expected to be 68 million kWh. The project was to be fueled from sustainable short rotation coppice (SRC) plantations.  The plant reportedly started activity in June 2007. Project operating life is 25 years.  The project applied for UNFCCC CDM funding. The counterparty was the IBRD administered Danish CDM fund. Total cost was unknown, but estimated at US$13 million (based on $1.3 million/ MW, the lowest average recorded cost by PPIRE in 2011 - in LAC).   EnerGeon filed an identical CDM application for a project named Uhana. The project is identical in every way, and the location is exactly the same. This implies both projects are the same project.
Hoang Anh Gia Lai Group (HAG) was planning the development of the 19.5 MW Daksrong 3B hydropower plant, Kong Chro village, Kong Chro, Gia Lai province.  Commissioning was expected for late-2011. The EPC contract was awarded to Cavico Corporation, in April 2007, valued $3.5 million. Construction was expected to last 11 months. Financial Close date was unknown, but April 2007 (EPC contract award) was assumed here.  No further information was available. The project applied for UNFCCC/CDM financing. Total cost was estimated at $20 million.
In August 2007, the Madhya Pradesh Road Development Corporation (MPRDC) signed a 25 year concession contract (including 24 month of construction period) to a consortium formed by India’s Essar Group to strengthen and widen the 125 km section on Lebad-Ratlam-Jaora-Mandsaur-Nayagaon of State Highway 31 (SH-31), in the state of Madhya Pradesh.  Under the contract, Essar Group was responsible for the design, construction, finance, operation and maintenance and widening of the existing 2-lane highway to a 4-lane highway with paved shoulders. The expansion project was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   Essar (through group companies -Pan India Network Infravest Pvt. Ltd., Suncity Projects Pvt. Ltd. and Essel Infraprojects Ltd.)established Western MP Infrastructure & Toll Roads Pvt. Ltd. (WMPITRPL), a special purpose vehicle to implement the project. Essar Group won the competitive tender, conducted by MPRDC, by offering the highest premium to MPRDC(4.76% of the total Realisable Fee during the first year which is to be increased in each subsequent year by 1% per annum, through the operation period). Under the contract,  WMPITRPL was also allowed to recover the capital costs and operating costs including returns through tolling during concession period (excluding construction period).  The project reached financial closure in August 2007. The total capital cost of the project was estimated at US$ 105 million.   Construction on the project began in August 2007 and is expected to be completed by August 2009.
In March 2007, the National Highway Authority of India (NHAI) signed a 20 year concession contract (including two and a half years of construction period) to a consortium formed by India’s Gayatri’s Projects Limited and Infrastructure Development Corporation of India (IDFC) to widen and strengthen the 49.3 km section on National Highway (NH) 26 between Jhansi and Lalitpur, in the state of Uttar Pradesh.  Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance and widening of the existing two-lane highway to a four-lane highway with paved shoulders. The expansion project, part of National Highway Development Project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  The consortium established Gayatri Lalitpur Roadways Limited (GLRL), a special purpose vehicle, to implement the project. The consortium won the tender through competitive bidding, conducted by NHAI by making the lowest annuity payment request. Under the contract, the GLRL was to recover the capital costs and operating costs including returns through a fixed annual payment (annuity) from the NHAI in the amount of US$ 12  million during the concession term (excluding  two and a half years of construction period). Under the annuity scheme, the private operator cannot collect tolls from the users of the facility.  The project reached financial closure in March 2007 with debt equity ratio of 4:1.The total capital cost of the project was estimated at US$ 78 million at the time of financial closure. IDFC has syndicated entire debt of US$ 56.5 million and also is the Leader of the Consortium of Lenders. Contribution of Gayatri Projects Ltd. and IDFC to the equity was US$ 7.9 million and US$ 7.5 million respectively.  Construction on the project began in March 2007 and was expected to be completed by September 2009.
In May 2007, the Mexican federal airport company, Aeropuertos y Servicios Auxiliares (ASA), awarded a 20 year greenfield contract to the consortium of Grupo Operadora de Puentes and Tecnología en Sistemas Ambientales to build and operate a new 39,000m2 cargo terminal at Nuevo Laredo Airport in the state of Tamaulipas. Under the terms of the contract, the terminal was to be built within eight months of the signing of the contract in May 2007. Total investment in the new terminal was estimated at 80 million pesos (US $7.3 million).  As of February 2014, the government was requesting the cancellation of the concession contract, since the private sponsor failed to undertake the construction works.
Beijing Herocan Environmental Engineering Tech Co. Ltd signed an agreement in November 2007 to construct a potable water treatment plant with a capacity of 25,000 cubic meters per day in Xinghua City, Jiangsu Province. The project was procured via competitive bidding. Herocan established a project company, Xinghua Jiacheng Water Supply Co. Ltd., to operate the facility for 25 years before transferring it back to the local government. The total investment was RMB 60 million (US$ 7.88 million). Herocan owns 100% of the project.
In November 2007, the company ESAP began operating the municipal Palestina Water and Sewerage facility in Palestina city, Sao Paulo state for a 30 year period. Under the terms of the concession contract, ESAP was to improve water distribution, sewage collection and sewage treatment levels to cover 100% of Palestina’s population. Palestina had a population of 9,000 residents in November 2007. ESAP was a special purpose vehicle comprised of CAB Ambiental [Brazil] and Enops Engenharia Ltda [Brazil].   The concession contract was awarded to ESAP by the municipality of Palestina. No further information on tendering was publically available.   The contract specified that R 9 million (US $5 million) was to be invested by ESAP over the 30 year concession period.
Ba Ria Thermal Power Company sold shares at Hanoi Securities Trading Center on March 15, 2007.  The total volume of shares was 12.1 million with the initial price of $0.97 (VND15,570) per share.  The company raised about $12 million (VND190 billion) from the share sale.  The company had a registered capital of $37.3 million (VND605 billion).    Ba Ria Thermal Power Company was located in Ba Ria-Vung Tau province, 90 km away from Ho Chi Minh City.  In 1995, the state-owned Electricity of Vietnam acquired Ba Ria gas-fired thermal plant from the Power Company 2.  Since May 1995 Ba Ria power plant has been receiving offshore natural gas for electricity generation.  Upon the plant’s expansion in 2004, the designed capacity was 388.9MW.    The Ba Ria plant initially comprised two 22MW and six 38MW open-cycle gas turbines. The latter were converted to combined-cycle operation in two stages with the World Bank providing funding support.  The first stage of the conversion process involved the addition of a 57MW steam turbine to three of the 38MW gas turbines by a consortium including the Netherlands NEM, Germany's Siemens and Japan's Mitsui & Co.  The second stage of the combined-cycle conversion project entered operation in June 2002 through the addition of a 56MW steam turbine to the three remaining 38MW gas turbines. The project was undertaken by a South Korean consortium including Kepco, Hyundai, Doosan and LG.   Electricity of Vietnam partially divested from Ba Ria thermal plant as part of the national privatization program that required state-owned power companies to sell at least 20% to minority shareholders.  The Ba Ria plant has been operational since 1992 initially with two gas turbines and total installed capacity of 46.8MW.  As of 2007, the plant had a total installed capacity of 388.9MW.
In  August 2007, the municipality of Eldorado do Carajas, in the state of Para, Brazil, awarded a 30-year rehabilitate, operate and transfer contract for its water and sewage infrastructure to the Brazilian company Saneatins, a joint-venture of private sponsors (76.52%) and the state of Para (23.84%). The private participation in Saneatins was evenly split between Foz do Brazil (subsidiary of Odebrecht) and EMSA (these two companies created the holding Foz Centro Norte to represent their interests in Saneatins).  In 2007, the town of Eldorado do Carajas had a population of 20,646.   The concession was awarded through an open competitive tender. No information was available on the number of final bidders. Information on the investment commitments was also not available.
In September 2007, a US company Golden State Environment was awarded a 30-year concession agreement to operate the Nanjing City North Wastewater Treatment Plant in Nanjing City, Jiangsu Province through competitive bidding. Golden State Environment invested 500 million Yuan (US$ 65.79 million) in the plant and owned 100% of the project. The capacity of the plant was 300,000 cubic meters per day.
Raj West Power Project was a 1080 MW (8 Units of 135 MW each) lignite based pit head power plant located in village Bhadresh in Barmer district in the state of Rajasthan. The project was being set up by Raj West Power Limited (RWPL), a wholly owned subsidiary of JSW Energy Limited (JSWEL). JSWEL wais part of the JSW Group. In February 2006, JSWEL acquired the entire ownership interest of RWPL from the original consortium which had been the successful bidder in a competitive bid to build, own and operate (BOO) this project.   RWPL entered into an agreement for this project with the Govt. of Rajasthan in May 2006.  RWPL signed a PPA with the three distribution companies in the state of Rajasthan in October 2006 for sale of power from this project. The term of this PPA was 30 years from the date that the last unit of the power plant achieves commercial operation.   The project was estimated to cost USD 1250 million (INR 51787.5mn @ 41.43 INR/USD) and achieved financial closure in October 2007.  A consortium of banks, with ICICI Bank in the lead, had provided the debt required for the project.    On 22nd March 2013, RWPL achieved additional financing of US$ 318.3mn (INR 18652mn) for catering to cost overrun of the project. Financing comprised a 12-year term loan of US$ 238.9mn (INR 14000mn @58.6 INR/USD) and sponsor equity of US$ 79.4mn (INR 4652mn). Participating banks included ICICI, IDBI, Indian Bank, Punjab National Bank, United Bank of India, Bank of India,Vijaya Bank, Central Bank of India. Facility agent was ICICI.  In August 2009, RWPL completed construction and commissioned first 135 MW unit and expect to complete construction and commissioning for each subsequent unit at a two to three months interval. RWPL expected to achieve full commercial operation of the entire project by October 2010. The entire project was fully commissioned in March 2013.
Early 2006, the Kurdistan Regional Government (KRG) awarded a 15-year BOT contract to Mass Jordan Trading Company for the construction, operation and maintenance of 500MW gas-fired power plant in Bir Daoud, 25 kilometers South of Arbil. Construction started in 2007 on a build-own-operate basis. .  No information was disclosed on the bidding process.  The project was financed by the Trade Bank of Iraq and represented an investment commitment of US$240 million.   Originally, Mass Global’s Irbil project consisted of four 125MW Frame 9E simple-cycle gas turbines supplied by the US’ GE. Three additional units were subsequently added to the project and the current facility had a capacity of 875 MW and comprised series of simple-cycle gas turbines.  In 2011, an extension of the project was to be implemented. The extension project was to increase the overall capacity of the plant to 1,312MW through the addition of eight new generation units, combined-cycle gas turbines. Bids were originally to be submitted by February 2011 but the deadline was extended upon requests from the bidders to March 2011. Alstom (France), Siemens (Germany), GE (US), Power Machines (Russia) and Wood Group (UK/US) were the major bidders.
In March 2007, the National Highway Authority of India (NHAI) signed a 20 year concession contract (including construction period of 24 months) to India’s Navayuga Engineering Company (NEC) to widen and strengthen the 19.5 km section on National Highway 4 (NH4) between Nelamangala and Bangalore, in the state of Karnataka.   Under the contract, Navayuga Engineering Company was responsible for the operation, maintenance, and widening of the existing two-lane highway to a six-lane highway with paved shoulders. The expansion project, part of National Highway Development Project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  NEC established Navayuga Bangalooru Tollway (P) Ltd. (NBTL), a special purpose vehicle,to implement the project. NEC won the tender through competitive bidding, conducted by NHAI, by making the lowest subsidy request - a negative grant of US$ 35.51 million (Net Present Value discounted at 10%, disbursed upto thirteenth year of the concession). Under the contract NBTL was allowed to recover the capital and operating costs through tolling during the concession period(excluding the construction period).  The total capital cost of the project was estimated at US$ 155 million, including the US$35.51 million of upfront payment to the government.  The project recently attained financial closure with a consortium of bankers led by Oriental Bank of Commerce agreeing to finance the debt component of Rs 539 crore (US$116.3 million)   Oriental Bank of Commerce will be the lead banker for the project along with State Bank of Hyderabad, United Commercial Bank, Indian Infrastructure Finance Co, United Bank of India, State Bank of Travancore, State bank of Mysore, Corporation Bank, Central Bank of India and State Bank of Patiala.  Construction on the project began in March 2007. Work on the project is expected to be completed by January 2009.
In August 2007, Puncak Niaga Sdn Bhd (PSNB) entered into a 28-year concession agreement with the Selangor state government for the operation and maintenance of the Sungai Lolo water treatment plant in Hulu Langat. Under the agreement, PSNB was responsible for the operation and management of the water treatement plant. PSNB was also given the exclusive rights to use of the plant area as well as the right to sell in bulk treated water produced from the operation of the facility to the state government.
The Brazilian company Hidrotermica, a wholly-owned subsidiary of Grupo Bolognesi, was granted authorizations by the regulatory agency ANEEL to build nine small hydro power plants located in the state of Rio Grande do Sul (102 MW in total capacity). The 30-year contracts were signed with the regulatory agency ANEEL over the years since September 2002, and special purpose companies were created to manage each project.   In September 2002, the first two contracts were signed for the 28-MW Jararaca Small Hydro Power Plant (PCH Jararaca) and for 26-MW Da Ilha Small Hydro Power Plant (PCH Da Ilha), both located at the Prata River. The total investment committed to these plants was US$ 116.4 million (BRL 227 million). Financial closure for these projects were reached in January 2007, when the state-owned bank BNDES approved a US$ 80 million (BRL 156 million) loan to Bolognesi. The units became operational in 2008.  In December 2003, another two contracts were signed for the 24-MW Criuva Small Hydro Power Plant (PCH Criuva) and for 24-MW Palanquinho Small Hydro Power Plant (PCH Palanquinho), both located at the Lageado Grande River. The total investment committed to these plants was US$ 120 million (BRL 240 million). Financial closure for these projects was reached in April 2009, when the state-owned bank BNDES approved US$ 90.6 million (BRL 181.2 million) in syndicated loans. The units became operational in 2010.  Hidrotermica had other five contracts signed with ANEEL to build additional power plants, but, as of December 2009, these projects were in the early stages of implementation and had not reached financial closure yet (PCH Autodromo, PCH Boa Fe, PCH Quebrada Funda and PCH Sao Paulo, all located in the state of Rio Grande do Sul; PCH Quartel, located in the State of Minas Gerais).  In March 2011, financial closure was achieved for two other power plant:  - PCH Autodromo (24 MW): a US$ 48.7 million (BRL 79.5 million) loan was granted by BNDES to finance the project, whose investment commitment was estimated at US$ 56.3 million (BRL 112.5 million).  - PCH Boa Fe (24 MW): a US$ 48.5 million (BRL 79.2 million) loan was granted by BNDES to finance the project, whose investment commitment was also estimated at US$ 56.3 million (BRL 112.5 million).  In October and November 2011, PCH Boa Fe and PCH Autodromo commenced commercial operations, respectively. PCH Sao Paulo became operational in April 2012.   PCHs Jararaca, Da Ilha, Criúva and Palanquinho signed power purchase agreements arranged with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies).
In November 2007, Qingdao Qianwan Container Terminal Co. Ltd. (QQCT, refer to project 1634) formed a joint venture with Pan Asia International Shipping Limited (Hong Kong), Qingdao New Qianwan Container Terminal Co., Ltd. (QQCTN), to develop and operate the 3408m container quay on the southern coast of Qianwan Bay. With a collaboration of five partners from three countries, QQCTN builds the 3408m quay into 10 berths (four from Phase IV, another four from DP World and two from Pan Asia). Total investment of the Joint Venture Company amounts to US$1 billion. The structure of ownership is: QQCT 80% and and Pan Asia 20%. The annual capacity of the project is 6 million TEUs.
Beijing Herocan Environmental Engineering Tech Co. Ltd signed an agreement in August 2007 to construct a wastewater treatment plant with a capacity of 40,000 cubic meters per day in Guyun Town, Shen County, Shandong Province. The project was procured via competitive bidding. Herocan would operate the facility for 30 years before transferring it back to the local government. The total investment was RMB 65.66 million (US$ 8.63 million). Herocan owns 100% of the project.
In September 2007, China Gas Holdings Limited was awarded a 30 year agreement to build and then operate piped gas business in Meizhou City, Guangdong Province through competitive bidding. China Gas Holdings Limited owned 100% of the project and established a local subsidiary with a registration capital of 50 million Yuan (US$ 6.58 million).
In October 2007, the Russian state-owned electricity monopoly RAO UES sold 29 million of shares or 47% stake of charted capital in JSC OGK-4 for US$3.9 billion to E.ON Russia Power GmbH. JSC OGK-4 was one of Russia’s six thermal power generating companies created based on the thermal generating assets controlled by RAO UES. OGK-4 operated five thermal power plants utilizing gas, coal, peat, and fuel oil with a total installed capacity of approximately 8,630 MW. The company operated in the Tyumen Region, the Krasnoyarsk Territory, the Moscow Region, the Smolensk Region, and the Perm Territory. JSC OGK-4 was incorporated in 2005 and headquartered in Moscow.  In September 2007, E.ON Russia Power GmbH, a subsidiary of German E.ON, won the stake in OGK-4 in competitive tender by offering the highest price for those shares (US$3.9 billion). Two other qualified bidders (Finnish utility Fortum and Russia's RUSAL) also submitted final bids for the company. The same month E.ON acquired for US$1.8 billion additional shares in OGK-4 capital equivalent to 23% by subscribing a capital increase in OGK-4. As of December 2008, after successive share acquisitions, E.ON owned 78% of OGK-4 while the UES was the minority shareholder in JSC OGK-4 with a 22% stake.  The acquisition documents of both transactions were finalized and signed in October 2007. E.ON paid US$3.9 billion for the RAO UES stake (47% of the charter capital) and US$1.8 billion for additional shares issue (23% of the charter capital). Previously the Russian Federal Antimonopoly Service (FAS) authorized E.ON to consolidate its stake in OGK-4.   JSC OGK-4 was sold as part of a sweeping reform of the power sector that started in 2003. Until then, the main assets of RAO UES, the state-owned holding for energy companies, were united into regional vertically integrated energy companies: 73 regional power utilities or Energos which produced and transmitted electricity and heat. RAO UES also centrally managed 32 Federal Power Plants, the Central Dispatch, High Voltage Grid plus Grid Service. 2003 energy sector reform envisioned a new organizational structure that included companies involved in potentially competitive activities (power generation and sales, repair and services) and natural monopolies (transmission, dispatching).   As a result of the reform RAO UES was planned to be dissolved on July 1, 2008.  The companies replacing RAO UES were: a System Operator was to receive functions and assets of regional dispatch administrations; a Federal Grid Company (FSK) was to manage the trunk grids; 11 interregional distribution grid companies were to manage regional distribution grids; RAO Eastern Energy Systems Holding was to manage energy companies of the East and isolated power systems of the Far East region; six wholesale generation companies (OGKs) were formed on the basis of large federal plants; one Hydro OGK was to manage large hydro plants; 14 territorial generation companies (TGKs) were formed on the basis of combined heat and power plants and Inter RAO UES was to remain the major investor and a leading exporter and importer of electric power in Russia.  Rosenergoatom was to include all nuclear power plants.    Wholesale generation companies (OGKs) were formed in 2004-05 on the basis of large federal power plants with a typical installed capacity of 1000-2000 MW. These large power producers were to become the largest participants and the main competitors on the wholesale power market. Seven of such companies were created in the process of reform: six of them incorporated large thermal power plants (OGKs) and one incorporated large hydro power plants (Hydro-OGK). In an effort to restrict the monopoly influence on the competitive wholesale power market, each of the OGKs was established on the basis of power plants geographically dispersed across the country.   The reform also created Territorial generation companies (TGKs) by uniting combined heat and power plants with a typical installed capacity of 100-500 MW which were located in a few neighboring regions or one macro region. The territorial generation companies would sell electricity as well as supply regional consumers with heat energy.   Interregional Distribution Companies were formed as operating companies to manage electricity distribution networks located in a number of neighboring regions.  In January 2012, Germany's E.ON. increased its stake in E.ON Russia  (former OGK-4) by buying an extra 3.26% stake from Russia's Inter-RAO UES, valued at US$164 million.
In March 2007, a Hong Kong company China Water Industry Group Limited acquired 51% of Yichun City Water Supply Co., Ltd. and would operate a potable water treatment plant under a 30-year concession agreement in Yichun City, Jiangxi Province. The total investment was 30 million Yuan (US$ 3.95 million). The capacity of the plant was 100,000 cubic meters per day.
On August 8, 2007, the Mexican Secretary of Communications and Transport (SCT) signed a 20-year concession contract for the Rio Verde – Ciudad Valles highway with a consortium comprised of Ingenieros Civiles Asociados SA de CV (ICA) and subsidiaries. The Rio Verde – Ciudad Valles highway concession entitled the consortium the right to 1) operate, conserve, maintain, modernize, and widen Tranche I from Río Verde – Rayón, 36.6 km; 2) construct, operate, exploit, conserve, and maintain Tranche II from Rayón – La Pitahaya, 68.6 km; and 3) operate, conserve, maintain, modernize, and widen Tranche III from La Pitahaya – Ciudad Valles, 8.0 km. All three stretches were to operate under the terms of the Private Service Contract or Contrato de Servicios de Largo Plazo (PPS). The PPS initiative was part of the new Public-Private Partnership (PPP) program began in 2005 to improve the quality of public services through long-term partnerships between the government and private sector companies.   The contract was awarded through an international competitive tender that began on June 27, 2006 by SCT. To participate in the public tender, each bidder had to calculate and submit a requested payment as a function of construction, maintenance and operating costs, rate of return on equity, estimated annual traffic and duration of contract. The concession was awarded to the bidder who presented a proposal that complied with the technical, legal and financial requirements established in the bidding documents, and requested the lowest net present value of periodic payments. Three consortia presented offers:   •	Ingenieros Civiles Asociados SA de CV (ICA); Controladora de Operaciones de Infraestructura SA de CV (an ICA subsidiary); and Desarrolladora de Proyectos de Infraestructurea SA de CV (another ICA subsidiary) •	Concesiones Intercontinentales, SL; AZVI, SA; Trayecto Infaestructura SA de CV; and Obras Subterraneas SA •	Promotora del Desarrollo de America Latina SA de CV and Promotora Inbursa SA de CV  On July 5, 2007, the ICA led consortium was formally awarded the public bid for the project.   Total investment commitments for the project were estimated at US $341 million. Under the PPS contract, the concessionaire of the entire 113km “shadow toll” road from Rio Verde to Ciudad Valle was to receive revenues from two types of periodic payments from SCT: a minimum payment for the availability of the road according to the standards set by the contract; and a “shadow toll” or payment linked to traffic levels.  Construction of the new section started in October 2007 and was expected to be completed by March 2010.  The highway was operational by the end of the fourth quarter of 2012 according to company reports. The remaining 68 km to open were opened in June 2013, with one toll plaza still to be constructed.
On February 11, 2007 governor of Michoacan and the state of Michoacan secretariat of public works, Secretario de Comunicaciones y Obras Públicas (SCOP), signed a greenfield contract with the and the president of the private company Empresa Purepecha to build and operate a 26 km toll road in the state of Michoacan for a period of 30 years. The Morelia-Aeropuerto Highway was to connect the city of Morelia directly with the airport and the existing highway Autopista de Occidente. It was estimated to cut down the commuting time from the Airport to Mexico City by at least 20 minutes. The project differed from most highway concessions in Mexico in that it was awarded by the state of Michoacan without federal funding or support. As a private initiative, it was to provide funding for a route that was too expensive for the state without private financing.  The call for tenders was launched in May 2006. The bidding criteria was not publicly available, but one of the requirements was that the winner agreed to provide proof that it had 200 million pesos (US $18.3 million) of the total 750 million (US $68.6 million) needed to construct the road. In November of 2006, the project was awarded to the company Empresa Purepecha. Empresa Purepecha owned 100% of the project and provided all of the funding for its construction. The legal right of way permits, however, were purchased by the Michoacan government for 50 million pesos (US $4.5 million). Construction began in February 2007 and was 65% complete as of December 2007. Although originally scheduled for completion by December 2007, the highway was expected to become operational in 2008.   The highway became operational on June 26, 2008. Pinfra completed a purchase of 50% of the equity in the project company Concesionaria Purepecha, S.A. de C.V in 2008.
Latur city is located in the state of Maharashtra. It is the district headquarters and had a population of approximately 350,000 in 2001 (Census of India  2001).The water supply network in the city, initially managed by the local government, Latur Municipal Council (LMC) was handed over to Maharashtra Jeevan Pradhikaran (MJP), the state level parastatal agency responsible for water supply in Maharashtra. This was done in view of the financial constraints faced by LMC and its inability to make the necessary capital investment and manage the O&M costs.   In September 2007, MJP awarded a concession for rehabilitating, operating and maintaining the Latur water supply scheme for a period of 10 years to a consortium formed by Subhash Projects & Marketing Limited, United Phosphorous Environmental Engineers Limited and Hydro-Comp Enterprises Cyprus .The concession was awarded through a competitive bidding process and the bid criteria was the highest price paid to the government. The project was expected to benefit the population of the entire city and address the water supply needs of over 100,000 households in the city.     A Special Purpose Vehicle (SPV) company by the three companies was formed called the Latur Water Management Company Limited (LWMCL).  All three companies had an equal stake in the SPV and a tripartite agreement between MJP, the local government- Latur Municipal Council and LWMCL was signed in November 2007. As per the Contract, the operations and maintenance and repairs, including metering would be handled by LWMCL and it would incur the associated fixed and variable costs of US $8.75 million (Indian Rupees 350 million) for the agreement period.  The billing and collection will be done by LWMCL as per tariff fixed by Maharashtra government. LWMC would lease the facility from MJP and operate and maintain the facility at its own risk, in lieu of a fixed payment every six months for the 10 year period.
In August 2007, Guohua Xiehe (Bayanchuoer) Wind Power Company Limited, a joint venture by China Wind Power was established to build and then operate the Bayanchuoer Wind Farm Project Phase I in Wulatezhongqi, Inner Mongolia Autonomous Region under a 30 year agreement. China Wind Power owned 50% of the project. The total investment was 490 million Yuan (US$ 64.47 million). The capacity of the wind farm was 49.5 MW.
In May 2007, the National Highway Authority of India (NHAI) signed a 20 year concession contract (including two years of construction period) to a consortium formed by India’s Patel Engineering Limited and KNR Constructions Limited to widen and strengthen the 48 km section on National Highway 7 (NH7) between Islam Nagar and Kadtal, in the state of Andhra Pradesh.  The consortium was responsible for the design, construction, finance, operation and maintenance and widening of the existing two-lane highway to a four-lane highway with paved shoulders. The expansion project, part of National Highway Development Project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  The consortium established Patel KNR Heavy Infrastructure Pvt. Ltd., a special purpose vehicle, to implement the project. The consortium won the tender through competitive bidding, conducted by NHAI by making the lowest annuity payment request. Under the contract, the company was allowed to recover capital and operating costs through a fixed annual payment (annuity) of US$ 22.18  million during the concession term (excluding two years of construction period). Under the annuity scheme, the private operator cannot collect tolls from the users of the facility.  The project reached financial closure in May 2007.The total capital cost of the project was estimated at US$ 137 million.  Construction on the project began in May 2007 and was expected to be completed by May 2009.
In November 2007, the National Highway Authority of India (NHAI) signed a 20 year concession contract (including two and a half years of construction period) to a consortium formed by India’s D.S. Construction Limited and Apollo Infrastructure Project Finance Company to strengthen and widen the 80 km section on National Highway 75 (NH-75)between Gwalior to Jhansi, in the state of Madhya Pradesh.  Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance and widening of the existing two-lane highway to a four-lane highway with paved shoulders. The expansion project, part of National Highway Development Project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  Gwalior Jhansi Expressway Ltd. (GJEL), a special purpose vehicle established to implement the project, was a joint venture between D.S. Construction Limited and Apollo Infrastructure Project Finance Company. The consortium won the tender through competitive bidding, conducted by NHAI, by asking for the lowest annuity payment from NHAI. Under the contract, GJEL was to recover the capital costs and operating costs including returns through a fixed annual payment (annuity) from NHAI in the amount of US$ 26.14  million during the concession term (excluding two and a half years of construction period). Under the annuity scheme, the private operator cannot collect tolls from the users of the facility.  The project reached financial closure in November 2007.The total capital cost of the project was estimated at US$ 151 million.  Construction on the project began in November 2007 and was expected to be completed by May 2010.
Qingdao Xin'ao Jiaocheng Gas Company Limited was a subsidiary established in June 2007 by Xinao Gas Holdings Limited, which holds 100% of the project. The total investment was US$ 20 million. The company would build and then operate the piped natural gas business in Jiaozhou City, Shandong Province for a 26-year period.
In February 2007, the Government of Georgia sold 100% stake in Lajanuri, Rioni, Gumati, Shaori, Dzevrula and Ats hydro power plants to the Czech company EnergoPro.  The power plants had a total installed capacity of 361 MW and were located in various parts of Georgia.   EnergoPro won the stake in HPPs at the public tender held in June 2006 by offering the highest price for the plants. EnergoPro was active in energy generation and trading focusing on Central and Eastern European energy market.  A total of eight, both local and foreign, companies made their bids for purchasing electricity facilities. Among the bidders were the RAO UES, Czech company Energy-Pro, Georgian TBC Group's TBC Energy; Luxtron Energy; Unitrade Service; Geo Steel,  Falcon Capital, and SB Energy.   The agreement reached financial closure on February 5, 2007.  Under the final agreement Energo-Pro was to pay the Government about US$91 million for the six hydro power plants and to invest about US$85 million in their rehabilitation. In addition, the Czech company pledged to construct a new, US$100 million hydro-electric power plant with a capacity of 100 megawatt hours. Energo-Pro’s investments in Georgia were to be implemented with the support of the Czech state-run Export Bank, which supported the company’s foreign investments since 2002. Export Guarantee and Insurance Company (EGAP) of the Czech Republic was providing risk insurance associated with the investments in Georgia.
In February 2007, Grana & Montero SAA signed a 15 year concession contract with the Peruvian ministry of transport and communications to build, rehabilitate, operate and maintain a 78 km stretch of highway in the Piura department. Costa Sierra Section 1B ran from Buenos Aires to Canchaque. It was the first section of the Costa Sierra highway, a rehabilitation program for 28 stretches of existing roads in mostly rural areas of Peru totaling 1300 km. The program was also intended to enable agricultural products to get to market.    The concession was awarded on October 31, 2006 in a public tender that included only one bidder: Grana & Montero SAA. The bidding criteria was the value of fixed government payments or Pago por Servicio (PAS) awarded every trimester. Following the signing of the contract in February, Grana & Montero SAA had 12 months to finish construction per the terms of the contract. Investments during this period were estimated at US $31 million. The concession had the possibility of a 5 year renewal at the end of its term.
In June 2005, a consortium led by Railway Technical and Economic Services (RITES) of India was awarded a contract to manage Tanzania Railways Corporation (TRC) operations for 25 years.   The award followed a competitive bidding process. The three final bidders were RITES, Great Lakes Railways Consortium and the NLPI/Spoornet Consortium of South Africa. RITES  won the bid after offering to pay the Kenya and Uganda governments US$3 million and US$2 million respectively in entry fees and annual passenger fees of US$1 million each (which represents a total Net Present Value of US$23 million with a 10% discount rate).  However, the Indian firm was unable to take over TRC operations because of a legal objection by a rival bidder. After the case had been settled, Rites was expected to take up its concession in September 2006. A further delay came from India, where the agreement of the Indian government was required, and later on from the Tanzanian government when it called for further negotiations over the concession on the grounds of national interests.   In May 2007, Rites and the government of Tanzania finally signed a shareholding agreement to accelerate the concession process of the Tanzania Railways Corporation (TRC).   The final agreement was signed on September 3, 2007. The Presidential Parastatal Sector Reform Commission of the Government of Tanzania officially granted a 25 year concession contract to rehabilitate, develop and operate the approximately 2,700 route-km Tanzanian Railway Corporation network, to a consortium led by RITES through a new company, Tanzania Railways Limited (TRL). Rites was given 51% of the shares of TRL, while the Government of Tanzania owned the remaining 49%.  Under the terms of the contract, TRL was free to determine the technical and commercial organization, including employment requirements. TRL was also free to establish and revise tariffs, with the exception of 3rd class passenger fares. However, TRL was required to meet base passenger service requirements as specified in the Concession Agreement in terms of the frequency of services offered for certain routes. The 25 year concession was extendable by mutual agreement.  The total project cost for the first five years was estimated at US$111 million, of which US$34 million was contributed by sponsors in the form of direct equity (US$16 million) and internal cash generation (US$18 million). The balance of US$77 million was funded in the form of a US$33 million World Bank IDA Credit and US$44 million IFC A-loan.
The Power Grid Corporation of India Limited (PGCIL) was wholly owned by the Government of India (GoI) and was India’s principal electric power transmission company. PGCIL owned and operated most of India’s interstate and inter-regional electric power transmission system (ISTS). PGCIL was incorporated on October 23, 1989 as a Public Limited Company. The name of the company was changed from National Power Transmission Corporation Limited to Power Grid Corporation of India Limited with effect from October 23, 1992. In Fiscal Year 1991-92, the transmission assets of all central sector electricity generation utilities that operated on an interstate or inter-regional basis were transferred to PGCIL as part of an initiative of the GoI to consolidate all the interstate and inter-regional electric power transmission assets of India in a single entity.  At the end of Fiscal Year 2007-08, PGCIL operated 67,000 ckt. kms.  of transmission lines along with 111 Sub-stations with transformation capacity of more than 73,000 MVA. The company wheeled about 45% of total power generated in India through its transmission network.  PGCIL was also entrusted by the GoI with the statutory role of Central Transmission Utility (CTU). In this role, PGCIL operated as one of the chief agencies responsible for the planning and development of the country’s power transmission network, including interstate networks.  In September 2007, PGCIL sold through an initial public offering (IPO) 573,932,895 equity shares at in 2007. The issue involved new shares up to 382,621,930 equity shares by PGCIL and an offer for sale of up to 191,310,965 equity shares by the President of India acting through the Ministry of Power, GoI. The sale price was set at 52 rupees per share. The IPO proceeds amounted to a total of US$728 millions (29,844,510,540 rupees) of which US$458 million (19,896,340,360 rupees) went to PGCIL as fresh equity from the issuance of new shares and the remaining US$243 million (9,948,170,180 rupees) to the government of India for the sale of its shares. The public issue comprised a net issue to the public of India of up to 559,954,895 equity shares and a reservation of up to 13,978,000 equity shares for subscription by its employees. On October 5th, 2007, the company was listed in Indian National Stock Exchange. As of June 2008, institutional investors, other investors such as private corporate bodies and the general public held 13.64% of the shares of PGCIL.   The objectives of the public issue by PGCIL were (a) to achieve the benefits of listing the equity shares on the Stock Exchanges, (b) to meet the capital requirements for the implementation of certain identified transmission projects and (c) for general corporate purposes.  In November 2010, Power Grid Corporation of India Limited (PGCIL) sold 841,768,246 shares through a Follow Up Offering (FPO) in the local stock exchange. With that sale, the government reduced its shared in the company from 86.4% to 69.4%.  Power Grid Corporation of India Limited rose a share at 90 rupees for a total of INR75,759 million rupees or US$1,657 million. The FPO got subscribed 14.47 times.
Ramky Elsamex Hyderabad Ring Road Ltd. (REHRL) is a Special Purpose Vehicle (SPV) incorporated on July 18, 2007 to design, construct, develop, finance, operate and maintain eight-lane access-controlled expressway under Phase II A program in the Hyderabad city for the section from Tukkuguda (Km 121.00) to Shamshabad (Km 133.63), a stretch of 12.63 km, under Build, Operate & Transfer (BOT) Annuity Basis.  The total length was 152 km.   REHRL has been promoted by the Hyderabad-based Ramky Infrastructure Ltd. (Ramky) and Elsamex SA, a Spanish engineering and construction company. The consortium quoted lowest annuity of Rs.31.50 crore (payable semi-annually) with a grant of Rs.66.50 crore from Hyderabad Urban Development Authority (HUDA). The project has been awarded under annuity scheme by HUDA, whereby HUDA would pay fixed annuity amounts of Rs.31.50 crore semi-annually after commissioning of the project. This eliminates the traffic and revenue risk for the operator. The letter of intent was issued by HUDA and the Concession Agreement (CA) was signed on August 18, 2007. The Concession is for a period of 15 years, including a 30-month implementation period. The commencement date for the project was November 27, 2007 while the Commercial Operation Date (COD) was November 2009.  The end of the concession period was set on October 2022.   The sponsor were Ramky Group (74%) and Elsamex SA(26%), a Spanish engineering and construction company. The latter one was acquired by by IL&FS  Transportation Networks Limited (ITNL). ITNL, promoted by IL&FS Total project cost was INR 3,994 million (US$97 million). The project was financed with Senior debt (INR 2,629 million), sub-debt (INR 250 million), equity (INR 450 million), and grant (INR 665 million).
In May 2007, the Ministry of Economic Development of Georgia held a privatization auction for two hydro-electric plants (HEPS) - ChkhorotskuHEPS and KinkishaHEPS. ChkhorotskuHEPS was located near Chkhorotsku village, Samegrelo - Zemo Svaneti. At the time of purchase, the company was in a difficult financial situation with high level of accounts payable and accounts receivable. The plant had two generators, 2.6 MW capacity each. KinkishaHEPS was located near Kvirike village, Kobuleti district, Achara Autonomous Republic. It had two turbines of 800 KW and 433 KW capacity. In 2007, the plant was standing idle.   Bonaser Trading Limited, an offshore firm reportedly controlled by a Georgian businessman, acquired both ChkhorotskuHEPS and KinkishaHEPS. Georgian-Czech Company “Block-Georgia” competed with Bonaser Trading Limited at the auction for ChkhorotskuHEPS. Bonaser paid US$1.55 million for 73.9% of shares of ChkhorotskuHEPS and $305,000 for KinkishaHEPS. Under the terms of the auction, the winner had to pay the bid price of the privatized property within a month after the auction and had to invest funds into facilities within next 12 months after the purchase to restore the original capacity of the plants.   In 2009, Energo-PRO acquired the two hydro power plants.
In November 2007, China Southern Power Grid Corporation, a Chinese state controlled company was awarded an agreement to build and operate the Xiaozhong River Hydropower Station in Vietnam. The total investment was 28.68 million US$ and the capacity of the plant was 22MW.
In March 2007, the Tunisian government awarded the Turkish airport operator TAV a 40 year concession contract to rehabilitate and operate the existing airport of Monastir and to build and operate the airport of Enfidha. In 2007, the airport of Monastir served 3.8 million passengers annually. When completed, Enfidha Airport was expected to serve 5 million passengers annually. The Tunisian government planed to increase its capacity to 20 million passengers annually by 2020.  The award followed an international tender process, in which 7 international companies took part. In the last stage of the process, TAV won over the other final bidder, a consortium which included Germany's Hochtief and Canadian SNC Lavelin.  In early 2004, the Government of Tunisia, advised by Rothschild on the financial side and Gide Loyrel Nouette on the legal side, launched the tender for a BOT concession for the construction and operation of the new Enfidha Airport. By July 2004, seven bidders had submitted expressions of interest and pre-qualified, including a number of leading airport operators from Europe and emerging markets as far away as Argentina or South Africa. However, it quickly became clear that the Monastir Airport's proximity was a thorny issue: it could compete with the new airport and jeopardise its financial viability. The bidding process was suspended for a period of two years.   In 2006, the Tunisian authorities included the operation of the Monastir Airport in the scope of the concession and the bidding process resumed at an accelerated pace, with three companies submitting offers in January 2007 (TAV Airports of Turkey, Germany's Hochtief and Aeroports de Nice/SNC Lavallin). TAV Airports and Hochtief made it to the shortlist and in March 2007, TAV Airports was announced the winning bidder, on account of higher, less back-ended concession fees, in particular for the Enfidha Airport.   On May 18, 2007, the 40 year concession contract was officially signed by Tunisian Prime Minister Mohamed Ghannouchi. Under this agreement, TAV was responsible from January 2008 on for carrying all major operations except air traffic control services in the existing airport of Monastir. It was also responsible for the construction of Enfidha Airport, which started in July 2007 and for its operation, which was expected in the first half of 2009.  The project’s total cost was estimated to US$840 million, to be financed through a 30% equity contribution from TAV and 70% through debt. In April 2008, IFC approved and signed a US$574 million loan (Loan for IFC’s own account for US$199 million, Syndicated IFC B-Loan for US$375 million). In 2009, IFC acquired 15% of the prject company for US$38.9 million (Euro 28 million.)  The concession agreements were signed on May 18 2007 for a period of 40 years, with TAV Airports expected to take over the operation of the Monastir Airport  The project is governed by two separate but interlinked concession agreements, both for a 40-year period: one for the existing Monastir Airport and one for the new Enfidha Airport.   The concession contracts for the Monastir and Enfidha Airports were to some extent based on the French concession framework, hence featuring sound foundations and being overall fairly balanced and protective, but nevertheless exposed to a couple of loopholes, as per standard project finance standards, mainly resulting from the fact that such a concession was the first of its type in Tunisia.  A noticeable feature of the project's contractual structure is the involvement of a number of affiliates (duty free, ground handling and catering contracts) or sister companies (EPC Contractor) of TAV Airports. While in itself this provides a strong alignment of interests between parties, this inter-relationship between various related companies required work with the sponsor to ensure appropriate risk allocation and an arm's length contractual structure.   As of March 2012, France's Aeroports de Paris Group acquired 38% of the capital of TAV Airports, for US$874 million (666.2 million euro).
In November 2007, Hyderabad Urban Development Authority (HUDA) signed a 15 year contract (includes a construction period of 30 months) with a consortium of Era Infra Engineering Limited (EIEL)and Switzerland-based infrastructure development company, Induni and Cie S.A. for design, construction, development, finance, operation and maintenance of an eight lane 12 km stretch on Outer Ring Road (ORR) between Narsingi and Kollur, in Andhra Pradesh. It is a part of Greater Hyderabad Growth Corridor Project (Outer Ring Road Project).   Hyderabad Ring Road Project Pvt. Ltd. (HRRPPL)was established to implement the project. The project was won through an international competitive bidding, conducted by HUDA. The bidding criteria for the project was lowest annuity payment.   HRRPPL was to recover for the capital and operating costs by way of a fixed annual payment (annuity) from HUDA during the operation period. Under the annuity scheme, the private operator was not allowed to collect tolls from the users.   The total capital cost of the project was estimated at US$ 75 million. Construction work on the project began in November 2007 and was expected to be completed by April 2010.
In July 2007, the Purchase Committee of the Bangladesh government awarded a 10 MW power plant at Habiganj to Energypac Confidence Power Venture, an equity joint venture of Confidence Group and Energypac. The award followed a competitive tender for setting up 10 small IPPs called by Power Cell in April 2007.  In October 2007, the Implementation Agreement (IA), Land Lease Agreement (LLA), Power Purchase Agreement (PPA) and the Gas Sales Agreement (GSA) were signed. The plant was to be operational within 15 months of the signing of these agreements.    In February 2009, the Financial Express [Bangladesh] reported that the sponsor invested BDT500 million (US$7.3 million) in the project.  There was no information on the date of financial closure or whether debt was raised. The plant started operations in January 2009.
In January 2007, a local private company Jiangsu Weide Environmental Technologies Company Ltd, together with Guangdong Environmental Engineering Equipment Company was awarded a 25 year contract to build and operate a sewerage treatment plant and sewerage collection networks in Yichu City, Hubei Province through competitive bidding. The total investment was 62.74 million Yuan (US$ 8.26 million). The capacity of the plant was 25,000 cubic meters per day.
On August 31, 2007, Foundation Power Company Daharki Ltd (FPCDL) signed an implementation agreement with Private Power and Infrastructure Board (PPIB) of the Government of Pakistan to build, own, operate and maintain a 175 MW natural gas based power plant in the city of Daharki, Sindh province. Foundation Power Company Daharki was owned by Fauji Foundation [Pakistan, 100%].  This power project was to be implemented under the Policy for Power Generation Projects 2002 that clearly laid out the incentives and regulatory regime for private investments in power generation.  Prior to financial close, FPCDL had entered into formal agreement with PPIB, power purchase agreement with the the Pakistan Water and Power Development Authority (WAPDA).  According to the 2002 Policy for Power Generation Projects, projects were awarded to the bidder who submitted the lowest tariff. Further information on how this project was awarded to FPCDL was not available from public sources.   The total cost of this project was estimated at $200 million. The project reached financial closure in September 2007 with the signing of the financial closure documents between Foundation Power Company and the Private Power and Infrastructure Board. The project was to be financed 75% through a US $150 million loan syndication led by a consortium comprising ABN Amro Bank, Askari Bank and Bank Alfalah.  The Asian Development Bank (ADB) provided a US$44 million partial credit guarantee. In addition, the ADB provided US$2.75 million in equity financing.   The power project was expected to start its commercial operation by October 2009, but, ti became operational in May 2011 according to PPIB website.
On September 18, 2007, Atlas Power Limited (APL) signed an implementation agreement with Private Power and Infrastructure Board (PPIB) of the Government of Pakistan to build, own, operate and maintain a 225 MW coal based power plant in the city of Sheikhupura, Punjab province. Atlas Power Limited was owned by Atlas Group [Pakistan, 100%].  This power project was to be implemented under the Policy for Power Generation Projects 2002 that clearly laid out the incentives and regulatory regime for private investments in power generation.  Prior to financial close, APL had entered into formal agreement with PPIB, 25 year power purchase agreement (signed September 2007) with the the Pakistan Water and Power Development Authority (WAPDA) and fuel supply agreement with Attock Petroleum Limited, signed October 2007.   According to the 2002 Policy for Power Generation Projects, projects were awarded to the bidder who submitted the lowest tariff. Further information on how this project was awarded to APL was not available from public sources.   The total cost of this project was estimated at $150 million. The project reached financial closure in November 2007 with the signing of the financial closure documents between Atlas Power Limited and the Private Power and Infrastructure Board. The power plant was commissioned in December 2009. The project also held a GOP Guarantee signed November 2007.
In September 2006, the consortium CELEPSA began constructing El Platanal, a 210 MW hydroelectric plant in the provinces of Yauyos and Canete in the department of Lima. El Platanal was to supply approximately 25% of its output to the consortium’s parent companies and the remaining 75% to Peru’s national grid. CELEPSA was formed by: Cementos Lima SA (Peru, 60%) Cemento Andino S.A. (Peru, 30%) and Corporacion Aceros Arequipa SA (Peru, 10%). Compania Electrica El Platanal S.A., the special purpose vehicle, had the same shareholding as the consortium.   In July 2001, the Peruvian federal government authorized Cementos Lima SA the concession to build, own and operate a hydroelectric and irrigation facility. The irrigation component was later taken out of the project plans and the hydroelectric facility was broken into two separate contracts for two separate plants: El Platanal (210 MW) and Morro de Arica (50 MW).   Total project cost for El Platanal was estimated at US $220 million with 36 months granted for construction from September 2006. By December of 2007, significant construction progress had been made. The project was to be financed through a combination of debt and equity from the three project sponsors. Cementos Lima SA acted as the guarantor for a US $72 million out of a US $120 million line of credit from Banco de Credito del Peru obtained in 2005. The remainder of the cost was to be financed directly by the project sponsors. El Platanal was expected to become operational in the fourth quarter of 2009.  El Platanal became operational in December 2009.
On the 21st of December 2005, the Government of Sudan awarded the construction of a new water treatment plant in Omdurman to Al Manara Water Company Limited, a local Special Purpose Company (SPC), under a 13 year BOOT contract. The agreement required Al Manara Water Company Limited to design, build and operate the facilities from 2007 to 2020. The SPC was expected to provide bulk supply of potable water to Khartoum State Water Corporation (KSWC) under a take or pay water purchase agreement once the plant was commissioned from 2010 to 2020.   The US$120.7 million project reached financial closure the 31st of March 2007. The shareholder in the Special Purpose Company included Biwater (49%), The Netherlands Development Finance Company (FMO) (46%) and the Government of Sudan (5%).   The structure of the project was called "capital light structure". There was no direct investment by or dividends paid to the shareholders of the SPC. The project was fully financed through loans and grants accorded to the SPC. The financing structure was organized as follow: US$28.5 million loan from the Netherlands Development Finance Company (FMO), US$33.4 million grant from the Dutch government, US$34.2 million loan from CALYON with guarantee from EXIM Bank of Malaysia, US$24.6 million loan from the Industrial Development Corporation of South Africa Ltd with guarantee from the Export Credit Insurance Corporation of South Africa (Pty) Ltd.   The SPC contracted its private shareholder, Biwater to design, build and operate the facilities, under a 3 year turnkey contract (2007-2010) followed by a 10 year operation and maintenance contract (2010-2020) until the loans are fully repaid. Thereafter, the assets were expected to be transferred from the SPC to the Government.
In  November 2007, the municipality of Curionopolis, in the state of Para, Brazil, awarded a 30-year rehabilitate, operate and transfer contract for its water and sewage infrastructure to the Brazilian company Saneatins, a joint-venture of private sponsors (76.52%) and the state of Para (23.84%). The private participation in Saneatins was evenly split between Foz do Brazil (subsidiary of Odebrecht) and EMSA (these two companies created the holding Foz Centro Norte to represent their interests in Saneatins).  In 2007, the town of Curionopolis had a population of 17,000.   The concession was awarded through an open competitive tender. No information was available on the number of final bidders. Information on investment commitments was also not available.
On August 31, 2007, Sapphire Electric Company Limited (SECL) signed an implementation agreement with Private Power and Infrastructure Board (PPIB) of the Government of Pakistan to build, own, operate and maintain a 225 MW natural gas based power plant in the city of Muridke, Punjab province. The equiyt partners in Sapphire Electric Company Limited (SECL) were Sapphire Fibres Ltd., a member of the Sapphire Group [Pakistan], and Xenel International [Saudi Arabia].  This power project was to be implemented under the Policy for Power Generation Projects 2002 that clearly laid out the incentives and regulatory regime for private investments in power generation.  Prior to financial close, SECL had entered into formal agreement with PPIB, 30 year power purchase agreement with the Pakistan Water and Power Development Authority (WAPDA), signed February 2007. The fuel supplier was SNGPL, under a contract signed in January 2007. The project consisted of 2 GT (GE 6111FA)+2 HRSG+1 ST.  According to the 2002 Policy for Power Generation Projects, projects were awarded to the bidder who submitted the lowest tariff. Further information on how this project was awarded was not available from public sources. The project was commissioned in October 2010.  The total cost of this project was estimated at US $185 million. The project reached financial closure in June 2007 with the signing of the financial closure documents between Sapphire Electric Company Limited (SECL) and the Private Power and Infrastructure Board. A consortium comprising Habib Bank, Muslim Commercial Bank, United Bank, Allied Bank and National Bank Pakistan provided over Rs 9 billion in debt.   As of December 31, 2008, the major equity parters in SECL were Sapphire Fibres Ltd. (57.22%), a member of the Sapphire Group, and Xenel International. Xenel International's ownership share was not available from public sources. The power project was expected to start its commercial operation in October 2009. The project became operational in October 2010.
In November 2007, Sociedad General de Aguas de Barcelona SA (AGBAR) signed a 5.5 year management contract with Algeria’s Ministry for Water Resources, Algerienne des Eaux, to supply water and sewerage services to the city Oran’s 600 km network. Oran had a population of 1.5 million at the time of contract signing. AGBAR was to offer a continuous supply of potable water as well as new management technologies and methodologies during the contract period.  The assets belonged to a state owned enterprise comprised in equal parts by the Algerian government ministries Algérienne des Eaux and the Office Nacional de l’Assainissement.  The initial tender was held in December 2006, and only Agbar and Saur qualified for the bid. The contract was awarded to Agbar on June 18, 2007 after six months of competitive negotiation with the Algerian government. Sociedad General de Aguas de Barcelona SA (Agbar) was to receive $US 43.9 million (Euro 30 million) for its services. Agbar was primarily owned by the private water companies Suez Environnement, SA 28.7 % and Criteria Caixa Corp., SA  27.6%. Financing for the project was provided entirely by the Algerian government.
The Chuzachen Hydro Power Project was a 99 MW run-of-the-river project located about 60 Kms from Gangtok in the state of Sikkim on the Rangpo and Rongli rivers. The project was being developed by Gati Infrastructure Limited on a Build, Own, Operate, and Transfer (BOOT) basis. The concession was for a period of 35 years. under joint sector with the Government of Sikkim (GoS) through Sikkim Power Development Corporation Limited (SPDCL).    Gati Infrastructure Limited was holding 74% stake in the project and Government of Sikkim (GoS) was holding the remaining 26% through Sikkim Power Development Corporation Limited (SPDCL). The equity participation of GoS did not involve any actual upfront payment by the Government. Instead, the payment of upfront equity was to be adjusted against the proceeds from sale of free power from the project to the GoS. The project was required to provide royalty to the GoS in the form of free power to the extent of 12% of the energy generated for the first 12 years, 18% of the energy generated for 12-30 years and 30% of the energy generated for beyond 30 years.  The details of the final set of PPAs signed were not available at the time of collection of this information.   The project was awarded by GoS by way of competitive bidding on the basis of the highest upfront premium paid to GoS.  SPDCL was responsible for conducting the bidding process on behalf of GoS.   The project was estimated to cost US$ 112.19 million and achieved financial closure in March 2007. On February 2013, additional loans of US$ 83.1mn (INR 4870mn @58.6 INR/USD) for funding cost overruns along with the prepayment of certain existing senior loans was availed. Financing comprised a 15 year term loan provided by RECL. The loan was priced at 14% and had a repayment schedule of 60 quarterly installments.  The project was expected to be commissioned in 2009-10. The project was fully commissioned in May 2013.
In March 2006, a local private company Sichuan Hanlong Group was awarded an agreement to build and operate the 80 KM Mianyang-Suining Expressway in Sichuan Province for a period of 26 years and 5 months. Hanlong Group invested 2.775 billion Yuan (US$ 348.18 million) in the road and owned 100% of the project.
In July 2007, the Madhya Pradesh Road Development Corporation (MPRDC) signed a 25 year concession contract (including 15 month of construction period) to India’s Suryavanshi Infrastructure Pvt. Ltd. (SIPL) to reconstruct and rehabilitate the 44 km section on Sitamau-Mandsaur in the state of Madhya Pradesh  Under the contract, SIPL was responsible for the construction, finance, operation and maintenance of the existing highway. The project was expected to ease traffic movement and give significant stimulus to trade and commerce in the entire region.   Suryavanshi Infrastructure Pvt. Ltd. (SIPL) won the competitive tender, conducted by MPRDC, by making the lowest fixed subsidy request of US$ 2.48 million (out of this US$ 1.37 million was funded by Viability Gap Funding (VGF) scheme of Government of India). Apart from this upfront payment by MPRDC (and GoI), SIPL was allowed to recover the capital costs and operating costs including returns through tolling during concession period (excluding construction period).  The project reached financial closure in July 2007. The total capital cost of the project was estimated at US$ 6.31 million.   Construction on the project began in July 2007 and was expected to be completed by October 2008.
In November 2007, Global Trading Group NV was awarded by the Government of Sierra Leone, assisted by the World Bank, a 12-month emergency power rental contract for the supply of 15MW in Freetown.  The award followed a competitive bidding process initiated in October 2007. On 31 October 2007, six bidders submitted bids that were then evaluated, resulting in the award to Global Trading Group NV. The sole bidding criteria was total cost, including capacity and energy charges plus all mobilization, demobilization and other costs.  The Power Purchase Agreement and Government Support Agreement were signed by the winning bidder, Global Trading Group NV (GTG), on 17 November 2007. The GTG power plant became operational on 22 December 2007.  The estimated investment for the rental power plants was determined by calculating an equivalent annual depreciation per MW and multiplying it by the number of years in the contract. We have used the following assumptions for this estimate: US$600 per kW as estimated investment, 15 years as expected asset life, and 10 percent as the annual discount (return) rate.  Based on publicly available information the plant concluded early 2010.
In December 2007, Gemeng International Energy Co. Ltd. a Sino-foreign joint venture by KEPCO (34%), Deutsche Bank (19%), and Shanxi International Energy Co., Ltd. (47%) was established in Shanxi Province with the aim to invest in energy projects in China. The registration capital of the joint venture was 10 billion Yuan (US$ 1.316 billion). The same month Gemeng International Energy Co. Ltd. acquired 14 coal-fired power plants, including 10 in operation for 5.2 billion (US$ 684.211 million) from the Chinese government. It was not reported who were the specific granting bodies in the transactions.
In December 2006, a Hong Kong company China Water Industry Group Limited acquired 70% of Jining Haiyuan Water Co., Ltd. and would rehabilitate and operate a sewerage treatment plant under a 29-year concession agreement in Jining City, Shandong Province. The total investment was 10.5 million Yuan (US$ 1.32 million). In July 2007, China Water Industry and the other shareholder jointly increased the investment by 30 million Yuan (US$ 3.95 million). The capacity of the plant was 30,000 cubic meters per day.
In July 2007, the National Highway Authority of India (NHAI) signed a 25 year concession (including 30 month of construction period) with a consortium formed by Lanco Kondapalli Power Private Limited and Lanco Infratech to widen and strengthen the 81.8 km section on National Highway (NH-4 & 48) between Neelmangla and Devihalli in the state of Karnataka.  Under the contract, the consortium was responsible for the design, finance, operation and maintenance and widening of the existing two-lane highway to a four-lane highway with paved shoulders. The expansion project, part of National Highway Development Project Phase III, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  The consortium established 'Lanco Devihalli Highways Private Limited', a special purpose vehicle, to implement the project. The concession awarder, National Highways Authority of India (NHAI), invited bids for the four laning the road during Aug 2006. The consortium won the tender through competitive bidding, conducted by NHAI, by requesting the lowest fixed subsidy. Lanco won the tender by requesting US$42.1 million. Apart from this upfront payment by NHAI, under the contract, 'Lanco Devihalli Highways Private Limited' was to recover the capital costs and operating costs including returns through tolling during the term of concession.   The concession agreement was signed in July 2007. The project reached financial closure in January 2008 with debt equity ratio of 74:26. The expected capital cost of the project was US$ 147 million. A consortium led by State Bank of India was to provide a debt of US$ 61 million. The consortium of banks was to provide the rupee loan for 15 years and 6 months. Contribution of Lanco Group to the equity was US$ 82 million.   Construction on the project began in July 2007 and was expected to be completed by December 2009.
On May 11, 2007, the Queretaro State Water Commission (CEA) awarded a greenfield contract to Earth Tech Mexico SA de CV and Servicios de Agua Trident SA. de CV to construct and operate the San Pedro Martir Waste Water Treatment Plant for 20 years. The consortium was allocated 2 years for construction and 18 years for operation. The treatment plant was to process waste from the Querataro State Water Commission at a rate of 64,800 cubic meters per day. The consortium was also responsible for the construction of a utility for sewer collection that would be operated by CEA. The project was awarded as a part of a federal plan to expand and decentralize potable water, sewage and sanitation services and was in line with President Felipe Calderón's broader national development plan for 2006-12.  The contract was awarded to the consortium that met the technical requirements of the project and presented the lowest net present value of periodic payments from the State of Queretaro to the consortium. The winning consortium was comprised of Earth Tech Mexico, SA de CV (50%), a subsidiary of Tyco Interntational (USA); and Servicios de Agua Trident, SA. de CV (50%), a subsidiary of Mitsui, Inc. (Japan). The winning consortium formed the special-purpose vehicle Promotora Ecologica San Pedro Martir SA de CV for the duration of the project.   Financing for the project was provided by the joint venture of Earth Tech and Mitsui as well as the Mexican federal government. Conagua, the federal government water agency, signed an agreement with the state water commission to support decentralization of services by contributing 25% of the funding for the project, not to exceed 94 million pesos. The total investment commitment for the project was $US 32.8 million.  Construction works were concluded in September 2010.
In August 2005, the Turkish privatization administration granted a 36-year concession to operate Port of Mersin to Mersin International Port Management, a joint venture comprised of Singapore's PSA and Turkey's Afken Holding. Port of Mersin was owned by the Turkish State Railways company TCDD.  The Mersin Port had 23 piers in docks built in a total port area of 786,000 sq m. The port was one of the most important ports in the eastern Mediterranean with a total capacity of 3,800 ships a year. Izmir and Mersin are the two largest ports in Turkey in terms of the total volume of cargo handled as well as the total amount of containers handled. Mersin, which was previously run by the Turkish state railway, had annual capacity of 800,000 TEUs.  Akfen Holding was a construction company while Singapore-based PSA was a global ports operator. There was no public information in the ownership structure of the consortium.  The concession contract was granted through a competitive tender. The PSA Afken consortium won the bid by offering the highest concessions fees, $755 million.  The Dubai Port Authority made the second highest offer of $750 million. The proceeds from the tender were to be paid to TCDD. In addition to concession fees, the PSA and Afken consortium committed to invest between US$70 million to US$$100 million in the first five months of port operations. At the time of financial closure, commitments of addtion investments in the concession were US$121 million.  The concession contract was signed in 12 May 2007 and was to last until 2043. The transfer of operations took place the same day. It took almost two years for the contract signing due to legal problems with the tender. Under the Turkish port privatization program no operator can hold two complimentary concessions so that competition between ports that are next to each other is kept strong. PSA, also has the concession for the next port along the coast at Iskenderun and consequently the Mersin award was challenged in the courts. The situation was further muddled because the runner-up in the Mersin bid, and therefore the next winner if the competition board had not favoured PSA, was Dubai Ports, which had also won the Izmir concession. Consequently no bid could go to financing until a decision on one of them was made. Earlier, the transfer of the port was blocked when the workers’ union Liman-Is filed four lawsuits against the privatization. In November 2006, the council of state’s 13th chamber rejected the appeals against the concession and removed obstacles before the transfer of the port. Syndication closed on 19 September 2007. Eight banks joined syndication of the $600 million debt which priced at 250bp rising to 300bp over the 13.2-year tenor. Lead arranged by ABN Amro, Garantibank, GE, Isbank, TSKB and UniCredit/HVB, only HVB went the distance from the original arranger line up which fell apart when Citi and SG pulled out over concerns about some of the default terms of the 36-year concession.  In 2013, the sponsors closed the original $600 million debt financing for the acquisition of the port in September 2007. Akfen Holding and PSA International have launched the $450 million bond refinancing of Mersin Port. Citi, DBS Bank and UniCredit are leading the dollar-denominated 144A issue and are holding roadshows with investors in Singapore, Hong Kong, London, Boston and New York until 31 July 2013.
In 1997, the Malaysian government awarded to Antah Holdings Bhd a BOT contract for the development of a 44.3km highway project between Kajang and Seremban. However, the project had to be put on hold due to difficulties in obtaining funding as a result of the Asian financial crisis.  The project was revitalized in November 2006 after a takeover by a new concessionaire, Lebuhraya Kajang-Seremban Sdn. Bhd. (Lekas). Lekas, a 50:50 joint venture company of IJM  Corporation Bhd and Antah Holdings Bhd, was a special purpose vehicle set up to undertake the 32.5 year BOT contract.   The project reached financial closure in April 2007. The funding of the project, mainly proivided through islamic bond market, was structured into various instruments comprising US$237 million (RM785 million) senior Istisna’ bonds and US$191 million (RM633 million) junior Istisna’ bonds (collectively known as Sukuk Istisna). Other instruments include a US$12 million (RM40 million) joint revolving credit facility and bank guarantee facility, US$72 million (RM240 million) redeemable convertible unsecured loan stocks and US$15 million (RM50 million) redeemable unsecured loan stocks.  Information on total project cost was limited. Project construction cost was estimated at US$272 million (RM900 million), but the project's entire cost was expected to be higher since land costs had to be reimbursed to the Government.  Construction of the highway was expected to be completed by October 2009. The road opened on August 28,2008.
Manitoba Hydro International (Canada) was awarded the Management contract of the electricity utility company Electricidade de Timor-Leste (EDTL), which started in September 2007. This was the second management contract awarded by the government, the first (2003) proved unsuccesfull in improving operations. The contract has a length of 5 years, expiring in September 2012.  The average flat tariff is US$0.12/kWh. The operating costs by Manitoba Hydro International were reported at US$0.40/kWh - significantly more. Rates were higher in 2002, when US$0.1 was charged for residential consumers and US$0.20 for commercial users. In 2012, the government was working with the World Bank (PPIAF) to decide on the continuation of the management contract type, or switch to a 20 year BOT concession.   MHI mandate included: full management responsibility for EDTL; providing teams of individuals in the positions of Director-General, senior management, technical staff and training services; day-to-day management; medium-term planning; financial management; loss reduction; collections; capacity building; corporatization of EDTL; management of project financing; implementation of hydroprojects and transmission backbone; rural electrification.  Total cost of the contract were unknown.
In February 2007, the National Highway Authority of India (NHAI) signed a 20 year concession contract (including 30 month of construction period) to India’s Jaiprakash Associates Ltd. (Jaypee)  to widen and strengthen the 28.69 km section on National Highway (NH) 22 between Zirakpur (in Patiala district of Punjab state) and Parwanoo (in Solan district of Himachal Pradesh state.  Under the contract, Jaypee was responsible for the design, construction, finance, operation and maintenance and widening of the existing two-lane highway to a four-lane highway with paved shoulders. The expansion project, part of National Highway Development Project - Phase IIIA, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region. Out of the 28.69 km, 11.250 km are on a new alignment for a combined bypass for congested towns of Pinjore and Kalka in Haryana and Parwanoo in Himachal Pradesh.  Jaypee established Himalaya Expressway Ltd., a special purpose vehicle,to implement the project. Jaypee won the tender through domestic competitive bidding, conducted by NHAI, by requesting the lowest fixed subsidy of US$ 29.25 million. Apart from this upfront payment by NHAI, under the contract, Jaypee was allowed to recover capital costs and operating costs including returns through tolling during the concession period (excluding construction period).  The project reached financial closure in February 2007. The total capital cost of the project was estimated at US$ 73.75 million.   Construction on the project began in February 2007 and is expected to be completed by July 2009.
Dniproenergo OSJC was the largest Ukraininan thermal power generation company, operating three thermal power plants - Pridneprovskaya, Krivorozhskaya, Zaporozhskaya with a total installed capacity of 8185 MW. It produced one fifth of Ukrainian thermal power generation.  By 2007, Don-Bass Fuel Energy Company (DTEK) acquired 13.31% of the shares via a series of transactions on the over the counter market over a number of years.   In October 2007, DTEK acquired an additional 34.24% stake via debt-to-equity transaction. DTEK  made a US$41.1 million(UAH 1,052 million) capital contribution in exchange for the 34.24% stake and committed to fund Dniproenergo investment program amounting to US$39.4 million (UAH 1,010 million) for 2008 to 2012. The share issue made in October, 2007 was registered on July 11th, 2008, taking DTEK's interest in the company to 47.55% The Energy Company of Ukraine held the remaining shares.  In January 2012, DTEK won a further divestiture tender and obtained additional 25% in the company, increasing its total share to 72.6%. DTEK offered 1.174 billion ($146 million) for the equity. DTEK was the only bidder.  All of the produced electricity was supplied to the wholesale electricity market of Ukraine.
In July 2007, the National Highway Authority of India (NHAI) signed a 25 year concession contract (including 25 month of construction period) to India’s Reliance Energy Ltd. (Reliance) to widen and strengthen the 135.3 km section on National Highway (NH) 68 between Salem to Ulundurpet in the state of Tamil Nadu.  Under the contract, Reliance was responsible for the design, construction, finance, operation and maintenance and widening of the existing two-lane highway to a four-lane highway with paved shoulders. The expansion project, part of National Highway Development Project - Phase IIIA, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   Reliance established SU Toll Road Pvt. Ltd., a special purpose vehicle, to implement the project. Reliance won the tender through competitive bidding, conducted by NHAI by requesting the lowest fixed subsidy of US$ 91.51 million. Apart from this upfront payment by NHAI, under the contract, SU Toll Road Pvt. Ltd. was to recover the capital costs and operating costs including returns through toll collections during the concession period.  The concession agreement for the project was signed in July 2007. The total capital cost of the project was estimated at US$ 235.25 million.   Construction on the project began in July 2007 and is expected to be completed by June 2010.
On August 17, 2007, the Mexican Secretary of Communications and Transport (SCT) signed a 30-year concession contract for the Nuevo Necaxa - Tihuatlan highway with a consortium of Ingenieros Civiles Asociados SA de CV (ICA); Controladora de Operaciones de Infraestructura SA de CV (an ICA subsidiary); and FCC Construccion SA. The Nueva Necaxa - Tihuatlan highway concession entitled the consortium to operate an existing 48km toll road from Avila Camacho to Tihuatlan and build, operate and maintain an additional 36km “shadow toll” road from Nuevo Necaxa to Avila Camacho. The initiative was part of the new Public-Private Partnership (PPP) program began in 2005 to improve the quality of public services through long-term partnerships between the government and private sector companies.   SCT awarded the contract through an international competitive tender which started on May 11, 2006. To participate in the public tender, each bidder had to calculate and submit a requested payment as a function of construction, maintenance and operating costs, rate of return on equity, estimated annual traffic and duration of contract. The concession was awarded to the bidder who presented a proposal that complied with the technical, legal and financial requirements established in the bidding documents, and requested the lowest net present value of periodic payments. Two consortia originally presented offers: ICA, Controladora and FCC; and another one made up of French and Mexican companies. The latter withdrew from the competition at the last minute for unknown reasons. By default, on June 27, 2007, the ICA led consortium was formally awarded the public bid for the project. ICA (Mexico) controlled 50% of the consortium directly and indirectly while FCC (Spain) controlled the other 50%.   Total investment commitments for the project were estimated at US $650 million. The ICA led consortium was to recoup its investment through tolls on the existing 48 km section of highway from Avila Camacho to Tihuatlan starting in August 2007. Under the PPP model for highways, the new 36km “shadow toll” road from Nueva Necaxa to Avila Camacho was to provide revenues from two types of periodic payments: a minimum payment for the availability of the road according to the standards set by the contract; and a “shadow toll” or payment linked to traffic levels.  The concessionaire had the right to charge tolls on the existing 48km section from Avila Camacho to Tihautlan. Construction of the new section started in September 2007 and was expected to be completed by March 2010.  Construction works were concluded in September 2014.
In March 2007, the National Highway Authority of India (NHAI) signed a 30 year concession contract (including 30 month of construction period) to India’s Reliance Energy Ltd. (Reliance) to widen and strengthen the 88.27 km section on National Highway 45(NH45)between Trichy and Dindigul in the state of Tamil Nadu.  Under the contract, Reliance was responsible for the design, construction, finance, operation and maintenance and widening of the existing two-lane highway to a four-lane highway with paved shoulders. The expansion project, part of National Highway Development Project - Phase III, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   Reliance Energy Ltd. (Reliance) established TD Toll Road Pvt. Ltd., a special purpose vehicle, to implement the project. Reliance won the tender through competitive bidding, conducted by NHAI, by requesting the lowest fixed subsidy of US$ 56.58 million. Apart from this upfront payment by NHAI, under the contract, TD Toll Road Pvt. Ltd. was to recover the capital costs and operating costs including returns through tolls during the concession period (excluding construction period).  The concession agreement for the project was signed in March 2007. The total capital cost of the project was estimated at US$ 144 million.   Construction on the project began in March 2007 and is expected to be completed by Sep 2009.
In August 2005, the Chennai Metro Water Supply and Sewerage Board (CMWSS) awarded IVRCL Infrastructures & Projects to design, build, own, operate and transfer of a seawater desalination plant in Minjur, Chennai, India. They won it through a competitive bidding which was arranged by the government. IVRCL implemented the project with its technical partner Befesa Construccion y Tecnologia Ambiental, S.A.U. (Befesa CTA)through a special purpose vehicle (SPV) incorporated as Chennai Water Desalination Ltd (CWD). In September 2005, the bulk water supply agreement was signed between CMWSS and IRVCL. Under the agreement, CMWSS provided 60 acres of land to the IVRCL. IVRCL gave Befesa CTA the engineering, procurement, and construction of the plant, and also maintained it for the first three years. Afterwards, CWD took over the operation.   The financial closure was reached in January 2007 after CWD secured funding from local private banks (Canara Bank, IOB and United Bank of India), and International Finance Corporation (IFC).   Initially, the project was estimated to cost Rs 475 crore or USD 108 million with secured funding of Rs 375 crore in debt from three local private banks, and a USD 17 million loan from IFC. However, due to the time taken to obtain clearances and the appreciation of the euro vis-à-vis the rupee between September 2005 and December 2006, the cost escalated to Rs. 520 crore or USD 115 million on December 2006. IVRCL and Befesa CTA financed the extra cost through their equity. The project had a three-tiered payment security mechanism, including an escrow account and a State support agreement from the Tamil Nadu government.  CWD needed to repay the loans in 10 years, excluding the construction period. Interest for the loans form the three banks was reset every three years, while the IFC loan had a fixed rate (LIBOR plus 170 basis points). The overall interest rate worked out to be 9.8 percent.   The project ownership shares were 75 percent belonged to IVRCL Infrastructures & Projects, while Befesa CTA had 25 percent stake.   Nearly 65 percent of the equipment in the plant was to be imported from Europe.  Befesa Construccion y Tecnologia Ambiental, S.A.U. (Befesa CTA) was a part of Abengo group in Spain.
In March 2006, Turkish oil and gas company Zorlu Petrogas Petrol, part of industrial conglomerate Zorlu Holding, won 30-year tender for gas distribution in the Trakya region. Zorlu Group paid the Government a license fee of US$1.9 million (YTL 2.5 million) for the project.  Newly-established Trakya Bolgesi Dogalgas Dagatim would operate in the northwestern Trakya region and would distribute natural gas in Thracian Turkey in the cities of Tekirdag, Muratli, Edirne, Kirklareli, Kavakli, Babaeski, Luleburgaz, Evrensekiz, Buyukkaristiran, Misinli, Ulas, Cerkezkoy, Kapakli, Kizilpinar, Karaagac, Velimese and Velikoy. To carry out the distribution, the company set up Trakya Natural Gas Distribution, which had begun constructing the infrastructure necessary for such distribution in 2007 and would be supplying natural gas to residential and industrial subscribers once existing pipelines have been turned over to it.
In May 2007, the Government of Nigeria sold for US$280 million 51% of its stake in the 1320MW Egbin power plant to KEPCO Energy Resource Nigeria Limited or KERL - KEPCO/ERL Cconsortium, a joint venture between Energy Resource Limited (70%) and Korea Electric Power Corporation (KEPCO) (30%). The other 49% remained held by the government.  The award followed a competitive bidding process in which KEPCO Energy Resource Nigeria Limited was the only bidder.  Financing was provided through a US$70 million loan arranged by United Bank for Africa Plc. During negotiations, a valuation of $560 million was established for Egbin, KERL was asked to pay $280 million for 51% of the power utility.   KEPCO Energy Resource Nigeria Limited was expected to repair and put the Egbin power plant back on track by August 2008.   In April 2013, Nigeria's Bureau of Public Enterprises sanctioned the 70% acquisition of state-owned Egbin Power Plant by KEPCO Energy Resources. The total sum was $407.3 million.
On September 5, 2007 the consortium Consorcio Eolico Amayo and Nicaragua's energy and mines ministry signed an agreement to authorize the development of a 40MW wind power generation project in Rivas department. The wind farm was to save Nicaragua some 217,000b/y of bunker fuel. Consorcio Eolico Amayo SA (CEA) was formed as a special purpose vehicle comprised of Arctas (45% United States), Centrans (45%, Guatemala) and ENISA (10%, Nicaragua). In February 2007, Consorcio Eolico Amayo SA signed a power purchase agreement with Union Fenosa SA (Spain), who controlled distribution in Nicaragua to sell the electricity output. Bidding information on the project was not publically available.  The total cost of the project was estimated at US $95 million of which 70% was to be financed through debt and 30% was to be financed through equity. In October 2007, the Banco Centroamericano de Integracion Economica (BCIE) approved a line of credit to Consorcio Eolico Amayo SA US $71.2 million dollars. The wind farm was expected to become operational in 2009.  In May 2010, Arctas Capital sold 47.5% of the project to Ashmore Energy International [USA] bringing AEI's stake in each phase to 61.3%. Centrans Energy Services [Guatemala], Inc and Energia Eolica de Nicaragua S.A. [Nicaragua] owned the remainder of the project's equity.   In March 2014, Inkia Energy, a subsidiary of the Israeli company IC Power (Israel Corp.), acquired AEI's stake in the project.
The new 320-meter long bridge links the capital of the state of PE, Recife, to the tourist area of Jaboatao. Via Parque was the concessionaire that won the bidding process in December 2006 by offering the lowest government revenue guaranteeabove the minimum set by the economic feasibiability(BRL 44.128 million). The other bidders were the Brazilian construction companies Andrade Gutierrez and OAS, with a BRL 45 million offer; and the Brazilian construction companies Camargo Correa and Queiroz Galvao, with a BRL 44.7 million offer.   The contract was signed in December 2006 and was structured under the new PPP legislation. Via Parque S.A., a special purpose company under the control of Odebrecht (75%), throught its subsidiary Odebrecht TransPort, and Grupo Cornelio Brennand (25%), committed to invest US$ 39.2 million (BRL 76.5 million) in constructing the new bridge and US$ 34.2 million (BRL 66.7 million) in maintaining the facility over the 33-year concession period.  Construction works commenced in December 2007 and financing was partly provided by a loan from Banco do Nordeste do Brasil (loan of BRL 52.9 million). The construction works were concluded in the end of 2009, when the toll rates started being charged.
In June 2007, the Madhya Pradesh Road Development Corporation (MPRDC) signed a 25 year concession contract (including 18 month of construction period) to India’s Keti Construction Pvt. Ltd. (Keti) to reconstruct and rehabilitate the 100 km section on Chandpur – Alirajpur – Kukshi – Badwani state highway, in the state of Madhya Pradesh. 	  Under the contract, Keti was responsible for the construction, finance, operation and maintenance of the existing state highway. The project was expected to ease traffic movement and give significant stimulus to trade and commerce in the entire region.   Keti Construction Pvt. Ltd. won the competitive tender, conducted by MPRDC, by making the lowest fixed subsidy request of US$ 6.02 million (out of this US$ 3.15 million was funded by Viability Gap Funding (VGF) scheme of Government of India) . Apart from this upfront payment by MPRDC (and GoI), Keti was allowed to recover the capital costs and operating costs including reurns through tolling during the concession period (excluding construction period).  The project reached financial closure in June 2007. The total capital cost of the project was estimated at US$ 15.75 million.   Construction on the project began in June 2007 and was expected to be completed by December 2008.
In October 2005, the Algerian Energy Company (AEC) awarded the Geida consortium of Abengoa, ACS and Sacyr Vallehermoso a greenfield contract to build and operate a 200,000 cubic meters per day (cu m/day) desalination plant on the outskirts of the city of Oran for 25 years. The plant was part of a government effort to have 12 new desalination plants with a combined capacity of 2.2 million cu m per day by the year 2010.   The Geida consortium won the tender and offered a tariff of US$0.76/cu meter to AEC. The Geida consortium was owned by Abengoa 33.3%, ACS 33.3% and Sacyr Vallehermoso 33.3%, but the project company was 49% owned by AEC. Therefore, the shares of the project company were as follows: AEC 49%, Abengoa 17%, ACS 17% and Sacyr 17%. Further information on bidding criteria or other bidders was not available.  The project reached financial closure on December 30, 2007 after a project finance loan was arranged by Credit Populaire d’Algerie (CPA) for US $230 million. The loans were to have 3.75% interest over 17 years, including a two-year grace period, according to a statement issued by AEC’s chairman Amennallah Sari in 2005. Algerienne des Eaux and Sonatrach, shareholders of the Algerian Energy Company, were to be the off-takers of the water. Total investment commitments reached US $230. This figure was higher than initial investment estimates that were based on a plant capacity of 150,000 cu m/day.
In 2007, the 88km East Mediterranean Gas Company (EMG) pipeline project between Al-Arish (Egypt) and Ashqelon (Israel) reached financial closure.   EMG was the only company authorized to engage in the business of exporting natural gas from Egypt to Israel under a Memorandum of Understanding signed in 2005 by the Governments of Egypt and Israel. EMG signed a gas sales agreement with Egyptian General Petroleum Corporation (EGPC) and Egyptian Natural Gas Holding Company (EGAS), the state-owned enterprises of Egypt, to purchase 7 billion cubic meters of gas per year, for a term of 15 years with option for EMG to extend the term for a further 5 years.  As of December 2007, EMG shareholders were Mediterranean Gas Pipeline Limited (28%), PTT Public Company Ltd (25%), Merhav Group (25%), EMG-EGI LP (12%) and Egypt’s state owned enterprises EGPC/EGAS (10%).   The US$469 million project comprised of an export terminal in Al-Arish in northeastern Egypt on the shores of the Mediterranean, a 26 inch diameter, 87.6 kilometer offshore pipeline and a receiving terminal in Ashqelon in Israel.  EMG concluded commercial offtake agreements with Israeli state-owned electricity utility, Israel Electricity Company (IEC), and with private companies.  The National Bank of Egypt was to finance the project with a US$380 million loan.   The project became operational in March 2008.
In April 2007, China Yunnan Corporation For International Techno-Economic Cooperation, a Chinese state controlled company was awarded a 33 year agreement to build and operate the Stung Atay River Hydropower Station in Cambodia. The total investment was US$255.3 million and China Yunnan Corporation For International Techno-Economic Cooperation owned 100% of the project. The capacity of the plant was 120MW.   The project was scheduled for commissioning in May 2013.   In December 2012, the project collapsed after what appears to be a reservoir overload.
Guohua Ruifeng (Zhanhua) Wind Power Company Limited was a Sino-foreign joint venture that was established in November 2007 by CLP Group and Hydro Tasmania, which holds a 24.5% stake in the project with the remaining 51% interest held by Guohua Energy Investment Co, Ltd.. The total investment was RMB 480 million (US$ 63.16 million). The joint venture company would operate the wind farm in Zhanhua County, Binzhou City, Shandong Province for a 20-year period. The capacity of the wind farm was 50 MW.
Simhapuri Energy Pvt Ltd was created to develop state-of-the-art Thermal Power Plant at Thamminapatnam village, SPSR Nellore District near Krishnapatnam Port in the state of Andhra Pradesh, India with a planned capacity of 1920 MW.  The project was divided in three phases with 2 x 150 MW  under Phase-I, 2 x 150 MW under Phase-II, and 2x 660 MW Super critical units under Phase-III. Simhapuri Energy Pvt Ltd was a joint venture of  Madhucon (48%) and Mahalaxmi group (26%). Simhapuri Energy Pvt inked memorandum of understanding with Jharkhand State Government for setting up a 1,000 MW thermal power plant.    The cost of phase 1 of the project (270MW) was estimated to be INR13.365bn (US$323.2 million at the INR/US$41.35 exchange rate). Financial close was on 28 Nov 2007. Financing was funded on a 75:25 debt-to-equity structure. The INR10.024bn term loan is lead arranged by SBI Capital Markets with 14 domestic financiers jointly providing.    The cost of phase 2 the project (300MW) was estimated to be INR16.0588 (US$351.2 million at the INR/US$45.73 exchange rate). Financial closure was in September 2010. Financing comprised of Rs72bn 14-year 7months term loan and Rs24bn equity. The debt was arranged by ICICI Bank, Axis Bank, and Punjab National Bank. On 20th February 2014, Madhucon arranged for additional funding to take care of cost overruns in Phase-II of the project. Financing comprised a 12-year term loan of US$ 25.2mn (INR 1480mn @58.6 INR/USD) and sponsor equity of US$ 20mn (INR1174.7mn @58.6 INR/USD).The participating banks were Allahabad Bank Bank, Punjab National Bank,State Bank of Bikaner & Jaipur,State Bank of India,State Bank of Patiala, and United Bank of India.
On June 19, 2006, at an open auction, RAO UES of Russia sold its 100% stake in the regional utility OAO Taimyrenergo to GMK Norilsky Nickel. Taimyrenergo operated two hydro power stations in the Siberian region of Krasnoyarsk - KUREISKAYA and UST KHANTAISKAYA with a total installed capacity of 1,041 MW.  In October 2005, RAO UES and GMK Norilsky Nickel set up a 49%/50% joint venture Norilsk Taymir Energy company that held a 10 year lease and operated generating assets of Taimyrenergo and Norilskenergo.  There were four bidders for Taimyrenergo. However, Norilsk Nickel was the only prospective bidder for the company. Taimyrenergo operated an essentially isolated power system whose main client was the mining giant OAO Norilsk Nickel. Norilsk Nickel was consuming more than 90% of the energy generated by Taimyrenergo. GMK Norilsky Nickel was the largest nickel producer in the world.  The transaction reached financial closure on July 31, 2006 when Norilsk paid US$271 million for the 100% shares of Taimyrenergo.   On April 20, 2007, RAO UES of Russia sold its 49% stake in the Norilsk Taymir Energy company to GMK Norilsky Nickel. The sales of the operating company was finalized in May 2007. UES sold its share 26.9mln rub.   In 2005-2007, Russia’s power sector was being restructured. The government planned to break up UES and spin off its generating companies to the private sector.   As of end of 2011, Norilsk Nickel was still the sole owner of the company.
In November 2007, a Singapore based company Dayen Environmental Ltd.was awarded a 30-year contract to build and operate the Xinmin Wastewater Treatment Plant in Xinmin City, Liaoning Province. Dalian Dongda invested 103 million Yuan (US$ 13.55 million) in the plant and owned 100% of the project. The total capacity of the plant was 60,000 cubic meters per day.
In June 2007, the Brazilian company Sinart was awarded in a competitive bidding process the contract to operate and manage the airport located at the city of Juiz de Fora (state of Minas Gerais). Information on other companies participating in the bidding process and on the bidding criteria set by the regulatory agency was not available.   The 5-year contract was signed with the regulatory agency and the sponsors took over the operations in August 2007. The government was set to transfer US$ 198.9 thousand (BRL 350 thousand) in subsidies.  In 2012, the management contract was renewed for an additional 5-year period.
Phuong Mai Wind Power JSC was planning the development of the 21 MW Phuong Mai 3 wind farm, Binh Dinh province, in the Nhon Hoi Economic Zone.   Site clearance for the plant was in progress as of March 2011 and negotiations for supply contracts underway. The project was commissioned in December 2011.  Estimated costs were VND575 billion ($27.38 million).
In March 2007, the National Highways Authority of India (NHAI) signed a 20 year contract (including construction period of two and a half years) to the consortium of Era Constructions Ltd.(39%), Ramky Infrastructures Ltd.(51%), and Shriram Chits Pvt. Ltd. (10%) to construct a new four lane Gwalior bypass.  The bypass will connect the total stretch of 42 Km on NH-3 and NH-75 in the state of Madhya Pradesh.   Gwalior Bypass Project Pvt. Ltd. (GBPPL), was the company established to implement the project. The consortium won the tender through competitive bidding conducted by NHAI with lowest annuity payment as the bidding criteria.   Under the contract, GBPPL was responsible for the design, construction, finance, operation and maintenance of the bypass road. The expansion project, part of National Highway Development Project - Phase II, was expected to ease traffic congestion of the existing north-south corridor and the city of Gwalior and give significant stimulus to trade and commerce in the entire region.  Under the contract, GBPPL was allowed to recover the capital and operating costs through fixed annual payment (annuity) of US$ 13.26 million during the concession term. Under the annuity scheme the private operator was not allowed to collect tolls from the users.  The project reached financial closure in March 2007 with a debt equity ratio of 4:1. The total capital cost of the project was estimated at US$ 75.23 million.   Construction on the project began in March 2007 and was expected to be completed by October 2009.
In September 2007, a local private firm, Dongda Mongolia King Group was awarded a 30 year agreement to build and operate the Inner Mongolia Tianjiagedan Yellow River Bridge in Inner Mongolia Autonomous Region through competitive bidding. The total investment was 395 million Yuan (51.97 million US$). Dongda Mongolia King Group owned 100% of the project.
In November 2006, the federal secretary of communications and transportation (SCT) awarded Autopista Saltillo-Monterrey SA de CV a 30 year greenfield contract to build, operate, exploit, conserve and maintain a new 95km toll road in the states of Nuevo Leon and Coahuila. In addition to the 95km section to be constructed by the concessionaire, a 14km bypass in Zacatecas was to be constructed by SCT and operated and maintained by Autopista Saltillo-Monterrey SA de CV. The Saltillo-Monterrey Highway was to be the first Mexican project to use electronic tolling technology.   The Saltillo-Monterrey Highway was part of the Programa Sectorial de Comunicaciones y Transportes which sought to construct or modernize over 17,000km of roads between 2007 and 20012. The contract was granted under the new highway concession model which transferred all of the traffic risk to the private operator and required a minimum equity contribution for each project. US $23million (Ps 250 million) was the minimum for the Saltillo-Monterrey Highway.    The Saltillo-Monterrey Highway was conducted through an international tender launched on October 18, 2005. The criterion used to select the winning bid was the lowest sum of the net present value of the minimum revenue guarantee plus the initial public contribution. There were six bidders for the contract:  •	Coconal SA de CV, Isolux Corsan Concesiones SA, and Elsamex, SA •	La Peninsular Comania Constructora SA de DV, Constructora Andrade Gutierrez SA de CV, Operadora y Administracion Tecnica SA de DV and Companhia de Concessoes Rodoviarias •	Empresa Omega Corp SA de CV •	Pavimentos de la Laguna SA de CV, Grupo Profezac SA de CV, and Operadora de Autopistas del Altiplano SA de CV •	FCC Construccion SA, Desarrollo y Construcciones Urbanas SA de CV, and Impulsa Infraestructura, SA de CV •	Ingenieros Civiles Asociados SA de CV, and Controladora de Operaciones de Infraestructura SA de CV  On November 1, 2006, the consortium of Coconal SA de CV, Isolux Corsan Concesiones SA, and Elsamex, SA was awarded the contract. Autopista Saltillo Monterrey SA de CV was formed as the project company and held by Isolux (Spain 80%) and Elsamex (Spain 20%). The Mexican partner Coconal SA de CV was to construct the highway but did not hold equity in Autopista Saltillo Monterrey SA.   Total project cost was estimated at US $277 million, not including the 14km bypass. The private operator was allowed to recoup their investment through toll revenue until an amount specified in the contract. From that point onward, toll revenue was to be split between the government and the private operator.  The project reached financial closure in May 2007 through a US $245 million (Ps 2.62 billion) syndication.  Banco Santander was the lead syndicator (Ps 503 million) and included six other banks in the deal: Imbursa (Ps503 million), ING (Ps360 million), Dexia (Ps360 million), Banobras (Ps360 million), NordLB (Ps330 million), and Caixa Galicia (Ps200 million). The project was to be financed 35% through equity, and 65% through debt.   After project delays and protests, the highway was inaugurated by President Calderon on November 9, 2009.
In 2002,  Consorcio UHE Baguari, which was formed by state-owned Cemig(34%), Neoenergia (51%), and state-owned Furnas (15%), was awarded in a competitive bidding process organized by the federal regulatory agency Aneel the 35-year contract to build and operate a  140 MW hydro power plant located in the Doce River, state of Minas Gerais. Besides Consorcio UHE Baguari, only one company took part in the bidding contest: the Brazilian Fuad Rassi.  The bidding criteria set by the federal regulatory agency ANEEL was the lowest tariff. The company also agreed to pay US$ 0.223 million (BRL 0.408 million) in yearly installments during the life of the contract, starting once operations commence (using a discount rate of 10%, the present value of this contribution was estimated at US$ 67.9 million). The contract was signed in August 2006, and sponsors created the company Consorcio UHE Baguari to lead the project during the 35-year contract period. Almost all the electricity produced was set to be sold to distribution companies.  The sponsor committed to invest US$ 270.3 million (BRL 527 million) in the power plant. Financial closure was achieved in December 2007, when the sponsor was granted a US$ 185.2 million (BRL 361.2 million) loan from BNDES. The remaining cost was financed with the sponsors’ internal resources.  The construction works were undertaken by Consorcio Construtor Baguari (CCB), comprised by the Brazilian companies Odebrecht and Engevix, and the German Voith Siemens.   Construction works started in May 2007, and operations commenced in October 2009.
In December 2006, a joint venture of a local private company Bosideng Corporation (70%) and two other firms (30% in total) was granted a 25.5 year agreement to build and operate the 79.82 KM Yibin-Chongqing Expressway Yibin-Luzhou Section in Sichuan Province through competitive bidding. The total investment was 3.972 billion Yuan (498.37 million US$). Construction started in 2007.
In March 2007, a US company Golden State Environment acquired 75% of the assets (potable water and sewerage treatment plant) of the Yangzhong City Water Company in Yangzhong City, Jiangsu Province through competitive bidding. Golden State Environment invested 49 million Yuan (US$ 6.45 million) in the plant and would operate the plant for 25 years. The total capacity of the plant was 75,000 cubic meters per day.
On 15 October 2007, the Rwandan Government sold 80% stake of the national mobile and fixed line operator Rwandatel to Libya Africa Portfolio for Investments for US$100 million. The remaining 20% remained owned by the Rwanda Social Security Fund. Libya Africa Portfolio for Investments was a Libyan government owned investment company.  The award followed a competitive bidding process. In August 2007, six firms expressed their interest in the acquisition of Rwandatel: Vodacom, Celtel, V-Tel Holdings, Bit Map Ltd, Libya Africa Portfolio for Investments, and R-Com. Early October 2007, two firms, Libya Africa Portfolio for Investments and Vodacom, were short-listed to submit technical and financial bids.   Under the terms of the agreement, Libya Africa Portfolio for Investments was expected to invest US$317 million in the operator over a 15-year period, including US$87 million during the year 2008.  RwandaTel was first privatized in 2005 when a 99% stake was sold to Terracom for US$20 million (Project 3868). However, after disagreements between the government and Terracomon the level of investments, the Finance Ministry of Rwanda bought back the shares in July 2007.   In April 2011, Rwanda's telecom regulator Rwanda Utilities Regulatory Agency (RURA) revoked Rwandatel's mobile concession due to its failure to meet licence obligations. The operator's fixed telephony and ISP permits remained operational. By Q2 2011, RwandaTel did not report any subscribers anymore.
In August 2007, the Armenian government granted a 24 year concession of Shirak airport in Gyumri to Armenia-International Airports. Shirak was Armenia's second largest airport. The handover of the airport to the concessionaire occurred a few days later. The Armenian government indicated that it made the decision grounding on the Armenia-International Airports 's successful experience of running Yerevan’s Zvartnots Airport which took over in 2001. Armenia-International Airports was a wholly owned subsidiary of Argentine Corporacion America (CASA).   Under the concession agreement, the concessionaire had to invest $10 million in modernizing the facilities in late 2007. The concessionaire closed the airport in August-November 2007 to undertake such modernization. Shirak airport reopened in November 27, 2007.
Datang Ruifeng Xiangyang Wind Farm Project Phase I was invested and implemented by Datang Jilin Ruifeng Power Company Limited, a Sino-foreign joint venture of CLP Group (24.5%), Hydro Tasmania (24.5%), and Datang Group (51%). Construction commenced in June 2007. The project was located in Taonan City, Jilin Province. The capacity of the wind farm was 50 MW.  Total investment was ESTIMATED at $75 million, based on the average per MW price of $1.5 million for EAP.
On October 31, 2007, the federal secretary of communications and transportation (SCT) signed a 30 year concession contract with the consortium of Aldesa Construcciones SA and Agrupacion de Companias Constructoras de Veracruz SA de CV to modernize, operate and exploit the existing 46.5km Tuxtla Gutierrez-San Cristobal de las Casas highway as well as construct and operate the 93 km Arriaga – Ocozocoautla highway. Both highways were to merge into a 139.5 km stretch in the state of Chiapas and were to feature viaducts, tunnels, 35 bridges and five intersections. The Arriaga – Ocozocoautla highway was divided into two stretches, an existing 20km stretch from Arriaga to Tierra y Librtad and a new73km stretch from Tierra y Libertad to Ocozoautla through mountainous territory.   The Arriaga – Ocozocoautla Highway Package was part of the Programa Sectorial de Comunicaciones y Transportes which sought to construct or modernize over 17,000km of roads between 2007 and 20012. The contract was granted under the new highway concession model which transferred all of the traffic risk to the private operator and required a minimum equity contribution. The new model also provided initial funding and a minimum revenue guarantee for each project.   Bidding for the Arriaga – Ocozocoautla Highway Package was conducted through an international tender launched on September 28, 2006. The criterion used to evaluate the bids was the lowest sum of the net present value of the minimum revenue guarantee and the initial public contribution. There were six bidders for the contract:  The contract was awarded through an international competitive tender that began on September 28, 2006 by SCT. The concession was awarded to the bidder who presented a proposal that complied with the technical, legal and financial requirements established in the bidding documents, and requested the lowest sum of the net present value of the minimum revenue guarantee and the initial public contribution. There were four bidders for the contract:  •	Promotora del Desarrollo de America Latina SA de CV [Mexico] and Promotora Imbursa SA de CV [Mexico] •	Grupo Hermes SA de CV [Mexico]; La Peninsular Compania Constructora SA de CV [Mexico] •	Controladora de Operaciones de Infraestructura SA de CV [Mexico] •	Aldesa Construcciones SA [Spain] and Agrupación de Companias Constructoras de Veracruz SA de CV [Mexico]   On September 14, 2007, the consortium of Aldesa Construcciones SA and Agrupacion de Companias Constructoras de Veracruz SA de CV was awarded the contract.   Investments in the new highway package were estimated at US $287 million (210 million euro). To finance the exploitation of both highways, a loan of US $205 million was arranged by Banco Santander in late November 2007. The private operator was allowed to charge tolls until an amount specified in the contract which was not publicly available. After this amount was reached, toll revenue was to be split between the government and the private operator.   In November 2007, the consortium began operating the highways in the package. Construction on the new sections of highway also started at this point and was scheduled for completion by the end of 2009.   In August 2010, Mexico's transport and communications ministry (SCT) inaugurated the Arriaga-Ocozocoautla highway.
In August 2005, Consorcio Intersur signed a 25 year BOT contract with the Government of Peru for section 4 of the Inter-Oceanic Highway. The Inter-Oceanic Highway was a road corridor that was slated to connect the Atlantic Ocean in Brazil with the Peruvian ports of San Juan de Marcona, Matarani and Ilo, in the Pacific.   The Inter-Oceanic Highway project entailed the construction and renovation of a total of 2,603 kilometers of roads connecting the Amazonian state of Acre, Brazil with the port cities in the southern coast of Peru. Section 4 was an unpaved, 305 km stretch that went from the city of Inambari (Madre de Dios) to Azángaro (Puno).   Consorcio Intersur won the contract through a competitive tender carried out by ProInversion (Peru’s private investment promotion agency) in June 2005. The public tender was awarded to the bidder who obtained the highest score, according to a math formula based on the lowest value resulting from adding the present values of PAO and PAMO payments, and the national component proposed by the Bidder. Consorcio Intersur was comprised of the Brazilian firms Andrade Gutiérrez, Queiroz Galvao and Camargo Correa.   The concessionaire was responsible for building, improving, rehabilitating, operating and maintaining the road section according to the technical guidelines contained in the agreement (level of service index, among others).   The concessionaire obtained a revenue guarantee from the government, based on two types of payments: Annual Payment for Works (PAO) and Annual Payment for Maintenance and Operation (PAMO). PAO were biannual payments for each stage of construction, upon conformity of works. PAMO were quarterly payment for operation and maintenance. The main source of funds for PAO and PAMO came from toll revenue collected by the concessionaire that was set to be deposited in a trust fund. If the toll revenue was not enough to pay the concessionaire, the Peruvian Government agreed to pay the difference.   Initially, the total cost of Interoceanic Highway Section 4 was estimated at US $214 million, but this estimate was revised to US $562 million at the time of financial closure. Financial closure was reached in May 2007, when Intersur Concessiones SA, through Interoceanica IV Finance Limited, its SPV, issued US $562 million in zero coupon bonds. The bond issue was backed by Peru’s government and rated Ba3 by Moody’s.    Construction works were concluded in October 2014.
In June 2007, National Highways Authority of India (NHAI) signed a 20 year concession agreement with the consortium of M. Venkata Rao, M.R.K. Prasad Rao and JTEC to strengthen and widen the 42 km section on National Highway 7 (NH-7) between Salem and Karur, in the state of Tamil Nadu.  Under the contract, MVR was responsible for the operation, maintenance, and widening of the existing two-lane highway to a four-lane highway with paved shoulders. The expansion project, part of National Highway Development Project - Phase IIIA, is expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  MVR Infrastructure and Tollways Limited (MVR), established to implement the project, was a joint venture between M/S M. Venkata Rao, M/S M.R.K. Prasad Rao and JTEC . The consortium won the tender through competitive bidding, conducted by NHAI, by offering the highest upfront payment of US$ 30.5 million to NHAI. Under the contract, MVR was to recover the capital costs and operating costs including returns through toll collections during the concession period.  The concession agreement for the project was signed in June 2007. The total capital cost of the project was estimated at US$62.2 million, including the upfront payment of US$30.5 million.  Construction on the project began in June 2007 and was expected to be completed by January 2009.
In March 2007, a Singapore based company Hyflux was awarded a 30-year contract to build and operate a potable water treatment plant and a sewerage treatment plant in Guanyun County, Lianyungang City, Jiangsu Province. Hyflux invested US$ 7 million in the sewerage treatment plant and 9.75 million in the water supply plant and owned 100% of the projects. The total capacity of the sewerage treatment plant was 30,000 cubic meters per day and that of the water supply plant was 50,000 cubic meters per day.
In July 2007, the National Highway Authority of India (NHAI) signed a 30 year concession contract (including 30 month of construction period) to a consortium of Maytas Infra Limited (Maytas) and Nagarjuna Construction Company Limited (NCC) to strengthen and widen the 39 km stretch of the NH-66 from Pondicherry to Tindivanam the state of Tamil Nadu.  Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance and widening of the existing two-lane highway to a four-lane highway with paved shoulders. The expansion project, part of National Highway Development Project - Phase III, was expected to ease traffic congestion between Tamil Nadu and the Union Territory of Pondichery, and give significant stimulus to trade and commerce in the entire region.    The consortium established Pondichery-Tindivanam Tollway Limited (PTTL), a special purpose vehicle, to implement the project. The consortium won the competitive tender, conducted by NHAI, by making the lowest fixed subsidy request of US$ 11.25 million. Apart from this upfront payment by NHAI, PTTL was to recover the capital costs and operating costs including returns through tolling during concession period (excluding construction period).  The project reached financial closure in July 2007. The total capital cost of the project was estimated at US$ 71.25 million.   Construction on the project began in July 2007 and was expected to be completed by January 2010.
In May 2007, the Singapore based Asia Environment Holdings Limited was awarded a 25-year agreement to build and operate the Nanjing Jiangning City North Wastewater Treatment Plant in Nanjing City, Jiangsu Province on a competitive basis. Asia Environment Holdings Limited invested 110 million Yuan (US4 14.47 million) in the plant and owned 100% of the project. The total capacity of the plant was 120,000 cubic meters per day (Phase I: 40,000 cubic meters per day).
In September 2007, AI Airports International completed the acquisition of 99.9% share in Baikal Airport (Ulan Ude)in the Russian Republic of Buryatia. By the end of 2008, the company acquired the remaining 0.1%, that brought its holding to 100%. The acquisition costs for the airport amounted to approximately US$23 million and included the acquisition of the terminal and other buildings as well as the operating rights for the airport. With a runway of 3,000 meters, newly built in 2006, the airport could accommodate long-haul flights. At the beginning of 2008, the airport submitted an application for an international license. Before starting these operations the company had to ensure that all security and operational requirements for such international flights were fulfilled and approved by the local and Russian governments. AI expected to be granted all necessary approvals by end of 2008. In the first nine months of 2008, Baikal Airport served 110,740 passengers.
In July 2007, a local private telecommunication company Zhongxing Telecom agreed to invest in a sewerage treatment plant in Fengxiang County, Shannxi Province. Zhongxing Telecom won the project on a competitive basis and would build and operate the plant through a 26 year BOT agreement. The total treatment capacity was 20,000 cubic meters per day and total investment was RMB 47 million (US$ 7.5 million).
In June 2002, a consortium led by Tractabel Energia won a 35 year contract for the rights to build, own and operate 1,087 MW hydroelectric power plant on the Tocantis river between the municipalities of Estreito, Palmeiras do Tocantins and Aguiarnopolis. The power plant comprised 8 units of 136 MW each. The consortium was responsible for selling the electricity to electricty utilities and in the wholesale market at its own risk. The Estreito Hydroelectric Power Plant project also included the construction of an associated transmission system for connecting the power plant to the interconnected system. The contract was the largest of its kind awarded under the Program for Accelerated Growth (PAC), a Brazilian federal initiative which cut interest rates for selected infrastructure projects.  The contract was awarded through an international competitive tender launched in May 2002. Three consortia submitted final bids: Queiroz Galvao; Consorcio Estreito Energia and Cemig. The winning consortium was selected based on the highest amount of fixed government payments. Consorcio Estreito Energia (Ceste) was awarded the contract in July 2002 because it submitted the highest bid, approximately 4 million real per year of operation. The government payments had a present value of approximately $US 12.9 million in 2002. Ceste was comprised of: Alcoa [United States, 25.5%], Camargo Correa Energia [Brazil, 4.4%], Companhia Vale do Rio Doce SA [Brazil, 30%] and Tractabel Energia, subsidiary of SUEZ [France, 40%].  The total cost of the project was estimated at US $1.846 billion (BRL 3.6 billion). Financial closure was reached in December 2007, when the board of director of BNDES, the Brazilian federal development bank, approved syndicated 22 year loan of US $1.333 billion (BRL 2.6 billion) in financing. BNDES provided half of this sum in direct loans to the project. A group of four banks, Unibanco, Bradesco, ItauBBA and Votorantim, provided the remaining Rs1.3billion in repasse co-financing, each taking a quarter. The loans account for approximately 80% of the project's capital costs. The financing also features approximately 20% in equity, proportionate to each of the sponsor's share in the project. The sponsors have not provided a guarantee on the equity drawings during construction, but intend to inject equity into the project as per the forecasted budget in the financing contract.  The Brazilian government obliged the concessionaire to contract 100% of its output.  At an auction in October 2007, Suez contracted its 40.07% share of the plant's output (265 MW) through 30-year PPAs with several distribution companies.  These PPAs, worth roughly EUR 3.3 billion (US$5 billion) in total, were due to begin in 2012.  However, the plant was expected to become operational in 2010. During the 2010-2012 period, Suez intended to sell its share of the plant's output on the spot market under 6-month of 1-year contracts.  The output shares of Alcoa (25.5%) and Camargo Correa (4.4%) were for captive use. It was not known what Vale intended to do with its 30% share of the plant's output.  The first unit started commercial operations in April 2011, and the second unit in July 2011.
Huaqi Environmental Protection Co., Ltd. signed an agreement in April 2007 to construct a wastewater treatment plant with a capacity of 25,000 cubic meters per day in Wuhe County, Anhui Province. The project was procured via competitive bidding. Huaqi would operate the facility for 25 years before transferring it back to the local government. The total investment was RMB 30 million (US$ 3.92 million). Huaqi owns 100% of the project.
On  May 22, 2007, the company Mechel-Energo, a subdivision of a coal and steel conglomerate Mechel, won an auction for a 49% stake in Kuzbass Energy Sales Company (JSC Kuzbassenergosbyt) previously owned by UES of Russia. Kuzbassenergosbyt, the regions largest power distribution company, started operation in July 1, 2006, after it spun off from the energy generation company Kuzbassenergo. Kuzbassenergosbyt purchased electricity at the wholesale market and sold it to residential, industrial and commercial customers on the territory of Kemerov Oblast.  Mechel, the Russian metals and metallurgy giant, obtained the shares in the sales auction held on May 22 without competition, it bought the stake at the starting price of US$ 44.2 million (RUR 1.14 billion). Mechel previously owned 1.2% of shares in Kuzbassenergosbyt, its stake increased to 50.2% after the purchase. In August of the same year, Mechel informed the Board of Directors of Kuzbassenergosbyt and the minority shareholders about its offer to buy minority shares at a price of US$0.3 per share.  As a result, in November 2007, Mechel owned 437,274,855 shares of Kuzbassenergosbyt or 72.14% of its charter capital.    As of end of 2011 Mechel still owns 72% of the company.
Nagpur city is located in the state of Maharashtra. It had a population of approximately 2,000,000 in 2001 (Census of India 2001). The city municipality, Nagpur Municipal Corporation awarded a Concession to Veolia Water India, a subsidiary of French company Veolia Environnement’s in June 2007 to a) rehabilitate the plant and  expand capacity and b) to operate  the  Pench -I Water Treatment Plant at Gorewada, Nagpur subsequently for a period of 5 years.   As the operator, Veolia Water India would invest in rehabilitating the treatment plant including expansion of capacity from 113.5 to 136 Million Litres per Day(MLD) and operate the plant for a period of 5 years. As part of the scope of work, Veolia Water India was also required to recycle filtered backwash water and sludge at Pench I & II water supply scheme.   The Project was initiated under the Jawaharlal Nehru Urban Renewal Mission (JNNURM) program of the Government of India and is expected to get commissioned from 1st April 2008. Veolia Water India would operate and maintain the treatment plant for a period of 5 years till 2013.  The total project cost for augmentation was US$ 1.6 Million (Indian Rupees 64.13 Million). The government contribution through JNNURM funds was US$1 Million (Indian Rupees 40 Million). Veolia Water India invested US$ 0.6 Million (Indian Rupees 24.13 Million). Nagpur Municipal Corporation would pay back the operator this amount during the Contract period as Equal Monthly Installment along with the Operations and Maintenance fee.
In August 2007, the Bulgarian privatization agency signed a contract to sell 100% ownership of Toplofikacia Ruse, an combined electric power and heat energy production plant in northeastern Ruse, to the Slovenian power company Holding Slovenske Electrarne (HSE). The plant was located in Ruse near the northern Bulgarian border. At the time of divestiture, Toplofikacia Ruse had 400 MW available and 290 MW actual capacity (one power unit was standing idle) and employed 700 people.    In October 2006, the Slovenian company bid US$117 million (85.1 million euro) for the plant, a sum greater than what was offered by France’s Dalkia or German’s E.ON Energie.  As soon as the tender results were announced HSE sold 49% of the shares in the plant to the Russian coal and steel group called Mechel.  Mechel was reported to have plans to become the sole owner of the plant within the next three years after purchase of the 49% stake. Mechel previously planned to bid on its own at the power plant's privatization tender, but failed to obtain a bidder's certificate.  On December 14, 2007, Bulgaria's anti-monopoly regulator approved a request by Russia's Mechel to take a 49% stake in the Toplifikacia Ruse power plant. Mechel paid US$68.78 million (or euro 50.2 million) for the share.  Mechel was the first Russian company to buy generating assets in Europe.   The sale of Ruse represented an important step in Bulgaria’s privatization program. Together with Varna and Bobov dol, the plants accounted for one-fifth of the total electricity produced in Bulgaria.  Bulgaria sold its power plant in Varna to the Czech electricity group CEZ in 2006. The government also planned to privatize Bobov dol.  As of November 2010, Mechtel International Holdings ltd owned 100% of the shares in the company.
In March 2005, Dane Associates Ltd (UK) entered into an agreement with the Government of Rwanda (GoR) for rights to construct a 34MW gas power plant at Kibuye.  The agreement also included a 49 year concession contract for methane gas extraction from Lake Kivu at Kibuye and Gisenyi to fuel the plant, and a 25 year power purchase agreement to sell electricity from the plant to Electrogaz, the state-owned utility (run under management contract by Lahmeyer International).  The initial 34MW plant was expected to cost 60 million euros (US$ 76 million), which would be provided by Dane Associates (70%) and the Rwandan Government (30%).  Dane would provide funding through loans from the International Finance Corporation, the PTA Bank, the Emerging Africa Infrastructure Fund and the Finnish Fund for Industrial Corporation.    Later phases of investment intended to expand capacity to 200 MW.  Generation was intended to commence in 2007. As of February 2007, construction had not started. In February 2007, the government filed a lawsuit against the company over Dane having not invested the required funds into the project. It appointed an interim administrator to KP1 who took over the management of the company, effectively nationalizing the Dane project. Thus, the contract between Dane Associates and the GoR was effectively cancelled by the government, although Dane Associates has disputed this in the courts until as recently as 2012. In the meanwhile, the government has sought an alternative for the plant (see below).  Studies have confirmed availability of 55 billion cubic meters of methane gas, sufficient to generate 700MW of electricity for 55 years. 350MW of this belongs to Rwanda, the other half to the DRC.  The Goverment of Rwanda has succesfully rehabilitated KP1 and the plant has generated 1.5MW of electricity since October 2008, albeit this is below the 4.5MW capacity of the plant. Ludan Technologies of Israel has engineered the $15 million project. The GoR is looking to divest the plant or start a joint venture with a private company to boost the plant's capacity to at least 50MW. Negotiations were announced in July 2011 with Israel Africa Energy Ltd, but no agreements appeared to have been concluded that year.  The gas concentration was first detected in the 1930s, but the first project to evaluate the commercial potential of the lake’s methane resources was not until 1963, and the gas was not used for power generation until 2006, when the Kibuye Power 1 plant came online with a generation capacity of 5 MW. The project was developed by Danes Associates in collaboration with the Rwandan government. American company Symbion Power acquired the plant in September 2016, and is now seeking gas purchase agreements to boost the plant’s production capacity to 25 MW by 2018 and 50 MW by 2019.
In an auction conducted in August 2005, Zorlu Petrogas was awarded a 30-year contract by the Turkish Energy Market Regulatory Authority (EPDK) to distribute natural gas in the cities of Gaziantep, Kilis, and Nizip in southeastern Turkey. Zorlu Petrogas Petrol won the tender offering a subscription price of $30 (24.7 euro) per household. To carry out the distribution, the company set up Gaziantep Gas Distribution (GAZDAS). The company was to invest $60 mln (49.5 mln euro) in the construction.   The company received its distribution license on 24 February 2006 and began working on infrastructure construction activities in 2007. GASDAS would be supplying natural gas to residential and industrial subscribers once existing pipelines have been turned over to it.
JURUENA PARTICIPAÇÕES E INCORPORAÇÕES LTDA, a partnership of Maggi Energia S.A., MCA Energia e Barragem Ltda and Linear Participacoes e Incorporacoes Ltda. was granted authorizations to build five small hydro power plants located in the state of Mato Grosso (between the municipalities of Sapezal and Campos do Julio) with 91 MW in total capacity. The 30-year contracts were signed with the regulatory agency ANEEL in December 2002. In September 2005 Maggi Energia S.A. transferred its shares to the other two sponsors such that each became 50% owner of the project company.   The complex started to be built in 2007 and, as of July 2010, it was still under construction. The following project companies were created to manage the construction and operation of the power plants: Campos de Júlio Energia S/A (PCH Cidezal – 17MW); Parecis Energia S/A (PCH Parecis – 15,4 MW); Rondon Energia S/A (PCH Rondon – 13 MW); Sapezal Energia S/A (PCH Sapezal – 16 MW); and Telegrafica Energia S/A (PCH Telegrafica – 30 MW).   The total investment is estimated in US$ 251.2 (BRL 502.3 million). In July 2007, all project companies were granted loans from the state-owned bank BNDES. The total amount lent by BNDES was US$ 184.6 million (BRL 360 million), which represented 72% of the investment of the project.    All PCH´s signed power purchase agreements with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies).  In July 2010, the construction of PCH Telegrafica had to be halted due to conflicts with the native Brazilians living near the power plant site.  Operations commenced in each power plant in the following dates: * In June 2011, PCH Sapezal; * In June 2011, PCH Cidezal; * In July 2011, PCH Parecis; * In August 2011, PCH Rondon; and * In August 2011, PCH Telegrafica.  In August 2011, the projects received an additional direct loan from BNDES amounting to US$ 25.9 million (BRL 42.2 million). BNDES also granted a securitized loan of US$ 22.2 million (BRL 36.2 million).
On May 29 2007, Equipav SA Pavimentacao, Engenharia e Comercio signed a concession contract with the state government of Minas Gerais to operate, conserve, maintain, improve and widen the 372km MG-050 highway in the state of Minas Gerais for 25 years. The MG-050 highway connected the capital of Minas Gerais, Belo Horizonte with the border of Sao Paulo state. The contract included service on the BR-491 and BR 265 highways. It serviced 50 municipalities and 7.4% of the population of the state. The MG-050 highway was offered as a Public-Private Partnership in which the state government would provide fixed periodic payments to the concessionaire to make the project attractive to the private sector.  The call for tenders was launched in April 2006 and five bidders presented proposals. Of the original five, two consortia were disqualified for technical reasons. In addition to technically qualified, bids were evaluated based on the amount of fixed government payments in their respective proposals. The three final bidders were:  •	Cowan-OHL Brasil-Barbosa Mello,   comprised of the companies: Construtora Cowan SA, OHL-Obrascon Huarte Lain Brasil SA Construtora Barbosa Mello SA (R$ 33,2 million/year) •	Construcap-Ferreira Guedes, comprised of the companies: Construcap-CCPS Engenharia e Comercio SA  and Construtora Ferreira Guedes SA (R$ 35 million/year) •	Equipav SA Pavimentacao, Engenharia e Comercio (R$ 7.89 million/year)  Equipav SA Pavimentacao, Engenharia e Comercio won the tender by offering the lowest amount of fixed government payments at US $3.69 million/year (R$ 7.89 million/year). The present value of the subsidy totaled US $33 million for the 25 year concession.   Total investment in the project was estimated at US $366 million (R$ 712 million), the majority of which was to be invested during the first five years and was to be 60% financed by BNDES. Equipav SA took possession of the highway after contract signing. Counterpart financing was to be immediately disbursed while tolls would be charged after one year of renovations. The concession was set to expire in 2032.   In August 2014, the sponsors were granted a US$ 42.5 million (BRL 100 million) bridge facility provided by Banco Santander and Banco Itau.
In December 2007, Companhia Vale do Rio Doce SA (CVRD) signed a 30 year concession contract to operate, maintain and modernize a 720 km stretch of the Norte Sul railroad with VALEC, a state-owned company run by the federal Ministry of Transportation. The stretch was to connect Acailandia, in Brazil's northeastern Maranhao state, with Palmas, in the northeastern Tocantins state. The Norte Sul railway was to connect with CVRD's existing railway, which ran from the company's iron ore mine Carajas and enabled access to the Itaqui port in Sao Luis, where CVRD has the Ponta da Madeira maritime terminal. See Carajas Railway, project 2084.   The contract was awarded at a public auction held on October 3, 2007 at Sao Paulo's Bovespa Stock Exchange. Companhia Vale do Rio Doce SA (CVRD) was the only bidder and offered the minimum bid of 1.48 billion Brazilian reals (US $760 million) for the concession rights. The first installment was paid with the contract signing in December 2007. The majority of the payment was to be used by VALEC to construct the unfinished portions of the railway.   A stretch of 133.5 kilometers between Estreito and Araguaina, in the state of Tocantins was already was constructed by the VALEC, and was to be operated immediately by CVRD. Another 213.2 kilometers of railway, connecting the cities of Araguaina and Guarai, both in the state of Tocantins, was expected to be completed by December of 2008. VALEC had until December of 2009 to finish the final stretch of 148.3 kilometers between Guarai and Palmas. CVRD was to operate these assets as they became available. CVRD also committed approximately US $33.9 million to modernize the railroad facilities.
TGK-5 was created on March 31, 2006 as a power generation company serving the northeast part of Russia. TGK-5 was one of 14 territorial generation companies (TGKs) that were formed on the basis of combined heat and power plants controlled by state-owned electricity monopoly RAO UES. At that time, TGK-5 had a total installed capacity of 2,467 MW and heat capacity at 9255 Gcal/h, divided in eleven plants located the regions of Kirov, Marii-El, Chuvashia and Udmurtia.  The company was formed the basis of generating assets of the regional energy companies (Kirov, Chuvash, Udmurt, Marii and V’yat) by converting their shares into TGK-5 shares.  In May 2007, the Board of TGK-5 agreed to issue an equivalent of 36.6 % new shares of the company. In June 2007, Integrated Energy Systems bought the 81% of the new share sold to through the IPO for US$400 million while existing private shareholders (including Integrated Energy Systems) exercised their preemptive right to buy new shares and acquired the remaining 19% of the new shares for US$50 million. After the IPO, RAO UES saw its stake in TGK-5 declined from 64.83% to 47.45% while Integrated Energy Systems (IES), one of the largest Russian energy investors and part of the Renova group, increased its stake in TGK-5 to 41%.   In September 2007, the RAO shares in TGK-5 were transferred to its existing shareholders proportionally to their ownership in RAO UES. After this transaction, the state-owned Federal Property Agency (Rosimushchestvo), owned 25% and Gazprom 5%.  In October 2007, Integrated Energy Systems (IES) increased its stake in Territorial Generating Company N5 (TGK-5) to 46.125% by acquiring shares from minority shareholders.   Over 2003-2007 period, the Russian power sector underwent significant restructuring. Until 2003 the main assets of RAO UES, the state-owned holding for energy companies, were united into regional vertically integrated energy companies: 73 regional power utilities or Energos which produced and transmitted electricity and heat. RAO UES also centrally managed 32 Federal Power Plants, the Central Dispatch, High Voltage Grid plus Grid Service. 2003 energy sector reform envisioned a new organizational structure that included companies involved in potentially competitive activities (power generation and sales, repair and services) and natural monopolies (transmission, dispatching).   As a result of the reform RAO UES was planned to be dissolved on July 1, 2008.  The companies replacing RAO UES were: a System Operator was to receive functions and assets of regional dispatch administrations; a Federal Grid Company (FSK) was to manage the trunk grids; 11 interregional distribution grid companies were to manage regional distribution grids; RAO Eastern Energy Systems Holding was to manage energy companies of the East and isolated power systems of the Far East region; six wholesale generation companies (OGKs) were formed on the basis of large federal plants; one Hydro OGK was to manage large hydro plants; 14 territorial generation companies (TGKs) were formed on the basis of combined heat and power plants and Inter RAO UES was to remain the major investor and a leading exporter and importer of electric power in Russia.  Rosenergoatom was to include all nuclear power plants.    Wholesale generation companies (OGKs) were formed in 2004-05 on the basis of large federal power plants with a typical installed capacity of 1000-2000 MW. These large power producers were to become the largest participants and the main competitors on the wholesale power market. Seven of such companies were created in the process of reform: six of them incorporated large thermal power plants (OGKs) and one incorporated large hydro power plants (Hydro-OGK). In an effort to restrict the monopoly influence on the competitive wholesale power market, each of the OGKs was established on the basis of power plants geographically dispersed across the country.   The reform also created Territorial generation companies (TGKs) by uniting combined heat and power plants with a typical installed capacity of 100-500 MW which were located in a few neighboring regions or one macro region. The territorial generation companies would sell electricity as well as supply regional consumers with heat energy.   Interregional Distribution Companies were formed as operating companies to manage electricity distribution networks located in a number of neighboring regions.  As of September 2011, the shareholders were "Depository Clearing Company" (nominee, 30.35% ), "Sberbank of Russia" (nominee, 26.27%), Russian Federation through the Federal Agency for State Property Management (25.09%), "Gazprombank"  (nominee, 5%), Other legal entities (9.66%) and individuals (3.63%).  As of end 2011, OAO "TGC-5" was composed of 11 thermal power stations. The installed power capacity - more than 2400 MW.
In August 2007, CLP Group was awarded a 50 year agreement to build and then operate the Yangjiang Hailin Island Wind Farm (Phase I) in Yangjiang City, Guangdong Province. The total investment was 214.1 million Yuan (US$ 28.17 million) and CLP Group owned 100% of the project. The capacity of the wind farm was 22.1 MW.
BPCL started execution of US10 million 2x5MW Manjanadka Mini Hydro Project across River Manjanadka near Karikke village about 22kms from Bhagamandala in Kodagu District from February 2007. Project was scheduled to commission by 2008.
Jindal Power Limited set up India’s first mega power project in the private sector – the 1000 MW thermal power plant at Raigarh, Chhattisgarh. The Company invested approximately Rs. 43.38 billion (US$1050 million) for setting up a 1000 MW power plant. The 1st unit commenced commercial operations in December 2007 and all four units (250 MW each) were commissioned within a span of nine months. Tamnar I Project commenced full commercial operations in September 2008. The fuel supply of the plant is met through its captive coal mines. A 6.9 km conveyor pipeline has been set up for transportation of coal between the mines and the plant. Electricity generated by the project is sold through bilateral power purchase arrangements and power exchanges to state-owned utilities and power distribution and trading companies.       In 2010, the project company implemented Tamnar II Project: a 2,400 MW coal based power expansion in Tammar I. The 4x600 MW project had an estimated cost of INR134.10 billion (US$2932.5 million). Tamnar II reached financial closure in March 2010. Debt was split between a INR53bn 14-year term loan and a INR47bn 14-year term loan. SBI Capital Markets Ltd is the mandated arranger.  2 Units of 600MW each were commissioned in March 2014.
In October 2007, a local private company Anhui Guozhen Environmental Protection Science & Technology Co., Ltd. was awarded an agreement to manage the Suqian City Yanghe Wastewater Treatment Plant in Suqian City, Jiangsu Province on a competitive basis. The capacity of the plant was 10,000 cubic meters per day and Anhui Guozhen would operate it for 3 years.
Neluwa Cascade Hydro Power Pvt. Ltd. developed the 2.2MW mini hydropower plant, on the Gin Ganga, in Neluwa, Galle District. The project consists of a Kaplan turbine. The project company was a joint venture between Lanka Ventures (LVL) and Hayleys Industrial Solutions Ltd.   The project became operational in January 2008. The equipment was supplied by Gugler Hydro Energy GmbH (Austria).  Total project cost was unknown but estimated at US$2.2 million based on US$1 million/MW (conservative estimate). Financial closure date was ESITMATED at January 2008 (commissioning date). LVL's equity contribution consisted of Rs. 99 million (US$0.77 million).
In September 2008, the Gujarat State Road Development Corporation (GSRDC) signed a 20 year concession  (including construction period) with India’s Larsen & Toubro Limited (L&T) to widen and strengthen the 173 km section on State Highway between Halol-Godhra-Shamlaji in the state of Gujarat.  Under the contract, L&T was responsible for the design, finance, operation and maintenance and widening of the existing two-lane highway to a four-lane highway with paved shoulders. The expansion project was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   Three highway stretches projects (Halol-Godhra-Shamlaji State Highway, Ahmedabad – Viringam-Maliya State Highway, and Rajkot-Jamnagar-Vadinar State Highway) were tendered in a competitive bidding as a single package. L&T won the tender conducted by GSRDC, by quoting the highest premium of US$ 1456 million to be paid to the government over the next 20 years. The net equated annual installment in present value at a discount rate of 10% terms would work out to be around US$ 682 million for a period of 20 years. Also, US$ 170.25 million subsidy has been waived off from both the Centre and State governments under Viability Gap Funding scheme. In absence of bidding details of individual stretches, we have assumed premium and viability gap funding support to be equally distributed accross the 3 stretches (that is premium of US$227.3 million and VGF support of US$56.7 million for the Halol-Shamlajistretch). After winning the tender for the three projects, L&T created a separated special purpose vehicle for executing each of the three highway projects (L&T Ahmedabad Maliya  Tollway Pvt Ltd, L&T Rajkot Vadinar Tollway Pvt Ltd, and L&T Halol Shamlaji Tollway Pvt Ltd). Under the contract, L&T Halol Shamlaji Tollway Pvt Ltd was to recover the capital costs and operating costs including returns through tolling during the term of concession. No other details of bidding were available at the time of collection of this information.  The concession agreement for the entire package was signed in September 2008. The capital cost of the project (all 3 stretches) at the time of signing of concession agreement was estimated at US$ 1009 million. The Halol-Shamlaji stretch was expected to cost US$ 473.4 million. Financing for L&T Halol Shamlaji Tollway Pvt Ltd was under progress as of December 2009.  Construction on the project stretches began in September 2008 and was expected to be completed by end of 2011.
The project envisages implementation of solid waste management unit in Firozabad district. The scope of work includes door to door collection processing disposal. The 30-year BOOT concession was awarded to A2Z Green Waste Management Limited on 17 October 2008. The total project cost is $2.73 million, including a grant of $1.42 million.
On June 18, 2008  Aguas de Sao Paulo signed a 15-year contract with Companhia de Saneamento Basico de Sao Paulo (Sabesp), the Sao Paulo state-owned water utility, for Alto Tiete PPP project. The project consisted of the expansion of Taiacupeba water treatment plant from 10 m3/s ( 864 thousand m3 per day) to 15 m3/s (1,290 thousand m3 per day ), its administrative control for 15 years, and the construction of 17.7 km pipelines for water supply and service between the Alto Tietê river, four water reservoirs with total capacity of 70,000 cubic meters and treatment stations. The construction period was two years and Sabesp was the direct user of the water produced. The contract was the first PPP for Sabesp.  The contract was awarded in early June 2008 to the consortium Aguas de Sao Paulo which presented the lowest tariff in a public tender conducted by Sabesp. The winning consortium requested 147 reais (US $80.7) per 1,000m3, 14.5% less than the maximum cost of 172 reais established in the bidding rules. Aguas de Sao Paulo was special purpose vehicle for the project and owned by CAB Ambiental and Galvao Engenharia. Two other consortia presented offers in the tender:  SPE Tiete - comprised of Queiroz Galvao and OAS - which offered 167 reais per 1,000m3. PPP do Alto Tiete - comprised of Camargo Correa and Andrade Gutierrez - which presented a bid of 170 reais per 1,000m3.  The winning consortium was to invest approximately US $197.9 million (395.7 million reais) during the first two years of the concession. The private sector contribution of 310 million reais was part of CAB Ambiental and Sabesp’s joint investment program in Alto Tiete which was estimated at 1 billion reais (US $549.5 million).  In July 2008, CAB Ambiental took over the operation of Taiacupeba water treatment plant and other operating assets under Alto Tiete PPP project, but was still negotiating financing with BNDES and Caixa Economica Federal (CEF) for approximately 70% of the project cost. The remainder was to be financed through equity from the sponsor. The construction of new assets were underway by January 2009.  Also in January 2009, BNDES approved a US$ 138.5 m (BRL 277m) loan to CAB Spat.
In December 2008, Eren Enerji Elektrik Üretim AS (Eren Enerji), a subsidiary of Eren Holding secured a US$ 895 million loan facility from Isbank and Garanti Bankasi (US$ 447.5 million loan from each bank) for two coal fired power plants project in the city of Zonguldak, on the coast of Black Sea.  Proceeds would be used for the construction, commissioning and operation of two 600MW each coal-fired thermal power plants which would be added to the 160 MW already being built.  The 160 MW plant was to become operational in early 2009. The two 600 MW plants were expected to be completed by 2010 and 2011 respectively. The electricity generated would be supplied to the national grid.  The total capacity of the three units would be 1360 MW.  Eren Enerji Elektrik announced December 2010 the completion of its 1,360-MW coal-fired thermal power plant in the municipality of Catalagzi in the western Black Sea province of Zonguldak with the commissioning of two 600-MW units. The power plant comprised three units developed at a combined cost of $1.6 billion. The first 160-MW unit started to operate in July 2010 with the second and third units of 600 MW each commissioned in Q4 2010.
Jamshedpur Utilities and Supply Company Limited (JUSCO) entered into a tripartite "management contract" agreement with Mysore City Corporation (MCC) and Karnataka Urban Water Supply and Drainage Board (KUWSDB) on 2 December, 2008. As per the contract, JUSCO is expected to manage the water supply system of Mysore city in the state of Karnataka for a period of 6 years. The number of connection at the time the management contract was signed was 133,183 (66,565 in the East zone and 66,618 in the West zone.  The project would enable equitable distribution of water of River Cauvery which would be treated at Hongalli and Melapur water treatment plants. The project was expected to supply water through a network of about 1200 km from 28 small and large storage reservoirs. The supply is expected to be gradually increased to 24 hours a day. The contract agreement ensures service level guarantees commensurate with national & international benchmarks.  KUWSDB and MCC had bid out this management contract in March 2008. Three bidders in addition to JUSCO participated in the bid - (a)Larsen Toubro (L&T), (b)Jain Irrigation Projects and (c)Joint Venture of Ranhill Utilities Berhad, Malaysia and Subhash Projects and Marketing Limited.  The management contract was part of larger project which included an investment program of about US$33.8 million (at exchange rate of Indian Ruppes 45 per US$1) to be funded by public resources. Jawaharlal Nehru National Urban Renewal Mission (JNNURM) would provide funds for 80% of the project cost and the State Government of Karnataka and Mysore City Corporation would provide the remaining 20%.   The 6 year management contract was split in three phases. In the first phase (one year) JUSCO would evaluate a complete hydraulic remodeling of the present system and preparation of capital investment plan. In the second phase (three years), JUSCO would rehabilitate the distribution network to reduce water losses and gradually increase various service standards. The third and final phase (two years) JUSCO would provide 24x7 water supply in the entire city. Work on the project was expected to commence in January 2009.
In February 2008, the Brazilian federal government signed a 25-year concession contract with Obrascon Huarte Lain (OHL) [Spain] to operate and rehabilitate the Litoral Sul Highway. The Litoral Sul Highway consisted of 413 km of federal highway BR-116 between Curitiba city and the border of Santa Catarina/Rio Grande do Sul. OHL formed Autopista Litoral Sul as the project company. OHL owned 60% of the equity through its subsidiary OHL Brasil. The remaining 40% was owned by private individuals.  The project was awarded to OHL in October 2007 along with four other concession contracts in an international competitive tender in which the bidding criteria was the lowest tariff. OHL was awarded the bid after submitting the low bid of: 2.540 Brazilian reals. A total of 28 bidders competed in the auction, but the specific number of bidders for Planalto Sul was not available.   The total project cost was estimated at US $677.9 million over the life of the project. After taking possession of all five highways in February 2008, OHL began building toll plazas in July 2008 to recover its cost. By December 2008, more than half of the toll plazas had been built.    In July 2008, OHL Brasil closed its R$670 (US$420.3m) financing for its five toll road concessions won in October 2007, with Santander as the lead bank, followed by Banco do Brasil and Bradesco. The cost was to be CDI, or 12.6%, plus1.037%, with an 18-month term and a bullet. It was still seeking long term financing and had negotiated requested funding from BNDES, Brazil’s development bank, which agreed to fund approximately 70% of the project cost. The remaining 30% was to be funded from OHL’s equity. As of December 2008, long term financing had not been arranged.  As of Sep. 2009, the OHL group was experiencing difficulties and investments were delayed. The group alleged that traffic had been below the estimation and environmental hurdles had delayed the instalation of the toll booths. As a result, the group requested that the toll rates should be increased. In addition, due to the 2008 financial crisis, the concessionares in the toll road sector in Brazil have faced higher costs on external financing.  In March 2011, the state-owned bank BNDES granted a US$ 203 million (BRL 331.3 million) loan to  the company to finance the infrastructure works. In February 2015, BNDES granted additional US$ 52.6 million (BRL 175.4 million) funding to the project.
In December 2006, Isolux SA was awarded in a competitive bidding process organized by the regulatory agency ANEEL the contract to build and operate a 246-km transmission line and two substations located in the state of Minas Gerais (Paracatu and Pirapora). Besides Isolux SA, eight other companies took part in the contest, though only two participated in the final stage of the process: Abengoa SA and Isolux SA.  The bidding criteria set by ANEEL was the lowest required annual revenue. Isolux SA presented the lowest offer, a total value of US$ 8 million (BRL 17 million), which was 59.4% below the ceiling set by the regulatory agency. The contract was signed in May 2007, and the sponsors created the company Serra Paracatu Transmissora de Energia Ltda to lead the project during the 30-year contract period. The sponsor committed to invest US$ 129.5 million (BRL 237 million) in the transmission line. The construction works commenced in May 2008, but financial closure was only achieved in August 2008, when the sponsor was granted a US$ 56.8 million (BRL 104.1 million) loan from BNDES. The remaining cost was set to be financed with the sponsors’ internal resources. Construction works were concluded in April 2009.  In March 2010, the shareholding structure was modified when a Chinese state – owned company, SGID, acquired Serra Paracatu Transmissora de Energia and other transmission projects from Plena Transmissora de Energia (Isolux, 33,3%; Elecnor, 33,3%; Cobra Instalaciones y Servicios, 33,3%), which held 100% of the shares of the project company at the time the transaction took place. SGID invested US$ 1.72 billion (BRL 3.1 billion) in the acquisition of Plena Transmissora de Energia.
Giddawa Hydro Power (Private) Limited, a subsidiary of Hemas Holding from Sri Lanka, developed the 1.95MW Giddawa small hydropower plant, connected to the Gatambe Substation. The project was expected to generate 9,000kWh annually. The project used two Vertical Francis Turbines manufactured by WKV (Wasserkraft Volk AG), from Germany. These drive 2 400V generators producing 33kV output. The project company was Giddawa Hydro Power Pvt. Ltd.   The project sold its output to the national grid via the Ceylon Electricity Board. The project received an investment agreement from the Board of Investments in September 2007. The project was reported as operational in 2012. Commissioning was expected and reported for 2008.  Total cost was expected at Rs.223.45 million (US$ 1.73 million).  Financial closure date was unknown, but estimated at June 2008, 3 months after signing the BOI agreement.
Asia Water Technology signed an agreement in February 2008 to construct the Huangshi City Ci Lake Wastewater Treatment Plant Phase II with a capacity of 125,000 cubic meters per day in Huangshi City, Hubei Province. The project was procured via competitive bidding. Asia Water Technology established a project company, Huangshi Kaidi Water Affairs Co. Ltd., to operate the facility for 30 years before transferring it back to the local government. The total investment was RMB 113 million (US$ 16.17 million) and Asia Water Technology owns 100% of the project.
In 2007, the Grid Corporation Limited (GRIDCO Orissa) and PTC India Ltd., the state-owned power trading company,  signed a 25 year contract with India’s Jindal Group for development and construction of 1200 MW coal-based thermal power plant in the state of Orissa in India. The project involved the construction of a 1200 MW Coal-based Pit-Head Thermal Power Plant. The project site was located about 30 kms from NH-23near village Derang in the Angul district of Orissa. The project was expected to be implemented in two phases - first stage of the project will construct one unit of a 600MW; Phase-II included the addition of a similar unit of 600MW capacity at a later stage. Coal and water linkage was expected to come from the Mandakini Coal Block and Brahmani River, respectively. Construction for Phase – I started in 2008.  The consortium of Jindal Photo (26%), Jindal Poly Films (14%), B.C. Jindal Group Investment companies (35%), Budhiya Marketing and Soyuz Trading (25%), established Jindal India Thermal Power Ltd.(JITPL), a special purpose vehicle, to implement the project. The consortium bagged the tender on a negotiated basis. The power off-takers would be Grid Corporation of Orissa (GRIDCO) Orissa and PTC India Ltd. GRIDCO will offtake 25% of the power generated for 25 years and PTC India will offtake 75% of the power for 15 years.   The first two 600 MW of the project was expected to cost approximately INR 5940 crores (USD 1,365 million). The first unit of the project achieved its financial closure in October 2008 with a debt equity ratio of 80:20.  JITPL financed this project through an equity contribution of USD 145 million and a loan of USD 537 million. In October 2008, SBI Capital arranged USD 537 million syndicated loan to finance the PHASE-I (600 MW) of the project. The loan for the project was divided into a USD 503 million rupee equivalent term loan and USD 34 million of rupee equivalent mezzanine debt.SBI Capital was the arranger and some 14 domestic banks joined as lenders. There was no information on the financial closure of the second unit, but construction was well underway by 2009.  Construction of the first two units started on October 2008 and commissioning was expected on April 2012.  In October 2010, the third 600 MW unit reached financial closure. The project cost was estimated at Rs31.6 billion (US$691 million). Financing comprises Rs23.7bn debt and Rs7.9bn equity. Debt is financed through a 13-year 8-month term loan. Mandated arranger is SBI Capital Markets.
In July 2008, AES and its partner state-owned Guohua Energy Investment Co., Ltd. signed an agreement to construct and operate the phase II of the Huanghua Wind Farm Project located in Huanghua City, Hebei Province. AES had a 49% stake in the project and the joint venture company Guohua AES (Huanghua) Wind Power Co., Ltd. would operate the facility for 25 years. The wind farm was designed to have a capacity of 49.5MW, and the total investment was RMB 518.7858 million (US$ 74.22 million). Constructions was progressing as planned as of Dec 2008.
In January 2008, the company Sanessol began operating the municipal Mirassol Water and Sewerage facility in Mirassol city, Sao Paulo state for a 30 year period. Under the terms of the concession contract, Sanessol was to improve water distribution, sewage collection and sewage treatment levels to cover 100% of Mirassol’s population. Mirassol had a population of 55,000 residents in January 2008. At the time of operation, the Mirassol facility only treated 3% of sewage collected.    Sanessol was a special purpose vehicle comprised of CAB Ambiental [Brazil] and Enops Engenharia Ltda [Brazil].   The concession contract was awarded to Sanessol by the municipality of Mirassol. However, no further information on tendering was publically available.   The contract specified that R 47.5 million (US $22.5 million) was to be invested by Sanessol over the 30 year concession period. The investment program included upgrading existing sewage networks and a new sewage treatment plant.
In February 2008, the Brazilian federal government signed a 25-year concession contract with Obrascon Huarte Lain (OHL) [Spain] to operate and rehabilitate the Regis Bittencourt Highway. The Regis Bittencourt Highway consisted of 402 km of federal highway BR-116 between Sao Paulo and Curitiba cities. OHL formed Autopista Regis Bittencourt as the project company. It owned 60% of the equity through its subsidiary OHL Brasil. The remaining 40% was owned by private individuals.  The project was awarded to OHL in October 2007 along with four other concession contracts in an international competitive tender in which the bidding criteria was the lowest tariff. OHL was awarded the bid after submitting the low bid of: 1.364 Brazilian reals ($0.76) per toll plaza. There were six toll plazas for the total concession covering 401.6 km or an average of 66.93 km per booth. A total of 13 bidders competed in the auction for Autopista Regis Bittencourt.   The total project cost was estimated at US $1.59 billion over the life of the project, making it the most expensive stretch of highway won by OHL at the auction. After taking possession of all five highways in February 2008, OHL began building toll plazas in July 2008 to recover its cost. By December 2008, more than half of the toll plazas had been built.    In July 2008, OHLBrasil closed its R$670 (US$420.3m) financing for its five toll road concessions won in October 2007, with Santander as the lead bank, followed byBanco do Brasil and Bradesco. The cost was to be CDI, or 12.6%, plus1.037%, with an 18-month term and a bullet. It was still seeking long term financing and had negotiated requested funding from BNDES, Brazil’s development bank, which agreed to fund approximately 70% of the project cost. The remaining 30% was to be funded from OHL’s equity. As of December 2008, long term financing had not been arranged.    As of Sep. 2009, The OHL group was experiencing difficulties and investments were delayed. The group alleged that traffic had been below the estimation and environmental hurdles had delayed the instalation of the toll booths. As a result, the group requested that the toll rates should be increased. In addition, due to the crisis, the concessionares in the toll road sector in Brazil have faced higher costs on external financing.
On 10th August 2006 the consortium formed by Bermaco Energy Systems Ltd, Gammon Infrastructure Projects Limited (GIPL) and Archean Granites Pvt Ltd. signed Power Purchase Agreement with the Punjab State Electricity Board (PSEB). The project involved setting up a 12 MW biomass power unit at Sawisinghwala in Patiala district of Punjab. This MOU was signed for 9 biomass power plant projects in various districts of Punjab state. Each separate biomass power plant project would have a 10-15 MW capacity which would be developed on a BOO basis. The PPA for the two of the nine biomass power plant projects has been signed for 20 years from the date of commencement of operations with Punjab State Electricity Board. The financial closure of this project pertains to only those biomass power plants for which the concession agreement has been signed.  The consortium established Punjab Biomass Power Limited (PBPL), a special purpose vehicle, to implement the project. The consortium bagged the tender on a negotiated basis. Other bidding details were not available in public domain.   The project involving the two units with a capacity of 24 MW for which PPA has been signed achieved its financial closure in August 2008. The project was expected to cost approximately USD 13 million.
Sea West do Brasil Ltda was granted an authorization to build a 18-MW wind power plant located in the state of Piauí (municipality of Parnaíba). The company signed a 30-year contract with the regulatory agency ANEEL to build, own and operate the facility in October 2002. In April 2008, the authorization was transferred to Econergy Pedra do Sal S.A., a subsidiary of Econergy International. In October of the same year, Tractebel acquired the authorization and established the special purpose entity Eolica Pedra do Sal S.A. to manage the project.  The investment on the project amounted to US$ 56.2 million (BRL 102.8 million). Construction works started in August 2008, and the power plant commenced operations in February 2009.   In 2009, a US$ 36 million (BRL 72 million) loan was granted from the state-owned bank BNDES. This funding was set to be used in the expansion of the power plant to a 30 MW capacity, representing an investment of US$ 51.8 million (BRL 103.6 million). The construction works on this new phase was expected to be concluded by the end of 2010.  Eolica Pedra do Sal S.A. signed power purchase agreements arranged with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies).
In January 2007, Econergy International Plc [USA], entered into a joint venture agreement with Cataventos and Enventure Partners [Brazil], the developers of the 25.5 MW Beberibe Wind Park in the state of Ceara, Brazil. The Beberibe Wind Park was to be located at Praia das Fontes, 93 kilometers south of Fortaleza. in an area of approximately 70 hectares, where 32 wind turbines with a 800 kw generation capacity each were to be installed. Additionally, the project included a potency sub-station, tension sub-stations, underground collector distribution network and administrative and operating-base buildings. The partners formed Eco Energy Beberibe Ltda as a Specific Purpose Society (SPE), incorporated for developing and operating the Beberibe project. Econergy eventually purchased 100% of the shares in Eco Energy Beberibe Ltda in April 2007. In December 2008, Suez GDF, a subsidiary of Suez [France] acquired Econergy International Plc and all its subsidiaries.  The Eco Energy project was included in Programa de Aceleraçao do Crescimento [Growth Acceleration Program] (PAC) and integrated Proinfa - Programa de Incentivo as Fontes Alternativas de Energia [Alternative Energy Sources Incentive Program]. Under the program, the federal power utility Eletrobras contracted for a 20-year period the electricity production of alternative projects to provide sustainable development of the sector.  Tendering information was not available for the project.   The total project cost was estimated at of R$ 140.9 million (US $77.0 million). In January 2008, BNDES, the Brazilian development bank approved a R$ 94.9 million (US $51.9) financing to Eco Energy Beberibe Ltda. BNDES's financing comprised 67% of the project's total investment. The loan had several recourse features, including an unsecured corporate guarantee and payment support from Econergy, which BNDES required until the completion of construction. These features were to fall off once the project's debt service reserve and operations and maintenance accounts were full. The project was also made feasible by a 20-year power purchase agreement (PPA) with Eletrobras, Brazil's government-owned electric company, at a starting tariff of R$ 202 (US $110.4) per MWh signed in April 2007.   The project became operational in September 2008.
In April 2007, the Brazilian company Arembepe Energia S.A. was granted an authorization to build a 150 -MW thermal power plant located in the state of Bahia (municipality of Camaçari). Arembepe Energia S.A. signed a 35-year contract with the regulatory agency ANEEL allowing the company to operate in the electricity market as a independent producer. This authorization granted the sponsor with the right to sell electricity in the Brazilian wholesale market. The power plant was set to use diesel as fuel.  Arembepe Energia was established as a partnership of the state-owned Petrobras (30%) and Nova Cibe Energia (70%). As of December 2009, Nova Cibe was owned by Bertin (50%) and Equipav (50%).  In 2006, the company took part in a competitive bidding process to sell electricity to the regulated wholesale market (15-year power purchase agreement was signed guaranteeing the sale of electricity to the national grid).    Arembepe Energia S.A. committed to invest US$ 182.5 million (BRL 334 million) in the facility. In February 2008, the company was granted a US$ 102.8 million (BRL 188.3 million) syndicated loan contract from BNB (Banco do Nordeste), a state-owned development bank.   Construction works on this plant were concluded in March 2010, and operations commenced in May 2010.
Bilgin Enerji [Turkey] implemented the 90MW Aliaga Wind Energy Power Plant project, near Bergama in Izmir province.  The project was developed on a greenfield, merchant basis.  The project received its generation license from the Energy Market Regulatory Authority (EPDK) on July 17, 2008. Electricity generated by the wind farm was to be delivered to the Turkish national grid. The facility was to generate up to 300 GWh of clean electricity annually and supply 150,000 households.  Financial closure was reached in September 2008 with the signing of a EUR110 million (US$161.7 million) loan agreement between Bilgin Enerji and local bank Yapi Kredi. The total project cost was not available as of end 2009.  The Aliaga project, considered as the largest in the country at the time of financial closure, was to comprise 36 Nordex wind turbines of the N90/2500 type, for which an equipment supply contract was signed in June 2009.    Construction was expected to start in the winter of 2009 and the project was to be fully operational by May 2010.   Total investment was ESTIMATED at 90 MW x 1.8 million per mw (average for ECA), is $162 million.
In October 2007, the Brazilian company Ferrari Termeletrica S.A., a wholly-owned subsidiary of Grupo Ferrari, took part in a competitive bidding process organized by the regulatory agency ANEEL for the sale of the output of a 41 MW thermal power plant yet to be built in the city of Pirassununga, State of Sao Paulo. The bidding process guaranteed the company the sale of 16 MW annually in the Brazilian regulated market (energy that is sold exclusively to the distribution companies). Of the remaining 25 MW, the company was set to channel 16 MW to an ethanol plant that belong to Grupo Ferrari and 9 MW could be sold in the country wholesale markets.   A 35-year license contract was signed with ANEEL in July 2007. The total investment in the facility was estimated at US$ 55.6 million (BRL 101.7 million). Financial closure for the project was reached in March 2008, when the company received a US$ 36.8 million (BRL 67.3 million) loan from the state-owned bank BNDES. The financing package included US$ 25.8 million (BRL 47.3 million) from BNDES own resources; US$ 12 million (BRL 22 million) syndicated loans.   The power plant commenced operations in April 2009.  In 2013, the power plant was sold to Tractebel Energia, a subsidiary of GDF Suez.  In December 2015, BNDES approved an additional financing of US$ 49.4 million (BRL 80.7 million) to the project.
Energy Prima Limited (EPL), subsidiary of Hosaf Group, operated the 50MW Shahjibazar rental power plant which became operational in November 2008.   The project consisted of 29 gas engines. Contract length was 3 years.   Total cost was US$11.8 million, based on US$600k per MW, for 3 years at 10% interest.  The project was still operational in December 2012.
In November 2006, the State of Sao Paulo and the consortium Concessionaria da Linha 4 do Metro de Sao Paulo SA (ViaQuatro) signed a contract to build, own and operate Line IV (Linha IV) of the Sao Paulo Metro for a period of 30 years. The contract was the first PPP signed in Brazil, on the basis of Brazil’s PPP law of 2004. The State of Sao Paulo was to design, build and finance, the new tunnel, provide the fixed rail as well as various stations, which represented an investment of US$ 922 million. ViaQuatro, the private operator was to design, build, finance and operate the trains and technical equipment. Line IV was expected add approximately 21% to the capacity of the Sao Paulo metro system. The line was to be the first in Latin America to have glass dividers separating the platform from the tracks and the first in Brazil to make cell phone use and Wi-Fi connection possible. The cars were to be equipped with driverless technology via a computerized system. ViaQuatro was comprised of the following sponsors: CCR (Brazil, 58%), Montgomery Participaoes (Brazil, 30%), Mitsui (10%), and RATP and Benito Roggio (1% each).    The contract was awarded to Metroquatro in August 2006 in an international competitive tender conducted by the State of Sao Paulo. The lowest government subsidy in the form of availability payments was the bidding criteria. Metroquatro's 75 million real (US$34.6mn) bid beat competing consortium Integravias, led by Ralstom. ViaQuatro was to recover its costs through a combination of user fees and availability payments. Additionally, a minimum revenue guarantee was given to the concessionaire to protect against low usage, as well as a revenue sharing arrangement with the State of Sao Paulo if usage went above projected levels.    The total project cost was estimated at US $515 million and reached financial closure in October 2008.   The debt was arranged by the Inter-American Development Bank (IADB) and a club of seven banks and was split into two tranches, a $69.2 million, 15-year A loan from the IDB, and a $240 million, 12-year B loan from Banco Santander, SMBC, KfW, Banco Espirito Santo, BBVA as lead arrangers taking $37 million each, and Societe Generale and WestLB as co-lead arrangers, each taking between $35 million and $30 million. The A loan was reduced from around $90 million and the B loan was increased as the latter was oversubscribed. The B loan was priced at just under 200bp, rising to 250bp over the life of the debt, and the A loan priced at 30bp higher than the B loan, with the pricing stepping up at the same rate.       Phase II of the project, at a time yet undetermined, was to be implemented and the concessionaire had the obligation of arranging financing for Phase II. The Inter-American Development Bank approved a US $59.5 million A loan for Phase II of the project as well as a B loan of US $43.4 million with ViaQuatro on May 22, 2008.   As of December 31, 2009 ViaQuatro was in the pre-operational stage and was expected to become operational in the first half of 2010. The concession term was to expire on November 29, 2038, but could be extended until November 29, 2041 to guarantee 30 years of operation.    In March 2010, the construction works on the first phase were concluded. In June 2010, commercial operations commenced.
Dalian Dongda Group signed an agreement in Jun 2008 with Zhuanghe Municipal Government to construct a wastewater treatment plant with a capacity of 30,000 cubic meters per day in Zhuanghe City, Liaoning Province. The project was procured via competitive bidding. Dalian Dongda would operate the facility for 20 years before transferring it back to the local government. The total investment was RMB 52.47 million (US$ 7.51 million), and Dalian Dongda owns 100% of the project.
Loma de la Lata was built in 1994 by Central Puerto SA as an expansion of a larger project (see project 68 Central Puerto SA). Central Puerto SA was formed from a full divestiture of Puerto Nuevo and Nuevo Puerto, two generating units owned by Servicios Electricos del Gran Buenos Aires (Segba), an Argentinean state-owned utility. Loma de la Lata had three open cycle gas turbines and an installed capacity of 369MW. The plant was strategically located near the Loma de la Lata gas field. In May 2007, Pampa Energia SA acquired 100% of the shares of Loma de La Lata and renamed the project company Central Termica Loma de La Lata SA. Pampa Energia SA [Argentina] was a subsidiary of Grupo Dolphin and related companies.  In 2008, Pampa Energia SA financed an expansion of Loma de la Lata’s installed capacity by 178 MW through the conversion of the plant to a combined cycle facility. The project was to increase Loma de la Lata’s capacity by approximately 50% without additional gas consumption, resulting in increased efficiency for the whole plant. Loma de la Lata’s combined cycle was to operate at an efficiency of approximately 50% for 547 MW.   The expansion reached financial closure on June 24, 2008 and comprised US $346.2 million debt and US $36.8 million equity.  Debt was split between a US $88.2 million letter of credit facility, which accrued fees between 2% and 2.5%, an up to US $80 million, 5-year bridge facility with fees at LIBOR plus a margin between 4.75% and 5.50%, and a US $178 million bond issue.  ABN Amro and Standard Bank were the joint mandated lead arrangers.  The financing agreement contained guarantees such as an irrevocable unconditional guarantee by Pampa Energia, a first priority pledge on the shares of Central Termica, and the fiduciary assignment of certain rights of Central Termica.
The Brazilian company Brenco Companhia Brasileira de Energia Renovavel was granted authorizations by the regulatory agency ANEEL to build seven thermal power plants located in the states of Mato Grosso (municipality of Alto Taquari), Mato Grosso do Sul (municipalities of Costa Rica and Paranaiba) and Goias (municipalities of Mineiros and Perolândia). The cogeneration power plants were set to use sugar cane residues as fuel, as the company main line of business is the pressing of sugar-cane and the production of ethanol. Brenco was set up as a partnership of several international investors, but the state-owned bank BNDES held 20% of the company shares.  The 35-year contracts were signed with the regulatory agency ANEEL in February and June 2009, allowing the power plants to operate in the electricity market as an independent producer. These authorizations granted the sponsor with the right to sell electricity in the Brazilian wholesale market.   In August 2008, the state-owned bank BNDES approved a US$ 655.7 million (BRL 1.2 billion) loan to finance the construction of the industrial units in Alto Taquari, Costa Rica e Mineiros. The total investment on the sugarcane processing units and energy cogeneration plants amounts to US$ 983.6 million (BRL 1.8 billion). The investment values for the cogeneration units were not available.  As of December 2009, only the power plants located in Alto Taquari and Mineiros (named Morro Vermelho) were under construction, each with capacity of 72.7 MW. Both units took part in a competitive bidding process to sell electricity to the regulated wholesale market in 2008 (15-year power purchase agreements were signed guaranteeing the sale of electricity to the national grid).  In the second half of 2009, the company showed signs of financial difficulties and announced delays in its projects. Merger talks were underway with the Brazilian company ETH, a subsidiary of Odebrecht. In early 2010, Brenco was incorporated by ETH.  Commercial operations on the Costa Rica unit commenced in November 2011.
The project involved implementation of solid waste management plant at village Sewapura. IL&FS Ecosmart Limited is the project company. The 30-year DBOOT concession was signed on 29 December 2008. The total project cost amounts to $1.82 million.
In April 2008, the Czech Export Bank and the Kurgan Thermal Power Plant, a subsidiary of the privately-owned developer Intertechelektro New Generation, signed a mandatory agreement to finance the construction of the combined heat and power plant Kurgan-2, a 222-MW gas-fired power plant in Kurgan city in the southern Urals.  The Kurgan CHPP-2 power plant would comprise two 76-MW gas turbines supplied by GE Energy, two 35-MW steam turbines supplied by Siemens PG as well as two waste heat boilers, with turnkey construction to be undertaken by PSG International of the Czech Republic. The new plant would supply power to consumers in Kurgan. The city of Kurgan was badly short of generating facilities and so needed a second thermal power plant.   The total project cost was RUR13.29 billion (US$534.81 million). Financial close was achieved in April 2008. Czech Export Bank (CEB) provided an export credit to the Czech construction contractor PSG-International (PSG) covering 85% (EUR188 million) of the EUR220 million equipment supply contract for the Kurgan CHPP-2 plant. In September 2009, an agreement was signed whereby the Russian state was to provide a RUR1.329 billion investment subsidy to the project. Of this amount, the state-owned RF Investment Fund was to provide RUR991.6 million and the Kurgan regional government was to provide RUR336.9 million.
In September 2008, the Gujarat State Road Development Corporation (GSRDC) signed a 20 year concession  (including construction period) with India’s Larsen & Toubro Limited (L&T) to widen and strengthen the 132 km section on State Highway between Rajkot-Jamnagar-Vadinar in the state of Gujarat.  Under the contract, L&T was responsible for the design, finance, operation and maintenance and widening of the existing two-lane highway to a four-lane highway with paved shoulders. The expansion project was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   Three highway stretches projects (Halol-Godhra-Shamlaji State Highway, Ahmedabad – Viringam-Maliya State Highway, and Rajkot-Jamnagar-Vadinar State Highway) were tendered in a competitive bidding as a single package. L&T won the tender conducted by GSRDC, by quoting the highest premium of US$ 1456 million to be paid to the government over the next 20 years. The net equated annual installment in present value at a discount rate of 10% terms would work out to be around US$ 682 million for a period of 20 years. Also, US$ 170.25 million subsidy has been waived off from both the Centre and State governments under Viability Gap Funding scheme. In absence of bidding details of individual stretches, we have assumed premium and viability gap funding support to be equally distributed accross the 3 stretches (that is premium of US$227.3 million and VGF support of US$56.7 million for the Rajkot-Vadinar stretch). After winning the tender for the three projects, L&T created a separated special purpose vehicle for executing each of the three highway projects (L&T Ahmedabad Maliya  Tollway Pvt Ltd, L&T Rajkot Vadinar Tollway Pvt Ltd, and L&T Halol Shamlaji Tollway Pvt Ltd).Under the contract, L&T Rajkot Vadinar Tollway Pvt Ltd was to recover the capital costs and operating costs including returns through tolling during the term of concession. No other details of bidding were available at the time of collection of this information.  The concession agreement for the entire package was signed in September 2008.The capital cost of the project (all 3 stretches) at the time of signing of concession agreement was estimated at US$ 1009 million. The Rajkot-Vadinar stretch was expected to cost US$ 226.4 million. L&T Rajkot Vadinar Tollway Pvt Ltd closed financing on 27th August 2009. Financing comprises a USD 181 million (INR8.76bn @48.41 INR/USD) 15-year term loan facility mandated by Standard Chartered Bank and a USD 45.4 million (INR2.2bn @ 48.41 INR/USD) equity.   Construction on the project stretches began in September 2008 and was expected to be completed by end of 2011.
Nishat Chunian Power Limited (NCPL) was established as an unlisted public company with the purpose to build, own and operate a greenfield, heavy fuel oil-fired 200 MW independent power plant at Jamber Kalan, Tehsil Pattoki, District Kasur, Punjab Province.  Pakistan's Private Power and Infrastructure Board (PPIB) signed an Implementation Agreement (IA) with Nishat Chunian Power Limited (NCPL) on Sep. 15, 2007 for the implementation of the Nishat Chunian Power Project.  NCPL is 80% owned by Nishat Chunian Limited (NCL). In turn, NCL is wholly owned by Nishat Group. In addition, NCPL has a fuel supply agreement with Shell Pakistan (signed December 2007), and a 25-year 'take-or-pay' power purchase agreement (PPA) with WAPDA (signed November 2007) that is backed by a sovereign guarantee from the Pakistani government.   The total investment commitment made by the Nishat Group was US$235 million.  PPIB reported that NCPL reached financial closure in January 2008. NCL was to finance Nishat Chunian Power Project  partially through equity and partially through debt. The lenders for Nishat Chunian Power Project were a consortium of commercial banks including Habib Bank Limited (HBL), Allied Bank Limited (ABL), United Bank Limited (UBL), Standard Charted Bank (Pakistan) Limited (SCB) and Faysal Bank Limited (FBL) being Financial Advisor and Lead Arranger.   As of Dec. 31, 2008, construction was underway and the project was expected to commence commercial operations by March 31, 2010. The project achieved commercial operations in July 2010.
In October 2008, the 30-year BROT Lekki Epe Toll Road project reached financial closure. The concession contract was awarded in May 2006 by the Lagos State of Nigeria to Lekki Concession Company (LCC) by direct negotiation.  Lekki Concession Company was a Special Purpose Company composed essentially by Asset & Resource Management Ltd (ARM) of Nigeria and Larue Projects International Ltd of Nigeria. Other shareholders included African Infrastructure Investment Managers (AIIM), a joint venture between the Macquarie Group and Old Mutual Investment Group, and LCC’s Contractor, Hitech Construction Company. As of December 2008, the detailed shareholder breakdown was not available.  Under the term of the agreement, the Lekki Concession Company (LCC) committed to invest about US$382 million. LCC was responsible for the upgrade/rehabilitation of the existing 49.5km long expressway, the construction of 20-km long coastal road, the construction of a ramp to carry traffic onto the Falomo bridge, the construction of interchanges, footbridges, walkways and bus stops along the expressway, the construction of 10 interconnecting link roads between the Expressway and the coastal road and the construction of three toll plazas along the Expressway. The Lekki Concession Company was responsible for the operation and maintenance of the toll road for 30 years. Above a certain level of revenue, the revenues were to be shared by LCC and the government. However, there was no downside protection for LCC in case traffic numbers were below forecast.  Financing arrangements were as follow. The financing was split into a number of tranches all provided in local currency. There was a 12-year US$100 million (N11.5bn) local loan provided by United Bank for Africa, First Bank of Nigeria and Zenith Bank. There was also a US$96 million (N11bn) 15-year international loan from Standard Bank, and a US$85 million (N9.8bn) 15-year direct loan from the African Development Bank. The sponsors put US$52 million (N6bn) of equity and there was a US$43 million (N5bn) mezzanine tranche from the Lagos local government.   The state government and LCC announced in November 2011 that toll collection would commence on December 18, 2011.
In December 2005,  the Brazilian company Alupar Investimento was awarded in a competitive bidding process organized by the federal regulatory agency Aneel the 35-year contract to build and operate a 51-MW hydro power plant located in the Ijui River, state of Rio Grande do Sul. Besides Alupar, two other Brazilian companies took part in the bidding contest: Fuad Rassi and state-owned Eletrosul.  The bidding criteria set by the federal regulatory agency ANEEL was the lowest tariff. The company also agreed to pay US$ 0.085 million (BRL 0.155 million) in yearly installments during the life of the contract, starting once operations commence (using a discount rate of 10%, the present value of this contribution was estimated at US$ 24 million). The contract was signed in July 2006, and sponsors created the company Ijui Energia to lead the project during the 35-year contract period. All the electricity produced was set to be sold to distribution companies.  In September 2008, the state-owned investment fund FI-FGTS acquired 49.99% of the project company's shares.  The sponsor committed to invest US$ 184.5 million (BRL 337.6 million) in the power plant. Financial closure was achieved in April 2008, when the sponsor was granted a US$ 91.9 million (BRL 168.2 million) loan from BNDES. The remaining cost was financed with the sponsors’ internal resources.  Construction works started in September 2007, and operations commenced in March 2011.
In December 2007, the Russian Railway Company (RZhD) was awarded a 30 year concession contract to operate the Armenian Railways, which was a 100% state owned and whose assets included most of the railway infrastructure and moving stock of the country.  The company was responsible for the 805 out of 1,125 kilometers of Armenia's railroad network and transported about three million tons of cargo in 2007, which represented an increase of about 10% over the 2006 level.   The Armenian government invited railway companies in 40 countries to participate in this tender but only RZhD and Indian rail operator RITES (Rail India Technical and Economic Services) expressed interest. Those two companies were pre-qualified for the tender, but later on RITES declined to participate in the tender as it decided to take part in a tender in Africa. As a result,  RZhD became the only bidder in the tender.   In February 2008, the Armenian government signed the 30-year concession contract with a locally formed South Caucasus Railways, a wholly owned subsidiary of RZhD. Under the contract, the RZhD served as a guarantor for the investment obligations of its subsidiary.  The concession contract is for 30 years with a right to extend for another 20 years after the first 20 years of concession.  In addition, the South Caucasus Railways acquired the entire rolling stock of Armenian Railways and inherited nearly all of the Armenia Railways employees.  Under the contract, the concessionaire agreed to pay to the Armenian government an up front concession fee of US$5.0 million (1.7 billion Drams) and an annual variable concession fee of 2% of its gross revenues from freight business. Under the preliminary investment plan in the concession contract proposed by the concessionaire, the RZhD agreed to invest US$400.0 million in the rehabilitation and expansion of Armenia’s rail infrastructure over the term of the concession.  In addition, the concessionaire’s proposal included investment of about US$170.0 million in renovation of the entire rolling stock of Armenian Railways.  Of the total investment commitments, RZhD agreed to invest US$230 million in the next five years.  The Armenian government agreed to partially subsidies the losses from passenger operations.
In June 2008, Société des Eaux de Marseille (SEM) signed officially with the Algerian government a 5.5-year management contract for the Société des Eaux et de l'Assainissement de Constantine (Seaco), the company in charge of water supply and sanitation of the city of Constantine.   Constantine was the second most populated city in Algeria (1.2 million inhabitants). Société des Eaux de Marseille (SEM) was a French company formed in equal partnership by Suez and Veolia and was in charge of water services in France and around the world.   The contract was awarded in May 2008 by direct negotiation. The Algerian government had initiated a competitive bidding process in 2006, but had to cancel it in August 2007 due to the lack of expressions of interest. The contract represented about US$55 million revenue for the private operator. No information was available on payment and incentive scheme.  Under the term of the agreement, Société des Eaux de Marseille (SEM) was expected to provide 24 hours delivery at the end of the contract period. In 2008, many areas of Constantine were supplied water only every other day.
In November 2005, Consorcio Bandeirante, a partnership of LT Bandeirantes Empreendimentos (75%), Empa Serviços de Engenharia (15%) and Fuad Rassi (10%), was awarded in a competitive bidding process led by the regulatory agency ANEEL the contract to build and operate a 708-km transmission line and a substation located in the state of Minas Gerais (Emborcacao - Nova Ponte, Nova Ponte – Estreito, Nova Ponte – Itumbiara, Nova Ponte - Sao Gotardo, Sao Gotardo 2 - Bom Despacho).  Besides Consorcio Bandeirante, seven other companies took part in the contest: COBRA INSTALACIONES Y SERVICIOS S.A., TRANSMISSORA SUDESTE NORDESTE S.A. - TSN, ABENGOA S.A., NEOENERGIA, CONSORCIO NOVA PONTE, ISA - INTERCONEXION ELECTRICA S.A. E.S.P., and ELECNOR S.A.    The bidding criteria set by ANEEL was the lowest required annual revenue. Consorcio Bandeirante presented the lowest offer, a total value of US$ 22.7 million (BRL 55.2 million), 46.04% below the ceiling set by the regulatory agency. The contract was signed in April 2006, and the sponsors created the company LT Triangulo SA to lead the project during the 30-year contract period. In June 2006, the shareholding structure was modified when Consorcio Bandeirante sold LT Triangulo SA to Plena Transmissora, a joint venture of Elecnor SA, Cobra SA and Isoluz SA (each held 33.3% of the shares of Plena). In May 2010, Elecnor acquired the full ownership of the company.   The sponsor committed to invest US$ 234.5 million (BRL 570 million) in the transmission line. The construction works commenced in November 2007, but financial closure was only achieved in October 2008, when the sponsor was granted a US$ 200 million (BRL 364,5 million) loan from BNDES. The remaining cost was set to be financed with the sponsors’ internal resources. Construction works were concluded in March 2009.
In July 2008, Turkey's leading mobile phone company, Turkcell, signed a sale and purchase Agreement to acquire 80 percent of Belarus's state-owned mobile operator for US$500 million. At the time ofthe sale, BeST,Belarus was third largest mobile operator with 187,000 subscribers. The company started operation in 2006.   According to the agreement, Turkcell had to pay to the government US$300 million within 30 days after signing the contract, and $100 million a year in 2009 and 2010. Turkcell also agreed to pay another $100 million when BeST shows a net annual profit for the first time. A multi-year $500 million capital expenditure commitment was also made. The Belarus government committed to retain the remaining 20% stake for the next five years.  The transaction was a negotiated sale. The government announced its decision to sell the majority stake in the company at the end of 2007. At that time it was reported that the company failed to meet the 2007 target for subcriber base and faced a difficult financial situation.  BeST had a credit debt outstanding to China that amounted to USD 234 m. However, this amount was discounted from the final price paid for BeST’s privatization due to legal changes. Consequently, the amount actually received for 80% of BeST shares was only USD 266 m.  At the end of 2008, BeST reported 250,000 subscribers.
A local private company Chongqing Kangda was granted an agreement in November 2008 to construct Haerbin Qunli Wastewater Treatment Plant with a total capacity of 150,000 cubic meters per day in Haerbin City, Heilongjiang Province. The project was procured via competitive bidding. Chongqing Kangda would operate the facilities for 30 years before transferring them back to the local government. The total investment was RMB 389 million (US$ 55.65 million) and Chongqing Kangda owns 100% of the project.
On 14 March, 2008 Kores Invest on behalf the German’s RWE and Russia's Syntez Group, submitted the winning bid in the sale of a 33.5% state stake in the Territorial Generating Company number 2 (TGK - 2) sold by the RAO UES, Russia’s former power monopoly. Kores Invest was a 100% owned subsidiary company of Sintez, a Russian utilities investor. TGK - 2 was joint operating company covering generating and heat network assets of six regions: Arkhangelsk, Vologda, Kostroma, Novgorod, Tver, and Yaroslavl. The company managed 16 combined heat and power plants, ten boilers and four heating network enterprises. The company had installed capacity of 2,582.5 MW and 12,471 Gcal/h. TGK-2 was being spun off from the RAO UES together with other generators as part of broader power industry reforms designed to spur competition in the sector and attract more money via privatizations.     Kores Invest paid US$392.6 million (9.3 billion rubles) for the 33.5% stake of RAO UES. Prior to March divestiture RAO UES owned 49.4% of TGK-2. Following the sale of the 33.5% government stake in TGK-2, the TGK-2 issued new shares worth about 9 billion rubles the following month.  Kores Invest purchased additional shares of the TGK-2 for US$280 million (6.6 billion rubles) and raised its stake to 44.8% share.  After aquiring minority stakes in TGK-2 on the market Kores Invest consolidated it stake to 51%. Following the additional capital increase the Government was left with 1.03% in TGK-2.    After the deal RWE was expected to take over 51% of the shares acquired by Syntez through Kores Invest.  However, on September 19, 2008, RWE announced it decided not to buy into Russian regional power supplier OAO TGK-2, citing high costs involved, and withdrew from its joint venture arrangement with Syntez.  Over 2003-2008 period, the Russian power sector underwent significant restructuring. Until 2003 the main assets of RAO UES, the state-owned holding for energy companies, were united into regional vertically integrated energy companies: 73 regional power utilities or Energos which produced and transmitted electricity and heat. RAO UES also centrally managed 32 Federal Power Plants, the Central Dispatch, High Voltage Grid plus Grid Service. 2003 energy sector reform envisioned a new organizational structure that included companies involved in potentially competitive activities (power generation and sales, repair and services) and natural monopolies (transmission, dispatching).   As a result of the reform RAO UES was to be dissolved on July 1, 2008.  The companies replacing RAO UES were: a System Operator was to receive functions and assets of regional dispatch administrations; a Federal Grid Company (FSK) was to manage the trunk grids; 11 interregional distribution grid companies were to manage regional distribution grids; RAO Eastern Energy Systems Holding was to manage energy companies of the East and isolated power systems of the Far East region; six wholesale generation companies (OGKs) were formed on the basis of large federal plants; one Hydro OGK was to manage large hydro plants; 14 territorial generation companies (TGKs) were formed on the basis of combined heat and power plants and Inter RAO UES was to remain the major investor and a leading exporter and importer of electric power in Russia.  Rosenergoatom was to include all nuclear power plants.    Wholesale generation companies (OGKs) were formed in 2004-05 on the basis of large federal power plants with a typical installed capacity of 1000-2000 MW. These large power producers were to become the largest participants and the main competitors on the wholesale power market. Seven of such companies were created in the process of reform: six of them incorporated large thermal power plants (OGKs) and one incorporated large hydro power plants (Hydro-OGK). In an effort to restrict the monopoly influence on the competitive wholesale power market, each of the OGKs was established on the basis of power plants geographically dispersed across the country.   The reform also created Territorial generation companies (TGKs) by uniting combined heat and power plants with a typical installed capacity of 100-500 MW which were located in a few neighboring regions or one macro region. The territorial generation companies would sell electricity as well as supply regional consumers with heat energy.   Interregional Distribution Companies were formed as operating companies to manage electricity distribution networks located in a number of neighboring regions.
In April 2008, the 40-year Build Operate Transfer Damietta port project reached financial closure.   The project was awarded in May 2006 by direct negotiation by the government of Egypt to Damietta International Ports Company (Dipco). Dipco was a Special Purpose Company owned by KGL PI (30%) of Kuwait, the China Shipping Terminal (20%), the Terminal Link Company of Egypt(20%), General Electric of the US (10%), the Aref Group of Kuwait (10%), United Arab Shipping Company (5%) and the Damietta Port Authority (5%).   Under the term of the contract, Dipco committed to invest US$640 million to build and operate the new container terminal for 40 years. The facility was expected to be the largest container port in the region.  The project was financed with US$160 million equity from the sponsors and a 15-year syndicated US$480 million senior debt provided by the African Development Bank (US$150 million) and two leading Middle East commercial banks, the Ahli United Bank (AUB) and Arab Banking Corporation (ABC). Pricing was reported to be about 100bp.
In December 2006, a consortium led by Odebrecht SA [Brazil, 100%] signed an 18 year BOT contract by Embassa, the Bahia state water company, to construct and operate a 5.1km discharge pipeline, which was to extend 1.5km underground and 3.6km into the sea in the beach suburb of Jaguaribe in Bahia state. The sewerage collection and treatment was to serve a population of approximately 1.1 million.  The project was awarded in December 2006 through a competitive tender by offering the lowest amount of fixed payments. Odebrecht Investments made an initial bid of 4.29mn reais (US$1.97mn) for the monthly fees, and then lowered that proposal to 4.15mn reais - the lowest bid Embassa received. A rival consortium formed by Carioca Chistiani-Nielsen and Andrade Gutierrez presented a 5.3mn-real bid. In January 2007, the project was renegotiated by a new government in the state of Bahia citing concerns over Odebrecht’s rate of return and environmental hazards of the outfall. At the end of negotiations, Odebrecht conceded a 20% reduction in monthly payments.  The total cost of the project was estimated at 240 million reais (US $131 million). The project reached financial closure in October 2008, when a PPP contract was signed between the federal government and Odebrecht SA which included a credit covering 70% of the project cost (172 million reais) with recourse to the Fundo de Garantia por Tempo de Serviço or federal workers unemployment insurance fund (FGTS). The remaining 30% was to be financed by Odebrecht SA. Monthly payments to Odebrecht were guaranteed by Embassa, which earmarked a portion of its revenues for the consortium.   Operations commenced in May 2011.
In 2008, TGK-10, the Russian territorial generating company operating in the Urals and West Siberia region, was privatized through a series of transactions.  At the time of its divestiture, TGK-10 had 3,000 MW of total installed capacity in its 8 power plants and 15,800 MW of total heat capacity with an annual production of 18 TWh electricity and 27 TWh heat.   In February 2008, Fortum, the Finnish utility Fortum Oyj, won the tender to acquire 29.07% of the shares in TGK-10 for approximately US$1.1 billion through a public tender from United Energy Systems of Russia (RAO UES). Russia's LUKoil was another bidder in that TGK-10 tender but dropped out of the running later, leaving Fortum with no competition. The purchase was completed in March 2008. The same month, Fortum paid approximately US$1.8 billion for 47.42% of the shares in TGK-10 through a share issuance, raising its stake in the company to 76.49%. That capital was received by TGK-10 and would remain in the company to finance its committed investment program which was estimated to cost US$3.5 billion. On 29 April, Fortum filed the mandatory public tender offer (MTO) to TGK-10 minority shareholders through which it acquired 23.51% of the share capital of TGK-10. As a result, Fortum’s registered ownership in TGK-10 was 93.4% by December 2008. Fortum invested US$657 million for share purchases under the MTO including the additionally redeemed shares.Additional shares, approximately 0.9%, have been redeemed by TGK-10.   TGK-10 was committed and contractually obligated to an extensive investment plan to further increase its electricity capacity with 2,300 MW by 2013. The contractual obligations of TGC-10’s investment program included penalty clauses tied to the availability of the new generating capacity.   Over 2003-2008 period, the Russian power sector underwent significant restructuring. Until 2003 the main assets of RAO UES, the state-owned holding for energy companies, were united into regional vertically integrated energy companies: 73 regional power utilities or Energos which produced and transmitted electricity and heat. RAO UES also centrally managed 32 Federal Power Plants, the Central Dispatch, High Voltage Grid plus Grid Service. 2003 energy sector reform envisioned a new organizational structure that included companies involved in potentially competitive activities (power generation and sales, repair and services) and natural monopolies (transmission, dispatching).   As a result of the reform RAO UES was planned to be dissolved on July 1, 2008.  The companies replacing RAO UES were: a System Operator was to receive functions and assets of regional dispatch administrations; a Federal Grid Company (FSK) was to manage the trunk grids; 11 interregional distribution grid companies were to manage regional distribution grids; RAO Eastern Energy Systems Holding was to manage energy companies of the East and isolated power systems of the Far East region; six wholesale generation companies (OGKs) were formed on the basis of large federal plants; one Hydro OGK was to manage large hydro plants; 14 territorial generation companies (TGKs) were formed on the basis of combined heat and power plants and Inter RAO UES was to remain the major investor and a leading exporter and importer of electric power in Russia.  Rosenergoatom was to include all nuclear power plants.    Wholesale generation companies (OGKs) were formed in 2004-05 on the basis of large federal power plants with a typical installed capacity of 1000-2000 MW. These large power producers were to become the largest participants and the main competitors on the wholesale power market. Seven of such companies were created in the process of reform: six of them incorporated large thermal power plants (OGKs) and one incorporated large hydro power plants (Hydro-OGK). In an effort to restrict the monopoly influence on the competitive wholesale power market, each of the OGKs was established on the basis of power plants geographically dispersed across the country.   The reform also created Territorial generation companies (TGKs) by uniting combined heat and power plants with a typical installed capacity of 100-500 MW which were located in a few neighboring regions or one macro region. The territorial generation companies would sell electricity as well as supply regional consumers with heat energy.   Interregional Distribution Companies were formed as operating companies to manage electricity distribution networks located in a number of neighboring regions.  In march 2008, as a result of the mandatory offer made ??to minority shareholders in the Russian legislation, the proportion of Fortum in TGC-10 reached about 95% (including shares of 100%-owned subsidiary company TGC-10).  In 2011 a third unit at Chelyabinsk HPP-3 of 216.3MW was launched.
In February 2008, the Brazilian federal government signed a 25-year concession contract with Obrascon Huarte Lain (OHL) [Spain] to operate and rehabilitate the Litoral Sul Highway. The Litoral Sul Highway consisted of 382 km of federal highways BR 116/376/101 from Curitiba to Florianopolis. OHL formed Autopista Litoral Sul as the project company. OHL owned 60% of the equity through its subsidiary OHL Brasil. The remaining 40% was owned by private individuals.  The project was awarded to OHL in October 2007 along with four other concession contracts in an international competitive tender in which the bidding criteria was the lowest tariff. OHL was awarded the bid after submitting the low bid of: 1.028 Brazilian reals per toll plaza. A total of 28 bidders competed in the auction, but the number of bidders for Litoral Sul was not available.  The total project cost was estimated at US $1.1 billion over the life of the project. After taking possession of all five highways in February 2008, OHL began building toll plazas in July 2008 to recover its cost. By December 2008, more than half of the toll plazas had been built.    In July 2008, OHL Brasil closed its R$670 (US$420.3m) financing for its five toll road concessions won in October 2007, with Santander as the lead bank, followed by Banco do Brasil and Bradesco. The cost was to be CDI, or 12.6%, plus1.037%, with an 18-month term and a bullet. It was still seeking long term financing and had negotiated requested funding from BNDES, Brazil’s development bank, which agreed to fund approximately 70% of the project cost. The remaining 30% was to be funded from OHL’s equity. As of December 2008, long term financing had not been arranged.    As of Sep. 2009, the OHL group was experiencing difficulties and investments were delayed. The group alleged that traffic had been below the estimation and environmental hurdles had delayed the instalation of the toll booths. As a result, the group requested that the toll rates should be increased. In addition, due to the 2008 financial crisis, the concessionares in the toll road sector in Brazil have faced higher costs on external financing.  In July 2011, BNDES granted a US$ 496.3 million (BRL 810 million) loand to the project company.
Bilgin Enerji [Turkey] implemented the 22.5MW Mazi-3 Wind Energy Power Plant, on the Cesme peninsular in Izmir province.  The project was developed on a greenfield, merchant basis.  The project received its generation license from the Energy Market Regulatory Authority (EMRA) on June 15th, 2006. Electricity generated by the wind farm was to be sold on the wholesale market and to individual customers.  The facility comprises 9 x 2.5MW N90 Nordex wind turbines and an annual power generation of 79,000,000 kWh was expected.   The project was financed through commercial bank loans and the sponsor’s own resources.  In June 2008, it was reported that Bilgin Enerji had signed a contract with equipment supplier Nordex for delivery by July 2009 of nine N90, 2.5-MW turbines.  There was no publicly available information on when the project reached financial closure or on the total project cost.  In the absence of this information, the date at which the equipment supply contract was signed (June 2008) has been recorded as a proxy for the financial closure date.   The plant entered commercial operation in September 2009.  Total investment was ESTIMATED at 22.5 MW x 1.8 million per mw (average for ECA), is $40.5 million.
In  July 2008, the municipality of Pocone, in the state of Mato Grosso, Brazil, awarded a 16-year rehabilitate, operate and transfer contract for its water and sewage infrastructure to private operator Aguas de Pocone. In 2008, the town of Pocone had a population of 23,062.   Aguas de Pocone was a special purpose company owned by Brazilian company Brasil Central Engenharia (Grupo Dias). In 2012, Aegea (subsidiary of the Brazilian company Equipav) acquired the project company along with another 15 water and wastewater concessionaries that were operating in the state of Mato Grosso and belonged to Grupo Dias. The ownership of all these companies were transfered to a newly created holding called Nascente do Xingu, itself a wholly-owned subsidiary of Aegea.  The concession was awarded through an open competitive tender. No information was available on the number of final bidders. Aguas de Pocone committed to invest US$ 1 million (BRL 1.8 million) over the concession’s lifetime.
The Brazilian company USJ Acucar Alcool S.A. was granted authorizations to build two thermal power plants located in the state of Goias (municipalities of Quirinopolis and Cachoeira Dourada). The cogeneration power plants were set to use sugar cane residues as fuel, as the company main line of business was the pressing of sugar-cane and the production of ethanol. The unit in Quirinopolis, also referred to as Usina Sao Francisco, was set to have a capacity of 40 MW, while the unit in Cachoeira Dourada was set to have a capacity of 80 MW.  In June 2005, a 30-year contract was signed with the regulatory agency ANEEL allowing the Quirinopolis power plant to operate in the electricity market as an independent producer (this initial contract was cancelled as there were delays in the project implementation, but it was reinstated later on). In February 2009, Cachoeira Dourada was also authorized to operate in the electricity market as an independent producer (the contract had 35-year duration). These authorizations granted the sponsor with the right to sell electricity in the Brazilian wholesale market.  In 2005, Quirinopolis power plant took part in a competitive bidding process to sell electricity to the regulated wholesale market (15-year power purchase agreements were signed guaranteeing the sale of electricity to the national grid). In 2008, the unit in Cachoeira Dourada was also able to sign 15-year power purchase agreements were signed guaranteeing the sale of electricity to the national grid.  In March 2008, the IFC approved a US$ 40 million loan to finance the construction of both power plants and Grupo USJ’s investment in its sugar and ethanol producing plants. The total investment in cogeneration and sugar/ethanol production was estimated at US$ 355 million, as of 2008.   Construction works on Quirinopolis power plant commenced in 2007 and the power plant was operating, as of 2009. The investment in the first phase of Cachoeira Dourada Power plant (40 MW generating unit) was estimated at US$ 35 million (BRL 70 million), as of 2009. The total investment in cogeneration and sugar/ethanol production in Cachoeira Dourada was estimated at US$ 115 million (BRL 230 million). The Cachoeira Dourada power plant was under construction in 2009, and operations were expected to commence in May 2011.
In November 2005, Isolux SA, was awarded in a competitive bidding process organized by the regulatory agency ANEEL the contract to build and operate a 675 km transmission line and two substations located in the states of Minas Gerais, Goias and Distrito Federal (Serra da Mesa 2 – Luziania, Luziania – Samanbaia, Luziania – Paracatu 4 – Emborcacao). Besides Isolux SA, eight other companies took part in the contest: COBRA INSTALACIONES Y SERVICIOS S.A., CONSORCIO LUZIANIA, TRANSMISSORA SUDESTE NORDESTE S.A. - TSN, ABENGOA S.A., NEOENERGIA, CONSÓRCIO BANDEIRANTE, ISA - INTERCONEXION ELECTRICA S.A. E.S.P., and ELECNOR S.A.  The bidding criteria set by ANEEL was the lowest required annual revenue. Isolux SA presented the lowest offer, a total value of US$ 27.5 million (BRL 66.9 million), 42.6% below the ceiling set by the regulatory agency. The contract was signed in May 2006, and the sponsors created the company Serra da Mesa Transmissora de Energia to lead the project during the 30-year contract period.   The sponsor committed to invest US$ 229.5 million (BRL 420 million) in the transmission line. The environmental licence was granted in January 2007 and the operation of the transmission line started in April 2008.  In 2008, MIGA issued a guarantee of € 20.9 million ($33 million equivalent) to Cobra Instalaciones y Servicios S.A. of Spain to cover its equity investment in the Serra da Mesa Transmissora de Energia project in Brazil. The coverage was agreed for a period of up to 15 years against the risks of transfer restriction and breach of contract.   In March 2010, the shareholding structure was modified when a Chinese state – owned company, SGID, acquired Serra Paracatu Transmissora de Energia and other transmission projects from Plena Transmissora de Energia (Isolux, 33,3%; Elecnor, 33,3%; Cobra Instalaciones y Servicios, 33,3%), which held 100% of the shares of the project company at the time the transaction took place. SGID invested US$ 1.72 billion (BRL 3.1 billion) in the acquisition of Plena Transmissora de Energia.
A Malaysian company Salcon Berhad signed an agreement in April 2008 to construct a wastewater treatment plant with a capacity of 100,000 cubic meters per day in Changle County, Shandong Province. The project was procured via direct negotiation. Salcon established a project company, Shandong Changle Salcon Co. Ltd. to operate the facility for 45 years before transferring it back to the local government. The total investment was RMB 100 million (US$ 14.31 million) and Salcon owns 75% of the project.
Anhui Guozhen Environmental Protection Science & Technology Co. Ltd. signed an agreement with Tangshan County Government in March 2008 to construct a wastewater treatment plant with a capacity of 25,000 cubic meters per day in Tangshan County, Anhui Province. The project was procured via competitive bidding. Anhui Guozhen would operate the facility for 28 years before transferring it back to the local government. The total investment was RMB 36.3 million (US$ 5.19 million), and Anhui Guozhen owns 100% of the project.
In December 2008, the Chibi City Lushui River shiplock (6.7 million tons) and hydropower (8MW) project commenced in Chibi City, Hubei Province. A local private company Chibi Lushui River Shipping and Power Development Co. Ltd. procured the project through competitive bidding and will build and operate the project for 50 years before transferring it back to the government. The total investment is RMB 392 million (US$ 56.08 million). Chibi Lushui River Shipping and Power Development Co. Ltd. owns 100% of the project and the equity:debt ratio is 36:64.
A local private company Lianheruntong signed an agreement in December 2008 to construct the Taohua River Wastewater Treatment Plant with a capacity of 20,000 cubic meters per day in Taojiang County, Hunan Province. The project was procured via competitive bidding. Lianheruntong would operate the facility for 30 years before transferring it back to the local government. The total investment was RMB 35 million (US$ 5.01 million) and Lianheruntong owns 100% of the project.
Sonna Mini hydel scheme was a 10.5 MW hydro power plant which utilized the water discharges from Sonna Barrage on Bhima River to generate electrical power for supply to the Karnataka State grid. The project was developed on build operate and transfer (BOT) basis by Jasper Energy Private Limited, a subsidiary of Greenko Group. The electricity generated was to be sold to Karnataka Power Transmission Corporation Limited (KPTCL) via a 10 year power purchase agreement. The project is registered under UNFCCC's Clean Development Mechanism.  Total cost of setting up of the project was estimated at Rs. 390.61 millions (US$7.8 million). Construction started in 2008 and the project was commissioned in May 2009.
In August 2008, Rosvodokanal (RVK) of Russia assumed full operational control of Luganskvoda, a water supply and sanitation utility serving a population of approx. 6.1 million people in Lugansk Oblast, eastern Ukraine.  The concession was awarded for a period of 25 years on a rehabilitate, operate and transfer basis.  In late 2007, the regional government of Lugansk launched a public tender for the concession of Luganskvoda.  RVK was the sole bidder.  The regional government of Lugansk awarded the concession to RVK in March 2008.  The project reached closure in August 2008, the date at which Rosvodokanal assumed full operation of the utility's assets.  The date of signing of the concession contract was not available from public sources.  Under the terms of the concession, RVK made an investment commitment of US$102 million, to be implemented over five years (2008-2012).  The company was expected to finance this program through the issuance of a RUB1.75 billion bond, which took place in July 2008 and which received a BB- rating from rating agency Fitch.
In June 2008, the National Highway Authority of India (NHAI) signed a 12 year concession (including 30 month of construction period) with a consortium formed by Dubai’s  Emirates Trading Agency and India’s KMC Construction Limited to widen and strengthen the 225.6 km section on National Highway (NH-8) between  Gurgaon Kotputli and Jaipur in the states of Haryana and Rajasthan.  Under the contract, the consortium was responsible for the design, finance, operation and maintenance and widening of the existing four-lane highway to a six-lane highway with paved shoulders. The expansion project, part of National Highway Development Project Phase V, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  The consortium established Pink City Expressway Private Limited, a special purpose vehicle, to implement the project. The consortium won the tender through international competitive bidding, conducted by NHAI, by quoting the highest (48%) revenue share from operations to NHAI. This revenue sharing proportion would increase by 100 basis points (1 percentage point) every year, up to the end of the 12-year concession period (60%). Under the contract, Pink City Expressway Private Limited was to recover the capital costs and operating costs including returns through tolling during the term of concession.   The concession agreement was signed in June 2008. The project reached financial closure in April 2009 with debt equity ratio of 4:1 or 80/20. The expected capital cost of the project at the time of signing of concession of concession agreement was US$ 444 million whereas the capital cost for the project at the time of financial closure was US$ 704 million. The change in the project cost was due to an initial estimate of NHAI on lower side and subsequent design changes to the project. A consortium led by Axis Bank and IDBI was to provide a debt of US$ 563 million. The consortium of banks was to provide the rupee loan at 12 per cent rate of interest. Contribution of ETA & KMC Constructions Ltd. to the equity was US$ 72 million and US$ 69 million respectively.   Construction on the project began in June 2008 and was expected to be completed by December 2010.
Tokyo Cement Company developed the 10MW Biomass plant at Trincomalee City, Trincomalee District, Eastern Province. The project was to be fed by 70% paddy husk, 15% Gliricidia sepium fuel wood, 15%  sawdust and 0-1% coconut shells. Total output was expected to be 7.2GWh annually. Tokyo Cement Company was a joint-venture between St. Anthony's Consolidated and Mitsui Mining, incorporated in 1982.   In March 2008 the project signed a PPA with Ceylon Electricity Board. In June 2008 it received approval of the Sri Lanka Sustainable Energy Authority. In September 2008 the project was commissioned. The steam turbine generator was purchased in September 2005. The operational life of the plant is 25 years. The project was to consist of a water tube boiler by Thermal Systems (India) and a turbo generator from Toyodenki (Japan).   Total project cost was Rs. 650 million (US$5.05 million). Financial closure date was ESTIMATED at September 2008 (commissioning).
In November 2008, the Bugoye 13 MW “run of the river” hydro electric power project reached financial closure under a 20-year BOT contract. The project included 6 km of transmission line to deliver the electricity.  The project was awarded to Tronder Power Limited (Norway) by the government of Uganda through direct negotiation. The date of the award was unclear from public sources.  Tronder Power Limited signed a 20 year PPA with the Electricity Regulatory Authority to feed its energy into the main grid at the Nkenda Substation via a 6 km long 33 kV transmission line. Under the term of the contract, Tronder Power Limited was expected to construct and operate the 6km transmission line.  The project was financed by a US$35 million loan from the Emerging Africa Infrastructure Fund (EAIF).
In 2007, Jaypee Group signed a Purchase Power Agreement with Government of Madhya Pradesh (GoMP) for development of  1320 MW coal-based power plant in Sidhi District, Madhya Pradesh. Jaypee Group established Sidhi Power Limited (SPL), a special purpose vehicle, to implement the project. Jaypee Group bagged the tender on a negotiated basis. The bidding and financial details are not available in public domain.   The project cost was estimated to be approximately USD 984 million. The project achieved its financial closure in September 2008 with ICICI solely arranged to finance the 1320 MW coal based power plant.
In 2008, the Argentine companies Corporacion America S.A. and Boetto y Buttigliengo won in a competitive bidding organized by the federal government the right to build, rehabilitate and operate the 180 km of highways connecting the muncipalities of Cordoba - Rio Cuarto (Ruta 36) located in Argentina. No additional information was available regarding the bidding process.   The sponsors created the company Corredor Cordobes to lead the project, and the 30-year concession contract was signed in May 2008. No information was available on investment.  In February 2013, the concession contract was cancelled as the sponsors failed to maintain the toll road as specified in the concession contract.
Nam Nhone hydropower plant was a 2.5 MW small hydropower plant, located in Tonpheugn district in the Northern province of Laos, Bokeo. The project company was Nam Nhone Company, owning 30% of the equity. MK Dynamic Resources Development, registered in Hong Kong, owned the remaining 70%.  The project became operational in 2011. A 22kV transmission line was to be installed to bring electricity to the site. This will be 6km long and would cost 960 million kip (US$100,000).  The hydropower plant costs 39 billion kip (US$4.5 million) to build.
The project entails the contract for urban cleaning in Ocasco, Brazil under 30 years contract. SPV is EcoOsasco Ambiental SA, a wholly owned subsidiary of the sponsor Construtora Marquise SA. Total value of the contract is 834 million Brazilian Reals or $ 489.18 million of which $ 37.54 million will be invested in physical assets. The bidding for this Administrative Concession was published on 08/24/2007 and occurred through a National Competition of the Lowest Price type. Financial close took place on March 12, 2018.
In January 2008, Union Fenosa SA [Spain] began construction of a 450 MW, gas powered, combined cycle plant in the state of Durango, northern Mexico. The project company Fuerza y Energia de Norte Durango, SA de CV was formed as a 100% subsidiary of Union Fenosa. Power generation in Mexico was regulated by the Comision Federal de Electricidad (CFE), Mexico’s state owned electricity enterprise. The Norte I plant was part of Union Fenosa’s plan bigger and when completed, was to bring Union Fenosa’s generation capacity in Mexico to 2,0000 MW.  The contract was awarded to Union Fenosa [Spain] over Iberdrola [Spain] in March 2007 in an international competitive tender conducted by CFE. CFE gave Norte I the status of a Productor Externo de Energia (PEE), or external power producer as well as a 25-year power purchase agreement. Further tendering information was not available.  The project’s cost was estimated at US $400 million. Loan information was not available, but 28% of the plant was constructed by 2Q 2008, and by 4Q 2008, 61% of the facility was constructed. Union Fenosa mentioned that it invested 68 million euro in the project in 2007 and approximately 200 million euro in 2008.  The project was expected to become operational in 2010.   Operations commenced in August 2010.
North America Environmental Tech signed an agreement in Oct 2008 with Harbin Municipal Government to construct the Xinyigou Wastewater Treatment Plant with a capacity of 100,000 cubic meters per day in Harbin City, Heilongjiang Province. The project was procured via competitive bidding. North America Environmental Tech would operate the facility for 30 years before transferring it back to the local government. The total investment was RMB 430 million (US$ 61.52 million), and North America Environmental Tech owns 60% of the project.
A Singapore based company Asia Environment Holdings Ltd. signed a concession agreement in October 2008 to rehabilitate and operate a wastewater treatment plant with a total capacity of 120,000 cubic meters per day in Zhoukou City, Henan Province. The project was procured via competitive bidding. Asia Environment would operate the facilities for 30 years before transferring them back to the local government. The total investment was RMB 65 million (US$ 9.30 million) and  Asia Environment owns 100% of the project.
In June 2008, the 25 year BOT Fouka seawater 120,000 m3/day desalination plant project reached financial closure. The plant was to be located in Fouka, in the province of Tipaza, on the Mediterranean coast.  The project was awarded in October 2005 by the government of Algeria to a Special Purpose Company (SPC) Myah Tipaza composed by the private consortium Algerian Water Investment (51%) and by the State Owned Enterprise Algerian Energy Company (49%). Algerian Water Investment was a company formed in equal partnership by SNC-Lavalin and Acciona Agua.  The award followed a competitive bidding process between five tenders. SNC-Lavalin/Acciona Agua was selected for proposing the lowest tariff (US$0.7505/m3). The four other bidders were Geida, Enima/Aqualia, Barna/Lemna and GE Ionics, a subsidiary of General Electric.  Under the term of the agreement, the SPC Myah Tipaza signed a 25-year "Take or Pay" water purchase and sale contract with Algérienne des eaux, the state-owned national water entity of Algeria and Sonatrach SPA, the national oil company of Algeria. In addition, the SPC awarded to Algerian Water Investment an EPC contract for the construction of the plant and a 25-year operation and management contract. Investment commitment represented about US$180 million.   The project was 80% debt financed by the State owned bank Credit Populaire d’Algerie  and the other 20% through equity by the shareholders of the SPC: Algerian Water Investment (SNC-Lavalin/Acciona Agua) and Algerian Energy Company.  The project was expected to be operational by June 2010.
In August 2006, the Brazilian company Brentech Energia S.A. was granted an authorization to build a 140-MW thermal power plant located in the state of Goiania (municipality of Aparecida de Goiania). Brentech Energia S.A. signed a 35-year contract with the federal regulatory agency ANEEL allowing the company to operate in the electricity market as a independent producer. This authorization granted the sponsor with the right to sell electricity in the Brazilian wholesale market. The power plant was set to use diesel as fuel.  Brentech Energia S.A. was established as a wholly-owned subsidiary of Breco Energia. In 2007, Brenco sold its shares in the project company to state-owned Petrobras (30%) and Genrent do Brasil Ltda (70%). The shareholding structure changed again in 2008, and as of December 2009, Brentech was owned by Petrobras (30%) and Enegen Participacoes (70%). Enegen was established as a partnership of the Israeli companies DELEK Infrastructures Ltd (Delek Group), with 51% of the shares, and MOKED Energy Ltd, with 49%.  In 2006, the company took part in a competitive bidding process to sell electricity to the regulated wholesale market (15-year power purchase agreement was signed guaranteeing the sale of electricity to the national grid).    Brentech Energia S.A. committed to invest approximately US$ 48.1 million (BRL 88 million) in the facility. In December 2008, the company was granted a US$ 41 million (BRL 75 million) loan contract from Santander Bank. In May 2010, the state-owned bank BNDES approved a US$ 42.5 million (BRL 76.6 million) loan to Brentech.  Construction works on this plant were concluded in 2009.
In June 2008, the National Highway Authority of India (NHAI) signed a 15 year concession (including construction period of 30 months) with a consortium formed by India’s Soma Enterprises and Spain’s Isolux Corsan Concesionnes and Corsan Corviam Constructions SA, to widen and strengthen the 291.10 km section on National Highway (NH-1) between Panipat and Jalandhar in the states of Haryana and Punjab.  Under the contract, the consortium was responsible for the design, finance, operation and maintenance and widening of the existing four lane highway to a six-lane highway with paved shoulders. The expansion project, part of National Highway Development Project Phase V, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  The consortium established Soma-Isolux NH OneTollway Private Limited (SINOTPL), a special purpose vehicle, to implement the project. The consortium won the tender through international competitive bidding, conducted by NHAI, by quoting the highest (20.14%) revenue share from operations to NHAI. This revenue share proportion would increase by 100 basis points (1 percentage point) every year, up to the end of the 15-year (34.14%) concession period. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.   The concession agreement was signed in June 2008. The capital cost of the project was estimated at US$ 1000 million. Spanish Isolux Corsan reported to had obtained euro 530 millons in long term debt provided by a consortium of Indian banks led by State Bank of India in 2008. Further details of the actual financial closure were not available in public domain  Construction on the project began in June 2008 and was expected to be completed by December 2010.
Adani Energy Limited in a joint venture with Indian Oil Corporation is setting up a 20 KM City Gas Distribution project in the city of Faridabad in Haryana. A “No-Objection-Certificate” to build the project was given by Haryana State government to Adani for Faridabad city in January 2008.  The project was to be implemented on Build-Own-Operate (BOO) basis and has a project life of 25 years.  However, due to the establishment of Midstream and downstream petroleum and natural gas regulator the project was stalled due to the Petroleum and Natural Gas Board (PNGRB) Regulation which made the state no-objection certificate null and void and asked the project proponents to apply for authorization of the project with it under the section 18 of the “Regulation of Lay, Build, Operate local or City Gas Distribution Networks” in 2008. It must also be noted that a Supreme Court of India judgment in March 2004 was unequivocal in declaring that only the Union government had the authority to legislate on natural gas including liquefied natural gas. The states, said the bench, had no competence to legislate on this natural resource Adani Energy Limited filed a case against Union of India before Supreme Court of India (WP No. 13029 dated January 15, 2008) for connectivity of natural gas at Faridabad and Noida. The Supreme Court has passed an interim order in favour of the company for connectivity at Faridabad on April 4, 2008. Further, Supreme Court has passed an order on January 9, 2009 directing to commence gas to the Adani Energy Limited immediately for Faridabad. According to sources in Adani group, the company was expected to start operations at Faridabad shortly based on a recent court verdict in its favour. The claim, however, could not be verified.  Simultaneously, Adani had applied for authorization of the project with PNGRB in August 2008. However, the project was not cleared by the regulator till 31st December 2008. The project achieved financial closure in September of 2008 with a US$ 39.11 million loan that was arranged by Indian Development Financial Corporation (IDFC) to finance the construction of a distribution network. The project was to cost US$ 55.78 million with a debt to equity ratio of 70:30.
A Singapore based company Asia Environment Holdings Ltd. was granted an agreement in August 2008 to construct a wastewater treatment plant with a total capacity of 80,000 cubic meters per day in Jingdezhen City, Jiangxi Province. The project was procured via competitive bidding. Asia Environment would operate the facilities for 30 years before transferring them back to the local government. The total investment was RMB 130 million (US$ 18.6 million) and the Asia Environment own 100% of the project.
Kardan Water International Group Co., Ltd. signed an agreement in June 2008 with Dingzhou Municipal Government to construct a wastewater treatment plant with a capacity of 40,000 cubic meters per day in Dingzhou City, Hebei Province. The project was procured via direct negotiation. Kardan would operate the facility for 30 years before transferring it back to the local government. The total investment was RMB 35 million (US$ 5.01 million), and Kardan owns 100% of the project.
The project entails the construction of a solid waste management facility in West Bengal, India. The sponsors comprise a consortium of Gujarat Enviro Protection Infrastructure Ltd. and Hanjer Biotech Ltd.The 25-year BOOT concession was signed on 23 December 2008. The total cost of the project is $8.95 million.
In May 2008, Towngas was granted a 30 year agreement to build and operate pipeline gas facilities in Huangshan City, Anhui Province through competitive bidding. Towngas owns 100% of the project. The facilities have a capacity of 30 million cubic meters per year. The total investment for phase I was RMB 70 million (US$ 10.01 million).   Towngas group held a 100% equity interest in the project company, which had a registered capital of RMB 40 million. The project owns the exclusive rights for 30 years to supply piped gas to the Tunxi district, including the Huangshan Economic Development Zone, in the city of Huangshan. Huangshan was a world class tourist city with a well-developed hotel and catering industry.  Inaugurated in 2009, the project company expected to serve around 20,000 residential customers with a total annual gas consumption of approximately 30 million cubic metres by 2015.
On April 27, 2006 Abengoa SA signed a 30 year contract with Aneel, Brazil’s electricity regulator to develop, construct, operation and maintain approximately 459 kilometers of transmission lines from the State of Para to the State of Tocantins. Upon the completion of the Project, it would be possible to exploit the energy generation produced from the Serra da Mesa Hydroelectric Plant and the Cana Brava Hydroelectric Plant for the Serra da Mesa Substation in an amount of 5,100-MW. The project was originally called Section 1 of the North-South Interconnection III and included the following works: •A 500 kilovolt, 40 km transmission line connecting the Maraba and Itacaiúnas substations in Para. •A 230 kilovolt, 110 km transmission line connecting the Itacaiúnas and Carajas substations in Para. •A 500 kilovolt, 304 km transmission line connecting the Itacaiúnas and Colinas substations in Para and Tocantins. •A 500/230 kilovolt Itacaiunas substation in the state of Para. •Enlargement of three existing substations along the three transmission lines.  The project was awarded to Abengoa SA in November 2005 through  Leilao No. 001/2005-Aneel (“Bid Notice”) a public bidding process that granted a 30-year concession for Lot A, which included Section 1 of the North-South Interconnection III (the “Project”). Abengoa SA won the tender by offering the lowest annual revenue 54.114 million reais which was 49.7% below the asking price. The number of final bids for the auction was not publically available.   The US $401 million project reached financial closure in March 2008 after the Inter-American Development Bank signed a senior loan and syndication with Abengoa SA. The IDB financing included an A loan of up to US$95.4 million from the bank's ordinary capital and a syndicated B loan of about US$104.6m, consisting of funds from financial institutions that were to subscribe to participation agreements with the IDB. The IDB and Abengoa SA selected three banks as lead arrangers: Natixis, ABN AMRO and BES for the syndicated B loan. The financing was approved in February 2008, signed in March 2008 and closed on April 22, 2008. The debt to equity ratio was 51% to 49%.
In July 2008, the government of Yemen awarded a 25-year concession contract to build rehabilitate and operate the Aden Container Terminal and the Ma'alla Container Terminal to a Special Purpose Company composed by DP World (50%) and the State Owned Company Yemen Gulf of Aden Ports Corporation (50%).  The contract was awarded by direct negotiation. DP World was awarded the contract a first time in 2005 following a competitive bidding process, but at that time the parliament suspended it on the grounds that the Aden facility was in competition with Dubai's Jebel Ali port, also managed by DP World.   Under the term of the contract?, the SPC was in charge of operating the Aden Container Terminal and the nearby Ma’alla Container Terminal for 25 years, with an optional extension by 10 years. The SPC committed to invest US$220 million in further developing the port, including building a new 400 meter berth extension to Aden Container Terminal within five years from handover.  In November 2008, the capacity of the port was around 700,000 TEU and was expected to grow to around 1.5 million TEU by 2012.  The SPC began operating the marine terminals on 6 November 2008.  Following political developments in 2011 (fall of Saleh regime), global port operator DP World agreed with Yemeni port officials to sell its entire 50 percent stake in the Yemeni port venture, Dubai and Aden Ports Corporation (DAPDC), for $27 million to its joint venture partner, Yemen Gulf of Aden Ports Corporation. DP World had not the requirements in the contract to increase TEU throughput and expand docks. Certain terms of the original contract (100-year lease) were unclear, another reason for the government to negotiate the sale of the DP World stake.
On June 5, 2007, the government of Senegal awarded to DP World a 25 year concession contract to develop and operate the existing container terminal at Dakar, Terminal à Conteneur, and to build and operate a new container terminal at Port du Futur.   The award followed an international tender process, involving 4 bidders: DP World, Maersk-Line, Getma and the former concessionaire Bollore Group. Bollore Group had been managing the port under a concession contract since 1987. It was reported that the choice of the new concessionaire was based on technical factors and proposed level of investment.  On October 8, 2007, the contract was officially signed by Senegal Prime Minister Cheikh Hadjibou Soumaré and the responsibility for operating and developing Senegal’s most important container terminal was formally handed to DP World.  DP World was expected to take over the operation of the port in January 2008. Under the terms of the contract, DP World was expected to be responsible for the management of the existing container terminal, Terminal à Conteneur, and for the construction and operation of a second terminal at Port du Futur. However, as of April 2008, Bollore Group was still in charge of operation. DP World took over management of the port in June 2008.  DP World agreed to invest US$134 million for the existing terminal and US$476 million for the second phase of the project, the construction of the Port du Futur container terminal.   At signature, DP World confirmed its plan to build a total of nine gantry cranes on the present container terminal and the Port du Futur. The capacity of the existing port was expected to double to around 550,000 TEUs by 2010. The terminal at Port du Futur was expected to become operational by 2011, with a capacity of 1.75 million TEUs.  On November 30, 2011, the expanded and upgraded Terminal a Conteneur was officially opened. It's capacity had risen to more than 600,000 TEUs. In 2012, it became known that some 71 billion CFA franc was invested between 2008 and 2011, which had resulted in a 30% increase in activity.
In January 2007, the Gujarat Urja Vidyut Nigam (GUVN), the holding of Gujarat state's electricity companies,signed a MoU with a consortium formed by India’s Essar Construction Limited and Global distribution FZE for development of a 1200 MW coal-fired thermal power plant in the state of Gujarat under a 25 year contract. The facility was a 2x600MW coal-based power plant at Salaya in the Jamnagar district of Gujarat The Gujarat plant was designed to use high quality imported coal from Indonesia and South Africa as fuel. The project would utilize around 700 acres of land near Khambalia in Jamnagar district.  The consortium established Essar Power Gujarat Ltd. (EPGL), a special purpose vehicle, to implement the project. The consortium was granted the project through MOU route on a negotiated basis.  Gujarat Urja Vidut Nigam (GUVN) entered into a 25-year power purchase agreement with the EPHL's Essar Power Gujarat (EPGL) for supplying 1000 MW of power at US 5.6 cents per kwh. Global FZE and Essar Constructions were the EPC contractors. Global FZE and Essar Shipping and Logistics were the equipment suppliers.   The project cost was estimated to beapproximately USD 1129 million. EPGL financed this project through an equity contribution of USD 291 million and a loan of USD 838 million. In June 2008, Essar Power Gujarat Limited appointed ICICI and SBI Capital to arrange financing for this plant. In September 2008, SBI Cap arranged the domestic debt facility while ICICI arranged for the foreign currency debt. In September 2008, SBI Capital provided the loan to finance the project whereas in November 2008 ICICI completed the syndication for the loan.    Construction started on July 2007 and commissioning was expected on May 2011.
On April 7, 2008 RAO Unified Energy Systems (RAO UES) concluded the privatization of the Territorial Generating Company - 4 (TGK-4) by selling the state's stake in the company (47.3%) to Onexim Holdings Ltd, affiliated of Onexim Group. In April 2010, TGK-4 changed its corporate name to the Joint Stock Company “Quadra – Power Generation” (JSC “Quadra - Power Generation”).   TGK-4 operated thermo-electric power stations in 11 regions of central Russia  including Belgorodskaya, Bryanskaya, Voronezhskaya, Kaluzhskaya, Kurskaya, Lipetskaya, Orlovskaya, Ryazanskaya, Smolenskaya, Tambovskaya and Tulaskaya energy companies. The company’s 26 power plants had a total electricity generating capacity of 3,300 MW and were 96% fueled by gas. At the time of its privatization, RAO UES was the main shareholder with 47.3% stake followed by Archivo Ltd., an affiliated of portfolio investor Prosperity Capital Management, with 19%.   The government shares were sold through a public tender in which several investors participated.  Investors interested in TGK-4 included Czech utility CEZ AS, South Korea's KEPCO, Kazakhstan's Eurasian Natural Resources Corp. PLC, billionaire Vladimir Lisin, and wholesale generator OAO OGK-3 controlled by mining giant OAO Norilsk Nickel. Onexim Holdings Ltd won the tender by offering about US$1.28 billion for the RAO UES stake, or an equivalent of US$598 per kilowatt of installed capacity. The Onexim Group was a private investment vehicle of the Russian billionaire Mikhail Prokhorov.   In May, Onexim bought the additional share issue of TGK-4 apart from the shares that went to the energy company's existing shareholders at a price of RUB 0.027 per share. The additional share issue raised more than US$ 600 million for the company. At the end of 2008 Onexim Group owned 50% of TGK-4, the Russian government through either RusHydro or FSK owned 11.43%., and the remaining 38.57% was owned by minority private investors. By end of 2008 Onexim did not bough the share of minority shareholders because it indicated that the price required to be paid (similar to the one offered for the government shares) was too high considering the decline of TGK-4 share in the second half of 2008.  Over 2003-2008 period, the Russian power sector underwent significant restructuring. Until 2003 the main assets of RAO UES, the state-owned holding for energy companies, were united into regional vertically integrated energy companies: 73 regional power utilities or Energos which produced and transmitted electricity and heat. RAO UES also centrally managed 32 Federal Power Plants, the Central Dispatch, High Voltage Grid plus Grid Service. 2003 energy sector reform envisioned a new organizational structure that included companies involved in potentially competitive activities (power generation and sales, repair and services) and natural monopolies (transmission, dispatching).   As a result of the reform RAO UES was planned to be dissolved on July 1, 2008.  The companies replacing RAO UES were: a System Operator was to receive functions and assets of regional dispatch administrations; a Federal Grid Company (FSK) was to manage the trunk grids; 11 interregional distribution grid companies were to manage regional distribution grids; RAO Eastern Energy Systems Holding was to manage energy companies of the East and isolated power systems of the Far East region; six wholesale generation companies (OGKs) were formed on the basis of large federal plants; one Hydro OGK was to manage large hydro plants; 14 territorial generation companies (TGKs) were formed on the basis of combined heat and power plants and Inter RAO UES was to remain the major investor and a leading exporter and importer of electric power in Russia.  Rosenergoatom was to include all nuclear power plants.    Wholesale generation companies (OGKs) were formed in 2004-05 on the basis of large federal power plants with a typical installed capacity of 1000-2000 MW. These large power producers were to become the largest participants and the main competitors on the wholesale power market. Seven of such companies were created in the process of reform: six of them incorporated large thermal power plants (OGKs) and one incorporated large hydro power plants (Hydro-OGK). In an effort to restrict the monopoly influence on the competitive wholesale power market, each of the OGKs was established on the basis of power plants geographically dispersed across the country.   The reform also created Territorial generation companies (TGKs) by uniting combined heat and power plants with a typical installed capacity of 100-500 MW which were located in a few neighboring regions or one macro region. The territorial generation companies would sell electricity as well as supply regional consumers with heat energy.   Interregional Distribution Companies were formed as operating companies to manage electricity distribution networks located in a number of neighboring regions.  As of end of 2011 Onexim owned 49.95 of the shares.
In September 2008, the Gujarat State Road Development Corporation (GSRDC) signed a 22 year concession  (including construction period) with India’s Larsen & Toubro Limited (L&T) to widen and strengthen the 188 km section on State Highway between Ahmedabad-Viramgam-Maliya in the state of Gujarat.  Under the contract, L&T was responsible for the design, finance, operation and maintenance and widening of the existing two-lane highway to a four-lane highway with paved shoulders. The expansion project was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   Three highway stretches projects (Halol-Godhra-Shamlaji State Highway, Ahmedabad – Viringam-Maliya State Highway, and Rajkot-Jamnagar-Vadinar State Highway) were tendered in a competitive bidding as a single package. L&T won the tender conducted by GSRDC, by quoting the highest premium of US$ 1456 million to be paid to the government over the next 20 years. The net equated annual installment in present value at a discount rate of 10% terms would work out to be around US$ 682 million for a period of 20 years. Also, US$ 170.25 million subsidy has been waived off from both the Centre and State governments under Viability Gap Funding scheme. In absence of bidding details of individual stretches, we have assumed premium and viability gap funding support to be equally distributed accross the 3 stretches (that is premium of US$227.3 million and VGF support of US$56.7 million for the Ahmedabad Maliya stretch). After winning the tender for the three projects, L&T created a separated special purpose vehicle for executing each of the three highway projects (L&T Ahmedabad Maliya  Tollway Pvt Ltd, L&T Rajkot Vadinar Tollway Pvt Ltd, and L&T Halol Shamlaji Tollway Pvt Ltd).Under the contract, L&T Ahmedabad Maliya  Tollway Pvt Ltd was to recover the capital costs and operating costs including returns through tolling during the term of concession. No other details of bidding were available at the time of collection of this information.  The concession agreement for the entire package was signed in September 2008.The capital cost of the project (all 3 stretches) at the time of signing of concession agreement was estimated at US$ 1009 million. The Ahmedabad-Maliya stretch was expected to cost US$ 309.2 million. L&T Ahmedabad Maliya Tollway Pvt Ltd closed financing on 1st October, 2009. Financing comprises USD 257.8 million (INR12.48bn @ 48.41 INR/USD) debt and USD 51.4 million (INR 2.49bn @ 48.41 INR/USD) equity. The debt comprises a USD 247.5 million (INR11.98bn @ 48.41 INR/USD) 15-year term loan and a USD 10.3 million (INR500m @48.41 INR/USD) 15-year L/C facility arranged by IDBI Bank.   Construction on the project stretches began in September 2008 and was expected to be completed by end of 2011.
In January 2007, Reliance Power signed a contract for development of 1,200 MW coal based power plant in two phases at Rosa Village of Shahjahanpur in Uttar Pradesh. Each phase comprised of 2x300MW coal-fired power plants. Phase I reached financial closured in June 2007 while phase II did so in October 2008.    In November 2006, Reliance Power Limited (RPL), a subsidiary of Reliance ADA Group, signed a Power Purchase Agreement (PPA) to sell the entire electricity output from Rosa Power Project phase I to UP Power Corporation Ltd (UPPCL), the state-owned entity responsible for bulk power procurement for the state of Uttar Pradesh. The term of the PPA was 25 years from the commissioning of the project, which could be extended by mutual agreement between RPL and UPPCL. Upon expiration of the PPA, RPL was free to sell the power generated to a third party.   Reliance Power Limited acquired the rights to developed Rosa Power Project Phase I from Aditya Birla Group in November 2006. The Rosa Power Project was initially developed as two units of coal-fired 283.50 MW plants, by a joint venture between AV Birla Group (51%) and PowerGen of UK (49%) in the early 1990s.  The Rosa Power Supply Company Limited (RPSCL), a subsidiary of RPL, was created to implement the project. RPSCL signed the coal contract supply with the railways and Central Coalfields. The coal supply was to come from North Karanpura coalfields in Jharkhand state.  Phase II of the project achieved its financial closure in October 2008 with a debt equity ratio of 72:28. The project was expected to cost approximately USD 585 million. RPSCL financed this project through an equity contribution of USD 164 million and a loan of USD 421 million. Reliance Power tied up with the IDBI Bank-led consortium of domestic banks to secure the debt portion for the Phase II of the project in October 2008. While IDBI agreed to fund USD 120 million, India Infrastructure Finance Co Ltd. (IIFCL) offerred USD 110 million. Canara Bank, Syndicate Bank and United Bank of India were to provide USD 50 million each. The Small Industries Development Bank of India and the Life Insurance Corporation of India offered USD 23 million and USD 18 million respectively, while Axis Bank offerred a foreign currency loan of USD 50 million.   Phase II was scheduled to commence power generation within the 11th plan (i.e. by March 2012)
South Asia Energy Management Systems, from California (USA) - and registered in the Netherlands as SAEMS Capital B.V., was developing the 4.5MW Barcaple 2 small hydropower plant, in Nawalapitiya City, Nuwera Eliya District, Central Province. The project used two Pelton Turbines vertical shaft, and was expected to generate 17.0GWh annually. The project company was Didul Ltd. The project fed of the Galadoda Oya River.  Output was to be supplied to the national grid (Ceylon Electricity Board). Expected project life was 28 years. Expected tariff was Rs 7.35/kWh. The PPA was signed in March 2008. The EPC contract signed in July 2008. Construction started in July 2008. The project commissioned in August 2012.  Total cost was expected to be US$6.52 million. The investment decision was made in February 2007. Financial closure was reported at September 2008. The debt/equity ratio was expected to be 65/35. IRR was 14.05% without CDM and 16.85% with CDM (expected).  The coordinates of the project are: Latitude 6° 58’37.44” N / Longitude 80° 32’31.70” E
A local private company Guangxi Huahong Water Affairs Investment Co. Ltd. was granted an agreement in December 2008 to construct a wastewater treatment plant with a total capacity of 15,000 cubic meters per day in Debao County, Guangxi Province. The project was procured via competitive bidding. Guangxi Huahong would operate the facilities for 28 years before transferring them back to the local government. The total investment was RMB 24.3 million (US$ 3.48 million) and Guangxi Huahong owns 100% of the project.
On July 18, 2008 Haldia Development Authority (HDA) signed a 25 year concession agreement with a consortium of Jamshedpur Utilities & Services Company Limited (JUSCO), Ranhill Utilities Berhard (Malaysia), and Infrastructure Development Finance Company Limited (IDFC) for development and operation of a Water Supply Scheme in Haldia City, located in the state of West Bengal. Haldia is an industrial city with a population of 170,695 (Year 2001) and the proposed water supply project shall almost double the water availability at Haldia at a competitive cost and will make it an attractive location for existing and future industries. It could not be ascertained at the time of collection of this information if the retail water supply constituted more than 20% o the total water supply, but industry sources say that the figure is above 20%.  Under the concession, the consortium of JUSCO, Ranhill and IDFC, shall set up of a new 25 MGD water treatment plant on a Design-Build-Finance-Operate-Transfer (DBFOT) basis along with operation and maintenance of the existing (WTP of 113.5 thousand cubic meters per day) and the new (WTP of 113.5 thousand cubic meters per day) water supply system for a total period of 25 years at an expected investment of about US$ 22.2 Million (INR100 Crore at 45 INR/USD). The new 25 MGD WTP will be constructed using dissolved air floatation (DAF) technology. As per the concession agreement, the entire facility shall revert to HDA at no cost, on the expiry of the concession period. The agreement specifies strict quality and service standards, lays down a detailed customer service rules and emphasis on improving customer service and response. The focus is on reduction of water losses through induction of latest technology and improvement in operational efficiency.  HDA, in order to have flexibility in deciding the model for concession agreement, initially decided to invite bids for two package / options: Package 1: Operation and Maintenance of the existing plant with capacity of 113.5 MLD (25 MGD) and series tube wells of 13.62 MLD (3 MGD) capacity and New WTP of 113.5 MLD (25 MGD) constructed by HDA from its own funds and complete existing and new distribution network added by HDA during the concession period including reservoirs, pipelines and boosting pumping stations up to consumer levels during the authorization period (10 years). Package B: Construction of new 113.5 MLD (25 MGD) Water Treatment Plant in two equal modules on BOT basis and Operation and Maintenance of the existing plant of 113.5 MLD (25 MGD), series tube wells of 13.62 MLD (3 MGD) capacity and complete existing network including reservoirs, pipelines and boosting pumping stations upto consumer levels and O & M of new distribution network added by HDA during the authorization period (25 years).  In response to the expression of interest, ten private operators had shown their interest for both Packages A and B and only one party had shown interest for Package-B. Finally the financial bids were received from 3 bidders for the Package A and 3 bidders for the Package B.  Although the bids were called for both the packages, HDA finally opted for the Package B, given the huge demand of water supply in the future. The consortium of JUSCO, Ranhill and IDFC, won the international competitive tender, conducted by HDA, by quoting the highest license fee paid to the HDA, of USD $ 44.81million (NPV of the license fee quoted for 10 years and discounted @ 12%). HDA had asked the bidding parties to quote license fee per year, for 10 years. The license fee for 11th year shall be the highest figure of first ten years. Thereafter the license fee shall be increased by 3% every year.   In return, the concessionaire would be allowed to recover the operating costs through user charges during the concession period. HDA provided for a minimum increase in the tariff of 3% to take care of the inflation. However, additional revenue due to increase in tariff (beyond 3%) shall be shared by HDA and concessionaire in the ratio of 70:30. Similarly additional revenue because of sale of water beyond a specified volume indicated in the tender document shall be shared equally by HDA and concessionaire. The other salient points of the concession were: • The expenditure due to increase / decrease in power cost shall be shared equally among HDA and concessionaire. • Additional investments for rehabilitation of the existing system shall be shared equally between HDA and concessionaire. • The financial liability of existing workers (221 nos.), engaged by the private contractors at present, shall be taken by the concessionaire.  The new 113.5 TCPD capacity WTP, and the associated new network is expected to cost USD 31.1 Million (INR 140 Crores).  Details of financial closure were not available in the public domain at the time of collection of information.
In 2007, Gupta Group signed a contract Government of Maharashtra (GoM) for development of thermal power plant in Usegaon, Chandrapur district of Maharashtra. The project involves development of 120 MW (2*60 MW) coal-based power plant. The consortium established Gupta Energy Private Limited (GEPL), a special purpose vehicle, to implement the project. Gupta Group bagged the tender on a negotiated basis.  The project achieved its financial closure in October 2008 with a debt equity ratio of 70:30. The project was expected to cost approximately USD 152 million. GEPL expects to finance this project through an equity contribution of USD 46 million and a loan of USD 106 million. In October 2008, USD 106 million loan was arranged to finance the project. Axis Bank Ltd was the sole book runner in a deal in which several Indian banks were lenders.  Construction began in April 2008 and was expected to be completed by September 2010.
In 2005, Damodar Valley Corporation (DVC) and Tata Power Co (TPC) jointly signed a shareholders’ agreement to execute Maithon Right Bank Thermal Power project. DVC was a public entity formed by the national government and the state governments of West Bengal and Bihar (now Jharkhand) to control and manage the wild and erratic Damodar river. The project involved the construction of a 1,050MW (2X 525 MW) coal-based powerplant at Maithon in the state of Jharkhand. The project was expected to be executed in two phases of 525 MW each.   To implement the project, Maithon Power (MPL) was created as a joint venture between Tata Power (74%) and Damodar Valley Corporation (26%). The consortium bagged the tender on a negotiated basis. Both Damodar Valley and Tata Power Trading signed offtake agreements. The consortium agreed that Maithon Project would sell 300MW of power to DVC and the remaining 750MW would be routed through Tata Power Trading for sale to major power deficient Northern States to the tune of 500MW and for sale through merchant power route to the tune of 250MW.  Maithon Power (MPL) achieved its financial closure in February 2008 with a debt equity ratio of 70:30. The project was expected to cost approximately USD 1042 million. MPL financed this project through an equity contribution of USD 313 million and a loan of USD 729 million. SBI Capital Markets is the sole financial advisor and arranger of debt for the project. A consortium of 17 banks, led by SBI include Allahabad Bank, Bank of Baroda, Canara Bank, Central Bank, Dena Bank, Indian Overseas Bank, J&K Bank, Oriental Bank of Commerce, Punjab & Sind Bank, Tamilnadu Mercantile Bank, UCO bank etc financed the project. The base interest rate was 10.75%, which fixed the margin for each lender at signing as each bank had its own lending base rate. This was, however, reset at the end of each year from the date of disbursement. The front-end fee was 10bp. Repayment was in 40 quarterly installments of1.25% of the amount each, starting from the operation of each respective unit. Upon maturity, there was to be a balloon repayment equivalent to 50%of the debt amount.   Construction began in Oct 2007 and commissioning was expected to begin by Oct 2010. The first unit of 525 MW was expected to be commissioned by October 2010 and the second unit by March 2011.
In 2007, Turkish Enerjisa Power Generation (Enerjisa) developed a project that included ten hydroelectric power plants in the Cambasi, Ceyhan and Seyhan basins with a capacity of 980 MW and a 920 MW natural gas-fired thermal plant in Bandirma, with a total capacity of 1,900 megawatts to supply electricity in the country's deregulated power market.  In May 2007 Enerjisa was created a joint venture of Haci Omer Sabanci Holding S.A. (Sabanci) with 50% and Verbund Österreichische Elektrizitätswirtschafts-Aktiengesellschaft (Verbund) with the remaining 50%. The Sabanci was Turkey's leading industrial and financial conglomerate. The Verbund was Austria's leading electricity utility.  At that time, EnerjiSA operated four gas power plants with a total generation capacity of 370 MW and four hydropower plants with a combined output of 92.5 MW. The company held licenses for ten new hydropower plants as well as a license for a power plant.  Prior to the joint venture, the Sabanci Group was the majority shareholder in EnerjiSA.  The new capacity of 1900 MW was to be raised, also via acquisitions, to 5,000 MW by 2015 or 10% of the Turkish electricity market by 2015.  In June 2008, Enerjisa Power Generation (Enerjisa) reached financial close on an US$ 1,114 million debt financing package for the initial phase of the company’s investment program that involved a 1,900 MW  power plant portfolio in Turkey.  The International Finance Corporation (IFC), Turkish Akbank T.A. and WestLB AG, acting as global coordinators, arranged a US$1,114 million debt package for Enerjisa’s project.   Enerjisa committed US$148 million equity contribution to the project. The total transaction value was US$1,539.  IFC provided a loan of US$277 on its own account. Joining IFC B loan were Bank Austria, Erste Bank der oesterreichischen Sparkassen, KfW, Raiffeisen Zentralbank Oesterreich, Société Générale, and WestLB. The interest rate stands at 195 basis points above the EURIBOR. The financing package was the largest international transaction for a private company in Turkey that would supply the country’s liberalized power market.   On April 2011, a new 12 year loan to Enerjisa has been arranged to finance the construction of four new power plants located close to Enerjisa's existing 920MW gas-fired plant at Bandirma, two hydro plants of 46 MW and 80 MW and a 20 MW wind farm. The new gaz-fired plants to be constructed was planned to generate 1,000MW. The electricity to be produced by the power plants would be sold to the wholesale market.  On April 6 2011, this project phase II reached financial closure, with the signing of a $1 billion credit package, arranged by the IFC with a consortium of commercial bank, including West LB, ING, Societe Generale, BAWAG, UniCredit, FMO, Erste Group Bank, Raiffeisen Bank, Turkey's TSKB and Germany's state development bank KfW.    In 2012, E.ON acquired Verbund's shares in Enerjisa in return for 8 run-of-river hydropower projects totalling 351MW in Germany as well as EUR300 million in cash payments. The swap was expected to be finalized in the first quarter of 2013 after approval from the European Commission.
Ridi Hydropower Development Company developed the 2.4MW run-of-river Ridikhola small hydropower plant, Gulmi & Siddeshwor, Palpa District. Annual output was estimated at 15.73GWh.  The project signed a PPA with NEA in August 2006 and received a construction license in May 2007. The construction started in August 2008 and was completed in August 2009. The project was commissioned in October 2009. The civil works contract was awarded to Santoshi Adventure JV, from Bharatpur, Chitwan. Hydro mechanical work was awarded to Udeco-Structo JV, from Patan and Machhapuchchhre Metal and Machinery Works (P.) Ltd., from Pokhara Industrial State, Pokhara. The electro-mechanical equipment contract was awarded to Hunan Allonward Hydro-Generating Equipments Company Limited, from Hunan, China.  Total project cost was Rs. 400 million (US$4.56 million). Financial closure date was ESTIMATED at November 2008 based on the 25% rule. Financing was provided by Bank of Kathmandu (lead bank), Machhapuchchhre Bank Limited and Nepal SBI Bank Limited.
The project entailed the development of 15MW biomass plant in Channu in the Muktsar district of Punjab State, Pakistan. Sponsor is Indian utility Universal Biomass Energy. The plant was commissioned in October 2009. The plant will be fuelled with various agricultural residues including cotton stalks, mustard straw, wheat straw, waste wood and rice husks.The electricity generated will be sold to the Punjab State Electricity Board.
PT Bangka Manunggal Power started to develop the Bangka Power Plant, a (2 X 12 MW) coal-fired power plant in 2007. The plant was to supply electricity to the state-owned electrical utility, PT PLN, under a 25-year power purchase agreement (PPA).  The greenfield power plant was developed on a build, own and operate basis in Airanyir village, Merawang, Bangka-Belitung province. The power project was conceived as part of PT PLN’s efforts to overcome a power shortage in Bangka.  The contract was awarded on March 21, 2007, when the project company and PT PLN signed a 25-year power purchase agreement (PPA). Information on the method of contract award was not publicly available. Under the terms of the PPA, PT PLN agreed to purchase electricity from the plant at a rate of US$0.049 (448.15 Indonesian Rupiah [IDR]) per KWh. The project company, PT Bangka Manunggal Power, was a wholly owned subsidiary of PT Truba Alam Manunggal Engineering Tbk., a private company.  The project reached financial closure in May 2008 with the conclusion of a US$12.2 million (IDR 118 billion) loan agreement between the project company and Bank Bukopin. The total investment commitment for the 24 MW project was US$22.5 million (IDR 218.5 billion).  PT Truba Jaya Engineering (TJE) an indirect wholly-owned subsidiary of PT Truba Alam  Manunggal  Engineering was appointed as the contractor for the Engineering, Procurement, and Construction (EPC) of the Bangka power plant.  The sponsor expected the power plant to begin commercial operation in September 2009.
On March 7, on the eve of 12th general elections, 2008 Malaysian utility Puncak Niaga Holdings Bhd signed a concession agreement to operate the Sungai Sireh water treatment plant in the state of Selangor. The contract was signed between the federal government, the state administration and Puncak Niaga. The Puncak Niaga Holdings Berhad (PNHB) Group was an integrated water services company in Malaysia operating a total of 29 water treatment plants in Malaysia.  Under the contract Puncak Niaga would operate, manage and maintain the raw water intake and treatment plant situated on a piece of land beside a canal near Sungai Sireh, Tanjung Karang in Kuala Selangor.  The company would operate the assets for a concession period of 27 years, starting from April 1, 2007 and ending April 30, 2034.  In a election result, the opposition took control of the state from the ruling coalition of Prime Minister Abdullah Ahmad Badawi. On March 17, Selangor's newly appointed chief minister Khalid Ibrahim announced that the new state government of Selangor would  review the Sungai Sireh Water Treatment contract, as it seemed lopsided and would profit Puncak more than it would the state government or the people of Selangor, adding that all water agreements would also be reviewed as part of the state's plan to make the first 20 cubic metres of water free to all Selangor households from April 2008. On March 26, New Energy, Water and Communications Minister Datuk Shaziman Abu Mansor said the federal government considers this contract valid as long as the National Water Services Commission (Span) does not raise objections to it or nullify it. In response to this announcement, Khalid said that the contract could stand, but the state government would still declassify and review the contract to make sure that this deal was good and fair for the consumers and the state government.
In August 2008, the Honduran regulatory agency ENEE approved the privatization of the eletricity generation and distribution company of the island of Roatan. The Roatan Electric Company (RECO) had a distribution network of 180 km and a diesel-fueled power plant with 4.5 MW in capacity. A 52% stake in the power plant was sold to a small international investor for a undisclosed value. There were other six bidders taking part in the bidding process.  Between 2008 and 2014, the sponsor invested US$ 30 million in the electricity network. In late 2014, RECO announced the investment of an additional US$ 45 million in a new LPG thermal power plant (30 MW; US$ 37 million) and a new wind farm (3.9 MW; US$ 8 million).  The wind farm, which was named Ocean View, started to be built in December 2013 and demanded an investment of US$ 8 million. By the end of 2015, the construction works were in advanced stage and commercial operations were expected to begin early in 2016. The EPC contract for the wind power plant was granted to Tradewinds Energy S.A.  As of December 2015, the construction works on the LPG thermal power plant had not commenced.
The project involved the construction of a 60 MW wind farm in Catalca near Istanbul by Sanko Holding. The total cost of the project was estimated at US$100 million. On Jan 14, 2008, the project company obtained loans for a total of US$81 million which allowed the wind farm project to reach financial close. The deal was broken down into two tranches, a US$70 million export credit tranche with a maturity of Jan 14, 2021 and a US$11 million term loan with a maturity of Jan 14, 2016. Dexia and Denizbank were both involved in the deal. The wind farm became operation in the second quarter of 2008. It took two years to develop the project from feasibility study to commercial operations.   Turkey was committed to continuing investment in new wind power plants to meet its goal for generating at least 2% of its electricity from wind power. Until 2008, the Turkey's Energy Market Regulatory Agency, known as EPDK, reportedly awarded new licenses for about 58 BOT wind power plants with a total capacity of 2126 MW encouraging their construction by private power developers. Under the Turkish Law and regulation, private investment in wind power is encouraged by providing 10 years buying guarantee by State utility at a fix price of 0.055 Euro per kwh and facilitating the land acquisition required by the project. .
A Malaysian company Salcon Berhad signed an agreement in April 2008 to construct a raw water supply facility with a capacity of 100,000 cubic meters per day in Changle County, Shandong Province. The project was procured via direct negotiation. Salcon would operate the facility for 30 years before transferring it back to the local government. The total investment was RMB 109 million (US$ 15.59 million) and Salcon owns 100% of the project.
On 23 December 2008, the government of Congo signed a 27-year concession contract with a Special Purpose Company composed by French holding company Bollore (60%) and domestic company Societe Congolaise De Transports Sarl (40%) to build, rehabilitate and operate the container terminal of Pointe-Noire port.  The contract was awarded early December 2008, following a competitive tender process between 2 final bidders. The other bidder was the French company CMA-CGM.   Under the term of the contract, the SPC committed to invest US$735 million to expand the port capacity. The first stage of the works was to prolong the quay by 270 meters to a total length of 800m with a depth of water of 15m, capable of receiving container ships with a capacity of up to 7000 TEUs. At the end of the concession, Congo Terminal was expected to have 1500 linear meters of quay (800m at depths to 15m and 700m at depths to 13m), 38 ha of storage surface (as against 17ha in 2008), 14 quayside gantries and 34 storage yard gantries. These resources should enable it to achieve a flow of 1 million TEUs per year by 2020 (as against some 200,000 TEUs in 2008).    Development Banks led by Agence Francaise de Developpement were expected to provide a US$70 million loan in 2009.  As of December 2008, the container terminal of Pointe-Noire port had a capacity of 200 thousands TEU.  In December 2009, the European Investment Bank agreed to provide a US$42 million loan.  In 2010-2011, Bollore Africa Logistics handled 355,000 TEU in Pointe-Noire.
In January 2000, Govt. of India (GoI) issued detailed guidelines for private sector participation in transmission. The Guidelines envisage two routes for inviting private sector participation. One route is through a Joint Venture of PGCIL and private investor, wherein the Central Transmission Utility (CTU)/State Transmission Utility (STU) shall own at least 26% equity and the balance shall be contributed by the Joint Venture Partner (JVP). The other route called IPTC (Independent Power Transmission Corporation) is to facilitate private investors including investors coming through FDI to invest 100% by themselves.   Power Grid Corporation of India Limited (PGCIL), the CTU in India and Jaiprakash Hydro-Power Limited (JHPL) formed a JV called Jaypee Powergrid Limited (JPL) in March 2006 to construct, maintain and operate the 248 km transmission system associated with evacuation of power from the 1000 MW Karcham Wangtoo Hydro Electric Project. The transmission line included a 400kV inter-state line connecting the Karcham Wangtoo hydro project to a 400/200kV substation at Abdullapur in the district of Yamuna Nagar. The line was to supply power to Himachal Pradesh, Haryana, Punjab, Uttar Pradesh and Rajasthan.  JPL signed a contract with Jaiprakash Karcham Hyrdo Corporation Limited – JKHCL, which was implementing the 1000 MW hydro power plant. JHPL holds 74% equity in the JV while PGCIL holds 26% equity. JHPL will hold 51% equity in JPL, while Jaipraksh group will hold 23% and PGCIL the remaining 26%. The project was to generate revenues through transmission charges from JKHCL, based on the federal regulator’s norms for transmission projects. Once operational, transmission projects generate stable cash flows with fewer operational risks, as the projects are generally a single source for the evacuation of power and benefit from reasonable and transparent tariff policies.  Project cost was estimated to be $234 million (Rs10bn). Financial close was achieved on 31 Mar 2008. Financing comprised a Rs7bn 16-year term loan and Rs3bn equity. ICICI was the sole mandated lead arranger. Syndication signing took place on 17 Jun 2008.   The project is estimated to be completed by FYE11. Commissioning is slated for 2011.
ECO Power, from Sri Lanka, was planning the development of the 6.5MW Mini Hydropower Plant, Ishasha River in Kyeijura Kanyantorogo. The project company was Eco Power Uganda Ltd.  The power was to be exported to Kanungu, Rukungiri, Kabale and the surrounding rural areas including the eastern DRC. The company held a memorandum of understanding with the government to operate the station for 30 years, selling the output to the national grid. The project became operational in November 2011. Construction began in June 2008.  Financial closure date is unavailable, but construction started in June 2008 - reported here as Financial Closure date. Total cost was estimated at $7 million. Funding was provided by Sri Lankan financial institutions: National Development Bank of Sri-Lanka, Hatton National Bank, and Commercial Bank of Sri-Lanka.
In June 2008, CAB Ambiental signed a 30 year contract with municipal government of Guaratingueta in the state of Sao Paulo to upgrade and operate their sewerage system. Specifically, the project aimed to upgrade sewerage collection levels to 100% by 2020 and sewerage treatment levels to 100% by 2024. In 2008, Guaratingueta, a municipality of 116,000, had sewerage collection levels of 85% and sewerage treatment levels of 29%. Cab Ambiental formed CAB Guaratingueta as a special purpose vehicle for the project.  The contract was awarded to Cab Ambiental in March 2008 by the municipal government of Guaratingueta. Further bidding information was not available.  CAB Guaratingueta was to invest 65 million reais (US $39.6 million) to construct new sewage treatment plants, new secondary and main pipeline networkds, new sewage pumping systems, and to replace damaged networks.  In January 2012, a US$ 9.8 million (BRL 19.2 million) loan was granted to CAB Piquete by the state-owned bank BNDES to finance the company's investment.
In 2008, Belgaum Wind Farms Private (BWFPL), a subsidiary of UK based Indian Energy Limited (IEL), undertook the development of 24.8 Megawatt (MW) wind power plant at Gadag district in Karnataka. The project would feed 56 million kwh of electricity to the Karnataka state grid.  In India, the regulatory commission of respective states has separate policies for procurement of power generated from renewable sources. Under these regulations, the project proponent enters into long-term power purchase agreements (PPAs) with electricity distribution companies for the power produced by them. In India, the regulatory commission of respective states has issued Renewable Purchase Specification (RPS) under which all the State Electricity Boards (SEBs) and/or Distribution Companies (Discoms) have to purchase a minimum quantum of power from renewable sources like wind, biomass, co-generation etc., this minimum percentage varies from state to state and is in the range of 3 to 5 per cent for northern states and 4 to 7 per cent in western states.   BWFPL, the special purpose vehicle was formed in March 2007 to execute the project. IEL holds 100% equity in the SPV The wind farm will be spread over nine villages (Kurtkoti, Harti, Kanavi etc.) in the district of Gadag. The projects will comprise of 31 turbines of 0.8 mw each. Enercon India is EPC contractor for the project.    The total cost of the generation project was estimated at US$ 33.49 million. The project reached financial closure in September 2008 with a debt equity ratio of 1.7:1.  Debt was a single 12.5-year term loan lead arranged by State Bank of India.   Construction works began in 2008 and the project was expected to be commissioned 2011.
Gujarat Paguthan Energy Corporation (GPEC) established CLP Wind Farms (India) Private Limited (CLPWPL), a SPV, to implement 183.2 MW of wind power projects at Samana in Gujarat and Saundatti in Karnataka.  The Samana Wind Power Project was a 100.8 MW (two phases of 50.4MW each) wind power project located at Samana Taluka, Jamnagar district, Gujarat, about 7 km from Rajkot. The Samana Wind Power Project involved the construction and operation of 100.8 MW of wind power generation facilities. The Project was physically a part of a larger wind energy farm being developed by Enercon (India) Limited (EIL) for GPEC and other interested power producers. Upon completion, the Samana wind farm as a whole would have 450 wind turbine generators (WTGs) with a combined power generation capacity of 360 MW (0.8 MW per WTG). Of the 450 WTGs, 126 WTGs would be owned by GPEC as a part of the Project while the remaining 324 WTGs would be owned by other power producers. Power from each WTG would be transmitted at 33kV to a power collection system at the Sadodar substation located inside the wind farm. The substation would be owned and operated by EIL and was proposed to have four 100 million volt-amp (MVA) transformers to step up the power from 33 kV to 220kV.  The Saundatti Wind Power Project was a 82.4 MW wind power project located at Saundatti Taluka, Belgaum district, Karnataka state, and was about 85 km from Belgaum and about 80 km from Hubli.The Saundatti Wind Power Project involved the construction and operation of 82.4 MW of wind power generation facilities (103 units of 0.8 MW each). Approval from Gov of Karnataka to implement the project was granted on Aug 28, 2008 (later renewed on April 2009). This project was also being developed by EIL exclusively for GPEC. Power generated at the wind farm would be pooled through a power collection system and fed into the Karnataka Power Transmission Corporation Limited (KPTCL) substation located near Saundatti town on the southern ridge of the wind farm. The substation currently had 2 X 20 MVA transformers to step up power from 33 kV to 110 kV.  EIL had received the requisite permissions from Gujarat Energy Development Agency (GEDA) and government of Karnataka for developing wind energy farms in Samana and Saundatti. Subsequently it approached GPEC with proposals to transfer the two projects to GPEC and develop them on a turnkey basis covering all aspects of development and commissioning. GPEC executed separate facilitation agreements with Enercon India Limited for turnkey implementation of the Samana project and Saundatti Project in July 2007 and November 2007, respectively. Under these agreements, EIL would transfer the projects to GPEC and would be responsible for (i) design, development,construction, and commissioning; (ii)land procurement/acquisition; and (iii) all regulatory and statutory approvals. The contracts were fixed price turnkey contracts with suitable provisions for recovery of liquidated damages for delays in implementation.The O&M contracts stipulate a fixed price payable to EIL per WTG (increasing over the years) for an initial period of 10 years. The contract comes with an availability guarantee (97% for the high-wind season and 95% for the low-wind season) and performance guarantees.  GPEC would sell its output from the Samana Project to GUVNL under a 20-year PPA in line with the new renewable energy policy in effect in the state. The PPA will be executed prior to commissioning of the Project. The tariff had been fixed at INR3.37 per kWh for the entire tenor of the PPA. Twenty-five percent of gross Clean Development Mechanism (CDM) revenues through the sale of certified emission reductions (CERs) would be shared with GUVNL. GPEC had already initiated the CDM registration process for this Project. The model PPA is a “take-and-pay” contract, which granted a “must-run” status to the Project. It provides for complete offtake with explicit clauses providing for shutdowns only in emergency situations. The Samana Project was assured of offtake by GUVNL, both as per the terms of the PPA as well as renewable purchase obligation (RPO) imposed by Gujarat Electricity Regulatory Commission (GERC) stipulating a minimum (RPO) on utilities (currently 1% of total purchase, to be increased to 2% from 2010 - translating into additional renewable generation capacity requirement of up to 780 MW).  Output from the Saundatti Project would be sold under a 20-year PPA to be executed with one of the electricity distribution companies in the state. As per terms of the facilitation agreement, EIL was responsible for facilitating the execution of a PPA in the following order of preference: Bangalore Electricity Supply Company (BESCOM), Mangalore Electricity Supply Company (MESCOM), Hubli Electricity Supply Company (HESCOM), Chamundeswari Electricity Supply Company (CHESCOM), and Gulbarga Electricity Supply Company (GESCOM). PPA for Saundatti between GPEC and BESCOM was signed on Aug 13, 2008.The model PPA had tariff fixed at INR3.40 for the first 10 years. Tariffs beyond the first 10 years would be determined by the regulator. The PPA did not provide for any CDM revenue-sharing arrangement with the offtaker and qualified as a base load generating station that is not subject to merit order dispatch. The KERC had determined the minimum RPO for state distribution companies at 10%, out of which about 7% could be met through wind generation (translating into additional potential wind capacity in the state of about 800 MW until 2012).   The total project cost was US$237 million. Financial closure took place in May 2008 (based on ADB Loan sanction which constitutes the major portion of funding). The debt equity ratio for the project was 80/20. Financing comprised a loan of US$ 189.6 million and a equity of US$ 47.4 million. The main lender for the project was ADB (US$ 105million). The ADB loan had a maturity of up to 13 years from the date of first disbursement, with an availability period of 15 months and semiannual repayments starting 3 months from scheduled project completion. There would be no government guarantee on the ADB loan.The breakup of loan for the two phases were:  Samana Phase-I - Local commercial banks -$2.6million ADB - $45million IFC - $20 million  Samana Phase-II and Saundatti Local commercial banks -$41.8million ADB - $60 million IFC - $20 million  Phase-1 of the Samana project (50.4 MW) was fully commissioned in Feb’09. Phase-II (50.4 MW) of the project, was under construction and was expected to be fully commissioned by December’09. Saundatti project was under construction and was expected to be fully commissioned in the first quarter of 2010.
A local private company Chongqing Kangda was granted a concession agreement in July 2008 to rehabilitate and operate a wastewater treatment plant with a total capacity of 50,000 cubic meters per day in Guangrao County, Shandong Province. The project was procured via direct negotiation. Chongqing Kangda would operate the facilities for 26 years before transferring them back to the local government. The total investment in government asset was RMB 20 million (US$ 2.85 million) and the investment in facilty was RMB 59.39 million (US$ 8.5 million). Chongqing Kangda owns 100% of the project.
In 2007, CLP Group was granted an agreement to build and operate a hydro power plant in Jiulong County, Sichuan Province. CLP has a 65% stake in the project while Sichuan Basic Power Company Limited the remaining 35%. The projecy company was to operate hydro power plant for 44 years. The capacity of the power plant is 330MW (three 110 MW unites). The total investment is RMB 2150 million (US$ 307.58 million). Construction also commenced in January 2008 and commercial operations were planned to begin in 2010.
On January 30 2008, a Mexican consortium comprised of Grupo Hermes and La Peninsular Compania Constructora SA de CV signed a 30-year contract with the Secreteria de Comunicaciones y Transporte (SCT) to build, operate and maintain the Libramiento de Irapuato in the state of Guanajuato. The bypass was to connect the federal highways Irapuato-Guanajuato and Irapuato-Leon and be 29.2 kilometers long, 12 meters wide with two lanes and shoulders of 2.5 meters on each side.  The contract was awarded on December 13, 2007 and was tendered under the rules of Mexico’s New Highway Concession Model (Nueva Esquema de Concesiones). The New Highway Concession Model stipulated that the bidding criteria in a given tender was the lowest net present value of subsidies in the form of fixed or variable payments, or in the case of projects not requiring subsidies, the highest payment to the government. A revenue guarantee was given for all projects tendered under the rules of the model. A call for tenders was launched on March 6, 2006.  Six consortia submitted final bids:  •	Consorcio integrado por: Grupo Hermes, SA de CV and La Peninsular Comapnia Constructora, SA de CV •	Consorcio integrado por: Promotora del Derrallo de America Latina, SA de CV and Promotora Inbursa, SA de CV •	Libramiento y Acceeso de Irapuato, SA de CV •	Controladora de Operaciones de Infraestructura, SA de CV and Constructoras ICA, SA de CV •	Concesionaria de Bajio, SA de CV  The consortium led by Grupo Hermes -La Peninsular won the tender with an offer of 261 million Mexican pesos (US $23.5 million) as a payment to SCT as well as total financial responsibility for the construction costs of the project. The winning consortium formed Infraestructura Concesionada de Irapuato SA de CV as the project company with an ownership of structure of:  Grupo Hermes, SA de CV [Mexico, 50%] and Peninsular Compania Constructora, SA de CV [Mexico, 50%].  The project cost was estimated at US $133.84 million. The project reached financial closure in July 2008 through a US $107.02 million bilateral loan by HSBC. The project had a debt to equity ratio of 80:20 (US $107.02 million debt and US $26.82 million equity).  The project became operational in March 2011 after being inaugurated by President Felipe Calderon
In February 2008, the Brazilian federal government signed a 25-year concession contract with Obrascon Huarte Lain (OHL) [Spain] to operate and rehabilitate the Fluminense Highway. The Fluminense Highway consisted of 320 km of federal highway BR 101 near Rio de Janeiro. OHL formed Autopista Fluminense as the project company. It owned 60% of the equity through its subsidiary OHL Brasil. The remaining 40% was owned by private individuals.  The project was awarded to OHL in October 2007 along with four other concession contracts in an international competitive tender in which the bidding criteria was the lowest tariff. OHL was awarded the bid after submitting the low bid of: 2.258 Brazilian reals per toll plaza. A total of 13 bidders competed in the auction.   The total project cost was estimated at US $904 million over the life of the project. After taking possession of all five highways in February 2008, OHL began building toll plazas in July 2008 to recover its cost. By December 2008, more than half of the toll plazas had been built.    In July 2008, OHL Brasil closed its R$670 (US$420.3m) financing for its five toll road concessions won in October 2007, with Santander as the lead bank, followed by Banco do Brasil and Bradesco. The cost was to be CDI, or 12.6%, plus1.037%, with an 18-month term and a bullet. It was still seeking long term financing and had negotiated requested funding from BNDES, Brazil’s development bank, which agreed to fund approximately 70% of the project cost. The remaining 30% was to be funded from OHL’s equity. As of December 2008, long term financing had not been arranged.  As of Sep. 2009, the OHL group was experiencing difficulties and investments were delayed. The group alleged that traffic had been below the estimation and environmental hurdles had delayed the instalation of the toll booths. As a result, the group requested that the toll rates should be increased. In addition, due to the 2008 financial crisis, the concessionares in the toll road sector in Brazil have faced higher costs on external financing.  In December 2011, BNDES granted a US$ 478.4 million (BRL 780.8 million) loand to the project company.
On November 24, 2006, Brazil’s federal regulator ANEEL awarded Interconexion Electrica SA (ISA) a 30-year contract for the construction and operation of a transmission line connecting the substations the Neves 1 and Mesquita The 500kV line was to stretch 172km and pass through 14 municipalities in Minas Gerais state. ISA formed Interligacao Eletrica de Minas Gerais SA (IEMG) as the project company on December 13, 2006. Later, under a shareholders’ agreement entered with CYMI Holding S.A, ISA transferred to this company 40% of its participation, and the remaining 60%, to CTEEP, ISA’s subsidiary. The objective of the project was to increase the energy efficiency in Minas Gerais state.  The contract was awarded to ISA in an international competitive tender organized by ANEEL that was officially titled Auction 005/2006, lot D in November 2006 . ISA won the tender by offering the lowest annual revenue of 10.8 million reais which was 40% below the asking price. The number of final bids for the auction was not publically available although over 28 companies participated in the auction for lots A-D.   The project had a total cost estimated at US $66.1 million (121 million real). The project reached financial closure in late September 2008 when BNDES granted IEMG a 70.5mn-real (US $38.5 million) credit line. The debt to equity ratio was 58 to 42. The project started commercial operation in December 2008.
The Government of Maharashtra awarded the development of all weather deep water greenfield port in Maharashtra to a consortium formed by Gammon Infrastructure Projects Limited and Spanish port operator Dragados Spl. SA. Under the agreement that was signed between the consortium and Government of Maharashtra, the consortium had the exclusive right to design, finance, build, manage and operate the Indira Container Terminal for 30 years from the date of commercial operations.   The PPP project involved the development of Ballard Pier Station (BPS) container terminal in Mumbai Port. This would have a throughput capacity of more than 150,000 TEUs and an Offshore Container berth with capacity to handle vessels of 6,000 TEUs under a 30-year BOT concession basis in Mumbai Port, India.  The Mumbai Port Trust awarded the concession to the consortium formed by Gammon Group, India and Dragados, Spain. These two companies have formed a 50/50 Joint Venture to set up a Special Purpose Vehicle (SPV), Indira Container Terminal Private Limited, to implement the project. The consortium won the tender through competitive bidding, by quoting the highest revenue share to government.  The project reached financial closure in November 2008 with debt equity ratio of 80:20.The total capital cost of the project at financial closure was estimated at US$ 238 million. State Bank of India is the lead arranger for a 17 year US$ 190 million loan in consortium with four state owned banks: Canara Bank, Punjab National Bank, UCO Bank, and India Infrastructure Finance Co. Ltd (IIFCL). The equity component of the project will be around US$ 48 million.   Construction was expected to start in November 2008 and commissioning was expected by 2011.
Anhui Guozhen Environmental Protection Science & Technology Co. Ltd. signed an agreement in March 2008 to construct a wastewater treatment plant with a capacity of 20,000 cubic meters per day in Dongchuan District, Kunming City, Yunnan Province. The project was procured via direct negotiation. Anhui Guozhen would establish a project company, Anhui Guozhen Environmental Protection Science & Technology Co. Ltd., to operate the facility for 30 years before transferring it back to the local government. The total investment was RMB 30 million (US$ 4.29 million), and Anhui Guozhen owns 100% of the project.
In late 2007, the Department of Izabal awarded Aguas de Izabal SA a 25-year concession to build, rehabilitate and operate the water and sewerage utility in the municipalities of Santo Tomas de Castilla and Puerto Barrios. At that time, the utility had approximately 6,300 connections and 50% losses in at least 3,000 of those connections. Aguas de Izabal SA was a subsidiary of Grupo SEINCO [Uruguay, 100%].   Further information on tendering was not available at the time, but it is certain that Aguas de Izabal SA was operating the concession by 2008.  The total investment commitments were estimated at US $6.7 million. In August 2008, the Banco Centroamericano de Integracion Economica (BCIE) loaned US $4.2 million to Aguas de Izabal SA to upgrade the system. The remaining US $2.5 million was to be funded directly by Aguas de Izabal SA.
In February 2008, the Brazilian federal government signed a 25-year concession contract with Obrascon Huarte Lain (OHL) [Spain] to operate and rehabilitate the Fernao Dias  Highway. The Fernao Dias  Highway consisted of 562 km of federal highway BR 381 from Belo Horizonte to Sao Paolo cities. OHL formed Autopista Fernao Dias as the project company. It owned 60% of the equity through its subsidiary OHL Brasil. The remaining 40% was owned by private individuals.  The project was awarded to OHL in October 2007 along with four other concession contracts in an international competitive tender in which the bidding criteria was the lowest tariff. OHL was awarded the bid after submitting the low bid of: .997 Brazilian reals per toll booth. There were 8 toll booths in the 562km concession area. A total of 15 bidders competed in the auction for Autopista Fernao Dias.   The total project cost was estimated at US $1.2 billion over the life of the project. After taking possession of all five highways in February 2008, OHL began building toll plazas in July 2008 to recover its cost. By December 2008, more than half of the toll plazas had been built.    In July 2008, OHL Brasil closed its R$670 (US$420.3m) financing for its five toll road concessions won in October 2007, with Santander as the lead bank, followed byBanco do Brasil and Bradesco. The cost was to be CDI, or 12.6%, plus1.037%, with an 18-month term and a bullet. It was still seeking long term financing and had negotiated requested funding from BNDES, Brazil’s development bank, which agreed to fund approximately 70% of the project cost. The remaining 30% was to be funded from OHL’s equity. As of December 2008, long term financing had not been arranged.    As of Sep. 2009, the OHL group was experiencing difficulties and investments were delayed. The group alleged that traffic had been below the estimation and environmental hurdles had delayed the instalation of the toll booths. As a result, the group requested that the toll rates should be increased. In addition, due to the 2008 financial crisis, the concessionares in the toll road sector in Brazil have faced higher costs on external financing.  In July 2011, BNDES granted a US$ 432.4 million (BRL 705.7 million) loand to the project company.
On May 29, 2008, Homaq SA signed a 30-year concession contract with Occovi, the Argentine national road concession authority, for the construction, maintenance and operation of the Lujan-Carlos Casares Highway, a 240km stretch connecting the districts Luján and Carlos Casares, along the Ruta 5 highway. The concessionaire was responsible for maintenance of a 30km stretch from Lujan to Mercedes, the construction of a 110km highway connecting Mercedes and Bragado districts, and the pavement of 100km between Bragado and Carlos Casares.   The project was awarded to Homaq SA [Argentina, 100%] by Occovi on October 9, 2007 through a competitive tender. Corporacion America-Helport [Argentina, 100%] and Supercemento SA [Argentina, 100%] also submitted final bids, but Supercemento SA was disqualified for failing to meet the bidding criteria. The government selected Homaq SA as the preferred bidder as its tariff of $ 3.9439 per toll plaza was lower than Coroporacion America-Helport’s bid of $3.9550. The project was awarded under Argentina’s tender rules of a private initiative which gave the initiator of the project an advantage in competitive bidding.   The total project cost was initially estimated at 1.10 billion Argentine pesos, but was later revised by HOMAQ SA to 1.03 billion Argentine pesos (US $331 million). The project was to have an internal rate of return (IRR) of 12%. According to Argentine law published in 2003, a project’s IRR was not to exceed 15%.   The Lujan-Carlos Casares Highway was to be taken over by the concessionaire 15 days after publication of the award, and tolls were to be collected where feasible. The majority of construction was to be completed within the first three years, although works were specified for the first fifteen years of the concession.
In January 2008, China Wind Power Group Ltd. was granted an agreement to build and operate a wind power plant in Qujiagou, Fuxin City, Liaoning Province. China Wind Power owns 49% of the project and will operate it for 30 years. The capacity of the plant is 49.5MW. The total investment is RMB 476 million (US$ 68.10 million). Construction commenced in June 2008 and was expected to finish in one year.
China Water Company Limited (Cascal) signed an agreement in May 2008 to rehabilitate and operate a potable water treatment plant with a capacity of 235,000 cubic meters per day in Yancheng City, Jiangsu Province. The project was procured via competitive bidding. China Water Company Limited (Cascal) established a project company, Yancheng City Huijin Water Affairs Co. Ltd. to operate the facility for 30 years before transferring it back to the local government. The total investment was RMB 200 million (US$ 28.61 million) and China Water Company Limited (Cascal)  owns 49% of the project.
Beijing Sound Environment Industry Group signed an agreement in December 2008 with Tianmen Municipal Government to construct a wastewater treatment plant with a capacity of 150,000 cubic meters per day as well as 47.65 km pipeline in Tianmen City, Hubei Province. The project was procured via competitive bidding. Beijing Sound will operate the facility for 30 years before transferring it back to the local government. The total investment was RMB 177 million (US$ 25.32 million), and Beijing Sound owns 100% of the project.
Doreen Power Generation & Systems Limited, a project company owned by Asian-Entech Power Corporation, developed three small independent power producers (IPPs) with a combined capacity of 66 MW.  The small IPPs were a 22 MW plant Feni, a 22 MW plant at Tangail and a 22 MW plant at Narsingdi.  The greenfield plants were established on a build, own and operate (BOO) basis.  The three plants were awarded to Asian-Entech by the Cabinet Committee on Public Purchase, as part of a tender in which ten small IPPs were offered.   Power Cell, the implementing agency, announced a tender for 10 small IPPs in April 2007.  37 companies submitted bids by the deadline of June 4, 2007.  Doreen Power Generation & Systems was deemed to have offered the lowest tariff for three of the ten IPPs - Feni, Tangail and Narsingdi.  Accordingly, in July 2007, the Cabinet Committee on Public Purchase awarded the contracts for these three IPPs to Doreen Power Generation & Systems Limited, a wholly owned subsidiary of Asian-Entech Power Corporation.  In October 2007, the Implementation Agreement, Land Lease Agreement, Power Purchase Agreement (PPA) and Gas Sales Agreement were signed. Under the PPA, the Rural Electrification Board and the Bangladesh Power Development Board were to buy all the electricity produced by the plants for a 15-year period commencing from the date of the plants' commissioning.  The project reached financial closure in July 2008, with a total project cost of BDT3.45 billion (US$50.4 million).  The project was financed with a debt-equity ratio of 70:30.  The sponsor provided equity of BDT1.03 billion (US$15.12 million).  Of the BDT2.42 billion (US$35.28 million) in debt,  BDT1.93 billion (US$28.1 million) was provided by the National Credit and Commerce (NCC) Bank through the Investment Promotion and Financing Facility (IPFF), a special facility that is funded by The World Bank (IDA) and administered by the central bank of Bangladesh, Bangladesh Bank.  The remaining debt of BDT0.49 billion (US$7.1 million) was provided directly by NCC Bank.
In June 2008, China Water Company Limited (Cascal) successfully acquired a 51% stake in an equity joint venture (Zhumadian Huijin Water Affairs Co. Ltd.) in Zhumadian City, Henan Province, China with a capacity of 120,000 cubic meters per day. China Water Company Limited (Cascal) paid RMB 127.5 million (US$ 18.24 million) in the acquisition of the assets and the new company would spend RMB 300 million (US$ 42.92 million) in building a new water treatment plant with a capacity of 100,000 cubic meters per day together with pipelines.
Sino-Dutch a JV of RAMPHASTOS/Boekhoorn (Netherlands), Rabobank (Netherlands) and GreenTech Engineering Co., Ltd. was granted an agreement in March 2008 to construct a wastewater treatment plant with a total capacity of 50,000 cubic meters per day in Yuanping City, Shanxi Province. The project was procured via competitive bidding. Sino-Dutch established a project company, Yuanping Sino-Dutch Water Affairs Co., Ltd., to operate the facilities for 30 years before transferring them back to the local government. The total investment was RMB 120 million (US$ 17.17 million) and Sino-Dutch owns 100% of the project.
In October 2006,  Energetica Aguas da Pedra, which was formed by state-owned Eletronorte(24.5%), Neoenergia (51%), and state-owned Chesf (24.5%), was awarded in a competitive bidding process organized by the federal regulatory agency Aneel the 35-year contract to build and operate a  261 MW hydro power plant located in the Aripuana River, state of Mato Grosso. Besides Energetica Aguas da Pedra, only one company took part in the bidding contest: the Brazilian Fuad Rassi.  The bidding criteria set by the federal regulatory agency ANEEL was the highest amount to be paid for the right to undertake the project. The winning bid was for US$ 0.540 million (BRL 0.988 million) to be paid in yearly installments for the duration of the contract, starting from the year in which operations commence (using a 10% discount rate, the present value of these contributions was estimated at US$ 122.5 million). The contract was signed in June 2007, and Energetica Aguas da Pedra was set to lead the project during the 35-year contract period.  The sponsor committed to invest US$ 407.1 million (BRL 745 million) in the power plant. Financial closure was achieved in October 2008, when the sponsor was granted a US$ 265 million (BRL 485 million) loan from BNDES. The remaining cost was financed with the sponsors’ internal resources.  The construction works were undertaken by the Brazilian company Odebrecht.  Construction works started in August 2007, and operations commenced in August 2011.
Grupo Tradebe and Easen-China signed an agreement in January 2008 to construct a  wastewater treatment plant with a capacity of 10,000 cubic meters per day in Nanjing County, Fujian Province. The project was procured via competitive bidding. They would operate the facility for 30 years before transferring it back to the local government. The total investment was RMB 13 million (US$ 1.86 million) and the two companies jointly own 100% of the project.
South Asia Energy Management Systems, from California (USA) - and registered in the Netherlands as SAEMS Capital B.V., was developing the 2.5MW Kalupahana Oya small hydropower plant, in Haldamulla City, Badulla District, Uva Province. The project used two Francis Turbines horizontal shaft, and was expected to generate 9.1GWh annually. The project company was Hynford Water Power Ltd. The project fed of the Kalu Pahana Oya River.  Output was to be supplied to the national grid (Ceylon Electricity Board). Expected project life was 22 years. Expected tariff was Rs 6.93/kWh. The PPA was signed in June 2008. The EPC contract signed in July 2008. Construction started in July 2008. The project commissioned in October 2011.  Total cost was expected to be US$3.8 million. The investment decision was made in October 2006. Financial closure was reported at September 2008 (CDM documentation). The debt/equity ratio was expected to be 65/35. IRR was 13.18 without CDM and 16.11 with CDM (expected).  The coordinates of the project are: Latitude 6° 43’51.93” N / Longitude 80° 51’10.35” E
The Brazilian company Total Agroindustria Canavieira S.A. was granted an authorization to build a 40-MW thermal power plant located in the state of Minas Gerais (municipality of Bambui). The cogeneration power plant was set to use sugar cane residues as fuel. Besides the cogeneration unit, the industrial complex owned by the company also had a sugar-cane pressing facility and ethanol producing plant, which commenced operations in 2006.  In July 2008, Total Agroindustria Canavieira S.A. signed a 30-year contract with the regulatory agency ANEEL allowing the company to operate in the electricity market as a independent producer. This authorization granted the sponsor with the right to sell electricity in the Brazilian wholesale market. Of the 48 MW in total capacity, 38.5 MW was to be sold in the wholesale market (half of this share had already been sold to the grid through competitive bidding).  In December 2009, the ownership structure of the company changed and all shares were transferred to Turdus Participacoes S.A. In March 2010, Turdus sold 40% of its shares in the project company to the state-owned company Petrobras (the sale of the shares was done through a capital increase of BRL 150 million).  In September 2008, the company was granted a US$ 58.3 million (BRL 106.7 million) syndicated loan contract from BNDES, a state-owned development bank. The resources from the loan was directed both to the construction of the ethanol producing unit and to the cogeneration facility, which comprised a total investment of US$ 109.3 million (BRL 200 million). Investment commitment solely to the cogeneration plant was not available.   Construction works on this plant were concluded in 2008.
In December 2007, the Philippine company ICTSI was awarded the 30-year contract to build and operate a container terminal at the Aguadulce Port, Buenaventura. The first phase in the development of the terminal targeted a capacity of 600,000 TEUs.  The sponsor created the special purpose company Sociedad Puerto Industrial de Aguadulce SA (SPIA) to lead the project (ICTSI held 91.28% of the shares of SPIA). The investment in the first phase was estimated at US$ 103.7 million, of a total commitment of US$ 586 million.   In 2013, PSA acquired a 45.64% stake in the project.   Construction works commenced in 2008, but progressed slowly. As of October 2015, the construction works were in its final stages and operations were set to commence in 2016.
The construction of the 6 lane Jinan Jianbang Yellow River Road Bridge connecting Sangzidian Town and Xinxu Village across the Yellow River commenced in May 2008 in Jinan City, Shandong Province and was scheduled to complish in 2010. The developer was a local private company, Shandong Jianbang Group. The agreement was granted through direct negotiation. Jianbang Group owns 100% of the project and will operate the 5278 meter long bridge for 25 years. The total investment was RMB 938 million (US$ 134.19 million).
In September 2006, Econergy International Plc. [USA] entered into an agreement with HydroPartners, LLC to invest in Hidreletrica Areia Branca, a 19 MW Hydroelectric facility in Minas Gerais.  The license to built and operate the power plant was initially granted to HP1 do Brasil Ltda in May 2000, with a 30-year duration (subject to extension pending negotiations between the parties). In 2006, the license was transferred to Hidreletrica Areia Branca S.A., a partnership of Econergy International Plc. [USA] and HydroPartners, LLC. In December 2008, when the project company was a wholly-owned subsidary of Ecoenergy, Suez GDF, a subsidiary of Suez [France] acquired Econergy International Plc and all its subsidiaries.   The project benefitted from its participation in Proinfa. Proinfa was a program designed to stimulate alternative energy projects. Under the program, the federal power utility Eletrobras contracted for a 20-year period the electricity production of alternative projects to provide sustainable development of the sector.  The total project cost was estimated to be US $48 million. In January 2008, Econergy's subsidiary, Hidreletrica Areia Branca, signed a construction and non recourse long-term take-out loan agreement for the project with Brazil's Banco Nacional de Desenvolvimento Economico e Social (BNDES) for R$55.6 MM (US $31.8 million) or 66.4% of total project cost.  The loan had A term of 14 years, post an initial grace period on payment of interest and principal during construction and 6 months after commercial operation and an interest rate of TJLP (Taxa de Juros de Longo Prazo, the long-term interest rate in Brazil) plus 2.5%, an overall interest rate of 8.75%.  Econergy International was to provide an unsecured guarantee for the full amount of the loan during the construction period.  After commercial operation Econergy was to provide annual payment support until stated debts ervice coverage ratios were met at which time the loan will become fully non-recourse to the Company for the remainder of its term.  In March 2010, the power plant began to operate.
Beijing Sound Environment Industry Group signed an agreement in May 2008 with Daye Municipal Government to construct a wastewater treatment plant with a capacity of 35,000 cubic meters per day in Daye City, Hubei Province. The project was procured via competitive bidding. Beijing Sound established a project company Daye Qingbo Water Affairs Co. Ltd. to operate the facility for 30 years before transferring it back to the local government. The total investment was RMB 48.325 million (US$ 6.91 million), and Beijing Sound owns 80% of the project.
VS Hydro developed the 1.65MW Blackwater small hydropower plant, in Southern Sri Lanka. The project company is Blackwater Power (Pvt) Ltd. The operator was VS Hydro. The project consisted of 2 0.7MW Francis turbines.   The EPC contract was awarded to VS Hydro and REProS. The project was commissioned in June 2008.   Total project cost was ESTIMATED at US$1.65 million, conservatively estimated based on US$1 million/MW. Financial closure date was unknown, but ESTIMATED at June 2008, commissioning date.
Beijing Sound Environment Industry Group signed an agreement in May 2008 with Zhijiang Municipal Government to construct a wastewater treatment plant with a capacity of 35,000 cubic meters per day in Zhijiang City, Hubei Province. The project was procured via competitive bidding. Beijing Sound established a project company Zhijiang Zhiqing Water Affairs Co. Ltd. to operate the facility for 25 years before transferring it back to the local government. The total investment was RMB 54 million (US$ 7.73 million), and Beijing Sound owns 80% of the project.
In December 2008, the alternative energy joint venture AES GEO Energy, 89% owned by energy major AES (US) and 11% owned by alternative energy group GeoPower OOD(Bulgaria), signed an agreement with the government for the construction of a 156-MW St. Nikolas wind farm near the town of Kavarna, in the north-east of Bulgaria close to the villages of Bulgarevo, Sveti Nikola, Hadji Dimitar, Rakvovski and Porouchik Chounchevo, on an elevated plain approximately 3km from the Black Sea.  The agreement was signed following the announcement that AES GEO Energy, on December 16, 2008, signed financing agreements for US$270 million in non-recourse financing for the project which would cost a total of US$370 million.   The St. Nikolas wind farm, which would comprise 52, 3-MW turbines supplied by Denmark's Vestas, would be Bulgaria's largest wind park when fully commissioned in 2010. AES GEO Energy, which would own and operate the wind park, signed a 12-year power purchase agreement with the national power company NEK, in October 2008. AES acquired in October 2006 an equity stake in the wind power project, at the time under development by Geo Power, and set up the joint company AES Geo Energy to complete and operate the project. The partners agreed that after financial close, AES would take a majority equity ownership stake in the project company.  The total project cost was estimated at US$370 million, of which US$270 million was financed through non-recourse financing. The non-recourse financing has been secured in a consortium of lenders, led by the European Bank for Reconstruction and Development (EBRD), International Finance Corporation (IFC) and UniCredit Markets & Investment Banking for a 15 year term. AES had funded US$94 million for the equity as of September 2008 and covered the balance of the US$5.5 million project funding at the financial close.
Beijing Sound Environment Industry Group signed an agreement in December 2008 to construct a wastewater treatment plant with a capacity of 15,000 cubic meters per day in Jinbian County, Shannxi Province. The project was procured via competitive bidding. Beijing Sound established a project company Zhijiang Zhiqing Water Affairs Co. Ltd. to operate the facility for 25 years before transferring it back to the local government. The total investment was RMB 39 million (US$ 5.58 million), and Beijing Sound owns 100% of the project.
A local private company Haerbin Wanxinglong Co. signed an agreement with Shuangyashan Municipal Government in May 2008 to construct a wastewater treatment plant with a capacity of 50,000 cubic meters per day in Shuangyashan City, Heilongjiang Province. The project was procured via competitive bidding. Wanxinglong would operate the facility for 28 years before transferring it back to the local government. The total investment was RMB 147 million (US$ 21.03 million), and Wanxinglong owns 100% of the project.
Alternate Power Systems (Pvt.) Ltd., subsidiary of Vallibel Group developed the 6.5MW run-of-river hydropower plant, Adavikanda, Kuruwita. Expected annual output was 12.63-19.93GWh. The project consisted of 3 turbines of 2.4kW each.   The project was to sell its output to the national grid (Ceylon Electricity Board). The project signed construction contracts in January 2008, including penstock clearing, transportation and painting. Commercial operation commenced in October 2009. Turbine manufacturer was Gilbert Bilkes & Gordon, from the UK. The initial feasibility study was completed in April 2005, and bank approval for financing the projectw as received in May 2005, additional financing was approved in November 2007. Equipment supply confirmation letters were completed in February 2008. The expected load factor was 35%. Expected tariff was LKR7.92  expected to increase by 5.33% annually. Land lease costs were 0.11 million annually (US$60,000). The project was tax exempt for the first 5 years.     The project applied for UNFCCC CDM financing and was registered in August 2010. Financial closure date was unknown, but based on 25% of construction ESTIMATED at June 2008. Total project cost was estimated at LKR 895 million (US$6.95 million) (451 million in debt (US$3.5 million), 444 million in equity (US$3.45 million)). The interest rate on the loan was 16.82%, with a 6 year tenor.  Coordinates are: N 6o 49’ 56”, E 80o 25’ 27”.
In July 2006, DP World Callao S.A. signed a 30 year contract with the National Port Authority of Peru to build, construct, design, finance, maintain, and operate a new container terminal at the southernmost zone of the Port of Callao. The tender process and promotion of the investment was organized by ProInversion, the private sector development agency of Peru. The concession is a result of the “Plan Nacional de Desorollo Portuario”, a national plan to develop Peru’s ports implemented on March 10, 2005.   The contract was awarded in June 2006 through a competitive tender process that consisted of two stages. In the first stage, three qualified bidders presented tariffs. Since the bids were essentially equal, the state asked each consortium to provide an “Additional Complimentary Investment” that would benefit all users of the Port of Callao such as better access to terminals and increasing the depth of the entire port. International Container Terminal Services, Inc (ICTSI) and Consorcio Dragados Ransa bid approximately US $100mn while Terminal Internacional de Contenedores del Callao (representing DP World Callao S.A.) won the tender by offering US $144mn. In 2006, DP World Callao S.A. was owned by DP World [United Arab Emirates, 70%] and Uniport S.A. [Peru ,30%].   The first phase of the project included the US $144mn “Additional Complimentary Investment” for the improvement of the entire Port of Callao. Works had an estimated completion date of 2010. The port was to start with an initial capacity of 830,000 TEU’s which would gradually increase to 1,250,000 TEU’s.   The contract listed the minimum construction requirements as follows: 1)	Demolition of Dock 9 2)	Demolition and preliminary terraforming 3)	Paving, installing and building  4)	Dredging 5)	Preparing the warehouse area 6)	Construction of the first berth of the dock 7)	Supplying equipment for the operation of the first berth 8)	Dredging the access canal to the Port of Callao 9)	Other works that the concessionaire deems necessary for the operation of the first berth.  The total project cost was estimated at US $439 million and reached financial closure in October 2008. The financing comprised US $300 million in debt and US $139m equity provided by DP World. The debt to equity raitio was 68:32. The US $300m term loan had a maturity of three years with possible extension to five years.  Standard Chartered, WestLB, SG, Bank of Nova Scotia, KfW, HSBC, DnB Nor, and BBVA were the mandated lead arrangers on the club deal.    In October 2010, the port became operational, approximately one year ahead of schedule.
The project involved implementation of solid waste management unit in Kanpur district. The scope of work includes door to door collection processing disposal.  A2Z Green Waste Management Limited is the project company. The 30-year  BOOT concession was awarded on 8 August 2008. Total project cost amounts to $21.99 million. Financing includes a $13.37 million construction grant.
In March 2007, the Mumbai Metropolitian Region Development Authority (MMRDA) signed a 35 year concession (including construction period of 5 years) with Mumbai Metro One Private Limited (MMOPL) for building the 11.4 km elevated metro line connecting the Versova - Andheri – Ghatkopar stretch of Phase-I of Mumbai Mass Transport System. The Phase-I includes construction of three metro lines. The other corridors in the first phase includes the 38-km Colaba-Mahim-Charkop route and the 14-km Bandra-Kurla-Mankhurd route. The facility will be transferred back to MMRDA at the end of the concession period.  Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance of the Metro line. The proposed MRTS project would provide connectivity between eastern and western suburbs of Mumbai. The proposed alignment would commence from Versova, a Western Suburb in Mumbai and run on an elevated structure along the main road connecting Versova and Andheri. The proposed rail system also crosses the arterial SV Road, connecting the Central Business District with the western suburbs, and Western Railway tracks on the north side of the existing Andheri suburban railway station. There would be 12 stations along the route, which would have double line elevated standard gauge tracks. The entire distance is likely to be covered in 21 minutes. Normally, a journey by road takes about an hour to an hour and a half during peak traffic. It was to be mostly elevated, except for a short stretch underground where it would cross the Western Express Highway.   The consortium of Reliance Infrastructure Limited of India, Mumbai Metropolitian Region Development Authority (MMRDA, a state government body responsible for the development of Mumbai Metropolitan Region), and Veolia Transport (transport services subsidiary of Veolia Environnement, a leading French company) established Mumbai Metro One Pvt Ltd (MMOPL), a Special Purpose Vehicle (SPV), to implement the project. Reliance Infrastructure has a 69% equity stake, MMRDA a 26% stake and Veolia a 5% stake in the project. The consortium was one of the final two bidders for the metro project, the other being IL&FS-Unity Construction consortium. L&T-Siemens was the third bidder but did not submit any financial bids. The consortium won the tender through international competitive bidding, conducted by MMRDA, by quoting the lowest subsidy requirement from the government of US$ 138.3 million (INR 6500 mn @ 47 INR/USD). Reliance had quoted construction costs for the project at INR 23560 mn and IL&FS at INR 34060 mn. Under the contract, MMOPL was to recover the capital costs and operating costs including returns through user fees during the term of concession. When completed, trains on this route will be able carry at least 60,000 passengers per hour. Fares (at 2003-2004 level to be revised @ 11% every fourth year) was fixed at INR 6 upto 3 Kms, INR 8 between 3 Kms.to 8 Kms., and INR 10 beyond 8 Kms. Fares shall be fixed by Government of Maharashtra, through a notification. MMOPL would also be permitted to have the right of advertisement along the project site, as well as in the rail cars, stations etc. It would also have the right to develop commercial space to provide passenger amenities at the stations.  The concession was signed in March 2007. The project attained financial closure on 3rd October 2008. The estimated capital cost of the project was US$ 501.3 million (INR 23560 mn @ 47 INR/USD) million. Financing comprises a US$ 183 million (INR 8600 mn @ 47 INR/USD) Rupee term loan, and US$ 71 million (INR 3340 mn @ 47 INR/USD) Foreign Currency loan, and US$ 109 million (INR 5120 mn @ 47 INR/USD) Equity. There was a capital grant or viability gap fund (VGF) from MMRDA of US$ 138.3 million (INR 6500 mn @ 47 INR/USD) for the balance fund requirement. Of the INR 6500 mn of VGF, some 20% is expected to be contributed by the central government and the rest by the state government. IDBI Bank was the sole lead arranger and the other members of the consortium were Indian Infrastructure Finance Company Ltd, UK (for foreign currency loan), Indian Bank, Canara Bank, Oriental Bank of Commerce, Karur Vysya Bank and Corporation Bank. Some key features of the transaction were:  a. The transaction was structured to have a debt equity ratio of 1:1 (treating the VGF as quasi-equity).   b. The tenor of the Rupee loan was for a period of 19 years with an initial moratorium of four years.   c. The transaction was structured to have a better leverage reckoning the cashflow build-up of the project. Some 85% of the principal repayment was to be made in the last 10 years of the repayment period. Furthermore, a put option is also available for lenders at the end of the 10th year after commercial operation date (COD).   d. The cost of borrowing for the rupee component, which constitutes about 75 per cent of the total debt, will be 12.25%, while the foreign currency loan will be at 3.5% above LIBOR (London Inter-Bank Offered Rate). The interest rate structure for the project is styled in such a manner that the lenders and borrowers would have the benefit of changing market conditions during operation period of the loan, with annual reset clause with IDBI BPLR as the benchmark.   e. The facility was arranged as a mix of rupee denominated and foreign currency denominated loans. There is, however, an option to refinance by alternative debt funding by way of ECBs, ECAs, domestic bonds and/or multilateral agencies, within 24 months of the signing of the loan documents with the lenders of INR Loan. This would be up to maximum extent of 50% of INR Loan.   f. MMOPL is permitted to prepay the equivalent amount of INR loan , without any prepayment premium.   g. With a view to meeting any unforeseen contingency, to the extent of 20% of the project cost, it was agreed upfront that the sponsors would bring in 10% of the project cost as stand-by equity and the lenders would provide 10% of the project cost as stand-by debt.   Construction on the project began in Feb 2008 and was expected to be completed by 2nd Quarter of 2011.
Almoiz Industries Ltd established the partially captive Almoiz Bagasse-fired Cogeneration Plant at its sugar mill in Paharpur, Dera Ismail Khan District, North West Frontier Province. Almoiz Industries Limited is selling electricity from the project to the local grid under a 10-year, 'take-or-pay' power purchase agreement (PPA) with Peshawar Electricity Supply Company (PESCO).     Pakistan's Alternative Energy Development Board (AEDB) issued a Letter of Intent (LoI) to Almoiz Industries Limited for a waste-to-power generation plant in September 2005. In Feb. 2008, Almoiz Industries Limited signed a 10-year PPA with Peshawar Electricity Supply Company (PESCO) to supply 15 MW of electricity from a new US$7.5 milllion, 27 MW  bagasse-fired cogeneration power plant on a take-or-pay basis (bagasse is a residue from sugar cane).  The outstanding 12 MW produced at the partially captive plant was to supply power to Almoiz's sugar mill plant. The cogeneration plant was composed of one 12 MW backpressure turbo generator made in 2005 and one 15 MW condensing extraction turbo generator made in 2006.    Plant commissioning date was fixed for Oct. 1, 2008. The plant was to operate during six months of the year, from November to April.
The Patikari Hydroelectric Project was a 2x8 MW run of the river project on Bakhli Khad a tributary of Beas River in district Mandi of Himachal Pradesh. The Project was to be implemented and operated by Patikari Power Private Limited ("PPPL") situated in the state of Himachal Pradesh, India. Asian Genco owned 50% of the equity of PPPL while the other owners were Avanti Group and Sainj Hydro. The Project is designed to generate 77.10 MU annually in a 90% dependable year. The project company signed a power purchase agreement with Himachal Pradesh State Electricity Board Limited.  The project was commissioned in February 2008. The project cost was less than INR100 million or US$2.3 million.
Sino-French acquired a stake of 15% in Chognqing Water Affairs Company in April 2008, which runs 32 potable water treatment plants and 35 wastewater treatment plants in Chongqing Municipality serving a population of 84 million. The project was procured via direct negotiation. The investment in government assets was RMB 1600 million (US$ 228.9 million).  In March 2010, for its second partial divestiture Chongqing Water Affairs Co., Ltd was floated in the Shanghai Stock Exchange. 500 million shares (5.7% of all) were sold in its initial public offering at 6.98 yuan each, the top of its price range (6.48-6.98 yuan). The flotation raised RMB 3.49 billion (US$ 513.24 million). The company's IPO price valued it at 34.9 times its 2009 earnings, taking into account dilution by the additional share offering.
In April 2008, HKC (Holdings) Limited, a Hong Kong based company focusing on wind plant project development in Mainland China obtained final approval from the Development and Reform Commission of Siziwang Qi to develop a wind power plant in Siziwang Qi, Inner Mongolia. The project was procured through direct negotiation.   For the purpose of constructing the wind farm, the sponsor entered in June 2008 into 2 contracts of purchasing 33 sets of wind turbine and turbine tower with an aggregate value of approximately RMB349.8 million (approximately HK$393.2 million). The sponsor expected further contracts would be entered for acquisition of other wind power generation equipments for the project.  The project has a capacity of 49.5 MW and the total investment is RMB 480 million (US$ 68.67 million). HKC (Holdings) Limited owned 100% of the project and would operate it for 20 years. The project was expected to be operational in September 2009.
Local developer Gurmat Elektrik Uretim, a company of Guris Group, developed a 47.4-MW geothermal plant at a site near the city of Izmir, in Aydin province. The project, which was to be driven by steam from the Germencik geothermal reservoir, was to be Turkey's first privately owned geothermal power plant.  Under Turkey's Renewable Energy Law, the project is guranteed a power sales tariff of €5/kWh to €5.5/kWh as well as priority dispatch.    In January 2008, WestLB, the mandated lead arranger for the project, announced that it had closed a US$88.5 million senior secured non-recourse debt facility.  The deal was oversubscribed with Vakif, Isbank, Akbank, Tekfen and TSKB committing US$132.5 million. The facility has a one year grace period during construction followed by 10 years of straight line amortisation with an average life less than six years.   The plant became operational in April 2009.
In June 2008, former monopoly RAO Unified Energy System of Russia (RAO UES) sold the government stake of 33.6% in regional generator Territorial Generating Company 14 (TGK-14) to the consortium made of state-owned Russian Railways (RZhD) and its partner ESN-Group.  The consortium bought the stake through their joint venture Energopromsbyt for US$ 77 million.  Energopromsbyt was 51%-owned by state owned railway company RZhD and 49%-owned by ESN-Group, a private Russian investor. TGK-14 had 663 MW of installed capacity and served the Chita region and Buryati Republic where it operated local thermal heat and power plants – Chitinskaya 1 and 2, Ulan-Udenskaya 1 and 2, Sherlovogorskaya, Priargunskaya and Timlyuiskaya. Before the sale of the Government share, TGK-14 largest shareholders were RAO UES (49.66%) and metals giant Norilsk Nickel (27.69%).  Energopromsbyt agreed to pay 0.0074 ruble per share for 250 billion of government shares in TGK-14. The sale of the government share raised US$ 77 million and was the first of two steps in the auction process. The winning investor was also obligated to purchase additional shares TGK-14 expected to float to raise funds for investments.  In July 2008, TGK-14 completed floating of additional shares of 580 billion new shares of common stock at 0.0074 ruble per share or $464 per KW of installed capacity, raising US$180 million.  Energopromsbyt purchased about two thirds of the new share issue. The rest of shares were bought by the existing shareholders of TGK-14 exercising their preemptive right. After the additional share issue and RAO UES sale of the government stake in the TGK-14, Energopromsbyt consolidated a 50% stake in the company. After reaching the 30% stake in TGK-14, Energopromsbyt had to buy the share of minority shareholders at the same price paid for the government share according to the Russian regulations. By end of 2008 Energopromsbyt did not bough the share of minority shareholders because it indicated that the price required to be paid (similar to the one offered for the government shares) was too high considering the decline of TGK-14 share in the second half of 2008.  Over 2003-2008 period, the Russian power sector underwent significant restructuring. Until 2003 the main assets of RAO UES, the state-owned holding for energy companies, were united into regional vertically integrated energy companies: 73 regional power utilities or Energos which produced and transmitted electricity and heat. RAO UES also centrally managed 32 Federal Power Plants, the Central Dispatch, High Voltage Grid plus Grid Service. 2003 energy sector reform envisioned a new organizational structure that included companies involved in potentially competitive activities (power generation and sales, repair and services) and natural monopolies (transmission, dispatching).   As a result of the reform RAO UES was planned to be dissolved on July 1, 2008.  The companies replacing RAO UES were: a System Operator was to receive functions and assets of regional dispatch administrations; a Federal Grid Company (FSK) was to manage the trunk grids; 11 interregional distribution grid companies were to manage regional distribution grids; RAO Eastern Energy Systems Holding was to manage energy companies of the East and isolated power systems of the Far East region; six wholesale generation companies (OGKs) were formed on the basis of large federal plants; one Hydro OGK was to manage large hydro plants; 14 territorial generation companies (TGKs) were formed on the basis of combined heat and power plants and Inter RAO UES was to remain the major investor and a leading exporter and importer of electric power in Russia.  Rosenergoatom was to include all nuclear power plants.    Wholesale generation companies (OGKs) were formed in 2004-05 on the basis of large federal power plants with a typical installed capacity of 1000-2000 MW. These large power producers were to become the largest participants and the main competitors on the wholesale power market. Seven of such companies were created in the process of reform: six of them incorporated large thermal power plants (OGKs) and one incorporated large hydro power plants (Hydro-OGK). In an effort to restrict the monopoly influence on the competitive wholesale power market, each of the OGKs was established on the basis of power plants geographically dispersed across the country.   The reform also created Territorial generation companies (TGKs) by uniting combined heat and power plants with a typical installed capacity of 100-500 MW which were located in a few neighboring regions or one macro region. The territorial generation companies would sell electricity as well as supply regional consumers with heat energy.   Interregional Distribution Companies were formed as operating companies to manage electricity distribution networks located in a number of neighboring regions.
Mai Linh Energy JSC was planning the development of the 3 MW La La hydropower plant, in the Tan Lap, near Tan Long Commune, Huong Hoa district, Quang Tri province. The project was expected to produce 12.1 million kWh annually. The reservoir for the plant was expected to be 0.031 km2 at maximum water level. The plant was to consist of three Francis turbines.  Output was expected to be supplied to the national grid via a 22kV single circuit transmission line to the Khe Sanh station. Construction started in February 2008, and commissioning was expected for mid-2011. The turbines were to be supplied by Ganfa China, as well as the generators and transformers, through a contract signed 10 June 2008. Expected life for the project was 30 yeras.  Expected investment costs were VND 53,503 million ($2.5 million). The project was expected to be financed through the State Bank of Vietnam. The project also applied for UNFCCC/CDM financing through Ecotawa AG. The insurance costs for the rpoject were VND 200 million ($9,500). The project received a tax incentive based on geographic location and was expected to be subject to 0% income tax in the first 4 years, followed by 5% in the next 9 years and 10% thereafter. Total loan amount for the project was VND 37,451 million ($1.8 million), or 70%, at 12.6%. The project was expected to generate 6,905 tons of CERs per year
On September 24, 2008 the Transport ministry of Macedonia signed a 20-year concession agreement with the Turkish TAV Airports Holding A.S. (TAV) for the modernization and operation of the Alexander the Great airport in Skopje and St. Paul the Apostle Airport in Ohrid. TAV was a leading airport operator in Turkey engaged in the development, construction and management of airports and terminals.  The company operated six airports in Turkey, Georgia and Tunisia. In Macedonia, FYR, TAV established a company, TAV Dooel Skopje, to run operations in this country.  TAV received the right to operate two airports through a tender held earlier in September, 2008.  TAV was selected as the preferred bidder after it submitted the only bid for the projects. The three firms which expressed interest initially, but did not submit bids, were Vienna Airport, Hochtief and Egis.   Under the contract, TAV would modernize the infrastructure at both airports, rent the facilities from the government and operate them for 20 years. In addition to the concession for the two existing airports, TAV received a contract to construct a new cargo terminal at the Stip airport near the eastern Macedonian town of Stip.  In the filing with the Istanbul Stock Exchange TAV elaborated that the annual rent it would pay to the local authorities for both airports would be 15% of gross revenue until the number of total passengers in the two airports reach 1 million and 2-4% of gross revenue when passenger traffic exceed 1 million.  TAV committed to invest about US$294.7 million for modernization and construction works of the three airports.  A statement by TAV Airports Holding said that it took over operation of the Alexander the Great Airport in Skopje and St Paul the Apostle International Airport in Ohrid as of March 1, 2010.  In Septemeber 2011, TAV opened the new terminal built at the Skope Airport. TAV announced the investment needed for the upgrade amounted to US$ 141 million (100 million euro). As of March 2012, France's Aeroports de Paris Group acquired 38% of the capital of TAV Airports, for US$874 million (666.2 million euro).
Shamburi Mini Hydel Scheme (Rithwik) was a 24MW hydro power plant located on the banks of Netravathi river near Shamburi Village, Bantwal Taluk of Dakshina Kannada, Karnataka. The project was developed on build operate and transfer (BOT) basis by Rithwik Energy Generation Pvt. Ltd. The project company signed Shamburi signed a PPA with PTC (merchant market selling). The project is registered under UNFCCC's Clean Development Mechanism.  Total cost of setting up of the project was estimated at Rs. 975.6 millions (US$20.1 million). Construction started in 2008 and the project was commissioned in September 2009.
In May 2008, Lanco Kondapalli Power Private Limited established a merchant power plant for development of a 366 MW gas based combined cycle power project unit stage II at Kondapalli in Krishna district of Andhra Pradesh. The project comprises of 2 units which includes 233 MW gas turbine and 133 MW steam turbine unit. This expansion project of upgrading capacity to 1155 MW will be executed in three phases. The first module of 366 MW CCPP is being executed under Stage II expansion   A special purpose vehicle was established by Lanco Infratech to implement the project. The project achieved its financial closure in November 2008. The project was expected to cost approximately USD 278 million. The bidding and financing details are not available in public domain.   Work on unit I (233 MW) and unit II (133 MW) was scheduled for completion by August 2009 and January 2010 respectively. Work on 366 MW was likely to be fully commissioned by January 2010.
In April 2008, Brazilian Wedelia Participacoes signed a 25 year concession contract with Companhia Docas de Imbituba and Brazil’s National Waterway Transport Agency (Antaq) to build, rehabilitate and operate the container terminal at Imbituba in Santa Catarina State. Companhia Docas de Imbituba was a private operator that held a concession contract for the entire port until 2012. Companhia Docas de Imbituba had the authority to lease the port, but since the national government would become the port authority after 2012, Antaq also participated in the tender.   In 2007, the port handled 18,000 TEUs but expansion capacity could permit up to 950,000 TEUs/y.  Wedelia Participacoes was to carry out works to enlarge the terminal and berth 2, extending the wharf to a total of at least 280 meters. The plans also included the construction of a 300-meter wharf, which was to result in two wharfs for the berthing and operation of full container vessels. Additionally, the dredging of the port lead to a significant change in draft, going from 9 meters to12 meters in depth at the end of 2008, and was scheduled to reach 15 meters at the end of 2010. After expansion, the capacity of Tecon Imbituba was expected to reach 950,000 TEU per year. Wedelia Participacoes, a subsidiary of container terminal operator Santos Brasil Participacoes SA formed Tecon Imbituba SA as the project company. Santos Brasil Participacoes SA also controlled Tecon 1 in Santos Port.  In March 2008, the contract was awarded to Wedelia Participacoes in an international competitive tender in which the highest price to the government was the bidding criteria. Wedelia Participacoes paid BRL 124 million (US $67.8 million) to the government to lease the facility, 260% higher than the minimum bid of R$ 77 million (US $42 million), beating competitor Wilson Group [Brazil]. The amount of Wilson Group’s bid was not publically available.   Total investment in Tecon Imbituba was estimated at BRL 283 million reais (US $154.6 million) over the 25 year period, the majority earmarked for port expansion in the first two years. Santos had an estimated US $123 million in cash from operations to spend on expansion of the port and did not use project finance lending in 2008.
The project comprises two plants: Principal and Gran Bosque Urbano, located in the city of Saltillo, Coahuila. The capacity is 1,200 and 70 l/s respectively.  Ideal Saneamiento [Mexico] developed the executive project, construction, electromechanical equipment supply, operation tests, operation, maintenance, and conservation of Principal and Gran Bosque Urbano waste water treatment plants, including the removal and final disposal of solid waste, as well as the executive project and construction of the relevant dischargers. The construction period was 30 months and concession period 17.5 years. In April 2008 Ideal Saneamiento started the operations of the waste water treatment and cleaning plant.  The lands on which the Project was developed were granted as a gratuituous loan by the Municipality of Saltillo, state of Coahuila, for a period of 18 years, the period during which Ideal Saneamiento will operate and maintain the Project. Upon expiration of such period, Ideal Saltillo will deliver to the municipality all operating projects at no cost for the municipality, under the terms of the service agreement signed by both parties.  Ideal Saneamiento contributed to the trust created to develop the Project with a total risk capital of $120,228 (thousand pesos) over the Project’s construction and equipment supply term. It also agreed to promote, manage, obtain, and allocate economic resources up to an amount of $503,409 (thousand pesos) to cover the required investment that would allow undertaking the provisions set forth in such contract.  In April 2013 there was a debt refinancing of US$20.6m (MXP250m).
In January 2008, the National Highway Authority of India (NHAI) signed a 20 year concession (including construction period of 30 months) with India’s Ashoka Buildcon to widen and strengthen the 86 km section on National Highway (NH-6) in the state of Maharashtra.  Under the contract, Ashoka Buildcon was responsible for the design, construction, finance, operation and maintenance and widening of the existing two-lane highway to a four-lane highway with paved shoulders. The expansion project, part of National Highway Development Project Phase - IIIA, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  The consortium established Ashoka Highways Bhandara Limited, a special purpose vehicle, to implement the project. Ashika Buildcon won the tender through competitive bidding, conducted by NHAI, by requesting the lowest fixed subsidy of US$ 2.34 million.  Under the contract, Ashoka Highways Bhandara Limited was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement was signed in January 2008. The project was expected to attain its financial closure by August 2008 but it finally reached financial closure in March 2009. The debt equity ratio of the project was 50:50. The estimated capital cost of the project at the time of signing of concession agreement was US$ 109 million. Whereas the capital cost at the time of financial closure was US$ 176 million.  The change in the project cost was due to an initial estimate of NHAI on lower side and subsequent design changes to the project. IDFC solely arranged US$ 88 million loan to finance the project. Whereas the promoters equity was to the extent of another US$ 88 million.   Construction on the project began in January 2008 and was expected to be completed by June 2010.
InterSol AD, a subsidiary of Energy Invest EAD, which in turn is a wholly owned vehicle of Advance Equity Holding, began building a EUR4 million (US$5.86 million) photovoltaic plant near Paunovo village, in Ihtiman municipality, in mid-2008.  The greenfield, 1 MW plant was implemented on a build, own and operate (BOO) basis and was completed in November 2008.      In 2008, InterSol received a loan of EUR2 million (US$2.9 million) from EBRD's Bulgarian Energy Efficiency and Renewable Energy Credit Line (BEERECL).  EBRD makes the credit line available through local commercial banks, which in turn on-lend to investors.  InterSol signed a PPA with CEZ Electro Bulgaria in March 2009.  In addition to the credit delivered in 2008, EBRD finalized the payment of a grant to InterSol equal to EUR0.4 million (US$0.6 million) in May 2009.
In September 2005, a consortium led by Eurogate-Contship was awarded a 30-year build-own-tansfer (BOT) contract by the Tangiers Mediterranean Special Agency (TMSA) to develop a greenfield container terminal at the Tangier Mediterranean Port (TMP), Morocco. This container terminal was designed to have a capacity of 1.3 million TEU per annum. This container terminal constituted the second container terminal to be developed at TMP. The first container terminal with an identical capacity was being built and operated by AP Moller Maersk.  The BOT agreement between TMSA and the winning consortium was signed in January 2006. The winning consortium comprised of German-Italian Eurogate-Contship (40%), Switzerland’s Mediterranean Shipping Company or MSC (20%), France’s CMA-CGM (20%) and Morocco’s state-owned shipping firm, Comanav (20%). A consortium of a Hong Kong-based conglomerate, Hutchison, and a private Moroccan shipping firm, IMTC, had also bid for the concession. Information on the name of the project company formed by the winning consortium was not available from public sources.  Under the agreement, the winning consortium agreed to commit a total investment of US$140 million (€120m) by 2010 and €300m during the 30-year concession period.   In September 2008, the project was financed through  US$57 million equity and US$143 million 7 year loan (BNP Paribas: US$47m,  Banque Marocaine du Commerce Exterieur: US$47m and Banque Marocaine pour le Commerce et l'Industrie: US$47m).  This container terminal was scheduled to commence full commercial operations by January 2009.
In September 2008, the 6-year BOT 50MW Namanve Power Plant project reached financial closure. The project company was Jacobsen Uganda Power Plant Company (JUPPCL), a wholly owned subsidiary of the Norwegian firm Jacobsen Elektro AS.  The project was awarded by the government of Uganda to Jacobsen Elektro AS in 2006. The award followed a competitive tendering process between three final bidders: Jacobsen Elektro AS, Electro-Maxx and African Power Initiative. Details on the bid criteria remained undisclosed.  Under the term of the agreement, Jacobsen Uganda Power Plant Company (JUPPCL) was expected to build, own, operate and transfer the plant to the Government of Uganda, after a period of six years. The plant represented an investment commitment of US$66 million (later increased to USD88 million in 2007) and comprised seven 18V32 Wärtsilä engines that produced a total of 50 MW. The power was transferred through two 11/33kV transformers and fed into the transmission system. No information was available on the term of the PPA agreement.  Exact financing arrangements were not publicly available. Financing partners were the Norwegian government (through a NORAD grant), Nordea Bank (Norway), Stanbic Bank Uganda, Jacobsen Elektro and a GIEK guarantee.  The plant became operational in September 2008. The plant was briefly shut down in July 2011 following financial disputes (an outstanding bill) with the Government of Uganda, but was switched on again after a week or so.
In October 2007, the consortium RIO PCH I was granted the Installation Environmental License from federal regulator Aneel and immediately began constructing the Pedra do Garrafao and Pirapatenga Hydroelectric Plants on the Itabapoana river. The 25.14 MW Pedra do Garrafao plant was to be located between the municipalities of Bom Jesus de Itabapoana  (Rio de Janeiro state) and Sao Jose do Calçado (Espirito Santo state) and was to include 16 km of transmission lines connected to the Escelsa network. The 39 MW Pirapetinga plant was to be located between Campos dos Goytacazes (RJ) and Mimoso do Sul (ES) and was to include 6 km of transmission lines connected to the privately held Ampla network. RIO PCH I was a special purpose vehicle comprised of Neoenergia [Brazil, 75%] and Performance Centrais Hidreletricas Ltda (PCH) [Brazil, 25%]. Neoenergia, in turn was owned Previ [Brazil, 49.01%], Banco do Brasil [Brazil, 11.99%], and Iberdrola SA [Spain, 39%].  The project was independently developed by Performance Centrais Hidreletricas Ltda (PCH) after it obtained a license to act as an independent power producer in December 2002 from federal regulator Aneel. In June 2006, PCH sold its energy in an auction organized by Aneel to supply power starting in 2009 for 124.99 Real per Megawatt Hour. Neoenergia acquired its 75% stake in the project in May 2006 (Neonergia's shareholders are Iberdrola, 39%; Previ, 52.19%; and state-owned Banco do Brasil, 8.81%).  Total investment for both  projects was estimated at R$ 200 million (US $109.3 million). The project reached financial closure in October 2008 with a credit from the Brazilian development bank BNDES for approximately 70% of the project cost with a loan of R$ 121.2 million (US $66.2 million) for Rio PCH 1. The remainder of the project was to be financed through equity.   The project became operational in June 2009.
In December 2008, the 25-year BOT Tenes Lilmiyah seawater 200,000 m3/day desalination plant project reached financial closure. The plant was to be located in the city of Tenes, on the Mediterranean coast some 200 km from Algiers.  The project was awarded in April 2008 by the government of Algeria to a Special Purpose Company (SPC) composed by the private sponsor Befesa Agua (Abengoa's subsidiary) (51%) and by the State Owned Enterprise Algerian Energy Company (49%).  The award followed a competitive bidding process between five tenders. Befesa Agua was selected for proposing the lowest tariff (US$0.5885/m3). The four other bidders proposed the following tariffs: US$0.6267/m3 (Hyflux), US$0.6649/m3 (Inima/aqualia), US$0.7586/m3 (Acciona Agua) and US$0.8118/m3 (GE Water/Orascom).  Under the term of the agreement, the SPC (Befesa Agua/Algerian Energy Company) signed a 25-year "Take or Pay" water purchase and sale contract with Algérienne des eaux, the state-owned national water entity of Algeria and Sonatrach SPA, the national oil company of Algeria. In addition, the SPC awarded to Befesa Agua an EPC contract for the construction of the plant and a 25-year operation and management contract. Investment commitment for the construction of the plant represented US$231 million. Earnings from water sales over this period were expected to be more than US$50 million a year.  The project was 80% debt financed by a syndicate of banks headed by Credit Populaire d’Algerie (State owned bank) and the other 20% through equity by the shareholders of the SPC: Befesa Agua and Algerian Energy Company.
A Malaysian company, Longquan Group, signed an agreement in August 2008 to rehabilitate and operate a wastewater treatment plant with a capacity of 20,000 cubic meters per day in Sishui County, Shandong Province. The project was procured via competitive bidding. Longquan Group would operate the facility for 30 years before transferring it back to the local government. The total investment was unknown and Longquan Group owns 100% of the project.
In December 2005,  Alusa Engenharia Ltda was awarded in a competitive bidding process organized by the federal regulatory agency Aneel the 35-year contract to build and operate a  68.4 MW hydro power plant located in the Rio Claro River, state of Goias. Two other companies presented offers in the public bidding: Fuad Rassi and Consorcio Rio Claro.  The bidding criteria set by the federal regulatory agency ANEEL was the lowest tariff. The sponsor also committed to pay US$ 0.117 million (BRL 0.214 million) in yearly installments for the duration of the contract, starting from the year in which operations commence (using a 10% discount rate, the present value of these contributions was estimated at US$ 34.4 million).The contract was signed in July 2006, and sponsor created the company Foz do Rio Claro Energia S.A. to lead the project during the 35-year contract period. In September 2008, the state-owned investment fund FI-FGTS acquired 49.99% of the project company's shares.  The project company committed to invest US$ 169.6 million (BRL 310.4 million) in the power plant. Financial closure was achieved in April 2008, when the sponsor was granted a US$ 110.2 million (BRL 201.6 million) loan from BNDES. The remaining cost was financed with the sponsors’ internal resources.  Construction works started in August 2007, and operations were expected to commence in October 2009. The company was authorized to commence operations in December 2010.
Energy Prima Limited (EPL), subsidiary of Hosaf Group, was operating the 50MW Kumargaon rental power plant. The project became operational in July 2008.   The project consists of 29 gas turbines. Contract length was 3 years, but as of December 2012, the project was still producing power.  Total cost based on 3 year contract was US$11.8 million, based on 10% interest rate, US$600k per MW.
On April 1, 2008 the State Airports Operations (DHMI) General Directorate and TAV Airports Holding Inc, through its subsidiary TAV Gazipasa Investment, Construction and Operation Inc., signed a 25-year lease agreement for the operation of the Antalya-Gazipasa Airport.  Gazipasa Airport was a small airport located near the resort of Alanya in the Antalya province.  The airport was built for approximate capacity of .5 million passengers annually in the late 90s but never opened.   The DHMI held a tender for the operational rights for the airport on August 31, 2007.  Under the lease agreement, TAV Gazipasa Investment, Construction and Operation Inc  agreed to make a yearly rent payment of US$ 50,000 + VAT as a fixed amount, until the end of the operation period; as well as a share of 65% of the net profit to the DHMI. Set to open by end of 2009, the airport was undergoing construction and required changes to the runway to increase its capacity to three million passengers annually.   In July 12, 2010 the Airport welcomed its first ever flight.
Hans Technologies Inc. signed an agreement in November 2008 to construct a wastewater treatment plant with a capacity of 30,000 cubic meters per day in Shizong County, Yunnan Province. The project was procured via competitive bidding. Hans Technologies would operate the facility for 30 years before transferring it back to the local government. The total investment was RMB 120 million (US$ 17.17 million) and  Hans Technologies owns 100% of the project.
Nishat Power Limited (NPL) was established as an unlisted public limited company in order to build, own and operate a greenfield, 200 MW heavy fuel oil-fired independent power plant located at Jamber Kalan, Tehsil Pattoki, District Kasur, Punjab Province.   Nishat Mills Limited owns and controlls 99.99% shareholding in NPL. In turn, Nishat Mills Limited is a wholly owned subsiriary of Nishat Group. Pakistan's Private Power and Infrastructure Board (PPIB) signed an Implementation Agreement (IA) with NPL on Sep. 15, 2007. NPL was to sell electricity produced by the Nishat Power Project to Pakistan's Water and Power Development Authority (WAPDA) under a 25 year power purchase agreement (PPA) that was secured in the last quarter of 2007. The project held a fuel supply contract with Shell, signed January 2008.   The project cost was estimated to be US$204 million and was to be funded according to a 75/25 debt-equity ratio. PPIB reported that NPL reached financial closure in January 2008. It was reported that lenders for Nishat Power Project were a consortium of commercial banks including Habib Bank Limited (HBL), Allied Bank Limited (ABL), United Bank Limited (UBL), Standard Charted Bank (Pakistan) Limited (SCB) and Faysal Bank Limited (FBL) being Financial Advisor and Lead Arranger.  The project company started commercial operations in June 2010.
In August 2008, the government of Iran divested 5% of the national fixed and mobile "Telecommunication Company of Iran (TCI)" trhough an IPO for US$370 million.  Telecommunication Company of Iran (TCI) was the monopoly provider of fixed-line telephony services in Iran. As of March 2008 the company had 23.96 million fixed lines in service.   As of March 2008 TCI's mobile unit, Mobile Communications Company of Iran (MCI) had 24.5 million mobile subscribers, while its competitor MTN Irancell had just over 9 million customers at the same date.
Beijing Herocan Environmental Engineering Tech Co. Ltd signed an agreement in July 2008 to construct a wastewater treatment plant with a capacity of 100,000 cubic meters per day in Zhaodong City, Heilongjiang Province. The project was procured via direct negotiation. Herocan would operate the facility for 25 years before transferring it back to the local government. The total investment was RMB 154 million (US$ 22.03 million). Herocan owns 100% of the project.
Hyflux signed an agreement in February 2008 to construct the Langfang City Railway North Wastewater Treatment Plant with a capacity of 80,000 cubic meters per day in Langfang City, Hebei Province. The project was procured via direct negotiation. Hyflux would operate the facility for 25 years before transferring it back to the local government. The total investment was RMB 137 million (US$ 19.6 million) and Hyflux owns 100% of the project.
In November 2006, Cia. Tecnica de Engenharia Eletrica (a subsidiary of the Brazilian company Alusa) was awarded in a competitive bidding process organized by the regulatory agency ANEEL the 30-year contract to build and operate a 107- km transmission line located in the state of Espirito Santo (Mascarenhas – Verona).   Besides Cia. Tecnica de Engenharia Eletrica, eleven other companies took part in the contest: ESP - EMPRESA DE ENERGIA DE BOGOTA;   CPFL ENERGIA; LINEAR PART. E INCORPORAÇÕES LTDA; CONSORCIO EDP – SCHAIN; CONTROL Y MONTAJES INDUSTRIALES; CONSÓRCIO EIP - P&B BRASIL; ABENGOA S.A.; ISA - INTERCONEXIÓN ELÉCTRICA S.A. E.S.P.; TERNA PARTICIPAÇÕES S.A.; CONSÓRCIO ESPIRITO SANTO; and ELECNOR S/A.    The bidding criteria set by ANEEL was the lowest required annual revenue. Cia. Técnica de Engenharia Elétrica presented the lowest offer, a total value of US$ 2.17 million (BRL 4.75 million), 35.28% below the ceiling set by the regulatory agency. The contract was signed in April 2007, and the sponsors created the company Empresa de Transmissao do Espirito Santo S.A. to lead the project during the 30-year contract period.    The sponsor committed US$ 31.7 million in the transmission line (BRL 58 million). Construction works commenced in April 2007, but financial closure was achieved in 2008, when the sponsor was granted a US$ 8.5 million (BRL 15.5 million) loan from Unibanco and a US$ 4.9 million (BRL 9 million) loan from Votorantim Bank. The remaining cost was set to be financed with the sponsors’ internal resources.  Operation commenced in December 2008. In 2009, an additional investment of US$ 12.5 million (BRL 25 million) was channeled to the expansion of the Verona substation capacity. In May 2009, a US$ 13.85 million (BRL 27.7 million) loan was granted from the state-owned bank BNDES.
On June 1, 2008, the Concessionaria do Rodoanel Oeste SA officially began its 30-year concession with the State of Sao Paulo to build, rehabilitate and operate the the Rodoanel Mario Covas Western Beltway in the State of Sao Paulo. The 32km stretch was to link Regis Bittencourt, Raposo Tavares, Castello Branco, Bandeirantes and Anhanguera highways. Works included: building side roads between the Padroeira and Raposo Tavares exits, construction of a fifth additional lane between the highways Castello Branco and Raposo Tavares, upgrade and maintenance for 6km of the Carapicuíba side road, three additional footbridges and improved accesses from the Castello Branco highway and the Padroeira intersection. In 2008, approximately 145,000 vehicles a day were estimated to circulate on this stretch, 78% of which are cars, 21% trucks and 1% buses. Concessionaria do Rodoanel Oeste SA was formed by CCR [Brazil, 95%] and Encalso Construcoes [Brazil, 5%].  The concession contract was initially awarded to the Consortium Integracao Oeste on March 11, 2008 by the State of Sao Paulo through an international competitive tender in which the lowest toll was the bidding criteria. Five firms submitted bids: The Integracao Oeste Consortium presented the lowest toll fare of 1.16 reais (US $0.63), 61% lower than the ceiling stipulated for the bidding contest, which was 3 reais (US $1.64); Metropolitano submitted a toll of 1.26 reais, the Triunfo and Iberpistas consortium took third offering 2.17 reais; fourth place was for Queiroz Galvao with 2.24 reais and Spanish OHL was fifth with 2.28 reais. However, the winning bid was challenged by the consortium Metropolitano (formed by BR Vias, Cibe and Odebrecht), which requested more information about the winning proposal. On May 7, 2008 ARTESP, the Comission for Processing and Judging Proposals, officially declared Consortium Integracao Oeste the winner of the concession.  According to the bidding rules, the winning firm was to pay 2bn reais (US $1.09bn) within the first two years of the contract to the state government and invest approximately 465mn reais (US $232.5 million) in the beltway of which 280mn reais (US $153 million) to be invested during the three first years. The concession fee paid to the state government by the concessionaire was earmarked to finance a separate project, the state’s construction of the southern stretch of Rodoanel Beltway.  After contract signing in June 2008, CCR indicated a bridge loan financing was to take place of US $398.3 million for a 180-day term. Long-term financing was anticipated at US$582.1 million (Term A and Term B facilities). The term of the loans were to be up to 7 years and renewable for 8 years.  The debt to equity ratio was estimated at 75:25. On December 17, 2008 all tollgates were opened and the stretch started commercial operation.  In December 2009, a total of US$ 940 million was raised from several financial institutions: IADB (US$100 million), JBIC (US$200 million) and other banks (US$200 million). In the domestic market, another US$ 375 million (BRL750 m) was raised from Bradesco Bank. These resources will be used to finance the construction works and the cannon payments.
Sinomem Technology Ltd. signed an agreement in March 2008 to rehabilitate and operate a wastewater treatment plant with a capacity of 100,000 cubic meters per day in Liaoyuan City, Jilin Province. The project was procured via direct negotiation. Sinomem would operate the facility for 20 years before transferring it back to the local government. The total investment was RMB 90 million (US$ 12.88 million) and Sinomem owns 100% of the project.
In June 2006, Saigon Premier Container Terminal (SPCT), a joint venture between P&O Ports (80%), now under Dubai-based DP World, and Vietnam's state-owned Tan Thuan Industrial Promotion Company (20%), was granted an investment license for 44 years. This Build-Operate-Transfer project would involve the development of 950 meters of quay line, 40 hectares of adjoining land and 10 ship-to-shore cranes and associated equipment at a total estimated cost of US$200 million. Once fully constructed, the total annual capacity of this terminal would reach in excess of 1.5 million TEUs. This terminal would be developed in phases in line with demand growth, with the first two of four berths scheduled to begin operation in 2009.   Saigon Premier Container Terminal would be located along the western shore of the Soai Rap River and the main construction began with TOA Corporation of Japan as contractor.  In July 2007, DP World appointed ANZ Investment Bank, Calyon, DZ Bank and HSBC as lead arrangers for the financing of its US$200 million port facility. The financing was completed in equity of US$92 million and in debt package of US$108 million, which consists of a US$100 million term loan and a US$8 million revolver. Financial closure was reached in January 2008.
A local private company Nanjing Zhongchuang Water Affairs Inc. was granted an agreement in May 2008 to construct a wastewater treatment plant with a total capacity of 35,000 cubic meters per day in Changshu City, Jiangsu Province. The project was procured via competitive bidding. Nanjing Zhongchuang would operate the facilities for 25 years before transferring them back to the local government. The total investment was RMB 15 million (US$ 2.15 million) and  Nanjing Zhongchuang owns 100% of the project.
A local private company Guangxi Huahong Water Affairs Investment Co. Ltd. was granted an agreement in December 2008 to construct a wastewater treatment plant with a total capacity of 15,000 cubic meters per day in Cangwu County, Guangxi Province. The project was procured via direct negotiation. Guangxi Huahong would operate the facilities for 26 years before transferring them back to the local government. The total investment was RMB 111 million (US$ 15.88 million) and Guangxi Huahong owns 100% of the project.
In August 2002, the Public Works Department (PWD), Madhya Pradesh signed a 12 year concession (from the date toll collection will start on the road) with a consortium of Ashoka Buildcon Limited and DS Constructions Limited to construct a 35.2 km section on National Highway (NH-7) at Katni in the state of Madhya Pradesh.  Under the contract, Ashoka Buildcon Limited and DS Constructions Limited was responsible for the design, finance, operation and maintenance and construction of a two-lane highway with paved shoulders. The expansion project was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  The consortium established 'Ashoka DSC Katni Bypass Road Private Limited', a special purpose vehicle, to implement the project. They won the tender through competitive bidding, conducted by PWD, by requesting the lowest fixed subsidy. Apart from this upfront payment by PWD, under the contract, DSC Katni Bypass Road Private Limited was to recover the capital costs and operating costs including returns through tolling during the term of concession.   The concession agreement was signed in August 2002. The construction of the project began in August 2002. The construction was expected to be completed by July 2008. However the concession agreement does not contain any penalty clause for the late completion of the project and hence extension for completion of the project has been applied for.   The project reached financial closure with debt equity ratio of 70/30 in January 2008. The expected capital cost of the project was US$ 15 million. A consortium led by Yes Bank Limited was to provide a debt of US$ 10.5 million. Contribution of Ashoka Buildcon Limited to the equity was US$ 4.5 million.   Ashoka Buildcon Limited holds 99.89% in the project company whereas DS Construction Limited holds only 0.11% share.
In  January 2008, the municipality of Tucuma, in the state of Para, Brazil, awarded a 30-year rehabilitate, operate and transfer contract for its water and sewage infrastructure to the Brazilian company Saneatins, a joint-venture of private sponsors (76.52%) and the state of Para (23.84%). The private participation in Saneatins was evenly split between Foz do Brazil (subsidiary of Odebrecht) and EMSA (these two companies created the holding Foz Centro Norte to represent their interests in Saneatins).  In 2008, the town of Tucuma had a population of 31,000.   The concession was awarded through an open competitive tender. No information was available on the number of final bidders. Information on the investment commitments was also not available.
In July 2007, Turkish Defense Ministry awarded the consortium comprised of Indian GMR Infrastructure Ltd (GMR), a Turkish Limak Insaat Sanayi San Ve Tic A.S and Malaysian Malaysia Airports Holdings Berhad (MAHB) a 20 year concession contract to expand, upgrade and operate the Sabiha Gokcen International Airport in Istanbul. Sabiha Gokcen International Airport was the second and a smaller international airport in Istanbul. Through this contract, the Turkish government decided to expand Sabiha Gokcen International Airport to take care of capacity constraints at Ataturk International Airport, which had no scope for expansion. Sabiha Gokcen International Airport was expected to cater to the growing travel needs of the people living in the Asian portion of Istanbul.  The consortium won the concession in an international tender by offering the highest bid (US$2.7 billion) for the rights to operate Sabiha Gokcen International Airport. The winning consortium was led by Limak (40% stake) and integrated by GMR (40%) and MAHB (20%). Total five international airport operators participated in the tender. They were Fraport AG (Germany), Esas Holdings and Celebi Hava Servisi (Turkey), Julius Meini Investment (Austria), Venice Airport/ Save SpA (Italy) and Airport Property Management (USA).  The concession contract was signed by the winning consortium in March 2008. The consortium planned to raise funds through a combination of debt and equity with a 75:25 ratio, and hoped to achieve financial close after one year in operation.  In June 13, 2008 Royal Bank of Scotland and ABN AMRO committed a loan tranche of US$258 million and a local bank, Yapi Credi, committed a loan of US$258 million for the construction of the new terminal while the sponsors provided US$176 million as equity.  Under concession agreement, the consortium agreed to be responsible for building a new international airport terminal with a 10 million capacity in the first 30 months of the concession and managing the existing domestic and international terminals with a passenger capacity of 3.5 million per annum. The consortium agreed to implement the airport expansion project at an estimated cost of US$386 million and to pay the Turkish government a concession fee of US$2.7 billion over a period of 20 years.  No concession fee would be due in the first three years of the concession.   The Turkish government asked the consortium to accelerate their development and complete the upgrade of the airport in 18 months, against the original deadline of 30 months.  The new international terminal opened on October 31, 2009. The consortium also secured a 2-year extension of the concession. The first concession fee of US$ 98.7(76 million euro) was paid in January 2011.  In 2013, GMR Infrastructure Ltd announced it was selling its 40 percent stake to Malaysia Airport Holdings Berhad (MAHB), which thus exercised its right of first refusal to acquire the stake. The stake was transferred for $308 million. MAHB did announce its intention to divest 10 percent through a private placement. The Gokcen airport was built for 25 million passengers, but only recorded 15.34 million in 2013.
In October 2008, the 20-year BOT Rabai 90MW diesel power plant project reached financial closure. The private sponsors were Aldwych International (United Kingdom) and Burmeister & Wain Scandinavian (Denmark) (subsidiary of Mitsui Engineering & Shipbuilding Co Ltd). No detail was available on the respective shares of each private sponsor.  The project was awarded in October 2007 by the Kenyan government through direct negotiation, with the signature of a 20 year PPA between the private consortium Aldwych/Burmeister and the national electric utility company Kenya Power and Lighting Company.  The private consortium were responsible for EPC and O&M contracts with Burmeister obtaining the EPC for the construction of the plant, and Aldwych/Burmeister the initial 10-year O&M contract.  Financing was arranged as follow: - US$37.8 million (€27.4m) equity provided by the private sponsors Aldwych and Burmeister. - US$109 million (€79m) senior debt provided by FMO, Emerging Africa Infrastructure Fund (EAIF), DEG and Proparco for 15 years at 350bp, with a two-year grace period. - US$7.7 million (€5.6m) of mezzanine debt provided by Emerging Africa Infrastructure Fund (EAIF) and Proparco for 15 years at 750bp with five-year grace period.  Trinity advised the sponsors, supported by Kaplan & Stratton Advocates locally; Allen & Overy advised the lenders, supported by Anjarwalla & Khanna locally.
In July 2008, the 35MW Mumias BOO 30% captive power plant reached financial closure. The private sponsor was Mumias Sugar Company, Kenya’s largest sugar miller.  The waste generated power plant was developed to produce heat for sugar's production and 12MW for the sponsor's industrial use. The remaining power, 23MW, was expected to be sold to the national utility company.  In July 2008, Mumias Sugar Company entered into a power-purchase agreement with Kenya Power and Lighting Company (KPLC) to feed 23MW into the national grid for US$0.06/kWh.  In February 2010, it was agreed that Mumias was to receive 26MW of power at a price of $0.08 per MW, under a deal approved by the Ministry of Energy and the Energy Regulatory Commission.   The project was financed through a US$35 million loan from France’s Proparco.  The power plant became operational in July 2009.
In July 2008, the government of Jordan divested 100% of the Electricity Distribution Company (EDCO) and its remaining share, 55.4%, of the Irbid District Electricity Company Irbid District Electricity Company (IDECO). 44.6% of IDECO were divested in 1977. The shares of two companies were sold for US$104 million to Kingdom Electricity Company (KEC), a joint venture composed by JD Capital, a subsidiary of Dubai Holding (40%), Kuwait Privatisation Projects Holding Co (KPPHC), a subsidiary of National Industries Group (30%) and United Arab Investors (30%).  The divestiture followed a competitive bidding process. The final tender was in June 2006. While there were several bids by local and regional investors to acquire IDECO, Kingdom Electricity was the only bidder for EDCO. The government of Jordan considered Kingdom Electricity's offer as the most attractive proposal overall. Kingdom Electricity was declared preferred bidder in November 2007 and the transaction was finalised in July 2008.  EDCO was expected to receive a US$49 million loan from IFC in 2009.  As of December 2008, the Electricity Distribution Company (EDCO) was headquartered in Amman and owned and operated the distribution network in the Southern and Eastern areas of Jordan, covering approximately 69,000 sq km and distributing electricity to 155,000 retail customers. The Irbid Electricity Distribution Company (IDECO) was headquartered in Irbid and owned and operated the electricity distribution network in the northern part of Jordan covering approximately 23,000 sq km and distributing electricity to 283,000 customers.
Building a 150 tpd capacity solid waste management plant in Guwahati, Assam. The total project cost amounts to $19.13 million. Ramky Enviro Engineers Limited is the project company. The 20-year BOT concession was signed on 29 October 2008.
In December 2001,  the Brazilian company Desenvix was awarded in a competitive bidding process organized by the federal regulatory agency Aneel the 35-year contract to build and operate a 74-MW hydro power plant located in the Passo Fundo River, state of Rio Grande do Sul. No information was available on the other bidders.  The bidding criteria set by the federal regulatory agency ANEEL was the highest payment to the government for the concession rights. The company agreed to pay US$ 1.3 million (BRL 2.4 million) in yearly installments during the life of the contract, starting once operations commence (using a discount rate of 10%, the present value of this contribution was estimated at US$ 11.9 million). The contract was signed in April 2002, and sponsors created the company Monel Monjolinho Energetica to lead the project during the 35-year contract period. All the electricity produced was set to be sold to distribution companies.  The sponsor committed to invest US$ 153.6 million (BRL 281 million) in the power plant. Financial closure was achieved in January 2008, when the sponsor was granted a US$ 92.1 million (BRL 168.5 million) loan from BNDES. The remaining cost was financed with the sponsors’ internal resources.  Construction works started in Junho 2007, and operations commenced in September 2009.
Dighi Port Limited (DPL) was incorporated in 2002 as a Special Purpose Vehicle (SPV) for the development, implementation, and operation and maintenance of Dighi Port. On March 17, 2002, Dighi Port Limited (DPL) signed with Maharashtra Maritime Board (MMB) the Concession Agreement (CA) to develop, design, finance, construct, operate and maintain the port at Dighi on Build, Own, Operate, Share and Transfer (BOOST) basis for a period of 50 years. As per the terms of the CA, MMB had an option to participate in equity capital up to 11% of the total equity capital of the project, in lieu of the land allocated by it to DPL. Dighi Port Limited (DPL) was owned by Balaji Infra Projects Ltd (BIPL) and Infrastructure Leasing & Financial Services Ltd (IL&FS).  DPL envisaged constructing three berths as part of Phase I - a multi-purpose berth, a coal berth and a car berth. However, DPL revised the scope of the project to construct three multi-purpose berths. The berths were designed to handle vessels up to 65,000 dwt with a scope for future expansion.   The total cost of the project is about Rs.1,039 crore (US239 million). The project reached financial closure in 2008 with Rs.802 crore of debt and equity of Rs.237 crore. Notwithstanding the change in the scope of the project, the company did not expect any overrun in the project cost, since the material handling equipment for all the berths would be similar.
In January 2008, the 25 year BOT Souk Tleta seawater 200,000 m3/day desalination plant project reached financial closure. The plant was to be located in Tlemcen, on the Mediterranean coast.  The project was awarded in October 2006 by the government of Algeria to Almiyah Attilemcania SpA, a Special Purpose Company (SPC) composed by the private consortium Tlemcen Desalination Investment Company SAS (51%) and by the State Owned Enterprise Algerian Energy Company (49%). Tlemcen Desalination Investment Company SAS (TDIC) was a joint venture between MenaSpring Utility (S) Pte Limited (20%), a wholly owned subsidiary of Hyflux and Malakoff AlDjazair Desal Sdn Bhd (80%), an indirect wholly-owned subsidiary of Malakoff Bhd.  The award followed a competitive bidding process between four tenders. The consortium was selected for proposing the lowest tariff. The three other bidders were: GE Infrastructure Water & Process Technologies, Geida and Inima/Aqualia/SPA.  Under the term of the agreement, the SPC Almiyah Attilemcania SpA signed a 25-year "Take or Pay" water purchase and sale contract with Algérienne des eaux, the state-owned national water entity of Algeria and Sonatrach SPA, the national oil company of Algeria. In addition, the SPC awarded to Tlemcen Desalination Investment Company SAS (TDIC) an EPC contract for the construction of the plant and a 25-year operation and management contract. Investment commitment for the construction of the plant represented US$213 million.   The project was 80% debt financed by Banque Nationale d’Algerie (State owned bank) and the other 20% through equity by the shareholders of the SPC Almiyah Attilemcania SpA: Tlemcen Desalination Investment Company SAS and Algerian Energy Company.  The project was expected to be operational by January 2010.
In September 2008, the Liaoning Provincial Government approved the wind farm project by China Wind Power Group Limited, a Hong Kong based company focusing on wind plant project development in Mainland China. Construction actually commenced in June 2008. The project in Houxinqiu Town, Zhangwu County, Fuxin City, Liaoning Province was procured through direct negotiation. The project has a capacity of 49.5MW and the total investment is RMB 531.82 million (US$ 76.08 million). China wind Power has a 49% stake in the project and has established a project company Fuxin Lianhe Wind Power Generation Co., Ltd.  to operate the project for 30 years. COnstruction was progressing as of December 2008.
In February 2008, BR-Vias signed a 25-year concession contract with the Brazilian ground transportation authority ANTT to build, rehabilitate and maintain 322km of the Transbrasiliana Highway (BR-153) from Minas Gerais to Parana. The Transbrasiliana was the sixth package in a seven-highway package known as the Mercosul corridor, one of the most important projects in the country's economic growth acceleration plan PAC. The Mercosul corridor comprised 2,600km on seven main stretches of existing highway in the south and southeast. The investment in Mercosul was expected to total 20bn reais over 25 years. BR-Vias formed Transbrasiliana Concessionaria de Rodovia SA as the project company of the BR 153 Highway. Grupo BR-Vias was formed in 2006 by Brazilian telecomunications company Splice, the transport company Aurea and construction company WTorre, each with 33.3% shareholding.  The highway was awarded to Grupo BR-Vias in October 2007 through an international comptetitive tender in which the lowest toll and ability to meet mandated investment requirements were the bidding criteria. BR-Vias won the bid by proposing a tariff of R$ 2.45 reais at each of the four toll plazas, 40% less than the maximum amount fixed by the government. The number of bidders was not known.  The total investment in the project was estimated at BRL 716 million US $391.3 million, with US$ 285.7 million slated for the first five years. BNDES was to finance 70% of the investments with the remainder to be financed through equity.
In December 2008, the ContourGlobal 100 MW thermal power plant 25 year BOT project reached financial closure.   The BOT project was awarded to ContourGlobal (USA) through direct negotiation by the government of Togo in late 2005. A 25-year PPA was signed with the national distribution company in May 2007.  The US$196 million project was financed on a 75:25 debt-equity ratio, with the entirety of the US$143 million lending commitment coming from OPIC. ContourGlobal provided 100% of the project's US$47 million equity capital. OPIC provided also US$62 million in insurance to ContourGlobal.  The construction of the 100 MW power plant began in January 2009 and was expected to conclude in December 2009. The power plant consisted of six Wärtsilä 18V50DF engines (16.6 MW each) which were capable of operating on natural gas, heavy fuel oil, and distillate diesel oil, permitting instantaneous fuel switching capability. The project was expected to run on heavy fuel oil until natural gas became available via the West Africa Gas Pipeline.   The three international law firms on the deal were Shearman & Sterling, Allen & Overy, and Gide Loyrette Nouel.  In June 2010, IFC acquired a 20% stake in ContourGlobal Togo.
Mass Group Holding (MGH), from Jordan, was awarded the Build-Own-Operate contract of the 750MW Sulaymaniya natural gas-fired power plant SGPS. The project was located near Sulaymaniya, Kurdistan. The project can run on light diesel as backup fuel.   Turbines were purchased from General Electric (Frame-9E Type), with the eye on future conversion to combined cycle and capacity expansion. Thee 132kV switchyard was supplied by ABB from Sweden. The project was expanded from 500MW to 750MW in 2010 (commissioned in April 2011). In April 2013, MGH sold 50% of equity to Abu Dhabi National Energy (TAQA). The project is expected to be expanded with another 250MW to 1,000MW. The EPC contractor of the expansion was ABB from Switzerland with turbines supplied by GE. The project holds a 15 year power purchase agreement with the KRG Electricity Ministry. Natural gas was supplied via pipeline from the Khor Mor natural gas field, operated by Pearl Petroleum, owned by Dana Gas (40%), Crescent Petroleum (40%), OMV (10%) and MOL Hungarian Oil and Gas Company (10%). Until 2012 the project was operated by Wood Group (UK), but the contract was canceled in January 2012 in favor of Enka from Turkey.    The project was financed via corporate finance on MGH balance sheet.
In June 2008, the National Highway Authority of India (NHAI) signed a 15 year concession (30 month of construction period) with a consortium formed by Malaysia’s IJM Corporation Berhard and India’s Infrastructure Development Finance Company (IDFC) to widen and strengthen the 82.5 km section on National Highway (NH-5) between Chilkaluripet and Vijayawada in the state of Andhra Pradesh.  Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance and widening of the existing four lane highway to a six-lane highway with paved shoulders. The expansion project, part of National Highway Development Project Phase V, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  The consortium established Vijayawada Tollway Pvt. Ltd., a special purpose vehicle, to implement the project. The consortium won the tender through international competitive bidding, conducted by NHAI (in November 2006), by quoting the earliest time for starting the annual premium payment (1698 days or approximately 4.5 years from Appointed Date). Revenue share would increase from 2% in the first year of annual payment (4.5 years from appointed date) to 12% at the end of the 15-year concession periodUnder the contract, Vijayawada Tollway Pvt. Ltd. was to recover the capital costs and operating costs including returns through tolling during the term of concession.   The project company secure financing in March 2009 with several Indian banks joining sole book runner SBI Caps. The capital cost of the project at financial closure was estimated at US$ 207 million. The debt equity ratio was 2.7:1 or 73/27. The project was funded by a Rupee Term Loan of US$ 147 million and Promoters Equity Contribution of US$ 60 million. The loan came at an all-in interest rate of 12.75% and would have an average life of 13.5 years.   The concession agreement was signed in June 2008. Construction on the project began in June 2008 and was expected to be completed by December 2010.
Perla Mini Hydro Project was a 24 MW mini hydro plant located on the banks of Netravathi River near Perla-Shamboor, Bantwal Taluk of Dakshina Kannada, Karnataka. The project was developed on build operate and transfer (BOT) basis by AMR Power Pvt. Ltd., a subsidiary of Greenko Energies Pvt. Ltd. Perla signed  a 15 year PPA with Mangalore Electricity Supply Company Limited (MESCOM), a distribution arm of Karnataka Power Transmission Corporation Limited (KPTCL), a state government owned power utility company. The project was registered under UNFCCC's Clean Development Mechanism.  Total cost of setting up of the project was estimated at Rs. 971.7 millions (US$23.5 million). Construction started in 2008 and the project was expected to be commissioned in September 2009.
The Phividec Industrial Authority (PIA), a local government agency, awarded the concession to International Container Terminal Services Inc. (ICTSI) to operate Mindanao Container Terminal in the Phividec Industrial Estate, Tagoloan municipality, Misasmis Oriental province, on a rehabilitate, operate and transfer basis for a period of 25 years.  The concession contract was awarded to ICTSI on March 31, 2008. Following the concession award, ICTSI formally initiated the registration process for a wholly owned project company, Midanao International Container Terminal Services Inc (MICTSI). The concession was awarded following a competitive bdding process in which ICTSI, Asian Terminals Inc. and Harbour Center Port Terminal Inc. submitted bids by the Jan. 28, 2008, deadline stipulated by the Phividec Bids and Awards Committee. ICTSI was awarded the concession contract on the basis of the 'highest rated responsive bid'.  The concession contract was signed on April 25, 2008 at which point the date for transferring terminal operations to MICTSI was set for June 25, 2008. As of Dec. 31, 20008, details of how ICTSI was to finance the rehabilitation of Mindanao Container Terminal had not been publicly disclosed.  As of Dec. 31, 2008, the capacity of Mindanao Container Terminal stood at 270,000 TEUs per annum. ICTSI was to expand capacity at the terminal to 355,000 TEUs per annum, corresponding to an investment commitment of US$4.8 million, or 214.7 million Philippine pesos [PHP].   MICTSI formally commenced terminal operations as planned on June 25, 2008.
In February 2008, Xinao Gas Holdings Ltd. was granted an agreement to build and operate piped distribution of LPG and LNG in Zhaoqing City, Guangdong Province after a competitive bidding process. XinAo owns 100% of the project and will operate the facility for 30 years. The total investment was RMB 450 million (US$ 64.38 million).
PT Poso Energy signed a 30-year power purchase agreement (PPA) with the state-owned electricity utility, PT PLN, in October 2007.  PLTA Poso II was deveoped as a greenfield, build-own-operate (BOO) project. The 195 MW (3 X 65 MW) project was located in the village of Sulewana, near the town of Poso in Central Sulawesi province.  The sponsors of the project were PT Hadji Kalla, a unit of the Kalla Group, and PT Bukaka Hydropower Engineering and Consulting Company, a unit of the Bukaka Group.  The sponsors’ exact equity shares in the project were not available from public sources as of December 2008.  The project reached financial closure in May 2008, with the signing of a US$134 million (1.3 trillion Indonesian rupiah [IDR]) loan facility between PT Poso Energy and a syndicate comprised of PT Bank Negara Indonesia Tbk, BRI, Bank Panin and Bank Bukopin. The eight-year loan facility comprised a IDR662.3 billion (US$68 million) local currency-denominated tranche and a US$66 million dollar-denominated tranche.   As of May 2008, 30% of the project’s construction had been completed. The project was expected to commence commercial operations by the end of 2010. The project was commissioned in December 2012, although the transmission lines were not completed yet. Delays in the project were caused by "unbalanced soil conditions and concerns on the security conditions in Poso".
The Mundra Ultra Mega Power Plant Project involved the construction of a 4,000MW power plant facility divided in 5 units of 800 MW each near Mundra Port, Gujarat state. The facility was to be located in a special economic zone near Tundawad village about 22km from Mundra in Kutch district. The project was near the coastal port of Mundra and to be fueled by imported coal. The 12 to 15 million tonnes a year of imported coal would be transported to the site by a merry-go-round railway system from Mundra port, which can accommodate 125,000 deadweight tonne vessels and will hosts four 750-tonne an hour cranes and 1,500-tonne an hour conveyer belts to handle the coal.  Mundra Ultra Mega Power Plant Project was one of the nine ultra mega power projects in the 2005-06 national program to eliminate the electricity shortage in the country. The program was developed by Power Finance Corp (PFC), Ministry of Power, and Central Electric Authority (CEA). The Government of India stipulated the use of supercritical technology to lower carbon emissions. Mundra Ultra Mega Power Plant Project together with Sasan Ultra Mega Power Plant Project were the first two Mega power plants (at least 4,000 MW) tendered by the government of India.   In February 2006, PFC received 30 expressions of interest for the 4,000 mw Mundra project in Gujarat. The companies that expressed interests included Adani Exports, Aditya Birla, Ashok Leyland, Essar Power, India Power Corporation, Khanjee Holding of Texas, Korea Electric Power, Reliance Energy Ltd, Suez Energy, Sumitomo, Mitsui of Tokyo and Tronoh Alco of Malaysia. In June 2006, PFC received 13 Request for Qualifications for Mundra. Among the companies that submitted Request for Qualifications were Tata Power, Anil Ambani group firm Reliance Energy Ltd, Larsen and Toubro, Essar Power, Lanco and AES India, Sumitomo Corp and Khanjee Holdings said.   In early December 2006, the tender took place using a 25-year levelised tariff as bidding criterion. PFC received six bids in the tender for Mundra power project. All bids came from domestic investors which included Adani group, Sterlite group, Tata Power, Essar Power, Larsen & Toubro, and Reliance Energy. Foreign investors who presented RfQ (Request for Qualification) pulled out at the time of bidding (China Light and Power and AES Corp) citing insufficient time for bidding as one of the key reasons for staying out of the tender.  On December 24, 2006, PFC announced Tata Power as the winner by quoting the lowest tariffs for Mundra power project. Tata Power outbid the other five bidders by quoting Rs 2.26 per unit tariff (or US 5.65 cents per kWh) for the Mundra project. The offers of the other bidders for Mundra were Reliance Energy with a bid of Rs 2.66 per unit, Adani Exports Rs 2.70, Larsen & Toubro Rs 3.22, Sterlite Rs 3.74 and Essar Rs 4.06 per unit. Lanco-Globoleq consortium won Sasan Ultra Mega Power project by quoting a tariff of Rs 1.196 per unit. These tariffs were the average levelized tariffs for the supply of power from the plants to utilities in several states over a 25-year period. The bids were significantly lower than expected and were attributed to the good project planning. On December 27, 2006, run Power Finance Corporation signed with Tata Power the letter of intent to develop the project. Tata Power was awarded the project on build, own, operate & maintain (BOOM) basis and was granted 15 months for achieving financial closure and 64-69 months to commission the first of the five units of 800 MW each.   The implementation of these projects was facilitated by changes in the legal framework as well as better project preparation. According to the 2003 electricity law, developers of the build-own-operate projects might sell electricity from the plants directly to high tension consumers or distribution licensees if the state-owned power utilities default on payment agreements. The lack of a proper payment security mechanism was the reason why the earlier mega power project program – involving thermal power projects with more than 1,000MW of capacity each – did not attract private investors.   The PFC set up Coastal Gujarat Power Ltd as a shell company to facilitate the preparation of project reports, land acquisition, fuel and water arrangements, environmental and other administrative approvals, payment security mechanisms and other terms and conditions with the buyers of electricity from the projects. Through the shell companies, power purchase agreements (PPAs) for the Mundra project were signed with distribution companies in five states in October 2006. Power Grid Corp of India Ltd (PGCIL was setting up the transmission system for the proposed ultra mega power plant projects in November 2006. Electricity from the project would be distributed as followed 1,900 Mw to Gujarat, 800 Mw to Maharashtra, 500 Mw to Punjab and 400 Mw each to Haryana and Rajasthan with Gujarat Distribution Company was nominated as the lead procurer on behalf of all procurers. The signing of PPAs for tariff-based competitive bidding marked the beginning of a new approach to capacity addition, which was expected to facilitate private investment at a faster pace while providing power at the most competitive rates.   PFC transferred Coastal Gujarat Power Ltd, the shell company to implement Mudra Ultra Mega power plant, to Tata Power in April 2007. At the same time Tata Power signed the power purchase agreement (PPA) and submitted performance bank guarantees worth Rs 300 crore.  In May 2007 Tata Power signed an engineering, procurement and construction (EPC) contract with Korea's Doosan Heavy Industries & Construction Company for supply of super-critical boilers and development of ancillary civic structures. That contracted covered 45% of of the total orders of the project. In June 2007 Tata Power Company Ltd signed a contract with Japan's Toshiba Corp for sourcing five 800-megawatt steam turbine generators. Tata Power also acquired 30% of equity in two major Indonesian coal producers to ensure coal supply for the project.  The project cost was US$4.2 billion. Financial closure was achieved in April 2008 with the following financial structure: US$1 billion of equity and the rest in debt. Debt came from IFC (US$450 million), ADB (US$450 million), Korean ECAs (US$800 million), and local banks (US$1.5 billion).  The IFC loan had a 20-year tenor. The financing, which was raised by the special vehicle Coastal Gujarat Power, consisted of an INR55.5 billion, 14-year loan, provided by Indian banks and arranged by financial advisor State Bank of India, and an $1.8 billion, 18-year loan from foreign lenders and multilateral credit agencies.  Tata provided INR42.5 billion in equity for the project, which is the first of nine so-called ultra mega power projects in India. Underwriting the $1.8 billion tranche were the Asian Development Bank, BNP Paribas, the Export-Import Bank of Korea, International Finance Corp. and Korea Export Insurance Corp. SBI syndicated the Indian tranche prior to closing to Housing and Urban Development Corp., India Infrastructure Finance Co., Oriental Bank of Commerce, State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Indore, State Bank of Travacore and Vijaya Bank.  Construction started on September 2007 and commissioning was expected on June 2012.
In September 2008, Istanbul-based Zorlu Enerji (Zoren), the energy arm of Zorlu Holding, acquired nine power generation facilities belonging to state-owned Ankara Dogal Elektrik Uretim ve Ticaret A.S. from the Turkish Privatization Administration (OIB). Zorlu Enerji acquired the Engil gas-fired power plant in the eastern province of Van, and 30-year operating rights for the Tercan, Kuzgun, Mercan, Ikizdere, Cildir, Beykoy and Atakoy hydropower plants and the Denizli geothermal plant.     Zorlu Enerji won the nine power plants via a competitive tender on March 5, 2008, by offering the highest price to the government (S$510 million). The energy arm of Zorlu Group, a textile and electronics company, beat off competition from 26 rival bidders including Calik Enerji, Aksa Enerji, Turkerler, Kiler Alisveris and Ozaltin.The project sponsor indicated after winning the tender in March 2008 that the company would invest US$150 million in the facilities.  The High Board of Privatization approved the transfer and the sale of the following power plants on May 7th, 2008. The amount was paid in full and in cash, in line with the agreement signed on September 1st, 2008.  Zorlu Enerji signed the sale contract with the Privatization Administration and paid the transfer fee in one installment in September 2008.  Zorlu Enerji informed the Istanbul Stock Exchange that its 99% subsidiary, Zorlu Dogal Enerji, obtained a US$360 million loan from local lender Garanti Bankasi’s Luxembourg branch and local Akbank’s Malta branch to finance the acquisition. It was reported that the loan had a term of one year and seven days.  In December 2010, Zorlu Energy secured a US$410 million loan from Akbank(US$215 million) and Garanti Bank(US$215 million) at a 12 year maturity to refinance generating assets it bought in 2008 and finance some investment.
The Government of Tamil Nadu awarded the development of a Greenfield terminal in Tamil Nadu to a consortium formed by Sical Logistics Limited, Larsen & Turbo, and state owned MMTC India Limited. Under the agreement that was signed between the consortium and Government of Tamil Nadu in November 2005 (for Phase I & Phase II), the consortium had the exclusive right to design, finance, build, manage and operate the Ennore Iron Ore Terminal for 30 years (including 27 months of construction period) from the commercial operations date.   The project was to be implemented in two phases on a build- own-operate-transfer (BOOT) basis. This project was for Ennore Port second phase  which consisted of setting up an 'Iron Ore terminal' with all associated handling and storage facilities.  The terminal was to be the first one in the country that comes with 125 acres of container yard connecting to a berth with a kilometer in width. The port once completed would handle between 12 and 20 million tonnes of iron ore per annum. In its first year of operations, the terminal was expected to handle 9 million tonnes of iron ore. The terminal was designed to be able to simultaneously handle three mainline vessels with capacities of 8,000 twenty foot equivalent units (TEUs) each, as well as four feeder vessels.  The concessioner Ennore Port Limited (EPL), had shortlisted six consortiums from a set of 40 companies that had shown their expression of interest. Sical Logistics, in consortium with MMTC India Limited and Larsen & Toubro won the contract for implementing the iron ore terminal at Ennore. The consortium established a special purpose vehicle, Sical Iron Ore Terminal Limited, to implement the project. The consortium won the tender through competitive bidding, by quoting the highest revenue share to government. Sical Logistics Limited has 63% percentage holding in the SPV whereas MMTC India Limited has 26% and Larsen & Turbo 11%.  The project reached financial closure in March 2008 with debt equity ratio of 70:30.The total capital cost of the project at financial closure was estimated at US$ 117 million. Yes Bank, was the lead arranger and sole underwriter for the US$ 79.62 million loan, while the other members of the loan syndicate were United Bank of India, UCO Bank and India Infrastructure Finance Company Limited. The equity component of the project will be around US$ 37 million. Contribution of Sical Logistics, MMTC and L&T to the equity was US$ 23 million, US$ 10 million and US$ 4 million respectively. Construction for Phase – II was expected to start in 2008 and commissioning is expected in 2011.
In February 2008, the 25-year BOT Mostaganem seawater 200,000 m3/day desalination plant project reached financial closure. The plant was to be located 38 miles east of Oran, on the Mediterranean coast.  The project was awarded in October 2005 by the government of Algeria to Sharikat Miah Mostaganem (STMM), a Special Purpose Company (SPC) composed by the private consortium UTE Mostaganem (51%) and by the State Owned Enterprise Algerian Energy Company (49%). UTE Mostaganem was a Spanish joint venture between Inima (50%), a wholly owned subsidiary of Obrascon Huarte Lain (OHL) and Aqualia (50%), a wholly owned subsidiary of Fomento de Construcciones y Contratas SA (FCC).  The award followed a competitive bidding process between three tenders. UTE Mostaganem was selected for proposing the lowest tariff (US$0.729/m3). The two other bidders proposed the following tariffs: US$0.8313/m3 (Cobra-Sadit-Codesa Spanish consortium) and US$1.6990 /m3 (US company GE Ionics).  Under the term of the agreement, the SPC Sharikat Miah Mostaganem (STMM) signed a 25-year "Take or Pay" water purchase and sale contract with Algérienne des eaux, the state-owned national water entity of Algeria and Sonatrach SPA, the national oil company of Algeria. In addition, the SPC awarded to UTE Mostaganem an EPC contract for the construction of the plant and a 25-year operation and management contract. Investment commitment represented about US$250 million.   The project was financed by a US$182 million loan from the State owned bank Banque Extérieure d’Algérie. The loan had a 2+15-year structure and a 3.75% fixed interest rate. The rest was financed through equity by the shareholders of the SPC Sharikat Miah Mostaganem (STMM): UTE Mostaganem and Algerian Energy Company.
West Haryana Highways Projects (Private) LTD (WHHPPL) was created to a 25 year BOT project that involved construction of 64 Km including two four-lane greenfield bypass at Bahadurgarh (13km) and Rohtak (25km) and expanding to six lanes the remaining of the road which goes from Delhi/Haryana border to Rohtak Section of NH–10. The project was awarded on build, operate and transfer (BOT) basis under National Highways Development Project (NHDP) Phase III.  WHHPPL was responsible for design, engineering, finance, construction, operation and maintenance of the existing two lane road from Delhi-Haryana Border to Rohtak Section of NH-10 i.e. from Km 29.70 to Km 87.00 (approximately 63.49 km) of NH-10 in Haryana (‘Project Highway’) to Six/Four lane configuration under NHDP Phase IIIA on Build, Operate and Transfer (BOT) basis. The 25 year concession included a 24-month construction period. The Concessionaire shall be responsible for improvement, Operation and Maintenance including Strengthening and Widening of Existing 2-lane Road to 4/6-lane.  WHHPPL was incorporated as a Special Purpose Vehicle (SPV) by Era Infra Engineering  Ltd. (49%) & Karam  Chand Thapar & Bros (Coal Sales) Ltd. or KCT (50%) consortium on August 23, 2007. It is implementing toll based road project on BOT basis in Haryana.  The agreement was signed on November 16, 2007 by NHAI and West Haryana Highways Projects (SPV of KCT-ERA Consortium).  The concession period for the project is twenty five years (25 years) from the appointed date (inclusive of a 24 month construction period). Appointed date is the date 180 days from the date of execution of the CA (i.e. May 2, 2008).  NHAI after evaluating the proposals awarded the Project to the EIEL-KCT(CS) consortium, which had quoted a premium to be paid to NHAI, beginning 4692 days from the date of completion (COD). The Concessionaire shall pay, after 4692 days from the COD, a Premium in the form of additional Concession Fee equal to 2% of the total Realisable Fee during that year and for each subsequent year of the Concession Period, the Premium shall be determined by increasing the proportion of Premium to the total Realisable Fee in the respective year by an additional 1% compared to the immediately preceding year. In the event Actual Traffic shall exceed the Target Traffic by more than 2.5%, then for every 1% excess as compared to the Target Traffic, the Concession Period shall be reduced by 0.75% thereof; provided that such reduction in Concession Period shall not in any case exceed 10% thereof. In lieu of a reduction in Concession Period under this clause, the Concessionaire may elect to pay a further premium equal to 25% (twenty five per cent) of the Realisable Fee.    The total cost of the project is Rs 5,860 million. Funding came from equity (Rs 1,460 million), senior debt (Rs. 4102.3 million), and balance by subordinated debt of (Rs.293 million). The project was financed with a debt/equity ratio of 75/25. The project reached financial closure in 2008.
In the mid-1990s, Siam Power Generation Public Co. Ltd (SIPCO) was awarded a license, under the Small Power Producer (SPP) generation program by Electricity Generation Authority of Thailand (EGAT), to build, own and operate a 450MW gas-fired combined cycle power plant in the SSP Industrial Park in the Rayong Province, with the estimated cost of USD 223.875 million. However, the 1997 financial crisis delayed the implementation of the project.   In 2005, M-Power TT Ltd, a joint venture between Melewar Industrial Group Bhd (75%) and Transturbo Engineering Sdn Bhd (25%), acquired a 55% stake in the SIPCO. In July 2008, SIPCO signed a multi-tranche facility to finance the construction, operation and maintenance of the power plant. In November 2008, Melewar Industrial Group Bhd acquired additional stake in SIPCO, bringing its total interest in the power project to 95.03%.    The project was divided into two stages. The first phase would involve the construction of a 185MW combined cycle gas-fired power plant, which was expected to be in operation by 2009. SIPCO also submitted plans for the second phase of the plant to Thai authorities for the expansion of its production capacity by another 90MW at between USD 100 million (RM330 million) and USD 120 million. The plant is expected to generate some USD 100 million revenue for Melewar once completed.
Halmore Power Generation Company Ltd. (HPGCL) was established in order to build, own and operate a greenfield, 225 MW, gas-fired, independent power plant using combined cycle technology near the town of Bhikki in Sheikhupura district in the province of Punjab.   HPGCL initiated the project by means of an unsolicited proposal to Pakistan's Private Power and Infrastructure Board (PPIB). In September 2006, Pakistan's National Electric Power Regulatory Authority (NEPRA) approved a generation tariff for HPGCL. Following this, in April 2007, Halmore signed a power purchase agreement (PPA) with the National Transmission and Despatch Company (NTDC) on behalf of the Water and Power Development Authority (WAPDA). On Oct. 23, 2007, Halmore Power Generation Company Ltd. signed an Implementation Agreement (IA) with PPIB, thereby allowing the project to proceed towards financial closure.  According to PPIB, the project reached financial close in April 2008 with a 75/25 debt-equity split and a total investment commitment of US$231 million.  HPGCL secured a US$173.5 million loan facility from a consortium of local banks led by United Bank Limited and Allied Bank Limited. The sponsor' equity contribution was US$57.84 million.  Previously in April 2007, the lead arrangers were HSBC, Czech Export Bank and Askari Bank. A 80:20 debt/equity ratio was expected, along with an insurance from Export Guarantee and Insurance Corp. However, this seems not to have materialized.
The Krishnapatnam Thermal Power Project was a 540 MW coal based thermal power plant located at Krishnapatnam port in Thamenapattanam Village in Nellore District in Andhra Pradesh. The project was initially planned as a 250 MW plant. However, the scope was later revised to develop a 540 MW power project on a Build-Own-Operate (BOO) basis. The project was to be implemented in two phases, each with a capacity of 2x135 MW. The project was being developed by Meenakshi Energy Private Limited (MEPL), a part of the Meenakshi Group, following direct negotiations with the Government of Andhra Pradesh.   MEPL signed a Memorandum of Understanding with Power Trading Corporation India Limited (PTC), a power trading company, for the sale of entire power from this project for a period of 25 years.    The project was estimated to cost US $670 million. Financial closure for the project was achieve in June 2008 with a debt equity ratio of 75/25. Construction work started in July 2009 and concluded in December 2010.  The project was expected to be completed by December 2010.
In September 2007, the Madhya Pradesh Road Development Corporation (MPRDC) signed a 25 year concession contract (including construction period of 30 months) to Jaora-Nayagaon Toll Road Company Pvt. Ltd. to strengthen and widen the 126 km section,from km 126/200 to 252/200,of the State Highway 31 (SH-31) from Jaora to Nayagaon in the state of Madhya Pradesh.   Under the contract, Jaora-Nayagaon Toll Road Company Pvt. Ltd. was responsible for the design, construction, finance, operation and maintenance and widening of the existing two-lane highway to a four-lane highway with paved shoulders. The expansion project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   Jaora-Nayagaon Toll Road Company Pvt. Ltd. (JNTRCPL), established to implement the project, is a joint venture formed by SREI Infrastructure Finance Limited (28%), Subhash Projects & Marketing Limited (11.5%), Viva Infrastructure Private Limited (49%) and PNC Infratech Limited (11.5%). JNTRCPL won the competitive tender, conducted by MPRDC, by offering the highest premium to MPRDC of US$ 50 million during the operation period (US$ 3.84 million in the first year which is to be increased in each subsequent year by 5% per annum, through the operation period; Net Present value discounted at 10%). Under the contract, JNTRCPL was to recover the capital costs and operating costs including returns through toll collections during the concession period (excluding the construction period).  The project reached financial closure in June 2008. The total capital cost of the project was estimated at INR 8470 million (US$ 195 million).   Construction on the project began in June 2008 and was expected to be completed by February 2010.
A local private company Guangxi Huahong Water Affairs Investment Co. Ltd. was granted an agreement in December 2008 to construct a wastewater treatment plant with a total capacity of 30,000 cubic meters per day in Cenxi City, Guangxi Province. The project was procured via direct negotiation. Guangxi Huahong would operate the facilities for 28 years before transferring them back to the local government. The total investment was RMB 38 million (US$ 5.45 million) and Guangxi Huahong owns 100% of the project.
The partnership of the Brazilian companies Alupar (65%), a wholly-owned subsidiary of Alusa, and Enixe Energias e Participações Ltda (35%) were granted authorizations to build two small hydro power plants located in the state of Sao Paulo. The 30-year contracts were signed with the regulatory agency ANEEL over the years since 2007.   The first contract signed was for the Lavrinhas PCH, which was set to have a capacity of 30 MW. Construction works on this plant started in September 2007, and the unit has not became operational yet. The special purpose company Usina Paulista Lavrinhas de Energia S.A. was established to manage this Project.  The second power plant, Queluz (30 MW), became operational in August, 2011. The special purpose company Usina Paulista Queluz de Energia S.A. was established to manage this Project.  The investment on Lavrinhas and Queluz was US$ 78.7 million (BRL 153,5 million) and US$ 81.1  (BRL 158,2 million), respectively. In December 2008, BNDES signed two financing contracts: a US$ 60.6 million (BRL 111 million) contract for Lavrinhas plant and a US$ 62.6 (BRL 114.6) million contract for Queluz one. In August 2010, two additional loans were granted for the construction of these power plants: US$ 9.2 (BRL 17 million) for Lavrinhas and US$ 14.7 million (BRL 27 million) for Queluz. PCH Queluz commenced operations in August 2011.
On January 2, 2008 the state of Puebla awarded Promotora y Operadora de Infraestructura, SAB. De CV (Pinfra) a 28-year concession to rehabilitate, operate and maintain a 10.6 km highway in the states of Puebla and Morelos. This stretch united two other highways operate Pinfra forming a single stretch totaling 55km.   Further information on tendering was not publically available.  Investment in the project was estimated at 115 million pesos (US $10.6 million).
The Dadupur Hydel Power Project was a 6 MW mini-hydro power project located at District Yamuna Nagar on western Yamuna canal, in the state of Haryana. On June 7, 1999 (extension of MOU was done on March 9,2007) Bhoruka Power Corporation Limited (BPCL) signed a Memorandum of Understanding with Haryana Irrigation Department for setting up this project. The project would produce hydroelectric power by using the approximately 5 meter head provided at Dadupur pond in Haryana, India. The project would install 4 units of 1.5 MW horizontal, ‘S’ type, full Kaplan turbines. The annual energy produced by the project activity was estimated to be 31.51 GWh (at 90% dependability). The total annual energy available after accounting for station auxiliary consumption, transformer losses, transmission line losses and grid outages was estimated to be 28.65 GWh.The Dadupur Hydroelectric project was connected to the grid via substation at Chhachhrauli, which was at a distance of 5 km from the project site.  Uttar Haryana Bijli Vitran Nigam (UHBVN) had signed a power purchase agreement (PPA) with Bhoruka Power Corporation (BPCL) on March 4,2008 (Approval of PPA with Haryana Power Generation Company Ltd (HPGCL) by HERC had happened earlier on July 10, 2007 vide Letter from HERC to HPGCL). In order to ensure compliance with the Haryana Electricity Regulatory Commission (HERC) directive to procure up to 3% of total annual consumption of electricity from the renewable and non-conventional energy sources, UHBVN planned to purchase 6 MW from BPCL. As per the HERC approved PPA, UHBVN will purchase electricity at the rate of INR 2.80/unit from the date of commissioning for 12 years and at the rate of INR 1.70/unit for the next three years.  The estimated cost of the project was USD 10.3 million (INR 499.2 mn @48.41 INR/USD). Financial closure took place in July 2008. The debt to equity ratio for the project was 70:30. Financing comprised of a term loan of USD 7.2 million (INR 349.4 mn) at the interest rate of 11.5% per annum and USD 3.1 million (INR 149.7 mn) equity brought in by the promoter. The total project cost of USD 10.3mn for an installed capacity of 6 MW translated into USD 1.72 million per MW, which was on a higher side as per HERC standards and was one of the main financial barriers faced by BPCL. BPCL had represented its case for carbon credits for the project, though the current status could not be ascertained.The financial benefits of the revenue obtained by selling of the CERs was expected to improve the Equity IRR of the project by up to 10.62% (for various assumptions noted in the report to UNFCCC).  Civil works had started in March 2008 and were targeted to completed by January 2009. The civil works package had been awarded to Chandigarh-based P&R Infra Projects Ltd. In January 2009, work on the electromechanical package awarded to Bangalore-based Boving Fouress was expected to begin. The Dadupur 6MW plant finally started power generation and had been syncronized with the UHBVN grid at Chachhrauli switching station on 19th March 2010.
A local private company Shenyang Zhenxing Environmental Protection Industrial Co., Ltd. signed an agreement in April 2008 to construct a wastewater treatment plant with a capacity of 50,000 cubic meters per day in Shenyang City, Liaoning Province. The project was procured via competitive bidding. Shenyang Zhenxing would operate the facility for 20 years before transferring it back to the local government. The total investment was RMB 60 million (US$ 8.58 million) and Shenyang Zhenxing owns 100% of the project.
Sinohydro was planning the development of the 120 MW Nam Ngum 5 hydropower plant, near Luangprabang and Xiengkhouang. Sinohydro held 85% of the equity, the remaining 15% was owned by EdL. Electricite de Laos (EdL) was 75% state-owned. Thailand's Ratchaburi Electricity Generating Holding (Ratch) owned 9.34% of EdL's shares, acquired for $43.36 million. Ratch itself was 45% owned by state-run Electricity Generating Authority Thailand (EGAT).  Commissioning was expected for 2012, construction was completed by 80.6% in 2011 as reported by the Lao government. The CA was signed in April 2007, and construction started in April 2008. The concession lasts for 25 years. The power plant will have an annual power generation of 507GWh. The electricity generated will be sold to EDL for domestic consumption.   Total cost was estimated at $200 million.
In November 2008, a Hong Kong based company, Huiri Group was granted an agreement to build and operate a 4 lane 32KM long highway linking Jianyang City and Sancha Lake in Sichuan Province after a competitive bidding process. Huiri Group owns 100% of the highway and will operate it for 30 years before transferring it back to the local government. The total investment is RMB 1200 million (US$ 172.66 million).
The Brazilian company Acucar e Alcool Oswaldo Ribeiro de Mendonca Ltda, a subsidiary of Grupo Colorado, was granted the authorization to build and operate a sugar-cane-residue(bagasse) fueled power plants located in the state of Sao Paulo (initially, the company constructed a captive unit with 16 MW; this newer authorization was granted to expand its capacity to 52.76 MW, so that the company would have excess capacity to supply the electricity market). The 30-year contract was signed with the regulatory agency ANEEL in March 2003, and the authorization to expand capacity was awarded in April 2007. The power plant was named UTE Colorado.  The value of the investment committed to UTE Colorado was  not available. The power plant commenced commercial operations in September 2008, but it was only able to arrange a power purchase agreement with electricity distribution companies in 2010. UTE Colorado  won the public bidding that took place in 2010, by offering an average tariff of US$ 81.8/MWh (BRL 144/MWh). The project company signed 15-year power purchase agreements with the several electricity distribution companies. UTE Colorado committed to start supplying to the market in 2011.
TATA Power, from India, was planning the development of the 114MW Dagacchu run-of-river hydropower project, in joint venture with Druk Green Power Corporation, owned by the Bhutanese government. Tata held 26% of the equity, DGPC held 59%. The remaining 15% was held by the NPPF (National Pension & Provision Fund) of Nepal. Output was expected to be 260-500 GWh.  Commissioning was expected for 2013. The project held a PPA with TATA Power, and the Bhutan. The project required a 19km transmission line (220kV), connecting the project to Tsirang power house. The civil works were done by HCC, form India, awarded in July 9, 2009 (for Nu 3,875.00 million, US$45 million). The electric equipment was to be supplied by Alstom Hydro, from Hydro and VA Tech Hydro, from Austria (for EUR54.99 million, US$71.3 million). Consulting was provided by PriceWaterhouseCoopers Pvt. Ltd. (India), in association with Nippon Koei Co. Ltd. (Japan). The evacuation was to be done via a 1,200 kilometer built for the 1,020 Tala project brought online in 2006. HCC was also responsible for constructing Tala, and 1,200MW Punatsangchhu 1 HPP.  The debt/equity ratio of the project was 60/40. Part of the debt was provided by the Asian Development Bank (US$51 million debt, 30 year tenor + US$29 million financing towards the DGPC equity, 32 year) and the Austrian export credit agency (OeKB). Total cost was US$201.5 million. The project also applied for UNFCCC CDM financing.  Coordinates:   26°50'19"N   89°58'10"E
In March 2008, the government of Cote d'Ivoire renewed the lease contract of SODECI (project 604) through direct negociation for 15 years.  No information was available on the terms of the new contract.  SODECI was responsible for water supply nationwide and for sewerage for the city of Abidjan.  SODECI has been responsible of the national water supply and sewerage utility since 1960.
On December 26, 2008, SOCAR Energy Georgia, the Georgian subsidiary of Azerbaijani state oil and gas firm SOCAR, signed an agreement with the Georgian government to purchase of 23 regional gas distribution companies with connecting mains and two gas pipelines serving about 30,000 consumers. At the time of the purchase, SOCAR was the largest gas supplier to Georgia. Under the privatization agreement SOCAR Energy Georgia would take ownership over gas distributors serving regions of Georgia including Kakheti, Mtskheta-Mtianeti, Shida Kartli, Kvemo Kartli, Guria, Imereti and Samegrelo, respective gas transmission mains connecting to distributors and two gas pipelines in Adzaria region - Batumi and Kobuleti - the 8.2-km Batumi gas pipeline and the 23-km Batumi pipeline.   In October 2007, the Ministry of Economic Development of Georgia requested expression of interest from companies interested in purchase of regional gas distributors and two gas pipelines - Batumi and Batumi - all together at a starting price of about $10 million. The gas pipelines were tendered under condition that the winning bidder would undertake works for full gasification of Batumi, Kobuleti and Khelvachauri as well as of the coastal line within the administrative borders of Achara Autonomous Republic (from Choloki River to the village of Sarpi).  The selection criteria required that the winning bid (i) operated the available network of the gas pipelines, (ii) serviced all existing consumers, (iii) guaranteed permanent gas supply to consumers, and (iv) ensured gasification of additional localities.  Initially, three companies - SOCAR, Wissol and Iveria-7 - submitted the expressions of interest for participation in the competitive bidding. SOCAR won the tender in May 2008 partly because it could supply distributors with its own gas and could guarantee a continuous supply.   Under the signed contact SOCAR was to (i) invest US$40 million in the Georgian gas distribution network over the next three years, (ii) expand the gas distribution networks to supply an additional 150,000 Georgian households in the same time period, (iii) guarantee five years supply of natural gas to the companies operated, and (iv) by the end of 2010, provide 85% of gas supply in Georgia.   In early March, 2009 SOCAR Georgia Gas started supply of Azerbaijani gas to the regional Gas Distribution Companies it purchased.  After the privatization agreement was signed, Georgia had four large gas distribution companies - SOCAR, Wissol, KazTransGas-Tbilisi and ITERA Georgia.  As of 2010 Socar claimed it had already spent US$15-16 million for gasfiociation in Georgia.
Summit Power Limited (SPL) developed four small independent power producers (IPPs) with a combined capacity of 110 MW.  The small IPPs were a 33 MW plant Maona (in Gazipur), a 33 MW plant at Rupganj (in Narayanganj), a 33 MW plant at Jangalia (in Comilla) and a 11 MW plant at Ullapara (in Sirajganj).  The greenfield plants were established on a build, own and operate (BOO) basis.  The four plants were awarded to SPL by the Cabinet Committee on Public Purchase, as part of a tender in which ten small IPPs were offered.   Power Cell, the implementing agency, announced a tender for 10 small IPPs in April 2007.  37 companies submitted bids by the deadline of June 4, 2007.  SPL was deemed to have offered the lowest tariff for four of the ten IPPs.  Accordingly, in July 2007, the Cabinet Committee on Public Purchase awarded the contracts for these four IPPs to SPL, a wholly owned subsidiary of Summit Mercantile and Industrial Corp.  In October 2007, the Implementation Agreement, Land Lease Agreement, Power Purchase Agreement (PPA) and Gas Sales Agreement were signed. Under the PPA, the Rural Electrification Board and the Bangladesh Power Development Board were to buy all the electricity produced by the plants for a 15-year period commencing from the date of the plants' commissioning.  The project was financed with a debt-equity ratio of 80:20.  The project reached financial closure in July 2008, when SPL signed an agreement with the Industrial and Infrastructure Development Finance Company (IIDFC), the lead arranger for a BDT3.96 billion (US$57.8 million) loan.  The sponsor - Summit Industrial and Mercantile Corp. - was to provide BDT 1bn (USD 14.6mn) as an equity contribution.  18 banks participated in the loan consortium: Bank Asia (BDT300 million); Mutual Trust Bank (BDT150 million); National Credit and Commerce Bank (BDT100 million), Pubali Bank (BDT200 million), United Commercial Bank (BDT400 million), IDCOL (BDT600 million), SABINCO (BDT75 million), IIDFC (BDT100 million), Agrani Bank (BDT200 million), BRAC Bank (BDT330 million), Standard Bank (BDT100 million), Janata Bank (BDT350 million), BIFC (BDT50 million), Sonali Bank BDT450 million), Rupali Bank (BDT200 million), First Security Bank (BDT50 million), Prime Bank (BDT200 million) and Premier Bank (BDT100 million).
On March 26, 2008 the Brazilian ground transportation authority ANTT signed a 25-year concession contract with Spanish company Acciona to build, rehabilitate and operate 200.4 km of the BR-393 highway between Minas Gerais and Rio de Janeiro states, ending at Via Dutra. The contract works included: construction of three toll collection areas, construction of buildings required for the services and management of any incidences and for users, installation of traffic control systems along the road, truck weigh-in stations, remodeling of connections and construction of extra lanes.   The contract was the last to be signed in the seven-highway package known as the Mercosul corridor, one of the most important projects in the country's economic growth acceleration plan PAC. The Mercosul corridor comprised 2,600km on seven main stretches of existing highway in the south and southeast. The investment in Mercosul was expected to total 20bn reais over 25 years. Two subsidiaries of Acciona, Acciona Infraestructuras SA (76%) and Acciona do Brasil SA (24%), formed Rodovia do Aco SA as the project company for the BR-393 Rio de Janeiro Highway.  The project was awarded to Acciona in October 2007 by the national road authority ANTT in an internationally competitive tender in which the lowest toll and ability to meet mandated investment requirements were the bidding criteria. Acciona won the bid by proposing three toll points charging 2.94 reais each, 27% less than the maximum amount fixed by the government. The number of bidders was not known. Initially, Acciona was disqualified from competing in the auction, but later presented a court injunction questioning its disqualification. A Brazilian supreme court injunction also delayed Acciona’s contract signing, which took place 45 days later than the six other road concessions tendered at the October 2007 auction.  The total project cost was estimated at US$409.3 million (BRL 749 million). Financing was to be under a 60:40 debt-to-equity ratio.  On 2 Sep 2008, the sponsors signed a R$51m bridge facility to initiate operation.  BES was slated to be the mandated lead arranger. Acciona expected to sign long term financing and reach financial close in the fourth quarter of 2008. The project became operational after contract signing in March 2008, with repair works scheduled until 2012.  In July 2011, the state-owned bank BNDES granted a US$ 216 million (BRL 352.5 million) loan to  the company to finance the infrastructure works.
Fauji Akbar Portia Marine Terminals (Pvt) Ltd – a 50/50 equity joint venture between the Fauji Foundation and Akbar Group – signed an Implementation Agreement with Port Qasim Authority (PQA) to develop a dry bulk terminal at Port Qasim, near Karachi, on Sep. 3, 2007.  Under the Implementation Agreement, FAP was to build the greenfield terminal and operate it for 30 years on a build, operate and transfer (BOT) basis.  Qasim Grain and Fertilizer Terminal was the first dry bulk cargo terminal to be developed at Port Qasim.  It was designed to handle 4.1 million tons of dry cargo (grain, fertilizer, oil seeds and rice) per year, with a storage capacity of 100,000 tons.  The project achieved financial closure on July 18, 2008 with the signing of a financing agreement.  This agreement established a US$92 million 10-year, non-recourse loan facility provided by lead adviser and arranger National Bank of Pakistan and co-arranger Bank Alfalah, with a consortium of other banks.  China Harbour and Engineering Company was the EPC contractor, Vigan of Belgium and Chief Industries (UK) were the machinery and equipment suppliers. Project implementation was to be overseen by FAP, Portia Management Services (UK), Inros Lackner (Germany) and Indus Associated Consultants (Pakistan) while Nespak acted as technical consultants to Port Qasim Authority. Construction was expected to take 24 months and operations were scheduled to commence in 2010.
On Aug. 17, 2006, Port Qasim Authority signed an agreement with UAE’s DP World for the development of a new container terminal at Port Muhammad Qasim near Karachi on a build-operate-transfer (BOT) basis with a term of 21 years. The new terminal, designed to have a handling capacity of 1.175 million TEUs, was to be developed in three phases. QICT is owned 75% by DP World Ltd. of Dubai, U.A.E., and 25% by International Terminal Holding Limited, an offshore entity owned and controlled by Pakistan-based entrepreneur, Mr. Habibullah Khan.   This BOT terminal project, which was awarded following direct negotiations, was the result of Government of Pakistan’s economic policy to encourage private sector investment and participation in the development of the country’s port infrastructure.  The total cost of the project was estimated at US$ 211 million. A US$73.5 million 8-year term loan, which was signed on May 15, 2008, and which closed on June 13, 2008, was to be used to finance 80% of the first phase of the project valued at US$94 million. Standard Chartered Bank, Dubai Islamic Bank and National Bank of Pakistan were mandated lead arrangers of the loan, repaying quarterly for 8 years. The arranging fee was at 120 bps under KIBOR (Karachi Interbank Offered Rate).  Construction work on phase one, which was to have a design capacity of 300,000 TEUs per annum, was scheduled to commence on Jan. 1, 2008. As of end 2009, construction work on phase one was 44% complete, with completion scheduled for end 2011. Construction work on an additional second phase was scheduled to be complete in 2013.
In June 2007, through direct negotiation with the Works Ministry, Malaysian Resources Corp Bhd (MRCB) signed a 34-year contract to design, construct, maintain, operate and manage the Eastern Dispersal Link (EDL) expressway in Johor worth MYR 977 million(US$ 425 million). The construction of the EDL expressway would help ease congestion at Jalan Tebrau, as it would stretch about 8.1km and be an open toll system with a dual three-lane carriageway providing direct link between the new Customs, Immigration and Quarantine (CIQ) complex in Tanjung Puteri and the North-South Expressway via the Pandan interchange in Johor Baru.   The construction was estimated to take 3.5years, or by 2011, including land acquisition. The project also involved the installation of integrated traffic surveillance and control system, street lighting and a traffic information system.  In June 2008, MRCB raised MYR 1065 million (US$ 327 million) of debt financing for the project. Financing was done in two tranches, which were an MYR 220 million loan and an MYR 845 million Islamic sukuk issue that was an istisna. Arrangers to the loan were CIMB and HSBC and leads for the bond issue were CIMB, HSBC and RHB Bhd.  EDL opened in April 2012.
In April 2008, China Gas was granted a 30 year agreement to build and operate piped natural gas netowkr in Yunfu City, Guangdong Province through direct negotiation. China Gas owns 100% of the project. A project company, Yunfu China Gas Development Co., Ltd., was established to operate the facilities with a capacity of 28,822 cubic meters per day and 29000 connections. The total investment was RMB 150 million (US$ 21.46 million). The project will be undertaken in three phases and the 1st phase will be finished in 2009.
Iranian Sangob was developing the 220MW Sangtuda 2 Hydropower Plant on the Zeravshan river. The project consisted of two turbines of 110MW each -run-of-river.  The project was executed under a BOT contract with a length of 12.5 years.  The first turbine was commissioned in September 2011, construction began in September 2006. The main contractor was Omran Maroon. Equipment was supplied by a Chinese firm. The project was started in the 1980s but was put on hold after the fall of the USSR. In the early 1990s Iran expressed interest to assist, but a deal was not reached until 2005. Construction lasted 5 years, therefore it is assumed that FC was reached in January 2008 (25%).   The project was valued at $220 million, of which $180 million was provided by Iran and $40 million by Tajikistan.       Coordinates: 37°58'15?N 69°1'37?E
A Singapore based company Asia Environment Holdings Ltd. signed agreements in July 2008 to construct six wastewater treatment plants with a total capacity of 140,000 cubic meters per day in Danyang City, Jiangsu Province. The project was procured via competitive bidding. Asia Environment would operate the facilities for 30 years before transferring them back to the local government. The total investment was RMB 400 million (US$ 57.22 million) and the Asia Environment own 100% of the projects.
A Hong Kong based company China Water Industry was granted a concession agreement in January 2008 to rehabilitate and operate a potable water treatment plant with a capacity of 100,000 cubic meters per day in Yingtan City, Jiangxi Province. The project was procured via direct negotiation. China Water Industry would operate the facilities for 30 years before transferring them back to the local government. The investment in government assets was RMB 75.14 million (US$ 10.75 million) and China Water Industry owns 51% of the project.
The project involves an integrated municipal solid waste management facility for Madurai City, Tamil Nadu, India. Sponsor is Subhash Projects and Marketing Ltd.  The project has a total cost of $18.58 million. It involves a 20-year BOT concession.
In November 2008, the Mpanga 18 MW “run of the river” hydro electric power project reached financial closure under a 20-year BOT contract.  The project was awarded to South Asia Energy Management Systems (United States) by the government of Uganda through direct negotiation. The date of the award was unclear from public sources.  South Asia Energy Management Systems signed a 20 year PPA with the Electricity Regulatory Authority to feed its energy into the main grid.  The project was financed by a US$14 million loan from the Emerging Africa Infrastructure Fund (EAIF).  The plant became operational in Feb 2011.
In 2007, the Jamshedpur State Electricity Board (JSEB) and PTC India Limited, the state-owned power trading company, signed a 25 year contract with India’s Adhunik Group for development and construction of 1170 MW (5 units of 135 MW each) coal-based thermal power plant in the state of Jharkhand in India. The project was expected to be implemented in two phases, Phase I comprises 270 MW (2 x 135 MW) and Phase II comprises 900 MW (3 x 300 MW). In 2008 construction for Phase I started.  The consortium established Adhunik Power and Natural Resources Pvt. Ltd. (APNRL), a special purpose vehicle, to implement the project. IDFC Project Equity Fund acquired a stake in the proejct company in December 2009. SBI Macquarie Infrastructure Fund acquired 12.5% of the project company in August 2010. The consortium bagged the tender on a negotiated basis. Jamshedpur State Electricity Board (JSEB) has entered into a 25-year power purchase agreement with the Adhunik Power and Natural Resources for supplying power form the project.  Phase I of the project (270 MW), whose cost was estimated at approximately USD 296 million, achieved financial closure in July 2008 with a debt equity ratio of 75:25. APNRL financed this project through an equity contribution of USD 74 million and a loan of USD 222 million. The project was financed through a 14 year long term loan. APNRL appointed SBI Capital as the lead arranger of funds. The pricing of the loan was fixed at 11.50% pa during construction and Benchmark Prime Lending rate (SBAR) minus 75 bps (basis points) during operation. The repayment would be in 40 quarterly payments.   Phase II of the project (270MW) had an estimated cost of INR 13.87 billion (US$303 million). The second phase reached financial closure in March 2003. Financing comprised INR10.4bn 14-years term loan in debt and Rs3.47bn in equity. The debt was arranged by SBI.   Construction of phase I started on Jul 2008 and commissioning was expected on July 2011. Both phases were expected to be operational by 2012.  APNRL had signed a MoU with the Jharkhand government for the 1,080 MW project. In the first phase, 540 MW of generation capacity has been planned out of which the first unit of 270MW was commissioned in October 2012. The second unit of 270 MW was expected to be commissioned by last quarter of FY'13.  Additional financing of USD 61.mn (INR 3575.5 mn @58.6 USD/INR) was completed in 11th December 2013 to support additional cost overrun of phase I (2x270MW)of the 1080 MW coal based thermal power project. Financing comprised of INR 2500mn term loan from IFCI (closed on 3rd September 2013) and a INR 1075.5mn term loan provided by SBI (closed on 11th Dec 2013).
The Brazilian company SIIF Enegies do Brasil Ltda., a partnership of the portuguese company HLC (51%) and the Americans Citigroup (18.85%), Liberty Mutual (18.85%) and Black River (11.3%), was granted the authorization to build four wind parks in the state of Ceara in June and August 2002. Four 30-year contracts were signed with the federal regulatory agency ANEEL in that year.   The first one (Foz do Rio Choro) was for 14 units to be built in the municipality of Beberibe, with a total capacity of 25.2 MW. The second one (Praia Formosa) was for 58 units to be built in the municipality of Camoeira, with a total capacity of 104.4 MW. The third one (Icaraizinho)  was for 30 units in the municipality of Itapipoca, with a total capacity of 54 MW. The fourth one (Paracuru) was for 13 units in the municipality of Paracuru, with a total capacity of 23,4 MW.  For each generating unit, a separate authorization was granted to special purpose companies created to manage the projects.  Financial closure for the project was reached in 2008, when state-owned institution Sudene granted a total amount of US$ 179.6 million (BRL 328.6 million) in loans. Lending was also provided by the state-owned bank BNB.  The total investment in the four wind parks was estimated at US$ 484.5 million (BRL 886.6 million).   The project companies have power purchase agreements arranged with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies).  The projects have already started operations : Paracuru in November 2008 ; Foz do Rio Choro in January 2009; Praia Formosa in August 2009; and Icaraizinho in October 2009.  In April 2011, CPFL Renovaveis acquired 100% of SIIF Energies do Brasil shares for US$ 913 million (BRL 1490 million). About half of this amount refered to the transfer of debt from SIIF to CPFL Renovaveis. CPFL Renovaveis was established as a partnership of the Brazilian companies CPFL Energia (63.6%) and ERSA (36.4%).
On March 4 2008, Soyak Group subsidiary Senerji En. Ür. A.S. signed the 11-year-term agreement for a US$ 230 million loan from the Turkish Akbank to finance two hydroelectricity power plants (HEPPs) near the cities of Erzurum and Nevsehir.  Senerji would use the loan for construction and operation of 82.5 MW Erzurum Güllübag Dam and HEPP on Coruh river near the city of Erzurum in Southeast Turkey. The company obtained a 49-year generation license from the Energy Market Regulatory Authority (EMRA) as of January 11, 2007 for that plant.  Senerji would also use the loan proceeds for the construction and operation of a 67 MW Nevsehir Bayramhacili HEPP for which it obtained a 35-year generation license as of January 20, 2006.  Nevsehir Bayramhacili Dam and HEPP were to be built on Kizilirmak river near Nevsehir in the Central Anatolia Region.  The loan, priced at around 200bp, would mature in 11 years and would have a grace period of 3.5 years. Akbank would extend the facility in several installments throughout the course of the project. Construction was already under way thanks to a US$50 million bridge loan also from Akbank.
At end of 2007 and beginning of 2008, TGK-9, one of Russia’s fourteen Territorial Power Generating Companies created as part of the energy sector reform in Russia, became fully privatized through a series of transactions. The company included 23 electric stations, 35 heating plants and 4 heating networks in Perm territory, Sverdlovsk and Komi regions, with installed capacity of 3,280 MW and 16,952 Gcal/hr.   The company was registered on December 9, 2004 in Perm and began operations on April 1, 2005.    By September 2007, RAO UES, the state-owned holding company for electricity companies owned 50% stake in TGK-9. The remaining shares were owned by private parties among which Integrated Energy Systems (IES Holding) was the largest private shareholder having 30% stake in the company. Private ownership of TGK-9 was the result of the Russian voucher privatization program of the early 1990s. Energy Systems (IES Holding) was one of the largest strategic investors in the Russian power sector and part of the Renova group. In mid 2007, the Federal Antimonopoly Service approved the possible total acquisition of TGK-9 by IES Holding. In December 2007, RAO UES announced the sale of the government shares equivalent to 34% stake in TGK-9 to IES Holding for US$632.51 million (RUB15,488 million) for the stake.  Thus, RAO UES decreased its stake in the power generation company TGK-9 from 50% to 16%. The sale was finalized in January 2008.  In addition, IES Holding purchased 99.99% of the additional share issue by TGK-9 or 27.18% of the increase share capital for US$691 for the additional shares in January 2008. IES used its pre-emptive right as an existing major shareholder to purchase additional shares issued by the company. Other existing share holders acquired .01% of the additional share issue for about US$.07 million. The additional share issue raised total US$694. That increase in capital was required by the Russian regulations to ensure funding for the investment program that all generating companies created based on the assets of RAO UES had to agree as part of the privatization process. The funds would be used for the TGK-9 investment program. Following the transaction, IES consolidated a 75% share in the TGK-9.  RAO UES shareholding in TGK-9 was reduced to 12.75%.  That residual share was to be distributed to the existing shareholder by July 1, 2008 when RAO UES was dissolved.   At the end of March 2008, EBRD obtained 8% stake in TGK-9 (617.4 billion shares) from IES.  It paid US$196 million for the stake.  In April 2008, IES sent a buyout offer to the TGK-9 minority shareholders offering US$.00034 a share, the price at which IES acquired TGK-9 additional issue and the state's UES share package earlier. Minority shareholders had 80 days to decide whether to sell their shares.  In August, IES calculated the results of the buyout offer that led to IES preserving its stake in the TGK-9 at slightly above 75%.    Over 2003-2008 period, the Russian power sector underwent significant restructuring. Until 2003 the main assets of RAO UES, the state-owned holding for energy companies, were united into regional vertically integrated energy companies: 73 regional power utilities or Energos which produced and transmitted electricity and heat. RAO UES also centrally managed 32 Federal Power Plants, the Central Dispatch, High Voltage Grid plus Grid Service. 2003 energy sector reform envisioned a new organizational structure that included companies involved in potentially competitive activities (power generation and sales, repair and services) and natural monopolies (transmission, dispatching).   As a result of the reform RAO UES was planned to be dissolved on July 1, 2008.  The companies replacing RAO UES were: a System Operator was to receive functions and assets of regional dispatch administrations; a Federal Grid Company (FSK) was to manage the trunk grids; 11 interregional distribution grid companies were to manage regional distribution grids; RAO Eastern Energy Systems Holding was to manage energy companies of the East and isolated power systems of the Far East region; six wholesale generation companies (OGKs) were formed on the basis of large federal plants; one Hydro OGK was to manage large hydro plants; 14 territorial generation companies (TGKs) were formed on the basis of combined heat and power plants and Inter RAO UES was to remain the major investor and a leading exporter and importer of electric power in Russia.  Rosenergoatom was to include all nuclear power plants.    Wholesale generation companies (OGKs) were formed in 2004-05 on the basis of large federal power plants with a typical installed capacity of 1000-2000 MW. These large power producers were to become the largest participants and the main competitors on the wholesale power market. Seven of such companies were created in the process of reform: six of them incorporated large thermal power plants (OGKs) and one incorporated large hydro power plants (Hydro-OGK). In an effort to restrict the monopoly influence on the competitive wholesale power market, each of the OGKs was established on the basis of power plants geographically dispersed across the country.   The reform also created Territorial generation companies (TGKs) by uniting combined heat and power plants with a typical installed capacity of 100-500 MW which were located in a few neighboring regions or one macro region. The territorial generation companies would sell electricity as well as supply regional consumers with heat energy.   Interregional Distribution Companies were formed as operating companies to manage electricity distribution networks located in a number of neighboring regions.
France Telecom Orange was awarded a 15-year licence for the third mobile network in Armenia in November 2008. Teams sprung into action to introduce simple, innovative, superior quality mobile and Internet services for consumers and businesses right from the launch. Nearly 100 million euros were invested and 300 people recruited. After just one year the network covered 83% of the population with 2G and 3G service. 3G+ coverage is the most extensive in the market. Distribution includes 30 brand-owned stores and 18 franchises, plus prepaid cards sold via numerous outlets
On February 14, 2008 a consortium led by Isolux Corsan of Spain and Moto-Engil of Portugal signed a 30 year Build Operate Transfer contract with the Mexican Secretariat of Communications and Transport (SCT) for the 30 km Perote Banderilla Highway and the 29km Xalapa Bypass in the state of Veracruz.  The contract was awarded on December 20, 2007 and was tendered under the rules of Mexico’s New Highway Concession Model (Nueva Esquema de Concesiones). The New Highway Concession Model stipulated that the bidding criteria in a given tender was the lowest net present value of subsidies in the form of fixed or variable payments, or in the case of projects not requiring subsidies, the highest payment to the government. A call for tenders was launched on October 31, 2006.  Seven consortia submitted final bids:  •	Isolux Corsan Concesiones SA, Isolux de Mexico, SA de CV, Mota-Engil Concessoes de Trasnportes SGPS SA and ESConcesoes SGPS, SA •	Consortium comprised of: Promotora del Desarrollo de America Latina, SA de CV and Promotora Inbursa, SA de CV •	Obrascon Huarte Lain, SA •	Omega Corp SA de CV •	Controladora de Operaciones de Infraestructura, SA de CV, Mexicana de Global Via Infaestructuras, SA de CV, and FCC Construction SA •	Grupo Mexicano de Desarrollo, SAB •	Constructora de Infaestructura Vial SA de CV  The contract was awarded to the consortium of Isolux Corsan Concesiones SA, Isolux de Mexico, SA de CV, Mota-Engil Concessoes de Trasnportes SGPS SA and ESConcesoes SGPS, SA which submitted the largest payment to the government of 209 million Euros (US $307.4 million). The winning consortium formed Concesionaria Autopista Perote-Xalapa SA de CV as the project company. Isolux Corsan [Spain] controlled 50% of the project company, while Mota-Engil SGPS [Portugal] had a direct share of 30% as well as an indirect share through Espirito Santo Concessoes SGPS, a joint venture formed with Portuguese bank Banco Espirito Santo (BES) which held 20% of the consortium.  The total project cost was estimated at US $738.40 million. The project reached financial closure in February 2008, through a syndication led by commercial banks Grupo Santander, Banco Mercantil del Norte and La Caixa with US $252.90 million in equity and US $485.50 in debt. The loans had a term of seven years which was to cover the period of construction. Espirito Santo Concessoes SGPS received a separate loan of US $97 million to cover its equity participation in the project.
Dalian Dongda Group signed an agreement in Aug 2008 with Muling Municipal Government to construct a wastewater treatment plant with a capacity of 20,000 cubic meters per day in Muling City, Heilongjiang Province. The project was procured via competitive bidding. Dalian Dongda would operate the facility for 30 years before transferring it back to the local government. The total investment was RMB 43 million (US$ 6.15 million), and Dalian Dongda owns 100% of the project.
In May 2008, Empresa de Investimento em Energias Renovaveis SA (ERSA) began constructing Cocais Grande, the first of ten Pequenas Centrais Hidreletricas (PCH’s) - Small Hydroelectric Power Plants, in the states of Minas Gerais and Santa Catarina. The total package consisted of the following facilities: 7.5-MW Varzea Alegre, 9-MW Varginha, 10-MW Ninho da Aguia, 10-MW Cocais Grande, 11-MW Sao Gonçalo, 13-MW Arvoredo, 14-MW Corrente Grande, 18-MW Aiuruoca, 21.5-MW Paiol and 23-MW Barra da Paciencia. The projects were held by 10 special purpose entities, which were in turn held by PCH Holding SA, a direct subsidiary of ERSA.  In Brazil, PCH’s are exempt from concession law and therefore no tendering was conducted after approval by the federal electricity regulator Aneel. PCH’s also enjoyed special tax incentives from Brazil’s government including: 100% tax exemption for certain power generation tariffs such as the Public Asset Use (UBP) and Financial Compensation for the Use of Water Resources (CFURH) and the Research and Development ( R&D) charges as well as a 50% exemption on the tariff of Use of the Distribution System (TUSD).  The total project cost was estimated at R$ 774.2 million (US $423.1 million). In November 2008, Brazil’s national development bank BNDES approved a R$ 471.5 million (US $231.2 million) loan to implement the projects. Drawdown on the debt was given to blocks of projects based on their stage of completion. PCH Holding SA was created to hold the funds from the BNDES loan and then disperse it to each of the ten special purpose entities. Cocais Grande, the first PCH, was expected to become operational in 1Q 2009. The remaining nine facilities were expected to become operational in 2010. The funding included transmission lines which were to connect the power plants to the national energy grid.  Figures were converted to USD based on the market rate, period average for 2008 published by the IMF.  Operations commenced in each power plant in the following dates: * In March 2009, PCH Cocais Grande; * In March 2010, PCH Paiol; * In April 2010, PCH Arvoredo; * In June 2010, PCH Sao Goncalo; * In October 2010, PCH Varginha; * In January 2011, PCH Ninho da Aguia; * In February 2011, PCH Corrente Grande; * In March 2011, PCH Barra da Paciência; and * In April 2011, PCH Várzea Alegre.  In April 2011, ERSA entered into a partnership with CPFL Energia to merge the generating assets of the two companies and to transfer the ownership and management of these assets to a newly created company called CPFL Renovaveis. CPFL Energia was set to maintain 63.6% of this new company's shares, while ERSA's shareholders would maintain 36.4%).
The project entails the construction of a waste-to-energy plant, on a 30-year build, operate and transfer (BOT) concession, in Chaoyang District, Beijing, China. Golden State Waste Management and Beijing Guochao Enterprise have sponsored the project and have secured the debt financing of $21.93m from Standard Chartered. Financial close took place on December 26, 2008.
Subic Bay International Terminal Corp. was awarded a concession on a rehabilitate, operate and transfer basis for 25 years for the New Container Terminal-1 (NCT-1) at Subic Bay Freeport in Zambales province on Sep. 30, 2007. The NCT-1 was constructed by Subic Bay Metropolitan Authority (SBMA) between 2004 and 2007 in accordance with the SBMA Port Master Plan and the Subic Bay Port Development Project. SBITC took over NCT-1 operations on April 2, 2008.  The project was undertaken by Subic Bay International Terminal Corp., a joint venture of Subic Bay International Terminal Holdings (85%) and Subic Bay Metropolitan Authority (15%). In turn, the shareholders in Subic Bay International Terminal Holdings were ICTSI(83.33%) and Royal Port Services (16.67%).  This corresponded to an effective ownership share in SBITC of 71% for ICTSI and 14% for Royal Port Services. The concession contract was put out to tender in the first half of 2007. As the operator of the Subic Bay Terminal located at the adjacent Navy Supply Depot, ICTSI's bid for NCT-1 was allowed to be challenged by other bidders. However, under the terms of the bidding process, as long as ICTSI was prepared to match the highest bid received, it was entitled to the concession. The tender process closed on June 18, 2007, with ICTSI as the sole bidder.   An estimated investment of US$ 10 million was to be undertaken during the 25-year contract period to maintain NCT-1 as a common-user, multi-purpose terminal with capacity of 300,000 TEUs per annum.
Bio-Treat Technology Ltd. signed an agreement in July 2008 to construct a wastewater treatment plant with a capacity of 50,000 cubic meters per day in Xuancheng City, Anhui Province. The project was procured via competitive bidding. Bio-Treat Technology Ltd. established a project company, Xuancheng Bio-Treat Water Affairs Co. Ltd., to operate the facility for 30 years before transferring it back to the local government. The total investment was RMB 70 million (US$ 10.01 million) and Bio-Treat Technology Ltd. owns 100% of the project.
The Brazilian company Termomanaus was granted authorizations by the regulatory agency ANEEL to build four thermal power plants located in the state of Pernambuco (municipalities of Cabo de Santo Agostinho and Iguarassu), Paraiba (municipality of Conde) and Rio Grande do Norte (municipality of Santa Cruz). The power plants located in Pernambuco were named Termomanaus and Pau Ferro I and had capacities of 156.1 MW and 102.6 MW, respectively); the plant established in Paraiba, named Termoparaiba, had capacity of 107.8 MW; and the unit located in Rio Grande do Norte, named Termonordeste, had 107.8 MW in capacity. All power plants were set to use diesel and biodiesel as fuel.  In April 2007 and December 2007, 35-year contracts were signed with the regulatory agency ANEEL allowing the company to operate in the electricity market as an independent producer. These authorizations granted the sponsor with the right to sell electricity in the Brazilian wholesale market.  In 2006, Termomanaus and Pau Ferro I took part in a competitive bidding process to sell electricity to the regulated wholesale market (15-year power purchase agreements were signed guaranteeing the sale of electricity to the national grid). In July 2007, Termoparaiba and Termonordeste were also able to sign 15-year power purchase agreements were signed guaranteeing the sale of electricity to the national grid.  Termomanaus shareholders were DC Energia e Participacoes Ltda (63%), Aruana Energia S.A. (32%) and other (5%). In 2008, Termomanaus changed its name to Centrais Eletricas de Pernambuco (EPESA). In 2010, it requested that the authorizations granted for the construction of Termoparaiba and Termonordeste were transferred to Centrais Elétricas da Paraíba (EPASA). This request came as CPFL Energia acquired 51% of the shares of EPASA in November 2009 and provided the funding to complete the construction works on these two power plants (see ID# 5535).  The investment committed to Termomanaus and Pau Ferro I summed up to US$ 82 million (BRL 150 million). Financing for these power plants were obtained in 2008 with the emission of convertible bonds worth US$ 93.4 million (BRL 171 million). Construction works commenced in the first half of 2008, and operations commenced in mid-2009.
Asia Water Technology signed an agreement in June 2008 to construct the Qianchuan Wastewater Treatment Plant with a capacity of 120,000 cubic meters per day in Wuhan City, Hubei Province. The project was procured via competitive bidding. Asia Water Technology would operate the facility for 30 years before transferring it back to the local government. The total investment was RMB 160 million (US$ 22.89 million) and Asia Water Technology owns 100% of the project.
Donetskoblenergo was an energy transmission company which operated the power distribution grids in the Donetsk region. As of January 1, 2009, Donetskoblenergo had 69,700 km of transmission lines providing electricity to the Donetsk region, of which 7,500 km had loads of 35-110 kW. The company owns 371 transformer substations with an overall  capacity of 8,310 MV  In April 2008, DTEK had 30.59% stake in Donetskoblenergo and was the largest minority shareholder of Donetskoblenergo. The state-owned Energy Company of Ukraine owned 65.06%.  In January 2012, DTEK won a competitive tender for an additional 40.1% of the company's equity. DTEK then owned 71.3% of the company. The bid totaled 467.6 million ($58.5 million) for the portion.  Donetskoblenergo's major customers were households (40.5%), the housing and communal sector (18.15) and the industrial sector which accounted for less than 20%.
In December 2008, the Federal Agency for the Federal Property Management (Rosimushchestvo) sold 25.12% of Rosterminalugol (Kingisepp, the Leningrad Region), an operator of the coal terminal in Ust-Luga port. The terminal could handle 10 million tons of coal annually.  The state put 510 common shares for sale. The initial price of the shareholding was set at US$23.5 million. Norton LLC was announced as the winner of the tender offering US$23.8 million for the shareholding. Sale of the state-owned shareholding of Rosterminalugol was due to the planned privatization. Before the auction Rosimushchestvo owned 25% +1 share of the company’s authorized capital. Kuzbassrazrezugol was another major shareholder of the company with 73% stake at that time. Norton LLC was allegedly affiliated with Kuzbassrazrezugol.
The project entails the construction of a 6.6MW municipal solid waste to energy plant in Hyderabad, India. The 30-year BOOT concession was awarded to SELCO International Limited on 16 June 2008. The total project cost is $7.92 million.
On October 31, 2007, Triunfo Participacoes e Investimentos(TPI) transferred 100% of its shares in Rio Verdinho Energia SA, project company of the 93 MW Salto do Rio Verdinho Hydroelectric Power Plant, to Companhia Brasileira de Aluminio (CBA), a subsidiary of Grupo Votorantim. The Salto do Rio Verdinho HPP was to be located in Goias state in the municipality of Cacu. Rio Verdinho Energia SA was  included in the Growth Acceleration Program (PAC) and, together with Rio Verde Energia SA (Salto Hydrelectric Power Plant, project #5196) amounted to 201 MW of installed power and an average of 122 MW of power assured to the Brazilian Interconnected System.   The license to construct and operate the Salto Hydroelectric Power Plant and the Salto do Rio Verdinho Hydroelectric Power Plant was awarded to Triunfo Participacoes e Investimentos (TPI) by Aneel on July 12, 2002 in a competitive tender. The number of final bids was not known, but 13 bidders were prequalified to bid on the Salto do Verdinho HPP. The bidding criterion was the highest annual payment to the government over the 35 year contract. TPI acquired Salto (108 MW) and Salto do Rio Verdinho (93 MW) concessions for R$450,000 and R$410,000, respectively.   The total project cost was estimated at R$ 342.4  million (US $187.1 million). In August 2008, BNDES approved financing of R$ 250 million (US $136.6 million) for the Salto do Rio Verdinho Power Plant which corresponded to 73% of the project’s total investment. The remaining 27% was to be financed through the sponsor’s equity. Due to its obligations in the auction, CBA was to pay approximately 4.0 million real (US $2.2 million) over the 35 year contract.   Commercial operations commenced in July 2010.
GHECO-One Coal-fired IPP power plant is a 660 MW coal fired project to be located in Map Ta Phut, Rayong Province in Thailand and to be developed by GHECO-One Co. Ltd. The project company was to sell its total electricity output to EGAT (Electricity Generating Authority of Thailand) through a 25 year Power Purchase Agreement which was signed in September 2008. This project was designed to be environmentally friendly, using coal clean technology with advanced emission control system on NOx and SO2.  GHECO-One Co. Ltd. was created as a joint venture between Glow Energy (65%) and Hemaraj Land and Development Plc.(35%). Glow Energy's major shareholder was GDF SUEZ Energy International, which was a division of the GDF SUEZ Group.  GHECO-One Co. Ltd. won the rights to develop the project in a competitive tender process to select Independent Power Producers (IPPs) which would provide electricity to EGAT and begin commercial operations between 2012 and 2014. In the tender, which concluded in December 2007, GHECO-One Co. Ltd was one of the four consortia selected as the preferred bidders among a total of 15 proposals. The bidding criteria included fuel source, technology and lowest tariff requested.  The winning bidders offered to sell the electricity at between 2.14 baht and 2.65 baht a kilowatt.  GHECO-One obtained the Environmental Impact Assessment approval on the project in May 2008, and signed with Korean Doosan Heavy Industries and Construction the EPC contract worth US$820 million in June 2008. GHECO-One signed the 25-year Power Purchase Agreement with EGAT in September 2008, becoming the first project among the four short-listed independent power producers to complete a PPA.  Coal supply agreements with Indonesia’s PT Kaltim Prima Coal and PT Adaro were signed, covering one million metric tons per year. GHECO-One scheduled the beginning of commercial operations of this plan in November 2011. The other IPPs projects approved in the December 2007 tender were postponed by end of 2008 due to the lower growth projections for electricity demand due to the 2008 financial crisis.  The total project cost was estimated at USD 1,150 million, around USD 800 million of which was expected to be financed by debt and the remaining equity.  Financial closure was reached on October 9, 2008 when GHECO-One’s signed a 20.5-year debt facility to fund the construction of its 660MW power plant. The debt package comprised a US$460 million tranche and a Baht 9.96 billion (or US$291 million) domestic tranche, totaling US$761 million. Seven international banks including Bank of Tokyo - Mitsubishi UFJ, Calyon, Fortis Bank, KBC, KfW-Ipex Bank, Sumimoto Mitsui Banking Corporation and Standard Chartered provided the US dollar tranche and two local banks (Kasikornbank and Bank of Ayudhya) provided the Baht tranche.
Territorial Generating Company TGK-8 provided electricity and heat to six southern regions Astrakhan, Volgograd, Rostov Oblasts, Krasnodar and Stavropol Krai and the Republic of Dagestan. The company had 3,601 MW of installed generating capacity and 18 power stations and held 17% and 60% share of the electric energy and heat market respectively in the regions of its operation.   In October 2007, RAO UES announced a sale of government shares in TGK-8 (493 billion shares or 23.9% of the charter capital) and a parallel issue of additional shares by TGK-8 (686 billion additional shares or 49.84% of the initial and 33.26% of the increased charter capital). Gatecraft Ltd, affiliated with the IFD Capital financial group owned by LUKoil, won the bidding by offering was Rb 0.035 ($0.0014) per share, which was 20% higher than the market valuations at the time when it was announced or roughly $550 per kilowatt of generating capacity. Gatecraft Ltd completed the purchase in April 2008 by paying US$690 million for the government shares and US$960 for the additional shares. After, Gatecraft’s stake grew to 47.15%. The other minority shareholders included Premregion Holding (14.07%) and Energostrategiya (15.22%). Both companies were reportedly affiliated with LUKoil. As of end 2009, Lukoil consolidated about 80% stake in the generating company.  Over 2003-2008 period, the Russian power sector underwent significant restructuring. Until 2003 the main assets of RAO UES, the majority state-owned holding for energy companies, were united into regional vertically integrated energy companies: 73 regional power utilities or Energos which produced and transmitted electricity and heat. RAO UES also centrally managed 32 Federal Power Plants, the Central Dispatch, High Voltage Grid plus Grid Service. 2003 energy sector reform envisioned a new organizational structure that included companies involved in potentially competitive activities (power generation and sales, repair and services) and natural monopolies (transmission, dispatching).   As a result of the reform RAO UES was planned to be dissolved on July 1, 2008.  The companies replacing RAO UES were: a System Operator was to receive functions and assets of regional dispatch administrations; a Federal Grid Company (FSK) was to manage the trunk grids; 11 interregional distribution grid companies were to manage regional distribution grids; RAO Eastern Energy Systems Holding was to manage energy companies of the East and isolated power systems of the Far East region; six wholesale generation companies (OGKs) were formed on the basis of large federal plants; one Hydro OGK was to manage large hydro plants; 14 territorial generation companies (TGKs) were formed on the basis of combined heat and power plants and Inter RAO UES was to remain the major investor and a leading exporter and importer of electric power in Russia.  Rosenergoatom was to include all nuclear power plants.    Wholesale generation companies (OGKs) were formed in 2004-05 on the basis of large federal power plants with a typical installed capacity of 1000-2000 MW. These large power producers were to become the largest participants and the main competitors on the wholesale power market. Seven of such companies were created in the process of reform: six of them incorporated large thermal power plants (OGKs) and one incorporated large hydro power plants (Hydro-OGK). In an effort to restrict the monopoly influence on the competitive wholesale power market, each of the OGKs was established on the basis of power plants geographically dispersed across the country.  The reform also created Territorial generation companies (TGKs) by uniting combined heat and power plants with a typical installed capacity of 100-500 MW which were located in a few neighboring regions or one macro region. The territorial generation companies would sell electricity as well as supply regional consumers with heat energy.   Interregional Distribution Companies were formed as operating companies to manage electricity distribution networks located in a number of neighboring regions.  In September 2009, EBRD approved a US$300 million A/B loan in favor of Lukoil subsidiary, TGK-8, to fund the construction of a 410MW CCGT unit at the Krasnodar CHP plant.
In November 2008, the rail freight operator OKD Doprava (Czech Republic) announced that it purchased a 90% stake in state-owned freight rail operator Belterminal located in Brest, Belarus.  Belterminal’s main asset was a railway terminal that had a strategic location at the border with Poland loading and unloading cargo transported through Belarus to the European Union. OKD Doprava reportedly paid about US$5-6 million for the acquisition.    OKD Doprava was the second largest railway transport operator in the Czech Republic after national rail operator Ceske drahy (CD). The company was owned by Prague-listed energy holding New World Resources (NWR) which was a wholly-owned subsidiary of RPG Industries SE (RPGI), a Cyprus-based investment company indirectly owned by Czech entrepreneur Zdenek Bakala and European private equity group Crossroads Capital Investments.  The acquisition of the railway terminal in the city of Brest, close to the border with Poland, was a strategic investment for OKD Doprava. It would enable it to handle cargo on the main railway junction between Europe (Berlin-Warsaw-Brest) and Russia (Brest-Minsk-Moscow).
In 2008, Bhoruka Power Corporation (BPC) undertook the development of 6 Megawatt (MW) wind power plant at Yamunanagar district in Haryana.   The project was the result of Haryana Renewable Energy Development Agency’s (HAREDA) initiative to encourage private investors to set up projects in the fields of solar power, biomass, wind energy, small hydro and co-generation biomass power projects.  In India, the regulatory commission of respective states has separate policies for procurement of power generated from renewable sources. Under these regulations, the project proponent enters into long-term power purchase agreements (PPAs) with electricity distribution companies for the power produced by them. In India, the regulatory commission of respective states has issued Renewable Purchase Specification (RPS) under which all the State Electricity Boards (SEBs) and/or Distribution Companies (Discoms) have to purchase a minimum quantum of power from renewable sources like wind, biomass, co-generation etc., this minimum percentage varies from state to state and is in the range of 3 to 5 per cent for northern states and 4 to 7 per cent in western states.  BPC holds 100% equity in the project. The total cost of the generation project was estimated at US$ 11.71 million. The project reached financial closure in July 2008 with a debt equity ratio of 70:30.  Construction works began in May 2008 and the project was expected to be commissioned first quarter of 2009.
In September 2008, PYI Yichang Investment Ltd (PY), an indirect wholly-owned unit of PYI Corp Ltd, acquired a 51% interest in Yichang Port Group Ltd (YP), a port company which has 57 berths in Yichang City, Hubei Province and a 99. 34%-owned unit of Chinese state-owned Yichang Yiling State-owned Assets Operation Co Ltd (YY), from YY, for 149 mil Chinese yuan ($21.32 mil US) in cash, in the formation of a joint venture through direct negotiation. PY owns 51% of the project and YY the remaining 49% in YP. In April 2009, PYI was allowed to pay only RMB 114 million, 35 million less than originally required, because of the economic downturn.
In May 2008, Aerocivil, Colombia’s airport authority signed a 25-year concession contract with La Sociedad Operadora de Aeropuertos Centro Norte SA (Airplan) to design, upgrade, operate and maintain six airport terminals. The package included the following airports: Jose Maria Cordova and Enrique Olaya Herrera, both of which serve department capital Medellin; Las Brujas airport in Corozal municipality, Sucre department; El Carano in Quibdo city, Choco department; Antonio Roldán Betancur airport serving Carepa and Apartado municipalities, Antioquia department; and Los Garzones in Monteria, Cordoba department.  Works were to include runway maintenance, the construction of new terminals in some cases and improvements in communications, safety and cargo handling services, among others.   Airplan was comprised of: Chinese firm Airports Holding Company (CAH) and Colombian companies Fernando Mazuera, Supertiendas y Droguerias Olimpica, Malibú, Informacion y Tecnologia, Portales Urbanos, Sociedad Colombiana de Inversiones Comerciales, Noarco and Servicios Integrales para Redes y Comunicaciones.  The contract was awarded to Airplan in March 2008 through an international competitive tender in which the lowest tariff was the bidding criteria. Six groups submitted technical and economic bids:  •	Aeropuertos de Occidente, comprised of firms MH Pavimentos, Procopal, Corporacion America and Corporacion America Sudamericana;  •	Antioquena de Aeropuertos, made up of companies Odinsa, CSS Constructores, Grupo Condor Inversiones, Marval, Termotecnica Coindustrial, Arquitectura y Concreto, Consultoria Colombiana and Unique FZ Colombia;  •	Sistema Aeroportuario de Colombia, including firms Bancolombia, Megaproyectos, Inteligent Building Corporation, Sortek Sistems and Conconcretoñ  •	Aeropuertos Colombianos de Centro Norte, comprised of Corficolombiana, AENA Desarrollo Internacional, Concecol, Valora and Inversora en Aeropuertos;  •	Concesion de Aeropuertos de Occidente, made up of Agunsa, Coninsa, Vicon, Estudios Tecnicos, Construtel and Construcciones CF; and  •	Sociedad Operadora de Aeropuertos Centro Norte (Airplan)   The project was expected to require an investment of approximately US $200 million. Further financing information was not available. Upgrade works were to be completed within 60 months.
In March 2003 Hedcor Sibulan Inc., a wholly-owned unit of Aboitiz Power Corporation, began development of two hydroelectric plants in Santa Cruz, Davao del Sur.  The project consisted of a 26 MW run-of-river plant on the Sibulan river and a 16 MW run-of-river plant on the Bororing river.  The project was registered with the government in December 2005.  In March 2007, Hedcor Sibulan Inc. entered into a 12-year power supply agreement with Davao Light and Power Co., also owned by the Aboitiz Group. The PPA was scheduled to commence in August 2009.  Financial closure was attained when HSI signed a US$76 million (PHP3.57 billion) loan facility on May 21, 2008, with Metropolitan Bank, Philippine National Bank and Rizal Commerical Banking Corp.  The loan was expected to finance approximately 70% of the estimated US$105 million (PHP5 billion) total project cost. Project management services were provided by Tonkin & Taylor and their local partner EDCOP.  Preliminary building works at the site began on July 26, 2007, prior to financial closure.   In May 2009, the Board of Investments (BOI) approved Hedcor Sibulan Inc.'s request for the amendment in the capacity of a 16 MW plant, which would jack up the capacity by 0.5MW. Accordingly, the company also infused an additional US$22.89 million to the project cost, increasing the total investment to US$127.89 million. The first plant (A) was commissioned in April 2009. Plant B was commissioned in March 2010.  The project applied for UNFCCC CDM financing. According to CDM documentation, the expected tariff was PHP4.0856/kWh, inflatable by 2% annually. The project life was 25 years. The total capital cost was PHP 5.121 billion.    In July 2012, Aboitiz was planning the expansion of the Sibulan hydropower plant with 13.6 MW, via the 6.6 MW Tudaya 1 and the 7 MW Tudaya 2 hydropower plants, listed in the database as separate projects (#6885).
Golden State Environment signed an agreement in April 2008 to construct Taizhou City No. 4 Wastewater Treatment Plant with a capacity of 40,000 cubic meters per day in Taizhou City, Jiangsu Province. The project was procured via competitive bidding. Golden State established a project company, Taizhou Golden State City North Wastewater Treatment Co. Ltd., to operate the facility for 30 years before transferring it back to the local government. The total investment was US$ 7.5 million and Golden State owns 100% of the project.
Dalian Dongda Group signed an agreement in Sep 2008 with Ning’an Municipal Government to construct a wastewater treatment plant with a capacity of 20,000 cubic meters per day in Ning’an City, Mudanjiang District, Heilongjiang Province. The project was procured via competitive bidding. Dalian Dongda would operate the facility for 30 years before transferring it back to the local government. The total investment was RMB 43 million (US$ 6.15 million), and Dalian Dongda owns 100% of the project.
In April 2008, the National Highway Authority of India (NHAI) signed a 18 year concession (including 30 months of construction period) with a consortium of Navayuga Engineering Company Ltd and SEW Infrastructure Ltd, to widen and strengthen the 82.8 km section on National Highway (NH-3) in the state of Madhya Pradesh.  Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance and widening of the existing two-lane highway to a four-lane highway with paved shoulders. The expansion project, part of National Highway Development Project Phase IIIA, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  In June 2007, the National Highways Authority of India (NHAI) initiated an international competitive bidding (ICB) process inviting proposals from eligible parties. The ICB process resulted in the selection of a consortium comprising Navayuga Engineering Company Limited (NECL) & Sew Infrastructure Limited (SEW). The selection was, based on percentage of revenue (the Premium) that the Consortium offered to share with NHAI in consideration of the grant of Concession. The Premium offered by the Consortium translated into a revenue share of 3.11% for the first year, starting from the date of commercial operations (or COD). This revenue share proportion would increase by 1 percentage points (1 percentage point) every year, up to the end of the 18-year (21.11%) concession period. The Concession Agreement also entitled the Company to collect and retain toll from various users of the Project Highway from the date of commencement of commercial operations (COD).  A SPV by the name of SEW Navayuga Barwani Tollways Private Limited (SNBTPL), was promoted by NECL (51% equity) and SEW (49% equity) to execute the project. The Concession Agreement was signed between SNBTPL, as the Concessionaire, and NHAI on April 16, 2008.   The project was expected to attain its financial closure by September 2008 but it reached financial closure in November 2008. The estimated capital cost of the project at the time of signing of concession agreement was US$ 129 million. The project cost at the time of financial closure was estimated at US$ 185 million with a debt-equity ratio of 70:30. The change in the project cost was due to an initial estimate of NHAI on lower side and subsequent design changes to the project. In November of 2008, SBI Capital solely arranged US$ 135 million term loan to finance the project. Whereas the promoters contribution was US$ 60 million. Several Indian banks participated in the deal.  Construction on the project began in April 2008 and was expected to be completed by September 2010.
A Singapore based company Darco signed an agreement in June 2008 to construct a potable water treatment plant with a capacity of 100,000 cubic meters per day in Deqing County, Zhejiang Province. The project was procured via direct negotiation. Darco would operate the facility for 25 years before transferring it back to the local government. The total investment was US$ 20 million and  Darco owns 100% of the project.
Yenisei Territorial Generation Company (TGK-13) was one of the largest generating companies created as part of the energy sector reform and restructuring of RAO UES.  The company operated power plants in Krasnoyarsk Krai and Republic of Khakassia and included nine branches: Krasnoyarsk CHP-1, 2, and 3; Nazarovskaya district electric station; Minusinskaya, Kanskaya, Sosnoborskaya and Abakanskaya CHPs; and Krasnoyarsk Heat Network. The company had a total installed capacity of 2518 MW for electricity and 7009 Gcal/h for heat generation.  At the end of 2007 the main shareholders of TGK-13 were RAO UES (56%) and Siberian coal Energy Company (SUEK) (32%).  In April 2008, RAO UES offered for sale the government stake (22.7 billion common shares) in TGK-13 that constituted about 17% of TGK-13 charter capital. The government share was sold for US$202 million. The government shares were sold in parallel with the TGK-13 IPO which involved floating of 30 billion new shares at RUR0.21 per share ($0.0089). The IPO (additional share issue) raised approximately $266.7 million for TGK-13 investment program. The placement price implied a valuation of $456 per kW of installed capacity and constituted a 23% share in the TGK-13 charter capital (before the additional share issue).   During the placement of additional shares TGK 13 shareholders, including SUEK, exercised their preemptive right to acquire 10,642 million shares - about 35.2% of the placement.   At the end of April 2008, after the sale of the government shares and additional share issue where RAO UES did not exercise its preemptive right as a shareholder to purchase additional share capital, RAO UES stake in the TGK-13 fell from 56.5% to 31.6%.  SUEK’s share was 49.9% and other minority shareholders had 18.5% share.  On July 1, 2009 SUEK received additional 15% of the share capital in TGK upon dissolution of RAO UES when UES remaining shares were distributed among the existing shareholders thus giving SUEK a controlling stake in TGK-13 of about 65%. Also in 2009, the EBRD signed a senior loan of USD 75 million (EUR 56.6 million) in favor of TGK-13 to finance the completion of coal-fired Combined Heat and Power (CHP) plant No. 3 in the city of Krasnoyarsk.
PT Equator Manuggal Power (EMP), a wholly-owned subsidiary of private company PT Truba Alam Manunggal Engineering Tbk, was to develop the 60 MW (2 x 30 MW units), coal-fired Pontianak Power Plant on a build, own and operate basis near Pontianak in West Kalimantan province. PT EMP was to sell electricity generated by the plant to state-owned electricity utility, PT Perusahaan Listrik Negara (PLN), under a 25-year power purchase agreement (PPA) signed in March 2007.  The coal-fired power plant was intended to address an electricity shortage in West Kalimantan province, especially in Pontianak.  On March 25, 2008, Bank Bukopin together with four regional development banks - Bank Jatim, Bank DKI, BPD Kaltim, and BPD Kalbar -arranged a syndicated loan to PT Equator Manunggal Power for the construction of the Pontianak Power Plant. Total funds from the bank syndication were US$37.6 million (365 billion Indonesian Rupiah [IDR]), out of the US$56.2 million (IDR 545 billion) total project cost. Bank Bukopin, as mandated lead arranger of the syndicate, funded US$13.9 million (IDR 135 billion), while Bank Jatim funded US$ 10.3 million (IDR 100 billion), Bank DKI US$7.7 million (IDR 75 billion), BPD Kaltim US$4.6 million (IDR 45 billion), and BPD Kalbar US$1 million (IDR 10 billion).  The ground-breaking of the project occurred in November 2007 and the plant was expected to commence commercial operations in mid-2010.
In February 2007, SP-PSA International Port Co. was granted an investment license to develop an international container terminal in Ba Ria-Vung Tau province. This Build-Operate-Transfer project involved the development of a container port. This terminal would be equipped to handle large vessels at its deep-waterberths and would be connected by an extensive road and inland waterway network to Ho Chi Minh City. SP-PSA is a Joint Venture of Saigon Port, PSA Vietnam Pte Ltd., a wholly-owned subsidiary of PSA International Pte Ltd., and Vinalines, a Vietnam's national shipping company.  The terminal would be developed in two phases, with the first one to be completed in 2009. Once both phases of the project were completed, the terminal would reach a throughput capacity of 2.2 million TEUs per year. Total project cost was estimated to be US$ 228 million.   In May 2007, PSA International selected Calyon, Mizuho CB and OCBC for financing arrangers, who completed the loan as a club deal. In May, 2008, the US$142 million 12.75-year loan for SP-PSA International Port was signed. Then in June, the US$158 million loan, which is up from an initial US$142 million, was raised by PSA International (49%), Vinales (15%) and Saigon Port (36%). In August 2008, two more banks including KfW IPEX Bank joined the US$158 million debt financing. Only the phase one reached the financial closure and became operational in June 2009.  Japanese firm Penta Ocean Construction Co. Ltd. has signed as contractor and began construction in October 2007. Under the first phase of the US$165 million project, Penta Ocean would constrcut a container berth, a 27 ha loading area, and support infrastructure.
Vietxco Group (66%) and Vietnam Urban and Industrial Development Investment Corporation (IDICO) were developing the 208MW Dak Mi 4a Hydropower plant, Quang Nam Province. The project consisted of 3 plants with 2 turbines each: Dak Mi 4A, Dak Mi4B, and Dak Mi4C. Estimated annual output was 833 million kWh.  The project's first turbine (Dak Mi 4A) was commissioned in January 2012. Construction started in 2007. Estimated electricity sale price in CDM document was VND 666/kWh (US$0.032/kWh).   No further information was available. The project applied for UNFCCC CDM financing in April 2011. Total cost was estimated at VND 3,500 billion (US$ 167.8 million). Financial closure date was unknown. Estimated was December 2008 (based on 25% construction completion).  The project coordinates were: Power house 4a: 15°26'33"N   107°53'32"E  Power house 4b: 15°27'27"N   107°54'56"E
In April 2008, the government of Georgia agreed to sell a 51% share in the Poti Sea Port Corporation, which held the right to manage the port of Poti, to RAK Investment Authority, an investment arm of the Ras al-Khaimah (RAK) Emirate of the United Arab Emirates (UAE).  The RAK Investment Authority paid US$80 million for the 51% share in the port management right that the investor could exercise for 49 years, the government retained 49% share.  Located 400 km (250 miles) from the capital Tbilisi, the port was one of the largest ports on the Black Sea coast. The Poti Sea Port was also one of the largest dry cargo handler in the Caucasus and an essential part of the Caucasus transit transport network, providing direct waterway access to major ports of Europe and Asia, including ferry connections to major Black Sea Ports of Ukraine, Russia and Bulgaria. The port had a direct connection with the country’s railway network, motorway links with all towns and cities of Georgia, and access to Poti and Batumi (80km) international airports.  In 2007, Poti handled about 7.7 million tonnes of cargo.  The Ministry of Economic Development of Georgia awarded RAK Investment a 51% controlling stake in Poti Sea Port Corporation through a competitive tender held in mid 2007. The Poti Sea Port Corporation held a 49-year management right for the port. The tender, in which eleven companies participated, was a part of the government’s integrated Port and Free Industrial Zone Development project. Under the terms of the tender, the concessionaire, in addition to the port management and expansion, would also be responsible for development of a free industrial zone around the port. The other companies that submitted their expression of interest were: Zim Ports (Israel); International Container Terminal Services incorporated (ICTSI) (Philippines); DP World and Jafza (United Arab Emirates); Hutchison Westports (UK); Hazer international holding (Turkey); Consortium created under coordination of Turkish exporters’ union (Turkey); Ashtrom international Silk Road Group (Israel); CMA CGM (France); Land Mark Worldwide (Korea) and Hamburger hafen-Und Logistic Aktiengesellschaft (Germany).    RAK Investment agreed to invest $200 million in building a new port terminal near the current port at Poti, and developing a free industrial zone around the port in the next three to four years. RAK also agreed to pay $80 million for a 51% stake in the port management right, plus a further $10 million for the purchase of more than 300 hectares of land in its vicinity for the industrial zone. The Georgian government retained a 49% stake in the Poti Sea Port Corporation and a controlling vote in the decisions of the port’s governing board. Under the agreement, the RAK Investment was responsible for development of infrastructure essential for the industrial zone including building necessary facilities, establishing relevant procedures and rules and managing the zone in accordance with Georgian laws.  RAK Investment would also attract global companies to invest in the industrial zone thus increasing the flow of cargo through the port.  In December 2008, RAK Investment Authority acquired the 49% state-owned shares of the Poti Sea Port Corporation for $65 million.    The Georgian government estimated that the newly created free industrial zone would attract export-oriented companies which would create about 20,000 jobs in the region.  Companies which would choose to operate in the new industrial zone would be exempt from value-added, profit and property taxes. The government estimated that Poti's capacity would rise to between 35 million and 40 million tonnes a year from its current maximum capacity of 8 million.  As of April 2011, RAKIA's share was acquired by APM Terminals A/S (part of Maersk Group). APM Terminals announced the acquisition of a 80% share in Poti Sea Port.
In 2008, the two Aggreko 30MW Luanda Temporary Power Station 1 and 2 started supplying electricity to Luanda.   Empresa Nacional de Electricidade (ENE) awarded the Luanda Temporary Power projects 1 and 2 under a rental contract to Aggreko in September 2007.  The duration of the contract was not publicly available. Aggreko estimated the value of the contract to US$30 million.   These two temporary power plants complemented three existing temporary power stations: the Aggreko Caminhos de Ferro de Angola (30MW) and the Aggreko Cabinda First (30MW) and Second (30MW) Temporary Power Station.  As of June 2011, the power plant was still operational. (Aggreko was having trouble getting the Empresa Nacional d'Angola, ENA, to pay for the lease of several generators, concerning several months of an annual contract worth several tens of millions of dollars.)
In November 2008, Gongzhulin Towngas Co., Ltd., a subsidiary of The Hong Kong and China Gas Company Limited (Towngas), was established in Gongzhulin City, Jilin Province with a registration capital of RMB 53 million (US$ 7.58 million). Towngas owns 100% of the project and will operate the facility for 30 years.  The current capacity of the facility is 80,000 cubic meters per day, serving 24,000 connections.
In April 2007, German airport operator Fraport agreed to buy a stake in the Xi'an Xianyang International Airport in Xi’an City, Shaanxi Province. The transaction needed central government approval. The expansion portion of the project included the construction of a second runway and a third terminal. The total investment was 2000 million Yuan (US$ 263.16 million) and Fraport owned 24.5% of the project. Fraport payment for the shares amounted to Euro 35.7 million(US$52.5 million). The purchase was finalized on August 1, 2008.
In January 2008, Aguas das Agulhas Negras began operating the water and sewerage utility of the municipality of Resende city in Rio de Janeiro state under a 30-year concession contract. In addition to meeting quality standards set in the contract, Aguas das Agulhas Negras  was to improve and expand the water and sewage facilities by upgrading treatment plants and expanding its distribution network. Aguas das Agulhas Negras was a special purpose vehicle of the operator Grupo Saneamento Ambiental Aguas do Brasil SA, a subsidiary of three Brazilian Companies: Construtora Queiroz Galvao, Carioca Christiani-Nielsen Engenharia SA and Trana Construcoes Ltda.  Aguas das Agulhas Negras  was awarded the concession contract by the municipality of Resende. Further information on tendering was not publically available.   The total cost of the project was estimated at 136 million reais (US $74.2 million) for the 30-year concession.
On November 7, 2001 Consorcio Usina Corumba III signed a 35-year contract with Brazil’s federal regulator Aneel to construct and operate a 93.6MW hydroelectric power plant in Goias state. The original consortium began constructing the plant in 2002, but it experienced many delays. In 2007 several key events ensured the projects implementation. An energy auction in 2007 provided an offtake agreement for 60% of the plants power, with the rest to be traded on the market. Additionally, the sponsor Neoenergia acquired 60% of the shares in the project company and offered to finance 70% of the investments needed.  Finally, Corumba III became part of the Brazil's Growth Acceleration Programme (PAC). Launched in early 2007, the PAC called for investments of 504 bln reais ($305.158 bln/195.414 bln euro) in infrastructure and housing until 2011 as well as for tax cuts to improve the investment environment.   The original project, “Lot B” was awarded in June 2001 to Consorcio Usina Corumba III in a competitive tender. Consorcio Usina Corumba III won with an offer to pay annual royalties of 680,000 reais. The consortium was made up of Spain's Guascor (55%), Brasilia distributor CEB (15%), Construtora RV (10%), Construtora Artec (10%), C&M Engenharia (10%). In 2007, Neoenergia’s subsidiary Geracao CIII acquired 60 % of the project. As a result of this change, the new ownership in the project was as follows as of December 31, 2008: Previ [Brazil, 29.41%], Iberdrola SA [Spain, 23.4%],  Banco do Brasil [Brazil, 7.194%], CEB [Brazil 15%] CELG [Brazil 15%], Strata [Brazil 5%]; and [Energ Power Brazil 5%]. Banco do Brasil, CEB, and CELG were state owned enterprises and held 37% of the total shares.   The total project cost was estimated at 352 million real (US $192.3). Of this amount, Neonergia, through its subsidiary Geracao CIII, assumed responsibility for 212 million real ( US $115.8 million) at a debt to equity ratio of 70 to 30. On May 28, 2008 Brazilian National Social and Economic Development Bank (BNDES) approved a 150.3 mln Brazilian reais ($91 mln/58.2 mln euro) loan to Geracao CIII to complete the construction of Corumba III hydroelectric power plant (HPP). As of December 31, 2008 approximately 90% of the plant was constructed. The first turbine was expected to become operational in February 2009 and the second turbine was scheduled for April 2009. The future electricity production of the plant was to be sold to CEB's distribution arm, CEB Distribuicao, via a 100 km, 138 kV transmission line.  Operations commenced in January 2010.
Bodrum Airport was a concession project involving the design, building and management of the Bodrum-Milas’ international terminal, located 36kms northeast of the town of Bodrum, and 16kms south of Milas, on the touristic south-western coast of Turkey. The total surface area of the new terminal was planned to be 100,000 m2.   In 2007, General Directorate of State Airports Authority (DHMI) announced a tender for the establishment and management of the new international Terminal of Bodrum Airport to private companies. Bodrum Airport tender was previously held in August 2006 but cancelled by the Ministry of Transport. Thus, the tender has been repeated in 2007 because of the Ministry's concerns about the realization of the Terminal. Mondial acquired the concession of the Terminal.  On April 29th 2011, Italian construction group Astaldi has acquired 92.85% stake in Mondial, the company that holds the concession of the international terminal.   The total project cost for the terminal was estimated to be $148.4 million and was funded through a project financing. Concession revenues from the management of the new terminal was to be approximately $310 million, with average annual revenues of $50 million. 65% of this amount was to be guaranteed by both a minimum amount of passenger traffic set at 1,000,000 per year and by an availability agreement, which was being formalized, for the duty free areas.  The project’s construction has already started with Astaldi acting as an EPC contractor and its completion was expected to 2011.
Power Sector Assets and Liabilities Management Corporation (PSALM), an agency of the Philippines’ government, fully divested the 600 MW Masinloc Coal-Fired Thermal Power Plant, to Masinloc Power Partners Co. Ltd. The plant was expected to run primarily as a merchant plant, selling electricity through the bid-based wholesale electricity spot market (WESM).  The coal-fired plant was located at Masinloc, in Zambales province, Central Luzon region. The divestiture was part of the government’s privatization program, which was laid out in a comprehensive sector reform law, the Electric Power Industry Reform Act (EPIRA) of 2001. Under this act, PSALM was mandated to divest 70% of the generation assets of the state-owned National Power Corporation (Napocor).  The plant was divested by means of a competitive bidding process. Following an auction in which six private groups submitted bids for the acquisition of the power plant, Masinloc Power Partners Co. was chosen as preferred bidder on 26 July, 2007, with a bid of US$930 million.  The other bidders were: First Gen Luzon Power Corp; Masinloc Consolidated Power Inc., a joint venture of Ranhill Bhd of Malaysia and A. Brown Co. Inc. of the Philippines ; Masinloc Holdco Inc. a wholly owned entity of Suez-Tractebel S.A.; Anglo Cayman Energy Development Co., an affiliate of China Shenhua Energy Co; and International Power Masinloc Holdings Inc., a subsidiary of International Power plc. of the United Kingdom.  The winning bidder, Masinloc Power Partners Co. was a limited liability partnership owned by wholly-owned subsidiaries of AES Corporation. IFC subsequently purchased an 8% equity share in the project company.  On Feb. 15, 2008, AES Corp. reached financial closure on four tranches of financing: a syndicated  10-year term loan of US$195 million provided by ING Bank (US$25 million), Rizal Commercial Bank Corp (US$50 million), Security Bank Corp (US$50 million) and Bank of the Philippine Islands (US$70 million); a US$35 million working capital credit facility provided by the same syndicate; a US$240 million, 18-year A loan from IFC; and a US$200 million, 15-year term loan provided by ADB. Including equity commitments from AES and IFC, this amounted to a total project cost of US$1,057 million.  In April 2008, AES Corp. formally took over the operations of the Masinloc power plant by making a single lump-sum payment of US$930 million, equal to the entire bid price. At the same time, AES was considering expanding the capacity of the plant by an additional 600 MW.
In July 2008, AES acquired 49% of the Guohua Hulunbeier Wind Plant project in Hulunbeier, Inner Mongolia through direct negotiation from the state owned Guohua Energy Investment Co. Ltd., one of China's largest wind power developers. The joint venture was to operate the facility for 40 years. The wind farm had a capacity of 49.5MW, and became operational in 2007. the total investment was RMB 85.776 million (US$ 12.27 million).
Zorlu Energy acquired from state-owned company Elektrik Uretim the 17.4MW Kizildere geothermal plant in Setpember 2008 in a divestiture. Consequently, Zorlu Energy has increased the capacity of the plant from 17.4MW to 80MW, with an annual output of 575GWh.   Zorlu obtained leasing rights for a period of 30 years.   The expansion reached financial closure in October 2010. Total investment was US$230 million, financed by Akbank and Garanti bank, with a tenor of 12 years. In June 2013, another $40 million was borrowed from the same banks. The expansion was commissioned in September 2013.  Financial adviser to the project was Ernst & Young. Legal adviser to the project was White & Chase.  Coordinates: 37°57'00?N 28°50'35?E
The Dares Datça 29.6 MW Wind Farm Project involved the development of a 29.6 MW onshore wind farm in the Mugla Province, Datça District in Turkey. Electricity generated by the wind farm would be delivered to the Turkish national grid. Demirer Enerji Üretim A.S. and ENERCON GmbH were both 50% shareholders of “Dares Datça Rüzgar Enerji Santrali Sanayi ve Ticaret A.S.” which was the operating company of the project activity. Both sponsors were affiliates of the Turkish Demirer Holding. The wind farm was constructed in May 2008 and began operating at the end of November 2008.  The project was financed with a US$16.16 million equity contribution from sponsors and a UD$48.47 million 12 year maturity loan from the Garanti Bank.  The project reached financial close in June 2008 as reported by the Infrastructure Journal.  The project activity involved the installation of 36 turbines and the establishment of a 2 km high voltage transmission line between the proposed project area and the national grid.
Golden State Environment signed an agreement in March 2008 to construct Jiangsu Jintan City No. 1 Wastewater Treatment Plant with a capacity of 30,000 cubic meters per day in Jintan City, Jiangsu Province. The project was procured via competitive bidding. Golden State established a project company, Golden State (Jintan) Water Affairs Co. Ltd., to operate the facility for 30 years before transferring it back to the local government. The total investment was US$ 10 million and Golden State owns 100% of the project.
In August 2008, the government of Ghana sold 70% of the national fixed and mobile operator Ghana Telecom to United Kingdom's group Vodafone for US$900 million.  The divestiture process started in April 2007 and followed a competitive negotiation process. Of the original 20 applicants, 6 companies were short-listed to bid: Etisalat, Belgian Telecom, Singapore Telecom, Portugal Telecom, Vodacom, and France Telecom. Subsequently, the latter three were invited to negotiate with the government in a final selection in November 2007. In January 2008, the government suspended the process, saying that the bids undervalued its assets. On 3 July 2008, Vodafone announced that Vodafone International Holdings, a wholly-owned subsidiary of the Vodafone Group, had agreed to acquire a 70% stake in Ghana Telecom for US$900 million on a debt-free, cash-free basis, implying a total enterprise value for Ghana Telecom of approximately US$1.3 billion.   On 14 August 2008, the parliament approved the deal. The government kept a 30% stake in the company.  The transaction included a number of key assets, such as mobile operator One Touch and ownership of exclusive rights of access to the Sat-3/WASC submarine cable from Ghana. Ghana Telecom owned One Touch, which had 1.4 million subscribers by 31 March 2008 and a market share of 17% out of a total Ghanaian market of 7,604,053 mobile subscribers by 31 December 2007.   UBS was the advisor of Vodafone for the acquisation of Ghana Telecom.
The project entails the contract for urban cleaning in Belo Horizonte, Brazil under 25 years contract. SPV is Macaúbas Meio Ambiente S.A., a wholly owned subsidiary of the sponsor Vital Engenharia Ambiental S.A. Total value of the contract is R$981.878.155 or $ 409.35 million. For the structuring of the project, a Public Consultation was held on 06/07/2007, followed by a Bid published on 03/20/2008. Financial close took place on November 21, 2008
Engro Energy Ltd. was established as a project company in order to build, own and operate a greenfield, 227 MW combined cycle gas-fired power plant adjacent to Qadirpur Gas Field, near the town of Ghotki, in Sindh Province.  On Oct. 29, 2007, Engro Energy Ltd. signed an Implementation Agreement (IA) with Pakistan's Private Power and Infrastructure Board (PPIB) for the establishment of a 227 MW gas-fired power plant. The project was awarded on an unsolicited basis following a period of direct negotiations, in which Engro Energy Ltd. proposed that low heating valued permeate gas, which at the time was being flared at the nearby Qadirpur Gas Field, could be used as the fuel source for the Engro Power Project. Engro Energy Ltd. was a wholly-owned subsidiary of Engro Chemical Pakistan Ltd. Subsequently, the National Transmission and Distribution Company concluded a 25-year power purchasing agreement (PPA) with Engro Energy Ltd. The project held a fuel supply contract with SNGPL signed April 2008.   According to PPIB, the US$205 million project reached financial close in April 2008, on the basis of a 75/25 debt-equity split.  Of the US$51.25 million in equity, IFC provided US$3 million. Of the US$153.75 million in debt,  IFC provided US$66 million in the form of an 'A' loan, which was signed on Dec. 19, 2007.  The remaining debt (US$87.75 million) was provided by  DEG, FMO, OFID, Proparco and Swedfund. The project also held a GOP guarantee signed April 2008.     The project became operational in March 2010.
In March, the Russian territorial generating company TGK 6 became fully privatized through a series of transactions.  At the time of its divestiture, TGK-6 included the Vladimir, Ivanovo, Nizhny Novgorod, Penza, and Mordovia generating companies, and the Mordovia grid company. TGK-6 included 14 CHPs, one GRES and three boiler facilities. The genco's installed electricity production capacity came to 3,140 MW, and installed heating capacity totaled 11,120 Gcal per hour.   On March 14, 2008, a consortium comprised of Russian Integrated Energy Systems (IES Holding) and Prosperity Capital Management (PCM) bought a 34.8% government stake in the Territorial Generating Company – 6 (TGK-6) for $460 million.  That price was equivalent to US$437 per kilowatt of generating capacity. Later in the month TKG-6 issued additional 570 billion shares of common stock which was acquired by the IES-PCM consortium for US$600 million. First, IES-PCM bought 40% of the share offering (or 227 billion shares) which allowed them to maintain their respective stakes in TGK-6 through their pre-emptive rights as existing shareholders. Through an investment vehicle called Primagate Trading Limited, the IES-PCM consortium purchased the remaining 60% of the share offering (or 343 billion shares). In the IPO, IES-PCM consortium paid the same price per share than for the government shares (US$437 for every kilowatt of generating capacity in the company). That increase in capital was required by the Russian regulations to ensure funding for the investment program that all generating companies created based on the assets of RAO UES had to agree as part of the privatization process. The funds would be used for the TGK-6 investment program. In short, the sale of TGK-6 attracted more than $1.06 billion including US$600 million for all the newly issued shares and US$460 million for the government owned shares in TGK-6.  After these transactions, IES and PCM had a combined stake of 84% in TGK-6. The two companies did not reveal how they would divide their stakes in TGK-6, but the head of Prosperity Capital said his firm held less than 25% in the partnership with IES. Prior to these transactions, IES and PCM held 23% and 20% stakes in TGK-6, respectively. Private ownership of TGK-6 was the result of the Russian voucher privatization program of the early 1990s.  TGK-6 was sold as part of a sweeping reform of the power sector, which saw its parent company, Unified Energy System (UES), sell off all of its assets by July 1, including 20 major power producing firms, known as OGKs and TGKs.  TGK-6's investment program until 2015 included the construction of generating capacity at Nizhny Novgorod coal and heat powered (CHP) plant, the reconstruction of Igumnov, Sormov, Ivanov and Novgorod CHPs, as well as several other investment projects. The genco's total increase in capacity was expected to come to 1,171 megawatts. According to preliminary reports, the investment program would cost around US$2.3 billion.   Over 2003-2008 period, the Russian power sector underwent significant restructuring. Until 2003 the main assets of RAO UES, the state-owned holding for energy companies, were united into regional vertically integrated energy companies: 73 regional power utilities or Energos which produced and transmitted electricity and heat. RAO UES also centrally managed 32 Federal Power Plants, the Central Dispatch, High Voltage Grid plus Grid Service. 2003 energy sector reform envisioned a new organizational structure that included companies involved in potentially competitive activities (power generation and sales, repair and services) and natural monopolies (transmission, dispatching).   As a result of the reform RAO UES was to be dissolved on July 1, 2008.  The companies replacing RAO UES were: a System Operator was to receive functions and assets of regional dispatch administrations; a Federal Grid Company (FSK) was to manage the trunk grids; 11 interregional distribution grid companies were to manage regional distribution grids; RAO Eastern Energy Systems Holding was to manage energy companies of the East and isolated power systems of the Far East region; six wholesale generation companies (OGKs) were formed on the basis of large federal plants; one Hydro OGK was to manage large hydro plants; 14 territorial generation companies (TGKs) were formed on the basis of combined heat and power plants and Inter RAO UES was to remain the major investor and a leading exporter and importer of electric power in Russia.  Rosenergoatom was to include all nuclear power plants.    Wholesale generation companies (OGKs) were formed in 2004-05 on the basis of large federal power plants with a typical installed capacity of 1000-2000 MW. These large power producers were to become the largest participants and the main competitors on the wholesale power market. Seven of such companies were created in the process of reform: six of them incorporated large thermal power plants (OGKs) and one incorporated large hydro power plants (Hydro-OGK). In an effort to restrict the monopoly influence on the competitive wholesale power market, each of the OGKs was established on the basis of power plants geographically dispersed across the country.   The reform also created Territorial generation companies (TGKs) by uniting combined heat and power plants with a typical installed capacity of 100-500 MW which were located in a few neighboring regions or one macro region. The territorial generation companies would sell electricity as well as supply regional consumers with heat energy.   Interregional Distribution Companies were formed as operating companies to manage electricity distribution networks located in a number of neighboring regions.
North America Environmental Tech signed an agreement in Oct 2008 with Harbin Municipal Government to construct the Pingfang Wastewater Treatment Plant with a capacity of 150,000 cubic meters per day in Harbin City, Heilongjiang Province. The project was procured via competitive bidding. North America Environmental Tech would operate the facility for 30 years before transferring it back to the local government. The total investment was RMB 363 million (US$ 51.93 million), and North America Environmental Tech owns 70% of the project.
Beijing Sound Environment Industry Group signed an agreement in May 2008 with Lanzhou Municipal Government to construct a wastewater treatment plant with a capacity of 100,000 cubic meters per day in Lanzhou City, Gansu Province. The project was procured via competitive bidding. Beijing Sound would operate the facility for 30 years before transferring it back to the local government. The total investment was RMB 130 million (US$ 18.6 million), and Beijing Sound owns 100% of the project.
On May 15, 2008, RAO UES of Russia accepted the offer of Berezville Investment Limited, a subsidiary of IES-Holding, for its stake in the regional power generator OAO TGK-7 (32.18%).  Volga Territorial Generation Company (TGK-7 or Vologda TGK) was one of 14 territorial generating companies (gencos) that were being spun off from state-controlled power utility Unified Energy Systems (UES) as part of the country's comprehensive power-sector overhaul that started in 2001. The company was engaged in production of electric and thermal power, electric power sales at wholesale market, and in supply of heat to industrial and municipal consumers. TGK-7 had 21 power stations located in the Samara, Saratov, Ulyanovsk and Orenburg regions with a total installed capacity of 6,880 MW.  Through its subsidiary Berezville Investment Limited, IES-Holding, one of the largest players emerging in the Russian electricity market, offered around US$1.15 billion for the 32.18% stake of RAO UES of Russia in the company. The offer was the only one submitted in the public tender that RAO UES carried out to sell its stake in the company. The offer was equivalent to US$456 for KW of installed capacity. Prior to the sale, IES already held a 23% stake TGK-7.  Private ownership of TGK-7 was the result of the Russian voucher privatization program of the early 1990s  Following the sale, RAO UES stake in TGK-7 declined from 47.46% to 15.28% giving IES a controlling stake in the company of about 55%. UES was selling its assets - including TGK-7 - as part of a wider electricity sector reform. The remaining stake of RAO UES in TGK-7 was expected to be distributed among its minority shareholders before RAO UES’s dissolution on July 1, 2008.  In May 2008, RAO UES agreed to let the purchases of its shares in some of the generation and retail companies pay for them with a delay due to “the unstable situation on the world financial markets”.   The payment deferment was been granted till October 1, 2009 and the deferment applied to the following companies: OGK-1, TGK-6, Volzhskaya TGK, TGK-11, Kuzbassenergo, TGK-14, Mosenergosbyt, the St. Petersburg Retail Company, and, and Tyumenenergosbyt.  Over 2003-2008 period, the Russian power sector underwent significant restructuring. Until 2003 the main assets of RAO UES, the state-owned holding for energy companies, were united into regional vertically integrated energy companies: 73 regional power utilities or Energos which produced and transmitted electricity and heat. RAO UES also centrally managed 32 Federal Power Plants, the Central Dispatch, High Voltage Grid plus Grid Service. 2003 energy sector reform envisioned a new organizational structure that included companies involved in potentially competitive activities (power generation and sales, repair and services) and natural monopolies (transmission, dispatching).   As a result of the reform RAO UES was planned to be dissolved on July 1, 2008.  The companies replacing RAO UES were: a System Operator was to receive functions and assets of regional dispatch administrations; a Federal Grid Company (FSK) was to manage the trunk grids; 11 interregional distribution grid companies were to manage regional distribution grids; RAO Eastern Energy Systems Holding was to manage energy companies of the East and isolated power systems of the Far East region; six wholesale generation companies (OGKs) were formed on the basis of large federal plants; one Hydro OGK was to manage large hydro plants; 14 territorial generation companies (TGKs) were formed on the basis of combined heat and power plants and Inter RAO UES was to remain the major investor and a leading exporter and importer of electric power in Russia.  Rosenergoatom was to include all nuclear power plants.    Wholesale generation companies (OGKs) were formed in 2004-05 on the basis of large federal power plants with a typical installed capacity of 1000-2000 MW. These large power producers were to become the largest participants and the main competitors on the wholesale power market. Seven of such companies were created in the process of reform: six of them incorporated large thermal power plants (OGKs) and one incorporated large hydro power plants (Hydro-OGK). In an effort to restrict the monopoly influence on the competitive wholesale power market, each of the OGKs was established on the basis of power plants geographically dispersed across the country.   The reform also created Territorial generation companies (TGKs) by uniting combined heat and power plants with a typical installed capacity of 100-500 MW which were located in a few neighboring regions or one macro region. The territorial generation companies would sell electricity as well as supply regional consumers with heat energy.   Interregional Distribution Companies were formed as operating companies to manage electricity distribution networks located in a number of neighboring regions.   As of end of December 2011, the shareholders were (the company posts only nominee shareholders):"Depository Clearing Company" (74.15%), "Depository and Corporate Technologies"	(18.05%),Other (owners of less than 5% of capital)7.82%
In September 2008, the Federal government of Brazil signed a 15-year concession contract with Saneamento de Rio das Ostras SA for the update and operation of sewerage collection system of the municipality of Rio das Ostras in Rio de Janeiro state. Rio das Ostras was a rapidly growing touristic urban center which had a population of approximately 120,000 in 2008. The first phase of building its sewerage system was concluded 2004.  Saneamento de Rio das Ostras SA was a special purpose vehicle for the project created by Odebrecht Engenharia Ambiental (OEA), a 100% subsidiary of Odebrecht SA. There was no much available information regarding the contract award method. The limited available information suggested that the construction phase started in late 2007/early 2008 and after that the project was formally approved and financed as a public private partnership.   The project was the first public private partnership (PPP) of Rio de Janeiro and included the expansion of the main sewerage network and wastewater treatment capacity. The construction phase was expected to conclude early 2009. Once the construction phase concludes, the sewer collection system coverage would increase from 15% to 90% and waste water treatment to 100%. Under the PPP scheme, Saneamento de Rio das Ostras SA was granted the operation and maintenance the system for 15 years once the construction phase concludes. The PPP scheme included a monthly payment of R 5million to Saneamento de Rio das Ostras SA. Under a separate contract signed in 2008, Saneamento de Rio das Ostras SA was granted the operation and maintenance the sewage system during the construction phase.   The total project cost was estimated to be US $206.5 million (R$ 375.9 million). The project reached financial closure in September 2008 when BNDES granted it US $144 million (R 263.1 million) loan equivalent to 70% of the project cost. The remainder of project cost was to be financed through the sponsor’s equity or commercial loans.  The project was part of the Growth Acceleration Program (PAC) of the federal government and was to contribute to improve the quality of life and health of local population, reducing sanitary diseases.  Construction works were concluded in October 2011.
China Water Affairs Group (Hong Kong) signed an agreement in May 2008 to construct a wastewater treatment plant with a capacity of 15,000 cubic meters per day in Wannian County, Jiangxi Province. The project was procured via competitive bidding. China Water Affairs Group would operate the facility for 29 years before transferring it back to the local government. The total investment was RMB 20 million (US$ 2.86 million) and China Water Affairs Group owns 100% of the project.
In February 2008, A South Korean consortium led by Shinhan Bank, a subsidiary of Shinhan Financial Group Co., Ltd., acquired the largest stake in a state-owned railway company in Uzbekistan.  The consortium recently signed a contract with the Uzbek government to acquire a 47% stake in Yolref Trans, a small-sized state-run railway firm, for US$25.2 million. The consortium was set up by Shinhan, Shindong Enercom, an overseas resources developer, and Eurasia Investment Holdings. It planed to list the firm on the stock market in London.
In June 2008, a consortium led by OHL [Spain], and the utility Sabesp were awarded a 30-year contract to build and operate a 13,000 m3/day wastewater treatment plant in the town of Mogi Mirim, Sao Paolo State. Mogi Mirim had sewerage collection of 90% in 2008, but only had 5% sewerage treatment. During the first phase of the project ending in 2010, collection was expected to reach 25% collection. The remaining 75% of sewerage collection was expected in three following stages, lasting up to ten years.  The contract was awarded in June 2008 under an international competitive tender to the only bidder, the consortium of OHL [Spain, 57%], Sabesp [Brazil, 36%] and minor shareholders. The OHL led consortium presented a tariff 18% lower than what was required in the bidding documents. The tariff was to self-adjust with inflation. OHL held the contract through its subsidiaries: OHL Medio Ambiente, Inima y Tecnicas and Gestion Medioambiental.  The total project cost was estimated at US $155.7 million (BRL 285 million), with approximately US $29 million estimated for construction. Construction works began in June 2009.   Operations commenced in June 2012.
In 2008, Cosan SA Bioenergia began constructing three Bagasse Co-generation plants at three of its sugarcane mills in Sao Paulo state with a total installed capacity of 200MW. The three facilities (Costa Pinto 75MW, Rafard 50 MW and Bonfim 75 MW) were approximately 23% captive and produced electricity for their own operation as well as the national grid. Crushing sugarcane with high pressure boilers produces a surplus of Bagasse which could be used as a clean energy source. The facilities included transmission lines, but they were not far from distribution centers by Brazilian standards. Cosan SA Bioenergia, a subsidiary of Cosan SA, was created to invest in co-generation projects. Cosan SA, the parent company, was primarily involved in agricultural products and bio-fuels.   In December 2005, the federal electricity regulator Aneel awarded Cosan SA Bioenergia the right to sell and supply excess electricity generated from their Costa Pinto and Rafard sugarcane mills by means of biogas technology. A 15 year power-purchase agreement (PPA) was included with the following terms: the right to sell approximately 271,500 MWh per year at the current average price of R$161.10 (US$75.8) per MWh, beginning with the 2009/2010 harvest for a period of 15 years, adjusted annually for inflation according to variation in the IPCA. Again, in October 2006, Cosan SA Bioenergiawon another public bid to sell energy at its Bonfirm facility to a pool of 24 electricity distributors with the following terms: approximately 183,960 MWh per year at an average price of R$140.91 (US$66.3) per MWh, beginning with the 2011/2012 harvest for a period of 15 years, adjusted annually for inflation according to variation in the IPCA. Energy not included in the two PPA’s was to be sold on the spot market.  The total project cost was estimated at Real 428.5 million (US $234.2 million). In May 2008, BNDES approved approximately R$ 369 million credit (US $201.6 million) for Cosan SA Bioenergia, consisting of 85% of the project cost. The remainder was to be financed from Cosan SA’s own resources. The debt to equity ratio was 85 to 25. The Costa Pinto and Rafard plants became operational in December 2008, while the Bonfim unit became operational in June 2010.  In addition to selling electricity to the grid, another source of revenue for the plants was carbon credits available due to the clean energy status of the facilities. Cosan SA estimated that with their energy sales agreements in place in 2008, they would generate approximately 376,000 tons of carbon credits a year starting in 2009.
In July 2008, Power Sector Assets and Liabilities Management Corporation (PSALM), an agency of the Philippines’ government, divested the Ambuklao-Binga Hydroelectric Power Complex to SN Aboitiz Power Benguet, Inc. (SNAPB). SNAPB was to rehabilitate and expand the Ambuklao and Binga plants, and sell the electricity generated by the plants into the local wholesale spot market. The 175 MW power complex was located on the upper portion of the Agno River in Benguet province, Luzon island.  The complex consisted of two plants: the 75 MW Ambuklao plant, located in Bokod municipality; and the 100 MW Binga plant, located in Itogon municipality, 19 km downstream of the Ambuklao plant. The Ambuklao plant had previously been operated by MIESCOR under a rehabilitate-lease-transfer concession between 1995 and 2000 (Project ID 628). The Binga plant had previosuly been operated by Chiang Jiang Energy Corp. under a similar concession contract between 1993 and 2000 (Project ID 296). When these projects concluded, the plants were transferred back to the government.  The 2008 divestiture was part of the government’s privatization program, which was laid out in a comprehensive sector reform law, the Electric Power Industry Reform Act (EPIRA) of 2001. Under this act, PSALM was mandated to divest 70% of the generation assets of the state-owned National Power Corporation (NAPOCOR).  The assets were divested by means of a competitive bidding process. Ten prospective bidders attended the pre-bid conference on Sep. 26, 2007. Of these, only two parties – Calaca Power Partners Co. Ltd. (a unit of AES Corp.) and SN Aboitiz Power Hydro, Inc. – submitted final bids on Nov. 28, 2007. SN Aboitiz Power Hydro, Inc. was deemed the winning bidder with a bid of US$325 million, beating Calaca Power Partners’ bid of US$305.5 million. The project company, SN Aboitiz Power Benguet Inc. (SNAPB), was a joint-venture between SN Power Invest (SN Power) of Norway and Aboitiz Equity Ventures (AEV) of the Philippines. SN Power Singapore (SNPS), a wholly-owned subsidiary of SN Power, owned a 40% equity interest in SNAPB directly and another 10% indirectly through its 16.7% equity interest in Manila-Oslo Renewable Enterprise (MORE), while AEV (through its two power subsidiaries, Aboitiz Power Corporation and Philippine Hydropower Corporation owned a 50% interest in SNAPB indirectly through its 83.3% ownership in MORE. As a result, SNAPB is owned directly and indirectly 50% by AEV and 50% by SN Power.  The transaction closed in July 2008, when SNAPB made a US$227.5 million payment to PSALM, corresponding to 70% of the acquisition price of the complex (US$325 million). In August 2008, the project company paid the balance of US$99.09 million to PSALM.  The total project costs were estimated at US$560 million, which included the US$325 million acquisition payment to PSALM and US$170 million in rehabilitation costs. Rehabilitation involved the re-commissioning of the Ambuklao plant, which had been shut down due to silt problems, the upgrade of the Binga plant, and an increase in the combined capacity by 50 MW (30 MW for Ambuklao and 20 MW for Binga) from 175 MW to 225 MW. Financing was secured in August 2008 with an IFC ‘A’ Loan of up to US$85 million, an IFC ‘C’ Loan of up to US$15 million, a loan from NIB (Nordic Investment Bank) of up to US$60 million and a US$200 million loan from a consortium of local banks. The remaining amount was expected to be financed by sponsors’ equity and internally generated cashflow.   The rehabilitation of the Ambuklao plant was scheduled to be completed by July 2010, while the upgrade of the Binga plant was scheduled to be finished by the first half of 2013.  In July 2012, it was announced that the Bing and Ambuklao hydropower plants where expanding their capacity in a rehabilitation. The rehabilitation was filed as a CDM activity at UNFCCC. Bing expanded by 25MW, and Ambuklao increased its capacity from 75MW to 105MW. The four turbines were rehabilitated in the following order:  Unit four: December 2011 (from 25MW to 31.45MW) Unit One: Q3 2012 Unit Three: Q1 2013 Unit Two: Q3 2013  The cost of this enhancement was unknown, but ESTIMATED at $1milion/MW: US$55 million.
In January 2008, North Korea granted a license to provide a mobile phone service in North Korea to CHEO Technology. CHEO technology was also 25% owned by the state-run Korea Post and Telecommunications Corporation and 75% owned by Orascom.  It would provide services throughout the country over 25 years with exclusivity period of four years. Orascom Telecom would invest USD 400 million in network infrastructure to offer voice, data and value-added services at accessible prices to the general public. In December 2008, Orascom Telecom started mobile service in North Korea and its 3G network, ‘Koryo-link’ would initially cover the capital, Pyongyang, with its population of more than 2 million, and later be extended to the entire country.
In July 2008, the government of Bangladesh divested 25% of the state owned Titas Gas Transmission and Distribution Co. Ltd. through an initial public offering. Titas Gas was incorporated in November 1964 as a state-owned company engaged in the transmission and distribution of natural gas to residential and industrial customers as well as independent power producers.  Titas Gas, a subsidiary of state-owned oil and gas company Petrobangla, operated in a franchise area that comprised Greater Dhaka, Greater Mimensingh and Brahmanbaria district. The company had a distribution and transmission network of 11,496 km in total, as of June 30, 2009.  Titas Gas was listed on the Dhaka Stock Exchange on June 9, 2008 and on the Chittagong Stock Exchange on June 19, 2008.   On July 2, 2008, Titas Gas launched an initial public offering in which it floated 25% of the company’s equity on the Dhaka and Chittagong stock exchanges.  The total value of the offering was US$31.2 million (Tk 2.14 billion), corresponding to a face value of US$1.46 (Tk 100) per share. Ownership of the remaining 75% of the company’s equity was retained by Petrobangla.
PT Multisakadaya developed the 12MW Multidaya Prima Elektrindo natural gas fired power plant, consisting of 2x6MW turbines in Kali Doni, Palembang, South Sumatra. Since July 2010, 85% of the project is owned by Medco Power Indonesia.   The project signed a PPA with PLN in 2004, for 20 years. Commissioning took place on 30 April 2008. The project was acquired by Medco Energi, via its subsidiary Medco Power Indonesia, on 29 July 2010. The output was supplied to the communities in Jambi and Bengkulu.   The acquisition costs were US$22 million, financed with long term debt from Bank CIMB Niaga in May 2010. This is assumed here to be the total project cost. Financial closure is assumed to be April 2008, date of commissioning.
South Asia Energy Management Systems, from California (USA) - and registered in the Netherlands as SAEMS Capital B.V., was developing the 4.8MW and 3.2MW Wewelwatta 1 & 2 small hydropower plants, in Wewelwatta City, Ratnapura District, Sabaragamuwa Province. The project used two Pelton Turbines vertical shaft (Plant 1) and two Francis turbines horizontal shaft (plant 2), and was expected to generate 13.7GWh and 9.3GWh annually. The project company was Upcountry Power Supply International Ltd. The project fed of the Bambarabotuwa River.  Output was to be supplied to the national grid (Ceylon Electricity Board). Expected project life was 22 years. Expected tariff was Rs 5.75/kWh. The PPA was signed in March 2008. The EPC contract signed in November 2007 (plant 1) and July 2008 (plant 2). Construction started in November 2007 (plant 1) and March 2012 (plant 2). The project commissioned in July 2012 (plant 1) and May 2013 (plant 2).  Total cost was expected to be US$6.79 million and US$4.53 million, total US$11.3 million. The investment decision was made in October 2006. Financial closure was reported at September 2008 (25% rule). The debt/equity ratio was expected to be 65/35. IRR was 13.19% without CDM and 16.16% with CDM (expected).  The coordinates of the project are: Latitude 6° 40’59.88” N / Longitude 80° 35’00.00” E (plant 1) Latitude 6° 39’59.76” N / Longitude 80° 34’59.88” E (plant 2)
A local private company Guangxi Huahong Water Affairs Investment Co. Ltd. was granted an agreement in October 2008 to construct a wastewater treatment plant with a total capacity of 40,000 cubic meters per day in Fushui County, Guangxi Province. The project was procured via direct negotiation. Guangxi Huahong would operate the facilities for 28 years before transferring them back to the local government. The total investment was RMB 60 million (US$ 8.58 million) and Guangxi Huahong owns 100% of the project.
Unit Energy Lanka (Pvt) Ltd., a joint venture between VS Hydro and Lanka Ventures PLC, developed the 4.85MW Kadawala 1 and 1.32MW Kadawala 2 small hydropower plants (total 6.17MW). The project was located on the Mahaweli River, Ginigathhena, Nuwara Eliya District. Annual output was 19GWh. The second phase had a separate project company: Saman Jala Viduli Company (Pvt) Ltd.  The plant commenced operations in March 2008. The turbine was supplied by Voith Siemens Hydro Kraft GmbH, Germany.   The equity portion of Lanka Ventures was Rs. 85 million (US$0.66 million). Financing was supplied by DFCC and HNB. The project was also classified as RERED & RERED-Additional Financing. Total project cost was unknown, but ESTIMNATED at US$6.2 million. Financial closure date was unknown, but ESTIMATED at March 2008 (commissioning date).
Rota das Bandeiras, a wholly-owned subsidiary of the Brazilian construction company Odebrecht, was awarded the project to expand, rehabilitate and operate the 296.6 km long toll road in October 2008 and took over the operation of the highway in April 2009, when the 30-year concession contract was signed. By the time the contract was awarded, the roadway connected the cities of Atibaia, Campinas, Jundiai, Paulinia, Itatiba, Jacarei, Igarata, Nazara Paulista, Bom Jesus dos Perdoes, Jarinu, Louveira, Valinhos, Cosmopolis, Artur Nogueira, Engenheiro Coelho, Conchal e Mogi Guacu.  The Dom Pedro I Highway project was granted in a competitive bidding process based on the lowest toll rate criteria, but there was only a single offer. The winning bid was 6% below the ceiling set by the state regulatory agency. At the time the concession was awarded, the traffic on the highway was estimated to be around 10 million vehicles annually.  The bidding process for the second stage of the Sao Paulo state toll road concession program took place between October 2008 and early 2009 and the five awarded projects comprised the operation of 1715 km of highways in total.  Altogether, the concessionaires committed to the duplication of 359 km, 526 km of additional tracks and new shoulders, besides the construction or expansion of access roadways, 317 bridges and viaducts and over 65 new pedestrians crossing bridges.  The works were expected to benefit 171 municipalities with a total of 21 million inhabitants. The concessionaires also committed to maintaining 900 km of local toll free roadways.  The private sponsor committed to pay US$ 650 million (BRL 1,300 million) to the government for the concession rights (20% of this value was paid when the contract was signed and the rest was agreed to be paid in 18 monthly installments) and was expected to invest US$ 700 million (BRL 1,400 million) during the first six years of the concession period. The total investment commitment during the 30-year contract was estimated at US$ 1,050 million (BRL 2,100 million).  In May 2009, Rota das Bandeiras secured a US$ 500 million bridge finance from the banks Banco Santander (Brasil), Banco do Brasil SA, Banco do Nordeste do Brasil, Banco Votorantim SA and HSBC. The toll rates started to be charged in December 2009.  In July 2011, the project received an additional loan from the state-owned bank BNDES amounting to US$ 3.4 million (BRL 5.5 million).
On January 31st 2009, the Haryana Public Works Department (PWD) signed a 17 year concession (including construction period of 2 years) with Reliance Infrastructure Limited for widening and strengthening of 66.2km toll roads in the state of Haryana, India.   Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance and widening of the existing two-lane highway to a four-lane highway with paved shoulders. The project involved widening and strengthening four stretches (Road 1: Gurgaon to Faridabad, Road 2: Crusher Zone - adjacent to Gurgaon to Faridabad Road, Road 3: Ballabhgarh to Sohna and Road 4: Municipal Corporation of Faridabad (MCF) Road).The Gurgaon-Faridabad road will be four-laned, 20 m wide carriageway with 1 m earthen on either side and 2 m wide median. The existing 7 metre wide MCF road will be strengthened and widened to 10 m and the Ballabhgarh- Sohna (up to Lukhawas junction) road will be two laned with 10 m wide carriageway on both side under the project. There would be four toll plazas on the project highway after the completion of the project. One toll plaza will be on the Gurgaon-Faridabad road, one on the Crusher Zone road and two road plazas on the Ballabhgarh-Sohna road. Local non-commercial vehicles in the vicinity of the toll road, two-wheelers and tractor-trailers carrying agriculture produce were expected to be exempted from payment of toll. The expansion project, part of the initiative of linking the National Capital Region comprising of the cities of Delhi, Gurgaon, Faridabad, Noida, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  Reliance Infrastructure established Gurgaon Faridabad Toll Road Private Limited, a special purpose vehicle, to implement the project. Reliance Infrastructure won the tender through competitive bidding, conducted by the Haryana PWD, by requesting for the lowest subsidy requirement - a negative grant of US$ 31 million (INR 1503 million @ 48.41 INR/USD). Seven bidders had submitted their bids for the project. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. Other bidding details were not available at the time of collection of this information.  The concession agreement was signed in January, 2009. The project attained financial closure in August 26th 2009. The debt equity ratio was 75:25. The estimated capital cost of the project at the time of financial closure was US$ 160.9 million (INR 7791 mn @ 48.41 INR/USD) million. Financing comprised of a US$ 120.6 million (INR 5840 mn @ 48.41 INR/USD) 12-year term loan mandated by Axis Bank and a US$ 40.3 million (INR 1951 mn @ 48.41 INR/USD) Equity. The final bank allocation was Axis INR 1000 mn, UCO Bank INR 950 mn, Corporation Bank and Union Bank of India INR 720 mn each, Bank of Baroda INR 650 mn, Indian Bank INR 500 mn, United Bank of India INR 350 mn, Allahabad Bank INR 280 mn, and State Bank of Patiala INR 250 mn.  Construction on the project began in July 2009 and was expected to be completed by 1st Quarter of FY 2012.
Dibamba Power Development Company (DPDC) is a 56/44 JV between AES and the government. AES Sonel, the national utility, has a 20-year off-take.   As well as the HFO-fired diesel engine generating component, the project includes a 2km 90kV transmission element.  The project has been operational since 2009.  Long term financial for the project was secured in 2010. The African Development Bank (AfDB) approved a senior loan of EUR 22 million, IFC approved a senior loan EUR 22 million, and  Netherlands Development Finance Company (FMO) approved a senior loan for EUR 22 million to finance the project.
In August 2009, a consortium of Beijing Sound Group, Hatlen Investment Pty. Ltd. (Australia), and Protection (Asia) Water Treatment Holding Ltd. formally signed a 30 year agreement to build and operate the Licheng Wastewater Treatment Plant in Licheng District, Putian City, Fujian Province. The total investment was RMB 40 million (US$ 5.86 million). The capacity of the plant was 35,000 cubic meters per day. The facility was planed to come in operation in Feburary 2010. The project was awarded through competitive bidding but no information was publicly available on the bid criteria and the number of bidders.
In January 2009, a local private company, Sichuan Pioneer Envrionmental & Water Affairs Co., Ltd., was granted a 30 year agreement to build and operate a wastewater treatment in Yibin County, Sichuan Province after a competitive bidding process. The capacity of the plant was 20,000 cubic meters per day and Sichuan Pioneer owned 100% of the project. The total investment was RMB 45 million (US$ 6.44 million).
Bilgin Enerji [Turkey] implemented the 90MW Soma Wind Energy Power Plant project, at Soma in Manisa province.  The project was developed on a greenfield, merchant basis.  The project received its generation license from the Energy Market Regulatory Authority (EPDK) on July 17, 2008. Electricity generated by the wind farm was to be delivered to the Turkish national grid.   Financial closure was reached in August 2009 with the signing of a EUR90 million (US$125.1 million) loan agreement between Bilgin Enerji and a local financial institution, Garanti Bank. The total project cost was estimated at EUR114 million (US$158.5 million).   The plant was expected to become operational in the second half of 2010.
As Makinsan Temiz Enerji Elektrik Uretim San Ve Tic AS was the sponsor of the 25MW As Makinsan Bandirma Wind Power Plant Project in Bandirma district, Balikesir province.  The project was developed on a greenfield, build own and operate (BOO) basis, and was awarded through a license scheme. Electricity generated by the wind farm was to be delivered to the Turkish national grid.   Financial closure was reached on June 15, 2009, when the sponsor and the mandated arranging bank, Turkiye Garanti Bankasi, signed a EUR22.36 million (US$31.08 million) 10-year term loan, comprising a 1.5 year grace period and 18 semi-annual repayment periods.  The total project cost was EUR 36 million (US$50.04 million), with the balance (EUR13.64 million / US$18.96 million) funded by the sponsor’s equity contribution.
In October 2009, a local private Beijing Sound Group was granted a five year lease agreement to operate eight wastewater treatment plants in Baisha County, Chengmai County, Danzhou City, Changjiang County, Dongfang city, Dunchang Country, Ledong County and Lingao County in Hainan Province after an open bidding process. No information was publicly available on the number of bidders. The private company won the contract by proposing the lowest operating fee: 0.48 Yuan per ton.  The total capacity of the eight plants was 142,000 tons per day.
In August 2009, Peru’s Ministry of Transport and Communications (MTC) signed a 25-year concession contract with Concesionaria Vial del Sol for the 475km second stage of Autopista del Sol. The Autopista del Sol II project entailed construction of a highway stretch connecting Trujillo to Chiclayo, maintenance works along a stretch connecting Chiclayo to Piura and construction of a highway stretch between Piura and Sullana.  The project was awarded on June 22, 2009 to Concesionaria Vial del Sol which consisted of Hidalgo & Hidalgo [Ecuador] and Construccion & Administracion [Peru]. Five consortia participated in the tender: Consorcio Vial del Sol (formed by Hidalgo e Hidalgo and Construccion y Administracion SA of Peru), Consorcio Vias del Peru (formed by Concay SA, Incoequipos SA, Constructora Colpatria SA and Nexus Banca de Inversion of Colombia), Consorcio OHL Concesiones SL of Spain, Grana y Montero of Peru and Consorcio Concesionaria Panamericana (formed by Vialpa SA of Venezuela and the Colombian firms Gerencia de Contratos y Concesiones SA and Change Consulting Group).   The concessionaire was awarded the contract based on the amount of additional works, offering to build 40 passenger bridges and 10 underpasses, and other various works. This raised the cost estimate from US $170 million to US $365 million in the first four years. Investment was to be recouped through toll revenues, and benefit from a minimum revenue guarantee.  The project was expected to become operational in 2011.
Cengiz Enerji, a unit of Cengiz Holding, developed a merchant, 244 MW combined cycle gas turbine (CCGT) power project on the same site as an existing diesel-fueled combined-cycle plant, in Samsun province.  In August 2009, Platts Energy reported that the Energy Market Regulatory Authority (EPDK) had issued Cengiz Enerji a 49-year generating license for the project.  Cengiz Enerji was to sell the electricity produced at the plant on the spot market.  Financial closure was reached in April 2009, when Cengiz Enerji secured a US Ex-Im guaranteed US$104.8 million loan to finance imports of two LMS100 aero-derivative gas turbine generator packages from GE Energy for the Samsun Gas-Fired Power Plant.  JP Morgan was the guaranteed lender on the transaction, and GE Capital Markets Corporate was the advisor-arranger on the deal. The financing included coverage of eligible local costs at the site. Denmark’s export credit agency (ECA), EKF, provided co-financing for a portion of the transaction.  Construction was to be completed in February 2010.
The project was the first ever Urban Infrastructure project on BOT basis in India, and the first time in the history of India's road sector that a single operator was appointed to develop and maintain all major roads in the city. Kolhapur, a well-developed and culturally rich city of 600,000 in western Maharashtra, had an inner city road network of 49.5 km in 2008. The Kolhapur project covered the upgradation of all major roads in Kolhapur into four-lane with all related infrastructure like footpaths. The total length of the road under upgradation was 49.5 km, and was estimated to be complete within two years. After upgradation, IRB Infrastructure would own and operate these roads for 30 years. MSRDSC's traffic data shows that around 45,000 vehicles enter and exit city through nine entry/exit points in a single day.  Under the 30 year concession contract, the concessionaire was allowed to toll all 9 entry points to be tolled post substantial completion of construction. IRB Kolhapur Integrated Road Development Company Pvt was the company created to implement the project. Other salient aspects of this Kolhapur IRDP were: •Residents of the city of Kolhapur plying within the city limits need not pay any toll charge to use the roads. •Only those vehicles entering or leaving the city will be paying the toll.  In addition to the concession period, IRB Infrastructure Developers Ltd. enjoy the following benefits: Commercial plot admeasuring 30,000 square meters allotted to the company, and lease period of this land will be 99 years.  The Maharashtra State Road Development Corporation (MSRDC) awarded the project via competitive tender to IRB Infrastructure Developers in March 2008. Mumbai-based Atlanta Infrastructure was the other bidder.   Total cost of the project is estimated to be approximately around Rs. 4.00 billion (US$82.6 million). Construction work commenced in January 2009. The project became operational (construction phase concluded) in January 2011.
In October 2009, Aguas de Canaa began operating the water and sewerage system of the small town of Nova Canaã do Norte, located in the state of Mato Grosso. The contract mandated rehabiliation and expansion over a period of 30 years. No information regarding tendering or bidding criteria was available. The project sponsors were the Brazilian construction companies Perenge Engenharia e Concessao and Engenharia e Comercio Govic Ltda.   The private sponsors committed to invest a total of US$5.8m (BRL 10.5m) during the concession period, four-fifths of which was to be directed to sewerage collection and treatment and the rest to the water system. The sponsors committed to reach 100% coverage in water provision and 70% in sewerage collection. The city had a total population of 13,200 inhabitants in 2009.
The project was awarded in July 2007 by direct negotiation, when PT Pelabuhan Samudera Palaran (PSP) entered into a joint operation agreement with the Samarinda city goverment under a BOT contract for 50 years.   Under the term of the agreement, PT Pelabuhan Samudera Palaran (PSP) was to make an investment of US$60 million (IDR550 billion) to bring capacity to 220,000 TEUs per year.   In March 2009, the 50-year BOT Samudera Palaran Container Terminal project reached closure. This project was developed by PT Pelabuhan Samudera Palaran (PSP), a joint-venture between privately-owned PT Samudera Indonesia Tbk (75%) and state-owned PT Pelabuhan (Pelindo) IV (25%).   Construction of the terminal began in June 2008 and was 43% complete as of March 2009. The project was expected to be operational in December 2009.   The detailed information on financing of the project was not available. The container terminal was completed  in May 2010.
Buchanan Renewable (Monrovia) Power Inc (BRP) was created to build and operate a 35-megawatt power plant (2x17.5MW) located near Kakata, approximately 50 kilometers from Monrovia to supply electricity to Monrovia. The plant was to be fuelled with woodchips from non-producing rubber trees provided by BRF. BRP was also developing a small biomass unit that can be deployed in rural towns and villages and will supply electricity to the villagers on a microgrid.  On Friday, January 16, 2009, a concession agreement and a 25 year Power Purchase Agreement were signed between the Government of Liberia (GOL) and the Buchanan Renewable (Monrovia) Power Inc (BR Power).  The estimated capital cost of the project is US$149 million. In September 2008, OPIC approved a USD$112 million loan to Buchanan Renewables. The project reached financial closure in March 2009.  The first power from these plants was to be available by the end of 2010.
In February 2009, the US$200 million Cai Mep International Terminal project reached financial closure under a BOT contract. The information on the length of contract and contract award method was not publicly available.  The project was developed by Cai Mep International Terminal (CMIT), a joint-venture between APM Terminals (49%), the state-owned port of Saigon, and state-owned Vietnam National Shipping Lines (Vinalines). APM Terminals received approval to develop a joint-venture deep-water seaport from the Saigon Port Authority in January 2007.   This project involved the development of a 2-berth, 1.15 million TEU equivalent unit capacity container terminal located at Cai Mep Thi Vai, Vung Tau province.  In April 2008, the construction for the terminal began with POSCO and Samwhan Corp as EPC contractors for the design and implementation of the project.   The project was expected to be operational on January 1, 2011.
Santos Brasil held a temporary contract to build and operate this vehicle terminal since 2003 as a request of CODESP, the state-owned company responsible for managing the port. A total investment of BRL 40 million was committed to building the terminal, whose construction was completed in 2005. The goal was to develop the terminal as fast as possible to avoid losing the shipments to other ports and Santos Brasil was supposed to operate the terminal until the concession was awarded through a competitive bidding process. This investment would be paid back the company awarded with the concession contract.  In May 2009, Santos Brasil was awarded the contract to expand, rehabilitate and operate the vehicles terminal located at Santos Port. The bidding process was competitive and Santos Brasil offered US$ 72 million (BRL 144 million) above the US$ 52.8 million (BRL 105.6 million) floor price established by the state government (the payment transferred for the concession rights totaled US$ 124.8 million - BRL 249.6 million). The other offer was made by a subsidiary of the Brazilian group Libra (the offer was US$ 10 million (BRL 20 million) above the minimum price). In July, 2009, the contract was signed for a 25-year period, renewable for another 25 years, and the company committed to pay US$ 3.5 million (BRL 7 million) lease fee during this period. Information on additional infrastructure investment was not known.  This project will be undertaken by Santos Brasil subsidiary Union Armazenagem e Operações Portuária. In 2009, Santos Brasil ownership structure was the following companies made up by Brazilian investors:  PW237 Participacoes (20%), Multi STS Participacoes e Brasil Terminais (20%), Opportunity Fund (30%) and several small shareholders (30%). In 2009, this export terminal had the capacity to handle 290 thousand vehicles per year and had a total area of 164,000 square-meters and 310-meter berth quayline.
In June 2009, the private consortium, Caticlan International Airport Development Corp. (CIADC), signed a 25-year BROT concession contract with the Philippines' Department of Transportation and Communications to upgrade and expand the Caticlan Airport.  The concession was extendable for 25 years with another renewable 25 years. The project was awarded through competitive bidding but no detailed information was available.  Phase 1 of the Caticlan project involved the improvement and renovation of the existing terminal building and Phase 2 involved the extension of runway from 950 meters to 2.1 km. The information on the number of runway was not available.  The total investment in facilities was estimated at USD 52 million (PHP 2.5 billion) and was funded through a project finance structure of 70% debt and 30% equity.   The first phase of the renovation was completed in June 25, 2011
In July 2009, the 270MW Phase-I of Meenakshi thermal power plant developed by Meenakshi Energy Pvt Ltd.(MEPL) reached financial closure under a BOO format. The project was located at Thamminapatnam village near Krishnapatnam in Nellore District of Andhra Pradesh. The 540MW project was being set up in two phases, each having a capacity of 2x135 mw. The project was expected to be run on a mix of imported and Indian coal.   A consoritum of Meenakshi Infrastructure Pvt Ltd (51%), PTC India Financial Service Ltd (26%) and Advaita Partners  Ltd (23%)had set up a special purpose vehicle, Meenakshi Energy Pvt Ltd. (MEPL), for the implementation of the plant. The company was granted the project through MOU route on a negotiated basis by the State utility. PTC India was to off-take the power generated for 25 years. PTC India was the fuel supplier as well. A large portion of the off-take risk was expected to be taken care of through a power tolling agreement (PTA) with PTC (signed on 14-08-2008) that ensured recovery of a fixed conversion charge under a 'Take or Pay' mechanism for about 70% of the net generation. PTA was also expected to ensure supply of 'free coal' by PTC, to the extent of 70% of total requirement. There was no firm arrangements for sale of 30% of the power output and the corresponding fuel supply arrangements. MEPL was expected to operate on a merchant basis for this residual 30% output.  The estimated cost of the Phase-I of the project (270MW) was USD 286.1 million (INR 13850 million at 48.41 INR/USD). Financial close for the Phase-I of the project took place on 9 Jul 2009. Financing comprised a USD 207.6 million (INR 10050 mn) 14-year 6-month term loan and USD 69.2 million (INR 3350 mn) Equity. State Bank of India was the lead arranger.   The estimate cost of the Phase II of the project (207 MW) was US$282 million (IND 12934 million at 45.73 IND/USD). Financial closure of phase II was achieved in October 2010. The financing of phase II included also refinancing of phase I. The total financing package included US$682.3 million (IND 31.2 billion at 45.73 IND/USD), and comprised IND 23.4 billion debt and IND7.8 billion equity. Debt was split among eight term loans arranged by IDBI and SBI. All trances had a tenor of 14 year 9 month except for the first tranche (15 year 3 month).  Construction for Phase-I started on August 2009 and commissioning was expected by May 2012. Coal Supply Agreement was entered with Indo Setubara Limited (Indonesia) in August 2008, for supply of coal.Fuel linkage from Mahanadi Coal Feilds (MCL) was received through Letter of Assurance (LOA) issued by MCL. Environmental Clearance had been achieved for 600 MW. Phase - I (2x135 MW) EPC Contract (a fixed-price, fixed-time EPC contract) along with civil works had been awarded to M/s Thermax Ltd. The project had acquired the entire land required for the project.
In May 2007,  Abengoa was awarded in a competitive bidding process organized by the regulatory agency ANEEL the 30-year contract to build and operate a  132 km transmission line ( Londrina – Maringa and Jagaraiva – Itarare II)  located in the states of Paraná and São Paulo. Besides Abengoa S.A., nine other companies took part in the contest.  The bidding criteria set by ANEEL was the lowest required annual revenue. Abengoa S.A presented the lowest offer, a total value of US$ 4.9 million (BRL 9.8 million), 42.18% below the ceiling set by the regulatory agency. The contract was signed in June 2007, and the sponsor created the company ATE V - Londrina Transmissora de Energia S.A. to lead the project during the 30-year contract period.   The sponsor committed to invest US$ 63.6 million (BRL 127.13 million) in the transmission line. The construction works commenced in May 2009, but financial closure was only achieved in October 2009, when the sponsor was granted a US $ 34.6 million (BRL 69.3 million) loan from BNDES. The remaining cost was set to be financed with the sponsors’ internal resources.  The section Londrina-Maringa commenced operations in November 2009, while the second section was under construction, as of December 2009.
The Brazilian company  Cotesa S.A. was granted authorizations to build four small hydro power plants located in the state of Santa Catarina (12 MW in total capacity). The 30-year contracts were signed with the regulatory agency ANEEL in June 2008.  Construction works started in 2009, and the units are expected to be operational by 2011. The four units have the following capacities: Sao Sebastiao (3,7 MW); Sao Valentim (2,4 MW); Nova Trento (1,55 MW); and Aguti (3,8 MW). All power plants are located at the same river, Alto Braco, in the municipality of Nova Trento.   In 2009, Cotesa committed to invest US$ 30 million (BRL 60 million) in the construction of the four PCHs. As of August 2011, PCH Aguti started commercial operation, while the Sao Valentin and Sao Sebastiao were in the early stages of the construction works.  Operations commenced in the following dates: - PCH Sao Valentim: December 2009; - PCH Aguti: November 2011; - PCH Sao Sebastiao: October 2012.
Sinha Power generation company ltd, subsidiary of Sinha Group, was operating the 46MW Bhola rental power plant, consisting of a turbine of 35.5MW and a turbine of 11MW.   The plant has been operational since July 2009, and is reported as supplying power to the grid in December 2012. Total contract length was recorded as 3 years.   Total cost was estimated at US$10.9 million, based on 3 year contract, 10% interest rate, $600k per MW.
In December 2008, the Mexican companies Atlatec S.A. de C.V. and Servicios de Agua Trident S.A. de C.V. (subsidiaries of the Japanese company Mitsui) were awarded the 20-year contract to build and operate the wastewater treatment plant named PTAR PTAR El Ahogado (Zona Conurbada de Guadalajara, state of Jalisco). The treatment plant was set to have a capacity of 2250 liters/second (194.4 m3/day), benefiting 4.1 million people.  The sponsors established the special purpose company Aguas Tratadas de Guadalajara S.A. de C.V. to lead the project. Detailed information on the award process led by the state government of Jalisco was not available.  The investment was estimated at US$ 66.4 million (Pesos 874.9 million), of which 39.6% was funded by the Federal government. Of the remaining investment cost, the private sponsor raised 38.9% in loans and 21.5% in equity. Construction works commenced in November 2009 and were concluded by May 2012.
In September 2009, the rental services contract (RSC) between the state-owned Northern Power Generation Company (GENCO-III) and Gulf Rental Power Ltd. [Pakistan] for the installation, and operation for a five-year term of a 62 MW rental power plant (RPP) at Eminabad, Gujranwala, became effective. Three conditions were required for rental contract effectiveness: (i) advance payment guarantee by sponsor, (ii) down payment by the state-owned power purchaser, and (iii) issuance of a sovereign guarantee by the Government of Pakistan (GoP).  The Government of Pakistan (GoP) chose rental power projects as its major strategic tool for closing Pakistan’s electricity demand-supply gap in the short term.   The project was awarded on the basis of competitive bidding. On Sep. 26, 2008, under a ‘Fast Track’ procurement scheme, PPIB published a tender notice calling for submission, by Oct. 31, 2008, of proposals for rental power plants of 500 MW cumulative capacity.  The bids for ‘Package-1’, which specified a target commissioning date of end 2009, were opened and evaluated in November 2008.  Three bids were received, two of which met the technical and financial criteria of the tender.  Among the two ‘responsive’ proposals was that of Gulf Power.   On April 27, 2009, the Private Power and Infrastructure Board (PPIB) issued a Letter of Award (LoA) to Gulf Rental Power Ltd., which proceeded to sign the rental services contract (RSC) with the designated state-owned power purchaser, Northern Power Generation Company (GENCO-III), on Sep. 6, 2009. Under the RSC, GENCO-III was to pay a rental charge of US$85 million, payable in arrears in 60 equal monthly installments to the sponsor, and to pay the sponsor’s fuel costs at a rate of Rs. 6.6622 per kWh based on the reference fuel price of Rs. 26,000 per metric ton.  The RSC set out three steps which had to take place in order for the contract to become effective. First, the project sponsor was obliged to obtain a bank guarantee equal to 7% of the RSC’s value.  Second, within 10 days of receiving the sponsor’s bank guarantee, GENCO-III was required to make a down payment to the sponsor equal to 7% of the RSC’s value.  Lastly, within 30 days of the RSC’s signing, GENCO-III was to deliver a Letter of Credit (LC) to the sponsor equal to the sum of GENCO-III's 60 monthly rental payments, guaranteeing GENCO's payment obligations.  The implementation process encountered a significant delay due to the inability of GENCO-III to obtain a Letter of Credit from a commercial bank at an acceptable cost.  As a result, the GoP modified the implementation process during 2009.  In line with the revised process, GENCO-III made an increased down payment to the sponsor equal to 14% of the RSC’s value.  Subsequently, the GoP issued an annual renewable sovereign guarantee covering GENCO-III’s rental payments in lieu of a LC.  These steps were completed in September 2009, at which point the RSC became effective.  The sponsor’s estimated investment was US$24.5 million. To calculate this estimate, first the investment's present value (PV) was assumed by multiplying an assumed investment per kilowatt (US$600) by the plant’s installed capacity.  The PV was then used to find an annual amortized payment, assuming 15 years as the expected asset life and a discount rate of 10%. This annuity payment was then multiplied by the term of the rental contract in years, giving the sponsor’s total estimated investment.  On April 28, 2010, all test operations were satisfactorily completed, after which the project came online.
In November 2009, Dovicom began rehabilitation and construction of the 240km Santo Domingo Puerto Plata Highway. The project involved building, rehabilitation and maintenance of all the roads linking capital Santo Domingo to Puerto Plata province, under a 30-year concession contract. Works included constructing the 24km Circunvalacion Norte Highway between Santo Domingo and provincial capital Santiago, and building two new lanes and a new tunnel on the Navarrete-Puerto Plata highway stretch. The project also entailed reconstruction and rehabilitation work on the following stretches: Santo Domingo-Navarrete stretch of the Duarte highway, the Sanchez highway between Santo Domingo and San Cristobal, and the 6 de Noviembre highway. The Santo Domingo Puerto Plata Highway was part of the government's VIADOM program, whose goal was the rehabilitation and operation of approximately 1,000km of roads connecting the country's three principal regions through the use of private operators.    The project was awarded to Dovicom on June 8, 2009 in an international competitive tender by the Secretariat of Public Works under the rules governing the VIADOM program. The VIADOM program stated that concessionaires were chosen based on their experience in the sector, financial capacity, experience funding infrastructure projects and other factors. The number of final bids was not known although 21 companies submitted expressions of interest.   The shareholders of Dovicom were IECSA [Argentina], [Ghella, Italy], and Autopistas Dominicanas (Autodom) [Colombia-Dominican Republic]. Autodom was 60% controlled by Odinsa SA and an unknown Dominican shareholder.   The total project cost was estimated at US $450 million. Financing had not been arranged as of December 31, 2009. Dovicom was expected to recover its cost through tolls.  In May 2013, the government decided to cancel the concession contract.  The toll rates required to pay back the company's investment costs were too high, and the private sponsors did not accept the subsidy offered by the government to keep the rates low.
In August 2009, National Hydroelectricity Power Corporation (NHPC) raised USD 826.75 million (INR 40bn @48.41 INR/USD) through issuance of additional equity shares in an Initial Public Offering (IPO). National Hydroelectricity Power Corporation (NHPC) was a hydroelectric power generating company dedicated to the planning, development and implementation of an integrated and efficient network of hydroelectric projects in India. The company carried out all activities related to the development of hydroelectric projects, from the concept stage to the commissioning stage. It had developed and constructed 13 hydroelectric power stations with a total installed capacity of 5,175 megawatt (MW).  The Government of India (GoI), under its disinvestment policy, undertook listing of major public sector undertakings on the domestic stock exchanges by way of initial public offer (IPO), which raised fresh capital for the listed entity and simultaneously also involved the sale of a small part of the equity held by the government. The objects of the issue were to raise INR 50321 million to INR 60385 million (depending on the price band of INR 30-36 per share) for  * part financing of the construction and development costs of certain projects, namely Subansiri Lower, Uri – II, Chamera - III, Parbati – III, Nimoo Bazgo, Chutak, and Teesta Low Dam – IV; * general corporate purposes; and * listing benefits  With this objective, NHPC filed a draft red herring prospectus in August 2008 with the regulator but the listing plans were deferred in view of adverse market conditions. Finally the Issue opened on August 7, 2009 and closed on August 12, 2009. The face value was INR10 per share and the price discovery was through a book building process. NHPC raised USD 826.75 million (INR 40bn at 48.41 INR/USD) through the issuance of additional equity, which constituted about 9.3% of its post-IPO equity base. At the same time, the GoI sold about 4.55% of its existing stake in the company. To summarize, after the IPO, the GoI’s stake was lowered to about 86.4%, and private (public and non-promoters category) shareholding would be about 13.6%.   Following were the particulars of the issue: Total issue of 167.73 crore equity shares of which Fresh Issue was 111.82 crore equity shares and  Offer for sale was 55.91 crore equity shares by the Government of India [GoI]
The Brazilian company Tropical Bioenergia S.A., a 50/50 partnership of the Brazilian companies Maeda (25%) and LDC-SEV Bioenergia (25%), and the British group BP (50%), was granted the authorization to build and operate a 15-MW sugar-cane-residue fueled power plant located in the state of Goias. The 30-year contract was signed with the regulatory agency ANEEL in April 2009, and it authorized the power plant to operate as a captive unit. In September 2011, BP acquired full ownership control, investing US$ 71 million in the acquisition of the shares that belonged to the Brazilian companies.  In July 2012, Tropical Bioenergia received the authorization  to expand  it capacity to 55 MW and to start supplying the electricity market. The power plant was named UTE Tropical Bioenergia.  The first unit of UTE Tropical Bioenergia commenced operations in November 2009, but its expansion was set to commence commercial operation in September 2013. The expansion was required because UTE Tropical Bioenergia won the public bidding for the sale of electricity to the regulated market that took place in 2011, by offering an average tariff of US$ 58.2/MWh (BRL 95 /MWh). The project company signed 20-year power purchase agreements with the several electricity distribution companies. UTE Tropical Bioenergia  committed to start supplying to the market in 2014.  The value of the investment committed the expansion of the power plant was  estimated at US$ 53 million (BRL 104.70 million).  In August 2014, UTE Tropical Bionergia received the authorization to expand its capacity to 80 MW. The investment committed to this project was not available, and the commercial operation commenced in October 2014.  Also in October 2014, the private sponsor was granted the authorization to operate another power plant named UTE Tropical Bioenergia II (32 MW in capacity). This unit commenced operations in November 2014.
In June 2009, the 2400MW Jharsuguda power plant developed by Sterlite Energy under a BOO format, reached financial closure. In September 2006, the Orissa Government had signed a MoU with Sterlite Energy for development of the 2400 MW coal-fired thermal power plant at Jharsuguda, in the State of Orissa, strategically located near a coal pit-head, approximately 365 km from the state capital, Bhubaneshwar. The project would include 4 units of 600 MW each.  Sterlite Energy Limited, a Vedanta Resource group company, was granted the project through MOU route on a negotiated basis. The power generated from the 2,400 MW power plant was expected to be sold to entities including state electricity boards, state owned utility companies, power trading companies and private entities. Jharsuguda Power Plant (JPP) executed a PPA with GRIDCO (Orissa State Distribution Company) in September 2006(amended in August 2009), granting GRIDCO the right to purchase up to 25% of the installed capacity of the power plant after adjustments for auxiliary consumption by JPP, i.e. approximately up to 561 MW from this project. Further, GRIDCO at all times had the right on behalf of the Government of Orissa to receive from JPP, 7% of power generated (after adjustments for auxiliary consumption by JPP - i.e. approximately 157 MW of power) at variable cost, as determined by OERC (State Power Regulator). Further, JPP was required to make available to GRIDCO the entire power generated from the first unit (of 600 MW) of the JPP after meeting JPP's own requirement. GRIDCO had the right to purchase an aggregate 718 MW of power from JPP once in every five years, for 25 years, from the date of commercial operation of the last unit. As per the PPA, the tariffs for this purchase of power would be fixed by Orissa Electricity Regulatory Commission (“OERC”). This right was an option to purchase rather than a binding commitment of GRIDCO. At the time of collection of this information, the PPA was subject to the approval of the OERC. JPP also intended to supply power produced from the project to the sponsor Group Entity, Vedanta Aluminium, to meet the power requirement for its proposed 1.25 mtpa aluminium smelter expansion project at the adjacent site. JPP had obtained in-principle letter from the Chattisgarh State Electricity Board(CSEB) for the purchase of 1,000 MW of power. An MOU had also been signed with PTC India Ltd for the off-take of 600MW of the power produced.   The project cost was estimated to be approximately USD 1707 million. Financial close took place on 29 June 2009 at a Debt/Equity ratio of 73/27. JPP financed this project through an equity contribution of USD 423.5 million (INR 20500 at 48.41 INR/USD) and a loan of USD 1290.4 million. Debt was split between a USD 1150.4 million (INR 55690mn) 13.5-year term loan arranged by State Bank of India and IDBI, and a USD 140 million (solely provided by IIFCL-UK) 15.5-year term loan.  The project was expected to be progressively commissioned with the first unit expected to be commissioned in the fourth quarter of fiscal 2010 and the project is expected to be fully commissioned in the third quarter of fiscal 2011. The first unit was commissioned in September 2010.  In January 2008, the Ministry of Coal (GoI) jointly allocated the coal blocks in the Rampia Coal Blocks to Sterlite Group and five other companies namely, GMR Energy Limited, Arcelormittal India Limited, Lanco Group Limited, Navabharat Power Private Limited and Reliance Energy Limited. The six companies entered into a memorandum of agreement regarding the mining of the Rampia Coal Blocks through a joint venture company, Rampia Coal Mine and Energy Private Limited (“RCMEPL”), which was incorporated in February 2008 to acquire mining rights in the allotted Rampia Coal Blocks. The coal requirement for the Jharsuguda Power Project (JPP) was estimated to be  approximately 12.49 mtpa. Proportionate share in these coal blocks was estimated at 112.22 million tons of F/G grade coal, which was expected to meet the coal requirements for only 1,000 MW of the 2,400 MW total planned capacity for approximately 22 years.Pending the development of the  Rampia Coal Blocks, JPP had obtained a provisional assurance from the Mahanadi Coal Limited (“MCL”) for the supply of 2.57 mtpa of coal (E/F grade) which was expected to meet a substantial portion of the coal requirements of the first 600 MW unit of the power plant. JPP had applied to the Ministry of coal (MoC) for a  coal linkage to meet  a  substantial  portion of the coal requirement  for the remaining three units totalling 1,800 MW. The remaining requirement  for all the units of the power plant was expected to be met from the open market.EPC contract signed with SEPCO III.
On December 2008, Energis Power Corporation (Bangladesh, 100 %) a Bangladeshi Independent Power Producer, signed rental agreement with Bangladesh Power Development Board (BPDB) for the construction and operation for a 3 years term of a 55MW Heavy fuel oil (HFO) power plants at Shikalbaha, Chittagong.   Under the Rental agreement, Energis was to supply 55 MW of energy to BPDB for a term of 3 years. The remainder of the energy was to be sold to the public.    Following a direct negotiation process, Energis was awarded to set up a 55 MW HFO  power plant at Meghnaghat.  The total project cost was 13 US millions and reached financial closure in April 2009, after the BPDB report.   Note that the power plant started generation in June 2009.
In November 2008, the Algerian government awarded a 30 year concession contract for the port of Djen Djen to DP World Djen Djen, a 50:50 joint venture between DP World and the port authority of Djen Djen.   The contract was awarded through direct negotiation. The award of this port and the port of Algiers (ID 4973) were part of the same negotiation. DP World was expected to developed Djen-Djen as a transshipment hub for the western Mediterranean, but no information on the development plan and investment commitments was publicly available. As of 2009, the port of Djen Djen had a 17 meter deep draft and handled only bulk traffic.  No information on the financing was publicly available.   DP World Djen Djen was the second DP World concession in Algeria, the first being the Port of Algiers, whose handover was completed in March 2009.  DP World took over operation in June 2009.
Hidroelectrica Santa Cruz, a partnership of the Peruvian company GCZ Ingenieros (76%) and Latin America Power (24%), was granted the right to build and operate four small hydro power plants located in the Blanco River and Huasahuasi River, provinces of Caraz and Tarma, respectively.   The first two small hydro power plants, Central Hidroelectrica Santa Cruz I and Central Hidroelectrica Santa Cruz II had a capacity of 3 MW each and were located at the Blanco River. Central Hidroelectrica Santa Cruz I commenced operations in May 2009 and demanded US$ 6.5 million in investment. Central Hidroelectrica Santa Cruz II, which applied for carbon credits in 2009, started operating in May 2010 (investment figures on this project was not available).  In March 2010, Hidroelectrica Santa Cruz was granted the right to build and operate the power plants Central Hidroelectrica Huasahuasi I (10 MW) and Central Hidroelectrica Huasahuasi II (10 MW) located at the Huasahuasi River. The sponsor committed to invest US$ 17.4 million in the construction of the Central Hidroelectrica Huasahuasi I, which became operational in January 2012. The investment in Central Hidroelectrica Huasahuasi II was estimated at US$ 14.5 million, and the power plant commenced operations in April 2012.
Akenerji Elektrik Uterim A.S. [Turkey], a member of the Akkok Group, developed the 15MW Ayyildiz Wind Farm, near Bandirma in western Turkey.  The project was developed on a greenfield, build own and operate (BOO) basis, and was awarded through a license scheme. Electricity generated by the wind farm was to be delivered to the Turkish national grid on a priority offtake basis.   Financial closure was reached in August 2009, when it was reported that the sponsor had finalized a EUR19.5 million (US$27.11 million) 10-year term loan from HSBC Bank.  The loan was guaranteed by Danish export credit agency EKF, and was linked to the supply of Vestas [Denmark] wind turbines.  The total project cost was EUR22.9 million (US$31.83 million), with the balance (EUR3.4million / US$4.7 million) funded by the sponsor’s equity contribution.  In September 2009, it was reported that the wind farm was operational.
In December 2006,  Abengoa was awarded in a competitive bidding process organized by the regulatory agency ANEEL the 30-year contract to build and operate a  131 km transmission line (Dona Francisca - Santa Maria 3 and Campos Novos - Videira)  located in the states of Rio Grande do Sul and Santa Catarina. Besides Abengoa, two other bidders took part in the contest: CONSORCIO VITORIA (Cia Técnica de Engenharia Elétrica (Brasil)– 51% - líder; Eletrosul Centrais Elétricas S/A (Brasil) – 49%) and the Colombian company ISA - INTERCONEXIÓN ELÉCTRICA S.A. E.S.P.  The bidding criteria set by ANEEL was the lowest required annual revenue. Abengoa S.A presented the lowest offer, a total value of US$ 5.4 million (BRL 10.7 million), 24.11% below the ceiling set by the regulatory agency. The contract was signed in June 2007, and the sponsor created the company ATE VI - Campos Novos Transmissora de Energia S.A. to lead the project during the 30-year contract period.   The sponsor committed to invest US$ 58.6 million (BRL 117.2 million) in the transmission line. The construction works commenced in May 2009, but financial closure was only achieved in November 2009, when the sponsor was granted a US $ 39.6 (BRL 79.1 million) loan from BNDES. The remaining cost was set to be financed with the sponsors’ internal resources.  The section Campos Novos-Videira commenced operations in August 2009, while the section Dona Francisca-Santa Maria 3 was still under construction, as of December 2009.
In December 2009, the 600 MW merchant coal power plant developed by Dhariwal  Infrastructure Private Limited(DIPL) at Chandrapur in Maharashtra reached financial closure. In August 28, 2009 Calcutta Electric Supply Corporation Limited (CESC), a 100% subsidiary of RPG Enterprises,  acquired controlling stake in Dhariwal  Infrastructure Private Limited(DIPL). The project had two units of 300 MW each. The primary fuel for the project was domestic coal.  Dhariwal Infrastructure Private Limited 600MW power project was set up as an independent power producer with the revenue expected to come from a combination of long term and merchant power sale mix. CESC could sell 300 MW under PPA and another 300MW under merchant power. Details of the PPA tariffs and off-taker could not be ascertained. The project was expected to have a fuel cost of INR 1250/tonne (US$25.82/tonne) at the plant level, rising to INR 1500/tonne (USD 30.98/tonne) by FY13. This would translate into coal cost of roughly INR 1.3/kWh (US 2.68 cents/kWh) at the time of commissioning (at a calorific value of 3,300kCal/kg and heat rate assumption of 2,450kCal/kWh). The cost of generation worked out to INR 2.4-2.2 per kWh (US 4.54-4.96 Cents/kWh) with an assumption of INR 1.1-0.9/kWh of fixed cost. Even at an assumed tariff of INR 3/kWh (US 6.2 Cents/Unit), the project could generate equity IRR of ~24% in the merchant category and 19% for the PPA portion. The PPA would be based on Maharashtra Electricity Regulatory Commission (MERC) rules and regulations.   The project cost was estimated to be approximately USD 599 million (INR 29000 million at 48.41 INR/USD). DIPL financed this project through an equity contribution of USD 149.7 million and a loan of USD 449.3 million at a debt/equity ratio of 75/25. Further details on financing were not known at the time of collection of this information.  Construction had already started and commissioning was expected by FY 2013. Maharashtra Industrial Development Corporation on 22.2.2008 had allocated 200 hectares of land at Chandrapur (Tadli) industrial area. 100% of the land required for the project had been acquired (455 acres). State Water Resource Department (Govt. of Maharashtra) on 16.9.2008 had certified and entered into a water supply agreement for 19.27 MCM of water for proposed power project at 90% dependability. Project had received all clearances for the project  from Ministry of Environment and Forests. Dhariwal Infrastructure  had awarded the EPC contract to Punj Lloyd and the boiler turbine generator (BTG) contract had been awarded to Shanghai Electric Power Company. Coal linkage for project had been obtained from South Eastern Coal fields Limited (20.08.2008 LOA issued by SECL) for the entire project. In-principle clearance had been received from PGCIL for evacuating 300 MW power through Chandrapur sub-station.
In March 2009, the 25-year BOT Magtaa seawater 500,000 m3/day desalination plant project reached financial closure. The project represented US$468 million investment commitment and was to be located close to Oran, on the Mediterranean coast.  The project was awarded in July 2008 by the government of Algeria to Tahliyat Miyah Magtaaa, Special Purpose Company (SPC) composed by the private consortium MenaSpring Utility (47%) and by the State Owned Enterprise Algerian Energy Company (53%). MenaSpring Utility was a wholly owned subsidiary of Singaporean company Hyflux.  The award followed a competitive bidding process between six tenders. Hyflux was selected for proposing the lowest tariff (US$0.5577/m3). The tariff was over US$0.07 lower than that offered by its nearest competitor. The five other bidders were Acciona Agua, Befesa/Sadyt/Somague, Inima/aqualia, GE Water/Orascom and Biwater/Toray/Arcofina.  Under the term of the agreement, the SPC Tahliyat Miyah Magtaaa signed a 25-year water purchase agreement with Algérienne des Eaux, the state-owned national water entity of Algeria. In addition, the SPC awarded to Hyflux an EPC contract for the construction of the plant and a 25-year operation and management contract.   The project was financed with a debt-equity split of 70:30, with Banque Nationale d’Algérie (BNA) providing 100% of the debt through a US$350 million loan bearing a fixed interest rate of 3.75%. The term of the loan was 17 years and four months, including a 28-month construction period.   In September 2011, as a result of a recent fire that destroyed a warehouse as well as critical equipment and other supplies meant to be installed at the facility, the completion date for the project was delayed from August 2011 to May 2012. The warehouse that caught fire was sited a few hundred meters away from the construction site for the project and the cause of the incident was yet to be established. Hyflux estimated the damage and related costs at $50 million.
In November 2000, CAT LEO Energia S.A. was awarded in a competitive bidding process organized by the regulatory agency ANEEL the 35-year contract to build and operate a 39 MW hydro power plant located in the Pomba River, state of Minas Gerais. Information on the other bidders was not available.  The bidding criteria set by ANEEL was the highest price paid for the concession rights. CAT LEO presented the highest offer, a value of US$ 3.4 million (BRL 6.9 million, in 2009 value). The contract was signed in March 2001, and Cat-Leo Construcoes Industria e Servicos S/A (Cat-Leo Cise) became responsible to lead the project during the 35-year contract period.  In the end of 2007, the project was acquired by Brascan Energetica S.A., a wholly-owned subsidiary of the Canadian Brookfield Renewable Power Inc. The sponsor created the company Barra do Brauna Energetica S.A.  to undertake the project.  The sponsor committed to invest US$ 92.5 million (BRL 185 million) in the power plant. Although construction works started in June 2007, financial closure was only achieved in August 2009, when the sponsor was granted a US$ 59 million (BRL 118 million) loan from BNDES.   Operations commenced in December 2009.
In March 2009, China Gas Holdings Ltd. was granted a 30 year BOT agreement to construct and operate a LPG project for 20000 connections in Gaizhou City, Liaoning Province. Total investment was  RMB 230 million (US$ 32.90 million). China Gas owned 100% of the project. The project served a population of 730,000. Construction commenced in May 2009 and was expected to be completed by the end of 2009. Based on publicly available information, the bidding criteria and the number of bidders remained unknown. Main revenue came from user fees and government support type was unknown.
In November 2001, the Brazilian company Espirito Santo Centrais Eletricas S.A. - ESCELSA, a subsidiary of Portuguese group EDP Energias de Portugal S.A, was granted the 30-year contract to build and operate the Santa Fe Small Hydro Power Plant (29 MW) located at the municipality of Alegre, state of Espirito Santo (Itapemirim River). The power plant was initially named PCH Santa Fe, but its name was changed to PCH Francisco Gros in December 2010.  In June 2006, the company had been granted power purchase agreements to sell electricity to distribution companies starting in 2009. The company presented a winning bid of US$ 62.5/MWh (BRL 124.99/MWh).  The investment committed to the power plant was estimated at US$ 80 million (BRL 160 million). Financial closure was achieved in February 2008, when the sponsor was granted a US$ 26.2 million (BRL 48 million) 7-year term loan from the Brazilian bank Banco do Brasil. In May 2009, the sponsor was granted an additional US$ 38 million (BRL 76 million) 14-years term loan from the Brazilian bank BNDES.   Commercial operations commenced in July 2009.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
Recogen from Sri Lanka was developing the Badalgama Biomass plant, in Badalgama, North Western Province.   The project was constructed in four phases.  Phase 1: Commissioned in November 2005, 0.27MW Phase 2: Commsioned in January 2008, 1.1MW Phase 3: Commissioned in March 2010, 4.81MW Phase 4: Commissioned in July 2010, 5.8MW (expected)  The PPA for the project was signed in June 2003 with Ceylon Electricity Board. The boiler and transformer were purchased in July 2004. Expected project life was 25 years.  Total cost was unknown, but estimated at US$1 million/MW, or US$5.8 million (conservative). Financial closure date was ESTIMATED at March 2009, reporting of project financing via JICA ODA loan.   The coordinates were: 7° 17' 8" N Latitude  79° 58' 34" E Longitude
In May 2009, a local company Logan Group was granted an agreement to construct and operate the 4 lane 198km Guigang-Wuzhou highway project connecting Guigang City and Wuzhou City in Guangxi Province. The total investment was about RMB 9 billion (US$ 1,287.55 million). Construction is expected to commence at the end of 2009 and finish in three years. Logan owns 100% of the project.
In December 2009, Aguas de Aracoiaba started operating the water and sewerage systems of the town of Aracoiaba da Serra, located in the state of Sao Paulo. The contract was awarded in November 2009 through a competitive tender with an option to renew for an additional 20 years through direct negotiation. Grupo Aguas do Brasil, a partnership of Brazilian companies Developer, Queiroz Galvao, Trana Construcoes and Construtora Cowan, held 100% of the project company's shares (each of these companies held 20% of the shares in Aguas do Brasil). The concession contract required the private sponsor to expand and rehabilitate the water and sewerage treatment facilities and the water distribution network. The contract bidding criteria and the total investment during the 30-year contract were not publicly available. The municipality had approximately 25 thousand residents in 2009.
In March 2009, a 10 MW, greenfield, independent power producer (IPP) project developed by Saiham Power at Mohipal (Feni), reached financial closure.  In July 2007, the Purchase Committee of the Bangladesh government awarded the project to Saiham Power, a subsidiary of Saiham Group.  The award was the result of a competitive tender for setting up 10 small IPPs called by Power Cell in April 2007.  Saiham Power was developing the plant through its subsidiary, Doreen Power House & Technologies Ltd.  In October 2007, the Implementation Agreement (IA), Land Lease Agreement (LLA), Power Purchase Agreement (PPA) and the Gas Sales Agreement (GSA) were signed.  The plant was to be operational within 15 months of the signing of these agreements.  The total project cost was reportedly BDT564 million (US$8.17 million).  In March 2009, Dhaka Bank signed a syndicated Term Loan facility of BDT330 million (US$4.78 million).  The loan amount included BDT180 million (US$2.6 million) in long-term financing from the Investment Promotion and Financing Facility (IPFF), a facility that is funded by World Bank (IDA) and administered by the central bank of Bangladesh, Bangladesh Bank.
On October 30, 2009, a joint venture of Alsim Alarko Sanayi Tesisleri [Turkey] (51%) and Cengiz Group [Turkey] (49%) finalized the acquisition of 100% of the capital of Meram Elektrik Dagitim A.S. (MEDAS) from the Turkish state.  At the time of the concession, MEDAS distributed electricity to approximately 1.58 million customers in six peovinces in the central Anatolian region: Konya, Karaman, Aksaray, Kirsehir, Nevsehir and Nigde.  The concession was part of a government program to introduce private operation of, and investment in, the 20 regional electricity distribution companies owned by the state-owned Turkiye Elektrik Dagitim A.S. (TEDAS).  The program followed a Transfer of Operating Rights and Share Sale model ('TSS model'). In this model, the private investor became the sole owner of the distribution companies' equity and the unique licensee for distributing electricity in each region for a period of 30 years. However, TEDAS retained ownership of the distribution network assets and of certain other items essential for operating the distribution assets. The private investor was obliged to undertake the necessary network investments, recoverable through the tariffs. These investments were embedded in the tariffs during the first tariff implementation period (2006-2010). After 2010, the private investor was to submit an investment plan annually to the Electrity Market Regulatory Authority (EPDK) for its approval.  Alsim Alarko/Cengiz won the tender for the block sale of 100% of MEDAS organized by Turkey’s Privatization Administration (OIB).  OIB prequalified 16 companies in July 2008, seven of which submitted final bids.  In September 2008, it was officially announced that Alsim Alarko had submitted the highest bid of US$440 million and was hence declared the winner.  The other bidders for MEDAS were Enerjisa Enerji Uretim A.S., Cengiz Insaat San. Ve TIC. A.S., Kiler Alisveris Hizmetleri ve Gida San Tic A.S., a joint venture between Barmek Holding A.S. and Anel Telekomunikasyon Elektronik Sistemleri A.S., and Ittifak Holding A.S.  The award was formally approved by Turkey’s Competition Board in December 2008 and by the Privatization High Council (OYK) in April 2009.  The project reached financial closure on October 30, 2009, when Alsim Alarko/Cengiz signed the sale and transfer agreement with the Turkish authorities.
In February 2009, AkCez Enerji A.S., a joint venture of Akenerji Elektrik Uretim [Turkey] (45%), CEZ Group [Czech Republic] (27.5%), and Akkok Group [Turkey] (27.5%), assumed operational control of Sakarya Elektrik Dagitim A.S. (SEDAS) and acquired 100% of its share capital. Akenerji itself was jointly owned by Akkok Group (62.64%) and CEZ (37.26%). At the time the concession was granted, SEDAS distributed electricity to 1.3 million customers in the Sakarya distribution region to the east of Istanbul.   The concession was part of a government program to introduce private operation of, and investment in, the 20 regional electricity distribution companies owned by the state-owned Turkiye Elektrik Dagitim A.S. (TEDAS).  The program followed a Transfer of Operating Rights and Share Sale model ('TSS model'). In this model, the private investor became the sole owner of the distribution companies' equity and the unique licensee for distributing electricity in each region for a period of 30 years. However, TEDAS retained ownership of the distribution network assets and of certain other items essential for operating the distribution assets. The private investor was obliged to undertake the necessary network investments, recoverable through the tariffs. These investments were embedded in the tariffs during the first tariff implementation period (2006-2010). After 2010, the private investor was to submit an investment plan annually to the Electrity Market Regulatory Authority (EPDK) for its approval.  AkCez won a competitive tender for the block sale of 100% of SEDAS organized by Turkey’s Privatization Administration (OIB) on July 1, 2008. AkCez submitted the highest bid of US$600 million and was hence declared the winner.  The four other bidders for SEDAS were Alsim Alarko Sanayi Tesisleri ve Ticaret, Sabanci-Verbund-Enerjisa consortium, Unit Investment-Dogus Holding-Dogan Holding-Anadolu Endustri (UDDA) consortium, and Park Holding. The award was formally approved by Turkey’s Competition Board in August 2008 and by the Privatization High Council (OYK) in September 2008.  The project reached financial closure on February 11, 2009, when AkCez signed the Share Sale Agreement with the Privatization Administration (OIB). The joint venture was to pay half of the US$600 million purchase price in cash. The remaining sum was be paid in two years in equal installments with an interest rate of Libor +2.5%, for which AkCez was to receive a letter of guarantee from local banks for US$300 million. In 2010, the EBRD and IFC provided a US$100 million and US$75 million loan respectively, with UniCredit providing a US$150 million loan, totalling US$325 million.  SEDAS is a wholly-owned subsidiary of Akcez, a joint stock company owned 27.5%  by CEZ of the Czech Republic, 27.5% the Akkök Group and 45% Akenerji Elektrik Üretimi AS of Turkey.
On Dec. 28, 2008, Energis Power Corporation Limited (EPCL) was reported to have signed a rental services agreement with Bangladesh Power Development Board (BPDB) for the construction and operation for a three year term of a 73.8 MW, heavy fuel oil (HFO) fired rental power plant at Shikalbaha, Chittagong.  EPCL was a joint venture of Royce Power Engineering [China] and the Asian Entech Power Corporation [Bangladesh]. Under the rental agreement, EPCL was to supply 55 MW of energy to BPDB for a term of 3 years. The remainder of the energy was to be sold to local industries.    On Oct. 16, 2008, following a competitive bidding process, EPCL was declared the winning bidder to set up a 73.8 MW rental power plant at Shikalbaha, Chittagong.  The total project cost was BDT2.6 billion (US$37.66 million). The project reached financial closure in June 2009, with the signing of the loan agreement.  60% of the project cost was financed through a syndicated loan valued at BDT1.56 billion (US$22.60 million).  The loan was arranged by Agrani Bank and syndicated among 5 other commercial banks: Sonali Bank, Janata Bank, Southeast Bank, Bangladesh Commerce Bank and Premier Bank.
In 2009, the Colombian company Tecnologica Intercontinental (Ticsa) was awarded the 20-year contract to build and operate the wastewater treatment plant named PTAR Acapantzingo (Cuernavaca, state of Morelos). The treatment plant was set to have a capacity of 750 liters/second (64.8 m3/day), with a goal to treat 75% of the Apatlaco River (50% of the state population was served by this river).  In November 2009, the sponsor established the special purpose company Ecosistema de Morelos S.A. de C.V. to lead the project. Detailed information on the project award process led by the state government was not available.  The investment was estimated at US$ 15.7 million (Pesos 195.6 million), of which 70% was funded by the Federal government. Construction works commenced in and were concluded in March 2012.  In May 2013, the Colombian company EPM acquired 80% of Ticsa's shares for US$ 113 million. The remaining 20% of the shares were held by the Mexican family Primelles.
The Brazilian company HP2 S.A. was granted an authorization to build and operate a 20-MW small hydro power plant located in the Manhuacu River, state of Minas Gerais (between the municipalities of Pocrane and Alvarenga).   The 30-year contract was signed with the regulatory agency ANEEL in September 2001. In 2006, the sponsors created the special purpose company Hidreletrica Pipoca S.A. to lead the project due to the law forbidding a single company to operate in the generation and distribution segments simultaneously. As of 2009, state-owned company Cemig held a 49% stake in this company, while Omega Energia Renovavel held 51% of the shares.  Hidreletrica Pipoca S.A. committed to invest US$ 57.5 million (BRL 115 million) in the construction of PCH Pipoca. Financial closure for the project was reached in 2009, when the company was granted a US$ 41.7 million (BRL 83.4 million) syndicated loan by the state owned bank BNDES (resources would be released from Banco Itau BBA S.A. and Banco do Brasil S.A.)  The remaining cost was set to be financed with the sponsors’ internal resources.  The power plant became operational in October 2010.
Unit Investment N.V., part of the Unit Group [Belgium], developed the Bagistas II Hydroelectric Project, a 49.8MW greenfield, hydroelectric power project, on the Coruh River, Erzincan province. The merchant hydroelectric power plant was estimated to cost US$72 million and to start operations by end-2011, selling its output into the wholesale market. The plant was planned to generate 180mn kWh of electricity annually.  The project reached financial closure in October 2009, when TSKB (Turkiye Sinai Kalkinma Bankasi) announced that it provided an 11-year loan in the amount of US$47 million with 3-year grace period to finance the Bagistas II project.
In February 2009, the 114 MW run-of-the-river Dagachhu Hydro Power Project located in Dagana Dzongkhag district, reached financial closure.  The project, a joint-venture between Bhutanese state-run Druk Green Power Corporation (74%) and Tata Power Co. (26%), India’s largest non-state electricity generator, was to be commissioned in 2012.  The plant was to sell power to Tata Power Company under a 25-year power purchase agreement (PPA) agreed in 2008.  The project represented the first case of private participation in Bhutan's infrastructure outside the telecommunications sector.  The equipment supply contract was competitively awarded to a consortium led by Alstom (France) which included Andritz Hydro, at a value of 55 million euro (US$80 million).  The Dagachhu Hydro Power Project reached financial closure in February 2009.  The total project cost was estimated at US$201.47 million, comprising debt of US$121.47 million (60%) and equity of $80 million (40%).  74% of the equity was provided by the Bhutan government (US$59 million) and 26% by Tata Power Company [India] (US$21 million).  ADB's Asian Development Fund made a 32-year loan to state-owned Druk Green Power Corporation to cover US$29 million of the government's US$59 million equity contribution.  On the debt side, the creditors were ADB (US$51 million), the Austrian Export Credit Agency (US$55.46 million) and the National Pension and Provident Fund of Bhutan (US$15 million). The project also applied for UNFCCC CDM financing.
In May 2009, the US$27 million 9MW Buseruka hydropower plant project reached financial closure under a 30-year BOT agreement. The sponsor was Ugandan private company Hydromax Limited.  The project was awarded by the government of Uganda by direct negotiation in May 2008, when the Electricity Regulatory Authority (ERA) issued a 30-year generation license to Hydromax to develop the  9MW mini-hydropower project at Buseruka Gorge in Hoima.   Under the term of the agreement, almost all of the power would be sold into the national grid, although about 1% would be sold directly to the local community in Hoima.  The project was financed as follows: - US$8 million equity from the sponsor Hydromax Limited - US$10 million loan from PTA Bank - US$9 million loan from AfDB  Construction was expected to be completed in 2010.
Autopistas del Nordeste, C por A (AdN)was awarded the Santo Domingo-Cruce Rincon de Molinillos toll highway in 1999 in an international bidding process. AdN also won the right, but not the obligation to build a 123km extension. AdN had partially constructed 106km from Santo Domingo to Nagua in the Semana Peninsula by 2008 (see project 4424 Autopistas del Nordeste).  AdN decided to split the concession and create Boulevard Turistico Del Atlantico, C por A (BTA) as a new, independent company with the same shareholders to build the extension. BTA’s shareholders were the Colombian firms Grupo Odinsa (42.5%) and Grodco SA (20%) as well as Dominican construction firm Consorcio Remix (37.5%).  In December 2007, an environmental license was granted to Boulevard Turistico Del Atlantico, C por A (BTA) by the Ministry of Public Works and Communications to build rehabilitate and operate 123-km of road connecting the City of Nagua with Majagual in the Samana Peninsula. The Boulevard Turistico del Atlantico project consisted of i) the rehabilitation of an existing highway that linked the cities of Nagua – Sanchez – Samana -El Limon - Las Terrenas (99 Km), ii) the 24-km construction of a new road between LasTerrenas and Majagual, and iii) the construction of a new toll station. The Samana peninsula was close to a marine reserve and considered to be a high potential tourist destination.   The total project cost was estimated at US $179.9 million. The project reached financial closure on December 16, 2009 when a 15-year, $151.1 million debt-financing agreement was signed. The debt consisted of a US $44.8 million A loan from the Inter-American Development Bank, a US $44.8 million loan from the European Investment Bank, a US $41.5 million loan from CAF and a US $20 million from Proparco, a division of Agence Française de Developpement.
The Brazilian company Codora Energia Ltda, a subsidiary of Jalles Machado S.A., was granted an authorization to build a 38.6-MW thermal power plant located in the state of Goias(municipality of Goianesia). The cogeneration power plant was set to use sugar cane residues resulting from the ethanol producing unit belonging to the same company as fuel.   In August 2009, the company took part in a competitive bidding process to sell electricity to the regulated wholesale market (15-year power purchase agreement was signed guaranteeing the sale of electricity to the national grid).   In February 2010, Codora Energia Ltda signed a 35-year contract with the regulatory agency ANEEL allowing the company to operate in the electricity market as a independent producer. This authorization granted the sponsor with the right to sell electricity in the Brazilian wholesale market. The company had previously received authorizations to undertake the development study for the project (in 2007 and in 2008).  Codora Energia Ltda committed to invest US$ 33.3 million (BRL 66.5 million) in the facility. In June 2009, the company was granted a US$ 127 million (BRL 254 million) in loans from BNDES (direct and syndicated loans), a state-owned development bank. The resources from the loan was directed both to the construction of an ethanol producing unit (named Unidade Otavio Lage) and the cogeneration facility, which had a total cost of approximately US$ 180 million (BRL 360 million).   Construction works, undertaken by the construction company Conenge, commenced in April 2008, and were underway by the end of 2009. Commercial operation commenced in September 2011.
In October 2009, the US$465 million 373MW gas fired Al-Qatrana Power Project reached financial closure under a 25-year BOT contract. The sponsor was Qatrana Electric Power Company, a Special Purpose Company composed by Korean company KEPCO (65%) and Saudi power company Xenel (35%).  The project was awarded by the Government of Jordan to Kepco/Xenel in July 2008, following a competitive tender process between 4 bidders (Kepco/Xenel, Gama Energy/Enara/Mitsubishi, International Power/Saudi Oger/Hanwha and AES Oasis/Mitsui/Tohoku). The bidding criteria remained unknown based on publicly available information.  Under the term of the contract, the project would use natural gas from Egypt as main fuel, with National Electric Power Company (NEPCO) responsible for purchasing and supplying fuel to the plant. The private sponsor would sell electricity generated under a 25 year power purchase agreement previously signed with NEPCO. EPC contractor Lotte was expected to subcontract SNC-Lavalin and Fichtner for plant design and engineering. Operation of the plant was expected to be subcontracted to the Korea Southern Power Co (KOSPO), a wholly owned subsidiary of KEPCO. The maintenance services was expected to be subcontracted for the first six years of operation to Korea Plant Services & Engineering Co (KPS), an 80-percent owned subsidiary of KEPCO.  The project was financed as follows: - US$131 million equity from the sponsors - US$46.18 million 20-year provided by BNP Paribas and covered by KEXIM - US$46.18 million 20-year loan provided by KfW and covered by KEXIM - US$47 million 20-year loan provided by Proparco - US$75 million 20-year loan provided by Islamic Development Bank - US$115 million 20-year loan provided by KEXIM  Advisers on the deal were: BNP Paribas - financial adviser to sponsors, Allen & Overy - legal adviser to sponsors, PB Power - technical adviser to sponsors and Chadbourne & Parke - legal adviser to lenders.  The plant was expected to be operational in 2011.
In January 2009, a Hong Kong based company Biomax Co., Ltd. was granted a 27 year BOT agreement to construct and operate a household waste incineration power plant in Quanling District, Nanchang City, Jiangxi Province. The total investment was RMB 480 million (US$ 70.28 million), and the capacity of the plant was 24MW. Biomax had a 100% stake in the project. The plant could process 1200 tons of household waste per day. Financial closing was achieved and open bidding for construction works started in October 2009. Based on publicly available information, the contract award method, bidding criteria and number of bidders remained unknown. Main revenue source and government support type were also unknown.
On February 11, 2009 Khandwa Municipal Corporation (KMC) signed a 25 year concession agreement with Vishwa Infrastructure and Services Limited for development and operation of a Water Supply Scheme in Khandwa town, East Nimar district, located in the state of Madhya Pradesh. Project includes bringing Narmada (river) water at a distance of 52 km from the Choti Tawa River (back water of Indira Sagar Project near Charkhera village) to Khandwa.   The concession included setting up 56 MLD intake well, 42 MLD water treatment plant (the project is designed for 42 MLD, six hours of water supply), raw water pumping stations, clear water pumping main, electric sub stations, feeder mains, 10 over head tank to ensure 24x7 water supply, and distribution network for the project on a Design-Build-Finance-Operate-Transfer (DBFOT) basis along with operation and maintenance of the water supply system for the entire concession period of 25 years.    The concession was awarded through competitive bidding. Five EOIs had been received and were shortlisted by KMC. It was agreed that there shall be no commission of any parallel competing facility whether by way of construction of new facility or augmentation of existing facility for a period of 25 years from appointed date. Vishwa Infrastructure and Services Limited won the concession by quoting the lowest retail water charges to be collected from consumers of Rs 11. 95 per kilo liter for the base year. Post-Commercial Operation Date(COD), concessionaire shall have the sole and exclusive right to demand, collect and appropriate charges as per concession agreement. O&M reimbursement to the concessionaire will be  USD 1.55 Million per annum.  The initial estimated project cost at the time of bidding was USD 21.78 Million. Post bidding, KMC approved an investment cost of about USD 23.53 Million. The funding support was expected to include grant from the Government – (i) UIDSSMT Scheme of Government of India (74%) of USD 17.43 Million, and (ii) Government of Madhya Pradesh (9.3%) of USD 2.18 Million. The balance fund (16.7%) of USD 3.93 Million shall be brought in by the Concessionaire.   The company was expected to start supplying 29 MLD water from 2010.
In March 2009, the 225 MW, greenfield HUBCO Narowal Project, which was being developed by Hub Power Company Ltd. (Hubco) at Narowal, Punjab, reached financial closure.  Hubco's major shareholders were International Power (17%), Xenel (12%) and Fauji Foundation (9%). The project was developed on a build, own and operate (BOO) basis.    Hub Power Company Ltd. initiated the project by means of an unsolicited proposal to Pakistan's Private Power and Infrastructure Board (PPIB).  On May 16, 2007, the PPIB issued a Letter of Approval to Hub Power Company Ltd. to establish the 225 MW RFO-fired IPP in combined cycle configuration.  The PPIB’s approval was formalized in a Letter of Support issued on June 10, 2008.On June 23, 2008, Pakistan's National Electric Power Regulatory Authority (NEPRA) approved a generation tariff, valid until March 2035, for the project. On October 27, 2008, an implementation agreement (IA) was signed. Following this, in Nov. 2008, Hub Power Company Ltd. signed a power purchase agreement (PPA), valid until 2035, with the Water and Power Development Authority (WAPDA).  According to PPIB, the project reached financial close in March 2009. The total project cost was approximately US$274 million.  Project debt was provided by Habib Bank Limited (HBL), National Bank of Pakistan (NBP), Allied Bank Limited (ABL) and Bank Al-Falah.  The amount and structure of the debt facility were not made publicly available at the time of financial closure.
Bitexco Nho Que JSC, subsidiary of Bitexco Group, from Vietnam, developed the 110MW Nho Que 3 hydropower plant, Ha Giang Province. The reservoir was 360 meters high. Annual output was estimated at 500 million kWh. The project consisted of two turbines of 55MW each (Type: SF55-18/6000).  The project became operational ihn January 2012 (Turbine 1). The project is part of the national power development plan 2008-2015, where reportedly most general contractors are Chinese companies. The project was approved by the government under decision 110/2007/QD-TT, in July 2007, following a decision by the Ministry of Industry and Trade (No. 2694/QD-BCN) from October 2006. Expected project life was 30 years. Equipment was to be supplied by: Chongqing Minmetal and Machinery Import and Export Co., following a supply contract signed in December 2008. Construction was expected to last 4 years. Expected electricity price was VND634.28/kWh (US$0.03/kWh). Construction started in 2008. The EIA report was finished in September 2007. Feasibility study was finished in March 2008. Construction contract signed in April 2008. Equipment supply contract signed in December 2008. Investment permit received in December 2009.   Total project cost was VND 3 trillion (US$143 million). The project applied for UNFCCC CDM financing in March 2011. Cost of debt was estimated at 8.4% by the developer in the CDM application, cost of equity at 21.02%. Financial closure date was unkown, estimated here was December 2009, date of receiving investment permit (and 25% completion of construction in months).  Project coordinates were:   Northern latitude  : 23 degrees 08’30’’  Eastern longitudes  : 105 degrees 31’00”
In September 2009, the Power Sector Assets and Liabilities Management (PSALM) fully divested Power Barge #117 and #118 by selling them to  Aboitiz Power Corporation for US$30 million (US$16 million for 100 MW power barge #117 and US$14 million for 100 MW power barge #118).   Under the agreement, the company paid PSALM 40% of purchase price (US$12 million) upon closing of the acquisition, while the remaining 60% ( US$18 million) would be payable over a period up to seven years. The acquisition of power barge #117 was done through its wholly owned subsidiary Therma Mobile Inc., and power barge #118, through its wholly owned subsidiary Therma Marine Inc.  The tender process had been launched by PSALM in early 2009, but no further information on the bidding process was available.   The two power plant were developed by Burmeister and Wain's under a 15 year BOT contract that expired in April 2009.   Detailed information on financing was not publicly available.  In January 2012, Aboitiz agreed to supply 5MW to Zamsureco I and 4MW to Zamsureco II, for a period of 3 years. The Power Barge 117 was located in Brgy, Sta. Ana Nasipit, Agusan del Norte, and Power Barge 118 was moored in Brgy. San Roque, Maco, Compostela Valley. Later in 2012, disagreement over the tariff made Aboitiz refund part of the revenue from P14/kWh to P8/kWh. Contract cost was based on US$600k per MW, 10% return, for 3 years.
In September 2009, the construction of the 64.9km Jiafeng-Nanchenpu Railway commenced in Shanxi Province. The sponsor of the project is Shanxi Yufeng Jianan Railway Co., Ltd., a joint venture of two local private companies Broad Union Investment Managemet Group Ltd., and Shanxi Yufeng Railway Construction Co., Ltd. as well as the state owned Zhenzhou Railway Bureau.  The project was China’s first privately funded rail project and was designed to link the towns of Jiafeng and Nanchenpu over a stretch of 64.29 kilometers. The railroad line was designed to have six stops and pass through six counties in Shanxi province, and included 47 tunnels and 76 bridges. The primary usage of the railway was expected to be coal transportation. The total investment was estimated to be US$336.8 million (RMB 2.3 billion). The construction project was expected to take three years.
In May 2009, a 20 MW independent power producer (IPP) project being developed by Regent Power at Barabkunda (Chittagong), reached financial closure.  In July 2007, the Purchase Committee of the Bangladesh government awarded the project to Regent Power, a subsidiary of Habib Group.  The award was the result of a competitive tender for setting up 10 small IPPs called by Power Cell in April 2007.  In October 2007, the Implementation Agreement (IA), Land Lease Agreement (LLA), Power Purchase Agreement (PPA) and the Gas Sales Agreement (GSA) were signed. The plant was to be operational within 15 months of the signing of these agreements.  The total project cost was reportedly BDT1.3 billion (US$18.8 million).  In May 2009, Regent Power secured a syndicated Term Loan facility of BDT 775 million (US$11.2 million), arranged by Eastern Bank.  Of the term loan amount, a consortium of Eastern Bank Ltd., IDLC Finance Limited and Uttara Finance & Investments Ltd sourced BDT 620 million (US$9.0 million) from the Investment Promotion and Financing Facility (IPFF), a facility that was funded by World Bank (IDA) and administered by the central bank of Bangladesh, Bangladesh Bank.  The remainder of the term loan was provided by Bangladesh Commerce Bank Limited, Trust Bank Ltd. and State Bank of India.  The project became operational in December 2010.
Kinyara Sugar Factory, a local factory in Masindi, Uganda, has intalled facilities that will enable it to export power to the national grid. The Kinyara Cogeneration plant processes bagasse (a sugar by-product).  The first power, 2MW per hour, was delivered to the national grid in January of 2009. By September 2009, the plant was able to produce 14.5MW of electricity. 4MW was sold to the national grid.   In 2012, Kinyara announced a major expansion of its processing plant, which would increase power production to 35MW. Of this, 22MW would be sold to the national grid. For this expansion, as well as for previous development work, the project developer applied for UNFCCC CDM financing.  Cost was unknown. Estimated was 2 million per MW.
The Volta River Authority, Ghana's electricity parastatal, has concluded an agreement with Tema Osonor Power, an IPP, to build, own and operate an IPP 126MW combined cylce facility.   The power generated was to be sold to GRIDCo. The gas (used for generation) was to be imported through the West Africa Gas Pipeline (WAGP) station.   The project was estimated to cost $140 million, of which $32 million was financed by the AfDB. The Energy Africa Infrastructure Fund and the Entrepreneurial Development Bank of the Netherlands co-financed the $96 million in loans needed, as well as providing a $10 million unsecured loan. An equity injection of $44 million was also part of the deal.   Construction had started on March 15, 2008, and by mid-February 2009, 95% of the civil works had been completed. Additional financing of $35 million was still being sought in 2009, but by 2011, the plant was up and running.
The Brazilian company Bioenergia Caarapo Ltda, a subsidiary of Raizen S.A. (a 50/50 partnership of the Dutch company Shell and the Brazilian company Cosan), was granted an authorization to build a 76-MW sugar-cane residue fueled power plant located in the state of  Mato Grosso do Sul  (municipality of Caarapo).  The power plant was named UTE Caarapo, and the investment was estimated at US$ 143.2 million (BRL 286.3 million).  In January 2009, the company signed a 30-year contract with the regulatory agency ANEEL allowing the company to build and operate the power plant. By May 2010, the power plant commenced operations but would trade electricity only to large consumers in the unregulated market.  In August 2013, the company took part in a bidding process to establish 30-year power purchase agreements with electricity distribution companies; the company won the contracts by offering the tariff of US$ 40.3/MWh (BRL 134.37 /MWh). The company committed to commence operations by 2018.  The power purchase agreement required the power plant to expand its capacity to 114 MW. The investment committed to the expansion was estimated at US$  42 million (BRL 140.1 million). Construction works commenced in  October 2013 and were nearly concluded by December 2015.
In May 2009, a local private company Dongguan City Keda Industrial Investment Co., Ltd. Was granted a 28 year agreement to construct and operate a wastewater treatment plant in Bobai County, Guangxi Province. The capacity of the facility was 50,000 cubic meters per day and the total investment was RMB 133.95 million (US$ 19.16 million). Keda had a 20% stake in the project, with the remaining share owned by the local government. The project was awarded through direct negotiation.
In March 2009, Aggreko commissioned a 30MW temporary power plant in Adama (Nazareth) leased to the Ethiopian Electric Power Corporation (EEPCO) for a minimum of six months.  The contract was awarded by the government by direct negotiation in January 2009. Publicly available information was very limited.  As of December 2010, the power plant was still operational. There wasn't any publicly available information as to whether the plant was still operating in 2011.
In May 2008, Consorcio Energia Sustentavel do Brasil, which was formed by Suez Energy (50.1%), Eletrosul (20%), the state-owned company Chesf (20%) and Camargo Correa (9.9%), was awarded in a competitive bidding process the 35-year contract to build and operate a  3.3 GW hydro power plant located in the Madeira River, state of Amazonas. Besides Energia Sustentavel do Brasil, only one other consortium of companies, led by state-owned Furnas and Odebrecht, took part in the bidding contest.  The bidding criteria set by the federal regulatory agency ANEEL was the lowest tariff. Energia Sustentavel do Brasil presented the lowest offer, a value of US$ 39/MWh (BRL 71.40/MWh), 21.6% below the ceiling set by the regulatory agency. The contract was signed in August 2008, and sponsors created the company Energia Sustentavel do Brasil to lead the project during the 35-year contract period.  Energia Sustentavel do Brasil committed to sell 70% of the output to the regulated market and the remaining 30% to the unregulated market. Environmental regulator, Ibama, awarded an installation license to the concessionaire on 14 Nov 2008. Camargo Correa was set to conduct EPC works for the project. Alstom, Siemens, Vatech and Dongfang were contracted to supply equipment. The sponsors have signed 30-year power purchase agreements with a pool of power distribution companies.  The sponsor committed to invest US$ 5.3 billion (BRL 10.5 billion) in the power plant. Financial closure was achieved in February 2009, when the sponsor was granted a US$ 3.6 billion (BRL 7.2 billion) loan from BNDES. About half of the loan granted by BNDES was comprised by the bank’s own funds, while the rest was syndicated from other financial institutions (Banco do Brasil, Caixa Economica Federal, Bradesco BBI, Unibanco e Banco do Nordeste do Brasil). The remaining cost was set to be financed with the sponsors’ internal resources.   Construction works commenced in December 2009 and operations were expected to commence by 2012. As of July 2010, 22% of the works had been concluded.  In September 2012, BNDES approved an additional financing package to the project amounting to US$ 1.2 billion (BRL 2.32 billion).  Commercial operations commenced in September 2013.
In April 2009, the Singapore based China Water Holdings PTE (a subsidiary of Beijing Herocan Environmental Engineering Tech Co. Ltd) was granted an agreement to operate a wastewater treatment plant with a capacity of 60,000 cubic meters per day in Duyun City, Guizhou Province. The project was procured via competitive bidding, but no information was publicly available on the bid criteria and the number of bidders. China Water Holdings owned 100% of the project and was expected to operate the facility for 30 years before transferring it back to the local government. The total investment to acquire the facilities was RMB 75 million (US$ 10.73 million).
In January 2008, the Delhi Metro Rail Corporation Limited (DMRC) awarded a 30 year concession (including construction period) to a consortium of India’s Reliance Infrastructure and Spain's Construcciones y Auxiliar De Ferrocarriles, S A (CAF) for building the 22.7 km airport metro express line connecting New Delhi Railway STation at the heart of the capital city with the Delhi international airport. The airport link, will have five stations (New Delhi Railway Station, Shivaji Stadium, Dhaula Kuan Station, NH8 Station, and Dwarka) and the terminating station will be set up in international terminal 3 of the Delhi International Airport. The facility will be transferred back to DMRC at the end of the concession period.  Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance of the Metro link. The consortium will have to install all systems including rolling stock, overhead electrification, track, signalling and telecommunication, ventilation and air-conditioning, automatic fare collection, baggage check-in and handling, depot and other facilities for the 23 km rail link for 30 years. The trains that run on the Airport Express Line will be different from those on the other metro lines in that the Airport Express Line trains will have a cruising speed of 135 kmph. The metro line alignment will run underground, elevated and at-grade with five underground and one elevated stations. DMRC will handle the civil works for the project - involving construction of viaduct, underground tunneling works and construction of stations.   The consortium of Reliance Infrastructure Limited of India and Construcciones y Auxiliar De Ferrocarriles, S A (CAF) of Spain, established Delhi Airport Metro Express Private Limited (DAMEPL), a Special Purpose Vehicle (SPV), to implement the project. Reliance Infrastructure has a 95% equity stake and Spanish firm CAF owns the rest 5%. The consortium was one of the final three bidders for the metro project, the other two being a consortium of Larsen & Toubro and GE Transportation US, and Siemens Transportation, German and Gammon India. Five consortias had initially showed interest in the project including Bombardier Canada and IL&FS India and a Malaysian company. The consortium won the tender through international competitive bidding, conducted by DMRC, by quoting the maximum revenue share with the Government. DAMEPL will pay DMRC US$ 10.53 million (INR 510 million @ 48.41 INR/USD) every year and also share between 1 to 5 percent of their gross revenue for 15 years. Under the contract, DAMEPL was to recover the capital costs and operating costs including returns through user fees during the term of concession. The revenue will mainly come from the tickets and retail activities at the station and advertisement and other commercial activities. Delhi Metro Rail Corporation (DMRC) has decided to keep the train fare at a maximum of US$ 3.1 (INR 150) till Delhi International Airport, and an extra US$ 0.62 (INR 30) to Dwarka. Traffic estimates are of the order of about 15000 commuters daily in initial year eventually increasing to about 45000 commuters daily.  The concession was awarded in January 2008. The project attained financial closure on March 24th 2009. The estimated capital cost of the project was US$ 595.95 million (INR 28850 mn @ 48.41 INR/USD) million. Please note that this estimated project cost is the the cost of electrification, acquisition of rolling stock, and operational costs as per the concession agreement mentioned above(the cost of all civil works like construction of stations, tunnels and viaducts will be borne by the Centre and the Delhi government on a 50:50 ratio). Financing comprises a US$ 417.2 million (INR 20195 mn @ 48.41 INR/USD) 17.25-year term loan and US$ 178.8 million (INR 8655 mn @ 48.41 INR/USD) equity. Axis Bank was the sole lead arranger and bookrunner along with India Infrastructure Finance Co Ltd (IIFCL) and 8 other banks. Interest rate of 13.5% is about 50bp over the existing prime lending rate of indian banks. Only the ECB component provided by IIFCL is priced at 485bp over 6-month LIBOR.  Construction on the project began in April 2008. More than 80% of civil work has been completed at the time of collection of this information and was expected to be completed by 2nd qurter 2011.
In April 2009, a local private company, Hunan Yonker Environmental Protection Group was granted a 26 year agreement to build and operate a wastewater treatment plant in Ningxiang County, Hunan Province after a competitive tendering process in which three companies participated.  No information on the bid criteria was publicly available. Yongqing had a 100% stake in the project. The capacity of the plant was 50,000 cubic meters and the total investment was around RMB 74.58 million (US$ 10.67 million).
BR Vias SP, a consortium of the Brazilian companies Comporte Participacoes e Vaud Participacoes, was awarded the project to expand, rehabilitate and operate the 331.13 km long toll road in October 2008 and took over the operation of the highway in May 2009, when the 30-year concession contract was signed. The Marechal Rondon Oeste Highway (SP-300) links the municipality of  Bauru to Castilho, located in the border of Sao Paulo state and Mato Grosso do Sul state. A total of 25 cities are served by the highway: Bauru, Avai, Presidente Alves, Pirajui, Guaranta, Cafelandia, Lins, Guaicara, Promissao, Avanhadava, Penapolis, Glicerio, Coroados, Birigui, Aracatuba, Guararapes, Rubiacea, Bento de Abreu, Valparaiso, Lavinia, Mirandopolis, Guaracai, Murutinga do Sul, Andradina e Castilho.  The contract was granted in a competitive bidding process based on the lowest toll rate criteria. Seven bidders took part in the process, besides the winning consortium BR Vias SP: consortium Invepar-OAS; Equipav S.A. Pavimentacao, Engenharia e Comercio; consortium Autorondon; Triunfo Participações e Investimentos; Odebrecht Investimentos e Infraestrutura Ltda; and the consortium CEGEMS-Rondon Oeste. The winning bid was 46.7% below the ceiling set by the state regulatory agency. Via Rondon also committed to invest in 8.5 km of access roads and in 243.8 km of non-tolled roadways.  The bidding process for the second stage of the Sao Paulo state toll road concession program took place between October 2008 and early 2009 and the five awarded projects comprised the operation of 1715 km of highways in total.  Altogether, the concessionaires committed to the duplication of 359 km, 526 km of additional tracks and new shoulders, besides the construction or expansion of access roadways, 317 bridges and viaducts and over 65 new pedestrians crossing bridges.  The works were expected to benefit 171 municipalities with a total of 21 million inhabitants. The concessionaires also committed to maintaining 900 km of local toll free roadways.  When the contract was signed, Via Rondon’s shares, the company created to manage the project, were fully-owned by the companies that comprised BR Vias SP, which belonged to the same owners of the Brazilian airline company GOL. The private sponsor committed to pay US$ 205.5 million (BRL 411 million) to the government for the concession rights (20% of this value was paid when the contract was signed and the rest was agreed to be paid in 18 monthly installments) and was expected to invest US$ 600 million (BRL 1,200 million) during the 30-year contract. The toll rates started to be charged in January 2010.  In December 2011, the state-owned bank BNDES granted a US$ 210.6 million (BRL 343.7 million) loan to  the company to finance the infrastructure works.
In July 2008, the concession awarder Haryana Power Generation Corporation Limited (HPGL) signed a 25 year MoU with China Light & power Company Limited (CLP) for development of a 1320 MW coal-fired thermal power plant in the state of Haryana. The facility is a 2x660MW coal-based power plant at Jhajjar in Haryana. The plant will utilize a highly efficient supercritical design which consumes less coal to generate the same amount of electricity and other advanced emission control equipment. The plant is constructed in line with China Light & Power Co Ltd (CLP)'s commitment to environmental responsibility.   CLP established Jhajjar Power Limited (JPL), a special purpose vehicle, to implement the project. In Mar 2008, CLP Group was the lowest-priced bidder for the project compared to other two bidders, Lanco and Torrent Power. The State of Haryana will off take 90% of power output at a price of Rs2.996 ($0.066) per kWh for 25 years and the remaining 10% will be supplied to Delhi.Shandong Electric Power Corp is the supplier of the BTG package. Dongfang Turbine is to supply the main plant equipment, like turbines, and generators.   The project achieved its financial closure on 17 September 2009. The project was expected to cost approximately USD 1503.6 million (INR 72790 @48.41 INR/USD)with a debt equity ratio of 72:28. JPL financed this project through an equity contribution of USD 427.6 million (INR 20700 million @ 48.41 INR/USD) and a loan of USD 1076 million. The debt is split into a USD701.9 mn (INR 33984.9mn @48.41 INR/USD) 15-year term loan, a USD 261.9 mn (INR12680mn @48.41 INR/USD) 15-year L/C facility and a $112m 15-year ECB term loan. The project is being funded with a 15 year term loan by a group of banks led by IDBI.    Construction is divided into two 660MW units and the commissioning of the first unit is expected in December 2011 and the second unit in April 2012.
Anhui Guozhen Environmental Protection Co., Ltd. was granted an agreement in February 2009 to build and operate a wastewater treatment plant with a capacity of 25,000 cubic meters per day in Miluo City, Hunan Province. The project was procured via competitive tendering. Four bidders participated in the tender for which there was not publicly available information on the bid criteria. Anhui Guozhen established a project company, Changsha Guozhen Water Treatment Co., Ltd.., to operate the facility for 28 years before transferring it back to the local government. The total investment was RMB 43 million (US$ 6.15 million). Anhui Guozhen owned 100% of the project.
In September 2009, Promotora y Operadora de Infraestructura, SAB de CV (Pinfra) began its 30-year operation of the 48km San Luis Potosi Colorado-Estacion Doctor Highway. The new toll road connected the towns of San Luis Rio Colorado and Estacion Doctor, both located in the northern state of Sonora. Pinfra built the new highway to reduce transit time and as an alternative route to the San Luis Rio Colorado – Sonoyta highway, which was considered dangerous. The highway was expected to offer security to tourists and act as an access route from the West Coast of the United States and Baja California to the booming area of Puerto Penasco on the Gulf of California. The highway was expected to offer security to tourists and increase the economic development of the area.  In August 2008, the state government of Sonora awarded the BOT contract to Pinfra in a competitive tender. Neither the number of bidders nor the bidding criteria were publically available. The name of the project company was not available.  The total project cost was 770 million pesos (US $55.6 million). The project became operational in September 2009.
In March 2009, China Gas Holdings Ltd. acquired 80% of the local natural gas supply company for 30 years in Liaoyang City, Liaoning Province.  China Gas procured the project through direct negotiation. The total investment was RMB 74 million (US$ 10.59 dollars). The total length of the pipeline network was 420 KM. Main revenue came from user fees and government support type remained unknown.
The Nigrie Thermal Project was initially a 1000 MW coal based thermal power project located in the Sidhi district in the state of Madhya Pradesh. But then its capacity was expanded to 1320 MW 660x2)super critical technology boiler, pit head based Thermal Power Plant at Dist Sidhi in Madhya Pradesh. The project was being set up by Jaiprakash Power Ventures Limited (JPVL), a special purpose vehicle established by Jaiprakash Associates Limited (JAL) to execute the project. JAL was part of the Jaypee Group.   JPVL had signed an agreement with the Government of Madhya Pradesh (GoMP) on mutually agreed terms to develop the project. As part of these terms, JPVL was required to provide 7.5% of the power from this project to GoMP at concessional rate equal to variable cost. GoMP also had a right of first refusal to purchase up to 30% of the total power produced by JPVL. JPVL planned to sell 37.5% of the plant's capacity to GoMP and 50% on a merchant basis.  The definitive offtake arrangements were not available at the time of collection of this information.  The project company signed the equipment supply contract Larsen & Toubro (L&T) in September 2009.   The project was expected to cost about INR 60 billion (US$1240 million). Although the project company initially obtained financing for the project on December 27, 2007 (with ICICI Bank being the lead arranger for the USD 875 million loan), actual financial closure was achieved on March 2009, according the sponsor filing. The debt equity ratio was 70/30. Financing comprised Rs42 billion debt and Rs18 billion in equity. The debt was arranged by ICICI. The project was expected to be commissioned in 2012.  On 27th March 2014, additional financing of US$ 269.7mn (INR 16450mn @61 INR/USD) 11-year term loan was arranged by ICICI bank to take care of cost overruns in the project. Punjab National Bank, Central Bank of India, IDBI Bank, Canara Bank, Syndicate Bank, State Bank of Hyderabad, Bank of Baroda, Oriental Bank of Commerce, State Bank of Patiala, Corporation Bank, State Bank of Bikaner & Jaipur, Indian Overseas Bank, Bank of Maharashtra were the lenders.
Escom, from Portugal was planning the development of the 26MW Luapasso Mini Hydropower Plant. The plant was to be build in two phases, the first phase including 12.8MW. The first phase encompasses the Samuele hydropower plant (12.8MW), part of the Luapasso project. The project was a joint venture between state-owned ENE and Escom. The project company was called Hidroluapasso SA.  The project received a construction permit by the Angolese government in 2007, including a foreign investment permit, formal authorization was published in April 2008. At least part of the output was to be used for the local mines. The EPC contracts were signed in 2009.  Total cost was estimated at $120 million, of which $118.25 million was to be used to fund the activity and $1.75 million to start the capitalization of the Joint Venture.
In July 2009, a local private company Shenzhen Goldtrust Water Affairs Group Was granted a 26 year agreement to operate a wastewater treatment plant in Baoji City. The capacity of phase I is 120,000 cubic meters per day. The project was procured through open bidding. 6 companies lodged bids. Goldtrust won the bid with a offer of RMB 135.6 million (US$ 19.85 million).
In June 2007, LLX Logistica, a subsidiary of EBX Capital Partners, was granted an authorization to build, own and operate a port located in the city of São João da Barra (Rio de Janeiro state). Two subsidiaries of LLX were to operate the facilities: LLX Minas-Rio, which was owned by LLX (51%) and the British mining company Anglo American (49%); and LLX Acu, which was owned by LLX (70%) and LLX’s subsidiary Centennial (30%).  Set in water with a depth of 18.5 meters, the port was designed to accommodate capsize bulk carriers with 220,000t capacity, as well as super containerships with 11,000 TEU capacity. The new port was expected to contain a thermo-power plant, pelletizing plants, steel complex, metal-mechanical hub and an iron ore terminal.  LLX Minas-Rio undertook the responsibility of the operation of two berths and terminals dedicated to store and transport mining products. LLX Minas-Rio estimated that around 70% of the ore to be exported using the port facilities would be supplied by its shareholders, while 30% would come from other mining companies located in the region.  The total investment of LLX Minas-Rios was expected to be US$ 900 million. In Jan. 2009, BNDES approved a BRL 1,321 billion to LLX Minas-Rio through a project finance facility (73/27 debt/equity ratio): half of this value was to be transferred directly to the company, while the other half would be transferred to the company through the banks Unibanco and Itau (risk-sharing strategy of BNDES). In 2009, all environmental licenses had already been granted for these projects and the operations were expected to commence in 2012 (construction works started in the second half of 2007).  In August 2013, EBX Group faced financial difficulties and sold part of its shares in LLX, the subsidiary which undertook its port ventures. LLX Minas-Rio's shares that belonged to EBX was acquired by Prumo Logistica Global, a partnership of EBX (20.8%), EIG Global Energy Partners (53%) and small investors (26.2%). The project company was renamed Ferroport.  By the end of 2013, the Japanese company Marubeni acquired EBX's shares in Prumo Logistica Global and, in 2014, EIG increased its stake in the company. By the end of 2015, Prumo's shareholders were EIG (74.3%), Marubeni (6,7%) and small local investors (19%).  Commercial operations commenced in October 2014.
A local private company, Greenland Environmental Tech Co., Ltd., was granted an agreement in April 2009 to build and operate two wastewater treatment plants in Guanling County and Ziyun County in Anshun City, Guizhou Province respectively. The projects were procured through competitive tendering, but no information was publicly available the bid criteria and the number of bidders. Greenland owned 100% of the projects and was expected to operate the facilities for 30 years before transferring them back to the local governments. The total investment for the two plants was RMB 47.555 million (US$ 6.8 million). Each plant had a capacity of 4000 cubic meters per day.
Mass Global Investment Company was awarded a $480 million contract to build, own, and operate (BOO) a 500MW power plant in the Dohuk province in Iraqi Kurdistan.   The scheme was tendered by the Kurdistan Regional Government. The power plant was to consist of 4 units, each of 125MW. GE supplied the  Frame 9E multi-fueled gas turbines.  Completion of the power plant was expected by Q1 of 2011.
In May 2009, Anhui Yuetai Environmental Engineering Co.,Ltd. Was granted a 25 year agreement to construct and operate a wastewater treatment plant in Yuexi County, Anhui Province. The capacity of phase I of this project was 20,000 cubic meters per day and total investment was RMB 54.09 million (US$ 7.74 million). Anhui Yuetai owned 100% of the project. The project was awarded through competitive bidding but no information was publicly available on the bid criteria and on the number of bidders.
Hayleys Industrial Solutions Ltd. was developing the 1.1MW Somerset, the 2.55MW Upper Neluwa and the 0.8MW Palmerston mini hydropower plants. The projects were located as follows:  Somerset: Nuwara Eliya District, Central Province Upper Neluwa: Galle District, Southern Province Palmerston: Nuwara Eliya District, Central Province  The projects use a Francis turbine. Project life was expected to be 25 years. The first crediting period (CDM) was June 2009. The environmental approvals were received in September 2006 (Somerset), August 2004 (Upper Neluwa), June 2007 (Palmerston).  Total cost were as follows: Somerset: LKR 112 million debt (65%), LKR 61.3 million equity (35%) Upper Neluwa: LKR 308 million debt (70%), LKR 273.7 million equity (30%) Palmerston: LKR 132.3 million debt (70%), LKR 56.7 million equity (30%)  Financial closure date was ESTIMATED at June 2009 (first CDM crediting date). Total cost was LKR 552 million (debt, US$4.3 million) and LKR 391.7 million (equity, US$3 million). LKR 943.7 million Total (US$7.33 million).      The coordinates were as follows: Somerset: E80o 43’ 16”  N6o 55’ 56”  Upper Neluwa:  E80o 21’ 12”  N6o 22’ 37”  Palmerston: E80o 40’ 11”  N6o 56’ 46”
In December 2009, SAIF Powertec and Chittagong Port Authority (CPA) signed a new 3-year management contract for Chittagong Container Terminal. The contract became effective on Dec. 15, 2009.  The tender was called on Nov. 2, 2009, and bids submitted by 7 companies were opened on Nov. 15. SAIF Powertec won the tender by bidding the lowest charge per container handled.  The company bid to handle 900,000 TEUs over three years at a rate of Tk 155 per TEU.  The other bidders were Gatco, Nabab and Company, Fazle & Sons, M H Chowdhury Limited, A & J Trading, and Everest Enterprise.   SAIF Powertec had previously operated the terminal under a 2-year management contract that expired in August 2008 (see Project ID# 4702). Following the expiration of this original contract, a tender for a new management contract for the container terminal was held. In November 2008, Everest Enterprise submitted the lowest bid in this tender. However, the tender was cancelled shortly afterwards. Another tender was called in December 2008. Esack Brothers Industries Ltd. won this tender and was awarded the contract; however the contract between Esack and the CPA was subsequently canceled, based on the advice of the parliamentary standing committee on shipping.
In December 2009, the 1980MW Talwandi Sabo Power Plant developed by Sterlite Energy under a BOO format, reached financial closure. In July 2008, the Government of Punjab had awarded the tender to Sterlite Energy, a Vedanta Resources Plc. group company, for development of a 1980 MW coal-fired thermal power plant at village Banawala, District Mansa, in the State of Punjab. The project included 3 units of 660 MW each based on supercritical technology.  Talwandi Sabo Power Limited (TSPL), was incorporated as a special purpose vehicle by Punjab State Electricity Board (PSEB) to execute the Talwandi Power Project prior to the selection of a developer through a competitive bidding process. In July 2008, Sterlite Energy Limited bagged the project by quoting the lowest bid price of INR 2.86/kWh as levelised tariff for 25 years, in an international competitive bidding process. Sterlite clinched the project from other contenders like Reliance Power (INR 2.88/kWh), Lanco Infratech (INR 2.995/kWh) and Indiabulls Power Services (INR 3.15/kWh).On  September 1, 2008, Sterlite Energy completed the acquisition of TSPL and TSPL became a 100% subsidiary of Sterlite Energy.  In September 2008, TSPL entered into a long-term PPA with the Punjab State Electricity Board(PSEB) for a contracted capacity of 1,841.40 MW for a period of 25 years from the date of commercial operation of the power plant.The tariff for the sale of power by TSPL to PSEB consisted of a capacity charge, energy charge and an incentive payment on a monthly basis. The capacity, energy and incentive payment was calculated in accordance with the formula set out in the Talwandi PPA. Specifically, the energy charges was to be calculated based on the quoted heat rate and actual costs of coal, including transportation. For each contract year, in the event of at least 80% availability of the contracted capacity at the delivery point, full capacity charges was payable by PSEB to TSPL. Incentive was to be provided for availability exceeding 85% of the contracted capacity for each contract year. In case of availability below 80% of the contracted capacity for any contract year, the capacity charge was payable on proportionate basis in addition to the penalty to be paid by TSPL (as per PPA). In the event PSEB was unable to purchase the entire available capacity from the plant, TSPL had the right to sell such unsold capacity to any third party without losing the right to receive capacity charges from PSEB. As a collateral arrangement, PSEB and TSPL  were required to enter into a default escrow agreement for the establishment and operation of a default escrow account in favour of TSPL. Further PSEB would be required to provide an unconditional, revolving and irrevocable letter of credit an amount equal to 1.1 times of the estimated monthly sales. Also as per the PPA, PSEB was to bear the costs of transmission and had entered  into an agreement dated May 29, 2009 with PGCIL for turnkey execution of transmission system associated with this project.  The total cost of this project was estimated at USD 1925.2 million (INR 93200 million at 48.41 INR/USD). Financial close took place in December 2009. Though the details of the financing were not known at the time of collection of this information, it was known that TSPL had received an in-principle sanction letter dated October 14, 2009 from State Bank of India for a term loan of USD 516.4 million (INR 25000 million). TSPL intended to finance the project with a debt/equity ratio of 70/30. Towards this, USD 577.6 million (INR 27960 million) was expected to be funded through equity capital contribution.   This project was expected to be progressively commissioned with the first unit of 660 MW expected to be commissioned in the  fourth quarter of fiscal 2013 and all the three units were expected to be progressively commissioned by the second quarter of fiscal 2014. The total land requirement for the project was 2,387 acres. The estimated water requirement for this project was 8,000 cubic meters per hour and was expected to be sourced entirely from  the Bheni distributory of the Kotla branch of Sirhind canal which was at a distance of 38 km from our project site.  The coal requirement for the project was estimated to be approximately 7.90 mtpa. Mahanadi Coalfields Limited (MCL) had issued a letter of assurance dated August 14, 2008 (“Talwandi  LoA”), provisionally assuring TSPL the supply of 7.72 mtpa of Grade "E"coal (Grade F in case of shortage of Grade E coal) from their mines from about December 2011.  The supply of coal was conditional upon the execution of the fuel supply agreement with MCL within three months of the expiry of the Talwandi LoA, i.e. by November 14, 2010. The execution of the  fuel supply agreement was subject to compliance with the conditions stipulated in the Talwandi LoA, including receipt of necessary approvals, commitment of equity contribution from Sterlite Energy Limiteed (sponsor) and financial closure of the project. To meet  the  remaining  coal requirements for this power plant, TSPL had approached the Ministry of Coal (MOC) to increase the allocation of linkage allotted, which was pending at the time of collection of this information.
In July 2009, the 1200 MW merchant coal power plant developed by Coastal Energen Private Limited at Tuticorin in Tamil Nadu, reached financial closure. The project was being constructed under a BOO format. The project had two units of 600 MW each designed to use high quality imported coal.   In January 2008, a consortium of Coal & Oil Company DMCC (70%) and Dubai based Al-Rostamani Group (30%) established Coastal Energen Private Limited, a special purpose vehicle, to implement the project. The company was granted the project through MOU route on a negotiated basis. Coastal Energen had entered into a 12-year Power Purchase Agreement (PPA) with Tata Power Trading for the sale of up to 700 MW of power at a minimum guaranteed capacity of 85% of the contracted capacity less auxiliary consumption. The minimum guaranteed tariff through the term of the PPA was INR 3.52/kWh with any tariff in excess of INR 3.52/kWh being shared by Coastal Energen and Tata Power Trading in the proportion of 80:20. In case Tata Power Trading failed to offtake the guaranteed capacity, it was required to compensate Coastal Energen at the rate of INR 1.25/kWh. Coastal Energen also had the option of third party sale in such a case. Coastal Energen was exploring various alternatives for the sale of the balance 500 MW of capacity including competitive bidding through the Case 1 bidding route and/or direct sale on merchant basis.   The project cost was estimated to be approximately USD 887.6 million (INR 42970 million at 48.41 INR/USD). The project achieved financial closure in July 2009. The project was expected to be funded through equity of USD 177.4 million (INR 8590 mn) and debt of USD 710.2 million (INR 34380 million) at a debt/equity ratio of 80/20. The project had been funded by a consortium of 16 banks and financial institutions led by the State Bank of India. The 15-year term loan carried an interest of 12 per cent.  Unit I of the power plant was scheduled to be commissioned by February 2012 (30 months from the Notice to proceed date to the EPC contractor - August 2009) and Unit 2 was scheduled to be commissioned in May 2012. The Boiler-Turbine-Generator (BTG) supply and civil erection contracts had been awarded through fixed-price-fixed-time contracts to Harbin Power Engineering Company (Harbin) and Gammon India Limited (Gammon) respectively with in-built clauses for liquidated damages in case of delay and under-performance on key parameters.  Coastal Energen had entered into a 12-year Coal Supply Agreement (CSA) with its Group company, Coal & Oil Company DMCC, for the supply of approx. 4 million MT of coal, as against a total requirement of approx 5.23 million MT of coal per annum. Coal & Oil Company DMCC had in turn entered into back-to-back arrangements with PT Kideco Jaya Agung (of Indonesia) for the supply of the contracted capacity. Coastal Energen had also applied for domestic coal linkage to the extent of 2 million MT per annum. As per the CSA, there were adequate penal provisions in place for non-supply for up to 70% of the contracted quantity, leaving Coastal Energen exposed to the risk of shortfall for up to 30%. While the CSA provided for supply of coal at a CIF price of USD 60.77 per MT, this base price was subject to escalation in line with the monthly CERC (Central Regulator) Index for payment.
In July 2009, the government of Mali sold 51% of Sotelma to Maroc Telecom for US$383 million.  On 16 September 2008, the government announced it was launching again the divestiture process of the national telecommunications company Société des télécommunications du Mali (Sotelma).   In July 2008, the government pre-selected 18 companies to take part in the tender, including  MTN, Vodafone, Maroc Telecom and Deutsche Telecom.   In January 2009, Maroc Telecom was reported has hing submitted the highest bid (US$320 million). In March 2009, Maroc Telecom, a subsidiary of France's Vivendi, won the auction to acquire 51% of Mali's national operator Sotelma for US$319 million. The definitive agreement was signed in July 2009, the sale price was finally US$383 million.
In January 2009, three private companies, Beijing Sound Group, Hatlen Investment Pty. Ltd. (Australia), and Protection (Asia) Water Treatment Holding Ltd. were jointly granted a 27 year agreement to build and operate the phase two of Putian wastewater treatment plant in Putian City, Fujian Province after a competitive bidding process. The capacity of the facility was 80,000 cubic meters per day and the total investment was RMB 70 million (US$ 10.01 million).
In March 2009, Transenergia Renovavel consortium, a partnership of the state-owned company Furnas (49%), Delta Construtora (25.5%) and Fuad Rassi (25.5%), was awarded in a competitive bidding process run by the regulatory agency Aneel the 30-year contract to build and operate substations and a 600-km transmission line located in the states of Goias and Mato Grosso. Besides Transenergia, eight other companies took part in the contest: ABENGOA CONCESSÕES BRASIL HOLDING S.A.;  ALUPAR INVESTIMENTO S.A.; BIMETAL INDÚSTRIA METALÚRGICA LTDA.; COBRA INSTALACIONES Y SERVICIOS S.A.; COPEL GERAÇÃO E TRANSMISSÃO S.A.; CTEEP - COMPANHIA DE TRANSMISSÃO DE ENERGIA ELÉTRICA PAULISTA; and ELECNOR TRANSMISSÃO DE ENERGIA S.A.  Transenergia presented the lowest required annual revenue, a total value of US$ 17.2 million (BRL 34.5 million), 19.2% the ceiling set by the regulatory agency. This value was divided into three components: allowed annual revenue of US$ 5.6 million (BRL 11.3 million); annual transmission revenues to be paid by the generating companies for the use of transmission lines shared by all generating companies contracting the transmission services totaling US$ 7 million (BRL 14 million); and annual transmission revenues to be paid by the generating companies for the use of transmission lines which were build to attend the exclusive needs of each generating company contracting the transmission services totaling US$ 4.5 million (BRL 9 million).   Transnergia Renovavel committed to invest US$ 154.4 million (BRL 318.8 million) in the transmission lines and substations. Financial closure was achieved in December 2009, when the sponsors were granted a US$ 52.4 million (BRL 104. 8 million) loan from BNDES and a US$ 50 million (BRL 100 million) loan from Fundo Constitucional do Centro Oeste. The remaining cost was set to be financed with the sponsors’ internal resources. Construction works commenced in December 2009 and were expected to be completed by November 2010.  Besides the investment in infrastructure, the private sponsors were also responsible to reimburse the companies which were responsible for the project design and for the preparation of the EIA report. This represented an additional cost of US$ 342 thousand (BRL 684 thousand).  Commercial operations commenced in December 2012.
In September 2009, a local private company, Lianheruntong Water Affairs Co., Ltd. was granted a 25 year agreement to build and operate the 2nd phase of Yancun Wastewater Treatment Plant in Zunyi City, Guizhou Province after a competitive negotiation process. No information was publicly available on the negotiation criteria and the number of bidders. The project had a capacity of 80,000 tons per day. Lianheruntong had a 100% stake in the project and the total investment was about RMB 65 million (US$ 9.52 million).
The Kamalanga Thermal Power Plant was a 1050 MW coal based thermal power plant located at Kamalanga in Dhenkanal district of Orissa state. In June 2006, GMR Energy Limited, following direct negotiations, signed a Memorandum of Understanding (MOU) with Government of Orissa (GoO) to set up this plant.   In September 2006, GMR Energy Limited signed a Power Purchase Agreement (PPA) with Grid Corporation of Orissa Limited (GRIDCO) for a period of 25 years for sale of 25% of the power generated from this project. It was expected that the remaining 75% of the power from the project would be sold on the spot market.  The Project was estimated to cost US$1052.75 million. GMR signed a loan agreement on 27 May 2009 with a consortium of 13 banks, led by IDFC. The consortium of banks includes Andhra Bank, Bank of Baroda, Canara Bank, Central Bank of India, Corporation Bank, IDBI Bank, Indian Bank, IDFC Ltd, Punjab & Sind Bank, SBI, State Bank of Mysore, UCO Bank and United Bank of India. The loan tenure is 16 years. IDFC has also taken a 20 per cent stake in the equity of Rs 1,135 crore in the project.  There had been a cost over-run and the revised project cost was INR 65.19bn, funded through a debt of INR 43.19bn and equity of INR22bn. Of this additional debt of INR 9.14bn, INR 8.64bn has been tied up till date (including INR 3.14bn of External Commercial Borrowing (ECB) and INR 5.5bn of Rupee Debt). Financing for US$ 316.2mn (INR 19290mn @61 INR/USD) was closed on 16th June 2014. It included a 3-year 3-month short term loan of US$ 51.5mn, a 13-year 7-months term loan of US$ 90.2mn, and sponsor equity of US$ 174.6mn. IDFC was the lead arranger of the loan.   The project was expected to be completed in the first quarter of 2012.  The project was expected to be commissioned by end of 2010.
Nava Bharat Energy India Ltd (NBEIL) was set up to build and operate merchant power plants as the project sponsor expected that merchant power rates to be substantially higher than long term PPA for the next 5 years.   Nava Bharat Energy India Ltd (NBEIL) was a subsidiary of Nava Bharat Ventures Ltd.  In 2009, the company achieved financial closure for the 64 MW plant in Kharagprasad, Orissa. The cost of the plant was INR 2.3 billion (US$47.5 million). The primary fuel used for generation at this plant would be washery rejects and domestic coal. The plant became operational in December  2010.  In 2010, the company achieved the financial closure of 300 MW coal fired power plants in Andhra Pradesh. One plant of 150 MW was to be located in Paloncha, District Khammam and the plant of 150 MW in Dharmavaram, District East Godavari. Both units used sub-critical technology. The project cost for the two units was estimated to be about Rs.13.86 billion (US$ 303 million). The project achieved financial closure in March 2010. Financing comprised Rs9.7bn 9-year term loan in debt and Rs4.16bn in equity with a debt/equity ratio of 70/30. The debt was arranged by IDBI.
In May 2009, Bulgaria's Transport Ministry signed a rehabilitate, operate and transfer type concession with local Varna-based company Oktopod-S OOD for the Somovit Port Terminal at the port of Ruse.  The company was to invest 6.445 million Bulgarian lev (US$4.58 million) over the 22 years of the concession.  In October 2008, the Transport Ministry opened the tender for Somovit Port Terminal. Oktopod-S was selected as the winning bidder after the company outbid a local candidate, Sofia-Med. Under the concession contract, Oktopod-S will increase the capacity of the port, which is part of the larger port of Ruse, and and will launch passenger services.  The October 2008 tender for Somovit Port Terminal was the second attempt after the first tender failed. In 2006, the Bulgarian government scrapped the first tender after the country's Supreme Administrative Court rejected the government's selection of Oktopod-S as the concessionaire.
The Brazilian company Wanerg Energetica Ltda was granted the authorization to build a 19-MW hydro power plant in the municipality of Uberlandia, state of Minas Gerais in November 2007. Wanerg Energetica created the SPE Hidreletrica Malagone S.A. to manage the 30-year contract signed with the regulatory agency ANEEL .  Financial closure for the project was reached in July 2009, when state-owned banks BNDES approved a US$ 33 million (BRL 65.9 million) loan to the project. The total investment in the facility was estimated at US$ 46 million (BRL 92 million). The project company is also building a 34-km transmission line to connect the power plant to the distribution company CEMIG.  By the time financial closure was reached, 55% of the construction works were completed. The sponsor expected that the units would commence operations in October 2009, but tests were underway in March 2010. Commercial operation commenced in April 2010.
On October 5, 2009, Enel Green Power Bulgaria, a subsidiary of Enel [Italy], commenced operation of its first wind farm in Bulgaria, the Kamen Briag plant in the municipality of Kavarna. The greenfield project was developed on a build, own and operate (BOO) basis.  The new wind farm consists of 7 turbines with a capacity of 3 MW each, for a total installed capacity of 21 MW. The park covers an area of approximately 70 hectares of land. With an annual production of over 56.5 million kWh, it was expected to meet the energy needs of 19,000 households.  In December 2008, Enel Green Power Bulgaria signed an agreement with Global Wind Power Bulgaria, a subsidiary of Danish company Global Wind Power, to purchase the Kamen Briag project, which was at a preliminary stage of development at the time of the acquisition.  There was no publicly available information on how and when the project secured financing.  In the absence of such information, the project’s commercial operations date (October 2009) was used as a proxy for the financial closure date.  Total investment was ESTIMATED at 21 MW x 1.8 million per mw (average for ECA)
In April 2009, the rental services contract (RSC) between the state-owned Lakhra Power Generation Company (GENCO-IV) and Karkey Karadeniz Elektrik Uretim A.S. [Turkey] for the installation, and operation for a five-year term of a 232 MW rental power plant (RPP) in Karachi, became effective. Three conditions were required for rental contract effectiveness: (i) advance payment guarantee by sponsor, (ii) down payment by the state-owned power purchaser, and (iii) issuance of a sovereign guarantee by the Government of Pakistan (GoP).  The Government of Pakistan (GoP) chose rental power projects as its major strategic tool for closing Pakistan’s electricity demand-supply gap in the short term.   The project was awarded on the basis of competitive bidding.  The Private Power and Infrastructure Board (PPIB) published a tender notice calling for submission of proposals for rental power plants of 500 MW cumulative capacity (‘Package B’).  The technical bids for ‘Package B’ were opened and evaluated on July 15, 2008.  Three bids were received, two of which met both the technical and financial criteria of the tender.  Among the two ‘responsive’ proposals was that of Karkey for a 232 MW plant in Karachi.    On Nov. 6, 2008, the PPIB issued a Letter of Award (LoA) to Karkey Karadeniz Elektrik Uretim A.S. [Turkey], which proceeded to sign the RSC with Lakhra Power Generation Company (GENCO-IV) on April 23, 2009. Under the RSC, GENCO-IV was to pay a rental charge of US$565 million, payable in arrears in 60 equal monthly installments to the sponsor, and to pay the sponsor’s fuel costs at a rate of Rs. 6.344 per kWh based on the reference fuel price of Rs. 26,000 per metric ton.  The RSC set out three steps which had to take place in order for the contract to become effective. First, the project sponsor was obliged to obtain a bank guarantee equal to 7% of the RSC’s value.  Second, within 10 days of receiving the sponsor’s bank guarantee, GENCO-IV was required to make a down payment to the sponsor equal to 7% of the RSC’s value.  Lastly, within 30 days of the RSC’s signing, GENCO-IV was to deliver a Letter of Credit (LC) to the sponsor equal to the sum of GENCO-IV's 60 monthly rental payments, guaranteeing GENCO's payment obligations.  Karkey submitted the 7% payment guarantee on Oct. 27, 2008. The implementation process then encountered a delay due to the inability of GENCO-IV to obtain a Letter of Credit from a commercial bank at an acceptable cost.  As a result, the GoP modified the implementation process.  In line with the revised process, GENCO-IV made an increased down payment to the sponsor equal to 14% of the RSC’s value.  Subsequently, the GoP issued an annual renewable sovereign guarantee covering GENCO-IV’s rental payments in lieu of a LC.  With the submission of the sovereign guarantee in April 2009, these steps were completed and the contract became effective.  The sponsor’s estimated investment was US$91.5 million. To calculate this estimate, first the investment's present value (PV) was assumed by multiplying an assumed investment per kilowatt (US$600) by the plant’s installed capacity.  The PV was then used to find an annual amortized payment, assuming 15 years as the expected asset life and a discount rate of 10%. This annuity payment was then multiplied by the term of the rental contract in years, giving the sponsor’s total estimated investment.
Via Bahia was awarded the project to expand, rehabilitate and operate the 680.6 km long toll road in January 2009 and took over the operation of the highway in October 2009, one month after the 25-year concession contract was signed.  The project is part of the second phase of the second stage Federal Government Highway Concession program and comprises two highways: BR-116, part of the north-south corridor that links the countryside of Brazil and BR-324, which links the Port of Aratu and BR-116. The toll road serves 26 municipalities in the state of Bahia, including the cities of Salvador, Feira de Santana, Vitoria da Conquista e o Porto de Aratu.  The contract was granted in a competitive bidding process based on the lowest toll rate criteria and the winning bid was 21% the ceiling set by the government.  There were only two offers and the other offer, made by the consortium Companhia Brasileira de Rodovias, was only 10.1% below the ceiling (this consortium was comprised by the Brazilian companies Heleno e Fonseca Engenharia; LBR Engenharia e Consultoria; and the Canadian company CRA Engenharia e Construção).  When the contract was signed, Via Bahia had as shareholders the Spanish company Isolux (75%) and the Brazilian construction companies Engevix (20%) and Encalso (5%). The private sponsors were expected to invest US$ 950 million (BRL 1,900 million) during the concession period. The initial construction works commenced still in 2009, but, by February 2010, the toll charging could not begin as planned because of delays in concluding the first phase of the rehabilitation works.
n June 2009, Wuhan Kaidi Electric Power Co. Ltd. was granted a 20 year BOT agreement to build and operate four biomass power plants with a total capacity of 125 MW in Tianshui City, Gansu Province through direct negotiation. Wuhan Kaidi had a 100% stake in the project. The total investment was  RMB 3.2 billion (US$ 468.52 million). Agreements were signed with local farmers for 1.6 million acres of woodland to provide raw materials to the power plant. Construction commenced in September 2009. Based on publicly available information, main revenue source and government support type were unknown.
China Longyuan Power Group Corporation, a subsidiary of China Guodian Corporation (one of China's five largest power generation groups), was the largest wind power generator in Asia and the fifth-largest in the world. The company was established in 1993. As of December 2009, the total wind capacity was 4842 MW.  Longyuan raised in its initial public offering (IPO) US$2.27 billion on December 10 2009 on the Hong Kong Stock Exchange. Longyuan sold 2.14 billion shares at $1.06 each, including 2.03 billion shares to institutional investors and 107 million shares to retail investors.   With the IPO proceeds the company planed to finance wind power projects in China, settle bank loans, and purchase wind power equipment from the overseas market.
In January 2009, local company Energia MK [Bulgaria] completed its payment to the Bulgarian Privatization Agency (PA) for 100% of the state-owned Bobov Dol Power Plant, a 630MW lignite-fired thermal power plant in southwestern Bulgaria.  The plant comprised three 210MW generating units.   The plant was sold by way of a competitive bidding process. On March 13, 2008, the PA launched the tender for 100% (251,400 shares) of the Bobov Dol Power Plant, setting a minimum bid price of BGN100 million (US$74.6 million). Five companies purchased documentation to take part in the tender: Energia MK [Bulgaria]; Minna Kompaniya [Bulgaria]; Damco Energy [Greece]; SENCAP, a joint venture of state-owned power utility PPRC [Greece], investment fund Contour Global [United States] and the EBRD; and Electrabel [Belgium].  However, in April 2008, only two companies prequalified to take part in the final bidding: Energia MK [Bulgaria] and Minna Kompaniya [Bulgaria]. The deadline for final bids was June 26, 2008. Minna Kompaniya was disqualified from the final auction because it reportedly failed to make the required deposit payment.  Energia MK was selected as the winner of the auction, bidding BGN100 million (US$74.6 million).   In September 2008, the PA signed the privatization contract with Energia MK.  The contract stipulated a purchase price of BGN100 million (US$74.6 million) and an investment obligation on the part of Energia MK of EUR 35 million (US$51.5 million). In addition, the buyer was to keep Bobov Dol’s payroll unchanged for three years and buy 1.85 million tonnes of coal yearly from the adjacent coal mines.  The buyer must also bring the plant in line with European Union environmental standards before operating the plant at full capacity (630MW). At the time of the divestiture, the plant was operating at 420MW.
The project aims to generate 150 TPD from collection, segregation and development of a transfer station, rehabilisation and operation of  biomethenation, development  and operation of waste processing facility, and waste disposal to Kodungaiyur landfill. Ramky Enviro Engineers Ltd. (REEL) and Ramky Energy and Environment Ltd. (REnEL) are the sponsors. The 12-year DBFOT concession was awarded on 4 November 2009. The total project cost amounts to $2.22 million.
In November 2006, Elecnor SA was awarded in a competitive bidding process organized by the regulatory agency ANEEL the contract to build and operate a 939 km transmission line located in the states of Mato Grosso and Rondonia (Jauru-Vilhena, Pimenta Bueno-JiParana, JiParana-Ariquemes, and Ariquemes-Samuel). Besides Elecnor, only Schahim Engenharia SA took part until the final stage of the bidding process.   The bidding criteria set by ANEEL was the lowest required annual revenue. Elecnor presented the lowest offer, a total value of US$ 14.8 million (BRL 32.3 million), 51.01% below the ceiling set by the regulatory agency. The contract was signed in April 2007, and the sponsors created the company Jauru Transmissora de Energia to lead the project during the 30-year contract period (by that date, the project was wholly-owned by Plena Transmissora de Energia, a partnership of Elecnor, Cobra and Isolux, each holding one-third of the shares of Plena). Due to difficulties in getting environmental licenses, only one the section of the line connecting Jauru to Vilhena started operations in October 2009.   The sponsor committed to invest US$ 202 million (BRL 404 million) in the 939-km transmission line. The construction works in the Jauru-Vilhena section, 354 km in length, commenced in November 2007. Financial closure for this section was only achieved in December 2009, when the sponsor was granted a US$ 53 million (BRL 107 million) loan from BNDES. The remaining cost was set to be financed with the sponsors’ internal resources.  In March 2010, the shareholding structure was modified when a Chinese state – owned company, State Grid International Development (SGID), acquired the project company and other transmission projects from Plena Transmissora de Energia. SGID invested US$ 1.72 billion in the acquisition of Plena Transmissora de Energia (BRL 3.1 billion).   In December 2012, BNDES granted an additional US$  78.3 million (BRL 152.8 million) loan to the project sponsor. Construction works on the power plant were concluded in early 2013.
In August 2008, the Andhra Pradesh PWD awarded (signed the LoA) a concession of 25 years (including a construction period of 3 years) to India's Gammon Infrastructure Projects Limited for constructing a bridge across river Godavari Andhra Pradesh, a major bridge across the river Godavari connecting Rajahmundry and Kovvur in Andhra Pradesh . The bridge will be constructed on upstream side of the existing rail-cum-road bridge near Katheru at Rajahmundry connecting EGK road at km.82/4 at Kovvuru and NH-5 at km.197/4 on Rajahmundry side in East Godavari district in the state of Andhra Pradesh.  Under the contract, Gammon was responsible for the design, construction, finance, operation and maintenance of this greenfield bridge over the existing rail-cum-road bridge. The expansion project, was expected to ease traffic congestion, improve connectivity between the two towns of Kovurru and Rajahmundry, and give significant stimulus to trade and commerce in the entire region.  Gammon Infrastructure Projects Limited established Rajahmundry Godavari Bridge Limited, a special purpose vehicle, to implement the project. Gammon won the tender through competitive bidding, conducted by State PWD, by requesting for the lowest subsidy of US$ 42.9 million (INR 2075.5 million @ 48.41 INR/USD). Under the contract, Central Government was to give a grant of US$ 24.5 million (INR 1186 million @ 48.41 INR/USD) and the State government was to give a grant of US$ 18.4 million (INR 889.5 million @ 48.41 INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. Other bidding details were not available at the time of collection of this information.  The concession agreement was signed in November 2008. The project attained financial closure on May 1st 2009. The estimated capital cost of the project was US$ 177.85 million (INR 8610 mn @ 48.41 INR/USD) million. A consortium of banks arranged US$ 116.9 million (INR 5660 million debt @ 48.41 INR/USD). The balance amount of US$ 60.9 million (INR 2950 million @ 48.41 INR/USD) was expected to be provided by sponsors as equity.    Construction on the project began in May 2009 and was expected to be completed by 2nd quarter of 2012.
In July 2008, the Maharashtra PWD awarded a concession (tenure of concession couldnt be verified at the time of collection of this information) with a consortium of India’s Sangam Limited and Keti Constructions Limited for the strengthening, improvement, four to six-laning, operation and maintenance, and tolling of Thane-Bhiwandi-Vadapa Road (Special State Highway,section of the Old Mumbai-Agra Road) in between Kapurbawdi and Anjur Phata along with North Kasheli Bridge and South Kasheli Bridge with approaches in Thane district, in the state of Maharashtra.  The consortium of Bhilwara-based Sangam (India) Limited and Indore-based Keti Constructions (India) Limited established Kalyan Sangam Infrastructure Limited, a special purpose vehicle, to implement the project. The consortium won the tender through competitive bidding, conducted by State PWD. The details of the bidding couldnot be verified at the time of collection of this information. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement was signed in July 2008. The project attained financial closure in April 2009. The estimated capital cost of the project was US$ 47 million (INR 2276 mn @ 48.41 INR/USD) million. Sole bookrunner IDBI Bank arranged a US$ 46.6 million (INR 2255 million @48.41 INR/USD) syndicated loan (five-tranche 13-year loan) to finance the project. Bank of Baroda, Corporation Bank, Oriental Bank of Commerce and Union Bank of India joined.    Construction on the project began in April 2009 and was expected to be completed in 27 months by June 2011.
The project involves development of four lane elevated expressway of 19 km from southern gate of Chennai port to Maduravoyal on NH-4 in Tamil Nadu under NHDP Phase VII under a 15 year toll BOT concession contract. Construction period was defined for 3 years. The contract was awarded by NHAI and included some subsidy. The project was expected to be operational in 2012.  The proposed project would expedite movement of cargo from and to the Chennai port and was planned for a four-lane corridor along the Poonamallee High Road.The concession agreement was signed in May 2009. The estimated capital cost of the project at the time of bidding was US$ 164.2 (INR 7950 mn @ 48.41 INR/USD) million. The project reached financial closure in December 2009. Debt equity ratio for all the three projects has been set at 75:25.Soma-Isolux accessed funds from half a dozen public sector banks with tenure of 15 years and two-year moratorium. Cost of funds were pegged anywhere between 13 and 14 per cent.     The concession agreement was signed in May 2009. The estimated capital cost of the project was INR 21.483 billion (US$469.7 million). The project reached financial closure in December 2009. Debt equity ratio for all the three projects has been set at 75:25.Soma-Isolux accessed funds from half a dozen public sector banks with tenure of 15 years and two-year moratorium. Cost of funds were pegged anywhere between 13 and 14 per cent.     The earlier appointed date (start of concession) of November 14, 2009 was shifted to September 14, 2010 due to delay in the acquisition of land. The project also continues to be on hold because of alleged deviation from the approved designs and a resolution is awaited.
The Brazilian company Geradora de Energia do Norte S.A., a partnership of Grupo Servtec (50%), Equatorial Energia(25%) and Fundo de Investimento em Participações Brasil Energia (25%), was granted the authorizations by the regulatory agency ANEEL to build and operate two thermal power plant located in the state of Maranhao (municipality of Miranda do Norte). The power plants were set to have a capacity of 165 MW each, and to use diesel as fuel.   In January 2008, Geradora de Energia do Norte S.A. signed the 35-year contracts with ANEEL allowing the company to operate in the electricity market as a independent producer. These authorizations granted the sponsor with the right to sell electricity in the Brazilian wholesale market. In July 2007, the company took part in a competitive bidding process to sell electricity to the regulated wholesale market (15-year power purchase agreement was signed guaranteeing the sale of electricity to the national grid).    Geradora de Energia do Norte S.A. committed to invest US$ 300 million (BRL 600 million) in the facility. In September 2009, the company was granted a US$ 167 million (BRL 334 million) loan contract from Banco da Amazonia, a state-owned development bank.   Construction works were concluded in January 2010 and the power plants were expected to commence operations in May 2010.
The company Sykue Geracao de Energia Ltda, a wholly-owned subsidiary of Sykue Bioenergya, was granted an authorization by the regulatory agency ANEEL to build a 30-MW thermal power plant located in the state of Bahia(municipality of Sao Desiderio). The thermal power plant was set to use grass as fuel.   In November 2007, Sykue Geracao de Energia Ltda signed a 35-year contract with ANEEL allowing the company to operate in the electricity market as a independent producer. This authorization granted the sponsor with the right to sell electricity in the Brazilian wholesale market. Almost two-thirds of the capacity is set to be sold to Grupo Pao de Acucar, and the rest to the grid.  Sykue Geracao de Energia Ltda  committed to invest US$ 50 million (BRL  100 million) in the facility. Financial closure for the project was achieved in March 2009, when the company was granted a US$ 44.6 million (BRL 89.2 million) loan contract from BNDES, a state-owned development bank.   Operations commenced in November 2010.
Essentium Group [Spain] developed four greenfield hydroelectric power plants with combined capacity of 45MW located in Giresun, Ardahan, Düzce and Kayseri.  The plants were developed on a greenfield, build, own and operate (BOO) basis.  Electricity generated by the wind farm was to be delivered to the Turkish national grid.  As of end 2009, power purchase agreements (PPAs) remained to be finalized.  The total project cost for the four plants was EUR56 million (US$77.84 million). Financial closure was reached in September 2009 when it was reported that TSKB, a local bank, provided a EUR42 million (US$58.38 million) loan to Essentium Group in respect of the four hydro plants.  ASC Hukuk advised TSKB and Yksel Karkin Law Office advised Essentium.
As permitted by GoI, Power Grid Corporation of India Limited (PGCIL), the CTU in India and Torrent Power Limited (TPL) formed a Joint Venture (JV) for setting up transmission system for evacuation of power from 1130 MW SUGEN power project to Ahmedabad Distribution Area besides LILO on Gandhar-Vapi line of PGCIL. The JV or Company  is called Torrent Power Grid Limited (TPGL). The JV secured a license from CERC to set up a 249 km long 400 kV transmission line from the upcoming 1130 MW SUGEN project to the Pirana Sub-station being built by PGCIL. PGCIL holds 26% equity in this JV while TPL holds 74% equity.  TPGCL was to build the transmission lines on a build, own and operate basis at an estimated investment of USD 87.5 million and will be completed in a phased manner which will meet the requirements of power evacuation of the SUGEN power project. Phase I of the project comprises of the 28 km Vapi Jhanor LILO (Line-in Line-out) while Phase II comprisesdof the 80 km Jhanor- Dehgam line. Phase I was commissioned in March 2009 and phase I in march 2010. Phase III that comprised of a 141 km line connecting phase II with the Pirana substation of PGCIL was under implementation in 2011   In January 2000, Govt. of India (GoI) issued detailed guidelines for private sector participation in transmission. The Guidelines envisage two routes for inviting private sector participation. One route is through a Joint Venture of PGCIL and private investor, wherein the Central Transmission Utility (CTU)/State Transmission Utility (STU) shall own at least 26% equity and the balance shall be contributed by the Joint Venture Partner (JVP). The other route called IPTC (Independent Power Transmission Corporation) is to facilitate private investors including investors coming through FDI to invest 100% by themselves.
In January 2009, the 350MW Phase-I of the coal power plant developed by RKM Powergen under a BOO format, reached financial closure. The project was located at Uchipinda in Dabur Taluk in Jangir - Champa district of Chattisgarh. The 1430MW project was to be executed in 2 phases (Phase 1 of 350 MW (1 x 350) and Phase 2 of 1080 MW (3 x 360)). The primary fuel was domestic coal.  A consortium of Chennai based R.K. Powergen Group (74%) and the Malaysia based Mudajaya Group (26%) established RKM Powergen Private Limited, a special purpose vehicle, to implement the project. The company was granted the project through MOU route on a negotiated basis. RKM Powergen had entered into a 20-year PPA with Chattisgarh State Electricity Board (CSEB) for the sale of 30% of the net power generated by the project; the tariff had a two-part structure and was to be determined in accordance with the guidelines framed by the Chhattisgarh State Electricity Regulatory Commission from time to time. The PPA with CSEB also provided for the sale of an additional 7.5% of the net generated power at variable cost of generation. RKM Powergen had also signed a 12-year PPA with PTC for the sale of up to 700 MW (net) at a guaranteed price of INR 3 per kWh. Any failure by PTC to offtake power would necessitate payment of the guaranteed minimum charges. RKM Powergen also had the right of third-party sale in such an event where the proceeds from such third party sale would be set off against PTC’s liability to pay the guaranteed minimum charges. For the balance power available, RKM Powergen was exploring various alternatives including sale through competitive case 1 bidding and/or merchant basis.  The estimated project cost was US $1374.3 mn (INR 66530 million at 48.41 INR/USD) to be funded by debt of US $1046.3 mn (INR 50650 million) and equity of US $328.2 mn (INR 15890 million). Phase-I was estimated to cost US $330.5mn (INR 16000 million). Financial closure had been achieved for Phase 1 in January 2009 and the debt requirement of US $245.8mn (INR 11900 million) had been fully tied up. US $84.7mn (INR 4100 million) had been contributed till date as equity for Phase-I. RKM Powergen was in advanced stages of tying up the debt requirements for Phase 2 (US $800.4mn or INR 38750 million at 48.41 INR/USD).  Unit 1 of the power plant was scheduled to be commissioned by June 2011, with the other 3 units following with a 3 month gap for each unit. The land requirement for the project was 900 acres of which 739 acres had been acquired till date. Water requirement was to be be sourced from Mahanadi river. Coal linkage was for 350MW and coal from captive coal block (Fatehpur East of SECL) was for 1000MW. As against a total requirement of approx 7.9 million MT per annum, RKM Powergen had obtained coal linkages from South Eastern Coalfields Limited (SECL) to the extent of 6.24 million MT per annum. Shortfall, if any was expected to be met through spot market purchases in the domestic market and/or imports. Most of the major approvals and power transmission agreement with PGCIL were in place.
In March 2009, Encom commissioned a 30MW temporary power plant in Bishoftu (Debre Zeit) leased to the Ethiopian Electric Power Corporation (EEPCO) for a minimum of six months.  The contract was awarded by by the government by direct negotiation. Publicly available information was very limited.  As of December 2010, the power plant appeared to be still operational. Publicly available information was very limited, it was not possible to confirm that the contract was extended. However, no contract termination was reported.
Ecopistas, a wholly-owned subsidiary of Ecorodovias, was awarded the project to expand, rehabilitate and operate the 134.9 km long toll road in May 2009 and took over the operation of the highway in June 2009, when the 30-year concession contract was signed. When the concession was granted, the traffic on the highway was estimated to be around 20 million vehicles annually.   The toll road is a stretch of the Campinas – Vale do Paraiba Litoral Norte Export corridor, located in the state of Sao Paulo and it is largely used to transport the production of 2.000 industries located in the Vale do Paraiba. Among these industries are the largest car manufacturing companies of the country.  The bidding process for the second stage of the Sao Paulo state toll road concession program took place between October 2008 and early 2009 and the five awarded projects comprised the operation of 1715 km of highways in total.  Altogether, the concessionaires committed to the duplication of 359 km, 526 km of additional tracks and new shoulders, besides the construction or expansion of access roadways, 317 bridges and viaducts and over 65 new pedestrians crossing bridges.  The works were expected to benefit 171 municipalities with a total of 21 million inhabitants. The concessionaires also committed to maintaining 900 km of local toll free roadways.  In May 2009, the Ayrton Senna – Carvalho Pinho Highway was awarded to Ecopistas by the state of Sao Paulo in a competitive bidding process based on the lowest toll rate criteria. The winning bid was 45.42% below the ceiling set by the state regulatory agency Artesp. The other bidder was Triunfo Participacoes e Investimentos, which actually made a lower offer (55% below the ceiling), but failed to make the 20% down payment of the concession rights.  The private sponsors committed to pay US$ 297 million (BRL 594 million) to the government for the concession rights (20% of this value was paid when the contract was signed and the rest was agreed to be paid in 18 monthly installments) and were expected to invest US$ 229.5 million (BRL 459 million) during the first five years of the concession period. The total investment for the 30-year period amounted to US$ 429.5 million (BRL 859 million). In September 2009, the company (Ecorodovias or Ecopistas?), with the intermediation of the bank Itau, issued bonds to help finance the payment of the concession fee to the government, raising a total of US$ 75 million (BRL 150 million).   As of November 2009, EcoRodovias had as main shareholders Grupo CR Almeida’s subsidiary Primav Construções e Comércio (Brazil, 65%) and the Italian company Impregilo (35%). Ecorodovias began charging tolls in February 2010.  In February 2011, the state-owned bank BNDES granted a US$ 217.8 million (BRL 355.4 million) loan to  the company to finance the infrastructure works.
In May 2009,  Desarrollos Carreteros del Estado de Durango (Decarred) signed a 20-year contract with the State of Durango to rebuild and upgrade 10 highways (327km of road) in the Liguna region of the State of Durango. The new roads were to connect to the 232km Durango-Mazatlan highway, which was to cross the country's western mountain range, the Sierra Madre Occidental.The project's total cost was estimated at 1.5bn pesos (US$118mn). The project company was owned by Mexican firms Carreteras y Tecnologia en Concretos, S.A. de C.V and Carreteras y Tecnologia en Concretos, S.A. de C.V.   The bidding variable was the Net Present Value of periodic payments totalling 3.4 billion pesos (US $269 million) over the 20 year period (starting with the contract signing in 2009). The project was tendered under the law for Proyectos de Inversion y de Prestacion de Servicios or (PIPS)system, similar to the federal PPS system. Under the PIPS,availability payments are made to the concessionaire in return for upgrading, operating and mainting the road. Tolls are usually not charged in these projects and in the case of Decarred, the sections were to remain toll-free.   In December 2010,the Macquarie Mexican Infrastructure Fund (MMIF), operated by Australian investment bank Macquarie Group completed its acquisition of Desarrollos Carreteros del Estado de Durango (Decarred) from its previous operators, Rostec and Carreteras y Tecnología en Concretos, for approximately 1.544bn pesos (US$122 million). At the time of MMIF's acquisition, the toll-free roads were rebuilt and upgraded by cement manufacturer Cemex. The firm was to continue to perform maintenance work for the duration of the PPS contract, which expired in 2029.
The Brazilian company Sociedade de Energia Bandeirantes (SEBAND) was granted an authorization to build a 22.68-MW small hydro power plant in the state of Sao Paulo (Sapucai river, municipality of Sao Joaquim da Barra and Guara). The 30-year contract was signed with the regulatory agency ANEEL in October 2002. In 2003, the sponsor along with its parent company Pleuston Servicos Ltda (which held 62.5% of SEBAND’s shares) created the company Central Eletrica Anhanguera (CELAN) to lead the project.  In March 2009, the company Volkswagen do Brasil S.A. acquired shares of CELAN from SEBAND, such that the ownership structure of the company by the end of the year was as follows: Volkswagen (40%), SEBAND (33%) and Pleuston (27%).  CELAN committed to invest US$ 50 million (BRL 100 million) in the construction of PCH Anhaguera. Though the construction works commenced in 2008, financial closure was only achieved in June 2009, when CELAN was granted a US$ 36.3 million (BRL 72.5 million) loan from the state-owned bank BNDES.  As of 2009, operation of the facility was expected to commence in the second semester of 2010.In December 2010, the power plant commenced operations.
In June 2009, the 1200MW Korba West Power Company Limited - Phase I Coal power plant developed by Avantha Power Ltd reached financial closure. On July 28, 2008, Avantha Power had entered into an Implementation Agreement (IA) with Government of Chattisgarh (GoCG) and Chhattisgarh State Electricity  Board(CSEB),for implementation  of a 600-MW thermal  power project in Raigarh district in Chhattisgarh State. However the plant capacity was subsequently increased to 1200 MW when Avantha Power entered into a MoU with the GoCG and Chhattisgarh State Power Holding Company Limited (CSPHCL) on November 17, 2009 for an additional phase-II of 600 MW.   As per the terms of the implementation agreement, KWPCL was required to sell 5% of the power produced at the Chhattisgarh Power Project Phase-I to GoCH or its nominated agency at energy cost (variable cost) determined as per the guidelines of CSERC (State Electricity Regulator) for a period of 20 years from commencement of supply of power. GoCH or its nominated agency also had the right of first purchase on an additional 30% of the power generated at regulated tariffs approved by the CSERC. Chhattisgarh State Power Trading Company Limited (a GoCH undertaking) had exercised this right in October 2009. A PPA was expected to be entered into between KWPCL and the purchasing entity to set out the detailed provisions and procedure for supply and evacuation of such power, payment of tariff, acceptable payment security mechanism and other terms. In addition, on March 2010, KWPCL had also contracted for the sale of 210 MW of power per annum with Reliance Energy Trading Limited,for 15 years, subject to the negotiation and execution of a PPA. Also KWPCL  was negotiating with entities  for entering  into  long-term contract  for sale of 35%  of  power. KWPCL was expected to sell the balance of power generated on a merchant basis.  The estimated project cost of Chattisgarh Power Project Phase-I was USD 593.3 million (INR 28720mn @ 48.41 INR/USD). Financial close took place on 24 Jun 2009. Financing comprised a USD 444.1 mn (INR 21500mn) 14-year term loan and USD 149.1 mn (INR 7220 mn) Equity. Axis Bank was the lead arranger.   KWPCL expected Chhattisgarh Power Project Phase I to be commissioned by the second quarter of fiscal 2013. As on  August 31,2009, KWPCL  had in  place  approvals/schedule  of  obtaining clearance for majority  factors  like water & coal  linkage etc. KWPCL had also acquired a large part of the project land which constituted private land and for the remaining land, GoCG was in the process of granting possession to KWPCL. The company had placed orders for Boiler Turbine Generator Contract to BHEL. The clearance by Ministry of Environment & Forest (MoEF) for the project was also in process. A Bulk Power Transmission Agreement (BPTA)with PGCIL had been executed for the transmission of power generated from the Chhattisgarh Power Project Phase I in Feb 2010. The term of the BPTA is 25 years from November 2012.   Approximately 2.87 million tonnes per annum of coal for Phase-I was to be procured through long term coal linkages from SECL. SECL had issued LoAs to KWPCL dated July 25, 2008 and June 6, 2009, for supply of an aggregate of 2.74 MTPA of coal. The balance of the coal requirement for the Phase I was expected to be procured from the open market as and when required. Each LoA was valid for a term of 24 months from the date of issue.
In 2008, Brooklyn-Kiev Group began development of a new container terminal in the port of Odessa.  In August 2008, Translink, a CMA-CGM [France] subsidiary, purchased a 50% equity stake in the project company, Odessa Terminal Holdco Limited (OTHL). The greenfield container terminal was developed on a build, operate and transfer (BOT) basis. The quoted capacity of the new terminal varied between 200,000 and 300,000 TEUs in public sources. The operator of the terminal was Brooklyn-Kiev Port LLC, a subsidiary of OTHL.  The project reached financial closure in May 2009 when the EBRD signed a US$37 million senior loan towards the project's overall cost, which was quoted by EBRD as US$130 million. In addition, EBRD acquired an equity participation of up to 5% in OTHL.
In March 2009,  a local private company Shenzhen Datong Water Affairs Co., Ltd. signed an agreement with Wujin District Government to manage three wastewater treatment plants in Wujin District, Changzhou City, Jiangsu Province for 5 years. The private company took over the plants under a 5-year lease contract which set the payment at RMB 0.385 per ton. The three wastewater plants were City Area Wastewater Treatament Plant (80,000 cubic meters per day), Wunan Wasteater Treatment Plant (40,000 cubic meters per day) and Zouqu Wastewater Treatment Plant (10,000 cubic meters per day). The total capacity of the facilities was 130,000 cubic meters per day. The Shenzhen Datong was a joint venture of Shengzhen Water Affairs Group and a private company Shenzhen Goldtrust Water Affairs Investment Col, Ltd.
In April 2009, a local private company Shenzhen Haichuanda Investment Co., Ltd. was granted an agreement to build and operate a wastewater treatment plant in Lianyuan City, Hunan Province after a competitive bidding process. The project had a capacity of 20,000 cubic meters per day. Haichuanda had a 100% stake in the project and the total investment was about RMB 38 million (US$ 5.56 million).
In January 2009, Enerjisa, a 50:50 joint venture between Sabanci [Turkey] and Verbund [Austria], assumed control of the assets of Baskent Elektrik Dagitim A.S. (Baskent EDAS, or BEDAS), one of Turkey’s largest electricity distribution companies, for a concession term of 30 years.  Baskent EDAS, which was incorporated in October 1995, serves more than 3 million customers in the cities of Ankara, Bartin, Çankiri, Karabük, Kastamonu, Kirikkale and Zonguldak.  The concession was part of a government program to introduce private operation of, and investment in, the 20 regional electricity distribution companies owned by the state-owned Turkiye Elektrik Dagitim A.S. (TEDAS).  The program followed a Transfer of Operating Rights and Share Sale model ('TSS model'). In this model, the private investor became the sole owner of the distribution companies' equity and the unique licensee for distributing electricity in each region for a period of 30 years. However, TEDAS retained ownership of the distribution network assets and of certain other items essential for operating the distribution assets. The private investor was obliged to undertake the necessary network investments, recoverable through the tariffs. These investments were embedded in the tariffs during the first tariff implementation period (2006-2010). After 2010, the private investor was to submit an investment plan annually to the Electrity Market Regulatory Authority (EPDK) for its approval.  Enerjisa won a competitive tender held on July 1, 2008, for the Baskent EDAS concession with a bid of US$1,225 million. Enerjisa beat off competition from four rival bidders, namely Hema Endustri, AkCez, Dogan Holding-Saray Hali-Kantur-Akdas Insaat joint venture, and Park Ticaret. In September 2008, the Privatization High Council approved the award in September 2008.  On January 28, 2009, Enerjisa signed the final purchase contract (share transfer agreement) with the Turkish government to assume control of Baskent EDAS.  The sponsors were to pay half of the purchase price upfront and the remainder in installments in 2011 and 2012.
In May 2009, the National Highway Authority of India (NHAI) signed a 19 year concession (including construction period of 30 months) with a consortium of India's Soma Enterprise Ltd and Spain's Isolux Corsan for widening the 133-km Gujarat/Maharashtra Border-Surat-Hazira Port NH section in the state of Gujarat.  Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance and widening of the existing four-lane highway to a six-lane highway with paved shoulders. The expansion project, part of National Highway Development Project Phase - III, was expected to ease traffic congestion, improve port connectivity and give significant stimulus to trade and commerce in the entire region.  The consortium of Soma Enterprise of India and Isolux Corsan of Spain won the tender through competitive bidding, conducted by NHAI, by requesting the lowest fixed subsidy of US$ 114.8 million (INR 5560 million @ 48.41 INR/USD). Under the contract, the project company was to recover the capital costs and operating costs including returns through tolling during the term of concession. No other bidding detail was available at the time of collection of this information.  The concession agreement was signed in May 2009. The estimated capital cost of the project at the time of bidding was US$ 311.7 (INR 15090 mn @ 48.41 INR/USD) million. The project reached financial closure in December 2009. Debt equity ratio for all the three projects has been set at 75:25.Soma-Isolux accessed funds from half a dozen public sector banks with tenure of 15 years and two-year moratorium. Cost of funds were pegged anywhere between 13 and 14 per cent.     Construction on the project was expected to begin in June 2009 and completed by Dec 2011.
In August 2009, the Colombian company Tecnologica Intercontinental (Ticsa) was awarded the 20-year contract to build and operate the wastewater treatment plant named PTAR Tecoman (Tecoman, state of Colima). The treatment plant was set to have a capacity of 250 liters/second (21.6 m3/day), benefiting more than 80,000 people.  The sponsor established the special purpose company Sistema de Aguas de Tecoman S.A. de C.V.  to lead the project. The project award process was led by the state government, which established the highest private investment value as the bidding criteria. No information was available on the other bidders.  The investment was estimated at US$ 13.4 million (Pesos 165.6 million), partially funded by the Federal government (70% of the investment). Construction works commenced in October 2009, and operations were underway by 2014.  In May 2013, the Colombian company EPM acquired 80% of Ticsa's shares for US$ 113 million. The remaining 20% of the shares were held by the Mexican family Primelles.
In June 2009, China Gas was granted a 30 year agreement to construct and operate a natural gas pipeline facilities in Zhuanghe City of Dalian City, Liaoning Proinvce. China Gas owned 100% of the project. China Gas committed to invest US$ 20 million (RMB 139.82 million) in the project. The project was procured on a competitive basis. Based on publicly available information, the bidding criteria and the number of bidders remained unknown. Main revenue came from user fees and government support type was unknown.
In July 2009, the consortium of two local private companies Nanjing Runtry Co., Ltd. and Lanshen Group was granted an agreement to build and operate a wastewater treatment plant in Anda City, Heilongjiang Province following an open bidding process. No information was publicly available on the bidding criteria and the number of bidders. The consortium had a 100% stake in the project and the total investment was RMB 198 million (US$ 28.99 million). The capacity of the plant was 45,000 cubic meters per day.
2.59 MW PV project located in Xiacun, Xinyu City, Jiangxi Province, China, developed by Jiangxi Risun Solar Energy Technology. The total investment of the project is RMB 85.7967 million (US$ 13.11 million), and half was government subsidiary (US$ 6.56 million). Construction of the project was completed in Oct 2011. The solar power plant can reduce carbon emission of 1000 tons per year. It is a project in the National 'Golden Sun' Program. Substantial construction progress was reported in Nov 2009. Jiangxi Risun had a 100% stake in the project.
In August 2009, a local private company, Beijing Sound Group was granted a 30 year agreement to build and operate a wastewater treatment plant in Changde City, Hunan Province. The first phase of the project had a capacity of 15000 cubic meters per day. Beijing Sound owned 100% of the project and the total investment was RMB 31.73 million (US$ 4.65 million). The project was awarded through competitive bidding but no information was publicly available on the bid criteria and the number of bidders.
On March 11, 2009, the Ministry of Economy, Trade and Energy signed the privatization contract with CEZ Group [Czech Republic] for the divestiture of a 76% stake in Electricity Distribution Company of Albania (OSSH). OSSH is the sole electricity distribution company in Albania, providing electricity to approximately 1 million customers, or one-third of the Albanian population.    Prior to the sale, the state-owned, vertically-integrated national power corporation (KESH) was unbundled into three separate legal entities: a generation company, a transmission system operator and a distribution system operator (DSO).  OSSH was established as the DSO in June 2007 and was granted a single distribution license with a term of 30 years, as well as a single Retail Public Supplier (RPS) license with a term of 30 years, for the entire country. The IFC advised on the unbundling of KESH, as well as on the structuring of the OSSH divestiture and on the bidding process.    The divestiture followed a competitive bidding process. In June 2008, the Albanian government prequalified four companies - Enel [Italy], EVN [Austria], CEZ [Czech Republic] and Energy Steiermark [Austria] - to take part in the tender to purchase a 76% stake in OSSH.  In September 2008, the deadline for final bids was extended from September 15 to September 30. CEZ and Enel submitted final bids, while EVN and Energy Steiermark did not. However, Enel’s offer was not considered because the government stated it did not meet the technical requirements of the tender. On October 1, 2008, CEZ Group was confirmed as the winner of the tender, offering to pay EUR102 million (US$141.78 million) for a 76% stake in OSSH, to invest a further EUR425 million in OSSH, and to pay OSSH's outstanding debt of 15.6 billion leks (US$153.4 million).    Following the announcement of CEZ’s winning bid, the government and CEZ entered into negotiations to finalize the privatization contract. Under the privatization contract, CEZ was to invest EUR 200 million (US$278 million) over five years in OSSH.  The contract was ratified by the Albanian parliament in April 2009. The World Bank Board of Directors approved on May 5, 2009, a EUR60 million (US$78 million) Partial Risk Guarantee (PRG) for the divestiture. The PRG backstops the obligation of the government to compensate OSSH in the event that the energy regulator or government fail to implement the regulatory framework agreed as part of the privatization contract. The availability of the PRG was a precondition to the effectiveness of the OSSH privatization.  The IBRD guarantee expires in January 2016.  CEZ AS, the Czech Republic’s largest power producer, agreed with the Albanian government to settle a dispute over the revocation of its distribution license in the country in 2013.  Albania will pay CEZ 100 million euros ($136 million) by 2018 in yearly installments, an amount roughly equal to CEZ’s initial investment, the Prague-based company said today in an e-mailed statement.
In October 2002, the company SeaWest do Brasil, a subsidiary of the Brazilian company Ecopart Ltda, was granted an authorization by the regulatory agency ANEEL to build and operate a wind power plant located in the state of Rio de Janeiro (municipality of Sao Francisco de Itabapoana). Central Eolica de Gargau was set to have 40 MW in capacity.  The 30-year contract signed with ANEEL allowed the power plant to operate in the electricity market as independent producers. This authorization granted the sponsor with the right to sell electricity in the Brazilian wholesale market. A special purpose company, named Gargau Energetica S.A., was created to manage the project.  The total investment commitment was US$ 65 million (BRL 130 million), partly financed by Rio de Janeiro State government development fund INVESTRIO. Construction works on the Gargau wind power plant commenced in April 2008 for a initial capacity of 28 MW. In August 2009, Allianz insured the project against engineering and commercial risks (contract worth more than US$ 70 million or BRL 140 million). Operations commenced in October 2010.  Wobben Windpower signed power purchase agreements arranged with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies).
ETH Bioenergia, a subsidiary of  the Brazilian group Odebrecht (66%) and the Japanese Sojitz Corporation (33%), was created in 2007 to operate in the business of sugar-cane processing, the production of ethanol, and electricity generation. The company was granted authorizations by the regulatory agency ANEEL to operate thermal power plants located in the states of Goias (municipality of Cacu), Mato Grosso do Sul (municipality of Rio Brilhante and Nova Alvorada do Sul) and Sao Paulo (Mirante do Paranapanema). The cogeneration power plants were set to use sugar cane residues as fuel. The unit in Cacu, also referred to as UTE Cacu I, was set to have a capacity of 130 MW; the unit in Rio Brilhante, also referred to as UTE Eldorado, was set to have a capacity of 28 MW; the unit in Nova Alvorada do Sul, also referred to as UTE Santa Luzia I, was set to have a capacity of 130 MW; and the unit in Paranapanema, also referred to UTE Conquista do Pontal, was set to have a capacity of 100 MW.  The 30-year contract for the UTE Eldorado was signed by Energetica Eldorado Ltda with ANEEL in October 2004, allowing the power plant to operate in the electricity market as an independent producer. UTE Eldorado began operations in 2006 and demanded investment of US$ million (BRL 33.6 million). In March 2008, ETH paid US$ 382.5 million (BRL 700 million) for Eldorado pressing unit and cogeneration plant, and additional investment should be directed to its expansion (as of 2009, its capacity was of 12 MW). In June 2011, ETH concluded the expansion of the UTE Eldorado to 24 MW in capacity, which demanded an investment of US$ 25 million (BRL 49.9 million).  In January 2009, UTE Conquista do Pontal, UTE Santa Luzia I and UTE Cacu I were also authorized to operate in the electricity market as an independent producer (the contracts had 35-year duration). The contract for UTE Conquista do Pontal was signed by Usina Conquista do Pontal S.A., which is 80% owned by ETH Bioenergia (the other shareholders are small local investors). The contract for Santa Luzia I was signed by Agro Energia Santa Luzia Ltda, a wholly-owned subsidiary of ETH Bioenergia. The contract for UTE Cacu I was signed by Rio Claro Agroindustrial S.A., also a wholly-owned subsidiary of ETH Bioenergia.  In 2008, UTE Conquista do Pontal, UTE Santa Luzia I and UTE Cacu were able to sign 15-year power purchase agreements guaranteeing the sale of electricity to the national grid.   In June 2009, the state-owned bank BNDES approved a US$ 177.8 million (BRL 355.5 million) loan to finance the cogeneration and sugar/ethanol production in Conquista do Pontal. The power plant began operating in November 2009. ETH’s total investment in cogeneration and sugar/ethanol production in Conquista do Pontal was estimated at US$ 250 million (BRL 500 million), but no information was available only on the investment in the cogeneration unit.  In the second half of 2009, merger talks were underway between Brenco Companhia Brasileira de Energia Renovavel and ETH. In early 2010, Brenco was incorporated by ETH. The following thermal power plants owned by Brenco were under construction by the time of the merger: UTE Alto Taquari, UTE Costa Rica and UTE Morro Vermelho.  Construction works on the UTE Cacu started in 2009 and were concluded in July 2010. ETH’s total investment in cogeneration and sugar/ethanol production in Cacu was also estimated at US$ 250 million (BRL 500 million), but no information was available only on the investment in the cogeneration unit.  In August 2010, UTE Eldorado took part in a competitive bidding process to sell electricity to the regulated wholesale market (a 15-year power purchase agreement was signed guaranteeing the sale of electricity to the national grid).  In November 2010, ETH was granted another 30-year authorization to build and operate another power plant, UTE Alcidia. With 38.1 MW in capacity, this power plant was established in the State of Sao Paulo. The UTE Alcidia won the public bidding for the sale of electricity at the regulated market that took place in 2010, by offering an average tariff of US$ 87.6/MWh (BRL 154.25/MWh). The project company signed a 3-year power purchase agreements with ANEEL to supply several electricity distribution companies. UTE Alcidia committed to start supplying to the market in 2011, but its commercial operations commenced in December 2010. The investment figure was not available.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures.   The 79.8-MW UTE Costa Rica, which was incorporated to ETH Bioenergia's portfolio with the merger to Brenco, became operational in November 2011 (investment of US$ 49.4 million or BRL 96.4 million). The 72.7-MW UTE Morro Vermelho, which was algo incorporated to the portfolio with the merger, became operational in January 2013 (investment of US$ 49.4 million or BRL 96.4 million). In 2008, both units had signed power purchase agreements to sell electricity to distribution companies starting in 2010.  In December 2011, UTE Conquista do Pontal took part in the competitive bidding process to arrange power purchase agreements with electricity distribution companies. UTE Conquista do Pontal's winning bid was of US$ 58.2/MWh (BRL 95/MWh).  In January 2013, another 79.8-MW sugar cane residue power plant became operational: UTE Agua Emendada. In 2008, this power plant had also signed power purchase agreements to sell electricity to distribution companies starting in 2010. A total of US$ 49.4 million (BRL 96.4 million) was directed to constructing UTE Agua Emendada.  As of March 2013, construction works on another unit was concluded: the 72.7-MW power plant named UTE Alto Taquari. In 2008, this power plant had also signed power purchase agreements to sell electricity to distribution companies starting in 2010. A total of US$ 49.4 million (BRL 96.4 million) was directed to constructing UTE Alto Taquari.
In May 2009, the Power Sector Assets and Liabilities Management (PSALM) finalized the sale of 747MW Tiwi-Makban power complex by selling it to AP Renewables Inc. for US$ 446.88 million.   In July 2007, PSALM awarded the project through competitive bidding to AP Renewables Inc. with higher bidding price of US$446.88 than US$368.4 million that First Luzon Geothermal Energy, the other bidder, offered at the tender. The first tender for the power complex was arranged in 2005 but the auction was cancelled to accommodate changes to the bidding procedures. Aboitiz' subsidiary held a 10 year PPA with local utility Camarines Norte Electric Cooperative (CANORECO), which supplies power to Camarines Norte’s capital city of Daet and 10 other municipalities – Mercedes, Labo, Vinzons, Sta. Elena, Basud, Talisay, San Vicente, Capalonga, Paracale and Panganiban.  Under the agreement, AP Renewables Inc. made the initial downpayment of US$ 178.17 million, or 40% of the total purchase price in May 2009. In October 2009, Aboitiz Power Renewables paid in full the outstanding US$257.3 million (PHP12.12 billion) balance on the price to acquire the Tiwi-Makban geothermal facility.
In 2008, Service National d’Eau Potable (SNEP), the Haitian utility, held a competitive tender for delegated water management services in the city of Saint Marc which had a population of 160,000 people. The project was awarded to LYSA [France, 100%] in late 2008. Lysa formed Societe des Eaux de Saint Marc (SESAM)as a special purpose vehicle for the project.  Prior to the tender, the government had invested US $10 million in civil works.   Due to administrative delays, the contract was not actually signed until October 2009. The contract called for 15 years of delegated management in the city of Saint Marc to improve water management services. Further information on investment, capacity or tendering was not available.
In May 2009, a local private company Shenzhen Haichuanda Investment Co., Ltd. was granted a 30 year agreement to build and operate a wastewater treatment plant in Jinshi City, Hunan Province. The project had a capacity of 40,000 cubic meters per day. Haichuanda had a 100% stake in the project and the total investment was about RMB 35 million (US$ 5.12 million).  A project company, Jinshi City Haichuanda Water Affairs Co., Ltd. was established to work on this project. While the project was awarded through a competitive bidding process, there was no publicly available informtaion on the bid criteria and the number of bidders.
In April 2009, a 169km transmission system/network, developed by JSW Energy Limited (JSWEL) at Jaigad in Maharashtra under BOO format, reached financial closure. The transmission network would primarily evacuate the power generated by JSW Energy Ratnagiri Limited's (JSWERL) 1200 MW power generation project at Jaigad. The project had two 400kV transmission lines from JSWERL plant at Jaigad to the state utility substations located at both New Koyna and Karad, respectively, which formed part of the Maharashtra intrastate transmission system. The New Konya and Karad transmission lines are approximately 57km and 112km in length, respectively.  On August 5, 2008, JSW Energy Limited had formed Jaigad Power TransCo Limited (JPTL), a joint venture company with Maharashtra State Electricity Transmission Company Limited (“MSETCL”) to build, own and operate the transmission system/network. JSWEL held 74% and MSETCL held 26% of the equity capital of the JV Company. JPTL was awarded the license to construct this transmission project on a negotiated basis. As the JPTL transmission line had not been identified for development under the Competitive Bidding Guidelines issued by the Ministry of Power, JPTL had applied for the grant of Transmission License for development and operation of the proposed transmission project. MERC (Regulator) held that all the expenditure made on the Intra-State Transmission system was finally recovered from the Transmission System Users (TSU),as per the “pooled cost” concept. Hence, it was essential to take every step to optimize on the costs to be incurred in development of the projects. Hence MERC instructed that M/s Jaigad Power Transco Limited to follow a transparent competitive bidding process for development of the transmission project to ensure that the cost of the project was the most reasonable and most competitive. In pursuance of this directive, on July 2, 2008 JPTL awarded the competitively bid EPC contract to Larsen & Toubro. The cost of EPC Contract was USD 92 million (INR 4460 million) which was inclusive of supply and service contract.   JPTL entered into a transmission development agreement with JSWERL on June 11, 2009 (“TDA”) for the development of transmission systems and networks for supplying power generated by JSWERL to the state transmission system. JPTL also entered into a bulk power transmission agreement with JSWERL and MSETCL on June 11, 2009 (“BPTA”) for evacuating the power generated by the power plant. The BPTA was valid for a period of 25 years from the date of execution or for the period of the transmission license whichever was longer. The Maharashtra Electricity Regulatory Commission on February 8, 2009 had issued a transmission license, valid for 25 years, to JPTL for establishing transmission lines as envisaged in the TDA. As per BPTA, JPTL had the responsibility to procure and maintain all the consents required to erect the tranmission assets and to maintain and repair the transmission system as required by BPTA. JSWERL would pay transmission tariff in accordance with the tariff orders issued by MERC from time to time.   The total cost of the project was estimated to be USD 119.8 million (INR 5800 mn at 48.41 INR/USD), which was expected to be financed by equity of USD 29.9 million (INR 1450 mn) and 12.5 year term loan of USD 89.9 million (INR 4350 mn) at a debt/equity ratio of 75/25. JPTL achieved financial closure and entered into financing agreements with a consortium of banks led by State Bank of India on April 29, 2009. Other members of the syndicate were Bank of Baroda, Bank of India, Canara Bank, Punjab National Bank, State Bank of India, United Bank of India.  The COD of Jaigad-New Koyna line (57 kms) was expected to be by November 2009 and of Jaigad-Karad line (112 kms) was expected to be by May 2010 as per the implementation agreement. The construction was in progress, and as per the latest information available, the Jaigad-Koyna Line had been successfully charged, and Jaigad-Karad line was expected to be commissioned by November 2010.
In November 2009, photovoltaic (PV) solar energy developer Nobesol [Spain] began commercial operation of Botevo I Solar Park, in the southeast of Bulgaria. The EUR8 million (US$11.1 million) Botevo I Solar Park is rated at 2 MW. Generated output was to be sold into the local grid operated by EVN Bulgaria, the local unit of utility EVN [Austria].  There were no reports on how the project was financed; therefore the commercial operations date (COD) was used as a proxy for financial closure date.
The company Termeletrica Viana S.A., a wholly-owned subsidiary of Wartsila, was granted an authorization by the regulatory agency ANEEL to build a 174.6-MW thermal power plant located in the state of  Espirito Santo(municipality of Viana). The thermal power plant was set to use heavy oil as fuel.   In June 2007, the company took part in a competitive bidding process to sell electricity to the regulated wholesale market (a 15-year power purchase agreement was signed guaranteeing the sale of electricity to the national grid). Of the 174.6 MW of electricity produced, 121 MW was the capacity committed to the referred power purchase agreement.  In January 2008, Termeletrica Viana signed a 35-year contract with  ANEEL allowing the company to operate in the electricity market as a independent producer. This authorization granted the sponsor with the right to sell electricity in the Brazilian wholesale market. In February 2008, Wartsila sold 80.1% of the shares in the project company to FIP Brasil Energia.  Termeletrica Viana committed to invest US$ 150 million (BRL 300 million) in the facility. Although the construction works started in September 2008, financial closure for the project was only achieved in July 2009, when the company was granted a US$ 111.9 million (BRL 223.8 million) loan contract from BNDES, a state-owned development bank.   Construction works on this plant were concluded in December 2009.
Buchanan Renewables Power Group, registered in the Netherlands and majority owned by two US citizens, was planning the development of the 36MW biomass plant. The company was 30% owned by Vattenfall which aquired the equity in 2010. The equity investment of $142.2 million was covered by a MIGA guarantee. Vattenfall sold its share back to Buchanan in 2012. The plant was to be fueled with locally sourced biomass from unproductive rubber tries via Buchanan Renewables Fuel. The project was localized near Kakata, around 56 kilometer from Monrovia.   The project received a permit from the Liberian government to construct the plant in 2009 but was placed under review in May 2012. At that time, the project had already leased land, completed an environmental study and secured financing for the plant. The company was under further negotiations with the government in May 2012. Buchanan Renewables Fuel, the subsidiary responsible for the biomass production received a $90 million loan from OPIC in March 2011 to expand production. Legal advisors were Dewey & LeBoeuf for OPIC, and Hogan & Hartson for the government of Liberia.  Total value was reported at $$170 million, of which $120 million was debt. The equity share was $50 million. The debt/equity ratio was 70/30. The project reached financial closure in March 2009.
In October 2009, the Power Sector Assets and Liabilities Management (PSALM) finalized the sale of 55 MW Naga Land-Based Gas Turbine Power Plant in Cebu by selling it to SPC Power Corp, formerly Salcon Bhd, for $1.008 million through negotiated sale, or competitive bidding where PSALM may opt to enter into negotiations.  In January 2009, PSALM launched a first round of bidding for the divestiture of Naga LBGT power plant. In February 2009, two investor groups attended the pre-bid conference. The first round of bidding was declared a failure because only one bidder submitted a bid. In June 2009, the second round of bidding was opened with date for submission of final bids set for September 16, 2009, which also failed.  Detailed financing information was not available.
On November 18, 2009 the Mexican construction company ICA SA de CV, in a ceremony led by the Mexican President, officially began the construction, operation and maintenance of the 21.4km La Piedad bypass, as well as the widening and operation of a 38.8km section of federal highway Mex-110 and the rehabilitation of a 7.32km stretch of highway Mex-90, in the states of Guanajuato and Michoacan for a period of 30 years. ICA formed Libramiento ICA La Piedad, SA de CV as the project company. Tolls were to be collected on the bypass. The Piedad bypass was to connect with the Irapuato – La Piedad Highway (project #3525) for which ICA holds a private service contract under the PPS model. The bypass was expected to create 4,800 construction related jobs while reducing noise and traffic congestion from traffic between the Bajio region and western Mexico.  The project was awarded to ICA SA de CV by SCT on November 28, 2008. The award followed an international, competitive tender launched by SCT on October 30, 2007. The tender was launched under the new concession model in which the bidding criterion was the lowest amount of government subsidies. Three consortia submitted final bids: Controladora de Operaciones de Infraestructura, SA de CV (ICA), Rostec de Mexico, SA de CV and Isolux Corsan Concesiones, SA.  The total project cost was estimated at 1896 million pesos (US $140.4 million). Banco Santander and Banorte loaned over 1000 MXN (US $74) million as 15-year bank debt priced at 275bp in the first quarter of 2009. The exact date that the banks arranged the debt facility was not known.  The project was expected to become operational in the first quarter of 2011. By the end of the fourth quarter of 2012, the project became operational according to company reports.
Montalban Methane Power Corporation (MMPC) developed the 9.25MW Land Fill Gas fueled power plant, Rodriguez, Rizal. The land fill site was 12 hectares.  The project was commissioned in June 2009. Consulting was provided by Japan Engineering Consultants (JEC) on the feasibility. The project was to operate for at least 5 years, but potentially 10 years. Feasibility study was conducted from September 2006 to May 2007.  Total project cost was reported at P1.5 billion in 2007, although at that time the plant was expected to be "up to 15MW". Estimated here is a total cost of P1.5 billion (US$36.9 million). Financial closure date was unavailable, but estimated here at June 2009 (Commissioning Year). The project applied for UNFCCC CDM financing.
In November 2007, Cymi Holding, a subsidiary of the Spanish Group ACS (which, in turn, belongs to Dragados group), was awarded in a competitive bidding process the 30-year contract to build and operate a  400-km transmission line located in the states of Piaui, Pernambuco and Ceara. Besides Cymi, nine other companies/consortiums took part in the contest: Isolux; Cobra Instalaciones y Servicios; Abengoa Construcao Brasil; Schahin Engenharia; Cia Técnica de Engenharia Eletrica; CTEEP; Empresa Amazonense de Transmissao de Energia; Elecnor; Consorcio São Joao do Piaui – Milagres (CHESF, ELETRONORTE, Brasil Energia and Terna).   The bidding criteria set by the federal regulatory agency ANEEL was the lowest required annual revenue. Cymi presented the lowest offer, a total value of US$ 7.5 million (BRL 13.8 million), 56.86% the ceiling set by the regulatory agency. The contract was signed in March 2008, and Cymi created the company Iracema Transmissora de Energia to lead the project during the 30-year contract period.  The sponsor committed to invest US$ 131 million (BRL 261.9 million) in the transmission line. Financial closure was achieved in April 2009, when the sponsor was granted a US$ 52.4 million (BRL 206 million) loan from Santander Bank. The remaining cost was set to be financed with the sponsors’ internal resources. Environmental clearance was granted in July 2009, but, as of June 2010, the construction works had not yet commenced. The works on the transmission lines were expected to be completed in 11 months.  In 2011, the project company ownership was sold to the companies Barra do Peixe Montagens e Servicos (0.01%) e a Lintran do Brasil Participacoes (99.99%), a subsidiary of the spanish group Cobra.  In October 2012, the Chinese company State Grid acquired seven transmission line projects that belonged to group Cobra for US$ 537.9 million (BRL 1.05 billion), besides taking the responsibility of US$ 417 million (BRL 814 million) in debt.
Energetica Ltda and Votorantim Cimentos Ltda, was awarded in a competitive bidding process the contract to build and operate a  212.58 MW hydro power plant located in the Sao Marcos River, state of Goias. Information on the other bidders was not available.  The bidding criteria set by the regulatory agency ANEEL was the highest price paid for the concession rights. GEFAC presented the highest offer, $38.1-million ($16.56-million) in annual concession fees, 3190% above the minimum value set by the regulatory agency. This value was set to be paid in monthly installments between the 7th and 35th years of the concession contract. The net present value of such concession fees in 2001 (when the contract was signed were estimated at US$176 million).  The contract was signed in November 2001, and sponsors created the company Serra do Facao Hidreletrica S.A. to lead the project during the 35-year contract period. As of 2009, ownership of the project company was structured as follows: Furnas Centrais Eletricas (49.47%), Alcoa (34.97%), Camargo Correa (10.09%) and state-owned DME Energética (5.47%).  In October 2007, Serra do Facao Hidreletrica committed to sell 121 MW to the regulated market and 66 MW to Alcoa under the same pricing conditions. In February 2007, the service order for construction and equipment supply was signed with Consorcio de Empresas Fornecedoras de Serra do Facao (COFAC) so that construction works could commence. COFAC was comprised by Construcoes e Comercio Camargo Correa S.A. (responsible for the civil works); Voith Siemens (responsible for equipment supply); and CNEC (responsible for executive project execution).  The sponsor committed to invest US$ 531.5 million (BRL 1.063 billion) in the power plant. Although initial construction works commenced in 2007, financial closure was only achieved in April 2009, when the sponsor signed a US$ 260 million (BRL 520 million) loan contract with BNDES (the loan was initially approved in 2007, but the contract was only signed in April 2009 and the bank started releasing the funds in May 2009). In February 2010, BNDES approved another loan to the project company amounting to US$ 31.2 million (BRL 56.1 million). The remaining cost was set to be financed with the sponsors’ internal resources.   Commercial operations of the first generating unit (106.2 MW) started in July 2010.
In January 2009, Orascom Telecom Holding S.A.E. was awarded a one-year management contract of Lebanese government owned mobile operator Alfa.  The management contract was for one year and was renewable for another year. Under this contract, Orascom Telecom Holding S.A.E. was required to increase the number of subscribers of Alfa from around 600,000 at the end of 2008 to around 1 million at the end of 2009.   The management fee was to be paid by the Republic of Lebanon and was to be defined based on the performance of the operator as measured by operating expenditure per active subscriber. The Republic of Lebanon was fully responsible for the Capex during the contract period.  The contract was extended in 2010. The contract was extended again for one year in 2011.
The Argentine company Impsa Energy was granted the authorization to build two wind parks in the state of Santa Catarina in February 2004. Two 30-year contracts were signed with the federal regulatory agency ANEEL in that year. The first one was for four units to be built in the municipality of Bom Jardim da Serra, with a total capacity of 91.9 MW . The second one was for 6 units to be built in the municipality of Agua Doce, with a total capacity of 125.8 MW. For each generating unit, a separate authorization was granted, initially to Consorcio Santa Catarina (comprised of Pegasus Desenvolvimento de Negocios and Santa Cruz Energia) or to one of these companies. In 2008, the authorizations were transferred to SPEs wholly-owned by Impsa (Bom Jardim Energia Eolica S.A., Amparo Energia Eolica S.A.; Santo Antonio Energia Eolica S.A.; Aquibata Energia Eolica S.A.; Cascata Energia Eolica S.A.; Campo Belo Energia Eolica S.A.; Cruz Alta Energia Eolica S.A.; Pulpito Energia Eolica S.A.; Rio de Ouro Energia Eolica S.A.; Salto Energia Eolica S.A.).  Financial closure for the project was reached in December 2009, when state-owned banks BNDES and Caixa Economica Federal  approved a US$ 418.9 million (BRL 837.8 million) loan to Impsa Energy. The total investment in the ten facilities was estimated at US$ 720 million (BRL 1258 million). The project companies have power purchase agreements arranged with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies).  Commercial operations for each power plant commenced in the following dates:  EOL Bom Jardim - operations commenced in 10/2010; EOL Amparo - operations commenced in 12/2010; EOL Santo Antonio - operations commenced in 6/2011;  EOL Aquibata - operations commenced in 12/2011; EOL Cascata - operations commenced in 10/2011; EOL Campo Belo - operations commenced in 10/2011; EOL Cruz Alta - operations commenced in 10/2011; EOL Pulpito - operations commenced in 8/2011; EOL Rio de Ouro - operations commenced in 6/2011; and EOL Salto - operations commenced in 12/2011.
In April 2009, London Supply [Argentina, 100%] and the Argentinian municipality of Trelew signed a 25-year concession contract for Almirante Zar Airport in Patagonia. It was London Supply’s third terminal alongside the airports of Ushuaia and El Calafate.   London Supply was the only final bidder in the competitive tender held in July 2008.  The firm had to invest 20 million pesos (US $5.89 million) in adding to and improving existing infrastructure at the Trelew terminal.
Agua Prieta was a wastewater treatment project in Guadalajara City. The project company (Renova Atlatec S.A. de C.V.) was selected by the Water Commission of the State of Jalisco (CEA) to provide 20 years of wastewater treatment service by the construction and operation of a treatment plant with a capacity of 734,400 tons/day (the largest in Mexico at the time it was built).  The contract was awarded through a national public bidding process. ICA- though its subsidiary Conoisa- together with Mitsui & Co - through its consolidated subsidiaries Atlatec and SAT - were the project sponsors. The consortium was led by Conoisa. Mitsui's two consolidated subsidiaries, Atlatec, a water/wastewater treatment engineering and construction company located in Mexico, which was acquired by Mitsui in July 2008, and SAT (Servicios de Agua Tridente), an investment firm in Mexico wholly owned by Mitsui USA, invested in 50 per cent of the total shares of the project company. The corporate group of ICA, the largest construction firm in Mexico at the time, invested in the remaining 50 per cent of the shares.The project company included: Atlatec - 34 per cent SAT - 16 per cent ICA (Conoisa) - 50 per cent  The contract was a Greenfield BOT. The sponsor obligations included partial financing, design, build, equipment supply, start up and 20 years operation and maintenance. The construction period was 33 months and the operation phase was 207 months. Start of operation was scheduled for October 2013, but not evidence of project operation as of November 2013.  The cost of the plant's construction was 2.61bn pesos (US$193 mn), of which 948mn pesos (US$ 70 mn) were contributed by the federal government via Conagua (through FONADIN). The rest was provided through project company capital and commercial debt.  Mitsui, together with Atlatec and SAT, was expected to meet almost the entire demand for household wastewater treatment in the metropolitan area of Guadalajara City by executing this project and the El Ahogado wastewater treatment BOT project (a capacity of 194,400 tons/day), which was executed by Atlatec and SAT pursuant to the agreement with CEA dated 10 December 2008.  Construction works were concluded in July 2014.
In December 2008, EVN Enertrag Kavarna OOE, a joint venture between EVN [Austria] (70%) and wind specialists Enertrag [Germany] (30%) announced that they had taken over and would complete a wind project planned by Universum Energy [Bulgaria], close to Bulgarevo village in the northeast Bulgarian municipality of Kaliakra. EVN Enertrag Kavarna was to develop the project in two stages. The first, 50MW, stage to be completed and connected to the grid at a cost of around EUR95 million (US$132.05 million) involved 25, 2-MW Vestas V90 turbines, with average annual production of 140 GWh. A 30 MW second stage is planned for a future date.    In June 2009, it was reported that all necessary permits had been acquired and that construction was advancing. There were no reports on how the project was financed; therefore the construction start date was used as a proxy for the financial closure date.  The right to construct the wind farm was won by Universum Energy in two tenders held by the local municipality in early 2004, while the project received approval from the Varna Regional Inspectorate for Environment and Waters (RIOSV Varna) in July 2005. Implementation was delayed by environmental groups' appeals against the RIOSV Varna decision at various levels of the local judicial system, with their final appeal rejected in 2008.  The wind farm was due to enter commercial operation in the second quarter of 2010.
The project involved implementation of solid waste management in Faridabad district. The 30-year DBFO concession was awarded to AKC Developers Private Limited on 1 January 2009. The total project cost amounts to $6.91 million, including a $4.63 million grant.
In December 2006, Capivari Ambiental S.A. (later named Foz de Capivari S.A.), a subsidiary of the Brazilian company Odebrecht, was created to undertake the construction of a sewerage treatment plant located at the municipality of Campinas (state of Sao Paulo). The ETE Capivari I treatment plant was set to have a capacity of 100 liters per second, attending a population of 200,000.  The contract, which was signed in 2007, envisaged the construction of the facility at the municipality's expenses. The investment on this plant was estimated at US$ 27.5 million (BRL 60 million) and was financed with a US$ 21.1 million (BRL 46 million) loan from the state-owned bank Caixa Econômica Federal. The unit was operational by 2009.   The operation of the treatment unit was to be undertaken by the private sponsor until May 2029 in exchange for the payment of a management fee.
The Brazilian company Companhia Energetica do Vale do Sao Simao, a wholly-owned subsidiary of Grupo Andrade, was granted an authorization to build a 55-MW thermal power plant located in the state of  Minas Gerais (municipality of Santa Vitoria) in February 2009. The cogeneration power plant was set to use sugar cane residues resulting from the ethanol producing unit belonging to the same company as fuel.   Companhia Energetica do Vale do Sao Simao signed a 35-year contract with the regulatory agency ANEEL allowing the company to operate in the electricity market as a independent producer. This authorization granted the sponsor with the right to sell electricity in the Brazilian wholesale market. In , the company took part in a competitive bidding process to sell electricity to the regulated wholesale market (15-year power purchase agreement was signed guaranteeing the sale of electricity to the national grid). Of the 55 MW of electricity produced, 15 MW would be set aside for the ethanol producing unit consumption, while 25 MW was the capacity committed to the referred power purchase agreement.   Companhia Energetica do Vale do Sao Simao committed to invest US$ 31.5 million (BRL 63 million) in the facility. In November 2009, the company was granted a US$ 76.93 million (BRL 153.86 million) syndicated loan contract from BNDES, a state-owned development bank. The resources from the loan was directed both to the construction of the ethanol producing unit and the cogeneration facility.   Construction works on this plant were concluded in April 2010,  but commercial operation commenced only in October 2010.
In September 2009, a consortium of the state owned Mid-South Design and Research Institute ,CHECC (51% stake) and a local private company, Guo Zhen Environmental Protection Co. , Ltd. (49% stake) was granted a 26 year agreement to build and operate the Chenzhou City No. 3 Wastewater Treatment Plant in Chenzhou City, Hunan Province after an open bidding process. No information was publicly available on the bid criteria and the number of bidders. The project had a capacity of 45,000 cubic meters per day and was expected to serve a population of 230,000. The total investment was over RMB 70 million (US$ 10.25 million).
In June 2009, Consorcio Coriport signed a 20-year concession contract to operate and expand Daniel Obuder Airport in the city of Liberia. Expansion works were estimated at approximately US $34 million. Coriport was comprised of MMM Aviation Group [Canada], Houston Airport Systems with [USA, 45%], and Costa Rican companies Emperador Pez Espada, Brad & Tod Corporation and Cocobolo Inversiones. The share of MMM Group and the Costa Rican companies was not clear at the time of concession signing, although the original consortium,  had MMM Group with 57% of the shares, HAS with 27% and the Costa Rican Companies with 6% each.  The project involved the construction of a two-level, 22,900m2 facility that would allow the airport to handle 1,500 passengers at a given time and increase the airport's capacity by 67%.  The contract was awarded in October 2008. HAS was the only firm to presented its proposal, but it exceeded the Costa Rican government’s minimum request that the new terminal be completed within eight months by stating that it would complete the terminal in six months.  In October 2010, the Inter-American Investment Corportation lent US $7.95 million to Coriport S.A, the project company.  In March 2015, the IIC approved a US$ 36 million loan to help Coriport S.A. to move up by two years the timetable for the capital investments needed for certain construction projects and equipment for the terminal, as well as expansion of the main boarding gates.
Enerji Ashta was developing the Ashta Hydro Power Project, a 48 MW hydro power plant on the river Drin.  The greenfield project was structured on a build, operate and transfer (BOT) basis for 35 years. Under the contract, the power distribution company Korporata Elektroenergjetike Shqiptare, KESH, was to buy the plant's entire production for the first 15 years of its operation at a price of EUR59/MWh. After that, the project operator was either to extend the power purchase agreement or sell the electricity on a merchant basis.   The total project cost was reported to be EUR166 million (US$ 244 million) at the time of contractual closure in September 2008.  The BOT contract was signed by the Albanian Minister of Economy, Trade and Energy and a member of Verbund’s management board.  IFC advised the Albanian government on the preparation and structuring of the transaction, as well as on the design of the legislative framework governing PPPs in Albania.   The contract was awarded by way of a competitive tender, which was prepared by the Albanian government and officially published on Jan. 18, 2008. The government received two bids, one from a consortium of GDF SUEZ [France] and Compagnie Nationale du Rhone [France], and a second from Verbund [Austria].  The bids were evaluated on the proposed level of investment, the installed capacity, technical standards and the length of the construction period. The project received environmental approval from the Albanian government in April 2009.  The project reached financial closure in December 2009, when it was announced that the construction contractor, Porr [Austria], had won a EUR60 million (US$83 million) construction contract for the project.  Previously, in September 2009, Energji Ashta placed a EUR100 million (US$139 million) equipment supply order with Andritz Group [Austria].    Construction commenced in March 2010 and was due to be completed in 2012. On April 20, 2010, Verbund and EVN signed a joint venture contract, giving EVN a 50% share in the project company, Enerji Ashta.  In March 2010, Verbund announced that it would increase the capacity of its Albanian hydropower plant from 48 to 57 MW, increasing its investment from 166 to 200 million euros (US$272.7 million).   In September 2012, the project's first section was commissioned.  In February, 2012, MIGA issued a guarantee totaling €121.4 million ($159.4 million) to EVN AG (Austria). The 20 year guarantee coverage is for its equity investment, and up to 10 years on its loan guarantee. Coverage includes: risks of transfer restriction, expropriation, war and civil disturbance, and breach of contract.
In September 2009, Aggreko signed a 12-month rental contract with the Kenya Electricity Generating Company Ltd to supply 140MW of emergency power in Kenya.  The contract was awarded following competitive tender process. Based on publicly available information, the number of bidders remained unknown. It was reported that one of the critical bidding criteria was speed of delivery.  This contract involved the installation of an additional 80MW at Aggreko's existing site at Embakasi, outside Nairobi and 60MW at a site near Naivasha.  The rental power plants became operational in October-November 2009.  In April 2011, the power plant was still operational.
In February 2009, ECO International, a subsidiary of the Canada based company Prime Tech, was granted an agreement to build and operate a wastewater treatment plant (Phase I) in Huangmei County, Hubei Province after a competitive bidding process. The capacity of the facility was 30,000 cubic meters per day and the total investment was RMB 49.48 million (US$ 7.08 million). ECO International was expected to operate the facility for 30 years. The primary basic treatment fee was 0.739 Yuan per cubic meter, and the primary treatment fee for any extra volume of wastewater was 0.596 Yuan per cubic meter. ECO had a 100% stake in the project.
In November2009, Abengoa [Spain] secured financing to develop the new 220kv Carhuamayo - Carhuaquero Transmission Line. The project entailed the construction of five transmission lines totaling 696.6km connecting the towns of Carhuamayo, Paargsha, Conocoha, Huallanca, Cajamarca, Cerro Corona and Carhuaquero as well as the upgrading of six existing substations and construction of two new substations in Huallanca and Conococha. The project was to be developed under a 30-year BOT contract.  Abengoa Transmision Norte SA was formed as the project company and was a subsidiary of Abengoa Peru SA, a subsidiary of Abengoa [Spain].   The project was awarded to Abengoa in February 2008 in an international, competitive tender conducted by Peru’s private investment promotion agency Proinversion. The award was based on a formula which awarded points based on the lowest project costs for construction, operation and maintenance as well the amount of investment using local (Peruvian) goods and services. Five consortia participated in the tender: Abengoa [Spain], Terna Partipacoes de Brasil [Brazil], Interconexion Electrica (ISA) [Colombia], Isonor Transmision [Spain] and Brazilian-Peruvian consortium Transmision del Norte (Transnorte). The contract was signed by Abengoa and Peru’s Ministry of Energy and Mines on May 22, 2008.  The total project cost was estimated at US $328.57 million. The project reached financial closure in November 2009 when a financing agreement was signed with commercial banks. Financing comprised US $78.6 million debt and US $250 million equity. The debt was split into a $74.671m 7-year term loan and $3.9m 7-year term loan provided by WestLB AG and BNP Paribas. Construction of the transmission line and associated substations was expected to be completed in November 2010.  Commercial operations commenced in December 2011.
In April 2009, Manila Water Company was awarded the right to provide water and sewerage services in Boracay Island on a BROT basis by the Philippine Tourism Authority(PTA). In the following month, a joint-venture agreement was signed by Manila Water(80%) and Philippine Tourism Authority (PTA)(20%) to operate, manage, rehabilitate, expand and finance water and sewerage services on the island for 25 years, with a possible extension for another 25 years. PTA is a state-owned corporate entity under the Department of Tourism with a unique role of promotion and development of the country's tourism industry. The project reached its financial closure in December 2009.   Under the terms of the agreement, Boracay Island Water Company (BIWC), the joint venture company would invest US$ 26.6 million (PHP 1.25 billion) during the life of the concession to expand water and sewerage capacity on the island. Of this amount, US$ 21.3 million (PHP 1 billion) would be invested in the first year alone to boost water supply capacity from the present 2 million liters to 6 million liters per day. BIWC would also spend an initial US$ 5.3 million(PHP 250 million) to upgrade PTA’s two water pumping stations and lay 8.5 km-long pipes to provide clean water to the residents.  In August 2011, the BIWC closed debt financing of US$ 11.6 million (PHP 500 million). The funds were arranged from the Philippine Water Revolving Fund and were sourced from the Development Bank of the Philippines, the Security Bank Corporation, and the Japan International Cooperation Agency. The loan, with an optional upsize feature of another US$ 11.6 million, carries a tenor of 20 years, which matches the company's concession period of 25 years. The company announced that the funds would be used to achieve 100% water coverage by 2014 and 100% sewerage coverage by 2018.
In August 2009, a private company Shanghai United Water Corporation was granted a 30 year agreement to renovate and operate the water supply facilities in Xianning City, Hubei Province after an open bidding process. No information was publicly available on the bid criteria and the number of bidders. United Water Corporation paid RMB 120 million (US$ 17.57 million) to get the right to operate the existing water supply plants with a total capacity of 160,000 cubic meters per day and was expected to spend RMB 30 million to renovate them. In addition, RMB 200 million was expected to be invested in developing new water treatment plant (total investment of RMB 230 million, or US$ 33.67 million in facilities). United Water Corporation had a 100% stake in the project.
Prabati Koldam Transmission Corporation Limited  was created  to implement and operate the transmission project at Prabati Koldam in Himachal Pradesh was awarded to the Company on BOOT basis for the construction, maintenance and operation of 400 KW transmission lines of two hydro projects (800MW Parbati-II HEP, which is being constructed by National Hydro Power Corporation Limited and 800 MW Koldam HEP, being constructed by NTPC Limited).   The project entailed construction of two lines – one from Parbati-II to Koldam, another from Koldam to Ludhiana, with a total line length 457 Ckt kms.    The scope of this project was extensive because it was to benefit practically the complete northern region.  The power extracted from these stations was to be utilized by 13 beneficiaries of Northern Region states, encompassing Uttar Pradesh, Rajasthan, Punjab, Haryana, Jammu & Kashmir, Himachal Pradesh, Delhi, Chandigarh and Uttarakhand. The project company company entered into bulk power transmission agreements with all but one of these beneficiaries.    Transmission License was granted by CERC and Approval under Section 68 by MoP. Stage I, Forest clearance and Aviation clearance, has already been secured for the project.  As permitted by GoI, Power Grid Corporation of India Limited (PGCIL), the CTU in India, and Reliance Energy Limited (REL) formed a Joint Venture (JV) in November 2007 for the execution of about 300 kms transmission lines from Parbati to Koldam and Koldam to Ludhiana. These lines are part of elements of the Transmission system associated with Generation Projects viz. Parbati-II HEP and Koldam HEP. PGCIL has 26% of equity in the JV while REL holds 74%.  In January 2000, Govt. of India (GoI) issued detailed guidelines for private sector participation in transmission. The Guidelines envisage two routes for inviting private sector participation. One route is through a Joint Venture of PGCIL and private investor, wherein the Central Transmission Utility (CTU)/State Transmission Utility (STU) shall own at least 26% equity and the balance shall be contributed by the Joint Venture Partner (JVP). The other route called IPTC (Independent Power Transmission Corporation) is to facilitate private investors including investors coming through FDI to invest 100% by themselves.   The project cost was estimated to be INR 10.7 billion (US$221 million). Financial closure was achieved in 2009 when the project company signed financing agreement with PFC & REC for debt amount of INR 7.7 Billion.
In August 2009, a local private company, Sichuan Sitong Oumei Enrionmental Engineeirng Co., Ltd., formed a joint venture with the local utilities to build and operate a wastewater treatment plang in Gong County, Sichuan Province. The total investment was RMB 49.06 million (US$ 7.18 million) and Sitong Oumei contributed RMB 25 million (a 51% stake). The capacity of the facility was 20,000 cubic meters per day. The joint venture would operate the facility for 25 years.
Hoang Anh Gia Lai Group (HAG) was planning the development of the 18 MW Daksrong 2 and 24 MW Daksrong 2A hydropower plants, Gia Lai province.  Construction started in 2009 and lasted two years. The plant commissioned on June 1 2011. The project was jointly developed with the Daksdrong 2 hydropower plant (24 MW), together producing 140 million kWh annually.  Total cost for both projects was VND 700 billion.
In June 2009, the 1200 MW (2x600 MW)Mahan thermal power plant developed by Essar Group reached financial closure under a BOO format. The Essar Power MP Ltd. had signed a memorandum of understanding with Government of Madhya Pradesh for setting up this pithead coal based power project in Mahan, Singrauli district in Madhya Pradesh. The project would be developed in two phases of 600 MW each.   Essar Power M.P. Limited (EPMPL) was granted the project through MOU route on a negotiated basis with Government of Madhya Pradesh. 700 MW of power from the generating station was proposed to be supplied to Essar group’s steel plant at Hazira in the State of Gujarat. According to the MOU, the generating station would supply about 80 MW (7.5% of net power) on real time basis at variable cost. In addition, Government of M.P had the first right of refusal for getting another 360 MW (30% of aggregate capacity) with the tariff to be decided through competitive bidding. The balance was expected to be sold on merchant basis.At the time of collection of this information the PPA with GoMP was yet to be signed formally.  All clearances including regulatory and environment were in place. Entire land required for the project was in possession. The approval for environment and the mining plan for the coal block (approved for annual production of 8.5MT) had been received. The JV of Essar Power M. P.Ltd. and Hindalco (Mahan Coal Fields-60% to Essar Energy, 40% to Hindalco) had been allotted coal block at Singrauli for captive use for the power plant with estimated coal reserves of 125MT (expected to be useful for 12.5 years). Harbin Power Equipment of China was the EPC contractor for the project and Areva was the supplier of Balance of Plants. Evacuation of power would be through dedicated transmission facilities under implementation through Essar Power Transmission Limited for which the open access approval had been received.  The project cost was estimated to be about USD 1104.1 million (INR 48610 million @48.41 INR/USD). The project achieved financial closure in June 2009.  The project was funded through a debt/equity ratio of 3:1 (USD 752.9 million Debt and USD 251.2 million Equity) and was funded by a consortium of four lenders - ICICI, PFC, REC and PNB. ICICI was the lead bank.  On 16th January 2013, Essar closed funding of US$ 21.3mn (INR 1250mn @58.6 INR/USD) for taking care of cost overruns of the Unit-II of the project. Financing comprised a 12 year term loan of US$ 21.3mn. Punjab National Bank was the loan provider.  On 30th August 2014, Essar closed funding of US$ 161.5mn (INR 9850mn @61 INR/USD) for taking care of additional cost overruns of the Unit-II of the project. Financing comprised a 13-year 6-months term loan of US$ 161.5mn. The loan had a grace period of 1-year 3-months and a repayment schedule of 45 quarterly installments. SBI Capital was the lead arranger.The participating banks were ICICI Bank (2700mn), IDFC (400mn), Punjab National Bank (1350mn), Rural Electrification Corp Ltd (2700mn), Power Finance Corp Ltd (2700mn).  Construction started in January 2008 and the construction activities were progressing as per schedule - commercial operation of Unit I (600 MW) was expected to be in June 2011 and Unit II (600 MW) in September 2011. Unit-I was declared commissioned and synchronized with grid on 26th December 2012. At the time of collection of this information, Unit 2 at Mahan  had not been commissioned.
The project entails the construction of an integrated solid waste management facility in Hyderabad, India. Ramky Enviro Engineers Limited a wholly owned subsidiary of Ramky Group is the sponsor. The 30-year DBFOT concession was awarded on 21 February 2009. The total project cost is $178.76 million.
In June 2009, a local private company Jiangsu Philip Environmental Protection Engineering Co Signed a 20 year agreement with Xiaochang County Government to construct and operate a wastewater treatment plant in Xiaochang County, Hubei Province. Phase I of the project had a capacity of 25,000 tons per day and was expected to be doubled when the 2nd phase finish. The total investment was RMB 83.97 million (US$ 12.01 million). Jiangsu Philip owned 100% of the project. The project was awarded through direct negotiation.
In December 2009, the 32km Dakar Diamniadio Toll Road project reached contractual closure under a 30-year BROT contract. The project had been awarded in March 2009 by the Government of Senegal to the French company Eiffage.  The selection process was launched on April 2, 2007, following tender publication through national and international newspapers. The Commission d 'Appel d 'Ofjes opened the prequalification documents on May 31, 2007 and established a technical committee as a support for bid review and analysis. This committee issued their report on June 25, 2007 thus leading to the pre-qualification of three candidates: Eiffage, the consortium Consortium Autoroute Dakar (composed by MSF Concessoes – SGPS, BRISA – Auto-Estradas de Portugal, MSF – Moniz da Maia, Serra & Fortunato - Empreiteiros, MOTA- ENGIL CONCESSOES, SGPS, and Banco Espírito Santo), and the group Delta Holding (composed by Delta Holding, Autoroutes Du Maroc (ADM) and INGEMA). The preliminary bidding documents were sent on November 20, 2007 to the prequalified candidates. In accordance with the bidding process, candidates submitted initial technical proposals on March 5, 2008. The technical committee of the bid evaluation committee reviewed those proposals with the assistance of consultants. The bidding criteria was not publicly available. Discussions were held in March 2008 followed by bidding documents editing to ensure that the initial feedback provided by the interested prequalified bidders were taken into account in the drafting of the revised bidding documentation. New bidding documents were handed over on May 9, 2008 in accordance with the bidding process with full bids being submitted in October 2008. The new bids were open on November 2008. The group Eiffage was selected preferred bidder as a result of this process. A period of negotiation followed the preferred bidder selection, Eiffage was officially awarded the contract at the end of March 2009 and signed the BROT contract on July 2, 2009. The contract became effective in December 2009.   Under the term of the toll road concession agreement, the sponsor Eiffage was expected to build and operate a 2 x 2 lanes 20km segment between Pikine and Diamniadio as well as to operate an existing 2 x 3 lanes 12km segment between Dakar and Pikine for 30 years. The 12km Dakar-Pikine segment was built directly by the Senegalese government. The private sponsor was also expected to collect revenue on the 32km highway from 5 tolls to be constructed. Total investment commitment represented US$264 million.  The project was financed as follows: US$49 million loan from African Development Bank, US$33 million loan from Agence Francaise de Developement, US$71.8 million directly financed by the Government of Senegal, US$110 equity from the sponsor Eiffage. The IFC contributed with an A loan worth $31 million (€22.5 million) with a tenor of 15 years and a subordinated C loan of another $14 million (€10 million) with a 15-year tenor.  Construction of the 20km segment started in January 2010. The road was officially opened in 2011 by the Senegalese president Wade.
The project was a 25-year concession to build and operate the container terminal of Cotonou port. The government of Benin and  the Millenium Challenge Corporation worked together to select a private operator through a competitive bidding process; the winning bidder was the Bolloré Group. The construction of the terminal was part of the deal. Solétanche Bachy of France was contracted for the construction of the quay.  Upon the invitation of the government of Benin, three leading port logistics operators were invited to tender. Bollore Africa logistics won the tender, and was to be operating the terminal for 25 years. Bollore aimed to increase container traffic from 312.000 TEU (2008) to 1 million by 2030. When the concession agreement was signed, it was expected that container traffic would double in eight years to more than 723,000.  The concession agreement was signed in september 2009. Groupement Bolloré, a joint-venture of Bolloré (France, 75%) and the Société de Manutention du Terminal à Conteneurs de Cotonou (SITC, a local spv company owned half by Bolloré, 25%) won the bid. The winning proposal included a commitment to pay $200 million in concession fees during the first eight years of operation and invest $256 million in operating equipment and civil works over the life of the agreement. It also included an entry fee of US$33 million, ongoing fees of US$29 per TEU, and guaranteed annual traffic levels. The project was also expected to create more than 450 jobs. The IFC was the government's lead advisor on the structuring, tendering, and implementation of the PPP.  The port sector reform was made possible with a $169 million grant from the Millenium Challenge Corporation. The funding allowed for the construction of the quay wall behind which the container terminal was constructed.
In May 2008, OHL Concesiones signed a 30 year design, build and operate contract for Mexico’s Viaducto Bicentenario. The project involved the construction of a second level, 32 km viaduct, over the urban section of the Mexico-Queretaro road, to be developed in three stages. In the first stage, a 22km viaduct was to be built along the Mexico-Queretaro road leaving Mexico City. At a second stage, an incoming viaduct was to be built; and at a third stage, a10 km extension was to be added to both viaducts. The Mexico-Queretaro’s traffic rate exceeded 300,000 cars/day in 2009. OHL estimated that the viaduct would capture 10% of traffic in its first phase, but that traffic would increase significantly when additional phases were added. The second and third phases were to begin when a certain level of traffic was achieved in phases one and two respectively. The Government of the State of Mexico planned the viaduct to improve the service of the current road and offer users a quality, fast and safe means of transport. Viaducto Bicentenario, S.A. de C.V. was formed as the project company and 100% subsidiary of OHL Concesiones SL, a 100% subsidiary of OHL Group [Spain].  In April 2008, the State of Mexico awarded OHL Concesiones the contract in an international, competitive tender against two large Mexican groups: ICA and IDEAL. The decision to grant the contract to OHL took into account the following bidding criteria, amongst others: A lower user tariff; a reversible viaduct solution, in such a way that the route commissioned at the first stage may be used in both traffic directions, relieving morning traffic flow into the city and afternoon traffic leaving the city; construction of all components outside the road site and assembly at night, with a resulting nil effect on traffic; a comprehensive solution, connecting the viaduct at its first stage with the Belt Highway of México, D.F., also operated by OHL; and an environmentally-friendly viaduct design.   The cost of the first stage was approximately 260 million euro (US $361.1 million), and the total project cost of all three phases was estimated at 680 million euro (US $944.4 million). In November 2009, financing agreements were signed for the first 22km phase in the form of a 2 billion sponsor loan from OHL and a 2b billion peso loan from Banobras, Mexico's state owned development bank. Mexican bank Imbursa committed in 1 Q 2010 to refinance the  sponsor loan that OHL had committed for 2b pesos which will rank pari passu with an existing Ps2 billion loan from Mexico's national development bank, Banobras. Fonadin also contributed a subordinated tranche of PS 1.5bln. The Fonadin tranche in particular set aside Ps300 million to fund construction contingencies and will be used to shore up debt service during ramp-up on the toll road, as well as address potential weakness later in the concession.  The first stage became operational in September 2010 and was given an award by the State of Mexico for the best civil engineering work of 2010.  Part I (5.5km) of the first phase became operational in September 2009, and tolls were later charged beginning in November 2009. The remainder of the 22km phase was still in construction as of December 2009.
The Brazilian company Bioenergetica Vale do Paracatu S.A. (BEVAP) was granted an authorization by the regulatory agency ANEEL to build an 80-MW thermal power plant located in the state of Minas Gerais (municipality of Joao Pinheiro). The cogeneration power plant was set to use sugar cane residues as fuel. Besides the cogeneration unit, the industrial complex was set to have a sugar-cane pressing facility and ethanol producing plant.  In March 2009, Bioenergetica Vale do Paracatu S.A. signed a 30-year contract with ANEEL allowing the company to operate in the electricity market as an independent producer. This authorization granted the sponsor with the right to sell electricity in the Brazilian wholesale market. In August 2008, the company took part in a competitive bidding process to sell electricity to the regulated wholesale market (15-year power purchase agreement was signed guaranteeing the sale of electricity to the national grid). Of the 80 MW in total capacity, 60 MW was to be sold in the wholesale market.  In May 2009, the company was granted from the state-owned bank BNDES US$ 48.5 million (BRL 97 million) as a direct loan and US$ 147.5 million (BRL 295 million) as a syndicated loan (consortium of banks led by the state-owned banks Banco do Brasil, Caixa Economica Federal and Banco do Desenvolvimento de Minas Gerais). The resources from the loan was directed both to the construction of the ethanol producing unit and the cogeneration facility, which comprised a total investment of US$ 326.8 million (BRL 653.6 million). The investment committed solely to the cogeneration power plant was not available.   Commercial operation commenced in February 2011.
In June 2009, the US$951 million Disi-Amman water conveyor project reached financial close under a 25-year BOT contract.   The project consisted of the development, construction and operation of a well field system with 55 wells, a 325-kilometer pipeline, a new concrete reservoir east of Amman at Abu Alanda, and connection to an existing reservoir at Dabuk, northwest of Amman. It was implemented under a 25-year BOT contract whereby the Government of Jordan acting through the Ministry of Water and Irrigation and the Water Authority of Jordan agreed to pay on a take-or-pay basis a water tariff for the delivery of the bulk water. The water conveyance system was to provide 100 million cubic meters of potable water a year for municipal and industrial users of Amman from the Rum Aquifer in the south of Jordan.   The project was awarded in September 2007 by the government of Jordan to GAMA Energy, a 50:50 joint venture between GAMA Holding (Turkey) and GE Energy Financial Services (United States). The award followed a competitive bidding process between three final tenders. The two other final bidders were Kuwait’s Utilities Development Company Holdings, and a joint venture comprising Italy’s Società Italiana per Condotte d’Acqua S.p.A. and Spain’s Aqualia.  Financing was as follows: - US$190 million equity from GAMA Energy - US$300 million grant from the Ministry of Water and Irrigation of Jordan - US$125 million loan from European Investment Bank (EIB) - US$250 million loan from Overseas Private Investment Corporation (OPIC) - US$80 million loan from Proparco  White & Case acted as legal adviser to the lender, Allen & Overy as legal adviser to the sponsors and Mott MacDonald as technical adviser to the sponsors.  Construction was expected to take three to four years. The Disi project was expected to account for around 6 per cent of Jordan's total water consumption projected in 2015.
Unelco Vanuatu Ltd, part of GDF-Suez Group, built the 2.75MW wind farm on Efate island, Vanuatu. The project was to consist of 5 turbines.  The project was assisted with EIB financing, provided in September 2009, signed of in October 2009. of EUR4.3 million ($5.6 million). Equity portion was unavailable, total cost reported here was the debt ($5.6 million).  Wind measurements were done by GL Garrad Hassan.
The Brazilian company Sao Fernando Acucar e Alcool Ltda, a 50/50 partnership of the Brazilian groups Bertin e Sao Marcos Energia, was granted an authorization by the regulatory agency ANEEL to build a 48-MW thermal power plant located in the state of Mato Grosso (municipality of Dourados). The cogeneration power plant was set to use sugar cane residues resulting from the ethanol producing unit belonging to the same company as fuel.   In February 2009, Sao Fernando Acucar e Alcool Ltda signed a 35-year contract with ANEEL allowing the company to operate in the electricity market as a independent producer. This authorization granted the sponsor with the right to sell electricity in the Brazilian wholesale market. In August 2008, the company took part in a competitive bidding process to sell electricity to the regulated wholesale market (15-year power purchase agreement was signed guaranteeing the sale of electricity to the national grid).   In February 2009, the company was granted a US$ 32.3 million (BRL 64.7 million) loan contract from BNDES, a state-owned development bank. The resources from the loan were directed both to the construction of the ethanol producing unit and the cogeneration facility, which had a total cost of approximately US$ 164 million (BRL 328 million). The investment committed solely to the cogeneration power plant was not available.   Construction works on this plant were concluded in July 2009.  In July 2012, an additional US$ 52 million (BRL 101.5 million) loan was granted by BNDES to the project company.
Ind-Barath Power Gencom Limited (“IBPGL”) developed 126.0 MW coal based power project at Thoothukudi, Tamil Nadu. IBPGL was owned by Ind-Barath Power Infra Private Ltd.(73.9%). The power plant was commissioned in February 2010. Power was sold to PTC India on merchant basis.  The project cost was estimated to be INR 4,924.65 million (US$113.2 million). The project reached financial closure in 2009. The IBPGL Power Project was funded through a combination of equity contributions from our Company and other investors including PTC, and secured and unsecured debt. As of March 31, 2010, the total equity investment made by our Company in IBPGL (for both IBPGL Phase I and IBPGL Phase II) is Rs. 1,581.95 million. We secured financing of Rs. 3,342.70 million for the implementation of the IBPGL Power Project, from a consortium of seven lenders, including IDFC, Indian Overseas Bank, State Bank of India, State Bank of Indore, State Bank of Travancore, Syndicate Bank and Axis Bank. As of March 31, 2010, Rs. 3,145.25 million and Rs. 653.19 million in principal amount of secured and unsecured loans, respectively, remains outstanding.  IBPGL added an additional 63.0 MW unit at Thoothukudi, Tamil Nadu, which became operational in July 2010.Tthe total cost of IBGPL Phase II was Rs. 2,356.80 million (US$51.5 million). IBPGL Phase II and funded through a combination of equity contributions from our Company and other investors including PTC and secured debt. As of March 31, 2010, the total equity investment made by our Company in IBPGL (for both IBPGL Phase I and IBPGL Phase II) is Rs. 1,581.95 million. The company secured financing of Rs. 1,100.00 million and U.S.$ 10.00 million for the implementation of IBPGL Phase II from three lenders, UCO Bank, Punjab National Bank and Bank of India.
In May 2009, the 483km 400kv double-circuit transmission project developed by Reliance Power Transmission Limited in the state of Gujarat under a BOO format, reached financial closure. The project was a part of the 1500km Western Region System Strengthening Scheme - II (WRSSS - II) being implemented in the states of Maharashtra (1035km) and Gujarat (483km). This would be the first such kind of transmission line project being implemented by the private sector.  Reliance Power Transmission Limited, a subsidiary of Reliance Infrastructure, established Western Region Transmission (Gujarat) Private Limited, a special purpose vehicle, to implement this Gujarat phase of the project. The company was awarded the project through a competitive bidding process held on Apr 2006 by the Power Grid Corp of India Ltd (PGCIL). In November 2006, Reliance Power Transmission Ltd (RPTL) emerged as the lowest bidder by virtue of lowest tariff quoted and was selected as the preferred bidder. The company received transmission license from Central Electricity Regulatory Commission (CERC) for a period of 25 years and was entrusted to establish the transmission lines under the scheme. Corporates like Tata Power, Lanco, Reliance, Essar Power, Larsen & Toubro, GMR Group, Kalptaru Power, Gammon India and Jyothi Structures, China Light & Power, Mitsubishi Corp of Japan and AES Corp of USA, and four Spanish companies including Isolex Wat and Abengoa had shown interest in this international competitive bid. 28 bid documents had been purchased in total.    While RPTL was issued letter of award in November 2006 by PGCIL, implementation agreement was signed one year later i.e. in Nov. 2007 with PGCIL because of subsequent modification in the project structure from BOOT (‘Build Own Operate & Transfer) to BOO (Build Own & Operate). As per the recommendations of Public Private Partnership Appraisal Committee (PPPAC) of Govt. of India, the new BOO structure included deletion of Transfer clause as well as Buyout clause and also revised the payment security mechanism (as recommended by the Khurana Committee in June 2007). In March 2009, Power Transmission Agreement (PTA) for the license period has been signed with the eight beneficiaries namely Maharashtra State Electricity Distribution Company Ltd, Gujarat Urja Vikas Nigam Ltd, Madhya Pradesh Power Trading Company Ltd, Chhattisgarh State Electricity Board, Electricity Department, Administration of Dadra and Nagar Haveli, Electricity Department, Government of Goa, Electricity Department, Administration of Daman and Diu and MP Audyogik Kendra Vikas Nigam Limited.  The tariffs or the Transmission Service Charges (TSC) comprised of a non escalable component and an escalable component linked to inflation index as notified by CERC (Central Regulator). Full TSC as per the quoted tariff structure were payable to WRTGPL by the counterparty state-utilities subject to availability of the transmission lines at normative level of 98%. As mentioned in PTA, a payment security mechanism was in place which comprised of  a) Revolving Letter of Credit (for 105% of monthly TSC), and  b) right for request to RLDC (Regional Load Dispatch Centre) for diversion of low cost power available to defaulting state utility in the peak time (7 to 10 pm) so that dues could be adjusted from the revenues arising out of sale of those diverted units at Unscheduled Interchange (UI) rate. Counter party credit risks post CoD were thus expected to remain largely mitigated by way of adequate payment security mechanism as put in place in PTA.  The estimated project cost was USD 97.3 million (INR 4710 million at 48.41 INR/USD). The project achieved financial closure in May 2009 and was being funded through debt to equity ratio of 2.33 times. Financing comprised a USD 68.1 mn (INR 3297mn) 12.75-year term loan and USD 29.2mn (INR 1413mn) equity. While debt was repayable over the period of 13 years post CoD, and the bullet repayment (28% of the part of the loan amount of USD 68.1mn) was due at the end of 13th year from project CoD. However, sufficient comfort was available for the refinanced portion by way of a long tail period i.e. of about 9 years available for revenues as Transmission Service Charges were payable by beneficiaries for 22 years post CoD. The debt repayment was expected to start from June 2011, leaving six month gap between the CoD and start of debt repayment. The project became operational in June 2011.  The company could start civil works at the sites from July 2009 onwards only after obtaining the approval under Sec-164 of Electricity Act 2003 (which enables the company to obtain the Right of Ways). As a result of significant time spent in signing of power transmission agreement as mentioned above, scheduled CoD was extended by nine months to December 2010 along with grant of transmission license, as directed by CERC in its order dated Dec. 2008. In case of any delays in meeting the scheduled CoD, company was required to pay liquidated damages to PGCIL as per the terms of Implementation agreement.
In January and September 2009, the two phases (1320MW and 660MW respectively) of the 1980MW Tiroda Power Project developed by a consortium led by India’s Adani Power Limited under a BOO format, reached financial closure. In February 2007, the Government of Maharashtra had signed a MoU with the consortium for development of a 1980 MW domestic coal-fired thermal power plant at village Tiroda in the district of Gondia in Maharashtra, India. The power project was to be developed in two phases - Phase I comprised of two super critical units of 660 MW each, and Phase II comprised of one super critical unit of 660 MW. The scope of the  project also included setting up of two double circuit 400 kV transmission lines of about 360km, water arrangement, coal mine development, railway sidings at plant & mine ends.  The consortium of Adani Power Limited (77.38%), Millennium Developers Private Limited (26%), and Somerset Emerging Opportunities Fund (13.25%), established Adani Maharashtra Power Limited (AMPL), a special purpose vehicle, to implement the project. The consortium was granted the project through MOU route on a negotiated basis. Subsequently, after winning a competitive bidding by quoting the lowest tariff to Maharashtra State distribution company MSEDCL, AMPL executed a long-term power off-take agreement dated September 8, 2008 with MSEDCL for a term of 25 years from the date of commercial operation of the third unit of the power project. Pursuant to the off-take agreement, MSEDCL was entitled to the supply of 1,320 MW of electricity in bulk at a tariff ranging from INR 2.55/kWh for the first year to INR 3.47/kWh in the 25th year. The tariff for the contracted power consisted of capacity charges (based on contracted capacity of 80%), energy charges, an incentive charge payable for availability beyond 80.0% and a penalty charge for less than 75.0% availability. If the contracted capacity was not commissioned by its scheduled commercial operation date, AMPL was required to pay liquidated damages for the delay. MSEDCL delivered a revolving letter of credit and additional collateral in an escrow account. A third party sale of up to 25.0% of the electricity (including contracted capacity) was permitted if payment for purchase of power was not received within seven days from the due date. In addition, if the collateral was not restored within 30 days of the due date under the invoice, AMPL had the right to sell 100% of the contracted capacity to third parties. The negotiations with Industrial consumers/other distribution licensees were in progress for sale of the remaining capacity. Surplus power, if any, was expected to be sold on merchant basis. AMPL was also expected to supply surplus power to various units within the MPSEZL.   The total investment required for the Tiroda Power Project was approximately USD 1913.4 million (INR 92630 million @48.41 INR/USD).   The total expected cost for phase I of 1,320 MW was USD 1355.1 million (INR 65600 million at 48.41 INR/USD). For Phase I, financial close and syndication signing both took place on 30 Jan 2009. Financing comprised USD 1084.1 million (INR 52480mn) debt and USD 271 million (INR 13120mn equity). Debt was further split between a USD 1016.3 million (INR 49200mn) 14.25-year term loan, and a USD 67.75 milli (INR 3280mn) 15-year subordinated term loan. State Bank of India was the lead arranger.   The total expected cost for phase II of 660 MW was USD 558.3 million (INR 27030 million). For Phase-II, financial close took place on 16 Sep 2009. Financing comprised USD 444.5 million (INR 21520mn) debt and USD 113.8 million (INR5510mn) equity. The debt was further split between a USD 416.6 million (INR 20170mn) 14.5-year term loan and a USD 27.9 (INR 1350mn) 15-year term loan. State Bank of India was the lead arranger.   The first 660 MW unit of Tiroda Power Project was expected to be commissioned by July 2011, and the complete power project was expected to be fully commissioned by April 2012. The 3rd Unit (hence the entire plant was commissioned in June 2013.    The Tiroda Power Project was approximately 260 km from the Lohara West and Lohara Extension coal blocks, which were the designated coal blocks to supply coal for the Tiroda Power Project. The project site was expected to be connected to the coal blocks by rail. The Tiroda Power Project had received a Letter of Intent from the Vidarbha Irrigation Development Corporation to draw water from river Wainganga.  Tiroda Power Project was to source a significant portion of its coal requirements from the two captive mines-Lohara West and Lohara Extension. AMPL was awarded two coal blocks with combined estimated reserves of approximately 170 million tons for the Tiroda Power Project. In June 2009, South Eastern Coalfields and Western Coalfields provisionally agreed to supply approximately 2.5 MTPA of Grade ‘F’ coal and 2.2 MTPA of Grade ‘E’ coal for Tiroda Power Project.The coal quantity agreed to be supplied by Mahanadi Coalfields, South Eastern Coalfields and Western Coalfields was conditional upon AMPL achieving certain milestones over the next 24 months and then signing of definitive coal  supply agreements. The BTG package as well as the EPC contract for Tiroda was awarded to Sichuan Machinery and Equipment Import and Export Company Limited. AMPL expected to evacuate power through Power Grid Corporation of India Limited (“PGCIL”) and Maharashtra State Electricity Distribution Company Limited (“MSEDCL”) sub-stations.
In March 2009, Shenzhen Municipal Government signed with MTR Corporation a 30-year BOT contract for Shenzhen Metro Line 4.  The BOT was initially agreed by the two parties in May 2005. MTR Corporation established a subsidiary company in Shenzhen, MTR Corporation (Shenzhen) Limited, to undertake the project management in Shenzhen. The BOT contract included the construction and operation of Shenzhen Metro phase 2 and the operation of Shenzhen Metro Phase 1. Phase 1 4.5 km long and started commercial operations in December 2004. Phase 1 included 20 stations in two lines: Line 1 (L1) between Lo Wu and the "Windows of the World" in the east-west direction, and the first phase of Line 4 (L4) connecting Huanggang Boundary Control Point with Shaoniangong in the north-south orientation. Interchange between L1 and L4 was provided at Huizhanzhongxin Station.  Phase 2 was 15.8 km long, and consisted of 5 km of underground section and 10.8 km of at-grade and elevated sections. It was designed to have 10 stations (i.e., two underground stations, one at-grade station, and seven elevated stations).   The project reached financial closure in March 2009. At that time, all major civil works contracts and electrical and mechanical contracts (including rolling stock and signaling) for construction of phase 2 were awarded. The takeover of the operations of Phase 1 was expected to occur in mid-2010 and full operations in including Phase 2 were expected to commence in the middle of 2011. The 30 years period would start from the takeover of the operations of phase 1 in 2010.  The total project cost was estimated US$878.5 million (RMB6.0 billion), of which 100% was to be funded by MTR.  By the end of 2009, approximately 93% of civil works for the 16-km SZL4 Phase 2 were finished and all electrical and mechanical contracts were awarded. The operation of the 4.5-km Phase 1 of SZL4 is set to begin in the middle of 2010 with full line operations, including Phase 2, by the middle of 2011. A management team has now been established and recruitment of operations staff and training has commenced in both Shenzhen and Hong Kong.
Rodovias do Tiete was awarded the project to expand, rehabilitate and operate the 344.4 km long toll road in October 2008 and took over the operation of the highway in April 2009, when the 30-year concession contract was signed. The contract was granted in a competitive bidding process based on the lowest toll rate criteria, but only two bidders submitted offers. The winning bid was 22.08% below the ceiling set by the state regulatory agency, while the offer by the Brazilian company BR Vias was 1.61% below the ceiling. Rodovias do Tiete also committed to invest in 61.9 km of access roads and 201.8 km of non-tolled roadways attending 24 municipalities located in regions of Piracicaba, Campinas, Botucatu, Itu e Salto (state of Sao Paulo).  The bidding process for the second stage of the Sao Paulo state toll road concession program took place between October 2008 and early 2009 and the five awarded projects comprised the operation of 1715 km of highways in total.  Altogether, the concessionaires committed to the duplication of 359 km, 526 km of additional tracks and new shoulders, besides the construction or expansion of access roadways, 317 bridges and viaducts and over 65 new pedestrians crossing bridges.  The works were expected to benefit 171 municipalities with a total of 21 million inhabitants. The concessionaires also committed to maintaining 900 km of local toll free roadways.  By the time the contract was signed, the company’s ownership structure was defined as follows: the Brazilian company Equipav (50%); the Portuguese construction company Opway (40%); and the Brazilian company Construtora Leao Leao (10%).   The private sponsor committed to pay US$ 258.5 million (BRL 517 million) to the government for the concession rights (20% of this value was paid when the contract was signed and the rest was agreed to be paid in 18 monthly installments) and was expected to invest US$ 650 million ( BRL 1,300 million) during the 30-year contract. The toll rates started to be charged in November 2009.
In July 2009, China Gas Holdings Ltd. was granted a 30 year agreement to build and operate pipeline gas project in Linghai City, Liaoning Province. The total investment was RMB 30 million (US$ 4.39 million). China Gas had a 100% stake in the project. The project served a population of 620,000. Revenue came from user fees. Government support information was not available. Based on publicly available information, the contract award method, bidding criteria and number of bidders remained unknown.
Rotor Elektrik Uretim A.S., a project company wholly owned by Zorlu Elektrik Uretim A.S. [Turkey], developed the 135MW Osmaniye Wind Power Plant, located in Osmaniye, southern Turkey.  The project was developed on a greenfield, build, own and operate (BOO) basis.  In September 2007, Zorlu Group, the project sponsor, acquired an 80% stake in Rotor Elektrik, which had secured the 30-year license to build and operate the project.   The EUR220 million (US$305.8 million) project reached financial closure in May 2009, with the signing of the project loan agreements. Financing comprised debt of EUR130 million (US$180.7 million) and equity of EUR90 million (US$125.1 million). The debt comprised a 12-year EUR45 million (US$62.6 million) term loan from EBRD, a 12-year, EUR55 million (US$76.5 million) term loan from IFC and a 10-year EUR30 million (US$41.7 million) term loan from EIB.
In December 2009, the rental services contract (RSC) between the state-owned Northern Power Generation Company (GENCO-III) and Techno Engineering Services (Pvt.) Limited for the installation, and operation for a four-year term of a 150 MW rental power plant (RPP) at Sahuwal, Sialkot, became effective. Three conditions were required for rental contract effectiveness: (i) advance payment guarantee by sponsor, (ii) down payment by the state-owned power purchaser, and (iii) issuance of a sovereign guarantee by the Government of Pakistan (GoP).  The Government of Pakistan (GoP) chose rental power projects as its major strategic tool for closing Pakistan’s electricity demand-supply gap in the short term.  In October, 2007, PEPCO published a tender notice for invitation of proposals for a 250-300 MW RPP to be located at Piran Ghaib, Multan.  The evaluation criterion was the lowest price payable by GENCO-III.  Bids were accepted up until the deadline of Nov. 21, 2007. The lowest evaluated proposal was from Pakistan Power Resources (PPR) for a 192 MW RPP at Piran Ghaib, Multan.  The second lowest evaluated bid was from Techno Engineering Services (Pvt.) Limited, for a 150 MW RPP at Sahuwal, Sialkot.  Because it submitted the lowest bid, PPR’s proposal was approved.  However, in a decision dated March 22, 2008, PEPCO Board of Directors also approved Techno Engineering’s proposal, on the basis that it was very close in price to that of PPR.  In March 2008, Pakistan Electric Power Company (PEPCO) issued a Letter of Award to Techno Engineering Services (Pvt.) Limited which proceeded to sign the RSC with Northern Power Generation Company (GENCO-III), on April 14, 2008. Under the RSC, GENCO-III was to pay a rental charge of US$165 million, payable in arrears in 48 equal monthly installments to the sponsor, and to pay the sponsor’s fuel costs at a rate of Rs. 6.527 per kWh based on the reference fuel price of Rs. 26,000 per metric ton.  The RSC set out three steps which had to take place in order for the contract to become effective. First, the project sponsor was obliged to obtain a bank guarantee equal to 7% of the RSC’s value.  Second, within 10 days of receiving the sponsor’s bank guarantee, Northern Power Generation Company (GENCO-III) was required to make a down payment to sponsor equal to 7% of the RSC’s value.  Lastly, within 30 days of the RSC’s signing, GENCO-III was to deliver Letter of Credit (LC) to the sponsor equal to the sum of GENCO-III's 36 monthly rental payments, guaranteeing GENCO-III's payment obligations.   The implementation process encountered a significant delay due to the inability of GENCO-III to obtain a Letter of Credit from a commercial bank at an acceptable cost.  As a result, the Government of Pakistan (GoP) revised the process.  Under the revised process, after GENCO-III had furnished its down payment to the sponsor, the GoP was to issue a sovereign guarantee covering GENCO-III’s rental payments in lieu of an LC.  These steps were completed by Dec. 2009, at which point the RSC became effective.  The sponsor’s estimated investment was US$47.3 million. To calculate this estimated investment, first the investment's present value (PV) was assumed by multiplying an assumed investment per kilowatt (US$600) by the plant’s installed capacity.  The PV was then used to find an annuity payment, assuming 15 years as the expected asset life and a discount rate of 10%. This annuity payment was then multiplied by the term of the rental contract in years, giving the sponsor’s total estimated investment.
In February 2009, Chongqing Sino-French Water Affairs Investment Co., Ltd. a 50:50 joint venture of Sino French Water Development Co. Ltd. (a 50:50 joint venture of New World Group and SUEZ Environment) and the state owned Chongqing Water Affairs Group was granted an agreement to build and operate Yuelai Water Plant for 30 years in Chongqing Municipality. In addition to the construction and operation of a drinking water treatment plant with a capacity of 600,000 m3 per day, the contract included the management of water distribution services for Yuelai, which was expected to eventually serve 1.2 million people.The project was procured via direct negotiation. The total investment was RMB 1500 million (US$ 214.59 million).
In September 2008, the government of Vietnam awarded a 15 year national mobile license (GSM 1800) to GTEL-Mobile Joint Stock Company through direct negotiation, which is a joint venture between VimpelCom (40%) and Global Telecommunications Corporation (“GTEL”, 60%), a Vietnamese state-owned enterprise. Investment in the first stage is US$ 267 million, with total investment projected at US$ 1.8 billion over 15 years.  They launched commerical services in July 2009.
In January 2009, a local private company, Zhejiang Weiming Environmental Protection Co., Ltd. was granted a 27 year agreement to build and operate the Linjiang Incineration Plant Phase II project in Wenzhou City, Zhejiang Province through open tendering. The total investment was RMB 320 million (US$ 45.78 million). Zhejiang Weiming had a 100% stake in the project. The plant was able to process 1,200 tons of solid waste per day. Based on publicly available information, the bidding criteria and the number of bidders remained unknown. Main revenue source and government support type were unknown either.
Proyecto Eolico Guanacaste project consisted of 49.5 MW BOT wind farm located in Tilaran de Guanacaste. The project sponsors are German Group Juwi, French GDF Suez, and local company BC. The project started being conceived in the fall of 2007, when power utility Instituto Costarricense de Electricidad reported that said the three-company alliance would build the wind farm. The project company agreed to sell the electricity ICE for 20 years under a BOT contract. Law 7508 allows third parties to build power plants and sell electricity to ICE for 20 years and then transfer the asset to ICE.  The project cost was estimated to be US$110 million. In September 2009, the first phase of operations started and in April 2010 the plant became fully operational.   In August 2014, Celsia (subsidiary of the Colombian Grupo Argos) aquired Suez's stake in the project.
In July 2009, the 76MW Phata Bhyung Hydro Electric Power Project, developed by a consortium headed by Lanco Group under a BOOT agreement, reached financial closure. The project (2 units of 38 MW each) was located on the cascade of the Mandakini River, a major tributary of the Alakananda River in the state of Uttaranchal. On May 29, 2006 Lanco Mandakini Hydro Energy Private Limited (LMHEPL) had signed a project development agreement with the Government of Uttaranchal (GoU) that allowed LMHEPL to build, own, operate and maintain this project for a period of 45 years from the date of commissioning of the project (COD). Implementation Agreements (IAs) had also been signed with the government of Uttarakandh for developing these two units. LMHEPL would be required to supply 12.0% of the net deliverable energy (generated energy minus auxiliary consumption and transmission loss) to the State of Uttaranchal free of charge as "royalty".  Lanco Mandakini Hydro Energy Private Limited (LMHEPL), the special purpose vehicle incorporated on February 21, 2006 to implement the project, was a consortium of Lanco Group and SMEC India Private Limited. Uttaranchal Jal Vidyut Nigam Ltd. (UJVNL), the state owned agency responsible for the operation, maintenance and construction of Hydro Power Plants in the state of Uttaranchal was appointed by the Government of Uttaranchal for conducting the bidding for this project. The criterion for the award of the project was the highest premium bid by the project developer over and above the upfront minimum premium laid down by the GoU. This minimum premium was set at USD 1.25 million per project for all hydro projects in Uttaranchal. There was no public information on the offers of each bidder, but LMHEPL was declared as the highest bidder and therefore winner of the project.  Lanco Hydro would have the option to dispose the power from the Phata-Byung Project, after allowing for the royalty energy, by any of the following mechanisms: * sell power to the UPCL upon such terms as may be mutually negotiated; * sell power to any high-tension consumer within the State of Uttaranchal; * sell power to the local rural grids within the State of Uttaranchal, which are not connected to UPCL’s main grid; * sell power to rural power distribution entities; and/or * sell power to any consumer outside the State of Uttaranchal.  As per the concession agreement, the sale of energy generated by the Project would be approved by the Uttaranchal Electricity Regulatory Commission (“UERC”). In case of sale of power to any other consumer not mentioned above, royalty in the form of free power at the rate of 12% of net delivered energy (in case of direct supply to consumers without using Power Transmission Corporation of Uttaranchal Limited (“PTCUL”) or UPCL’s system), would be charged for the first 15 years from COD. In either case, LMHEPL had to pay a royalty of 18% of net wheeled energy or deliverable energy (in case of direct supply to consumers without using PTCUL/ UPCL’s system) beyond the 15th year following COD.  The estimated cost of the project was estimated at US$ 107.4 million (INR 5200 mn at 48.41 INR/USD). The Project achieved financial closure in July 2009. The project would be financed with a debt of USD 85.9 million (INR 4160 mn) and equity of USD 21.5 million (INR 1040mn) at a debt/equity ratio of 80/20. A consortium of five banks led by Axis Bank was financing the debt proportion of the project.  Civil construction began on the Phata Bhyung project in 2007 and it was expected to be commissioned on FY2013.
In October 2007, the Brazilian company Diferencial Energia Empreendimentos e Participacoes was one of the companies that emerged as winners in a competitive bidding process organized by the federal agency CCEE for the future sale of electricity to the Brazilian regulated market (energy that is sold exclusively to the distribution companies). The goal was to arrange a power purchase agreement for the sale of the output of a 360 MW coal-fired power plant yet to be built in the city of Itaqui, State of Maranhao.  The bidding process guaranteed the company the sale of 315 MW annually in the Brazilian regulated market (energy that is sold exclusively to the distribution companies). This represented annual revenues of US$ 123.6 million (BRL 247.1 million) for 15 years. The remaining 45 MW could be sold in unregulated wholesale markets. The power purchase agreement guaranteed the full recovery of the fuel costs in addition to exchange rates fluctuations.  A 35-year license contract was signed with the federal regulatory agency ANEEL in May 2008. In February 2009, the project company changed its name from Diferencial Energia Empreendimentos e Participacoes to UTE Porto do Itaqui Geracao de Energia S.A. , a wholly-owned subsidiary of MPX Energia (EBX Group). The total investment in the ten facilities was estimated at US$ 900 million (BRL 1.8 billion). Financial closure for the project was reached in December 2009, when the company had a US$ 620.5 million (BRL 1241 million) loan from the state-owned bank BNDES. The financing package included US$ 398.5 million (BRL 797 million) from BNDES own resources; US$ 120.5 million (BRL 241 million) syndicated loans from Bradesco and Votorantim; and US$ 101.5 million (BRL 203 million) syndicated loans from Bradesco and Votorantim. In March 2009, the IADB had already approved a US$ 140 million loan package to the project, which included US$ 50 million A-loan and US$ 90 million in syndicated loans. The remaining investment expenditures were set to be financed with the sponsors’ equity.  The Porto de Itaqui TPP has an EPC (Engineering, Procurement and Construction) contract signed with Mabe Construcao e Administracao de Projetos Ltda., a partnership between the companies Maire Tecnimont and EFACEC. Turbines will be supplied by Siemens and boilers by Doosan Babcock. The EPC contract relies on incentive mechanisms for early startup and various performance guarantees such as Delay Damages, Performance Liquidated Damages, Performance Bond, Advance Payment Bond and Parent Company Guarantee  Construction works started in the first half of 2009 and operations were set to commence prior to 2012, when the sponsors committed to start supplying the regulated energy market. As of April 2010, 50% of the constructions works were completed.  Operations commenced in February 2013.  In September 2013, EBX sold part of its ownership in MPX, the subsidiary of EBX Capital Partners responsible for managing the group's energy projects. MPX changed its name to Eneva, and its ownership structure was established as follows: EBX, 20%; the German company E.ON, 42.9%; free float, 37.1%.
In January 2009, GDF SUEZ [France] finalized its acquisition of 100% of the capital of Izmit Gas Distribution Corporation (Izgaz) from the Kocaeli Metropolitan Municipality.  Following the purchase, and pursuant to Turkey’s Natural Gas Market Law of 2001, GDF SUEZ granted 10% of the acquired shares to the Kocaeli Metropolitan Municipality.  GDF SUEZ was licensed to operate the gas distributor under a concession arrangement for a term of 25 years.  Headquartered in the provincial capital of Izmit, Izgaz had over 200,000 subscribers in the Kocaeli region (except Gebze and Karamursel) in Turkey.  GDF SUEZ won a competitive tender for the block sale of 100% of Izgaz shares and the right to operate the gas distribution network for 25 years.  GDF SUEZ was also obliged to make the necessary network investments, which were recoverable through tariffs. Kocaeli Metropolitan Municipality launched the tender in May 2008 and the televised auction was held on August 14.  In the auction GDF SUEZ placed a winning bid of US$232 million, outbidding four Turkish companies.  In October 2008, the award was approved by Turkey’s Competition Board, and thereafter by the Energy Market Regulatory Authority (EPDK).  The project reached financial closure on January 22, 2009, when GDF SUEZ signed the transfer agreement with the Kocaeli Metropolitan Municipality.  Under the agreement, GDF SUEZ was to pay US$232 million for the stake, transfer a 10% holding to the municipality, and assume Izgaz’s corporate debt, which was estimated at US$317 million at the time of the project award.  In June 2009, IFC signed a local currency A Loan of TRY$50 million to co-finance inter alia Izgaz's capital expenditure program and the reimbursement of gas payables to the State-Owned Petroleum Pipeline Corporation (BOTAS). The EBRD also provided a senior loan of the equivalent of €60 million (approximately TRY129 million).
Concessionaria Auto Raposo Tavares (CART) was awarded the project to expand, rehabilitate and operate the 444-km long toll road in October 2008 and took over the operation of the highway in March 2009, when the 30-year concession contract was signed. The contract was granted in a competitive bidding process based on the lowest toll rate criteria: the winning bid was 16.11% below the ceiling established by the government, while the bidding offered by the Brazilian company Triunfo Participacoes e Investiment was 0.71% below the ceiling. The concessionaire agreed to maintain 393 km of feeder roads in which no toll rate was to be charged to the users. By the time the contract was signed, the roadway connected the cities of Presidente Epitacio and Ourinhos (SP-270), Ourinhos and Espirito Santo do Turvo (SP-327), and Espirito Santo do Turvo and Bauru (SP-325). The Raposo Tavares Highway is located in the western region of Sao Paulo state and serves around 1.2 million people.  The bidding process for the second stage of the Sao Paulo state toll road concession program took place between October 2008 and early 2009 and the five awarded projects comprised the operation of 1715 km of highways in total.  Altogether, the concessionaires committed to the duplication of 359 km, 526 km of additional tracks and new shoulders, besides the construction or expansion of access roadways, 317 bridges and viaducts and over 65 new pedestrians crossing bridges.  The works were expected to benefit 171 municipalities with a total of 21 million inhabitants. The concessionaires also committed to maintaining 900 km of local toll free roadways.  When the contract was signed, CART had as shareholders the Brazilian companies Invepar Investmento e Participações (32%) and Construtora OAS (68%); Invepar, in turn, was owned by the Brazilian pension fund Previ (83%) and OAS Construtora (17%).  The private sponsors committed to pay US$ 342 million (BRL 684 million) to the government for the concession rights (20% of this value was paid when the contract was signed and the rest was agreed to be paid in 18 monthly installments) and was expected to invest US$ 700 million (BRL 1,400 million) during the first five years of the concession period. The total investment commitment during the 30-year contract was estimated at US$ 900 million (BRL 1,800 million).   In March 2009, CART raised BRL 370 million in external resources to fund the investment in infrastructure (the bond was issued by Banco do Nordeste and Santander Bank.  In February 2011, BNDES granted a US$ 644.6 million (BRL 1.1 billion) to CART to finance the company's expansion and maintenance costs.
In January 2009, the Ministry of Economic Development of Georgia announced that Energo Pro Georgia had assumed legal ownership of the 18 MW Ortachala hydroelectric power station (HEPS) in Tbilisi, and had completed the payment of the US$25.25 million purchase price. Generated output was expected to be supplied to one of Georgia's regional distribution companies.  Energo Pro Georgia was the local subsidiary of Energo Pro[Czech Republic].  The full divestiture of the Ortachala HEPS followed a competitive bidding process. The Ministry of Economic Development launched the tender in November 2008 and set the date for the final auction for Dec. 19, 2008.  Energo Pro Georgia, which was the only bidder at the auction, submitted an offer of US$25.25 million, just above the minimum price of US$25 million set by the Ministry. In addition, Energo Pro announced that it would invest US$7 million in the rehabilitation of the plant over six years.
Nam Lum Hydroelectric JSC, a private entity from Vietnam, was planning the development of the 20MW Suoi Lum 1 Hydropower Plant, Bac Yen district, Son La province. Annual production was estimated at 74,540 MWh, to be be supplied to the national grid via a 110kV transmission line to the Muong La subtransformer (9km).  Commissioning was expected for March 2012. Lifespan was 30 years. Construction lasted 3 years. Electricity tariff was VNW 830.3 per kWh ($0.0399 per kWh). The PPA with EVN was signed in December 2009. The EIA was approved in February 2008. The Feasibility study was approved in November 2009. The EPC contract for the waterway was signed in April 2010. The equipment supply contract was signed in July 2010.  Financial closure was reached in December 2009.  Total investment cost was VND 472.307 billion ($22.7 million). WACC was 13.17%. Debt to equity ratio was 73/27. The banks involved were Agribank (20% of project cost for 5.8%) and Vietnam Development Bank (53% of project cost, for 9.7%). The project also received a four year tax break (0%), and 5% for the following 9 years. After that business income tax was to be 28%. The project also applied for UNFCCC/CDM financing.
In September 2008, the Government of Guinea awarded a 25-year concession for the operation and expansion of the port of Conakry to Getma  International, a wholly owned subsidiary of French company NCT Neotrans.  The concession was awarded through a competitive tendering process involving four bidders (Bollore, Maersk, Getma International and PCB Afrimarine). The bidding criteria was not publicly available.   Under the term of the agreement, Getma International was expected to operate the container terminal for 25 years and to invest over US$138 million in three main phases: the renovation of the existing structures, the extension of the existing terminal by 120,000 sqm, and the equipping of the entire facility. The private sponsor was also expected to pay fees to the government on several levels: - The entry fee or operating fee, representing US$21 million, in return for the exclusive concession, - The fixed annual fee for occupancy of the port area, - The variable fee paid monthly based on the volumes of containers handled. Getma International took over operation in June 2009.  After the election of Guinea's new President Alpha Conde in December 201, the Guinean government revoked the concession agreement with NCT Neotrans, for failure to meet the concession's obligations, and awarded the deal to Bollore. Bollore signed a new concession of 25 years in March 2011.
In July 2009, US$450 million 246MW Toledo Coal Power Plant II project developed by Cebu Energy Devleopment Corp reached financial closure under a BOO contract, when the sponsor received a loan of US$332 million from a consortium of 11 local banks lead arranged by First Metro.   As of March 31, 2009, Cebu Energy Development Corp (CEDC)- a project company comprising Global Formosa Power Holdings (a JV of Metrobank subsidiary Global Business Power Corp. and Formosa Heavy Industries, and Abovant Inc (a JV of Aboitiz Power Corp and Vivant Corp) - had partially constructed the plant, via equity contributions.   The entire debt for the project was raised with the loan. The remaining of the US$450 million project was provided by the main shareholders - Aboitiz Equity Ventures, Metrobank Group, and Formosa Plastics Group.  The groundbreaking ocurred in January, 2008. As of April 2009, construction was 16% complete. It planned to start operations in 2010 and would reduce the power shortage in Cebu Province. The electricity from the plant would be sold to the wholesale electricity market and the industries in the Balamban Enerzone could also be the main buyers.
In October 2009, Xinmi Towngas Co., Ltd., a subsidiary of The Hong Kong and China Gas Company Limited (Towngas), was established to build and operate a natural gas distribution network in Xinmi City, Henan Province under a 30 year BOT contract. The project company had a  capital of US$ 12.5 million. The total investment was US$ 30 million. Project procurement method for this project was unkown. Main revenue came from user fees. Government support type was unknown either.
In May 2009, a local company Shaoguan City Yalu Environmental Industry Co., Ltd. signed a 25 year agreement with Lechang Municipal Government to construct and operate the Lechang City Pingshi Wastewater Treatment Plant Phase I with a capacity of 20,000 cubic meters per day. The project was located in Lechang City, Guangdong Province. The agreement was granted through a competitive bidding process, but no information was publicly available on the bid criteria and the number of bidders. The total investment was RMB 50 million (US$ 7.15 million). Construction commenced in June 2009. Yalu's stake in the consortium was 28.57%.
A local private company, Lianheruntong Water Affairs Co., Ltd. was granted an agreement in February 2009 to build and operate the Weifang City Wastewater Treatment Plant Reclaimed Water Reuse Project with a capacity of 35,000 cubic meters per day in Weifang City, Shandong Province. The project was procured via competitive tendering. Lianheruntong owned 100% of the project and was expected to operate the facility for 30 years before transferring it back to the local government. The total investment was RMB 21.2 million (US$ 3.03 million).
On September 2008, Karachi Electric Supply Corporation KESC (Pakistant, 100 %) an independent power Producer, was signed a Divestiture agreement with PRIVATE POWER & INFRASTRUCTURE BOARD (PPIB) from the ministry of Water and Power of Pakistan, for the construction and operation on a partial divestiture term of a 560 MW, combined cycle (natural gas) power plant at Bin quasim.  Under the partial diverstiture agreement, KESC was to supply 560 MW of energy to PPIB. The remainder of the energy was to the public.     Following the direct negotiation process, KESC  was awarded to set up a 560 MW combined cycle power plant at Vin qasim.  The total project cost was 450 US millions. The project reached financial closure in May 2009, after a PPIB's publication.  The plant has been commissioned for generating on April 2012. And is expected to start running on May of the same year.
AkfenHES Yatirimlari ve Enerji Üretim A.S., a wholly owned subsidiary of Akfen Group [Turkey], launched the development of 11 greenfield hydroelectric power stations on a merchant basis in 2009. AkfenHES developed the projects through three wholly owned subsidiaries: Beyobasi Enerji Uretim; Ideal Enerji Uretim; and Camlica Elektrik Uretim. Beyobasi Enerji Uretim implemented the 3.3MW Koycegiz project under a 30 year license and the 48.7MW Anamur  project under a 48 year license.  Ideal Enerji implemented four projects in Erzurum: a 9MW project under a 48 year license; a 26MW project under a 49 year license; a 12MW project under a 49 year license; and a 3.2MW project under a 40 year license.  Lastly, Camlica Elektrik Uretim implemented the 28MW Kayseri and 26MW Sivas projects, each under a 49 year license.  The projects were procured according to a production license scheme administered by the central government.  The projects reached financial closure in March 2009, with the signing of a EUR166.5 million (US$231.44 million) loan facility from a consortium of local banks – TSKB, Isbank, Yapi Kredi Bank, Denizbank and NBG - with each lender taking a ticket of EUR33.3 million (US$46.29 million). The total cost of the 11 projects was EUR222.4 million (US$309.14 million), of which EUR56 million (US$77.84) was in the form of equity. When completed, the power plants were to have a total output of 135MW, generating 607 million kWh of electricity annually.
The Brazilian company Termomanaus (see ID# 5536) was granted authorizations by the regulatory agency ANEEL to build four thermal power plants located in the states of Pernambuco (municipalities of Cabo de Santo Agostinho and Iguarassu), Paraiba (municipality of Conde) and Rio Grande do Norte (municipality of Santa Cruz). The power plants located in Pernambuco were named Termomanaus and Pau Ferro I and had capacities of 156.1 MW and 102.6 MW, respectively); the plant established in Paraiba, named Termoparaiba, had capacity of 170.8 MW; and the unit located in Rio Grande do Norte, named Termonordeste, had 170.8 MW in capacity. All power plants were set to use diesel and biodiesel as fuel. In April 2007 and December 2007, 35-year contracts were signed with the regulatory agency ANEEL allowing the company to operate in the electricity market as an independent producer. These authorizations granted the sponsor with the right to sell electricity in the Brazilian wholesale market.  In July 2007, Termoparaiba and Termonordeste were also able to sign 15-year power purchase agreements were signed guaranteeing the sale of electricity to the national grid. Previously In 2006, Termomanaus and Pau Ferro I took part in a competitive bidding process to sell electricity to the regulated wholesale market (15-year power purchase agreements were signed guaranteeing the sale of electricity to the national grid).   The initial shareholders of Termomanaus, which was renamed as  Centrais Eletricas de Pernambuco (EPESA), were DC Energia e Participacoes Ltda (63%), Aruana Energia S.A. (32%) and other (5%).  In 2010, EPESA requested that the authorizations granted for the construction of Termoparaiba and Termonordeste were transferred to Centrais Elétricas da Paraíba (EPASA). This request came as CPFL Energia acquired 51% of the shares of EPASA in November 2009 and provided the funding to complete the construction works on these two power plants. As of December 2009, the shareholding structure was as follows: CPFL (51%), DC Energia e Participações (31%), Aruana Energia (16%) and O&Z Incorporacao (2%).  The investment committed to Termonordeste and Termoparaiba totaled US$ 304 million (BRL 608 million), of which US$ 155 million (BRL 310 million) represented the loan granted by CPFL. Construction works commenced in the first half of 2008, and operations commenced in mid-2009.  In September 2011, the state-owned bank BNDES granted a US$ 124.6 million (BRL 203.3 million) loan to finance infrastructure works in the project.
In December 2009 Promotora del Desarrollo de America Latina, SA de C V officially began operating Proyecto Pacifico Norte, a 30-year, 241.5km highway concession in the state of Sinaloa. The Pacifico Norte highway package entailed the operation, rehabilitation and maintenance of the 181.5km Mazatlan Culiacan highway as well as the construction, operation and maintenance of the four-lane, 37km Mazatlan bypass and the four- lane, 22km Culiacan bypass. The project sponsor Promotora del Desarrollo de America Latina SA de C V was a direct subsidiary of Impulsora del Desarrollo y el Empleo en America Latina SA de CV (IDEAL) [Mexico].   Proyecto Pacifico Norte was originally part of a larger project known as Proyecto Pacifico (Farac II), which consisted of 850km of roads in Mexico's Pacific states, including 370km of new construction. The large project failed to attract enough bidders in the atmosphere of the financial crises and was halted in March 2009. As a result, Mexico’s Secretariat of Communications and Transport (SCT), divided Proyecto Pacifico into two smaller projects- Proyecto Pacifico Norte (Farac IIA) and Proyecto Pacifico Sur (Farac IIB).  On October 15, 2009 Proyecto Pacifico Norte was awarded to Promotora del Desarrollo de America Latina, SA de C V (IDEAL) by SCT in an international competitive tender in which the highest payment to the government was the bidding criterion. The tender was launched on April 2, 2009 and was modified on June 4, 2009. On September 30, 2009 three consortia submitted final offers:  •	OHL Concesiones México, SA de CV with 210 million MXN (US $15.6 million),  •	Controladora de Operaciones de Infraestructura, SA de C V; Caminos y Carreteras del Mayab, SAP. I. de CV; and Global Via Infraestructura, SA; and Mexicana de Global Vía Infraestructura, SAde CV with 1700 million MXN (US $125.9 million) and •	Promotora del Desarrollo de America Latina, SA de C V (IDEAL) with 3220 million MXN (US $238.5 million).  The total project cost was approximately US $662 million and consisted of the payment to the government as well as construction, operation and maintenance over the 30-year period. In November 2009, financing was provided by Grupo Financiero Inbursa and La Caixa and comprised an eight-year, MXN 4.535bn loan (US $336 million) and MXN4.402bn (US $326 million) in equity. The debt to equity ratio was 51:49.   Pacifico Norte was the second package of highways to be awarded using the asset utilization model which re-tendered assets that had been operated for ten years or more by the former Fideicomiso de Apoyo para el Rescate de Autopistas Concesionadas (FARAC). FARAC was formed as a federal trust to manage the assets and debt of 23 Mexican highways that had been repurchased by the Mexican government in 1997. The asset utilization model re-tendered these highways to the private sector in exchange for a monetary payment and an obligation of the private sector to build additional roads, bypasses or bridges. Proceeds from the private sector were earmarked for further transport development in Mexico. The first highway package, known as Centro Occidente or FARAC I, was awarded in October 2007. On February 8, 2008 the assets of FARAC were placed under the management of the Fondo Nacional de Infraestructura (Fonadin).
In May 2009, the National Highway Authority of India (NHAI) signed a 18 year concession (including construction period of 910 days) with a consortium of India's Soma Enterprise Ltd and Spain's Isolux Corsan for strengthening and widening the 93-km Kishangarh-Ajmer-Beawar section of National Highway-8 (NH8 from Km 364.124 to Km 58.245) in the state of Rajasthan.  Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance and widening of the existing four-lane highway to a six-lane highway with paved shoulders. The section would include structures like eight flyovers, 11 vehicular underpasses, four cattle under passes, 57 km of service road and adequate number of major/minor bridges. The expansion project, part of National Highway Development Project Phase - IIIB, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  The consortium of Soma Enterprise of India and Isolux Corsan of Spain established Soma Isolux Kishangarh Beawar Tollway Limited, a special purpose vehicle, to implement the project. The consortium won the tender through competitive bidding, conducted by NHAI, by quoting the maximum revenue share. The concessionaire will start paying a share of its toll revenues to the government after 151 days of commercial operations date (COD). The share that will accrue to the Government is 2 per cent in the first year, followed by a one per cent increase in each subsequent year. Under the contract, the concessionaire was to recover the capital costs and operating costs including returns through tolling during the term of concession. Other bidding details were not available at the time of collection of this information.  The concession agreement was signed in May 2009. The estimated capital cost of the project at the time of bidding was US$ 164.2 (INR 7950 mn @ 48.41 INR/USD) million. The project reached financial closure in December 2009. Debt equity ratio for all the three projects has been set at 75:25.Soma-Isolux accessed funds from half a dozen public sector banks with tenure of 15 years and two-year moratorium. Cost of funds were pegged anywhere between 13 and 14 per cent.         Construction on the project was expected to begin in May 2009 and completed by Dec 2011.
In January 2009, the consortium of China Water Affairs (9%) and Guangdong Nanfeng Group Co., Ltd. (36%) acquired 45% of the Zengcheng City Water Supply Company in Zengcheng City, Guangdong Province following an open auction, which had a production capacity of 150,000 cubic meters per day and water distribution network, for RMB 40 million (US$ 5.72 million).
In December 2009, the 1080 MW Corporate Power Coal power plant developed by Abhijeet Group reached financial closure. In 2006, Abhijeet Group had incorporated Corporate Power Limited (CPL), a special purpose vehicle, for the Group's power venture exclusively in the state of Jharkhand. The company was developing a 1080 MW pithead coal based Thermal Power Plant in Chandwa in the state of Jharkhand. The project was being implemented on a merchant basis. The project would be executed in two phases of 540 MW (4X135 MW) each.  In October 2007, Abhijeet Group had signed a Power Purchase Agreement with PTC India Ltd, leading power trader in India, for 230 MW of the power project. Another 540 MW gross power (of a total of 1215 MW) would be sold to Tata Power Trading Co Ltd (TPTCL) for long term (20 years) at a Fixed tariff of INR 2.75/kWh, on a take-or-pay basis with a provision of upward sharing.    The project cost for Phase-I (540MW) was estimated to be approximately USD 599 million (INR 29000 million at 48.41 INR/USD). CPL financed this project through an equity contribution of USD 149.8 million (INR 7250 million) and a loan of USD 449.3 million (INR 21750 million). The project has been funded in a debt: equity ratio of 75:25. On December 9, 2009, the USD 449.3 mn loan facility was syndicated by SBI Capital. The debt comprises a USD 419.3 mn 13.5-year term loan and a USD 29.9 mn 14.5-year term loan.    The Phase-II (540MW) of the project reached financial closure on 28th September 2011. The project cost for Phase-II (540MW) was estimated at US$ 677mn (INR 31820 @47 INR/USD). The debt equity ratio was 75/25. Financing comprised of a 14year 9month term loan of INR 23870mn and sponsor equity of INR 7950mn. The term loan had a repayment schedule of 43 quarterly instalments. SBI Capital was the lead arranger. The participating banks were LIC(1500mn), Punjab National Bank(2000mn),State Bank of Bikaner & Jaipur(600mn), State Bank of Patiala(600mn),State Bank of Travancore(600mn), State Bank of Hyderabad(554.5mn),State Bank of India(18015.5mn).  The construction for the project started in 2008. The first phase was expected to be completed by end of the year 2010. Order had been placed for 120 KM of Transmission line to connect PGCIL grid in Jharkhand state. The BTG contract had been awarded to Bharat Heavy Electricals Ltd.(BHEL). In November 2007, the EPC contract was awarded to Shandong Electric Power Construction Company (SEPCO) of China. The Phase II of 2X330 MW was initiated after the first phase construction was over, and was expected to be operational by Q2 2014.
In April 2009, the 3960 MW Sasan Ultra Mega Power Project (UMPP) coal power plant developed by Reliance Energy Limited under a BOO format, reached financial closure. The plant(6 units of 660 MW each)  was located at Sasan, in Sidhi district of Madhya Pradesh. Sasan UMPP was one of the first power project under the UMPP program of Power Finance Corp (PFC), Ministry of Power, and Central Electric Authority (CEA). Sasan Power Limited (SPL) was now a fully owned subsidiary of Reliance Power. The plant had been designed to use domestic coals from the allocated captive coal blocks, Moher, Moher-Amlohri Extension, and Chhatrasal.   Sasan Power Limited (SPL) was incorporated in 2006 as a wholly owned subsidiary of Power Finance Corporation Limited to build the power plant. Reliance Power was awarded the Sasan project following an international competitive bidding process by quoting the lowest tariff(at a levelized tariff of INR 1.196/kWh). Ten consortia were invited to submit request for proposal (RfP). They included Tata Power Co (TPC), Reliance Power Ltd, Larsen & Toubro (L&T), Essar Power, Sterlite Industries, NTPC, Torrent Power, Lanco and JP Group.In the intial bid results, the consoritum of Lanco and Globaleq had quoted the lowest tariff of INR 1.196/kWh. However it emerged that during the bidding process, Globeleq and Lanco Infratech allegedly mis-presented facts, and were thus disqualified. So Reliance Power (who had intially quoted INR 1.29/kWh), matched the disqualified consortium with the bid of INR 1.196/kWh. SPL approved awarding the project to Reliance Power on 30 Jul 2007 under the provisions of the share purchase agreement and issued the LoI to Reliance Power on 2 Aug 2007.  In August 2007, SPL signed 25-year power purchase agreement for contracted capacity of 3722 MW with 14 Procurers comprising 7 States and their off take shares were as follows; Madhya Pradesh (Lead Procurer)would be entitled for 37.50% share, followed by Punjab (15%), Uttar Pradesh (12.5%), Delhi (11.25%), Haryana (11.25%), Rajasthan (10%) and Uttarakhand (2.5%). The payment security mechanism in the power purchase agreement  (PPA) comprises of a) revolving & irrevocable letter of credit b)  charge over the incremental receivables of each of the procurers c)default escrow account and d) third party sale of electricity in case of default.   The project cost was estimated to be approximately USD 3985.8 million. Financial close took place on 21 Apr 2009. SPL financed this project through an equity contribution of USD 1006.2 million (INR 48710m at 48.41 INR/USD) and a loan of USD 2979.6 million at a Debt/Equity ratio of 75/25. Debt was split between a USD 1850.7 million (INR 89594mn) 15-year term loan, a USD 642.8 million (INR 31120 mn) 20-year term loan, and a $486m 15-year ECB term loan. State Bank of India was appointed as the lead arranger on 2 Apr 2008.   As per the PPA and EPC contract, Unit-I of the project was scheduled to be commissioned on Dec 31st  2011,  while each subsequent unit was to be commissioned in 3 months thereafter with the last unit expected to be commissioned by 31st March 2013. As per original PPA schedule, project CoD was scheduled at April 2016, which was subsequently advanced to  March 2013 for which supplementary PPA was signed in October 2008. The EPC contract had been awarded to Reliance Infrastructure Ltd. and the Boiler-Turbine-Generator (BTG) contract (super critical technology) had been awarded to Shanghai Electric Company.The mineable coal reserves  in Moher and Moher-Amlohri Extension Blocks  were estimated at  about 447 MT of coal and  thus, was expected to meet  the entire  coal  requirements  over the PPA period of 25 years.
In March 2009, the greenfield, 200 MW Liberty Power Tech Project, which was being developed by Liberty Power Tech Limited in combined cycle configuration in Faisalabad, reached financial closure.  The project was developed on a build, own and operate (BOO) basis. Liberty Power Tech Limited, the project company, was owned by the Mukaty Family and Liberty Mills Limited [Pakistan].  The Liberty Power Tech Project was procured by the Private Power and Infrastructure Board (PPIB), although information on the method of contract award was not publicly available.   On April 10, 2008, Pakistan's National Electric Power Regulatory Authority (NEPRA) approved a generation tariff, valid until December 2035, for the project.   On June 16, 2008, an implementation agreement (IA) was signed. Liberty Power Tech also signed a 25 year power purchase agreement (PPA) with the National Transmission and Despatch Company (NTDC), signed July 2008.   The plant consisted of 11 DG (Wartsila W18V46) + 11 WHEGB* +1 ST. The fuel was supplied by Shell Pakistan, signed December 2008. The project was commissioned in January 2011.   According to PPIB, the project reached financial close in March 2009. The total project cost was US$240 million.  Project debt was provided by Allied Bank Limited (ABL), Habib Bank Limited (HBL), National Bank Limited (NBP), Faysal Bank Limited (FBL), Meezan Bank Ltd and Bank Al-Falah.   The amount and structure of the debt facility were not made publicly available at the time of financial closure.  The plant was due to be commissioned in December 2010.
In February 2009, the government owned port authority of Lattakia awarded a 10-year lease-affermage contract to operate the 570,000 TEU Lattakia container terminal to a private joint venture composed by French company CMA CGM (51%) and Syrian company Souria Holding (49%).   The contract was awarded by direct negotiation. Under the term of the contract, the private consortium was expected to operate the container terminal for 10 years (extendable to 15 years), to increase the terminal’s capacity to 1 million TEU by 2012 and to invest US$45 million for rehabilitation over 10 years. Revenue from operation was expected to be shared between the private sponsor and the government owned port authority. Details on revenue sharing breakdown were not publicly available.  The private consortium took over operation in July 2009.
In September 2007, Consorcio Jauru, an association of the state-owned Eletrobras (45%), Terna Participacoes (35%) and the Bimetal (20%), was awarded in a competitive bidding process the 30-year contract to build and operate 386-km of transmission lines and two substations located in the state of Mato Grosso. The transmission lines were set to run across the municipalities of Juba,Jauru, Maggi and Nova Mutum, allowing the transmission of energy generated by small hydro power plants located in the region.  Besides Consorcio Jauru, four other companies took part in the first stage of the contest, though only two participated in the final stage of the process: Cymi Holding and Cobra Instalaciones y Servicios. The bidding criteria set by the federal regulatory agency ANEEL was the lowest required annual revenue. Consorcio Jauru presented the lowest offer, a total value of US$ 7.5 million (BRL 17.2 million), 53.5% the ceiling set by the regulatory agency.   The contract was signed in March 2008, and the sponsors created the company Jauru Transmissora de Energia to lead the project during the 30-year contract period. The project company name was later changed into Brasnorte Transmissora de Energia S.A. In August 2009, the shareholding structure was modified as follows: Eletrobras (49.71%), Terna Participacoes (38.67%) and the Brazilian company Bimetal (11.62%). Terna Participações denomination was then changed into Transmissora Alianca de Energia Eletrica S.A. and is currently owned by Fundo de Investimentos em Participacoes Coliseu (33,6%), the state-owned Cemig Geracao e Transmissao S.A. (32,3%), Alterosa (29.42%) and other small investors (4.72%).  The sponsor committed to invest US$ 109 million (BRL 218 million) in the transmission line. The construction works commenced in March 2008, but financial closure was only achieved in July 2009, when the sponsor was granted a US$ 61.7 million (BRL 123.4 million) loan from Banco da Amazonia. The remaining cost was set to be financed with the sponsors’ internal resources. Construction works were concluded in September 2009.
In December 2009, the rental services contract (RSC) between the state-owned Northern Power Generation Company (GENCO-III) and Techno Engineering Services (Pvt.) Limited for the installation, and operation for a three-year term of a 150 MW rental power plant (RPP) at Summandari Road, Faisalabad, became effective. Three conditions were required for rental contract effectiveness: (i) advance payment guarantee by sponsor, (ii) down payment by the state-owned power purchaser, and (iii) issuance of a sovereign guarantee by the Government of Pakistan (GoP). The Government of Pakistan (GoP) chose rental power projects as its major strategic tool for closing Pakistan’s electricity demand-supply gap in the short term.    On October 10, 2007, PEPCO published a tender notice for invitation of proposals for a 150 MW RPP.  The evaluation criterion was the lowest total tariff in US cents per kWh, inclusive of rental charges and fuel cost component.  In response to the tender notice, three bidders submitted their proposals.  Techno Engineering Services (Pvt.) Limited submitted a bid with two options: (1) using MAN B&W equipment; and (2) using Sulzer/Wartsila equipment. Although it was ranked third on price, Techno's Option 2 was approved because it met the commercial operations date requirement of May 15, 2008.  On Jan. 24, 2008, Pakistan Electric Power Company (PEPCO) issued a Letter of Award to Techno Engineering Services (Pvt.), which proceeded to sign the RSC with the designated state-owned power purchaser, Northern Power Generation Company (GENCO-III), in February 2008. Under the RSC, GENCO-III was to pay a rental charge of US$135 million, payable in arrears in 36 equal monthly installments to the sponsor, and to pay the sponsor’s fuel costs at a rate of Rs. 6.268 per kWh based on the reference fuel price of Rs. 26,000 per metric ton.  The RSC set out three steps which had to take place in order for the contract to become effective. First, the project sponsor was obliged to obtain a bank guarantee equal to 7% of the RSC’s value.  Second, within 10 days of receiving the sponsor’s bank guarantee, Northern Power Generation Company (GENCO-III), the state-owned power purchaser, was required to make a down payment to sponsor equal to 7% of the RSC’s value.  Lastly, within 30 days of the RSC’s signing, GENCO-III was to deliver Letter of Credit (LC) to the sponsor equal to the sum of GENCO-III's 36 monthly rental payments, guaranteeing GENCO-III's payment obligations.   The implementation process encountered a significant delay due to the inability of GENCO-III to obtain a Letter of Credit from a commercial bank at an acceptable cost.  As a result, the Government of Pakistan (GoP) revised the process in September 2009.  Under the revised process, GENCO-III made an increased down payment to the sponsor equal to 14% of the RSC’s value.  Following this, the GoP issued a sovereign guarantee covering GENCO-III’s rental payments in lieu of an LC.  These steps were completed by Dec. 2009, at which point the RSC became effective.  The sponsor’s estimated investment was US$35.5 million. To calculate this estimated investment, first the investment's present value (PV) was assumed by multiplying an assumed investment per kilowatt (US$600) by the plant’s installed capacity.  The PV was then used to find an annuity payment, assuming 15 years as the expected asset life and a discount rate of 10%. This annuity payment was then multiplied by the term of the rental contract in years, giving the sponsor’s total estimated investment.       As of June 2010, the plant was undergoing test operations and was not yet online.
EVN (Naturkraft) [Austria] invested EUR3.0 million (US$4.17 million) in the construction of a 836.7 kilowatt-peak (KWp) photovoltaic (PV) power plant near Blatets in Sliven municipality in eastern Bulgaria. The project was developed according to a license scheme on a build, own, and operate basis (BOO). Electricity generated by the project was to be supplied to the South East distribution grid, which was majority-owned and operated by EVN Bulgaria.    In mid-December 2009, EVN began test operating the 178.2-kWp first stage of the 836.7 kWp project. Another two groups of PV elements remain to be commissioned, after which the plant will commence commercial operations.  There were no reports on how the project was financed; therefore the date of test operations was used as a proxy for the financial closure date.
New Energy Options Geracao de Energia, a subsidiary of Multiner S.A., was granted the authorization by the regulatory agency Aneel to build a wind park in the state of Rio Grande do Norte in December 2001. The wind park includes two generating facilities: Alegria I, with 51.8 MW generating capacity; and Alegria II, with 100 MW capacity.  Financial closure for Alegria I was only reached in October 2009, when the BNB bank approved a US$ 125 million (BRL 250 million) loan to the project company. The total investment in Alegria I was estimated at US$ 146.5 million (BRL 293 million). The private sponsor acquired 31 wind power turbines from the danish company Vestas, which were delivered in December 2010. The project, which has power purchase agreements arranged with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies), was expected to begin operations in August 2010.  As of October 2009, financial closure for Alegria II was expected to be reached soon, as negotiations on a US$ 199 million (BRL 398 million) loan with BNB were in an advanced stage.  Alegria I commenced operations in December 2010. Construction works in Alegria II also started in the end of 2010 and were concluded in December 2011.
The Brazilian company Santa Cruz Power Corporation Usinas Hidroeletricas S.A., a wholly-owned subsidiary of the American company Contour Global,  was granted an authorization by the regulatory agency ANEEL to build a small hydro power plant located in the state of Goiás (24.3 MW in total capacity).   In November 2001, Santa Cruz Power Corporation Usinas Hidroeletricas S.A. signed a 30-year contract with ANEEL allowing the company to operate in the electricity market as a independent producer. This authorization granted the sponsor with the right to sell electricity in the Brazilian wholesale market. In June 2006, the company took part in a competitive bidding process to sell electricity to the regulated wholesale market (15-year power purchase agreement was signed guaranteeing the sale of 21 MW of electricity to the national grid).   Santa Cruz Power Corporation Usinas Hidroelétricas S.A. committed to invest US$ 67.5 million (BRL 135 million) in the facility. Construction works started in and were in advanced stages in early 2009, but the sponsor could not raise enough resources to finish the works until December 2009, when the company was granted a US$ 20.4 million (BRL 40.8 million) loan contract from BNDES, a state-owned development bank. This funding was directed to the construction of the substation and the transmission line to connect the power plant to the national grid.  Commercial operations commeced in June 2013.
In May 2009. Xinao Gas was granted a 25 year BOT agreement through direct negotiation to construct and operate a natural gas pipeline project in Wujin District of Changzhou City in Jiangsu Province. Xinao owned 100% of the project. The total investment was RMB 320 million (US$ 46.85 million). Main revenue came from user fees. Government support type was unknown.
In November 2006, Cobra Instalaciones y Servicios SA, was awarded in a competitive bidding process organized by the regulatory agency ANEEL the 30-year contract to build and operate a 412 km transmission line located in the states of Minas Gerais and Sao Paulo (municipalities of Sao Simao - Marimbondo - Ribeirao Preto). Besides Cobra SA, eight other companies took part in the contest.  The bidding criteria set by ANEEL was the lowest required annual revenue. Cobra SA presented the lowest offer, a total value of US$ 8.4 million (BRL 18.5 million), 51.85% the ceiling set by the regulatory agency. The contract was signed in April 2007, and the sponsor created the company Ribeirao Preto Transmissora de Energia Ltda to lead the project during the 30-year contract period.   In March 2010, the shareholding structure was modified when a Chinese state – owned company, SGID, acquired Ribeirao Preto Transmissora de Energia and other transmission projects from Plena Transmissora de Energia (Isolux, 33,3%; Elecnor, 33,3%; Cobra Instalaciones y Servicios, 33,3%), which held 100% of the shares of the project company at the time the transaction took place. SGID invested US$ 1.72 billion in the acquisition of Plena Transmissora de Energia (BRL 3.1 billion).   The sponsor committed to invest US$ 118.9  million (BRL 237,8) in the transmission line. The construction works commenced in June 2008, but financial closure was only achieved in June 2009, when the sponsor was granted a US$ 58.2 million (BRL 116.3 million) loan from BNDES. The remaining cost was set to be financed with the sponsors’ internal resources. Construction works were concluded in April 2009 when the project started operations.
In June 2009,  the Power Sector Assets and Liabilities Management Corporation (PSALM) divested fully the 0.8 MW Amlan Hydroelectric Power Plant by selling it for US$ 0.23 million to Filipino-owned ICS Renewables Inc..  The project was awarded following a competitive bidding conducted by PSALM in December 2008. There were two bidders and the bidding price exceeded the reserve price set by the PSALM Board for the asset. No other detailed information on financing was available.
Belen Electric Generation Co. Inc., a project company wholly owned by Guris Holding, implemented the 30MW Belen Wind Power Project, near Belen in Hatay province.  The project was developed on a greenfield, build own and operate (BOO) basis, and was awarded through a license scheme. Electricity generated by the wind farm was to be delivered to the Turkish national grid.   The total project cost was estimated at EUR51 million (US$70.89 million). Financial closure was reached in February 2009, when Belen Electric Generation Co. Inc. signed a EUR27 million (US$37.53 million) loan agreement with Commerzbank Aktiengesellschaft and the Danish Export Credit Agency (EKF).  The total repayment period of the credit including grace period was 12.5 years.  In June 2012, it was reported Guris was planning to expand the wind farm with an additional 12 MW to 36MW.
On September 19, Inca Rail launched rolling stock operations of a "tourist train" between Cusco and Machu Picchu a using the fixed assets operated by Fetransa (Ferrocarril Transandino)under a concession contract. In the first full year of operations (2010), Inca Rail estimated that their line would serve approximately 10% of the tourists bound for Machu Picchu and set the goal of increasing capacity to capture 20% in 2013. Inca Rail SAC was a company belonging to Crosland Tecnica SA a subsidiary of Parson & Crosland Ltd. [United Kingdom, 100%]. Inca Rail had a staff of 40 persons working in the company in 2009.  Inca rail signed its contract with Ositran on August 31, 2009, officially authorizing the train to operate on the Cuzco-Machu-Piccu line. The project was awarded to Inca rail by the state regulator Ositran through a license scheme after Ositran completed reviewing Inca Rail’s proposal and its rolling stock for the legal and technical specifications necessary to operate. The concessionaire Fetransa is mandated to allow competition in rolling stock under the terms of its concession contract.  The total project cost was not available at the start of operations. Capital expenditure will presumably increase as demand for the inca line increases. On September 19, 2009 the launching date of its contract, Inca rail had an operational train as well as a schedule of visits starting in September.
In May 2009, the 1035km 400kv double-circuit transmission project developed by Reliance Power Transmission Limited in the state of Maharashtra under a BOO agreement reached financial closure. The project was a part of the 1500km Western Region System Strengthening Scheme - II (WRSSS - II) being implemented in the states of Maharashtra (1035km) and Gujarat (483km). This would be the first such kind of transmission line project being implemented by the private sector.  Reliance Power Transmission Limited, a subsidiary of Reliance Infrastructure, established Western Region Transmission (Maharashtra) Private Limited, a special purpose vehicle, to implement this Maharashtra phase of the project. The company was awarded the project through a competitive bidding process held on Apr 2006 by the Power Grid Corp of India Ltd (PGCIL). In Nov 2006, Reliance Power Transmission Ltd (RPTL) emerged as the lowest bidder by virtue of lowest tariff quoted and was selected as the preferred bidder. The company received transmission license from Central Electricity Regulatory Commission (CERC) for a period of 25 years and was entrusted to establish the transmission lines under the scheme. Corporates like Tata Power, Lanco, Reliance, Essar Power, Larsen & Toubro, GMR Group, Kalptaru Power, Gammon India and Jyothi Structures, China Light & Power, Mitsubishi Corp of Japan and AES Corp of USA, and four Spanish companies including Isolex Wat and Abengoa had shown interest in this international competitive bid. 28 bid documents had been purchased in total.    While RPTL was issued letter of award in November 2006 by PGCIL, implementation agreement was signed one year later i.e. in Nov. 2007 with PGCIL because of subsequent modification in the project structure from BOOT (‘Build Own Operate & Transfer) to BOO (Build Own & Operate). As per the recommendations of Public Private Partnership Appraisal Committee (PPPAC) of Govt. of India, the new BOO structure included deletion of Transfer clause as well as Buyout clause and also revised the payment security mechanism (as recommended by the Khurana Committee in June 2007). In March 2009, Power Transmission Agreement (PTA) for the license period has been signed with the eight beneficiaries namely Maharashtra State Electricity Distribution Company Ltd, Gujarat Urja Vikas Nigam Ltd, Madhya Pradesh Power Trading Company Ltd, Chhattisgarh State Electricity Board, Electricity Department, Administration of Dadra and Nagar Haveli, Electricity Department, Government of Goa, Electricity Department, Administration of Daman and Diu and MP Audyogik Kendra Vikas Nigam Limited.  The tariffs or the Transmission Service Charges (TSC) comprised of a non escalable component and an escalable component linked to inflation index as notified by CERC (Central Regulator). Full TSC as per the quoted tariff structure were payable to WRTGPL by the counterparty state-utilities subject to availability of the transmission lines at normative level of 98%. As mentioned in PTA, a payment security mechanism was in place which comprised of  a) Revolving Letter of Credit (for 105% of monthly TSC), and  b) right for request to RLDC (Regional Load Dispatch Centre) for diversion of low cost power available to defaulting state utility in the peak time (7 to 10 pm) so that dues could be adjusted from the revenues arising out of sale of those diverted units at Unscheduled Interchange (UI) rate. Counter party credit risks post CoD were thus expected to remain largely mitigated by way of adequate payment security mechanism as put in place in PTA.  The estimated project cost was USD 97.3 million (INR 4710 million at 48.41 INR/USD). The project achieved financial closure in May 2009 and was being funded through debt to equity ratio of 2.33 times. Financing comprised a USD 68.1 mn (INR 3297mn) 12.75-year term loan and USD 29.2mn (INR 1413mn) equity. While debt was repayable over the period of 13 years post CoD, and the bullet repayment (28% of the part of the loan amount of USD 68.1mn) was due at the end of 13th year from project CoD. However, sufficient comfort was available for the refinanced portion by way of a long tail period i.e. of about 9 years available for revenues as Transmission Service Charges were payable by beneficiaries for 22 years post CoD. The debt repayment was expected to start from June 2011, leaving six month gap between the CoD and start of debt repayment.  The company could start civil works at the sites from July 2009 onwards only after obtaining the approval under Sec-164 of Electricity Act 2003 (which enables the company to obtain the Right of Ways). As a result of significant time spent in signing of power transmission agreement as mentioned above, scheduled CoD was extended by nine months to December 2010 along with grant of transmission license, as directed by CERC in its order dated Dec. 2008. In case of any delays in meeting the scheduled CoD, company was required to pay liquidated damages to PGCIL as per the terms of Implementation agreement. The project became operational in June 2011.
Terraqua International developed the 1.28MW Halathura Ganga small hydropower plant. The output was estimated at 5.9GWh annually. The project company name was Terraqua International Pvt. Ltd.   The project was commissioned in 2009. The project held a PPA with Ceylon Electricity Board to export its power to the national grid.  No further information was available. Total cost was estimated at US$1.3 million. Financial closure date estimated at January 2009, commissioning year.
In August 2009, Power Sector Assets and Liabilities Management (PSALM) finalized the sale of 620 MW  Limay Combined Cycle plant and sold it to San Miguel Energy Corp (SMEC) for US$13.5 million under a negotiated transaction after three failed attempts to auction off the diesel-fired station.  Tentative auctions in July 2008 and January 2009 failed due to lack of bidders. In February 2009, the government opted for its first negotiated sale after two failed auction attempts, but also failed for the same reason. In August 2009 San Miguel Energy Corp SMEC won the contract, exceeding the government's reserve price for the plant by offering US$13.5 million for the plant. PSALM refused to reveal reserve price.   No further detailed information on financing was available.
In March 2009, the Power Sector Assets and Liabilities Management (PSALM) fully divested the 146MW diesel-fired Panay and 22MW diesel-fired Bohol power plants by selling them for US$5.86 million to SPC Power Corp.  In early 2009, SPC, formerly known as the Salcon Power Corporation, won at the competitive bidding with a bid of US$5.86 million. The bid exceeded the government's reserve price and bested offers from the two other bidders, a US$1 million offer from Therma Power-Visayas, which is owned by the local Aboitiz Power Corporation, and a US$4.73 million offer from the Trans-Asia Oil and Energy Development Corporation, which is owned by the local Philippine Investment Management Inc.  No detailed information on financing was available.
In March 2009, the US$44 million North Luzon Expressway Phase 2 project reached financial closure under a 30-year BOT contract.  The project was developed by Manila North Tollways Corporation, an SPV composed by Leighton Holdings Limited (17%) and Metro Pacific Investments Corporation (MPIC) (67%). No information on the bidding process was publicly available.  The project followed the North Luzon Expressway Phase 1 project (ID 2074) that reached closure in 2001. This  expansion project involved the development of 2.7 km toll road linking NLEX main gateway in Valenzuela City with C5 extension (Mindanao Avenue) in Quezon City. This was the first step for the North Luzon Expressway Phase 2, composed of four different satellite road projects with a total length of 22.5km. Once completed, it would decongest traffic in the Balintawak-EDSA junction.  The project was financed by a 7 year loan facility provided by PNB Capital and Investments Corp., the investment bank subsidiary of Philippine National Bank.  Phase 2 was originally expected to be completed within 14 months or in February 2010, but as of January 2010, the project was estimated to be completed in April 2010.The road opened march1,
The Tororo Power Station is a 20MW heavy-fuel plant operated by Electro-Maxx, a local investor in power generation. DECCO, a Korean electrical company, was contracted for the ECP for this plant in 2008.  Electro-Maxx built, owns, and operates the Tororo plant. The plants fits in the plans of the government of Uganda to switch away from expensive rental power; the heavy-fuel oil fired station will provide cheaper power than other diesel thermal generators (rentals). The electricity is supplied to the national grid. The contract was won without there being a competitive bidding process.  The plant represents an investment of $32 for Electro-Maxx. In March 2012, it was reported that Electro-Maxx is in the process of upgrading its plant from the 20MW at the time to 50MW, at an additional cost of $51 million. The upgrade was to be completed by June 2012.
Anhui Guozhen Environmental Protection Co., Ltd. was granted an agreement in March 2009 to build and operate a wastewater treatment plant with a capacity of 50,000 cubic meters per day in Jiangmen City, Guangdong Province. Anhui Guozhen owned 100% of the project and was expected to operate the facility for 26 years before transferring it back to the local government. The total investment was RMB 67.05 million (US$ 9.59 million). The agreement was granted on a competitive bidding basis, but there was not publicly available information on the bid criteria and the number of bidders.
In November 2009, the 29.7MW wind power project, developed by Acciona Wind Energy Pvt. Ltd. under a BOO format, reached financial closure. Acciona Wind Energy Pvt. Ltd. (AWEPL), a 100% subsidiary of the Acciona Energia Internacional, S.A. (Spain) and Acciona, S.A (Spain), was implementing the 29.7MW wind power project at two villages in the district of Davangere in the state of Karnataka - Arasinagundi (13.20MW) and Anabaru (16.50MW). The aggregate 29.70MW wind power plant comprised 18 units of Vestas V82 make Wind Turbine Generators (WTGs), with each WTG of 1,650kW capacity.    Acciona Wind Energy Pvt. Ltd. (AWEPL) had executed a 10 year Power Purchase Agreement (PPAs for Arasinagundi and Anabaru were executed on 17 March 2008 and 2 May 2008 respectively) with Bangalore Electricity Supply Company Limited (BESCOM) for sale of electricity at a fixed rate (no escalation) of US Cents 7/kWh (INR3.40 per kWh). The tariff from 11th year onwards would be decided by KERC (State electricity regulator),and DISCOM (State electricity distribution company)  could exercise its option to procure electricity at the KERC-determined tariff, else Acciona could enter into agreement with third party. PPA was extendable by another term of 10 years if the KERC determined tariff from the eleventh year onwards was acceptable to the DISCOM. The O&M costs were expected to be around 2 to 2.5% per annum. As per Project Design Document (prepared for UN CDM registration with various assumptions), the project IRR (pre-tax) without considering CDM revenues was 11.93% and with CER revenue @9 per CER, was 13.65%. On 20 Nov 2008, both wind farms were registered by the United Nations as a joint project under the Clean Development Mechanism (CDM) system contained in the Kyoto Protocol. Thus CERs were an added revenue stream available.   The total project cost was US$45.1 million (€29.6 million). Financial closure took place in November 2009. The debt equity ratio for the project was 61/39. Financing comprised a loan of US$ 27.6 million and a equity of US$ 17.5 million. The US$27.6 million (€18.1 million) loan was the biggest non-recourse single project finance operation carried out to date in the Indian wind power sector.   Construction for the plants started in April 2007, and the plants had already been commissioned and were under operation - Arasinagundi (13.20MW) since June 2008 and Anabaru (16.50MW) since September 2008. The electricity generated from the project would be supplied to a common local sub-station at Hiremallaholle (owned by the state utility) using 33kV underground cables and local transmission lines, from where it would be further evacuated by the state grid. The delivery of the power plant had been done by Vestas Wind Technology India Pvt. Ltd.  Vestas also had an ongoing two year O&M contract with Acciona. As per information given by Acciona this arrangement was likely to be further continued.
In 2007, the Brazilian company UTE MPX, a subsidiary of MPX (EBX Group), was one of the companies that emerged as winners in a competitive bidding process organized by the federal agency CCEE for the future sale of electricity to the Brazilian regulated market (energy that is sold exclusively to the distribution companies). MPX's purpose was to guarantee a power purchase agreement for a coal-fired power plant yet to be built by the company in the city of Sao Goncalo do Amarante, State of Ceara.   The company was able to arrange the sale of 615 MW annually. This represented annual revenues of US$ 233.8 million (BRL 467.5 million) for 15 years. The remaining 105 MW was set to be sold in unregulated wholesale markets. The power purchase agreement guaranteed the full recovery of the fuel costs in addition to exchange rates fluctuations.  A 35-year license contract was signed with the regulatory agency ANEEL in March 2008. In September 2008, the authorization was transferred to MPX Pecem Geracao de Energia S.A.  The total investment in the ten facilities was estimated at US$ 1.4 billion. Financial closure for the project was reached in September 2009, when state-owned bank BNDES approved a US$ 700 million (BRL 1.4 billion) loan MPX Pecem Geracao de Energia S.A. (to be paid back in 17 years, starting in 2012). The company was also able to raise another US$ 327 million from the IADB early in that year (March 2009), through a project finance facility that included US$ 147 million in funding directly obtained from the IADB (14-year loan to be paid back between 2012 and 2026) and US$ 180 million in syndicated loans of three other financial institutions (10-year in loans to be paid back between 2012 and 2022). The remaining investment expenditures were set to be financed with the sponsors’ equity.  Construction works started in 2008 and operations were set to commence prior to January 2012, when the sponsors committed to start supplying the regulated energy market.  Operations commenced in November 2012.  In September 2013, EBX sold part of its ownership in MPX, the subsidiary of EBX Capital Partners responsible for managing the group's energy projects. MPX changed its name to Eneva, and its ownership structure was established as follows: EBX, 20%; the German company E.ON, 42.9%; free float, 37.1%. In December 2014, Eneva sold half of its stake in the power project to the Portuguese company EDP.
On February 18, 2009 Spanish company OHL Concesiones SL signed a 25-year concession contract with Peru’s ministry of transport and communications to build and rehabilitate Red Vial 4, a 356 km stretch of the Peruvian Panamericana motorway connecting the city of Pativilca, in Lima province, to Trujillo, in La Libertad region. OHL formed Autopista del Norte, S.A.C. as the project company and held a 100% stake.  On December 18, 2008 the project was awarded to OHL by Peru's state agency for promotion of private investment, ProInversion. The bidding criterion was the amount of additional works undertaken by the private sponsor. In this tender 170km of road was the minimum amount that could be built and concessionaires could offer up to an additional 113.42km. Six companies submitted final bids, including OHL. The other five companies were:  •	Concesionaria del Sur (Peru-Ecuador)  •	Concesionaria Vial del Norte (Peru)  •	Consorcio Concesionaria Panamericana (Venezuela-Colombia)   •	Consorcio Promotora del Desarrollo de America Latina SA de CV y Obras de Ingenieria SA (Peru-Mexico)  •	Consorcio Vias del Peru CCION (Peru-Colombia)  Three of the companies offered the maximum amount of kilometers as well as 18 additional projects, but OHL won the tender by offering 20 additional projects including eight roundabouts, four pedestrian bridges and five underpasses and three bypasses in the municipalities of Huarmey, Casma and Viru-Chao.   The total investment was estimated at 203 million Euros (US $283.3 million). In February 2010 OHL closed a loan of US $ 150 million dollars with Corporacion Andina de Fomento (CAF),the development agency and private banks Credit Agricole CIB and Banco Central de Peru (BCP).
In December 2006, Abengoa S.A. was awarded in a competitive bidding process organized by the regulatory agency ANEEL the 30-year contract to build and operate a 85  km transmission line located in the states of Parana and Santa Catarina (Bateias-Curitiba and Canoinhas-Sao Mateus). Besides Abengoa S.A., four other companies took part in the contest: CME - CONSTRUCAO E MANUTENCAO ELECTROMECANICA S.A.; COPEL TRANSMISSAO S.A.; ISA - INTERCONEXION ELECTRICA S.A. E.S.P.; and CONSORCIO CABURE.    The bidding criteria set by ANEEL was the lowest required annual revenue. Abengoa presented the lowest offer, a total value of US$ 5.3 million (BRL 11.5 million), 42.35% below the ceiling set by the regulatory agency. The contract was signed in June 2007, and the sponsors created the company ATE IV - São Mateus Transmissora de Energia S.A. to lead the project during the 30-year contract period.     The sponsor committed US$ 78.2 million (BRL 156.4 million) in the transmission line. Financial closure was achieved in December 2009, when the sponsor was granted a US $ 40 million (BRL 80.1 million) loan from BNDES. The remaining cost was set to be financed with the sponsors’ internal resources.
On September 9, 2009 The consortium Terminales Portuarios Euroandinos (TPE), signed a 30-year concession contract for the port of Paita with Peru’s Ministry of Transport and Communications (MTC). The consortium Terminales Portuarios Euroandinos (TPE), of which Mota-Engil was the majority shareholder, officially took over the administration of Paita Port, in Piura region on October 7, 2009. At the time of the tender the facilities include a jetty-like dock of 365 m long and 36 m width, four mooring points 32' depth to serve ships up to 25,000 DWT as well as a container yard of 25,000 m². The port mainly handled farming, fishing, minerals goods and containers (109,136 TEU in 2007). The concession contract mandated a two stage expansion of the terminal. Stage one consisted of 300m-long container terminal, a container patio covering a minimum 12ha and dredging the canal to 13m, addition of four cranes, including two gantry cranes.   The project was awarded to Terminales Portuarios Euroandinos (TPE) on March 31, 2009 in an international, competitive tender. The lowest tariff was the bidding criterion. Tariffs in Paita were scheduled to be US $120 and US $151 for 20-foot and 40-foot containers, respectively were to be reviewed by the regulator Ositran every five years.   Three consortia submitted bids, but only TPE submitted a final technical and financial proposal, and was therefore the only final bidder. The other pre-qualified firms were APM Terminals Paita [Netherlands, Peru] and Zona Norte- Consorcio Portuario [Panama, Peru, USA] . Terminales Portuarios Euroandinos was comprised of Portuguese Tertir Terminais, and Peru's Translei, subsidiaries of Mota-Engil [Portugal, 75%] and Peruvian firm Cosmos Agencia Maritima SAC, a subsidiary of Andino Investment Holding [Peru, 25%].  The concessionaire was responsible for an initial investment of US $131 million and expanding the capacity of the terminal to 220,000 TEU. Investment in the three stages was estimated at total US $ 293 million (US$ 131 million - First phase; US$ 19.3 million - Second phase; US$ 19.8 million - third phase).  Construction works on teh first phase commenced in December 2011, and were concluded in February 2015. In April 2012, the sponsors had raised US$ 110 million in debt to finance the first phase of the expansion works.
La Joya was a 9.6 MW run-of-river plant in Arequipa region that was expected to displace 41,987t/y of CO2. As a result, the anticipated project was registered as Clean Development Mechanism in the UN Framework Convention on Climate Change (UNFCCC) in November 2008.  The project took advantage of existing irrigation infrastructure in the Chili river district.  In April 2009, the project was awarded to Generadora de Energía del Perú (Gepsa)[Peru, 100%] under a license scheme and was given a definitive concession by Peru’s Ministry of Energy and Mines. By the time of the awarding, the works on the project were 98% complete. The investment figure was not available. Electricity output was to be sold to Peru’s national grid.  In December 2009, the plant became operational and was nearly running at full capacity.  July 2012: total investment ESTIMATED at 9.6MW x 3.2 million per MW (average for LAC), $30.7 million.
On April 30, 2009  the Peruvian company Obras de Ingenieria SA (Obrainsa) signed a 15-year concession contract with Peru’s Ministry of Transport and Communications (MTC) to rehabilitate, operate and maintain the 47km Nuevo Mocupe – Cayalti – Oyotun Highway in the department of Lambayeque. The rehabilitated road was expected to improve transportation in frontier agricultural districts of Lagunas (Mocupe), Zana, Cayalti, Nueva Arica y Oyotún as well as provide access to tourists going to the royal tombs of Sipan, directly benefitting 50,954 inhabitants.   On January 26, 2009 the contract was awarded to Obrainsa in a competitive tender launched by Proinversion in April of 2008. Obrainsa submitted the only final bid. The bidding criterion was the lowest government payments totaling US $17 million in the first year. The payments were in two forms: a construction subsidy to be paid out in the first year Pago por Obras (PPO) of 15 US $15.6 million and a payment for operation and annual maintenance or (PAMO) for US $1.4 million paid out annually over the 15 year concession.  The project company name was not available.
On 17th Feb 2009, the National Highway Authority of India (NHAI) awarded (signed the LoA) a 21 year concession (including construction period of 910 months) with a consortium of Navinya Buildcon and Atlantia SPA for strengthening and widening the 110.5 km of the Pune-Solapur section of National Highway-9 (NH-9 from km.40 to km.144.4) in the state of Maharashtra.  Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance and widening of the existing two-lane highway to a four-lane highway with paved shoulders. The project has provisions of bridges, flyovers, vehicular under passes, pedestrian under passes, and truck lay-byes. There will be a 124-km long service road on both sides of the project. The expansion project, part of National Highway Development Project Phase - II, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  The consortium of India's Navinya Buildcon Limited (50% equity, its a 100% subsidiary of Tata Realty & Infrastructure Limited) and Spain's Atlantia SPA (50% equity) established  Pune Solapur Expressway Limited, a special purpose vehicle, to implement the project. The consortium won the tender through competitive bidding, conducted by NHAI, by quoting the minimum subsidy required of US$ 61.8 million (INR 2990 million @ 48.41 INR/USD). Under the contract, the concessionaire was to recover the capital costs and operating costs including returns through tolling during the term of concession. Other details of the bidding were not available at the time of collection of this information.  The concession agreement was signed in May 2009. The estimated capital cost of the project was US$ 283.2 (INR 13710 mn @ 48.41 INR/USD) million. The project attained financial closure in October 28th, 2009 with a debt equity ratio of 70:30. Financing comprised US$ 198.1 million (INR 9590 million @ 48.41 INR/USD) 15-year term loan provided by IDBI. A group of 10 other banks participated in the debt syndication. The balance US$ 85.1 million (INR 4120 million @ 48.41 INR/USD) was expected to be brought in as equity by the project sponsors.   Construction on the project was expected to begin in May 2009 and completed by Dec 2011.
In November 2006, Cobra Instalaciones y Servicios SA, was awarded in a competitive bidding process organized by by the regulatory agency ANEEL the 30-year contract to build and operate a 308-km transmission line and a substation located in the states of Minas Gerais and Sao Paulo (the line was set to link Ribeirao Preto-Estreito-Jaguara and Ribeirao Preto-Pocos de Caldas). Besides Cobra SA, seven other companies took part in the contest, but only two went through the final stage of the bidding process: Cobra SA and ISA – Interconexion Eletrica SA.   The bidding criteria set by ANEEL was the lowest required annual revenue. Cobra SA presented the lowest offer, a total value of US$ 10.7 million (BRL 23.4 million), 58.8% below the ceiling set by the regulatory agency. The contract was signed in April 2007, and the sponsors created the company Pocos de Caldas Transmissora de Energia to lead the project during the 30-year contract period.   The sponsor committed to invest US$ 153,7 million (BRL 307,5) in the transmission line. The construction works commenced in June 2008, but financial closure was only achieved in March 2009, when the sponsor was granted a US$ 75 million (BRL 150 million) loan from BNDES. The remaining cost was set to be financed with the sponsors’ internal resources. Construction works were concluded in April 2009 when the project started operations.  In March 2010, the shareholding structure was modified when a Chinese state – owned company, State Grid International Development (SGID), acquired the project company and other transmission projects from Plena Transmissora de Energia (by the time this transaction took place, the project company was wholly-owned by Plena, which was a partnership of the spanish companies Elecnor, Cobra and Isolux). SGID invested US$ 1.72 billion in the acquisition of Plena Transmissora de Energia (BRL 3.1 billion).
In July 2009 a 30 MW Port-au-Prince Oil-fired Power Plant reached financial closure in Haiti. The plant was to boost energy capacity in Port-au-Prince by 40 percent and provide more cost-competitive electricity as it will burn heavy fuel oil rather than diesel oil. The plant was to be developed by E-Power SA, which was majority-owned by a consortium of local investors led by Daniel Rouzier, a Haitian businessman as well as Korea East-West Power Co, Ltd, a large Korean electricity utility with a 30% interest. The plant was to sell power to Electricite d'Etat d'Haiti under 15-year power purchase agreement(PPA).  The total project cost was US $57 million.The IFC provided $17 million in the form of a senior loan and syndicated $12 million from the Netherland’s FMO.
Usina Rio Pardo S.A, a partnership of Brazilian companies Tavares de Almeida, Tejofran and Zogbi, was granted the authorization to build and operate a sugar-cane-residue fueled power plant located in the state of Sao Paulo (60 MW in total capacity). The power plant was named UTE Rio Pardo.  The 30-year authorization contract was granted by the regulatory agency ANEEL to Usina Rio Pardo S.A. in March 2009. In March 2014, the authorization was transferred to the consortium Rio Pardo, a partnership of the Brazilian companies Usina Rio Pardo S.A. and Rio Pardo Termoeletrica Ltda.   The amount invested in the power plant was not disclosed. Financial closure was achieved in February 2009 when the state-owned bank BNDES granted a US$ 70.8 million (BRL 141.7 million) loan to the construction of the sugar cane processing facility and the power plant. The construction works at UTE Rio Pardo commenced in April 2008, and operations began in September 2009.   The government periodically runs public bidding for the sale of energy to the country´s distribution companies. UTE Rio Pardo won the public bidding that took place in April 2015 by offering an average tariff of US$ XX/MWh (BRL 212.00/MWh). The project companies signed 20-year power purchase agreements with the several electricity distribution companies.   In October 2015, Consortium Rio Pardo sold 100% of its shares in the project company to Albioma Rio Pardo Termoeletrica Ltda, a subsidiary of the French group Albioma.
In December 2009, the rental services contract (RSC) between the state-owned Northern Power Generation Company (GENCO-III) and Young Gen Power Ltd. for the installation, and operation for a three-year term of a 200 MW, residual fuel oil-fired rental power plant (RPP) at 237 RB Satiana Road, Faisalabad, became effective. Three conditions were required for rental contract effectiveness: (i) advance payment guarantee by sponsor, (ii) down payment by the state-owned power purchaser, and (iii) issuance of a sovereign guarantee by the Government of Pakistan (GoP).  The Government of Pakistan (GoP) chose rental power projects as its major strategic tool for closing Pakistan’s electricity demand-supply gap in the short term.   In March 2008, PEPCO published a tender notice for invitation of proposals for a 200 MW RPP to be located at Satiana Road, Faisalabad.  The evaluation criterion was the lowest total tariff in US cents per kWh, inclusive of rental charges and fuel cost component. Young Gen Power Ltd., which submitted a bid dated May 31, 2008, was deemed the winning bidder.  On Sep. 6, 2008, Pakistan Electric Power Company (PEPCO) issued a Letter of Award to Young Gen Power Ltd., which proceeded to sign the RSC with the designated state-owned power purchaser, Northern Power Generation Company (GENCO-III), on Nov. 8, 2008.  Under the RSC, GENCO-III was to pay a rental charge of US$111 million, payable in arrears in 36 monthly installments to the sponsor, and to pay the sponsor’s fuel costs at a rate of Rs. 7.48 per kWh based on a reference fuel price of 33,250 per metric ton.   The RSC set out three steps which had to take place in order for the contract to become effective. First, the project sponsor was obliged to obtain a bank guarantee equal to 7% of the RSC’s value.  Second, within 10 days of receiving the sponsor’s bank guarantee, Northern Power Generation Company (GENCO-III) was required to make a down payment to sponsor equal to 7% of the RSC’s value.  Lastly, within 30 days of the RSC’s signing, GENCO-III was to deliver Letter of Credit (LC) to the sponsor equal to the sum of GENCO-III's 36 monthly rental payments, guaranteeing GENCO-III's payment obligations.   The implementation process encountered a significant delay due to the inability of GENCO-III to obtain a Letter of Credit from a commercial bank at an acceptable cost.  As a result, the Government of Pakistan (GoP) revised the process.  Under the revised process, after GENCO-III had furnished its down payment to the sponsor, the GoP was to issue a sovereign guarantee covering GENCO-III’s rental payments in lieu of an LC.  These steps were completed by Dec. 2009, at which point the RSC became effective.  The sponsor’s estimated investment was US$47.3 million. To calculate this estimated investment, first the investment's present value (PV) was assumed by multiplying an assumed investment per kilowatt (US$600) by the plant’s installed capacity.  The PV was then used to find an annuity payment, assuming 15 years as the expected asset life and a discount rate of 10%. This annuity payment was then multiplied by the term of the rental contract in years, giving the sponsor’s total estimated investment.  The project became operational in August 2010.
In December 2009, the rental services contract (RSC) between the state-owned Northern Power Generation Company (GENCO-III) and Reshma Power Generation Ltd. for the installation, and operation for a five-year term of a 201 MW, residual fuel oil-fired rental power plant (RPP) near Manga-Raiwind Road, Punjab province, became effective. Three conditions were required for rental contract effectiveness: (i) advance payment guarantee by sponsor, (ii) down payment by the state-owned power purchaser, and (iii) issuance of a sovereign guarantee by the Government of Pakistan (GoP).  The Government of Pakistan (GoP) chose rental power projects as its major strategic tool for closing Pakistan’s electricity demand-supply gap in the short term.  The project was awarded on the basis of competitive bidding. In December 2008, PPIB published a tender notice calling for the submission, by Feb. 16, 2009, of proposals for rental power projects of any capacity above 50 MW.  PPIB received 10 bids, containing both a technical and a financial component, by the bid submission deadline. It declared eight of these bids 'responsive', including Reshma Rental Power Project. Reshma Power Generation Ltd. was then invited to submit a tariff bid by March 21, 2009, which was approved in April 2009.  On June 23, 2009, the Private Power and Infrastructure Board (PPIB) issued a Letter of Award (LoA) to Reshma Power Generation Ltd. [Pakistan], which proceeded to sign the RSC with Northern Power Generation Company (GENCO-III), on Sep. 6, 2009. Under the RSC, GENCO-III was to pay a rental charge of US$395 million, payable in arrears in 60 equal monthly installments to the sponsor, and to pay the sponsor’s fuel costs at a rate of Rs. 5.5124 per kWh based on the reference fuel price of Rs. 20,398 per metric ton.   In line with the GoP's procurement process for rental power projects, the project sponsor submitted a payment guarantee to GENCO-III equal to 7% of the RSC’s value.  In return, GENCO-III made a down payment to the sponsor equal to 14% of the RSC’s value.  Thereafter, the GoP issued an annual renewable sovereign guarantee covering GENCO-III’s rental payments.  According to the Asian Development Bank (ADB), these steps had been completed by Dec. 31, 2009, indicating contract effectiveness.  The sponsor’s estimated investment was US$79.3 million. To calculate this estimate, first the investment's present value (PV) was assumed by multiplying an assumed investment per kilowatt (US$600) by the plant’s installed capacity.  The PV was then used to find an annual amortized payment, assuming 15 years as the expected asset life and a discount rate of 10%. This annuity payment was then multiplied by the term of the rental contract in years, giving the sponsor’s total estimated investment.
In June 2009, the 51 MW, gas-fired Naudero-I Rental Power Project reached financial closure. The Government of Pakistan (GoP) chose rental power projects as its major strategic tool for closing Pakistan’s electricity demand-supply gap in the short term.   Following its submission of an unsolicited proposal to the Private Power and Infrastructure Board (PPIB), Pakistan Power Resources (PPR) was awarded the contract.  PPR was a joint venture between Walters Power International [United States] (35%) and Associated Group [Pakistan] (65%). On June 4, 2009, PPR and the designated state-owned power purchaser, Central Power Generation Company (GENCO-II), signed the rental services contract (RSC).  Under the RSC, GENCO-II was to pay a rental charge of US$91.7 million, payable in arrears in 60 equal monthly installments to the sponsor.    In line with the GoP's procurment process for rental power projects, the project sponsor submitted a payment guarantee to GENCO-II equal to 7% of the RSC’s value.  In return, GENCO-II made a down payment to the sponsor equal to 14% of the RSC’s value.  Thereafter, the GoP issued an annual renewable sovereign guarantee covering GENCO-II’s rental payments.  On June 30, 2009, Walters Power International announced that a pair of Rolls Royce RB211 turbines was en route to Pakistan and that the funding for the project had been completed. Walters issued a notice to proceed on the plant.  The sponsor’s estimated investment was US$20.1 million. To calculate this estimate, first the investment's present value (PV) was assumed by multiplying an assumed investment per kilowatt (US$600) by the plant’s installed capacity.  The PV was then used to find an annual amortized payment, assuming 15 years as the expected asset life and a discount rate of 10%. This annuity payment was then multiplied by the term of the rental contract in years, giving the sponsor’s total estimated investment.
In May 2008, Jaypee group company, Jaiprakash Power Venture (JPVL), had acquired Bina Power Supply (BPSCL) from the Aditya Birla Group for about USD 3 million (INR 150-175 crore). Aditya Birla Group had formed BPSCL in the early 1990s to develop a 1,000 mw power plant (in two phases of 500 mw each) at Bina in Sagar district of the state of Madhya Pradesh, but didn’t pursue it after the initial progress. BPSCL had received government approvals for the power project, which was later cancelled. The Bina project was spread over 1,600 acres and had earlier obtained coal linkage for 500 mw, which was cancelled after the project failed to take off. JPVL approached the Government and later revived all the clearance applications and obtained it over the years 2007-2008. Land covering about 694 hectares is already in possession. Letter of assurance by Coal India Limited for capacity of 500 MW has been obtained. 100 cusecs of water from river Betwa in Madhya Pradesh has been assured by the government. Evacuation of power from the Power Plant shall be done by PGCIL.  BPSCL was granted the project through MOU route on a negotiated basis.  Post revival of the project, JPVL had signed a 25-year PPA with Government of Madhya Pradesh for the offtake of 70% (175MW, 5% of this contracted power will be sold to GoMP at variable cost.) of the installed capacity for Phase-I (250MW) and balance power (75MW) would be sold on merchant basis.  The tariff would be as determined by MPERC (State Electricity Regulator) on annual basis. Fuel costs were to be recovered on a pass-through basis. BHEL has been given the Boiler Turbine Generator (BTG) contract while Jaiprakash Asssociates would carry out the civil works for the project.   The project cost was initially estimated to be approximately USD 568.9 million (INR 27540 million @ 48.41 INR/USD). BPSCL financed this project through an equity contribution of USD 170.6 million (INR 8260 million @48.41 INR/USD) and a loan of USD 398.3 million (INR 19280 million @ 48.41 INR/USD). The project has been funded in a debt: equity ratio of 70:30. In November 2009, the funds were arranged by IDBI Bank in consortium with Punjab National Bank, Central Bank of India, Union Bank of India, Canara Bank, State Bank of Hyderabad, J&K Bank, Bank of Rajasthan, State Bank of Patiala, and Allahabad Bank.   Because of cost-overrun owing to delays, additional financing of USD 90.9mn (INR 4860mn @ 53.44 INR/USD) was executed in June 2012. This comprised of a 11-year 6-months term loan of USD 61.7mn (INR 3300mn) and sponsor equity of USD 29.2mn (INR 1560mn). IDBI was the lead arranger and other particpating banks were Central Bank of India (1000mn), Punjab National Bank (650mn), State Bank of Patiala (300mn), Jammu & Kashmir Bank (300mn), and Union Bank of India (300mn).    Main plant civil works started on 27.11.09 by M/s Jaiprakash Associates Ltd. Commissioning of Phase-I was done in August 2012 and Phase-II was expected to be commissioned in March 2013.
New Energy Algeria (NEAL) (20%), a consortium of state-owned Sonatrach and state-owned Sonelgaz with private SIM, together with Spanish Abener Energia SA (51%)(subsidiary of ABENGOA biofuel and solar thermal company (ABG.MA), in turn managed by ABEINSA) and COFIDES (15%) was planning the development of the 150MW Hassi R'mel power plant, combining 125MW CCNG with 25MW CSP. The project was located near Hassi R'mel. The output of the solar plant was to be used in the steam element of the CCNG plant. The project company, a joint venture between NEAL and Abener, was named Solar Power Plant One (SPP1). Reportedly, Sonatrach held an additional 14% equity besides its participation in NEAL.  The EPC contract was signed in January 2007 and was commissioned in June 2011. The output was to be sold to Sonatrach for 3.13 DA/KWh ($0.04/KWh). Construction period was expected to last for 33 months. The project life cycle was expected to be 25 years.   Total cost was $350 million, of which 80% ($280 million) was funded by  debt from BEA, Popular Credit (CPA) and National Bank Algeria (BNA). The project also expected to apply for UNFCCC CDM financing.
The Brazilian company Usina Iacanga de Acucar e Alcool S.A., a subsidiary of Usina Ipiranga de Acucar e Alcool, was granted an authorization to build and operate a sugar-cane-residue fueled power plant located in the states of Sao Paulo (32 MW in total capacity). The 35-year contract was signed with the regulatory agency ANEEL in November  2007.   The government periodically runs public bidding for the sale of energy to the country´s distribution companies. The UTE Iacanga won the public bidding that took place in 2007 by offering a tariff of US$ 69.5/MWh (BRL 138.9/MWh), and in 2014, by offering a tariff of US$ 85.9/MWh (BRL 201.9/MWh). The project company  signed 15-year power purchase agreements with the several electricity distribution companies. In the first public bidding, UTE Iacanga committed to start supplying to the market in 2010; in the second, the commitment was for January 2019.  The first two generating units of the power plant, with 12 MW in capacity, commenced commercial operations in  2010. The investment in these units was estimated at US$ 12 million (BRL 21 million). A second unit, with 20 MW in capacity, required an investment of US$ 4.5 million (BRL 10.6 million) and commenced operations in April 2014.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
In June 2009, the Toll Royal Railways signed an agreement with the Royal Government of Cambodia to operate the country’s railways under a 30 year concession, under Toll Royal Railways, a joint venture between Toll Royal Group, (55%) and the Royal Group (45%). The concession agreement became effective in October 2009.  The concessionaire was responsible of operating the rail network and undertaking the rehabilitation project designed by the government of Cambodia. The rehabilitation project was estimated to cost US$141.6 million and was financed by:  - US$84 million loan from ADB to government of Cambodia - US$21.5 million grant from the government of Australian - US$13.0 million loan from OFID (OPEC Funding for International Development) to government of Cambodia - 106km of rail donated by government of Malaysia - US$20 million from government of Cambodia  No investment from the concessionaire, but its participation was contingent to the finance provided by the donor community.
Ayen Enerji developed the 31.5MW Akbuk Wind Farm, Didim District, Aydin Province. The project was expected to generate 105GWh annually.  The project was commissioned in 2009. The equipment supply contract was awarded to Suzlon (India), providing the S88/2100 turbines (15x).   No further information was available. Total project cost was estimated at US$1.8 million/MW, or US$56.7 million.
The Brazilian company Central Energetica Guaira Ltda, a wholly-owned subsidiary of Usina Acucareira Guaira Ltda, was granted an authorization by the regulatory agency ANEEL to build a 55-MW thermal power plant located in the state of São Paulo (municipality of Guaira). The cogeneration power plant was set to use sugar cane residues resulting from the ethanol producing unit belonging to the same company as fuel.   In  January 2009, Central Energetica Guaira signed a 30-year contract with ANEEL allowing the company to operate in the electricity market as a independent producer. This authorization granted the sponsor with the right to sell electricity in the Brazilian wholesale market. In August 2009, the company had taken part in a competitive bidding process to sell electricity to the regulated wholesale market (15-year power purchase agreement was signed guaranteeing the sale of electricity to the national grid). Of the 55 MW of electricity to be produced, 15 MW would be set aside for the ethanol producing unit consumption, while 25 MW was the capacity committed to the referred power purchase agreement.   Central Energetica Guaira Ltda  committed to invest US$ 50 million (BRL 100 million). In April 2009, the company was granted a US$ 40  million (BRL 80.00  million) loan contract from BNDES, a state-owned development bank.   Construction works on this plant started in 2009, and the unit became operational in June 2010.
In December 2009, the Power Sector Assets and Liabilities Management Corporation (PSALM) finalized the sale of the 600MW Calaca coal-fired power plant in Batangas province for US$361.7 million to DMCI Holdings Inc. as it settled down 40% of its bidding price (US$150.79 million).   In July 2009, DMCI Holdings was declared the highest bidder in the negotiated sale (negotiated sale is a type of competitive bidding where PSALM could bid out the asset, even if there is only one qualified bidder, and would award the facility to the highest bidder who meets the government’s reserve price, different from direct negotiation) conducted by the Power Sector Assets and Liabilities Management Corporation (PSALM) in June 2009. The bidding was conducted in the form of competitive bidding with total number of two bidders. The other bidder was Banpu Power Ltd. As for a brief history of the bidding for the plant, the government first auctioned Calaca in May 2004, but the bidding failed after two of three bidders backed out. The plant was again auctioned in April 2006 but again failed after the two bidders (DMCI Holdings, Inc. and First Gen Luzon Power Corp.) tendered offers below the government's reserve price of US$288 million. It was auctioned early 2009 and the winning bidder Emerald Energy Corp., a subsidiary of French utility Suez International, terminated the purchase of the Calaca plant claiming its rapid deterioration. Emerald Energy had offered US$787 million for Calaca.   As of July 2009, DMCI planned to spend US$120 million over the next two to three years for the plant's rehabilitation. Detailed information on financing was not publicly available.
In June 2009, a local private company, Guo Zhen Environmental Protection Co., Ltd. was granted a 30 year agreement to build and operate a wastewater treatment plant in Siqian Town, Jiangmen City, Guangdong Province. The first phase of the project has a capacity of 5000 cubic meters per day. Guozhen owns 100% of the project and the total investment is RMB 20 million (US$ 2.93 million).  Trial run was successfully carried out in July 2010.
In April 2009, a local company, Guangxi Heng'an International Investment Co., Ltd. was granted an agreement to build and operate a wastewater treatment plant with a capacity of 15,000 cubic meters per day in Bama County, Guangxi Province. The project was procured via competitive tendering. Heng'an owns 50% of the project and will operate the facility for 30 years before transferring it back to the local government. The total investment was RMB 30.25 million (US$ 4.43 million). Trial run of the plant was carried out in June 2010.
In Oct 2004,  Maharashtra government called for final bids from Tata Power, Reliance Energy, Wartsila, L&T and BHEL to set up a group captive power plant (GCPP) and Reliance Energy was selected as the implementing agency for setting up a coal based 600 MW GCPP at Butibori, Nagpur. The power project is be set up at the Maharashtra Industrial Development Corp (MIDC) Butibori Industrial Area. Power generated will be distributed to Butibori, Hingna and other industrial users in the area. It is the first plant under the "group captive power project" scheme, launched by the state government and the scope of the project includes a power plant, a transmission unit and a 19km railway track for supply of coal from Western Coalfields. The land was under possession, coal linkage was expected from Western Coalfields Ltd and Water was allocated by the MIDC. All statutory clearances required for the project were in place.                                          Reliance was selected as the implementing agency for setting up the project through a competitive bidding process. The bid parameter was the lowest tariff quoted. Vidarbha Industries Power Limited (VIPL) was incorporated on December 27, 2005, as a special purpose vehicle of Reliance Energy Limited to implement the Butibori Thermal Power project. This company became a subsidiary of Reliance Power on August 30, 2007. Unit 1 (300 MW) was designed on a Group Captive Project basis and hence 51% of the capacity will be supplied to industrial consumers (In accordance with a notification issued by the Ministry of Power for captive power plants, at least 26% of the equity and at least 51% of the power must be sold to captive users). Unit 2 (300MW was designed as Independent Power Project (IPP). The plant was situated in the midst of industrial area and will supply over 150 MW to industries thus ensuring perpetual demand for the power generated from the plant. The balance capacity is expected to be sold on a merchant power basis to the power deficit Western region. It has already signed a Power Purchase Agreements (PPA) for 133 MW with Reliance Energy Trading Limited (RETL) at a base price of INR 4.80/unit. The evacuation of the power from the project would be through the transmission networks of Maharashtra State Electricity Transmission Company. The Engineering, Procurement and Construction (EPC) contract was awarded to Reliance Infrastructure Ltd. and the Boiler Turbine Generator (BTG) contract was awarded to Shanghai Electric Co.     The project cost for Phase-I (300 MW ) was estimated to be approximately USD 427.6 mn (INR 20700 million @ 48.41 INR/USD). Phase-I (300MW) of the project achieved financial closure in July 2009 with a debt/equity ratio of 80/20. Financing comprised a 15-year term loan of USD 342.1 mn (INR 16560 mn) and sponsor equity of USD 85.5mn (INR 4140 mn). The term loan facility was syndicated by Axis Bank with State Bank of India, Union Bank of India, United Bank of India, South Indian Bank, Syndicate Bank, UCO Bank, Allahabad Bank, Dena Bank, Life Insurance Corporation of India, Corporation Bank, Karur Vysya Bank and, State Bank of Hyderabad.  The project cost for Phase-II (300 MW ) was estimated to be approximately USD 315.8 mn (INR 16878 million @ 53.44 INR/USD). Phase-II (300MW) of the project achieved financial closure in May 2012 with a debt/equity ratio of 71/29. Financing comprised a 12-year term loan of USD 73.3mn (INR 3919.5mn), a dollar denominated 8-year term loan of US$150mn (INR 8016mn), and sponsor equity of USD 92.5mn (INR 4942.5mn). The term loan facility was syndicated by Axis Bank with Allahabad Bank,Corporation Bank, Dena Bank,Karur Vysya Bank,Life Insurance Corp of India,PTC India Financial Services,State Bank of Hyderabad, State Bank of India, State Bank of Travancore, South Indian Bank, Syndicate Bank, UCO Bank,Union Bank of India,United Bank of India,Yes Bank.  Phase-I (300MW) of the project was commissioned in June 2012 and the Phase-II of the p
On May 18, 2009, a Beijing based local private company Beijing Sound Environment Industry Group signed an agreement with the Dezhou Municipal Government to finance, build and operate a solid waste power plant in Dezhou City, Shandong Province. This is a BOO project. The total investment is RMB 250 million (US$ 38.21 million) and the capacity of the facility is 2X7.5MW. Beijing Sound has a 100% stake in the project. A special purpose vehicle Dezhou Green Energy Co., Ltd. Is established to undertake the project. Construction commenced on July 28, 2009. The project became operation at the end of 2011. The plant can process 600 tons of solid waste per day.
In November 2008, the Algerian government awarded a 30 year concession contract for the port of Algiers to DP World Djazair, a 50:50 joint venture between DP World and the port authority of Algiers.   The contract was awarded through direct negotiation. The award of this port and the port of Djen Djen (ID 5357) were part of the same negotiation. Under the ternm of the agreement, DP World Djazair committed to an initial investment of US$108 million over three to four years. The joint venture was expected to redevelop the main container terminal at Algiers to expand capacity from 500,000 TEU to around 800,000 TEU.  No information on the financing was publicly available.   DP World took over operation in March 2009.
Trung Nam Hydropower JSC was planning the development of the 74 MW Dong Nai 2 hydropower plant on the Dong Nai river, Di Linh district, Lam Dong province.   The project was expected for commissioning in late-2012. It was planned to produce 290 million kWh annually.  Total cost was estimated at VND 2.5 trillion ($120 million). Part of the financing was arranged via a sale of emissions discharged to Deutsche Bank during the first 10 years of operation, valued at $2.1 million annually (announced October 2011).   Financial close was announced in September 2009 with the Vietnam Development Bank, the Bank for Investment and Development of Vietnam (BIDV) and Vietnam-Russia Joint Venture Bank (VRB), for VND 1.366 trillion ($65.5 million). VDB would provide VND 916 billion, from the government's development investment fund, the remaining VND450 million was to be provided by BIDV and VRB.
In April 29, 2009, Maharashtra State Electricity Distribution Company Limited (MSEDCL) signed an MoU with Indiabulls Power Limited, for developing 2700 MW Thermal Power Plant. The company was developing the Stage I of 1,350 MW. Power plant was located in “Additional Amravati Industrial Area” in Amravati district in Maharashtra.  The primary fuel for the Project was Coal. The project reached financial closure in November 2009.  The company established Sophia Power Company Limited, a special purpose vehicle, to implement the project. In July 2009, the name of the company was changed from Sophia Power Company Ltd to Indiabulls Power Ltd. The company was granted the project through MOU route on a negotiated basis.  In April 2009, MSEDCL entered into a 25-year power purchase agreement with Indiabulls Power Limited to supply 1000 MW. In June 5, 2009, the company entered into a power purchase agreement with Tata Power Trading Company Ltd for sale of upto 1,000 MW of power. The rest of the power off take (about 640MW) was expected to follow.   The project cost was estimated to be approximately USD 1422.8 million (INR 68880 million at 48.41 INR/USD). IPL financed this project through an equity contribution of USD 355.7 million (INR 17220 million) and a loan of USD 1067.1 million. The project had been funded in a debt: equity ratio of 75:25. On November 26, 2009, an USD 1067.1 mn (INR 51660m) loan facility was syndicated by SBI with Power Finance Corporation, State Bank of India, Rural Electrification Corporation Limited, Bank of India, Punjab National Bank,UCO Bank, Central Bank of India, Canara Bank, Life Insurance Corporation ofIndia Union Bank of India, United Bank of India, Syndicate Bank, State Bankof Travancore, and State Bank of Bikaner and Jaipur. The deal was a term loan facility maturing September 30, 2023. Project sponsor was Indiabulls Real Estate Ltd and Financial adviser was SBI Capital Markets Ltd.    Construction was expected to take 44 months beginning July 1, 2009. Maharashtra Industrial Development Corporation (MIDC) had allotted 1350 acres of Land to IPL. Coal linkage had been granted and letters of assurance from South Eastern Coalfields Ltd. (SECL), Western Coalfields Ltd. (WCL) and Mahanadi Coalfields Ltd. (MCL) had been issued. The Project had got all approvals from statutory authorities. SEPCO China was the EPC contractor. For transmission of generated power from Amravati, TPP, the power plant would be connected to MSETCL/PGCIL, 400 kV line at Akola, Maharashtra. The power project and was expected to be completed by March 1, 2013.   Unit-1 of 270MW was commissioned on 25th March 2013, and Unit-2 of 270MW was commissioned on 17th February 2014.
In June 2009, the National Highway Authority of India (NHAI) signed a 18 year concession (including construction period of 30 months) with Dhule Palesner Tollway Limited for strengthening and widening the 96.5-km Highway from Dhule in Maharashtra to the town of Palesner near Maharashtra-Madhya Pradesh border on National Highway-3 (NH3).  Under the contract, the Dhule Palesner Tollway Limited was responsible for the design, construction, finance, operation and maintenance and widening of the existing four-lane highway to a six-lane highway with paved shoulders. The expansion project, part of National Highway Development Project Phase - IIIA, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  The consortium of India's Hindustan Construction Company Limited (HCC - 37%), UK's John Laing Infrastructure Limited (36%), and India's Sadbhav Engineering (27%) established Dhule Palesner Tollway Limited, a special purpose vehicle, to implement the project. The consortium won the tender through competitive bidding, conducted by NHAI, by quoting the minimum subsidy required. The details of bidding were not available at the time of collection of this information. Under the contract, the concessionaire was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement was signed in June 2009. The estimated capital cost of the project was US$ 293.3 (INR 14200 mn @ 48.41 INR/USD) million. The project attained financial closure in December 18th 2009 with a debt equity ratio of 75:25. A consortium of 12 financial institutions led by State Bank of India will be lending US$ 220 million (INR 10650 million @ 48.41 INR/USD) crore for the project. The consortium included Punjab National Bank, Bank of Baroda, Allahabad Bank. Corporation Bank, Dena Bank, Syndicate Bank Ltd, Oriental Bank of Commerce, State Bank of India, State Bank of Patiala, State Bank of Bikaner & Jaipur, State Bank of Indore,  and Indian Infrastructure Finance Company. The average interest rate on the loan was about 11% and the repayment period was 15 years. The balance US$ 73.3 million (INR 3550 @ 48.41 INR/USD) million will be brought in as equity by the project sponsors.   Construction on the project was expected to begin in June 2009 and completed by Dec 2011.
In October 2009, the Power Sector Assets and Liabilities Management (PSALM) finalized the sale of 192.5 MW Palinpinon and 112.5 MW Tongonan geothermal plants by selling them to Green Core Geothermal Inc., one of the Energy Development Corp(EDC) units for US$220 million. In the same month, Green Core Geothermal Inc. paid US$97 million, or 44% of the purchase price for the two plants. In December, it took over the two geothermal facilities by paying the rest US$123 million and completed the takeover. EDC parents company was First Philippine Holdings Corporation.  The tender process was made through competitive bidding and Green Core Geothermal Inc. was the highest bidder with bidding price of US$220 million for the plants, edging out Therma Power-Visayas Inc. that tendered US$200 million.  No detailed information with regard to financing was available.
In December 2007, Consorcio Madeira Energia, which was formed by state-owned Furnas Centrais Eletricas (39%), Odebrecht (18,6%), Andrade Gutierrez (12,4%), state-owned Cemig (10%) e the investment fund comprised by Banif and Santander (20%), was awarded in a competitive bidding process the 35-year contract to build and operate a  3.15 GW hydro power plant located in the Madeira River, state of Amazonas. Besides Consorcio Madeira Energia, two other consortium of companies took part in the bidding contest: Ceisa , which was comprised by state-owned Chesf (49%), CPFL Energia (25,05%), the Spanish company Endesa (25,05%) and Camargo Corrêa (0,9%); and CESB, formed by Suez (51%) and state-owned Eletrobrás (49%).  The bidding criteria set by the federal regulatory agency ANEEL was the lowest tariff. Consorcio Madeira Energia presented the lowest offer, a value of US$ 40.4/MWh (BRL 78.87/MWh), 35% below the ceiling set by the regulatory agency. The contract was signed in June 2008, and sponsors created the company Santo Antonio Energia to lead the project during the 35-year contract period.  Santo Antonio Energia committed to sell 70% of the output to the regulated market and the remaining 30% to the unregulated market. Environmental regulator, Ibama, awarded an environmental license for the project in July 2007. The Consorcio Construtor Santo Antônio comprised by Norberto Odebrecht, Andrade Gutierrez, Alstom Hydro Energia Brasil Ltda., Bardella S.A. Industrias Mecânicas, Areva Transmissao e Distribuicao de Energia, Siemens Ltda., VA Tech Hydro Brasil Ltda. and Voith Siemens Hydro Power Generation Ltda was set to conduct EPC works for the project and supply equipment.  The sponsor committed to invest US$ 6.8 billion (BRL 13.5 billion) in the power plant. Financial closure was achieved in January 2009, when the sponsor was granted a US$ 3.1 billion (BRL 6.1 billion) loan from BNDES. About half of the loan granted by BNDES was comprised by the bank’s own funds, while the rest was syndicated from other financial institutions (Itau Unibanco, Santander, Caixa Economica Federal, Banco do Brasil, Banco da Amazonia, Banco do Nordeste do Brasil, Bradesco and Banco do Espírito Santo). The remaining cost was set to be financed with the sponsors’ internal resources.   Construction works commenced in early 2009 and operations were expected to begin by 2012. As of July 2010, 29.6% of the works had been concluded.  Operations commenced in March 2012.  In January 2013, the sponsors issued US$ 178.7 million (BRL 420 million) in long-term bonds; in May 2014, two new bond issuances took place at a total value of US$ 297.8 million (BRL 700 million).
Aerogie Group, part of Aerogie.plus Solutions AG (Switzerland) was planning the development of the 6 MW Ba Ria Vung Tau wind farm, on a build-own-transfer (BOT) basis, Con Dau island, Ba Ria province.  The contract was for 25 years. The 6 MW project was announced to be expanded to 7.5 MW in the future. Initial approval was given for the project in April 2007 and the plant was commissioned in 2010. Financial Closure data was unknown, but January 2009 was entered here based on 2010 commissioning.  The plant was designed with two systems: wind turbines and diesel turbines. Construction started in early 2009. The project signed a PPA with the local authorities, at 20 USD cents per kWh.  Total cost was estimated at $20-25 million dollars.
Han's Technologies, Inc. was granted an agreement in January 2009 to build and operate a wastewater treatment plant with a capacity of 10,000 cubic meters per day in Lufeng County, Yunnan Province. The project was procured via direct negotiation. Han's Technologies was expected to operate the facility for 34 years through its subsidiary Yunan Western Water Affairs Co., Ltd. before transferring it back to the local government. The total investment was RMB 99.68 million (US$ 14.26 million). Han's Technologies owned 100% of the project.
In July 2009, the rental services contract (RSC) between the state-owned Central Power Generation Company (GENCO-II) and Pakistan Power Resources (PPR) for the installation, and operation for a three-year term of a 110 MW rental power plant (RPP) at Thermal Power Station (TPS) Guddu, became effective. Three conditions were required for rental contract effectiveness: (i) advance payment guarantee by sponsor, (ii) down payment by the state-owned power purchaser, and (iii) issuance of a sovereign guarantee by the Government of Pakistan (GoP).  The Government of Pakistan (GoP) chose rental power projects as its major strategic tool for closing Pakistan’s electricity demand-supply gap in the short term.    The project was awarded on the basis of competitive bidding. PEPCO published a tender notice calling for submission of proposals for a 100-125 MW rental power plant by Dec. 1, 2007.  The deadline was subsequently extended until Dec. 10, 2007. PPR, a joint venture between Walters Power International [United States] (35%) and Associated Group [Pakistan] (65%), was deemed the winning bidder.  There was no publicly available information on the number of bidders. The evaluation criterion was the lowest total tariff in US cents per kWh terms, inclusive of rental charges and fuel cost component.  On Feb. 6, 2008, Pakistan Electric Power Company (PEPCO) issued a Letter of Award (LoA) to PPR, which proceeded to sign the RSC with the designated state-owned power purchaser, Central Power Generation Company (GENCO-II), on Feb. 23, 2008. Under the RSC, GENCO-II was to pay a rental charge of US$72.5 million, payable in arrears in 36 equal monthly installments to the sponsor.    The RSC set out three steps which had to take place in order for the contract to become effective. First, the project sponsor was obliged to obtain a bank guarantee equal to 7% of the RSC’s value.  Second, within 10 days of receiving the sponsor’s bank guarantee, GENCO-II was required to make a down payment to the sponsor equal to 7% of the RSC’s value.  Lastly, within 30 days of the RSC’s signing, GENCO-II was to deliver a Letter of Credit (LC) to the sponsor equal to the sum of GENCO-II's 36 monthly rental payments, as a guarantee of GENCO II's payment obligations.  PPR submitted the 7% bank guarantee in June 2008.  However, the implementation process then encountered a significant delay due to the inability of GENCO-II to obtain a Letter of Credit from a commercial bank at reasonable cost.  As a result, the RSC was amended in March 2009.  Under the revised RSC, GENCO-II made an increased down payment to the sponsor equal to 14% of the RSC’s value.  Subsequently, the GoP issued an annual renewable sovereign guarantee covering GENCO-II’s rental payments in lieu of a LC.  These steps were completed in July 2009, at which point the RSC became effective.  The sponsor’s estimated investment was US$26 million. To calculate this estimate, first the investment's present value (PV) was assumed by multiplying an assumed investment per kilowatt (US$600) by the plant’s installed capacity.  The PV was then used to find an annual amortized payment, assuming 15 years as the expected asset life and a discount rate of 10%. This annuity payment was then multiplied by the term of the rental contract in years, giving the sponsor’s total estimated investment.
Turkon-MNG Elektrik Uretim ve Ticaret A.S. [Turkey], founded in 2006 under a 50-50 percent partnership of TURKON Holding and MNG Holding, commissioned the Resadiye-3 Hydroelectric Power Plant, a 22.92MW greenfield project on the Kelkit river in Tokat province, in November 2009. The project received a 49- year production license from the Energy Market Regulatory Authority (EPDK) in April 2007. Final design, preparation of technical specifications, and detailed design engineering and consultancy services were carried out by Dolsar.    There was no publicly available information on how and when the project secured financing.  In the absence of such information, the project’s commercial operations date (November 2009) was used as a proxy for the financial closure date.  Total investment was ESTIMATED at 22.92MW x 2.5 million per MW (average for ECA), is $57.3 million.
In March 2009, Wuhan Kaidi Electric Power Co. Ltd. was granted a 30 year agreement to build and operate a biomass power plant with a capacity of 2X25MW in Fengdu County, Chongqing Municipality through direct negotiation. Wuhan Kaidi has a 100% stake in the project. The total investment was RMB 500 million (US$ 73.21 million). Main revenue source and government support type remained unknown.
Bons Ventos Geradora de Energia S.A. was granted the 30-year authorization to build a wind park in the state of Ceara by Aneel in January 2008. The initial authorization was granted to Servtec Energia in 2003, but this authorization was transferred to Bons Ventos Geradora de Energia in 2008. The project company was established as an association of Grupo Servtec and the pension funds Grupo Ligna and FIP Brasil Energia. The wind park includes four generating facilities: Taiba Albatroz (15 MW); Enacel (31,50 MW); Canoa Quebrada (57 MW) and Bons Ventos (50 MW).  Though the first facility (Taiba Albatroz) commenced operations in November 2008, financial closure for the project was only reached in October 2009, when BNDES state-owned bank approved a US$ 129.2 million (BRL 258.5 million) loan to the project company. The total investment in the four facilities was estimated at US$ 377.2 million (BRL 754.4 million). The project company has power purchase agreements arranged with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies).  In February 2010, the second facility (Bons Ventos) commenced operations and, in March 2010, all the facilities were operational.
Bronzeoak Philippines developed the 8.3MW San Carlos Biomass plant, San Carlos, Negros Occidental. The project company was San Carlos Bioenergy Inc. Firms reported as involved via partnerships were: Zabaleta & Co, FE clean Energy Group Inc's fund, Global Asia Clean Energy,  M.A Jimenez Enterprise (Majent), but equity shares were unavailable and therefore not reported here.  The project was commissioned in February 2009. The project held a 10 year cane supply contract, as well as a 10 year ethanol supply contract.  The project was financed using domestic debt, via the Development Bank of the Philippines (DBP) which led a syndicate of 5 local banks. The equity was a combination of foreign and domestic investors. Total project cost was unavailable, but estimated here at US$8.3 million, based on a conservative US$1 million/MW.
The Niksar Hydropower Plant project entailed the development of a 40.2MW hydroelectric power plant in the Kelkit district of Tokat province, near the Black Sea. The sponsors for the project were AES Corp [United States] and Ictas Construction [Turkey]. The EPC works were undertaken by Ictas Construction. The greenfield project was developed on a build, own and operate (BOO) basis, with output to be supplied to the national grid.  The total project cost was US$169.5 million. Financing comprised US$93 million in commercial debt and US$76.5 million in equity. The US$93 million debt came in the form of a 12-year term loan. Garanati Bank was the sole lender on the tranche. The loan agreement was signed on December 16, 2009. The tenor was 18 years, with 1 year grace period.   Construction on the project is expected to begin in early 2010 and will be completed by May 2012.
In January 2009, National Transmission Corp(Transco) concessionaire contract reached financial closure under a 25-year BROT. This concessionaire contract was awarded in December 2007 through competitive bidding to National Grid Corporation of the Philippines (NGCP), a consortium made up of State Grid Corporation of China, Coyiuto-Group-led Calaca High Power Corporation, and Monte Oro Grid Resources Corp. NGCP's successful bidding price was US$3.95 billion. The other bidder was the consortium of TPG Aurora B.V. of Netherlands with San Miguel Energy Corporation and Malaysian firm TNB Prai Sdn Bhd, which made a bid offer of US$3.905 billion. A consortium of Two Rivers Pacific Holdings Corp. and Terna-Rete Electtrica Nazionale SpA and a consortium of Citadel Holdings Inc. and Power Grid Corp. of India Ltd. were also prequalified but did not submit final bids. In the failed earlier auction in 2006, the Citadel-Terna consortium was the sole bidder for the concession and the Philippine government  entered into a negotiated sale rather than going through another auction.   Under the terms of agreement, National Grid Corporation of the Philippines (NGCP) had to pay 25% of the total bid price upfront at the signature, with the remaining 75% to issue over a period of 20 years. At a 10% discount, the present value of those payments amount to US$2,248 million. In addition, the concessionaire will have to invest US$213 million(PHP10 billion) a year for the next three years (total US$640 million).   As for the financing, US$42.7 million(PHP2 billion) term loan was provided by Banco de Oro Unibank Inc.   TransCo's nationwide network consists of 20,236 circuit km(combined length of transmission and sub-transmission) with a total capacity of 24,607 mega-volt amperes.  In 2012, National Grid Corp announced a rehabilitation of the transmission line in Benguet province at a cost of P404 million (US$9.5 million).
Limak Holding was developing the 267MW Alkumru Hydroelectric Project on the Botan River in Siirt, Southeastern Anatolia province.  The project was developed on a greenfield, merchant basis, and was awarded through a license scheme. In 2007, Turkey’s Energy Market Regulatory Authority (EMRA) granted Limak Holding a 49 year generation license for the Alkumru project.  In late 2007, following the award of the license, Limak Holding launched the development phase. However, due to the 2008/9 global financial crisis, it was unable to secure project financing until 2009.  Financial closure was reached in September 2009, when Limak Holding announced that it had finalized a US$350 million credit deal with Turkey's Is bank and Yapi Kredi Bank which will allow it to complete construction of the 267-MW Alkumru hydropower project. The terms of the agreement allow for repayment to begin after four years and to be completed within 12 years.  The total project cost was US$466 million, with the balance (US$116 million) financed by the sponsor's equity contribution. The project was expected to be operational by end 2010.
In April 2008, the National Highway Authority of India (NHAI) signed a 12 year concession to a consortium formed by India’s IRB Infrastructure Developers Ltd. and Singapore’s Deustche Bank AG to widen and strengthen the 239 km section on National Highway (NH-8) between Surat and Dahisar in the state of Gujarat.  Under the contract, the consortium was responsible for the design, finance, operation and maintenance and widening of the existing four-lane highway to a six-lane highway with paved shoulders. The expansion project, part of National Highway Development Project Phase -V, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  The consortium established IRB Surat Dahisar Tollway Pvt. Ltd., a special purpose vehicle, to implement the project. The consortium won the tender through international competitive bidding, conducted by NHAI, by quoting the highest (38%) revenue share from operations to NHAI. This revenue share proportion would increase by 100 basis points (1 percentage point) every year, up to the end of the 12-year (50%) concession period. Under the contract, IRB Surat Dahisar Tollway Pvt. Ltd. was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement was signed in April 2008. The project reached its financial closure in February 2009 with debt equity ratio of 69/31. The project cost estimated at the time of signing of concession agreement was US$ 396 million whereas the capital cost of the project at the time of financial closure was US$ 664 million.  The change in the project cost was due to an initial estimate of NHAI on lower side and subsequent design changes to the project. A consortium led by Canara Bank and Indian Overseas bank was to provide a debt of US$ 458 million. Contribution of IRB Infrastructure Developers Ltd. and Deustche Bank to the equity was US$ 114 million and US$ 13 million respectively. The remaining amount of US$ 78 million was expected to be financed from IRB’s internal accruals.   Construction on the project began in January 2008 and was expected to be completed by August 2011
In November  2006, Abengoa was awarded in a competitive bidding process organized by the regulatory agency ANEEL the 30-year contract to build and operate a 116.4-km transmission line located in the state of Parana (Cascavel Oeste – Foz do Iguacu Norte). Besides Abengoa, eleven other companies took part in the contest: ESP - EMPRESA DE ENERGIA DE BOGOTA; CPFL ENERGIA;  SCHAHIN ENGENHARIA S.A.; CME - CONSTRUÇÃO E MANUTENÇÃO ELECTROMECÂNICA S.A. ; ELETROSUL CENTRAIS ELÉTRICAS S.A.; COPEL TRANSMISSÃO S.A.; ALUSA COMPANHIA TECNICA DE ENGENHARIA ELETRICA; ISA - INTERCONEXIÓN ELÉCTRICA S.A. E.S.P.; TERNA PARTICIPAÇÕES S.A.; CONSÓRCIO FUAD RASSI - J. MALUCELLI; ELECNOR S/A. The initial winner in the bidding process was Alusa, which later waived its rights, and the project was then granted to Abengoa.  The bidding criteria set by ANEEL was the lowest required annual revenue. The lowest offer presented was of US$ 2.65 million (BRL 5.78 million), 8.3% below the ceiling set by the regulatory agency. The contract was signed in October 2007, and the sponsor created the company ATE VII – Foz do Iguaçu Transmissora de Energia S.A. to lead the project during the 30-year contract period. A Abengoa Holding atualmente controla ATE VII – Foz do Iguacu Transmissora de Energia S.A.    The sponsor committed US$ 27.4 million (BRL 54.8 million) in the transmission line. Financial closure was achieved in June 2009, when the sponsor was granted a US $ 21.15 million (BRL 42.3 million) loan from BNDES. The remaining cost was set to be financed with the sponsors’ internal resources.
In January 2009, Sinomem Technology Limited was granted an agreement to rehabilitate, operate and transfer a wastewater treatment plant with a capacity of 40,000 cubic meters per day in Juye County, Heze City, Shandong Province. The project was procured via competitive tendering. Sinomem ownd 100% of the project and was expected to operate the facility for 30 years before transferring it back to the local government. The total investment was RMB 40 million (US$ 5.72 million).
In January 2007, Intertechelectro New Generation [Russian Federation] launched construction of Russia's first privately-funded power plant project. The project – a 124 MWe, 90 Gcal/hr combined-cycle gas turbine plant – was developed near Noyabrsk, in the oil-rich region of Tyumen, at an estimated cost of US$150 million. The project consisted of two 62-MWe units, each comprising a 42-MWe gas turbine supplied by GE Energy, and a 20-MWe steam turbine supplied by Kaluga Turbines. Local engineering group ZIO supplied the heat recovery steam boilers. The plant will produce power to be sold on the wholesale electricity market, with heat to be sold to the local municipal-owned district heating company. Gazprom will supply gas from an existing trunk pipeline.   The project reached financial closure in 2009. The Moscow-based, privately-owned developer has arranged a RUR2.54 billion (US$80.0 million) credit line for a period of seven years with Russia's state bank Sberbank to fund the project.   A spokesman for the company said in March 2010 that the new station will enter service in Q2 2010.
In September 2007, Elecnor Transmissao de Energia S.A., a subsidiary of the Spanish company Elecnor, was awarded in a competitive bidding process organized by the regulatory agency ANEEL the contract to build and operate 72-km of transmission lines and two substations located in the states of Goias and Minas Gerais.  The transmission lines run along the cities of Sao Simao (Minas Gerais), Itaguacu (Goias) and Barra dos Coqueiros (Goias), and the substations planned capacity was of 520/230 kV and 230 kV.  Besides Elecnor, twelve other companies took part in the contest: Orteng Equipamentos e Sistemas Ltda. (Brazil); Schahin Engenharia S/A (Brazil); Terna Participacoes S/A (Brazil); Abengoa Concessoes Brasil Holding S/A (Brazil); Isolux Ingenieria S/A (Spain); Empresa Catarinense de Transmissao de Energia S/A (Brazil); Cymi Holding S/A (Spain); CTEEP - Companhia de Transmissao de Energia Eletrica Paulista (Brazil); Cobra Instalaciones y Servicios S/A (Spain);  TPI Triunfo Participacoes e Investimentos S/A (Brazil);  Alupar Investimento S/A (Brazil); and Consorcio Sao Simao (a partnership of the Brazilian companies Furnas – 49%; Delta Construcoes S/A – 17%; Fuad Rassi Eng. Ind. e Com. Ltda – 17%; MPE Montagens e Projetos Especiais S/A – 17%).  The bidding criteria set by ANEEL was the lowest required annual revenue. Elecnor presented the lowest offer, a total value of US$ 2.3 million (BRL 4.5 million), 45% below the ceiling set by the regulatory agency. The contract was signed in October 2008, and the sponsors created the company Coqueiro Transmissora de Energia to lead the project during the 30-year contract period.   The sponsor committed to invest US$ 50 million (BRL 100 million) in the transmission line. The construction works commenced in March 2008, but financial closure was only achieved in November 2009, when the sponsor was granted a US$ 14.5 million (BRL 29 million) loan from state-owned bank BNDES. The remaining cost was set to be financed with the sponsors’ internal resources. Construction works were concluded in by the end of 2009.
In October 2009, Linqu Towngas Co., Ltd., a joint venture of Hong Kong and China Gas Company Limited (Towngas, 25%) and Weifang City Linqu Gas Heat Group Ltd. (75%), was established in Linqu County, Shandong Province to operate a 20,000 cubic meters per day gas distribution network under a  30 year concession agreement. The total investment was RMB 150 million (US$ 21.96 million). The agreement was granted on a direct negotiation basis. Main revenue came from user fees. Government support type was unknown.
In September 2008, the Brazilian company MPX Pecem II Geracao de Energia S.A., a wholly-owned subsidiary of MPX Energia (EBX Group), was one of the companies that emerged as winners in a competitive bidding process organized by the federal agency CCEE for the future sale of electricity to the Brazilian regulated market (energy that is sold exclusively to the distribution companies). The goal was to arrange a power purchase agreement for the sale of the output of a coal-fired power plant yet to be built in the city of Sao Goncalo do Amarante, State of Ceara.   The bidding process guaranteed the company the sale of 276 MW annually. This represented annual revenues of US$ 111 million (BRL 221.9 million) for 15 years. The remaining 84 MW was set to be sold in unregulated wholesale markets. The power purchase agreement guaranteed the full recovery of the fuel costs in addition to exchange rates fluctuations.  A 35-year license contract was signed with the regulatory agency ANEEL in May 2009. The total investment in the ten facilities was estimated at US$ 640 million (BRL 1.28 billion). Financial closure for the project was reached in May 2009, when the company had a US$ 161.5 million (BRL 323 million) credit line approved by Itau Bank. In January 2009, US$ 152.5 million (BRL 305 million) in syndicated loans had already been arranged by Citibank (funding was raised from the banks Bradesco, Itau, Santander and Votorantim). The remaining investment expenditures were set to be financed with a long-term loan from state-owned bank BNDES and the sponsors’ equity.  Construction works started in June 2009 and operations were set to commence prior to early 2013, when the sponsors committed to start supplying the regulated energy market. MPX Pecem II had EPC agreement (lump-sum turnkey contract format) with EPC Mabe Construcao e Administracao de Projetos Ltda, a joint-venture of the engineering companies Maire Tecnimont e EFACEC. Equipment was set to be acquired from Siemens and Doosan Babcok. As of May 2010, 45% of the construction works were concluded.  Commercial operations commenced in October 2013.  In September 2013, EBX sold part of its ownership in MPX, the subsidiary of EBX Capital Partners responsible for managing the group's energy projects. MPX changed its name to Eneva, and its ownership structure was established as follows: EBX, 20%; the German company E.ON, 42.9%; free float, 37.1%. After the restructuring, Porto de Pecem II Power Plant ownership was split 50/50 between Eneva and E.ON.
In October 2001, Itamaraty Group was awarded the contract to expand, rehabilitate and operate the bulk solid vegetable cargo terminal at Porto de Santos (multipurpose terminal) located at São Paulo state.  Besides Itamaraty, other groups took part in the bidding process. The names of the other bidders, the bidding criteria and the winning bid amount was not disclosed.   The special purpose company Terminal 12A S/A was established to manage the project. The 20-year contract was signed in December 2002 and the sponsors took over the project in January 2003.   In 2007, the terminal had to be relocated. Itamaraty Group begun rebuilding the terminal in another area inside the port. At the end of 2009, the Chinese Noble Group got 75% of the contractual rights of the terminal and began the construction works. The new terminal was expected to reach a capacity of 2,3 million tons/year.  Investment in the project was estimated at US$  50 million (BRL 100 million). Commercial operations commenced in May 2010.
Country Energy, a subsidiary of Vallibel Power Erathna, was planning the development of the 4.65MW Kiriwaneliya Mini Hydropower Plant,  Norton Bridge in the Nuwara Eliya District: just below the Laxapana water falls in the Ginigathhena Divisional Secretariat Division of the Nuwaraeliya District. The power house site can be reached from the Norton-Bridge-Maskeliya main road. The project was expected to generate 16 GWh annually, to be supplied to the national grid via a 33kV transmission line.  The project started construction in 2006, reportedly without the correct licensing. In 2009 Country Energy was bought by Vallibel Power Erathna for 200 million Rupees ($1.5 million). At that time, the project was reported to hold the required permits. In June 2010, the company reported to have completed construction by 75% and final commissioning was reported in December 2011. The plant eventually became operational in December 2011, when it produced 211,923kWh, growing to 654,571kWh in April 2012.   Total cost was Rs815 million ($6.3 million). The equity contribution was Rs790 million for the Kiriwaneliya project as well as the Denawaka Ganga Project, reported separately. The Denawaka Ganga project was reported to cost Rs.1,124 million, bringing total project cost to Rs.1939 million, of which Rs790 million was equity financed (Debt/Equity ratio: 59.3/40.7). The financial closure date was unavailable, reported here was the company purchase date in October 2009.
Senok Wind Power Pvt. Ltd., subsidiary of Senok Group, which was founded in 1979 by Mr. Noel Selvanayagam with Senok Travels Pvt., was planning the development of the 10MW Mampuri Wind Farm, Mampuri, Kalpitya, Puttalam district. The plant was expected to generate 28 million kWh annually, at 31.55% capacity factor. Phase 2 and 3 would add 10MW each to the wind farm, reported as under construction in December 2012.  The project was to comprise 8 turbines of 1.25MW from India's Suzlon Energy Ltd, model S64-1250. The project held a PPA with state-run Ceylon Electricity Board for 18.66 ($0.206) rupees plus 2.14 rupees ($0.0236) per kWh for the first 8 years.  The project was commissioned in June 2010. The equipment supply contract was signed in 2008 for the turbines to be supplied in January 2009. The generation license expires in December 2028. The supplier was Suzlon, supplying 8 turbines of 1.25MW (S64-1.25MW).  Financial closure date was unknown, but estimated here at January 2009 (supply of turbines).  Construction cost was reported as US$21 million. 55% of the funding was provided by the sponsor. The remainder was funded by the IFC.   The coordinates are:  08°00'37?N 79°43'24?E
Essar Bulk Terminal Ltd was the SPV of Essar Ports & Terminals Ltd, a subsdiary of Essar Group, to build and operate an all-weather deep-draft port at Hazira in India capable of handling up to 105,000 dwt bulk carriers to import iron ore, pellets, coal, limestone, etc. and export finished steel products. Construction started in Jan 2009 and commissioning in Jul 2009.  Essar Ports & Terminals Ltd is the sponsor and Essar Bulk Terminal Ltd is the borrower. Essar Construction Ltd is the EPC contractor.  The cost of first phase of the project (30 MTPA Dry Bulk / General Cargo)was estimated to be Rs13.5 billion (US$279 million) with a debt equity ratio of 74/26, according to the project sponsor. Other sources suchas as deallogic indicate a proejct cost of US$160 million. The project reached financial closure on 8 Jun 2009 with a debt/Equity ratio of  66/34. Financing comprises a Rs5.12bn 11-year term loan and Rs2.625bn equity. Axis Bank is the lead arranger.  The cost of second phase of the project (20 MTPA General Cargo Terminal expansion) was estimated to be INR8.5 billion (US$186 million) and financial closure was reached in 2010. The second phase expec to be operation by 2012.
On February 20, 2009 Peru’s Ministry of Transport and Communications (MTC) signed a 15-year concession contract with the consortium Concesion Chancay-Acos for the rehabilitation, operation and maintenance of the 76.5km Ovalo-Chancay-Huaral-Acos stretch of the Costa Sierra highway. The consortium was comprised of Colombian firm Conalvias and its subsidiary Infraestructura Concesionada. The project was expected to benefit 154,281 inhabitants and the area's agriculture industry, having a positive impact on the local economy by improving the transport of produce and generating employment.  On November 7, 2008 Peru's state agency for the promotion of private investment ProInversion awarded the contract to carry out works on the Ovalo-Chancay-Huaral-Acos stretch of the Costa Sierra highway to consortium Concesion Chancay-Acos in an international, competitive tender. The other bidder was Consorcio Inversiones y Concesiones Huaral formed by the firms Obras de Ingenieria SA, Earlstree Holdings LLC, and Earlstree.   The bidding criterion was the lowest government amount of government payments. The payments were in two forms: a construction subsidy to be paid out in the first year Pago por Obras (PPO) of 15 US $31 million and a payment for operation and annual maintenance or (PAMO) for US $2 million paid out annually over the 15 year concession. PPO was to be paid directly by the government to the concessionaire. In the case of PAMO, the concessionaire was to collect tolls with the assurance that if at least US $2 million were not collected, Peru’s government would cover the revenue shortfall.
On 20th September 2008, the National Highway Authority of India (NHAI) signed a 20 year concession (including construction period of 24 months) with India’s Hindustan Construction Company Limited (HCC) to develop a 4.4km-long six-lane elevated highway on National Highway 2 (NH2) at the border of Delhi and Haryana.  Under the contract, HCC was responsible for the design, finance, operation and maintenance of the six-lane elevated section. Six new elevated lanes were to be built in the current two-lane Agra-Delhi highway. It was expected to provide a much desired relief to inter-state movement on NH2. The highway was designed to provide a smooth and non-stop drive to motorists in Delhi and Faridabad, Haryana. It was to start close to NTPC near Badarpur in Delhi and end at Sector 37 in Faridabad. It was to provide a smooth drive over five important traffic junctions including NTPC, Mehrauli, Jaitpur, Sarai Bypass and Sector 37 junction.  HCC established Badarpur Faridabad Tollway Limited, a special purpose vehicle, to implement the project. HCC won the tender through competitive bidding, conducted by NHAI, by requesting the lowest fixed subsidy. The details of bidding were not available at the time of collection of this information. Under the contract, Badarpur Faridabad Tollway Limited was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The capital cost of the project was estimated at US$ 70.2 million (INR 3400 million @48.41 INR/USD) at the time of bidding. However the project cost at the time of financial closure was revised to US$ 118.1 million (INR 5717 million @ 48.41 INR/USD). The discrepancy was the result of lower estimates by NHAI for an elevated highway. The project attained financial closure in March 2009. The Debt/Equity ratio was 70:30. Financing comprised a US$ 82.6 million (INR 4000 mn @48.41 INR/USD)- 14years 9 months credit facility and US$ 35.5 million (INR 1717 mn @48.41 INR/USD) equity. Axis Bank was the sole lead arranger.  Construction on the project stretch began in September 2008 and was expected to be completed by September 2010.
The Brazilian company CPFL Renovaveis was granted authorizations to build and operate four sugar-cane-residue fueled power plant located in the states of Sao Paulo, Minas Gerais, Parana and Rio Grande do Norte (185 MW in total capacity). The 30-year contract was signed with the regulatory agency ANEEL over the years starting in May 2002. The sponsors created the following special purpose companies to manage the projects:  UTE Buriti (50 MW) – CPFL Bio Buriti S.A.  UTE Ipe (25 MW) – CPFL Bio Ipe S.A.  UTE Baia Formosa (40 MW) – CPFL Bio Formosa S.A. UTE Bio Pedra (70 MW) – CPFL Bio da Pedra S.A.  CPFL Renovaveis was established as a partnership of the Brazilian companies CPFL Energia (63.6%) and ERSA (36.4%).  The value of the investment committed to the Buriti, Ipe, Baia Formosa and Bio Pedra projects was estimated at US$ 356.7 million (BRL 600 million).   The construction works of the power plants Baia Formosa (US$ 77.3 million or BRL 130 million) and Buriti (US$ 87.9 million or BRL 147.9 million) were concluded, as of August 2011, while the construction of the other units were underway. In December 2010, BNDES had granted loans to finance Baia Formosa and Bio Pedra: one loan worth US$ 58.5 million (BRL 98.4 million) for Bio Pedra and the other US$ 19.7 million (BRL 33.2 million).  CPFL Bio Formosa S.A. signed power purchase agreements arranged with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA  (incentive program for alternative power generating companies). Commercial operations on this plant commenced in September 2011.  Commercial operations on UTE Buriti commenced in October 2011.
Bac Minh Development Investment JSC, a private entity, was planning the development of the 30 MW Ta Co Hydropower Plant, in the Sop Cop district, Son La province, Northern Vietnam. The plant was designed to consist of 2 turbines of 15 MW each, run-of-river with a small reservoir covering 0.21 km2.   The plant was to be connected to a 110 kV transmission line that was to be constructed, towards the existing Son La -Song Ma subtransformer station located 12 kilometer from the site. Annual output was expected to be 121.175 GWh, to be supplied to the Vietnam National Power Grid. The load factor was expected to be 46.82%. The trubines used were Francis vertical turbines (15.56 MW)The emission factor applied in the CDM application was 0.5774 tCO2/MWh - as published by DNA Viet Nam. IRR was expected to be 12.75% (real), and 21.49% nominal (at 7.75% inflation). The first EPC contract was signed in March 2010, for the waterway. EIA was done in March 2008. Construction permit was received in August 2009. The project has signed a PPA with EVN in December 2009 under the following laws:  Decision No.18/2008/QD-BCT of the Minister of Industry and Trade on power tariff in PPAs for power plants smaller than or equal to 30 MW using renewable energy. Financial closure date was unknown but estimated here at March 2010 (signing EPC contract). Commissioning was expected for 2013.   Total project cost was estimated at VND 696.949 billion ($33.5 million). O&M was estimated at 1.5% of construction cost. Project life was expected to be 30 years, and 3 years for construction. The expected power tariff was 797.8 VND/kWh (net), or $0.0383 per kWh. The debt/equity ratio was 70/30. The USD-debt was expected to be financed by Loan ArgiBank at 5%, the VND-debt was expected to be financed by Viet Nam Development Bank, at 6.9%. The project applied for UNFCCC/CDM financing.
On Sep. 9, 2009, Bangladesh Power Development Board invited tenders for the installation, operation and maintenance of 8 greenfield rental power projects in various locations.  The bidders were able to compete for all 8 rental plants, but could only be awarded a maximum of 2 projects.  The Thakurgaon Rental Project was a 50 MW diesel-fired rental power plant with a 3 year rental term to be located in the division (state) of Khulna. Bangladesh Petroleum Corporation (BPC) was to pay for fuel supply and purchase the power generated by the plant.  BPDB used a single envelope evaluation process to select the winning bidder, containing technical and financial bids. BPDB set the following deadlines: submission of bids and nonrefundable US$500 fee by Oct. 29, 2009; contract award date of Nov. 19, 2009; contract signing date of Nov. 30, 2009; and commercial operations date to be achieved within 120 days of contract signing.  October 29, 2009, the tender committee recommended the award of the project to a developer called Rahimafrooz [Bangladesh, 100%].  On Dec. 23, 2009, the Cabinet Purchase approved the award  of the contract -  a delay of over one month from the scheduled Nov. 19 2009 award date. BPDB set the contract signing date for Jan. 27, 2010 and Rahimafrooz signed the contract on Feb. 4 and deposited Performance Security Deposit (PSD) worth Tk 22 crore (US $.3 million) on Feb. 17.  In Feb. 2010, Rahimafrooz wrote to BPDB about changing its diesel engine generator from Caterpillar to Mitsubishi units and seeking approval of a power transmission line.  These issues were expected to delay the project.    However, In August 2010, the rental project was commissioned, and by December 2010, the project was fully operational according to energy output reports to BPDB.  The total project investment was estimated at US $11.8 million. To calculate this estimate, first the investment's present value (PV) was assumed by multiplying an assumed investment per kilowatt (US$600) by the plant’s installed capacity.  The PV was then used to find an annual amortized payment, assuming 15 years as the expected asset life and a discount rate of 10%. This annuity payment was then multiplied by the term of the rental contract in years, giving the sponsor’s total estimated investment.
The Brazilian company Central Energetica Vale do Sapucai  Ltda, a partnership of the American company Cargill (63%)and the Brazilian company Canagril - Cana Agricola Ltda (37%), was granted the authorization to build and operate a sugar-cane-residue(bagasse) fueled power plants located in the state of Sao Paulo (initially, the company constructed a captive unit with 16 MW; this newer authorization was granted to expand its capacity to 54 MW so that the company would have excess capacity to supply the electricity market). The 30-year contract was signed with the regulatory agency ANEEL in February 2008 and the project was named UTE Cevasa.    The value of the investment committed to UTE  Cevasa was  not available.  The government periodically runs public bidding for the sale of energy to the country´s distribution companies. The UTE Cevasa  won the public bidding that took place in 2010, by offering an average tariff of US$ 82.4/MWh (BRL 145/MWh). The project company signed 15-year power purchase agreements with the several electricity distribution companies. UTE Cevasa committed to start supplying to the market in 2010, and commenced comercial operation in December 2010.  In 2009, the company applied for carbon credits.
In April 2010, the National Highway Authority of India (NHAI) awarded a 20 year concession (including construction period of 30 months) to a consortium of Era Infra Engineering Limited (India) and OJSC-SIBMOST (Russia) for the strengthening,improvement, four-laning, operation and maintenance, and tolling of 151.2kms of Bareilly-Sitapur section of National Highway-24 (NH-24) from Km262 to Km413.2,in the state of Uttar Pradesh.  Under the contract, the consortium was responsible for the design, construction,finance, operation and maintenance and widening of the existing two-lane highway to a four-lane highway with paved shoulders. The scope will include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections,interchanges, drains, etc.The expansion project, part of National Highway Development Project Phase - III, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  The consortium of Era Infra Engineering Limited (74%) and OJSC-SIBMOST (26%), established Bareilly Highways Project Limited, a special purpose vehicle, to implement the project. The consortium won the tender through competitive bidding,conducted by NHAI, by requesting the lowest fixed subsidy of US$ 56.7 million (INR 2550 million @ 45 INR/USD).Under the contract, Bareilly Highways Project Limited was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement was signed in May 2010. The project attained financial closure in December 2010. The debt equity ratio of the project was 72:28. The estimated capital cost of the project at the time of financial closure was US$ 433.5 (INR 19510 mn @ 45 INR/USD) million. Financing comprised INR 14000mn 15year term loan and INR 5510mn equity. The INR 14000mn term loan consisted of INR13500 term loan A and INR 500mn term loan B.The debt was arranged by SBI Capital Markets Ltd.     Construction on the project began in December 2010 and was expected to be completed by June 2013.
Chenani Nashri Tunnelway Ltd (CNTL), a company wholly owned by IL&FS Transportation Networks Limited (ITNL), was created to undertake, a 12 km long tunnel, with a parallel escape tunnel and four laning of Chenani to Nashri Section of NH-1A from Km 89.00 to Km 130.00 (New Alignment) including the long tunnel (2 lane) in the state of Jammu & Kashmir. This tunnel would reduce the distance between Chenani and Nashri to 12 km from 41 km on existing route. The Project was the longest road tunnel project in India until 2010.   The project was awarded under 20 year BOT (Annuity) concession including construction period.  The National Highway Authority of India (NHAI) awarded the project to IL&FS Transportation Networks Ltd using the lowest annuity payment criteria. Chenani Nashri Tunnelway Ltd (CNTL) had a semiannual annuity of Rs 317.52 crore.  IL&FS Transportation Networks Ltd was issued a Letter of Award dated May 03, 2010.  The concession agreement was signed in June 2010.  The total project cost was estimated to be Rs 37.20 billion (US$ 813.5 million). The project reached financial closure in November 2010. It was financed in a Debt Equity Ratio of 90:10 through debt aggregating to Rs. 3,348 Cr i.e. Rs. 2,976 Cr of Senior Debt and Rs. 372 Cr of Subordinate Debt and the balance as Promoter Contribution.  Through an innovative financial structuring, the Loan repayment is completed in 14.75 years, including a bullet repayment at the end of the tenor. The project was scheduled to achieve commercial operations by Dec 2015. The facility has been syndicated on a project recourse basis.
Adacami Enerji was planning the development of the 29 MW Adacami hydropower plant, run-of-river, Guneysu district, Rize province. The project was to produce 119 GWh annually. Adacami Enerji was a subsidiary of Turkish conglomerate Calik Holding.  Construction started in December 2009, commissioning was expected in the latter part of 2012. The Turkish government opened up for tender concessions for 52 run-of river hydropower plants, between December 2009 February 2010. During the tenders, 615 bids were made and the deals were finalized in May/June 2010.  Total costs were estimated at EUR44 million ($58.5 million). Financing was provided by the Turkish Development Bank in September 2010 with a EUR34 million ($45.2 million) loan, 12 year maturity and 3 year grace period.
Butwal Power Company was planning the expansion of the 5.1MW Andhikola small hydropower plant (run-of-river) to 9.4MW. The project became operational in 1991 and was privatized with Butwal in 2003. Butwal was a privatized company (2003), and is 15% owned by the government of Nepal. Majority ownership (69%) is held by Shangri-La Energy Limited.  The project consisted of 3 Pelton turbines of 1.7MW each, originally built from used equipment from Norway. The electric equipment is close to worn out, and this is a rehabilitation exercise. Detailed Project Report has been completed. Contractors have been selected. Generation license has been obtained and the PPA with NEA has been signed. The power is to be evacuated via a 33kV line, interconnecting with the 132kV Syangja Substation, near Rang Khola. Commissioning was epxected for 2012. Total output was expected to be 68.38GWh.  Financing was to be provided by the IFC as well as local banks. No furhter information was available.
Ayen Enerji, subsidiary of Aydiner Insaat, developed the 70MW Buyukduz hydropower plant, near Trabzon, Northeastern Turkey. The project consisted of two turbines of 35MW each.  The project was commissioned in July 2012. The project received the generation license in March 2008, for 49 years.  Total project cost was unavailable. The project received a EUR 48 million loan with 12 year maturity in August 2010, from Turkiye Is Bankasi. Total project cost was estimated at US$1.7 million/MW, or US$119 million.
Cai Lan International Container Terminal LLC (“CICT”) was  involved the development of a new container terminal within the Cai Lan Port in Quang Ninh Province in North Vietnam. The Terminal was expected to have a 594 meter berth, a 13 meter draft alongside the berth, four Panamax gantry cranes and supporting yard equipment, and a 25 hectare container yard with 720,000 TEUs of handling capacity at completion.   Cai Lan International Container Terminal LLC (CICT) was a joint venture between Cai Lan Port Investment Joint Stock Company (“CPI”) (51%) and SSA Holdings International – Vietnam, Inc. (“SSA”) (49%). CPI was formed to execute the Project and is owned by Vinalines (Vietnam’s national shipping line), Quang Ninh Port, Hanoi General Export & Import Joint Stock Company (a private Vietnamese trading company), and over one thousand small individual investors, most of whom are employees of CPI shareholders. SSA is an indirect subsidiary of Carrix, Inc., a privately held US company and one of the world’s largest container terminal operators and cargo handling companies   In November 2010, US$155 million BOT project  reached financial closure, as it obtained financing of US$101 million through IFC loans (A loan of US$38.25 million, B loan of US$62.25 million).
Akbar Brothers, Hirdaramani Group and Debug Group developed the Seguwantivu Wind Farm, Mullipuram area. Its sister wind farm was  Vidatamunai Wind Farm, developed under a separate project company. The project was expected to generate 26 GWh annually.   The turbines were supplied by Gamesa, from Spain. 25 turbines of the type AE59 in total for the two wind farms. Construction started in August 2009. The project became operational in July 2010. Generation license was obtained by October 2008. The output is transmitted to the grid via a 14.7km long transmission cable of 33kV, to the Puttalam substation at Kalladi. The equipment was supplied by Gamesa, of the type Gamesa AE-59. The license expires in September 2029.   Total cost was $55 million for both Seguwantivu Wind Farm and Vidatamunai Wind Farm. Implying a cost of $27.5 million each.  The coordinates of the project was: 08°03'18?N 79°48'23?E
Los Origenes Power Plant SRL, a subsidiary of the Dominican company Cesar Iglesias S.A., announced the development of Los Origenes natural-gas fueled power plant, located in San Pedro de Macoris, Dominican region of Punta Garza. The transmission network connecting the power plant was the Sistema Electrico Nacional Interconectado (SENI).  The first phase of the project involved the commission of a 25-MW power plant with an investment was estimated at US$ 30 million. Construction works on this first phase commenced in 2010, and commercial operations started in July 2014.
Reliance Airport Developers Private Limited (RPL)  was awarded the operation and expansion of five private airports in Maharashtra under 95 year concession in early 2009. Airports at Nanded, Latur, Yavatmal, Baramati and Osmanabad in Maharashtra. About 30 chartered flights operating per month at all 5 airports. Of all the tenders submitted for the bid, the highest had come from Reliance Airport Developers Ltd, which is Rs.270 million for Yavatmal, Nanded and Latur airports and a Rs.320 million for the Baramati and Osmanabad airports. The total offer for the five airpors was INR630 million (US$13 million). The bids had been called for the development and maintenance of the all the private airports. Reliance took over the operation of the airports in November 2010.
In December 2010, through direct negotiation, Hubei Keliang Bio-Tech Co., Ltd was awarded Zhuozhou Songlindian Wastewater Treatment Plant project to construct and operate a 25,000m3/d wastewater treatment plant in Hebei Province. The facility will be built in two stages, with an initial capacity of 10,000m3/d, on a 30 year BOT basis. The total investment was RMB 34 million (US$ 5.02 million). The plant came into operation in 2012.
The project involves the development of an integrated solid waste management facilities for Varanasi Municipal Board. The 30-year DBOOT concession was awarded to A2Z Waste Management Limited on 17 April 2010. The total project cost amounts to $10.47 million, including a $6.25 million grant.
Akbar Brothers, Hirdaramani Group and Debug Group developed the Vidatamunai Wind Farm, Mullipuram area. Its sister wind farm was  Seguwantivu Wind Farm, developed under a separate project company. The project was expected to generate 26 GWh annually.  The turbines were supplied by Gamesa, from Spain. 25 turbines of the type AE59 in total for the two wind farms. Construction started in August 2009. The project became operational in July 2010. Generation license was obtained by October 2008. The output is transmitted to the grid via a 14.7km long transmission cable of 33kV, to the Puttalam substation at Kalladi. The license expires in September 2029.   Total cost was $55 million for both Seguwantivu Wind Farm and Vidatamunai Wind Farm. Implying a cost of $27.5 million each.  The coordinates of the project was: 08°03'18?N 79°48'23?E
GMR OSE Hungund Hospet Highways Private Ltd was created to increase to four lanes 99 km on NH 13 on DBFOT (toll) basis, connecting Hungund and Hospet in the state of Karnataka, India. The concession period for the project was for 19 years, including 30 months of construction period. The National Highway Authority of India awarded the contract to GMR OSE Hungund Hospet Highways Private Limited, a consortium form by GMR (51%), Oriental Structural Engineers (49%), through a competitive tender process in Feb 2010. The BOT concession was signed in March 2010.   The project cost was estimated to be INR17 billion ($361 million). The project achieved financial closure  on 24 Dec 2010.Financing comprised an INR10.8bn 15-year term loan and INR5.71bn equity. The loan agreement was signedwith Axis Bank as the sole MLA. Operational phase was expected to begin in Dec 2012.
In January 2010, a Singapore based company United Envirotech Ltd. signed a 30 year agreement in Jan 2010 with the Liaoyang Municipality Government to implement a portfolio of water supply, water distribution and wastewater treatment plant in Liaoyang City, Liaoning Province under BOT scheme. The agreement was granted through competitive bidding. Total investment for the project was estimated US$36.03 million. United Envirotech owns 100% stake of the project.   The project would involve the constructon and operation of the Liaoyang No. 4 Water Supply Plant (phase 1 50,000 cubic meters pe day; long term: 98,000 cubic meters per day); disribution lines from the new water treatment plant to River East New City; and the River East New City Wastewater Treatment Plant (phase 1: 30,000 cubic meters per day; long term: 100,000 cubic meters per day)
The project involves development of an integrated disposal facility and an engineered sanitary landfill and capping of existing dump site in Mysuru district under JNNURM scheme. The sponsor is Jamshedpur Utilities and Services Company. The 24-year BOT concession was awarded on 31 July 2010. The total project cost is $7.50 million of which $2.37 million grant.
In September 2010, the consortium Desarrollo Vial del Peru (Deviandes) and Peru's Ministry of Transport and Communications (MTC) signed the 25 year concession contract to build, rehabilate operate and maintain the second stretch of the IIRSA Centro highway.Deviandes was a Colombian consortium comprised of companies Concay SA, Incoequipos, Nexus Banca de Inversion and Viviendas del Peru a subsidiary of Constructora Colpatria SA. The percentage of ownership was not known.   The project was awarded in a competitive tender. The bidding criterion was the maximum investment the bidder was wlling to undertake in the road. Ten firms presented offers for the highway concession, all of whom offered to carry out 10 more works than the minimum, leading to a tie in the bidding process. Proinversion declared Desarrollo Vial as the winner after presenting the highest economic offer.  The project company would recover its investments via on monthly government payments to be done based progress on approved public works on the road. The concessionaire agreed to submit monthly planned works to the transport regulator, Ositran, which would have verified if there are consistent with the investment plan and approved it. Once Ositran confirmed that the public works had been done, then the government would pay to the concessionaire based on the public works executed to a maximum of the agreed investment.   The project cost was approximately US $127 million. The second stretch of IIRSA Centro extended 377km and included the Puente Ricardo Palma (Lima)-La Oroya (Junin)-Huancayo (Junin) section and the La Oroya-Cerro de Pasco (Pasco) connections. The combined sections of IIRSA Centro were to stretch across 900km, passing through Lima, Junin, Pasco, Huanuco and Ucayali regions.
Fiba Group developed the 30MW Duzova wind farm, Izmir province. Annual output was estimated at 50 GWh.   The project was commissioned in two phases, of 15MW each. The projects were commissioned in 2009 or 2010. The turbines were supplied by GE (NYSE: GE).    Total project cost was estimated at US$90 million based on US$1.8 million/MW, the average for ECA in 2011.
On December 17, 2010 the 168MW Cheves run-of-river hydropower project reached financial closure through the signing of a US $70 million senior loan with the International Finance Corporation and a US $180 million IFC led syndication with joint lead arrangers WestLB, DnB Nor, Nordea and SG. The total project cost was estimated at US $253 million. Empresa de Generacion Electrica Cheves SA, the project company, was 99% owned by SN Power [Norway]. Cheves SA had Power Purchase Agreements with  eight electricity distribution companies for a period of 15 years starting in 2014.
Dak Lak Power Joint Stock Company was developing the 6.4 MW Ea Drang 2 hydropower plant in the central highlands province of Dak Lak. The project was expected to produce 25 million kWh annually, it has 2 turbines.  The production was supplied to the national grid.  The project became operational in September 2011. The financial closure data was unavailable. January 2010 was applied here as an estimate based on the commissioning date.  Total investment was reported as VND 130 billion ($6.25 million).
In November 2010, the Government of Sierra Leone awarded Bollore Group a 20-year BROT contract for the container terminal of the port of Freetown.  The project is a PPI, it is not a captive project.  The sponsor is the French based company Bollore Group. It committed to invest US$130 million through its subsidiary Bolloré Africa Logistics (BAL). The project company is Sierra Leone Shipping Agency.  The project reached closure in November 2010, when Bolloré Africa Logistics started to operate the port of Freetown.
On Nov. 12, 2010 Berlinwasser International signed a four-year managment contract for "Capacity Building and Public-Private Partnership Support Team For the Management and Operation of Kathmandu Upatyaka Khanepani Limited (KUKL)". The contract was to improve operations, identify and reduce technical and financial losses, provide support in investment programs and asset management and extend water services to low-income households. KUKL had over 160,000 water connections with an overall population in the Kathmandu metropolitan area of 1.5 million.
Jharkhand Road Projects Implementation Company Ltd (JRPICL) was created to implemente three road projects (Ranchi Ring Road Stretch, Ranchi Patratu Dam stretch, and Patratu Dam Ranchi Stretch) under BOT annuity with 17.5 years. All three road involved 466 lane km and were the phase I of the project. Phase II comprised around 536 lane km with no estimated cost.)   A brief snapshot of the above three projects is as follows: •	Ranchi Ring Road Stretch: Six laning of 36.3 km long Ranchi Ring Road stretch at a project cost of Rs 719 cr. The project was scheduled to achieve commercial operation by Sep 2012. The senior debt facility of Rs 554 cr has been financed by a consortium of 7 banks led by Bank of India • Ranchi Patratu Dam stretch: Four laning of 35.27 km long Ranchi Patratu Dam Stretch at a project cost of Rs 307 cr. The project is scheduled to achieve commercial operation by October 2012. The senior debt facility of Rs 230 cr has been financed by a consortium of 5 banks led by Bank of India • Patratu Dam Ranchi Stretch: Four laning of 27.12 km long Patratu Dam Ramgarh Stretch at a project cost of Rs 382 cr. The project is scheduled to achieve commercial operation by October 2012. The senior debt facility of Rs 294 cr has been financed by a consortium of 6 banks led by Bank of India  This project was part of Government of Jharkhand (GoJ)’s initiative to boost infrastructure in the state named ‘Jharkhand Accelerated Road Development Programme’ (JARDP) to improve road infrastructure in the state aggregating upto 1500 Lane km. The project was implemented in a Public Private Partnership (PPP) framework and GoJ entered into Project Development Agreement with IL&FS Ltd (IL&FS).  The BOT Concession was awarded to JRPICL for a period of 17.5 years on BOT Annuity Basis. The projects are sponsored by IL&FS  transportation Network Limited (ITNL), the transportation vertical of IL&FS which houses all transport sector endeavors of IL&FS  The cost of phase I was estimated to be INR 14,078 million (US$ 308 million). The project reached financial closure in March 2010 when IL&FS Financial Services Ltd (IFIN) successfully completed the debt syndication for the three projects of the Jharkhand Road Project Implementation Company Ltd (JRPICL).
NSL Tidong Power Generation Private Limited (NTPGL) was created to implement and operate a 100 MW run of river Hydropower plant on Tidong Rive (a tributary of Sutlej River) in the Kinnaur District of Himachal Pradesh. (The project consisted of two units of 50 MW each.  The project is situated 270 km from Shimla on National Highway 22 upto a place near Moorang and thereafter 13 km on state road upto village Thangi  NSL Tidong Power Generation Private Limited (NTPGL) was a Special Purpose Vehicle (SPV) owned by Nuziveedu Group Nuziveedu group (74%) through its company Nuziveedu Seeds Private Limited (NSL) and the state-owned Industrial Finance Corporation of India (IFCI) (26%). Due to internal restructuring, the share holding of NTPGL will be transferred to a holding company named NSL Renewable Power Private Limited (NRPPL).   Nuziveedu won a concession to develop Tidong 1 in a solicitation by the Himachal Pradesh State Electricity Board. The project was tender with two other hydropower plants the 60MW Sorang project won by Himachal Sorang Power and the 70MW Budhil project won by Lanco Green Power.  From the three hydro power plants, Himachal Pradesh state was to get 118 million units of power per year free of cost during the first 12 years and 176 million units per year during the next 28 years. The rest of the electricity was to be sold on merchant basis.	  Under the Memorandum of Understanding (MOU) with the Government of Himachal Pradesh (GoHP), the project was awarded to Nuziveedu Group in September 2004 on BOOT basis for a period of 40 years from commercial date of operations. The company submitted the DPR on 11.11.2005. The Government signed the Implementation Agreement with company on 28.7.2006  The Project cost estimated at Rs 6.5600 billion (US$143.5 million).  The project achieved financial close in November 2010 with a debt/equity ratio of 70:30. Financing comprised Rs4.59 billion of debt arranged by Axis Bank and Rs1.97 billion of equity.   The company expected to commission the power project by December 2013.
Transstroy Tirupati Tiruthani Chennai Tollways Pvt was to set up to implement the expansion to four lanes of Tirupati Tiruthani Chennai Section of NH-205 from km 274.800 to km 338.019 in State of Andhra Pradesh and km 0.00 to km 61.47 in State of Tamil Nadu, India. The total lenght of the project was 124.7 km.  The National Highway Authority of India awarded the project to Transstroy Tirupati Tiruthani Chennai Tollways Pvt via competitive tender using the lowest subsidy as bid criteria in April 2010. The project company won the tender by requesting a subsidy of INR 513.9 million (US$11.2 million). Transstroy Tirupati Tiruthani Chennai Tollways Pv was a consortium formed by  Transstroy (India) Ltd (74%) and OJSC Corporation Transstroy, Russia (26%). Transstroy (India) Ltd is EPC contractor. The National Highway Authority of India estimated the project cost at INR 5.710 billion. The was no information on the lenght of the contract.  The total project cost was NR5.784 bilion (US$126.48 million) at financial closure.  Financial close was on 16 Dec 2010 . Debt comprises a Rs4bn 15-year term loan arranged by Allahabad Bank, Andhra Bank, Bank of Baroda, Bank of Maharashtra, Corporation Bank and India Infrastructure Finance Co. The goverment provided a subsidy of 51.39 crores US$11.2 million). The remaining was equity contribution.   Construction started in  Jan 2011 and operation was due to begin in Oct 2013.
In November 2007, CTEEP - Companhia de Transmissao de Energia Eletrica Paulista, a subsidiary of the Colombian company ISA, was awarded the contract to build and operate the 710-km transmission line Colinas - Ribeiro Goncalves - Sao Joao do Piaui C2, located at the state of Piaui (500 kV in capacity).  Besides CTEEP, eight other bidders took part in the contest: Schahin Engenharia S.A, Cia Tecnica de Engenharia Eletrica, EATE - Empresa Amazonense de Transmissao de Energia S.A, Abengoa Construçao Brasil Ltda, Consorcio Colinas - Sao Joao do Piaui, Cobra Instalaciones Y Servicios S.A, Cymi Holding S.A and Isolux Ingeniería S.A. The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. CTEEP presented the lowest offer, a total value of US$ 14.8 million (BRL 28,9 million), 56,6% below the ceiling set by the regulatory agency. The contract was signed in March 2008, and the sponsors created the company Interligacao Eletrica Norte e Nordeste S.A. – IENNE to lead the project during the 30-year contract period.  In May 2009, CTEEP sold 75% of its shares in IENNE to Spanish groups Isolux Energia e Participações (50%) and Cymi Holding (25%).  The sponsor committed to invest US$ 291.1 million (BRL 567,7 million) in the project. In May 2010, Brazilian bank BNB (Banco do Nordeste do Brasil) approved a US$ 112.8 million (BRL 220 million) loan to finance the project. The remaining investment cost was equity financed. Operations commenced in 2011.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
The project entails the contract for urban cleaning in Jacarei, Brazil under 30 years contract. SPV is Concessão Ambiental Jacareí Ltda., a wholly owned subsidiary of the sponsor Enob Engenharia Ambiental Ltda. Total value of the contract is R$285.284.311 or $ 153.09 million of which $ 20.59 million (R$38.370.973) will be invested in physical assets. For the structuring of the project, a Public Consultation was held on 08/23/2008, followed by a Bid published on 05/30/2009. The bidding for this Administrative Concession occurred through a Technique and Price type. Financial close took place on January 29, 2010.
The company Dobreve Energia, a partnership of the Brazilian companies Natura (21%) and Malwee (79%), was granted authorizations to build five small hydro power plants located in the states of Parana, Minas Gerais and Mato Grosso (79.5 MW in total capacity). The 30-year contracts were signed with the regulatory agency ANEEL starting in November 2002.  The power plants were named:  PCH Figueiropolis (19.4 MW) PCH Novo Horizonte (23 MW) PCH Bonanza (9.9 MW) PCH Laranjinha (3.2 MW) PCH Mata Velha (24 MW)  The authorizations of PCH Figueiropolis and PCH Novo Horizonte were first awarded to ENGECON - Engenharia, Gerenciamento e Consultoria S.A.  and a small investor, respectively. In July 2010, Dobreve Energia acquired these authorizations.  In August 2010, PCH Figueiropolis commenced commercial operations, while PCH Novo Horizonte initiated its operations in May 2011. As of October 2012, the construction works on the other power plants had not commenced. The investment commitments to PCH Figueiropolis and PCH Novo Horizonte were not available.  PCH Figueiropolis and PCH Novo Horizonte signed a power purchase agreement with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies).  In April 2014, financial closure was achieved for PCH Mata Velha. The project involved an investment of US$ 68.1 million (BRL 160 million) and was granted a loan of US$ 25.1 million (BRL 58.9 million) arranged by the private Brazilian bank Itau. In November 2015, the state-owned bank BNDES approved a US$ 20.7 million (BRL 69.1 million) loan to the project.  In February 2014, CPFL Renovaveis, a subsidiary of the Brazilian company CPFL Energia, acquired 100% of Dobreve's shares.
In January 2010, a consortium led by Limak Holding [Turkey] won the rights to operate the concession Camlibel Electrik Dagitim from the Turkish Privatization Administration (Ozellestirme Idaresi Baskanligi or OIB). Camlibel Electrik Dagitimm was granted a 30 year electricity distribution concession in 2006. The company had 734.7 thousand customers in the provinces of Bursa, Balikesir, Çanakkale and Yalova, including 633.2 thousand residential customers by December 2008.  Limak Holding in consortium with Cegniz Holdings and Kolin Construction won the tender for the block sale of 100% of Camlibel Electrik Dagitim concession organized by OIB. Limak Holding owned 33.31% of Camlibel Elektrik Dagitim while the remaining was equally split between Cegniz Holdings and Kolin Construction. Limak Holding won the tender by offering the highest price for the concession (US$258.5 million) and beating off the competition with seven other competitors.  The project reached contractual closure on August 31, 2010 with the signature of sale and transfer agreements by the winning consortium and the Turkish government. The private consortium that won the project has the right to operate the distribution company for the remaining of its concession period until 2036.   The concession was part of a government program to introduce private operation of, and investment in, the 20 regional electricity distribution companies owned by the state-owned Turkiye Elektrik Dagitim A.S. (TEDAS).  The program followed a Transfer of Operating Rights and Share Sale model ('TSS model'). In this model, the private investor became the sole owner of the distribution companies' equity and the unique licensee for distributing electricity in each region for a period of 30 years. However, TEDAS retained ownership of the distribution network assets and of certain other items essential for operating the distribution assets. The private investor was obliged to undertake the necessary network investments, recoverable through the tariffs. These investments were embedded in the tariffs during the first tariff implementation period (2006-2010). After 2010, the private investor was to submit an investment plan annually to the Electrity Market Regulatory Authority (EPDK) for its approval.
In March 2010, Consórcio Foz de Santa Gertrudes, a partnership of Odebrecht [Brazil] and Foz do Brasil (which is a subsidiary of Odebrecht), was awarded by the municipality a 30-year concession contract to expand, rehabilitate and operate the water and sewerage system of the city of Santa Gertrudes (state of Sao Paulo). According to the concession, 100% of the sewerage was to be collected and treated by 2012.  The contract was signed in November 2010 with the municipality of Santa Gertrudes. Foz do Brazil took over operations after contract signing. The contract was to be regulated by ARSESP (Agência Reguladora de Saneamento e Energia do Estado de São Paulo).   Foz do Brazil committed to invest BRL 30 million (US 17 million) over the 30-year concession.
The Rapid Metro Rail Gurgaon Limited (RMGL), entered into a 99 year Concession Contract with Haryana Urban Development Authority (HUDA) to develop the 6.1 km rail metro link in Gurgaon under design, build, finance, construct, install, commission, operate and maintain basis in December 2009. The line was originally tendered by the Haryana Urban Development Authority (HUDA) in 2007 as a point-to-point 3.2km link between Sikanderpur and National Highway 8, but DLF wanted to expand it to provide connectivity to its Cyber City. A second tender was issued in July 2008 the DLF-ILFS consortium emerging as the only bidder. While HUDA initially objected to a private company making profit from public transport, an agreement was eventually reached for the consortium to pay HUDA 7.65 billion (US$166 million) over 35 years in "connectivity charges" as well as 5-10% of advertising and property development revenue.   The project envisaged the development of a metro link for providing last-mile connectivity from Delhi Metro’s Sikanderpur station on MG Road to NH-8 over a 60-metre-wide sector road (Vishwakarma Marg), where DLF Cybercity is located. The project provided further scope of extending the metro link to sector 55-56 in south Gurgaon and Udyog Vihar and Sector 21 Dwarka in the north.    The company was required to finance, design and construct all the civil works. The concessionaire was also required to procure and install all systems including the rolling stocks, overhead electrification, track, signalling and telecommunication, ventilation, air-conditioning, automatic fare collection, depot and other systems and facilities required for a successful metro link.     The Gurgaon Metro BOT contract was signed with RMGL in December 2009 and financial closure was expected to be to be achieved within 6 month from the date the contract was awarded. The construction period for the alignment is two and half years from the date of commencement (January 2013).   RMGL was special purpose vehicle sponsored by IL&FS Transportation Networks Limited (ITNL) with 74% and ITNL Enso Rail Systems Ltd. (IERS), in partnership with DLF Metro Ltd (DLF) with 26% to implement the project. ITNL ENSO Rail Systems (IERS) was formed by IL&FS Transportation Networks (India) Limited (ITNL), a fully owned company of Infrastructure Leasing and Financial Services Limited (IL&FS), ENSO Group and SRKK Advisors to create a Rail transport business. ENSO Group came into existence in 2007. The Group has embarked on many successful ventures in Oil & Gas, Infrastructure & Real Estate, Surveillance & Tracking, and Strategic Investments. DLF Metro Ltd was a subsidiary of DLF. It was responsible for the construction, operation and maintenance of five kilometer Metro link which will connect Sikanderpur station of Delhi Metro to NH-8 in Gurgaon.    The total project cost has been estimated at INR. 10.88 billion (US$ 237.92 million) to be funded in debt: equity ratio of 70:30, aggregating debt finance of INR 7.616 billion. Financial closure was achieved on June 5, 2010. The senior debt facility was syndicated on a consortium banking format consisting of eight banks. The project finance arranged at a rate of 10.50% pa within the shortest span of time, given the long tenor of the Loan facility - door-to-door loan tenor of 17 years and 9 months.  In 2012, the Haryana Urban Development Authority had subsequntly awarded a project to a consortium of IRL and ITNL for developing the 6.5 km rail Metro Link Extension from Sikanderabad Station to Sector 56, Gurgoan. This would be an extension to the existing network above. Rapid MetroRail Gurgaon South Limited (RMGSL) was formed to execute this stretch. In March 2013, IL&FS Financial Services Ltd (IFIN) had successfully completed the debt of US$ 256mn (INR 15000mn @58.6 INR/USD)tie-up for this stretch.
GMR Chhattisgarh Energy Private limited (GCEPL), a subsidiary of GMR Energy, was created to implement 1,370 MW (2 X 685 MW) coal based supercritical power in Raikheda village, Tilda Taluka, Raipur District, Chhattisgarh, India. To develop the project, GMR Energy signed a Project Implementation Agreement with the Government of Chhattisgarh for implementation, operation and maintenance of a 1370 MW Coal based, thermal Power Plant in the state of Chhattisgarh. The MOU was signed in 2007. GCEPL was to sell the electricity output to the regulated market (35%) via a PPA contract with Chhattisgarh State Electricity Board (CSEB), through long term power purchase agreements (35%), and merchant market (30%).  The project cost was estimated at Rs82.9 billion (US$1,812.8 million).  Financial close was achieved in December 2010 with a debt equity ratio of 75/25, according to company press release. Projectware reported the financial closure of the project in August 2010. Financing comprises a Rs62.17bn 14-year 9months term loan facility and Rs20.73bn equity. In 2013, GMR arranged for additional funding through external commercial borrowing. IIFCL provided two tranches of US$50mn (in June 2013) and US$ 51mn (in November 2013).Both loans had a tenure of 19 years.  Construction of the project was delayed due to land acquisition issues. The contract was to be developed on a 40 year Build Own and Operate basis with the concession years starting to count from plant commission date. Expected commissioned date was March 2014.
Truong Thanh Development and Construction INvestment JSC was planning the development of the 48 MW Ngoi Hut 2 Hydropower Plant, Ngoi Hut Stream, Tu Le Commune, Van Chan District, Nam Co Commune, Mu Chang Chai district, Yen Bai Province.  The project was expected to generate 184,421 MWh annually. Commissioning was expected for late-2012.   The Basic Design was approved in September 2008. The EIA was approved in October 2008. The PPA was signed in August 2009. The first EPC contract was signed in September 2010. The equipment supply contract was signed in March 2011. Commissioning was expected in December 2012.  Expected lifespan was 40 years. Construction was expected to last 3 years. Electricity tariff was expected to be VND 724 per kWh ($0.0348 per kWh).  Total investment was expected to be VND 1,115,571 million ($53.5 million). Debt equity ratio was 70/30. WACC was 14.52%. Financial closure date was unknown, but estimated at September 2010 (signing of EPC contract).
Pune Satara Road (PS Toll Road) was created to implement a projec to increase to six lanes the 140 km section of NH 4 from km. 725 to km. 865.35 between Pune and Satara in the state of Maharashtra. This project is along the main corridor connecting Mumbai / Pune to southern parts of Maharashtra and all Southern States of India. The project scope in addition to six laning includes construction of 53 major structures and 240km of service road all along the entire corridor.   The National Highway Authority of India awarded the project to PS Toll Road, a joint venture between Reliance ADA Group (74%) and the Chinese construction company Jiangsu Provincial Transportation Engineering Group Company JTEG (26%). The consortium won the project via a competitive tender by offering on highest premium amount of INRs.909 million (US$21.65 million). RFQ documents were issued during November 2008 and 18 parties were short-listed. Of these, nine bidders submitted the final bid.  Concession agreement was signed in March 2010.  The project was expected to be operational in July 2012. The concession period of the project is 24 years, including construction period.   The project cost was estimated in INR 17.25 billion (US$377.2 million). Tolling of this project would commence with the signing of the Concession Agreement and financial closure which occurred in October 2010. The road was expected to be fully operational by July 2012.
In December 2010, Associacao dos Produtores da Rodovia da Producao - MT-235 (ABRP), an association of farmers from Nova Mutum and Trivelato (state of Mato Grosso), won in a competitive bidding the right to maintain and operate 113 km of highways in the countryside of the state of Mato Grosso.  The bidding criteria was the lowest tariff. The 20-year concession contract was signed in December 2010.
In October 2008, a tender was launched by Argentine federal concession authority Occovi for eight road corridors. The private operators were to perform operation, maintenance and some capital expenditures on national routes for a period of six years, with a possibility of one year extension. In return for their services, the operators were to be paid from a pool of tolls (comprised of all eight corridors) and a government payment which was to be determined through a competitive tender. In January 2009, a first round tender was declared void for all corridors but section 4.   In March 2010, Occovi awarded corredores 1,2,3,5,6,7 and 8 during a second tender. Corredor Vial N 5 comprised 1,330km of national routes 11, A-009, Au-9, 193, A-012, and the road Rosario-Armstrong and the Rosario-Córdoba. Corredor Vial N 5 was awarded to the consortium of Iecsa SA and Creurban SA who formed CINCOVIAL SA as the project company.  The bidding criterion was the lowest government payments to carry out construction, operation and maintenance. The winning bid was 1,643 million pesos.  On April 21, 2010, all of the contracts for the eight road corridors were ratified by an executive decree.
Naturkraft eood was planning the development of the 2 MW Naturkraft Trastikovo solar power plant near the village of Trastikovo, Kameno municipality. Naturkraft is a subsidiary of EVN Bulgaria, a subsidiary of EVN (Austria).  As of October 2011, no information about contract structures was available. The project was commissioned in July 2011.  Total projected investment in the solar plant was estimated at BGN 10 million ($6.96 million). As of October 2011, no details about the financial structure of the project were available.
Maple Energy Ethanol Co-generation Facility included an ethanol plant, a sugarcane plantation, construction of a 37-megawatt electricity cogeneration plant to supply power for operations, and 60-kilovolt electric transmission line to connect the Ethanol Project facilities to Peru's national power grid. The project was located the department of Piura in Peru's northern coast. The plant was to burn sugarcane waste from the ethanol distillation process to provide 100 percent of the project´s electricity needs, and enable Maple Etanol to sell excess electricity to Peru’s interconnected power system which was estimated to be approximately 17 MW of installed capacity or 46% of the plant's output.  The total project cost of the ethanol plant, the co-generation plant and associated facilities was US $254 million. The total project cost of the co-generation facility was estimated at US $74 million based on a ratio of 2 million per MW associated with renewables.   In December 2010, the Maple Energy Ethanol Co-generation Facility reached financial closure. Financing comprised a US $25 million loan from the Inter-American Development Bank,the Andean Development Corporation (CAF) was  to finance $65 million, and the Entrepreneurial Development Bank of the Netherlands (FMO) was to finance $25 million, and a US$25 million senior secured construction and term loan with Banco Internacional del Peru (“Interbank”) The IADB loan was  to have a term of 12.5 years, with a 2.5-year grace period. The interest rate was to be LIBOR plus a differential or the fixed-rate equivalent.  Operations commenced in August 2012.
In October 2008, a tender was launched by Argentine federal concession authority Occovi for eight road corridors. The private operators were to perform operation, maintenance and minimum capital expenditures on national routes. In return for their services, the operators were to be paid from a pool of tolls (comprised of all eight corridors) and a government payment which was to be determined through a competitive tender. In January 2009, a first round tender was declared void for all corridors but section 4.   In March 2010 Occovi awarded corredores 1,2,3,5,6,7 and 8 during a second tender. Corredor Vial N. 1 was awarded to CV1 CONCESIONARIA VIAL S.A. which was comprised of Benito Roggio y Hijos and CPC SA(UTE) Corredor Vial N. 1 comprised 1,282km of national routes 3, 205, 226 and 252 in the province of Buenos Aires. The bidding criteria was the lowest budget offered to carry out construction, operation and maitenance. The winning bid was 2.233 million de pesos (US$578 million).   On April 21, 2010, all of the contracts for the eight road corridors were ratified by an executive decree.
In January 2009, Brazilian firm OAS signed a 20-year BOT contract to design, build, finance, and operate the Huascacocha Water Transfer Project. The project was to increase water supply by damming Lake Huascacocha, carry water from there via waterways and tunnels to the water treatment facilities owned by Sedapal, the state-owned water utility in Lima, and a hydroelectric plant owned by Edegel. The Huascacocha project was to increase by 1.7-2m3/s the water supply to the potable water treatment plant of Huachipa, benefitting 2.4mn residents in Lima and neighboring port city Callao.   OAS won the concession via a competitive tender in late 2008. The bidding criterion was the lowest unit cost to be paid by Sedapal for the transferring of water to the supply point. However, OAS was the only bidder that submitted final technical and financial offer.	   In May 2009 OAS mandated BNP Paribas, which had been among the banks that financed CRPAOs in the dollar market, on the IIRSA Tramo 5 project.  The sponsor set up a Cayman Islands-registered issuing vehicle, called Huascacocha Finance Limited, which would use the proceeds of the financing to buy the RPICAOs, Peruvian Nuevo Soles-denominated index-linked obligations to make payments, as they are issued to the concessionaire by Sedapal. Until the proceeds are required to buy these RPICAOs they are kept on deposit at Citibank in Peru.  The project cost was estimate to be Soles 339 million (US$119.8 million).  The project reached financial closure through a S/.321 million ($113.4 million) local currency bond financing. Of the S/.321 million in index-linked bonds, S./212.32 million series funded immediately, while a second series of S./108 million is delayed draw and will fund in April 2011. That presented a debt/equity ratio of 95/5. The bonds were backed by payment certificates from the government (RPICAOs) for the construction of the facility, which the concessionaire would receive incrementally in exchange for works. The debt was backed by these certificates and ultimately by Peru's federal Ministry of Housing, Construction and Sanitation.  Construction works were concluded in June 2012.
Simhapuri Expressway Ltd was created to upgrade the Nellore-Chilakaluripet Section section of NH-5 from km 1182.802 to km 1366.547(approx. length- 183.52 km) to a six lane divided carriageway in the State of Andhra Pradesh under NHDP Phase V.  The National Highway Authority of India awarded the project to Simhapuri Expressway Ltd, which was owned by KMCL (50%)and BSCPL (50%) in May 2010 via a competitive tender. The project company received a grant of INR 1269.9 million (US$27.8 million) The project was awarded on DBFOT Pattern BOT(toll) basis. Concession Agreement was signed on 15th July 2010.  The NHAI quoated the project cost at INR 1535.2 million (US$335.7 million) at the time of the tender. There was no information on the duration of the concession.   The project cost was estimated to be 25500 million (US$557.6 million) at financial closure. Financial close was on 13 Sep 2010.  Financing comprises Rs20.4bn 15-year term loan facility and Rs5.1bn equity. The debt was arranged by SBICAP. The project was expected to commence in mid 2011, and commercial operations were set to start by June 2013.
Essar Bulk Terminal (Salaya) Limited (EBTL Salaya) was created to set up a dry bulk port facility to handle 20 MTPA of cargo in a phased manner at Salaya in Gujarat. The port was to handle import of coal and export of pet coke and other bulk cargoes. Essar Shipping, Ports & Logistics Ltd (Essar Group) was the sponsor. The borrower was Essar Bulk Terminal Salaya Ltd.      The project cost was estimated to be INR 8.64 billion (US$190.298 million).  The project reached financial closure on 11 Mar 2010 with a debt/equity ratio of 70/30. Financing comprised of Rs6.05 billion 12-years term loan in debt and Rs2.591 billion in equity. The debt was arranged by SBI capital. The project was expected to become operation in April 2011.
China Light and Power (CLP) implemented 99 MW Theni wind farm located at Theni village near Madurai town, in the south Indian state of Tamilnadu. The project has two phases: Theni I wit 45.5 MW and Theni II with 45.5MW as well. China Light and Power and its subsidiary Paguthan Energy Corp are the sponsors. The power generated by this project would be sold to state-owned utility Tamil Nadu Electricity Board (TNEB) under 20 year power purchase agreement.  The project used Vestas  V82 geared wind turbines with a capacity of 1.65MW each.  The estimated project cost was INR. 2.97 billion (US$65 million). The project reached financial closure in October 2010. Industrial Development Bank of India (IDBI) acted as financial advisor. IDBI provided a 13-year term loan of Rs1.93 billion, and CLP India provided all of the Rs1.04 billion of equity.  The debt was arranged by IDBI. The project commenced commercial operations on 29 Jul 2010.
The project involved development of integrated solid waste management facilities for Aligarh Municipal Board in Uttar Pradesh. A2Z Waste Management (Aligarh) Limited is the project company. The 30-year DBOOT concession was awarded on 5 April 2010. The total cost of the project amounts to $7.11 million, of which $2.97 million grant.
In June 2008, Transmantaro, owned by Colombian companies Interconexion Electrica S.A. E.S.P (ISA, 60%) and Empresa de Energía de Bogota S.A. E.S.P (EEB, 40%), was awarded the BOT contract for the Chilca – La Planicie - Zapallal Transmission Line at a tender organized by state investment promotion agency ProInversion. The line consisted of 300km of 500kV and 220kV line as well as three substations. ISA's US $55.2 million bid (33.7 mln euro) bid outbid Spanish Isonor Transmision and Peruvian Abengoa Peru. The value of the bid was calculated using a formula that took into account the cost of investment, operation and maitenance, construction timeline and the percentage of state subsidy required.   Construction of the US $130 million project was 66% complete as of June 2010. The line was to strengthen the transmission system that connects Chilca district in Lima region with the national grid given new gas-fired thermo plants south of the capital. The line was also to transport power from the Platanal hydroelectric plant.
Garet wind farm project entailed the development of two wind power plants with a total capacity of 32.5 MW. The project consists of the developments of a 22.5 MW wind farm in Sares, and a 10 MW wind farm in Karadag, both in Turkey, at an estimated cost of US$99 million. The sponsor of the project was the Turkish power developer, Gama Holding [Turkey]. GE[USA] provided with 13 2.5MW wind turbines. The construction of the project was expected to be completed in early 2011.   The project reached financial closure in April 2010, as the loan agreement was signed with Turkiye Sinai Klkinma Bankasi AS (TSKB), a sole lender. Financing was composed of US$86.9 million debt and US$12.1 million equity. The debt was divided into US$53.4 million 11 year Sares term loan, a US$25.1 million Karadag 11 year term loan, a US$3.9 million revolver and a US$4.5 million Hermes-backed loan.
Akenerji was planning the development of the 27 MW Himmetli hydropower plant, run-of-river, Goksu river, Adana province, Southeast Turkey. Annual production was estimated at 106 GWh. Akenerji was partly owned by Czech state-controlled CEZ (37.5%) and Turkish Akkok Group (37.5%), 25% of its shares were publicly traded in the Istanbul Stock Exchange.  Commissioning was expected for late-2012. The developer received a 49 year production license for the project in May 2007. The Gokkaya plant was one of five hydro power projects Akenerji was developing in the Goksu river. The Turkish government opened up for tender concessions for 52 run-of river hydropower plants, between December 2009 February 2010. During the tenders, 615 bids were made and the deals were finalized in May/June 2010.  Esimated costs were $338 million for the five projects. IFC approved in June 2010 credit of up to $75 million towards the five projects, including: the 30 MW Feke I, the 70 MW Feke II, the 27 MW Himmetli, the 30 MW Gokkaya and the 3 MW Saimbeyli plants. The loan consisted of a $65 million A loan and a $10 million C loan, as well as future support for any power distribution projects developed by Akenerji. On a MW pro-rata basis, this implies a $57.0 million investment for the Himmetli plant, including $12.6 million IFC Loan. The project was recorded under IFC Project number 29359.
BSCPL Godhra Tollways Ltd was set up to expand to four lanes 87.285 Km stretch from Godhra to Gujarat/Madhya Pradesh border section of NH-59 from km 129.300 to km 215.900 (Project Highway) in the state of Gujarat under NHDP III. NHAI awarded the project to BSCPL Infrastructure Ltd in January 2010 under a 27 BOT(toll) contract. While the project was tendered using the minimum subsidy criteria, BSCPL won by offering to pay a  premium  of INR 78.3 million. The concession contract was signed in Febraury 2010.   The projec cost was estimated to be Rs7850 million (US$171.7 million). Financial closure was achieved on 10 May 2010. Financing comprises Rs5.25bn 15-year and 1-month term loan in debt in debt. The debt was arranged by SBI. The remaining was equity contribution.
Kyivenergo was an integrated complex which generated, transmitted and distributed all electricity for Kyiv. Its installed capacity was 1200 MW and it served 1 million customers. It owned the electricity distribution network in the city of Kiev, supplying electricity to 972,000 customers. The company also leased two gas-fired CHP plants with a combined capacity of 1,200 MW as well as the municipal heating network and numerous boilers from the city. Thermal energy was produced at TPP-5 and TPP-6, as well as boiler plants. In 2010, the total length of air and cable electrical power transmission lines came to 11,700 km.   In July, 2010 DTEK increased its stake in Kievenergo up to 24.9% Altana Capital was the investment broker that organized the deal. before July, 2006 DTEK owned 6% of the shares. In December, 2010 DTEK further increased its stake to 39.98%. The state-run Energy Company of Ukraine owned the remaining shares.  Kievenergo’s main consumers in the electricity production segment were the public (32.3%), non-industrial consumers (30.5%), industrial consumers (30.1%), electrified urban transport (3.9%), towns (3%) and  agricultural producers (0.2%).  In addition to the normal supply of electricity and heat to the Kyiv market, the company also periodically receives heat tariff compensation according to a law enacted in 2005.  In November, 2011, DTEK announced it increased its stake in Kyivenergo up to 46.82%. In December 2011, DTEK won an auction held by the State Property Fund for a 25% stake in Kyivenergo with a bid of US$56.5 m (450m UAH), US$2.3m (18.2 m UAH) higher than a rival bid from Poltavaoblenergo. Consequently, DTEK's stake in the company was 71.82%
In August 2009, Luzboa S.A, a private firm was developing a portfolio of four small run of the river hydroelectric plants in the state of Minas Gerais through a license granted by Brazilian federal regulator Aneel. The first two plants to reach financial closure were PCH Oliveira [2.88MW] in the municpality of Oliveira and PCH Couro do Cervo [1.5MW] in the municipality of Nepomuceno. These two units will be responsible for the reduction of about 90,000 tonnes of CO2 for the period in which energy is already sold, contributing to the development of the State of Minas Gerais. Luzboa SA was owned by investment firms from the Virgin Islands and Brazil.  The total project cost was estimated at BRL 12.1 million (US $6.9 million) for Oliveira and BRL 6.4 million (US $3.6 million) for Couro do Cervo. The projects reached financial closure in January 2010 when Luzboa SA signed loans with the state-owned local bank BDMG, acting through a program of BNDES. The loan amounts for Oliveira and PCH Couro do Cervo were BRL 7.6 million (US $4.3 million)and BRL 4.5 million (US $2.6 million) respectively.   In July 2010, PCH Oliveira commenced operations. In November 2011, the regulatory agency Aneel rejected the design project for PCH Couro do Cervo and the project was tagged as not active.
Cavico Transport Corporation was planning the development of the 30 MW Cau Dat wind farm, Da Lat city, Central Highlands province of Lam Dong. The project was structured as build-operate-own (BOO), on 2ha of land with 20 turbines. Cavico Transport Corporation was a subsidiary of Cavico Corporation, a non-state owned construction company in Vietnam.  The project was commissioned in June 2011. It was planned to supply 90 million kWh annually. Construction was expected to start in 2010.  Total cost was estimated at $57 million.
Su Pan 1 Hydropower JSC was planning the development of the 20MW Thac Xang hydropower plant, Bac Giang river in Hung Viet commune, Trang Dinh district, Bac La commune, Van Lang district and Hong Phong commune, Binh Gia district, Lang Son province.  The project was expected to produce 76,350 MWh annually. The project consisted of two turbines of 10.363 MW each. Commissioning was expected for April 2013. The electricity tariff was estimated at 777.64 VND per kWh ($0.0373 per kWh). Construction period was 3 years, lifespan was 30 years. A PPA with EVN was signed.  The Investment license was awarded in June 2009. The first EPC contract was signed in September 2010.   Total investment cost was VND 432,791 ($20.8 million). FC was unknown but estimated here at September 2010 (signing of EPC contract). The project applied for UNFCCC/CDM financing.
On June 2006, China national machinery Import and export Corporation CNMIEC (China, 100%), was signed a Build Own, Operate and Transfer agreement with  Ceylon Electricity Board of CEB (Sri Lanka) for the construction, operation and Transfer for a 15 years term of a 300 MW, Coal-fired power plant at Norochcolai.  Under the BOOT agreement, CNMIEC was to supply 300 MW of energy to CEB for a term of 15 years. The remainder of the energy was to be sold to the public.    Following a direct negotiation process, CNMIEC was awarded to set up a 300 MW coal fired power plant at Norochcolai.  The total project cost was 450 US millions. The project reached financial closure in March 2010, after many troubles, said the CEB.  The 300 MW block was ceremonially commissioned by President Mahinda Rajapaksa on March 22, 2011.
In January 2010, Polaris Energy Nicaragua S.A. (PENSA), a subsidiary of Ram Power Co [USA] began development of a two phase geo thermal power plant, near San Jacinto, Nicaragua. Each phase of the project would add 36MW of capacity to the project. PENSA had a 20-year PPA with DISNORTE and DISSUR, the local, privatized power distributors owned by Union Fenosa, now Gas Natural Fenosa.  The project reached financial closure for both phases in 2010. The first phase totaled US $180 million. It was financed by CABEI as well as several bi-lateral banks in January 2010 and included a $70 million senior credit facility as well as a subordinated tranche of US $7 million. The second phase cost US $190 million and financing was arranged by the IFC in November 2010. The financing included senior construction and term loans for US $140 million and US $20 million in subordinated debt. The IADB contributed a US $40 million loan as part of the financing and the IFC directly contributed a senior loan of US $30.3 million and a quasi loan of US $20 million.  The operations of Polaris Phase II commenced in 2012.
Ellewewa Power Company Pvt. Ltd. developed the 10MW Ellewewa biomass plant. The project was expected to generate 87GWh annually. The project was located Phala Elewawa GSD, Dimbulagala DSD, Polonnaruwa District, North Central Province. Reportedly, EarthWatts was involved in the development of the project.  The Environmental Impact Assessment was submitted in July 2009. Construction was expected to start mid-2009 and commissioning was expected for mid-2010. In 2012, the project held a generation license with the Ceylon Electricity Board.  Total project cost was ESTIMATED at US$10 million, based on US$1 million/MW. Financial closure was ESTIMATED at December 2010, expected commissioning date.
In November 2008, Consorcio Madeira Transmissao, an association of the state-owned companies Furnas (24.5%) and CHESF (24.5%) and the Brazilian private company CTEEP (51%), was awarded in a competitive bidding process the contract to build and operate two substations located in the states of Rondonia and Sao Paulo. Besides Consorcio Madeira Transmissao, another company took part in the contest: Consorcio TME TRANS (the Brazilian company Neoenergia, 34%; Alupar, 22%; the state-owned company CEMIG 22%; and Empresa Amazonense de Transmissao, 22%).   The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. Consorcio Madeira Transmissao presented the lowest offer, a value of US$ 82.8 million (BRL 151.7 million), 9.99% below the ceiling set by the regulatory agency. The contract was signed in February 2009, and the sponsors created the company Interligacao Eletrica Madeira (IEMA) to lead the project during the 30-year contract period  The sponsor committed to invest US$ 655 million (BRL 1.2 billion) in the substations. The construction works commenced in October 2009, but financial closure was only achieved in September 2010, when the sponsor was granted a US$ 61.7 million (BRL 108.7 million) loan from BNDES. The remaining cost was set to be financed with the sponsors’ internal resources.  Commercial operations commenced in May 2014.
In May 2010, a consortium of Odebrecht [Brazil, 50%] and Invepar [Brazil, 50%] won a 25-year contract with the state of Bahia to expand, rehabilitate and operate of 125km of the  BA-093 Highway System in the state of Bahia. The winning consortium beat four bidders by offering the lowest toll rate.   The concession contract was signed in August 2010, after which the concessionaire began the initial construction works. The concessionaire started changing toll rates in April 2011.  The total investment was estimated at BRL 805 million (US $447.2 million) during the 25-year concession period.
The Stung Tatay Hydropower project is a 246 MW plant in the Thman Baing district, Koh Kong province, Cambodia. The project was to be built and operated by the China National Heavy Machinery Corporation (CHMC), which was granted 42 year Build-Operate-Transfer (BOT) contract by the national government. The contract period included 5 years of construction and 37 years of operation. The base power sales tariff was set a US$ 0.0745/kWh. All generated power will be sold to EDC (Electricite du Cambodge).  The project costs were US$ 540 million. Funding support was provided by the Chinese government. Construction started in April 2010 and was expected to finish in 2015. The project applied for UNFCCC/CDM financing.
Essar Bulk Terminal Paradip (EBTPL) was to implement a project to develop and operate a deep draught coal berth with a  proposed depth channel and berth was 17.1 meters which would facilitate handling large cape size vessels up to 1,25,000 DWT (deadweight tonnage) at Paradip Port in Orissa, India.    Essar Bulk Terminal Paradip (EBTPL) is a subsidiary of Essar Paradip Terminals which was owned by Essar Shipping Ports and Logistics Ltd and Essar Shipping and Logistics Ltd (Essar group).  EBTPL won the project via an international tender in which five bidders were short listed. Essar Paradip Terminals Ltd offered a revenue share of 31% to the port during the concession period of 30 years. In Nov 2009, state-owned Paradip Port Trust Tuesday signed a 30 year BOT concession agreement with Essar Paradip Terminals.  The concessionaire also agreed to have the project operational within 36 months of the date of the concession was signed.  Paradip Port Trust agreed to provide all supporting facilities like dredging of channel and the berth, railway connectivity and back-up area at an estimated cost of Rs 70.21 cores.  The project cost of was estimated to be INR5.59 billion (US$ 122.2 million).  In October 2010, Essar Bulk Terminal Paradip (EBTPL), part of Essar Shipping Ports and Logistics (ESPLL), raised INR 4.10 billion to partly finance the project. The credit deal was signed with YES Bank and L&T Infrastructure Finance Company, each of whom have loaned out 50% of the finance needed.  In December 2010, the project company indicated that all the financing required for this project was secured with a debt/equity ratio of 73/27.
The Changwat power project is a 73MW solar photovoltaic (PV) project in Lopburi Province, Thailand. The project was designed to utlize over 540,000 high-grade, thin-film solar panels. The project was expected to be expanded to 84MW in June 2012. Annual output was estimated at 105 GWh.   Project company was the Natural Energy Development Co. Ltd. (33%), a company with sponsors CLP Holdings (HKG:0002), Diamong Generating Asia (a subsidiary of Mitsubishi (TYO:8058)) (33%), and Electricity Generating Co (33%).  All generated power was to be sold to the state-owned Electricity Generating Authority of Thailand (EGAT) under a 25-year power purchase agreement. Sharp Corp (TYO:6753) was to be the EPC contractor. The project was to become operational late 2012. The project eventually became operational mid-December 2011 in junst 18 months. Construction was done by Sharp (Japan), Ital-Thai Development, and Ital-Thai Engineering under an EPC contract. Construction started in August 2010.  Total project cost was US$ 250 million. Financing comprised of THB3.48bn 12-year and 6 months syndicated term loan debt, THB1.9bn term loan and THB2.2bn of equity. Mandated arrangers for the syndicated facility are Kasikornbank, Bangkok Bank and Siam Commercial Bank. Financial close occured on 17 Jun 2010. The Asian Development Bank was also involved in the financing (Baht 2 billion/US$70 million).
Se San 4A Hydropower JSC was planning the development of the 63 MW Se San 4A hydropower plant in the Gia Lai province. The project was planned to consists of three turbines, delivering its output to the national grid. The shareholders of Se San 4A Hydropower JSC were unknown, but there was no indication that it was state-owned.  Total output was expected to be 331 million kWh annually. The plant became operational in November 2011, the first turbine was put into operation in July 2011.  Total investment for the project was estimated at $58.25 million (VND 1.2 trillion), but in November 2011 a cost of VND 1.6 trillion was reported ($76.8 million).
Navayuga Dichpally Tollway Pvt Ltd was created to implement the expansion to four lanes of 60.25 kms in the Armur - Adloor Yellareddy stetch from Km 308.000 (Armur) to Km 367.000 (Adloor Yellareddy) of Nagpur-Hyderabad section on NH-7 in the State of Andhra Pradesh. The National Highway Authority awarded the project to Navayuga Dichpally Tollway Pvt Ltd  on design, build, finance, Operate and transfer (the "DBFOT") TOLL basis under NHDP Phase-II in May 2009. The concesion was for 20 years. Bids were invited for the Project on the basis of the lowest financial grant (the "Grant") required by a Bidder for implementing the Project.    Navayuga Dichpally Tollway Pvt Ltd was formed by Navayuga Engineering Company and KPCL.   The project cost was estimated to be INR 3905.6 million(US$85.4 million).Financial close was on 30 Jan 2010.  Financing comprised Rs1.96bn 14-year 6-months term loan arranged by Axis Bank. There was no public information on the amount of the viability gap funding granted to the project.
In October 2010, Ningguo Gangkouzhen local government awarded Ningguo Gangkouzhen Wastewater Treatment Plant project to a consortium of Zhejiang Shangda EP Co. Ltd. and Ningguo Huanneng Construction Co. Ltd. on a 30 year BOT basis.  The consortium’s quoted wastewater treatment tariff was RMB 0.775/m3 ($0.12/m3). The transfer price was however unknown.   This project involved construction and operation of a 10,000m3/d wastewater treatment plant in Anuhi Province, with potential to expand to 20,000m3/d in future.
In August 2009, Manila North Harbor, the largest domestic port in Manila, was transferred to private management via a 25 year concession that covered the port's container terminal, general cargo terminal and passenger terminal complex, which was considered as one operational area.    Philippine Ports Authority (PPA) awarded the concession via a competitive tender to Manila North Harbour Port Inc., a consortium formed by Harbour Centre Port Terminals, Inc. (60%) and Metro Pacific Investments, Inc (40%) in August 2009. In June 2010, Metro Pacific Investments, Inc sold its stake in the company to Harbour Centre Port Terminals, Inc. By end 2010, Manila North Harbour Port Inc. was owned by Harbour Centre Port Terminals, Inc. (65%) and San Miguel Corp (35%).  The consortium was the sole qualified bidder for the privatization of the North Harbor. For the first year of the company's operation in the port, a fixed fee of P168 million must be paid. The amount will escalate for the rest of the 25-year contract. In April 2010, Philippine Ports Authority (PPA) transferred the operation of the port to Manila North Harbour Port Inc..  The PPA expected to earn a total of P6.8 billion from the North Harbor concession during the contract period.  The winning consortium committed to invest P14.5 billion (US$321 million) in the port development during the first six years of the concession period. The investment was to focus mainly on rehabilitation and strengthening of port structures.
On 18th May 2009, Torrent Power Limited (TPL) signed a Distribution Franchisee Agreement with Uttar Pradesh Power Corporation Limited (UPPCL, the state utility) for Kanpur urban area and Agra urban area, in the state of Uttar Pradesh (UP). TPL would distribute power in Agra & Kanpur for the next 20 years. In both these areas, the Company would distribute power as an agent of the present distribution licensees: The franchise of Agra Urban Area under Dakshinanchal Vidyut Vitran Nigam Limited (DVVNL), had about 272,000 consumers in this area of 188 sq. kms with an estimated demand of 420MW. The franchise of Kanpur Urban area encompassed 500 sq. kms supplied by Kanpur Electricity Supply Company Limited (KESCO). The estimated demand in the area was about 510 MW with approximately 470,000 consumers. The scope of franchise included the distribution of electricity, realisation of bills, maintenance and development of the infrastructure and other related works.   Torrent Power was selected through a competitive bidding process undertaken by UPPCL in February 2009. The bid variable was the highest price at which power was purchased from UPPCL for subsequent distribution in the franchise area.           In Agra, 4 companies - Torent Power (TPL), Reliance Power, PNC Infratech and Jamshedpur Utilities & Services Company (JUSCO), had submitted bids for power distribution in Agra. TPL won the bid by quoting the highest purchase price of INR 1.96/kWh(levelized rate for a period of 20 years). At present, the revenue collection in Agra was at the rate of Rs 1.43/kWh while AT&C losses, (which included line loses, theft as well as non-billing) were to the tune of 42%. TPL needed to bring down power losses to 15 % in the next five years as per the franchise agreement.          For Kanpur franchise, TPL had won the bid by quoting the highest purchase price of INR 2.17/kWh (levelized rate for a period of 20 years), followed by Tata Power which bid INR 2.16/kWh. For Kanpur circle, T&D losses were at 47% and TPL needed to bring it down to 20% in next five years as per the franchise agreement.           TPL would purchase power from the UPPCL (at INR2.17/kWh and INR1.96/kWh for Kanpur and Agra respectively) and would distribute it to consumers on the rates approved by the UP Electricity Regulatory Commission. Franchisee would remit a pre-determined share of the revenue collection at regular intervals to the Licensee, as per the Franchisee Agreement. TPL was expected to invest USD 31-41 million (INR 1500-2000 mn at 48.41 INR/USD) in Agra and USD 103 million (INR 5000 mn at 48.41 INR/USD) in Kanpur in the first six months to reduce T&D losses and improve collections.   TPL commenced distribution franchisee operations in Agra on 1st April, 2010. TPL was expected to kick start its operations in Kanpur by October 2010.
In December 2009, a consortium consisting of Cargill [USA, 60%] and Louis Dreyfus SAS [France, 40%] won a 25-year contract with Sao Paulo state port authority Codesp to rehabilitate and operate the Santos Port Bulk Solids Terminal (Tegran). The contract could be extended for an additional 25 years upon termination. Cargill had previously operated the same terminal without Louis Dreyfus.   The winning consortium paid R288 million (US $163.6 million) in fees. Approximately R219 million, (US $124.4 million) was part of its bid for the concession infrastructure and R67.6 million (US $ 38.4 million) for the land (as Codesp predetermined in the bidding documents). The consortium was to invest R13 million (US$ 7 million) in improving the terminal infrastructure.   It beat four other offers and Vol Cafe Ltda, the second place bidder, challenged the winning bid. The contract was signed in January 2010 with an explanation denying the Vol Cafe's challenge to the bid later in the month.
In June 2010, Zambia Development Agency (ZDA) announced that Libya's LAP Green had won the bid to acquire a 75% stake in Zambia Telecommunications Company Limited (Zamtel) from the government.  Zamtel was the historic fixed line national telecom monopoly and had 90,341 subscirber as of June 2010.  LAP Green agreed to pay US$257 million for the 75% equity stake in Zamtel and an additional US$62 million for part of the network expansion programme.   The award followed a competitive bidding process.  The government also announced that it would retain a minimum 25% stake in the company and reserve the right to sell it through an initial public offering (IPO) on the Lusaka Stock Exchange.  In July 2010, Zamtel embarked on an aggressive investment program of USD 170 million, the first phase which was focused on expanding the GSM network coverage and grew the number of GSM base stations  from 197 to 440 by November 2011. A 3G network is currently being deployed in all the major cities across the country.   The new government of Zambia took back control of Zamtel in December 2011, dissolving the board of the company. LAP Green challenged the government's decision in court.
In December 2010, Associacao dos Beneficiarios da Rodovia da Integracao Leste/Oeste - MT-242 (Apasi), an association of 128 farmers from Sorriso and Ipiranga do Norte (state of Mato Grosso), won in a competitive bidding the right to maintain and operate 225.4 km of highways in the countryside of the state of Mato Grosso.  The bidding criteria was the lowest tariff. The 20-year concession contract was signed in December 2010.
The project entails the construction of a 68.1MW waste incineration plant in Moscow, Russia. Total investment stands at EUR279 million. The facility's waste processing capacity will total 750,000 tonnes a year. It will generate energy in the form of electricity and heat for a district heating network. The project sponsor is EVN (100%). Financial close was reached in July 2010.
Hazaribagh-Ranchi Expressway Limited (HREL), was created to expand to four lanes a 71.16  km stretch on NH 33 connecting Hazaribagh to Ranchi in the State of Jharkhand. The National Highway Authority (NHAI) awarded the project to HREL, a subsidiary of IL&FS Transportation Networks Limited, an IL&FS group company. The project was to be developed under a BOT (Annuity) concession for a period of 18 years including an initial construction period of two and a half years.       Total project cost was INRs 86.9 billion (US$ 190 million). The project reached financial closure in February 2010 with a debt: equity ratio of 3.80:1. The debt requirement for HREL aggregating to Rs. 688 crore. IL&FS Financial Services Ltd was the Sole Financial Advisor and Arranger for the project. The senior debt facilities have been financed by a consortium of 11 banks and IIFCL. The lenders' consortium is led by Bank of India. The senior debt facility has been syndicated on a project recourse basis. Repayments of a little over three quarters of the Loan are envisaged to be repaid over a period of 14 years. The balance is envisaged to be repaid in single bullet installment at the end of the tenor. The project is scheduled to achieve commercial operations by Aug 2012.
On March 2009, Karachi Port Trust (KPT) signed an agreement with Hutchison Port Holdings Limited (Hong Kong, 100 %) for the construction, operation and transfer of a new deep container terminal at Karachi port on a build-operate-transfer (BOT) basis with a term of 25 years. The new terminal, designed to give the Karachi port a handling capacity of 1.47 million TEUs on phase one, was to be developed in three phases. Pakistan Deep Water Container is owned 100% by Hutchison Port Holdings Limited of Hong Kong.  This BOT terminal project, which was awarded following an international bidding process, was the result of Government of Pakistan’s economic policy to encourage private sector investment and participation in the development of the country’s port infrastructure.  The total cost of the project was estimated at US$ 1.2 billion. And reached financial closure on August 2010. Information’s about the loan still confidential.  Construction work on phase one started on September 2010, officials form KPT said the work is 60 percent complete, and expect it to be completed by the end of 2013 or early 2014.
In October 2008, a tender was launched by Argentine federal concession authority Occovi for eight road corridors. The private operators were to perform operation, maintenance and some capital expenditures on national routes for a period of six years, with a possibility of one year extension. In return for their services, the operators were to be paid from a pool of tolls (comprised of all eight corridors) and a government payment which was to be determined through a competitive tender. In January 2009, a first round tender was declared void for all corridors but section 4.   In March 2010, Occovi awarded corredores 1,2,3,5,6,7 and 8 during a second tender. Corredor Vial N 7 comprised 798km of national routes 34 and 9 in the provinces of Santa Fe, Córdoba, Santiago del Estero, Tucumán, Salta and Jujuy. Corredor Vial N 7 was awarded to the Argentine consortium of Electroingeniería SA-Vialco SA-JCR SA who formed VIALNOA SA as the project company. The bidding criterion was the lowest government payments to carry out construction, operation and maintenance. The winning bid was 1,160mn pesos.   On April 21, 2010, all of the contracts for the eight road corridors were ratified by an executive decree.
Goltas Enerji Elektrik Uretim was created to build and operate 60-MW Esen I hydro power plant and dam located on the Esen river in Fethiye near Mugla city in south west Turkey.  Goltas Enerji has an operating license from EMRA, obtained in 2004. Goltas Enerji was owned by Goltas Cimento (63.58%) and Aksu Enerji (25.45%).   The estimated project cost was EUR57.3 million (US$79.58 million). The project reached financial closure in February 2010 when Goltas Enerji Elektrik Uretim obtained a 8.5-year EUR 40mn (US$55.56 million) loan from Akbank. Electricity sales would be done in the liberalized electricity market.  On May 3rd, 2011 unit II of Goltas Enerji Elektrik Uretim's hydropower plant, namely Esen-I, in the city of Mugla came online.
L&T Uttaranchal Hydro Power Ltd, a subsidiary of Larsen & Toubro (L&T), was created to develop and operate 99 MW (3x33) run-of-the-river Singoli-Bhatwari hydel power project in the Rudraprayag district on the river Mandakini. The project involved construction of a 22-m high, 54-m wide and 80-m long barrage, 10.84km long head race tunnel, surface powerhouse. Three Francis turbines of 33 MW each were to be used to generate 472.18 million units of energy in a 90% dependable year. The project had a topographically challenging location for a run-of-the-river project with no dam. As a result of undertaking such heavy civil engineering works, a landed project cost of Rs105.4m per MW was much on the higher side.  The project followed the PPP model and was to be executed on a 45 year BOT contract. For that period, L&T agreed to develop, finance, construct, and operate the power plant. The energy from this project was to be evacuated through a 220 KV transmission line and was envisaged to be sold on merchant basis.      Uttarakhand Government issued the RFQs to execute the project on 28 October 2004. L&T Power Development won the tender for the hydroelectric power project after being selected as the highest bidder for undertaking the development of the initially 60MW Singoli Bhatwari hydropower scheme on a build, operate, own and transfer (BOOT) basis. Quoting the highest premium of Rs4.606m per MW, L&T emerged as the winner of the financial qualification process and was awarded the project by Uttaranchal Jal Vidyut Nigam (UJVNL) in December 2005.  L&T acquired the development rights in May 2006; DPR was submitted in Dec 2007; CCEA gave the clearance in 11.07.2008.    The project was initially awarded as a 60MW power plant because the hydrology data provided by the Central Water Commission were available for only 19 years, from 1975 to 1994. Subsequently, as L&T took up the detailed project report preparation, flow series data were available for a further period of nine years from June 1995 to May 2004. The additional hydrological data indicated higher water flow and an updated 90% dependable year1. Other studies and surveys carried out by L&T, including physical inspection of the project area, confirmatory topographical surveys, a review of the project layout and a reassessment of power potential, all pointed to an up-scaling possibility. Consequently, the project capacity was enhanced to 99 MW (3x33MW) from the earlier envisaged 60MW.  The project was designed as a 100% merchant hydroelectric power plant envisaging power sales through short-term sales by power exchanges and bilateral transactions with traders, power sales to distribution utilities and bulk sales to industrial consumers. This was to take advantage of the high demand for power in India.  The project cost was estimated to be Rs10.44 billion (US$227.42 million). Financial close took place on 29 Jun 2010. Financing comprised Rs7.83bn 14-year and 8months term loan debt and Rs2.61bn equity arranged by SBI and L&T. Thea senior debt to equity ratio was 75:25 and priced at 10.75% per annum linked to the lead bank’s (Punjab National Bank) benchmark rate.
In December 2010, France Telecom entered into a two-year agreement to manage Ethiopia’s state-owned monopoly telecoms network, Ethio Telecom.  The project was awarded by direct negotiation. Depending on performance standard, France Telecom was to earn $40 million (€30 million) for the contract.  The state-owned monopoly had an estimated 3.85 million subscribers at the end of June 2010, which equated to a population penetration level of just 2.9%.  As of the end 2012, there were over 21 million subscribers in Ethiopia.
In August 2010, the consortium Aguas de Castilho was awarded a Concession contract (30 years) to expand, rehabilitate and operate the water and sewerage sytem of the city of Castilho, which had a population of 17,900 . The contract called for 100% water and sewerage treatment by 2016. Aguas de Castilho SA was formed as the project company on October 29, 2010 and was comprised of CAB Ambiental [Brazil, 70%] and Sapesp [State-owned enterprise of Sao Paulo], 30%]; the project was therefore 70% private.  The contract was signed in November 2010 and had investment commitments of US $4.4 million. The project became operational in January 2011.
In December 2010, Associacao dos Produtores da Rodovia da Mudanca - MT-449 (ABRM), an association of farmers from Lucas do Rio Verde and Tapurah (state of Mato Grosso), won in a competitive bidding the right to maintain and operate 148.33 km of highways in the countryside of the state of Mato Grosso.  The bidding criteria was the lowest tariff. The 20-year concession contract was signed in December 2010.
In May 2010, NewCogen rental power project reached closure when IPSA Group wholly owned subsidiary NewCogen was allowed by ESKOM to operate under a short term 3-months power purchase agreement for the World Soccer Cup.   The sponsor was NewCogen, a wholly-owned subsidiary of british firm IPSA Group.  The 15MW plant had been built earlier, but ESKOM had delayed several time the signature of a power purchase agreement. Under the short term agreement, NewCogen was to supply 15MW electricity to ESKOM at a pre-agreed price during the World Soccer Cup. The contract concluded in July 2010 as expected.  In August 2010, NewCogen signed a new PPA with Eskmo until March 31, 2015.  The estimated investment for the rental power plants was determined by calculating an equivalent annual depreciation per MW and multiplying it by the number of years in the contract. We have used the following assumptions for this estimate: US$600 per kW as estimated investment, 15 years as expected asset life, and 10 percent as the annual discount (return) rate.
Jhajjar KT Transco Pvt Ltd was awarded a 25 year BOT contract for 3 transmission lines of 400kV, 100km each and 2 (two) substations in the state of Haryana, India. The agreement was to evacuate power from the upcoming 1320 mw Mahatma Gandhi Thermal Power Project or Jhajjar Power Limited in Jhajjar. The BOT contract was signed in May 2010.   Jhajjar KT Transco Pvt Ltd was the SPV created to develop the projects. The project sponsors were Kalpataru Power Transmission Ltd. (51%) and Techno Electric and Eng. Co. Ltd. (49%). The sponsor won the project by quoting lowest one time grant of Rs 93.90 crore over and above the Unitary Charge of Rs 4.50 crore per month payable after commissioning of the substations scheduled for December, 2011. The project is the first-ever transmission project in the country to get viability gap funding (VGF) support from the Central Government and also the first ever project in Haryana for which VGF has been sanctioned under the PPP mode.  The project was awarded by state utility Haryana Vidyut Prasaran Nigam Ltd.      The initial concession period was set for 25 years with options of extension for another 10 years. The SPV would receive terminal value equivalent to 20 months revenue i.e. approx. Rs. 100 crore at the end of 25th year of concession period in case the concession period does not get extended to 35 years.   The project cost was estimated to be Rs 4442 million (US$97.1 million). The project reached financial closure on 23 Nov 2010. Financing comprises Rs2.76bn and Rs1.682bn equity. Debt comprises a Rs2.76bn 12-year term loan arranged by IDFC.   Construction started in Nov 2010 and was to be completed over a period of 14 months from the date of financial closure were (by May 2012).      The project has to be completed over a period of 14 months from the date of financial closure. The SPV has also obtained transmission license from Haryana Electricity Regulatory Commission (HERC) to construct and operate this line for initial concession period of 25 years with options of extension for another 10 years.
In 2009, the Bangladesh Power Development Board (PBDB) awarded approximately 14 rental projects under the "quick" rental program which did not require a formal tender, and were unsolicited proposals. The QRPP projects were supposed to add about 1,000 MW of electricity to the national grid. The Khulna 55 MW Quick Rental Power Plant was awarded to Aggreko Plc [United Kingdom]. The plant began test operations in July 2010 and was operational as of November 2010 according to the PBDB electricity generation report.  The toal project cost was estimated at US $13 million. To calculate this estimate, first the investment's present value (PV) was assumed by multiplying an assumed investment per kilowatt (US$600) by the plant’s installed capacity.  The PV was then used to find an annual amortized payment, assuming 15 years as the expected asset life and a discount rate of 10%. This annuity payment was then multiplied by the term of the rental contract in years, giving the sponsor’s total estimated investment.
The Brazilian company Companhia Energetica de Acucar e Alcool Vale do Tijuco Ltda, a subsidiary of the  Brazilian holding company Companhia Mineira de Açucar e Alcool Participacoes (CMAA) , was granted authorizations to built and operate two sugar-cane-residue fueled power plants (total capacity of 85 MW) located in the state of Minas Gerais. The 35-year contracts were signed with the regulatory agency ANEEL over the years starting in February 2009. The power plants were named UTE Vale do Tijuco (45 MW) and UTE Vale do Tijuco II (40 MW).  UTE Vale do Tijuco commenced commercial operations in May 2010, while UTE Vale do Tijuco II commenced operations in May 2012. The value of the investment committed to UTE Vale do Tijuco was not available; the investment in UTE Vale do TIjuco II power plant expansion was  estimated at US$ 42.4 million (BRL 83.80 million).   UTE Vale do Tijuco won the public bidding for the sale of electricity to the regulated market that took place in 2018, by offering an average tariff of US$ 62.5/MWh (BRL 59.52/MWh), while UTE Vale do Tijuco II won the public bidding in 2011, by offering an average tariff of US$ 62.5/MWh (BRL 102/MWh). The project companies signed 20-year power purchase agreements with the several electricity distribution companies. UTE Tijuco committed to start supplying the market in 2011 and UTE Tijuco II in 2014.   The sponsor was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures.
Ind-Barath Utkal Power Company (IBEUL) was created to set up and operate a thermal Project of 700MW (2X350 MW) at Sahajbahal village of Lakhanpur Tehsil, Jharsuguda District, Orissa State. Ind-Barath Utkal Power Companywas owned by Ind-Barath Power Infra Private Ltd. (79.4%) and state owned Power Trade Company India (PTC India) (20.6%)   The investment agreement was signed in October 2009.    IBEUL signed a memorandum of understanding with the State Government of Orissa on February 07, 2009. Under the terms of the memorandum, the State Government of Orissa had the right to purchase 14.0% of power generated by IBEUL in case captive coal blocks are allocated in Orissa or 12% otherwise. In addition, IBEUL was required to pay Rs. 0.06 for every unit of power produced to the state government’s environment management fund. Further, the State Government of Orissa agreed to provide assistance in securing land, coal linkages and necessary approvals and clearances. Balance was to be sold to state owned PTC India on merchant and long term basis. The power generated from the plant will be evacuated through one of the four 400 kV transmission line circuits of PGCIL. IBEUL and others have signed a long term open access agreement with Power Grid Corporation of India Limited under which IBEUL will receive open access for up to 616.00 MW of electricity for 25 years from the scheduled date of commissioning of the units. The transmission lines would be built at an estimated cost of Rs. 400.00 million, which has been included as a part of project cost.  In addition, under the terms of the memorandum of understanding, IBEUL was also required to employ a certain number of Orissa residents at the project. The memorandum of understanding reserved 90.0%, 60.0% and 30.0% of the positions available, to Orissa residents, for unskilled/semiskilled labour, skilled labour and supervisory/managerial labour, respectively. IBEUL through its letter dated February 5, 2009 also committed to constructing a biomass power project of 20.0 MW generating capacity, in Orissa at an appropriate time.        The aggregate land requirement for the project is 464 acres. Ind-Barath Energy (Utkal) Limited acquired and registered the required land for a total consideration of Rs.216.60 million as of April 30, 2010. IBEUL entered into a supply agreement with Cethar Vessels Limited, dated May 16, 2009, for a total value of Rs. 10,990.00 million. The scope of work under the supply agreement includes supply of all equipment, auxiliaries and accessories. IBEUL also entered into a service agreement with Cethar Vessels Limited, dated May 16, 2009, for a total value of Rs. 725.00 million.      Fuel requirement for of the Utkal Project would be 11,500 metric tonnes of domestic coal per day. IBEUL received a letter of assurance from Mahanadi Coalfields Limited on July 8, 2009 for supply of 1.95 million tonnes per annum of Grade F coal towards a 450.0 MW power project. In addition, IBEL received a letter of assurance from Mahanadi Coalfields Limited on December 29, 2008 for supply of 1.12 million tonnes per annum of Grade F coal towards a 250.0 MW power project. Pursuant to a scheme of arrangement order issued by the Hyderabad High Court on December 26, 2008, the IBEL letter was transferred to IBEUL.  The project estimated cost was INR 31,850 million (US$ 696.5 million). On March 29, 2010, sole book-runner and mandated lead arranger Axis Bank had closed an INR 23890m term loan facility for the now INR 31,850m project. Other participants in the loan were Andhra bank, Bank of Baroda, Bank of India, Corporation Bank, Jammu &Kashmir Bank, Karnatka Bank Ltd, Karur Vysya Bank Ltd, L&T Infrastructure Finance Co Ltd, Power Finance Corporation Limited, Punjab National Bank,UCO Bank, Union Bank of India, and United Bank of India. The loan included a 10-year repayment period, and an interest rate of 11.75%.   The first 350.0 MW unit of this power project was expected to be commissioned by January 20
Vinnytsiaoblenergo serves 687,433 customers in Vinnytsia region, including 670,307 households (50% of total energy sales), 1,436 industrial consumers (13%), 1,415 agricultural farms (5%) and 14,275 other businesses (37%). The company owns a 46,366 km low-voltage transmission grid with 3,722 MVA of transformer capacity.  As of June 2010, according to the information disclosed to the State Commission for Securities and the Stock Market Cyprus-based Garensia Enterprises had acquired a 20.3% stake in OJSC Vinnytsiaoblenergo; while 75% of the stocks belonged to the NJSC Energy Company of Ukraine. At the beginning of 2010, a 19.8% stake in Vinnytsiaoblenergo belonged to the closed non-diversified venture investment fund Siomy (Seventh) of Kyiv-based Svarog Asset Management Ltd., which is affiliated with businessman Kostiantyn Hryhorishyn.
In 2009, the Bangladesh Power Development Board (PBDB) awarded approximately 14 rental projects under the "quick" rental program which did not require a formal tender, and were unsolicited proposals. The QRPP projects were supposed to add about 1,000 MW of electricity to the national grid. The Ghorasal Quick Rental Power Plant was awarded to Aggreko [United Kingdom] and had two units of 100MW and 45MW of installed capacity. The toal project cost was estimated at US $34 million. To calculate this estimate, first the investment's present value (PV) was assumed by multiplying an assumed investment per kilowatt (US$600) by the plant’s installed capacity.  The PV was then used to find an annual amortized payment, assuming 15 years as the expected asset life and a discount rate of 10%. This annuity payment was then multiplied by the term of the rental contract in years, giving the sponsor’s total estimated investment.    The plant began test operations in July 2010. The first 100 MW became operational on August 18, 2010. The entire plant was operational as of November 2010 according to the PBDB electricity generation report.  .
Pune Sholapur Road Development Company Limited (PACKAGE-II) was created to expand to four lanes of the existing 101 km stretch from Indrapur near Pune to Sholapur stretch of NH-9 in Maharashtra. The National Highway Authority of India awarded the proejct to Pune Sholapur Road Development Company Limited under DBFOT (Toll) basis with a 20 year concession contract.   Pune Sholapur Road Development Company Limited was a subsidiary of IL&FS Transportation Networks Limited, an IL&FS group company. The sponsor obtained the letter of Award in June 2009 and signed the concession contract on September 2009.       The project cost was estimated to be INR 140.3 billion (US$ 306 million). The project reached financial closure in January 2010 with debt equity ratio of 2.15:1 and with Rs 958 crores being raised as Senior debt, Rs 160 crores being infused as promoter contribution and Rs 285 crores being received from NHAI as a grant. The senior debt facilities have been financed by a consortium of 14 banks led by Mumbai-based Bank of India.
Coastal Andhra Power Ltd was the SPV created to build and operate 4000 MW Krishnapatnam Ultra Mega power plant at Krishnapatnam in Andhra Pradesh to provide electricity to four states (Andhra Pradesh (1,600 MW), Maharashtra (800 MW), Tamilnadu (800 MW), and Karnataka (800 MW).  Coastal Andhra Power Ltd was a subsidiary of Reliance Power, which won the project under a competitive tender by offering the lowest levelised tariff.    Coastal Andhra Power Ltd was transferred to Reliance Power under the provisions of a share purchase agreement dated January 29, 2008 after Reliance Power won the International Competitive Bidding (ICB) conducted for the project.   In July 2006 Power Finance Corporation (PFC), the nodal agency responsible for bidding for UMPPs,  issue the documents for request for qualification (RFQ) and set submission deadline on 30 Sep 2006. Issuance of request for proposal (RFP) documents was followed on 10 Nov 2006; responses of RFP were due on 9 Mar 2007.  In November 2007, PFC awarded the project to Reliance Power which offered at a levelised tariff of Rs 2.33 per unit as against Rs 2.68 of L&T and Rs 4.19 of Sterlite Industries.  While L&T had submitted bids for putting up four units of 1,000 mw each (4x1,000 mw), Sterlite has proposed 6x660 mw and Reliance 5x800 mw configurations. Due to high coal prices, the tender of Krishnapatnam project received a bleak response and as against nine pre-qualified bidders, financial bids were received from only three companies—Sterlite, L&T and Reliance Power. Those who stayed out of the bidding for Krishnapatnam included Japan’s Sumitomo Corporation, GMR-China Light and Power combine and DS Construction with Israel Electric Company, Tata Power, Essar Power and NTPC. The coal requirement for the project was estimated to be 14 million tonnes per annum at 80 per cent plant load factor.      The project cost was estimated to be INRs 175000 billion (US$ 3,826 million). The project reached financial closure in July 2010. The debt equity ratio for the project was 75/25. Financing comprised Rs99bn 15-year term loan in debt and Rs29.51bn in equity. The debt was arranged by IDBI. Syndication launched on 2 Mar 2010 and loan agreement was signed on 7 Jul 2010.       The Project was planned by the Government of India as one of the ultra mega power projects (UMPPs). The Government of India has envisaged "Power for All" by 2012. In order to achieve this, the Ministry of Power launched an initiative for facilitating the development of coal-based UMPPs in India. Development of such large-sized power projects can result in lower cost of generation through economies of scale. Based on supercritical boiler technology, the UMPPs are also expected to be more environment friendly than conventional sub-critical power generating units, which remain the operating norm in India. As of Feb 2009, around thirteen Ultra Mega Power Projects (UMPPs) have been planned in India. They are Tadri, Karnataka; Akaltara, Chattisgarh; Sasan, Madhya Pradesh; Krishnapatnam, Andhra Pradesh; two at Girye, Maharashtra; two at Lankahuda (Sundergarh district), Orissa; two at Cheyyur, Tamil Nadu; Mundra, Gujarat; and Tilaiya, Jharkhand.
In October 2010, a consortium of Shenzhen Zhujiang EP Investment, Central and Southern China Municipal Engineering Design and Research Institute, and South Water was awarded Zengcheng Xintang Wastewater Treatment Plant project to build and operate a 200,000m3/d wastewater treatment plant on a 25 year BOT basis. The project is divided into two phases – each phase with capacity of 100,000m3/d.
In April 2010, a local private company, Changye Group was granted a 29 year (14 months of construction and 28 years of operation) agreement to implement the City South Wastewater Treatment Plant in Shenze County, Hebei Province under BOT scheme. The project has a capacity of 25,000 cubic meters per day (phase 1). Changye has a 100% stake in the project and the total investment is US$ 5.18 million (RMB 35.20 million)
The 50 year BOT project for wastewater treatment plant in Qinzhou Economic Development Zone reached financial closure in April 2010, as Sembcorp Utilities Pte., Ltd., a wholly-owned subsidiary of SembCorp Industries, Ltd. and sponsor of the project began the construction for the plant. The project was awarded to a joint venture between Sembcorp(80%) and the Guangxi Qinzhou Linhai Industrial Investment Company(20%). Sembcorp would invest US$9.4 million for this wastewater treatment plant, with an initial capacity of 15,000 cubic meters per day, providing wastewater treatment and reclaiming water to customers in the Qinzhou Economic Development Zone with coverage of roughly 67 square kilometers.
In August 2010, the Colombian concession agency INCO signed a variable term contract with Yuma Concesionaria S.A. PSF , a consortium consisting of  Italy’s Impreglio, Colombia’s Bancolombia and the Colombian pension fund Protección to expand and rehabilitate the exisiting 465km third section of the Ruta del Sol Highway. Impreglio SpA was the main sponsor. Although there were five pre-qualified bidders, Yuma was the only bidder to present a final offer. The third section was split between two sections,  from San Roque to Ye de Cienaga and from Carmen de Bolivar to Valledupar. Ruta del Sol was originally designed as single project, but was broken into three sections under advisement from the IFC.   The project was awarded to Yuma Concesionaria S.A. PSF  in a competitive tender by Inco in which the lowest Net Present Value of revenue was the main bidding variable.  The NPV of revenues requested totaled $1.039 billion,  9 percent less than the maximum-allowed bid value. Revenue was to come from a combination of availability payments and toll revenue with the concession terminating when the agreed upon NPV was reached. The total project cost was estimated at US $900 million. Construction was expected to be completed in 2017.  After the project was deactivated for a period of time in June 2021 a financing of the amount of 400,000 million pesos (almost USD 112 million) was provided for the pending payments for the contractors of the project. The financing loan was given with the Italian banks Intesa Sanpaolo SPA and Banca Popolare di Sondrio FPA.
In December 2009, a consortium led by IDEAL [Mexico] was awarded a 25-year contract to design, build and operate the Atotonilco Waste Water Treatment Plant in the Valley of Mexico on BOT basis. The Atotonilco wastewater treatment plant would have a nominal treatment capacity of 23 m 3/s, with an additional capacity for rainfed treatment during periods of high rainfall of 12 m3/s, for total accumulated capacity of 35 m3/s. At the time of contract signing, this was to be the largest WWTP ever tendered. The BOT contract was signed in January 2010.   The project was awarded via a competitive tender that started in May 2009 and concluded in December 2009. While the many companies showed interest in the project only two consortia submitted final offers: one led by Mexican IDEAL and the other by Spanish OHL. The winning consortium formed Aguas Tratadas del Valle del Mexico SA de CV (ATVM) as the project company. ATVM was comprised of IDEAL [40.8%, Mexico], Atlatec [subsidiary of Mitsui Japan] and Acciona Agua [Spain] with 24.26% each, ICA [10.2%, Mexico] and several minority partners making up the rest.  The winning bid indicate a project cost of MXN10 billion (US$793 million), and proposed a treatment tariff of MXN1.71/m3 ($0.13/m3).  The proposal submitted by IDEAL led consortium included solutions for the removal and final disposal of sludge and biosolids, as well as construction of a biomass power cogeneration plant. OHL consortium submitted a bid that was 4.5% cheaper but was missing crucial project documents and its bid was disqualified by Conagua.   The total project cost was approximately US$793 million. In August 2010, financial closing took place through a senior loan syndication led by Banobras for MXL 2912.54 (US $230.4 million), a grant from Fonadin for MXL 4599.24 (US $363.8 million), and equity from the project sponsors. The benefits from the project were expected to be: To treat more than 60% of the wastewater produced in the Valley of Mexico  •To irrigate with treated wastewater more than 80 thousand hectares in the Tula Valley, thus enhancing the region’s agricultural potential  •To restore the good conditions of the surface water bodies and streams that receive wastewater  •To improve the sanitation conditions of over 300 000 people who live in irrigation zones   At the time the project was awarded, more than 90% of Mexico City’s wastewater was piped north to Hidalgo state to be used untreated for alfalfa irrigation, which posed serious health and environmental problems.
Song Mien 5 Hydro Power JSC was planning the development of the 20MW Song Mien 5 Hydropower Plant, Song Mien River in Thuan Hoa commune, Vi Xuyen district, Ha Giang province. The project was expected to generate 66.67 GWh annually, sold to the grid via a PPA signed with EVN.  The project was expected to include the upgrade of roads to the communes, and a 110kV transmission line for output transmission. The project included 2 Francis vertical shaft turbines of 10.417MW each, an two Synchronous 3 phases vertical axis generators of 10MW each. the Feasibility study was finalized in August 2009, the construction contract was signed in February 2010. The equipment supply contract was signed in March 2010.   The project applied for UNFCCC/CDM financing, the credits were bought by the Nordic Environment Finance Corporation (NEFCO). The equipment was to be supplied by the winner of a tender. Commissioning was expected for March 2012. The project lifespan was 30 years. Construction was 2.5 years. Electricity price was estimated at VND 685.49 per kWh ($0.0329 per kWh).   Total investment was estimated at VND 382.764 billion ($18.4 million). Financial closure date was unknown. Assumed here is February 2010 (signing construction agreement).
Supreme Manor Wada Bhiwandi Infrastructure Pvt Ltd was created to implement a project that entailed the widening of Manor- Wada (24.25 kms) on SH-34 and Wada Bhiwandi Road (40.07 Kms) on SH-35 in Thane district in Maharashtra state and to convert them into a 4 lane highway. The total lenght of the road under this project was 64.32 km. Public Works Department (PWD) Maharashtra  awarded the project to Supreme Manor Wada Bhiwandi Infrastructure Pvt Ltd on BOT(toll) basis in Feb 2010.  The BOT contract was for a concession period of 20 years and 10 months, excluding construction period of 24 months.   Supreme Manor Wada Bhiwandi Infrastructure Pvt Ltd was a company owned by Supreme Infrastructure India Ltd, and  Ram Infrastructure Ltd., Tapi Prestressed Products Ltd.   The project cost was estimated to be INR 4300 billion (US$94 million).  Financial close took place on 30 Aug 2010.  Financing comprised Rs3.225bn 12-years term loan and Rs1.075bn equity. The debt was arranged by SBICAP.
Hung Hai Construction Limited Company was planning the development of the 66MW Nam Na 2 Hydropower Plant, Phin Ho commune, Sin Ho district, Huoi Luong commune, PHong Tho district, Lai Chau province. The project was expected to generate 265,019 MWh annually, to be sold to the national grid.     The project was to consist of 3 Vertical Shaft Kaplan turbines of 22.7MW each and 3 Synchronous vertical axis generators of 22 MW each. Commissioning was expected for 2012. The EIA was approved in January 2010. The investment license was awarded in March 2010. The construction contract was signed in April 2010. The power tariff was estimated at VND 718 per kWh ($0.0345 per kWh).  Total investment was estimated at VND 1,510,399 million ($72.5 million). The project applied for UNFCCC/CDM financing, the CERs were sold for EUR10 ($13.1). Financial closure date was unknown, but estimated here at April 2010 (signing of construction contract).
Cambodian Energy Ltd. was created to build and operate 100-MW Leader-CIID coal-fired power in Sihanoukville Cambodia. Cambodian Energy Ltd. was initially owned by Malaysian Leader Universal Holdings Berhad (80%) and Cambodia International Investment Development Group or CIIDG (20%). But then it became 100% subsidiary of Malaysian Leader Universal Holdings Berhad. The project was created based on a previous larger one.  In February, 2007, the Ministry of Industry, Mines and Energy of the Royal Government of Cambodia awarded a 200 MW project to Power Synergy Corporation Co. Ltd, a joint venture between Leader Universal Holdings Berhad and MKCSS Holdings Co Ltd. The project consisted of building and operating four 50MW coal-fired electricity generators, and a double-circuit 230 kV transmission line. In March, 2008, Power Synergy Corporation Co. Ltd Leader signed a 30-year PPA with EDC (Electricite du Cambodge) to sell the electricity to be project under the project. The same year the project company negotiated the implementation agreement with the Ministry of Industry, Mines and Energy, and the sovereign payment guarantee with the Ministry of Economy and Finance.   In February 2009, Leader Universal announced that the 200-MW project had been split into two 100-MW projects: Leader-CIID coal-fired power plant and Sihanoukville Coal-Fired IPP Plant Project. The first one was allocated to Leader Universal and the second one to MKCSS Holdings. In June 2009, the sponsors announced that they would dissolve the Power Synergy Corporation.  In 2009, Leader Universal and CIIDG created a new joint venture, Cambodian Energy Ltd., to build, own and operate the 100-MW Leader-CIID coal-fired power plant. However, CIIDG withdrew its participation in Cambodian Energy Ltd. in July 2010.  The 100-MW Leader-CIID coal-fired power plant had an estimated cost of US$170 million, equivalent to $1,700/kW. In February, 2010 Cambodian Energy Ltd. raised a loan of $140 million for the project. The loan was provided by a consortium comprising OCBC Bank, Malayan Banking Berhad, AmBank and Bank of China. The tenor of the loan is 7 years from the date of the first draw-down with an optional extension for another two years at the discretion of the lenders. Leader did not provide details on the interest on the loan.  The power plant was scheduled for operation from 2012. The plant was expected to provide the basis for the implementation of the subsequent, larger 700-MW coal-fired project.  In 2012, the O&M contract was awarded to Shandong Licun Power Plant Technology, from China. The EPC Contract went to HYuadian Engineering. The project also included a 230kV transmisison line from Phnom Penh to Kampong Cham, operated by Leader Universal Holdings, parent firm of Cambodian Energy Limited, via its subsidiary: Cambodian Transmission Limited (CTL). Total cost was US$107 million, of which US$65 million was provided by Export-Import Bank of Malaysia Berhard under a 13 year islamic financing loan.
Baharampore Farakka Highways Ltd was created to expand from 2 to 4 lanes Baharampore to Farakka (103 km) section of NH-34 (103 km) in the state of West Bengal. Baharampore Farakka Highways Ltd was a wholly owned subsidiary of Hindustan Construction Company Limited and covered in Murshidabad district of West Bengal. The project was awarded under a Design, Build, Finance, Operate, and Transfer (DBFOT) Toll basis.  The concessionaire agreed to undertake all expenditure to complete the project and recover the same by toll fees fee for 25 years including a construction period of 30 months.     The project was one of the three projects that the National Highway Authority of India awarded to Hindustan Construction Co Ltd for three contiguous sections of approximately in NH34 for a total of 256 kms at a total cost of 3,231 crores in February 2010. There was one bidder for this project. The other two are Farakka Raiganj Highways Ltd and Raiganj Dalkhola Highways Ltd.   The three concessions were awarded on a Design, Build, Finance, Operate, and Transfer (DBFOT) Toll basis with a cumulative grant of Rs. 1033 crore. The first section was from Baharampore to Farakka (103 km), the second from Farakka to Raiganj (103 km) and the third between Raiganj and Dalkhola (50 km). These projects were to be implemented by three separate special purpose vehicles (SPVs) viz. Baharampore- Farakka Highways Ltd. (BFHL), Farakka-Raiganj Highways Ltd. (FRHL) and Raiganj-Dalkhola Highways Limited (RDHL) respectively.     The total project cost initial cost was estimated to Rs.9987.9 million (US$ 218 million). Financing was signed on 28 Sep 2010. Financing comprised Rs5.61bn 16-year 5months debt, a government grant estimated to be US$75.3 million (one third of the grant for the three projects US$225.9 million), and the remaining equity. The debt was arranged by YES Bank.  The facility was to be repaid in 52 quarterly installments following a 2.5-year grace period. Final allocations saw the lead take Rs951.7 million. Participants Allahabad Bank gave Rs910 million and Indian Bank contributed Rs900 million. India Infrastructure Finance (IIFCL) pledged Rs750 million, while Vijaya Bank joined in with Rs600 million. Oriental Bank of Commerce, Dena Bank and Corporation Bank gave Rs550 million, Rs500 million and Rs450 million respectively.
Mersin wind farm is a 33 MW wind power plant located in Mut district of Mersin province. The plans is to generate 12kWh of electricity and service to the 12,000 households.   In March 2010, Akdeniz Eletrik Uretim, a subsidiary of the Agaoglu Group [Turkey], began operating this 33 MW wind farm in Mersin. The company invested $US58.06 million (TRY 90 million) in the plant and the construction works were finalized in eight months.   The online date was used as proxy for financial close date for projects where financial close date could not be verified (i.e. for projects financed with corporate loans or all equity finance basis).  In July 2012, the project was sold by Akdeniz Insaat Egitim Hizmetien, part of Agaoglu Group, to Dogan Enerji Yatirimlari, subsidiary of Dogan Holdings (IST: DOHOL). Total price was EUR 68.7 million (US$ 89.3 million).
In February 2009, LLX Sudeste Operacoes Portuarias Ltda was granted an authorization to build, own and operate a terminal in the Itaguai Port located at the Madeira Island (Rio de Janeiro state). The environmental clearance was obtained in August 2009 and the license to start the construction works was granted by ANTAQ early in 2010. The terminal was expected to handle 50 million of ore per year initially, but there was the possibility of doubling the capacity in the future. Around two-thirds of the terminal capacity was to be used by MMX, a mining company that belonged to the Brazilian group EBX, which also controlled the assets of LLX Logistica and Centennial (the shareholders of LLX Sudeste). In 2010, the shares of LLX Sudeste were transferred to another company controlled by EBX, called MMX.  The total investment was expected to be US$ 740 million (BRL 1756.6 million): 50% of this value was committed to the construction works, 33% to the acquisition of port equipment and 17% to other expenditures. In December 2009, BNDES approved a BRL 407.7 million loan to LLX Sudeste (interest rates were set fixed at 4.5% per year), which represents 80% of the investment to be made in equipment. In June 2010, BNDES approved an additional BRL 805.1 million in project finance to the company. In total, the financing package from BNDES totalled BRL 1.2 billion.   The construction works commenced in early 2010 and the terminal is expected to start operations by the second half of 2011.  In 2013, EBX Group faced financial difficulties. MMX sold 65% of its shares at Porto Sudeste to the Swiss company Impala (subsidiary of Trafigura) and the United Arab Emirates company Mubadala.
In November 2010, Energia Eolica de Honduras S.A. (EEHSA), a subsidiary of Globeleq Mesoamerica Energy, in turn a partnership of Globeleq [United Kingdom, 70%] and the Costa-Rican company Mesoamerica Energy (30%), closed financing on the 102MW Cerro de Hula Wind Farm in Honduras located in the Departamento de Francisco Morazan.  Cerro de Hula was to us 51 2MW Gamesa turbines (built in the US), and sell power to the state-owned Empresa Nacional de Energia Electrica under a 20-year power purchase agreement.   The project had a total cost of over US $250 million. In November 2010, debt financing was aranged through a US $159 million loan from US Ex-Im Bank with a 17-year tenor and a US $50 million Cabei loan with a 15-year tenor.  Gamesa and Iberdrola were to build the plant, with completion set for 2012. The sponsors were in the process of registering the project under the clean development mechanism.  Commercial operacions commenced in January 2012.  In November 2013, the sponsors reached financial closure for the expansion of the power plant. An additional 126-MW unit (Cerro de Hula II) was set to be constructed at a cost of US$ 68.8 million. Financing comprised a US$ 29.6 million 18-year credit facility and US$19.7m credit facility provided by Central American Bank for Economic Integration, Export-Import Bank of the United States and Citi.  In addition, in December 2013, MIGA issued a guarantee of US$ 82.4 million supporting the project. The coverage was established for a period of up to 20 years against the risks of transfer restriction, expropriation, war and civil disturbance, and breach of contract.
Gia Lai Cane Sugar and Thermoelectricity JSC was planning the development of the 12 MW Gia Lai Biomass Plant, Cheo Reo Ward, Ayunpa Town, Gia Lai Province. The project was expected to generate 86,400 MWh, of which 64,800 MWh was expected to be delivered to the national grid (75%).  The expected life of the project was 25 years. Commissioning was expected for 2013. The emissions factor used in the CDM application was 0.5764, as supplied by the DNA Vietnam (2010). The EPC contract was signed in January 2010.  The project applied for UNFCCC/CDM financing, the carbon credits were to be purcvhased by the Nordic Environment Finance Corporation NEFCO. Total cost was unknown, the FC was unknown. Estimated here is January 2010 (signing EPC contract).  Total investment was ESTIMATED at 12MW x 1.7 milion per mw (average for EAP) is $20.4 million.
Caparo Energy Limited was created to build and operate wind farms in India. The first project of the company consisted of developing three wind farms located acoss the Indian states of Gujarat (50.4MW), Rajasthan (42MW) and Maharashtra (33.6MW).   These group of three wind farms had an approximated cost of US$143 million. Financial close was on 15 Oct 2010.Financing comprises INR4.55bn debt and INR1.99bn equity. Debt comprises a INR4.55bn 14-year term loan arranged by IDFC. Construction is expected to start in Dec 2010 and begin operation in Oct 2011.
Lanco Vidarbha Thermal Power Ltd was created to build and operate 1320-MW (2x660) thermal power project (based on super critical technology) at Mandva village in Maharashtra. The project obtained the environmental clearance in March 2011. Lanco Vidarbha Thermal Power Ltd was a subsidiary of Lanco Group.  Lanco Vidarbha Thermal Power Ltd signed a Power Purchase Agreement (PPA) with Maharashtra State Electricity Distribution Company Limited (MSEDCL) for the supply of 680 MW of power for 25 years. The PPA for the balance power was to be signed during project construction.   The project, estimated to cost Rs 69,360 million (US$1,517 million). The project reached financial closure in December 2010 with a debt component of Rs 5,549 crore and anequity of Rs 1,387 crore. A consortium of 16 banks and financial institutions, with Punjab National Bank in the lead, provided the debt component of the project.
Masat Enerji Elektrik Uretim ve Ticaret Limited Sirketi was a project company created to implement 23.4 MW Yavuz Hydro Power Plant and 33 MW Midilli Hydro Power Plant on the Yesilirmak River in the province of Amasya, Turkey. Both of them were two run-of-river hydroelectric plants. Masat Enerji Elektrik Uretim ve Ticaret Limited Sirketi was owned by Eti Elektrik, which in turned was owned by US Cogentrix.  Masat Enerji Elektrik Uretim ve Ticaret Limited Sirketi was to sell electricity to the Turkey power grid.   Masat Enerji Elektrik Uretim ve Ticaret Limited Sirketi raised US$80 million of funding from Yapi Kredi Bankasi, A.S. in June 2010. The funding was to be used for finalizing the construction Yavuz and Midilli Hydro Power Plants. On July 2010 Yavuz run-of river hydro power plant became operational. Midilli Hydro Power Plants was expected to be operational in 2012. There was no public information on the total project cost. Therefore the debt funding was used as approximation.
In January 2009, federal regulator Aneel granted authorization to PCH Rio do Braco SA to begin construction of an 11.88 MW small hydroelectric plant on the border of the states of Rio de Janeiro and Sao Paulo. The primary objective of the Project was to help meet Brazil’s rising demand for energy due to its economic growth and to improve the supply of electricity, while contributing to the environmental, social and economic sustainability by increasing renewable energy’s share of the Brazilian electricity consumption. Pequena Central Hidreletrica Rio do Braco S.A. was formed as the project company with two Brazilian sponsors PCH Rio do Braco S.A. and CARBON DO BRASIL CONSULTORIA EMPRESARIAL LTDA. The shareholding was not known.  The total project cost was BRL 70 million (US $35 million). The project company signed an EPC contract in September 2009 and later recieved a loan from the national development bank BNDES in June 2010 for BRL 45.7 million. The project received recognition as a Clean Development Mechanism which would increase its internal rate of return from a low viability level of approximately 10%. Rio do Braco SA had a power purchase agreement and was to sell power to the national grid.  The power plant became operational in February 2011.
In November 2008, Consorcio Integracao Norte Brasil Energia, an association of the two state-owned companies Eletrosul (24.5%) and Eletronorte  (24.5%), the spanish company Abengoa (25.5%) and the brazilian company Andrade Gutierrez (25.5%), was awarded in a competitive bidding process the contract to build and operate 2375 km of transmission lines and substations located in the states of Mato Grosso, Minais Gerais, Sao Paulo, Rondonia and Goias. Besides Consorcio Intergracao Norte Brasil Energia, four other companies took part in the contest: Odebrecht, Camargo Correa and Consorcio TME Trans (Neoenergia, 34%; Alupar, 22%; CEMIG 22%; and Empresa Amazonense de Transmissao, 22%).  The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. Consorcio Integracao Norte Brasil Energia presented the lowest offer, a total value of US$ 94.6 million (BRL 173.3 million), 6% the ceiling set by the regulatory agency. The contract was signed in February 2009, and the sponsors created the company Norte Brasil Transmissora de Energia S.A. to lead the project during the 30-year contract period. In August 2010, the shareholding structure was modified as follows: Eletrosul (24.5%), Eletronorte (24.5%) and the spanish company Abengoa (51%).   The sponsor committed to invest US$ 919.1 million (BRL 1.5 billion) in the transmission line. The construction works commenced in 2010. In  November 2010, the sponsor was granted a US$ 167,6 million (BRL 295 million) loan from BNDES. In June 2011, BNDES granted an additional US$ 309.7 million (BRL 505.5 million) loan to the project company. In August 2012, BNDES approved another loan package amounting to US$ 537.9 million (BRL 1.05 billion).  Commercial operations commenced in November 2014.
L&T Krishnagiri Walajahpet Tollway Private Limited was created to implement a project to expand from four to six lanes 148.30 km Krishnagiri-Walajahpet section of National Highway 46 in Tamil Nadu. This project formed part of Phase-V of the National Highways Development Programme (NHDP), through which National Highways Authority of India (NHAI) was widening the existing four lane stretches of the Golden Quadrilateral (GQ) to six lanes. The Project Highway links various important towns in Tamil Nadu like Vellore, Vaniyambadi, Ambur, Krishnagiri, etc. and serves as one of the routes connecting Chennai with Bangalore/Salem.   L&T Krishnagiri Walajahpet Tollway Private Limited was subsidiary of Larsen & Toubro (L&T). The project was awarded by NHAI under the Design, Build, Finance, Operate, and Transfer (DBFOT) model with a concession period of 30 years starting from Appointed Date (expected by Nov 2010) and until May 2040. The NHAI invited Expression of Interest from eligible ccompanies/JVs in 2009. There were 10 bidders who were shortlisted (refer NHAI website)  The construction of the Project was expected to be completed within 30 months during which KWTPL was entitled to collect toll from the users. NHAI and L&T Krishnagiri Walajahpet Tollway Private Limited signed the concession contract in May 2010.   The estimated project cost was to be INRs. 14.50 billion (US$317 million). The project reached financial closure in September 2010 when it secured an INR 10.28 billion term loan.
In November 2010, a 25 year concession contract to operate upgrade and expand six airports in the Nor-Oriente region of Colombia was signed by Colombian airport authority Aerocivil and concessionaire Concesionario Sociedad Aeropuertos de Oriente. The airports were located in Norte de Santander department's Cucuta airport; Simon Bolívar, in Magdalena department's Santa Marta city; Bucaramanga city's Palonegro airport; the airport of Yariguíes, in Santander department; Alfonso López, in César department's Valledupar city; and Almirante Padilla, in Guajira department's Riohacha city.   Concesionario Sociedad Aeropuertos de Oriente was comrpised of Colombian companies Incoequipos SA, Nexus Banca de Inversion, Grupo Char and Ramon Emiliani (a person).   Modernization of the airports was part of the government's plan to promote socio-economic development in the northeastern departments. The total project cost was US $150 million.
The project, also known as Moscow-Minsk Odintsovo Bypass, involved the construction of a 19 km highway connecting the Moscow Ring Road with the Moscow Minsk M1 Highway, near Odintsovo on the outskirts of Moscow. It was the first stage of Pan European transportation corridor 2 (Berlin-Minsk-Moscow-Nizhny Novgorod). The project involved the section from 15 km to 56 km and aimed to ease congestion on the latter.   The project was awarded on 30 year  BOT (design, build, finance, operate and maintain basis) to OAO Glavnaya Doroga, a consortium led by Russian investment firm Leader together with European developers Alpine (Austria), Brisa (Portugal) and FCC (Spain), as well as Russian construction firm Stroygazconsulting in 2009. Leader was a subsidiary of Gaz-prom¬bank. There was no information on the stake of each sponsor in the project. The project company was to recover investment through toll fees. Construction was to take two years.  The total cost of the project amounted to R25.6 billion (US$850 million). The project reached financial closure in April 2010 and bypass became the second Russian road PPP to reach financial close. The project was financed with state infrastructure fund, government-backed corporate infrastructure bonds, and project equity. The Russian government guaranteed R11 billion ($350 million). The M1 Moscow-Minsk Odintsovo Bypass had no bank debt at all. The bond issue guaranteed by the Russian government was instrumental in securing the close. These bonds would be linked to inflation making them particularly attractive to long-term investors such as pension funds and insurers.  In October 2011, construction work started. The contractor company, Mostotrest, signed a US$ 1.65billion (RUB48.48 billion) contract with the project consortium for the construction of the 15-58km segment. The expected duration of the construction was three years
Ratchabury Electricity Generating Holding (RATCH) (40%), Banpu Power (40%), a subsidiary of Thai coal miner Banpu, and Lao state-owned enterprise LHSE (20%) developed the 1878MW Hongsa power plant, Hongsa District, Xayabury Province. Annual output was expected to be 12,249 GWh/year.  The developers hold a concession for 25 years. The project is developed as a BOT. Output was to be sold to EGAT (1437MW of the net electrical output under the EGAT PPA), Electricite du Lao (EDL, 100MW under the EdL PPA), and nearby mining facilities (75MW, captured). The project was fueled by Lignite. Commissioning was expected for 2015 for the first 2 generators, the last one in 2016. The shareholders agreement was signed in February 2009. The concession agreement was signed in November 2009. The PPA with EGAT was signed in April 2010. The PPA with EdL was signed in May 2011.   Total project cost was US$3.71 billion, including US$ 213 million contingent equity. The debt/equity ratio was 75/25. The LHSE equity portion of US$220 million was financed by the Government Savings Bank (GSB) with US$70 million and the KrungThai Bank (KTB) with US$150 million. Government revenues were guaranteed by the World Bank, and earmarked for poverty alleviation. Based on D/E ratio, total debt was calculated at US$2.78 billion and total equity at US$927.5 million. The project reached financial closure on 5 August, 2010 when the debt component (US$ 2.7 billion) was arranged by Nine Thai banks: Bangkok Bank (lead arranger, administrative agent and financial adviser) Siam Commercial Bank (lead arranger), Krung Thai Bank, Government Saving Bank, Kasikorn Bank, Bank of Ayudhya, Siam City Bank, Export-Import Bank of Thailand and TMB Bank. First draw down was 29 October 2010.
In March 2010, a local private company, Lianheruntong Water Affairs Co., Ltd.   was granted a 25 year agreement to expand and operate the Yicheng District Wastewater Treatment Plant in Zaozhuang City, Shandong Province. The project has a total capacity of 40,000 cubic meters per day (the existing capacity is 20,000 cubic meters per day and the concessionaire should double the capacity by new construction). Lianheruntong has a 100% stake in the project and the total investment is still unknown.
In 2009, Yildizlar Holding[Turkey] won the concession of Osmangazi Elektrik Dagitim A.S. (OEDAS) under the BROT scheme at the bidding price of US$485 million, as the highest bidder at the tender, beating off the competition with other eleven rivals. In June 2010, it reached financial close by securing US$375 million loan from Akbank.  In 2009, Yildizlar Holding[Turkey] won the concession of Osmangazi Elektrik Dagitim A.S. from the Turkish Privatization Administration (Ozellestirme Idaresi Baskanligi or OIB). Osmangazi Elektrik Dagitim A.S. was granted a 30 year electricity distribution concession in 2006 in Eskisehir, Afyon, Bilecik, Kütahya, and Usak. The company had 1.276 million customers, including 1.045 million residential customers by December 2008.   Yildizlar Holding won the tender for the block sale of 100% of Osmangazi Elektrik Dagitim A.S. concession organized by OIB, offering the highest price for the concession (US$485 million) and beating off the competition with 11 other bidders. The Higher Privatization Council gave the final approval to the transaction in May 2010.   The project reached contractual closure on May 31, 2010 with the signature of sale and transfer agreements by the winning bidder and the Turkish government. In June 2010, it reached financial close by securing US$375 million loan from Akbank. The private bidder that won the project has the right to operate the distribution company for the remaining of its concession period until 2036.  The concession was part of a government program to introduce private operation of, and investment in, the 20 regional electricity distribution companies owned by the state-owned Turkiye Elektrik Dagitim A.S. (TEDAS).  The program followed a Transfer of Operating Rights and Share Sale model ('TSS model'). In this model, the private investor became the sole owner of the distribution companies' equity and the unique licensee for distributing electricity in each region for a period of 30 years. However, TEDAS retained ownership of the distribution network assets and of certain other items essential for operating the distribution assets. The private investor was obliged to undertake the necessary network investments, recoverable through the tariffs. These investments were embedded in the tariffs during the first tariff implementation period (2006-2010). After 2010, the private investor was to submit an investment plan annually to the Electrity Market Regulatory Authority (EPDK) for its approval.  In August 2013, the Turkish energy market regulatory authority (EPDK) took control of OEDAS over their failure to fulfill service obligations.  The company failed to pay back a USD 450 million loan it obtained from state-owned lender Halkbank.
The Cucuana HPP was a 55 MW run-of-river facility located in the department of Tolina, Colombia.  The project developer and sponsor, utility EPSA was privatized and in 2000 a majority ownership stake was purchased by Spain's Union Fenosa.   The project would operate in the privatized Colombian power market  under a licensing scheme whereby the project  was to sell power on the spot market or wholesale to private entities.   Investment in the project was stated as USD 99 million, and in 2010 EPSA secured USD 88 million in loan financing from Banco de Occidente.  In 2011 the project was at an advanced stage of development with the EPC and OEM contracts signed, and commissioning expected for 2014.
Biomass Electricity Company was planning the development of the 125MW BECO Biomass Plant, Prachinburi Province. The project was expected to generate 780,000 MWh annually to the national grid of Thailand.   The project was to sell 90 MW to EGAT and 12.75MW to National Power Supply Company (NPS). All output generated before the siging of the EGAT PPA was to be sold to NPS. Project life was 25 years.  The project was to use Eucalyptus Tree Residues and Tapioca Rhizome Residues, both produced offsite and otherwise be dumped to decay.  Commissioning was expected for 2013. The operations permit was approved in December 2010. Start date of the activity was November 2010.   The project was to use a debt to equity ratio of 55/45, with a WACC of 11.9%.  Total investment was unknown. Financial closure date was unknown but estimated here at November 2010 (start of CDM activity).
On April 2010, Summit Power Limited, SPL (Bangladesh, 100%) a Bangladeshi Independent Power Producer, signed rental agreement with Bangladesh Power Development Board (BPDB) for the construction and operation for a 5 years term of a 102 MW, Heavy fuel oil (HFO) power plant at Madanganj.   Under the Rental agreement, SPL was to supply 102 MW of energy to BPDB for a term of 5 years. The remainder of the energy was to be sold to the public.    Following a direct negotiation process, SPL was agreed to set up a 102 MW HFO  power plant at Madanganj.  The total project cost was 40.23 US millions and reached financial closure according to the signing date on April 2010.   Note that the Madanganj  Summit power plant starts generation in April 2011.
In January 2002, Nagarjuna Hydro Energy Private Limited (NHEPL), a subsidiary of KVK Energy, signed an agreement with Karnataka Government for setting up a 2x7.5 MW run-of the river type hydro power project in Balekallu Hole, a tributary of river Kemp Hole in Hassan district of Karnataka. The project utilized the hydrological resource of the catchments area of Balekallu Hole, a tributary to the west flowing river Yettina Hole, also called Kemp Hole and Gundia Hole which was in its downward reaches. Kemp hole was a turn tributary to theriver Kumardhara, which joined the river Nethravathy near Uppinangadi. The project used 2 numbers of Horizontal Francis type turbines (manufactured by Andritz Hydro Private Limited) each of rated capacity of 7931kW. The project was expected to generate 57.27 MU in a 50% dependable year. The electricity that was generated was exported to the Karnataka Power Transmission Corporation Limited (KPTCL) grid via Sakleshpura substation located at a distance of 24 km.The operation and maintenance (O&M) of the Hydel Project was done in-house by NHEPL.  Nagarjuna Hydro Energy Private Limited had signed a PPA for 10 years with Chamundeshwari Electricity Supply Corporation (CESC) at a base tariff of US$ 0.063 (INR 2.9/kWh @45.7 INR/USD) in the first year with a fixed annual escalation of 2% per annum of US$ 0.001 (INR 0.058/kwh) for the next 9-years and renewable for next 10 years.The project was registered with CDM Executive Board (UNFCC) on May 2011 for the sale of CERs which provided an additional stream of revenues.  Nagarjuna Hydro Energy Private Limited (NHEPL) had got the project on an allotment basis from the Government of Karnataka on build, own, operate, and transfer basis under the Kadamane Mini Hydel Scheme-II. The ownership of the unit vests with NHEPL for a period of 30 years.  Details of timeline for financial closure couldn't be ascertained. However, based on loan documentation, the project cost was estimated at US$ 21.0mn (INR 960mn @45.7 INR/USD) including cost overruns on account of delays in project commissioning. Financing comprised of a 7-year term loan of US$ 13.6mn (INR 620mn) and sponsor equity of US$ 7.4mn (INR 340mn).The debt equity ratio was 64/36. The participating banks were L&T Infrastructure Finance Ltd, and Indian Renewable Energy Development Agency Ltd.  The construction activities of the project were started in the month of November 2007 and all the project works were completed in the month of April 2010. The Unit-I (7.5MW) of the project was commissioned on 3rd May 2010 and Unit-II (7.5MW) was commissioned on 9th July 2010.
In June 2010, a local private company, Suzhou Zhongsheng Environmental Engineering Co., Ltd. was granted an agreement to build and operate the Pingchao Wastewater Treatment Plant in Tongzhou District,Nantong City, Jiangsu Province. The project has a capacity of 5,000 cubic meters per day. Zhongsheng has a 100% stake in the project and the total investment is US$ 1.48 million (RMB 10.08 million).
Da Nhim-Ham Thuan-Da Mi Hydropower Joint Stock Company, a subsidiary of EVN, made an Initial Public Offering on June 30th 2010, via an auction at the HCM City Stock Exchange. This was part of a country wide program to equatize state-owned and forced by law in 2004.  As part of this process, a share is auctioned off and a significant share of up to 30% is sold at a discount to directors and employees. As a result, management tends to have a significant stake in their businesses.  The company had four power plants in Lam Dong, Ninh Thuan and Binh Thuan provinces with a total capacity of almost 643MW.  The company gave out 106 million shares, at a reserve price fixed at VND 14,000. This would value the IPO at VND 1,484 billion (US$71.2 million).  The sale reduces the stake of the state in the company to 75%.
The project involved setting up a municipal solid waste management plant at Turbhe in Thane district under JNNURM scheme. Navi Mumbai Waste Processing Company Limited is the project company. The 30-year DBFO concession was awarded on 1 August 2010. The total cost of the project amounts to $4.07 million.
The project consisted of 30 years DBFOT for the first section of the Moscow-St. Petersburg Highway.  The first section had 42 kms which run from kilometer 15 to kilometer 58. The new toll road would provide high-speed access to Sheremetievo International Airport and to Khimki, Dolgoprudny and Zelenograd. It will de-bottleneck the existing section of M-10 "Russia" highway going through the city of Khimki. The road would start at the existing Businovo traffic interchange at the MKAD (Moscow Ring Road).  The Russian Ministry of Transport selected  Northwest Concession Company as preferred bidder for this project via a international competitive tender in November 2008. Northwest Concession Company was owned by Vinci and Ntrans, one of the major Russian private transport companies. The BOT agreement to finance, build and operate (BOT) the first section of the Moscow-St Petersburg route was signed by the Russian Federal Road Agency and Vinci Concessions on July 27, 2009. However, the ownership of Northwest Concession Company changed at financial closure. The state-owned Vnesheconombank agreed to participate in the financing of the project in exchange of taking up to 70% of North West Concession Company shares, effectively replacing the existing local partners, and getting a high level of control over the project. As the result the project company was 70% state-owned and 30% privately owned.  The project cost was estimated at RUB60 billion(US$1975 million) and the project reached financial closure in April 2010. Funding came from a RUB29.3 billion (US$961 million) loan from state-owned Vnesheconombank (VEB) and state-owned Sberbank, US$342 million of government-guaranteed, inflation-linked, bonds, and the remaining from equity contribution. VEB agreed to participate in the financing as long as it took a large equity participation and high control of the project.  In Septermber 2011, AECOM, won a US$23 million EPC contract for the project
In October 2008, a tender was launched by Argentine federal concession authority Occovi for eight road corridors. The private operators were to perform operation, maintenance and some capital expenditures on national routes for a period of six years, with a possibility of one year extension. In return for their services, the operators were to be paid from a pool of tolls (comprised of all eight corridors) and a government payment which was to be determined through a competitive tender. In January 2009, a first round tender was declared void for all corridors but section 4.   Corredor Vial N 4comprised 1000 km of national routes 19, 38, 34 and 18 in the province of Buenos Aires and was awarded to the consortium of Isolux Corsan [Spain] and CCI Construcciones who formed CARRETERAS CENTRALES DE ARGENTINA S.A. as the project company. The bidding criterion was the lowest government payments to carry out construction, operation and maintenance.   On April 21, 2010, all of the contracts for the eight road corridors were ratified by an executive decree.
On 20th July 2009, National Highway Authority of India (NHAI) awarded a 23-year concession (including construction period of 910 days) to KMC Constructions Limited, for the strengthening, improvement,4-laning,operation and maintenance, and tolling of 83.2kms of Vengalem-Kuttipuram section from KM148.000 to KM230.000 of National Highway 17, in the state of Kerala.   Under the contract, KMC was responsible for the design,construction,finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway to 4-lane divided carriageway.The scope included construction of new pavement,rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges,culverts, road intersections,interchanges, drains, etc.The expansion project, part of the National Highway Development Program (NHDP-IIIB), was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   KMC won the tender through international competitive bidding, conducted by NHAI, by quoting the lowest subsidy (a negative grant) - the SPV would pay NHAI a sum of US$ 118.3mn (INR 5409.9mn @45.72 INR/USD).Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling, during the term of concession.   The concession agreement was signed on 24th February 2010. The project did not close financing at the time of cancellation. The estimated capital cost of the project at the time of bidding was US$ 298.8mn (INR 13660mn @45.72INR/USD).   The project was expected to start construction by May 2010. However, even after a lapse of three-and-a-half years, the requisite land/right of way (ROW) could not be made available by NHAI. For the Vengalam-Kuttipuram section, only 62 per cent of land was available,which included the 45m width available for the 28-km long Calicut bypass. Finally NHAI canceled the concession in September 2013.
In April 2010, a consortium of two local private companies, Ziyang Haitian Water Affairs Co., Ltd. and Sichuan Huajian uanbo Investment Co., Ltd. was granted a 30 year BOT project for the Yangwan Wastewater Treatment Plant in Yibin City, Sichuan Province. The project has a capacity of 40,000 cubic meters per day. The consortium has a 100% stake in the project and the total investment is US$8.82 million (RMB60 million). The initial wastewater treatment fee is 0.56 Yuan per cubic meter of water.
In December 2009, the Government of Congo signed a 25 year concession contract with Egis, a French SOE, to build, rehabilitate and operate the airports of Brazzaville, Pointe Noire and Ollombo.   The project reached closure with the beginning of operation of the 3 airports by the sponsor in Februray 2010.  This is a PPI. The concessionaire is in charge of operation and investments for 25 years.  The sponsor is Egis, a French SOE controlled by the French Treasury Department. Marseille Airport an Lufthansa are expected to provide technical assistance.   Information on investment commitments was not publicly available (Egis did not disclose this information).
The Umm Qasr Container Terminal Berth 8-10-11 BROT project reached financial closure in August 2010 when the berth 8 started operation.  In February 2010, Gulftainer was awarded by the government of Iraq a a concession contract to rehabilitate and operate Berth 8 in the Port Umm Qasr, and, to complete construction of and develop and operate Berths 10 & 11 'The Iraq Container Terminal' (ICT).  The sponsor was Gulftainer (100%) from UAE.  The length of the concession contract and the capacity of the terminals were not publicly available. Based on publicly available information, total investment commitment in facilities was evaluated at US$500 million.  The berth 10 and 11 were expected to be operational in 2011. The Iraqi Container Terminal with a capacity of 600,000 TEUs was expected to commence operations in early 2012.
In August 2010, Concesionaria Bicentenario, comprised of CONSTRUCCIONES RUBAU, S.A. [Spain, 50%] and Constructora y Pavimentadora VISE [Mexico, 50%] closed financing for a 30-year concession contract involves building, operating and maintaining the  29.4km Libramiento de Culaya Toll Road, formerly known as Arco Norte. The project was divided into two highway sections: building Libramiento Nororiente, a 12.9km greenfield stretch just north of Celaya municipality, and rehabilitating the 16.5km brownfield Libramiento Sur stretch of the toll road.   The project was awarded to Concesionario Bicentenario in June 2010 by the state government of Guanajuato and had six final bidders. The competitive tender was launched in June 2009.  The project had an estimated cost of US $122 million project and reached financial closure through the signing of a term loan with Banco del Bajío for US $73.90 million with a 16 year tenor. The project had an debt to equity ratio of approximately 61:39.
Navayuga Udupi Tollway Pvt Ltd was established to implement a project that entailed to expand to four lanes 90-km stretch between Kundapur and Surathkal (from km 283+300 to km 358+080) and Nanthoor and Talapady on  on the Mumbai-Kochi section of NH-17, India. The project had two parts—a 15km Talapady – Nanthoor stretch and a 75km Suratkal to Kundapur stretch. The project would provide connectivity to Krishnapatham port. The project also include a section of three lane road over bridge (ROB). One was locate at Yekkur (a minor 31-metre bridge). Besides the Yekkur ROB, 3 minor bridges of varying lengths between Talapady and Nanthoor needed to be constructed along with 2 major bridges along the 15kms stretch, an 800-metre bridge at Nethravathi and a 70-metre bridge at Talapady.    The National Highway Authority of India (NHAI) awarded the project to Navayuga Udipi Tollway Pvt Ltd, a consortium owned by Navayuga Engineering Co Ltd and Krishnapatnam Port Co Ltd, in January 2010. The project was awarded on Build Operate Transfer (BOT) Toll basis under the National Highway Development Project (NHDP) Phase III. The concession contract was signed in April 2010.  The project cost was estimated to be INR6740 million (US$147.4 million) at the time of project award. Of this, the land acquisition cost plus shifting of utilities was at INRs 2.200 million and was to be assumed by NHAI. In addtion NHAI agree to pay INR 2210 million (US$48 million) to make the project financial viable. At the time of financial closure the project cost was estimated to be INR8000 million (US$174.9 million). Financial close was on 30 Sep 2010.  Financing comprised Rs4.7 bn 14-year 8months term loan and Rs3.3bn equity. The debt was arranged by Axis Bank. The was contradiction on the project cost reported at the signature of the contract and financial closure.
Sangam Power Generation Co. Ltd was created to build and operate 1980 MW Karchhna Coal Power Plants in Tehsil Karchana of Allahabad District, Uttar Pradesh. The project was designed in two phases: Phase I of this project was 1320 MW (2x660MW), and phase two was 660 MW.   Jaypee Group (Jaiprakash Power Ventures Ltd) was the project sponsor and Sangam Power Generation Co. Ltd was a subsidiary of Jaypee Group (Jaiprakash Power Ventures Ltd). The project off take arrangement were as follows: For phase-I ,  90% was to be acquired by government of  Uttar Pradesh under a long term PPA and 10% was to be sold as merchant power. For phase 2 (660 MW) :  20%,was to be acquired by government of  Uttar Pradesh under a long term PP and 80% of electricity was to be sold as merchant power.   The project was awarded by a competitive tender and the bidding criterion was the minimum tariff. Jaiprakash Power Ventures Ltd won the tender by offering a levelised tariff of Rs 2.97 per unit in February 2009, which was lower than what it had proposed in the first tender. The government of Uttar Pradesh initially tendered the project in September of 2008, but it declared the tender void because it found the tariff offered by bidders were too high. Reliance and Lanco refused to revise their rates. The letter of implementation was issued on 21st February 2009, SPA executed on 23rd July 2009.   The estimated cost of Phase-I (2x660 MW) was Rs. 76 billion (US$1662 million). This phase reached financial closure in January 2010 with Rs. 57 billion of debt and Rs. 19 billion of equity.  The debt equity ratio was 75/25. Expected Commissioning is 2014.
Thrissur Expressway Ltd was created to implement a project for expanding to six lanes the  Vadakanchery Thrissur section of NH-47 under, a 30 KM of road (from km 240 to km 270) connecting important section of Thrissur with Vadakkanchery in Kerala. The project was also known as Highway 47 - KL-1 project. NHAI estimated the project cost at Rs.6435.2 million including the cost of Land Acquisition (LA), Rehabilitation & Resettlement (R&R) and pre-construction at the time the tender was called. The Government agreed to provide the viability gap funding (VGF), which would not exceed 40% of the total project cost excluding the cost LA, R&R and pre-construction.  The National Highway Authority of India (NHAI) awarded the project to M/s Thrissur Expressway Ltd, Hyderabad, a company formed by Indian KMC Constructions Ltd (KMC) and Chinese CR18G, under a 20-year Build Operate and Transfer basis (BOT)toll concession,  including 30 months of construction period.  The bid criteria was the lowest viability gap funding requested. The winning consortium requested a grant of INRs 2439.9 million (US$53.4 million).  The project cost was estimated to be INR 12.3 billion (US$267 million) at financial closure. Financial close was on 7 Oct 2010. Financing comprised Rs8.7bn 14-year term loan and Rs3.6bn equity. The debt was arranged by Axis Bank.  The project received a grant of INRs 2439.9 million (US$53.4 million).  Project construction started in January 2010 and commercial operation was expected to start in August 2012.
In May 2008 Bandirma Port was awarded under a 36 year concession contract to Celebi-led consortium. The port, was operated by state-run railway company TCDD and located on the south coast of the Marmara region, the most industrialised zone in the country. Celebi-led consortium won the project through competitive tender by oferring US$175.5 million for the right to operate the port under the 36 concession contract. According to the tender terms, the concessionaire was to pay 50% of the offer upfront (at the signing of the contract), 25% within one year of signing the contact, and the rest within two years. The tender was subject to the approvals of the competition board and the Council of State (supreme administrative court). As of Mar 31, 2010, the Council of State made its decision and the privatization administration had invited Celebi Ventures to sign the contract.  The project reached financial closure in June 2010 when a US$156.7 million, 14 year loan was granted to the sponsors for financing the payment of the concession fees and port operations. The banks providing the finance were Unicredit and Yapi Kredi Bankasi.
Farakka Raiganj Highways Ltd was created to expand from 2 to 4 lanes Farraka and Raiganj section of NH-34 (103 km) in the state of West Bengal and operate it under a Design, Build, Finance, Operate, and Transfer (DBFOT) Toll basis.  Farakka Raiganj Highways Ltd was a wholly owned subsidiary of Hindustan Construction Company Limited and covered in Murshidabad district of West Bengal.  The concessionaire agreed to undertake all expenditure to complete the project and recover the same by toll fees fee for 30 years including a construction period of 30 months.        The project was one of the three projects awarded to Hindustan Construction Co Ltd by the National Highway Authority of India for three contiguous sections of approximately in NH34 for a total of 256 kms at a total cost of 3,231 crores in February 2010. The other two are Baharampore Farakka Highways Ltd and Raiganj Dalkhola Highways Ltd.      The three concessions were awarded on a Design, Build, Finance, Operate, and Transfer (DBFOT) Toll basis with a cumulative grant of Rs. 1033 crore. The bidding criteria was the minimum subsidy. The first section was from Baharampore to Farakka (103 km), the second from Farakka to Raiganj (103 km) and the third between Raiganj and Dalkhola (50 km). These projects were to be implemented by three separate special purpose vehicles (SPVs) viz. Baharampore- Farakka Highways Ltd. (BFHL), Farakka-Raiganj Highways Ltd. (FRHL) and Raiganj-Dalkhola Highways Limited (RDHL) respectively.        The total project cost initial cost was estimated to Rs10, 787.4 million (US$ 235.9 million).  Financing was signed on 28 Sep 2010. Financing comprised Rs7.16bn 16-year 5months debt, a government grant estimated to be US$75.3 million (one third of the grant for the three projects US$225.9 million), and the rest in equity. The debt was arranged by YES Bank.  Construction began at the end of October 2010.
Jhabua Power Limited (JPL), a company of Avantha Power & Infrastructure Limited (APIL), was created to implement Madhya Pradesh coal based Power Project (or Barela Gorakhpur Power Plant) a 1200 MW power plant. The power project was to be commissioned in two phases of 600 MW each for an aggregate capacity of 1,200 MW upon completion of construction. The project was initially proposed to be established in the district Jhabua in Madhya Pradesh, but the site was then changed to Seoni district due to benefits offered by the site in terms of proximity to coal blocks and water sources.      For Madhya Pradesh Power Project Phase I, APIL and the Government of Madhya Pradesh (GoMP) executed the MoU on January 17, 2007. The implementation agreement, signed with the GoMP on January 14, 2008, indicated that JPL was to provide to the Government 5% of the net electricity generated by the project annually at energy charges to be determined by the appropriate electricity regulatory commission. Right of first purchase by Government of Madhya Pradesh to purchase electricity up to 30% of the aggregate capacity of the generating units for a period of 20 years at the rate approved by CERC or MERC. In January 2010, the GoMP indicated its in-principle expression of interest to purchase 30% of the aggregate capacity of Madhya Pradesh Power Project Phase I on a long term basis for 20 years.      The total investment estimated for the Madhya Pradesh Power Project Phase I (600 MW) was Rs. 29,100 million (US$636 million), which was financed by a mix of debt and our contribution in the proportion of 75/25. The debt of Rs. 21,800 million was funded via a Rupee term loan, syndicated by a consortium of 15 banks. Axis Bank Limited was the lead arranger. The common loan agreement was executed on January 1, 2010. The remaining was equity contribution. The sponsor deployed Rs. 578.51 million in the Madhya Pradesh Power Project Phase I as on January 31, 2010.      The total investment estimated for the Madhya Pradesh Power Project Phase II was Rs. 29,240 million (US$639 million), expected to be financed by a mix of debt and our contribution in the proportion of 75/25. In 2010, the project company applied for all clearances required by Phase II. As of December 2010, phase II have not secured financial closure       The project company expected that the Madhya Pradesh Power Project Phase I to be commissioned by the fourth quarter of fiscal 2013 and that the Madhya Pradesh Power Project Phase II to be commissioned by the fourth quarter of fiscal 2014.
Aggreko plc was contracted by the Société de Gestion du Patrimoine du Secteur de l'Électricité (SOGEPE) and the Société d'Opération Ivoirinne d'Électricité (SOPIE) to construct and operate a temporary power station to be installed at the Vridi Canal in Abidjan. The 70MW rental power plant was the largest such plant within Aggreko's portfolio at the time of commmissioning.   By June 2010, 90% of the power capacity was installed and commissioned. By August 2010, the plant had fully come online. The estimated value of the contract was about €35 million.  Côte d'Ivoire announced in December 2011 that it aims to boost the plant's capacity to 100MW in 2012.
Vaayu India Power Corporation Ltd was created to build and operate a 205.4 MW wind firm in the states of Andhra Pradesh, Gujarat, Rajasthan, and Tamil Nadu, India.  50.4 MW wind farm in Kurnool district in the state of Andhra Pradesh in India, 51.2 MW in Rajkot and Jamnagar districts in Gujarat state, 50.4 MW in Jaisalmer district  in Rajasthan,  and 50.4 MW Thirunelveli district in Tamil Nadu.  The electricity was to be sold to state boards under long term power purchase agreements (PPAs). In the case of wind farm in Rajasthan, the generated electricity will be supplied to Electricity Distribution Company under a long-term power purchase agreement (PPA) for a period of 20 years. In the case of Andhra Pradesh project, the generated electricity will be supplied to Electricity Distribution Company (DISCOM) under a long-term power purchase agreement (PPA) using the tariff fixed by the state board in 2009 for the next ten years. In the case of Gujarat project, the generated electricity will be supplied to Gujarat Urja Vikas Nigam Limited (GUVNL) under a long-term power purchase agreement (PPA).  ENERCON India Ltd is the sponsor and Enercon E-53 make are the machines.   The estimated project cost was Rs11.74 billion (US$256.7 million). Financial close was on 18 May 2010. Financing comprised Rs8.22bn 13-year and 9 months term loan debt and Rs3.52bn equity. The debt was arranged by IDFC. Operation expected to be complete on April 2011.
On 4th May 2010, Madhya Pradesh Road Development Corporation (MPRDC) signed a 25-year concession with Valecha Engineering Limited (VEL) for the strengthening, improvement,4-laning,operation and maintenance,and tolling of 34.30kms of existing major district road- Lebad (on SH-31 )-Narayanpura-Digthan-Manpur (on NH-3) section,in the state of Madhya Pradesh.   Under the contract, VEL was responsible for the design, construction,finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway to 4-lane divided carriageway.The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges,culverts, road intersections,interchanges, drains, etc.The expansion project, part of the MDR (major district roads) development project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.    VEL established Valecha LM Toll Private Limited (VLMTL),a special purpose vehicle in April 2010, to implement the project. The SPV won the tender through international competitive bidding, conducted by MPRDC,by requesting the lowest grant of US$ 18.1mn (INR 826.1mn). Other details of bidding were not known at the time of collection of this information. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling, during the term of concession. VEL would execute the EPC for the project.  The concession agreement for the project was signed on 4th May 2010. The project was financed with a debt/equity ratio of 75/25. The estimated capital cost of the project at the time of financial closure was US$ 61.5mn (INR 2812mn @45.7INR/USD). Financing comprised of a term loan of US$ 46.1mn (INR 2110mn) and sponsor equity of US$ 15.3mn (INR 702mn).Other details of financing were not known at the time of collection of this information.  The project was completed on December 01, 2011 vis a vis scheduled project completion date of November 01, 2012.
In October 2008, a tender was launched by Argentine federal concession authority Occovi for eight road corridors. The private operators were to perform operation, maintenance and some capital expenditures on national routes for a period of six years, with a possibility of one year extension. In return for their services, the operators were to be paid from a pool of tolls (comprised of all eight corridors) and a government payment which was to be determined through a competitive tender. In January 2009, a first round tender was declared void for all corridors but section 4.   In March 2010, Occovi awarded corredores 1,2,3,5,6,7 and 8 during a second tender. Corredor Vial N 8 comprised 921.9 km of national routes 8, 33, 36 and A-005. The contract was awarded to the Argentine consortium of Supercemento SA, Luciano SA, Polan SA subsidiary of Ferrovial [Spain] and Grupo Petersen who formed CORREDOR CENTRAL S.A. as the project company.  The bidding criterion was the lowest government payments to carry out construction, operation and maintenance. The winning bid was 1,605 million pesos.  On April 21, 2010, all of the contracts for the eight road corridors were ratified by an executive decree.
Lanco Babandh Power Pvt. Ltd (LBPPL) was created to develop initially develop 2640 MW (4X660 MW) thermal (coal) power station near village Khurunti, District Dhenkanal, Orissa. The project was to be developed in two phases: phase I had 1320 MW (660x2) and phase II another 1320 MW (660MWx2). The project is located in an area measuring 2100 acres. The site is less than one km from NH42 (Angul - Dhenkanal), 25 km away from Talcher Railway Station on the East Coast Railway and 130 km from Bhubaneswar airport. Coal for the project shall be sourced from Talcher coal field and water shall be sourced within 500 mtr from river Brahmani.     Lanco Babandh Power Pvt. Ltd (LBPPL) was a subsidiary of Lanco Group which signed a Memorandum of understanding (MOU) with Government of Orissa to set up a power station in 2006. Between April and June 2008,  Lanco Babandh entered into an PPA with Orissa, Madhya Pradesh and Haryana for capacities of 1800 MW out of a total capacity of 2640 MW (4x660 MW).    The project cost of phase I (1320 MW) was estimated INR 69.3 billion (US$ 1,515 million).  Lanco Babandh Power Ltd achieved financial closure on 09 July 2010. The project was financed with a debt of 5,544 crores by a consortium of 14 banks and financial institutions with ICICI Bank in the lead and the balance of 1,386 crores as equity.      The plant would have state-of-theart technology with advanced technology boilers, which will be one of the largest in Orissa. The company will source coal from Talcher coalfield and water from river Brahmani. Unit-I of the power project was expected to be commissioned by September 2013 and unit-II by January 2014.
Suvorovo Wind Farm was a 60 MW situated around 25 km inland from the Black Sea in the land of Suvorovo Municipality, Varna District. The power plant comprised 30 Gamesa G90 wind turbines with a capacity of 2 MW each. The power grid connection would be established through 110/20 kV substation and 110 kV overhead power line. The overhead high voltage electric line connecting Suvorovo Wind Farm connection point would be provided by NEK in Valchi Dol substation. The project was expected to contribute to the expansion of renewable energy markets in Bulgaria supporting the country in achieving its target of sourcing 16% of its electricity consumed from renewable sources by 2020. The power plant was expected to produce enough power to supply 7,000 households.  Vetroenergien Park Suvorovo was the project company created to build and operate Suvorovo Wind Farm. The company was owned Eolica Bulgaria AD, which was owned by Spain's Grupo Empresarial Enhol (65%) and Bulgaria's Balkars Consortium (35%). In December 2007, the project was granted a 25-year generation license by the State Commission for Energy and Water Regulation.  The final building permit was approved on June 26, 2009.  In August 2009, the project company reported that it had received all statutory approvals needed to proceed with the project.     The total project cost was US$143.64 million. The project reached financial closure in Febraury 2010. Of project cost, EBRD put forward $79.8m, of which $23.3m was sold down at syndication, which the Black Sea Trade and Development Bank (BSTDB) supplied the remaining $14.6m. UniCredit Bulbank provided a VAT facility for the project. Tenor on the debt stands at 16 years for the original lenders and 13.5 years for the participant.   Construction work started in 2009, but was halted until June 30, 2010, during the bird rearing season. The project became operational December 2010.
In June 2008, CTEEP was awarded in a competitive bidding process the contract to build and operate 150-km of transmission line and two substations located in the states of Parana, Santa Catarina and Rio Grande do Sul.  Besides CTEEP, twelve other companies took part in the contest: Spanish company Cobra Instalaciones y Servicios; state-owned Eletrosul; Brazilian Triunfo Participações; Schahin Engenharia; Spanish Cymi Holding; Terna Participacoes; Orteng Equipamentos e Sistemas; state-owned Copel Geracao e Transmissao; TBE Brasil; Alupar; Spanish Abengoa; and Elecnor Transmissao de Energia.  The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. CTEEP presented the lowest offer, a total value of US$ 3.6 million (BRL 6.6 million), 0.5% the ceiling set by the regulatory agency. The contract was signed in October 2008, and the sponsors created the company Interligacao Eletrica Sul to lead the project during the 30-year contract period. In August 2009, the shareholding structure was modified as follows: CTEEP (50.1%) and the Spanish company Cymi Holding S.A., a subsidiary of ACS Group (49.9%).   The sponsor committed to invest US$ 20.1 million (BRL 36.8 million) in the transmission line. The construction works commenced in November 2008, but financial closure was only achieved in December 2010, when the sponsor was granted a US$ 10.28 million (BRL 18.1 million) loan from BNDES. The remaining cost was set to be financed with the sponsors’ internal resources. Construction works were expected to be concluded in 2011.
Indian Energy Theni Project was a 49.5 MW wind farm at Theni in the State of Tamil Nadu. The Theni Project was designed and commissioned in two phases. Phase I consisted of 11 turbines of 1.5 MW capacity each and with a total generating capacity of 16.5 MW.  Phase II, consisted of up to 22 turbines of 1.5 MW each and a total capacity of up to 33 MW.  Indian Energy contracted ReGen Powertech Private Limited ("ReGen") the construction of the wind farm. ReGen was a Chennai-based company which manufactures turbines using technology from Vensys Energy AG, Germany.   Indian Energy entered into a long term 20 year Power Purchase Agreement ("PPA") with the Tamil Nadu Electricity Board for the sale of power at a rate of Rs. 3.39 per kWh as governed by the current State Tariff Order for the first 4.5 MW.  The first 4.5 MW of the Theni Project was approved under the Generation Based Incentive Scheme that was announced in December 2009 and was to receive a further INR 0.5 per kWh in revenue.  The PPA for the next 12 MW was expected to be signed in 2010. In addition, Indian Energy planned to establish the project as a Clean Development Mechanism under the Kyoto Protocol, which is expected to generate approximately 120,000 Certified Emission Reductions ("CERs") per annum.  The project cost of the phase I was estimated to be US$19.8 million, assuming a debt/equity ratio of 75/25. Phase I reached financial closure in April 2010 with (US$14.9 million) INR680 million debt facility from State Bank of India.   The first phase was operation by June August 2010. The second phase had a construction scheduled to commence in Q4 2010 and was expected to be fully commissioned by Q1 2011.
In October 2008, Narandiba S.A., a wholly-owned subsidiary of the Neoenergia Group, won the concession contract from an auction by federal regulator Aneel to build and operate a substation located in state of Bahia. The company accepted annual revenue of 4.15mn reais (US$2.04mn) for the project, 60% below the 10.4mn-real starting price. The contract, which was signed in Jan. 2009, was to last for 30-years and the company committed to finish the construction works by Jan. 2011. Neoenergia was owned by Banco de Brasil [12%], Previ [49%] and Iberdrola SA [Spain, 39%].  The total project cost was estimated at BRL 51 million (US $29 million). As of March 2010, construction works were underway. By October 2010, 76% of the investment on the project was completed. Information on the financing of the project was not available.  Commercial operations commenced in June 2011.
In October 2009, Passo Ferraz Energia SA was granted a 30-year authorization by federal regulator Aneel for the construction and operation of the hydropower plant with capacity of 4 MW (three 1.33MW turbines) in Rio Chaperozinho, Santa Catarina state.  The company was a wholly-owned subsidiary of Eletrisa [Brazil, 100%]. It was to sell electricity to the national grid.  The total cost of the project was approximately US $5.7 million. The project began construction in November 2009. Passo Ferraz was accepted to receive incentives given by Brazil's Program for Acceleration and growth in March 2010. As of December 2010, construction works were in advanced stage.   The turbines were given authorization to test operations in May 2011, and the power plant became operational in June 2011.
GMR Chennai Outer Ring Road Pvt. Ltd was created to develop and operate the Chennai Outer Ring Road, which was to start at Vandalur, about 30 km south of Chennai on NH 45 in Tamil Nadu. The road was to circle the western fringes of the city connecting NH 4 (Chennai Bangalorei)  at Nazarathpet,, NH 5 (Chennai Trichy) ) at Vandalur , and NH 205 (Chennai Arakonam) at Nemilichery. It would have six lanes and two service lanes of 29.65 km long.  Trucks and otherheavy vehicles would be able to pass through without entering the city.         GMR Chennai Outer Ring Road Pvt. Ltd, a the consortium of GMR Infrastructure (90%) and National Asphalt Products & Construction Ltd (NAPCL) (10%), was awarded the project by the Tamil Nadu government through a competitive tender by requesting the lowest annuity payments in June 2009. The project was awarded through a  design, construction, development, finance, operation, maintenance and transfer (DBFOT) annuity concession. The concession period was for 20 years, which includes a construction time of 30 months.     The project cost was estimated to be INR11.67 billion (US$ 255 million). Financial close took place on 31 May 2010. Financing comprised Rs7.17bn 16-year term loan debt and Rs4.5bn equity. The mandated lead arranger is ICICI.
On 27 Jun 2008, Brazil's federal power regulator, Aneel, held an open auction for 19 transmission lines and 20 substations. The lines were to increase connectivity between Manaus in northern Amazonas state to the national grid. The bidding variable was the lowest annual revenue. Spain's Isolux Corsan won the bid for two lots of transmission lines totaling 1,240km long and five substations under a 30-year BOT contract. The bids were: BRL74.3m for Tucurui-Xingu-Jurupari; BRL71.8m for Oriximina-Jurupari and Jurupari-Laranjal-Macapa in annual fees. The government approved the 30-year BOT contract in October 2008.   In August 2010, construction permits were issued. The transmission lines to be built were: 527km, 500kV Tucurui-Xingu-Jurupari transmission line along with the 500/230kV Xingu and Jurupari substations in Para state; and 374km, 500kV Oriximina-Jurupari transmission line plus 339km, 230kV Jurupari-Laranjal-Macapa transmission line including 230/69kV Macapa, Larajal and Oriximina substations in Para and Amapa states. The sponsor created the special purpose company Linhas de Macapa Transmissora de Energia S.A. to lead the project.  The total project cost was approximately BRL 1.953 billion (US $1.109 billion). In October 2010, Banco da Amazonia approved a loan for BRL  1.465 billion.  The project was expected to become operational in July 2011, but commercial operations commenced only in May 2014.
Sri Lanka's Distilleries Company, related to the Stassen Group, via its subsidiary Bogo Power Pvt. Ltd., developed the 4.0MW Kirkoswals (or: Kirkoswald) mini hydropower plant. The project was located in Korkoswald Estate, Bogawantalawa. Annual output was estimated at 12.3 GWh. The project consisted of 3 Francis turbines. The Stassen Group and Distrilleries Companies are both set up by the Sri Lankan enterpreneur Don Harold Stassen Jayawarden, who holds business interests in both firms. The exact mapping of Bogo Power is unclear.  Output was sold to the Ceylon Electricity Board. The turbines were supplied by Gugler (Austria), via its local agent EnerFab (Pvt) Limited under a contract signed in March 2010.  Total cost was estimated at Rs. 750 million (US$5.9 million.). The project applied for UNFCCC CDM financing, the agreement was signed in June 2010. Financial closure date was ESTIMATED at June 2010, CDM signing date.
East Coast Energy Private Limited (ECEPL) was created to implement and operate a super-critical technology coal based Thermal Power Plant near Kakarapalli Village, Santhabommali Mandal, Srikakulam district, Andhra Pradesh, India. The plant was to be developed in two phases each of 1320 MW (2x660MW) for a total generation capacity of 2640 MW.   East Coast Energy Private Limited (“East Coast”) was incorporated on January 19, 2007 and its shareholder structure by March 2001 was as follows: Asian Genco Pte Ltd (AGPL) with 33.87%, Cobalt Power Private Limited with 22.23%, Athena Energy Ventures Pvt Ltd (AEVPL) with 23.24%, AIP Power Pvt Ltd (AIP) with 2.39%, Abir Infrastructure Pvt Ltd (Abir) with 4.4% and PTC India Financial Services Ltd with 13.87%.  Entire project land possession and all statutory approvals have been obtained. Andhra Pradesh Industrial Infrastructure Corporation (APIIC) transferred the title of Land to ECEPL. EPC contract: Contract Agreement for Boiler – Turbine - Generator (BTG) Supply has been signed with Dongfang Electric Company (DEC), Republic of China. Coal Linkage for 70% of the coal consumption for stage-1 (2x660 MW) has been allocated from Mahanadi Coal Fields Limited, Orissa. Letter of Assurance (LOA) issued by MCL. ECEPL has signed Fuel Supply Agreement for supply of imported coal with Global Fuels Pte. Ltd. for 30% of the fuel required. GoI, MoC has stipulated that coastal based plants need to source 30% fuel from outside the country.  East Coast has entered into a PPA with PTC partly on long-term basis to sell 85.00% of the power generated and partly on a short-term/merchant basis. Approximately 70.00% of the coal requirement for the projects is proposed to be met through a domestic coal linkage while the remaining 30.00% is expected to be imported.   The project cost estimated to be IND 65.7 billion (US$ 1437 million). The project reached financial closure in August, 2010. The project was funded through equity of 25 per cent and debt of 75 per cent. The debt was raised from a consortium of 14 banks and financial institutions led by Power Finance Corporation (PFC).  On March 1, 2011, the GoI, through the MoEF, ordered the suspension of on-going construction work related to the project on the basis of several representations received by the MoEF that East Coast had not complied with the order, dated August 30, 2010, of the National Environment Appellate Authority, and that the project was being developed on wetlands which is not permitted.
Chernivtsioblenergo was the second-smallest electricity distributor in Ukraine and serviced the neighbouring southwestern region of Chernivtsi, which covered and area of just 8,098 sq km and a population of 0.9 million. It owned a 16,876 km low-voltage transmission grid with 1,463 MVA of transformer capacity and supplied 333,000 customers, including 1,300 industrial consumers.   V.S. Energy International (a subsidiary of VSE) held a 22% stake in Chernivtsioblenergo.
Hinduja National Power Corp Ltd (HNPCL) was created to set up and operate a 1,040 MW coal based power plant at Vizag in the district of Andhra Pradesh, India. The project comprised the building of 2x520 MW coal-fired units. The site was located on the coast of the Bay of Bengal at Pavalavasa, Parawada Mandal, Visakhapatnam District in the State of Andhra Pradesh.          The Hinduja power project, caught up in controversy from the beginning, was one of the fast-track private power projects cleared by the Indian national government in the early 1990s. There was no public hearing concept in 1994 when the project was proposed. The state government of Andhra Pradesh gave permission to Hindujas to set up a power plant to meet the power needs of the state. The state government allocated 1,122 acres of land to the Hindujas at Devada village in Visakhapatnam at a cheaper rate of Rs 2 lakh per acre in 1999 and facilitated coal linkage from Mahanadi Coalfields. The company obtained Environmental Clearance in 1996. But due to various reasons the company could not take up the project.   HNPCL signed an agreement with the Andhra Pradesh government in 2007 to revive its power project near Parawada after it failed to achieve financial closure. Since then, the project came under criticism on various counts including destination of the electricity output and ecological ones. There was speculation that the project developer wanted to convert the plant to a merchant one with no power purchase agreement with the State of Andhra Pradesh and to be free to sell the electricity in the open market. It was also alleged that the plant was being constructed in violation of coastal regulation zone regulations. In March 2010, the Comptroller and Auditor General of India (CAG) faulted the State government of Andhra Pradesh for its inaction in cancelling allotment of 1,122.38 acres of land near Visakhapatnam to the Hinduja National Power Corporation Limited (HNPCL), which failed to set up a power plant in the time allocated. The agreement with HNPCL stipulated that financial closure of the project should be achieved within 12 months of the agreement (April 15, 1998) and the project completed within 44 months. In March 2011, the project company indicated that of the 1,040 MWs to be generated from the plant, 85% was to be supplied to Andhra Pradesh grid. Signing of agreements was at various stages. In addition, the project company indicated that  about 600 acres (identified as CRZ area) of the total acquired land of 1,123 acres had been set apart for development of a green belt, and there was therefore no violation of the CRZ stipulations and all care was being taken to safeguard ecology. In addition, the project company indicated that all clearances that were accorded to the project during the early 1990s were revalidated, and the Ministry of Environment and Forests had given the final clearance in 2010 after examining the plant drawing done by the National Institute of Oceanography in 2009.   The project company awarded the Rs.4,000-crore engineering, procurement and construction (EPC) contract to the BHEL. Coal linkage agreement was signed with Mahanadi Coalfields Ltd. The project company expected to be fully operational by September 2013.   The project cost was estimated at INR 55.45 billion (US$1,213 million). The project reached financial closure in June 2010 with 70/30 debt equity ratio. Financing comprised Rs41.59nb 14-years and 8months term loan and Rs13.86bn equity. The debt was arranged by SBICAP.  In July 2014, the company closed financing for additional funds comprising of loan of US$ 124.3mn (INR 7582.5mn @61 INR/USD) and sponsor equity of US$ 79.3mn (INR 4840mn).
On August 13, 2008 Consorcio Andrade consisiting of Ibitiuva Bionergetica SA (a subsidiary of Tractabel) and Andrade Acucar e Alcool SA won a 15-year, 20MW power purchase agreement in a public bidding that set up by Brazil's CCEE (Energy Trading Board). The effective date of the contract was 03/01/2010 with termination on 02/28/2025.  The energy was to be produced by a sugar cane bagasse-fired electricity generation plant with an installed capacity of 33 MW located in the state of Sao Paulo. The total project cost was estimated at BRL 119 million (US $67.9 million). This capex included upgrades to the existing sugar cane facility and an associated transmission line. Brazil's state owned bank BNDES offered four credits totally BRL 82.5 million (US $48.6 million). The credits were given at various times but at least R$ 63 million was drawn down during 2010.  Commercial operations commenced in September 2010.
The Stung Russey Krom Hydropower Plant is a 338 MW plant located about 180kms west of the capital Phnom Penh, in the Koh Kong province of Cambodia. The project was to be built and operated by China Huadian Corporation, which was granted a 35 year Build-Operate-Transfer (BOT) contract by the national government. The contract period included 5 years of construction and 30 years of operation. The base power sales tariff was set a t$73.5/MwH. All generated power will be sold to EDC (Electricite du Cambodge).  Total project cost was US$412 million. Project financing was closed in July 2010, and was funded by the China Export-Import bank. Project was expected to be operational by 2014. The Lower Stung Russei Chrum project applied for UNFCCC/CDM financing.
Abhijeet MADC Nagpur Energy Private Limited (AMNEPL) for building and operating a 271 MW power plant complex consisting of 4 coal based thermal units of 61.5 MW each and 25 MW DG Set at the MIHAN SEZ area at Nagpur, Maharashtra state. MIHAN SEZ, also known as Multi-Model International Passenger and Cargo Hub Airport at Nagpur’ (MIHANTM),  was a project that comprised of developing the existing domestic airport of Nagpur as an international passenger and cargo hub airport, along with a Multi Product Special Economic Zone (SEZ), which was abutting to the boundary of the airport.  Abhijeet MADC Nagpur Energy Private Limited (AMNEPL) was a Special Purpose Vehicle promoted jointly by the Abhijeet Group (26%) and Maharashtra Airport Development Company (MADC) (74%). The project was awarded on a competitive tender. The project was awarded on 33 year Built Operate and Transfer (BOT). Power was to be sold to Maharashtra Airport Development Company (MADC) on priority for the development of Special Economic Zone (SEZ) and excess Power was to be sold to third party.  The investment for the Project was estimated to be Rs. 13.82 billion (US$302 million). The project reached financial closure in March 2010. Financing comprised Rs11.06 billion 13-years term loan in debt and Rs2.760 billion in equity. The plant complex was scheduled to commence commercial operations in March 2011.
On June 29, 2010 the Government of Maldives awarded a 25-year concession to consortium of GMR Infrastructure Limited GMR,[India,77%]and Malayasia Airports Holding Berhad(MAHB,[Malayasia, 23%] to operate and expand the Male International Airport. Three bidders competed for the concession: TAV Airports Holdings(Turkey)with Aéroportde Paris Management(France); Flughafen Zurich AG(Switzerland)and GVK Infrastructure Ltd.(India). The Net Present Value of upfront fees as well as the reneue share of fuel and non fuel revenues were the bidding criteria.   The total project cost was approximately US $400 milion to build a new passenger that was carbon-neutral. Additionaly, US $78 million were to be paid in upfront fees. The project reached financial closure and was subsequently handed over to the winning consortium on November 29, 2010 when the winning consortium raised US $500 million with approximately 75% debt and 25% equity.
Dehradun Highways Project Limited (DHPL) was formed for the expaion to four lanes of the Haridwar – Dehradun section (from km 211.000 to km 218.2000 of NH-58 and km 165.000 to km 196.825) of NH-72 (approximately 39.03 Km) under NHDP-III in state of Uttarakha. The project was awarded under a 20 year annuity contract for the Design Build Finance Operate and Transfer of the road. The 20 year concession period included a construction period of 2 years.   The National Highway Authorities of India (NHAI)awarded the project using the lowest annuity payments as bid criteria. DHPL was owned by Era Infra Engineering Ltd (74%) and Sibmost (26%).   The concession agreement was signed on February 24, 2010 The project is scheduled to achieve commercial operations by August 2012.   The total project cost was estimated at INRs. 6914.1 million (US$151.2 million). Financial closure was achieved July 23, 2010. The project was funded in debt: equity ratio of 77:23 the senior debt requirement of Rs. 528.45 crones was syndicated on a consortium banking format consisting of seven banks. IL&FS Financial Services Ltd (IFIN) successfully completed the senior debt syndication for Dehradun Highways Project Limited (DHPL).The debt requirement for the project has been arranged at a rate of interest of 10.00% p.a. and door-to-door tenor of 15 years.
First Korat Wind Company Limited was planning the development of the 103.5MW West Huaybong 3 Wind Farm, Nakhon Ratchasima Province. The project was expected to generate 232.5 GWh annually, and consisted of 45 turbines of 2.3MW. Equipment was to be supplied by Siemens Wind Power AS, incorporated in Denmark. The type used was the Siemens SWT 2.3 101, three blade horizontal axis. Lifespan was 20 years.  A PPA was signed with EGAT. Commissioning was expected for 2012. Starting date of project activity was March 2010. The project was to receive an adder tariff of Baht 3.5/kWh, from the Power Department Fund Management Division, Energy Regulatory Commission, for 10 years. The project became operational in November 2012.  Total investment was unknown, Financial Closure date was unknown, estimated here was March 2010 (start of CDM project activity).  Total investment was ESTIMATED here at 103.5MW x 1.5 million per MW (average cost for EAP), is $155 million.  In June 2012, Partners Group (SWF:PGHN), a Switzerland-based alternative asset management company, announced it made an investment in Wind Energy Holding towards the development of the West Huaybong 2 and West Huaybong 3.
Hyderabad Yadgirl Tollway Pvt Ltd was created to expand to four  lanes a 35.4 km stretch of road NH-202 from Km. 18.6 (Hyderabad) to Km 54 (Yadgiri) of the Hyderabad to Yadgiri Section in the State of Andhra Pradesh, India. The National Highway Authority of India (NHAI) awarded the project to Hyderabad Yadgirl Tollway Pvt Ltd, a subsidiary of Sadbhav Engineering Ltd under  23-year DBOT concession (toll) basis, invluding a construction period of 650 days from Appointed Date.   The project cost was estimated to be INR 4802.2billion (US$105 million). Financial close took place on 10 Apr 2010.   Financing comprised a Rs3.8bn 14-year and 6-month termm loan in debt and Rs1bn in equity. The debt was solely arranged by Oriental Bank of Commerce.
On 13th December 2010, Madhya Pradesh Road Development Corporation (MPRDC on behalf of National Highway Authority of India) ) signed a 14-year concession with PNC Infratech Limited for the strengthening, improvement,two-laning,operation and maintenance,and tolling of 108kms of  Gwalior to Madhya Pradesh/Uttar Pradesh border section of National Highway-92 from km 000/000 to km 180.000,in the state of Madhya Pradesh.   Under the contract, PNC Infratech was responsible for the design, construction, finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway to 2-lane divided carriageway.The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections,interchanges, drains, etc.The expansion project, part of the National Highway Development Program (through MPRDC), was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.    PNC Infratech established MP Highways Private Limited (MPHPL),a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by MPRDC,by requesting the lowest upfront subsidy of US$ 4.6mn (INR 270mn @58.6 INR/USD).Government of India had sanctioned the grant for this project. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.PNC Infratech would execute the EPC for the project.  The project attained financial closure on 20th February 2013. The grant/debt/equity ratio of the project was 8.6/75/16.4. The estimated capital cost of the project at the time of financial closure was US$ 53.7mn (INR 3145.3mn @58.6 INR/USD). Apart from the vaiability gap funding (grant) of INR 270mn, financing comprised of 11-year term loan of US$ 40.1mn (INR 2350mn) and sponsor equity of US$ 8.9mn (INR 523.5mn). The term loan had a grace period of 1-year 3-months and a repayment schedule of 115 monthly installments. Axis Bank was the lead arranger and the other participating banks were State Bank of Patiala (INR 500mn), and Union Bank of India (850mn).  The project was operational at the time of collection of this information.
Vinh Son - Song Hinh Hydropower JSC was planning the development of the 30 MW Vinh Son 3 Hydropower plant, Con river, Vinh Son commune, Binh Dinh province. The rpoject was expected to generate 112,266 MWh annually, to be supplied to the grid.  The EIA was approved in August 2008. The Investment license was awarded in February 2009. The financial commitment was signed in August 2010. The construction started in June 2011 and commissioning was expected for January 2013. Project life was 40 years. Construction was to last 3 years. Electricity tariff was VND 763 per kWh ($0.0366 per kWh). Load factor was 43.2%.   Debt to equity ratio was 70/30, WACC was 12.22%, debt cost was 7.53%. Total investment was estimated at VND 650,87 million ($31.2 million).
Nam Lik 1-2 Hydropower Plant is a 100 MW power plant located in Naxeng village, Feuang district, Vientiane province, Lao PDR. The project was to be built and operated by Nam Lik 1-2 Power Co. Ltd, a company owned by the state-owned China International Water Electric Corporation (CWE) with 90% stake and the state-owned Electricite Du Laos (EDL) with the remaining 10% stake. The project was developed under a 25 year Build-Own-Transfer contract.  Electricite de Laos (EdL) was 75% state-owned. Thailand's Ratchaburi Electricity Generating Holding (Ratch) owned 9.34% of EdL's shares, acquired for $43.36 million. Ratch itself was 45% owned by state-run Electricity Generating Authority Thailand (EGAT).  According to the concession agreement, Nam Lik 1-2 Power Co. Ltd was granted the rights to build, own and operate (BOT) the plant for 25 years and then transfer it to EDL.  All power was to be sold to EDL for consumption in Lao.  The total cost of the project was estimated to be US$ 150 million. Construction, carried out by CWE, began in 2007 and was completed in August 2010.
The 66MW West Kingston Power plant was to provide efficient, fuel-based, power supply to the country’s electricity grid, helping reduce its dependence on outdated power plants as well as reduce the amount of oil imported for Jamaica’s electricity sector. The US $132m project entailed the development of 66MW greenfield, natural gas power project located in Metropolitan Kingston, Jamaica. This was Jamaica Energy Partners third project. JEP was a subsidiary of the Latin Power Fund III, which was owned by the private equity fund Conduit Capital Partners LLC [USA].  Financing closed on December 10, 2010 and comprised $99m of debt and $33m of equity. The debt was split into a $22m IFC A loan, a $77m credit facility provided by Bank of Nova Scotia, First Caribbean International Bank, Deutsche Investitions-und Entwicklungsgesellschaft mbH, the Nerderlandse Financierings-Maatschappij Voor Ontwikkelingsladen N.V., the Corporación Andina de Fomento, and the Corporación Interamericana para el Financiamiento de la Infraestructura S.A.   Commercial operations commenced in July 2012.
In June 2007, Monnet Ispat & Energy Ltd (MIEL) entered into a Memorandum of Understanding (MoU) with Government of Orissa (GoO), to set up a 600 MW coal based thermal power plant. In February 2008, it was indicated that the project was to be implemented by the SPV in two stages over a period of 36 months. The capacity was subsequently enhanced from 600MW (2x300MW) to 1,050 MW (3x335MW) with the objective of making it a “mega” power project. The first unit would be commissioned in 33 months from June 2007 and the second unit would come on stream in 36 months. Grid Corporation of Orissa (GRIDCO), would purchase 25% of energy generated from the Project at 80% Plant Load Factor (PLF). MIEL also entered into a MoU with PTC India Ltd, the state-owned power trading company, for the sale of power at a gross capacity of 40% of the energy generated from the project. The balance of 35% was proposed to be sold on a merchant basis.  Monnet Power Company Limited (MPCL), a special purpose vehicle, was established to implement the project. Initially MPCL was a 100% subsidiary of Monnet Ispat and Energy Ltd. but Blackstone Group acquired a 12.5% stake in Monnet Power Company Ltd in June 2010.  The consortium bagged the tender on a negotiated basis. The maximum expected cost of generation from the project was competitive atRs2.09 per unit for the entire period of operations.  The project was expected to cost approximately Rs50 billion (US$1,093 million). The project achieved financial closure August 2010 with the signing of a loan agreement of INR 38 billion (US$831 million) with  the consortium of lenders led by Infrastructure Development Finance Company (IDFC). The debt/equity ratio was 76/24. In July 2010, MPCL  raised INRs. 2750 million by giving 12.5% stake to Blackstone group.    Construction started on October 2008 and commissioning was expected in the second half of 2012.
In January 2010, Aksa Electrik [Turkey] won the rights to operate the concession Firat Elektrik Dagitim A.S. from the Turkish Privatization Administration (Ozellestirme Idaresi Baskanligi or OIB). Firat Elektrik Dagitim A.S. was granted a 30 year electricity distribution concession in 2006 in the provinces of Elazig, Bingöl, Malatya, and Tunceli. The company had 659.5 thousand customers, including 544.4 thousand residential customers by December 2008.  Aksa Electrik won the tender for the block sale of 100% of Firat Elektrik Dagitim A.S. concession organized by OIB, offering the highest price for the concession (US$230.25 million) and beating off the competition with four other bidders. The Higher Privatization Council gave the final approval to the transaction in December 2010.   The project reached contractual closure on December 31, 2010 with the signature of sale and transfer agreements by the winning bidder and the Turkish government. The private bidder that won the project has the right to operate the distribution company for the remaining of its concession period until 2036.  The concession was part of a government program to introduce private operation of, and investment in, the 20 regional electricity distribution companies owned by the state-owned Turkiye Elektrik Dagitim A.S. (TEDAS).  The program followed a Transfer of Operating Rights and Share Sale model ('TSS model'). In this model, the private investor became the sole owner of the distribution companies' equity and the unique licensee for distributing electricity in each region for a period of 30 years. However, TEDAS retained ownership of the distribution network assets and of certain other items essential for operating the distribution assets. The private investor was obliged to undertake the necessary network investments, recoverable through the tariffs. These investments were embedded in the tariffs during the first tariff implementation period (2006-2010). After 2010, the private investor was to submit an investment plan annually to the Electrity Market Regulatory Authority (EPDK) for its approval.
In January 2010, the Saint-Louis - Dagana - Podor rural electricity distribution and generation BOT reached financial closure, when the project was approved by IFC Board.  The sponsor was COMASEL Saint Louis SA, a JV composed by IFC (16.6%) and Moroccan Office National de l'Electricite (73.4%).  Under the term of the 25-year BOT agreement, the sponsor was expected to design, construct and operate an electricity distribution system to connect and supply electricity to 19,574 customers in 298 rural villages. Out of a total of 19,574 new customers, 13,885 (71% of total) in 156 villages were expected to be connected to the distribution network, and 5,719 (29% of total) in 142 villages were expected to be connected with solar installations.  COMASEL Saint Louis SA was expected to receive up to $6.9 million in Output Based Subsidies from the World Bank.
Solar Millennium from Germany, through its subsidiary Flagsol, developed the 150MW Kuraymat power plant, utilizing a combination of CSP and CCNG technology. Flagsol partnered with Orascom Construction (Egypt) during construction and will operate the plant for two years after commissioning. The project includes 2,000 collector units with over  53,000 parabolic mirrors. The project is located in Kuraymat, 100 kilometers south of Cairo. The project consisted of 74.4MW gas turbine, 59.5MW steam turbine (total 133.9MW) and a CSP element of 19.2MW. Total output of the solar element was expected at 852,000 MWh/yr.  The O&M contract is held by Orascom Construction in cooperation with Flagsol, who had 6 engineers on site. Flagsol won the contract after an international tender held by the Egyptian Energy Authority, NREA. The CCNG element was developed b Iberdrola, from Spain. Construction started in January 2009, commissioning in 2012. Final ownership was to be New and Renewable Energy Authority (NREA). FC was estimated at January 2010 (25%).   Total project cost was EUR250 million ($314.7 million), of which 30% was reportedly attributable to the CSP element (EUR75 million, $94.4 million). Part of the financing was provided by the GEF, administred by the IBRD - $49 million. The remaining foreign currency debtwas financed by JBIC (Japan Bank for International Cooperation).    Coordinates are: 29° 16’ 45,81’’ North and 31° 15’ 9,43’’ East.
Kumardhara Small Hydel Power Plant was an 18MW hydro power plant across Kumardhara river, a major tributary of Nethravathy River and located near Mangalore (distance of about 50 kms) in Dakshina Kannada district of Karnataka, India. Based on the proposed design of the project, gross head of about 18 meters is available for the Project and as such is expected to generate about 59.2 million units of power. Power generated by the Project was to be sold to MESCOM (Distribution Company of Government of Karnataka operating in that region) at a regulated tariff of Rs.3.40 / unit. Bhoruka Power Corporation Ltd was the sponsor.   The project cost was estimated to be INR1,262 million (US$ 27.6 million). Financing was signed on 22 Jun 2010. Financing comprised Rs920m 14-year and 5months term loan debt and Rs342m equity. The debt was arranged by IDFC.
Prayagraj Power Generation Co. Ltd. was created to build and operate 3300 MW super critical Bara Thermal Power Plants in Tehsil District, Uttar Pradesh. The project was designed in two phases:  Phase-I consisting of 1980 MW (3x660 MW) and phase II of 1320 MW (2x660MW) for a total planned capacity of 3300 MW.  Prayagraj Power Generation Co. Ltd. was a subsidiary of Jaypee Group (Jaiprakash Power Ventures Ltd). The EPC contractor was Bharat Heavy Electricals Ltd., or BHEL.  For phase-I ,  the electricity output was to be sold as follows: 90% by government of  Uttar Pradesh under a long term PPA and 10% was to be sold as merchant power. For phase 2 (660 MW) :  20%,was to be acquired by government of  Uttar Pradesh under a long term PP and 80% of electricity was to be sold as merchant power.   The project was awarded by a competitive tender and the bidding criterion was the minimum tariff in February 2009. Jaiprakash Power Ventures Ltd won the tender by offering a levelised tariff of Rs 3.02 per unit, which was 28% lower than what it had proposed in the first tender. The government of Uttar Pradesh initially tendered the project in September of 2008, but it declared the tender void because it found the tariff offered by bidders were too high. Reliance and Lanco refused to revise their rates. The letter of implementation was issued on 2nd March 2009, SPA executed on 23rd July 2009.                The total project cost for phase I was estimated to be Rs. 115 billion (US$2,514.76 million). The phase I of project reached financial closure in January 2010. Phase I was financed with Rs. 86.25 billion of debt and Rs. 28.75 billion of equity.  The debt equity ratio was 75/25. This phase was expected to be commissioned in 2014.
In March 2010, the consortium Saneblu was awarded the 35-year concession contract by the city of Blumenay (state of Santa Catarina)to expand, rehabilitate and operate the sewerage system. Saneblu was created as a partnership of Foz do Brasil (a subsidiary of Odebrecht), Odebrecht and Engeform. However, before signing contract with the city, the Saneblu paid R$ 12 million (US $6.9 million) for the investments already made in the existing sewere system.  Foz de Blumenau, the project company, committed to invest BRL 303 million (US $168 million) to expand the sewerage collection and treatment from 20% to 70% in the first nine years of teh concession. In terms of treatment, only 6% of the sewerage was treated at the time of contract signing and the Foz de Blumenau was to increase treatment to cover 60% of sewerage by the third year of the contract. The city's population was estimated at 300 thousand inhabitants. The private sponsors took over the operation of the facilities in the end of june 2010.  In October 2011, Foz de Blumenau was awarded a US$ million (BRL 219 million) loan from the state-owned bank Caixa Econômica Federal to finance the investment expenditures.
Colben Energy Holdings, an IPP from Vietnam, was planning the development of the 29.7MW Chu Linh and 11MW Coc San hydropower plants, on the Ngoi Dum Stream, Lao Cai province; and ,Sa Par commune, Trung Chai commune, Sa Pa district. Total capacity was 40.7MW. The project was expected to generate 134.2 GWh and 44.3 GWh annually, to be supplied to the national grid.  Commissioning of the Coc San was expected in 2012. For Chu Linh commissioning was expected in 2014. Chu Linh was expected to consist of 2 PELTON turbines of 5.79MW each, 46% load factor. Coc San was expected to consist of 3 PELTON turbines of 10.53MW, 52% load factor. Lifespan was 30 years.  Feasibility study was finished in August 2008. The investment certificate was received in September 2009. Electricity tariff was expected to be $0.039 per kWh.  Financial close was reached in September 2010 with the Vietnam Development Bank. The debt equity ratio was 70/30. WACC was 15.4%. Total investment was VND 866,823 million ($41.6 million) for both plants, VND 788,580 million for Coc San, VND 456,367 million for Chu Linh. The project applied for UNFCCC/CDM financing. The CERs were sold for EUR11.88 ($15.5)  Cost was split as follows (in VND million):               Coc San         Chu Linh Civil cost: VND 348,879 / VND 224,470 Equipment cost: VND 229,499 / VND 112,527 Land acquisition: VND 5,371 / VND 4,400 Other cost: VND 45,658 / VND 24,299 Consultancy cost: VND 42,389 / VND 23,465 Standby cost: VND 62,577 / VND 36,011 Loan interest: VND 54,207 / VND 31,195
In May 2009, TransCanada [Canada] was awarded a 25-year contract to build and operate the Guadalajara gas pipeline by Comision Federal de Electricidad (CFE), Mexico’s state-owned electric power company. Other bidders included Fermaca Pipeline del Pacífico and EMS Energy Services de México. The contracted included a 25-year gas purchase agreement for the entire capacity. The pipeline was to extend 310km move gas from an LNG facility in Manzanillo to Guadalajara. The proposed Guadalajara Pipeline was to have two segments. The first was approximately 6 kilometers of 24-inch diameter pipeline capable of transporting 500 million cubic feet a day (MMcf/d) of natural gas from the Manzanillo liquefied natural gas re-gasification terminal to an existing CFE power plant in Manzanillo. The second segment was a 30-inch-diameter pipeline extending approximately 295 kilometers between the Manzanillo LNG terminal and an interconnection with Pemex Gas y Petroquímica Básica (PGPB). This second segment was to be capable of transporting up to 320 MMcf/d of natural gas.  The Guadalajara Pipeline was to service the power generation load in Manzanillo and Guadalajara and connect to an existing natural gas line near Guadalajara. Repsol was to supply the LNG from the Peruvian LNG project. TransCanada was to operate via its subsidiary, Energía Occidente de México, S. de R.L. de C.V. (EOM).   The total project cost was estimated at US $360 million and was 70% complete as of December 31, 2010. The project was expected to be operational in the second quarter of 2011.  On June 22, 2011, TransCanada announced the completion of the Guadalajara Manzanillo pipeline.
The Orussei Hydroelectric Power Plan is a 338 MW project located in Koh Kong Province, about 180 kms west of Phnom Penh. The government of Cambodia awarded the project to Chinese China Huadian Corporation through direct negotiation. The project was to be developed under a 30-year build-operate-transfer (BOT) contract with the state-owned Electricite de Cambodge(EDC).   The total project cost was estimated to be US$558 million. The project reached financial closure in July 2010 with US$412 million financing from China Ex-Im bank. The financing benefited from political risk insurance from Sinosure and a pre-completion guarantee from Huadian Power International Corporation. DFDL Mekong was Cambodian legal adviser and Jingtian & Gongcheng provided Chinese law advice.
Adani Murmugao Port Terminal Private Ltd was created to build and operate a port terminal for coal with a capacity to handle around 7 million tonnes of coal per year, with 5 million tonnes expected in the first full year of operations in Mormugao Port, state of Goa, India. The terminal was to be situated near the existing Berth No.7, a 50-year old berth that has a draft of only 3.5m currently used for iron ore exports.  The project was to be implemented under a 30-year design, build, finance, and operate concession.  Adani Murmugao Port Terminal Private Ltd, a subsidiary of Adani Group and Mundra Port and Special Economic Zone (MPSEZ), won the project in a competitive tender by offering a 20% revenue share to Mormugao Port Trust. This was the highest of the two bid received. The project had attracted interest from other players like Tata Group, Zoom Developers Ltd and Gammon Infrastructure Projects Ltd. In August 2009, Mormugao Port Trust awarded the letter of acceptance to Adani Group for developing a coal-handling terminal on BOT basis. Mormugao Port Trust (MPT) signed the concession agreement with Adani Murmugao Port Terminal Private Ltd on 22 September 2009  The project cost was estimated at INR5.2768 billion (US$115.4 million). The project reached financial closure in May 2010. Financing comprised an INR2.85bn 12-year term loan and INR2.4268bn equity. Axis Bank was the sole MLA for the debt.
In January 2010, a consortium led by Limak Holding [Turkey] won the rights to operate the concession Uludag Elektrik Dagitim or UEDAS from the Turkish Privatization Administration (Ozellestirme Idaresi Baskanligi or OIB).  Uludag Elektrik Dagitim was granted a 30 year electricity distribution concession in 2006 to which served an area of 35,501 km2 area in the South Marmara Region (provinces of Bursa, Balikesir, Çanakkale, Yalova). The company had 2.278 million customers, including which 1.876 million residential customers by December 2008.  Limak Holding in consortium with Cegniz Holdings and Kolin Construction won the tender for the block sale of 100% of UEDAS concession organized by OIB. Limak Holding owned 33.31% of UEDAS while the remaining was equally split between Cegniz Holdings and Kolin Construction. OIB prequalified 16 investors in December 2009 of which nine submit final bids in January. Limak Holding won the tender by offering the highest price for the concession (US$940 million). The Higher Privatization Council gave the final approval to the transaction in August 2010.   The project reached contractual closure on August 31, 2010 with the signature of sale and transfer agreements by the winning consortium and the Turkish government. The private consortium that won the project has the right to operate the distribution company for the remaining of its concession period until 2036.   This concession was part of a government program to introduce private operation of, and investment in, the 20 regional electricity distribution companies owned by the state-owned Turkiye Elektrik Dagitim A.S. (TEDAS).  The program followed a Transfer of Operating Rights and Share Sale model ('TSS model'). In this model, the private investor became the sole owner of the distribution companies' equity and the unique licensee for distributing electricity in each region for a period of 30 years. However, TEDAS retained ownership of the distribution network assets and of certain other items essential for operating the distribution assets. The private investor was obliged to undertake the necessary network investments, recoverable through the tariffs. These investments were embedded in the tariffs during the first tariff implementation period (2006-2010). After 2010, the private investor was to submit an investment plan annually to the Electricity Market Regulatory Authority (EPDK) for its approval.
In April 2010, Mexico's Secretariat of Transport and Communications (SCT), awarded ICA [Mexico] a 20-year concession contract for the 163km Mitla-Tehuantepec federal highway in Oaxaca state. ICA was the only final bidder, presenting the sole bid of 9.23bn pesos (US$735mn) for the project, which involved building 93km of highway, as well as rehabilitation and expansion work. The highway had 70km of existing infrastructure.  The project follows the structure of the PPS, which is a performance based contract, and gives an availability payment to the concessionaire on a quarterly basis, pending the meeting of specified criteria in the contract. Deductions in the quarterly payment can be made for a non-performing section of road. The existing section of the road (70km) was to charge a toll.   The contract was signed in June 2010, giving ICA's 100% subsidiaries Caminos y Carreteras del MAYAB, S.A.P.I. de C.V. and Controladora de Operaciones de Infraestructura, S.A. de C.V.,full rights to the assets. Construction and rehabilitation was expected to take approximately 40 months to complete.
IRB Goa Tollway Private Limited was created to implement the four lanning of NH 4A from Goa/Karnataka Border Km 84 to Panaji-Goa Km 153.070 with total length of 69.07 km in Goa under NHDP Phase III. National Highway Authority of India awarded the project to IRB Goa Tollway Private Limited, a subsidiary of IRB Infrastructure Developers under a 30 year  design, engineering, finance, construction, operation and maintenance contract s plus 30 months of construction. The contract was awarded in January 2010 and the concession contract was signed in Febraury 2010.   The project cost was estimated to be INR8.32 billion (US$181.94 million). The project cost reached financial closure in March 2010 when an INR 3000m term loan facility, maturing April 15, 2026 was syndicated.  IDFC (INR 1800m), was sole book-runner and mandated lead arranger along with lenders Canara Bank (INR 450m), Bank of Baroda (INR 400m), and Union Bank of India (INR 350m).
EMCO Energy Limited was created to develop and operate the 600 MW coal merchant power plant developed in Warora Taluka  of Chandrapur District in the state of Maharashtra. EMCO Energy Limited was a wholly owned subsidiary of GMR Energy Limited (GEL). GMR Energy Limited acquired EMCO Energy Limited from EMCO Ltd, the original developer in July 2009. The project was expected to be developed in two phases of 300MW each.   In January 2009, EMCO Energy Limited had signed power purchase agreement with the Maharashtra State Electricity Distribution Company (MSEDCL) for 200 MW at INR 2.88/kWh. Under the terms of the agreement, the sponsor would supply power by 2013. The balance output of 400 MW was expected to be sold on merchant basis. It was reported that EMCO Energy Limited was in talks to sell 200 MW to MPPTC (Madhya Pradesh), 100 MW to GUVNL (Gujarat) and 20 MW to Western Railway constituents. In Jan 2009, Maharashtra, had finalized bids submitted by 3 generators - Adani Power, Indiabulls and Emco Energy for the supply of 2,850 Mw (under case-I bidding, a merchant power procurement process where the developers take full responsibility for project development including acquisition of land, availability of water and fuel linkages.). Indiabulls would supply 1,450 Mw at INR 3.26-3.42/kWh and Adani Power 1,200 Mw at INR 3.26/kWh.   The estimated project cost was about USD 761 million (INR 34800 million at 48.41 INR/USD). Financial close took place in March 2010. Financing comprised USD 539.1 million (INR 26100 mn) 14-year and 6-month term loan in debt and USD 179.7 million (INR 8700 mn) in equity at a debt/equity ratio of 75/25. Axis Bank was the sole debt arranger and syndicator.   Construction was expected to start during 2010. Land acquisition, evacuation plan and water allocation for both the phases were completed and the requisite approvals such as coal linkage and environmental clearance (MoEF) for phase-I (300 MW) were obtained. The order for Boiler-Turbine-Generator equipment was placed with SEC China. The fisrt plant was expected to be operational in August 2012 and the second one in November 2012.  Unit-1 of 300MW was commissioned on 7th February 2013 and Unit-2 of 300MW was commissioned on 27th August 2013.
Vidullanka developed the 1.2MW Ganthuna and 0.56MW Sheen small hydropower plants, in Ganthuna-Aranayake, Kegale District (Ganthuna) and Nuwera Eliya (Sheen). The third plant was the 2.0MW Ethamalla small hydropower plant, Matara District in the Southern Province.  Sheen consisted of 1 Penton turbine of 500kW, and 1 penton of 60kW. The project generated 2.2Gwh annually, at 46% plant load factor. The project was commissioned in October 2008. The turn-key EPC contractor was Elpitiya, a member of the Aitken Spence Group.  Ganthuna consisted of 2 Pelton turbines of 600kW each. The project generated 4GWh annually, at 38% load factor. The project was commissioned in March 2010 and fed from the Gurugodaoya River. The project held a 20 year PPA with Ceylon Electricity Board.  Ethamalla consisted of 3 Francis turbines, two of 800kW and 1 of 400kWh. The project generated 1.2GWh annually.  Financial closure date was unknown, but estimated here at March 2010 (commissioning Ganthuna). Total cost was unknown, but conservatively ESTIMATED at US$1.7 million (@US$1.0 million/MW). Sheen and Ganthuna applied for UNFCCC CDM financing.   The coordinates were: Gantuna Udagama:  80o 25’ 13”  7o 07’ 55.8”  Ethamala Ella:  80o 29’ 46”  6o 13’ 37”  Sheen:  80o 41’ 12”  7o 00’ 18”
In March 2010, the Government of Angola confirmed the partial divestiture of 80% of Movicel to a group of five private sponsors announced in 2009.  Movicel was created in 2003 as the mobile telephony arm of the national telecoms company, Angola Telecom.  Post the transaction the shareholding in the group was as follows:  State companies retained ownership of 20%: Correios Telegrafos de Angola (2%) Angola Telecom (18%)  The remaining 80% belonged to the following private companies: Porturil - Investimentos (40%) Modus Comicare - Comunicacoes e Imagem, Lda (19%) Ipang - Industria de Papel e Derivados (10%) Lambda - Investment (6%) Novatel SA (5%)
Indiabulls Realtech Ltd was created to build and operate 1350 MW Nasik coal Thermal Power Project at Sinnar, Nasik district, Maharashtra.  The project was designed as five units of 270 MW each. The primary fuel for the Project was coal for which coal linkage were granted and letters of assurance from South Eastern Coalfields Ltd. (SECL), Western Coalfields Ltd. (WCL) and Mahanadi Coalfields Ltd. (MCL) were issued. The project company acquired approx. 900 acres of Land to develop the power plant. Indiabulls Group was the developer of a multi-product Special Economic Zone (SEZ) on 2,500 acres at Sinnar, 30 kms from Nashik. Of which, 1,000 acres are to be used for the company’s proposed 1,350 MW thermal power plant  Indiabulls Realtech Ltd was a subsidiary of Indiabulls Power Ltd..  (Indiabulls Group).    The Power Plant was to be connected with the State Transmission Utility (MSETCL) for evacuation of power for intra-State & inter-State sale.  The project company signed a PPA for 950 MW with Maharashtra State Electricity Distribution Company, 350MW was to be sold to the national government at Rs. 3.26 per unit, and 50 MW would be losses.  The project cost was estimated to be INR80 billion (US$1750 million). Financial close was achieved on 30 Jun 2010. Financing comprised a INR50.92bn 15-year 3-month term loan arranged by Axis Bank Ltd.   Project was expected to be commissioned in 2013. The 1st unit (270MW) was commissioned in February 2014.
GVK Power (Goindwal Sahib) Ltd was created to implement and operate the 540 MW (2x270 MW) pulverized coal power plant at TarnTaran district, Punjab state. Project was also known as Goindwal Sahib Thermal Project. GVK Power (Goindwal Sahib) Ltd was a subsidiary of GVK Power created to implement the project.      GVK Power and Punjab State Electricity Board (PSEB) signed the letter of implementation for this project in May 1998. A revised MOU was signed between GVK and PSEB on Feb 2006 for execution of the project. The sponsor signed amended and restated PPA for this project with Punjab State Electricity Board (PSEB)  twice in 2007 and in May 2009.   The environment clearance was obtained in September 1999 and an updated clearance in May 2008. EPC contracts signed in September 2009 with Punj Lloyd. The first unit was expected to become operational 36 months and the second one 42 months after financial closure. The first plant was expected to be operational in January 2013 and the second one in April 2013.  The estimated levellised tariff based on approved cost of capital was RS.2.63 per unit.  GVK Coal (Tokisud) Company Private Limited was created to develop and operate the Tokisud north captive coal mine in South Karanpura Coalfield situated in Hazaribagh district in Jharkhand for supply of coal to the 540 MW of GVK Power (Goindwal Sahib) Ltd.  GVK Coal (Tokisud) Company Pvt. Ltd. entered into a Coal supply Agreement with GVK Power (Goindwal Sahib) Ltd for the sale of coal. GVK Coal (Tokisud) Company Private Limited achieved financial closure on April 27, 2010.  The project cost was estimated to be INR32 billion (US$700 million) by the project sponsor in the financial documents. However, the government of India had an approved cost of INR29,638.1 (US$648 million) at financial closure. According to company reports to the government of India, the project reached financial closure in February 2010 with a debt/equity ratio of 80/20. Financing comprised Rs24bn in debt and Rs8bn in equity arranged by IDBI Bank.
Bajaj Energy Private Ltd, Formerly known as Bajaj Eco-Chem Products Pvt. Ltd, was created to implement a project to build and operate 450 MW (5X90 MW) coal power project in thermal power plants at five locations on the unused land available in the vicinity of the sugar mills of the Company at Khamberkhera, Barkhera, Maqsoodapur, Kundarkhi and Utraula all located in the State of Uttar Pradesh, India.   The initial capacity of each of the 5 plants was to be 80MW and then expanded to 90 MW.  Bajaj Hindusthan Ltd, the sponsor a subsidiary of Bajaj Group, had a 25 year Power Purchase Agreement with Uttar Pradesh Power Corporation Limited (UPPCL) for off take of the electricity.  BEPL awarded the EPC contract to Bajaj Infrastructure Development Company (BIDCO). The coal for the project was to be obtained from Coal India Limited.   Project cost was estimated to be Rs23.2 billion (US$507.3 million). Financial close was 25 Aug 2010 with a debt equity ratio of 75/25. Financing comprised of Rs17.4bn 12-year term loan and Rs5.8bn equity. The debt was arranged by SBICAP.  The commercial operation of power plants at these five locations was expected late 2010/early 2011.  The five new coal based plants under Bajaj Energy were commissioned early 2012 at Barkhera (Pilibhit), Maqsoodapur (Shahjahanpur), Khambarkhera (Lakhimpur), Kundarkhi (Gonda), Utraula (Balrampur)
Essel Bhind Mihona Gopalpur Toll Roads was created implement the expansion of a 50.86km road which run east-west from the town of Lahar in the Indian province of Madhya Pradesh to Gopapur in West Bengal. The project was awarded by Madhya Pradesh Road Development Corporation Limited to Essel Infraprojects, a subsidiary of Essar,under a 20-year BOT (toll) concession.   The project cost was estimated to be INR923.85 million (US$20.2 milion). The project reached financial closure in May 2010. Financing comprised a INR760.8m 12-year term loan and INR163.05m equity. Axis Bank was the sole MLA on the loan financing. The constructuion phase was expected to conclude in May 2012.
In January 2010, Cambodian Transmission Limited signed the BOT contract with state-owned power company Electricite du Cambodge (EDC) to build and operate a 100km, 230-kv power transmission system from North Phnom Penh to Kampong Cham. Under this BOT, the project company agreed to build, manage and maintain the transmission line for 25 years before returning it to the government. Cambodian Transmission Limited was a subsidiary of Malaysian Leader Universal Holding. The project was to be implemented in three phases: The first phase involved the construction of a substation in Kampong Cham with an estimated completion scheduled in July 2011, while the construction of the North Phnom Penh substation under the second phase was slated to be completed by March 2012. The final phase, involving commissioning of the 110-km transmission line from the North Phnom Penh substation to the Kampong Cham substation, would be completed in December 2013.  The total project cost was estimated to be US$106.6 million.  In February 2010, Cambodian Transmission Limited (CTL) executed a facility agreement with the ExIm Bank of Malaysia Berhad. Under the agreement Exim Bank Malaysia agreed provide the financing of US$65 million (61% of the total project cost) on a 13-year Islamic financing under its overseas project financing facility.  In June 2019, MIGA issued $ 73 million guarantee to cover the investment by Mizuho Bank, Ltd and lenders into Cambodian Transmission Limited.
Jaguar Energy Guatemala, a 100% subsidiary of Ashmore Energy International [USA], began construction of a 300MW coal fired power plant near Puerto Quetzal in 2008. Delayed due to lack of financing during the financial crisis, the plant eventually obtained financing in March 2010, due to a syndication led by the Central American Bank for Economic Integration (BCIE) and Banca de Inversion Bancolombia SA in the form of a US $350 million 10 year term loan for construction priced at LIBOR +575 basis points. Ashmore Energy provided US$408 million in equity. New China Energy Machine Corporation was the EPC contractor  Jaguar Energy had 15 year Power Puchase Agreements for 200 MW of its power to Gas Natural's local Guatemalan electricity distribution companies in 2008. The remainder expected to be sold in the local Guatemalan and regional wholesale power markets. The plant was expected to become operational in 2013.
In June 2010, a local private company, Chongqing Taixing Environmental Protection Engineering Co., Ltd.  was granted an agreement to implement the City East Wastewater Treatment Plant in Tongliang County, Chongqing Municipality under BOT scheme.   The project has a capacity of 10,000 cubic meters per day. Taixing has a 100% stake in the project and the total investment was US$3.82 million(RMB 25.9680 million).
GMR Hyderabad Vijayawada Expressways Private Limited was created to implement a project to expand from two lanes to four to six lanes 181 km of the Hyderabad – Vijayawada section on  NH-9  in the state of Andhra Pradesh.  The project also included 2 major bridges, 32 minor bridges, and 174 culverts.  Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance and widening of the existing two-lane highway to a four-lane highway with paved shoulders. The expansion project, part of National Highway Development Project Phase - III, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  GMR Hyderabad Vijayawada Expressways Private Limited was an SPV owned by GMR Infrastructure Limited (74%) and Punj Lloyd Limited (26%). The National Highway Authority awarded the project to GMR on a Build, Operate and Trasfer (Toll) basis on a 25 year concession (including construction period) through an international competitive bidding route.    The consortium was one of the five bidders for the highway project, which was caught in controversy after several rounds of litigation in the Delhi high court and the Supreme Court of India over who would be allowed to place bids for the project. GMR won the tender through competitive bidding, conducted by NHAI, by quoting the maximum revenue share with the Government. The winning consortium committed to share 31% of the revenue in the first year with an annual increment of one percentage point for the duration of concession period of 25 years. Under the contract, GMR was to recover the capital costs and operating costs including returns through tolling during the term of concession. Further details of bidding were not available at the time of collection of this information.  The letter of award was issued in May 2009. The concession agreement was signed in January 2010.   The project cost was estimated to be INR17.5 billion (US$382.7 million). The project reached contractual closure in April 2010, with a debt component of INR17 billion. IDBI Bank was underwritten the loan.  Construction began in October 2009 and was expected to conclude in October 2012.
The SJVN Ltd (formerly Nathpa Jhakri Power Corporation Limited or NJPC ) was incorporated on May 24, 1988 as a joint venture of the Government of India ( GOI ) and the Government of Himachal Pradesh (GOHP) to plan, investigate, organize, execute, operate and maintain Hydro-electric power projects. The Nathpa Jhakri Hydro – Electric Power Station– NJHPS (1,500 MW ) was the first project undertaken by SJVN for execution. In addition to the financial assistance from the World Bank, SJVN has also been financed as loan by a Consortium of European Banks, the Power Finance Corporation ( PFC ) and various domestic commercial banks.    As of 2010, SJVN was constructing the 412 MW Rampur Hydro Electric Project in the state of Himachal Pradesh. SJVN was also implementing three hydro projects (252 MW Devsari, 60 MW Naitwar Mori and 51 MW Jakhol Sankri) in the state of Uttarakhand. In addition, SJVN was allocated Luhri Hydro Electric Project (775 MW) and Dhaulasidh HEP (66 MW) in the state of Himachal Pradesh for preparation of Detailed Project Report and subsequent execution. Further, SJVN entered into a Joint Venture for the implementation of 1500 MW Tipaimukh HE Project in Manipur with an equity participation of 26%. SJVN Ltd also won the right to develop 900 MW Arun III hydroelectric project in Nepal through, competitive bidding.       The Government of India disinvested 41.500 billion of equity shares of the Company (about 10% of the Capital) at Rs.10 each through an Initial Public Offer (IPO) in April to May 2010. The total proceeds rose from this IPO amounted to INR4.15 billion (US$90.75 million). SJVN came out with an IPO which was oversubscribed by over 6.6 times.  The shares of the Company were listed on the recognized Stock Exchanges on 20th May 2010.
Nyadi Group Pvt. Ltd. developed the 5MW Siuri Khola small hydropower plant. The project was expected to generate 32GWh annually.  The project was completed in September 2012. The Hydro-mechanical Equipment works was completed by Nepal Hydro & Electric Works for US$0.59 million. Construction started in June 2009.  Total cost was unknown, but estimated at US$5 million (conservatively based on US$1 million/MW). Financial closure date was estimated at April 2010, based on the 25% rule.  Financing was provided by Clean Energy Development Bank, an initiative of the Dutch Development Bank FMO.
Raiganj Dalkhola Highways Ltd was created to expand from 2 to 4 lanes Raiganj and Dalkhola section of NH-34 (49.53 km) in the state of West Bengal and operate it under a Design, Build, Finance, Operate, and Transfer (DBFOT) Toll basis.  Farakka Raiganj Highways Ltd was a wholly owned subsidiary of Hindustan Construction Company Limited and covered in Murshidabad district of West Bengal.  The concessionaire agreed to undertake all expenditure to complete the project and recover the same by toll fees fee for 30 years including a construction period of 30 months.      The project was one of the three projects awarded to Hindustan Construction Co Ltd for three contiguous sections of approximately in NH34 for a total of 256 kms at a total cost of 3,231 crores in February 2010. The other two are Baharampore Farakka Highways Ltd and Farakka Raiganj Highways Ltd.      The three concessions were awarded by National Highway Authority of India on a Design, Build, Finance, Operate, and Transfer (DBFOT) Toll basis with a cumulative grant of Rs. 10,330 million (US$ 225.9 million). The bid criteria was the minimum subsidy. The first section was from Baharampore to Farakka (103 km), the second from Farakka to Raiganj (103 km) and the third between Raiganj and Dalkhola (50 km). These projects were to be implemented by three separate special purpose vehicles (SPVs) viz. Baharampore- Farakka Highways Ltd. (BFHL), Farakka-Raiganj Highways Ltd. (FRHL) and Raiganj-Dalkhola Highways Limited (RDHL) respectively.        The total project cost initial cost was estimated to Rs6,843 million (US$ 149.6 million). Financing was signed in July 2010. Financing was signed in July 2010.Financing comprises Rs3.216bn term loan facility,  a government grant estimated to be US$75.3 million (one third of the grant for the three projects US$225.9 million), and the rest in equity. The debt was arranged by YES Bank.  Construction began at the end of October 2010.
In October 2008, a tender was launched by Argentine federal concession authority Occovi for eight road corridors. The private operators were to perform operation, maintenance and minimum capital expenditures on national routes. In return for their services, the operators were to be paid from a pool of tolls (comprised of all eight corridors) and a government payment which was to be determined through a competitive tender. In January 2009, a first round tender was declared void for all corridors but section 4.   In March 2010, Occovi awarded corredores 1,2,3,5,6,7 and 8 during a second tender. Corredor Vial N. 3 comprised 724km of national route 7 in the province of Buenos Aires and was awarded to the Argentine consortium of Jose Cartellone Construcciones Civiles SA and Rovella Carranza SA who formed AUTOVIA BS. AS. A LOS ANDES SA as the project company.  The bidding criteria was the lowest budget offered to carry out construction, operation and maitenance. The winning bid was 1,562 million pesos.  On April 21, 2010, all of the contracts for the eight road corridors were ratified by an executive decree.
This project included the development of two lanes with an aggregate length of approximately 248 lane kms under an 11 year DBFOT (Toll) contract on the Beawar Gomti Highway connecting Beawar to Gomti in the State of Rajasthan. The contract had an option to expand the road to a four lane highway and in case the company exercises the option to construct a four lane highway on the stretch within seven years from the appointed date the contract would be further extendable to 30 years (March 2039).  The Department of Road Transport & Highways, Government of India awarded concession for this project to ILFS (ILFS Transportation Networks Ltd.) on DBFOT (Toll) basis in January 2009 when the sponsors requested a grant of INR 754.65 million. The letter of award was issued in March 2009 and concession agreement was signed in April 2009. The first eleven years of the concession run from Apr-2009 to Mar-2020. The stipulated date for completion of the Project is January 27, 2011. However, the Company achieved the completion 5 months ahead of the schedule. The toll collection commenced to be effective from August 25, 2010.    The project cost was estimated to be INRs 3550 million (US$77.6 million). The project reached financial closure in August 2010. The senior debt amounted to INR 2547 million and Sub-Debt for INR 213 million. The project received a government grant of INRs 754.65 million (US$16.5 million).
Bagistas 140 MW hydro power plant is situated at Bagistas, East of Turkey. This plant was to generate 500 GWh per year. The sponsor of the project was IC Ictas Enerji Group, wholly owned subsidiary of IC Holding[Turkey]. IC Ictas held license for Bagistas dam and hydroelectric power plant for 49 years until 2059 to build, rehabilitate, operate, and transfer the plant.  In December 2010, this project reached financial closure by securing a US$253 million loan from Yapi ve Kredi Bankasi A.S and Vakifbank. The loan would mature on over a period of 13 years.
In 2009, Calik Enerji[Turkey] won the rights to operate the concession Yesilirmak Elektrik Dagitim A.S. from the Turkish Privatization Administration (Ozellestirme Idaresi Baskanligi or OIB). Yesilirmak Elektrik Dagitim A.S. was granted a 30 year electricity distribution concession in 2006 in Samsun, Amasya, Çorum, Ordu, Sinop Samsun, Amasya, Çorum, Ordu and Sinop.  The company had 1 .479 million customers, including 1.236 million residential customers by December 2008.   Calik Enerji won the tender for the block sale of 100% of Yesilirmak Elektrik Dagitim A.S. concession organized by OIB, offering the highest price for the concession (US$441.5 million) and beating off the competition with 11 other bidders. The Higher Privatization Council gave the final approval to the transaction in December 2010.   The project reached contractual closure on December 29, 2010 with the signature of sale and transfer agreements by the winning bidder and the Turkish government. The private bidder that won the project has the right to operate the distribution company for the remaining of its concession period until 2036.  The concession was part of a government program to introduce private operation of, and investment in, the 20 regional electricity distribution companies owned by the state-owned Turkiye Elektrik Dagitim A.S. (TEDAS).  The program followed a Transfer of Operating Rights and Share Sale model ('TSS model'). In this model, the private investor became the sole owner of the distribution companies' equity and the unique licensee for distributing electricity in each region for a period of 30 years. However, TEDAS retained ownership of the distribution network assets and of certain other items essential for operating the distribution assets. The private investor was obliged to undertake the necessary network investments, recoverable through the tariffs. These investments were embedded in the tariffs during the first tariff implementation period (2006-2010). After 2010, the private investor was to submit an investment plan annually to the Electrity Market Regulatory Authority (EPDK) for its approval.
In May 2010, a consortium of PLG Power Limited and Zamil Industrial Investment Company (Saudi Arabia), signed an MoU with Gujarat Energy Development Agency (GEDA) for setting up a 20-mw photovoltaic solar power plant at Dahisar village in Patan district of Gujarat, under the Gujarat Solar Policy 2009. The proposed project would use thin film technology.The output from the project would be fed to the North-East-West-North-East (NEWNE) grid of India. Power evacuation was planned through an 8 Km 66 KV line, which, as per the state policy, was the responsibility of Gujarat Energy Transmission Corporation Limited (GETCO).   PLG had entered into a 25-year Power Purchase Agreement with the state utility Gujarat Urja Vikas Nigam Limited (GUVNL),which would be effected at the time of commissioning of the project. The APPC (Average Power Purchase Cost) as per the Gujarat Solar Policy 2009, was US$ 0.32/Unit (INR 15 per unit @ 47INR/USD) for the first 12 years, and US$ 0.11/Unit (INR 5 per unit @47 INR/USD) from 13th year to 25th year.The total capacity of 20 MW was eligible for carbon credits. Proceeds of carbon credit were to be shared as follows: (a) 100% by project developer in the first year after the date of commercial operation of the generating station/ transmission system; (b) 2nd year – share of beneficiaries (DISCOM-GUVNL) @ 10% to progressively increase by 10% every year up to 50% whereafter the proceeds would be shared in equal proportion, by PLG and GUVNL. Transmission and/or wheeling charges would be paid by PLG.  Financial closure had taken place in 2010, but no information was available. Refinancing of existing debt took place in March 2014.The total project cost was US$ 74.4mn (INR 3400mn @45.7 INR/USD).The debt equity ratio for the project was 62/38. The financing comprised of sponsor equity of US$ 27.8mn (INR 1270mn) and term loan of US$ 46.6mn (INR 2130mn).The 12-year 2-months term loan was arranged by L&T Infrastructure Finance Ltd.  The project was commissioned by March 2012.
In January 2009, A2Z Maintenance & Engineering Services Limited (A2Z) signed memorandum of understanding with Fazilka Cooperative Sugar Mills Limited,Morinda Cooperative Sugar Mills Limited and Nakodar Cooperative Sugar Mills Limited to set up at each site 20MW biomass (bagasse) based cogeneration power plants within their respective sugar mills in the state of Punjab. The concession was for a period of 15 years. The respective sugar mills had granted a lease to the Company over land measuring 5 acres for each of the cogeneration projects for a period of 15 years. The EPC for the plant had been awarded to A2Z Powercom, a group company. The boilers would be sourced from Sichuan Chuanguo Boiler Co. Ltd.(China) and Turbines from Qingdao Jieneng Power Station Engineering Co. Ltd. (China). The key Fuel would be the Bagasse from the sugar mills; the other fuels during non-peak season like cotton stock,rice husk would be procured locally from Multi Fuel Management Pvt. Ltd.Water requriement would be met by water supplied by the sugar mills from deep bore wells located in the sugar mills’premises.  The MoUs granted A2Z concessions for a period of 15 years over the projects on a BOOT basis. Upon the completion of the concession period, A2Z had a right of first refusal on fresh terms and conditions, which were required to be informed to A2Z six months prior to the expiry of the concession period. If A2Z refused to accept the new terms, the sugar mills were restricted from offering more favorable terms to any third party.  A2Z Maintenance & Engineering Services Limited (A2Z) had been awarded these biomass projects on a competitive bidding basis by the Punjab State Federation of Cooperative Sugar Mills Limited. The bidding criteria was the highest revenue share with the Sugar Mills - 7% for Fazilka, 9% for Morinda and, 7% for Nakodar. The percentage of revenue shared by A2Z with the sugar mills was subject to an increase of 0.5% after the completion of the 5th year of the concession period and a further 1% increase if the power generation exceeds a specified capacity. A2Z was required to provide steam and power from the three bagasse-based cogeneration projects during the crushing season free of cost to the three sugar mills. A2Z would provide aggregate power of approximately 8.8MW to the three sugar mills during the crushing season. Any surplus power that it generated could be sold to third parties on a merchant basis or to the Punjab State Electricity Board through a PPA. During the off-season, A2Z could sell the entire power generated to third parties. In April 2010, A2Z had entered into memoranda of understanding with Punjab Energy Development Agency (“PEDA”) in respect of the projects in Fazilka, Morinda and Nakodar whereby PEDA had agreed to assist the Company in obtaining statutory clearances and facilitate the execution of the PPAs for such projects.A2Z had executed PPAs with a private party for the sale of power generated from the cogeneration projects at Fazilka, Morinda and Nakodar for a ten year period from April 1, 2011, which was extendable by mutual consent. As per the PSERC (State Regulator) tariff order for FY2011 the applicable rates for biomass power projects was US$ 0.122/Unit (INR 5.49/unit @45INR/USD).A2Z had also represented its case for carbon credits for the project, and UNFCC was currently validating the project.The financial benefits of the revenue obtained by selling of the CERs was expected to improve the Equity IRR of the project.  The estimated cost of the 3 projects were USD 54.7 million (INR 2460 mn @45 INR/USD). Financial closure took place in March 2010. The debt to equity ratio for the project was 72:28. Financing comprised of a 9-year term loan of USD 39.5mn (INR 1780 mn) and USD 15.1mn (INR 680mn) sponsor equity. The term loan had a grace period of 2 years and a repayment schedule of 28 quarterly instalments. Yes Bank was the lead arranger (INR 900mn)and the other particpating bank was ICICI Bank (INR
GNPower Mariveles Coal Plant Ltd. Co. was created to build and operate a 600 MW (2x300 MW) coal fired power plant capacity in Bataan, on the island of Luzon, Philippines. Initially the plant was planned as 1,200 MW LNG power plant but change to a 600 MW coal fired power plants in 2007. GNPower Mariveles Coal Plant Ltd. Co. was a subsidiary of GN Power, which operated power plants and had licenses for retail electricity supply from the Energy Regulatory Commission (ERC). This plant was the first phase of a GN Power's plans for 2,100MW. GN Power was a joint venture among Sithe Global, Power Partners, PMR Holding Corporation and US-based Denham Capital Management.  The power plant was conceived and developed by the private sponsors. It was the first plant to be implemented without any government support in the Philippines. The project company signed several long term power purchase agreements with numerous off-takers including Manila Electricity Co. (MERALCO) and Dagupan Electricity Corp between 2007 and 2009.  The project cost was estimated to be US$1000 million. The project reached financial closure in January 2010 with US$493m 16-year term loan and US$$227m 12-year term loan in debt and US$$280m in equity. The US$493m loan was arranged by China Development Bank (CDB) and the US$280 million loan by Filipino Banco de Oro Unibank Inc (BDO).  GN Power signed an EPC contract with CNEEC [China] on Feb. 6, 2009. The Engineering, Procurement and Construction counterparty is CNEEC (China). Construction started on 29 Jan 2010 and operation was expected to start on 29 March 2013.
In January 2010, the Colombian concession agency INCO signed a variable term concession contract with a consortium consisting of Odebrecht [Brazil, 62%], Corficolomiana [Colombia, 33%] and CSS [Colombia, 5%]for the 528km second section of the Ruta del Sol Highway. The second section extended from Puerto Salgar to San Roque and involved the expansion of a two lane highway into a four lane carraigeway as well as the construction of over 100 bridges. Ruta del Sol was originally designed as single project, but was broken into three sections under advisement from the IFC.   The project was awarded to Odebrecht over OHL [Spain] in a competitive tender by Inco in which the lowest Net Present Value of revenue was the main bidding variable. There were three final bids. The NPV of revenues requested totaled $1.047 billion,  6.5 percent less than the maximum-allowed bid value.  The Ps 2.1 trillion (US $1.085 billion) project reached financial closure in November 2010 with the signing of a Ps 1.5 trillion (US $775 million) loan led by Corficolomiana. Debt providers included Banco de Bogota, Banco de Occident, Banco Popular, Banco AV Villas, Bancolombia Davivienda and Helm. The entirely private, domestic financing broke new ground with an unprecedented draw down period of four years as well as a maturity of ten years.
In October 2009, the National Highway Authority of India (NHAI) awarded a 25 year concession (including construction period of 910 days) with a consortium of India’s IRB Infrastructure Limited and MRM Private Limited for the strengthening and improvement of a 146.3 km stretch on National Highway-12 (NH-12 from Km 18.700 to Km 165.000) in the state of Rajasthan.  Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance and widening of the existing two-lane highway to a four-lane highway with paved shoulders. The expansion project, part of National Highway Development Project Phase - III, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  The consortium of IRB and MRM established IRB Jaipur Deoli Tollway Private Limited, a special purpose vehicle, to implement the project. The consortium won the tender through competitive bidding, conducted by NHAI, by requesting for the lowest subsidy requirement of US$ 63.2 million (INR 3060 million @ 48.41 INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. Other bidding details were not available at the time of collection of this information.  The concession agreement was signed in December 16th, 2009. Construction was expected to be completed by Dec 2012. The estimated capital cost of the project at the time of bidding was US$ 303.6 million (INR 14700 mn @ 48.41 INR/USD) million. Financial closure was achieved in March 2010.
GMR Rajahmundry Energy Ltd was create to develop and operate a 768 MW (2 X 384 MW) gas-based thermal power plant at Vemagiri village, near Rajahmundry town, India.  The project was an expansion of the Vemarigi power plant build in 2003-08 (Project ID 3408) and aimed to take advantage of the availability of higher gas from KG basin and adequate land at the site.  As of march 2011, the company had no signed any power purchase agreement for the output of the plant. The project company expected to benefit of the merchant rates in the short term and had a long term model of merchant /power purchase agreement of 40/60.  Plant was expected to be operational in March 2012 with the simple cycle in December 2011 and the combined cycle in March 2012. Larsen & Toubro was the EPC contractor.  Project cost was estimated at Rs32.9 billion (US$ 719.4 million). Financial close was on 14 Sep 2010 with a debt equity ratio of 75/25. Financing comprised a Rs26bn 14-year term loan facility and Rs6.5bn equity. The debt was arranged by IDBI.  On March 2013, GMR closed funding of US$ 138.2mn (INR 8100mn @58.6 INR/USD) for catering to project cost over-run. Financing comprised a 12-year term loan of US$ 75.9mn (INR 4450mn) and sponsor equity of US$ 62.3mn (INR 3650mn).Lenders were IDBI, Allahabad Bank, Andhra Bank, IDFC Ltd, Indian Overseas Bank, Jammu and Kashmir Bank, Punjab and Sind Bank, Punjab National Bank, State Bank of Patiala, Syndicate Bank, United Bank of India. Loan was arranged by IDBI Bank.  On March 2015, the project was refinanced by a consortium of 11 banks led by SBI- Allahabad Bank (INR 248 million), Andhra Bank (INR 356 million), IDFC Ltd (INR 820 million), Indian Overseas Bank Ltd (INR 356 million), Jammu & Kashmir Bank Ltd (INR 350 million), Punjab National Bank (INR 463 million), Punjab & Sind Bank (INR 175 million), State Bank of Patiala (INR 356 million), United Bank of India(INR 356 million), Syndicate Bank Ltd (INR 180 million), IDBI Bank Ltd (INR 740 million).
Wardha Power Company (WPCL) was created to develop and operate a 540 MW coal based power plant which comprises four units of 135 MW each to be developed in two phases. This power project was situated in Maharashtra Industrial Development Corporation (MIDC), Warora, District Chandrapur, Maharashtra. WPCL, is a Special Purpose Vehicle (SPV) promoted by KSK Electricity Financing India Pvt. Ltd. (KEFPL), a wholly-owned subsidiary of KSK Energy Ventures Ltd (KEVL). KEFPL holds 74% stake in the Warora project, while the balance 26% stake is held by Viraj Profiles Limited (VPL).  KSK Group held 87% of the Equity of Wardha Power Company Limited and the balance equity was held by various Industrial Consumers who are expected to undertake power consumption collectively from Unit 3 and 4 of the Power station.  Entire power generated from the first two units was to supply Maharashtra State Electricity Distribution Company under a short term PPA. In May 2010, WPCL received a letter of intent from Maharashtra State Electricity Distribution Company for firm procurement of power in excess of 290MW for the period from April 2011 to March 2014 at an average tariff of Rs.5.09. In 2010 WPCL had already contracted power supplies on long term basis, from the balance available capacities from the other units (III and IV), expected to go on stream in early 2011.  The entire power generated by Phase I of the project (270 MW) would cater to the upcoming steel project of VPL - an Export Oriented Unit (EoU) being set up in MIDC, Thane. The power off-take from Phase II of the project was also tied up through long-term PPAs with different companies for their captive consumption/ upcoming projects. The project became operational in 2010 with the first 135 MW unit became operation in May 2010, the second in August 2010, and the third one in January 2011.    The company entered into an agreement with Gujarat Mineral Development Corporation (GMDC) for coal requirement for the entire capacity from coal blocks located at Korba (Chhattisgarh). Land acquisition of the required 144 hectares for the project was complete in 2009.  The power generated from the plant is proposed to be evacuated to the proposed 220-kV Wani Substation for which WPCL has obtained approval from the Maharashtra State Electricity Transmission Company Limited (MSETCL).  The total project cost was estimate at US$528.3 million (Rs 2,416 crore). The three financial institutions, Rural Electrification Corporation (REC), Hudco, and Indian Overseas Bank (IOB) agreed to fund Rs 555 crore, Rs 233 crore and Rs 100 crore respectively for the project. The debt for the project was secured while the equity portion would be infused by KEFPL and VPL in the ratio of 74:26.
The Sakon Nakorn and Nakorn Phanom projects are two solar power plants of 6 MW capacity each in the provinces of Sakon Nakorn province and Nakorn Phanom province in Thailand. The project companies created to build and operate these solar plants were Solar Power (Sakon Nakorn 1) Co., Ltd. and Solar Power (Nakorn Phanom 1) Co., Ltd., respectively. These two companies were whole owned subsidiraies of Solar Power Co Ltd.  In April 2011, the Steel Intertech Public Company Limited acquired the Solar Power Company Limited. The name of the sponsor was then changed to changed its name to SPCG Public Company Ltd.  The project companies signed with state-owned Electricity Generating Authority of Thailand (EGAT)a power purchase agreement to sell all electricity output from these plants. There was not additional information on the PPA for these power plants in public sources. The projects by SPCG held a PPA with the Provincial Electricity Authority (PEA), for 5 years - open ended. The PPA provided for a feed-in adder of THB 8.0 on top of the base tariff for 10 years after commissioning. The projects receive tax benefits of 0% for the first 8 years, and half of normal tax rate for the 5 year following.  The project was expected to cost US$51.2 million. Financial close was reached in October 2010. Financing comprised a THB441m term loan, a THB 500m letter of credit facility and a $20m credit facility provided by KBank.
The Gansu Guazhou Xiehe wind power project is a 210 MW wind farm in Guazhou, Gansu province. Sponsor is China Windpower Group Ltd, which received a 25-year concession from the National Development & Reform Commission (NDRC). Project is being developed by a subsidiary company, the Gansu Guazhou Xiehe Wind Power Co. Ltd.   The offtaker, Gansu Provincial Grid in Northwest China, signed a PPA with the sponsor to accept all output for 25 years.  EPC contractor was Jilin Xiehe Power Construction and Sinovel is the equipment supplier. Proposed construction envisioned 134 turbines with unit capacity of 1500kW, providing a total capacity of 201 MW of clean, renewable, zero-emission electricity.   The project was expected to cost $249 million. Financing was closed in November 2010; $109 million of equity and $140 million of debt. The debt was split into a $45m 12-year IFC A-loan and a $95m 10-year B-loan provided by SG, Intesa Sanpaolo and Rabobank.  Construction began in April 2010 and operations were expected to commence in Jan 2011.
In July 2010, the Djerba desalination plant project reached financial closure under a 20-year BOT agreement. The agreement involved an investment comitment of US$95 million.  The project was awarded to Befesa-Princesse Groupe partnership, a consortium between Befesa (subsidiary of Abengoa (Spain)) and Princesse Groupe (Tunisia) following a competitive bidding process. Financial bids were opened in April 2010: Inima/aqualia (TND1.1300/m³ /$0.78/m³); Acciona (TND1.1347/m³ / $0.79/m³); Befesa (TND1.17/m³ / $0.81/m³).  Befesa is expected to undertake construction of the plant and Befesa-Princesse Groupe partnership will oversee its operation and maintenance.  The total income from the sale of water during the 20 years of the concession is estimated to exceed 200 million euros, since the annual income is calculated to amount to more than 11 million euros. The plant is expected to have a production capacity of 50,000 cubic meters of desalinated water per day.
Dhonithanda Wind Project Limited was created to build and operate a 25.5 MW wind park with 17 turbines and 12km of high-voltage power lines to connect the wind park to the mains supply in Gadag District, Karnataka. Dhonithanda Wind Project Limited was a subsidiary of Bhoruka Power Corp (BPCL), the project sponsor.   There was not public information on the total cost of the project. In Febraury 2010 the project sponsor raised a €19.6m (US$26 million) debt facility to the project of which DEG provided €8.3m and Proparco €7m. Axis Bank, the local commercial bank, extended €4.3m equivalent in rupees. According to a statement, DEG and Proparco participated in the project because is promotes renewable energy, thus contributing to climate protection.   Project construction started in Jan 2010 and power plant was slated for commissioning in September 2010.
The Cebu Power Plant is a 200MW (100MW x 2) coal-fired plant to be located near Cebu City in the Naga Municipality.   In 2007, Cebu Provincial Government awarded the project to a joint venture (KSPC) between Korea Electric Power Corporation (KEPCO) and Salcon Power Corporation (SPC).  The project was to be developed as an independent power producer to serve Visayas region (70%) and sell electricity into a wholesale merchant market (WESM)(30%).  The Philippine Government did not provide any guarantee mechanism for the project.  Korean KEPCO had a 60% stake while SPC owned 40% of the KSPC joint venture that undertook the construction, ownership, operation, management and maintenance of the project.  KEPCO was an integrated electric utility company engaged in the transmission and distribution of electricity in Korea.  SPC was a venture company engaged in power projects in Cebu Province and owned by members of the Salcon Consortium.  The project total cost was estimated to be US$451 million. The project reached financial closure in March 2010 with a debt/equity of 60/40.  Financing comprised US$70m 11-year 3 months term loan, US$100m 11-year 3 months term loan, US$100 11-year 3 months term loan and $181m in equity. The debt was arranged by Credit Agricole CIB, SMBC,ING, ADB and Kexim. ADB and Kexim each committed around US$120 million in December 2009.   Construction of the plant started in February 2008.  In December 2007, KSPC closed a $300-million deal with Doosan Heavy Industries & Construction Companies Ltd. to construct the plant.  The power facility was to use clean coal technology that limits nitrogen and sulfur oxide emissions.  The plant was to use coal from Indonesian suppliers PT Kasih Industri and PT Surya Sakti Darma Kencana and qualified local coal producers.  The two 100x2MW units were to be built within the existing Naga Cebu Power Complex.  Target completion date for Unit I was February 2011 and May 2011 for Unit II.
Azure Power India Private Limited was created to build, own and operate multiple independent solar power plants. The Company was founded by Inderpreet Wadhwa who has over 15 years of experience in the technology sector as an entrepreneur and with large corporations.  In September 2008, the Company raised a Series A round from Foundation Capital (“Foundation”) and Helion Venture Partners (“Helion”).  The first phase of the project was defined as the 4MW expansion in Punjab and a 8MW power plant in Gujarat. In total 12 MW. For the Punjab power plant Azure Power India had a 25 year power purchase agreement with Punjab State Electricity Board. the Punjab government offer a peak rate for sale of power from solar projects at Rs 8.93 per Kwh (kilowatt-hour) from 2011-12, higher than the Rs 3 to 4 per kwH it pays for conventional energy.  But the cost was estimated at Rs 12-20 per kwh. For the Gujarat power plant, the company also had 25 year power purchase agreement with the state of Gujarat.   The project cost of the first 12 MW was estimated to be approximately $60 million. IFC provided a $10 million quasi-equity investment to help finance the project in February 2010.OPIC also provided financing.  The first MW of Punjab became operational in December 2010
The Jilin Taobei Baoshan Wind Farm Project consists of a 49.5MW windfarm and 220KV substation in Baicheng City, Jilin Province, China. The wind farm construction involved the utilization of 33 Suzlon S-82 1.5MW wind turbines, manufactured in Tianjin, China.  The project sponsor was NBT (Baicheng) New Energy Development Company. In May 2010, AEI China Power Limited acquired a 67% stake in NBT.   All energy generated by the project was to be sold to state offtaker Jilin Provincial Power Grid.   Project total cost was RMB 397 million (US$58.06 million). Financing comprised of a RMB$397m 10-year syndicated term loan. Bank of Communications and HSBC were the joint mandated arrangers for the facility. Financing syndication closed on 27 Apr 2010.
On September 9, 2009, Bangladesh Power Development Board invited tenders for the installation, operation and maintenance of 8 greenfield rental power projects in various locations.  The bidders were able to compete for all 8 rental plants, but could only be awarded a maximum of 2 projects.  The Bheramara Rental Project was a 110 MW diesel-fired rental power plant with a 3 year rental term in Khulna Division (state). Bangladesh Petroleum Corporation (BPC) was to pay for fuel supply and purchase the power generated by the plant.  BPDB used a single envelope evaluation process to select the winning bidder, containing technical and financial bids. BPDB set the following deadlines: submission of bids and nonrefundable US$500 fee by Oct. 29, 2009; contract award date of Nov. 19, 2009; contract signing date of Nov. 30, 2009; and commercial operations date to be achieved within 120 days of contract signing.  October 29, 2009, the tender committee recommended the award of the project to a developer called Quantum Power Systems, a subsidiary of Otobi Limited [Bangladesh, 100%].  On Dec. 23, 2009, the Cabinet Purchase approved the award  of the contract -  a delay of over one month from the scheduled Nov. 19 2009 award date. BPDB set the contract signing date for Jan. 27, 2010 and Otobi signed the contract on February 4, 2010 Otobi was due to pay a Performance Security Deposit (PSD) by Feb 18, but did not do so until Feb. 22, 2010.    In December 2010, the rental project was commissioned, and undergoing test runs.  The total project investment was estimated at US $26 million. To calculate this estimate, first the investment's present value (PV) was assumed by multiplying an assumed investment per kilowatt (US$600) by the plant’s installed capacity.  The PV was then used to find an annual amortized payment, assuming 15 years as the expected asset life and a discount rate of 10%. This annuity payment was then multiplied by the term of the rental contract in years, giving the sponsor’s total estimated investment.       The project became operational in January 2011 and was still operational in December 2012.
Navayuga Devanahalli Tollways Pvt Ltd  (NDTPL) was created to implement a project that entailed the upgrading of 22.12 km of existing 6 lane carriageway to a new 6 laned elevated highway with continuous 10 metres wide service roads on the Hyderabad Bangalore section of national highway No 7, India. National Highways Authority of India awarded the concession to Navayuga Engineering Co Ltd (and EPC contractor) under a  DBOT(toll) concession under the National Highway Development Programme (NHDP) Phase-VII. The project was expected to reduce the time and cost of travelling between Devanahalli and Hebbal and to the Bangalore airport and improve the transport facilities for tourists.  Navayuga Devanahalli Tollways Pvt Ltd was a subsidiary of Navayuga Engineering Co Ltd.  The concession period of the project was 20 years, including construction period of 30 months. The project construction started in November 2010 and was expected to conclude in November 2012.  At the time the project was approved by the central government (January 2010), the project cost was estimated to be Rs 6793.6 milion (US$148.6 million).  The project cost was estimated to be Rs8.8 billion ($192.4 million) at financial closure. Financial close was on 6 Nov 2010. Financing comprised a Rs6.6bn 20-year term loan debt and a Rs2.2bn equity. The debt was arranged by Bank of India, Bank of Maharashtra, India Infrastructure Finance Co, Oriental Bank of Commerce, State bank of Hyderabad, State bank of India, Union Bank of India and Vijaya Bank.
In September 2010, the Power Sector Assets and Liabilities Management Corporation (PSALM) finalized the full divestiture of the 150 MW BacMac Geothermal Power Plant by selling to Bac-Man Geothermal Inc, a subsidiary of Energy Development Corporation for US$ 28.25 million. Energy Development Corporation paid the financial offer and took over the operation of the power plant. The BacMan plant package consisted of two steam plant complexes in Albay and Sorsogon - The BacMan I geothermal facility had two 55-MW turbines, both commissioned in 1993, while the BacMan II facility also had two 20-MW units: Cawayan located in Barangay (village) Basud and Botong in Osiao, Sorsogon City. The Cawayan unit started operating in 1994, while the Botong unit was commissioned in 1998. At the time the power plants were divested, they were practically inoperable, with a generating availability of only 3%.   The project was awarded to Bac-Man Geothermal Inc following a competitive bidding conducted by PSALM in May 2010. Bac-Man Geothermal Inc of the Lopez group offered US$28.25 million for the Bicol-based geothermal plants while Thermal Power Inc, of the Aboitiz group tendered a bid of US$17.8 million. The two bidders exceeded the reserve price set by the PSALM Board for the asset.  Bac-Man Geothermal Inc was fully owned by Energy Development Co.  In February 2012, Alstom won a repair contract for unit 1 and 2 of the plant. The unit is to be shipped to the UK for repair works, and unit 2 is to follow 'in due time'. Construction is expected to be completed in 2014.
Chhapra Hajipur Expressway Ltd, a subsidiary of Madhucon Projects Ltd, was created to implement a project to increase from four to six lanes the existing 64 km road from km 143.200 to km 207.200 on the Chhapra - Hajipur section of NH-19 in the State of Bihar. The National Highway Authority of India awarded the project to Madhucon Projects Ltd on Design, Build Finance, Operate, and Transfer ("DBFOT") annuity basis. The concession period was for 15 years including 2 1/2 year of construction period.  The project cost was estimated to be INRs8125 million (US$177.7 million). The project achieved the financial closure in December 2010. State Bank of India was the leader arranger of the consortium. Allahabad Bank, Andhra Bank, State Bank of Bikaner and Jaipur, Indusind Bank and Punjab & Sind Bank were the other lenders. SBI Capital Markets Ltd syndicated the debt of Rs. 585 crores for the project.  The Company commenced the construction work in this project in December 2010.
Akfen Hidroelektrik was planning the development of the 30.6 MW Dogancay hydropower plant. Akfen Hidroelektrik was a subsidiary of Turkish Akfen Group.  Commissioning was expected in 2012, as of one 8 projects planned to be developed by the company with a total capacity of 119 MW. The Turkish government opened up for tender concessions for 52 run-of river hydropower plants, between December 2009 February 2010. During the tenders, 615 bids were made and the deals were finalized in May/June 2010.  Total costs were unkown as of October 2011. However, the project received a EUR137.8 million ($183 million) loan in May 2010 from a consortium of banks. Due to lack of information, a total cost fo EUR137.8 million ($183 million) was adopted here.
In August 2010, Sociedad Portuaria Terminal de Contenedores de Buenaventura (TCBuen) closed financing the first phase of a new container terminal in the port of Buenaventura, the only significant Pacific coast port in Colombia. The Project involved the development, engineering, construction, dredging, equipment purchases, and operation of the terminal. The terminal was to handle 268,000 TEUs of container traffic each year during its first phase. TCBuen was located in Buenaventura, Colombia, at the Aguacate Marsh before the Cascajal Island and directly connected to the main national road connecting Buenaventura to main cities in the country approximately 3km north-west from downtown. TCBuen was owned by Grup Maritim Terminal de Contenidors de Barcelona (GMTCB)[Spain] and Grupo Empresarial de Pacifico S.A. (GEPSA)[Colombia].  The Project was estimated to cost US $224 million. The syndication was signed August 2, 2010 and comprised US $160 million of debt and US $71 million of equity. The debt was split into $142m of senior debt and an $18m mezzanine loan provided by mandated arranger WestLB, BES and CIFI and IFC.  IFC provided senior and subordinated debt with an A Loan of US $25 million, for IFC’s own account, two B Loans of US $107 million and US $10 million from a syndication banks, and a C Loan (mezzanine debt is under quasi equity according to IFC) of US $18 million.  In 2013, TCBuen announced the expansion of the terminal capacity to 610,000 TEUs. The company was set to invest US$ 157.9 million, of which US$ 90 million was financed with a loan from the IFC approved in November 2013 (US$ 25 million A loan; and US$ 65 million B loan).  In December 2015, APM Terminals acquired Grup Maritim TCB in a transaction valued US$ 1 billion.
24MW waste-to-energy plant located in Chanxi Village of Liushi Town, Leqing City of Zhejiang Province, China and Jointly developed by Delixi Changjiang Environmental Protection Themioelectricity and CHKO Electric. The project was granted to Delixi Changjiang Environmental Protection Thermoelectricity Co Ltd, a joint venture of two private compaies, CHKO Electric Co Ltd and Delixi Group (their respective shares are unknown). The agreement was signed with the Leqing Municipal Government as early as 2003, but construction commenced in August 2010. Construction commenced in Aug 2010, and was 90% completed by November 2011. The total investment is RMB 337 million (US$ 51.50 million). The plant can process 1,200 tons of household solid waste per day. It is estimated that the project will be completed in 2012.
Jaypee Infratech Limited (JIL), part of the Jaypee Group, was incorporated on April 5, 2007 as a special purpose company to develop, operate and maintain the Yamuna Expressway in the state of Uttar Pradesh, connecting Noida and Agra. The Yamuna Expressway was a 165-kilometre access-controlled six-lane concrete pavement expressway along the Yamuna River, with the potential to be widened to an eight-lane expressway. The company also obtained the right to develop 25 million square metres (approximately 6,175 acres) of land along the Yamuna Expressway at five locations for residential, commercial, amusement, industrial and institutional purposes.  The expressway that would cut the travelling time from Greater Noida (the city next to New Delhi) to the wonder of the world Taj Mahal in Agra from  four hours car to two hours. The expressway is planned to be a dual carriageway initially consisting of three 3.75-meter wide lanes in each direction. The expressway was planned to initially include a 3.25-meter wide paved shoulder and a paved 0.5-meter wide edge strip on the median side in order to facilitate the potential future expansion to four lanes in each direction.  The Yamuna Expressway Industrial Development Authority (YEA) of Government of Uttar Pradesh awarded the project to Jaypee on BOT basis and with a 30-year concession period.  The Uttar Pradesh state government approved the construction of the Yamuna Expressway in 2001 and the tender process began in 2003. In February 2003, YEIDA awarded the build-operate-transfer (BOT) contract to Jaiprakash Industries, which later merged with Jaypee Cement (JCL). In April 2007, Jaypee Group incorporated Jaypee Infratech (JIL), a special purpose vehicle for planning, investing, implementing, operating and maintaining the expressway. JIL is also working on the development of the expressway's related real estate projects. The project management consultants include LEA Associates South Asia Private (LASA), Intercontinental Consultants & Technocrats (ICT), Scott Wilson India (SW) and Consulting Engineering Services India (CES). In 2009, JAL awarded two contracts of INR4.33bn to Brahmaputra Infraproject for the construction of about 59km of the expressway. The scope of work includes construction of major interchanges, minor bridges, earthen embankment, cart track and vehicular track underpasses.   YEA agreed to make available the land for expressway and real estate development on lease at a consideration of the acquisition price plus lease rental. The construction on expressway started in May 2007 and the expressway was likely to get completed by 2011. The land for real estate development would be provided in five parcels of about 1,250 acres each at locations namely Noida, Agra, Dhankur, Tappal and Mirzapur in Uttar Pradesh. Tthe estimated land cost of land acquisition for real state was about Rs.1,719 crore.  The toll road, which was also referred to as the Taj Expressway, had an estimated to cost Rs80.2 billion (US$ 1,753.8 million including estimated land cost, construction cost and contingencies), according to CARE Rating in July 2009, the rating agency that rated the debt of the project. The major costs would come from road construction (Rs53bn) and acquiring land (Rs26.2bn).Funding would comprise an equity portion of Rs12.5bn and debt of Rs60bn (US$1.3bn). JP Infratech raised a Rs60bn debt facility to finance the Taj Expressway on January 2010. The loan, which has a 15-year tenor, pays a floating interest rate linked to respective banks’ PLRs. The effective rate is 12.50% on the date of documentation, and there is an option for annual resets.   Arrangers were Axis Bank, ICICI and SBI Capital, and they were joined by Corporation Bank, Dena Bank, IIFCL, Oriental Bank of Commerce, Punjab & Sind Bank, Punjab National Bank, SREI Infrastructure Finance, State Bank of Hyderabad, State Bank of Patiala, UCO Bank and Union Bank.  Initial completion date was 2013, but the concessionaire expected to
Jorabat Shillong Expressway Limited (JSEL) was created to implement a project to expand to four lanes 61.8 kms of Jorabat – Shillong (Barapani) Section of NH-40 from Km 0.000 to Km 61.800 in the State of Assam & Meghalaya. The project was part of the Special Accelerated Road Development Programme – North East (SARDP – NE). The project was to be implemented on Design, Build, Finance, Operate and Transfer (DBFOT) annuity basis with concession period of 20 years including construction period of 3 years.  The National Highways Authority of India ("NHAI") awarded the project via a competitive tender to Jorabat Shillong Expressway Limited (JSEL), which requested the lowest semi-annual Annuity for the Project of Rs. 72.51 Crores.    Jorabat Shillong Expressway Limited (JSEL) was owned by IL&FS Transportation Networks Limited (ITNL), an IL&FS subsidiary (50%), and Ramky Infrastructure Limited (50%). NHAI issued the letter of award on May 20, 2010.  The Concession Agreement was signed on July 16, 2010.   The cost of the Project was Rs. 824 Crores or INR 8.24 billion (US$180.2 million), as per loan agreements.  At the time of contract award the project cost was estimated to be R.5.36 billion (US$117.2 million). Jorabat Shillong Expressway Limited (JSEL) achieved financial closure in October 2010 with a debt financing of Rs. 7.40 billion. Through an innovative financial structuring, the Loan repayment is completed in 14.50 years, including a small bullet repayment at the end of the tenor. The facility was syndicated on a project recourse basis. IL&FS Financial Services Ltd. was the sole financial advisor and arranger for the project financing. The senior debt facilities were financed by a consortium of 3 banks led by Indian Bank, Delhi office.  The project is scheduled to achieve commercial operations by Jan 2014.
10MW on-grid PV Plant located in Pucheng, Weinan, Shaanxi Province, China, that is developed by Shenzhen Topray Solar. The project is located in Pucheng County, Shannxi Province. The total investment is RMB 339 million and its capacity is 10MW. The Solar power plant can reduce carbon emision by 12,600 tons per year. The project was signed offer in Oct 2009. The developer received a government subsidy of RMB 70 million (US$ 10.70 million) for this project (Golden Sun Demonstration Program). Financial closing was achieved in June 2010 and the project was under operation from Dec 2011. Toray had a 100% stake in the project.
In July 2009, the National Highway Authority of India (NHAI) awarded a 20 year concession (including construction period of 910 days) to a consortium of India’s IRB Infrastructure Limited and MRM Private Limited for the strengthening, improvement, widening, operation and maintenance, and tolling of a 102 km stretch on National Highway-15(NH-15 from Km.6.082 to Km.108.502) in the state of Punjab.  Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance and widening of the existing two-lane highway to a four-lane highway with paved shoulders. The expansion project, part of National Highway Development Project Phase - III, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  The consortium of IRB and MRM established IRB Pathankot Amritsar Toll Road Private Limited, a special purpose vehicle, to implement the project. The consortium won the tender through competitive bidding, conducted by NHAI, by requesting for the lowest subsidy requirement of US$ 26.2 million (INR 1269 million @ 48.41 INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. Other bidding details were not available at the time of collection of this information.  The concession agreement was signed in November 16th, 2009, and  construction  was expected to be completed by Nov 2012. The project achieved financial closure  in March 2010. The estimated capital cost of the project at the time of bidding was US$ 246 million (INR 11910 mn @ 48.41 INR/USD) million.   The debt equity ratio was 64/36.
L&T Samakhiali Gandhidham Tollway Private Limited was the SPV created to implment the six-laning of the 56.16-km stretch of the Samakhiali-Gandhidham Road (NH 8A) in the state of Gujarat. L&T Samakhiali Gandhidham Tollway Private Limited was a subsidiary of Larsen & Toubro. The National Highway Authority of India awarded the project under a 24 year BOT contract including 30 months of construction a BOT DBFO (Design Build Finance & Operate) basis. This project was part of the NHAI's Phase V of the National Highways Development Programme (NHDP), through which NHAI was six-laning the existing four-lane stretches of the Golden Quadrilateral. The concessionaire was entitled to collect tolls from the users of the project highway during the concession period, including the construction period.      The concession agreement was signed on 19th March 2010. As per NHAI document, the LOA was issued on Jan 10th 2010.      Project cost was estimated to be INR 14 billion (US$306.1 million). Financial closure was achieved in June 2010 through debt. In December 2010 Fitch Ratings assigned final National Long-term ratings of 'BBB(ind)' to India's L&T Samakhiali Gandhidham Tollway Private Limited's (LTSGTPL) INR9,620m project bank loans and INR800m non-fund based bank guarantee.
A Germany based company Berlin Water signed an agreement in Jan 2010 with the Panjin Municipality Government to operate the Panjin No. 2 Wastewater Treatment Plant in Panjin City, Liaoning Province for 30 years. The agreement was granted through open bidding. Berlin Water owns 100% of the project. The commercial operation began in June 2010. The total wastewater treatment capacity of Berlinwasser China Holdings were increased from 100.000 m3/d to 900.000 m3/d margin.
In February 2010, the tender to rehabilitate, operate and improve the water and sewerage system of the city of Andradina was approved. In July 2010, Consorcio Saneamento de Andradina was awarded a 30-year concession contract over two rival bidders and formed Aguas de Andradina as the project company  comprised of: CAB Ambiental [70%, Brazil] and Sabesp, [30%, Sao Paulo's state owned utility]. Aguas de Andradina had targets for 100% of sewerage collection by 2015 and 100% of sewerage treatment by 2019. Andradina had a population of approximately 55,000 in 2010.  The company agreed to invest BRL 26 million (US $14.5 million), in addition to the payment of BRL 3 million (US $1.5 million) for the concession rights. The concession contract was signed in the end of September 2010, and Aguas de Andradina took over the operation of the assets in October 2010.
The Brazilian company Adecoagro Invinhema Ltda, a subsidiary of the Argentine group Adecoagro, was granted authorizations to build and operate two sugar-cane-residue fueled power plants located in the state of Mato Grosso do Sul. The 30-year contracts was signed with the regulatory agency ANEEL over the years starting in June 2009. The power plants were named UTE Angelica (96 MW) and UTE Amandina (40 MW).  The value of the investment committed to the Angelica was  estimated at US$ 255.7 million (BRL 450 million). The investment figure of the Amandina was not available (the company was set to invest BRL 600 million in both a sugar cane processing unit and the power plant, but, as of October 2012, the construction works had not commenced). Commercial operations commenced in June 2014.  The government periodically runs public bidding for the sale of energy to the country´s distribution companies. The UTE Angelica won the public bidding that took place in 2010, by offering an average tariff of US$ 75.6/MWh (BRL 154.25/MWh). The project company signed 15-year power purchase agreements with the several electricity distribution companies. UTE Angelica  committed to start supplying to the market in 2011, but the unit commenced commercial operations in September 2010.   The project company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.  In 2006, the UTE Angelica applied for carbon credits.
The Egyptian Ministry of Housing, utilities and urban development through the New Urban Communities Authority awarded the project as Egypt's first public private partnership concession for the construction and operation of the water treatment plant in June 2009 via a competitive tender. Four other bidders participated: Veolia, Kharafi, Melito, and Befesa.   Under the term of the agreement, the sponsor was responsible for the construction of the 250,000m3/d wastewater treatment plant within 2 years and for the operation of the plant the for the rest of the 20 year contract. The plant was expected to serve over 1 million people.  The sponsors were Fomento de Construcciones y Contratas SA (FCC) (50%) and Orascom (50%).  The 20 year BOT project reached financial close on 4th February 2010, with the signing of a direct agreement between the lenders and the project’s sponsor.  The project cost was estimated to be US$475 million. The financing was based on a 70:30 debt-to-equity split. The club of four lenders – National Société Générale Bank (the facility agent), Commercial International Bank, Arab African International Bank and Ahli United Bank Egypt – will provide EGP600 million ($110 million) of 15-year debt at a fixed margin understood to be in excess of 300 basis points over the Central Bank of Egypt’s lending rate.
The project involved development of integrated solid waste management facilities for Moradabad Municipal Board. The 30-year DBOT concession was signed on 28 April 2010. The total cost of the project amounts to $7.51 million of which $2.62 million grant.
Truong Son Hydroelectric JSC, a private entity, was planning the development of the 8MW Dakrong 3 Hydropower Plant, Ta Long commune, Dakrong district, Quang Tri province. The project was expected to generate 31,370 MWh annually to the national grid via a 35kV transmission line of 3.4km to the Khe Sanh station.  The project was designed to consist of 2 Francis vertical shaft turbines of 4.135 MW each and 2 generators of 4 MW each. Commissioning was expected for January 2012. The plant load factor was expected to be 45.68%. The power tariff was VND 793 per kWh, $0.0381 per kWh. Construction started in 2010, the construction contract was signed in August 2010  Total project cost was estimated at VND 187,538 million ( $8.9 million). Debt to equity ratio was 70/30, the lending rate was 13.41% with a tenor of 10 years and a 2 year grace period. Financial close date was unknown, assumed here was August 2010 (signing EPC contract).
The Mundra to Mohindergarh transmission in Haryana state consisted of bipolar 500-kilovolt (kV), 1,000 km high voltage direct-current (HVDC) double circuit line connecting Mundra power station to Northern India. The transmission line was for evacuating power from Adani’s Mundra power stations (4620MW Mundra Thermal Power Project ID 4833). The HVDC system was designed to provide low-loss transmission of electrical energy over a distance of approximately 960 km from a coal-fired power plant near the port city of Mundra on India’s west coast to the industrial regions of the state of Haryana in the vicinity of New Delhi.  Adani Power was the project sponsor. The project represented the country's first private sector-developed, high-voltage transmission line. Adani Power was to operate the HVDC system and was also owner of the coal-fired power plant near Mundra.  In May 2009 Adani Power Ltd awarded a Rs1,500-crore order to Siemens AG and its Indian arm Siemens Ltd for constructing India's longest private high voltage direct current (HVDC) transmission line. The two companies agreed to build the HVDC terminal stations at the two extremities and the supporting infrastructure en route. Phase-I of the project was scheduled for commissioning by Feb 2011, but became operational in April 2011. Phase-II was scheduled for commissioning in Jul 2011.   In 2008/09, Adani Power Ltd (APL) obtained permission from the Government of India to lay a 1,000-kilometre dedicated 2,500-megawatt (MW) high voltage direct current (HVDC) transmission line to Haryana. The scope of the project includes an HVDC bipole line from Mundra to Mohindergarh, terminal stations in these two towns and electrode stations and lines in between.   The project cost was estimated to be Rs27.5 billion (US$601 million) at financial closure according to Projectware. When the project was announced in 2008 the cost was estimated to be Rs.20 billion (US$460 million). Financial close was on 22 Oct 2010. Financing comprised Rs22bn debt and Rs5.5bn equity. Debt comprised a Rs22bn 12-year 6-month term loan arranged by Axis Bank.
The Gisenyi Methane Gas Plant involves the design and installation of a pilot plant to extract methane from Lake Kivu and produce power for use in Rwanda. The successful implementation of Phase I (the pilot) has meant that the operator was to install a full scale plant capable of generating 50MW of power (Phase II). A Phase III would extend the electricity production to 100MW.   The project is executed by Rwanda Energy Company (REC), a subsidiary of Rwanda Investment Group sa (RIG). REC has signed a Memorandum of Agreement (MoA) with the government of Rwanda (GoR) to produce 50MW. Once the gas technologie are proven, the MoA was to be converted into a PPA. An early deadline of November 2008 was missed when an incident occurred on the extraction platform and a part of the extraction equipment sank into Lake Kivu. The equipment which sank represented approximately 10% of the total cost and was covered by insurance, but still delayed the project for 10 months.   Phase I was completely financed by RIG. $8 million was invested for the purchase and delivery of equipment, overhead expenses, construction and site preparation, but investments totalled $16 million. $50 million was for gas concessions. For Phase II, SA was looking for a strategic investor to raise $131 million by bringing in equity of $40 million and assisting in mobilizing debt (by July 2016). It plans to invest an additional $138 to boost capacity to 100MW by 2018.  Phase II would be 70% debt financed and 30% equity financed; RIG sa was to hold 60% of the equity, while a strategic partner was to have the remaining 40% of the equity stake.
In March 2010, Asian Terminal Inc. (ATI) signed a 25-year concession ROT contract from PPA for the management, operation, maintenance, development and promotion of the second phase of the Port of Batangas. It would involve the development of 128-hectare ares for a mixed operation of bulk, break-bulk and international containerized cargo with a maximum capacity of 30,000 TEUs. ATI took over the operation of the port at the signing the contract. ATI agreed to pay fixed annual fee of US$2.2 million for 25 years. The net present value was US$22 million considering a 10% discount rate.
Essar Paradip Terminals Limited (EPTL) was created to implement a project for the construction and operation of a 14 Million Metric Tonne Per Annum (MMTPA) deep draught coal berth (Central Quay- III berth) on BOT basis in the Paradip port, Orissa. Essar Paradip Terminals was a subsidiary of Essar Group via Essar Shipping Ports and Logistics Ltd. Coal berth was expected to have a capacity of 10 million tpa per annum.  Under the agreement, Essar Paradip Terminals was responsible for building and operating the port while PPT was responsible for providing all supporting facilities like dredging, railway connectivity and backup area at an estimated cost of INRs 702.1 million (US$ 28.7 million).  The public entity Paradip Port Trust awarded the project through an open tendering process to Essar Shipping Ports and Logistics Ltd, which offered to the government on a 31% of revenue sharing arrangement.  The Paradip Port Trust (PPT) and Essar Paradip Terminals signed the BOT concession agreement on 10 November 2009.  The concession period was for 30 years, plus 3 years of construction period. At the time the concession was awarded the project cost was estimated to be INR 4088 million (US$89.4 million).   The project cost was estimated to be INR 5590 million (US$122.24 million) at the time of financial closure. Financial close was achieved on 27 Sep 2010.  Financing comprised Rs4.1bn 11-year term loan debt. The remaining INR 1120 million (US$24.5 million) was equity contribution. The debt was arranged by YES bank and L&T Infrastructure Finance Company Ltd.  The construction of the berth was expected to take 36 months from the date of award of the concession, and the port to become operational in September 2013.
Essel Sagar Damoh Toll Roads Ltd was the a Special Purpose Vehicle (SPV)  created to implement the expansion from two to four lanes of 68.81km section of State Highway 14 that run from the Sagar city to Teen Gulli Chuoraha in the Damoh city  in the state of Madhya Pradesh. The project was awarded by Madhya Pradesh Road Development Corporation Limited to Essel Infraprojects, a subsidiary of Essar, under an 12-year BOT concession,commencing on the Appointed Date i.e. February 26, 2010. The project was to recover the investmen through toll fees.   The project cost amounted to INRs 1.3481 billion (US$29.5 million). The project reached financial closure in May 2010 with bank loan. Financing comprised a INR943.7m 10-year term loan and INR202.2m equity. A club of SBI, Corporation Bank, Bank of Baroda and Axis Bank provided debt funding for the project.  The construction works was expected to be completed by May 2012.
In November 2009, Sociedad Productora de Energia de San Andres y Providencia (Sopesa), the previous concessionaire of the San Andres electricity utility was again awarded a 20-year concession to expand and operate electricity generation and distribution in Punta Evans, San Andres Island. Sopesa beat out three rival bids. Sopesa was comprised of Colombian firms Inversiones Vasquez (29.6%), Electricas de Medellin (21.4%), Transpetrol (20.4%) and Distribuciones Electricas de Sabanas  20%).   The previous concessionaire had an installed capacity of approximately 52 MW. The winning bidder was mandated to construct a wind farm with 7.5MW capacity as well as a 1MW plant that utilized solid waste as feedstock on the island of San Andrés. In May 2010 the previous concession term ended and the new concession term began. Investment figures were not available for the new concession. Other expansion pland included two new thermal units of 14.3 MW each. The was no public information on the investment commitments in US$ dollar of the concessionaire during the concession period.
VISA Raigarh Power Project consisted of a 1,200 MW (2x600 MW) coal based thermal Power Plant near Deveri and Dumarpali village of Raigarh district, Chhattisgarh. Raigarh Thermal Power Project, which involved construction and operation of two units of 600 MW, was designed to be pulverised coal fired thermal power project based on Sub-critical boiler parameters. Land around 780 acres was been identified Dumarpalli and Deveri village. The site was approximately 20 kms away from Raigarh. The nearest railway station wa at Bhupdeopur. The proposed site is located 5 km away from the National Highway 200. The nearest airport was Raipur (250 km away).   The project was developed by VISA Power Limited, a subsidiary of Visa Group. VISA Power signed an MOU with the Government of Chhattisgarh in 2007 for setting up of a 1,200 MW (2x600 MW) coal based Independent Power Plant near Deveri and Dumarpali. The project obtained Allotted 99.12 million MT of coal from Fatehpur East Coal Block. Electricity out from this plant would be supplied to Chhattisgarh State Power Distribution Company Limited, Tata Power Trading Corporation Limited and balance to distribution licensees and industrial consumers in Maharashtra, Gujarat and other power-deficit states in the Northern and Western parts of India.   In September 2010 Visa Power awarded the EPC contract to BHEL, including design, engineering, manufacture, supply, erection, testing and commissioning of boilers, steam turbines and generators, along with controls and instrumentation besides associated auxiliaries. Construction of the project began on October 1, 2009 and was expected to be completed on March 31, 2013. The first unit of 600MW is expected to be completed within the period of 36 months from the date of Financial Closure, while the complete plant shall be under commercial operation within 42 months.    Estimated project cost of the 1,200 MWW was INR 62 billion (US$1356 million).  The first phase of the project (600 MW) was estimated to be INR 26.19 billion (US$573 million). The first phase reached financial closure in March 2010. Financing comprised Rs19.64bn 14-years and 5months term loan and Rs6.55bn equity. The debt was arranged by SBI.
In June 2010, a local private company, Suzhou Zhongsheng Environmental Engineering Co., Ltd. was granted an agreement to build and operate the Shigang Wastewater Treatment Plant in Tongzhou District,Nantong City, Jiangsu Province under BOT scheme. The project has a capacity of 5,000 cubic meters per day. Zhongsheng has a 100% stake in the project and the total investment is US$ 1.48 million(RMB 10.08 million).
Mahakaleshwar Tollways Private Ltd was created to implement the expansion from two to four lanes the Indore-Ujjain section of state highway 27 from 5.2km to 53km with the total length of 49 km. in Madhya Pradesh state. The project road was part of SH-27, which connects Jhalawar on NH-12 in Rajasthan and Burhanpur close to NH-3 in the south bordering Maharashtra. Madhya Pradesh Road Development Corporation awarded the project to Mahakaleshwar Tollways Private Ltd, a consortium formed by SREI (48%), Galfar Engineering and Contracting SAOG (26%), Varaha Construction Co. [Merged with Varaha Infra Limited w.e.f. March 31, 2010] (26%) under on a 25 years BOT concession.  As per the Concession Agreement signed on September 17, 2008 between MTPL and Madhya Pradesh Road Development Corporation Limited (MPRDCL) the concession period is for 25 years from the Appointed Date (including a construction period of two years).   The project was awarded to MTPL on the basis of its highest quote of ‘premium’ – i.e., MTPL is to pay a premium of 26.38% of the total realizable fee to MPRDCL during the first year of operations and an additional 1% for each subsequent year.   The project cost estimated at INRs.3417 million (US$74.72 million). Financial close was on 15 Jan 2010. Financing comprised Rs2.392bn in debt and Rs1.025bn in equity. The debt comprised a Rs2.392bn 14-year term loan arranged by Axis Bank and SREI Infrastruture Finance. The project company started construction in May 2009.   As on May 31, 2010, the cumulative physical progress achieved was 64.71% as against the targeted progress of 75.13%. Operational phase started in October 2010.
In November 2010, Consorcio Eolico Amayo (Fase II) SA closed finacing for the 23.1 MW second phase of a wind farm in the Rivas department of Nicaragua. Amayo II consisted of eleven 2.1 MW Suzlon S88 50HZ wind turbines and had an installed capacity of 23.1 MW; it was the second phase of Eolico Amayo, a 39.9MW wind farm owned by the same shareholders under a different project company. The original developer of the project was Arctas Capital, which sold 47.5% of the project to Ashmore Energy International in May 2010, bringing AEI's stake in each phase to 61.3%. Centrans and local investors owned the remainder of the project's equity.   The project company entered into two 15-year PPAs with Dissur and Disnorte, private power companies owned by Gas Natural, for 100% of the energy generated.   The total cost of the project was USD 55 million, including a USD 45 million project financing facility.  The facility consisted of a $42 million Senior Loan and a $3 million Mezzanine Loan. Senior Loan participants include CABEI, FMO, the Danish Export Credit Agency (EKF) and the Belgian Investment Company for Developing Countries (BIO). The Mezzanine Loan was provided by the Access to Energy Fund, which FMO manages on behalf of the Dutch government (Ministry of Foreign Affairs, Directorate General International Cooperation).  The project was scheduled to begin operations in 2011 and had applied for accreditation through the CDM mechanism.    In March 2014, Inkia Energy, a subsidiary of the Israeli company IC Power (Israel Corp.), acquired AEI's stake in the project.
In April 2010, the private consortium Sanima Mai Hydropower Pvt. Ltd. signed a power purchase agreement (PPA) with the Nepal Electricity Authority to begin supplying power in 2014. The consortium then a received power generation licence from the Ministry of Energy on Sept. 14, 2010 to develop the Mai Hydropower Project; the license was valid until August 28, 2045. The 15.6 MW, run-of-river hydro project was to be constructed on the Mai Khola river, in the Chisapani, Danabari and Soyak Village Development Committees (VDC) of Illam district. The power was to connect a 10.6km 132 kV transmission line to the Integrated Nepal Power System (INPS) at Nepal Electricity Authority (NEA)’s proposed Godak substation in the Ilam district. Sanima Mai Hydropower Pvt. Ltd. was a subsidiary of Sanima Hydropower (P) Ltd. (SHPL)[Nepal].  The total project cost was estimated at 2,658 million NPR (US $36.3million USD), and the Cost per kW installed Capacity 2,185 USD/kW.   On November 18, 2010, the Mai Hydropower Project reached financial closure with the signing of a Rs 2.02 billion (US $27.6 million) loan agreement from 11 banks with Sanima Mai Hydro Ltd.  The banks and financial institutions involved in the consortium were Laxmi Bank (Rs 304 million), Nabil Bank (Rs 294 million), DCBL Bank (Rs 223 million), Bank of Asia Nepal (Rs 178 million), Janata Bank Nepal (Rs 178 million), Nepal SBI Bank (Rs 178 million), Kumari Bank (Rs 178 million), Bank of Kathmandu (Rs 134 million), Siddhartha Bank (Rs 134 million), Machhapuchchhre Bank (Rs 134 million) and Ace Development Bank (Rs 90 million) committed a project finance (term loan) for the project.   The project was expected to become operational in August 2014 and  contribute around 103.19GWh of power annually to the country.   In August 2012, the project reached financial closure on the expansion from 15.6MW to 22MW, at a total cost of Rs. 400 million (US$4.5 million). Refinancing was provided (for expansion) Laxmi Bank, Nabil Bank, DCBL Bank, Bank of Asia Nepal, Janata Bank, Nepal SBI Bank, Kumari Bank, Bank of Kathmandu, Siddharta Bank, Machhapuchchhre Bank, Ace Development Bank, Nabil Bank, Bank of Kathmandu. Debt equity ratio was 75/25
Bao Loc VRG JSC was planning the development of the 24.5MW Bao Loc Hydropower Plant, Bao Lam and Di Linh districts, Lam Dong province. The project was expected to generate 106,501.5 MWh annually, to be supplied to the national grid via a 110kV transmission line at a load factor of 49.6%.   The project was to consist of two Vertical Shaft Francis turbines of 12.63MW each and two vertical acis suspended generators of 12.25MW each. Commissioning was expected for 2012. The feasibility study was completed in August 2009 and aproved in November 2009. The EIA was approved in December 2009. The equipment supply contract was signed in July 2010. Electricity tariff was VND 681 per kWh ($0.0327 per kWh).  The debt/equity ratio was 55/45. Total investment was estimated at VND 604,850 million ($29.0 million). Total debt was VND 332.668 million, total equity was VND 272,183 million. WACC was 12.17%. The project also received a tax break, of 0% until year 6, 12.5% for the following 9 years and 25% after that. Operational life was expected at 30 years. CERs were sold at EUR10 ($13.1). Financial closure date was unknown, estimated ehre was July 2010 (signing equipment supply contract).
Eco Biomass Energy Sdn. Bhd., a private entity from Malaysia, was planning the development of the 20MW POIC Biomass Cogeneration Plant, Lahad Datu, Sabah.  The project was to utilize biomass waste from palm oil mills: Mesocarp Fibres, Palm Kernel Shells, and Empty Fruit Bunches.   The project was to consist of a 20MW steam turbine generator, and one 210 degree Celcius heat only biomass boiler (HOB). The output was to be supplied to the grid via the nearby Warisan 33kV main substation.  Commissioning was expected for October 2012. The first contract was signed in July 2010. Total cost was unknown. The financial closure date was unknown but estimated here at July 2010 (signing of first contract).  Total cost was ESTIMATED at 20MW x 1.7 million per MW (average biomass in EAP), is $34 million.
In October 2010, APM Terminals (AP Moller - Maersk Group) signed a 25-year concession for the rehabilitation and the operation of the Port of Monrovia. The concession was 100% owned by APM Terminals.  The project was awarded by the government of Liberia to AP Moller - Maersk Group following a competitive bidding process. The project reached closure with the signature of the contract and the beginning of operation. The project is not captive.  AP Moller - Maersk Group committed to invest US$120 million over the next 25 years.  APM Terminals was to invest an additional US$25 million to renew the container yard, buildings, gates, and to enhance safety activities.   Operations commenced May 25.
In April 2010, a Israel based company, Kaidan Water Affairs Co., Ltd. was granted a 30 year agreement to rehabilitate and operate the Yangfang Wastewater Treatment Plant in Xuanhua District, Zhangjiakou City, Hebei Province. The project has a capacity of 80,000 cubic meters per day. Kaidan has a 100% stake in the project and the total investment is RMB 265 million (US$ 38.97 million) including RMB 84.46 million (US$ 12.42 million) on rehabilitation
On 3rd May 2010, National Highway Authority of India (NHAI) awarded a 15-year concession (including construction period of 1 year) to a consortium of GPT Infraprojects Limited and RDS Projects Limited for the strengthening,improvement,two-laning, operation and maintenance of 9.258 kms of Forbesganj-Jogbani section of NH-57A in the state of Bihar.  Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance,strengthening and widening the existing single-lane carriageway to 2-lane road The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc.The expansion project, part of National Highway Development Project Phase-III, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  The consortium of GPT Infraprojects Limited (73.33%) and RDS Projects Limited (26.67%), established Jogbani Highway Private Limited (JHPL), a special purpose vehicle to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by quoting the lowest fixed annuity of US$ 3.1mn (INR 142.2mn @45.72 INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through fixed semi-annual payment of INR 71.1mn from NHAI during the term of concession.   The concession agreement was signed on 12th July 2010. The information regarding funding of the project couldn't be ascertained at the time of cancellation. The estimated capital cost of  the project at the time of bidding was US$ 16.1mn (INR 735mn @45.72 INR/USD).   Because of delay in acquisition of land by NHAI, no appointment date (schedule date of start of concession) was provided. Finally NHAI canceled the concession in October 2013. While GPT Infraprojects Limited had filed a case against NHAI, but no information on the verdict was available at the time of collection of this information.
Alize Enerji Elektrik Uretim AS was created to build and operate Cataltepe and Kuyucak Wind Farms in Turkey.  Cataltepe Wind Farm was a 16WM consisting of 8 wind turbines onshore in Cataltepe village the province of Balikesir and Kuyucak Wind Farm was 25.6 MW consisting of 14 wind turbines in Kuyucak, Manisa province. Both projects, with a total capacity of 41.6 MW, aimed at selling electricity to the national grid. All of the turbines were provided by German firm, Enercon.  Alize Enerji Elektrik Uretim AS was owned by Demirer Holding (76%) and Bores Bozcaada Rüzgar Enerjisi Santral (23%) which is a subisidiary of Demirer Holding.  The project cost was estimated to be €53.263m (US$74.577m). The project reached financial closure in January 2010. Financing comprised €46 debt and €7.263m equity. The debt was split between a €45m 12-year term loan and a €1m 12-year revolving credit facility. The loan agreement was signed with Garanti Bank as the sole lender.  Construction works for the two projects began in Dec 2009 and the plants were expected to be operational in Jun 2010.
On June 2008, National Thermal Power Corporation NTPC (India, 50%), was signed a Build Own, Operate and Transfer agreement with  Ceylon Electricity Board of CEB (Sri Lanka, 50%) for the construction, operation and Transfer for a 14 years term of a 500 MW, Coal-fired power plant at Sampur, Trincomalee. The project was a joint between NTPC (India, 50 %) and CEB (Sri Lanka, 50%)  Under the BOOT agreement, NTPC was to supply 500 MW of energy to CEB for a term of 14 years. The remainder of the energy was to be sold to the public.    Following a competitive negotiation process, NTPC was awarded to set up a 500 MW coal fired power plant at Sampur, Trincomalee.  The total project cost was 450 US millions. The project reached financial closure in June 2010, according to the loan information.  Under the proposed agreement the NTPC and the CEB each will invest US$75 million as equity capital, while the balance US$300 million will be raised from banks as loan capital.   The construction started in 2011 and is expected to be commissioned on January 2016.
The Amata B Grimm Power plant is a 132.5 MW gas-fired combined cycle co-generation power plant in the Amata Nakorn Industrial Estate in Chon Buri, Thailand.  Amata B Grimm Power 3, a joint venture between Thai firms B. Grimm Energy and Amata Corp, was the project company created to implement the project.  The plant was to supply 90MW of electricity to the state-owned Electricity Generating Authority of Thailand (EGAT) under a 25-year  Small Power Producer (SPP) power purchasing agreement with the Commercial Operation Date (COD) set for 1st September 2012. The remaining 42MW, and 30tons per hour of steam was to be sold to Sumitomo Corporation for its rubber factory within the Amata Nakorn Industrial Estate. Japan's Sumitomo Corporation also owns a 30% stake in the project sponsor Amata Power.  Total projects costs were estimated to be US$ 156.151 million. Financing was closed in July 2010. Financing comprised of Thai Baht 2.704 billion (US$ 88.54 million) 20-year term loan, a $41.8 million 20-year term loan, a Thai Baht 300m (US$ 9.83 million) 20-year credit facility and a THai Baht 720 million (US$ 23.56 million) 25-year credit facilty debt. In July 2013, additional investment of US$310 million was made for the expansion of the capacity of the plant.
In August 2009, the National Highway Authority of India (NHAI) awarded a 22 year concession (including construction period of 910 days) with a consortium of India’s IRB Infrastructure Limited and MRM Private Limited for the strengthening, improvement, four-laning, operation and maintenance, and tolling of a 102 km stretch on National Highway-6 (NH-6 from Km.100.000 to Km.166.725) in the state of Maharashtra.  Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance and widening of the existing two-lane highway to a four-lane highway with paved shoulders. The expansion project, part of National Highway Development Project Phase - III, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  The consortium of IRB and MRM established IRB Talegaon Amravati Tollway Private Limited, a special purpose vehicle, to implement the project. The consortium won the tender through competitive bidding, conducted by NHAI, by requesting for the lowest subsidy requirement of US$ 44.6 million (INR 2160 million @ 48.41 INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. Other bidding details were not available at the time of collection of this information.  The concession agreement was signed in November 18th, 2009. The estimated capital cost of the project at the time of bidding was US$ 154.1 million (INR 7460 mn @ 48.41 INR/USD) million. Construction on the project began in Nov 2009 and was expected to be completed by Nov 2012. The project reached financial closure on March 31, 2010, sole bookrunner and mandated lead arranger IDFC (INR2000m), along with lenders Canara Bank (INR 1000m), Bank of Baroda (INR950m), and Union Bank of India (INR 800m), syndicated an INR 4750m term loan facility, maturing April 15, 2026, for the INR 8,880m Talegaon -Amravati Highway Project.
Boyabat Elektrik Uretim ve Ticaret Ltd Sirketi was created to build and operate 510 MW Boyabat Hydroelectric Plant on Kizilimak river  in Boyabat, Turkey. The project company was owned by Unit Investment N.V. (33%), Dogus Holding (33%) and Dogan Group (33%). When completed, this will be the largest hydroelectric plant in Turkey to be owned by the private sector. The project would be developed without any government guarantee and electricity sales would be done in the liberalized electricity market.  The project cost was estimated to be US$1,214 million. The project reached financial closure on January 15 2010.  The total project cost was US$1.15 billion, of which US$464 million was equity and US$750 million was debt.  The US$464 million in equity was provided equally by the three project sponsors.  The US$750 million loan, which had a 12 year tenor, was provided by Garanti Bank (27.5%), Yapi Kredi (27.5%), Isbank (25%) and TSKB 20%. The pricing on the 12-year debt is around 500bp over Libor door-to-door, not including arranger fees.  Construction of the project began in Apr 2008 with a bridge loan from Garanti Bank, Yapi Kredi and TSKB.   Dogus Insaat is the engineering, procurement and construction (EPC) contractor. The project was scheduled to begin operations in Nov 2012.
In November 2010, Libya’s LAP Green Network signed a deal to buy a 60% stake in Chadian parastatal Société de telecommunications de Tchad (Sotel) for $90 millions. The purchase of the stake came with a commitment by the Libyan company to invest up to $100 million in the domestic player and its network.
In 2009, Aksa Electrik [Turkey] won the rights to operate the concession Coruh Elektrik Dagitim A.S. from the Turkish Privatization Administration (Ozellestirme Idaresi Baskanligi or OIB). Coruh Elektrik Dagitim A.S. was granted a 30 year electricity distribution concession in 2006 in Diyarbakir, Sanliurfa, Mardin, Batman, Siirt, and Sirnak. The company had 988.2 thousand customers, including 853.7 thousand residential customers by December 2008.  Aksa Electrik won the tender for the block sale of 100% of Coruh Elektrik Dagitim A.S. concession organized by OIB, offering the highest price for the concession (US$227 million) and beating off the competition with four other bidders. The Higher Privatization Council gave the final approval to the transaction in September 2010.   The project reached contractual closure on September 30, 2010 with the signature of sale and transfer agreements by the winning bidder and the Turkish government. The private bidder that won the project has the right to operate the distribution company for the remaining of its concession period until 2036.  The concession was part of a government program to introduce private operation of, and investment in, the 20 regional electricity distribution companies owned by the state-owned Turkiye Elektrik Dagitim A.S. (TEDAS).  The program followed a Transfer of Operating Rights and Share Sale model ('TSS model'). In this model, the private investor became the sole owner of the distribution companies' equity and the unique licensee for distributing electricity in each region for a period of 30 years. However, TEDAS retained ownership of the distribution network assets and of certain other items essential for operating the distribution assets. The private investor was obliged to undertake the necessary network investments, recoverable through the tariffs. These investments were embedded in the tariffs during the first tariff implementation period (2006-2010). After 2010, the private investor was to submit an investment plan annually to the Electrity Market Regulatory Authority (EPDK) for its approval.
Shirwal Phaltan Baramati Project consisted of widening from two to four lanes road from Km 42/400 to 64/300 of Baramati Phaltan Road SH and Km 136/00 to 80/00 of Phaltan Lonand Shirwal Road SH. The Project highway to be widened had 77.9 kms long 11.75 km length service roads.   The total lenght of the project was 77.9 km. The Maharshtra Government awarded the project to IVRCL via competitive tender in September 2009. The project was awarded on Build Operate and Transfer (BOT) Basis for 25 years.  The BOT concessionaire was to recovered investment through toll fees. IVRCL Infrastructure owned 75% of the project company. The was no information on the owner of the remaining 25%.The concession agreement was singed in November 2009.   The project cost was estimated to be INR3,820 million (US$ 83.5 million).  IVRCL Infrastructure & Projects secured the finance for this project in Febraury 2010. The project company obtained a INRs 1,910 million of debt with a single bank. Of the remaining funds, Rs 690 million was sponsor funds and Rs 1220 million (US$26.7 million)was a grant from the state government.
Acciona Wind Energy Pvt. Ltd. (AWEPL), a 100% subsidiary of the Acciona Energia Internacional, S.A. (Spain) and Acciona, S.A (Spain), was implementing a 56.1MW wind power project at Shimoga and Chitradurga Districts in the state of Karnataka. Acciona established Tuppadahalli Energy India Private Limited to execute this project. The electricity generated from the project would be evacuated through the Southern Regional grid to the state grid. The delivery of the power plant had been done by Vestas Wind Technology India Pvt. Ltd. The wind power plant comprised 34 units of Vestas V82 Wind Turbine Generators (WTGs), with each WTG of 1,650kW capacity. Vestas was also contracted in September 2010, for the O&M for the plant, apart from erection and commissioning.   Acciona Wind Energy had executed a Power Purchase Agreement with Mangalore Electricity Supply Company (MESCOM) for sale of electricity.  The APPC (Average Power Purchase Cost) 10-year base feed-in tariff as per KERC (Karnataka State Regulator) tariff order, was US$ 0.069/Unit (INR 3.70 per unit @ 53.44INR/USD). The transmission charges would be paid by Acciona to the state transmission utility. The total capacity of 56.1MW would be eligible to receive CDM benefits under UNFCC. The validation process had been completed for CDM benefits.   Financial closure took place in December 2010. The total project cost at the time of financial closure was US$ 71.9 mn (INR 3287mn @ 45.7 INR/USD). The debt equity ratio was 60/40. Financing comprised a 14-year term loan of US$ 43.8mn (INR 2000mn) and sponsor equity of US$ 28.2mn (INR 1287mn). IDFC was the loan arranger.  Construction for the plants started in September 2010 (EPC contract), and the plants were progressively commissioned through 2011 - the first 15 WTGs were commissioned on 29th July 2011 and the remaining 19 WTGs were commissioned between August 2011 to October 2011.
Kalyan Infratech Pvt Ltd was created to implement a project to expand to four lanes of Nasik - Nephad - Vaijpur - Aurangabad Road on State Highway (SH) 30 at Km.155/300 to Km.179/000 and to two Lanes with paved side shoulders at Km.235/000 to Km.251/300 including construction of additional ROB at Shilapur in the state of Maharashtra. The section in total had 40 km and was a part of State Highway (SH) 30 that connected western Maharashtra to Mumbai through Aurangabad, Marathwada and Andhra Pradesh. Within Maharashtra it connected Marathwada's industrial centers, sugar factories, holy places and historic places of the region. The project was awarded on  BOT basis to Kalyan Infratech Pvt Ltd, a subsidiary of  Keti Construction Ltd, in 2009.   The project cost was estimated to be INR1871.3 million (US$40.9 million).  Financial close was on 24 Sep 2010. Financing comprised a Rs900m 13year term loan debt Rs971.3m equity. The debt was arranged by IDBI.
Paiton III Thermal Power Plant is a 815 MW coal-fired power generation plant to be located 150 kms southeast of Surabaya, the capital of East Java.  The project was an expansion of Paiton I, a 1230MW coal fired power plant which reached financial closure in 1995 and became operational in 1999.   PT Paiton Energy, the project company that developed Paiton I, was also the company in charge of building and operating the Paiton III thermal power plant. PT Paiton Energy had the exclusive right to negotiation the power purchase agreement for Paiton III since the 1990s. As of Dec. 31, 2008, the major shareholders in PT Pation Energy were IPM Eagle LLP (UK, 45%), a 70:30 joint venture between International Power PLC and Mitsui & Co. Through this partnership, Mitsui & Co. had a 50% effective share in PT Paiton Energy, while International Power had a 31% share in the project company. The remaining shareholders in PT Paiton Energy were Tokyo Electric Power Co. (Japan, 14%) and PT Batu Hitam Perkasa (Indonesia, 5%).  PT Paiton Energy signed a 30 year power purchase agreement (PPA) with PT PLN Persero, Indonesia's state-owned power utility company to sell all the power produced by Paiton III in July 2008 which included a power sales tariff of $42/MWh. The 30 year contract period was to commence from the operational date of the project. The project planned to use supercritical-pressure coal-fired power generation which has higher power generation efficiency than subcritical-pressure power generation and is capable of reducing coal consumption relative to power output, which results in lower carbon dioxide (CO2) emissions.  The project total cost of Paiton III was estimated to be US$1,519 million. The project reached financial closure on March 8, 2010 when PT Paiton Energy signed a US$1,215 million project financing agreement with the Japan Bank for International Cooperation (JBIC) and eight commercial banks.  Project construction started in 2009 and the plant was expected to be fully operational in 2012. The project became fully operational in June 2012.
Linhares Geracao, wholly-owned subsidiary of Linhares Brasil Energia Participacoes S.A. (Fundo de Participacoes Brasil Energia, 78%; and Linhares Energia Ltda, 22%), was granted the authorization to build and operate a 204 MW-natural gas thermal power plant located in the state of Espirito Santo. The 35-year contract was signed with the regulatory agency Aneel in March 2009.  In September 2008, Linhares Geracao took part and won a competitive bidding to guarantee power purchase agreements. The bidding criteria set by the regulatory agency ANEEL was the lowest tariff. The 15-year contract was signed in October 2008. Linhares Geracao signed agreements to sell the electricity production to 30 distribution companies of the regulated market.  The sponsor committed to invest US$ 196.7 million (BRL 360 million) in the power plant. Financial closure was achieved in June 2010, when the sponsor was granted a US$ 106 million (BRL 186.6 million) loan from BNDES.  Short term financing was also granted by private banks: Itau BBA and Standard Investimento. The remaining cost was set to be financed with the sponsors’ internal resources.   Construction works commenced in early 2009 and were finished in December 2010. The plant started operations in January 2011.
In May 2009, the Mexican state power company CFE has awarded the contract for construction and operation of the 101.4MW Oaxaca I wind farm in the state of the same name to a consortium made up of firms Energía y Recursos Ambientales (EYRA), a subsidiary of ACS Group [Spain] and Energías Ambientales de Guadalajara. The consortium submitted the lowest bid to sell power from the plant with US$0.066/kWh. The two other final bidders were Spain's Acciona, and a consortium of Spanish firms Enerfín and Elecnor. The local firm Leasing Operations de México subitted a final offer that was thrown out due to not fulfilling the bidding requirements. The Oaxaca I project was to connect to Oaxaca State's electricity network through an 115kV transmission line, which was to be tendered as a separate project.  The total project cost was US $214.7 million. On July 29, 2010 the project reached financial closure through US $65.9 million in equity and US $148.8m eight-year term loan provided by BBVA, Banco Santander and Instituto de Credito Oficial.   Operations commenced in October 2012.
In October 2008, a tender was launched by Argentine federal concession authority Occovi for eight road corridors. The private operators were to perform operation, maintenance and some capital expenditures on national routes for a period of six years, with a possibility of one year extension. In return for their services, the operators were to be paid from a pool of tolls (comprised of all eight corridors) and a government payment which was to be determined through a competitive tender. In January 2009, a first round tender was declared void for all corridors but section 4.   In March 2010, Occovi awarded corredores 1,2,3,5,6,7 and 8 during a second tender. Corredor Vial N 6 comprised 933.5 km of national routes 12 and 16 and was awarded to the Argentine consortium of Corporacion America SA and Helport SA who formed CAMINOS DEL PARANA S.A. as the project company.  The bidding criterion was the lowest government payments to carry out construction, operation and maintenance. The winning bid was 2,197 million pesos.  On April 21, 2010, all of the contracts for the eight road corridors were ratified by an executive decree.
In May 2008 Bandirma Port was awarded under a 36 concession contract to Ceynak, a logistics and trade firm.The port, was operated by state-run railway company TCDD and located in the Black Sea region. Ceynak consortium won the project through competitive tender by oferring US$125.2 million for the right to operate the port under the 36 concession contract.   The tender was subject to the approvals of the Competition Authority and the Privatization High Council. The Privatization Administration (PA), in charge of the sale, needed to also ask for the Council of State’s opinion. Upon approvals of these institutions, sponsor would take over the port. The port is awaiting the Council of State's approval to be handed over.   According to the PA website, the transfer of operating rights was completed on March 31, 2010.  Cey Group paid US$125.2 million for the rights to operate the port for 36 years, and committed to invest US$32 million in the rehabilitation of the port.  Cey Group financed the deal via a US$125.2 million loan from Vakifbank.
Zakhidenergo was a thermal power company, Ukraine's only utility capable of exporting electricity to Eastern Europe. It operates three power plants in Western Ukraine with total installed capacity of 4.6 GW   In 2002 Burshtynska plant was disconnected from the Ukrainian energy system and linked to European UCTE enabling exports to Europe. Another Zakhidenergo plant, Dobrotvirska, had one of its blocks connected to the Polish energy system  In October 2010, DTEK increased its stake in Zakhidenergo to 24.9% from slightly above 11%.  In November 2011, DTEK won a tender for  a 45% stake in Zakhidenergo, increasing its stake to 70.9%. The purchase was finalized January 11th 2012.
In 2009, the Bangladesh Power Development Board (PBDB) awarded approximately 14 rental projects under the "quick" rental program which did not require a formal tender, and were unsolicited proposals. The QRPP projects were supposed to add about 1,000 MW of electricity to the national grid. The 50MW Pagla Quick diesel-run rental plant was developed on a fast-track basis at Pagla about 10 kilometers (six miles) from the capital Dhaka. The plant comprised 105 reciprocating engines, each with 0.5 MW of capacity, which will be replaced after 18 months. The project also included installing a 2.5-kilometer 33-kilovolt underground cable to deliver the power to the Shaympur substation.  The diesel-run plant came into operation on November 15, 2010, after signing a contract with the PDB in July 15, 2010. DPA Power Generation International. DPA Power was a consortium comprised of the military-controlled Bangladesh Diesel Plant [Government of Bangladesh], Primordial Energy [Bangladesh] and Germany's Aggretech AG [Germany]. The shareholding of the consortium was not known, but the project was listed as "private" as opposed to "public" by PDB.  The total project cost estimated at approximately US $11.8 million. This figure was obtained by a formula which assumed a US $600 per kW of installed capacity to obtain a present value of the asset. The per year value of the asset was then obtained by a payment formula that assumed a 10% discount rate and a 15-year asset life. The per year value was then multiplied by the number of years in the rental contract to obtain the final investment figure. This amount was PDB was to purchase electricity from the plant for the next three years at a rate of Tk 13.96 per kilowatt hour (per unit).
Vinh Son - Song Hinh Hydropower JSC was planning the development of the 220 MW Thuong Kon Tum Hydropower plant, on the Dak Nghe river, a branch of the Dakbla river, part of the Se San River located in the Ngoc Tem commune, Kon Plong district, Kon Tum province. The project was expected to produce 1.09 million MWh annually and was designed to consist of a reservoir, dam, water intake, penstock, pressurized well, power house and discharge channel. Vinh Son - Song Hinh Hydropower JSC was traded at VSH, Vietnam Stock Exchange.  The output was to be supplied to the national grid via a 220 kV transmission line, connecting the plant with the Duc Pho 220 kV transformer station. Construction period is estimated at five years, and the total project lifespan is planned for 31 years. The electricity was expected to be sold for 720 VND/kWh in the project model. The output was to be taxed with a 2% resource tax, based on an April 9th 2009 law by the Ministry of Finance. The project was also faced with a 25% income tax. Commissioning was expected for December 2014. The EPC contract  for the diversion system, including the 18 km tunnel, underground power house system, tailrace system etc. (or parts thereof) were awarded to China Railway 18th Bureau Group Co. LTD. Construction was expected to last 5 years. Electricity was expected to be VND 720/kWh ($0.0346 per kWh).  Feasibility study was approved in June 2009. The first construction contract was signed in January 2010.   Total investment was expencted to be VND 5.58 trillion ($267.1 million). The project applied for UNFCCC/CDM financing via the Swiss company Vietnam Carbon Assets Ltd. Financial closure date was unknown, but estimated here at January 2010 (signing of first EPC contract). The debt/equity ratio was 70/30. Cost of debt was 10.5%.
Da Nhim-Ham Thuan Da Mi Hydropower JSC, a subsidiary from state-owned ENV (75%) partially divested in June 2010, was planning the expansion of the Da Nhim hydropower plant, from 80MW to 160MW.  The original plant became operational in 1964, reported here as the year of original financial closure. Construction was expected to commence in 2013 and be completed in 2015.  No further information about financing was available.
IVRCL Indore Gujarat Tollways Ltd was created to implement a project that consisted of expanding from two to four lanes approx. 155.15 km of Indore-Jhabua-Gujarat MP Border section from km 9.500 to km 171.100  on the Ahmedabad-Indore section of NH-59. Approved Length 168km. NHDP III. The National Highway Authority of India (NHAI) awarded the project through a competitive tendered  on a design build-finance-operate-transfer (DBFOT) toll basis with a concession period of 25 years. NHAI issued the letter of award for this project to IVRCL Indore Gujarat Tollways Ltd, a subsidiary of IVRCL Infrastructure in  Dec 2009. The SPV has signed the concession agreement on February 22, 2010.    The project cost was estimated to be INR 15,237 million (US$333.2 million).   Financial close was on 22 Mar 2010. Financing comprised Rs11.4bn 14-year and 8-months term loan in debt and Rs3.8bn in equity. The debt was arranged by Axis Bank. The debt portion of the project cost was  tied up with eight bankers at an interest rate of 10% p.a.
Song Bung JSC was planning the development of the 29 MW Song Bung 6 Hydropower Plant, on the Bung river, Ma Cooih commune and Ka Dang commune in Dong Giang district, Thanh My town, in Nam Giang district, Quang Nam province.  The project was to sign a PPA with EVN for the 120.52 GWh annually produced and transmitted to the national grid via a 110kV transmission line of 13 km, connecting to the 220/110kV Thanh My transformer station. Commissioning was expected for 2013.   The plant was to consist of 2 turbines of 15.091 MW each with an expected life of 30 years. The equipment supply contract was signed with a Chinese supplier in November 2010. Construction was estimated to last 2.5 years, O&M was expected to cost VND 6.344 billion (1%). The electricity price was expected to be VND 784.91/kWh ($0.0377/kWh). The feasibility study for the 26 MW variant of the plant was finalised in March 2009. The Investment permit was awarded in October 2009 by the provincial committee. The feasibility study for the 29MW version was finalised in April 2010. The EPC contract was signed in September 2010. The generation permits were issued in March 2010 (Department of Industry and Trade) and April 2011 (Provincial committee).   Total investment was estimated at VND 634.4 billion ($30.5 million). The date of FC was unknown, but assumed here was December 2010. The project applied for UNFCCC/CDM financing.
Haridwar Highways Project Ltd was an SPV created to expand to  4 lanes  Muzaffarnagar - Haridwar section of NH-58 in the states of Uttar Pradesh & Uttarakhand, India.The project covered  NH 58 from KM 131.000 to KM 211.000, and included four laning of 80 km in the state of UP and Uttarakhand  with three green field bypass, bridge on Ganga River- Elephant, and bridge on Muzaffarnagar-Haridwar Section.  Haridwar Highways Project Ltd was awarded the project under a 25-year Design, Build, Finance, Operate and Transfer (toll) concession.   National Highways Authority of India (NHAI) awarded the project to Haridwar Highways Project Ltd, a company owned by Era Infra Engineering Ltd (74%) and Sibmost (26%).  The project was awarded using the minimum subsidy criteria. Haridwar Highways Project Ltd won the tender requesting INR2.1 billion (US$45.9 million) of subsidy.  The NHAI estimated a project cost of INR7.54 billion. The total project cost was Rs 11 billion (US$240.5 million). Financial close was on 14 Dec 2010. Financing comprised Rs6.91bn in debt and Rs4.1bn in equity and government grant. The government grant was INR2.1 billion (US$45.9 million). Debt comprises a Rs6.91bn 16-year term loan arranged by AXIS. Axis Bank Ltd acted as financial advisers to the consortium.
International Investment Construction and Trading JSC, a local developer, was planning the development of the 48 MW Chiem Hoa hydropower plant, as an independent power producer, located at Ngoc Hoi, Chiem Hoa dristrict, Tuyen Quang. The project was to comprise of 3 turbines, run-of-river.   Construction started in October 2009, and was expected to be completed in October 2012. The plant was designed by Guangxi Electric Power Industry Investigation Design and Research Institute, from China. The project was also supplied by Chinese equipment.  Total cost was estimated at VND1,700 billion (US$82 million). No further information about financing was available. The financial clsoure date was reported as July 2010, or 25% of construction period. The remaining two turbines were to be commissioned in October 2012. The project applied for UNFCCC CDM funding, and the credits were bought by Swiss-based Vitol.  August 2012: it was reported that the first turbine of the project became operational on July 9th 2012. The total project was to consist of 3 turbines.
In January 2002 and December 2003, private companies Gestamp and Eolica Tecnologia were granted 30-year authorizations to build two wind parks in the municipalities of Macaparana and Gravata, state of Pernambuco. The first Wind Park was to have 15 generating units to be built in the municipality of Macaparana, with a total capacity of 9.9 MW. Gravata, the second windpark, was for four units, each one with five generating units, to be built in the municipality of Gravata, with a total capacity of 17 MW (actually the power plant currently generates 19,8MW). For each generating unit, a separate authorization was granted, initially to CERSIL ltda. and to Fruitrade Comercio e Exportacao. In 2008 and in 2007, the authorizations were transferred to Special Purpose Vehicles wholly-owned by Gestamp [Spain, 50%] and Eolica Tecnologia [Brazil, 50%]: Eolica Piraua SA and Eolica Gravata Geradora de Energia SA, respectively.  The project companies have power purchase agreements arranged with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies).  The total investment was estimated at BRL 150 million (US $83 million). Financial closure for the project was reached in May 2010, when state-owned bank BNB approved a BRL 111 million loan(US$ 61.4 million) to the company.   Commercial operation commenced in April 2010.
In May 2009, federal electricity regulator Aneel signed a 30-year BOT contract with Elecnor [Spain] and Cobra Instalaciones y Servicios SA [Spain] to build, operate and maintain three 230kV transmission lines and substations totaling 444km. The shareholding percentage was not known. The three transmission lines included 230kV 296km Transmission Line Chapadao - Imbirussuu; 230kV 48km Transmission Line Imbirussu - Sidrolandia; 230kV 101km Transmission Line Sidrolandia - Anastacio. The three substations were: substation Sidrolanddia (230kV), substation Rio Brihante(230kV) and substation Ivinhema (230kV). Brilhante Transmissora de Energia, Ltda was formed as the project company.  The total project cost was estimated at US $226.35 million. Financial close took place on June 29, 2010 and comprised BRL 211.7m (US $119.2 million) of equity and a BRL 190.3m (US $107 million) 14-year term loan provided by mandated arranger Banco Nacional de Desenvolvimento Economico e Social (BNDES).   In January 2011, the company was granted an additional US$ 74.7 million (BRL 121.9 million) loan contract from BNDES, a state-owned development bank.  In December 2011, the transmission line commenced commercial operation.
Damlapinar hydro power was a 42MW owned and operated by AES-IC Ictas Energy, a joint venture between US AES Corp (51%) and IC Holding (49%). The project increases AES' small hydro capacity in Turkey to 42 MW. The project cost was $65 million, of which $36 million was financed by a non-recourse seven-year term loan.  The 16 MW Damlapinar facility included two 8.2 MW Francis Turbines from Harbin Power Engineering, a Chinese manufacturer, and the Engineering, Procurement and Construction work was performed by IC Ictas Construction. Damlapinar was the first of two AES-IC cascading run-of-river facilities and included a small dam with storage capacity that will allow production planning for peak generation during key periods. The downstream 28 MW Kepezkaya facility, as well as the 18 MW Kumkoy small hydro project, located in Samsun, are both expected to start commercial operation by the end of the year. Electricity generated by the renewable power project was to be sold into the wholesale market through day-ahead spot sales or to eligible customers through short-term contracts
Thuong Hai JSC was planning the development of the 21 MW Dak Rong 4 Hydropower plant, Ba Nang Commune, Dak Rong district, Quang Tri province. The project was to comprise of 3 turbines (Francis HLA244-LJ-180) of 7 MW, generating 78,564 MWh annually. Lifespan was expected to be 40 years.  The output was to be transmitted to the grid via a 110kV Khe Sanh-Ta Rut transmission line at the substation in Dak Rong district. Commissioning was expected for 2012. Electricity price was estimated at VND 810 per kWh ($0.0389 per kWh). The first EPC contract was signed in July 2010. The EIA was approved in May 2008.   Total investment was estimated at VND 466.294 ($22.4 million).
In March 2009, Iberdrola Renovables, a subsidiary of Iberdrola SA, won a concession to build and operate the 103-MW La Venta 3 wind farm in Oaxaca state. The project was to be located in the Municipality of Santa Domingo Ingenio, in the region of the Istmo de Tehuantepec, close to already existing wind farms La Ventosa and La Venta II.   The contract included a 20-year Power Purchase Agreement (PPA) with CFE, Mexico's federal electricity company. The farm was to use 121 G52 wind turbines sourced from Gamesa Eolica, each measuring 44m in height and with an output of 850kw. The project will also include the construction of access roads and interconnection with the high-voltage network.It was expected to meet the energy needs of around 200,000 people, avoiding the emission of 160,000 tonnes of CO2 annually.  The total project cost was US $225 million. The project reached financial closure through a loan agreement signed in May 2010, from the European Investment Bank (EIB) for EUR 78.50 million (US $112.50 million).   Operations commenced in March 2012.
Nilwala Vidulibala Company was planning the development of the 2MW Hydropower Plant, Southern Sri Lanka. Vidullanka held a 26% stake in the project company, after an investment of Rps 42 million ($0.33 million).  The project holds a permit from the Board of Investment, making it eligible for tax breaks and duty free equipment imports.  The project was to be connected to the national grid. The company holds a 15 year PPA with Ceylon Electricity Board.  Total cost was estimated at Rps. 42 million ($2.8 million).
Doruk Enerji was planning the development of the 30 MW Seyitali-Aliaga wind farm, near Izmir province. The project was desigend to comprise 15 turbines of 2 MW. Doruk Enerji was 50-50 owned by Demirir Enerji and Polat Enerji. Polat Enerji was 50% owned by French EDF EN. Annual output was 95 GWh.  The project was commissioned in July 2011. Equipment was supplied by Enercon from Germany. As of October 2011, no further details about permits and contracts were available.  As of October 2011, no information was available on total investment costs. It was reported in December 2010 however that BayerenLB was providing export financing totalling EUR26 million ($35.6 million) towards the equipment supply contract. The 16-year debt tenor for German wind turbine manufacturer Enercon had a 95% Hermes cover. It was to fund the delivery costs of the projects 15 wind turbines. Lacking more information, total cost of $35.6 million was adopted.
Rayalseema Expressway Private Ltd was created to implement the expansion of four lanes  a 188 km of the existing 2-lane Kadapa-Mydukur - Kurnool section of NH-18 (from km-167.75 to km-356.50 and between Cuddappah and Kurnool)  and construction of bypasses in the State of Andhra Pradesh, India. The National Highways Authority of India (NHAI) awarded the project to REL under a 30-year Build Operate and Transfer (BOT) Toll basis concession. This stretch, once completed, was to minimize the lead time between Chennai and Mumbai. Rayalaseema Expressway Limited  (REL) was a special purpose vehicle led by KMC Group (54%), but also had equity participation of SNC-Lavalin Mauritius Limited (36%), an affiliate of SNC-Lavalin, and IVRCL (10%).    The Project cost was estimated to be INR 16.36 billion (US$ 357.8 million). The Federal government provided the viability gap funding (VGF), which would not exceed 40% of the total project cost excluding the cost of land acquisition, R&R and pre-construction. There was not information on the viability gap funding provided to the project in public sources. The project reached financial closure in April 2010 a club-basis. Financing comprised Rs7 billion 17-year term loan in debt and Rs9.3 billion in equity (including viability gap funding). The debt was arranged by IDFC. Construction expected to start in Jul 2010 and expected to be operate in Feb 2013.
Kapil Mohan & Associates Hydo Power Pvt. Ltd. (KMHPL) was a Special Purpose Vehicle (SPV) for setting up hydro power projects. The first two projects were Beas Kund and Jirah projects which were allotted to KMHPL by the Government of Himachal Pradesh (H.P.) in 2001. Jirah project was a 4MW (2x2MW) run of river power plant and The Implementation Agreement was executed between the Government of H.P. and KMHPL in July 2006.  For the Beas Kund project, the initial Implementation Agreement between the Government of H.P. and KMHPL was of 5 MW executed in June 2007. Subsequently, the scope was enhanced to 9 MW and a new Agreement was signed in October 2009. KMHPL was given the right to establish, own, operate and maintain the projects for a period of 40 years from the respective commercial operation date.  The estimated project cost of Rs.1051.6 million (US$23 million) for both the projects is proposed to be financed at a debt to equity ratio of 2.34:1. The debt portion of Rs.73.72 crore was tied up and the equity of Rs.31.44 cr was to be brought by the promoters. Out of the overall project cost, KMHPL has spent Rs.46 cr till January 09, 2010, which was funded by debt of Rs.30 cr and equity of Rs.16 cr. Estimated financial closure date was June 2010.  KMHPL was expected the commercial operation date for the Beas Kund project to be in July 2010 and the Jirah project in October 2010.  KMHPL entered into a Power Purchase Agreement with Tata Power for sale of power @ Rs.4.00/Kwh for a period of 10 years from the commercial operation date for both the projects. However, the purchase of energy by Tata Power from KMHPL was without any 'take or pay' agreement on either side for any deficit in off take or supply of power with respect to the contracted quantum of power. KMHPL obtained the necessary clearances & approvals from the respective authorities for setting up of the hydro power projects.  The Government of India was promoting small hydro power projects through its capital subsidy schemes & provision for income tax holiday under section 80 IA for 10 years and such incentives shall also be available to KMHPL.
The project entails the contract for urban cleaning in Embu Tourist Resort, Brazil under 30 years contract. SPV is Embu Ecológica e Ambiental S.A., a wholly owned subsidiary of the sponsor Enob Engenharia Ambiental Ltda. Total value of the contract is R$720.981.079 or $ 418.46 million. For the structuring of the project, a Public Consultation was held on 12/01/2010, followed by the Bid, published on 04/29/2010. The bidding of this Administrative Concession took place through a National Competition of the Technique and Price type. Financial close took place on November 26, 2010.
In March 2010, CAB Ambiental [Brazil, 100%] was awarded the 30-year municipal concession contract to expand, rehabilitate and operate the water and sewerage system of the city of Piquete (state of Sao Paulo). The company committed to invest BRL 6 million to expand the water and sewerage system, including sewereage treatment, for 100% of the population by 2015. At the time of contract signing, the coverage ratio for water provision was 100%, for sewerage collection it was 96% and for sewerage treatment it was 0%. The city population was estimated at 14 thousand inhabitants.  The company signed the concession contract on March 26, 2010. CAB began operating the facilities in April 2010.  In January 2012, a US$ 3 million (BRL 5.8 million) loan was granted to CAB Piquete by the state-owned bank BNDES to finance the company's investment.
Orissa Steel Expressway Pvt Ltd was created to expand to four and two Laning of Rimoli-Roxy-Rajamunda section of NH – 215 in the State of Orissa in April 2010. The project included 96km and was part of NHAI under Phase – III of National Highways Development Program.   The concession was to be executed on a Design, Build, Finance, Operate & Transfer (Toll) basis with a concession period of 19 years including construction period of 910 days.   National Highway Authority of India awarded the concession using the lowest viability gap subsidy as bid criteria. Orissa Steel Expressway Pvt Ltd won the tender by requesting INR2299.5 million as subsidy. Orissa Steel Expressway Pvt Ltd wasa consortium formed by MBL Infrastructures Limited (50%) and SREI Infrastructure Finance Limited (50%).NHAI issued the letter of award in April 2010.   The NHAI estimated the project cost about INR 5680 million at the time the contract was awarded. The project cost was INR 9000 million (US$196.8 million) at financial closure according to the financial information. The financial closure was achieved in December 2010 with Union Bank of India underwritting the entire debt facility of Rs. 407.1 Crores. NHAI. provided  an equity grant of Rs. 229.95 Crores (US$50.3 million) according to the terms of the Concession Agreement.
Cabeolica SA was created to build, own and operate a 28 ME wind farm to be located in various locations on the islands of Cape Verde.  The project company was a public private partnership owned by the Government of Cape Verde, the government-owned utility Electra, infrastructure development company InfraCo, Africa Finance Corp, and Finish finance company Finnfund.  Vestas had been selected to supply 11 of its turbines to the project, and African donor-funded project developer Infraco was selected to develop the project.    The project was contracted to sell power to the national utility Electra under a 20 year PPA.  Further details were not released.  The project reached financial close in October, 2010.  Total project cost was EUR 61 million (USD 80 million), with the European Investment Bank providing EUR 30 million (USD 39 million) in loan financing, and the African Development Bank another EUR 15 million (USD 19 million).  The rest, USD 22 million, was to be provided by the equity.  The project began operations in late 2011.
In January 2010, a private company based in Shangcheng County, Henan Province, Kaiyuan Enrionemtnal Protection Equipment Co., Ltd. was granted an agreement to construct and operate a wastewater treatment plant in Yongshun County, Hunan Province. The investment was RMB 92.31 million (US$ 13.52 million) and the capacity of the plant was 20,000 cubic meters per day. The plant was expected to be completed in June 2010.
Nord Stream is a 1,224 kilometer-long offshore natural gas pipeline, which was to be laid across the Baltic Sea, from Vyborg, Russia to Greifswald, Germany. Nord Stream AG was the project company set up to build and operate Nord Stream AG. Initially, one pipeline (phase 1) was to be built with a transport capacity of roughly 27.5 billion cubic meters of natural gas per annum. In the second phase, a parallel pipeline would be laid to double the annual transport capacity to roughly 55 billion cubic meters. The second pipeline was planned to come on stream in the last quarter of 2012. Nord Stream was scheduled to be completed and to deliver the first gas in the last quarter of 2011.   In addition to the offshore pipeline, a 917 kilometer-long onshore connection in the Russian territory was to be built and operated by Gazprom, to connect Nord Stream to the Russian gas transmission system. Two onshore connections from Greifswald to the south and west of Germany, with a total length of 850 kilometres, were to be built by WINGAS and E.ON Ruhrgas. Neither of these two onshore pipelines formed part of the Nord Stream pipeline.   Nord Stream consortium was composed by Russian Gazprom (51%), German BASF (15.5%), German E.ON Ruhrgas AG (15.5%), Dutch N.V. Nederlandse Gasunie (9%), and GDF Suez S.A. (9%) by June 2010. The project had a long development phase. The feasibility studies were conducted between 1997 and 1999. In December 2005, Gazprom, E.ON and BASF established the JV, North European Gas Pipline Co (NEGPC). The process of obtaining all the permits started in 2006 and concluded in February 2010. Construction of the first line started in April of 2010. By October 2010, both lines had been completed at Russian and German landfalls, and by year-end 70 percent of line 1 had been laid.  The total investment for both phases of the offshore pipeline was estimated at Euro 7.4 billion (US$9,842 million). In March 2010, financing for phase I amounting to Euro 3.9 billion (US$5,187 million) reached closing. Financing came from Nord Stream’s shareholders that provided 30% of cost of phase I on pro rata to their holdings, and from bank financing that provided the remaining 70%. Twenty-six banks participated in the deal underlining the attractiveness of the project during difficult market conditions. The ECAs that provided cover for the deal were HERMES and SACE with support also coming from Germany’s untied loan guarantee scheme: the amount covered by such agencies totals approximately 3.1 billion Euros. Additionally, there was a syndicated loan facility on an uncovered basis in an amount of up to 800 million Euros.   In March 2011, financing for phase II amounting to Euro 3.5 billion (US$4,795 million). Similar to phase I, financing came from sponsors (roughly 30%) and bank loans (roughly 70%). The debt financing for Phase II amounted to Euro 2.5 billion, 1.75 billion of which were covered by the export credit agencies SACE and Euler Hermes as well as through Germany’s untied loan guarantee scheme (UFK). Twenty-four banks are participating in the deal.
On 17th June 2010, National Highway Authority of India (NHAI) awarded a 30-year concession (including construction period of 30 months) to L&T Infrastructure Development Projects Limited (L&T IDPL), for the strengthening, improvement, 4-laning,operation and maintenance, and tolling of 78.75kms of Devihalli-Hassan section from KM110.000 to KM189.500 of National Highway 48, in the state of Karnataka.   Under the contract, L&T was responsible for the design,construction,finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway to 4-lane divided carriageway.The scope included construction of new pavement,rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges,culverts, road intersections,interchanges, drains, etc.The scope was inclusive of the construction of a 19 km by-pass (new 2-lane bypass for Channarayanapatna and widening of existing 2-lane bypass for Hassan) and 2 state-of-the-art Toll Plazas for the benefit of the commuters.The expansion project was part of the National Highway Development Program (NHDP-III). Connecting the coastal city of Mangalore with the state capital Bangalore, which were two major cities of Karnataka state, this highway was an important link for the transport of goods from Mangalore Port to the city of Bangalore.   L&T IDPL established L&T Devihalli Hassan Tollway Limited (DHTL),a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by requesting the lowest grant of US$ 39.4mn (INR 1801.8mn @45.7 INR/USD). This grant would be disbursed by NHAI to DHTL after it had expended the equity and would be disbursed proportionately along with the term loans thereafter remaining to be disbursed by the senior lenders under financing agreements. Other details of bidding were not available at the time of collection of this information. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling, during the term of concession. L&T would execute the EPC contract for the project.  The concession agreement was signed on 17th June 2010. The project was financed with a grant/debt/equity ratio of 36/45/18. The estimated capital cost of the project at the time of financial closure was US$ 108.1mn (INR 4940mn @45.7INR/USD). Apart from the upfront grant of US$ 39.4mn (INR 1801.8mn), financing comprised of a term loan of US$ 49mn (INR 2240mn) and sponsor equity of US$ 19.7mn (INR 900mn).Other details of financing were not known at the time of collection of this information.  The project was expected to start construction in December 2010 (Appointed Date) and was expected to be completed by May 2013. The project finally achieved commercial operation in November 2013 (delay because of change in scope as well as delays in handover of Right of Way).
China National Electric Equipment Corporation (CNEEC) was planning the development of the 35MW Broadlands Hydropower Plant, Kelani River, near Kitulgala. The project was expected to generate 126 GWh annually. Annual output was expected to be 115GWh.   The project was awarded to CNEEC by the Ceylon Electricity Board (CEB) in a tender (lowest price) in 2007. The electricity was to be supplied to the CEB under a PPA.  Commissioning was expected for 2014, although before tendering 2011 was envisioned.    Total investment was estimated at $102 million, but CNEEC committed to building it for $82 million. Financing was provided by the Construction Bank of China (90%), under a 15 year floating loan at 220 basis points over LIBOR with 3 year grace. The remaining 10% was financed by state-run People's Bank.
Mokama-Munger Highway Ltd was set up to expand to two lanes (with paved shoulders) Mokama Munger section of NH-80 from km 1.430 to km 70.00 in the State of Bihar under NHDP III. Mokama-Munger Highway was a company owned by BSCPL (50%) and C&C Constructions (50%). The project was awarded under a 15 year annuity concession for Design, Build, Finance, Operate and Transfer (DBFOT).  The National Highway Authority (NHAI) tender the project in May 2010 and BSCPL, C&C Constructions were declared by offering the lowest annuity payment, a fixed semiannual payment of 39.94 crore. The concession contract was signed in July 2010.   The project cost was estimated to be Rs4.4 billion (US$96.2 million). The project reached financial closure in November 2010 with a  Rs3.55 billion 13 year loan lead arranged by SBI Capital. The debt was priced at 250bp over SBI base rate pre-COD. Post COD the rate is linked to the base rates of the individual lenders. Fees are 1.2% on the amount undrawn beyond 60 days.  Operating starting date was expected to be October 2013.
Shree Jagannath Expressway Pvt Ltd  was created to implement a project to expand to six lanes of Chandikhole Bhubaneswar Section (from Km 413 to km 418 & km .02 to Km 62) of NH-5 in Orissa under NHDP Phase V. The total project lenght was 67 km and included five fly-overs.     The project was awarded via a competitive tender using the lowest subsidy as bid criteria.  The National Highway Authority of India awarded the project to Shree Jagannath Expressway Pvt Ltd  was a consortium owned by SREI (48%), Galfar Engineering and Contracting SAOG (26%), Varaha Construction Co. (26%) in April 2010. The wining consortium requested a subsidy of 205 crore. The project was a 25 year BOT PPP project with viability gap funding. The concession contract between Sri Jagannath Expressway Pvt. Ltd and the NHAI was signed in August 2010.     The NHAI estimate of the project cost was INR10,470 million. But the  total project cost estimated by the sponsors at financial closure was INR 18,270 million (US$ 399.5 million). Financial closure was achieved in December 2010 with an INR10.586bn 16-year term loan via Union Bank of India. The project received a viability gap funding of INR 2050 million (US$44.8 million).
On October 30, 2009, Northern Capital Gateway consortium, comprised of Fraport AG [Germany] (35.5%), VTB Bank [Russian Federation] (57.5%) and Copelouzos Group [Greece] (7%), signed a 30-year build, rehabilitate, operate and transfer concession contract for Pulkovo Airport, which serves the city of St. Petersburg.  The airport had 6.8 million passenger movements in 2009, and was comprised of two runways and two passenger terminals - one for international and one for domestic flights. The assets were owned by the city of St. Petersburg via the municipally-owned company, «Pulkovo Airport».  The city government of St. Petersburg awarded the concession through a competitive tender, launched in April 2008. The World Bank acted as the strategic adviser to the city government on the concession. Nine consortia submitted pre-qualification bids. The consortia were headed by Vienna Airport, Fraport, Hochtief, TAV Airport, GMR Infrastructure, Basic Element, Macquarie, Stroykorporatsiya Elis and Novaport. Seven parties were shortlisted on Aug. 12, 2008. The two consortia not selected were Novaport and Stroykorporatsiya Elis. The final tender was issued on Feb. 5, 2009. Three consortia submitted final bids: Fraport/VTB/Copelouzos (Northern Capital Gateway), Vienna Airport/ZAO Lider and Changi Airport/Basic Element. The award was based on a combination of legal, technical and financial criteria. The main financial criterion was the highest percentage of project revenues transferred to the city government. On June 17, 2009, it was announced that Northern Capital Gateway was the winner of the legal and technical phase of the tender. On June 25, 2009, it was announced that Northern Capital had also won the financial part of the tender, bidding a royalty payment to the city government of 11.5% of revenues.  The project reached closure on April 29, 2010, when the airport assets were transferred to Northern Capital Gateway.  Securing financing was one of the key conditions for the finalization of the concession contract and the transfer of the assets to the private consortium.  The financing package - amounting to US$1.53 billion (EUR1.15 billion) in support of a four-year capital expenditure program - was signed on April 28, 2010. It comprised EUR400 million (US$531.91 million) in equity and EUR750 million (US$998 million) in debt. The debt comprised a RUR10 billion (US$342.5 million) term loan for which Vnesheconombank was the Mandated Lead Arranger, EUR190 million (US$252.66 million) in jointly syndicated indirect term loans from EBRD (US$126.33 million) and IFC (US$126.33 million), a EUR100 million (US$132.98 million) direct loan from EBRD, a EUR70 million (US$93.08 million) direct loan from IFC, a EUR67.67 million (US$89.99 million) loan from Eurasian Development Bank, a EUR50 million (US$66.49 million) loan from Nordic Investment Bank and a EUR15 million (US$19.95 million) loan from Black Sea Trade and Development Bank.    The Northern Capital Gateway consortium undertook to build a new passenger terminal of ca. 100.000–140.000 sqm catering to domestic and international passengers. Further, it was to: integrate the existing Terminal 1 into the new terminal and close the existing Terminal 2 once the new terminal has been inaugurated; expand apron areas; develop real estate adjacent to the terminal; and modernize existing infrastructure.  In 2012, Pulkovo Airport (LED) welcomed 11.2 million passengers.The new terminal 1, which started test operations by the end of 2013, was able to accommodate 17 million passengers.
Ashoka Belgaum Dharwad Tollway Pvt Ltd was created to implement the expansion to four to six Lanes Belgaum-Dharwad Section of NH-4 KM 433.00 to KM 515.00 (Length 79.36 KM) in the State of Karnataka. The National Highway Authority of India (NHAI) awarded the project to Ashoka Belgaum Dharwad Tollway Pvt Ltd, a subsidiary of  Ashoka Buildcon (100%) on Designing, Building, Financing, Operation and Maintenance basis under NHDP Phase V in June 2010. The project company had 30-year  build, own and transfer (BOT) toll concession to implement the project.     The project cost  was estimated to be Rs6.94 billion ($151.76 million) Concession reached financial closure in Dec 2010. Financing comprised Rs4.79bn 16-year 5months term loan, Rs1.2bn 16-year 5months term loan debt and Rs950m equity. The debt was arranged by IDFC. Construction started in Dec 2010 and was expected to be complete on June 2013.
On 18 June 2009, a local private company Shaoyang Yushen Stone Co., Ltd. signed an agreement with the Longhui County Government to finance build and operate the Yuanmushan Hydropower Plant in Longhui County, Hunan Province. The Plan is on the Zishui River, a branch of Zi River. Construction commenced in November 2010. Shaoyang Yushen has a 100% stake in the project. The total investment was RMB 168 million. The capacity of the hydropower station is 21MW. Construction is still ongoing. By July 2011, RMB 80 million had been spent on the project.
Helios Power (Bulgaria) developed the 4.16 MW Mokresh solar plant, near Valchedram, Northwestern Bulgaria. The project company was  Mokresh Solar Park.   The plant was commissioned in October 2010. The tariff for the project is EUR 357.45/MWh, for a period of 25 years with CEZ. Project life is 25 years. The equipment was provided by Mitsubishi International Corporation, supplying three types of PV modules: Hyundai HIS 203/206/209 SG (1MWp), Hyundai HIS 227/230/233 SG (2MWp), CEEG - CSUN 240 - 60P (1MWp). The inverter was supplied by TMEIC (Toshiba Mitsubishi - Electric Industrial Systems Corporation). The support structure was supplied by Sadef (Belgium), and Corus (UK).   Annual maintenance costs are EUR 0.013/kWh. Insurance for the project is provided by ALLIANZ. Corporate tax rate is 10%. Total project cost was unavailable, but the average cost in 2011 was US$3.9 million/MW: US$16.2 million. Financial closure date was estimated at October 2010, date of commissioning.   The coordinates of the project are: Lat. 43°45' N, Long. 23°24' E
The project entails the contract for urban cleaning in Sao Carlos, Brazil under 20 years contract. SPV isSão Carlos Ambiental – Serviços de Limpeza Urbana e Tratamento de Resíduos Ltda., a wholly owned subsidiary of the sponsor Revita Engenharia S.A. Total value of the contract is R$191.511.674 or $ 106.57 million. For the structuring of the project, a Public Consultation was held on October 14, 2008, followed by the bid, published on 12/31/2008. The bidding for this Administrative Concession occurred through a National Competition of the Lowest Price type. Financial close took place on August 23, 2010.
Navanakorn Electric Co. Ltd.  was created to build and operate a 110-MW gas-fired, combined-cycle cogeneration project at in the Navanakorn Industrial Estate in Pathum Thani province. The project company agreed to sell most of its output to the state-owned Electricity Generating Authority of Thailand (Egat) under a 25-year power purchase agreement (PPA). Commissioning was expected for March 2012.  In November 2010, Toyo-Thai Corporation Plc, acquired the preferred shares in Navanakorn Electric Co. Ltd, becoming the largest investor in the project company. After that transaction, Navanakorn Electric Co. Ltd was owned by Toyo-Thai Corporation Public Company Limited (71%) and the Navanakorn Public Company Limited (29%). In December 2011, Korea Midland Power, a subsidiary of KEPCO, purchased 29% for US$15.6 million and was to be the operator for the first 25 years. One source says the equity was bought from Toyo-Thai Corp, indicating their share went down, but this is not confirmed (therefore, no equity % reported below).   The project cost is estimated to be Baht 4 billion ($133 million). In September 2010, the project company signed an EPC contract with Toyo-Thai Corporation Plc, which became in charge of building the power plant. As of December 2010, the power plant was under construction. The project is scheduled for completion in the third quarter of 2012.
In October 2008, Interligacao Eletrica Pinheiros S.A. a wholly-owned subsidiary of the brazilian company CTEEP, was awarded in a competitive bidding process the contract to build and operate three transmission lines  and five substations located in the state of Sao Paulo. Besides CTEEP, other companies took part in the contest, like Cymi Holding and Cobra Instalaciones y Servicios, Orteng Equipamentos e Sistemas Ltda. and Consorcio TBE Brasil.  The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. CTEEP won three auctions (E,H,K): one for the transmission line and the other two for the substations.  Auction E, for the transmission line, was won by the company with a US$ 3.4 million (BRL 6.4 million) revenue (32% below the ceiling), while auctions H and K were 51% and 27% below the ceiling.  The contract was signed in October  2008, and the sponsors created the company Interligaçao Eletrica Pinheiros S.A. (IEPIN) to lead the project during the 30-year contract period.   The sponsor committed to invest US$ 119.1 million (BRL 218 million) in the transmission line. The construction works commenced in October 2008, but financial closure was only achieved in December 2010, when the sponsor was granted a US$ 67.9 million (BRL 119.6 million) loan from BNDES. The remaining cost was set to be financed with the sponsors’ internal resources.   Operations commenced in October 2012.
Akenerji was planning the development of the 30 MW Feke I hydropower plant, run-of-river, Goksu river, Adana province, Southeast Turkey. Annual production was estimated at 115 GWh. Akenerji was partly owned by Czech state-controlled CEZ (37.5%) and Turkish Akkok Group (37.5%), 25% of its shares were publicly traded in the Istanbul Stock Exchange.  Commissioning was expected for late-2011, construction started in early-2010. The developer received a 49 year production license for the project in May 2007. The Feke I plant was the second of five hydropower projects Akenerji was developing in the Goksu river. The Turkish government opened up for tender concessions for 52 run-of river hydropower plants, between December 2009 February 2010. During the tenders, 615 bids were made and the deals were finalized in May/June 2010.  Esimated costs were $338 million for the five projects. IFC approved in June 2010 credit of up to $75 million towards the five projects, including: the 30 MW Feke I, the 70 MW Feke II, the 27 MW Himmetli, the 30 MW Gokkaya and the 3 MW Saimbeyli plants, as well as future support for any power distribution projects developed by Akenerji. On a MW pro-rata basis, this implies a $62.4 million investment for the Feke I plant, including $14.0 million IFC Loan. The project was recorded under IFC Project number 29359.
Indore Dewas Tollways Ltd  was created to implement a project to expand to six lanes 45 Km of the  Indore Dewas section road on NH-3 from km 577.50 to km 610.00 and km 0.00 to km 12.60 in the state of Madhya Pradesh, India. The National Highway Authority of India awarded the project under a 25-year DBOT concession on a BOT (Toll) basis to Indore Dewas Tollways Ltd, a joint venture of Gayatri Projects Limited and  DLF Limited in March 2010. But by the time of financial closure, Gayatri Projects Limited reported to owned 100% of Indore Dewas Tollways Ltd.  Indore Dewas Tollways Ltd  won the project by offering to pay an annual premium of Rs 240 million (US$5.3 million), to NHAI.  The net present value of those payments at 10% discount was US$52.9 miilion. Gayatri Projects has a right to collect toll on the existing four lane highway through its SPV. The road was expected to be commissioned in 2013.  Indore Dewas Tollways Ltd estimated the project cost at INR6000 million (US$ 131.2 million) at financial closure. But the National Highway Authority quoted the project cost at INR3250 million. The project reached financial closure in November 2010 with a  Rs4.5 billion 14-year term loan for Indore Dewas Tollways was signed via sole bookrunner and mandated lead SBI Capital Markets. Final allocations saw participants Punjab National Bank and Union Bank of India commit Rs1.5 billion each, while Punjab Sind Bank and State Bank of Hyderabad gave Rs1.0 billion and Rs500 million respectively.
Bijapur-Hungund Tollway Pvt Ltd was created to expand to four lanes the Bijapur - Hungund Section of NH-13 from km 102.000 to km 202.000 in the state of Karnataka.  National Highway Authority of India awarded the concession to Bijapur-Hungund Tollway Pvt Ltd in Feb 2010 under a 20-year DBFOT Toll basis concession under NHDP Phase-III. Bijapur-Hungund Tollway Pvt Ltd was owned by the consortium of Sadbhav Engineering Ltd, Sadbhav Infrastructure Projects Ltd and Montecario Construction Ltd. The 20 year Concession Period of the project included construction period of 910 (Nine Hundred and Ten) days from the 'Appointed Date'."     The estimated cost of the project was Rs11.2bn (US$$244.9m). The project reached financial closure in June 2010. Financing comprised of Rs8.5bn debt and Rs2.7bn equity. Bankof India was the mandated arrange. Project construction started in September 2010 and operation phase was expected to commence on 3 Mar 2013.
Topworth Tollways (Satna) Pvt Ltd entailed the construction of highway that starts from km 0.000 to km 74.13 of State highway - 11 (SH-11) in the state of Madhya Pradesh, India.  Madhya Pradesh Road Dev Corp. (MPRDC)  awarded the project to  Topworth Infra Pvt Ltd and MCC Overseas Ltd to be developed on BOT toll basis in March 2010. The concession contract was signed in May 2010.   The project cost was estimated at INR 1410 million (US$30.6 million). Financial close was on 13 Dec 2010. Financing comprised of Rs520m 14-year 5months term loan and Rs880m equity. The debt was arranged by SBI.
On 20th July 2009, National Highway Authority of India (NHAI) awarded a 23-year concession (including construction period of 910 days) to KMC Constructions Limited, for the strengthening, improvement,4-laning,operation and maintenance, and tolling of 81.5kms of Kannur-Vengalem section from KM230.000 to KM318.000 of National Highway 17, in the state of Kerala.   Under the contract, KMC was responsible for the design,construction,finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway to 4-lane divided carriageway.The scope included construction of new pavement,rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges,culverts, road intersections,interchanges, drains, etc.The expansion project, part of the National Highway Development Program (NHDP-IIIB), was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   KMC won the tender through international competitive bidding, conducted by NHAI, by requesting the lowest grant of US$ 113.8mn (INR 5202mn @45.72 INR/USD).Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling, during the term of concession.   The concession agreement was signed on 24th February 2010. The project didnot close financing at the time of cancellation. The estimated capital cost of the project at the time of bidding was US$ 286.9mn (INR 13120mn @45.72INR/USD).   The project was expected to start construction by May 2010. However, even after a lapse of three-and-a-half years, the requisite land/right of way (ROW) could not be made available by NHAI. For the Kannur-Vengalam section, only 34 per cent of land, that too of the existing ROW, was available. Finally NHAI canceled the concession in November 2013.
Patna Highway Projects Ltd was created to implement the expansion  to four lanes  of Hajipur to Muzaffarpur section for the existing National Highway NH-77 (from km 0.000 in Ramashish Chowk to km 46.300) and the construction of a 16.87km new bypass connecting NH-77 with NH-28 of east-west corridor at km 515.045 in the State of Bihar. The total road lenght was  83.17 km. The National Highway Authority of India awarded the project Gammon Infrastructure Projects under on BOT (Annuity) Basis, India. The project was part of NHAI's NHDP Phase III. Project had concession period of 15 years including the construction period of 2.5 years.    The project cost was estimated to be Rs 9.4 billion (US$205.6 million). Financial close took place on 18 Aug 2010.  Financing comprised Rs8.4bn 13-year 5-month term loan and Rs940m equity. The debt was arranged by YES Bank. The construction is expected to be complete by 17 Feb 2013.
In April 2010, the the Ministry of Lands, Mines and Energy for the Government of the Republic of Liberia (GOL) awarded Manitoba Hydro International (MHI) of Canada a five-year management contract for LEC, the electricity utility in the capital city of Monrovia.   Manitoba Hydro International (MHI) took over LEC operations on July 1, 2010.  MHI of Canada, NTE of Norway and Siemens of Germany submitted proposals for the LEC Management Contract. MHI proposed the most experienced management team and bid the most aggressive performance targets for new connections (over 30,000 new customers), reduction in losses and improvements in collections.
In Jan 2010, construction of a biomass power plant commenced in Beiliu City, Guangxi Zhuang Autonomous Region. The sponsor was a local private company Kaidi Electric Power which had a 100% stake in the project. The total investment was RMB 250 million (US$ 36.93 million) and the capacity of the plant was 30MW. Concession term was the agreement signed with the Beiliu Municipal Government was not reported in the media.  The project came into operation in Jul 2012. At least 25% of construction had been achieved by Aug 2010.
On November 14, 2004, the company Viabilis Infraestructura , S.A. de C.V. was officially awarded a BOT contract to build, own, operate and transfer a 26km greenfield urban toll highway by the Government of the State of Mexico through the state authority Sistema de Autopistas, Aeropuertos, Servicios Conexos y Auxiliares (SAASCAEM). The Autopista Los Remedios Ecatepec consisted of two phases: phase one was from Puente de Vigas a Calzada Vallejo (6km) and phase two was from Puente de Vigas to the Autopista México-Pachuca(20km). Various bridges and bypasses were necessary given the urban nature of the highway.  In 2007, the Mexican construction company ICA SA de CV announced a 50% share purchase in the project company. It was not clear who Viabilis was owned by. Subsequently, ICA announced that on February 11, 2010 it closed a project financing for MXN 3 billion (US $237.3 million) in the form of a line of credit from Banobras, Mexico's infrastructure bank. Phase two was to have additional costs and was estimated at approximately MXN 3 billion.   The first phase became operational and started charging tolls in January 2011 at a rate of 2 pesos per kilometer.  In May 2012, ICA purchased the remaining 50% of shares from Viabilis in the project company.
Cirebon Electric Power Company was created to build and operate Cirebon coal-fired plant, a 660 MW plant in Ciberon, West Java, Indonesia. Cirebon Electric Power Company was awarded the project via a competitive tender in May 2006. The company was owned by Marubeni (32.5%), Korea Midland Power Co or Komipo (27.5%), PT Tripatra Engineers & Constructors (20%), Samtan Inc (20%). The project sponsors signed a 30 year Power Purchase Agreement (PPA) with Indonesian state-owned power utility PT PLN in August 2007. The PPA required financing to be in place within 12 months from signing, but the project failed to achieve it. The main reasons for the inability to raise financing were the concerns regarding the risk allocation in the project, particularly whether the government would guarantee the PPA in the case of force majeure. There was a question over what entity was responsible for maintaining the transmission line connecting the power plant to the grid. The issues over risk allocation were solved by May 2009. The Government of Indonesia committed to support payment obligations of PLN under this contract.  The project held a 30 year PPA with PT PLN, signed in August 2007. The project was tendered in 2005 and awarded to the developer in May 2006, which offered US$43.63/MWh. The EPC contract was awarded to Doosan Heavy Industries & Construction Company (South Korea) valued at US$540 million.  The total project cost was estimated to be US$850 million. That was 10% higher than the initial estimates due to changes in the technology to make the plant more coal efficient and environmentally friendly. The project reached financial closure in March 2010. The debt financing came from a US$595 million loan which was arranged by JBIC (60%) and Korea Exim Bank (40%). They also provided Partial Risk Guarantees (PRG) to the commercial banks covering 40% of each. The co-financers were Japanese banks BTMU, ING Bank, Mizuho Corporate Bank and SMBC, and INGBank.   The construction of the power plant started in early 2010 and the plant expected to be commissioned by December 2011. The project became eventually operational in November 2012.
On 20th May 2010, Andhra Pradesh Road Development Corporation (APRDC) signed a 24-year concession (including a construction period of of 910 days) with a consortium of ILFS Transportation Networks Limited and Ramky Infrastructure Limited for the strengthening, improvement,4-laning, operation and maintenance,and tolling of 212.5kms of Narketpalli to Medarametla (via Addanki) section of SH-2, in the state of Andhra Pradesh.   Under the contract, the consortium was responsible for the design, construction,finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway to 4-lane divided carriageway.The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges,culverts, road intersections,interchanges, drains, etc.The expansion project, part of the state highway development project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.    The ILFS Transportation Networks Limited (50%) and Ramky Infrastructure Limited (50%) established N.A.M Expressway Limited (NAMEL),a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by APRDC,by requesting the lowest grant of US$ 102.2mn (INR 4670.2mn).Other details of bidding were not known at the time of collection of this information. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling, during the term of concession. Ramky Infrastructure would execute the EPC for the project.  The concession agreement for the project was signed on 23rd July 2010. The project was financed with a debt/equity ratio of 75/25. The estimated capital cost of the project at the time of financial closure was US$ 385.2mn (INR 17605mn @45.7INR/USD). Apart from the upfront viabiligy gap funding of US$ 102.2mn (INR 4670.2mn), financing comprised a 10-year term loan of US$ 231.9mn (INR 10600mn) and sponsor equity of US$ 51.1mn (INR 2335mn).The term loan had a repayment schedule of 44 quarterly instalment from FY2015 to FY2025. Other details of financing were not known at the time of collection of this information.  The construction started in February 2010 (appointed date). The scheduled completion date of the project was July 2013, which was delayed because of unavailibility of right of way. NAMEL commenced commercial operations of the project from 6th March 2014. However, a minor part of the land was yet to be handed over to NAMEL in relation to the project.
In 2010, the Kribi Power Plant BOT project reached closure with the completion of more than 25% of plant's construction. Apart from the 216MW plant, the project also consists of a 100km 225 kilovolt double circuit transmission line.  The project was awarded by AES Sonel, the national utility, to the private company Kribi Power Development Company. Kribi Power Development Company was a joint venture between AES (56%) and the government (44%).  Kribi Power Development Company had a 20-year PPA with the national utility AES Sonel. Wartsila was selected to supply and install the gas engine power plant.   In April 2011, construction was 43% complete but it was reported that Kribi Power Development Company was still looking for $132.9 million to complete the project.   Construction was expected to be completed by June 2012.  On July 19, 2011, the African Development Bank (AfDB) approved a loan of $57 million (€45 million) toward the construction of the plant. In January 2012, KPDC announced a project financing of $329.7 million in total (€258 million). $76.7 million was to be provided by the International Finance Corporation (IFC - €60 million), and the Standard Chartered Bank providing the same amount. Another $176.35 million (€138 million) was provided by the AfDB, the Netherlands Development Finance Company (FMO, $23 million or €16.5 million), the French Promotion and Investment Company for Economic Cooperation (PROPARCO), and the Central African Development Bank (BDEAC). The European Investment Bank announced in January 2012 that it also contributed to the financing for the project, providing $41 million (€29.5 million).
Moradabad Bareilly Expressway Limited was a company created to implement the four-laning of the existing 121 km two lane stretch from Moradabad to Bareilly NH-24 in Uttar Pradesh. NH 24 connects Lucknow to New Delhi via Shahjahanpur, Bareilly, Rampur, Moradabad and Ghaziabad. The project was granted by the NHAI to IL&FS Transportation Networks Limited, an IL&FS group company, on DBFOT Toll fee project basis.    The total project cost was estimated INRs 1,9.84 billion (US$ 434 million). The project reached financial closure in March 2010.  The Project cost is financed in a debt: equity ratio of 2: 1 with Rs 1,319 cr being raised as Senior Debt and the balance amount of Rs 665 cr will be infused as a combination of promoter  contribution and NHAI Grant.  The senior debt loan facility has been syndicated on a project recourse basis with a consortium of four banks led by BOB. The total door-to-door tenure for the loan is 14 years.   The Project was scheduled to achieve commercial operations by February 2013.
In September 2009, CPFL Geracao paid BRL 31.6 million (USD 17.6m/EUR 12.1m) to Energias Renovaveis group to acquire seven special purpose vehicles with licenses for wind farms in northeastern Rio Grande do Norte state. The SPVs; which were titled Santa Clara I, II, III, IV, V and VI and the Eurus VI Wind Parks; became subsidiaries of CPFL Geracao, a 100% subsidiary of CPFL Energia [Brazil]. The total installed capacity of the SPVs was expected to be 188MW, although CPFL Energia also indicates that each wind farm was to have a capacity of 30MW, which would bring their total to 210MW.   Power purchase agreements were originally won by the Energias Renovaveis group in 2009 during an auction of the Chamber of Commerce of Electric Energy(CCEE), guaranteeing an average of 76 MW of energy sales for 20 years, with an average price (to be brought up to date annually for the IPCA) of R$ 150/Mwh.   In September 2010, the package of wind farm projects reached financial closure with the approval of a 574 Real (US $319 million) loan from Brazil's national development bank BNDES. The total project cost was estimated at 801.8 million real (US $455.6 million). The projects were in construction at the end of 2010 and expected to become operational in 2012.   In April 2011, ERSA entered into a partnership with CPFL Energia to merge the generating assets of the two companies and to transfer the ownership and management of these assets to a newly created company called CPFL Renovaveis. CPFL Energia was set to maintain 63.6% of this new company's shares, while ERSA's shareholders would maintain 36.4%).  Commercial operations commenced in March 2014.
Oriental Nagpur Bypass Construction Pvt Ltd  was created to implement a project that involved the expasion to four lanes of 175 km  connecting Nagpur (from KM 59.300 TO KM 3.000) in Maharashtra to Betul in Madhya Pradesh  ( rom KM 137.000 to KM 257.000)  on NH-69. The National Highway Authority of India (NHAI) awarded the project to Oriental Structural Engineers Pvt. Ltd. (OSEL) under  18 year BOT (annuity) basis In May 2010. The contract was  part of the  NHDP phase IV.There were five consortia qualified to bid for this annuity payment contract: (1) SEL-GDCL-GKC Consortium,  (2) Oriental Structural Engineers Pvt. Ltd. - Continental Engines Ltd, .(3)3. Shapoorji pallonji Co. Ltd (4). IL&FS Transportation Networks Limited, and (5). Soma Enterprises Ltd.   KNR Construction became the EPC.  After a five-month deadlock, NHAI signed the concession agreement of the controversy ridden Nagpur-Betul  highway project. The project, which came under the anti-corruption unit of the Central Bureau of Investigation (CBI) scanner, got the go-ahead for signing of the concession agreement after NHAI sought legal opinion in this case.    The project cost was estimated to be INR 19.7 billion (US$430.79 million) at financial closure. At contract award, the NHAI estimated the project cost at INR15.321 billion. The Project reached financial closure in October 2010. Financing comprised  Rs12.3bn 15-year term loan and Rs7.33bn equity. The debt was arranged by Axis Bank. Financial information from Dealogic.
In  April 2000, the municipality of Canarana, in the state of Mato Grosso, Brazil, awarded a 30-year build, rehabilitate, operate and transfer contract for its water and sewage infrastructure to private company Montgomery Watson Ltda. In 2000, the town of Canarana had a population of 18,002. The special purpose company Companhia Ambiental de Canarana (CAC) undertook the operations of the water and sewerage facilities.  The concession was awarded through an open competitive tender. No information was available on the number of final bidders.   In July 2010, Cab Ambiental (Grupo Galvão ) acquired the ownership of Montgomery Watson and created the special purpose company Cab Canarana to manage the project. Cab Canarana announced it would invest US$ 14.8 million (BRL  26 million) over the concession’s remaining lifetime.
Ind-Barath Thermal Power Limited (IBTPL) was set up to develop and operate a 300.0 MW coal base power project at Thoothukudi, Tamil Nadu. IBTPL was owned by Ind-Barath Power Infra Private Ltd. (99.96%). The first 150.0 MW unit of this power project was expected to be commissioned by March 2012, and that the power project to be fully commissioned by June 2012.  The power plant would operate on merchant basis with a contract with state owned Power Trade Company. Pursuant to an agreement between PTC India and IBTPL dated July 22, 2008, as amended and assigned on December 11, 2009, IBTPL will sell 260.0 MW of power per month to PTC India at an average tariff rate of Rs. 4.10 per kWh, after commissioning of the IBTPL Power Project. If PTC India is able to sell power at a higher tariff than the base rate, PTC India will charge 10.0% of the difference between Rs. 4.10 per kWh and the actual rate, as well as their regular commission of Rs. 0.04 per kWh for the sale of power. This average tariff rate will remain valid for two years from the date of commissioning. Upon expiry of the two year period, the agreement provides that the tariff may be changed, subject to mutual negotiations. The agreement is valid for six years from the date of commissioning of the power project.  Due to delays in project implementation as a result of protests of local political and environmental groups, we moved the project from its proposed location of Karwar, Karnataka to Thoothukudi, Tamil Nadu and renamed the project company.  Total cost of the IBTPL Power Project was estimated to be Rs. 12,970.00 million (US$283.6 million). The project reached financial closure in June 2010 with a debt equity ratio of 77/23. As of April 30, 2010, the total equity investment made by our Company in IBTPL is Rs. 1,561.70 million, and the project company secured financing of Rs. 9,418.00 million of senior debt for the implementation of the IBTPL Power Project from a consortium of twelve lenders including, Punjab National Bank, Canara Bank, UCO Bank, Vijaya Bank, L&T Infrastructure Finance Company, State Bank of Mysore, State Bank of Travancore, Axis Bank Limited, Bank of India, Indian Bank, State Bank of Indore and Syndicate Bank. Before IBTPL also entered into two separate subordinate debt facilities as follows:  On March 31, 2008, IBTPL entered into a Rs. 328.00 million term loan agreement for subordinate debt with a consortium of lenders, including Bank of India, Oriental Bank of Commerce, Indian Bank, Infrastructure Leasing and Financial Service Limited, UCO Bank, Indian Overseas Bank, Central Bank of India, Vijaya Bank, Bank of Maharashtra, Dena Bank, United Bank of India, Corporation Bank, Canara Bank and Syndicate Bank. This loan was amended on September 11, 2008, to reallocate the same principal between the consortium. As of April 30, 2010, Rs. 161.99 million in principal amount, which remains outstanding.   On May 2, 2008, IBTPL entered into a Rs. 300.00 million subordinate debt agreements with L&T Infrastructure Finance Company and State Bank of Mysore. Under the terms of the loan agreement, IBTPL could draw down up to Rs. 300.00 million. As of April 30, 2010, Rs. 148.01 million in principal amount remains outstanding.
In October 2008, a tender was launched by Argentine federal concession authority Occovi for eight road corridors. The private operators were to perform operation, maintenance and minimum capital expenditures on national routes. In return for their services, the operators were to be paid from a pool of tolls (comprised of all eight corridors) and a government payment which was to be determined through a competitive tender. In January 2009, a first round tender was declared void for all corridors but section 4.   In March 2010, Occovi awarded corredores 1,2,3,5,6,7 and 8 during a second tender. Corredor Vial N. 2 comprised 769km of national routes 5  and 188 in the province of Buenos Aires and was awarded to the consortium of Esuco SA and Contreras Hermanos SA and CV who formed Corredor de Integración Pampeana S.A. as the project company. The bidding criteria was the lowest budget offered to carry out construction, operation and maitenance. The winning bid was 1.350mn de pesos.   On April 21, 2010, all of the contracts for the eight road corridors were ratified by an executive decree.
MPX Energia, a subsidiary of EBX Capital Partners [Brazil, 100%] was responsible for the construction and operation of a solar power plant  with capacity of 1 MW located at the state of Ceara. This was the first solar power plant to be connected and sell energy to the national grid.   Total project cost was approximately US $6.1 million (BRL 10 million). Construction works commenced in March 2010 and were 65% complete by December 2010.   The project was delayed several times before becoming operational in May 2011.  In September 2013, EBX sold part of its ownership in MPX, the subsidiary of EBX Capital Partners responsible for managing the group's energy projects. MPX changed its name to Eneva, and its ownership structure was established as follows: EBX, 20%; the German company E.ON, 42.9%; free float, 37.1%.
In February 2009, Araraquara Transmissora de Energia S.A., a subsidiary of the Spanish company CYMI Holding S.A., was awarded in a competitive bidding process the contract to build and operate two 15 Km transmission lines and a substation located in the state of Sao Paulo. CYMI Holding belonged to the Spanish group ACS. Besides CYMI Holding S.A., three other groups took part in the contest: Consorcio Madeira Transmissao (CTEEP 51%; FURNAS 24,5%; CIA HIDRO ELÉTRICA DO SÃO FRANCISCO 24,5%); Consorcio TME Trans (NEOENERGIA 34%; ALUPAR 22%; CEMIG 22%; EMPRESA AMAZONENSE DE TRANSMISSÃO 22%); and Camargo Correa S.A.  The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. CYMI Holding S.A. presented the lowest offer, a total value of US$ million (BRL 15.5 million), 29.5% the ceiling set by the regulatory agency. The contract was signed in February 2009, and the sponsor created the company Araraquara Transmissora de Energia S.A. to lead the project during the 30-year contract period.   As of 2009, the sponsor committed to invest US$ 114.7 million (BRL 229.4 million) in the transmission line. The construction works commenced in March 2009, but financial closure was only achieved in November 2010, when the sponsor was granted a US$ 42 million (BRL 84 million) loan from BNDES. The remaining cost was set to be financed with the sponsors’ internal resources. Construction works started in mid-2010 and should be concluded by February 2012.  In August 2012, commercial operations commenced.  In October 2012, the Chinese company State Grid Corporation acquired two transmission lines that belonged to Cymi Holding.
In April 2011, a local private company GIGA Solar Holdig signed an agreement with the Sheyang County Government to build and operate a 30MW PV plant in Sheyang County, Jiangsu Province. Construction commenced in July 2011 and the plant came into operation in Jan 2012. GIGA Solar had a 100% stake in the plant but the total investment was still unknown. At least 25% of construction had been achieved by Sep 2011.
The project entails the contract for urban cleaning in Niteroi, Brazil under 20 years contract. SPV is Econit Engenharia Ambiental S.A., a JV between the sponsors of the project Limpatech Serviços e Construções and Vital Engenharia Ambiental S.A. Total value of the contract is R$1.597.504.200 or $ 1.028 billion. The bidding for this Administrative Concession, published on 01/29/2011, took place through a Technical and Price Competition. Financial close took place on August 1, 2011.
In October 2004, the Government of Chattisgarh, signed a MoU with Dheeru Powergen Private Limited (DPPL), a SPV of Ranhill Berhad of Malaysia, for development of 600 MW (2x300) coal fired sub-critical thermal power project in Dhanras village in Korba District of Chhattisgarh State. In October 2009, DPPL revised the capacity of this project from 600MW to 1050MW (3 Units of 350MW).The total land required by the project was about 938 acres and the acquisition was expected to completed by June 2011.The water requirement would be met from Hasdeo river. Environmental clearance including consent to establish had been obtained.DPPL had signed a long term open access agreement with Power Grid Corporation of India Limited in January 2009, under which DPPL would receive open access for up to 1050MW (600MW had already been granted to PTC India in 2006) and power would be evacuated using a 400 KV transmission line to the Sipat Pooling station.The EPC was being undertaken by Ranhill Engineers and Constructors, Malaysia.   In February 2010, IDFC Projects acquired a majority stake of 51 per cent. in Dheeru Powergen Private Limited (“DPPL”).The Company was converted into a public limited company vide the Special Resolution passed by the Members in the Extra Ordinary General Meeting of the Company held on July 21, 2010. Consequently the name of the Company was changed from “Dheeru Powergen Private Limited” to “Dheeru Powergen Limited” by deletion of the word “Private”.At the time of collection of this information, IDFC had a 74% stake in the project, with original sponsor, Malaysian construction group Ranhill Berhad owing the remaining 26%.IDFC was in talks for selling its equity stake in DPPL, and various developers like GVK, Lanco Infratech and GMR Infrastructure had reportedly shown interest.  The primary fuel for the project was domestic coal.LOA from South Easter Coalfields Limited (SECL) for 4.71MT per annum had been obtained which was expected to take care of the Unit-I of the 350MW.The SECL pithead was located 30kms from the power plant. The landed cost of this Grade-F coal was INR 950 per tonne. DPPL had requested MoC to allocate coal linkage for balance 700 MW capacity. Mahanadi Coalfields Limited (MCL) was also expected to supply coal for this project.   The power generated from the project of 660MW was expected to be sold to entities including state electricity boards, state owned utility companies, power trading companies. In September 2006, DPPL had signed a power purchase agreement with Power Trading Corporation for 600 mw, or 57% of the maximum generation. PTC in turn was expected to sell 300MW each to Madhya Pradesh and Punjab utilities. The Chhattisgarh State Electricity Board would get 5% power at energy charges. The utility also had a right of first refusal on an additional 30% (about 367MW) at Central Electricity Regulatory Commission-set tariff. The balance power 82.5MW could be sold on merchant basis.  The cost of the Project was estimated to be approximately USD 1283.5 million (INR 57760mn @45 INR/USD). Financial close took place on 1st January 2011 (although DPPL appointed SBI Capitals as arranger in May 2006), at a Debt/Equity ratio of about 75/25.DPPL financed this project through an equity contribution of USD 320.9mn (INR 14440mn @45 INR/USD) and a debt of USD 962.7 million (INR 43320mn @45 INR/USD).The debt, arranged by SBI Capital and IDFC, had a tenor between 14 and 15 years.  The construction for the project started in May 2011 and was expected to be progressively commissioned by February 2015.
An Khanh Electricity developed the 100MW coal power plant, in Vietnam. The project was expected to be developed in three phases. The project is expected to generate 800 GWh annually.  Construction of stage 1 started in January 2011. Commissioning for the first turbine was expected for September 2012. The second turbine was expected to be commissioned in 2013. Output was to be sold to the national grid.  Financial closure occured 22 December 2011 for the first stage. People's Bank of China (PBC) committed to US$ 143 million. Total cost of stage 1 was US$ 168 million. Tenor was 10 years.
On 29th December 2010, National Highway Authority of India (NHAI) awarded a 12-year concession (including construction period of 18 months) to Lanco group, for the strengthening, improvement,2-laning,operation and maintenance, and tolling of 282.76kms of Aligarh-Kanpur section of National Highway 91,in the state of Uttar Pradesh.   Under the contract, Lanco was responsible for the design,construction,finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway to 2-lane divided carriageway.The scope included construction of new pavement,rehabilitation of existing pavement, construction and/or rehabilitation of 3 major and 29 minor bridges, culverts, road intersections,interchanges, drains, construction of 5 new Rail-over-Bridges,4 toll plazas and other wayside amenities etc.The expansion project, part of the National Highway Development Program (NHDP-IV), was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   Lanco Group established Lanco Kanpur Highways Limited (LKHL),a special purpose vehicle on 18th January 2011, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by requesting the lowest grant of US$ 61.6mn (INR 2879.1mn @46.7 INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling, during the term of concession. Lanco Infratech Limited was the EPC contractor for the project.  The concession agreement was signed on 11th March 2011. The project attained financial closure on 9th September 2011. The estimated capital cost of the project at the time of financial closure was US$ 208.9mn (INR 9755.4mn @46.7 INR/USD). Other details of financing was not available at the time of collection of this information.  The project was expected to start construction in September 2011 and was expected to be completed by March 2013.  The construction work was delayed due to pending approvals and the right of way to be arranged by NHAI. In September 2014, NHAI finally cancelled the concession for the project. At the time of collection of this information, LKHL was contesting this termination notice from NHAI.
In February 2011, the Turkish Privatization Administration (Ozellestirme Idaresi Baskanligi or OIB) signed with the Turkish construction group Er Bu Insaat a 49 year concession granting the operating rights of four mini hydro power plants, known as Group 17 with a total capacity of 2.103 MW. The total capacity of the mini hydro power plant was 0.394 MW Adilcevaz, 1.216 MW Malazgirt, 0.292 MWVarto-Sonmez and 0.201 MW Ahlat plant, and was located in Bitlis and Mus, Turkey. The plant was transferred under the Transfer of Operating Rights (TOR) scheme for 49 years with no investment obligations to expand or rehabilitate the power plant. Based on this information, the project was classified as a lease contract in the PPI Database. The project was expected to sell electricity produced in the liberalized electricity market in Turkey.  In May 2010,Er Bu Insaat won the operating rights of Group 17 mini hydro plant in an open tender held by OIB by offering US$56.08 million in the public auction. The tender of this power plant received 9 bids in total. The tender, which were conducted by competitive bidding, followed the sale of other groups over the past two weeks from the same tender that ended in February.   Group 17 was one of the 19 groups comprising of small and medium hydro power plants which OIB tendered to private consortia in February 2010. The 19 groups comprised a total of 52 small and medium size hydro power generation plants which were owned by state-owned power firm Elektrik Uretim A.S. (EUAS) and had a total capacity of 141 MW. A group had between one and five dams and were grouped based on their geographical proximity. The 19 groups were auctioned in by competitive bidding attracting 615 bids. The privatization process of most of the 19 groups concluded in 2011.
2.98MW rooftop PV plant in Jinzhou, Liaoning Province, China is developing by Beijing Telihow Solar Energy Technology Co. Ltd. The agreement was granted to Beijing Tellhow on an open bidding basis in July 2011. Construction commenced in the same month and was completed in December 2011. Tellhow has a 100% stake in the project. The total investment of the project is still unknown.
On July 1, 2011, a local private company, CSD (Beijing) Environmental Protection Co., Ltd. Signed a management contract with Hengshui Municipal Government to operate the Raoyang Wastewater Treatment Plant in Hengshui City, Hebei Province. This is a 4 year management contract and the capacity of the facility is 15,000 cubic meters per day (phase 1). CSD is granted the management contract through direct negotiation following its successful completion of the construction contract.
On April 2010, Instrumentation Engineers Limited (Consortium & Associates) Ltd, IEL (Bangladesh, 100%) a subsidiary of Orion group, signed rental agreement with Bangladesh Power Development Board (BPDB) for the construction and operation for a 5 years term of a 100 MW Heavy fuel oil (HFO) power plants at Meghnaghat.   Under the Rental agreement, IEL was to supply 100 MW of energy to BPDB for a term of 5 years. The remainder of the energy was to be sold to the public.    Following a direct negotiation process, IEL was awarded to set up a 100 MW HFO  power plant at Meghnaghat.  The total project cost was 39.5 US millions and reached financial closure in March 2011.   Note that the power plant started generation in June 2011.
In May 2010, AES Solar Energy Gujarat Private Limited (a project SPV of AES Solar Group),signed an MoU with Gujarat Energy Development Agency (GEDA) for setting up a 15-mw photovoltaic solar project at Charanka in Patan district of Gujarat, under the Gujarat Solar Policy 2009. The Project was proposed to be implemented in two phases- Phase I for 3 MW and Phase II for remaining 12 MW capacity.The output from the project would be fed to the North-East-West-North-East (NEWNE) grid of India. AES Gujarat had appointed Enfinity Solar Solution as the EPC for the project. Power evacuation was planned through an 8 Km 66 KV line, which, as per the state policy, was the responsibility of Gujarat Energy Transmission Corporation Limited (GETCO) and GETCO had already commenced work on it.  AES Gujarat had entered into a 25-year Power Purchase Agreement with the state utility Gujarat Urja Vikas Nigam Limited (GUVNL) on 29th May 2010, which would be effected at the time of commissioning of the project. The APPC (Average Power Purchase Cost) as per the Gujarat Solar Policy 2010, was US$ 0.33/Unit (INR 15 per unit @ 45INR/USD) for the first 12 years, and US$ 0.11/Unit (INR 5 per unit @45 INR/USD) from 13th year to 25th year. The total capacity of 15MW was eligible for carbon credits. Proceeds of carbon credit were to be shared as follows: (a) 100% by AES Gujarat in the first year after the date of commercial operation of the generating station/ transmission system;(b) in the 2nd year the share of GUVNL would be 10% which would be progressively increased by 10% every year up to 50% whereafter the proceeds would be shared in equal proportion, by AES Gujarat and GUVNL.Transmission and/or wheeling charges would be paid by AES Gujarat.  Financial closure took place in August 2011.The total project cost was US$ 44.7mn (INR 2100mn @47 INR/USD).The debt equity ratio for the project was 73/27. Financing comprised of Debt of US$ 32.5mn (INR 1530mn @ 47INR/USD) and sponsor equity of US$ 12.1mn (INR 570mn @47 INR/USD). The 13year term loan of INR 1530mn had a repayment schedule of 13 semi annual installments. The debt was solely arranged by IDFC. The Asian Development Bank (ADB) also provided a Partial Credit Guarante (PCG) for these projects under JNNSM.  Construction for the wind farm was expected to start in March 2011 and commercial operation was expected to start in June 2011 for Phase-I and December 2011 for Phase-II (as per the PPA).
In April 2011, InterRao and the Georgian government signed a Memorandum on Development of Cooperation in the Electric Power Industry.  According to the memorandum, InterRao was able to acquire acquired a 100% interest in JSC Khramesi I and JSC Khramesi II and paid US$ 104 million (RUB 2,909 million). In September 2011, InterRAO obtained a US$ 74 million from ING Bank which will be used to finance the closing phase of  the acquisition of the two plants. The loan matures on September 23, 2016.   InterRAO reiterated their interest to expand Khrami HPP1 and HPP2 by building three additional downriver hydro power plants with a total capacity of 90-100MW which is to be built no later than September 2015.For  this purpose InterRAO established a subsidiary, Khramesi 3 LLC, which would be the company responsible for the construction of the above mentioned hydro plants.  Prior to 2011, InterRAO had a management and lease contract (project id 2498) with these two hydro plants starting in 2003
The partnership of the Brazilian state-owned company Petrobras (51%) and the company Wobben Windpower (49%), a subsidiary of the German group Enercon, was granted authorizations to build two wind power plants located in the state of Rio Grande do Norte, in the municipality of Guamare (52 MW in total capacity). The 35-year contracts were signed with the regulatory agency ANEEL in June 2010, and two special purpose companies were created to manage the projects: Eolica Mangue Seco 3 Geradora e Comercializadora de Energia S.A. and Eolica Mangue Seco 4 Geradora e Comercializadora de Energia S.A. These two power plants are part of the Mangue Seco Wind Park, which has additional units owned by Petrobras and Alubar (Mangue Seco 1) and by Petrobras and state-owned Eletrobras (Mangue Seco 2).  The two subsidiaries committed to invest US$ 106 million (BRL 212 million) in the construction of the power plants. The entire park cost US$ 212 million (BRL 424 million). In April 2011, a US$ 52.8 million (BRL 84 million) loan was granted by the state-owned banks BNB and BNDES.  In 2010, the sponsor began the construction of the plants and in August 2011 both units started operations. The power generated at the Mangue Seco Wind Park was set to be sold to the regulated market under 20-year power purchased agreements which were granted in a competitive bidding process in December 2009.
The Sonnedix Chiangrai solar project was a 9.5 MW solar PV project to be located in two separate locations accross Thailand.  The project company, Chiangrai Solar Co, was 70% sponsored by the Dutch solar developer Sonnedix and 30% by local Thai infrastructure developer CH Karnchang, with equipment to be supplied by First Solar.  On commissioning, the project was scheduled to sell power under the Very Small Power Producer model, whereby a feed-in-tariff "adder" above the market rate was applied to the price of power paid to the producer.  the length of the contract was not publicly available.  Total project cost was stated as EUR 20 million (USD 28.6 million), with commissioning expected for 2012.  The financing of the project closed in June 2011, with loans provided by Krung Thai Bank (see source below).
A local private company Kaidi Electric Power was granted a contract to build and operate a 30MW biomass power plant in Jinzhai County, Anhui Province. Construction commenced in Aug 2010. The total investment was US$ 45.76 million (RMB 295.70 million) and Kaidi had a 100% stake in the project. The capital consisted of equity of US$ 13.73 million (RMB 88.71 million) contributed by Kaidi and debt of US$ 32.03 million (RMB 206.99 million) raised from a local public bank. A special purpose vehicle, Jinzhai County Kaidi Green Energy Development Company Limited was set up to perform the project.
Ganges Green Energy Private Limited (GGEPL, a Moser Baer Group compnay), signed an MoU with Gujarat Energy Development Agency (GEDA) for setting up a 25-MW photovoltaic solar project in Mervadar & Dhank village, in Rajkot district of Gujarat, under the Gujarat Solar Policy 2009 (Phase-II). The project would comprise of 35,215 modules of Dupont make, 69,850 modules of First Solar make, 41,844 modules of Hanwha SolarOne, and 13,370 modules of Moser Baer. The average PLF for the first year of operation was expected to be 20.767%. GGEPL had contracted for a fixed price EPC contract through an international competitive bidding process. The output from the project would be evacuated into the North-East-West-North-East (NEWNE) grid of India through 66/11 kV Mervadar village Substation of GETCO, and as per the state policy, this was the responsibility of Gujarat Energy Transmission Corporation Limited (GETCO).  Ganges Green Energy Private Limited (GGEPL) had entered into a 25-year Power Purchase Agreement with the state utility Gujarat Urja Vikas Nigam Limited (GUVNL), which would be effected at the time of commissioning of the project. As per GEDA documents, the PPA had been signed before 11th December 2011. The APPC (Average Power Purchase Cost) as per the Gujarat Solar Policy 2009, was US$ 0.33/Unit (INR 15 per unit @ 45INR/USD) for the first 12 years, and US$ 0.11/Unit (INR 5 per unit @45 INR/USD) from 13th year to 25th year for units commissioned before 29th January 2012. The total capacity of 25MW was eligible for carbon credits and GGEPL had applied for the same. Proceeds of carbon credit were to be shared as follows: (a) 100% by GGEPL in the first year after the date of commercial operation of the generating station/ transmission system;(b) in the 2nd year the share of GUVNL would be 10% which would be progressively increased by 10% every year up to 50% whereafter the proceeds would be shared in equal proportion, by GGEPL and GUVNL. Transmission and/or wheeling charges would be paid by GGEPL.  Construction for the plant was started in June 2011 (date of signing of contract for onshore services, civil works, onshore and offshore supply) and GEDA documents indicate that the plant was commissioned before December 2011 (corroborated by company sources as well). In absence of credible information on dates of financing, we have considered December 2011 as the financial closure date for our database.  The project attained financial closure on 29th March 2014 at a debt/equity ratio of 67/33. The project cost estimated at the time of financial closure was US$ 54.2mn (INR 3304.4mn @61 INR/USD). Financing comprise a 12-year 3-months term loan of US$ 36.3mn (INR 2214mn) and sponsor equity of US$ 17.9mn (INR 1090.4mn). The term loan had a repayment schedule of 48 quarterly installments. Lenders were Power Finance Corp, India Infrastructure Finance Co Ltd and Rural Electrification Corp.
Brasil Terminal Portuario (Braporto), a wholly-owned subsidiary of Europe Terminal NV (Terminal International, 50%; AP Maersk - 50%) was granted a lease contract to build and operate a container and liquid  bulk terminal at the port of Santos, state of Sao Paulo, in 2007. The terminal was set to have the capacity to handle 1.1 million containers and 1.2 million tons of liquid bulk per year.  The total investment in the project was estimated at US$ 845 million. Financial closure was achieved in March 2011, when the IFC approved a loan package to Braporto which consisted of US$ 140 million A-loan and US$ 535 million B-loan.  The terminal commenced commercial operations in November 2013.
Enerjisa was planning the development of the 33 MW Dagpazari II wind farm, near Mersin, Southern Turkey. The project was expected to generate 200 GWh annually. Enerjisa was a 50-50 joint venture between Turkish Sabanci Group and Austria's Verbund. The Sabanci family was Sabanci Holding’s major shareholder (60.6%). The remaining shares (39.4%) were traded on the Istanbul Stock Exchange, which included 9.858% shares held by other family members previously registered to ISE. Verbund International GMBH was a wholly-owned subsidiary of VERBUND AG, and publicly traded on the Vienna Stock Exchange. The Austrian government held 51% of the shares. About 25% of the shares were held by the provincial energy suppliers TIWAG (5%), Wiener Stadtwerke Holding (10%) and EVN (10%). The remaining shares (24%) were free float.  Commissioning was expected in late-2012. The equipment supply contract was awarded to Siemens Energy.  Financial closure for the second tranche was reached on March 24 2011, whilst the first was signed on June 13th 2008. The project was financed in combination with a natural gas power plant and ten hydropower plants. The second trache included the Dogancay hydropower plant, and the Dagpazari II (Mersin) wind power plant. For the second tranche: total project cost was estimated at EUR1,000 million ($1.420 milion), for a total nameplate capacity of 1.000 MW. Loans were signed at a value of EUR700 million ($994 million), indicating a 70/30 debt to equity ratio. The financing was structured as an IFC A and B loan facility, a parallel loan facility and a DFI facility, provided by the International Finance Corporation IFC, WestLB AG and UniCredit Corporate and Investment Banking (UniCredit CAIB AG). The IFC A Loan totalled EUR75 million ($99.75 milion). The IFC B Loan totalled EUR530 million ($704.9 million), shared 50-50 by WestLB and UniCredit. The EUR65 million ($86.5 million) parallel loan was financed by TSBK. The maturity was establised at 12 years. The other mandated lead arrangers were KfW IPEX-Bank GmbH, the Industrial Development Bank of Turkey (TSBK), BAWAG PSK, ING Bank NV, FMO NV, Proparco, Bank Austria Creditanstalt AG, Erste Bank AG, Raiffeisen Zentral Bank Oesterreich AG, and Societe General. The second tranche was recorded as IFC Project number 29390. In the first tranche: total project costs were estimated at EUR1.4 billion ($2.0 billion). The IFC agreed to contribute $825 million, structured as a $200 million IFC A Loan, a $25 million IFC C Loan, and a $600 million IFC B Loan. Akbank T.A.S. arranged parallel financing totalling EUR402 million ($534.7 million), 12 year maturity, assisted by National Bank of Greece and the European Investment Bank EIB, who participated with EUR135 million ($179.6 million). The maturity was established at 12 years. Mandated Lead Arrangers for the first tranche B loan were: KfW IPEX-Bank GmbH, Bank Austria Creditanstalt AG, Erste Bank AG, ING Bank N.V., Raiffeisen Zentralbank Oesterreich AG, WestLB AG and Société Générale. The first tranche was recorded as IFC Project number 26016.  In 2012, E.ON acquired Verbund's shares in Enerjisa in return for 8 run-of-river hydropower projects totalling 351MW in Germany as well as EUR300 million in cash payments. The swap was expected to be finalized in the first quarter of 2013 after approval from the European Commission.  The project was commissioned in June 2012.
Energy Partners, an Albanian privately owned energy developer, would build two hydropower plants - Cerruje 1 and Cerruje 2, on the Benji River, 140 kilometres north-east of the Albanian capital Tirana. With a combined generation capacity of 5.1 MW, the utilities would generate up to 14.7 GWh of electricity per year, and help offset over 9,500 tonnes of CO2  Energy Partners was expecting to build 5 hydropower plants on the Benji River. No information about a PPA was available.  The two facilities were part of Energy Partners’ plan to develop five small hydropower units on Benji river, on a Build-Own-Transfer (BOT) basis for 35 years. The EBRD approved in December 2011 a US$4.16 million (€3 million) loan to Energy Partners
The Brazilian company Cauipe Geradora de Energia S.A., a wholly-owned subsidiary of Grupo Bertin S.A., was granted an authorization to build the 300-MW thermoelectric power plant (natural gas) named Jose de Alencar located in the state of Ceara. The 35-year contract was signed in March 2009.  Cauipe Geradora de Energia S.A. committed to invest US$ 288.3 million (BRL 470 million). In March 2011, the company signed a loan contract with SUDENE (the Brazilian northeastern region development agency) worth US$ 193.2 million (BRL 315 million).  In 2008, the company won the bidding for purchase power agreements to sell the electricity to the grid starting in 2011. The winning bid was worth US$71.8 (BRL 131,44) MWh, with an average of 169 MW of delivered output.  Construction works were underway, as of August 2011.  Due to delays in the implementation of the project, the regulatory agency cancelled the concession contract in March 2012 and applied the due penalties.
Precision Technik Private Limited (PTPL), a subsidiary of Sonthalia Group, was awarded the license for setting up a 5MW grid connected solar Photo voltaic power project at Naukh village, Pokhran Tehsil, in Jaisalmer District of Rajasthan under the Jawaharlal Nehru Solar Mission (JNNSM) Phase-I of the scheme. Under the JNNSM the total aggregated capacity of grid connected Solar Projects in Phase-1 was expected to be 1000 MW. The deployment of Solar PV and Solar Thermal projects would be in the ratio of 50:50. PTPL had acquired land for the project. The output from the project would be fed to the northern grid of India. PTPL would procure equipment from Vikram Solar Energy Systems. Vikram Proener Private Limited would execute the EPC work. PTPL had taken the approval from Powergrid for interconnection with the nearest substation of Powergrid at the volatage level of 33kV or above.  The JNNSM mission had designated NTPC’s Vidyut Vyapar Nigam Limited (NVVN) as the nodal agency for procurement of solar power. On 18th August 2010, NVVN invited RFQs from interested developers to develop 150 MW solar PV projects with a capacity of 5 MW each, and 500 MW solar thermal projects with a minimum capacity of 5 MW and maximum of 100 MW each. NVVN received 418 RFQ responses on September 24, 2010 from both PV and solar thermal project developers (343 applications for solar PV,55 for solar thermal projects, and 5 for combined thermal and PV projects). As the total capacity of the shortlisted projects were in excess of the approved capacity of 150 MW Solar PV Projects and 500 MW Solar Thermal Projects, bidders were required to submit proposals offering maximum discount on the CERC (Central Regulator) approved applicable tariff for grid connected solar power projects for FY 2010-11 - a reverse bidding auction process. The last date for the submission of proposal was November 16, 2010. For Solar PV projects, NVVN received 299 bids from project developers indicating discounts offered by each over CERC determined tariff of US$ 0.398/kWh (INR 17.91/kWh @45 INR/USD).Majority of the bids were between 300 and 500 paise. There were 69 bids where bidders decided against developing solar projects. Since the target allocation for solar thermal projects was 150 MW, only the top 30 discounts were finally selected to set up solar power projects. The cutoff discount was 515paise. Precision Technik Private Limited (PTPL) won the project quoting a tariff of US$ 0.283/KwH (INR 12.76/kWh - a discount of 515 paise).   In January 2011, PTPL had entered into a 25-year Power Purchase Agreement with NTPC Vidyut Vyapar Nigam (NVVN), which was the the nodal agency to purchase solar power generated by independent solar power producers,under JNNSM. JNNSM provided for a scheme of "bundling" relatively expensive solar power with cheaper power from the unallocated quota of the Government of India out of the capacity of the NTPC based coal stations.This cheaper bundled power would then be sold to state power distribution companies at the CERC regulated price. This would bring down the gap between the average cost of power and sales price of power of the state Discom. The total capacity of 5MW was also eligible for carbon credits. PTPL would pass on the gross benefits of CDM to the distribution licensee (NVVN) in the following manner - (a) 100% of the gross proceeds to be retained by PTPL in the 1st year after the date of COD, (b) in the 2nd year, the share of NVVN would be 10% which would be progressively increased by 10% every year till it reaches 50%, where after the proceeds would be shared equally by PTPL and NVVN.Transmission and/or wheeling charges would be paid by PTPL.  Financial closure took place on 23rd September 2011.The total project cost was US$ 15.4mn (INR 723.7mn @47 INR/USD).The debt equity ratio for the project was 56/44. Financing comprised of a 11year 11months term loan of US$ 8.9mn (INR 409mn) and sponsor equity of US$ 6.7mn (INR 314.7mn). The term loan had
On 14th September 2007 SEW Infrastructure Limited signed an Implmentation Agreement with Arunachal Pradesh Government for setting up a 2x48 MW run-of the river type hydro power project on Bichom river, a tributary of Kameng river in West Kameng district of Arunachal Pradesh. Post environmental clearance in September 2011, the capacity was revised to 2x60MW. Installed gross energy generation capacity of the project was 480.7 MU in a 90% dependable year with 95% machine availability at PLF of 45.72%.The project would use 2 numbers of Vertical Francis type turbines each of rated capacity of 60MW. The electricity that is generated shall be exported to the Northern, Eastern, Western,and North Eastern (NEWNE) grid (of Powergrid) through the North Eastern Regional Load Dispatch Center (NERLDC), where it will provide much needed power to the North-Eastern states of India - Arunachal, Assam, Meghalya,Manipur,Mizoram,Nagaland,Tripura. SEW Infrastructure Limited was the EPC contractor.  Arunachal Pradesh State Electricity Board (APSEB) had signed a power purchase agreement (PPA) with SEW Nafra Power Corporation Private Limited, the SPV established to implement the project. As per the APERC (state regulator) approved PPA, APSEB would purchase electricity at the levelized rate of US$ 0.078/Unit (INR 3.69/unit @47INR/USD) from the date of commissioning.Out of the expected net energy generation, 12% of the energy generated was to be provided at free of cost to Arunachal Government. SEW Nafra was also expected to give free power (up to 35 units) at INR 0.01/kWh for local catchment area development. SEW Nafra Power had represented its case for carbon credits for the project, and UNFCC was currently validating the project.The financial benefits of the revenue obtained by selling of the CERs was expected to improve the Equity IRR of the project.  Financial closure took place on 12th August 2011 at a debt to equity ratio of 70/30.The estimated cost of the project was USD 193.6 million (INR 9100 mn @47 INR/USD). Financing comprised of a 14-year 9-months term loan of USD 135.5mn (INR 6370 mn) and USD 58.1mn (INR 2730mn) sponsor equity. The term loan had a grace period of 1 year and a repayment schedule of 41 quarterly instalments. The loan was priced at 375 basis points over the prevailing SBI Base rate. The participating banks were State Bank of India (2120mn),L&T Infrastructure Finance (1500mn), Bajaj Finance Ltd (1000mn), State Bank of Bikaner & Jaipur (750mn), IIFCL (1000mn). SBI Capital Markets was the lead arranger.   Pre-construction activities of the project was started in January 2012 after the execution of EPC contract between the SPV and SEW Infra and was targeted to be completed by January 2015. The DPR (detailed project report) was first approved by the Arunachal Pradesh Government in 18th September 2009. The Techno Economic Clearance to the project was accorded in 11th February 2011 by the Central Electricity Authority (CEA).
The Ormin Power plant was a 6.464 MW diesel generating facility located in Calapan City, Oriental Mindoro, the Philippines. The project was built by Ormin Power, a subsidiary of listed company Jolliville Holdings Corporation.   The plant has aggregate generating capacity of 6.464 MW. The facility has been designed to run on bunker fuel. It has four modular units – with the three to be utilized as main generating units and the fourth a heavy fuel oil (HFO) treatment system.  All generated output was to be sold to the regional utility Oriental Mindoro Electric Cooperative Inc for distribution to end-users.  Total project cost was US$ 8.36 million, of which US$ 6.4 million was financed by the Development Bank of the Philippines. Financial close was reached in 2011, and commenced operations in November 2011.
On September 29, 2011, a Malaysia based company, Taliworks Corporation formally signed an agreement with the Yinchuan Municipal Government to operate 4 wastewater treatment plants under the Yinchuan Wastewater Treatment Company with a total capacity of 500,000 cubic meters per day. The total investment is 30 years and Taliworks pays RMB 810 million (US$ 123.79 million) to win the concession following an open bidding process. Although a local private company partners with Taliworks in winning the bid, it seems Taliworks becomes the only concessionnaire under the agreement. A project company, Taliworks (Yinchuan) Wastewater Treatment Co., Ltd. was established to undertake the concession agreement.
The Brazilian company Sao Bento Energia, a wholly-owned subsidiary of Grupo Galvao, was granted authorizations to build four wind parks located in the state of Rio Grande do Norte (94 MW in total capacity, municipality of Sao Bento do Norte). The 35-year contracts were signed with the regulatory agency ANEEL starting in April 2011. The following special purpose companies were creates to handle the parks: GE Sao Bento do Norte Energetica S.A., GE Boa Vista S.A., GE Farol S.A. and GE Olho D’Agua S.A.  The power plants were named EOL Dreen Sao Bento do Norte (30 MW), EOL Dreen Boa Vista (14 MW), EOL Farol (20 MW) and EOL Dreen Olho Das Aguas (30 MW). The total investment in the power plants was estimated at US$ 246 million (BRL 401.4 million) and was financed with a loan granted by the state-owned development bank BNDES approved in December 2011 (US$ 172.8 million or BRL 282 million).  All special purpose companies signed power purchase agreements arranged with the state-owned company Eletrobras for 15 years through the Brazilian Federal program PROINFA  (incentive program for alternative power generating companies) in August 2010. Commercial operations were set to begin in the end of 2012.
In September 2011, the Hong Kong based Road King Infrastructure Ltd.  invested RMB 450 million (US$ 68.77 million) on Jinzhong Longcheng Expressway in Shanxi Province to obtain a 45% ownership. The 71.6km 6 lane expressway under construction  would connect Yuci Longbai Village and Qi County Chengzhao in Shanxi Province. The agreement has a concession term of 30 years from 2011.
The Spanish Gestamp Renewables was granted four authorizations to build and operate wind power plants known as Cabeco Preto Wind Park with 39.6 MW and Pedra do Reino Wind Park with 39 MW for a total installed capacity of 78.6 MW in the states of Rio Grande do Norte and Bahia.  Gestamp Renewables created the following subsidiaries to manage the projects:  Gestamp Eólica Baixa Verde S.A. for EOL Cabeco Preto (19.8 MW); Gestamp Eolica Moxoto S.A. for EOL Cabeco Preto IV (19.8 MW); Eólica Pedra do Reino SA for EOL Pedra do Reino I (21 MW) and Gestamp Eolicatec Sobradinho S.A for EOL Pedra do Reino III (18 MW).  In 2009, Gestamp Renewables won the rights to sell electricity to the grid via a tender carried out by the government. Starting in August 2010, Gestamp Renewables signed 15-year power purchase agreements with several electricity distribution companies to provide electricity to the grid.   The total investment in the wind farms was estimated to be BRL 351.9 million or US$215.6 million.  In October 2011, the four subsidiaries (Gestamp Eolica Baixa Verde SA,  Gestamp Eolica Moxoto SA, Gestamp Eolicatec Sobradinho SA, and Eolica Pedra do Reino SA) requested loans from Sudene (northeastern region development agency) for the amount of US$ 125.2 million (BRL 210.5 million). As of November 2012, these loans had not been approved, but construction works were concluded in the first semester of 2012.  In May 2012, EOL Cabeco Preto I and EOL Cabeco Preto IV commenced commercial operations, while the other two power plants commenced operations in 2013.  In 2013, the the state-owned bank BNDES granted a US$ 37.5 million (BRL 88.2 million) to the project companies.
Phy Thanh My JSC was planning the development of the 45 MW Song Bung 4A hydropower plant, Quang Nam province, Thanh My township, Nam Giang district. The project was designed to comprise of two turbines generating 180.4 million kWh annually.   Commissioning was expected for September 2012. Construction started in June 2011, which is also used as date of Financial Closure here, due to lack of information. Other sources report August 29 2009 or April 2010 as the start date of construction.   Total project cost was estimated at VND 1.2 trillion ($57.97 million).
In July 1998 (extension of MOU was done on March 9,2007) Om Power Company Limited signed an Implmentation Agreement with Himachal Pradesh Government for setting up a 15MW run-of the river type hydro power project proposed on Neogal Khad, a tributary of river Beas in Kangra District of Himachal Pradesh.Installed capacity of the project was 15MW and annual expected gross energy generation was 87670 MWh and net energy generation was 82848 MWh after deducting 5.5% towards auxiliary consumption (0.5%), transformation losses (0.5%) and transmission losses (4.5%).The project would use 2 numbers of Horizontal Pelton type turbines each of rated capacity of 7.5MW. The electricity produced at 11 kV will be stepped upto 33 kV and evacuated through 12 KM long 33 kV transmission line to HPSEB (Himachal Pradesh State Electricity Board) sub-station at Dehan.Pioneer Builders was the EPC contractor and Boving Fouress was the equipment supplier.  Himachal Pradesh State Electricity Board (HPSEB) had signed a power purchase agreement (PPA) with Om Power. The details of PPA could not be ascertained at the time of collection of this information. As per the HPERC (state regulator) approved PPA, HPSEB would purchase electricity at the rate of US$ 0.05/Unit (INR 2.25/unit @45INR/USD) from the date of commissioning.Out of the expected net energy generation, 12% of the energy generated was to be provided at free of cost to Himachal Government.Om Power had represented its case for carbon credits for the project, and UNFCC was currently validating the project.The financial benefits of the revenue obtained by selling of the CERs was expected to improve the Equity IRR of the project.  The estimated cost of the project was USD 9.2 million (INR 412.2 mn @45 INR/USD), as reported by Sanjib. This implies a $/MW of around 0.5, which is unrealistic. The UNFCCC documentation reports Rs. 982.77 million (US$17.8 million), which is more reasonable and thus reported here. The following information is thus under review: "Financial closure took place in May 2011. The debt to equity ratio for the project was 50:50. Financing comprised of a 14-year term loan of USD 4.6mn (INR 206.1 mn) and USD 4.6mn (INR 206.1mn) sponsor equity. The term loan had a repayment schedule of 48 quarterly instalments. IDFC was the lead arranger."   Construction of the project was started in May 2008 and was targeted to be completed by January 2012. The Techno Economic Clearance to the project was first accorded in 1991-92 by the Central Electricity Authority (CEA). At that time the project was planned by the Himachal Pradesh State Electricity Board. The MoU was signed with M/S Om Power Corporation in Aug.1993. Implementation Agreement was signed in July,1998. Draft PPA between the company and the HPSEB had been signed in Dec.1993. According to news reports, the State Cabinet approved the termination of implementation agreement signed with the M/s OM Power Corporation Ltd as the company had failed to start the construction. However the company managed to get the project re-allotted to itself despite, a two time rejection of the re-allotment proposal. This project remained in the centre of controversy because of the alleged degree of damage done to local water supply systems and the Neogal riverine ecology.  he geographical coordinates are: Longitude : 760-30’-40” E and Latitude: 320-05’-15” N.
In December 2010, Park Holding (Ciner Group) won the concession on Akdeniz Elektrik Dagitim A.S. under the BROT scheme at the bidding price of US$1.170 billion, as the highest bidder at the tender, beating off the competition with 14 other rivals. In April 2011, the Privatization Administration approved it.  The concession was part of a government program to introduce private operation of, and investment in, the 20 regional electricity distribution companies owned by the state-owned Turkiye Elektrik Dagitim A.S. (TEDAS).  The program followed a Transfer of Operating Rights and Share Sale model ('TSS model'). In this model, the private investor became the sole owner of the distribution companies' equity and the unique licensee for distributing electricity in each region for a period of 30 years. However, TEDAS retained ownership of the distribution network assets and of certain other items essential for operating the distribution assets. The private investor was obliged to undertake the necessary network investments, recoverable through the tariffs. These investments were embedded in the tariffs during the first tariff implementation period (2006-2010). After 2010, the private investor was to submit an investment plan annually to the Electrity Market Regulatory Authority (EPDK) for its approval.
The French group GDF SUEZ, through its Peruvian subsidiary EnerSur S.A., announced the development of the Planta ILO Reserva Fria thermal power plant (natural gas fueled), located at Moquegua Department (564 MW in capacity).  In January 2011, the sponsor signed a 20-year power purchase agreement with the Peru’s Ministry of Energy and Mines (MINEM).   The investment was estimated at US$ 220.4 million. Financial closure was achieved in May 2011, when the sponsor was granted US$ 200 million in loans from Banco de Credito del Peru and Banco Continental (US$ 100 million each). The remaining capital expenditures were set to be financed with equity.  The EPC contract was signed with American company General Electric and Ecuadorian company  SANTOS CMI.  Commercial operations began in June 2013.
Hlybochok Solar, a subsidiary of Rengy Development, developed the 1.37MW Hlybochok solar plant, Hlybochok village, Trostyanets District. The expected output was 1.7 Gwh.   Construction started in Autumn 2012, and was completed in December 2012. Ukraine maintained a feed-in tariff of UAH4.8 (US$0.58) for solar plants in until 2012, when it was cut to UAH 3.5 (US$0.43). The price is guaranteed until 2030. The tariff is paid in UAH, but guaranteed against a fixed EUR amount (pegged), to absorb currency risk. The national utility is named Electricity Company Ukraine.     Total cost was unavailable, but estimated here at $3.9 million/MW, the ECA average for solar in 2011, or $5.4 million.
Pawan Danavi Pvt. Ltd., a Joint Venture of LTL Holding from Sri Lanka , and LVL Energy Fund Pvt. Ltd. Capital Development and Investment Company (CDIC) was also reported as participating. These companies were planning the development of the 10.2MW Pawan Danavi Wind Farm, Kalpitiya peninsula, Sri Lanka. LVL Energy Fund was a subsidiary of Lanka Ventures. CDIC was a subsidiary of NDB Bank.  The project was to be supplied by Gamesa Wind Turbines Pvt. Ltd., from India, with 12 wind turbines of the type: G58-850 kW Class III - to be delivered in Q3 2011. The project held a 20 year PPA with Ceylon Electricity Board. Commissioning date was expected in late-2011. The supply contract was announced in June 2011.  Total cost was unknown, the equipment supply contract was valued at "over EUR 10 million" ($13.2 million, assumed here as the total investment). Financial Closure date was unknown.
The Brazilian company Passos Maia Energetica S.A., a subsidiary of Adami S.A., was granted an authorization to build a small hydro power plant located in the state of Santa Catarina (25 MW in total capacity). The 30-year contract was signed with the regulatory agency ANEEL in March 2004.   Energetica Passos Maia committed to invest US$ 63 million (BRL 126 million) in the construction of the power plant. In December 2009, the sponsor began the construction works and the plant was set to start operations in January 2012.   In April 2011, the state-owned development bank BNDES approved a US$ 53.1 million (BRL 86.6 million) loan to the project.  In May 2011, Adami S.A. sold half of its participation in the project to Desenvix Energias Renovaveis S.A.  PCH Vitor Batista Adami signed a 14-year power purchase agreement with the state-owned distribution company Cemig Geracao e Transmissao S.A. in 2009. As of August 2011, construction works were underway.  Operations commenced in February 2012.
After Symbion Power LLC was already successfully contracted to supply 120MW of power though its Ubungo facility, Tanesco, the Tanzanian parastatel, contracted the US-based power firm for another 60MW temporary rental facility of 60MW to be constructed in Dodoma.   The Symbion Rental Ubungo Power Plant was to add 60MW to the Tanzanian national grid in November. Construction had already started while a power-purchasing agreement with the government was negotiated. The fast-track project, completed in a mere four weeks, was to provide power to the Dodoma capital region, and in November 2011 the facility was connected to the grid.
Poyraz Enerji was planning the development of the 54.9 MW Poyraz wind farm, near Kepsut, Balikesir province. The project was to comprise 27 turbines of 2 MW and 1 turbine of 0.9 MW, producing 137 GWh annually. Poyraz Enerji was 50-50 owned by Demirer Holding and Polat Enerji. Polat Enerji was 50% owned by French EF Energies Nouvelles, and entrepreneur Adnan Polat.   The project was expected for commissioning in early-2012. Equipment was to be supplied by Enercon.  Total costs were estimated at $75 million. The project was financed with a EUR21.75 million ($28.9 million) 14 year loan and a $2 million revolving credit of one year, provided by Garanti bank. There was also a 2 year grace period.
In April 18, 2011, Changsha Xinao Gas Co., Ltd. a joint venture of Xinao Gas (55%) and the state owned Changsha Gas (45%) signed an agreement with the Wangcheng County Government to provide pipeline gas  services to four towns in River East district for 30 years. Wangcheng County is administered by Changsha City, and has an area of 954 km2 and population of 530,000. Changsha Xinao Gas has a 30 year concession agreement to build and operate pipeline gas services in Changsha City, Hunan Province. The progress of the project is not much released, however in June 2011, Changsha Xinao Gas started to recruit operating workers for the project. Regarding a small project like this, this may imply that construction has been almost done. The total investment of the project was not reported.
Beta Infratech Private Limited (BIPL) was an Independent Power Project (IPP) located at Nandnagar Industrial Estate at village  Mahuakheraganj, in Kashipur Tehsil, in Udhamsinghnagar District  of Uttarakhand. Beta Infratech was a subsidiary of Soma Energy Private Limited (a Soma Group Company). This 358MW Combined Cycle gas based Power Project was being developed, in two phases - Phase-I of 225MW; Phase-II of 133MW. Phase-I consisting of 2units of gas turbines, 1unit of HRSG, and 1unit of steam turbine, was currently under implementation. 46 acres of land had been acquired. Permission for ground water (864m3/day) drawl from Central ground Water Authority had been obtained in November 2010. Environmental clearance from MoEF had been obtained in January 2011. Connectivity for the plant with 220/132 KV Mahua Khera Ganj substation had been approved by PGCIL in May 2011 and long term open access in January 2011.   The total gas requirement was expected to be  0.72 MMSCMD at 60% PLF, 0.84 MMSCMD at 70% PLF, 0.9 MMSCMD at 85% PLF, and 1.08 MMSCMD at 90% PLF. The gas was expected to be sourced from GAIL, IOCL, and spot market (including R-LNG). Key Term Agreement with GAIL was signed on 6th May 2010, for supply of 0.3 MMSCMD of gas on Firm basis and 0.15 MMSCMD of gas on fall back basis. Gas Transmission Agreement (GTA) for 0.9 MMSCMD had been signed with GAIL on 19th October 2010. The Central Electricity Authority (CEA) had identified certain projects for allocation of Reliance KG-D6 gas. BIPL project was in the list of CEA as one of the project out of 9 projects claimed by various developers of the country to be commissioned in the 11th Plan.The proposal for allocation of the gas was expected to be considered in the cabinet.  The power from the plant was expected to be sold entirely to Uttarakhand Power Corporation Limited (UPCL) through a 25 year PPA, at a rate approved by the Uttarakhand Electricity Regulatory Commission (UERC). Tariff would be determined on a two–part basis comprising Fixed Charge (Capacity Charge) and Variable Charges (Energy Charges) and shall be computed for each Tariff Period. The Tariff (Fixed Charge, Variable Charges) and Incentive shall be determined by the UERC. Under the terms of the PPA, the procurer (UPCL) was responsible for the provision of transmission infrastructure and the associated transmission and interface costs. EPC contract, had been awarded to Soma Enterprise Limited (the parent company) in December 2012. Gas Turbines and Steam Turbines would be procured from GE and HRSG units from Thermax Limited.   The project cost for Phase-I (225MW) was estimated to be approximately USD 189.1mn (INR 8887mn @47 INR/USD). Financial close took place on 21st October 2011 at a Debt/Equity ratio of 76/24. BIPL financed this project through an equity contribution of USD 44.6mn (INR 2097mn), a 15-year term loan of USD 134mn (INR 6300mn), and a 18-year term loan of USD 10.4mn (INR 490mn). The 15-year term loan had a repayment schedule of 53 quarterly instalments and the 18-year term loan had a repayment schedule of 12 quarterly instalments. The participating banks were Punjab National Bank,Oriental Bank of Commerce, Bank of India, Vijaya Bank, State Bank of Patiala.  The construction started in May 2011 and was expected to be progressively commissioned by March 2013.Commissioning schedules of all the units were: GT#1 (77.1 MW): December 2011; GT#2 (77.1 MW): February 2012; ST#3 (85.2 MW): March 2012; GT#4 (77.1 MW): December 2012; ST#5 (41.3 MW): March 2013.
The Brazilian company Construtora Queiroz Galvao S.A. was granted authorizations to build four small hydro power plants located in the state of  Minas Gerais (60.5 MW in total capacity). The construction company created two special purpose company to oversee the projects: Mucuri Energia S.A. (PCH Mucuri; 22,5 MW in capacity); and RBF Geração de Energia S.A. (PCHs Cachoeira da Fumaca, Boa Vista and Retiro I; 9 MW, 9 MW and 19 MW in capacity, respectively).   The 30-year contract for PCH Mucuri was signed with the regulatory agency ANEEL December 2002, while similar 30 year contracts were signed for PCHs Cachoeira da Fumaca, Boa Vista and Retiro I in March 2011.  The total investment in the power plants was estimated at US$ 262.3 million (BRL 428 million). In January 2011, Mucuri Energia signed a construction risk guarantee with Banco Fator amounting to US$ 81,8 million (BRL 144 million). As of August 2011, financial closure had not been achieved for the other projects.  In August 2010, the sponsor began the construction of PCH Mucuri. The electricity produced in the power plant was set to be sold to the electricity distribution company CEMIG. Commercial operations of PCH Mucuri commenced in May 2013.
In July 2011, Private Infra Dev Corp. (PIDC) secured financing for the 88.15km Tarlac-Pangasinan-La Union Toll Expressway (TPLEX) between Baguio City and Manila to be developed under a build-own-transfer contract.  The TPLEX was to be developed in two phases: Phase I would entail a 2-lane express way between Tarlac to Rosario, La Union  and Phase II would cover the widening of the road to 4 lanes when Phase II would reach 25,000 vehicles per day.    The estimated project cost was US$290 million. Government support amounts to US83.8 million (right-of-way worth P793million; and a cash subsidy of P2.9billion)  Financing, secured in July 14, 2011,  comprises of a 10-year credit facility of US$267.44 million (P11.5 billion) arranged by Banco de Oro Unibank.  The bidding for this project took place in November 2007, and PIDC was issued a notice of award in February 2008. The notices to proceed with the construction of phase I (in the sections were ROW was secured) were issued in  in July 2010, Novemeber 2010 and January 2011.  The road was expected to be  operational in 2016. As of October 2012, section one was 68.95% complete.
The project involves  implementation of solid waste management unit in Mirzapur district. The scope of work includes door to door collection processing disposal. The 30-year BOOT concession was awarded to A2Z Green Waste Management Limited on 11 February 2011. The total project cost amounts to $3.94 million, including a $2.40 million grant.
In 2010, a subsidiary of a local private company Well Able Group, Huajin Tak-Terminal Company Limited was granted an agreement to build and operate the Jinshang Bay Huajin Multipurpose Port in Shishi City, Fujian Province. The works included 2 5000 tons per day berths and 1 35000 tons per day berth. The total investment was US$ 83.28 million (RMB 538 million) and Huajin had a 100% stake in the project. Construction commenced in April 2010 and US$ 30.96 million (RMB 200 million) was incurred by May 2011.
The South Luzon Thermal Energy company was set up to to fund the construction of a 135 MW power project in Calaca, Batangas province, The Philippines.    135 MW project was based on Circulating Fluidized Bed (CFB) technology that uses solid fuels, such as coal or biomass, to generate energy while emitting low levels of sulfur.    Project company was the South Luzon Energy Corporation, which is a 50-50 joint venture between the Ayala Group and Phinma Group's Trans-Asia Oil and Energy Development Corporation. In a separate disclosure to the Philippine Stock Exchange, the company announced that it had also signed a power purchase agreement with Trans-Asia for the purchase of the generated output of the 135MW Calaca clean coal plant for 15 years.  Financial close was reached in October 2011. Total project cost was US$ 260 million (Philippine Peso 12 billion) project. Debt of US$ 195 million (PP 9 billion) was provided by three local banks Banco de Oro UniBank, Security Bank Corporation, and Rizal Commercial Banking Corporation. The remainder provided as equity by the project sponsor company.  In March 2012, the developer reached financial closure on the expansion of the project to 2x 135MW. Project cost of the expansion was US$425 million, of which US$ 268 million was debt - provided by BDO Capital & Investment, Banco de Oro Universal Bank, China Banking Corporation, Bank of Philippine Islands. Construction cost overruns were to be covered by equity or subordinated loans.  The financing information is different from description because it is updated according to IJ global in 2017.
Sinha Power generation company ltd, subsidiary of Sinha Group, was operating the 50MW Amnura HFO rental power plant.   Limited information was available, but the plant was delivering power to the grid in July 2012. Contract length was unknown, but the project became operational in September 2011. The project consisted of 7 turbines of 7.79MW  Total cost was estimated at US$23.7 million, based on a minimum contract length of 3 years, at 10% interest, US$600k per MW.  Coordinates: Latitude: 240 37’47.15” North, Longitude: 88024’ 3.17” East
In September 2010, construction of a biomass power plant commenced in Wangqing County, Jilin Province. The developer was Kaidi Electric Power, a Wuhan based local private company. The project was completed in May 2013, but was put into operation in July 2014. The total investment was RMB 600 million (US$ 92.86 million) and Kaidi had a 100% stake in the project. The electricity generation capacity of the plant was 2X30MW. How the agreement was granted to Kaidi was not reported. Neither was the concession term.
Tata Power Renewable Energy Limited (TPREL) a subsidiary of Tata Power Company Limited (TPCL), signed an MoU with Gujarat Energy Development Agency (GEDA) for developing a 25 MW solar photovoltaic (PV) power project located at Mithapur in Gujarat, under Gujarat Solar Power Policy 2009. The plant was spread over 100 acres of land and would use Crystalline Silicon Photo-Voltaic Technology. This plant was one of the largest of its kind in the country and would feed power into the grid.The output from the project would be fed to the North-East-West-North-East (NEWNE) grid of India. Power evacuation was planned through a 66 KV line, which, as per the state policy, was the responsibility of Gujarat Energy Transmission Corporation Limited (GETCO). Tata BP Solar Limited and Photon Energy Systems Limited were the EPC contractors. Tata BP Solar Ltd, Suntech, and Canadian Solar Inc. would be the equipment suppliers.  TPREL had entered into a 25-year Power Purchase Agreement with the state utility Gujarat Urja Vikas Nigam Limited (GUVNL),which would be effected at the time of commissioning of the project. The APPC (Average Power Purchase Cost) as per the Gujarat Solar Policy 2009, was US$ 0.32/Unit (INR 15 per unit @ 47INR/USD) for the first 12 years, and US$ 0.11/Unit (INR 5 per unit @47 INR/USD) from 13th year to 25th year. The total capacity of 25 MW was eligible for carbon credits. Proceeds of carbon credit were to be shared as follows: (a) 100% by project developer in the first year after the date of commercial operation of the generating station/ transmission system; (b) 2nd year – share of beneficiaries (DISCOM-GUVNL) @ 10% to progressively increase by 10% every year up to 50% whereafter the proceeds would be shared in equal proportion, by TPREL and the GUVNL.  Financial closure took place in November 2011 at a debt/equity ratio of 70/30.The total project cost was US$ 77.5mn (INR 3643mn @47 INR/USD). Financing comprised of sponsor equity of US$23.2mn (INR 1092.8mn) and Debt of US$ 54.2mn (INR 2550mn). The 12-year 3-months term loan had a repayment schedule of 44 qaurterly instalments. Theloan was arranged by SBI Capital Markets. Lenders were State Bank of India (INR 1275mn) and Export Import Bank of India (INR 1275mn).The Asian Development Bank (ADB) also provided a Partial Credit Guarante (PCG) for the project.  The construction began in July 2011 and the project was commissioned on 25th January 2012.
Hareon Solar, via its local subsidiary (100% owned) BCI Cherganovo, developed the four solar plants:  Pobeda, 50.61 MW  Cherganovo, 29.3 MW (cost: EUR 61.3 million ($80.1 million)) Karlovo, 4.98 MW Kolarovo, 5.88 MW  The parks were constructed in 2011. In October 2012, Hareon awarded the Operations & Maintenance contract to the equipment supplier of the four plants, ABB. The plants use ABB PVS800 inverters, dry cast-coil transformers, monitoring and control systems, and medium-voltage switchgear. The panels were supplied by Hareon, a Chinese PV modules manufacturer. Schoenherr was the legal advisor to Hareon. The Cherganovo plant was commissioned in September 2012. Pobeda was commissioned in December 2011. Kolarovo was commissioned in December 2011.Karolovo was installed in October 2011.  Financing was provided by the China National Development Bank. Total project cost was not available, but based on the cost of the Cerganovo solar plant - total cost is estimated at US$248 million.
92.5MW STEG plant located in Gaoshawo Village, Yanchi, Wuzhong City, Ningxia Autonomous Region, China and developed by Hanas New Energy Group Co. This is the first ISCC power plant in China or even in Asia. Financial closing was achived by Oct 2011. Hanas has a 100% stake in the project, which was probably procured through direct negotiation. The total investment was RMB 800 million (US$ 122.26 million). Construction commenced in Oct 2011 and is expected to be completed by Oct 2013.
In July 2010, the Brazilian company Multiterminais Alfandegados do Brasil Ltda was awarded in a competitive bidding process the contract to manage and operate the Aeroporto Regional Zona da Mata located at the cities of Goiana e Rio Novo (state of Minas Gerais). Only Multiterminais bid for the project, and information  on the bidding criteria set by the regulatory agency was also not available.    The airport was constructed by the state government predominantly as a cargo facility. Although the construction works commenced in 2001, the airport commenced operations only in August 2011. Multiterminais signed a one year contract renewable for additional four years to manage the facility and was set to receive US$ million (BRL 6.3 million) per year in management fees.  The contract was renewed, and, as of December 2013, the state-government was considering implementing a new bidding process once the contract signed with Multiterminais ends.  In November 2014, another bidding process took place and concession contract was awarded to Consorcio Aeroporto Zona da Mata (ID 8158). The new sponsors took over the operations in December 2014.
The company Energimp, a partnership of the Argentine company Impsa (57.2%) and the Brazilian state-owned investment fund FI FGTS (42.8%), were granted authorizations to build a wind park located in the state of Ceara, known as Wind Park Ceara II – Acarau (211.2 MW in total capacity). The 35-year contracts were signed with the regulatory agency ANEEL in June 2010, and special purpose companies were created to manage the projects:  * EOL Garcas (30 MW) – Nova Eolica Garcas S.A.		 * EOL Cajucoco (30 MW) – Nova Eolica Cajucoco S.A. * EOL Buriti (30 MW) – Nova Eolica Buriti S.A. * EOL Coqueiros (27 MW) – Nova Eolica Coqueiro S.A. * EOL Quixaba (25.2 MW) – Central Eolica Quixaba S.A. * EOL Lagoa Seca (19.5 MW) – Nova Eolica Lagoa Seca S.A. * EOL Vento do Oeste (19.5 MW) – Nova Eolica Vento do Oeste S.A. * EOL Araras (30 MW) – Nova Eolica Araras S.A.		  The total investment commited to the power plants was estimated at US$ 485 million. Financial closure was achieved in March 2011, when the state-owned bank BNDES granted US$ 344.7 million (BRL 562.6 million) in loans to the project companies.  The power plant was set to sell electricity to the national grid.  The project companies won the bidding process to establish 20-year power purchase agreements with electricity distribution companies in 2009. The company won by offering a tariff of US$ 84/MWh (BRL 151/MWh). Operations were set to commence in 2012.  EOL Quixaba commenced operations in October 2012. EOL Buriti, EOL Coqueiros e EOL Cajucoco commenced operations in 2014.
Lanka Orix Leasing Company PLC (LOLC), via its subsidiary United Dendro Energy Pvt. Ltd in which it holds a 75% share since March 2010, developed the 4.0MW Dodangoda biomass plant. LOLC holds 750 shares, Haresh Karunanayke holds 249 shares and Dayananda Tissa Karunanayake holds 1 share.  The project was expected for commissioning in 2011. The project company holds 1,500 hectares from the Yala National Park and purchased 500 hectares of land in Amarawewa from the Forest Department (FD), February 2011 for gliricidia producation. Output was sold to the national grid via a generation license with Ceylon Electricity Board.  Total cost was ESTIMATED at US$4 million. Financial closure date was estimated at December 2011, commissioning.
30MW PV plant located in Delingha City, Qinghai Province, China, to be developed by China Windpower Group Ltd. Construction commenced in July 2011 and it was completed in Sep 2011. China Windpower Group has a 100% stake in the project. The total investment is unknown. The project once operational can reduce carbon emission over 40,000 tons per year.
on April 2011, Khanjahan Ali (Bangladesh, 100%) a Bangladeshi Independent Power Producer, signed rental agreement with Bangladesh Power Development Board (BPDB) for the construction and operation for a 5 years term of a 40 MW Heavy Fuel Oil power plants at Noapara.  Under the Rental agreement, Khanjahan Ali  was to supply 40 MW of energy to BPDB for a term of 5 years. The remainder of the energy was to be sold to the public.    Following a direct negotiation process, GMBH was awarded to set up a 40 MW HFO  power plant at Noapara. The total project cost was 15.7 US millions and reached financial closure in April 2011.   Note that the power plant has been commissioning for generating in January 2011.
In April 2010, Azure Power (Gujarat) Private Limited (APGPL) partnered with SunEdison Energy India Private Limited (SEIPL), and signed an MoU with Gujarat Energy Development Agency (GEDA) for setting up a 5-mw photovoltaic solar project at village Dhama in Surendranagar district of Gujarat, under the Gujarat Solar Policy 2010. The output from the project would be fed to the North-East-West-North-East (NEWNE) grid of India. Power evacuation was planned through a 66 KV line at Vagdam substation. The transmission system, as per the state policy, was the responsibility of Gujarat Energy Transmission Corporation Limited (GETCO).  APGPL had entered into a 25-year Power Purchase Agreement (PPA) with the state utility Gujarat Urja Vikas Nigam Limited (GUVNL) on 30th April 2010, which would be effected at the time of commissioning of the project. The APPC (Average Power Purchase Cost) as per the Gujarat Solar Policy 2010, was US$ 0.32/Unit (INR 15 per unit @ 47INR/USD) for the first 12 years, and US$ 0.11/Unit (INR 5 per unit @47 INR/USD) from 13th year to 25th year. The total capacity of 5MW was eligible for carbon credits. Proceeds of carbon credit were to be shared as follows: (a) 100% by APGPL in the first year after the date of commercial operation of the generating station/ transmission system;(b) in the 2nd year the share of GUVNL would be 10% which would be progressively increased by 10% every year up to 50% whereafter the proceeds would be shared in equal proportion, by APGPL and GUVNL. Transmission and/or wheeling charges would be paid by APGPL.   Financial closure of the project took place in September 2011. The total project cost was USD 19.6mn.The debt equity ratio for the project was 75/25. Financing comprised of Debt of USD 14.7mn and sponsor equity of USD 4.9mn. The 15year credit facility of USD 14.7mn was solely arranged by Overseas Private Investment Corp (OPIC).  Construction of the project was started and commercial operation was expected to start in November 2011.  At the time of collection of information (May 2012), APGPL was in a legal tangle with the Gujarat government over the issue of owership of the Company that was putting up the project. The point under dispute was whether or not the company was in breach of a covenant of the PPA which stipulates that the “power producer should continue to hold at least 51 per cent of equity from the date of signing of this agreement”. APGPL had partnered with SEIPL, subject to which Gujarat Urja Vikas Nigam Limited (GUVNL) had issued notice terminating the PPA with APGPL. APGPL had petitioned to the Gujarat Electricity Regulatory Commission (GERC) stating that SEIPL had signed the shareholder agreement for taking over the ownership of the developer prior to the signing of the PPA. The question as to whether or not there was a breach of the PPA with respect to the covenant relating to the shareholding pattern is yet to be decided by the GERC. Meanwhile GERC had in its order stayed the operation of the termination notice served to APGPL.
KSK Mahanadi Power Co Ltd was an SPV created to develop and operate a 3600 MW power plant at Nariyara, Chhattisgarh. The project consisted of six units of 600 MW each, and to be located in Nariyara village, Akaltara Tehsil, Janjgir-Champa district, Chhattisgarh.  This power project of 3600 MW was setup in a single location and was scheduled to be commissioned on a unit-wise basis through 2012 and 2013. The KSK Mahanadi Power Project was designed to utilize coal as its primary fuel, and consist of steam turbine generator units, along with its boilers and plant. The coal based power project was approximately 125 kilometers from the Morga II coal block in Chhattisgarh. The original project was a 1,800 MW power project based on coal supplies from the Morga-II coal block by Gujarat Mineral Development Corporation (GMDC). With the availability of additional fuel from the Gare Pelma Sector III coal block in Chhattisgarh, the KSK Mahanadi Power Project expanded through the fast track development of an additional 1,800 MW of power generation capacity in the same location. KSK Mahanadi entered into a coal supply contract with the GIDC, for supplies from Gare Pelma Sector III coal, which would be valid for 30 years from the date of commencement of coal supply by GIDC.   KSK Power Ventur Plc owned 100% of KSK Mahanadi Power Co Ltd, which was the largest power project pursued by the KSK Group until 2010.  The project sponsor signed a Power Purchase Agreement (“PPA”) for the long term supply of 1010 MW of power from this power plant with Gujarat Urja Vikas Nigam Limited (“GUVNL”), the state-owned holding company for electricity companies in Gujarat, in June 2010.  In February 2009, the KSK Mahanadi Power Project selected Shangdong Electric Power Construction Corporation (SEPCO), a leading EPC contractor from China engaged in power plant design and construction, as the contractor to undertake design, supply and provide engineering and construction services for the KSK Mahanadi power project. Under these agreements, SEPCO was to supply the KSK Mahanadi with necessary equipment and materials and render such services as are required for the plant to generate aggregate power of 3,600 MW.  The project cost was estimated to be US$ 3535.3mn. Financial closure took place on 20th November 2010. Financing comprised INR 161.9bn senior-debt and INR 32.38bn sponsor equity. Senior-debt comprised an INR 121.42bn 16-year 5-months term loan arranged by SBI Capital Markets and IDBI. The term financing paid interest of 4.75 percentage points more than State Bank of India’s base rate. The other lenders in the syndicate were Andhra Bank, Axis Bank Ltd., Bank of India, Bank of Baroda, Canara Bank, Federal Bank and Housing & Urban Development Corp. of India. Further, in July 2011, KSK Energy financed 16-year 6-months sub-debt component of USD 172.3mn (INR 8100mn @47 INR/USD).   The project was scheduled to be commissioned on a unit-wise basis through 2012 and 2013.
49. 5MW wind farm located in Jiangtai County of Guiyang City, Guangxi province, China and developed by Guizhou Fengying Power. Construction commenced in May 2011. Wind surveying was completed by Dec 2010 and two experimental generators were already operational. The total investment is RMB 520 million (US$ 79.47 million). Guangdong Dongxing Fengying Wind Power Equipment Co.,Ltd. has a 100% stake in the project. A project company, Guizhou Fengying Power Technology Co Ltd was established to conduct the project. Construction of the plant will take one year.
In June 2011,Umoe Bioenergy S.A. was granted an authorization to build and operate a  60-MW thermal power plant (cogeneration) located in the state of Sao Paulo. The power plant was set to run using sugar cane residues as fuel. The company requested the authorization to establish itself as an independent power producer in 2009, which would allow the trade of electricity on both the regulated and unregulated markets. Yet, the 35-year contract was only signed in June 2011.   The sponsor committed to invest US$ 62.8 million (BRL 103.7 million) in the power plant. Financial closure was achieved in March 2011, when the sponsor was granted a US$ 59 million (BRL 96.4 million) loan from BNDES. The remaining cost was set to be financed with the sponsors’ internal resources.  Construction works commenced in early 2011 and operations were expected to begin by 2012. Umoe Bioenergy S.A. has signed power purchase agreements to sell all of its output to the regulated market.  Operations commenced in June 2012.
The Brazilian company Engebra – Empresa de Energia do Brasil Ltda was granted an authorization to build and operate an oil fueled power plant located in the state of Goias (174.3 MW in total capacity). The 35-year contract was signed with the regulatory agency ANEEL in September 2007. Engebra created a special purpose company named Usina Termelétrica Palmeiras de Goias Ltda to lead the project.  In 2006, Usina Termeletrica Palmeiras de Goias Ltda took part in a competitive bidding process and won the right to supply 69 MW of electricity on average to the regulated market starting in 2011.  In January 2011, Engebra sold its shares on Usina Termeletrica Palmeiras de Goias to Bolognesi Participacoes S.A.  The sponsor committed to invest US$ 162.3 million (BRL 273 million) in the construction of the power plant. Construction works started in the end of March 2011 and were concluded in October of the same year. Commercial operations commenced in July 2012.
On March 2nd 2011, the Turkish Privatization Administration (Ozellestirme Idaresi Baskanligi or OIB) signed with the Turkish energy firm Ka-Fnih Enerji Uretim a 49 year concession granting the operating rights of three mini hydro power plants, known as Group 11 and with a total capacity of 1.172 MW. The capacity of the minihydro power plants were 0.5 MW Degirmendere, 0.4MW Karacay, 0.272MW Kuzuculu plant, located in Osmaniye and Hatay, Turkey. The plants were transferred under the Transfer of Operating Rights (TOR) scheme for 49 years, years with no investment obligations to expand or rehabilitate the power plant. Based on this information, the project was classified as a lease contract in the PPI Database. The project was expected to sell electricity produced in the liberalized electricity market in Turkey.  In June 2010, Ka-Fnih Enerji Uretim won the operating rights of Group 11 mini hydro plants in an open tender held for 49-year operating rights by offering US$7.02 million in the public auction. The tender of this power plant received 20 bids in total. The tender, which were conducted by competitive bidding, followed the sale of other groups that started in May from the same tender that ended in February.    Group 11 was one of the 19 groups of small and medium hydro power plants which OIB tendered to private consortia in February 2010. The 19 groups comprised a total of 52 small and medium size hydro power generation plants which were owned by state-owned power firm Elektrik Uretim A.S. (EUAS) and had a total capacity of 141 MW. A group had between one and five dams and were grouped based on their geographical proximity. The 19 groups were auctioned in by competitive bidding attracting 615 bids. The privatization process of most of the 19 groups concluded in 2011.
A local private company Tadee Group was granted an agreement to finance, build and operate the Lianyungang New Century Liquid Chemical Port in Lianyungang City, Jiangsu Province. The project has a capacity of 2.25 million tons per year. The length of the berth is 327 meters long and the associated inventory has an area of 275 acres. The total investment is RMB 600 million. It will be operated by Lianyungang New Century Petrochemal Co., Ltd., a joint venture of the state owned Lianyungang Port Group and Tadee Group. Construction commenced on December 29, 2010 and is expected to be completed in 2 to 3 years. By September 2011, RMB 45.80 million has been expended on construction. Financing agreement was signed on June 30, 2011 with a 9 year interest rate of 6.65% and commission of 0.5% of the loan. Tadee has a 100% stake in the project.
In 2010, a local private company Mizuda Group signed an agreement with the Anji County Government to build and operate a solid waste power plant in Anji County, Huzhou City, Zhejiang Province. In Nov 2010, construction commenced. The capacity of the project was 4.5MW and total investment was RMB 130 million (US$ 19.20 million). The plant could process 300 tons of household solid waste per day. The facility came into operation in Nov 2011. Mizuda had a 100% stake in the project. The concession term of the agreement was not reported. At least 25% of construction had been achieved by Mar 2011.
Inox Wind Limited through its group subsidiary Gujarat Fluorochemicals Limited (GFL), entered into an agreement with Rajasthan Government, to develop 110MW wind power project at Barmer and Jaisalmer districts in the state of Rajasthan. The wind farm would involve the building of 55 wind turbines of INOX WT2000DF WEG of 2MW capacity each.The electricity generated from the project would be evacuated by Northern, Eastern, Western and North Eastern (NEWNE) grid of India.The EPC for the power plant had been awarded to Inox Wind Limited (IWL). IWL would develop,construct,commission operate and maintain the project at an all-inclusive price.    Gujarat Fluorochemicals Limited had already approached Rajasthan Urja Vikas Nigam Limited (Rajasthan Discom )- for entering into Power Purchase Agreement. The APPC (Average Power Purchase Cost) 25-year base feed-in tariff as per RERC (Rajasthan State Regulator) tariff order, was US$ 0.083/Unit (INR 4.46 per unit @ 53.44INR/USD). The transmission charges would be paid by GFL to the state transmission utility. The total capacity of 100MW was eligible for CDM benefits and the company had initiated the process with UNFCC.  Details of financial closure or project cost were not available.  As per company sources, the project was already commissioned in August 2012.
The projects involves development of integrated solid waste management facility at Sambhal. A2Z Waste Management (Sambhal) Limited is the project company. The 30-year BOOT concession was awarded on 27 January 2011. The total cost of the project amounts to $2.65 million, of which $1.12 million grant.
The waste-to-energy plant located at Donghu Town, Lianjiang County of Fujian Province, China and developed by Saite Tianying Group. the agreement was granted on an open bidding basis in Oct 2010. Construction commenced in January 2011, and has been substantially completed by the end of 2011. The agreement has a concession term of 30 years. The total investment is RMB 234 million (US$ 35.76 million). Tianying ST had a 100% stake in the project. The plant can process 500 tons of household solid waste per day. The plant has a capacity of 7.5MW. The project is planned to be operational in June 2012.
Hiraco Renewable Energy Private Limited (HREPL, a subsidiary of Hiraco India Private Limited), signed an MoU with Gujarat Energy Development Agency (GEDA) for setting up a 20-MW photovoltaic solar project at Porbander District in the state of Gujarat, under the Gujarat Solar Policy 2009 (Phase-II). HREPL had installed 85,536 polycrystalline solar PV modules of 235Wp from Hanwha SolarOne. The average PLF for the first year of operation was expected to be 20.22%. HREPL had contracted for a fixed price EPC contract through an international competitive bidding process. The output from the project would be fed to the North-East-West-North-East (NEWNE) grid of India. Power evacuation would be through 66 kV Ranakandorma Substation of GETCO, and as per the state policy, was the responsibility of Gujarat Energy Transmission Corporation Limited (GETCO).  Hiraco Renewable Energy Private Limited (HREPL) had entered into a 25-year Power Purchase Agreement with the state utility Gujarat Urja Vikas Nigam Limited (GUVNL), which would be effected at the time of commissioning of the project. As per GEDA documents, the PPA had been signed before 11th December 2011. The APPC (Average Power Purchase Cost) as per the Gujarat Solar Policy 2009, was US$ 0.33/Unit (INR 15 per unit @ 45INR/USD) for the first 12 years, and US$ 0.11/Unit (INR 5 per unit @45 INR/USD) from 13th year to 25th year for units commissioned before 29th January 2012. The total capacity of 20 MW was eligible for carbon credits and HREPL had applied for the same. Proceeds of carbon credit were to be shared as follows: (a) 100% by HREPL in the first year after the date of commercial operation of the generating station/ transmission system;(b) in the 2nd year the share of GUVNL would be 10% which would be progressively increased by 10% every year up to 50% whereafter the proceeds would be shared in equal proportion, by HREPL and GUVNL. Transmission and/or wheeling charges would be paid by HREPL.  Dates of financial closure couldn't be verified, however the financial closure had been executed before December 2011 (commissioning date as per GEDA document).The total estimated project cost, as per UNFCC documents was US$ 66.6mn (INR 3108.8mn @46.67 INR/USD).   Construction for the plant was started in June 2011 (date of signing of contract for onshore services, civil works, onshore and offshore supply) and GEDA documents indicate that the plant was commissioned before December 2011 (corroborated by company sources as well). In absence of credible information on dates of financing, we have considered December 2011 as the financial closure date for our database.
Hidropantasma S.A., a subsidiary of the Costa Rican group Saret and the Spanish company FCC, was awarded the 15-year contract to build and operate a 12.5-MW small hydro power plant located at Departament of Jinotega (Pantasma River). Electricity was set to be delivered to Disnorte and Dissue at a sale price of US$107.30/MWh.  The project involved an investment of US$ 33 million. Financial closure was achieved in 2011, when CABEI approved a US$ 25.5 million to the project.  Construction works commenced in June 2011 and were concluded in 2013.  In December 2012, the sponsor applied for carbon credit.
In  January 2011 a Chinese local private company, Sound Group won a portfolio of 18 wastewater treatment plants in Changsha County, Hunan Province following an open competitive bidding process. The portfolio includes the operation and maintenance of 2 existing wastewater treatment plants (Beishan 3000 cubic meters per day; Jinjin 2000 cubic meters per day) and the construction and operation 16 greenfield ones (guoyuan Town 800 cubic meters per day; Kaihui 800; Huanghua Town 3,200; Shuangjiang 800; Ansha town 800; Maotangpu 5,000; Huangxing Town 4,100; Jiangbei Town 600; Chunhua Town 800; Lukou Town 500; Fulin Town 900; tiaoma 1,100; Baisha 300; Qingshanpu 700; Gansha 3,000; and Gaoqiao Town 1,000).  The total capacity of the facilities is 34,400 cubic meters per day. Construction commenced in April 2011. The construction works were required to finish in 10 months and then the company will operate the facilities for 30 years. The total investment on the portfolio is RMB 275 million. Construction works had been progressing fast according to an official document in September 2011.
On 3rd January 2011, the Gujarat State Road Development Corporation (GSRDC) awarded a 27 year concession (including construction period of 30 months) with GVK Power & Infrastructure Limited (through its subsidiary GVK Developmental Projects Private Limited) for the rehabilitation, upgradation and operations and tolling of Bagodara-Wataman-Tarapur-Vasad section of State Highway-8, from Km 0/0 to Km 101/9, in the State of Gujarat.  Under the contract, GVK Power & Infrastructure Limited was responsible for the the design, construction, finance, operation and maintenance,strengthening of the existing 2-lane carriageway to a 6-lane highway with paved shoulders. The scope will include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts,road intersections,interchanges, drains, traffic signages, traffic safety measures, etc. The project highway provides key connectivity to two national highways -NH8A (Ahmedabad-Rajkot-Probandar),and NH-8 (Mumbai-Delhi). The said highway catered to commercial traffic from industrial clusters in Bhavnagar, Savli, Sanand, Anand and ports in Saurashtra region (Pipavav, Porbandar, Mundra and Kandla). Also, it was the shortest link connecting Saurashtra/Kutch region to the highly industrialised regions of Surat,Vadodara,Ankleshwar and Mumbai.This road upgradation was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  GVK Power & Infrastructure Limited established GVK Bagodara Vasad Expressway Private Limited (GVKBVEPL), a special purpose vehicle, to implement the project. The SPV won the tender through domestic competitive bidding, conducted by GSRDC, by quoting the highest revenue share (premium). The SPV had quoted a revenue share of 15% for the 1st year which would increase every year by 1% through the life of the concession. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. GVK Projects and Technical Services is the EPC contractor of the project.  The concession agreement was signed in 21st February 2011. The project attained financial closure on 16th November 2011. The debt equity ratio of the project was 75:25. The estimated capital cost of the project at the time of financial closure was US$ 237.8mn(INR 11890.3mn @ 50 INR/USD).Financing comprised a 17-year 3-month term loan of US$ 178.3mn (INR 8917.70mn) and sponsor equity of US$ 59.4mn (INR 2972.60mn). The debt was arranged by Axis Bank Limited.      Construction on the project was expected to begin in March 2011 and was expected to be completed by September 2013.
Through its project company Solar Power (Khon Kaen 1) Company Limited (KK1), developed the 6MW Khon Kaen 1 Solar Plant. The project was owned by Solar Power Company (SPCG) and Thai Fa Power Company Limited. The project was located at: Bann Kro Sub District, Mueang District, Khon Kaen Province.  The project commissioned in February 2012. The polycrystalline solar panels were supplied by Kyocera Corporation (Japan). The inverters were supplied by SMA Solar Technology (Germany). The projects by SPCG held a PPA with the Provincial Electricity Authority (PEA), for 5 years - open ended. The PPA provided for a feed-in adder of THB 8.0 on top of the base tariff for 10 years after commissioning. The projects receive tax benefits of 0% for the first 8 years, and half of normal tax rate for the 5 year following.  The project had a debt/equity ratio of 70/30 and reached financial closure in December 2011. Total 'registered capital' was Baht 195 million (US$ 6.53 million). Given the debt/equity ratio of 70/30, and assuming the 'registered capital' refers to equity, total project cost is US$21.8 million, or US$3.6 million/MW. Kasikorn bank provided financing.
In May 2011, the government of Kosovo awarded a 20-year concession contract to Limak-Aeroport de Lyon consortium to modernize the Pristina airport, build a new terminal and operate. In 2010, Pristina airport, Kosovo’s sole airport, was opened in 1965 when Kosovo was a province of the Socialist Yugoslav federation. It was managed by Serbs until NATO took over the operations. The airport made an annual profit of about 14 million dollars and handled some 1.2 million passengers each year.  Limak-Aeroport de Lyon consortium won the concession via a competitive tender by offering to pay the government 39.43% of the airport's gross revenues in the form of annual concession fee. Limak group holds 90% of the consortium's shares while the remaining 10% was owned by Aeroports de Lyon. Two other consortia participated in the tender: the German- Turkish group Fraport-ICTAS and an international consortium, Bouygues-Batimes-Egis-PAIC. Limak-Aeroport de Lyon consortium also agree to invest Euro100 million (US$127 million) in airport modernization and expansion of the life of the concession contract. The Limak Kosovo International Airport JSC Consortium agreed build a new terminal over a 27,000 m2 area, a new apron over a 77,000 m2 area, a control tower, ground handling facilities, fuel storages and parking lots and connecting roads.  The government of Kosovo signed the 20-year concession contract with Limak-Aeroport de Lyon in August 2010.  A new airport terminal building was opened in 2013. Over US$190 million had been invested in the project up until then (140 million euros). The airport's annual capacity had now increased to 2 to 5 million passengers.
In April 2010, the National Highway Authority of India (NHAI) awarded a 26 year concession (including construction period of 30 months) to GVK Development Projects Pvt Ltd for the strengthening,improvement, four-laning, operation and maintenance of 83kms of Deoli to Kota section of National Highway-12 (NH-12),from Km 165 to Junction of NH- 76 on Kota Bypass,in the state of Rajasthan.  Under the contract, the consortium was responsible for the design, construction,finance, operation and maintenance and strengthening of the existing carriageway to a four-lane highway with paved shoulders. The scope includes construction of 4lanes including construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, service roads, road intersections,interchanges, drains, etc.The expansion project, part of National Highway Development Project Phase - III will ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  GVK Development Projects Limited, a wholly owned subsidiary of GVK Power and Infrastructure Limited, established a special purpose vehicle, GVK Deoli Kota Expressway Private Limited to implement the project. The SPV won the tender through competitive bidding, conducted by NHAI,by quoting the highest premium payment to NHAI. The SPV would pay NHAI a sum of of US$10.8mn (INR 486mn @45 INR/USD)in the first year of operations with 5% increase in each subsequent year (This amounted to an NPV payout of US$159.8mn over a concession period of 26 years at a discount rate of 10%). Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement was signed on 17th May 2010. The project attained financial closure on 5th January 2011. The debt equity ratio of the project was 80:20. The estimated capital cost of the project at the time of financial closure was US$ 183mn (INR 8234.5 mn @ 45 INR/USD) million. Financing comprised INR 6587.6mn 18year term loan, and INR 1646.9mn equity. The INR 6587mn term loan had a repayment schedule of 58 quarterly instalments.The debt was arranged by Yes Bank Limited. The participating banks were Punjab National Bank (1870mn), IIFCL (1180mn), Indian Overseas Bank (1650mn).  Construction on the project began in January 2011 and was expected to be completed by July 2013.
In February 2009, the company Enercasa, a wholly-owned subsidiary of the Brazilian company Desenvix Energias Renovaveis S.A., was granted an authorization to build and operate a 33-MW thermoelectric power plant located in the state of Sao Paulo. The power plant was set to run using sugar cane residues as fuel. The 35-year contract was signed in February 2009.  In 2008, Enercasa had won the bidding for power purchase agreements to deliver electricity to the grid starting in 2011. The company agreed to sell an average of 16 MW of output for US$ 84.7/MWh (BRL 155,3/MWh) during 15 years.   The sponsor committed to invest US$ 45 million (BRL 90 million) in the power plant. The company started to be built in 2009 and commenced operations in October 2011.  In December 2011, the state-owned bank BNDES approved a US$ 36.5 million (BRL 59.5 million)loan to Enercasa.
In August 2011, Aggreko plc won a contract to provide 60MW of rental power in Western Kenya. The electricity of this temporary power station was to be delivered to the national grid.   Aggreko submitted a bid of US$16.22 per kilowatt hour per month, compared to a US$21 per kilowatt hour proposal by the second lowest bidder.   No information on the financing was made publicly available.
In March 2011, the National Highway Authority of India (NHAI) awarded a 17-year concession (including construction period of 30 months) to G R Infraprojects Limited for the strengthening, improvement,4-laning,operation and maintenance of 43.88 kms (from KM 298.075 to 341.047) of Reengus to Sikar section of National Highway-11 (NH-11) in the state of Rajasthan.  Under the contract,GR Infraprojects was responsible for the design, construction, finance, operation and maintenance and strengthening and widening of the existing passageway to a 4-lane highway with paved shoulders. The scope would include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, tunnels, viaducts, culverts, road intersections, interchanges, drains, etc.The expansion project, part of National Highway Development Project Phase -III was expected to give significant stimulus to trade and commerce in the entire region.  G R Infraprojects Limited established Reengus Sikar Expressway Limited, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding,conducted by NHAI, by requesting the lowest fixed annuity of US$ 7.99 million (INR 375.4 million @ 47 INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through fixed semi-annual payment of INR 187.7mn from NHAI during the term of concession.  Thw concession agreement was signed on 27th April 2011. The project attained financial closure on 13th October 2011.The estimated capital cost of the project at the time of financial closure was US$ 48.5 (INR 2280mn @ 47 INR/USD) million. The debt equity ratio of the project was estimated at 75:25. Financing comprised of INR 1710mn 12year term loan and INR 570mn sponsor equity. Debt was solely arranged by State Bank of Bikaner and Rajasthan.  Construction on the project began in April 2011 and was scheduled to be completed by April 2014.The SPV already had possession of around 60% land for the project.
Rasul Hydropower Pvt. Ltd., subsidiary of the Habib Rafiq Group, was planning the development of the 20MW Hydropower Plant, run-of-river, at Rasul Barrage, Jehlum, Punjab. The project was expected to generate 89 GWh annually, at 50.8% capacity factor. The project was to be connected to the grid via a 2km transmission line, valued at $0.25 million (not included in project cost).  The project applied for a tariff with NEPRA in March 2010. Construction was expected to take 39 months. The concession was for 30 years on a BOOT basis. The levelized tariff was estimated at $0.0817 per kWh. The feasibility report was completed in July 2009. A letter of intent was awarded by the Gujranwala Electric Power Company to purchase the electricity output in October 2009.   Total cost was estimated at $38.31 million, to be financed at 80/20 debt to equity with a 10 year tenor and 3 year grace period. The project is reported as operational in November 2012. Financial closure date is ESTIMATED to be July 2011.
Enercon India Limited and Enercon GmbH, thorugh their 100% subsidiary Enercon Wind Farm (Hindustan) Private Limited (EWHPL),entered into an agreement with Rajasthan Government, to develop a 60MW wind power project at Kita and Pithodai Ki Dhani villages located in Jaisalmer District in the state of Rajasthan. The wind farm would involve the building of 75 Enecon-make wind turbines of 800kW capacity each. The farm was expected to have a load factor of 22%. The electricity generated from the project would be evacuated by the Rajasthan state grid which was part of the Northern National Grid.   The EPC for the power plant had been awarded to Enercon India Limited (EIL).EIL would develop,construct,commission operate and maintain the project at an all-inclusive price. As per the agreement signed, EIL would acquire the entire land required for the project and transfer the development rights to the company prior to commencement of operations. EIL had received all the statutory and non-statutory clearances necessary for the project. The entire power generated from Wind Energy Converter (WEC) would be stepped up to 33 kV and then transmitted to the pooling substation through the 33kV internal grid and switchyards. At the pooling substation, which will be owned, operated and maintained by EIL for the entire site, power would be further stepped up to 132 kV and transmitted to Rajasthan Electricity Transmission Company Ltd. substation.Enercon Wind Farm (Hindustan) Limited had entered into O&M agreement with EIL,wherein EIL would be responsible for operating and maintaining WECs and the internal grid for a period of ten years from the Commercial Operation Date of the project.   Enercon Wind Farm (Hindustan) Private Limited (EWHPL) had entered into a 25-year Power Purchase Agreement with the state utilities - Rajasthan Rajya Vidyut Prasaran Nigam Limited (RRVPN)/Jaipur Vidyut Vitaran Nigam Limited (Jaipur DISCOM) for 28.8MW, Rajasthan Rajya Vidyut Prasaran Nigam Limited (RRVPN)/Ajmer Vidyut Vitaran Nigam Limited (Ajmer DISCOM) for 31.2MW which would be effected at the time of commissioning of the project. The APPC (Average Power Purchase Cost) 20-year base feed-in tariff as per RERC (Rajasthan State Regulator) tariff order of 3 June 2011, was US$ 0.089/Unit (INR 4.22 per unit @ 47INR/USD). The total capacity of 60 MW was eligible for CDM benefits. UNFCC had started the validation project for Certified Emission Reductions (CERs) in early 2010.   Financial closure took place on 27th July 2011.The total project cost was US$ 21.9mn (INR 1030 mn @47 INR/USD).The debt equity ratio for the project was 63/37. Financing comprised of Debt of US$ 13.8mn (INR 650mn @ 47INR/USD) and sponsor equity of US$ 8.1mn (INR 380mn @ 47INR/USD). Debt comprised of 11year Term loan from IDFC. The term loan had a grace period of 1 year and a repayment schedule of 40 quarterly instalments. IDFC Was the mandated lead arranger.  Construction for the wind farm was expected to start in April 2011 and commercial operation was expected to start in September 2011.
In December 2010, the National Highway Authority of India (NHAI) awarded a 16 year concession (including construction period of 30 months) to Vijai Infrastructure Limited (VIL) for the strengthening, improvement, 2-laning, operation and maintenance of 106kms (from KM 82.00 to KM 188.60) of Raibareli to Allahabad section of National Highway-24B (NH-24B) in the state of Uttar Pradesh.  Under the contract, VIL was responsible for the design, construction, finance, operation and maintenance and strengthening of the existing carriageway to a 2-lane highway with paved shoulders. The scope includes strengthening & maintenance of existing carriageway including construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, service roads, road intersections,interchanges, drains,etc.The expansion project was a part of National Highway Development Project Phase -IV and was expected to ease traffic congestion on this busy section.  Vijai Infrastructure Limited (74%) and its subsidiary Vijai Constructions (26%),established a special purpose vehicle, Raebareilly Allahabad Highway Private Limited, to implement the project. The SPV won the tender through competitive bidding, conducted by NHAI,by quoting the lowest upfront subsidy from NHAI of US$8.96mn (INR 421mn @47 INR/USD).Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.Vijai Infrastrutcure Limited (VIL) was the EPC contractor for the project.  The project attained financial closure on 4th October 2011. The grant/debt/equity ratio of the project was 11.8/63.2/25. The estimated capital cost of the project at the time of financial closure was US$ 75.8mn (INR 3562.9 mn @ 47 INR/USD) million. Apart from the NHAI subsidy, financing comprised INR 2250.8mn 14year 6months of debt,and INR 891.1mn sponsor equity. The debt was further divided into a 2150.8mn 14.5 years term loan and 100mn 14.5 years term loan. The INR 2150mn term loan had a grace period of 1 year, a repayment schedule of 144 monthly instalments and was priced at floating rates, linked to benchmark rates of respective banks (effecitve rate at the time of sanction worked out to be 12.6%).The INR 100mn term loan had a grace period of 3 years, repayment schedule of 120 monthly instalments and was priced at prime lending rate of 17.75% with negative margin of 3.15% (worked out to be at 14.6%). The debt was arranged by SBI Capital. The participating banks were Punjab National Bank,IIFCL, State Bank of Bikaner & Jaipur, and Reliance Capital.   Construction on the project began in October 2011 and was expected to be completed by April 2013.
Visual Percept Solar Projects Private Limited  (VPSPPL, a subsidiary of Talma Chemical Industries Private Limited), signed an MoU with Gujarat Energy Development Agency (GEDA) for setting up a 25-MW photovoltaic solar project at Surel in Surendranagar District in the state of Gujarat, under the Gujarat Solar Policy 2009. VPSPPL had installed amorphous silicon thin-film solar PV modules from Hanwha SolarOne (12MW) and China Sunergy (13MW). VPSPPL had contracted Sterling and Wilson Limited (SAWL) for a fixed price EPC contract. The output from the project would be fed to the North-East-West-North-East (NEWNE) grid of India. Power evacuation, as per the state policy, was the responsibility of Gujarat Energy Transmission Corporation Limited (GETCO).  Visual Percept Solar Projects Private Limited  (VPSPPL) had entered into a 25-year Power Purchase Agreement with the state utility Gujarat Urja Vikas Nigam Limited (GUVNL), which would be effected at the time of commissioning of the project. The PPA was signed on 15th December 2010. The APPC (Average Power Purchase Cost) as per the Gujarat Solar Policy 2009, was US$ 0.33/Unit (INR 15 per unit @ 45INR/USD) for the first 12 years, and US$ 0.11/Unit (INR 5 per unit @45 INR/USD) from 13th year to 25th year. The total capacity of 25MW was eligible for carbon credits and VPSPPL had applied for the same. Proceeds of carbon credit were to be shared as follows: (a) 100% by VPSPPL in the first year after the date of commercial operation of the generating station/ transmission system;(b) in the 2nd year the share of GUVNL would be 10% which would be progressively increased by 10% every year up to 50% whereafter the proceeds would be shared in equal proportion, by SLREPL and GUVNL.Transmission and/or wheeling charges would be paid by VPSPPL.  Dates of financial closure couldn't be verified, however the financial closure had been executed before July 2011 as per ICRA (credit rating of the term loan) and December 2011 as per GEDA document.The total estimated project cost at the time of financial closure was US$ 70.7mn (INR 3300mn @46.67 INR/USD). The debt equity ratio was 70/30. Financing comprised term loan of US$ 49.5mn (INR 2310mn) and sponsor equity of US$ 21.2mn (INR 990mn). The 12-year term loan had a moratorium of 1 year and repayment schedule of 11 years.   Construction for the plant was started in February 2011 (date of signing of contract for onshore services, civil works, onshore and offshore supply) and the plant became operational in January 2012 (GEDA documents also indicate commissioning before May 9th 2012). In absence of credible information on dates of financing, we have considered July 2011 (credit rating of term loan) as the financial closure date for our database.
In July 1998 NSL Renewable Power Private Limited, through its SPV - Tangnu Romai Power Generation Private Limited signed an Implmentation Agreement with Himachal Pradesh Govrenment for setting up two run-of the river type hydro power projects proposed on Pabbar and Supin rivers in Chirgon Tehsil, Shimla District of Himachal Pradesh.(The concession tenure couldnot be ascertained at the time of collection of this information). Installed capacity of the project was 44MW (2 units of 22MW) for Tangnu Romai HEP-I and 6MW for Tangnu Romai HEP-II.The project would use Vertical Shaft Pelton Wheel type turbines. HEP-I would produce 174.9 million units at a plant load factor of 48.2% and HEP-II would produce 28.48 million units at a plant load factor of 54.2%. The electricity produced would be evacuated through 132 kV transmission line to HPSEB (Himachal Pradesh State Electricity Board) sub-station at Sunda.Pioneer Builders was the EPC contractor and Boving Fouress was the equipment supplier.  Himachal Pradesh State Electricity Board (HPSEB) had signed a power purchase agreement (PPA) with Tangnu Romai Power Generation Private Limited in November 2007. The duration of PPA couldnot be ascertained at the time of collection of this information. As per the HPERC (state regulator) approved PPA, HPSEB would purchase electricity at the rate of US$ 0.055/Unit (INR 2.5/unit @45INR/USD) from the date of commissioning.Out of the expected net energy generation, 12% per annum for first 12 years and 18% per annum from 13th to 40th year was to be provided free of cost to Himachal Government.Tangnu Romai Power had represented its case for carbon credits for the project, and UNFCC was currently validating the project.The financial benefits of the revenue obtained by selling of the CERs was expected to improve the Equity IRR of the project.  The estimated cost of the project was USD 71.1 million (INR 3200 mn @45 INR/USD). Financial closure took place in May 2011. The debt to equity ratio for the project was 70:30. Financing comprised of a 15-year term loan of USD 49.8mn (INR 2240 mn) and USD 21.3mn (INR 960mn) sponsor equity. The term loan had a grace period of 5 years and a repayment schedule of 40 quarterly instalments. Axis Bank was the lead arranger and the particpating banks were Axis bank (INR 760mn), State Bank of Patiala (INR 740mn), and Punjab National Bank (INR 740mn).  Construction of the project was started in September 2010 and was targeted to be completed by March 2014 for HEP-I (44MW) and December 2010 for HEP-I.
Hoang Anh Gia Lai Group (HAG) was planning the development of the 80 MW Ba Thuoc 2 hydropower plant, Thanh Hoa province, as well as the 60 MW Ba Thuoc 1 hydropower plant.   Commissioning was expected in late-2011; the second turbine of Ba Thuoc 2 became operational in February 2012. Construction started in September 2009. The two projects together were expected to generate up to 700 million kWh annually.  No further information was available. The project applied for UNFCCC/CDM financing. The equity ratio of the project was 70/30, according to the CDM PDD. The project was insured by BIC Insurance, announced January 2010. Total cost was estimated at VND 1.497 trillion ($71.8 million) for Ba Thuoc 2, and VND 2.4 trillion for both projects together ($115 million). Financial Close date was unknown, September 2009 was assumed (start construction).  By dec 2011 the project had met the criteria for at least 25% of the construction to be complete. This was proved by the fact that the second turbine was operational in feb 2012.
The Brazilian company Desenvix, a wholly-owned subsidiary of Jackson Empreendimentos, was granted authorizations to build three wind parks located in the state of Bahia (95.2 MW in total capacity). The 35-year contracts were signed with the regulatory agency ANEEL starting in July 2010. The following special purpose companies were creates to handle the parks: Macaubas Energetica, Novo Horizonte Energetica and Seabra Energetica.  The power plants were named EOL Macaubas (35.1 MW), EOL Novo Horizonte (30.1 MW) and EOL Seabra (30.1 MW). The total investment in the power plants was estimated at US$ 246.7 million (BRL 415 million) and was financed with a loan granted by the state-owned development bank BNB approved in August 2011 (US$ 159.83 million or BRL 268 million).  All special purpose companies signed power purchase agreements arranged with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA  (incentive program for alternative power generating companies) in 2009. Commercial operations were set to begin in December 2011. As of June 2011, construction works were almost concluded.  Operations commenced in July 2012.
In October 2011,a local private company Jiangsu Ruisheng Water Treatment Co., Ltd was granted an agreement to expand and operate a wastewater treatment plant in Fengxiang County, Anhui Province. The current capacity of the plant was 5,000 cubic meter per day and Ruisheng needs to increase it to 15,000 cubic meters per day. Ruisheng's total investment on the project was still unknown and neither was the term of the agreement. Ruisheng had a 100% stake in the project.
Enerjisa was planning the development of the 30 MW Canakkale wind farm. The project was designed to comprise 13 turbines of 2.3 MW, producing an annual 85 GWh. Enerjisa was a 50-50 joint venture between Turkish Sabanci Group and Austria's Verbund. The Sabanci family was Sabanci Holding’s major shareholder (60.6%). The remaining shares (39.4%) were traded on the Istanbul Stock Exchange, which included 9.858% shares held by other family members previously registered to ISE. Verbund International GMBH was a wholly-owned subsidiary of VERBUND AG, and publicly traded on the Vienna Stock Exchange. The Austrian government held 51% of the shares. About 25% of the shares were held by the provincial energy suppliers TIWAG (5%), Wiener Stadtwerke Holding (10%) and EVN (10%). The remaining shares (24%) were free float.  The project was commissioned in February 2011. Equipment was supplied by Siemens, including adelivery, installation and commissionings agreement for the turbines, part of the civil works, and a 12 year service and maintenance contract with Siemens. The project company held a 49 year production license for the farm. The Canakkale-Mahmudiye wind farm was the first of four wind farms under development by Enerjisa with a total capacity of 150 MW.  Total investment costs was estimated at EUR37 million ($49.2 million). As of October 2011, no further details about the financial structure was available.  In 2012, E.ON acquired Verbund's shares in Enerjisa in return for 8 run-of-river hydropower projects totalling 351MW in Germany as well as EUR300 million in cash payments. The swap was expected to be finalized in the first quarter of 2013 after approval from the European Commission.
In May 2009, the Brazilian company CTEEP was awarded in a competitive bidding process the contract to build and operate two substations in the state of Sao Paulo. Besides CTEEP, eight companies took part in the contest, though only two participated in the final stage of the process, besides CTEEP: Consorcio Transenergia (the Brazilian company J.Malucelli; state-owned Furnas; the Brazilian company Delta); and the Brazilian company Empresa Amazonense de Transmissao de Energia S.A. ENERGIA S.A.  The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. CTEEP presented the lowest offer, a value of US$ 10.9 million (BRL 21.8 million), 11.02% below the ceiling set by the regulatory agency. The contract was signed in November 2009, and the sponsors created the company Serra do Japi S.A. to lead the project during the 30-year contract period.   The sponsor committed to invest US$ 90 million (BRL 180 million) in the transmission line. The construction works commenced in 2010.  In July 2011, the sponsor was granted a US$ 20 million (BRL 40 million) loan from the state-owned bank Banco do Brasil. In October 2011, the state-owned bank BNDES granted a US$ 57.2 million (BRL 93.4 million) loan to the project. The remaining cost was set to be financed with the sponsors’ internal resources. Construction works were expected to be concluded by November 2011.  Operations commenced in September 2012.
The company Revati Geradora de Energia Eletrica Ltda, a wholly-owned subsidiary of Renuka do Brasil (which belongs to the Indian group Shree Renuka Sugars, 50,34%; and the Brazilian Equipav, 49.66%), was granted authorizations to build and operate two sugar-cane-residue fueled power plant located in the states of Sao Paulo and Mato Grosso do Sul (157 MW in total capacity). The 35-year contracts were signed with the regulatory agency ANEEL in February and March 2009. The sponsor created two special purpose companies to manage the projects:  * UTE Chapadao Agroenergia (92 MW) – Chapadao Agroenergia Ltda; and * UTE Biopav II (65 MW) – Biopav S.A. Acucar e Alcool.  Both Biopav II and Chapadao Agroenergia were awarded power purchase agreements in a competitive bidding process that took place in 2008. UTE Biopav II commenced operations in November 2011, and, as of August 2011, UTE Chapadao Agroenergia was still under construction.
Project developer JV CO was planning the development of the 1.25 MW solar plant, near the city of Bourgas. JV CO was a joint venture between ERG Renew from Italy and Lukoil Ecoenergo, from Russia. Lukoil Ecoenergo was a subsidiary of Lukoil, registered in 2011 to manage its renewable energy projects. The European Commisison granted clearance for the joint venture.  The project was planned to be commissioned in October 2011, with its output sold to the wholsale market. The construction of the plant was to be managed by Lukoil Ecoenergo.   Total estimated cost for the project were $4 million, to be financed by Russian Lukoil (announced July 2011).
Egemer CCGT was a 900MW combined-cycle gas fired power plant located in Hatay Turkey. The project was the largest greenfield power project developed in Turkey in the past decade, and was to be developed on a merchant basis in the liberalized Turkish electricity market.  The project company set up for the construction and operation of the plant was Egemer Elektrik Uretim who also received a license in 2009 to build the plant. The company was onwed by Czech CEZ (37.5%),Turkish Akkok Sanayi Yatirim ve Gelistirme (37.5%); while the remaining shares (25%) were listed on the Istnbul Stock Exchange. In March 2009, Akenerji(part of the Akkok Group)bought a 98.99% stake in Egemer Elektrik Uretim.  In November 2011, Akenerji secured financing for the power project. Turkish local banks, Garanti, Yapi Kredi and Vakiflar provided a 12-year US$651 million loan for the project, each providing US$217 million The project was expected to be operational by 2014.
The Brazilian company Energetica Capixaba S.A., a partnership of the Brazilian companies Thermes (33.3%) and Trana Construcoes (66.7%), was granted an authorization to build the 337.6-MW thermoelectric power plant (natural gas) named UTE Escolha located in the state of Espirito Santo. The 35-year contract was signed with the regulatory agency ANEEL in April 2009.  Energetica Capixaba S.A. committed to invest US$ 528.4 million (BRL 862.4 million). In May 2011, the company signed a loan contract with SUDENE (the Brazilian northeastern region development agency) worth US$ 316.8 million (BRL 517 million). The remaining investment cost was set to be financed with the sponsor resources and other funding.  The company won the bidding for purchase power agreements to sell the electricity to the grid starting in 2013. Construction works were underway, as of August 2011.  Due to delays in the implementation of the project, the regulatory agency cancelled the concession contract in December 2012 and applied the due penalties.
In March 2011, Meizhou China Gas Co., Ltd., a subsidiary of China Gas formally signed an agreement with the Dapu County Government to build and operate the pipeline LNG facilities in Dapu County, Meizhou City, Guangdong Province. Dapu County is in the North of Guangdong, and has a population of 534,400. Meizhou China Gas was registered in Meizhou City, Guangdong Province in 2007 and has had a big market share in Meizhou. The investment for the first phase is RMB 50 million. The facility will have a capacity of 500,000 cubic meters per day. China Gas has a 100% stake in the project. A project company, Dapu China Gas Urban Gas Development Co., Ltd. has already been registered in Dapu with a registration capital of RMB 13 million.
In January 2009, the Colombian company Tecnologica Intercontinental (Ticsa) was awarded the 20-year contract to build and operate the wastewater treatment plant named PTAR Celaya (Celaya, state of Guanajuato). The treatment plant was set to have a capacity of 750 liters/second (64.8 m3/day), benefiting 340,000 people.  In December 2008, the sponsor had established the special purpose company Ecosistema de Celaya S.A. de C.V. to lead the project. Detailed information on the project award process led by the state government was not available. The 20-year contract was signed in May 2011.  The investment was estimated at US$ 22.5 million (Pesos 295.9 million), of which 70% was funded by the Federal government. Construction works commenced in June 2011 and were concluded in March 2014.  In May 2013, the Colombian company EPM acquired 80% of Ticsa's shares for US$ 113 million. The remaining 20% of the shares were held by the Mexican family Primelles.
Serum Institute of India Limited (SIIL) was establishing 33.6 MW (16 units of 2.1MW each) wind farm at Jaibhim village in Dhule district of Maharashtra. The project was initially planned as 37.8 MW (18 units of 2.1MW each). The project development and equipment supply would be done by Suzlon Limited. The power would be evacuated through the NEWNE grid of India to the Maharashtra State Electricity Distribution Company Ltd. (MSEDCL).   The project cost was estimated at USD 48mn (INR 2160mn @ 45 INR/USD) as per the PDD (UNFCC documents). Further information on financial closure was not available at the time of collection of this information.  The project was commissioned in November 2011.
'Electrocom & Research Center' from Nepal developed the 2.0MW Jhyara Khola small hydropower project, at Jhyari Khola, Dulalgau, Sirubari VDC. The project was expected to generate 9.5GWh annually.   Commissioning was expected for December 2012, but in January 2013 no reports of commissioning were available.  Total cost was unknown, but estimated at US$2 million. Advanced development date was set at December 2012, expected commissioning date. Financing was provided by Clean Energy Development Bank, an initiative of FMO, the Dutch development bank.
On 6th August 2010,the Andhra Pradesh Government awarded a 35 year concession (including construction period of 5 years) to Larsen & Toubro Limited for building the 71.16 km elevated metro line covering three high density traffic corridors of Hyderabad in the state of Andhra Pradesh -(1) Miyapur-LB Nagar (28.87 km-27stations); (2) JBS-Falaknuma (14.78 km-16 stations); & (3) Nagole-Shilparamam (27.51 km-23 stations).The concession was extendable by an additional 25 years.  Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance of the Metro line. The Project will be well integrated with the exiting suburban railway network (MMTS) and bus stops so as to ensure seamless and comfortable travel for the passengers. Adequate Parking & Circulation areas adjoining the stations would be provided at 25 locations along the corridor. There would be 66 stations along the route at roughly every 1 km distance.  The concession agreement allowed the right to develop 18.5million sq.ft. of Transit Oriented Development. The metro system being planned for the city can carry the same amount of traffic as 7 lanes of bus traffic or 25 lanes of private motor cars and is more reliable, comfortable and safer than road-based systems and will   reduce journey time by anything between 50% to 75%. Once implemented, Hyderabad would be the first city in India  with  integrated  urban  planning  with  inter  modal  connectivity.  The winning bidder, Larsen & Toubro Limited established L&T Hyderabad Metro Rail Private Limited, a Special Purpose Vehicle (SPV), to implement the project. L&T won the tender through international competitive bidding, conducted by the Andhra Government, by quoting the lowest subsidy requirement from the government of US$ 324 million (INR 14580mn @45 INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through user fees during the term of concession. The Andhra Government had called for fresh global bids in late 2009 after scrapping the 2008-deal with Maytas in July 2009 as it failed to achieve financial close (post Satyam crisis). A three-member committee selected L&T from six companies that bid for the mega project. Eight consortia had qualified to file financial bids, including Essar- Leighton (Australia)-Gayatri-VNR consortium, GMR,GVK-Samsung (South Korea) consortium, L&T, Lanco-OHL (Spain),Reliance ADAG, Soma-Strabag (Austria) consortium, and Transstroy-OJSC (Russia)-CR 18 (China)-BEML consortium. Financial bids for the Project were opened on July 14, 2010 and following three pre-qualified bidders participated in the bids-(i) Larsen & Toubro Ltd -quoted a grant of INR 14580mn (12% of project cost); (ii)Transstroy India-OJSC Transstroy Russia-CR18G Consortium -quoted a grant of INR 22000mn (18% of project cost); and (iii)Reliance Infrastructure consortium - quoted a grant of INR 29910mn (25% of project cost).The Project was awarded to the  successful lowest bidder  M/s. Larsen & Toubro Limited  at their  quoted grant amount of INR 14580mn and LoA was issued to them on August 6, 2010. Parent L&T would provide the rolling stocks and would be the EPC contractor.The Conceptual Engineering is being undertaken by AECOM- Feedback Venture consortium.Louis Berger Consulting Pvt. Ltd. had been appointed by GoAP through Hyderabad Metro Rail Limited as the Independent Engineer for the Project. The Independent Engineer would oversee design and execution of the Project as laid down by the Concession agreement.  The concession agreement was signed on 4th September 2010. The project attained financial closure on 5th April 2011. The estimated capital cost of the project was US$3639.5mn (INR 163780 mn @ 45 INR/USD) million. Financing comprises US$ 2551.1 million (INR 114800 mn @ 45 INR/USD) Rupee term loan, sponsor equity of US$ 764.4 million (INR 34400 mn @45 INR/USD) and a capital grant (or viability gap fund) of US$ 324million (INR
In February 2006, the sponsor had established the special purpose company Ecosistemas de Colima S.A. de C.V. to lead the project. The treatment plant was initially established with 800 liters/second or 69.1 m3/day in capacity (Phase I), which was later increased to 1200 liters/second or 103.7 m3/day (Phase II). A total of 300,000 people benefited from the project.  In December 2005, the Colombian company Tecnologica Intercontinental (Ticsa) was awarded the 20-year contract to build and operate the wastewater treatment plant named PTAR Colima (Colima, state of Colima). The bidding criteria was the lowest cost per m3 of treated wastewater, and three other bidders took part in the bidding process established by the state government: Hidrobiotecnologia, Servicios y Construcciones de la Laguna and Corporacion Hidroindustrial.   The first phase involved an investment of US$ 28.1 million (Pesos  305.2 million) and became operational in 2007 (ID# 8691).   The investment in the second phase was estimated at US$ 19.3 million (Pesos 246 million), of which 70% was financed with a federal government grant. Construction works commenced in 2011 and were concluded in March 2013.  In May 2013, the Colombian company EPM acquired 80% of Ticsa's shares for US$ 113 million. The remaining 20% of the shares were held by the Mexican family Primelles.
Akres Akhisar Ruzgar was planning the development of the 45 MW Akres wind farm, near the city of Akhisar, Manisa province. The project was to comprise 18 turbines of 2.5 MW, producing an annual 138 GWh. Akers was wholly-owned by Karesi Enerji, part of the Turkish industrial holding Yircali Group. Chairman was Mr. Rona Yircali as of October 2011.   Commissioning was dated in June 2011. Equipment was supplied by Nordex under a supply contract signed in October 2010.   The total cost were estimated at EUR50 million ($66.5 million). In January 2011 Akres secured EUR47.3 million ($62.9 million) in project financing. The debt package was to include 85% of the construction contract, 100% of the Hermes risk insurance and 100% of interest during construction, with a maturity of 16.5 years. Financial advice was provided by Turkish bank Pragma.
In May 2009, Consorcio Transenergia, an association of  the Brazilian companies J. Malucelli (25.5%), Delta (25.5%) and state-owned FURNAS (49%), was awarded in a competitive bidding process the contract to build and operate the Itatiba substation (500 kV) located in the state of Sao Paulo. Besides Consorcio Transenergia, eight other companies took part in the contest: CTEEP (Brazil), the Cymi Holdings (Spanish), Orteng Equipamentos (Brazil), Copel (Brazil), ETEP (Brazil), Alupar (Spanish), Abengoa (Spanish) and Elecnor (Spanish).  The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. Consorcio Transenergia presented the lowest offer, a value of US$ 4.1 million (BRL 8.2 million), 21.31% below the ceiling set by the regulatory agency. The contract was signed in November 2009, and the sponsors created the company Transenergia Sao Paulo to lead the project during the 30-year contract period. In 2011, the ownership structure of the project company changed when J. Malucelli acquired Delta’s shares.  The sponsor committed to invest US$ 46 million (BRL 75 million) in the transmission line. Financial closure was achieved in August 2011, when the sponsor was granted a US$ 23.7 million (BRL 38.7 million) loan from BNDES. The remaining cost was set to be financed with the sponsors’ internal resources. The construction works were expected to be concluded by 2012.  Commercial operations commenced in August 2012.  In June 2014, BNDES granted an additional loan of US$ 8 million (BRL 18.8 million).
The Tanzania Electric Supply Company (TANESCO) has signed a $37 million contract with Aggreko plc to supply 100MW of power for the duration of 12 months. The rental power agreement consists of 2 locations of 50MW each, located in Ubungo and Tegeta in Tanzania.   Aggreko is a privately owned company based in the United Kingdom, and the leading provider of temporary power solutions. With draughts treatening the electricity supply of Tanzania, where more than two-thirds of all electricity is generated by hydro-plants, the government needed a temporary boost to stabilise supply and reduce load-shedding. The contract was awarded through a competitive bidding process.   N.B. Aggreko had succesfully been operating a smaller temporary power station at Ubungo already from 2006 to 2008.
The project entails the construction of a landfill in Sanshui District of Foshan City in Guangdong Province. Total investment stands RMB 126.8 million or $ 17 million. Sponsor of the project is Foshan City Nanhai Grandblue SolidWaste Treatment Holding Co Ltd. Financial close took place May 20, 2011.
The Brazilian company Cedin do Brasil Ltda was granted authorization to build a wind park located in the state of Paraiba (6,3 MW in total capacity), known initially as Parque Eolico Cedobras I (and later as Eolica Alhandra I). The 30-year contracts were signed with the regulatory agency ANEEL in April 2004.  At the time of the authorization, the company’s ownership structure was established as follows: Vitorian Compra e Venda de Bens S.A. held 75% of the shares and an individual investor, 25%. In March 2011, all shares were transferred to the Spanish company Impel Telecomunicacoes e Energia Ltda, which committed to invest US$ 13.4 million (BRL 22 million) in the project. The company signed a financing contract with the state-owned bank BNB, and the wind park started operations in September 2011.  The power plants were set to sell electricity to the national grid.  Alhandra I signed power purchase agreements arranged with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies).  Operations commenced in September 2011.
The Russian OAO IDGC Holding signed a management contract with the Électricité Réseau Distribution France (EdRf) for the OJSC Tomsk Distribution Company in June 2011. ErDF was to manage the company’s assets through its subsidiary EdRf Russia for a period of 8 years starting in November 2011. Tomsk Distribution Company sells electric energy to subscribers in the Tomsk Region of the Russian Federation. The Company also provides services for it's subscribers such as installations, repairs and adjustments.   52% of the stocks of the Tomsk Distribution Company were held by OAO IDGC of Siberia, affiliated to IDGC Holding, and another 25.9% by Rosneft .  Électricité Réseau Distribution France (EdRf)was a 100% subsidiary of the electric power utility Electricite de France (EDF).  The structure of the management fees was not disclosed.
On April 11, 2011 a Singapore based company Sinomem Technology Ltd. Signed an agreement with the Kenli County Government to finance, build and operate a wastewater treatment plant in Kenli County, Dongying City, Shandong Province. The plant is to serve the ‘modern service area’ which is in the western suburban district of Dongying City. It is a small project with a capacity of 10,000 cubic meters per day. The total investment is over RMB 25 million (US$ 3.82 million). Sinomem has a 100% stake in the project. Construction commenced on July 7, 2011 and is expected to be completed by June 2012. According to a report in Oct 2011, a significant part of the civil engineering works had been finished.
In October 2010, the National Highway Authority of India (NHAI) awarded a 21 year concession (including construction period of 910 days) to a consortium of Supreme Infrastructure India Limited, China State Construction Engineering Corporation, and Mahavir Road & Infrastructure Private Limited for the strengthening,improvement, widening,operation and maintenance of 84kms (from KM 00.00 to KM 84.00) of Panvel to Indapur section of National Highway-17 (NH-17) in the state of Maharashtra.  Under the contract, the SPV was responsible for the design, construction, finance, operation and maintenance and strengthening of the existing 2-lane highway to a 4-lane highway with paved shoulders. The scope includes strengthening & maintenance of existing carriageway including construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, service roads, road intersections,interchanges, drains,etc.The expansion project, part of National Highway Development Project Phase-III will ease traffic congestion on this busy corridor.  The consortium of Supreme Infrastructure India Ltd (64%), China State Construction Engineering Corp, and Mahavir Road & Infrastructure Pvt Ltd established a special purpose vehicle, Supreme Panvel Indapur Tollways Private Limited, to implement the project. The SPV won the tender through competitive bidding, conducted by NHAI,by quoting the lowest grant from NHAI of US$7.2mn (INR 339.5mn @47 INR/USD).Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.Supreme Infrastructure India Ltd and Mahavir Road and Infrastructure Pvt Ltd were the EPC contractors for the project.  The concession agreement was signed on 21st January 2011. The project attained financial closure on 30th August 2011. The grant/debt/equity ratio of the project was 2.7/72.6/24.7. The estimated capital cost of the project at the time of financial closure was US$ 263.8mn (INR 12399.5 mn @ 47 INR/USD) million. Apart from the NHAI grant, financing comprised INR 9000mn 14year 9month term loan,and INR 3060mn sponsor equity. The INR 9000mn term loan had a grace period of 12years and a repayment schedule of 135 monthly instalments. The loan was priced at 300bp over the prevailing SBI prime lending rate.The debt was arranged by SBI Capital. The participating banks were Canara Bank (1400mn), IIFCL (1400mn),L&T Infrastructure Finance Ltd (750mn),Corporation Bank (950mn),State Bank of Patiala (1000mn), Union Bank of India (1400mn), and State Bank of India (2100mn).   Construction on the project began in August 2011 and was expected to be completed by February 2014.
50MW wind farm located in Huitengxile prairie, Inner Mongolia Autonomous Region, China and developed by Guibang Shengtai Investment. The generators were ordered in May 2011. The project was approved by the local government in July 2011 and in the same month, construction commenced. Guibang Shengtai has a 100% stake in the project. The total investment is about RMB 400 million (US$ 61.13 million). The project is expected to be completed by the end of 2011. Guibang had a 100% stake in the project.
In December 2011, a local private company Dayi Water signed a management agreement with the Dayi County Government to operate 12 township wastewater treatment plants in Dayi County, Sichuan Province. The total capacity of these plants was not released and could be inferred from other sources either. Dayi won the job through open bidding. The period of management for the plants was not reported.
The Brazilian company Iaco Agricola S.A. was granted the authorization to build and operate a 31.6-MW sugar-cane residue fueled power plants located in the state Mato Grosso do Sul. The power plant was named UTE Iaco. The 30-year contract was signed with the regulatory agency ANEEL in May 2010.  The value of the investment committed to UTE Iaco was estimated at US$ 45.5  million (BRL 74.3 million). UTE Iaco Agricola commenced operations in January 2011, but it would initially use the electricity produced in its own sugar and ethanol producing facility. In February 2011, the company  won the public bidding to sell electricity to several distribution companies, by offering a tariff of US$ 43.3/MWh (BRL 102/MWh). The project company signed 15-year power purchase agreements with the several electricity distribution companies starting in March 2014.
7.5MW waste-to-energy plant located in Feizao village of Huangdian Town, Lanxi City of Zhejiang Province, China developed by Zhejiang Wangneng Environment Protection. The BOO agreement was granted on a direct negotiation basis. Wangneng had a 100% stake in the proejct. Construction commenced in January 2011. Substantial part of the construction works had been completed by January 2012. The plant can process 400 tons of household solid waste per day. The total investment is RMB 180 million (US$ 27.51 million). The project is expected to be operational in Dec 2012.
On 30th November 2011, the Government of Rajasthan awarded a concession of 12 years 5months and 6 days (including 1-year construction period) to M/s Deepak & Company for the strengthening, improvement, two-laning,operation and maintenance, and tolling of 36.9kms of Sriganganar–Padampur-Raisinghnagar–Anupgarh section of road comprising SH-03 (2/000 to 38/900), in the state of Rajasthan.   Under the contract, Deepak & Co was responsible for the design, construction, finance, operation and maintenance,strengthening and 2-laning the exisitng carriageway of Sriganganar–Padampur-Raisinghnagar–Anupgarh of SH03 with paved shoulders.The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts,road intersections,interchanges, drains, traffic signages, traffic safety measures, etc. This road upgradation was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   Deepak & Company won the tender through domestic competitive bidding, conducted by PWD Rajasthan, by quoting the lowest concession period of 12 years 5months and 6 days. Under the contract, Deepak & Co. was to recover the capital costs and operating costs including returns through tolling during the term of concession.   The concession agreement for the project was signed on 22nd December 2011. The estimated capital cost of the project at the time of bidding was US$ 3.5mn (INR 175.7 mn @ 50 INR/USD). Details of financing were not available at the time of collection of this information.  The construction of project was almost complete and the tolling operation had started on 1st September 2012.
EGE Haina, a partnership of Haina Investment Company (50%; Basic Energy, now Interenergy Holdings, held a controlling stake in Haina Investment Co.) and state-owned investment funds (50%), was granted the authorization to build and operate the 77-MW wind park located at Juancho (Pedernales) and Enriquillo (Barahona). The electricity produced by the power plant was set to be directed to the national grid.  Construction works on the first 25-MW unit commenced in 2010 and were concluded in 2011. This first phase involved investments of US$ 100 million, and the Spanish firm Cobra was hired as the EPC developer.  In 2012, the company undertook the expansion of the wind farm, adding 52 MW in capacity also at a cost of US$ 100 million.
49.4MW wind farm located in Wanglejing Village of Yanchi County, Wuzhong City, Ningxia Autonomous Region of China and developed by Ningxia Hanas Natural Gas, a subsidiary ofNingxia Master Group Investment. Hanas concurrently undertake several wind farm projects in Yanchi County and this one in Wanglejing village is one of them.  Hanas has a 100% stake in the project. The total investment is RMB 500 million (US$ 76.41 million). Construction commenced in May 2011 and it was almost finished by Nov 2011.
In February 2010, the Turkish Privatization Administration (Ozellestirme Idaresi Baskanligi or OIB) awarded the concession to operate three mini hydro power plants, known as Group 1 and with total a capacity of 0.984 MW, to Turkish solar power group Kent Solar Elektrik [Turkey]. The minihydro power plants were 0.24 MW Iznik Derekoy, 0.272 MW Ingegol Cerrah and 0.472 MW M Kemalpasa Suuctu, all of them located in Bursa, Turkey. They were transferred under the Transfer of Operating Rights (TOR) scheme, which made it classified as a BROT Concession in the PPI database.  The project was expected to sell electricity produced in the liberalized electricity market in Turkey.  Kent Solar Elektrik won Group 1 mini hydro plants by offering US$6.6 million in the public auction after the 22 rounds of bids.   Group 1 was one of the 19 groups of small and medium hydro power plants which OIB tendered to private consortia in February 2010. The 19 groups comprised 52 small and medium size hydro power generation plants which were owned by state-owned power firm Elektrik Uretim A.S. (EUAS) and had a total capacity of 141 MW. The 19 groups were auctioned in by competitive bidding attracting 615 bids. In May 2010, the final negotiations were completed in May 2010 for 17 tenders out of 19 in total, except groups 11 and 12. The tenders for these two groups would be held at a further date, as the plants in these groups were located at a disaster area on a historical site. In June 2010, the final negotiation for Group 11 was completed and Group 12 was to be canceled for its tender. The privatization process of most of the 19 groups concluded in 2011.  According to the privatization agency, the process was completed on January 25th, 2011, when the shares where transferred to the private sponsor for US$6.6 million
On April 2011, Dutch Bangla power, an Orion group Subsidiary (Bangladesh, 100%) a Bangladeshi Independent Power Producer, signed rental agreement with Bangladesh Power Development Board (BPDB) for the construction and operation for a 5 years term of a 100 MW Heavy Fuel Oil power plants at Siddirganj.  Under the Rental agreement, Dutch Bangla power  was to supply 100 MW of energy to BPDB for a term of 5 years. The remainder of the energy was to be sold to the public.    Following a direct negotiation process, Dutch Bangla power was awarded to set up a 100 MW HFO  power plant at Siddirganj. The total project cost was 39.4 US millions and reached financial closure in April 2011, according to the signing date.   Note that the power plant has been achieved in July 2011 and is actually generating.
49.5MW wind farm located in Dalaidong of Xinbaerhu Youqi (Chenbaerhu Qi), Hulunbeir of Inner Mongolia Autonomous Region, China by Guohua AES Chenbaerhu Qi Wind Energy Co., Ltd., joint venture of Guohua Energy Investment Corporation and AES Corporation. I believe this item should be about phase 1 of the project. Regarding phase 1, there are still many unknowns about this project, such as total investment amount, concession term, and exact financial closing date. However given the fragmented data, it is pretty certain that the project has reach financial closing by the end of 2011. The plant is expected to be operational in 2012. AES' share in the JV is still unknown, but given two preceding projects by the two partners, it possibly has a 49% stake in the project (needs to be confirmed in the future). The total investment on the project is RMB 472.4261 million (US$ 72.20 million).
In August 2011, construction of the Tianchang Gaoyou Lake Wind Farm Project commenced. The Hong Kong based company China WindPower Group invests RMB 3 billion (US$ 458.47 million) on the project. The plant has a total capacity of 300MW and is expected to be completed by December 2011. China WindPower Group has a 100% stake in the project. A lot of calls for bids are now available in the market, implicating the financial closing of the project. The concession term of the project is still unknown. The 1st phase has a capacity of 49.5MW but its investment is still unknown.
In March 2010, the construction commencement ceremony for a biomass power plant was held in Linli County, Hunan Province. The sponsor was a local private company Wuhan Kaidi Holding Investment Co Ltd. A SPV Linli County Kaidi Green Energy Development Co., Ltd. was registered to build and operate the project. Kaidi had a 100% stake in the project. The concession period was not reported. The total investment was RMB 250.82 million (US$ 38.83 million). The total capacity of the plant was 24MW. As a matter of fact, construction commenced in Mar 2011 according to an article. The project came into operation in Oct 2012. At least 25% of construction had been achieved by Aug 2011.
The Water Authority of Jordan (WAJ) of the Hashemite Kingdom of Jordan, through its Northern Governorates Water Administration (NGWA) department, signed a 5-year management contract with Veolia Aqua Jordan to manage and improve water and wastewater services of Yarmouk Water Company (YWC) in June 30, 2011. The company had 250,000 connections in the governorates of Ajloun, Irbid, Jerash and Mafraq which had a total population of 1.5 million people.  Veolia Aqua Jordan was a joint venture between Veolia Water and Aquatreat. The project was awarded via a competitive tender that was announced in August 2010.  Northern Governorates Water Administration (NGWA) underwent a process of commercialization. This included two stages. First, NGWA (a former department of WAJ) was corporatized through the establishment of a limited liability company (YWC). Secondly, a Management Contract was awarded to an experienced international utility operator to improve water and wastewater services for the population in the Northern Governorates. The international water services operator is expected to mitigate problems including intermittent supply, high operating costs and billing inefficiencies.  The 5-year management contract included an automatic option to extend twice for two years upto a maximum of nine years. The management contract was to be financed through a combination of funds from WAJ and German development bank KfW.   The agreement was a performance-based contract that entailed improving management, maintenance and operation of the Yarmouk Water Company. Veolia Water MENA was also responsible for directing infrastructure investments in the four governorates of Ajloun, Irbid, Jerash and Mafraq and ensuring sound management of water resources.  For its services, the management contractor (MC) was to receive a (Fix Fee) plus incentive compensation (Variable Fee). Whereas the Fixed Fee was to decrease year by year, the Variable Fee would  increase. During the Contract term, the Fix Fee was expected to be reduced year by year from 90% to 50 % from the MC’s total annual fee, and the variable fee was expected to increase from 10% to 50%.
Enerjisa was planning the development of the 78 MW Yamanli II hydropower plant, on the Goksu river, near Saimbeyli. The project was to comprise two stages, a 49.7 MW first stage and a 27.6 MW second stage. The first stage was to produce an annual 109.2 GWh, the total production was to be 304 GWh. Enerjisa was a joint-venture between Austrian Verbund and Turkish Sabanci. The Sabanci family was Sabanci Holding’s major shareholder (60.6%). The remaining shares (39.4%) were traded on the Istanbul Stock Exchange, which included 9.858% shares held by other family members previously registered to ISE. Verbund International GMBH was a wholly-owned subsidiary of VERBUND AG, and publicly traded on the Vienna Stock Exchange. The Austrian government held 51% of the shares. About 25% of the shares were held by the provincial energy suppliers TIWAG (5%), Wiener Stadtwerke Holding (10%) and EVN (10%). The remaining shares (24%) were free float.  Commissioning was expected early-2013, construction started in October 2008. Engineering was done by Dolsar Energy, under a contract signed in January 2007 by Enerjisa-owned SER Energy. The EPC Contract was awarded to Mitsubishi Heavy Industries and A-TEC Power Plant Systems AG, from Austria.   Financial closure for the second tranche was reached on March 24 2011, whilst the first was signed on June 13th 2008. The project was financed in combination with a natural gas power plant and ten hydropower plants. The second trache included the Dogancay hydropower plant, and the Mersin wind power plant. For the second tranche: total project cost was estimated at EUR1,000 million ($1.420 milion), for a total nameplate capacity of 1.000 MW. Loans were signed at a value of EUR700 million ($994 million), indicating a 70/30 debt to equity ratio. The financing was structured as an IFC A and B loan facility, a parallel loan facility and a DFI facility, provided by the International Finance Corporation IFC, WestLB AG and UniCredit Corporate and Investment Banking (UniCredit CAIB AG). The IFC A Loan totalled EUR75 million ($99.75 milion). The IFC B Loan totalled EUR530 million ($704.9 million), shared 50-50 by WestLB and UniCredit. The EUR65 million ($86.5 million) parallel loan was financed by TSBK. The maturity was establised at 12 years. The other mandated lead arrangers were KfW IPEX-Bank GmbH, the Industrial Development Bank of Turkey (TSBK), BAWAG PSK, ING Bank NV, FMO NV, Proparco, Bank Austria Creditanstalt AG, Erste Bank AG, Raiffeisen Zentral Bank Oesterreich AG, and Societe General. The second tranche was recorded as IFC Project number 29390. In the first tranche: total project costs were estimated at EUR1.4 billion ($2.0 billion). The IFC agreed to contribute $825 million, structured as a $200 million IFC A Loan, a $25 million IFC C Loan, and a $600 million IFC B Loan. Akbank T.A.S. arranged parallel financing totalling EUR402 million ($534.7 million), 12 year maturity, assisted by National Bank of Greece and the European Investment Bank EIB, who participated with EUR135 million ($179.6 million). The maturity was established at 12 years. Mandated Lead Arrangers for the first tranche B loan were: KfW IPEX-Bank GmbH, Bank Austria Creditanstalt AG, Erste Bank AG, ING Bank N.V., Raiffeisen Zentralbank Oesterreich AG, WestLB AG and Société Générale. The first tranche was recorded as IFC Project number 26016. The amounts in the PPP fields are on a pro-rata basis (MW) - 78/1000 MW.  In 2012, E.ON acquired Verbund's shares in Enerjisa in return for 8 run-of-river hydropower projects totalling 351MW in Germany as well as EUR300 million in cash payments. The swap was expected to be finalized in the first quarter of 2013 after approval from the European Commission.
20MW phase II of 30MW PV plant located in Xigaze (Rigeze), Tibet Autonomous Region, China and developed by Linuo Group subsidiary, Linuo Electric Engineering. Phase II started in July 2011, however there is no evidence for the financial closing. Instread, this item is changed to address phase 1 of the project (10MW). Construction of Phase 1 actually started in Feb 2011 (although the commencement ceremony was held in May 2010) and was completed in July 2011. The total investment is RMB 249 million. The capacity of it is 10MW. Linuo Group, a local Shandong based private company, has a 100% stake in the plant.
In December 2011, a local private company Anhui Guozhen Environmental Protection Science & Technology Co. Ltd. signed a management contract with the Luquan County Government to operate a wastewater treatment plant in Luquan County, Yunnan Province. Guozhen won the job through an open bidding process and would operate the plant for 10 years. The base treatment fee is 0.631 Yuan per cubic meter and the annual overhaul fee offered by the local government is 60,000 Yuan per year. The plant has a capacity of 6,000 cubic meters per day.
Blue Power & Energy S.A. was created to build, own and operate a 39.6 MW wind farm located in the Isthmus of Rivas in Nicaragua.  The project company was a joint venture between Construcciones Lacayo Fiallos S.A. of Nicaragua, M & Block, S.A. of Panama, and Joaquin Cuadra Lacayo.  The project was slated to sell power under a 15-year PPA with Disnorte and Dissur the distribution company controlled by the Spanish Firm Union Fenosa.    The project cost was estimated at USD 110 million, with the project reaching financial close in August 2011, when the IAIC granted a US$ 50 million loan (of which, US$ 35 million corresponded to a syndicated loan).  At the time of financial close, commissioning was expected for 2013 and Vestas Systems A.S. had been selected as the equipment supplier.    In 2012, the Honduran Grupo Terra acquired Blue Power & Energy  Operations commenced in March 2013.  In October 2015, Blue Power & Energy was granted an additional US$ 73 million financing deal. The mandated lead arrangers on the refinancing were Banco de Bogota, Banco de America Central, Sociedad Anónima (BAC) and Banco Lafise Bancentro, S.A.
On 8th October 2010, the Bihar State Road Development Corporation Limited (BSRDC),signed a 30 year concession (including construction period of 36 months) to Navayuga Engineering Company Limited (NECL) for the development of a four-lane greenfield bridge across river Ganga (5.55 km) and its approach roads (45.393 km), and operation and maintenance thereof, in the state of Bihar.  Under the contract, Navayuga was responsible for the design, construction, finance, operation and maintenance of the bridge. The scope includes development of a four-lane greenfield bridge across river Ganga (5.55 km) and its approach roads (45.393 km). The bridge would connect Bakhtiyarpur (Patna district) on NH 31 and Tajpur (Samastipur district) on NH 28 and will give significant stimulus to trade and commerce in the entire region.  The sponsor Navayuga Engineering Company Limited (NECL), established Navayuga Jahnavi Toll Bridge Private Limited, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by BSRDC, during march-May 2010, by quoting the lowest VGF (Viability Gap Fund) grant from the Government of 38.93% of the total project cost (about US$ 130mn). Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession and the funding from VGF.  The concession agreement was signed in October 2010. The project attained financial closure on April 2011. The debt/equity/grant ratio of the project was 45/18/37. The estimated capital cost of the project at the time of financial closure was US$ 355.5mn (INR 15996 mn @ 45 INR/USD) million. Financing comprised INR 7200mn 15-year term loan, INR 2946mn sponsor equity, and INR 5850mn grant from Central (INR 2775mn) and State governments (INR3075mn). The INR 7890mn term loan had a repayment schedule of 44 quarterly instalments.The particpating banks were Andhra Bank(600mn), India Infrastructure Finance Co Ltd (2000mn), ICICI Bank Ltd(800mn), Punjab National Bank(1200mn),State Bank of Bikaner & Jaipur(600mn), State Bank of Hyderabad(2000mn). Reserve Bank of India documents lists an ECB borrowing amounting to US$ 44.4million (tenor of 5-years 11-months) in May 2011 by Navayuga Jahnavi Toll Bridge Private Limited, however it couldnot be ascertained whether the INR 7200mn debt syndication noted above had any ECB component or whether any part of the INR 7200mn Term loan had been refinanced by way of cheaper USD loans.  Construction on the project began in April 2011 and was expected to be completed by April 2014.
The El Oued/Haouma/Akfhenir Wind Farm was a 200 MW project to be located approximately 30 kn east of Tangiers, Morocco.  The developer and sponsor, Nareva Holding, was a local holding company with interests in a number of potential renewable energy projects in Morocco.  As of April 2011, Nareva had signed an equipment supply contract with Siemens for 2.3 MW turbines.  The project would sell power under the "Energie Pro" program, whereby The independent power producer identifies key recipients who commit themselves via a power purchase agreement to buy the amount of the estimated energy production. The transmission system operator receives a fee for the transmission of the power from the producer to the consumer.  The project reached financial closure in December 2011.  Debt financing was provided by local commercial banks Attijariwafa Bank and Banque Centrale Populaire de Maroc (a subsidiary of the French Banque Populaire).  financial details were not released; a debt/equity ratio of 75/25 was assumed to give an equity investment of USD 85.75, with commercial debt providing USD 257.
In August 2009, Louroux Bio Energies Limited (a subsidiary of Ajanta Pharama Company Limited),signed an MoU with Gujarat Energy Development Agency (GEDA) for setting up a 25-mw photovoltaic solar project at Surendranagar in Rajkot district of Gujarat, under the Gujarat Solar Policy 2009. The project activity would consist of amorphous Silicon thin film modules of 100/95 Wp capacity installed in series and parallel combination. Louroux had already acquired 200 acres of land for the project. The output from the project would be fed to the North-East-West-North-East (NEWNE) grid of India. Louroux had awarded the EPC to Martifer Solar, a subsidiary of Martifer SGPS of Portugal,in June 2011.  Louroux had entered into a 25-year Power Purchase Agreement with the state utility Gujarat Urja Vikas Nigam Limited (GUVNL), which would be effected at the time of commissioning of the project. The APPC (Average Power Purchase Cost) as per the Gujarat Solar Policy 2009, for projects commissioned before March 2014,was US$ 0.27/Unit (INR 12 per unit @ 45INR/USD) for the first 12 years, and US$ 0.07/Unit (INR 3 per unit @45 INR/USD) from 13th year to 25th year. The total capacity of 25MW was eligible for carbon credits. Further, any subsidy from any other sourceshall be reduced from the above mentioned rate for purchase of power. Louroux would pass on 50% of the gross benefits of CDM to the distribution licensee (GUVNL). Transmission and/or wheeling charges would be paid by APL.  Financial closure took place in April 2011.The total project cost was US$ 31.3mn (INR 1410 mn @45 INR/USD).The debt equity ratio for the project was 80/20. Financing comprised of a 10 year term loan of US$ 25.1mn (INR 1128mn @ 45INR/USD) and sponsor equity of US$ 6.3mn (INR 282mn @ 45INR/USD).The Central Bank of India was the sole arranger of the term loan. The term loan had a repayment schedule of 108 monthly installments.  Construction for the wind farm was expected to start in March 2011 and commercial operation was expected to start in December 2011.It was finally commissioned on 28th January 2012.
On 19th January 2011, the Maharashtra State Road Development Corporation (MSRDC) signed a 17-year 5-months concession (including construction period) with a consortium of IVRCL and Kakade Infrastructure Pvt Ltd. (KIPL) for the strengthening, improvement, widening, operation and maintenance of 23kms of Sion-Panvel corridor  connecting between Mumbai and Navi Mumbai in the state of Maharashtra.   Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance,strengthening and widening the existing 3+3 lane bitumen road to a 5+5 main carriageway in rigid pavement. The project also includes the widening of existing and new major and minor creek bridges, flyovers, vehicular and pedestrian underpasses, and foot over-bridges. A toll plaza is to be set up at Kamothe at the end of the flyover near Taloja junction with 15+15 lanes for collecting toll. The highway extends from BARC junction to Kalamboli junction.New Panvel is strategically located on the eastern side of the Mumbai-Bangalore national highway (NH-4) and the Mumbai-Pune Expressway. This is a strategic extension of Pune-Mumbai Expressway by another 23.09 kms up to the BARC junction. Besides cutting down on travel time, the other benefits expected of this road widening are increase in traffic and trade activities, entry of more businesses in the region and infrastructure developments.  The consortium of  IVRCL (51% - through its asset holding subsidiary company IVRCL Assets & Holdings Ltd), and Kakade Infrastructure Pvt Ltd. (KIPL -49%), established Sion Panvel Tollways Private Limited, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by MSRDC, by quoting the shortest concession period 17-years 5-months.Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement was signed on 19th January 2011. The project attained financial closure on 30th May 2011. The debt equity ratio of the project was 76:24. The estimated capital cost of the project at the time of financial closure was US$ 379 (INR 17057mn @ 45 INR/USD) million. Financing comprised INR 9092mn 14-year 6-month term loan, INR 3900mn 6-year term loan, and INR 4065mn equity. The 9092mn term loan had a grace period of 1 year repayment schedule of 114 monthly installments.The 3900mn term loan had a draw down from June 2011, a grace period of 1 year and 2 annual payments. The debt was arranged by SBI Capital Markets.The participating banks were Indian Overseas Bank Ltd(1992m), Bank of India(1050m),Canara Bank(750m) Oriental Bank of Commerce(800m),Andhra Bank(1150m), Vijaya Bank(550m),State Bank of Bikaner & Jaipur(350m),Karnataka Bank Ltd(590m),Tamilnad Mercantile Bank(260m),India Infrastructure Finance Co Ltd(1600m).     Construction on the project began in March 2011 and was expected to be completed by March 2015.
Galata Wind Enerji was planning the development of the 93 MW Sah wind farm, near Bandirma, Balikesir province. The project was designed to comprise 31 turbines of 3 MW, producing an annual 333 GWh. Galata Wind Enerji was acquired by Turkish construction group Agaoglu in October 2009.  The project was commissioned in August 2011. Equipment was supplied by Vestas under a supply contract signed in April 2010. Construction started in September 2010. Galata Wind Enerji was also developing the 30 MW Edincik and 80 MW Tatlipinar wind farms, Balkesir region. As of October 2011, no further details about permits were available.  Total expected costs were $147 million. As of October 2011, no further details about the financial structure of the project were available.  In July 2012, the project was acquired by Dogan Enerji Yatirimlari, subsidiary of Dogan Holding (IST: DOHOL). Total price was EUR 171.4 million (US$ 222.8 million).
In 2004, the Colombian company Tecnologica Intercontinental (Ticsa) was awarded the 20-year contract to build and operate the wastewater treatment plant named PTAR Itzicuaros (Morelia, state of Michoacan). Information on the awarding process by the state government was not available.  In November 2003, the sponsor had established the special purpose company Aquasol Morelia S.A. de C.V. to lead the project. The treatment plant was initially established with 1200 liters/second or 103.7 m3/day in capacity (Phase I - ID# 3310), and became operational in 2007.  The second phase envisaged the expansion of the capacity by an additional 210 liters/second or 18.1 m3/day. The investment in the second phase was estimated at US$ 11.3 million (Pesos 140.4 million). Construction works commenced in August 2011 and were concluded in December 2013. A total of 90,000 people benefitted from the project.
The project involves the construction of a biomass plant in Imperatriz municipality, Maranhão state, Brazil. The facilities, with a total capacity of 254.8MW are installed at Suzano Papel e Celulose's pulp mill. Total investment amounts to $529 million. Financial close took place in September 2011. Suzano Papel e Celulose is the sponsor. Its wholly-owned subsidiary - Suzano Energia Renovavel, is the SPV. The plant will be connected to the national grid. Agência Nacional de Energia Elétrica granted permission for the first 127.4MW biomass unit to come online in April 2014,  and permitted the second 127.4 MW unit to get connected to the grid in May 2014.
Norte II was a 433MW gas-fired combined-cycle power plant project in El Encino, Chihuahua, Mexico under a 25-year BOT contract. The project company was owned by Korea Electric Power Company (KEPCO) [Korea, 56%], Samsung [Korea, 34%] and Techint SA [Argentina, 10%]. The deal marked the first time a Korean firm was actively involved in generation in Mexico.  In August 2010, a 25-year BOT contract as well as a Power Purchase Agreement was awarded to Kepco’s consortium by Mexico’s Comision Federal de Electricidad (CFE), the grantor and electricity offtaker. CFE began procuring the 25-year Norte II plant in December 2008 and at least 17 bidders expressed interest in the contract, including Abener, Alstom, Cobra, Endesa, GE, ICA-Fluor Daniel, Iberdrola, Iberinco, Mitsubishi, Mitsui, Prolec, Samsung C&T, Senermex Ingeniera y Sistemas, Siemens Energy, Suez Energia, Unin Fenosa and Techint. The PPA was signed in September 2010.  The total project cost was US $420 million. The project reached financial closure in March 2011 with a US $325 million club loan. The Export-Import Bank of Korea (Kexim) provided a US $174 million tranche and mandated lead arrangers Credit Agricole and Sumitomo Mitsui Banking Corporation (SMBC) provided an $86 million Kexim-guaranteed tranche and a $65 million un­guaranteed tranche. Tenor for the debt was 21 years and 10 months with a 2.5-year grace period on the direct and guaranteed tranches and 20 years on the uncovered tranche.  Operations commenced in December 2013.
Fiba Group developed the 57.5 MW Ziyaret wind farm, in Hatay Province, Southern Turkey. The project consisted of two stages. The first stage was 35MW, the second stage was 22.5MW. The plant produces 200 GWh per year.   The first stage was commissioned in 2010. The second stage was commissioned in 2011. The equipment supply contract was awarded to GE (NYSE: GE).   Total project cost was estimated at US$1.8 million/MW, or US$103.5 million based on the 2011 average for ECA.
In December 2010, Kiran Energy Solar Power Private Limited (KESPPL), signed an MoU with Gujarat Energy Development Agency (GEDA) for setting up a 20MW photovoltaic solar power project in Patan District of Gujarat, under the Gujarat Solar Policy 2010. The plant would use thin film technology. The output from the project would be fed to the North-East-West-North-East (NEWNE) grid of India. Power evacuation was planned through 66 KV line, which, as per the state policy, was the responsibility of Gujarat Energy Transmission Corporation Limited (GETCO). The EPC contract was awarded to L&T.   KESPPL had entered into a 25-year Power Purchase Agreement with the state utility Gujarat Urja Vikas Nigam Limited (GUVNL), in December 2010, which would be effected at the time of commissioning of the project. The APPC (Average Power Purchase Cost) as per the Gujarat Solar Policy 2010, was US$ 0.32/Unit (INR 15 per unit @ 47INR/USD) for the first 12 years, and US$ 0.11/Unit (INR 5 per unit @47 INR/USD) from 13th year to 25th year. The total capacity of 20 MW was eligible for carbon credits. Proceeds of carbon credit were to be shared as follows: (a) 100% by project developer in the first year after the date of commercial operation of the generating station/ transmission system; (b) 2nd year – share of beneficiaries (DISCOM-GUVNL) @ 10% to progressively increase by 10% every year up to 50% and whereafter the proceeds would be shared in equal proportion, by KESPPL and the GUVNL.Transmission and/or wheeling charges would be paid by KESPPL.  Financial closure took place in September 2011.The total project cost was US$ 61.2mn (INR  2874.8mn @47 INR/USD).The debt equity ratio for the project was 70/30. Financing comprised of Debt of US$ 42.8mn (INR 2010mn) and sponsor equity of US$ 18.4mn (INR864.8m). The 12-year 6-months term loan had a grace period of 6months and a repayment schedule of 44 quarterly instalments. The loan was arranged by SBI capital (INR 1000mn) and IDFC Ltd (INR 1010mn).The Asian Development Bank (ADB) also provided a Partial Credit Guarante (PCG) for the project.  Construction started in April 2011 and commissioning is expected in January 2012.
Nextel Telecomunicacoes Ltda was awarded the 15-year authorization to provide cellular phone services through the H band in December 2010. Nextel won twelve out of 60 areas that the regulatory agency Anatel established for bidding (municipalities in several Brazilian states, including states of Sao Paulo e Rio de Janeiro). The bidding criterion was the highest payment made to the government and Nextel’s offer was US$ 844.2 million (BRL 1420 million). Besides Nextel, eight other companies took part in the competitive bidding process: 14 Brasil Telecom Celular S/A, TNL PCS S.A., Americel S.A., Claro S.A., CTBC Celular S.A., TIM Celular S.A., Vivo Participacoes S.A. and Vivo S.A.     The contract was only signed with Anatel in May 2011. Nextel, a subsidiary of NII Holdings Inc. (Sprint) had been operating in Brazil since 1997, but the company was only authorized to provide radio based services to corporate clients.
The company Contour Global do Brasil, a wholly-owned subsidiary of the American company Contour Global, was granted authorizations to build five wind parks located in the state of Rio Grande do Norte (150 MW in total capacity, municipalities of Joao Camara, Jandaira and Parazinho). The 35-year contracts were signed with the regulatory agency ANEEL starting in April 2011. The following special purpose companies were created to manage each park: Asa Branca IV Energia Renovaveis Ltda, Asa Branca V Energia Renovaveis Ltda, Asa Branca VI Energia Renovaveis Ltda, Asa Branca VII Energia Renovaveis Ltda and Asa Branca VIII Energia Renovaveis Ltda.  The power plants were named EOL Asa Branca IV, EOL Asa Branca V, EOL Asa Branca VI, EOL Asa Branca VII and EOL Asa Branca VII, each with 30 MW in capacity. The total investment in the power plants was estimated at US$ 440.5 million (BRL 600 million) and was financed with a loan granted by the state-owned development bank BNDES approved in December 2011 (US$ 277.6 million or BRL 453.1 million).  All special purpose companies signed power purchase agreements arranged with the state-owned company Eletrobras for 15 years through the Brazilian Federal program PROINFA  (incentive program for alternative power generating companies) in August 2010.   Commercial operations commenced in December 2014.
The project involves the implementation of a solid waste management facility in Jaunpur district. The scope of work includes door to door collection processing disposal. The 30-year BOOT concession was awarded to A2Z Green Waste Management Limited on 31 March 2011. The total cost of the project amounts to $3.05 million.
In January 2010, the National Highway Authority of India (NHAI) awarded a 30 year concession (including construction period of 30 months) to a consortium of Essel Infraprojects Limited and China Railway Construction for the strengthening,improvement, four-laning, operation and maintenance of 117.6kms of Ahmedabad to Godhara section of National Highway-59 (NH-59) in the state of Gujarat.  Under the contract, the consortium was responsible for the design, construction,finance, operation and maintenance and strengthening of the existing carriageway to a four-lane highway with paved shoulders. The scope includes construction of 4lanes including construction of new pavement, rehabilitation of existing pavement,construction and/or rehabilitation of major and minor bridges, culverts, service roads, road intersections,interchanges, drains, etc.The expansion project, part of National Highway Development Project Phase - III will ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  The consortium of Essel Infraprojects Limited (74%) and China Railway Construction 18th Bureau Group Corporation Ltd. (26%), established a special purpose vehicle, Essel Ahmedabad Godhra Toll Roads Limited, to implement the project. The SPV won the tender through competitive bidding, conducted by NHAI,by quoting the lowest upfront subsidy from NHAI of US$24mn (INR 1080mn @45 INR/USD).Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement was presumed to be signed during March 2010. The project attained financial closure on 10th January 2011. The debt equity ratio of the project was 70:30. The estimated capital cost of the project at the time of financial closure was US$ 280.7mn (INR 12634 mn @ 45 INR/USD) million. Apart from the upfront grant of US$24mn from NHAI, financing comprised INR 8000mn 16year term loan, and INR 3554mn equity. The INR 8000mn term loan had a grace period of 18 months and repayment in quarterly instalments.The debt was arranged by Axis Bank Limited. The participating banks were Bank of Baroda(1300m),Dena Bank Ltd(750m), Punjab National Bank (1700mn), Corporation Bank (1700mn).  Construction on the project began in December 2010 and was expected to be completed by June 2013.
The South African government awarded a 15-year toll concession for the construction, operation and eventual transfer of additional Border facilities at the Beitbridge Border Post between South Africa and Zimbabwe. The concession was awarded to the South African Infrastructure Investment Company, which will in return upgrade the Border facilities and especially widen the main access road from a single to a multi-lane highway.  SAIIC is furthermore responsible for the maintenance of the assets over the contract period, while the South African and Zimbabwean border authorities will be responsible for collecting toll revenue. The Assets include the road to and from the Border Post, the Border facilities as well as the accomdations for the border personel.    Beitbridge is among the busiest border posts in the SADC region, with volumes estimated at four million people, one million vehicles and several millions of tonnes of freight annually. It currently takes as long as four hours to transit the Beitbridge border post, and it is estimated that the new facility would reduce waiting time by 75 percent.   SAIIC is a joint venture company formed by Old Mutual, Sanlam and Nedbank, representing the equity-tranche of $26m USD in this $97 m USD Investment. SAIIC awarded Standard Bank the sole mandate to arrange an 11-year $71 m USD debt package with the South Africa export credit agency ECIC providing 100% political risk Insurance and 85% commercial risk insurance The South African contractor WBHO won the contract to undertake the construction works in the upgrade of the Beitbridge Border Post.
In May 2010, the National Highway Authority of India (NHAI) awarded a 20 year concession (including construction period of 24 months) to a consortium of Transstroy India Limited and Corporation Transstroy OJSC of Russia for the strengthening,improvement, two-laning, operation and maintenance of 134 kms of Theni-Dindigul Section of National Highway-220 (NH-220) from Km.15 to Km.67 in the state of Tamilnadu.The Stetch starts from NH-7 junction at Dindigul and extends upto Kumili on Western Ghat mountain.   Under the contract, the consortium was responsible for the design, construction,finance, operation and maintenance and strengthening of the existing carriageway to a 2-lane highway with paved shoulders. The scope will include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, tunnels, viaducts, culverts, road intersections, interchanges, drains, etc.The project road connects Dindigul, one of the important cities in Tamil Nadu to Kumili, the border town of Tamilnadu and Kerala. It passes through Dindigul and Theni Districts. It also forms an important link connecting Western districts of Tamilnadu such as Madurai, Trichy, Karur and Coimbatore from Dindigul. NH-45 Extension links to Northern, Eastern and Southern districts of Tamilnadu via. NH-45, NH-209 , NH-7 and NH49 Ext. This project was expected to give significant stimulus to trade and commerce in the entire region.  The winning consortium of Transstroy India Limited (74%) and Corporation Transstroy OJSC (26%), established Transstroy Dindigul Theni Kumli Tollways Private Limited, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by requesting the lowest fixed annuity of US$ 9.1 million (INR 410 million @ 45 INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through fixed semi-annual payment of INR 205mn from NHAI during the term of concession.  The concession agreement was signed in July 2010. The project attained financial closure on 8th January 2011.The estimated capital cost of the project at the time of financial closure was US$ 73.6 (INR 3311.8 mn @ 45 INR/USD) million. The Debt/Equity ratio was 60/40. Financing comprised INR 1980mn 15year term loan, and INR 1331.8mn sponsor equity. The INR 1980mn term loan had a repayment schedule of 50 quarterly instalments.The particpating banks were South Indian Bank Ltd(1000mn),and Andhra Bank(980mn).     Construction on the project began in January 2011 and was expected to be completed by January 2013.
On May 27, 2011, a Singapore based company Asia Environment Holdings Ltd. signed an agreement with the Zhoukou Municipal Government to finance build and operate the Shabei Wastewater Treatment Plant in Zhoukou City, Henan Province. The plant has a capacity of 50,000 cubic meters per day and the total investment is RMB162.35 million (US$ 24.81 million). Asia Environment has a 100% stake in the project. Construction commenced in August 2011 and by November 2011 a significant part of the facility has been finished (judged from some photos taken on the site).
Addax Bioenergy, a subsidiary of the Addax and Oryx Group (AOG), was planning the development of a 15MW biomass plant in Makeni. The project was to be run on sugarcane (bargasse). AOG was to hold 78.34% of the equity, Swedfund took up 8.66% and FMO 13%.  Development started in 2008 and commissioning was expected in 2013. The output was to be delivered to the national grid, expected to supply around 20% of national demand. The plant was expected to generate 100,500 MWh annually, most of which was to be supplied to the National Power Authority and part of which was to serve the ethanol proejct's parasitic load.  The project reached financial closure in November 2011. Debt was provided by:  SwedFund ($10 million, Sweden);  Netherlands Development Finance Company (FMO, EUR24 million, $29.8 million);  AfdB (EUR24 million, $29.8 million), German Investment Corporation (DEG, EUR20 million, $24.8 million); Emerging Africa Infrastructure Fund (EUR19 million, $23.6 million EAIF); Cordiant Capital Infrastructure Fund (EUR19 million, $23.6 million); South African Industrial Development Corporation (IDC, $29 million);  Belgian Development Bank (BIO, EUR10 million, $12.4 million).    Total project cost was estimated at EUR267 millino ($331 million), of which EUR107 million ($130.4 million) was provided in equity, but this included a bioethanol refinery producing 85,000m3 of ethanol annually. The loan was of a 12 year tenor. The financial advisory was BNP Paribas. The legal advisor to the lenders was Norton Rose. The legal advisor to the sponsor was Eversheds and SNR Denton (International) as well as Basma and Macaulay (local). The insurance advisor was INDECS Consulting. The environmental consultant was NKUK. The construction contractor was De Smet. The tax auditor was PKF. The technical advisor was SGS. The agricultural advisor was Schaffer & Associates.   The $30 million investment for the 15MW plant is an estimate. The private versus donor funding information provided below is a derivative of that estimation based on overall participation percentages. This implies 30/331=9% for the biomass generation plant. This is reflected in the PPP fields listed below - all values represent 9% of the total value, described above.
Maibarara Geothermal Inc. (MGI) was created to build own and operate geothermal projects in the Philippines.  The Batangas project was a 20 MW facility to be located in Sto Thomas, Batangas.  The project developer was a joint venture between PetroGreen Energy Corp. (65%), the wholly-owned subsidiary of PetroEnergy Resources Corp., Trans-Asia Oil (25%), and the state-owned PNOC Renewables Corp. (10%).  in September 2011, MGI signed the EPC contract with Philippine construction firm EEI Corporation, and O&M was contracted to Fuji Electric.    The project was slated to sell power to the Trans-Asia Oil & energy Development Company under a 20 year Power Purchase Agreement.  Further details on the contract were not publicly available. The project company annnounced in April 2012 it would invest a further $10 million to drill two additional wells. In February 2012, commissioning was expected for October 2013. The 115kV transmission line (6km) to connect the plant to the grid was designed/supplied/build by Meralco Industrial Services Corporation (Miescor) in December 2012, the line was expected to be commissioned in May 2013. The project also held an EPC contrac twith Yokogawa Philippines for the design, supply, delivery, installation, testing and commissioning of the instrumentation and control systems of the plant, which was expected to be completed in June 2013. The project was erected under the 2008 Renewable Energy Law, from November 2011.    MGI signed on Sept. 26, 2011 a Php 2.40 billion (USD 55 million) project loan facility with lenders Rizal Commercial Banking Corp. (RCBC) and Bank of the Philippine Islands (BPI).  The loan was for Php 2.40 Billion and payable in 10 years.  RCBC Capital was the loan issue manager and lead arranger, with BPI Capital as joint lead arranger, and RCBC Trust as loan facility agent, security trustee, and accounts trustee. No information about the additional $10 million investment in 2012 was available.
ABK Enerji Elektrik was planning the development of the 30 MW Soke wind farm, near the city of Soke. The project was to comprise 15 turbines of 2 MW.  Commissioning was expected for late-2011. Equipment was to be supplied by Spanish Gamesa, under a contract announced in October 2010. Gamesa was also to provide operation and maintenance services during the first 16 years of operation.  As of October 2011, no further details about the financial structure of the project were available.
In May 2008, the Oil and Natural Gas Corporation (ONGC),signed a MoU with Torrent Power Limited to supply 350-400MW power to the Dahej SEZ in the State of Gujarat. Torrent Energy, 100% subsidiary of Torrent Power Limited, agreed to set up a gas-based power plant at Dahej Special Economic Zone (DSEZ). The project involved the development of a 1200 MW (3 X 400 MW) of gas-based combined cycle power plant and associated distribution infrastructure at Dahej SEZ. The Project was proposed to operate on Domestic gas/R-LNG.  Torrent Power Limited established Torrent Energy Limited (TEL), a special purpose vehicle, to execute this gas based power project. TEL had been designated as the co-developer of Dahej Special Economic Zone (SEZ) for establishment of generation project and distribution infrastructure.TEL after obtaining its distribution license has commenced the distribution activities in the SEZ with effect from 4th April, 2010. Environmental clearance had been received from MoEF for 2 units and the Terms of Reference for other unit had been approved. EPC implementation was in progress. Non-EPC work has commenced and raw water reservoir and road/drains were nearing completion. Connectivity and Long Term Open Access for 1,200 MW had been granted by the Central Transmission Utility. The Gas requirement at 70% Plant Load factor was 4.48 MMSCMD. Details of Fuel supply agreement couldnot be ascertained at the time of collection of this information, although it may be expected that both domestic gas as well as imported LNG would be sourced with the SEZ promoter ONGC.   The power generated from the 1200 MW power plant was expected to be sold to the Dahej SEZ, including the Petrochemical complex being set up by ONGC Petro-additions Ltd (350-400MW to OPaL). Apart from this, the project was expected to meet 387 MW additional demand of Ahmedabad and Surat distribution. Offtake for the remaining 413MW could not be ascertained at the time of collection of this information. The power purchase agreement for the project had not been ratified by the regulator at the time of collection of this information. The state regulator noted that, while, there was no bar in the Electricity Act, 2003 on the distribution licensee to establish their own generating station, the MOU had been executed between Torrent Energy Limited (TEL-D) and Torrent Energy Limited (DGEN) which were two divisions of the same entity. Hence, it was not a valid long-term power purchase agreement as the same was not enforceable in case of default by any division of the same entity. As such, the MOU in present form couldnot be approved.Torrent Energy Limited was directed by the State Regulatory commission to approach the central regulator for adoption of the Tariff for procurement of power from its own generation unit for the Dahej SEZ usage. In July 2010, a fixed-price, fixed-time turnkey EPC contract, was awarded through an international competitive bidding process to Siemens of Germany. TEL clarified that they ensured the competitiveness of the project cost by identifying the EPC Contractors through International Competitive Bidding (ICB) process. The reasonableness of the cost would also be verified by the Centre Electricity Regulatory Commission (CERC) as part of its tariff determination process in accordance with the CERC (Terms & Conditions of tariff) Regulations,2009.   The project cost was estimated to be approximately USD 1251.7mn (INR 56328.7mn @45 INR/USD). Financial close took place on 21st May 2011 at a Debt/Equity ratio of 70/30. Torrent Power financed this project through an equity contribution of USD 375.5 million (INR 16898.7 @45 INR/USD) and a 14 year term loan of USD 876.2 million (INR 39430mn @45 INR/USD). The debt was arranged by SBI Capital and attracted four lenders, Bank of Baroda, IDFC, PNB and State Bank of India. Repayments will be in 44 equal quarterly instalments commencing 11 months from COD.  The construction started in September 2010 and is to be compl
3MW PV plant located in Geermu City, Qinghai Province, China, to be developed by Shenguang New Energy. Only indirect information can be found regarding this project. It is sure that the project was in operation in Dec 2011. Shenguang has a 100% stake in the project. The total investment is unknown. It is estimated that construction commenced around July 2011.
The company Barra Bioenergia, a wholly-owned subsidiary of the Brazilian group Cosan, was granted the authorization to build and operate a sugar-cane-residue fueled power plant located in the state of Sao Paulo (76 MW in total capacity). The power plant was known as UTE Ipaussu Bioenergia.  The 35-year contract was signed with the regulatory agency ANEEL in December 2009 for a 62-MW power plant. In February 2011, ANEEL authorized the expansion of the capacity to 76 MW.   The value of the investment committed to the project was estimated at US$ 56.1 million (BRL 91.5 million). In September 2011, the Brazilian state-owned development bank BNDES approved a US$ 22.8 million (BRL 37.2 million) loan to finance the project.  The electricity produced was set to be sold under 15-year power purchase agreements signed with electricity distribution companies. Barra Bioenergia was able to arrange these contracts by taking part in a competitive bidding process that occurred in August 2008. Additionally, any energy surplus not sold was set to be negotiated in the free market with purchasers not yet established.  Operations commenced in November 2012.
In July 2011,the National Highway Authority of India (NHAI) awarded a concession (including construction period of 30 months) to Gannon Dunkerley & Company Limited (Gannon) for the strengthening, improvement, 4-laning, operation and maintenance,and tolling of 80.82kms of Jabalpur to Lakhanadone section from Km 465.500 to Km 546.425 of NH-7,in the state of Madhya Pradesh.  Under the contract, Gannon was responsible for the design, construction, finance, operation and maintenance and widening of the existing 2-lane carriageway to a 4-lane highway with paved shoulders. The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc. The expansion project, part of National Highway Development Project Phase-IV would ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  Gannon Dunkerley & Company Limited established GDC-JLS Tollways Private Limited, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by requesting the lowest upfront subsidy of US$ 7.4mn (INR 370mn @50 INR/USD). There were 40 pre-qualified bidders out of which 6 finally bid for this project. The L2 bidder, Gammon Infra quoted a grant of INR 2237mn. Other participating companies were JMC Projects, PNC-BFUL Consortium, Ramky Infrastructure and Abhijeet Roads.Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement for the project was signed on 14th October 2011. The status of financing couldn't be ascertained at the time of collection of this information. The estimated capital cost of the project at the time of bidding was US$ 155.3mn (INR 7767.6mn @50 INR/USD).    Construction on the project was expected to begin in November 2011 but Appointed Date was not confirmed by NHAI at the time of collection of this information. Due to delay in land acquisition, there was delay in achieving conditions precedent of the concession agreement. Finally in July 2012, NHAI canceled the concession.
The CPI and China WindPower Zhenlai Wind Farm Phase III was a 49.5MW wind farm located in Heiyupao, Baicheng, Jilin Province, China and developed by China WindPower Group and Jilin Power, a subsidiary of China Power Investment.  The project was procured on an open bidding process. The concessionnaire was Jilin Power-Xiehe New Energy Co., Ltd. (established in July 2010, with a registration capital of RMB 100 million), in which China WindPower Group had a 49% stake with the remaining ownership belonging to the state owned Jilin Power Group. The total investment was estimated to be around RMB 461.90 million (US $71.50 million). From May 2011, some major calls for proposals for equipment were released by the concessionnaire. Construction commenced in Aug 2011 and the project came into operation in June 2012. At 25% of construction was achieved by Nov 2011.
The Nong Saeng Independent Power Producer (IPP) project was a 1,600 MW gas combined cycle thermal power plant located in Nong Saeng District, Saraburi Province, 120km north of Bankgkok, in Thailand. The project was awarded through bidding in 2007 under the Thai government’s electric power development plan.    The project was developed by the Power Generation Supply Company Limited (PGS), which was established in 2007 to develop, construct, own and operate the Nong Saeng power plant. The project company is 90% owned by J-Power of Japan, and 1d 10% by Gulf Holding Company Ltd. of Thailand.  The generation facility consists of 4 combustion turbine generators, 4 heat recovery steam generators, and 2 steam turbine generators operating in combined cycle mode. Turnkey construction contract was given to Mitsubishi Heavy Industries Ltd. Civil construction work and installation at the plant site was handled by Sino-Thai Engineering and Construction Public Company, Ltd., a local construction firm.  The project company had a 25-year gas supply agreement with PTT Public Company Limited. Fuel costs were passed through to the offtaker via a a 25-year power purchase agreement (PPA) with the Electricity Generation Authority of Thailand (EGAT).  Total project cost was US$ 1,185 million. The Asian Development Bank provided a loan of US$ 170 million. Financial closure was reached on Nov 4, 2011 with US$ 1,184 million of funding provided by Japan Bank for International Cooperation (JBIC), Asian Development Bank (ADB), Mizuho Corporate Bank, Kasikornbank P CL, and Siam Commercial Bank PCL. This was the first large scale project to reach financial closure in Thailand since the 2008 global financial crisis.
In June 2011, the Gansu Provincial Government approved the 9MW PV plant sponsored by Xiehe Wind Farm Investment Company Limited, a subsidiary of China WindFarm Group, a Hong Kong based company, located in Liangzhou District, Wuwei City, Gansu Province in Northwest China. The approved project had a total investment of US$ 24.99 million (RMB 161.485 million), including a 20% equity contributed by China WindFarm and 80% loan from the Industrial and Commercial Bank of China.  Construction commenced in September 2011. According to a report dated June 27, 2013, the project had been operational.
LG CNS, from South Korea, won a deal for the contruction of a 0.5MW solar power plant, Hambantota, on the Southeastern coast.   Construction was expected to be completed in early-2011. LG won the contract in June 2010. The plant was reported as operational from April 2011.   Total value was $4 million. Financial closure date was unknown, estimated here was April 2011, date of commissioning.
On 9th September 2011, Madhya Pradesh Road Development Corporation (MPRDC) signed a 30-year concession (including construction period of 1.5 years) with MBL Infrastructures Limited for the strengthening, improvement, two-laning, operation and maintenance, and tolling of 75.6kms of Seoni to Katangi section of SH-54 start from Ganesh Chowk Km. 1.5 of SH-26 to Km 51.4 (Seoni district) and Km 51.4 or 0.10 to 24.10 (in Balaghat district) on SH-54 (MP-Maharashtra Border), in the state of Madhya Pradesh.  Under the contract, MBL was responsible for the design, construction, finance, operation and maintenance,strengthening and widening the existing carriageway to 2-lane road with granular shoulders. The scope would include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc.The expansion project, part of the MPRDC Highway Development Program, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.The project road is used for transportation of manganese, coal and other minerals extracted in the nearby mines, items like herbs, teak, sal etc. from nearby forests, and agricultural products amongst others. The road was also used by tourists visiting nearby attractions like Pench National Park or Kanha National Park.  MBL Infrastructures Limited established MBL Highway Development Company Limited on 23rd August 2011, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by MPRDC, by requesting for the lowest upfront subsidy (viablity gap funding) of US$ 11.1mn (INR 595mn @53.4 INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The project attained financial closure on 21st February 2012. The grant/debt/equity ratio of the project was 25/54/21. The estimated capital cost of the project at the time of financial closure was US$ 45.0mn (INR 2405.9mn @53.4 INR/USD). Apart from viability gap funding (grant) of INR 595mn (Central Government - INR 305mn, and Govt of Madhya Pradesh - INR 290mn), financing comprised of external commercial borrowing (ECB) loans of US$ 24.3mn (INR 1300mn) and sponsor equity of US$ 9.6mn (INR 510.9mn).The ECB debt was arranged by London branches of Bank of Baroda and Punjab National Bank.   The Appointed Date of the project was February 21, 2012. 90 percent of the total land requirement had been handed over to the concessionaire. However, land acquisition for around 13.829 hectares was still pending and the process was underway. It was understood that construction works had commenced at the time of collection of  this information and completion was scheduled by February 2014.
In April 2010, the National Highway Authority of India (NHAI) awarded a 19 year concession (including construction period of 30 months) to a consortium of SREI Infrastructure Finance Limited (SREI),MBL Infrastructures Limited (MIL),AMR Construction Limited (AMR),Ritwik Projects Private Limited (RPPL), for the strengthening,improvement, 4-laning, operation and maintenance of 96kms of Rimuli-Roxy-Rajamunda section (from KM 163.000 to KM 259.453) and of National Highway-215 (NH-215) in the state of Orissa.  Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance and strengthening of the existing carriageway to a 4-lane highway with paved shoulders. The scope includes strengthening & maintenance of existing carriageway including construction of 3 railway-over-bridges, 8 major bridges, 36 minor bridges and 16 vehicular/pedestrian underpasses, etc.The project will be undertaken in 2 phases. The phase-I of the project comprised 4-Laning of Rimuli-Roxy-Rajamunda section of NH-215 from 163.000 Km to 247.600 Km (84.600 Km) and 2-Laning from 247.600 Km to 259.453 Km (11.853 Km).The phase II of the project comprised 4-Laning of the remaining 2-Lane stretch from 247.600 Km to 259.453 Km (11.853 Km). The expansion project, a part of National Highway Development Project Phase -III, was an important corridor for movement of coal, minerals and ore. The project anchor points (traversing about 96 Km) connects the two important mining hubs of Orissa Viz. Sundargarh and Kendujhar (important due to Barbil, Culta and Metso mines).  The consortium of SREI Infrastructure Finance Limited (SREI),MBL Infrastructures Limited (MIL),AMR Construction Limited (AMR),Ritwik Projects Private Limited (RPPL),established a special purpose vehicle, Orissa Steel Expressways Private Limited, to implement the project. The SPV won the tender through competitive bidding, conducted by NHAI,by quoting the lowest upfront subsidy from NHAI of US$48.9mn (INR 2299.5mn @47 INR/USD).Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.OSEPL has entered into a lump-sum fixed-price EPC Agreement with the joint venture of RPPL,AMR and MIL to undertake the EPC activity of Phase I of the project.  The concession agreement was signed on July 6th, 2010. The project attained financial closure on 30th July  2011. The grant/debt/equity ratio of the project was 29.8/52.7/17.5. The estimated capital cost of the project (phase-I and II) at the time of financial closure was US$ 164.4mn (INR 7726.5 mn @ 47 INR/USD) million. Apart from the NHAI subsidy, financing comprised INR 4070mn 15year 6months term loan,and INR 1357mn sponsor equity. The INR 4070mn term loan had a repayment schedule of 48 quarterly instalments and was priced at 225bps over prime lending rate of Union Bank of India.The debt was arranged by Union Bank of India. The participating banks were Union Bank of India,State Bank of India (950mn),Allahabad Bank (720mn), Bank of India (950mn),Vijaya Bank (470mn). The sponsors had extended joint and several undertaking to arrange for funds in the event of any short fall in means of finance and project cost overrun. The estimated debt requirement of INR 624.1mn pertaining to Phase II was proposed to be tied-up during Q1FY18 as the same was scheduled to completed by the eighth anniversary of appointed date (yet to be confirmed by NHAI) as per the concession agreement.  Construction on the project began in October 2011 and was expected to be completed by April 2014.
Construction of a biomass power plant in Lujiang County, Anhui Province commenced in July 2011. The project was officially approved in Dec 2010. The sponsor was a local private company Wuhan Kaidi Holding Investment Co Ltd who had a 100% stake in the project. The total investment was RMB 233.10 million (US$ 34.43 million). The capacity of the plant was 25MW. A SPV Lujiang Kaidi Green Energy Development Co., Ltd. was registered in Lujiang County to build and operate the power plant. Concession term was not reported. It seemed that Kaidi won the contract through direct negotiation. The project was substantially completed in Aug 2012. At least 25% of construction had been achieved by Nov 2011.
On 26 January 2011, a local private company, South Water Co., Ltd. was formally granted a 30 year agreement to build and operate a wastewater treatment plant in Longmen Town, Anxi County, Fujian Province. The agreement was procured on a competitive basis. Three private developers including South Water were short listed on 30 December 2010. The bidding results were publically disclosed in January 2011. The short term capacity of the facility is 25,000 cubic meters per day (which is further divided into two phases, with the first phase of a capacity of 12,500 cubic meters per day) and the long term capacity is 50,000 cubic meters per day. A project company, Anxi South Water Co., Ltd. was registered on 10 May 2011 to conduct the project and it planned to finish the project by the end of 2011. By August 2011, 6.6km long associated distribution network has been completed and it was expected that the project could be completed on time. The project company started to recruit operation workers from April 2011. The total investment on the project is still unknown. South Water has a 100% stake in the project. According to an official document in Oct 2011, the construction of the project had been progressing very fast.
In May 2010, the National Highway Authority of India (NHAI) awarded a 20-year concession (including construction period of 42 months) to Oriental Structural Engineers Private Limited (OSEPL) for the strengthening, improvement,4-laning,operation and maintenance of 176.3 kms of Nagpur to Betul section of National Highway-69 (NH-69) in the states of Madhya Pradesh (120kms from Betul to Madhya Pradesh/Maharashtra border) and Maharashtra (56.3kms from Madhya Pradesh/Maharashtra to Nagpur).  Under the contract,OSEPL was responsible for the design, construction, finance, operation and maintenance and strengthening and widening of the existing passageway to a 4-lane highway with paved shoulders. The scope would include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, tunnels, viaducts, culverts, road intersections, interchanges, drains, etc.The expansion project, part of National Highway Development Project Phase -IV was expected to give significant stimulus to trade and commerce in the entire region.  Oriental Structural Engineers Private Limited established Oriental Nagpur Betul Highway Private Limited, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by requesting the lowest fixed annuity of US$ 123.7 million (INR 5816 million @ 47 INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through fixed semi-annual payment of INR 2908mn from NHAI during the term of concession.The concession agreement should have been signed within 60 days (i.e. July 2010), but this time period had been exceeded. The CBI (Central Beaureau of Investigation) had earlier registered a case of criminal conspiracy for NHAI allegedly favouring OSEPL in award of the four-laning contract for this Nagpur-Betul stretch.The investigators had claimed that they had found several e-mails that were exchanged between the OSEPL owners and these NHAI officials.The Nagpur-Betul highway project had began courting controversy even before the CBI entered the picture. NHAI disqualified L&T, one of the 13 companies that had participated in the tender, saying that its request for qualification (RFQ) document was not serially numbered. The company filed a writ petition before the Delhi High Court challenging the disqualification but later withdrew it. In its petition, the company had said that the ground on which it was disqualified was “…an incorrect observation and was very easily rectifiable.” Eventually, however, the NHAI had gone ahead with signing of concession agreement.  The project attained financial closure on 12th September 2011.The estimated capital cost of the project at the time of financial closure was US$ 747.9 (INR 35150mn @ 47 INR/USD) million. The debt equity ratio of the project was estimated at 79:21. Financing comprised of INR 27900mn debt and INR 7250mn sponsor equity. The INR 27900mn term loan had a grace period of 4years 6months and had a repayment schedule of 43 quarterly instalments. The pricing was at the base rates of then banks.Mandated lead arrangers were Axis Bank (6350mn), Bank of India (5000mn), Indian Overseas Bank (5000mn). The other particpating banks were IIFCL (4800mn),Oriental Bank of Commerce (3000mn),State Bank of Hyderabad (2000mn),State Bank of Mysore (750mn),UCO Bank (1000mn).  Construction on the project began in February 2011 and was expected to be completed by August 2014.
In September 2010, AES India Private Limited, through its 100% subsidiary AES Saurashtra Windfarms Private Limited (ASW), entered into an agreement with Gujarat Government, to develop a 39.2 MW wind power project at villages (Gorinja, Vachhu, Chachlana, Gaga, Jodhpar, Hadmatiya) located in Jamnagar District in coastal Saurashtra area in the state of Gujarat. The wind farm would involve the building of 49 wind turbines of 800kW capacity each. The farm was expected to have a load factor of 24.3%. The electricity generated from the project would be evacuated by the Gujarat state grid.   The EPC for the power plant had been awarded to Enercon India Limited (EIL).EIL would develop, construct,commission and transfer to ASW the project at an all-inclusive price. As per the agreement signed, EIL would acquire the entire land required for the project and transfer the development rights to the company prior to commencement of operations.EIL had received all the statutory and non-statutory clearances necessary for the project. The entire power generated from Wind Energy Converter (WEC) would be stepped up to 33 kV and then transmitted to the pooling substation through the 33kV internal grid and switchyards. At the pooling substation, which will be owned, operated and maintained by EIL for the entire site, power would be further stepped up to 132 kV and transmitted to Gujarat Electricity Transmission Company Ltd. (GETCO) substation. EIL had already set up the transmission line between pooling station and GETCO’s substation. ASW had entered into O&M agreement with EIL, wherein EIL would be responsible for operating and maintaining WECs and the internal grid for a period of ten years from the Commercial Operation Date of the project.   AES Saurashtra Windfarms Private Limited (Jamnagar) had entered into a 25-year Power Purchase Agreement with the state utility Gujarat Urja Vikas Nigam Limited (GUVNL), which would be effected at the time of commissioning of the project. The APPC (Average Power Purchase Cost) 20-year base feed-in tariff as per GERC (Gujarat State Regulator) tariff order of 30 Jan 2010, was US$ 0.08/Unit (INR 3.56 per unit @ 45INR/USD). The total capacity of 39.2 MW was eligible for generation-based incentive from Indian Renewable Energy Development Agency (IREDA) through GBI scheme at INR 0.50 per unit (subject to cap of INR 6.2mn per MW per annum) of power generated. UNFCC had started the validation project for Certified Emission Reductions (CERs) in early 2010.   Financial closure took place on 4th January 2011.The total project cost was US$ 54.8mn (INR 2468 mn @45 INR/USD).The debt equity ratio for the project was 65/35. Financing comprised of Debt of US$ 35.6mn (INR 1604mn @ 45INR/USD) and sponsor equity of US$ 19.2mn (INR 864mn @ 45INR/USD). Debt comprised of 13year-3months Term loans from IDFC (INR 604mn), Yes Bank (INR 400mn), and Indian Renewable Energy Development Agency (IREDA, INR 600mn). The term loans had a repayment schedule of 48 quarterly instalments. IDFC Was appointed as the mandated lead arranger.  Construction for the wind farm was expected to start in October 2010 and commercial operation was expected to start in June 2011.
Activ Solar was planning the development of the 82.65 MW Ohotnikovo solar PV plant, in Ohotnikovo, Southwestern Crimea. The project was planned to comprise 360,000 modules, producing 100 GWh annually. Activ Solar Holding GmbH was an Austrian developer with a number of local Ukrainian subsidiaries and SPVs: Crimea Solar 1, Crimea Solar 2, Crimea Solar 3, Crimea Solar 4, and Crimea Solar 5, as well as solar PV producer CHAO Zavod poluprovodnikov Zaporozhye (75%) and silicon producer OJSC Semiconductor Plant (a demerger of former-Soviet ZTMC). Ownership Activ Solar Holding GmbH, formally owned by Liechtenstein registered P&A  Corporate Trust,  was a sister company of Slav AG. As of November 2011, CEO of Activ Solar was Mr. Kaveh Ertefai.  Commissioning was expected in October 2011. The first three 20 MW stages were commissioned in September 2011, the final 20 MW was completed in October 2011. The electricity produced was to be sold to the wholesale energy market operator Energorynok. This project was one of three projects under development by Activ Solar in 2011, the other two being the 7.5 MW Rodnikovoye and the 20 MW Perovo solar PV plants. The Ukraine passed a Feed-in Tarrif bill in April 2009. The bill also included a minimum euro-denominated electricity price intended to mitigate exchange rate risk, as well as a domestic-content obligation.  As of October 2011, no details about the financial structure of the projects was available.  As of October 2011, no details about the financial structure of the project was available. The Odesaoblenerho energy company, however, announced in August 2011 it intended to borrow UAH 33.330 million ($4,162 million) from the State Savings Bank Oschadbank to connect the solar power stations in the region.
On 8th September 2011, Madhya Pradesh Road Development Corporation (MPRDC) awarded a 15-year concession (including construction periof of 2 years) to Dilip Buildcon Limited (DBL) for the strengthening, improvement,two-laning, operation and maintenance,and tolling of 75.995kms of existing Silwani-Sultanganj section of State Highway-15, in the state of Madhya Pradesh.The project was divided into 2 sections - Section-1 from Silwani to Sultanganj (0-30km) and Section-2 from Jaisinghnagar to Sagar Road (32km to 76km).  Under the contract, DBL was responsible for the design, construction,finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway to 2-lane undivided carriageway.The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges,culverts, road intersections,interchanges, drains, etc.The expansion project, part of the MDR (major district roads) development project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.    Dilip Buildcon established DBL Silwani Sultanganj Tollways Limited (DSBTL),a special purpose vehicle on 17th August 2011, to implement the project. The SPV won the tender through international competitive bidding, conducted by MPRDC,by requesting the lowest annuity payment of US$ 2.1mn (INR 94.2mn @46.7 INR/USD). Other details of bidding were not known at the time of collection of this information. Under the contract, the SPV was to recover the capital costs and operating costs including returns through semi-annual payments of INR 47.1mn from MPRDC as well as tolling, during the term of concession. DBL would execute the fixed price EPC (INR 1150mn) for the project.  The concession agreement for the project was signed on 8th September 2011. The project was expected to be financed with a debt/equity ratio of 73/27. The estimated capital cost of the project at the time of financial closure was US$ 28.7mn (INR 1341.8mn @46.7 INR/USD). Financing was expected to be comprised of a term loan of US$ 21mn (INR 980mn) and sponsor equity of US$ 7.7mn (INR 361.8mn). The actual cost incurred was US$ 31.3mn (INR 1463.1mn), the cost-overrun being financed by sponsor equity. The term loan was arranged by Punjab National Bank. Other details of financing were not known at the time of collection of this information.   The project started construction on 27th February 2012 (Appointed Date) and and was slated for completion by 26th February 2014. DSSTL achieved final commercial operations date (COD) on February 28, 2013 and May 29, 2013 for Section-I and Section-II respectively, of the project highway as against Scheduled Project Completion Date (SPCD) of February 26, 2014. DSSTL received 2 regular semi-annuity (INR 94.9mn) along with 2 bonus semi-annuities (INR 172.9mn) from MPRDC within envisaged time frame.
In August 2011, NWS Holdings Ltd. increased its investment in the Tangjin Expressway, raising its stake to 60 per cent in the 60.67 kilometre road in the northern Chinese city of Tianjin Municipality. The investment would expand the expressway's daily traffic capacity to 75,000 vehicles. NWs increased the registration capital of the project company Tianjin Xinzhan Expressway Co., Ltd. by RMB 1.2191 billion Yuan and total investment on expending the highway by RMB 3.65723 billion Yuan.
In June 2010, the Turkish Privatization Administration (Ozellestirme Idaresi Baskanligi or OIB) awarded the concession to operate four mini hydro power plants, known as Group 13 and with a total capacity of 5.092 MW, to the Turkish regional Electricity distributor Kayseri ve Civari Elektrik. The minihydro power plants were 0.5-MW Derme plant, the 0.832-MW Kernek plant, the 0.32-MW Erkenek plant and the 0.272-MW Besni plant in Adiyaman and Malatya, Turkey. They were transferred under the Transfer of Operating Rights (TOR) scheme, which made it classified as a BROT concession in the PPI database.  The project was expected to sell electricity produced in the liberalized electricity market in Turkey.  Kayseri ve Civari Elektrik won Group 13 mini hydro plants by offering US$13.8 million in the public auction with 22 bids in total.   Group 13 was one of the 19 groups of small and medium hydro power plants which OIB tendered to private consortia in February 2010. The 19 groups comprised 52 small and medium size hydro power generation plants which were owned by state-owned power firm Elektrik Uretim A.S. (EUAS) and had a total capacity of 141 MW. The 19 groups were auctioned in by competitive bidding attracting 615 bids. In May 2010, the final negotiations were completed in May 2010 for 17 tenders out of 19 in total, except groups 11 and 12. The tenders for these two groups would be held at a further date, as the plants in these groups were located at a disaster area on a historical site. In June 2010, the final negotiation for Group 11 was completed and Group 12 was to be canceled for its tender. The privatization process of most of the 19 groups concluded in 2011.  According to the privatization agency, the process was completed on April 5th, 2011, when the shares where transferred to the private sponsor for US$13.8 million
Anadolu Endustri Holding A.S (AEH), via its subsidiary Anadolu Kafkasya Enerji Yatirimlari A.S, was developing the 85.8MW Paravani hydropower plant, Samtskhe-Javakheti Region, Georgia. The project company was Georgian Urban Energy (GUE). Annual output was estimated at 450.7GWh.  The project was to be connected to the national grid via substation located in Akhaltsikhe. This allowed for seasonal power export to Turkey as part of the Black Sea Energy Transmission System. Under the agreement, each year during 3 months in winter the output has to be sold on the domestic market. The Environmental Impact Assessment was completed in September 2009, by SRF Gamma. The project also includes a 32km 220kV transmission line.   Total project cost was estimated at US$156.5 million. Financing was provided by IFC, EBRD and TSKB. TSKB was the IFC/EBRD B lender. TSKB provided US$23 million. IFC provided an A Loan of US$40.5 million. The EBRD provided US$52 million senior loan, and US$5 million in equity. The project applied for UNFCCC CDM financing.
The project entails the construction of a 40MW biomass power plant in Florestópolis municipality, Parana state, Brazil. Usina Alto Alegre  is the sponsor. Its subsidiary - Usina Alto Alegre S.A. Açúcar e Álcool - Unidade Florestópolis, is the SPV. The facility will use sugarcane bagasse as feedstock and will supply energy to the Bythe mill and surplus electricity will be sold to the grid. Financial close took place in September 2010. It commenced commercial operation in July 2014.
In December 2010, the National Highway Authority of India (NHAI) awarded a 20 year concession (including construction period of 30 months) to a consortium of BSCPL Infrastructure Limited (BSCPL) and C&C Constructions Limited, for the strengthening,improvement, 4-laning, operation and maintenance of 50.6kms of Patna-Bakhtiarpur section and of National Highway-30 (NH-30) in the state of Bihar.  Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance and strengthening of the existing carriageway to a 4-lane highway with paved shoulders. The scope includes strengthening & maintenance of existing carriageway including construction of 3 railway-over-bridges, 8 major bridges, 36 minor bridges and 16 vehicular/pedestrian underpasses,etc.The project will be undertaken in 2 phases. Four under passes will be constructed at a distance of 1.30 kilometre within the city to ensure smooth flow of traffic.The expansion project, a part of National Highway Development Project Phase -III, would help in decongesting the capital city of Patna by diverting the traffic from the existing bypass road.  The consortium of BSCPL Infrastructure Limited (50% equity) and C&C Constructions Limited (50% equity),established a special purpose vehicle, Patna Bakhtiarpur Tollway Limited (PBTL),to implement the project. The SPV won the tender through competitive bidding, conducted by NHAI,by quoting the lowest upfront subsidy from NHAI of US$24.1mn (INR 1134mn @47 INR/USD).Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.PBTL had entered into a lump-sum fixed-price EPC Agreement with BSCPL and C&C to undertake the EPC activity.  The project attained financial closure on 16th November 2011.The grant/debt/equity ratio of the project was 11.1/66.7/22.2. The estimated capital cost of the project at the time of financial closure was US$ 217.3mn (INR 10214.2 mn @ 47 INR/USD) million. Apart from the NHAI subsidy, financing comprised INR 6810.2mn 15year term loan,and INR 2270mn sponsor equity. The debt was arranged by Axis Bank.The participating banks were Axis Bank (1010.2mn),Allahabad Bank (750mn), Bank of India (550mn),Central Bank of India (750mn),IIFCL (750mn),State Bank of Bikaner & Jaipur (500mn),State Bank of Hyderabad (750mn),State Bank of Mysore (500mn),State Bank of Patiala (750mn).  Construction on the project began in September 2011 and was expected to be completed by March 2014.
Mumbai Metro Transport Private Limited, the SPV set up to implement 32 km Charkop-Bandra-Mankhurd corridor metro project with 27 stations (Mumbai Metro - Phase II) on a build operate and transfer (BOT) basis  in Mumbai. Project would be integrated with existing suburban railway network and Mumbai Metro Line I. The 32 km Mumbai Metro Line 2 project would provide a vital link between Navi Mumbai and the Western Suburbs, connecting Charkop in the North to Bandra and then to Mankhurd in the East. It was designed to be a fully elevated metro project with 27 stations along the route.    Mumbai Metro Transport Private Limited, a SPV jointly incorporated by the consortium partners comprising Reliance Infrastructure Limited (48%), Reliance Communication Limited (26%) and SNC Lavalin Inc, Canada (26%).  Mumbai Metropolitan Region Development Authority (MMRDA) awarded the project to Reliance Infrastructure Ltd (RIL)’s led consortium using a Public-Private Partnership (PPP) model and through a competitive tender in May 2009. The main bid criterion was the lowest Viability Gap Funding (VGF) requested. Reliance Infrastructure Ltd (RIL) requested INRs 22.98 billion (US$502.5 million) and was the sole bid. Six other firms were shortlisted by the MMRDA but none submitted their bids. Among the six were Pioneer Infratech Group with Mitsubishi and Tata Power, Reliance Industries group with Siemens and Gammon India and the Essar group with Alsthom and LANCO.  The BOT concession was signed in January 2010. The project had a concession period of 35 years (from the financial closure) with an extension clause of another 10 years. As per the terms and condition of the agreement, the project was to receive a viability gap funding of INRs 22.98 billion (US$502.5 million) of which INR 15.32 billion (US$335 million) were to come from the Central government and INR7.66 billion (US$167.5 million) from MMRDA.   Project cost was estimated to be INRs 115 billion (US$2,514.8 million). Financial closure was achieved in March 2011 with debt equity ratio of 73/27 when the project company secured the entire debt requirement of INRs 69,310 billion (US$1,530.7 million) with a 18 year loan. The rest of project cost was to be funded by a viability gap grant (US$502.5 million) from the central government and Maharashtra’s state government, and equity INR22.02 billion (US$481.5 million), primarily from Reliance Infrastructure Limited.  The lead arrangers were Axis Bank and IDBI Bank Ltd. Among the participating financial institutions were IDBI Bank and Reliance Capital and its associates. Financial Closure achieved within the scheduled nine months of signing the Concession – Agreement.  The RIL was all set to start construction work in December 2010 and the project would be commissioned in late 2015 or early 2016.  Traffic forecast: 1.4 mn daily in initial year.     With two metro projects in Mumbai (Mumbai Metro Lines 1 and 2), Reliance Infrastructure Limited would be committing almost INRs. 140 billion for the Mumbai metro sector only. The Company was earlier awarded the Mumbai Metro - Versova-Andheri-Ghatkopar corridor project  which is at an advanced stage of completion.
On 6th May 2010, the Madhya Pradesh Road Development Corporation (MPRDC) signed a 20-year concession (including construction period of 2 years) with a consortium of Topworth Infra Pvt Ltd (India) and MCC Overseas Ltd (China) for the strengthening, improvement,four-laning,operation and maintenance of 95.22kms of Ujjain to Jaora section in Madhya Pradesh.The project involves the section of road that starts from the 59.40km Ujjain–Agar Road (SH-27) T-intersection and terminates at the T-intersection near Jaora town at the 132.80km point of the Jaora–Nayagaon four-lane road (SH-31).It covers two districts – Ratlam and Ujjain in the state of Madhya Pradesh.  Under the contract, the consortium was responsible for the design, construction,finance, operation and maintenance,strengthening and widening the existing carriageway to 4-lane road. The scope included construction of new pavement,rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections,interchanges, drains, etc.The expansion project, part of MPRDC Highway Development Project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  The consortium of Topworth Infra Pvt Ltd (TIPL) and MCC Overseas Ltd (MCCOL is the wholly owned subsidiary of Metallurgical Corporation of China), established Topworth Tollways (Ujjain) Private Limited, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by MPRDC in March 2010, by quoting the highest premium. Details of bidding were not known at the time of collection of this information. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement was signed on 6th May 2010. The project attained financial closure on 5th January 2011. The debt equity ratio of the project was 56:44. The estimated capital cost of the project at the time of financial closure was US$ 49.3 (INR 2220 mn @ 45 INR/USD) million. Financing comprised INR 1243.2mn 13year 8months term loan and INR 976.8mn sponsor equity. The term loan had a grace period of 14months and a repayment schedule of 44 quarterly instalments.The debt was arranged by SBI Capital Markets. The particpating banks were State Bank of India(800mn), and Dena Bank Ltd(443.2mn).   Construction on the project began in January 2011 and was expected to be completed by May 2012.
The Brazilian company Companhia Energetica Sao Jose, a subsidiary of Guarani S.A. (Tereos Internacional, 68.6%; Petrobras, 31.4%), was granted an authorization to build and operate a sugar cane residue fueled power plant located in the state of Sao Paulo (83 MW in total capacity). The 30-year contract was signed with the regulatory agency ANEEL in October 2003.  In 2006, Companhia Energetica Sao Jose took part in a competitive bidding process and won the right to supply electricity on average to the regulated market starting in 2012.  The value of the investment committed to the project was not available. Construction works were concluded in July 2011.
The Brazilian company Lambari Geradora de Energia S.A., a partnership of the Brazilian companies Thermes and Cibe Participacoes (shareholders: Grupo Equipav, 50%; Grupo Bertin, 50%), was granted an authorization to build the 73.7-MW thermoelectric power plant (natural gas) named UTE Maracanau II located in the state of Ceara. The 35-year contract was signed with the regulatory agency ANEEL in March 2008.  Lambari Geradora de Energia S.A. committed to invest US$ 93.8 million (BRL 153 million). In April 2011, the company signed a loan contract with SUDENE (the Brazilian northeastern region development agency) worth US$ 42.9 million (BRL 70 million).  The company won the bidding for purchase power agreements to sell the electricity to the grid starting in 2011. Construction works were underway, as of August 2011.  Due to delays in the implementation of the project, the regulatory agency cancelled the concession contract in December 2012 and applied the due penalties.
On July 18, 2011, a subsidiary of the Israel based company TAHAL Group (http://www.kwigwater.com/), Kwig Water Co., Ltd. formally signed an agreement with the Zibo Municipal Government to finance, build and operate two wastewater treatment plants in Zibo City, Shandong Province. One is the 2nd phase of the Huanke Wastewater Treatment Plant (25,000 cubic meters per day) and the other is Zichuan District Shuangyang Town Wastewater Treatment Plant (30,000 cubic meters per day). The total investment is RMB 94 million (or US$ 15 million).  The concession period is 28 years. The 2nd phase of Huanke Plant is expected to commence at the beginning of 2012 and come into operation in October. According to a government internal document dated December 2011, US$ 3.1 million as 72% of the registered equity of the project company Zibo Kwig Water Co., Ltd was in place by June 2011. Several calls for bids regarding the two plants were released before the agreement was formally signed.
New Zealand renewable energy developer Meridian Energy, and Tonga Power, a state-owned enterprise, were planning the development of the 1.32MW Popua Solar Plant, at the Popua Power Station, Southeast of the island capital of Kukualofa on Tongatapu. The project was to include 5760 PV panels, mounted to 240 Conergy SolarGiant III frames. The capacity factor was expected to be 20%, generating 1,880 MWh annually.    Construction started in November 2011, an was expected to be completed in July 2012. The plant was to be operated by Tonga Power. The project was implemented by Reid Technology, from New Zealand. Conenergy, from Australia, supplied the mounting system. The project is expected to transfer ownership to Tonga Power in 2017.  Total cost was NZD$7.9 million (US$6.4 million), provided as a grant by the New Zealand Ministry of Foreign Affairs & Trade Aid Programme.
The Taboada Wastewater Treatment Plant was a 25-year BOT to provide wastewater services under an offtake agreement with Sedepal, the state-owned utility serving Lima and Callao provinces. The project was to be implemented in three phases: an initial capacity of 7m3 per second, rising to 10.5m3 per second, and finally 14m3. The final phase was the equivalent of 1,210 m3 per day. It was to treat the wastewater produced by 4 million people from 27 districts, or roughly 56% of the population of Lima and Callao provinces and increase the percentage of treated water from 9% to 72% in those provinces. The project, together with the Huasacocha Wastewater Treatment Plant, was to treat 100% of the wastewater in the provinces.  The project was awarded to ACS [Spain] in February 2009 through a competitive tender launched by Proinversion, Peru's private investment promotion agency. There were three final bidders. Bidding was based on a formula that included several variables, principally: number of months to complete the project, the amount of subsidy for capital expenditure (RPI) and operation and maitenance of the plant (RPMO). ACS was selected after submitting the lowest rate for wastewater treatment at 0.2277 soles/m3 of treated water, equivalent to 33% less than the amount established in the bidding rules. ACS formed  Planta de Tratamiento de Aguas Residuales Taboada SA as the project company.   The total project cost was US $149.5 million. In February 2011, ACS closed a S./942 million ($340 million) local currency bond financing for the project. The issuance used RPICAOs, certificates with payment obligations for completed construction milestons up to 2013, as collateral for the issuance. The bonds stretched the ACS payment obligations by maturing in 2025. The financing was led by BNP Paribas,and received a AAA local and BBB global rating from Fitch. The Reg S bonds had an initial coupon of 5.965%, which were to be adjusted for inflation.   Operations commenced in January 2013.
In December 2009, construction of a biomass power plant commenced in Tianshui City, Gansu Province. The developer was Kaidi Electric Power, a Wuhan based local private company. The project was completed in May 2014. The total investment was RMB 316 million (US$ 48.91 million) and Kaidi had a 100% stake in the project. The electricity generation capacity of the plant was 30MW. How the agreement was granted to Kaidi was not reported. Neither was the concession term.
On 22 February 2011, the management agreement regarding the Fenxi County Wastewater Treatment Plant in Fenxi County, Linfen City, Shanxi Province was formally signed between the local government and a local private company, Hebei Yongyi Ecological and Environmental Engineering Co., Ltd.. The plant came into operation in October 2009 and its capacity is 10,000 cubic meters per day.  The term of the management agreement is unknown. Yongyi has a 100% stake in the project.
Aksu Temiz Enerji was planning the development of the 72 MW Aksu wind farm, near Kayseri, Central Turkey. The project was to comprise 36 turbines of 2 MW, producing an annual 205 GWh. Aksu Temiz Enerji was a subsidiary of Ayen Enerji, owned by Aydiner Insaat. Ayen Enerji acquired 70% of Aksu Temiz Enerji early-2011. The project consisted of 36 turbines of 2MW each, producing 235GWh annually.  The project was expected for commissioning in late-2011. Equipment was to be supplied by Vestas, under a contract announced in May 2011. The developer received a 49 year production license in November 2007.   Total costs were unkown as of October 2011. However, Turkish Industrial Development Bank TSKB agreed in May 2011 to finance EUR67 million ($89.1 million) in loans to Ayen Enerji for the project. Due to lack of data, total cost of $89.1 million was adopted here.   The project was commissioned in March 2012.
On 16th December 2010, Rural Electrification Corporation Limited (RECL) awarded a concession of 35 years (including construction period of 3 years starting from 7th January 2011) to a consortium of Patel Engineering Limited (33.3%),Simplex Infrastructures Limited (33.3%), and BS TransComm Limited (33.3%), for the development of the 208km 765kv single-circuit transmission,in the states of Karnataka and Maharashtra.The transmission project was associated with the upcoming Krishnapattnam Ultra Mega Power Project (4000MW)- and export of power from various IPPs coming up in Southern Region to their target beneficiaries in Western and Northern region. With this interconnection a synchronously connected all India Grid would come into existence.   REC Transmission Projects Company Limited (RECTPCL),a wholly owned subsidiary of Rural Electrification Corporation Limited incorporated on 19th November 2009, conducted the bid process for the SPV, Raichur Sholapur Transmission Company Limited (RSTCL). The SPV had been formed to undertake preliminary survey work, identification of route, preparation of Survey Report, initiation of the process of land acquisition (if required), initiation of process of seeking forest clearance(if required) and to conduct the bidding process. 23 identified Long Term Transmission Customers (LTTCs), primiarily across westerna dn southern region, were to enter into Transmission Service Agreement (TSA) with the successful bidder. Responses to the RFQ were received from 35 bidders on 26.4.2010, out of which 25 bidders were qualified for the RFP stage. The RFP bids comprising of Non-Financial Bids and Financial Bids were submitted by 20 bidders, out of which 1 bidder was rejected.19 bidders offered their finanical bids including Lanco Infratech, Asoka Buildcon, Navayuga, Sterlite. The (Patel,Simplex,BST) consortium won the bid by quoting the lowest levelized transmission charges of USD 6.4mn per annum (INR 293.9569mn @45.73 USD/INR). The L2 bidder (Lanco) had quoted INR 315.894mn/year and L3 bidder (Ashoka) had quoted INR 316.7983mn/year respectively.The SPV Raichur Sholapur Transmission Company Limited was subsequently transferred to the winning consortium on 7th January 2011.   The tranmission license was awarded by CERC on 24th August 2011 for a period of 25 years (to be extended on request before the expiry of the license period). Adoption of Transmission Charges and grant of Transmission License by CERC was done on 12th August,2011.The tariff adopted for the transmission system was valid for a period of 35 years. The tariff of the transmission assets beyond the period of 35 years were to be governed in accordance with the provisions of CERC Regulations. The tariffs or the Transmission Service Charges (TSC) comprised of a non-escalable component and an escalable component linked to inflation index as notified by CERC (Central Regulator). The ratio of the minimum and maximum quoted annual transmission charges during the term of the TSA should not be less than 0.7 and, the quoted escalable transmission charges were not to exceed 15% of the corresponding quoted nonescalable transmission charges for each of the corresponding contract year. Full TSC as per the quoted tariff structure were payable to BDTCL by the counterparty utilities subject to availability of the transmission lines at normative level of 98%. As mentioned in PTA, a payment security mechanism was in place which comprised of  a) revolving Letter of Credit (for 105% of monthly TSC), and  b) right for request to RLDC (Regional Load Dispatch Centre) for diversion of low cost power available to defaulting state utility in the peak time (7 to 10 pm) so that dues could be adjusted from the revenues arising out of sale of those diverted units at Unscheduled Interchange (UI) rate. Counter party credit risks post CoD were thus expected to remain largely mitigated by way of adequate payment security mechanism as put in place in PTA.  Details of financial closur
49.5MW wind farm located at Jinmangha of Haili, Xinganmeng of Inner Mongolia Autonomous Region, China and developed by UPC Asia Wind Management. UPC seems to have plenty of projects in China but most of its projects have not been reported in detail in Chinese media. UPC has a 100% stake in this project. The total investment is RMB 500 million (US$ 76.41 million). By July 12, 2011, only RMB 20 million has been expended; by March 2012, RMB 350 million has been expended. It is therefore estimated that the project reach financial close by Nov 2011. Given the good progress of the project, it is estimated that the project can be completed by the end of 2012.
The Seychelles East African System submarine fibre-optic cable system (SEAS), which is a 2000km cable with a pair of cables with a 320 Gb per second capacity, connecting Victoria, Seychelles and Dar-el-Salam, Tanzania. The promoter, the Seychelles Cable Systems Company Limited (SCS) is a private-public partnership undertaking made up of Airtel, Cable and Wireless Seychelles (CWS) and the Seychelles Government. They have awarded the contract to install the cable to Alcatel-Lucent in Nov 2010.  The total cost of the project is $38.26 million. Financing comprises $23.67m debt and €10m equity. Debt is split between $12m credit facility from the African Development Bank and €8m loan from the European Investment Bank. Financial closed on 27 Apr 2011.  The ITF grant was used by the Government of the Seychelles (GoS) to acquire an equity stake in the new company created to operate the cable, the Seychelles Cable Systems Company Limited (SCSCL). The purchase of the equity stake was made on 23 September 2011 for the USD equivalent of EUR 3.9m. The income received by the GoS from this equity stake will be used to provide free internet access to schools, hospitals and other social services.
OJSC Freight one is a state-owned Russian railways transporter which manages over 190,000 railway cars and ships cargo. In 2010 it shipped 302.3 million tonnes of cargo.  Independent Transport Company, a subsidiary of Universal Cargo Holding (UCL Holding) won a tender for a 75% (minus 2 shares) stake in OJSC Freight One in October 2011. The company bid US$4.271 billion (125.5 billion rubles) for the shares. In December 2011, ITC secured a US$ 2,552 billion (75 billion rubles) loan from Sberbank and VTB Capital consortium to pay for the shares. On December 22, 2011, ITC paid the balance of 120 billion rubles to  the Russian government (after having paid an initial 5 billion rubles deposit in October)  The transport group Universal Cargo Logistics Holding (UCL Holding) ships freight by railway and water transport and transships them at Russian ports. The holding also renders logistical services, organizes cruise line passenger traffic, and owns shipbuilding assets.  The group's railway assets are integrated into the company UCL Rail. Besides ITC, it also includes LLC ITC-Railcar and OJSC Car-Repair Depot Gryazi (joint venture with RZD). UCL Rail owns over 28,000 freight cars, 27,000 of which are gondola railcars.
Sunwest Water and Electricity Inc (SUWECO), part of the Sunwest Group, developed the Solong and Hitoma hydropower plants. Total capacity was 3.6MW.  The projects were commissioned in 2010 and 2011 respectively. Total output in 2011 was 16,434 MWh, sold to the First Catanduanes Electric Cooperative.   Financial closure date was unknown. ASSUMED here is January 2011. Total cost was unknown, estimated here at US$5 million.
In January 2010, the National Highway Authority of India (NHAI) awarded a 25 year concession (including construction period of 30 months) to Reliance Infrastructure Limited for the strengthening, improvement, four-laning, operation and maintenance of 71kms of Kandla Port-Mundra Port Section of National Highway-8A (NH-8A)  in the state of Gujarat.  Under the contract, Reliance Infra was responsible for the design, construction,finance, operation and maintenance and strengthening of the existing two-lane highway to a four-lane highway with paved shoulders. The scope includes initial construction of 4 lanes and subsequently widening the same to six lanes after 8 years including construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, service roads, road intersections,interchanges, drains, etc.The expansion project, part of National Highway Development Project Phase - III,  connects two major ports of India to other parts of India, thus attracting lot of truck traffic to the corridor and will give significant stimulus to trade and commerce in the entire region.  The sponsor Reliance Infrastructure Limited established K M Toll Road Private Limited, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI during Feb 2009, by quoting the highest premium of US$ 9.3 million (INR 420 million @ 45 INR/USD) to be paid to NHAI. Of the 20 bidders qualified for the financial bidding stage, 6 bidders participated in the bidding. Of this, 4 companies offered a premium to the NHAI, while the rest demanded grants from the authority.The GVK-led consortium, coming second, had quoted a premium of INR 306mn.Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement was signed in March 2010. The project attained financial closure on 25th January 2011. The debt equity ratio of the project was 70:30. The estimated capital cost of the project at the time of financial closure was US$ 250.7mn (INR 11280 mn @ 45 INR/USD) million. Financing comprised INR 7890mn 15year tenure term loan, and INR 3390mn equity. The INR 7890mn term loan had a payment grace period of 4 years and repaymnet was in 44 quarterly instalments.The debt was arranged by Yes Bank Limited.  There were a total of 7 lenders: Karnataka Bank Ltd(500m), Corporation Bank (1,650m),Punjab & Sind Bank(850m), State Bank of Bikaner & Jaipur (850m),Bank of Maharashtra(850m), State Bank of Hyderabad(850m), Andhra Bank(1,250m).  Construction on the project began in September 2010 and was expected to be completed by March 2013.
Dakrosa Hydropower JSC, a subsidiary of Thac Mo Hydro Power Joint Stock Company in turn a subsidiary of EVN, developed the 2.4MW Dakrosa 2 small hydropower plant, Ngoc Tu Commune, Dak To District, Kon Tum Province. The project was expected to generate 10,986 MWh annually. The project consists of three turbines, of 0.87MW each, run-of-river with small reservoir. Load factor was expected to be 53.3%. In October 2012, Thac Mo Hydro Power Joint Stock (a subsidiary of EVN) purchased 61% of the equity in the developer at a price of 48.3 million Dong (US$230,000).   The output is sold to the national grid and evacuated via a 22kV line. Tariff was expected to be 601 Dong/kWh. Operational life was estimated at 30 years.  Total investment was estimated at 50,371 million Dong US$2.4 million). Financing was expected to be done on a 60/40 debt to equity basis, with a commercial loan priced at 12.75% and a tenor of 12 years and 2 years grace. Based on D/E of 60/40, the total debt size was US$1.44 million, and US$ 0.96 million in equity. Project IRR was calculated at 9.02% without CDM financing and 15.56% with CDM financing. The project applied for UNFCCC CDM financing.      Project location: 14o 43'04"N 107o 49'10"E
The Brazilian company Nova Fronteira S.A., a partnership of the Brazilian companies Sao Martinho S.A. (51%) and state-owned Petrobras (49%), was granted the authorization to build and operate a 80-MW sugar-cane-residue fueled power plant located in the state of Goias. The 35-year contract was signed with the regulatory agency ANEEL in June 2007, and the sponsors created the company Usina Boa Vista S.A. to manage the project.  The power plant was named UTE Boa Vista.  UTE Boa Vista commenced operations in June 2008 as a captive unit with a capacity of 40 MW. In October 2006, the company won the public bidding for the sale of electricity to the regulated market that took place in October 2006, by offering a tariff of US$ 61.9/MWh (BRL 134.99/MWh). The project company signed 15-year power purchase agreements with the several electricity distribution companies. UTE Boa Vista  committed to start supplying electricity to the market in 2011. In order to fulfill this commitment, UTE Boa Vista invested US$ 70.5 million (BRL 153.6 million) to expand its capacity to 80 MW. This new unit commenced operations in April 2011.  In 2012, UTE Boa Vista started investing in an additional 40 MW unit. This expansion was envisaged because the sponsors decided to invest in expanding the capacity of the sugar-cane pressing facilities associated with the thermal power plant. The total investment on both the power plant and the industrial facility was estimated at US$ 220.5 million (BRL 430.5 million), and it was financed with a US$ 182.7 million (BRL 356.6 million) loan from the state-owned bank BNDES granted in October 2012. The loan was also set to finance not only the expansion of the thermal power plant, but also the expansion of the associated sugar-cane processing facilities.  UTE Boa Vista was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
Bagasse based biomass power project is part of Neerani Sugar Limited's expansion project in Bellary, Karnataka. The power plant was expected to be commissioned in Oct 2011, Sugar plant by Nov 11. Total expansion project cost was INR 2630mn.  Further details are not available. But as per Rating report, the plant was expected to be commissioned in November 2011.
In January 2008, the Chattisgarh Government, signed a MoU with DB Power Limited (DBPL), a SPV of the media company Dainik Bhaskar Group for development of a 1200 MW coal-fired sub-critical thermal power plant in Baradarha village in the Janjgir Champa district of Chhattisgarh.  The project was planned to be executed in two phases, each of 600 MW. DB Power was currently developing the 1st phase of 600MW. The land required for the project was 1077 acres out of which the company has acquired 548 acres (around 50%) of land till end of February 2011 which was sufficient to accommodate the main plants of both Phase-I & II. The acquisition of balance land was under progress. Water requirement, estimated at 40 million cubic meters per annum, would be met from Mahanadi River for which the company had received approval from Water Resource Department, Government of Chhattisgarh. DBPL had received all major clearances like environment clearance, chimney clearance etc. However, environment clearance for captive coal mining was pending. For evacuation of power, DBPL would build a 15 km long, 400 kV transmission line upto PowerGrid Corporation of India Ltd. (PGCIL)'s proposed Kotra sub-station.   The primary fuel for the project was domestic coal. DBPL's coal requirement had been estimated to be around 5.298 Million tons per annum (MTPA). The company had received Letters of Assurance (LoAs) from South Eastern Coalfields Limited (SECL) and Mahanadi Coalfields Limited (MCL) each for supply of 2.497 MTPA of grade ‘F’ coal. Apart from these coal linkages, DBPL had been allotted Durgapur-II/Sariya Captive Coal Block which would be able to supply 2 MTPA of coal. The coal from MCL would be available on tapering basis- as the output of captive coal block would increase, coal supplied by MCL would reduce. Captive coal mine, when fully operational, would be able to meet around 38% of the coal requirement of DBPL. Fuel needed to be transported from the mines of SECL and MCL to Robertson station over a distance of about 80 km and 115 km respectively. From Robertson station, the company proposed to build a 15 km long railway spur to the plant site and cost for the same had been included in the project  cost. After the Fuel Supply Agreement (FSA) were entered into with SECL & MCL,the company would enter into a suitable Coal Transportation Agreement (CTA) with Indian Railways.The company had awarded EPC contracts for Boiler-Turbine-Generator (BTG) and Balance of Plant (BOP) to Bharat Heavy Electrical Limited (BHEL) and L&T respectively.  The power generated from the project of 600MW was expected to be sold to entities including state electricity boards, state owned utility companies, power trading companies. As per the Implementation agreement (IA) signed with Government of Chattisgarh on 6th August 2009, DB Power would provide 7.5% of the net power generated by the project to an agency nominated by the state government. The tariff or energy charge would be determined by the appropriate Electricity Regulatory Commission. Under the IA, the state government had the first right to purchase power up to 30% of the aggregate capacity at the tariff approved by the ERC.Further, DBPL had signed a long-term (25 years) PPA with PTC for 290 MW with a Base Tariff of INR 2.89 per kWh (net of 2.5% trading margin). The PPA with PTC provides for compensation of fixed charges at INR 1.74 per kWh if PTC was not able to sell the capacity provided DBPL was able to achieve plant availability of 85%. Also if PTC sold power at higher than Base Tariff, DBPL would get 90% of the surplus amount. The PPA with PTC allowed for increase in coal price by about 4% per annum. The balance (of both phases of 1200MW) capacity of around 467 MW was untied and a part of this capacity would be sold on merchant basis, although negotiations for a PPA with GMDC were reportedly under progress.  The cost of the Phase-I of the Project (600MW) was estimated to be approximately USD 737.8 million (INR 332
The company Usina Sao Jose da Estiva S.A. Acucar e Alcool, a wholly-owned subsidiary of the Brazilian group W.J. de Biasi, was granted the authorization to build and operate a sugar-cane-residue fueled power plant located in the state of Sao Paulo (42.5 MW in total capacity).   The 30-year contract was signed with the regulatory agency ANEEL in April 2000. The sponsor created a special purpose company named UTE Sao Jose da Estiva S.A. to manage the project. The power plant was initially established as a captive unit, but only in 2000 it received the approval from the regulatory agency to expand capacity and to sell electricity to the grid. The power plant had initially a capacity of 6.9 MW, which was expanded to 19.5 MW in 2002. In 2009, the sponsor received another authorization to expand its capacity to 42.5 MW, allowing a greater amount of electricity to be exported to the national grid. As of February 2012, construction works were concluded.  The value of the investment committed to the project was not available.  The electricity produced with the expansion of the capacity was set to be sold under two power purchase agreements: the first with the electricity distribution company CEMAT, valid until 2016, and the second with Grupo Rede, valid until 2022. Additionally, any energy surplus not sold was set to be negotiated in the free market with purchasers not yet established.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
In February 2011, the power generation company Fernas Energy Electricity Generation Co. Inc., a subsidiary of Turkey's Fernas Insaat, completed project financing for the construction and development of a 49-MW hydro plant located in the region of Batman, southeast Turkey. Garzan Dam & HEPP Project was developed on a greenfield, merchant basis.    In May 2008, the Project was awarded to FERNAS Energy Electricity Generation Co. Inc., in BO basis. Financial closure was reached in February 2011 when Yapi ve Kredi Bankasi A.S Bank, Turkey's fourth largest private bank, part-owned by Koc Financial Services (in turn 50% owned by Italy's UniCredit and Turkey's Koc Holding), extended a $65.5 million credit package to Fernas Energy. The loan matures on over a period of 10 years.    Fernas Construction Company has undertaken the construction of the Project. Garzan plant was 70% completed in February 2011 and was expected to enter commercial service by the end of the year. The scope of works includeed engineering, procurement, construction, installation, pre-commissioning and commissioning of 4.5 million m³ of rock fill dam, spillway, 697 m. long derivation tunnel, 386 m. long energy tunnel, 409 m. long penstock and electromechanical turbine and generator with a capacity of 47.45 MW. 209.79 Gwh/year. Yapi Kredi had so far taken part in the financing of up to 5 GW of energy projects. The on-going liberalisation of the electricity and gas markets in Turkey encouraged these projects as it required forward-thinking engagement and collaboration between sponsors and lenders.
Nirmalapura Wind Power Pvt Ltd., 30% owned by Hayleys Group, listed in Sri Lanka, was planning the development of the 10.5MW Kalpitiya Wind Farm, in the coastal town of Kalpitiya, Northwest Sri Lanka. The project company and operator of the project was Nimalapura Wind Power Pvt. Ltd., subsidiary of Hayleys Group. The project was expected to generate 32 GWh annually. WindForce (Pvt) Ltd. was also reported as participating in the development, a company owned by two other project companies:  Seguwantivu Wind Power Pvt. Ltd. and Vidatamunai Wind Power Pvt. Ltd. These project companies were owned by Akbar Brothers, Hirdaramani Group and Debug Group.   The project was expected to be commissioned in September 2011. The plant is located on the same peninsula as a SENOK wind farm. The project was reported as under construction by Hayleys Group in June 2011, and the firm expected commissioning in September 2011. In the annual report of 2011, Hayleys reports construction of the plant was completed, but it was yet to be connected to the grid. The project is reported here as Financial Closed in December 2011, completion of the construction works, but still under construction due to lacking grid connection.  Total investment was unknown. The project company received a loan from HSBC of 1,155 crore ($8.68 million) at LIBOR +3.25% according to its annual statement, with a tenor of 4 years - for which the land was mortgaged. Total investment was reported to be Rs. 2.3 billion (US$17.4 million).
In July 2008, the Madhya Pradesh Government, signed a MoU with Moser Baer Projects Private Limited for development of a 2520 MW coal-fired thermal power plant in the district Anuppur in Madhya Pradesh. The project was planned to be executed in two phase - Phase-1 of 1200 MW (2X600 MW), and Phase-2 of 1320 MW (2X660 MW).Moser Baer was currently developing the 1st phase of 1200MW, through its Special Purpose Vehicle  MB Power Madhya Pradesh Limited (MBPMPL).Water requirement of 5480 cum/hr would be sourced from Son river flowing at a distance of 6kms from plant.Water allocaton from Water Resources Department, Government of Madhya Pradesh had been obtained. Land requirement was 996 acres and acquisition had been completed. Environmental clearance had been obtained in November 2010.The EPC contract for phase 1 of the project had already been awarded to Lanco Infratech Ltd at a fixed price of INR 41000mn. Lanco had inturn placed order for Boiler-Turbine-Generator (BTG) package with Harbin Power Engg. Co. Ltd., China. Long Term Open Access had also been granted by PGCIL(Powergrid) in June 2010.   The primary fuel for the project was domestic coal, the total requirement of which is estimated at 5.4 Million Tons Per Annum (MTPA). MBPL had received coal linkage from South Eastern Coalfield Ltd. (SECL) for the supply of 5.0 Million Tons Per annum (MTPA) coal [92% of total requirement]. Further, the company had applied for remaining 8% of coal required to SECL and LOA was expected in next few months.  The power generated from the Phase-I of the project of 1200MW (net capacity of 1122MW after deducting the auxiliary power consumption of 78MW) was expected to be sold to entities including state electricity boards, state owned utility companies, power trading companies. As per the Implementation Agreement signed with GoMP on 1st December 2009, 35% of the net capacity (393MW) was reserved for Government of Madhya Pradesh; Madhya Pradesh Power Trading Corporation Limited (MPPTCL) had entered into a PPA for purchase of this share at 5% capacity at variable cost and 30% at tariff determined by CERC. For 400 MW capacity, MBPL had signed a long-term (25 years) PPA with PTC India Ltd. (PTC) with base tariff of INR 2.89 per unit.The PPA with PTC allows for increase in coal price by about 4% p.a. Hence, MBPL would have to bear the risk of sudden hikes in linkage coal, if any. The balance 329 MW capacity was untied and the company was planning to sell the same on merchant basis (short term market)    The project cost was estimated to be approximately USD 1386.7 million (INR 62400mn @45 INR/USD). Financial close took place on 24th April 2011 at a Debt/Equity ratio of 75/25. Moser Baer financed this project through an equity contribution of USD 346.7 million (INR 15600 @45 INR/USD) and a debt of USD 1040 million (INR 46800mn @45 INR/USD). The debt, arranged by Axis Bank and SBI Capital, had a door-to-door tenor of 14 years and was priced at a margin of 450bp over the SBI base rate. Repayment was in 40 quarterly instalments commencing 6months after COD (so a grace period of 4.0 years,which included the construction period of 3.5 years).The final maturity date was September 30 2024.  Securities include a first charge on project assets and a pledge of a 51% share of the borrower, as held by the sponsor.  Lenders were led by Axis Bank with INR 2340mn and SBI with INR 1890mn. Other banks were L&T Infrastructure Finance (INR 2500mn),State Bank of Patiala (INR 1000mn), and State Bank of Bikaner & Jaipur (INR 1000mn). Macquarie SBI Infrastructure Fund (MSIF) and the State Bank Of India (SBI) on behalf of the SBI Macquarie Infrastructure Trust would together invest USD 123.4mn (INR 5800mn @47 INR/USD) equity in Phase-I of Anuppur Thermal Power Plant.The residual equity of USD 208.5mn (INR 9800mn) will be funded by the Sponsor Mosear Baer Projects Private Limited.  The construction for the Phase-I of the project started in october 2010 and was expected to be pro
In April 2010, the National Highway Authority of India (NHAI) awarded a 20 year concession (including construction period of 5 years) to a consortium of Navayuga Engineering Company Limited and Krishnapatnam Port Company Limited, for the strengthening, improvement, 4-laning, operation and maintenance of 15.25 kms of Quazigund Banihal Section of National Highway-1A (NH-1A), from km 189.350 to km 204.700 of 1A, including 2 Tunnels (2 lanes) of 0.69 km & 8.45 km length  in the state of Jammu & Kashmir.   Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance and strengthening of the existing carriageway to a 4-lane highway with paved shoulders. The scope will include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, tunnels, viaducts, culverts, road intersections, interchanges, drains, etc.The project will have two parallel tunnels of 8.5 kms each.Each of the tubes will have a 7-m carriageway, which is adequate for two lanes, but traffic will be allowed on only on one lane.The other lane will be set aside for emergency.The existing stretch on NH-1A in this corridor has blind curves, steep gradient and vehicles - with more than 8-tonne loads-are not allowed. The entire mountainous stretch between these two points sees frequent slope failures, rock falls and avalanche.  NH-1A connects Jammu with Srinagar. The tunnels will reduce the distance between the two towns by almost 51km, lessening the travel time by at least five hours. The tunnels will not only make the journey less risky, but will also help boost tourism in the border state.  The consortium of Navayuga Engineering Limited (51%) and Krishnapatnam Port Company Limited (49%, KPCL was a subsidiary of Navayuga Group), established Navayuga Quazigund Expressway Private Limited, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by requesting the lowest fixed annuity of US$ 108.9 million (INR 4900 million @ 45 INR/USD). 9 developers were shortlisted out of which only 3 bid for the project. The L2 bid of INR 3334million (semi annual annuity) was by SREI consortium. Under the contract, the SPV was to recover the capital costs and operating costs including returns through fixed semi-annual payment of INR 2450mn from NHAI during the term of concession.  The project attained financial closure on 1st January 2011.The estimated capital cost of the project at the time of financial closure was US$ 558.6 (INR 25135.8 mn @ 45 INR/USD) million. The Debt/Equity ratio was 80/20. Financing comprised INR 19310 mn 15year term loan, INR993.5mn Bank Guarantee, and INR 4831.5mn sponsor equity. The INR 19310mn term loan had a repayment schedule of 37 quarterly installments.The particpating banks were Andhra Bank(1670mn),Bank of India(850mn),Central Bank of India(1750mn), Corporation Bank (1590mn),India Infrastructure Finance Co Ltd(3750mn), Oriental Bank of Commerce(850mn),Punjab National Bank(3000mn), State Bank of Hyderabad (850mn),State Bank of India(5000mn). Reserve Bank of India documents lists an ECB borrowing amounting to US$ 40million (tenor of 6-years 9-months) in December 2010 by Navayuga Quazigund Expressway Private Limited, however it could not be ascertained whether the INR 19310mn debt syndication noted above had any ECB component or whether any part of the INR 19310mn Term loan has been refinanced by way of cheaper USD loans.  Construction on the project began in January 2011 and was expected to be completed by January 2016.
The Emgasud Rawson wind farm was a 77.4 MW wind farm, consisting of 43 Vestas 1.8 MW turbines, in Chubut province, near the city of Puerto Madryn..  The project developer, Emgasud Renovables S.A. was created to develop and operate renewable energy generation facilities in Argentina.  As of 2011, the company was a subsidiary of Emgasud, which in turn was 45% owned by the Argentinian Fides Group and 42.7% by US-based Fintech.      The project was awarded in a government tender for renewable energy known as GENREN, whereby the winning bids were awarded 15-year PPAs with the state utility Enarsa.  Predicted investment in the project was USD 144 million, with an expected final commissioning date in 2012.    In 2011 it was reported that the Emgasud had successfully raised a USD 157 million on local debt markets to finance the construction of the Rawson project.  Emgasud changed its name to Genneia in 2012.
In 2010, Jaihind Projects Limted signed an MoU with Gujarat Energy Development Agency (GEDA) for setting up a 5-mw photovoltaic solar project at Chadiyana Village in Patan District of Gujarat, under the Gujarat Solar Policy 2010. The project would consist of Poly Crystalline silicon modules (with Thin film technology). The land and requisite approvals for the project were in place. The output from the project would be fed to the North-East-West-North-East (NEWNE) grid of India. Power evacuation was planned through a 66 KV line, which, as per the state policy, was the responsibility of Gujarat Energy Transmission Corporation Limited (GETCO). The transmission system was however not yet implemented and hence the sale of power would be delayed to that extent.  Jaihind Projects had entered into a 25-year Power Purchase Agreement with the state utility Gujarat Urja Vikas Nigam Limited (GUVNL) in December 2010, which would be effected at the time of commissioning of the project. The APPC (Average Power Purchase Cost) as per the Gujarat Solar Policy 2010, was US$ 0.33/Unit (INR 15 per unit @ 45INR/USD) for the first 12 years, and US$ 0.11/Unit (INR 5 per unit @45 INR/USD) from 13th year to 25th year. The total capacity of 15MW was eligible for carbon credits. Proceeds of carbon credit were to be shared as follows: (a) 100% by SBEGOPL in the first year after the date of commercial operation of the generating station/ transmission system;(b) in the 2nd year the share of GUVNL would be 10% which would be progressively increased by 10% every year up to 50% whereafter the proceeds would be shared in equal proportion, by Jaihind Projects and GUVNL.Transmission and/or wheeling charges would be paid by Jaihind Projects.  Financial closure took place in November 2011.The total project cost was US$ 16.6mn (INR 783mn @47 INR/USD).The Debt/Equity ratio was 72/28. Financing comprised sponsor equity of US$ 4.7mn (INR 220mn) and an debt of US$ 11mn(INR 563mn @51.18 INR/USD). Axis Bank arranged for the US$ 11 million, 9-year external commercial borrowing (ECB).The ECB was to be repaid in 16 half year instalments starting from April 2013. The Asian Development Bank (ADB) also provided a Partial Credit Guarante (PCG) for the project.  Construction was expected to start in October 2010 and commercial operation was expected to start in April 2011. The plant was finally commissioned in March 2012.
Symbion Power LLC, a US-based power and engineering firm, bought the idle Dowans facility (project ID#4454, 3-years idle) for an estimated $120 million in May 2011. It immediately proceeded to activating the gas-fired facility of 120MW, and managed to bring it to operation by June 2011.   Symbion Power was to conclude a new power-purchasing agreement with Tanesco, the Tanzanian parastatal. The rates are $4.99 per hour. The power-purchasing agreement contracted Symbion to supply 125MW of electricity using both gas and Jet-1 fuel.
10MW building-intergrated PV project developed by Changzhou Eging Photovoltaic Technology Co Ltd in Jintan city, Jiangsu Province, China. The project was approved by the local government in May 2010. Construction commenced in May 2010 and was completed in December 2011. Although the capacity of the project was initially set as 9.8MW, only 5.2MW was realized without reason given. The tariff is about 2.4 Yuan per twh with substantial government subsidy, much higher than the prevalent fee of .40-.50 Yuan per twh.  Eging has a 100% stake in the project. The agreement was granted on a sole source direct negotiation basis. The total investment is RMB 80 million (US$ 12.23 million).
The partnership of the Brazilian state-owned company Petrobras (51%) and the Brazilian Alubar Energia S.A. (49%) was granted an authorization to build a 26-MW wind power plant located in the state of Rio Grande do Norte, in the municipality of Guamare. The 35-year contract was signed with the regulatory agency ANEEL in June 2010, and a special purpose company was created to manage the project: Eolica Mangue Seco 1 Geradora e Comercializadora de Energia S.A. This power plant was part of the Mangue Seco Wind Park, which had three other units: two owned by Petrobras and Wobben (Mangue Seco 3 and Mangue Seco 5) and another owned by Petrobras and state-owned Eletrobras (Mangue Seco 2).  The subsidiary committed to invest US$ 53 million (BRL 212 million) in the construction of the 26 MW power plant. The entire park cost US$ 212 million (BRL 424 million).  In 2010, the sponsors began the construction of the plant and operations commenced in October 2011. The power generated at the Mangue Seco Wind Park was set to be sold to the regulated market under 20-year power purchased agreements which were granted in a competitive bidding process in December 2009.
The Brazilian company Energio Nordeste Energia Renovaveis   was granted authorizations to build five wind power plants located in the state of Ceara (121.8 MW in total capacity). The 35-year contracts were signed with the regulatory agency ANEEL in September 2011. The following special purpose companies were created to manage the projects:  * Central Eolica Taiba Aguia Ltda (23.1 MW) - Total investment: US$ 52.9 million (BRL 86.4 million) * Central Eolica Taiba Andorinha Ltda (14.7 MW) - Total investment: US$ 34.3 million (BRL 56 million) * Central Eolica Colonia Ltda (18.9 MW) - Total investment: US$ 43.1 million (BRL 70.3 million) * Central Eolica Icarai I Ltda (27.3 MW) - Total investment: US$ 68 million (BRL 110.9 million) * Central Eólica Icaraí II Ltda (37.8 MW) - Total investment: US$ 92 million (BRL 150.2 million)  The investment commitment was estimated at US$ 290.4 million or BRL 473.9 million).   All power plants signed power purchase agreements arranged with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA  (incentive program for alternative power generating companies) in 2009. Operations were initially set to commence in July 2012.  In 2012, Queiroz Galvao Energias Renovaveis, a subsidiary of Queiroz Galvao group, acquired the shares of Energio on all project companies.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company is not subject to sectoral taxes.  In May 2012, the sponsor applied for carbon credits.  As of October 2012, construction works were underway, but behind schedule, and commercial operations were expected to commence in early 2013.  In December 2012, the state-owned bank BNDES approved the following loans to the project companies:  * Central Eolica Taiba Aguia Ltda - US$ 22.6 million (BRL 44.1 million) * Central Eolica Taiba Andorinha Ltda - US$ 12.2 million (BRL 23.9 million) * Central Eolica Colonia Ltda - US$ 15 million (BRL 29.3 million) * Central Eolica Icarai I Ltda - US$ 24.5 million (BRL 47.9 million) * Central Eólica Icaraí II Ltda - US$ 23.7 million (BRL 46.3 million)  In October 2014, BNDES granted an additional US$ 107.9 million (BRL 254 million) in loans to the project.  Commercial operations commenced in March 2014.
The Brazilian company Serveng Civilsan S.A. was granted authorizations to build ten wind parks located in the state of Rio Grande do Norte (169.6 MW in total capacity). Three subsidiaries were created to manage the wind parks: Uniao do Ventos  1, 2, 3, 5, 7 were to be managed by Uniao dos Ventos Geradora Eolica S.A.; Uniao dos Ventos 4, 6 and 9, by Ventos Potiguares Geradora de Energia S.A.; and Uniao do Ventos  8 and 10, by Caicara dos Ventos Geradora Eolica S.A. The 30-year contracts were signed with the regulatory agency ANEEL in June 2011.   The private sponsor committed to invest US$ 444 million (BRL 723.7 million) in the construction of the ten wind parks. In April 2011, the state-owned institution Sudene approved a line of credit worth of US$ 273.1 million (BRL 445 million). In December 2011, the state-owned development bank BNDES approved a US$ 331.2 million (BRL 557.1 million) loan to the project.  The company also had requested funding from the IADB (US$ 66 million or BRL 107.6 million) A-Loan contract), whose appraisal had not been undertaken as of November 2011.  The Company has already signed a 15-year power purchase agreement (PPA) to sell all the electricity generated by the Project, which is expected to commence operations on January 1, 2013. Construction works have not begun as of November 2011.  Commercial operations commenced in April 2014.
In March 2011, Meizhou China Gas Co., Ltd., a subsidiary of China Gas formally signed an agreement with the Wuhua County Government to build and operate the pipeline LNG facilities in Wuhua County, Meizhou City, Guangdong Province. Wuhua County is in the Northeast of Guangdong, and has a population of 1.28 million. Meizhou China Gas was registered in Meizhou City, Guangdong Province in 2007 and has had a big market share in Meizhou. The investment on the project for the first phase is RMB 50 million. The facility will have a capacity of 500,000 cubic meters per day. China Gas has a 100% stake in the project.
Construction of the PV power plant invested by the Zhejiang based private company Zhengtai Group commenced in Sep 2011. Zhengtai had a 100% stake in the project. The total capacity of the plant was 10MW. The total investment was RMB 219.2669 million (US$ 33.94 million). The project was completed in May 2012. A special project vehicle, Ningxia Taiyangshan Zhengtai PV Power Co., Ltd. was established in July 2011 with a registration capital of RMB 40 million to conduct the project. Concession term was unknown. At least 25% of construction had been achieved by Nov 2011.
In early April 2011, Ningbo Port Co., Ltd., China Shipping Terminal Development Co., Ltd. and PSA International Pte Ltd (Singapore based) signed an agreement with Meishan Free Trade Zone Management Committee about operation of the berths No.1 and No.2 of the Meishan Container Port in Ningbo Meishan Free Trade Zone in Ningbo City, Zhejiang Province. A project company, Xinhaiwan Port Operation Co., Ltd. was established to undertake the agreement. The shares of the partner companies are unknown. The concession agreement was granted on a competitive basis. The design capacity of the container port is 3,000 TEU. The total investment is about US$ 30 million.
On March 17, 2011 a Singapore based company Sinomem Technology Ltd. Signed an agreement with the Hua’an County Government to build and operate the No. 2 Wastewater Treatment Plant of Hua’an County, in Hua’an County,  Zhangzhou City, Fujian Province. This is the 23rd wastewater treatment plants undertaken by Sinomem. The total investment is RMB 58.13 million (US$ 8.88 million) and Simomem has a 100% stake in the project. The Plant has a capacity of 10,000 cubic meters per day (phase 1) and the long term objective to expand it to gain a capacity of 30,000 cubic meters per day. Sinomem won the agreement through an open bidding process with a treatment fee of RMB 1.13 Yuan per cubic meter. The concession term is 26 years including 1 year for construction. According to a call for proposal for construction works dated on January 11, 2012, capital for the project had been secured.
On August 10, 2011, a local private company, Hebei Yongyi Ecological and Environmental Engineering Co., Ltd. signed a management contract with Wei County Government to operate the Qingyuan Wastewater Treatment Plant in Wei County, Hebei Province. The capacity of the facility is 20,000 cubic meters per day. The agreement is granted through an open bidding process.
In March 2011, China Gas signed an agreement with the Huoqiu County Government to build and operate urban pipeline LNG facilities in Huoqiu County, Anhui Province. The term for both construction and operation is 30 years. China Gas won the project through open bidding. A wholly foreign owned project company, Huoqiu China Gas Urban Gas Development Co., Ltd. is established to conduct the project with a registration capital of RMB 15 million. The total investment is RMB 30 million.
In January 2008, the Chattisgarh Government, signed a MoU with Athena Chattisgarh Power Limited (ACPL) for development of a 1200MW coal-fired thermal power plant located near the village of Singhitarai in the Janjgir Champa District in the state of Chhattisgarh. The 1200 MW coal-fired sub-critical thermal power plant would consist of two Steam Turbine Generator sets of 600 MW each,two of Pulverised Coal Fired Steam Generators and associated balance of the plant. ACPL had executed Boiler, Turbine and Generator (BTG) contract with Dongfang Electric Corporation, China, and Balance of Plant & Civil Works contract with Abir Infrastructure Pvt. Ltd. Both the contracts had been entered into on a fixed price and fixed time basis.Indigenous coal would be used to fuel the plant and the coal linkage for part of the project capacity had already been granted. The project had also been accorded environmental clearance by the Ministry of Environment and Forest. The total land requirement for the project was 1012.85 acre, of which, ACPL had 857.81 acre under its possession. Whilst 150.5 acre of land has been acquired, ACPL had entered into a lease with Chattisgarh State Industrial Development Corporation (CSIDC) for the rest.Water requirement of 40cusec would be met from Mahanadi river at a distance of 23km by pipeline.Power would be evacuated to 400/765 KV pooling station of PGCIL at Kotra located at 24 km from the site. ACPL would construct the transmission line for the same. ACPL had entered into a Bulk Power Transmission Agreement with PGCIL.  The primary fuel for the project was domestic coal, the total requirement of which was estimated at 5.2 million tons per annum (MTPA). ACPL had obtained a long-term coal linkage vide a Letter of Assurance from South Eastern Coalfields Ltd., a subsidiary of Coal India Limited, for ‘F’ Grade Coal to the tune of 2.747 MTPA, which would meet nearly 53% of its coal requirement. The remaining 47% of the coal requirement would be sourced from the captive mine block of Fatehpur East Coal Block (FEC) located at Chhattisgarh, which was awarded by the Ministry of Coal jointly to AIP Power Ltd., JLD Yavatmal Energy Ltd., R.K.M.Powergen P.Ltd., VISA Power Ltd., and Vandana Vidyut Ltd.The primary fuel supply points, i.e. coal blocks of SECL and FEC are located at a distance ranging 30 km–90 km from ACPL’s site. While SECL was already connected to the Indian Railways Network, ACPL was exploring options to link FEC to the network as well so that coal could be supplied up-to the nearest station. The coal block’s COD is proposed for October 13, 2013, i.e. 6 months prior to COD of ACPL’s power plant. Fatehpur East Coal Private Limited (FECPL), a Joint Venture Company was incorporated for the purpose of exploration of FEC block. With a share of 22% in the JV, ACPL would get 2.75 MTPA of coal, which would meet 47% of the net fuel requirement. The risks in jointly developing the mine with other players would largely pertain to the timely infusion of equity by all the players, which in turn would depend upon the progress of their respective projects. The JV, however, allowed for drawing of the coal by individual players depending on the progress of their respective power plants.  The power generated from the 1200MW power plant was expected to be sold to entities including state electricity boards, state owned utility companies, power trading companies.As per the Implementation Agreement with the Government of Chattisgarh (GoC), ACPL is required to sell 39.41% of the power generated to GoC, of which 7.5% would be at variable charges and balance at a two part tariff as per CERC norms. Accordingly, on January 5, 2011, ACPL has entered into a long-term (20 years) PPA with Chhattisgarh State Power Trading Company Ltd (CSPTradeco) for approximately 445MW. ACPL has also signed a Power Purchase Agreement (PPA) with PTC India Limited on May 6,2009, for 150MW for a period of 25 years from COD. The tariff comprises two-part payment;
In December 2010, Sun Clean Renewable Power Private Limited (SCRPPL) (a project SPV of Sun Group-a private equity fund manager in India, Russia, and other emerging markets), signed an MoU with Gujarat Energy Development Agency (GEDA) for setting up a 25-mw photovoltaic solar project at Charanka in Patan district of Gujarat, under the Gujarat Solar Policy 2010. The Project was proposed to be implemented for entire 25 MW however due to various reasons such as land issues, delay in financial closure and flooding of land due to unusual and excessive rainfall in the prposed project areas resulted in commisioning of only 6 MW. SCRPPL had petitioned to Gujarat Electricity Regulatory Commision (GERC) for extension of the "control period", defined as per GERC's Tariff Order dated 29th January,2010 for the remaining 19 MW capacity. The said petition was dismissed by GERC on 22nd February, 2012. The output from the 6MW project would be fed to the North-East-West-North-East (NEWNE) grid of India. SCRPPL had appointed Larsen & Toubro (L&T) as the EPC contractor for the project. Power evacuation was planned through a 66 KV line, which, as per the state policy, was the responsibility of Gujarat Energy Transmission Corporation Limited (GETCO).  SCRPPL had entered into a 25-year Power Purchase Agreement with the state utility Gujarat Urja Vikas Nigam Limited (GUVNL) on 8th December 2010, which would be effected at the time of commissioning of the project. The APPC (Average Power Purchase Cost) as per the Gujarat Solar Policy 2010, was USD 0.32/Unit (INR 15 per unit @ 47INR/USD) for the first 12 years, and USD 0.11/Unit (INR 5 per unit @47 INR/USD) from 13th year to 25th year. The total capacity of 6MW was eligible for carbon credits. Proceeds of carbon credit were to be shared as follows: (a) 100% by SCRPPL in the first year after the date of commercial operation of the generating station/ transmission system;(b) in the 2nd year the share of GUVNL would be 10% which would be progressively increased by 10% every year up to 50% whereafter the proceeds would be shared in equal proportion, by SCRPPL and GUVNL.Transmission and/or wheeling charges would be paid by SCRPPL.  Financial closure took place in September 2011. The total project cost was US$ 19.1mn (INR 900mn @47 INR/USD). The debt equity ratio for the project was 67/33. Financing comprised of Debt of US$ 12.8mn (INR 600mn) and sponsor equity of US$ 6.4mn (INR 300mn). The 14year term loan of INR 600mn was solely arranged by L&T Infrastructure Finance Limited. The Asian Development Bank (ADB) also provided a Partial Credit Guarante (PCG) for the project.  Commercial operation of 6MW solar PV project was expected to start in December 2011. The final commissioning was done in April 2012.
On June 24, 2011, the bidding results for the Zhuzhou County Wastewater Treatment Plant in Zhuzhou County, Hunan Province were released. A local private company Anhui Guozhen Environmental Protection Science & Technology Co. Ltd. was selected as the winner following a competitive selection process.  This is a 5 year management contract. Guozhen’s offer is RMB 15949469.00. The facility has a treatment capacity of 20,000 cubic meters per day. The plant came into operation in October 2009. The term of the management contract is still unknown.
The Oaxaca II, III and IV Wind Farms had 101.5 MW of capacity each and were to be located in the state of Oaxaca. The projects were to be Independent Power Producers under Mexico's Federal Electricity Commission (CFE). The three wind farms were tendered in the same auction but were contractually independent. Each turbine was to have approximately 1.5 MW of capacity. The wind parks were eligible to apply for and sell Emission Reduction Certificates, as Mexico was eligible for the Kyoto Protocol's Clean Development Mechanisms.  The BOO contract for the Oaxaca II Wind Farm was awarded to Acciona [Spain] in March 2010 by Mexico's Federal Electricity Commission (CFE). Including ACCIONA, there were four bidders including: Iberdrola Renovables [Spain], Recursos Eólicos de México (ACS) [Spain], and Enerfin Sociedad de Energía (part of the Elecnor group) [Spain]. CFE was to purchase the energy generated by the three wind farms under a 20-year power purchase agreement (PPA). Acciona submitted a bid of US$0.0665/kWh for the first year of operation of the Oaxaca II Wind Farm which was indexed for the contract's 20-year duration.   The total project cost was approximately US $200 million. No information on financing was publically available. As of May 2011, the Oaxaca II Wind Farm was 67% completed, Oaxaca III 86% and Oaxaca IV 47%.  All three projects became operational in October 2011.
The Georgia Urban Enerji Ltd. was created to build, own, and operate a 87MW Hydroelectric power plant, located on the Paravani River, near the town of Akhalkalaki, in Georgia, close to the border with Turkey. The project company shareholders are the Anadolu Endustri Holding A.S., holding company of Anadolu Group and Anadolu Kafkasya Enerji Yatirimlari A.S., a Turkish holding company 100% owned by AEH.  The Georgia Urban Enerji Ltd. and the government of the Republic of Georgia signed a BOT contract to implement the project.The project also includes a transmission line from the plant to the Akhalske station in Georgia and to the Borcka station in Turkey. The Project was designed to supply electricity to the Georgian market in the three winter months (December, January and February) and export power to the Turkish market in the remaining nine months of the year, which was to be sold on the wholesale market.   Anadolu Group signed the $115.5 million debt financing on the 22 June 2011. The financing for the $156.5 million plant consists of a $40.5 million A loan from the International Finance Corporation, a $48 million A loan from the European Bank for Reconstruction and Development, $5 million in equity from the EBRD, a $23 million B loan, for which Turkish commercial lender TSKB is proposed lender, with the remainder coming in as sponsor equity. The Project reached financial closure on June 22 2011.
On April 8, 2011, a local company Kaidi Electric Power signed an agreement with the Dejiang County Government to build and operate a biomass power plant in Dejiang County, Guizhou Province. The plant has a capacity of 2X30MW and includes associated fertilizer plant, 1.2 million acre forestry base, and a 200,000 ton bio-petroleum/diesel factory. A project company, Dejiang Kaidi Green Power Development Co., Ltd. has been registered with a registration capital of RMB 10 million. By June 2011, RMB 5 million has been expended on front end development. The total investment of the portfolio is RMB 6 billion and particularly the investment on the power plant is RMB 300 million. The project is expected to be completed in 2012. The plant can generate 378 million KWH and 800,000 ton steam a year and save standard coal of 170,000 tons. Kaidi has a 100% stake in the project.
49.5MW wind farm located in Zhuangzi of Qixia, Yantai City of Shandong Province, China and developed by Yantai Runfeng New Energy Development. The project was approved by the local government in Jan 2011. Construction commneced in Mar 2011, and it was completed in Feb 2012. Total investment is RMB 470 million (US$ 71.83 million). Yantai Runfeng has a 100% stake in the project.
In April 2010, the National Highway Authority of India (NHAI) awarded a 30 year concession (including construction period of 30 months) to a consortium of Soma Enterprises Limited and Isolux Corsan for the strengthening, improvement, six-laning,operation and maintenance of 192.4kms of Varanasi-Aurangabad Section of National Highway-2 (NH-2),in the states of Bihar (135kms) and Uttar Pradesh (57.4kms).  Under the contract, the consortium was responsible for the design, construction,finance, operation and maintenance and strengthening of the existing carriageway to a 6-lane highway with paved shoulders. The scope will include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections,interchanges, drains, etc.The expansion project, part of National Highway Development Project Phase - V, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  The consortium of Soma Enterprises Limited (50%) and Isolux Corsan Concesiones SA (50%) established Soma Isolux Varanasi Aurangabad Tollway Private Limited, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by requesting for the lowest grant of US$ 125.5 million (INR 5650 million @45 INR/USD) from NHAI. The nearest competitor, a consortium of Gammon Infrastructure and Macquire Infrastructure, had requested a grant of INR 7140million. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The project attained financial closure on 24th January 2011. The debt/equity/grant ratio of the project was 47/39/14. The estimated capital cost of the project at the time of financial closure was US$ 876.5 (INR 39444.5mn @45 INR/USD) million. Apart from the upfront grant of INR 5650mn from NHAI, financing comprised INR 18500mn 15year term loan,and INR 15294.5mn equity. The participating banks were Andhra Bank,Bank of Baroda, Bank of India, Central Bank of India, India Infrastructure Finance Co. Ltd., Indian Overseas Bank, Punjab National Bank, State Bank of Hyderabad,and Union Bank of India.    Construction on the project began in January 2011 and was expected to be completed by July 2013.
In March 2009, AES Solar Private Limited, the Indian subsidiary of AES Solar (a global joint venture between AES and Riverstone LLC formed for development of utility scale solar PV projects across the globe),signed an MoU with Rajasthan Renewable Energy Corporation Limited (RREC) for setting up a 5MW photovoltaic solar project at village Tinwari in Jodhpur district of Rajasthan. In July 2010, the project migrated from Generation Based Incentive (GBI) Scheme to Jawaharlal Nehru Solar Mission (JNNSM). The output from the project would be fed to the northern grid of India. Comet had awarded the EPC to First Solar.  In July 2010, AES Solar Private Limited had entered into a 25-year Power Purchase Agreement with NTPC Vidyut Vyapar Nigam (NVVN), which was the the nodal agency to purchase solar power generated by independent solar power producers, under the Jawaharlal Nehru Solar Mission (JNNSM). Please note that this project had been transferred from Generation Based Incentive (GBI) Scheme to JNNSM. The APPC (Average Power Purchase Cost) as per the Rajasthan Solar Policy 2011, for projects migrated to JNNSM would be as per the rate agreed betwen NVVN and AES Solar as per guidelines of Ministry of Renewable Energy (MNRE), details of which could not be ascertained at the time of collection of this information. The total capacity of 5MW was eligible for carbon credits. AES Power would pass on the gross benefits of CDM to the distribution licensee (NVVN). Transmission and/or wheeling charges would be paid by AES Power.  Financial closure took place in January 2011.The total project cost was US$ 19.4mn (INR 873 mn @45 INR/USD).The debt equity ratio for the project was 70/30. Financing comprised of a 13year 3month term loan of US$ 13.5mn (INR 610mn @ 45INR/USD) and sponsor equity of US$ 5.8mn (INR 263mn @ 45INR/USD). IDFC was the sole arranger of the term loan which had a repayment schedule of 48 quarterly installments.The Asian Development Bank (ADB) also provided a Partial Credit Guarante (PCG) for these projects under JNNSM.  Construction for the project started in February 2011 and commercial operation was expected to start in September 2011.
In July 2010, the National Highway Authority of India (NHAI) awarded a 20 year concession (including construction period of 30 months) to a consortium of BSPCL Infrastructure Limited and C&C Constructions Limited for the strengthening, improvement, two-laning, operation and maintenance of Muzaffarpur-Sonbarsa Section of National Highway-77 (NH-77)  between km 2.8 and 89.0 in the state if Bihar.  Under the contract, the consortium was responsible for the design, construction,finance, operation and maintenance and strengthening of the existing carriageway to a two-lane highway with paved shoulders. The scope will include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections,interchanges, drains, etc.The expansion project, part of National Highway Development Project Phase - III, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  The consortium of BSPCL Infrastructure Limited (50%) and C&C Constructions Limited (50%) established North Bihar Highway Limited, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by requesting the lowest fixed annuity of US$ 23.2 million (INR 1048 million @ 45 INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through fixed semi-annual payment of INR 524mn from NHAI during the term of concession.  The concession agreement was presumed to be signed in January 2011 (though Investor conference dated May 2011 confirms that the "appointed date" for the project was not yet finalised by NHAI. The project attained financial closure in February 2011. The debt equity ratio of the project was 80:20. The estimated capital cost of the project at the time of financial closure was US$ 145.8 (INR 6560 mn @ 45 INR/USD) million. Financing comprised INR 4750mn 14year-9months tenure, INR 500mn 3year term loan and INR 1310mn equity. The INR 4750mn term loan was priced at 10.75% and repayment was in 25 structured semi-annual instalments.The 500mn term loan was priced at 350 basis points above SBI  base rate (11.5%). The debt was arranged by SBI Capital Markets Ltd.  There were a total of 5 lenders: State Bank of India (INR1500mn), Punjab National Bank (INR650mn), Axis Bank (INR900mn), India Infrastructure Finance Company Ltd.(IIFCL INR900mn), State Bank of Patiala (INR200mn), United Bank of India (INR600mn).    Construction on the project began in January 2011 and was expected to be completed by June 2013.
In July 2011, Madhya Pradesh Road Development Corporation (MPRDC) signed a 15-year concession (including construction period of 2years) with KCC Buildcon Private Limited (KCC) for the strengthening, improvement,two-laning,operation and maintenance,and tolling of 119.36kms of Lateri-Ananspur-Bhagwantpur section of MDR road in Madhya Pradesh.The Project Highway constituted five different stretches:Lateri-Anandpur-Bhagwantpur of 22.60 km;Tyonda (NH - 86)-Ganjbasoda of 37.80 km;Itkhedi-Raslakhedi of 9.34 km; Kurawar-Iklera- Talen of 39.22 km and Ankhia-Barkheda-Dongargaon of 10.40 km.  Under the contract, KCC Buildcon was responsible for the design, construction, finance, operation and maintenance,strengthening and widening the existing carriageway to 2-lane road. The scope would include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections,interchanges, drains, etc.The expansion project, part of MPRDC Highway Development Project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  KCC Buildcon Private Limited established KCC Lateri Expressway Private Limited, a SPV, to execute this project. The SPV won the tender through international competitive bidding, conducted by MPRDC,by quoting the lowest fixed annuity. The details of the bid were not available at the time of collection of this information. Under the contract, KCC was to recover the capital costs and operating costs including returns through fixed semi-annual payment from MPRDC as well as through tolling during the term of concession.  The project attained financial closure on 7th October 2013. The debt equity ratio of the project was 74:26. The estimated capital cost of the project at the time of financial closure was US$ 25.4mn (INR 1491.7mn @58.6 INR/USD). Financing comprised of an 12-year 9-months term loan of US$ 18.8mn (INR 1100mn) and sponsor equity of US$ 6.7mn (INR 391.7mn). The term loan had a grace period of 9 months and a repayment schedule of 21 semi-annual installments.The debt was arranged by Punjab National Bank and other participating banks were Canara Bank (INR 450mn) and Dena Bank (200mn).   Construction on the project began in August 2013 and was expected to be completed by August 2015.
In 2011, the Brazilian company Socicam Terminais de Passageiros was awarded in a competitive bidding process the contract to operate and manage the airport located at the city of Sao Joao del Rei (state of Minas Gerais). Information on the bidding criteria and on the other participants in the bidding process was not available.   The 15-year contract was signed with the regulatory agency in November 2011, when the sponsors took over the operations. Investment commitments with the airport infrastructure remained under the responsibility of the local government.
The project entails the construction of a Solid Waste Management Facility in Sonsoddo, Margao. Total value is $ 1.02 million. The plant uses “aerobic windrow composting method” of treatment. The type of concession is DBOOT with 25 years of contract period. Sponsor of the project is Fomento-IL&FS. The concession agreement between MMC (Margao Municipal Council) and Fomento was signed on February 1, 2011. Financial close took place on October 2, 2011.
Luanggpaseuth Construction company was planning the development of the 5 MW Nam Long hydropower plant near Luangnamtha.  The construction agreement was signed in March 2011 and commissioning was expected for 2013.  No further financial information was avaiable.
Dost Enerji was planning the expansion of the 42.5 MW Yuntdag wind farm with an additional 15 MW. The additition was to comprise of 6 turbines of 2.5 MW, generating an additional 59 GWh annually.  The addition was installed by September 2011 and expected to be commissioned late-2011. The equipment was supplied by Nordex under a supply contract signed October 2010.   As of October 2011, no further details about the financial structure of the project were available. A google search indicated the wind farm was reported as costing $52 million, but this may have been cache, as the website no longer existed. This implies an average cost of $1.22 million per MW, applying this to the expansion would indicate a total cost of: $18.4 million (ESTIMATION).
On January 4, 2010, Peru's ministry of energy and mines (MEM)authorized Termochilca to build, own, operate the 196 MW Santo Domingo de los Olleros Thermoelectric Power Plant in the Chilca district south of Lima. The plant was to be expanded in two additional phases to bring total capacity up to 600 MW through additional turbines and closing the cycle. The plant was to be built 60 km south of Lima, in the Chilca district, and use natural gas from the Camisea gas field.  Termochilca was being developed by AME , but was wholly owned by Americas Energy Fund 1, a fund incorporated in Canada, but jointly managed by Chilean sponsors SCL Energía (50%) and Larrain Vial (50%). AME had an option to purchase up to 15% of the Termochilca project, which could be exercised during the first year of construction of the plant. In 2011, Termochilca awarded Siemens Energy a turnkey EPC contract for the plant. The order volume is around US$80mn and includes the supply of a SGT6-5000F gas turbine and SGEN6-1000A electric generator  The total project cost was US $128.4 million.   In December 2011, Termochilca signed a US$83.5 million, medium term debt agreement with Scotiabank. The debt to equity ratio was approximately 65:35.  In 2012, CAF approved a credit guarantee for the project debt  The project was expected to become operational in September 2013.  Commercial operations commenced in October 2013.
SunEdision Energy India Private Limited (SEIPL), the Indian subsidiary of SunEdision LLC of US, was awarded the license for setting up a 5MW grid connected solar Photo voltaic power project at Rawara village, Phalodi Tehsil in Jodhpur District of Rajasthan under the Jawaharlal Nehru Solar Mission (JNNSM) Phase-I of the scheme. Under the JNNSM the total aggregated capacity of grid connected Solar Projects in Phase-1 was expected to be 1000 MW. The deployment of Solar PV and Solar Thermal projects would be in the ratio of 50:50. The project was spread over 44 acres and would use thin-film PV technology. The plant was expected to generate 8,000,000 KWh of electricity in its first full year of operation. The output from the project would be fed to the northern grid of India. SEIPL would procure equipment from Sharp Corporation. L&T would execute the EPC work. SEIPL had taken the approval from Powergrid for interconnection with the nearest substation of Powergrid at the volatage level of 33kV or above.  The JNNSM mission had designated NTPC’s Vidyut Vyapar Nigam Limited (NVVN) as the nodal agency for procurement of solar power. On 18th August 2010, NVVN invited RFQs from interested developers to develop 150 MW solar PV projects with a capacity of 5 MW each, and 500 MW solar thermal projects with a minimum capacity of 5 MW and maximum of 100 MW each. NVVN received 418 RFQ responses on September 24, 2010 from both PV and solar thermal project developers (343 applications for solar PV,55 for solar thermal projects, and 5 for combined thermal and PV projects). As the total capacity of the shortlisted projects were in excess of the approved capacity of 150 MW Solar PV Projects and 500 MW Solar Thermal Projects, bidders were required to submit proposals offering maximum discount on the CERC (Central Regulator) approved applicable tariff for grid connected solar power projects for FY 2010-11 - a reverse bidding auction process. The last date for the submission of proposal was November 16, 2010. For Solar PV projects, NVVN received 299 bids from project developers indicating discounts offered by each over CERC determined tariff of US$ 0.398/kWh (INR 17.91/kWh @45 INR/USD).Majority of the bids were between 300 and 500 paise. There were 69 bids where bidders decided against developing solar projects. Since the target allocation for solar thermal projects was 150 MW, only the top 30 discounts were finally selected to set up solar power projects. The cutoff discount was 515paise. SunEdision Energy India Private Limited (SEIPL) won the project by quoting a tariff of US$ 0.275/KwH (INR 12.39/kWh - a discount of 552 paise).   In January 2011, SEIPL had entered into a 25-year Power Purchase Agreement with NTPC Vidyut Vyapar Nigam (NVVN), which was the the nodal agency to purchase solar power generated by independent solar power producers,under JNNSM. JNNSM provided for a scheme of "bundling" relatively expensive solar power with cheaper power from the unallocated quota of the Government of India out of the capacity of the NTPC based coal stations.This cheaper bundled power would then be sold to state power distribution companies at the CERC regulated price. This would bring down the gap between the average cost of power and sales price of power of the state Discom. The total capacity of 5MW was also eligible for carbon credits. SEIPL would pass on the gross benefits of CDM to the distribution licensee (NVVN) in the following manner - (a) 100% of the gross proceeds to be retained by SEIPL in the 1st year after the date of COD, (b) in the 2nd year, the share of NVVN would be 10% which would be progressively increased by 10% every year till it reached 50%, where after the proceeds would be shared equally by SEIPL and NVVN.Transmission and/or wheeling charges would be paid by SEIPL.  Financial closure took place on 6th July 2011.The total project cost was US$ 14.6mn (INR 688mn @47 INR/USD).The debt equity ratio for the project was 64/36. Financing com
Compania Hondurena de Energia Renovable S.A. de C.V. was created to build, operate and transfer a 39.5 MW run-of-river HPP to be located on the Humuya or Comayagua River, Honduras.  The project company was backed by the finances of local Honduran business man Adolfo Larach Foster, the owner of Electricidad de Cortés S.A., the first successful IPP in Honduras.  The Project was to sell electricity to industrial clients as well as the state-owned utility ENEE under long-term power purchase agreements (“PPA”).  The total investment required for the project was estimated as USD 126 million.  The IFC mobilized USD 98 million in financing for the project, providing 30 million in loans from its own account and another USD 68 million from other sources, including a USD 23 million loan from OeEB, Austria’s development bank.  The project applied for credits through the CDM mechanism in 2011, with commissioning expected for 2013.  Commercial operations commenced in June 2014.
On 2nd August, 2010, Andhra Pradesh Industrial Infrastructure Corporation (APIIC) allocated Kaizen Power Plant Limited (KPPL), a Special Purpose Vehicle (SPV) promoted by Abhijeet Projects Limited (through its subsidiary Abhijeet Ferrotech Limited - AFL) for development of a 300 MW (2 units of 150MW each) coal based thermal power project at Andhra Pradesh Special Economic Zone (APSEZ) at Atchutapuram in Vishakhapatnam in the state of Andhra Pradesh. AFL was currently setting up a ferro alloy plant (8 x 22.5 MW capacity) to manufacture Ferro Manganese (FeMn) and Sillico Manganese (SiMn) at the APSEZ in Vishakapatnam. BHEL had been awarded the EPC for the plant, the scope included design,engineering, manufacture, supply, erection,testing and commissioning of Boilers,Steam Turbines and Turbo-Generators, along with state-of-the-art Controls and Instrumentation (C&I) and other associated auxiliaries. Given the proximity of the SEZ to Vishakapatnam and Ganagavaram port, it may be expected that imported coal would become the primary source of fuel for the plant. Other specific details of the project, including coal linkage, were not available in public domain at the time of collection of information.Abhijeet Project Limited (group company of Abhijeet group), was the EPC contractor for the project (the contract was a fixed cost and fixed time contract). AFL had not received the consent to operate from Ministry of Environment and Forest (MoEf) department for the project at the time of collection of this information.  KPPL would cater to the captive power requirements of AFL (estimated at 153 MW, so approximately 51% of the power plant output of 300MW) at an agreed tariff of US$ 0.049/kWh (INR 2.30/kWh @47 INR/USD). In the interim period, power for AFL would be purchased from AP Transco.The details of PPA could not be confirmed at the time of collection of this information, but the residual power output was expected to be sold on mechant basis to the industries within the SEZ.  The total project cost was estimated to be approximately USD 349.8mn (INR 16440mn @47 INR/USD). Exact details of financial closure were not available but company websites indicates financing at a debt/equity ratio of 80/20. So the financing would have a debt component of of US$ 279.8mn and sponsor equity component of US$ 70mn. An interim LC (letter of credit) facility of  US$ 37.2mn (INR 1750mn @47 INR/USD) was arranged by UCO Bank on 26th September 2011.Rural Electrification Corporation Limited (RECL) was also expected to grant INR 900mn term loan. In the absence of other relevant data, we are assuming financial closure in September 2011. Project was situated in a SEZ, thus it would derive various benefits such as exemption on tax and duties levied by government.  The power plant was expected to commence operations by April, 2013.
Enerjisa was planning the development of the 183 MW Kavsakbendi hydropower plant, at Kavsak Kovaz, Adana, Southeast Turkey. Annual output for the project was estimated at 741 GWh. Enerjisa was a joint-venture between Austrian Verbund and Turkish Sabanci. The Sabanci family was Sabanci Holding’s major shareholder (60.6%). The remaining shares (39.4%) were traded on the Istanbul Stock Exchange, which included 9.858% shares held by other family members previously registered to ISE. Verbund International GMBH was a wholly-owned subsidiary of VERBUND AG, and publicly traded on the Vienna Stock Exchange. The Austrian government held 51% of the shares. About 25% of the shares were held by the provincial energy suppliers TIWAG (5%), Wiener Stadtwerke Holding (10%) and EVN (10%). The remaining shares (24%) were free float.  Commissioning was expected in 2013. The construction contract was awarded to AGE Construction in July 2009. A EUR100 million ($133 million) EPC contract was awarded to Alstom Hydro and GES for the Francis turbines and generators at the Kavsakbendi, Kopro and Menge plants under development by Enerjisa. The project was part of a $6.5 billion investment plan announced in October 2007, totalling 10 projects of 980 MW together.   Financial closure for the second tranche was reached on March 24 2011, whilst the first was signed on June 13th 2008. The project was financed in combination with a natural gas power plant and ten hydropower plants. The second trache included the Dogancay hydropower plant, and the Mersin wind power plant. For the second tranche: total project cost was estimated at EUR1,000 million ($1.420 milion), for a total nameplate capacity of 1.000 MW. Loans were signed at a value of EUR700 million ($994 million), indicating a 70/30 debt to equity ratio. The financing was structured as an IFC A and B loan facility, a parallel loan facility and a DFI facility, provided by the International Finance Corporation IFC, WestLB AG and UniCredit Corporate and Investment Banking (UniCredit CAIB AG). The IFC A Loan totalled EUR75 million ($99.75 milion). The IFC B Loan totalled EUR530 million ($704.9 million), shared 50-50 by WestLB and UniCredit. The EUR65 million ($86.5 million) parallel loan was financed by TSBK. The maturity was establised at 12 years. The other mandated lead arrangers were KfW IPEX-Bank GmbH, the Industrial Development Bank of Turkey (TSBK), BAWAG PSK, ING Bank NV, FMO NV, Proparco, Bank Austria Creditanstalt AG, Erste Bank AG, Raiffeisen Zentral Bank Oesterreich AG, and Societe General. The second tranche was recorded as IFC Project number 29390. In the first tranche: total project costs were estimated at EUR1.4 billion ($2.0 billion). The IFC agreed to contribute $825 million, structured as a $200 million IFC A Loan, a $25 million IFC C Loan, and a $600 million IFC B Loan. Akbank T.A.S. arranged parallel financing totalling EUR402 million ($534.7 million), 12 year maturity, assisted by National Bank of Greece and the European Investment Bank EIB, who participated with EUR135 million ($179.6 million). The maturity was established at 12 years. Mandated Lead Arrangers for the first tranche B loan were: KfW IPEX-Bank GmbH, Bank Austria Creditanstalt AG, Erste Bank AG, ING Bank N.V., Raiffeisen Zentralbank Oesterreich AG, WestLB AG and Société Générale. The first tranche was recorded as IFC Project number 26016. The amounts in the PP fields are on a pro-rata MW basis (183/1000MW).   In 2012, E.ON acquired Verbund's shares in Enerjisa in return for 8 run-of-river hydropower projects totalling 351MW in Germany as well as EUR300 million in cash payments. The swap was expected to be finalized in the first quarter of 2013 after approval from the European Commission.
On 18th November 2010, the Madhya Pradesh Road Development Corporation (MPRDC) signed a 15-year concession (including construction period of 24 months) with Transstroy Consortium for the strengthening, improvement, four-laning, operation and maintenance of 52kms of Bhopal Bypass road Section of National Highway-12 and NH86 in the state of Madhya Pradesh.   Under the contract, Transtroy consortium was responsible for the design,construction, finance, operation and maintenance,strengthening and widening the existing 2-lane road portion of Bhopal bypass to 4-lane road from km. 300/6 of NH-12 Km to km 13/6 of NH-86 towards Raisen and Km.324/4 of NH-12 to Km. 18/6 of NH-86 towards Sehore.The project also includes the construction of 4-lane road connecting the point from Km. 13/6 of NH-86 to Km. 324/4 of NH-12.The scope included  construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts,road intersections,interchanges, drains, etc.The expansion project, part of MPRDC Highway Development Project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  The consortium of Transstroy (India) Limited (74%), and OJSC Corp Transstroy (26%), established Transstroy Bhopal Bypass Tollway Private Limited, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by MPRDC, by quoting the highest premium of US$ 4.7million (INR 210 million @ 45 INR/USD) per year to be paid to MPRDC (This amounted to an NPV of US$ 39mn (INR 1757mn @45 INR/USD) at a discount rate of 10% through 15 years concession period). Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement with the current SPV was signed on 18th November 2011 after cancelling the concession agreements with earlier sponsors. The project attained financial closure on 31st May 2011. The debt equity ratio of the project was 70:30. The estimated capital cost of the project at the time of financial closure was US$ 67.7 (INR 3049 mn @ 45 INR/USD) million. Financing comprised INR 2130mn 15year term loan and INR 918.9mn equity. The term loan had repayment schedule of 45 quarterly installments.The debt was arranged by Canara Bank, Indian Overseas Bank, Oriental Bank of Commerce and Central Bank of India.     Construction on the project began in May 2011 and was expected to be completed by May 2013.
In 2010, Lanco Solar Private Limited, a Lanco Infratech Limited subsidiary, signed an MoU with Gujarat Energy Development Agency (GEDA) for setting up a 5-mw photovoltaic solar project at Chandiyana Village in Patan District of Gujarat, under the Gujarat Solar Policy 2010. The project would consist of Poly Crystalline silicon modules (with Thin film technology) of 20653 numbers of 230Wp – poly crystalline & 2451 numbers of 102Wp - Thin film module type. The entire 30acres land and requisite approvals for the project were in place. The output from the project would be fed to the North-East-West-North-East (NEWNE) grid of India. Power evacuation was planned through a 66 KV line, which, as per the state policy, was the responsibility of Gujarat Energy Transmission Corporation Limited (GETCO).  Lanco Solar had entered into a 25-year Power Purchase Agreement with the state utility Gujarat Urja Vikas Nigam Limited (GUVNL), which would be effected at the time of commissioning of the project. The APPC (Average Power Purchase Cost) as per the Gujarat Solar Policy 2010, was US$ 0.33/Unit (INR 15 per unit @ 45INR/USD) for the first 12 years, and US$ 0.11/Unit (INR 5 per unit @45 INR/USD) from 13th year to 25th year. The total capacity of 15MW was eligible for carbon credits. Proceeds of carbon credit were to be shared as follows: (a) 100% by SBEGOPL in the first year after the date of commercial operation of the generating station/ transmission system;(b) in the 2nd year the share of GUVNL would be 10% which would be progressively increased by 10% every year up to 50% whereafter the proceeds would be shared in equal proportion, by Lanco Solar and GUVNL.Transmission and/or wheeling charges would be paid by Lanco Solar.  Financial closure took place in November 2011.The total project cost was US$ 17mn (INR 800mn @47 INR/USD).The debt equity ratio for the project was 75/25. Financing comprised of Debt of US$ 12.8mn (INR 600mn) and sponsor equity of US$ 4.2mn (INR 200mn). The 14year term loan had a repayment schedule of 55 quarterly installments. The debt was solely arranged by Yes Bank.The Asian Development Bank (ADB) also provided a Partial Credit Guarante (PCG) for the project.  Construction was expected to start in October 2010 and commercial operation was expected to start in April 2011.As  per news articles, the plant may have been commissioned in May 2012.
On 29th June 2011, Madhya Pradesh Road Development Corporation (MPRDC) awarded a 15-year concession (including construction periof of 2 years) to Dilip Buildcon Limited (DBL) for the strengthening, improvement,two-laning, operation and maintenance,and tolling of 42.97kms of existing major district road- Sardarpur-Badnawar section of State Highway-35, in the state of Madhya Pradesh.  Under the contract, DBL was responsible for the design, construction,finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway to 2-lane undivided carriageway.The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges,culverts, road intersections,interchanges, drains, etc.The expansion project, part of the MDR (major district roads) development project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.    Dilip Buildcon established DBL Sardarpur Badnawar Tollways Limited (DSBTL),a special purpose vehicle on 22nd June 2011, to implement the project. The SPV won the tender through international competitive bidding, conducted by MPRDC,by requesting the lowest annuity payment of US$ 2.1mn (INR 94.2mn @46.7 INR/USD). Other details of bidding were not known at the time of collection of this information. Under the contract, the SPV was to recover the capital costs and operating costs including returns through semi-annual payments of INR 47.1mn from MPRDC as well as tolling, during the term of concession. DBL would execute the fixed price EPC for the project.  The concession agreement for the project was signed on 29th June 2011. The project was expected to be financed with a debt/equity ratio of 72/28. The estimated capital cost of the project at the time of financial closure was US$ 20.7mn (INR 967.8mn @46.7 INR/USD). Financing was expected to be comprised of a term loan of US$ 15mn (INR 700mn) and sponsor equity of US$ 5.7mn (INR 267.8mn). The actual cost incurred was INR 977.4mn, the cost-overrun being financed by sponsor equity. The term loan was arranged by Punjab National Bank. Other details of financing were not known at the time of collection of this information.   The project started construction on 16th December 2011 (Appointed Date) and and was slated for completion by 15th December 2013, but achieved early completion on September 2012. DSBTL had received two bonus semi annuities aggregating INR 141.6mn and 4 regular semi-annuity of INR 47.1mn each since provisional COD.
In January 2011, the Gujarat State Road Development Corporation Limited (GSRDC) awarded a 27 year concession (including construction period of 30months) to GVK Group, for the strengthening, improvement, widening, operation and maintenance of 101.76kms (Km 0/0 to Km 101/9) of existing three lanes of Bagodara-Wataman-Tarapur-Vasad Road of Gujarat State Highway No.8 (SH-8),in the state Gujarat.    Under the contract, GVK group was responsible for the design, construction, finance, operation and maintenance,strengthening and widening (from existing 3-lane highway to a 6-lane divided dual Carriageway with median) the existing carriageway in rigid pavement. The project also includes the widening of existing and new major and minor creek bridges, flyovers, vehicular and pedestrian underpasses, and foot over-bridges.The highway passes through the major towns namely Vataman, Tarapur and Borsad. SH-8 traverses through two districts namely Ahmedabad and Anand serving highly rich agricultural and industrialized areas of Anand District and joining NH – 8 at Vasad. SH – 8 (Bagodara – Wataman – Tarapur – Vasad Road) serves as an important link connecting Central Gujarat and Mumbai to Saurashtra region. The Project Highway had significant traffic flow advantages in terms of it being on the natural trade route between key sea-ports on Western Coast / Southern India. It serves key sea-ports in Saurashtra/Kutch like Pipavav, Porbandar, Kandla, Mundra etc. Mega Projects in the Project Influence Area, like DMIC, Savli Industrial Estate etc, were expected to be developed, which would lead to additional traffic and substantial growth.  GVK Group established GVK Bagodara Vasad Expressway Private Limited, a special purpose vehicle, to implement the project. The SPV won the tender through national competitive bidding, conducted by GSRDCL, by quoting the highest revenue share of 15% of toll revenues in the first year which would increase by 1% every subsequent year of the concession period.Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. The SPV had entered into a fixed-price, fixed-time EPC contract with GVK Projects & Technical Services Ltd. (GVKPTSL), a GVK group company  The concession agreement wa signed on February 21st, 2011 (Draft concession agreement had been approved by Executive Commitee in September 2009). The project subsequently attained financial closure on 16th November 2011. The debt/equity ratio of the project was 75/25.The estimated capital cost of the project at the time of financial closure was US$ 253million (INR 11890.3mn @ 47 INR/USD). Financing comprised INR 8917.7mn 17-year 3-month term loan, and INR 2972.6mn sponsor equity. The debt was solely arranged by Axis bank.    Construction on the project began in November 2011 and was expected to be completed by May 2014.
In January 2011, the National Highway Authority of India (NHAI) awarded a 20 year concession (including construction period of 30 months) to a consortium of Tantia Construction Limited and Jiangsu Provincial Engineering Transportation Group Company Limited (China) for the strengthening,improvement, 2-laning, operation and maintenance of 68.79kms (from KM 82.00 to KM 188.60) of Motihari-Piprakoti-Raxaul section of National Highway-28A (NH-28A) in the state of Bihar.  Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance and strengthening of the existing carriageway to a 2-lane highway with paved shoulders. The scope includes strengthening & maintenance of existing carriageway including construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, service roads, road intersections,interchanges, drains,etc.The expansion project was a part of National Highway Development Project Phase -III and was expected to ease traffic congestion on this busy section.  The consortium of Tantia Construction Limited (74% equity) and Jiangsu Provincial Engineering Transportation Group Company Limited (26% equity),established a special purpose vehicle, Tantia Raxaul Tollway Private Limited, to implement the project. The SPV won the tender through competitive bidding, conducted by NHAI,by quoting the lowest upfront subsidy from NHAI of US$31.9mn (INR 1498mn @47 INR/USD).Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.Tantia Construction Limited was the EPC contractor for the project.  The project attained financial closure on 28th September 2011. The grant/debt/equity ratio of the project was 25.9/35.3/38.8. The estimated capital cost of the project at the time of financial closure was US$ 123.2mn (INR 5791.1 mn @ 47 INR/USD) million. Apart from the NHAI subsidy, financing comprised INR 2045.1mn 15year term loan,and INR 2248mn sponsor equity. The INR 2045.1mn term loan had a grace period of 1 year, a repayment schedule of 46 quarterly instalments and was priced at 150bps over prime lending rate of Indian Bank.The debt was arranged by SBI Capital. The participating banks were Indian Bank(450mn),State Bank of Patiala(400mn),Bank of India(350mn),Dena Bank Ltd (300mn),IIFCL (295.1mn),Oriental Bank of Commerce (250mn).  Construction on the project began in October 2011 and was expected to be completed by April 2014.
Hindustan Electricity Generation Company Private Limited (HEGCPL) was an Independent Power Project (IPP) located at Umbre village near Talegaon in Pune district in the state of Maharashtra. This Combined Cycle gas based Power Project was being developed by the Hiranandani Group of India, in four phases - Phase-I of 350MW; Phase-II, III, and IV of 700MW each. Phase-I consisting of 1unit of 350MW was currently under implementation. 74.22 hectares of land had been acquired against a requirement of 112.4 hectares.  State level environmental clearance (SEAC) had been accorded, however Supreme Court had currently (April 2012) stayed against the clearance citing procedural lapses, since any power plant greater than 500MW capacity had to get the clearance directly from the central government. Also objections from stakeholders had not been addressed while granting the environmental clearance. Approval for water connectivity had also been obtained from Maharshtra Jeevan Pradhikaran department. HEGCPL had applied for allocation of natural gas from Ministry of Power. An agreement for supply of gas from BPCl had been entered into, and Gas Sales Agreement was expected to be signed by November 2010. HEGCPL had also been scouting for sourcing of R-LNG from International markets. Gas transmission agreement was being tied up with GAIL. In August 2011, HEGCPL had also applied to Powergrid for long term open access (LTOA),access for which had been granted for 379MW.  Details of the PPA  for the Phase-I (350MW) could not be ascertained at the time of collection of this information. EPC contract, had been awarded to Hyundai Engineering Limited. Siemens Aktiengesellschaft and Doosan Engineering were the equitment suppliers.   The project cost for Phase-I (350MW) was estimated to be approximately USD 379.8mn (INR 17850mn @47 INR/USD). Financial close took place on 22nd July 2011 at a Debt/Equity ratio of 75/25. HEGPCL financed this project through an equity contribution of USD 94.9mn (INR 4462.5mn) and a 14-year term loan of USD 284.8mn (INR 13387.5mn). The term loan had a grace period of 6months and a repayment schedule of 44 quarterly instalments. The debt was arranged by State Bank of India. The other participating banks were Canara Bank(2000mn), Vijaya Bank(2000mn), Export-Import Bank of India(2000mn), Punjab National Bank(1000mn),State Bank of Patiala(750mn), State Bank of Bikaner & Jaipur(500mn).  The construction started in September 2011 and was expected to be progressively commissioned by April 2014.In April 2012, the Supreme Court of India had ordered a stay on the continued construction of the project due to procedural lapses on gaining environmental clearances.
ESACO Namluc Hydropower JSC, an IPP, was planning the development of the 24 MW Nam Luc Hydropower Plant, the Chay river, in the Bac Ha district of Lao Cai Province in northern Vietnam. The project was expected to generate 95,333 MWh annually, to be transmitted to the grid via a 110kV transmission line to the Thac Ba-Yen Bai-Lao Cai Substation.   The project was to comprise of two turbines, 12 MW each (Bulb - vertical axis), with a lifespan of 25 years. Commissioning was expected for 2013, January.   The feasibility study was completed in April 2009. The investment license was awarded in May 2009. The PPA was signed in May 2009. The EIA was approved in June 2009. The first EPC contract was signed in February 2010. Electricity tariff was expected to be VND 803.7 ($0.0386 per kWh).  Financial Close was reached in February 2011, for debt with a tenor of 15 years. The debt/equity ratio was 70/30. Totan investment was expected to be VND 533,880 ($25.1 million).   Costs were divided as follows: Construction: VND 211,948 Equipment: VND 226,431 Project Management: VND 5,959 Consultancies: VND 18,765 Compensation: VND 8,840 Other cost: VND 5,222 Contingency: VND 45,715
In May 2010, Adani Power Limited (a Adani Group company),signed an MoU with Gujarat Energy Development Agency (GEDA) for setting up a 40-mw photovoltaic solar project at Bitta village, near Abdasa, in Kutch district of Gujarat, under the Gujarat Solar Policy 2010. APL had planned for a 100MW project, and 40MW would be the first phase of this implementation. The project activity will consist of amorphous Silicon thin film modules of 100/95 Wp capacity installed in series and parallel combination. When completed, the project was expected to be one of the country’s largest PV projects APL would requrie 350 acres of land for the project. The output from the project would be fed to the North-East-West-North-East (NEWNE) grid of India. APL had awarded the EPC to Aries Waaree Solar Pvt Ltd. (AWSPL), a joint venture company between, Mumbai based Waaree Group and  Aries Ingenieria Sistemas of Spain in September 2010.  APL had entered into a 25-year Power Purchase Agreement with the state utility Gujarat Urja Vikas Nigam Limited (GUVNL), in May 2010, which would be effected at the time of commissioning of the project. The APPC (Average Power Purchase Cost) as per the Gujarat Solar Policy 2010, was US$ 0.33/Unit (INR 15 per unit @ 45INR/USD) for the first 12 years, and US$ 0.11/Unit (INR 5 per unit @45 INR/USD) from 13th year to 25th year. The total capacity of 39.2 MW was eligible for carbon credits. Proceeds of carbon credit were to be shared as follows: (a) 100% by project developer in the first year after the date of commercial operation of the generating station/ transmission system; (b) 2nd year – share of beneficiaries (DISCOM-GUVNL) @ 10% to progressively increase by 10% every year up to 50% and than to be shared in equal proportion, by the generating company and the GUVNL.Transmission and/or wheeling charges would be paid by APL.  Financial closure took place in April 2011.The total project cost was US$ 150.2mn (INR 6760 mn @45 INR/USD).The debt equity ratio for the project was 70/30. Financing comprised of Debt of US$ 105.1mn (INR 4732mn @ 45INR/USD) and sponsor equity of US$ 45.1mn (INR 2028mn @ 45INR/USD).Other details of the financial closure were not known. ICICI Bank also provided financial assistance by way of issuance of INR 2750mn letter of credit facility to APL.  Construction for the wind farm was expected to start in September 2010 and commercial operation was expected to start in December 2011. The 40MW Phase-I was finally commissioned in January 2012.
A 50-50 joint venture of SDN Company and Korean South-East Power (KOSEP) had reached financial closure on the 42 MW Veliko Tarnovo Solar PV project. The project consisted of two 21 MW solar plants in Zlataritsa and Samovodene, Central Bulgaria. KOSEP is a subsidiary of the power generation company KEPCO.   Construction of the project started in December 2010 and was planned to be completed in September 2011. Negotiations over the contract were done via a delegation of South Korea and the Bulgarian Prime Minister Boiko Borisov. The investment is part of a larger investment plan totaling EUR 500 million ($671 million) in Bulgarian projects by SDN. As part of the deal, SDN announced a BGN 1 million ($686,000) corporate social responsibility grant towards the Bulgarian Ministry of Economy, to be spent freely. The project received a renewable energy license from the State Energy and Water Regulatory Commission (SEWRC), as well as a contract for selling electricity to the National Electricity Company (NEK). The developer also invested $5 million in the local substation, to be tranfered to the government upon commissioning.  Total investment in the project was reported as EUR110 million ($146 million) in debt, and EUR43 million ($57 million) in equity. The debt/equity ratio was thus 72/28. The debt was structured as a EUR101 million ($134 million) 12 year loan and a EUR9 million ($12 million) 18 months revolver loan arranged by KDB. Syndication took place on 9 March 2011. Financing was provided by the Korea Development Bank (KDB), Korea Finance Corporation (KoFC), Hyundai Marine & Fire Insurance, Green Cross Life Insurance, KT Capital and Tong Yang Life Insurance. The PPP fields below reflect distribution of total debt ($146 million) equally between institutions, six equal portions of $24.3 million.  The project was commissioned in March 2012.
In January 2009, Precious Energy Services Private Limited (PESPL) a Special Purpose Vehicle (SPV) of Moser Baer Clean Energy Limited (MBCEL), signed an MoU with Gujarat Energy Development Agency (GEDA) for setting up a 15-mw photovoltaic solar power plant at Guthawada (Dalpatpura), Taluk Kankarej, District Banaskantha,in Gujarat,under the Gujarat Solar Policy 2009. The proposed project would use thin film technology.The output from the project would be fed to the North-East-West-North-East (NEWNE) grid of India. Power evacuation was planned through an 8 Km 66 KV line, which, as per the state policy, was the responsibility of Gujarat Energy Transmission Corporation Limited (GETCO).   PESPL had entered into a 25-year Power Purchase Agreement with the state utility Gujarat Urja Vikas Nigam Limited (GUVNL),which would be effected at the time of commissioning of the project. The APPC (Average Power Purchase Cost) as per the Gujarat Solar Policy 2009, was US$ 0.32/Unit (INR 15 per unit @ 47INR/USD) for the first 12 years, and US$ 0.11/Unit (INR 5 per unit @47 INR/USD) from 13th year to 25th year.The total capacity of 15 MW was eligible for carbon credits. Proceeds of carbon credit were to be shared as follows: (a) 100% by project developer in the first year after the date of commercial operation of the generating station/ transmission system; (b) 2nd year – share of beneficiaries (DISCOM-GUVNL) @ 10% to progressively increase by 10% every year up to 50% whereafter the proceeds would be shared in equal proportion, by PESPL and GUVNL. Transmission and/or wheeling charges would be paid by AES Gujarat.  Financial closure took place in August 2011.The total project cost was US$ 49.3mn (INR 2317.6mn @47 INR/USD).The debt equity ratio for the project was 70/30. Financing comprised of Debt of US$ 34.5mn (INR 1620mn) and sponsor equity of US$14.8mn (INR 697.6mn). The 13-year 6-months term loan had a repayment schedule of 48 quarterly instalments. The loan was solely arranged by Bank of Baroda.The Asian Development Bank (ADB) also provided a Partial Credit Guarante (PCG) for the project.  The project was commissioned in 2011.
The airport authority of the Turkish Directorate of State awarded to IC Group a 32-year, including a 2-year construction period and a 30-year operation period, to build and operate Zafer Airport. Zafer Regional Airport was to serve the provinces of Kutahya, Afyonkarahisar, Eskisehir and Usak and was expected to have a capacity of 2.0 million passengers per annum.   The contract required IC to build a completely new airport including a Terminal of 20.000 square meters (including all the electromechanical, electro-security and mechanical systems), a runway of 3000×45 m, as well as an apron, connecting taxi way, tower, fire brigade garage building and other facilities. The construction period was estimated to be 36 months.   The financing of the $71.65 million project was arranged by Unicredit with Yapi Kredi as an account bank. Both institutions contributed a $35.82 million term loan.
In March 2011, the National Highway Authority of India (NHAI) awarded a 15-year concession (including construction period of 912 days) to Madhucon Projects Limited (MPL) for the strengthening, improvement,4-laning,operation and maintenance of 163.5 kms (from km 114.000 to km 277.500) of Ranchi-Rargaon-Jamshedpur section of National Highway-33 (NH-33) in the state of Jharkhand.  Under the contract,GR Infraprojects was responsible for the design, construction, finance, operation and maintenance and strengthening and widening of the existing passageway to a 4-lane highway with paved shoulders. The scope would include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, tunnels, viaducts, culverts, road intersections, interchanges, drains, etc.The complexity of the project is higher than average as it involves construction of three RoBs, three major bridge rehabilitations, seven major grade intersections and multiple bridge structures.The expansion project, part of National Highway Development Project Phase -IIIB was was expected to give significant stimulus to trade and commerce in this difficult terrain.  Madhucon Projects Limited established Ranchi Expressway Limited (REL), a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding,conducted by NHAI, by requesting the lowest fixed annuity of US$ 56.7 million (INR 2664 million @ 47 INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through fixed semi-annual payment of INR 1332mn from NHAI during the term of concession.REL had entered into a fixed time, fixed price EPC contract for INR 14310mn with MPL for implementation of the project.  Thw concession agreement was signed on 20th April 2011. The project attained financial closure on 31st October 2011.The debt equity ratio of the project was estimated at 72:28.The estimated capital cost of the project at the time of financial closure was US$ 352.1 (INR 16550mn @ 47 INR/USD) million. Financing comprised of INR 11916mn 14-year term loan,and INR 4634mn sponsor equity. The INR 11916mn term loan had a garce period of 6months and a repayment schedule of 22 semi-annual instalments. The loan was priced at 150bp above the prime lending rate of Canara Bank. Debt was arranged by SBI Capital Market,Canara Bank and IDBI.The particpating banks were Canara Bank(1900mn), Allahabad Bank(700mn),Dena Bank(500mn), Federal Bank(600mn),ICICI Bank (1000mn),IDBI Bank (1250mn),IIFCL (1400mn), Oriental Bank of Commerce (1116mn),Punjab & Sind Bank (400mn), South Indian Bank(650mn), State Bank of Bikaner & Jaipur(200mn), State Bank of Patiala (400mn),State Bank of Travancore(400mn), Corporation Bank(700mn),Vijaya Bank(700mn)- amounts in INR. The sponsor equity contribution of INR 4634mn was in the form of INR 1820.5mn equity and INR 2813.5mn interest free unsecured loans.  Construction on the project began in January 2012 and was scheduled to be completed by July 2014.As on April 2012, out of total area of the site required for the construction of project highway, NHAI had handed over 80% of the site.
In May 2009, the Jharkand Government, signed a MoU with Essar Power Jharkand Limited (EPJL), a Special Purpose Vehicle (SPV) of Essar Group, for development of a 1800 MW (3x600 MW) coal fired pit head  based thermal power station near Chandwa Tehsil, in Latehar district of Jharkhand. The project was planned to be executed in two phases, Phase-I would have 2units of 600 MW each based on sub critical technology, while phase-II would have 1unit of 600 MW based on super critical technology. EPJL was currently developing the 1st phase of 1200MW. The land required for the phase I project was 1840 acres which had been acquired; the land for the Phase II of the project had also been obtained. Water requirement,estimated at 1,92,000 m3/day, would be met from Damodar river and Nagarnadia nallah. EPJL had received all major clearances like environment clearance, chimney clearance etc. The State Government would assist in the procurement of land for the project but the full cost of the purchase of land would be borne by EPJL. EPJL was also responsible for any transmission infrastructure to connect the power project to the designated substation.   The primary fuel for the project was domestic coal and would be obtained from Chakla coal block (open cast mine with 71 million tons mineable reserves) for phase I and Ashok Karkata coal block (open cast mines with 100 million tons geological reserves) for phase II. These coal blocks belong to Essar’s captive coal mines in Eastern coalfield basin. Coal handling system would be installed to receive feed from the proposed mines for the proposed 2units. These blocks were currently under development and would proceed through their respective clearance processes. The company had awarded EPC contracts for Boiler-Turbine-Generator (BTG) to Harbin Power Equipment Company, China; Electric Balance of Plant to Areva and Cooling Tower to SPIG in August 2007.  The power generated from Phase-I of the project of 1200MW was primarily expected to be sold to state owned utility company. As per the Power Purchase Agreement (PPA) signed with Bihar State Electricity Board (BSEB) in July 2010, EPJL would sell 450MW of the power generated from the project to BSEB, through a 25 year PPA from the date of starting the commercial operations, at a levellised tariff of INR 2.64 per kwh. In August 2011, EPJL signed another PPA with Bihar State Electricity Board (BSEB) to sell 300MW of contracted capacity from its 1200MW, through a 25 year PPA from the date of starting the commercial operations, at a levellised tariff of INR 3.28 per kwh. On 9th May, 2012, EPJL signed another PPA with Noida Power Company Limited (NPCL), through a 25 year PPA from 30th April, 2014, to sell 240 MW of power of the contracted capacity from its 1200MW, at a levellised tariff (including transmission cost of INR 0.81/kWh) of INR 4.0868 per kwh. The residual 210MW was yet to be tied up at the time of collection of this information.  The cost of the Phase I of the Project (1200MW) was estimated to be approximately US$ 1212.8mn (INR 57000mn @47 INR/USD). Financial closure took place on 20th September 2011 at a Debt/Equity ratio of 75/25. EPJL financed this project through an equity contribution of US$ 304.2mn (INR 14300mn) and a debt of USD 908.5mn (INR 42700mn). The debt, arranged by ICICI Bank Limited, had a door-to-door tenor of 15 years. The loan would be repaid in 40 quarterly instalments. The participating banks were Andhra Bank(1000mn), Bajaj Finance Limited(1000mn), Punjab & Sind Bank(2000mn).  The cost of the Phase II of the Project (600MW) was estimated to be approximately US$ 467.8mn (INR 25000mn @53.44 INR/USD). Financial closure took place on 26th June 2012 at a Debt/Equity ratio of 75/25. EPJL financed this project through an equity contribution of US$ 116.9mn (INR 6250mn) and a debt of USD 350.9mn (INR 18750mn). The debt, arranged by ICICI Bank Limited, had a door-to-door tenor of 15 years. The loan would be repaid in 40 quarterly instalm
In May 2011, the Gujarat State Road Development Corp (GSRDC) awarded a  20 year concession (including construction period of 18 months) to a consortium led by Valecha Engineering Limited for the strengthening, improvement, six-laning,operation and maintenance, and tolling of the 77km of Bhuj-Bhachau section on SH-42 in the state of Gujarat.   Under the contract, the consortium was responsible for the for the design, construction, finance, operation and maintenance and strengthening of the existing carriageway to a 4-lane highway with paved shoulders. The project also includes widening of all culverts, two major and 24 minor bridges, besides providing two railway over bridges, eight underpasses, one truck lay-by, retro reflective sign boards, thermoplastic road markings, toll plazas with standby ambulance, crane, medical aid, telephone kiosks and such facilities. The expansion project, part of State Highway Development Program will ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  The consortium led by Valecha Engineering Limited (59%) established Valecha Kachchh Toll Road Limited, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by GSRDC. Details of bidding couldn't be ascertained at the time of collection of this information. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement was signed in November 2011. The project attained financial closure on 13th December 2011. The debt equity ratio of the project was 75/25. The estimated capital cost of the project at the time of financial closure was US$ 93.8mn (INR 4690mn @ 50 INR/USD). Financing comprised a 15-year 6-month term loan of US$ 70.4mn (INR 3520mn) and sponsor equity of US$ 23.4mn (INR 1170mn).The debt was arranged Canara Bank(2000mn) and Indian Overseas Bank (1520mn).     Construction on the project began in November 2011 and was expected to be completed by May 2013.However, on account of delays in receipt of right of way (RoW) from GSRDC and local agitation, the project is delayed and is now expected to be completed by March 2015. As on September 30, 2014, 69.98% of physical progress is achieved in the project.
In July 2011, the Madhya Pradesh Road Development Corporation (MPRDC) got the cabinet approval to award a 15-year concession (including construction period of 24 months) with Soubhagya Infrastructure Private Limited, a MPOT Group Company for the strengthening, improvement, four-laning, operation and maintenance of 64.42 kms of Hata-Fatehpur-Derguwan road Section of State Highway-48 (SH48) in the state of Madhya Pradesh.   Under the contract, Soubhagya was responsible for the design, construction, finance, operation and maintenance,strengthening and widening the existing 2-lane road.The scope will include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts,road intersections,interchanges, drains, etc.The expansion project, part of MPRDC Highway Development Project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  Soubhagya Projects Private Limited established Soubhagya Hata Darguwan Projects Private Limited, a special purpose vehicle, to implement the project. The SPV won the tender through domestic competitive bidding, conducted by MPRDC, by quoting the lowest annuity of US$ 0.93million (INR 43.816mn @47 INR/USD) per year to be paid by MPRDC (This amounts to an NPV of US$ 7.78mn  at a discount rate of 10%). Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. So in summary, based on the toll rates fixed by MPRDC, revenue would accrue both from toll as well as fixed annuity payment from MPRDC.  The project attained financial closure on 24th November 2011. The debt/equity ratio of the project was about 67/33. The estimated capital cost of the project at the time of financial closure was US$ 23.8mn (INR 1120mn @ 47/INR/USD). Financing comprised INR 750mn 14year term loan and INR 370mn sponsor equity. The debt was arranged by Union Bank of India.     Construction on the project began in November 2011 and was expected to be completed by October 2013.
In August 2009, the Jharkhand Government, signed a MoU with Inland Power Limited (IPL) for development of a 126 MW (2X63) coal-fired thermal power plant located at Tonagatu, Gola in Ramgarh district in the state of Jharkhand. The project would use CBFC (Fluidized Bed Combustion) technology and will use coal, coal washery rejects and dolochar as fuel. IPL had applied for coal linkage corresponding to 63MW from Central Coalfields Limited, but approval was pending till July 2011 (as per Feb '12 document, this linkage may have been given). The total land requirement for the project was 100 acres. Water requirement of 19400 m3/day would be met from Bhairvi river and Senegarha nallah. IPL had requested for a 400kV connectivity with the CTU (central transmission) system,however (in Feb'12 meeting) it was noted that the land & coal linkage were available for 2x63MW project only which would be commissioned in 2013-14. It was decided that it would not be desirable to plan 400kV connection for such a small capacity (126MW). It was suggested that the project may seek connectivity through 132kV (high capacity)/220kV lines to transmission system of DVC/Jharkhand at Gola substation, 8kms away.   The power generated from the 63MW power plant (1st unit) was expected to be sold to entities including state electricity boards, state owned utility companies, power trading companies. IPL has entered into a short-term (5 years) PPA with Lanco Power Trading Company for 32MW. The balance power was expected to be sold on merchant basis.  The project cost for the first unit of 63MW was estimated to be approximately USD 68million (INR 3198mn @47 INR/USD). Financial close took place on 12th August 2011 at a Debt/Equity ratio of 71/29. IPL financed this project thro for through sponsor equity of USD 19.6 million (INR 924mn) and a debt of USD 48.4 million (INR 2274mn). The debt, arranged by SBI Capital, had a tenor of 12 years and was priced at a margin of 450bp over the SBI base rate. Repayment was in 38 quarterly installments following a grace period of 2.5 years (which included the construction period).SBI, with an INR 1000mn commitment, was the lead bank and facility agent. The other members in the syndicate were Bank of Baroda (520mn),State Bank of Bikaner & Jaipur(420mn), State Bank of Patiala(334mn).   The project was expected to be progressively commissioned with the first unit of 63MW expected to be commissioned in financial year 2013-14 in financial year 2015.
The Brazilian company Companhia Energetica Rio das Flores S.A., a partnership of the state controlled Celesc (25%) and several private investors (75%), was granted authorizations to build three small hydro power plants located in the state of Santa Catarina (9.6 MW in total capacity). The 30-year contracts were signed with the regulatory agency ANEEL in May 2009.  The power plants were named PCH Bandeirantes, PCH Prata and PCH Belmonte. A special purpose company was established to manage the first project and was named Companhia Energetica Bandeirante S.A. The other projects were set to be managed directly by Companhia Energetica Rio das Flores S.A.  The sponsors committed to invest US$ 35.7 million (BRL 60 million) in the construction of the power plants. PCH Prata was the first to be constructed and involved an investment of US$ 11.9 million (BRL 20 million). Construction works on this plant were concluded in July 2011. The construction works on the other plants were underway, as of August 2011.  The power plants established power purchase agreements with Celesc, and committed to start supplying power in January 2012.
The Oaxaca II, III and IV Wind Farms had 101.5 MW of capacity each and were to be located in the state of Oaxaca. The projects were to be Independent Power Producers under Mexico's Federal Electricity Commission (CFE). The three wind farms were tendered in the same auction but were contractually independent. Each turbine was to have approximately 1.5 MW of capacity. The wind parks were eligible to apply for and sell Emission Reduction Certificates, as Mexico was eligible for the Kyoto Protocol's Clean Development Mechanisms.  The BOO contract for the Oaxaca IV Wind Farm was awarded to Acciona in March 2010 by Mexico's Federal Electricity Commission (CFE). Including ACCIONA, there were four bidders including: Iberdrola Renovables [Spain], Recursos Eólicos de México (ACS) [Spain], and Enerfin Sociedad de Energía (part of the Elecnor group) [Spain]. CFE was to purchase the energy generated by the three wind farms under a 20-year power purchase agreement (PPA). Acciona submitted a bid of US$.0637/kWh for the first year of operation of the Oaxaca IV Wind Farm which was indexed for the contract's 20-year duration.   The total project cost was approximately US $200 million. No information on financing was publically available. As of May 2011, the Oaxaca II Wind Farm was 67% completed, Oaxaca III 86% and Oaxaca IV 47%.  All three projects became operational in October 2011.
In 2011, the provincial government created the corridor "Sistema Vial Integrado del Atlantico" that included the Ruta Provincial Nº2 (project ID 881), the Ruta Provincial Nº 11 (project ID 3179) and the Rutas Provinciales Nº 36, Nº 56, Nº 63 and Nº 74. The whole corridor was trasfered to a single new Concessionaire Autovia del Mar SA in June 2011.   The project was a toll road of 647.43 km. Within the corridor there were 4 tollbooths: Samborombón, La Huella, Gral Madariaga, and Mar Chiquita. The concession contract consisted in the construction, rehabilitation, enhancement, increase of capacity, maintenance, rehabilitation, management and operation of the Corredor Vial Integrado del Atlántico.   Autovia del Mar was initially integrated by Benito Roggio (40%), Helport (40%) and Esuco (20%), however in 2012 the total equity was increased by the incorporation of CPC S.A. as a new sponsor. The ownership composition remained: BENITO ROGGIO E HIJOS S.A.: 26,67%, ESUCO S.A.: 26,67%, HELPORT S.A.: 26,66% y CPC S.A.:20%.  The contract was awarded through a competitive bidding process. Four bidders presented a bid, but two were disqualified in the opening of envelope 1, when the initial technical-economic information was analyzed. The winning group offered a toll rate of 24.62 pesos (US$6.00) for the Samborombon station toll price, underbidding the official fee of 29.65 pesos.   The total investment was AR$16,404,293,167 VAT included(US$3,613,280,433.26). The contract was awarded in June 17 2011 and the concessionaire took over the assets on July 1 2011. The project had 4 construction stages: STAGE I: years 1 to 5 (AR$ 1,037,357,583=US$228,492,859.7 VAT included), STAGE II: years 6 to 8 (AR$ 684,592,173 = US$ 150,791,227.5 VAT included) and STAGE III: years 9 to 30 (AR$ 14,682,343,411=US$3,233,996,346 VAT included). In addition, Autovia del Mar SA had to financially compensate previous concessionaires of Ruta 2 (Covisur) and Ruta 11 (Camino del Atlantico SA)for early termination of their respective contracts. However, Covisur remained operating a section of the Ruta 2, Maipur toll, till 2016 and two out of the four companies that integrated Covisur were sponsors as well of Autovia del Mar, so just two of the companies of Covisur were actually compensated.
On 27 January 2011, the Xuanhua District Yangfang Wastewater Treatment plant was formally transferred by the Xuanhua District Government to a private company, Kaidan Water International Group, a subsidiary of the Israel based TAHAL Group for RMB 270 million. This is the first state owned water assets transfer agreement in Hebei Province. The concessionaire was selected on an open competitive basis. The total treatment capacity of the wastewater treatment plant is 120,000 cubic meters per day. The plant came into operation in October 2006. Kaidan registered a local company Kaidan Water Affairs Xuanhua Development Co., Ltd. to 100% own the Yangfang Plant and operate the facility for 30 years.
On 1 February 2011, the management agreement regarding the Dihe Wastewater Treatment Plant in Lincheng County, Hebei Province was formally signed between the local government and a local private company, Shandong Hezheng Environment Protection Engineering Co., Ltd.. The agreement was procured on an open competitive basis at the end of 2010 when 9 companies submitted bids. The winning treatment price offered by Shandong Hezheng was 0.73 Yuan per cubic meter. The company will operate the facility till 31 December 2020. Dihe Wastewater Treatment Plang came into operation in August 2010 and its treatment capacity is 20,000 cubic meters per day. Shandong Hezheng has a 100% stake in the project.
In April 2011, a local private company, Hebei Delong Environmental Engineering Co., Ltd.  was granted a management agreement by the Xiong County Government to operate the Xiong County Wastewater Treatment Plant in Xiong County, Hebei Province. Hebei Delong won the agreement on a competitive basis. The plant has a capacity of 20,000 cubic meters per day but now only processes 14,000 cubic meters per day. The term of the agreement is 3 years (2011-2014). More details of the agreement are unknown.
Thailand-based solar developer Solar Power Company (SPC) was financed to build, own and operate two solar pv projects of 6 MW in the Nakthon Ratchasima and Loei regions.  The project developer was a subsidiary of SPCG Public Company Limited, an entity partially owned by the IFC, with a 15% equity stake in the company.    The generated electricity was to be sold to the state-owned Provincial Electrical Authority (PEA). Power Purchase Agreements for all eight projects in the portfolio were signed under Thailand’s ‘Very Small Power Producer’ program. The power sales tariffs for all projects lock in the premium price of US$ 0.26/kWh.    Total cost for the two projects was estimated at THB 890 million, or USD 28.8 million.  Of the total, KasinBank provided USD 6.8 million, BAY and Thanachart Bank provided USD 5.2 million, while IFC lent USD 8 million and The World Bank Clean Technology Fund USD 4 million. Commissioning for the projects was scheduled for 2012. The projects by SPCG held a PPA with the Provincial Electricity Authority (PEA), for 5 years - open ended. The PPA provided for a feed-in adder of THB 8.0 on top of the base tariff for 10 years after commissioning. The projects receive tax benefits of 0% for the first 8 years, and half of normal tax rate for the 5 year following.  In May 2012, it was reported that the firm started construction on 4 solar plants of 7.46MW each (29.9MW) which were commissioned in August 2012, holding a PPA with PEA, including a 10 year adder tariff of THB 8 ($0.26) per kWh. Total cost of these projects were unknown, but ESTIMATED here at US$84 million, of which 28.8 million was already accounted for.      The reported D/E ratio of Loei 1 was 70/30.
Canada Honda II was the second 3 MW phase of the Canada Honda solar project located in San Juan, Argentina.  The project was to be developed by the locally-based firm Energias Sustenables S.A.  The project was awarded in a government tender for renewable energy known as GENREN, whereby the winning bids were awarded 15-year PPAs with the state utility Enarsa.  Required investment for the project was projected to be USD 10 million.  In May of 2011 the project reached financial close, with Argentina's local foreign trade and investment bank BICE providing the financing.  Operacions commenced in May 2012.
In December 2010, construction of a biomass power plant commenced in Shuangfeng County, Hunan Province. The developer was Kaidi Electric Power, a Wuhan based local private company. The project was half completed in August 2011, but was put into operation in February 2014. The total investment was RMB 297 million (US$ 45.96 million) and Kaidi had a 100% stake in the project. The electricity generation capacity of the plant was 30MW. How the agreement was granted to Kaidi was not reported. Neither was the concession term.
In February 2011, the National Highway Authority of India (NHAI) awarded a 17-year concession (including construction period of 30 months) to Madhucon Projects Limited for the strengthening, improvement,4-laning, operation and maintenance of 84kms (KM 31.00 to KM 115.00) of Barasat to Krishnagar section of National Highway-34 (NH-34) in the state of West Bengal.  Under the contract, Madhucon was responsible for the design, construction, finance, operation and maintenance and strengthening and widening of the existing passageway to a 4-lane highway with paved shoulders. The scope would include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, tunnels, viaducts, culverts, road intersections, interchanges, drains, etc.The expansion project, part of National Highway Development Project Phase-III was expected to give significant stimulus to trade and commerce in the entire region.  Madhucon Group (through its subsidiaries Madhucon Infra Limited and Madhucon Projects Limited), established Barasat Krishnagar Expressways Limited (BKEL), a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by requesting the lowest fixed annuity of US$ 31.5 million (INR 1479.6 million @ 47 INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through fixed semi-annual payment of INR 739.8mn from NHAI during the term of concession.The SPV had awarded a fixed-price, fixed-time EPC contract to Madhucon Projects Limited.  The concession agreement was signed in June 2011. The project attained financial closure on 27th September 2011 at a debt/equity ratio of 72/28.The estimated capital cost of the project at the time of financial closure was US$ 208.5 (INR 9800mn @ 47 INR/USD) million. Financing comprised INR 7056mn 14year 6months term loan,and INR 2744mn sponsor equity. The term loan had a grace period of 6months and a repayment schedule of 23 semi-annual instalments (the loan would mature on March 31 2026). The loan was priced at 150bp above prime lending rate of Oriental Bank of Commerce (about 12.25%) and had an annual reset.The term loan was arranged by SBI Capital.The participating banks were IIFCL (1520mn),Andhra Bank (1250mn),Dena Bank (580mn),State Bank of Hyderabad (450mn),State Bank of Bikaner & Jaipur(450mn),State Bank of Patiala(450mn),Tamilnad Mercantile Bank (450mn).  The appointed date (start of construction) for the project had been announced as 7th August 2012 and the scheduled date of completion of the project is 3rd February 2015.
The Longhui County Kaidi Green Energy Development Co., Ltd. was established on 19 June 2007 to develop a biomass power plant in the Longhui County, Hunan Province by the private company Wuhan Kaidi. The registration equity of the company was RMB 81 million. Construction of the power plant commenced on 6 April 2011. The total investment was RMB 297 million (US$ 45.98 million) and the capacity of the plant is 1X30MW. The plant once finished could reduce carbon emission of 180,000 tons per year. Its expected annual revenue was RMB 150 million. According to information release of Kaidi, by 31 December 2011, the total assets of the plant had been RMB 238.02 million, indicating that financial closing had been achieved by then.  The project was completed in June 2012.
Wind Park Novoazovskiy was planning the development of the 120 MW Novoazovskiy wind farm, close to Bezimianniy, Donetsk region. The first phase of the project was designed to comprise 10 turbines of 2.5 MW (Phase I, featuring Fuhrlander FL-2500 2.5MW turbines) and 13 turbines (Phase II), bringing total capacity for phase I and II to 57.5 MW.  The first 25 MW of the project was commissioned in July 2011. A generating license for the project was obtained in May 2011. The second phase, comprising of 13 turbines of 2.5 MW (32.5 MW) was to be completed by end-2011, and full commissioning was planned for end-2012. The developer held a 50 year concession. The project was located close to the existing Novoazovskaya wind park, operated by Vetroenergoprom, a subsidiary of Ohkrpodshipnik. The Novoazovskiy project's output was announced to be sold through Vetroenergoprom, itself a member of the wholesale electricity market. Equipment supplier was German Fuhrlander. The Ukraine passed a Feed-in Tarrif law in April 2009. The law also included a minimum euro-denominated electricity price intended to mitigate exchange rate risk, as well as a domestic-content obligation.  Total investment costs was estimated at EUR192 million ($255 million). The costs for book year 2011, including the 13 turbine upgrade (Phase II), was estimated at $118.4 millon. The developer also applied for UNFCCC Joint Implementation (JI) financing. The project is listed here as "Financial Closed" for phase I and III, because the project is developed and financed in phases: the first and second phase are completed, and operational since July 2011. The third phase is currently under financing. It was also reported that financing for the last phase of the project was to be provided by a special fund of the national Ukranian budget.  August 2012: The EBRD reports it is considering funding the expansion of the project by 32.5MW (Phase III), valued at EUR95.5 million, of which they are to contribute EUR33.3 million + EUR15.5 million from the CIF.
Parques Eolicos del Caribe S.A. was created to build, own and operate a 50 MW wind project to be located in Montecristi Province, the Domincan  Republic.  The project would consist of 25 2 MW turbines manufactured by the Spanish company Gamesa.  The project company was a venture between Gamesa (57% ownership), the Dominican Bank Grupo BHD (29%), and other Dominican investors.    At the time of financial close, the project had signed a 20 year PPA with the state-owned utility CDEE.    The projected total investment for the project was USD 126.7 million.  In July 2011 the project reached financial close, with the Inter-American Development Bank and the European Investment Bank providing USD 50.7 million and USD 45 million in loan financing, respectively.  As of financial close, the project's EIA had been approved and commissioning was scheduled for 2013.
In May 2009, Consorcio Porto Velho-Jauru, an association of the state-owned Eletrobras (49%), CTEEP (25,5%) and Abengoa (25,5%), was awarded in a competitive bidding process the contract to build and operate 987-km of transmission located in the states of Mato Grosso and Rondonia. Besides Consorcio Porto Velho- Jauru, four other companies took part in the contest, though one participated in the final stage of the process: Alupar Investimentos.   The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. Consorcio Jauru presented the lowest offer, a value of US$ 21.3 million (BRL 42.6 million), 15.4% below the ceiling set by the regulatory agency. The contract was signed in November 2009, and the sponsors created the company Linha Verde Transmissora de Energia to lead the project during the 30-year contract period. In May 2010, Abengoa acquired the shares of CTEEP in the project company.   The sponsor committed to invest US$ 190 million (BRL 380 million) in the transmission line. The construction works commenced in April 2010, but financial closure was only achieved in February 2011, when the sponsor was granted a US$ 96.2  million (BRL 157 million) loan from FDA (Amazonia Development Fund). The remaining cost was set to be financed with the sponsors’ internal resources. Construction works are expected to be concluded by the end of 2011.
Cypark Resources BHd, the Malaysian energy project developer signed a joint agreement with the Korean electronics firm LG to develop a pipeline of projects, the first being an 8 MW solar farm to be located in Negeri Sembilan state.    The output was to be supplied to Tenaga Nasional Berhad (TNB), at a tariff of 95 sen (US$0.30) per MW. The project signed a 21 year Renewable Energy Power Purchase Agreement (REPPA) with TNB, under the FiT scheme.  Precise details on the contractual arrangement between the two firms were not publicly available, however public sources indicated that in March 2011 Cypark Resources had signed a 75m ringgit ( USD 24 million) loan agreement with HSBC Amanah Malaysia to finance the project.   The project became operational in March 2012, when phase 2 started construction: 5MW PV + 2MW biogas.
Gebze CCGT power project was an 865MW natural gas-fired combined cycle power plant in Kocaeli, Gebze, located in an industrial zone near Istanbul in Turkey.  The plant was to be developed on merchant basis in the liberalized Turkish electricity market. Yeni Elektrik Uretim AS (Yeni) was the project company created to implement and operate the project. The project was located in the Gebze region where demand for electricity was growing at a rate that was 40% higher than national demand. As it often happened in Turkish power, there was no gas supply agreement at signing. Therefore, gas supply agreements with alternative suppliers were possible during the project, depending on the market conditions. Also, the power plant was to be equipped with AE94.3A gas turbines and was designed to quickly adapt to change in demand, operating as a "cycling" plant".   In 2008, Yeni was granted a generation license for 49 years. Yeni was a joint venture between Belgium’s Unit Investment NV (Unit) with 60% and Italian Ansaldo Energia SpA (Ansaldo) with the remaining 40%. Ansaldo Energia was 55% controlled by Italian defense and aerospace group Finmeccanica and 45% owned by private equity US fund First Reserve Corporation. Ansaldo Energia was also the EPC contractor during the project, building and maintaining the plant "under a performance-based, completion type contract and associated long term services," thus bearing delivery risk and providing performance and availability guarantees. During the construction phase, there was also some sponsor support for other risks.  In 2010, Ansaldo Energia, won a competitive EPC tender to build the plant beating off rival bids from Alstom, Siemens, Gama, Mitsubishi and Itochu. The sale was approved by Turkey's competition agency and the energy regulator EPDK. The electricity to be produced by the power plant would be sold to the wholesale market.  The total project cost for the plant was estimated to be US$1 billion. On July 12 2011, Yeni Elektrik Uretim AS finalized the financing for the 865MW gas-fired combined cycle power. The project debt was financed by four Turkish banks, Yapi Kredi (US$175 million), Is Bank (US$175 million), Garanti Bank (US$175 million) and Vakif Bank (US$175 million), which together supplied a US$700m 14-year (including a three-and-a-half year grace period) term loan and an US$80m letter of guarantee facility to Yeni. The project costs estimated at around US$1bn on a debt to equity basis of 70:30. Other actors involved in the project were Clifford Chance, Herguner Bilgen Ozeke Law Partnership, Tractabel Engineering, Gifford, in aiding the developer. The lenders were assisted by White and Case, Cakmak, ADG, Deloitte, Fichtner, and JLT, with financial modelling from Ernst and Young and Fichtner being the lenders engineer.   The first $20 million debt drawdown occurred on 12 July 2011 and, with construction underway, a further $112 million was drawn on 13 July 2011. The completion of the plant was expected to 2013.         At closing there were no PPA agreements or revenue guarantees set in place, and as such the lenders were taking merchant risk on the project.  In April 2013, the operation & maintenance contract of the project was awarded to a joint venture between ESB International (Irish) and Unit Investment NV (Turkish owned, Dutch registered). The contract was valued at $39.3 million.
On April 29, 2011, the bidding results for the City Wastewater Treatment Plant in Kaili City, Guizhou Province were released. A local private company Herocan was selected as the winner following a highly competitive selection process when about 10 local and foreign companies submit their bids.  Herocan’s offer is around RMB 120 million to obtain the 30 year concession to operate the plant. The facility has a treatment capacity of 80,000 cubic meters per day. The first phase (50,000 cubic meters per day) has been in operation since 2007 and the 2nd phase (30,000 cubic meters per day) was completed in June 2010. The plant mainly serves the central area of the city where about 552,000 people live. Herocan has a 100% stake in the project. A project company, Kaili Jiacheng Water Treatment Co., Ltd. was established to undertake the project. Kaili Jacheng formally took over the plant in July 2011.
The Sonnedix Ratchasima solar project was a 7.5 MW solar PV project to be located in two separate locations accross Thailand.  The project company, Nakhon Ratchasima Solar Co, was 70% sponsored by the Dutch solar developer Sonnedix and 30% by local Thai infrastructure developer CH Karnchang, with equipment to be supplied by First Solar.  On commissioning, the project was scheduled to sell power under the Very Small Power Producer model, whereby a feed-in-tariff "adder" above the market rate was applied to the price of power paid to the producer.  the length of the contract was not publicly available.  Total project cost was stated as EUR 15 million (USD 20.6 million), with commissioning expected for 2012. Project financing was closed, with financing provided in April 2011 by the equity sponsors and local Krung Thai Bank with loan financing.
Northern Power Solutions, subsidiary of ENA Group, was operating the 50 MW Katakhali HFO rental plant, near Kathakali. The project became operational in November 2011, and was reported as producing power in July 2012.   The project consisted of 6 turbines (W20V32 Gensets, by Wartsilla), of 8.9MW each. Contract period was 5 years.   Project cost was reported as BDT 335.00Crore, but is here calculated with rental method. Cost of US$19.7 million.
Compagnie de Developpement des Energies Renouvelables (CODER) was planning the development of the 36MW FE 2 Hydropower Plant.  The company received a 30 year concession package on electricity generation from the Gabonese government in May 2010. Construction time was expected to be 30 months. Commissioning was expected for 2013.  The United Bank for Africa Plc. (UBA), through its subsidiaries UBA Gabon and UBA Capital (Africa) was collaborating with CODER, but no financial close has been reported. The project was valued at $234 million. Assistance of the Development Bank of Central African States and the African Development Bank were reported.
On May 2010, the National Highway Authority of India (NHAI) awarded a 24-year concession (including construction period of 24 months) to a consortium of Abhijeet Infrastructure Limited and Corporate Ispat Alloy Limited for the strengthening, improvement, widening, operation and maintenance of 41.3kms of Barhi-Hazaribagh section on National Highway-33 (NH33)in the state of Jharkhand.The project also includes the bypass for Hazaribagh city.   Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance and strengthening of the existing 2-lane to a 4-lane highway with paved shoulders. The scope includes construction of 4lanes including construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, service roads, road intersections,interchanges, drains, etc.The expansion project, part of National Highway Development Project Phase - III, will ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  The consortium of  Abhijeet Infrastructure Limited (26.5%), Abhijeet Roads Limited (47%), and Corporate Ispat Alloy Limited (26.5%, it is a subsidiary of Abhijeet Group which is into steel manufacturing), established Abhijeet Hazaribagh Toll Road Limited, a special purpose vehicle, to implement the project. The SPV won the tender through competitive bidding, conducted by NHAI, by quoting the lowest upfront subsidy from NHAI of US$33.5mn (INR 1508.5mn @45 INR/USD).Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.The SPV has entered into fixed-price contracts for construction with a group company, Abhijeet Projects Limited (APL).  The concession agreement was signed on 31st August 2010. The project attained financial closure on 21 April 2011. The debt/equity/grant ratio of the project was 40/36/24. The estimated capital cost of the project at the time of financial closure was US$ 139.3 (INR 6271.5mn @ 45 INR/USD) million. Aside from INR 1508.5mn grant from NHAI, financing comprised INR 2500mn 14-yearterm loan,and INR 2263mn sponsor equity. The INR 2500mn term loan had a grace period of 6months and repayment schedule of 47 quarterly instalments.The Pricing was at base rate (which varied from 850bp to 950bp), plus margin (which varied from 200bp to 290bp) linked to respective bank rate.The debt was arranged by SBI Capital Markets.The participating banks were Bank of Baroda(250mn), Punjab National Bank(750mn),India Infrastructure Finance Co Ltd(550mn), State Bank of Patiala(250mn).     Construction on the project began in January 2011 and was expected to be completed by January 2013.
VEZ Svoghe was planning the development of the second phase (8.89 MW) of the 25.6 MW 9 SHPP Ishar cascade, near the Svoghe and Mezdra municipalities, on the Iskar river. The second phase was to comprise the following three plants: Tserovo SHPP (3 MW), Opletnya SHPP (2.8 MW), and Prokopanik SHPP (3.2 MW). TVEZ Svoghe was a joint venture between Italian Petrolvilla Group (90%) and the Svoghe municipality (10%). In 2009, the full cascade was expected to produce 142 GWh annually. As of May 2008, Executive Director of VEZ Svoge was Mr. Plamen Dilkov.   As of October 2011, no information was available about regulations or contracts. In May 2008, at the time of the completion of the first hydropower plant of the cascade, it was announced that CEZ was to buy the project's output at prices set by the SCEWR. The project started construction of the second phase in June 2010. At the launch of the first hydropower plant of the cascade, the 3 MW Lakatnik plant, the local power equipment had to be upgraded at a cost of $1.6 million carried by CEZ. In January 2011, it was reported that the project company was to pay $48,500 to the state for rezoning the forest land, as well as an additional $20,500 for compensatory afforestation.  The total investment cost of the 9 SHPP Ishar cascade was estimated at EUR115 million ($153 million), although initially in 2008 estimated at EUR80 million ($123 million). The second phase of the project was estimated to cost EUR26 million ($34.6 million). Part of the EUR115 million ($153 million) was financed through an EBRD loan of EUR75 million ($100 million), initially valued at EUR54 million ($83.5 million). Under the $80 million, the structure was to be an A loan of $50.4 million and a B loan of $20 millon to an international bank; in May 2008 it was reported that the Bulgarian UniCreditBulbank was also investing in the cascade, but no amount was mentioned. UniCreditBulbank was part of the Italian bank UniCredit. Reportedly, the minister in charge of EU funds management Tomislav Donchev was present at the ceremony signalling the beginning of the construction period. However, no information was available about EU structural funds financing. The projec applied for UNFCCC JI financing.
On 22nd December 2011, Madhya Pradesh Road Development Corporation (MPRDC) signed a 15-year concession with a consortium of Concast Infratech Limited and Roman Tarmat Limited for the strengthening, improvement,two-laning,operation and maintenance,and tolling of 92.83kms of existing major district roads - (13.5kms of) Dhaneta-Rakhi-Shahajpur, (12.69kms of) Balikhedu-Saroud, and (13.22kms of) Suraiya-Simariya-Badhiyakheda-Padariya-Dhamni-Singori,and (53.42kms of) Bichiya-Shamnapur-Dindori section,in the state of Madhya Pradesh.   Under the contract, Concast Infratech was responsible for the design, construction, finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway to 2-lane divided carriageway.The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections,interchanges, drains, etc.The expansion project, part of the MDR (major district roads) development project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.    The consortium of Concast Infratech Limited (74%) and Roman Tarmat Limited (26%), established Concast Dhaneta Road Projects Private Limited (CDRPPL),a special purpose vehicle in December 2011, to implement the project. The SPV won the tender through international competitive bidding, conducted by MPRDC,by requesting the lowest annuity payment. Other details of bidding were not known at the time of collection of this information. Under the contract, the SPV was to recover the capital costs and operating costs including returns through periodic payments from MPRDC, during the term of concession. Concast Infratech would execute the EPC for the project.  The concession agreement for the project was singed on 22nd December 2011. The debt/equity ratio of the project was 70/30. The estimated capital cost of the project at the time of financial closure was US$ 28mn (INR 1305.6mn @46.7 INR/USD). Financing comprised of a term loan of US$ 19.6mn (INR 913.9mn) and sponsor equity of US$ 8.4mn (INR 391.7mn). Other details of financing were not available at the time of collection of this information.  The project construction started in January 2012 and was expected to be operational by June 2013.
In February 2011, the National Highway Authority of India (NHAI) awarded a 15-year concession (including construction period of 910 days) to Abhijeet Group for the strengthening, improvement,2-laning, operation and maintenance of 92 kms (KM 0.00 to KM 94.70) of Gopalganj to Chappra section of National Highway-85 (NH-85) in the state of Bihar.The entire project stretch falls in state of Bihar starting from its junction with NH-18 near Chhapra and ending at junction with NH-28 at Gopalganj.  Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance and strengthening and widening of the existing passageway to a 2-lane highway with paved shoulders. The scope would include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, tunnels, viaducts, culverts, road intersections, interchanges, drains, etc.NH-28 formed part of the East-West Corridor connecting Lucknow, the capital of Uttar Pradesh and Mokama in Bihar, passing through the city of Gorakhpur.  The expansion project, part of National Highway Development Project Phase -II was expected to give significant stimulus to trade and commerce in the entire region.  Abhijeet Group (through its subsidiaries Abhijeet Infrastructure Limited and Abhijeet Roads Limited), established Abhijeet Bihar Roadways Limited, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by requesting the lowest fixed annuity of US$ 15.1 million (INR 711.4 million @ 47 INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through fixed semi-annual payment of INR 355.7mn from NHAI during the term of concession.The SPV had awarded a fixed-price, fixed-time EPC contract to Abhijeet Projects Ltd (a Abhijeet Group Company).  The concession agreement was signed on 6th June 2011. The project attained financial closure on 16th December 2011.The estimated capital cost of the project at the time of financial closure was US$ 77.2 (INR 3627.9 mn @ 47 INR/USD) million. Financing comprised INR 3000mn Rupee term loan,and INR 627.9mn sponsor equity. The term loan was arranged by ICICI Bank.The debt equity ratio of the project was estimated at 82:18.     Construction on the project began in July 2011 and was expected to be completed by December 2013.  In April 2014, NHAI cancelled the concession for the project. While most road developers were finding delay in land acquisition and government permits as impending issues, details of the reason for cancellation of ABRL could not be ascertained at the time of collection of this information.
United Modi Hydro Power Private Limited, subsidiary of Nepalese construction company United Builders and Engineers Pvt. Ltd., was planning the construction of the 9.9MW Lower Modi I small hydropower plant, in Parbat. Annual output was estimated at 61GWh.   The project had signed a PPA with the Nepal Electricity Authority NEA, and was expected to be operational by August 2011. By September 2012, the project was entering the testing phase. The delay was reportedly caused by "repeated strikes, land acquisition issues and government red tape". The project PPA holds penalty clauses for late delivery, but the government does not exercise them.   Total cost was unknown, as was the FC date. Estimated here is August 2011, initial exected commissioning date. Total project cost was Rs.1.66 billion (US$19.3 million). Financing was provided by Clean Energy Development Bank, an initiative of Dutch FMO.   In June 2012, the NEA increased the tariffs to Rs.8.4 in the summer and Rs. 4.8 in the rainy season.
In August 2009, Cortez Transfert, subsidiary of US based Dune Company was awarded a contract to build, own and operate a new bulk mineral terminal in the port of Guaymas in Sonora state, Mexico. The contract was awarded by Administración Portuaria Integral de Guaymas (API Guaymas) with the authorization of the federal government's Coordinacion General de Puertos y Marina Mercante. Cortez Transfert was on the only final bidder.  The terminal required 50 million pesos of investment (US$4.1 million) and was slated to store 30,000 tons of bulk materials and handle approximately 300,000 t/y, serving Arizona, New Mexico and California's markets.  The project began construction in January 2011 with a timeline of approximately eight months. Further information on financial closure was not available.  Operations commenced in November 2012.
The Oaxaca II, III and IV Wind Farms had 101.5 MW of capacity each and were to be located in the state of Oaxaca. The projects were to be Independent Power Producers under Mexico's Federal Electricity Commission (CFE). The three wind farms were tendered in the same auction but were contractually independent. Each turbine was to have approximately 1.5 MW of capacity. The wind parks were eligible to apply for and sell Emission Reduction Certificates, as Mexico was eligible for the Kyoto Protocol's Clean Development Mechanisms.  The BOO contract for the Oaxaca III Wind Farm was awarded to Acciona [Spain] in March 2010 by Mexico's Federal Electricity Commission (CFE). Including ACCIONA, there were three bidders including: Iberdrola Renovables [Spain] and Recursos Eólicos de México (ACS) [Spain]. CFE was to purchase the energy generated by the three wind farms under a 20-year power purchase agreement (PPA). Acciona submitted a bid of US$.0678/kWh for the first year of operation of the Oaxaca III Wind Farm which was indexed for the contract's 20-year duration.   The total project cost was approximately US $200 million. No information on financing was publically available. As of May 2011, the Oaxaca II Wind Farm was 67% completed, Oaxaca III 86% and Oaxaca IV 47%.  All three projects became operational in October 2011.
In May 2010, the National Highway Authority of India (NHAI) awarded a 15 year concession (including construction period of 24 months) to a consortium of Transstroy India Limited and Corporation Transstroy OJSC of Russia for the strengthening,improvement, two-laning, operation and maintenance of 110.4 kms of Trichy-Karaikudi Section of National Highway- commencing in Trichy on NH-210 at km 10.000 and extending upto Karaikudi at Km 94.000 and including Trichy Bypass on NH-67 which is 26.100Km in length from Km.110.016 to Km.135.930 of NH-67,located in the state of Tamil Nadu.The project also forms bypass roads to the towns of Keeranur, Pudukottai,Tirumayam and Karaikudi.    Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance and strengthening of the existing carriageway to a 2-lane highway with paved shoulders. The scope will include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, tunnels, viaducts, culverts, road intersections, interchanges, drains, etc.The Project road passes through heavily built up areas of Keeranur, Pudukottai, Tirumayam and Karaikudi and it is therefore proposed to form bypasses for these towns. Project road starts at Thuvakudi, which is in Tiruchirappalli city the fourth major city of Tamil Nadu located in its central part. There are four NHs criss-cross the city; NH-45 runs in North south direction and provides connectivity to Chennai and Dindigul, NH-45B branches of NH-45 from here and goes upto Tuticorin, NH-210 also starts from here and provides connection upto Ramanathapuram lastly, NH-67 comes from Nagapattinam/Thanjavur and goes upto Coimbatore via Karur. The city is also hub for Southern Railway providing broad gauge rail link to Chennai, Nagapattinam, Erode, Tuticorin and Rameswaram. Tiruchirappalli has a functional airport where connecting international flights are also available.Chennai is the nearest major port.This project was expected to give significant stimulus to trade and commerce in the entire region.  The winning consortium of Transstroy India Limited (74%) and Corporation Transstroy OJSC (26%), established Transstroy Trichy Karaikudi Tollways Private Limited, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by requesting the lowest fixed  annuity of US$ 9.5 million (INR 426.9 million @ 45 INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through fixed semi-annual payment of INR 213.45mn from NHAI during the term of concession.  The concession agreement was signed in July 2010. The project attained financial closure on 8th January 2011.The estimated capital cost of the project at the time of financial closure was US$ 68.7 (INR 3092 mn @ 45 INR/USD) million. The Debt/Equity ratio was 60/40. Financing comprised INR 1870mn 15year term loan, and INR 1222mn sponsor equity. The INR 1870mn term loan had a repayment schedule of 44 quarterly installments.The particpating banks were South Indian Bank Ltd (1000mn),and Andhra Bank(870mn).     Construction on the project began in January 2011 and was expected to be completed by January 2013.
The El Quimbo hydro project was intended as a 400 MW facility located in the Magdalena River Basin, Colombia.  The project sponsor and developer, Emgesa S.A., was created specifically to build and operate power projects in Colombia and as of 2011, the company was a subsidiary of Emgasud, the Spanish engineering firm.    In 2008 Emgesa S.A. won a tender to build, own and operate the El Quimbo facility that would sell power on the Colombian privatized electricity market.  The estimated cost of the project was USD 684 million.  By 2011, several milestones for project development had been passed; in 2009, the Colombian environmental ministry approved the project's EIA; in 2010, Italian construction firm Impregilo was awarded the construction contract; and in January 2011, Emgesa successfully completed at USD 400 million bond issue on the local market to partially finance the construction of El Quimbo.  The expected construction period for the project was four years, with commissioning in 2014.  The project applied for CDM credits in 2011.
10MW PV project located in Geermu, Qinghai Province, being developed by Shanyizhongchuan Solar Power. Construction commenced in November 2011 and was completed in December 2011. The total investment is RMB 144 million (US$ 22.01 million). Shanyizhongchuan had a 100% stake in the project.
Canada Honda I was the first 2 MW phase of the Canada Honda solar project located in San Juan, Argentina.  The project was to be developed by the locally-based firm Energias Sustenables S.A.  The project was awarded in a government tender for renewable energy known as GENREN, whereby the winning bids were awarded 15-year PPAs with the state utility Enarsa.  Required investment for the project was projected to be USD 8.8 million.  In May of 2011 the project reached financial close, with Argentina's local foreign trade and investment bank BICE providing the financing.    The power plant became operational in May 2012.
In January 2009, Solitaire Energies Private Limited (SEPL) a Special Purpose Vehicle (SPV) of Moser Baer Clean Energy Limited (MBCEL), signed an MoU with Gujarat Energy Development Agency (GEDA) for setting up a 15-mw photovoltaic solar power plant at Guthawada (Dalpatpura), Taluk Kankarej, District Banaskantha,in Gujarat, under the Gujarat Solar Policy 2009. The proposed project would use thin film technology. The output from the project would be fed to the North-East-West-North-East (NEWNE) grid of India. Power evacuation was planned through an 8 Km 66 KV line, which, as per the state policy, was the responsibility of Gujarat Energy Transmission Corporation Limited (GETCO).   SEPL had entered into a 25-year Power Purchase Agreement with the state utility Gujarat Urja Vikas Nigam Limited (GUVNL),which would be effected at the time of commissioning of the project. The APPC (Average Power Purchase Cost) as per the Gujarat Solar Policy 2009, was US$ 0.32/Unit (INR 15 per unit @ 47INR/USD) for the first 12 years, and US$ 0.11/Unit (INR 5 per unit @47 INR/USD) from 13th year to 25th year.The total capacity of 15 MW was eligible for carbon credits. Proceeds of carbon credit were to be shared as follows: (a) 100% by project developer in the first year after the date of commercial operation of the generating station/ transmission system; (b) 2nd year – share of beneficiaries (DISCOM-GUVNL) @ 10% to progressively increase by 10% every year up to 50% whereafter the proceeds would be shared in equal proportion, by SEPL and GUVNL. Transmission and/or wheeling charges would be paid by SEPL.  Financial closure took place in August 2011.The total project cost was US$ 49.5mn (INR 2325.4mn @47 INR/USD).The debt equity ratio for the project was 70/30. The financing comprised of sponsor equity of US$14.8mn (INR 697.6mn) and debt of US$ 34.6mn (INR 1627.8mn).The 13-year 6-months term loan had a repayment schedule of 48 quarterly instalments. The loan was solely arranged by Bank of Baroda.The Asian Development Bank (ADB) also provided a Partial Credit Guarante (PCG) for the project.  The project was commissioned in 2011.
In February 2008, the Tamil Nadu Government, signed a letter of facilitation (MoU) with Ind Barath Power (Madras) Limited (IBPML), a SPV of Ind Barath Power Infra Limited (IBPIL), for development of 1320 MW (2x660)  power project in Thoothukudi, Tamil Nadu. The project was planned to be executed in two phases, each of 660MW.IBPML was currently developing the 1st phase of 660MW. The proposed plant would comprise of one supercritical once through assisted circulation and pulverised coal fired steam generators and auxiliaries and one 660 MW steam turbine generators & auxiliaries.The total land required for both phases of the project is 600 acres of which Phase-I requirement is 460 acres.Necessary acquisition process had been initiated with Government. Water requirement was estimated at 4800 cubic meters per day, which was expected to be met through sea water drawn from the Bay of Bengal, through an in-principle approval issued by the Tamil Nadu Maritime Board on June 8, 2009..IBPML had received all major clearances like environment clearance.IBPML had signed a long term open access agreement with Power Grid Corporation of India Limited in February 2010, under which IBPML would receive open access for up to 900MW of electricity until March 2037 and power would be evacuated using a 400 KV transmission line to the Tuticorin Pooling Power Grid Corporation substation.The company had awarded EPC contracts for Boiler-Turbine-Generator (BTG) to Harbin Turbine Company Limited, China.  The primary fuel for the project was domestic coal, and rest would be imported coal. The project would require 3.49 million tonnes per annum of coal at a plant load factor of 100% and assumed gross calorific value of 3360 kcal/kg. IMPML had made the necessary applications for domestic coal linkages. On January 29, 2010 in response to the application,the Standing Linkage Committee for Power facilitated the issuance of a letter of assurance by Coal India Limited for the provision of coal for this power project. On April 29, 2010, Coal India Limited issued a letter requiring IBPML to provide commitment guarantees for purpose of issuance of letter of assurance. IBPML had furnished the required guarantees as of May 6, 2010. The domestic coal allocation was estimated to meet up to 70% of the coal requirements for the project and the balance 30% would be imported. IBPML had further entered into a long term coal supply agreement with IndBarath's Indonesian Subsidiary PT Indbharath Energy (PTIE-had the right to operate four mines located in Indonesia) dated April 15,2010. Under the agreement, PTIE had agreed to sell and deliver to IBPML annually 750,000 metric tonnes (+/- 10%) with reference to gross calorific value of 5400 kcal/kg at a price of USD 56 per metric tonne of coal sold for a period of 5 years from the date of first delivery of coal under the agreement. If IBPML’s actual coal requirement is below 675,000 metric tonnes, IBPML was required to pay the difference in cost between actual coal purchased and 675,000 metric tonnes. However, IBPML was allowed to take the excess coal that it had paid for, free of cost, in any subsequent delivery year of the contract.There would also be penalties or premiums based on any deviation from the calorific value requirement.The agreement might be extended for a further period of 5 years each time on a mutually agreeable basis.  The power generated from the project of 660MW was expected to be sold to entities including state electricity boards, state owned utility companies, power trading companies. At the time of collection of this information,no arrangement for offtake could be confirmed but most likely IBPML would sell to the grid at CERC (Central Electricity Regulatory Commission) determined tariff or on merchant basis.  The cost of the Project was estimated to be approximately USD 798.9 million (INR 35950mn @45 INR/USD). Financial close took place on 25th March 2011 (although the sanction for underwriting had been provi
Majes Solar S.A.C. was created to build, own and operate a 20 MW solar project in the rural Arequipa region of southwestern Peru.  In 2011, The project company was a joint venture between 3 sponsors: the Spanish firms Grupo T solar and Solarpack, and the U.S. based Assured guaranty Ltd.  The project would sell power to the SEIN grid system and had obtained through tender a 20 year PPA to sell power from the Peruvian Ministry of Mines and Energy.  Total project investment was scheduled to be USD 87.3 million, with 61.5 million in loan financing from OPIC.  The loan would have a 19-year term  including a 2-year grace period and a 17-year repayment  period. The OPIC loan was to have an averagelife of approximately 12 years. The tenor of the OPIC loan provides for a 2-year tail from the expected maturity date of the OPIC loan to the end of the Project’s power purchase agreements. Expected commissioning was for 2012.
49. 5MW wind farm located in Baicheng City of Jilin Province, China and developed by Sino-Norwegian joint venture Ao Lu Jia partially owned by Norway's NBT AS. Financial closing was achieved in the first half of 2011 (according to a report in June 2011), according to the local government website. The total investment is RMB 500 million. Accordint to one official article, generators had been being installed by the end of 2010. It is therefore conservatively estimated that the project could become operational by the end of 2012. NBT's share in the JV is still unknown; for now it is set as 50% in the database.
On 3rd April 2010, the Karnataka Road Development Corporation Limited awarded a 30 year concession (including construction period of 2 years) to a consortium of GVR Infra Projects Limited, RMN Infrastructure Limited, and Prathyusha Associates Shipping Private Limited, for the strengthening, improvement, widening, operation and maintenance of 141.2kms of Karnataka State Highway No.10 (SH-10) from Maharashtra border to Andhra Pradesh border via Aland, Gulbarga, Malkhed, Sedam, Ribbanpally (Whagdhari-Ribbanpally road) in Gulbarga District,in the state of Karnataka.    Under the contract, the consortium was responsible for the design, construction,finance, operation and maintenance,strengthening and widening the existing carriageway in rigid pavement. The project also includes the widening of existing and new major and minor creek bridges, flyovers, vehicular and pedestrian underpasses,and foot over-bridges. Besides cutting down on travel time, the other benefits expected of this road widening are increase in traffic and trade activities, entry of more businesses in the region and infrastructure developments.  The consortium of  GVR Infra Projects Limited, RMN Infrastructure Limited (25%),and Prathyusha Associates Shipping Private Limited,established GVRMP Whagdhari Ribbanpally Tollway Private Limited, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted  by KRDCL, by quoting the lowest grant (VGF). Interpretations of limited bidding information concludes that the consortium was the sole bidder. KRDCL, in November 2009, hence negotiated for a lower level of VGF request from a maximum cap on the VGF grant of 40% of the project cost (INR 2385.8mn excluding utility shifting, contingency, and financing, estimated at the time of bidding). The consortium agreed for a VGF of US$ 20.1mn (INR 906.6mn @45 INR/USD), which amounts to 38% of the project cost. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The project attained financial closure on 7th January 2011. The debt/equity/grant ratio of the project was 53/25/22.The estimated capital cost of the project at the time of financial closure was US$ 90million (INR 4049.7mn @ 47 INR/USD). Apart from the upfront grant from Government of INR 906.6mn (INR 477.2mn from Central Govt,and INR 429.4mn from State Govt.),financing comprised INR 2137.3mn 14-year term loan, and INR 1005.8mn sponsor equity. The 2137.3mn term loan had a grace period of 7-months and a repayment schedule of 46 quarterly instalments.The debt was priced at 365 basis points above the SBI base rate. The debt was arranged by SBI Capital Markets.The participating banks were State Bank of India(1237.3mn), Karnataka Bank Ltd (500mn),State Bank of Mysore(250mn),Jammu & Kashmir Bank Ltd(150mn).    Construction on the project began in January 2011 and was expected to be completed by January 2013.
Simran Wind Project Private Limited (Simran), promoted by Techno Electric and Engineering Company Limited (Techno), was implementing a 101.4MW wind power project in the state of Tamil Nadu in Amuthapuram, Rasta and Muthiampatti belt.The area accounts for a PLF of around 27.5% on average.Turbines ranging from 1.5 to 2.1 MW each. The electricity generated from the project would be evacuated by the Tamil Nadu state grid. The delivery of the power plant had been done by Suzlon Energy Limited.   Simran Wind Project Private Limited (Simran) had entered into a 20-year Power Purchase Agreement under Renewable Energy Certificate (REC) scheme with the Tamil Nadu Generation & Distribution Company (TANGEDCO) at an APPC (Average Power Purchase Cost) tariff of US$ 0.05/Unit (INR 2.37 per unit @ 45INR/USD). The total capacity of 101.4 MW was eligible under REC as per the CERC and was also eligible for GBI benefit. This was the first project in India to be approved under the REC scheme. Moreover, the project was expected to generate 240,000 RECs on an annual basis and UNFCC approved the project for Certified Emission Reductions (CERs) in December 2010. Also, the IFC Post-2012 Carbon Facility proposed to forward purchase up to 1.75 million CERs to be generated through 2020 by Simran’s wind power projects. Simran would receive from IFC a pre-determined percentage of the CER spot price at the time of delivery, subject a floor and a cap. IFC would on-deliver CERs delivered by Simran to the participants in the Facility on a pro-rata basis.  The total project cost was US$ 133.3 million. Financial closure took place in June 2011. The debt equity ratio for the project was about 60/40. Debt comprised of the following sources: (a)Standard Chartered Bank provided a $30m 10-year 5-month term loan. There was a grace period of 1year-7months and repayment would be done in 18 semi annual instalments.The pricing was at a margin of 325bp over LIBOR, and included a commitment fee of 100bp; (b) International Finance Corporation (IFC) provided a $30m 10-year 5-month term loan.Repayment would be in 18 Semi-Annual instalments; (c) DBS Bank provided a $20m 7-year term loan. Equity was provided by the Sponsor TEECL (US$ 48.33mn for a 96.62% stake), and IFC (US$ 5mn for a 3.38% stake).  Construction for the plants started in April 2011, and commercial operations started in September 2011, the project construction having been accomplished within a period of 6 months.
The Lomé Container Terminal (LCT) was the third container terminal in the port of Lomé on the Gulf of Guinea, a major gateway into West and Central Africa. The container terminal was to add to the existing 220.000 TEU of the other two terminals.   The LCT was owned by a special purpose vehicle (Global Terminal Limited - GLT)) created by Mediterrenean Shipping Company (MSC), the world's second largest shipping line and LCT's anchor customer, and Getma Group of France. MSC was also to enter into a terminal service agreement committing to channel most of its WCA cargo through the Terminal. The terminal's construction began in April 2011 by Société d’Entreprise de Manutentions Maritimes (SE2M-TOGO), part of the French firm Bolloré.   The 35-year concession, with an optional 10 year extension, was awarded by the Government of Togo to Lomé Container Terminal, already in 2008. The concession was for the development, construction, and operation of a greenfield container terminal (a third quay), bringing the estimated handling capacity up to 1.5 million TEU per annum. 2010-2011 saw a total handling of 320,000 TEU.  The total project represented an investment of an estimated $487 million (€350 million) at the time. Total financing was some $189 million dollar: In 2011, the African Development Bank approved a loan of $85 million (€60 million) for the construction of a new container terminal adjacent to the existing facility. Other financiers included China Development Bank, DEG (KfW Group), FMO, Proparco, and the IFC, the latter for up to $104 million (€75 million).  By the end of 2013, the third berth of 450m and a water depth of 15m was operationalized.
In July 2009, Adani Power Limited (APL) had formed Adani Power Maharashtra Limited–Transmission (APML-T), to build, own and operate a transmission system/network for evacuation of power generated by Adani Power Maharashtra Limited's (APML-G) 3300 MW power (1980MW in Ph-1 and 1320MW in Ph-2) generation project at Tiroda in Gondia district of Maharashtra. The project had two 400kV transmission lines from APML plant at Tiroda to the state utility substations located at both Koradi and Warora, respectively, which formed part of the Maharashtra intra-state transmission system. APML had received MSETCL’s approval for this project. It had also received a license for the transmission of electricity in the State of Maharashtra from the Maharashtra Electricity Regulatory Commission (MERC) for the operation of the Tiroda-Warora transmission lines. The Tiroda-Warora transmission line was approximately 219kms in length.  Adani Power Maharashtra Limited–Transmission (APML-T) entered into a transmission development agreement with APML-G (“TDA”) for the development of transmission systems and networks for supplying power generated by APML-G to the state transmission system. APML-T also entered into a bulk power transmission agreement on 4th January 2011 (effective date of the Agreement being agreed to as August 14, 2012), with MSEDCL and MSETCL (“BPTA”) for evacuating the power generated by the power plant. The BPTA was valid for a period of 25 years from the date of execution or for the period of the transmission license whichever was longer. The Maharashtra Electricity Regulatory Commission on 6th July 2009 had issued a transmission license (subsequent amendment to the ‘Area of transmission’ in 30th March 2011), valid for 25 years, to APML-T for establishing transmission lines as envisaged in the TDA. As per BPTA, APML-T had the responsibility to procure and maintain all the consents required to erect the tranmission assets and to maintain and repair the transmission system as required by BPTA. MSEDCL would pay transmission tariff in accordance with the tariff orders issued by MERC from time to time (vide Maharashtra Electricity Regulatory Commission (Terms and Conditions Tariff) Regulations, 2005).   Adani Power Maharashtra Limited–Transmission was awarded the license to construct this transmission project on a negotiated basis. While the said transmission lines had been planned by STU (MSETCL) and included in their State Transmission Network Plan 2008-09 - 2012-13, APML had expressed willingness to develop the transmission system as “Transmission Licensee” in order to ensure its completion, matching with the first unit of APML-G's thermal Power project. State Transmission Utility (MSETCL, vide its letter No. MSETCL/CO/STU/302B/929 dated January 20, 2009) had requested APML to undertake construction of the above transmission system. . As the said transmission lines had not followed development under the Competitive Bidding Guidelines issued by the Ministry of Power, MERC (Regulator) held that all the expenditure made on the Intra-State Transmission system was finally recovered from the Transmission System Users (TSU), as per the “pooled cost” concept. Hence, it was essential to take every step to optimize on the costs to be incurred in development of the projects. Hence MERC instructed that M/s Adani Power Maharashtra Limited –Transmission would be following a transparent competitive bidding process for development of the transmission project to ensure that the cost of the project was the most reasonable and most competitive. In pursuance of this, in September 2009 APML-T awarded the competitively bid EPC contract to a consortium of Powergen Infrastructure and Gammon India Limited.   The project reached financial closure on 25th November 2011. The total cost of the project estimated at the time of financial closure was USD 139.3million (INR 6502mn @46.67 INR/USD). The debt equity ratio of the project was 70/30. Financing comprised a 13-yea
In February 2010, the Rajasthan Government signed a MoU with Adani Group for development of a 1320 MW (2 units of 660MW each) coal-fired supercritical thermal power plant at village Kawai, in Baran District in Rajasthan. Adani Power Limited (a Adani Group company), through its 100% subsdiary - Adani Power Rajasthan Limited (APRL) would execute this project. The project had already been allotted 578.53 hectares of Government land. APRL had received all major clearances like environment clearance, water linkages etc. The State Government would assist in the procurement of coal linkage for the project. As per MoU with the Government of Rajasthan, RVPN (Rajasthan DISCOM, the procurers) shall identify and develop and adequate transmission system for the evacuation of power for the project, however APRL was free to consider laying dedicated transmission lines for the project.  The primary fuel for the project was domestic coal. The total requirement of coal for the project was estimated at 5.24 million tonnes. APRL planned to procure coal from South Eastern Coalfields Ltd, and had applied to the Ministry of Coal for domestic linkage of coal, for which the letter of assurance was awaited as on January 2012. The boiler-turbine-generator contract had been awarded to Shanghai Electric Group Company Ltd, China.The BoP had also been awarded.   The power generated from the project of 1320MW was primarily expected to be sold to state owned utility company. As per the Power Purchase Agreement (PPA) signed with Government of Rajasthan, APRL would sell 1200MW of the power generated from the project to Jaipur Vidyut Vitran Nigam Limited (456 MW), Ajmer Vidyut Vitran Nigam Limited (372 MW), and Jodhpur Vidyut Vitran Nigam Limited (372 MW), through a 25 year PPA, at a rate approved by the Rajasthan Electricity Regulatory Commission (RERC). Tariff would be determined on a two–part basis comprising Fixed Charge (Capacity Charge) and Variable Charges (Energy Charges) and shall be computed for each Tariff Period. The Tariff (Fixed Charge, Variable Charges) and Incentive shall be determined by the RERC. The tariff was also structured to provide for escalation in the fuel transportation charges and part of the energy charges (as per CERC escalation indices from time to time). Under the terms of the PPA, the procurers were responsible for the provision of transmission infrastructure and the associated transmission and interface costs. The residual power, excluding auxiliary consumption, could be sold to any 3rd party.  The cost of the Project (1320MW) was estimated to be approximately USD 1495.7mn (INR 70300mn @47 INR/USD). Financial close took place on 26th July 2011 at a Debt/Equity ratio of 80/20. APL financed this project through an equity contribution of USD 299.1mn (INR 14060mn) and a debt of USD 1196.6mn (INR 56240mn). In addition, there was also a 3-year Letter of Credit facility of USD 1121.9mn (INR 52730mn). The INR 56240mn term loan had a door-to-door maturity of 15 years. The repayment was in quarterly instalments. The loan was arranged by SBI Capital and the participating banks were State Bank of India(34090mn), Federal Bank(2000mn), Indian Overseas Bank(3500mn), Punjab & Sind Bank(2000mn), Syndicate Bank (3000mn), Vijaya Bank(2000mn), Bank of India(5650mn), Life Insurance Corp of India(3000mn), Andhra Bank(1000mn).The 3-year INR 52730mn L/C facility was also arranged by SBI Capital.  The construction for the project started in March 2011 and was expected to be progressively commissioned by April 2013 (1st unit) and August 2013 (2nd unit).
Song Bac Hydroelectric was developing the 42 MW Song Bac River hydropower plant in the Northern Ha Giang Province, Quang Binh District. The plant was to consist of two turbines, generating over 166 million kWh annually. The project was expected for commissioning in 2013, whilst construction started in October 2011.   Japanese Sumitomo Mitsui Bank provided a $50 million loan to the project, around 80% of total investment needed, at preferential loan rates. This would imply a total investment of $62.5 million. $30 million of the loan was disbursed during the initial development period. Land clearing was done in September 2010 for the $64 million (VND 1.29 trillion project).    The terms of the loan were 14 years with 5 year grace period. The project was insured by the Overseas United Loan Insurance from Japanese ECA NEXI. The project applied for UNFCCC/CDM financing.
In October 2009, Torrent Power announced and expansion program for for their Sugen Mega Power Project (1147.5 MW which was commissioned in August 2009). Known as UNOSUGEN, the standalone project involved setting up a 382.5MW gas-based combined cycle power plant at the existing site at Village Akhakol, in Kamrej Taluk, in Surat District in Gujarat. Expansion would be carried out within the 100Ha of land already available within the power plant. Source of natural gas for this expansion project would be KG basin. Gas requirement would be 2.0 MMSCMD.(It maybe noted that the primary Sugen plant had access to all major sources of Natural Gas / LNG in the country through the pipeline connectivity of Gujarat State Petronet Limited (GSPL). Natural Gas for the Sugen project had been sourced from the KG basin fields of Reliance, PMT gas fields and the Petronet LNG’s plant at Dahej). Water requirement of about 10,656KLD for the expansion projects would be met from Tapi river through the existing system and through existing allocation to Sugen plant.The project has received MEGA Power Project status from the Ministry of Power, environmental clearance from MoEF and connectivity approval from Central Transmission Utility.  The power generated from the 382.5 MW power plant was expected to meet 278 MW additional demand of Ahmedabad,Gandhinagar and Surat distribution through the Torrent Power Limited-Distribution (TPL-D). The residual power would be sold to Power Trading Corporation (PTC) for interstate and other sales. Since Unosugen was categorised as an expansion project of existing Sugen plant, the tariff would be determined by the Central Electricity Regulator CERC. The power purchase agreement for the project had not been ratified by the regulator at the time of collection of this information. The state regulator noted that, while, there was no bar in the Electricity Act, 2003 on the distribution licensee to establish their own generating station, the MOU had been executed between Torrent Power Limited-Distribution (TEL-D) and Torrent Power Limited (UNOSUGEN) which were two divisions of the same entity. Hence, it was not a valid long-term power purchase agreement as the same was not enforceable in case of default by any division of the same entity. As such, the MOU in present form couldnot be approved.Torrent Energy Limited was directed by the State Regulatory commission to approach the central regulator for adoption of the Tariff for procurement of power from its own generation unit.In July 2010, a fixed-price, fixed-time turnkey EPC contract, had been awarded through an international competitive bidding process to Siemens of Germany.TEL clarified that they have ensured the competitiveness of the project cost by identifying the EPC Contractors through International Competitive Bidding (ICB) process.Siemens would also supply the main components including gas and steam turbines, a generator and the entire electrical, instrumentation and control systems.Siemens and Torrent had formed a 50:50 joint venture to provide operation and maintenance services for the plant (Sugen as well as Unosugen).  The project cost was estimated to be approximately USD 407.3mn (INR 18330mn @45 INR/USD). Financial close took place on 31st March 2011 at a Debt/Equity ratio of 70/30. Torrent Power financed this project through an equity contribution of USD 122.2 million (INR 5500 @45 INR/USD) and a 15-year term loan of USD 285.1 million (INR 12830mn @45 INR/USD). The debt was arranged by IDFC and attracted 3 lenders, Bank of Baroda, StateBank of India, and KfW-Germany.   The construction started in July 2010 and by March 2011, 36% of the EPC work had been completed. The project was expected to be completed by July 2013.
Energy Generators was developing the 6.0MW Rajjammana small hydropower plant.  The project was expected to be commissioned in 2013. Turbines were supplied by Global Hydro Energy. The project held a generation license with Ceylon Electricity Board in 2012.  Financial closure date was unavailable.
The project entails the expansion of municipal solid waste processing locations across India. The plants have a combined capacity of 5,000 tonnes per day, with individual capacities ranging from 100 to 800 tonnes per day. Hanjer Biotech Ltd. is the sponsor. Financing comprises $42.60 million equity contribution from the sponsor and $63.90 million in debt, provided by Yes Bank and Karur Vysya Bank. Total investment is $106.5 million. Financial close was reached on June 29, 2011. The facilities operate under a BOO concession.
In January 2010, the National Highway Authority of India (NHAI) awarded a 25 year concession (including construction period of 910 days) to Sadbhav Engineering Limited for the strengthening, improvement, 4-laning, operation and maintenance, and tolling of 80.86kms of Rohtak to Panipat Section of NH-71A in the state of Haryana.  Under the contract, Sadbhav Engineering was responsible for thedesign, construction, finance, operation and maintenance and widening of the existing carriageway to a 4-lane highway with paved shoulders. The scope would include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc. The expansion project, part of National Highway Development Project Phase-III would ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  Sadbhav Engineering Limited established Rohtak Panipat Tollway Private Limited (RPTPL) on 25th January 2010, a special purpose vehicle, to implement the project. The SPV won the tender through competitive bidding, conducted by NHAI,by quoting the highest premium payment to NHAI. The SPV would pay NHAI a sum of US$ 9mn (INR 450mn @50 INR/USD) in the first year of operations with 5% increase in each subsequent year (This amounted to an NPV payout of US$ 128.5mn over the concession period at a discount rate of 10%). As per the concession agreement the premiums would be paid in monthly installments. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. Traffic toll rates would be subject to annual revision and are partially linked to the wholesale price index (WPI). Sadbhav Engineering Limited was also the EPC Contractor of the project.  The concession agreement was signed on 9th March 2010. The project attained financial closure in April 2011 (specific details couldn't be ascertained). The debt equity ratio of the project was 80:20. The estimated capital cost of the project at the time of financial closure was US$ 242.7mn (INR 12134mn @ 50 INR/USD). Financing comprised of a 16-year term loan of US$ 194.1mn (INR 9707.2mn) and sponsor equity of US$ 48.5mn (INR 2426.8mn). The INR 9707.2mn term loan had a moratorium of 22 quarters and a repayment schedule of 43 quarterly installments henceforth so that the door-to-door maturity was 16 years. The loan was priced at 12.75% with annual resets. The debt was arranged by Punjab National Bank. RPTPL has recently swapped an INR 2025mn (about USD 38mn) equivalent of domestic loans with a USD-based external commercial borrowing at an interest rate linked to USD LIBOR to save on interest costs. RPTPL has covered the variation in USD LIBOR with an interest rate swap with the facility provider, where RPTPL will pay a fixed interest rate for the tenor of the loans. At the end of the seventh year, the loans will be automatically swapped back and merged with the existing domestic loans. Exchange rate risks on the principal amount and on the interest costs have been managed by exchange rate derivatives which provide protection from INR depreciation within a specific band agreed with the counterparty.  Construction on the project was scheduled to be completed by October 2013. The Appointed Date for the project from NHAI was April 2011. According to the Lenders' Engineer's report of June 2012, the company has achieved a physical progress of 59% and the SPV was expecting to achieve the COD by November 2012.
On 22nd April 2010, the West Bengal Government, signed a MoU with Calcutta Electric Supply Corporation Limited (CESC of RPG Group) for development of a 600 MW (2 units of 300MW each) coal-fired supercritical thermal power plant at Jhikurkhali Village of Baneswar at Haldia, East Medinipur District, in West Bengal. CESC through its 100% subsidiary Haldia Energy Limited would execute this project. The land required of 297 acres for the project has been acquired.HEL had received all major clearances including environment clearance. HEL was also responsible for any transmission infrastructure to connect the power project to the designated substation.   The primary fuel for the project was domestic coal. Mahanadi Coalfields Limited had committed to supply the domestic coal. Given the production shortfall currently affecting the coalfields of Coal India Limited (MCL is subsidiary of CIL), this means that on an average 60-70% of the coal requirement may be satisfied by MCL. Haldia Energy Limited was expected to import coal, and was scouting for coal sources globally. The company had awarded contracts for Boiler-Turbine-Generator (BTG) to Shanghai Electric (September 2011), BOP (Balance of Plants) to Punj Lloyd.The order for supply and construction of 400 kV Double Circuit river crossing transmission line between Haldia Thermal Power Plant – Subhash Gram, crossing the Ganges River at Kolkata (West Bengal) was given to KEC International (another RPG group company). The contractual completion time for the transmission infrastructure was approximately 18 months.  The power generated from the project of 600MW was primarily expected to be sold to the state owned utility company - West Bengal State Electricity Distribution Company Ltd (WBSEDCL).While the details of the PPA couldnot be ascertained, analyst reports indicate that 75% of the power output (450MW) would be sold to WBSEDCL at a tariff  determined by West Bengal Electricty Regulatory Commission. The rest 25% (150MW) was expected to be sold on merchant basis.  The cost of the Project (600MW) was estimated to be approximately USD 725.1 million (INR 34080mn @47 INR/USD). Financial close took place on 10th August 2011 at a Debt/Equity ratio of 75/25. CESC financed this project through an equity contribution of USD 181.5mn (INR 8530mn) and a debt of USD 543.6 mn (INR 25550mn). The debt had a door-to-door tenor of 14years 9months.The repayment had a grace period of 1year and would be paid in 43 quarterly instalments. IDBI Bank (INR 11050mn) and ICICI Bank (INR 11050mn) equally provided for the term loan.  The construction for the project was expected to start in September 2011 and was expected to be progressively commissioned by March 2015.
In November 2010, Dahanu Solar Power Private Limited (DSPPL), a SPV set up by Reliance Power Limited (RPL) to execute the project, was awarded the license for setting up a 40MW solar photovoltaic power project at Dhursar in Jaisalmer District of Rajasthan. RPL had acquired the 350 hectares of land required for the project. The Rajasthan Sun Technique's (RPL's other CSP plant, part of JNNSM-I) 100MW CSP plant was coming up in the same area, however this 40MW PV project was not part of the JNNSM program. Electricity generated from the project would be evacuated for consumption in the Combined Regional grid (comprising the electrical system of Northern,Eastern, Western, and North-Eastern grids) of India. The solar plant would use fixed-tilt cadmium telluride thin film solar photovoltaic modules from First Solar Inc. (US). On the basis of international competitive bidding, DSPPL has entered into a fixed price turnkey EPC contract with R-Infra for (i) procurement and supply of foreign and domestic equipment; and (ii) erection, construction, and services for the project. The electricity generated from the project would be evacuated from the project site to the existing 220-kilovolt (kV) Dechu substation of Rajasthan Vidyut Prasaran Nigam Limited (RVPNL) through a 30 km long, 220 kV double-circuit transmission line to be built by DSPPL.  Dahanu Solar Power Private Limited (DSPPL) had entered into an 25-year power purchase agreement with R-Infra (another Reliance ADA group company involved in power distribution) to sell 100% of the output of the project for a period of 25 years at a fixed tariff as specified by the CERC RE Tariff guidelines 2009. R-Infra distributes electricity to 2.8 million retail, commercial, and industrial consumers in Mumbai. The electricity purchased from the project would be used by R-Infra to offset its renewable purchase obligations stipulated by the Maharashtra Electricity Regulatory Commission. The Maharashtra Electricity Regulatory Commission had specified that all distribution licensees in Maharashtra state will have to purchase 0.25% of their total electricity requirements from solar energy sources from FY2011 to FY2013. This renewable purchase obligation increases to 0.50% beginning FY2014.  Financial closure took place in November 2011.The total project cost was estimated at US$ 150mn (INR 7000mn @46.67 INR/USD).The debt equity ratio for the project was 88/12. Financing comprised of Debt of US$ 132.3mn (INR 6174.4mn) and sponsor equity of US$ 17.7mn (INR 826mn). The US$ 132.3mn external commercial borrowing was contributed by ADB (US$ 48mn approved in November 2011), US Exim Bank (US$ 84.3mn approved in August 2011). The ADB loan had a tenure of 18.5 years (incldusing a grace period of 1 year) and a semi-annual repayment schedule. The US EXIM fixed-rate loan tenure was 16.5 years.   Construction for the project was started in September 2011. The plant was commissioned in March 2012 and commercial operation started in April 2012.
Akfen Enerji was planning the development of the 25.8 MW Camlica III run-of-river hydropower plant, near Kayseri, Central Turkey. Akfen Enerji was a power production branch of Turkish Akfen Group.  The project was commissioned in April 2011. A 49 year production license was acquired from regulator EPDK in early-2009. The Turkish government opened up for tender concessions for 52 run-of river hydropower plants, between December 2009 February 2010. During the tenders, 615 bids were made and the deals were finalized in May/June 2010.  As of October 2011, no further details about the financial structure of the project were available.
On 1st March 2006, Sneha Kinetic Power Projects Private Limited, a project SPV of Greenko Energies Private Limited, signed an Implmentation Agreement with Sikkim Government for setting up a run-of-the-river 96MW (3x32 MW) hydroelectric power project on a Build, Own, Operate and Transfer (BOOT) basis for 35 years on the Dikchu River, a tributary of river Teesta, in Sikkim. The Project components were located in the East and North Sikkim district of the state of Sikkim with Dam at the Lingdoc Village and the Power House site at Dikchu. The project utilized the fall of head in the River course, of about 350 meters between these two villages.  The project scope included a 35m high concrete dam, Desilting chamber, 4.6km long and 4m diameter head race tunnel terminating in a surge shaft, 9m diameter surge shaft, 600m long & 3m diameter pressure shaft, an underground power house having an installation of 2 Vertical Francis turbine generating units of 48 MW each.The PLF was 64.33. The electricity produced at 11 kV would be stepped up to 132 kV and evacuated to Mangan Pooling Station through a 132 kV D/c line with single moose conductor, Gangtok Feeder which was a part of NEWNE (Integrated Northern, Eastern, Western and North Eastern grids of India) Power Grid. The water after power generation was discharged back to the Dikchu River by means of underground tunnel. The project activity would generate annual gross energy of 541000 MWh and the net energy available for export to grid would be 534508 MWh after deducting 0.7% towards Auxiliary consumption and 0.5% towards Transformation losses. Environmental clearance for the project was received on 1st April, 2008. The 39 hectares of private land had been acquired. Approval for diversion of forest land was obtained on 22nd February,2010.   The power generated from the project of 96MW was primarily expected to be sold to state electricity board through a longterm power purchase agreement ("PPA"). As per the SERC (state regulator) approved PPA, Sikkim SEB would purchase electricity at the levelized rate of US$ 0.058/Unit (INR 2.72/unit @47INR/USD) from the date of commissioning. Out of the expected net energy generation, 12% of the energy generated for the first 15-years, and 15% of the energy generated from 16th year onwards, was to be provided free of cost to sikkim Government. Sneha Kinetic Power had represented its case for carbon credits for the project, and UNFCC was currently validating the project.The financial benefits of the revenue obtained by selling of the CERs was expected to improve the Equity IRR of the project.  Financial closure took place on 10th October 2011 at a debt to equity ratio of 70/30. The estimated cost of the project was US$ 158.5mn (INR 7450mn @47 INR/USD). Financing comprised a debt of US$ 110.8mn (INR 5210mn) and USD 47.7mn (INR 2240mn) of sponsor equity. The 14-year 3-months term loan was arranged by Industrial Development Bank of India (1500mn), ICICI Bank Limited (2210mn), and PTC India Financial Services Ltd (1500mn).   The DPR (detailed project report) was approved by the Sikkim Government in 31st July, 2008. The Techno Economic Clearance to the project was accorded in 28th November 2008 by the Sikkim Goverment. The First unit of the Project was scheduled to be commissioned in August 2013 and the third unit in December 2013.
Ayen Enerji was planning the development of the 48 MW Korkmaz wind farm, at Korkmaz, Izmir province. The project was to comprise 24 turbines of 2 MW, producing an annual 83 GWh. Ayen Enerji was a subsidiary of Aydiner Insaat.  Commissioning was expected for 2012. The developer received a 49 year production license for the project in  May 2008. The equipment supply contract was awarded to Suzlon (India), supplying its S88/2100 turbines. In June 2012, commissioning was expected for 2013.  As of October 2011, no further details about the financial structure of the project were available. On March 30th 2011 it was announced Ayen Enerji received a EUR50 million ($66.5 million)  Exim credit from Commerzbank, with a 15 year maturity. Due to lacking data, a total cost of $66.5 million was adopted.
PT Tanjung Kasam Power was developing the 110 MW coal plant in Kepulauan Riau province, Batam. The project was to consist of 2 turbines of 55MW. The project was owned by a consortium of China Huadian Engineering Corporation (CHEC), the local power utility PT PLN Batam, and PT Petra Unggul Sejahtera. PT PLN Batam was wholly-owned by state-owned utility PT Perusahaan Listrik Negara (PLN), but was expected to be publicly offered by late-2012.  The project became operational in June 2012, and will start commercial operations in September 2012. CHEC;s involvement in the project was approved by China's National Development and Reform Commission in 2010. Construction started in March 2011. The EPC contract was awarded to CHEC, and was valued at US$ 168.75 million. The first supply of coal was to arrive in April 2012, sourced from East Kalimantan, Indonesia. The output was to be sold on IPP basis for 30 years to PLN Batam. The operator was to be CHD Power Plant Operation Co. Ltd., an affiliate of CHEC. The developer was expecting an electricity tariff of US$0.0395 per kWh.  Total cost of the project was US$126 million, but has also been estimated at US$200 million. The conservative estimate of US$126 million was reported here. Financing was to be provided by the Export Import Bank of China.
In  January 2011 a Chinese local private company, Sound Group was granted an agreement to build and operate a wastewater treatment plant in Yang County, Shaanxi Province. The facility has a short term capacity of 20,000 cubic meters and long term capacity of 40,000 cubic meters. The project includes the construction of 51.08 km long collection network and pump station. A project company, Hanyuan Water Affairs Co., Ltd was registered at Hanyuan City with a registration capital of 7.28 million US$ in July 2011. The project was formally approved by the local government in August 2011, which required the construction contract to be procured on an open competitive basis. Three construction bidders were shortlisted in September 2011. The total investment is US$ 18.20 million. Once completed, the wastewater treatment facility will be operated by Hanyuan Water Affairs Co., Ltd. for 30 years.
On March 17, 2011, Jiangsu Jiangnan Water Co., Ltd. was floated in the Shanghai Stock Exchange. 58.80 million shares were publically sold at a price of 18.80 Yuan per share (233.80 million shares in total; some private shares are not publically tradable on the equity market at this point, e.g., employee shares). Raised capital will be spent on water asset acquisition, intelligent water service development and utilization, and the rehabilitation and extension of the Ligang Water Treatment Plant.   Jiangnan Water focuses its business on water supply and sewerage services. It currently has a water supply capacity of 930,000 cubic meters per day and serves a population of 2 million plus in Jiangyin City, Jiangsu Province, one of the most developed country level cities in China. Out of all shareholders, a state owned enterprise Jiangyin Urban/Suburban Water Supply and Sewerage Co., Ltd owns 34.96% of the company and Jiangyin City State Owned Assets Operation Co., Ltd. has a 23.18% stake. The private sector owns about 34.41% of the company.
The Tintaya - Socabaya Transmission Line PPP was a transmission line located in the south of Peru.  The line would strengthen the connection between the national grid's (SEIN) southeastern and southwestern systems, and assist in the transportation of power from future hydro plants San Gabán (Puno) and Pucara (Cusco). Peru's state agency for promoting private investment ProInversión awarded consortium REI-AC Capitales - formed by Spain's Red Eléctrica Internacional (REI) and Peru's AC Capitales - the 30-year concession for the project.  The line was expected to be 207 km, with a 220kv capacity.  Total project cost was USd 47 million with a 13 million contribution from the equity sponsors.    Commercial operations commenced in June 2014.
In November 2009, Consorcio Alupar-Bimetal, a partnership of the Brazilian company Alupar/Alusa (60%) and of the brazilian company Bimetal Industria Metalurgica (40%), was awarded in a competitive bidding process the contract to build and operate a 235-km transmission line  in the state of Mato Grosso (the line was set to connect the cities of Nova Mutum, Nobres and Cuiaba – Lote D). Besides Consorcio Alupar-Bimetal, only the state-owned company Eletronorte took part in all stages of the competitive bidding process.  The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. The winning bid was an offer of US$ 3.4 million (BRL 8.4 million) annual revenue (12.03% below the ceiling established by ANEEL). The contract was signed in June 2010, and the sponsors created the company Empresa de Transmissao de Energia do Mato Grosso (ETEM) to lead the project during the 30-year contract period.   Information on the investment commitment was not available. The construction works commenced in early 2011 and concluded by December 2011. Also in December 2011, the state-owned bank BNDES granted a US$ 28.7 million (BRL 46.8 million) loan to the company.
UCH-II Power (Private) Limited  was created to build and operate Uch-2 project,  a 404 MW combined-cycle gas power plant in Dera Murad Jamali, Balochistan province, Pakistan. The project consisted of two GE9E gas turbines and one steam turbine. Natural Gas for the plant was to be derived from the Uch gas field, which is 47km away, under a gas supply agreement with the state-owned Oil & Gas Development Company. For Uch-II, 15 new wells were developed by the state-owned Oil and Gas Development Company Limited (OGDCL). The Uch-2 plant was to be built adjacent to the 586 MW Uch-1 plant which built in 1996 and operational since 2000. Uch-1 was also owned by International Power (75% stake).  UCH-II Power (Private) Limited was 100% owned by International Power of the UK. The Project was developed under the 2002 Power Policy and, consequently, was to be undertaken under a 25 year build-own-and-operate structure. All electricity that would be produced by the Project would be sold to the National Transmission and Dispatch Company (“NTDC”) under a 25-year Power Purchase Agreement, backed by a GOP Guarantee. An Implementation Agreement would be signed prior to financial close that would entail the GOP’s support for the project and would also lay out the rights and obligations of all parties. The tariff structure was approved by the National Electric Power Regulatory Authority - Pakistan's power sector regulator.   The total project cost was US$ 500 million. Financial close was reached in January 2011 with debt equity ratio of 75:25. The sponsors committed to investment US$125 million through equity. Debt financing of US$375 million to the project was provided by foreign lenders including Asian Development Bank (ADB) through two loans (a US$49.9 million and a Euro 37.16 million); International Finance Corporation (IFC) with US$100 million A-loan; Islamic Development Bank (IDB) and Export-Import Bank of Korea (KEXIM). In 2011 ADB was negotiating a US$50 million political risk guarantee for the project.  The project was expected to be commissioned by the end of 2013.
Autovia Urbana Norte was a 9km elevated ring road designed to ease the flow of traffic in northeast Mexico City, which was highly congested. The northernmost section was to link with Viaducto Bicentenario, owned by OHL (Spain).  A build, own and transfer (BOT) contract was awarded to OHL Concesiones (Spain) by the Federal District of Mexico City. The contract was for 30 years from the start of operation, approximately 33 years in tottal. Further tendering information was not available.  The total project cost was US $801 million. The project reached financial closure with a US$431.4 million syndicated loan and a 174.2 million subordinated debt from Mexico's state infrastructure fund Fonadin.   Operations on the first phase of the toll road commenced in the end of 2011, and the construction works were completed by the end of 2012.
In August 2011,the National Highway Authority of India (NHAI) awarded a concession (including construction period of 30months) to Soma Tollways Private Limited (Soma) for the strengthening, improvement, 4-laning, operation and maintenance,and tolling of 225.686kms of Jabalpur–Katni-Rewa Section from Km 465.500 to Km 242.300 (including Katni Bypass) of NH-7, in the state of Madhya Pradesh.  Under the contract, Soma was responsible for the design, construction, finance, operation and maintenance and widening of the existing 2-lane carriageway to a 4-lane highway with paved shoulders. The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc. The expansion project, part of National Highway Development Project Phase-IV would ease traffic congestion and give significant stimulus to trade and commerce in the entire region.The project stretch is a component of the corridor from Maharashtra to West Bengal. It witnesses heavy traffic on account of dense industrial activity in the region.  Soma Tollways Private Limited established Soma Jabalpur Rewa Tollway Private Limited, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by requesting the lowest upfront subsidy of US$ 68million (INR 3400mn @50 INR/USD). There were 40 pre-qualified bidders out of which 4 finally bid for this project. The L2 bidder, ILFS Transportation (ITNL) quoted a grant of INR 3060mn. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement for the project was signed on 28th October 2011. The status of financing couldn't be ascertained at the time of collection of this information. The estimated capital cost of the project at the time of bidding was US$ 379.1mn (INR 18954.5mn @50 INR/USD).    Construction on the project was expected to begin in November 2011 but Appointed Date was not confirmed by NHAI at the time of collection of this information. As on 18th June 2012, the forest clearances were pending with the Madhya Pradesh Government.  However Soma had backed out of the project citing lack of statutory environmental and wildlife clearances, which was affecting the viability of the project under the severe economic downturn. Soma failed to deposit the 1% bank guarantee and start the work. Finally NHAI had terminated the Concession in January 2013.
The Mong Duong II Thermal Power Generation Project  is a 1,200 MW coal-fired plant located in Quang Ninh Province, Vietnam.  In 2010, the project company Mong Duong AES-TKV was granted a 25-year Build, Operate, Transfer (BOT) concession, with the end of construction as the start date of the 25-year contract.  AES, with 51% equity, holds a majority stake in the project company. PSC Energy Global Company, a wholly-owned subsidiary of POSCO Power Corp owns 30%, and the Stable Investment Corporation, a subsidiary of China Investment Corporation owns 19%. In January 2013, construction was reported as 2/3rds completed.  The project company agreed to sell power to the state-owned Electricite Vietnam (EVN) under a 25-year Power Purchase Agreement (PPA). The PPA was U.S. dollar denominated and allows for a fuel cost pass through, protecting the project from coal price fluctuations. The company also signed a 25-year coal supply agreement with the state-owned Vietnam National Coal-Mineral Industries Group (Vinacomin - TKV).  Engineering, Procurement, and Construction (EPC) contract was awarded to Doosan Heavy Industries and Construction Co. Ltd. of South Korea. Construction started in August 2011, and commercial operations were expected to commence in June 2015.  Total project cost was estimated at US$ 1.95 billion. Financial close occurred on 24th August 2011. The 12 lenders were foreign banks BNP Paribas, Credit Agricole, HSBC, ING, Natixis, Societe Generale, Sumitomo Mitsui Banking Corp., Mizuho Corporate Bank, Standard Chartered, UniCredit, Credit Industriel et Commercial and DZ Bank. Korea Eximbank, the biggest single provider of direct debt, and Korea Trade Insurance Corporation (K-sure) will provide extended political risk cover. The project was the first opportunity for South Korean ECAs to participate in Vietnam.
Song Tranh 4 Hydropower JSC was planning the development of the 48 MW Song Tranh 4 hydropower plant, in Quang Nam - Que Luu commune, Hiep Duc district.  The project was to consist of two turbines, generating 196 million kWh annually. Commissioning was expected for 2014. Construction started in June 2011. That date is also reported here as date of financial closure due to lack of information. Expected electricity price was VND 975 per kWh ($0.0468 per kWh).    Total project cost was estimated at VND 1.6 trillion ($76.2 million). This project applied for UNFCCC/CDM financing. The CERs were traded at VND 374,000 ($18).  Investment was separated between:  construction cost: VND 539,580 Equipment cost: VND 470,058 Other cost: VND 250,765 Contingency: VND 164,676 Total: VND 1,425,079
Boca Chica S.A., a subsidiary of LS Energia Dominicana (Panama origin), developed the 78-MW natural gas fired power plant located at Boca Chica (Santo Domingo province). The project involved an investment of US$ 63 million, and commissioning was expected to occur by mid-2014.   The project was named LS Energia Boca Chica Power Plant.  Financial closure was achieved in November 2011, when the IIC approved a US$ 28.4 million loan (US$ 7.5 million as direct loan; US$ 20.9 in syndicated loans).
As of February 2012, Solarta Co. Ltd was a solar energy development company with a focus on developing utility scale assets in Thailand.  In The Solarta - Suphanburi was a 34.25 MW photovoltaic project to be located in the Ayudhaya, Suphanburi and Nakorn Pathom provinces.  The Project developer was a joint venture between SET-listed Ratchaburi Electricity Holding and Yanhee Solar Power Co. Ltd.  The project was to consist of 8 distinct solar farms.  The project would operate under the Very Small Power Producer (VSPP) model, a program that program uses the "bonus model" of feed-in tariff design where the final tariff paid is composed of  "adders" on top of the avoided wholesale cost of generation. 10 year PPA with State Owned Utility.  Revenue support includes an "adder" Feed in Tariff of THB 8 (USD 0.26 cents) over the market price of power for solar projects.     The project reached financial close in June 2011.   75% of the USD 142.5 million total project cost was financed by loans from KASIKORNBANK Public Company Limited and Bangkok Bank Public Company Limited, with the rest from equity from the joint venture partners.  All 8 solar farms in the Suphanburi project were scheduled for commissioning by the end of 2011.
The consortium of the Spanish companies Enerfin (64%) and Elecnor (36%) was granted authorizations to build eight wind parks located in the state of Rio Grande do Sul (150 MW in total capacity). The 35-year contracts were signed with the regulatory agency ANEEL starting in June 2010. The following special purpose companies were creates to handle the parks: * Parques Eólicos Palmares S/A: four parks, Palmares, Rosario, Rosario II and Rosario III; * Ventos da Lagoa S/A: two parks, Sangradouro II and Sangradouro III; and * Ventos do Litoral Energia S/A: two parks, Osorio II and Osorio III.  The total investment in the wind parks was estimated at US$ 431.2 million (BRL 725.2 million). The state-owned development bank BNDES approved a US$ 265 million (BRL 445.7 million) loan package in July 2011.   All special purpose companies  signed power purchase agreements arranged with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA  (incentive program for alternative power generating companies) or established through competitive bidding processes.  The power plants commenced operations in 2012 (only Osorio III commenced operations in early 2013).
In November 2009, the Spanish company Cymi Holding S.A., a subsidiary of ACS, was awarded in a competitive bidding process the contract to build and operate 602-km of transmission lines located in the state of Mato Grosso. Besides Cymi Holding S.A., four other companies took part in the contest, though only two other participated in the final stage of the process: Bimetal Industria Metalurgica Ltda and Consorcio Integracao Norte Brasil (state-owned Eletronorte, 24.5%; state-owned Eletrosul, 24.5%; Spanish company Abengoa, 25.5%; and the Brazilian company Andrade Gutierrez, 25.5%).  The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. Cymi Holding S.A. presented the lowest offer, a value of US$  17.5 million (BRL 35 million), 15% below the ceiling set by the regulatory agency. The contract was signed in February 2009, and the sponsors created the company Catxere Transmissora de Energia to lead the project during the 30-year contract period.   The sponsor committed to invest US$ 180.25 million (BRL 360.5 million) in the transmission line. The construction works commenced in October 2009. In January 2010, the sponsor was granted a US$ 36 million (BRL 63.5 million) loan from BNDES. In August 2011, BNDES granted an additional US$ 118.3 million (BRL 193 million) loan to finance infrastructure works in the project.  Construction works were concluded in February 2012.  In October 2012, the Chinese company State Grid acquired two transmission line projects that belonged to Cymi Holdings.
In December 2009, the National Highway Authority of India (NHAI) awarded a 24 year concession (including construction period of 30 months) to a consortium of SREI, Galfar and PNC Infratech for the strengthening, improvement, four-laning, operation and maintenance of 126kms of Ghaziabad- Aligarh section of National Highway-91 (NH-91) in the state of Uttar Pradesh.  Under the contract, the consortium was responsible for the design, construction,finance, operation and maintenance and strengthening of the existing carriageway to a four-lane highway with paved shoulders. The scope includes construction of 4lanes including construction of new pavement, rehabilitation of existing pavement,construction and/or rehabilitation of major and minor bridges, culverts, service roads, road intersections,interchanges, drains, etc.The expansion project, part of National Highway Development Project Phase - III will ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  The consortium of Srei Infrastructure Finance Limited, PNC Infratech Limited, and Galfar Engineering and Construction Company (25%), established Ghaziabad Aligarh Expressway Private Limited, a special purpose vehicle, to implement the project. The SPV won the tender through competitive bidding, conducted by NHAI, by quoting the lowest upfront subsidy from NHAI of US$69.1mn (INR 3110mn @45 INR/USD).Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement was presumed to be signed during March 2010. The project attained financial closure on 13th January 2011. The debt equity ratio of the project was 75:25. The estimated capital cost of the project at the time of financial closure was US$ 516.7mn (INR 23250 mn @ 45 INR/USD) million. Apart from the upfront subsidy of INR 3110mn from NHAI, financing comprised a 12year term loan of INR 15140mn, and INR 5000mn sponsor equity. The INR 15140mn term loan had a grace period of 30 months and repayment in quarterly instalments.The debt was arranged by Axis Bank Limited. The participating banks were Allahabad Bank(800m), Bank of Baroda(800m), Bank of India(1340m), Canara Bank(1150m), Dena Bank Ltd(750m), Federal Bank Ltd(750m),Indian Overseas Bank Ltd(1150m), Oriental Bank of Commerce(800m), Punjab National Bank, State Bank of Travancore, Syndicate Bank Ltd, South Indian Bank Ltd, UCO Bank Ltd, Union Bank of India, and Vijaya Bank.  Construction on the project began in February 2011 and was expected to be completed by August 2013.
The Brazilian company Dobreve Energia, a wholly-owned subsidiary of Grupo Malwee, was granted authorizations to build seven wind parks located in the state of Rio Grande do Norte (205.2 MW in total capacity). The 35-year contracts were signed with the regulatory agency ANEEL starting in July 2010. The following special purpose companies were creates to handle the parks: Desa Morro dos Ventos I S.A., Desa Morro dos Ventos III S.A., Desa Morro dos Ventos IV S.A., Desa Morro dos Ventos VI S.A., Desa Morro dos Ventos IX S.A., Desa Eurus I S.A. and Desa Eurus III S.A.  The total investment in the power plants was estimated at US$ 487.5 million (BRL 820 million) for the five units of Morro dos Ventos Wind Park (145.2 MW in total capacity). Investment in the two 60-MW units of the Eurus Wind park was estimated at US$ 134 million (BRL 218.5 million).  Financial closure on the Morro dos Ventos Wind Park was achieved in December 2011, when the sponsors were granted a US$ 340.1 million loan (BRL 555 million) from the state-owned development bank BNDES. At the same time, BNDES also granted loans to finance the Eurus Wind Park (US$ 85.8 million or BRL 140 million).  All special purpose companies signed power purchase agreements arranged with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA  (incentive program for alternative power generating companies) in 2009. As of October 2011, construction works were underway and operations were expected to commence in 2012.  The wind farm was expanded in 2013 when an additional 29.2 MW power plant started to be built. This unit, named DESA Morro dos Ventos II, required an investment of US$ 54.5 million (R$ 128.3 million). The state-owned bank BNDESs granted a US$ 19.5 million (BRL 46 million) loan in December 2013 and another US$ 35.8 million (R$ 84.3 million) in November 2014.  EOL Morro dos Ventos I, III, IV, VI and IX commenced operations in March 2014, while EOL Eurus I and EOL Eurus III commenced commercial operations in December 2014.  In February 2014, CPFL Renovaveis, a subsidiary of the Brazilian company CPFL Energia, acquired 100% of Dobreve's shares.
In November 2008, the Spanish company COBRA INSTALACIONES Y SERVICIOS S.A. was awarded in a competitive bidding process the contract to build and operate 547-km of transmission lines (Ilha Solteira - Inocencia - Chapadao) located in the states of Mato Grosso do Sul and Sao Paulo.  Besides COBRA INSTALACIONES Y SERVICIOS S.A., three other companies took part in the contest: the Spanish company Cymi Holding; the Spanish company ELECNOR TRANSMISSAO DE ENERGIA S.A.; and the Spanish company ISOLUX INGENIERIA S.A.  The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. COBRA INSTALACIONES Y SERVICIOS S.A. presented the lowest offer, a total value of US$ 26.6 million (BRL 48.6 million), 18% below the ceiling set by the regulatory agency. The contract was signed in April 2009, and the sponsors created the company Linhas de Transmissao do Itatim Ltda to lead the project during the 30-year contract period.   The sponsor committed to invest US$  177.3 million (BRL  312 million) in the transmission line. Environmental clearance was awarded in August 2010. Construction works commenced in January 2010 and were concluded by October 2011.  In October 2012, the Chinese company State Grid acquired seven transmission line projects that belonged to group Cobra for US$ 537.9 million (BRL 1.05 billion), besides taking the responsibility of US$ 417 million (BRL 814 million) in debt.  In November 2012, the sponsor was granted a US$ 169.8 million (BRL 331.4  million) loan from state-owned bank BNDES.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
LANCO Kondapalli Power Private Limited was an Independent Power Project (IPP) located at Kondapalli Industrial Development Area near Vijayawada in the state of Andhra Pradesh. This Combined Cycle gas based Power Project was being developed by the Lanco group of India, in three phases.Phase-I of 368MW had been operational since October 2000; Phase-II of 366MW had been operational since December 2009. Phase-III consisting of 2units of 371MW each was currently under implementation. Natural gas for the plant was expected to be sourced from GAIL India Limited and Reliance KG basin based on long term contracts. As a backup arrangement, the company had created Naphtha Storage and handling facility for dual fuel operation of the Phase-III plant. Water was being sourced from upstream of the Prakasam Barrage on the River Krishna in Andhra Pradesh.All statutory clearances for Phase-III were in place.   Lanco established, Lanco Kondapalli Power Private Limited, a special purpose vehicle, to execute this project. While 368MW from Phase-I was being sold under a 15 year PPA with Transmission Corporation of Andhra Pradesh Limited (APTRANSCO), and 366MW from Phase-II was being sold to PGCIL on merchant basis; Phase-III power of 742MW was being partly sold through a PPA, and negotiations for the rest were under progress. Details of these PPA  (pricing as well as customers) for Phase-III were not known at the time of collection of this information. EPC was being undertaken by Lanco Infratech Limited.  The project cost was estimated to be approximately USD 580mn (INR 26100mn @45 INR/USD). Financial close took place on 10th January 2011 at a Debt/Equity ratio of 70/30. Lanco financed this project through an equity contribution of USD 174 million (INR 7830 @47 INR/USD) and a 14-year term loan of USD 406 million (INR 18270mn @45 INR/USD). The debt was arranged by sole book-runner and mandated lead arranger- Axis bank. Axis committed INR 3770mn and other participating lenders were IDFC (INR 6000mn), Canara Bank (INR 2000mn),Andhra Bank (INR 3000mn), Life Insurance Corp of India (INR 3000mn), Bank of Baroda (INR 500mn).  The construction started in July 2010 and by March 2011, 36% of the EPC work had been completed. The project was expected to be completed by July 2013.  Expected completion time of the Phase-III was 18 and 24 months for Open Cycle and Combined Cycle respectively.
In January 2011, a local private company, TianYing S.T Group signed an agreement with the Liaoyuan Municipal Government to solely finance, build, own and operate (BOO) a solid waste power plant in Liaoyuan City, Jilin Province. The total investment is RMB 320 million. The first phase of the plant can process 800 tons of solid waste per day (final solid waste treatment capacity: 1,200 tons per day) and has an electricity generation capacity of 15MW (final electricity generation capacity: 24MW). Construction commenced on September 22. By the end of September 2011, RMB 60 million has been expended on the project. Tianying has a 100% stake in the project.
AES Solar was planning the development of the 20.6MW Silistra solar plant, near Silistra.   The project started construction in November 2011.  Financing was provided by Societe Generale Expressbank, in November 2011 with a EUR 48 million loan (US$ 62.4 million).
In January 2011, the provincial authority of Santa Fe, signed a 10-year concession contract with ARSSA to rehabilitate and operate the 157km Brigadier Estanislao López Highway province of Santa Fe, linking the provincial capital Santa Fe and the city of Rosario. The concessionaire was to repair, maintain, expand and pave the length of the highway.   There was insufficient publicly available information on investment commitments.   Arssa, which is comprised of Milicic, Laromet, Obring, Pecam, Rovial and Vial Agro will have to pay a monthly canon of 200,000 pesos (US$50,300) to the provincial government.  The toll was to be 6 pesos with 1.02 pesos of the toll to be earmarked for improvement works.
The project entails the contract for urban cleaning in Itu, Brazil under 30 years contract. SPV is EPPO Itu Solucoes Ambientais S.A., a wholly owned subsidiary of the sponsor Eppo Saneamento Ambiental e Obras Ltda. Total value of the contract is R$1.014.558.647 or $ 638.56 million. For the structuring of the project, a Public Consultation was held, published on 05/25/2010, followed by a Bid published on 07/03/2010. The bidding of this Administrative Concession took place through a National Competition of the Technique and Price type. Financial close took place on April 20, 2011.
33MW wind farm located in Dalankou of Nan'ao County, Shantou City of Guangdong Province, developed by Guangdong Nanao Nanya New Energy Technology Development. This is a renovation project where the existing 29X0.25MW generators are replaced by 22X1.5MW ones. The project was approved by the local government in July 2011. Construction actually commenced much earlier in Nov 2010. By Oct 2011, substantial portion of the project had been completed. The total investment is RMB 306.46 million (US$ 46.83 million).  The detb/equity rate is 2.33. The wind farm was initially completed in 1995. Guangdong Nanao Nanya New Energy Technology Development Co Ltd had a 100% stake in the project.
Autovia Urbana Sur was 21km elevated toll highway in Mexico City. The project involved building a 15.5km elevated section and operating the remianing 5.5km section, and was to run above an existing highway. The highway was to connect San Jerónimo to the Muyuguarda intersection and Mexico-Cuernavaca highway.  In 2010, ICA and IDEAL were awarded a 30-year BOT contract by Mexico City’s municipal government. Further information on tendering was not available. The concessionaire was to recover their investment through tolls.  The total project cost was approximately Ps 6.24 billion (US $524 million).  Financing for the project was arranged internally by IDEAL and construction started in February 2011.  The project became operational by the fourth quarter of 2012 according to company reports.
In May 2010, Roha Dyechem Private Limited,signed an MoU with Gujarat Energy Development Agency (GEDA) for setting up a 25-mw photovoltaic solar project at in Gujarat Solar Park located at Charanka, Santalpur Taluka, Patan district of Gujarat, under the Gujarat Solar Policy 2010. The project activity will consist of amorphous Silicon thin film modules of 100/95 Wp capacity installed in series and parallel combination. The output from the project would be fed to the North-East-West-North-East (NEWNE) grid of India.   Roha Dyechem had entered into a 25-year Power Purchase Agreement with the state utility Gujarat Urja Vikas Nigam Limited (GUVNL), in May 2010, which would be effected at the time of commissioning of the project. The APPC (Average Power Purchase Cost) as per the Gujarat Solar Policy 2010, was US$ 0.33/Unit (INR 15 per unit @ 45INR/USD) for the first 12 years, and US$ 0.11/Unit (INR 5 per unit @45 INR/USD) from 13th year to 25th year. The total capacity of 39.2 MW was eligible for carbon credits. Proceeds of carbon credit were to be shared as follows: (a) 100% by Roha Dyechem in the first year after the date of commercial operation of the generating station/ transmission system;(b) in the 2nd year, the share of GUVNL would be 10% which would be progressively increased by 10% every year up to 50% and whereafter the proceeds would be shared equally by Roha Dyechem and GUVNL. Transmission and/or wheeling charges would be paid by Roha Dyechem.  Financial closure took place on 26th July 2011.The total project cost was US$ 76mn.The debt equity ratio for the project was 70/30. Financing comprised of Debt of US$ 53.4mn and sponsor equity of US$ 22.6mn. The US$53.4mn term loan had a tenure of 9 years and a repayment schedule of 44 quarterly instalments. ICICI Bank (US$28.4mn) and Bank of Baroda (US$ 25mn) were the arrangers for the debt.The Asian Development Bank (ADB) also provided a Partial Credit Guarante (PCG) for this project.  Construction for the wind farm started in July 2011 and commercial operation was expected to start in December 2011.However the project was finally integrated into the wester grid in May 2012.
In May 2010, SunBorne Energy Gujarat One Private Limited (SBEGOPL- a project SPV of SunBorne Energy Services India Private Limited),signed an MoU with Gujarat Energy Development Agency (GEDA) for setting up a 15-mw photovoltaic solar project at village Karmaria, in Kutch district of Gujarat, under the Gujarat Solar Policy 2009. The Project was proposed to be implemented in two phases- Phase I for 5 MW and Phase II for remaining 10 MW capacity.The project would consist of Poly Crystalline silicon modules (SolarWorld-SW230 make) of 230Wp capacity installed in series and parallel combination. The entire land and requisite approvals for the project were in place. The output from the project would be fed to the North-East-West-North-East (NEWNE) grid of India. SEGOPL has appointed its holding company SunBorne Energy Services India Private Limited (SESIPL) as an EPC for the project.The solar modules would be sourced from SolarWorld and inverters from SMA AG for phase I and Solar Technology AG and Suntech Power and Bonfiglioli for phase II.Power evacuation was planned through an 8 Km 66 KV line, which, as per the state policy, was the responsibility of Gujarat Energy Transmission Corporation Limited (GETCO) and GETCO had already commenced work on it.  SBEGOPL had entered into a 25-year Power Purchase Agreement with the state utility Gujarat Urja Vikas Nigam Limited (GUVNL) on 31st May 2010, which would be effected at the time of commissioning of the project. The APPC (Average Power Purchase Cost) as per the Gujarat Solar Policy 2010, was US$ 0.33/Unit (INR 15 per unit @ 45INR/USD) for the first 12 years, and US$ 0.11/Unit (INR 5 per unit @45 INR/USD) from 13th year to 25th year. The total capacity of 15MW was eligible for carbon credits. Proceeds of carbon credit were to be shared as follows: (a) 100% by SBEGOPL in the first year after the date of commercial operation of the generating station/ transmission system;(b) in the 2nd year the share of GUVNL would be 10% which would be progressively increased by 10% every year up to 50% whereafter the proceeds would be shared in equal proportion, by SBEGOPL and GUVNL.Transmission and/or wheeling charges would be paid by SBEGOPL.  Financial closure took place in August 2011.The total project cost was US$ 44.5mn (INR 2090mn @47 INR/USD).The debt equity ratio for the project was 67/33. Financing comprised of Debt of US$ 29.8mn (INR 1400mn @ 47INR/USD) and sponsor equity of US$ 14.7mn (INR 690mn @47 INR/USD). The 13year term loan of INR 1400mn had a grace period of 9months and a repayment schedule of 46 quarterly installments. The debt was arranged by SBI Capital. The other particpating banks were Export-Import Bank of India (500mn), State Bank of Travancore (200mn),State Bank of Patiala (400mn), Canara Bank (300mn). The loan pricing was 450bp over 6-month LIBOR for EXIM Bank, and SBI Base rate plus a constant spread (which presently was estmated at 13.25%). Total equity requirement of INR 690mn was to be 51% funded by Sunborne Group and 49% by private equity.  Construction for the wind farm was expected to start in March 2011 and commercial operation was expected to start in December 2011 (as per the PPA).
In June 2011, a Hong Kong based company Jieyun International Construction & Investment Holdings (Hong Kong) Company Limited was granted a concession agreement to operate the Huating County Wastewater Treatment Plant in Huating County, Yunnan Province. Jieyun got the agreement through an open bidding process. The plant was already operational and had a capacity of 10,000 cubic meters per day. It was known that the concessiona term was between 25 and 30 years but exact term was not released. Jieyun's total investment on the project was also known yet.It had a 100% stake in the project.
10MW PV project is developed in Dabancheng District, Urumqi City,  Xinjiang province by Xinjiang Yutian New Energy Investment. There are a lot of unknowns about this project for lack of information. It seems the project was signed off in 2010. In 2011 it was approved as a CDM project. The design life of the project is 25 years. Yutian had a 100% stake in the project.
Yedigoze Elektrik was planning the development of the 320 MW Yedigoze hydropower plant, near Yedigoze, Seyhan river, Adana province. The project was to comprise 2 Francis turbines of 158 MW. Yedigoze Elektrik was an SPV set up by Turkish industrial holding Sanko.  The project was commissioned in January 2011. Construction was done by a consortium led by Alstom Turkey. Alstom France was the consortium partner, and Alstom India a supplier. The EPC contract was signed in April 2008. Siemens Turkey supplied the electrical systems. Tender for the project was held earlier in July 1993, but dates back to the mid-1980s. The Turkish government opened up for tender concessions for 52 run-of river hydropower plants, between December 2009 February 2010. During the tenders, 615 bids were made and the deals were finalized in May/June 2010.  As of October 2011, no further details about the financial structure were available.
The Solargiga Qinghai Geermu PV Plant was a 20MW PV project located in Geermu, Qinghai Province, being developed by Solargiga Qinghai Co., Ltd.. Articles found indicate that the agreement was granted to Solargiga in July 2011. There seemed to be delay in the financing and implementation of the project. The total investment was RMB 352.4713 million (US$ 54.56 million). Construction commenced in July 2011, test operation started in Dec 2011 and the whole project was completed in May 2012. At least 25% of construction had been achieved by Oct 2011.
2 x 12MW biomass CHP plant located in Wuyuan County, Bayannur City, Inner Mongolia Autonomous Region, China and developed by Wuyuan Huaxin Biomass Co Ltd. Construction commenced in Oct 2010. The total investment is RMB 213.10 million (US$ 32.57 million), and half of it was expended during Jan-Sep 2011. Wuyuan Huaxin had a 100% stake in the project. Given the current progress (half of the investment has been finished in the first 9 months in 2011), the project can be finished in 2012.
In July 2010, the National Highway Authority of India (NHAI) awarded a 30 year concession (including construction period of 30 months) to a consortium of GVR Infra Projects Limited, RMN Infrastructure Limited, and Prathyusha Associates Shipping Private Limited for the strengthening,improvement,widening,operation and maintenance of 81.89kms of Belgaum-Khanapur-Goa/Karnataka Border section of National Highway-4A (NH-4A) in the state of Karnataka.The project road (NH-4A) starts within Belgaum city limits, runs southward and traverses the districts of Belgaum (Belgaum & Khanapur tehsils) and Uttar Kannada (Supa Tehsil) and ends at the Goa/Karnataka border.  Under the contract, the SPV was responsible for the design, construction, finance, operation and maintenance and strengthening of existing carriageway including construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, service roads,road intersections,interchanges, drains,etc.The project involves 4-laning of the NH4A of Belgaum-Khanpur Section(KM 0.00 to KM 30.00) and 2-Laning with paved sholuders of Khanpur-Karnataka/Goa border (KM 30.00 to KM 84.120) The expansion project, part of National Highway Development Project Phase-III will ease traffic congestion on the existing road which runs through the city of Belgaum.  The consortium of GVR Infra Projects Limited, RMN Infrastructure Limited (26%), and Prathyusha Associates Shipping Private Limited,established a special purpose vehicle, GVRMP Belgaum Khanapur Tollway Private Limited, to implement the project. The SPV won the tender through competitive bidding, conducted by NHAI,by quoting the lowest grant from NHAI. Details of the bid were not known at the time of collection of this information.Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.GVR Infra and RMN Infra were the EPC contractors for the project.  The project attained financial closure on 19th September 2011. The debt/equity ratio of the project was 72.6/24.7. The estimated capital cost of the project at the time of financial closure was US$ 84mn (INR 3949mn @ 47 INR/USD) million. Apart from the NHAI grant (details not known),financing comprised INR 2960mn 14year 6month term loan,and INR 989mn sponsor equity. The INR 2960mn term loan had a grace period of 6months and a repayment schedule of 46 quarterly instalments. The loan was priced at 12.25% in the first year.The debt was arranged by SBI Capital. The participating banks were Bank of India (670mn), State Bank of Mysore (430mn),State Bank of Travancore (430mn), Indian Overseas Bank Ltd (430mn),State Bank of India (1000mn).  Construction on the project began in March 2011 and was expected to be completed by September 2013.
In Oct 2010, construction of a thin film PV power plant commenced in Zoucheng City, Shandong Province. The project was invested by the Taiwan based United Microelectronics Corp. (UMC) which had a 100% stake in the project. The plant would be built in two phases. Phase 1 had a capacity of 20MW and was completed in December 2011. Its total investment for phase 1 was RMB 480 million (US$ 70.90 million). The concession term was 25 years. At least 25% of construction had been completed by Feb 2011.
Foz do Brasil, a subsidiary of the Brazilian construction company Odebrecht, was awarded the 30-year concession contract to expand, rehabilitate and operate the water and sewerage facilities of the city of Porto Ferreira (state of Sao Paulo) in June 2011. The contract was awarded by the municipality's central administration. The population of Porto Ferreira was estimated at 54,000.   Foz do Brasil was awarded the contract by offering the highest payment to the government (US$ 3.2 million or BRL 5.2 million), but the other competitor, the Brazilian company Equipav, questioned in court the result of the bidding process. By August 2011, the process was cleared and Foz do Brasil took over the operation of the water and sewerage services in October 2011.  The private sponsor, which created the company Foz do Brasil – Unidade de Porto Ferreira to manage the project, committed to invest US$ 20.1 million over the life of the project.
In February 2011, the National Highway Authority of India (NHAI) awarded a 17-year concession (including construction period of 910 days) to Punj Lloyd Infrastructure Limited for the strengthening, improvement,2-laning, operation and maintenance of 140 kms (from KM 270.00 to KM 410.00) of Purnea to Khagaria section of National Highway-31 (NH-31) in the state of Bihar.  Under the contract, Punj Lloyd was responsible for the design, construction, finance, operation and maintenance and strengthening and widening of the existing passageway to a 2-lane highway with paved shoulders. The scope would include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, tunnels, viaducts, culverts, road intersections, interchanges, drains, etc.The expansion project, part of National Highway Development Project Phase -III was expected to give significant stimulus to trade and commerce in the entire region.  Punj Lloyd Limited established Khagaria Purnea Highway Project Limited, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by requesting the lowest fixed annuity of US$ 23.8 million (INR 1120 million @ 47 INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through fixed semi-annual payment of INR 560mn from NHAI during the term of concession.The SPV had awarded a fixed-price, fixed-time EPC contract to Punj Lloyd Limited.  The concession agreement was signed on 6th June 2011. The project attained financial closure on 4th October 2011.The estimated capital cost of the project at the time of financial closure was US$ 158.7 (INR 7548.9 mn @ 47 INR/USD) million. The debt equity ratio of the project was estimated at 83:17. Financing comprised of INR 6268.9mn debt and INR 1190mn sponsor equity. Debt was further split into an INR 4260mn 15-year term loan, USD 36.36mn 8-year term loan and INR 300mn 15-year term loan. The INR 4260mn term loan had a grace period of 6 months and had a repayment schedule of 25 semi-annual instalments. The pricing was floating linked to base rates of then banks. The INR 300mn term loan had a grace period of 7 years and had a repayment schedule of 13 semi-annual instalments. The loan was priced at prime lending rate of 15.75% with negative margin of 2.25%. The US$  36.36mn term laon had a grace period of 6 months and had a repayment schedule of 11 semi-annual instalments. The USD loan was priced at 420bp above LIBOR. Mandated lead arrangers was State Bank of India with the following participants: L&T Infrastructure Finance Co. Ltd, ICICI Bank, Oriental Bank of Commerce, IIFCL, Indian Overseas Bank, and State Bank of Bikaner & Jaipur  Construction on the project began in October 2011 and was expected to be completed by April 2014.
The Shandan County of Gansu Province started wind surveying in 2008. In September 2011, construction of the 49.5MW Xiuhuamiao Wind Farm Project sponsored by the China WindPower Group Ltd. commenced. It is an important part of the 5,000MW power development program of Zhangye City. China WindPower had a 100% stake in the project. The total investment was RMB 420 million (US$ 64.19 million). The project had been approved by the local government in August 2011. The debt/equity ratio of the project is 4, with debt financing coming from the China Industrial and Commercial Bank.
The project involves the implementation of a solid waste management unit in Badaun district. The scope of work includes door to door collection processing disposal. The 30-year concession was awarded to A2Z Green Waste Management Limited on 21 January 2011. The total project cost amounts to $2.82 million, including a $1.25 million grant.
The Denizli Power Project was an 775MW combined-cycle gas fired power plant in Kaklik, on the outskirts of Denizli in west Anatolia. The plant was to be developed on a merchant basis in the liberalized Turkish electricity market.  RWE & Turcas South Power Generation Inc (or RWE & Turcas Guney Elektrik Uretim A.S.)was the project company created to build, own and operate the plant. It is a joint venture of Germany's RWE (70%) and Turkey's TURCAS Elektrik Uretim A.S. (30%), a company fully owned by Turkish TURCAS Petrol A.S. The estimated cost of the project is US$ 725 million (500 million euros) which is to be covered by both sponsors. The plant was being built by Greek engineering company Metka under an EPC contract of an estimate worth of US$ 580(450 million euro).  The equipment will be provided by Siemens Energy under a US$ 159 million (110 million euro) contract which was announced in February 2010. The project received a 49-year generation license in April 2009. Construction broke ground in April 2011 and it was expected to be completed by the end of 2012 - when the plant was scheduled to be connected to the grid.  RWE entered the project in June 2009 when it took over compatriots E.ON’s 70% stake in a joint venture with Turkish energy group Turcas to build an 840-MW gas-fired power plant in Denizli and an 800-MW hard coal-fired power plant.
The project entails the implementation of solid waste management unit in Fatehpur district. The scope of work includes door to door collection, processing and disposal. The project company is A2Z Green Waste Management Limited. The 30-year BOOT concession was awarded on 18 January 2011. The total project cost amounts to $3.10 million, including a $2.03 million grant.
The Xekaman 1 Hydropower company was formed to build hydropower projects in Attapeu province, Laos. The project was developed through Xekaman-1 Power by the Vietnam-Laos Electricity Investment and Development Company , which is a 70/30 joint venture between Vietnam's Viet-Lao Power and the state-owned utility Electricite du Laos. Viet-Lao Power is a consortium of Vietnamese companies led by the Song Da Construction Company. Holdings breakdown within the consortium was not publicly disclosed at financial close. The project concession was signed on a Build, Operate, Transfer (BOT) basis with a duration of 30 years, after which the plant would be transferred to the Lao government.  Initial capacity was to be 322 MW, comprising of two plants; the 290 MW Xekaman 1 and 32 MW Xekaman Sanxay. Expected to be fully operational by 2014, the plant was designed to generate 1.2 billion kWh of electricity annually. Of the electricity produced, 80% will be exported to Vietnam through a specially constructed 500kV transmission line and sold to the state-owned Electricity of Vietnam (EVN). Vietnam's Ministry of Industry and Trade has negotiated a Power purchase agreement between the Song Da Group and EVN. The remaining 20% of generated power will be distributed through the state-owned grid for consumption in Laos.  Engineering, Procurement, and Construction (EPC) contract was awarded to Song Da Corporation of Vietnam. Construction began on March 6, 2011, and was to be completed within four years.  The PDA was signed in March 2008 and a PPA with EDL for 20% of the output was signed in November 2010, 20% of production was to be consumed in Laos, the remaining 80% was to be exported to Vietnam via a 500 kV transmission line.   Total project cost was estimated to be US$ 441 million. At the time, the project was the largest investment by any Vietnamese company or consortium into Laos.   August 2012: Vietnam Development Bank (VDB) closed a loan of VND1.84 trillion (US$88.3 million) on July 3rd 2012, following an earlier loan of VND300 billion (US$14.4 million) in September 2011. These loans provided 30% of the funding, estimated at VND6.14 trillion (note: different than US$441 million reported earlier).
Jain Irrigation Systems Limited (JISL),signed an MoU with Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL) for setting up a 8.5MW photovoltaic solar project at village – Shirsoli in Jalgaon district of Maharashtra. In July 2010, the project migrated from Generation Based Incentive (GBI) Scheme with MSEDCL to Jawaharlal Nehru Solar Mission (JNNSM). JISL has decided to use multi-crystalline technology for its 8.5 MW project out of which 7.5MW will be mounted on fixed structure while 1 MW will use single axis tracking to enhance the isolation period by a minimum of 25% (this increases the power generation output during the beginning of the day and end of the solar day. The tracking system installed at this project is expected to improve the capacity utilization factor from 18.25% to 22.5%).The project activity will use 230Wp of mono/multi crystalline PV Cells.The output from the project would be fed to the western grid of India. The land requirement for the project would be about 45acres. The project would be connected to the nearest 33 KV line of MSEDCL.   It could not be ascertained if JISL had entered into any Power Purchase Agreement with MSEDCL or NTPC Vidyut Vyapar Nigam (NVVN), which was the the nodal agency to purchase solar power generated by independent solar power producers, under the Jawaharlal Nehru Solar Mission (JNNSM). Please note that this project had been transferred from Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL) to JNNSM. This was, however,the first project accredited (on May 2012) under the Renewable Energy Certificate (REC) scheme of the Government of India. RECs were generation-based ‘certificates’ awarded (electronically) to those generating electricity from renewable sources such as wind, biomass, hydro and solar, if they opted not to sell the electricity at a preferentially higher (feed-in) tariff (to avoid double subsidy). Electricity producers already selling power at a preferential feed-in tariff were not allowed to later switch to the REC mechanism. Although each solar REC was worth a minimum of INR 9.3 ($0.23)/kWh (guaranteed floor price), the solar REC market was yet to pick up in India. The main challenge it faced, was the lack of a long-term predictability of REC pricing. The current REC floor and forbearance prices were fixed for five years, i.e. they were only applicable through 2017. Post 2017, the status of the prices were yet undecided. The total capacity of 8.5MW was eligible for carbon credits also and JISL had already applied for CDM benefits (confirmed from UNFCC database). As per MERC (State Regulator) Regulation,JISL would retain the gross benefits of CDM. Transmission and/or wheeling charges would be paid by JISL.  Financial closure took place in September 2011.The total project cost was US$ 28.2mn (INR 1327 mn @47 INR/USD).The debt equity ratio for the project was 68/32. Financing comprised of a 11 year term loan of US$ 19.2mn (INR 903mn @ 47INR/USD) and sponsor equity of US$ 9mn (INR 424mn @ 47INR/USD). IDFC was the sole arranger of the term loan.  Construction for the project started in September 2011 and commercial operation was expected to start in March 2012.
In September 2010, Genting Berhad of Malaysia established GP Wind (Jangi) Private Limited, in agreement with Gujarat Government, to develop a 91.8MW wind farm located at Jangi town Kutch district in the state of Gujarat. The wind farm would involve the building of 51 wind turbines of 1.8MW capacity each. The farm was expected to have a load factor of 33%. The electricity generated from the project would be evacuated by the Gujarat state grid. A fixed-price EPC for the power plant had been awarded to Vestas Wind Technology India Private Limited in December 2010. Once the project was commissioned, Vestas would assume responsibility for turbine operation and maintenance services.  GP Wind (Jangi) Private Limited had entered into a 25-year Power Purchase Agreement with the state utility Gujarat Urja Vikas Nigam Limited (GUVNL), which would be effective at the time of commissioning of the project. The APPC (Average Power Purchase Cost) tariff as per GERC (Gujarat State Regulator) tariff order was US$ 0.08/Unit (INR 3.56 per unit @ 45INR/USD). The total capacity of 91.8 MW was eligible under REC as per the CERC and was also eligible for GBI (Generation Based Incentive) benefits and UNFCC had started the validation project for Certified Emission Reductions (CERs) in April 2011.   Financial closure took place on 24th March 2011.The total project cost was US$ 152mn.The debt equity ratio for the project was about 72/28. Financing comprised Debt of US$ 110mn and sponsor equity of US$ 42mn. Debt was composed of a 15year 3months term loan (covered tanches) of US$ 66mn and a 13year 3months term loan (uncovered tranches) of US$44mn. The US$ 66mn loan was arranged by Sumitomo Mitsui Banking Corporation (SMBC $24mn) and HSBC ($42mn) and guaranteed by Eksport Kredit Finansiering A/S,the Danish export credit agency. The loan had a grace period of 1year 5months and a repayment schedule of 56 quarterly instalments. The US$ 44mn loan was arranged by SMBC ($16mn) and HSBC ($28mn).The loan had a grace period of 1year 5months and a repayment schedule of 48 quarterly instalments.Both the ECB have been swapped into local currency to mitigate exchange risk exposure.The structure also featured a fixed interest rate for the life of the swap, thus providing an advantage over domestic currency financings that were subject to annual resets of interest rates.In terms of roles on the transaction, in addition to the role of sole structuring bank, HSBC was appointed as the mandated lead arranger, swap counterparty, agent for the commercial facility and EKF facility, security agent and account bank. SMBC was appointed as a mandated lead arranger.  Construction for the wind farm was expected to start in March 2011 and commercial operation was expected to start in August 2011.
In December 2010, Alex Astral Power Private Limited (AAPPL) (a subsidiary of Shree Ganesh Jewellery House Ltd. (SGJHL)),signed an MoU with Gujarat Energy Development Agency (GEDA) for setting up a 25-MW solar power plant at Charnaka village of Patan district in Gujarat, under the Gujarat Solar Policy 2010.The output from the project would be fed to the North-East-West-North-East (NEWNE) grid of India.The proposed project would use array of thin film modules the DC output of which would be converted into alternating current by 32 numbers of inverter each having nominal capacity of 800 KVA. The PLF was designed for 19.28. This output would be stepped up to 66KV by two 15 MVA transformers to be located in the proposed 66KV plant switchyard.  Power evacuation, as per the state policy, was the responsibility of Gujarat Energy Transmission Corporation Limited (GETCO).AAPPL had awarded the EPC to Photon Energy Systems Limited and Indu Projects Limited.  AAPPL had entered into a 25-year Power Purchase Agreement with the state utility Gujarat Urja Vikas Nigam Limited (GUVNL),which would be effected at the time of commissioning of the project. The APPC (Average Power Purchase Cost) as per the Gujarat Solar Policy 2010, was US$ 0.32/Unit (INR 15 per unit @ 47INR/USD) for the first 12 years, and US$ 0.11/Unit (INR 5 per unit @47 INR/USD) from 13th year to 25th year.The total capacity of 25 MW was eligible for carbon credits. The project had a renewable crediting period of 21 years duration. Proceeds of carbon credit were to be shared as follows: (a) 100% by project developer in the first year after the date of commercial operation of the generating station/ transmission system; (b) 2nd year – share of beneficiaries (DISCOM-GUVNL) @ 10% to progressively increase by 10% every year up to 50% whereafter the proceeds would be shared in equal proportion, by AAPPL and the GUVNL.Transmission and/or wheeling charges would be paid by AAPPL. The Asian Development Bank (ADB) also provided a Partial Credit Guarante (PCG) for the project.  Financial closure took place in September 2011.The total project cost was US$ 85.106mn (INR 4000mn @47 INR/USD).The financing comprised of sponsor equity of US $25.5mn (INR 1200mn @47 INR/USD) and debt of US$ 59.6mn (INR 2800mn @47 INR/USD) at a debt/equity ratio of 70/30. The 13-years 4-months term loan had a repayment schedule of 48 quarterly instalments after a 6 months grace period. The loan was priced at a margin of 325bp over the prevailing SBI base rate.The debt was arranged by State Bank of India (INR 1250mn). Other participating banks were State Bank of Bikaner & Jaipur (INR 250mn), State Bank of Patiala (INR 200mn), Bank of Baroda (INR 600mn), and Indian Overseas Bank Ltd.(INR 500mn).  Construction for the project started in March 2011 and commissioning was expected in January 2012.Alex Astral, along with other developers had asked for an extension of time, which GERC (State Regulator) had declined in January 2012. The plant was commissioned on 4th March 2012 and had operated at a capacity utilization factor (CUF) of 19.25% in FY2013.
In January 2010, Power Finance Corporation (PFC) awarded a concession of 25 years (including construction period starting from the date of grant of Transmission License) to M/s Sterlite Technolgies Limited, for the development of the 454km 400kv double-circuit transmission project,in the states of Assam, West Bengal, and Bihar. The East-North interconnection mega transmission project was aimed to evacuate power from the North-East and Eastern states to the Northern region of India through two sections - Bongaigaon-Siliguri Line, and Purnia-Biharsharif line.Given the huge potential of hydro power in North East, commitments were made to have 4 nos of transmission corridors in the chicken area, which would take care of about 24000 MW of power transfer to meet the long term power transfer requirement i.e. next 10-15 years from NE. East North Interconnection Company Limited (ENICL) was incorporated on 1st February, 2008 for enabling import of NER/NR surplus power by NR.   PFC Consulting Limited (subsidiary of PFC) conducted the bid process for the SPV, East North Interconnection Company Limited (ENICL). The SPV had been formed to undertake preliminary survey work, identification of route, preparation of Survey Report, initiation of the process of land acquisition (if required), initiation of process of seeking forest clearance(if required) and to conduct the bidding process.   Long Term Transmission Customers (LTTCs) - discoms across Rajasthan, Delhi, Uttarakhand, Haryana, Punjab, Himachal Pradesh, Jammu & Kashmir, and Union Teritory of Chandigarh, were to enter into Transmission Service Agreement (TSA) with the successful bidder. 16 bidders had evinced interest in the proejct, out of which only 8 had qualified. Out of the 7 qualified bidders, only 3 participated in the final price bid. Sterlite Technologies Limited (subsidiary of Vedanta Resources Plc) won the bid by quoting the lowest levelized transmission charges of USD 26.4mn (INR 1187.95mn @45 USD/INR)per annum. The other 2 bidders Lanco Deepak consortium and Reliance Power Transmission Limited had quoted INR 1676.92mn/year and INR 2400mn/year respectively. The SPV East North Interconnections Company Limited was subsequently transferred to Sterlite on March 31st 2010.   Adoption of Transmission Charges and grant of Transmission License by CERC was done on October 28, 2010.The tariff adopted for the transmission system was valid for a period of25 years. The tariff of the transmission assets beyond the period of 25 years were to be governed in accordance with the provisions of CERC Regulations. The tariffs or the Transmission Service Charges (TSC) comprised of a non escalable component and an escalable component linked to inflation index as notified by CERC (Central Regulator). Full TSC as per the quoted tariff structure were payable to ENICL by the counterparty state-utilities subject to availability of the transmission lines at normative level of 98%. As mentioned in PTA, a payment security mechanism was in place which comprised of - (a) revolving Letter of Credit (for 105% of monthly TSC), and (b)right for request to RLDC (Regional Load Dispatch Centre) for diversion of low cost power available to defaulting state utility in the peak time (7 to 10 pm) so that dues could be adjusted from the revenues arising out of sale of those diverted units at Unscheduled Interchange (UI) rate. Counter party credit risks post CoD were thus expected to remain largely mitigated by way of adequate payment security mechanism as put in place in PTA.  The estimated project cost was USD 222.2 million (INR 10000 million @45 USD/INR). The project achieved financial closure in January 2011 and was being funded through debt to equity ratio of 70/30. Financing comprised a USD 155.5mn (INR 7000mn) term loan and USD 66.7mn (INR 3000mn) equity. SBI Capital was the sole arranger for the term loan.   During implementation of the project, there has been an increase in scope with line length increasing to ~4
In May 2010, the National Highway Authority of India (NHAI) awarded a 26 year concession (including construction period of 30 months) to IRB Infrastructure Developers Limited for the strengthening, improvement, six-laning, operation and maintenance of 114kms of Tumkur-Chitradurga Section of National Highway-4 (NH-4),from Km75 to Km189,excluding Tumkur & Chitradurga bypasses,in the state of Karnataka.  Under the contract, the consortium was responsible for the design, construction,finance, operation and maintenance and strengthening of the existing carriageway to a 6-lane highway with paved shoulders. The scope will include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections,interchanges, drains, etc.The expansion project, part of National Highway Development Project Phase - V, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  IRB Infrastructure Developers Limited, established IRB Tumkur Chitradurga Tollway Private Limited, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by quoting the highest premium to be paid to NHAI - a payment of US$ 31.2 million (INR 1404 million @45 INR/USD) paid by the SPV in the first year, which shall be increased by 5% year on year (This translates to an NPV about US$461mn payout through the concession period at a discount rate of 10%). Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement was signed in August 2010. The project attained financial closure in February 2011. The debt equity ratio of the project was 70:30. The estimated capital cost of the project at the time of financial closure was US$ 267.5 million (INR 12040mn @45 INR/USD). Financing comprised INR 8310mn 16year-6months term loan,and INR 3730mn equity. The participating banks were IDFC(5000mn),Bank of Baroda(1250mn),IDBI Bank Ltd(1000mn),HDFC(1060mn).    Construction on the project began in March 2011 and was expected to be completed by August 2013.
On 8th December 2011, Madhya Pradesh Road Development Corporation (MPRDC) signed a 15-year concession with a consortium of Concast Infratech Limited and Roman Tarmat Limited for the strengthening, improvement,two-laning,operation and maintenance,and tolling of 40.5kms of existing major district road- Damoh-Patharia-Garhakota,in the state of Madhya Pradesh.   Under the contract, Concast Infratech was responsible for the design, construction, finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway to 2-lane divided carriageway.The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections,interchanges, drains, etc.The expansion project, part of the MDR (major district roads) development project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.    The consortium of Concast Infratech Limited (74%) and Roman Tarmat Limited (26%), established Concast Damoh Road Projects Private Limited (CDRPPL),a special purpose vehicle in December 2011, to implement the project. The SPV won the tender through international competitive bidding, conducted by MPRDC,by requesting the lowest annuity payment. Other details of bidding were not known at the time of collection of this information. Under the contract, the SPV was to recover the capital costs and operating costs including returns through periodic monthly payments from MPRDC as well as tolling, during the term of concession. Concast Infratech would execute the EPC for the project.  The concession agreement for the project was signed on 8th December 2011. The project was expected to be financed with a debt/equity ratio of 70/30. The estimated capital cost of the project at the time of financial closure was US$ 13.4mn (INR 716mn @53.4INR/USD). Financing comprised of a term loan of US$ 9.4mn (INR 503.2mn) and sponsor equity of US$ 4mn (INR 212.8mn). Other details of financing were not known at the time of collection of this information.  The project construction started on 4th June 2012 (Appointed Date) and was expected to be operational by June 2013.
Sociedad Eléctrica Mesoamericana, S.A - Meza.pa HPP was a 9.4 MW  run-of-river plant located in the Municipality of Arizona, Department of Atlantida, Honduras.  The project was the first Honduran IPP for developer Sociedad Eléctrica Mesoamericana, S.A.  The Project was to sell electricity to industrial clients as well as the state-owned utility ENEE under long-term power purchase agreements (“PPA”).  The project was estimated to cost USD 18.5 million, with financial close achieved in June of 2011.  The financing for the Mezapa HPP was provided by the Central American Bank for Economic Integration (CABEI).  Expected Commissioning was for 2013.
On June 2010, Khulna Power Company Limited, KPCL (Bangladesh, 100%) a Bangladeshi Independent Power Producer (Bangladesh, 100%), signed rental agreement with Bangladesh Power Development Board (BPDB) for the construction and operation for a 5 years term of two Heavy fuel oil (HFO) power plants at Khulna.   The contract awarded KPCL to install and operate two systems of 115 and 110 MW, respectively named Khulna KPCL 1 and 2.  Under the Rental agreement, KPCL was to supply  MW of energy to BPDB for a term of 5 years. The remainder of the energy was to be sold to the public.    Following a direct negotiation process, KPCL was authorized to set up 115 and 110 MW HFO  power plant at Khluna.  The total project cost was 88.75 US millions and reached financial closure in March 2011, according to the signing date.   Note that the two power plants started generation in 2011.
In November 2010, Corporate Ispat Alloys Limited (CIAL), a subsidiary of Abhijeet Group),was awarded the license for setting up a 50MW solar thermal power project at Naukh village, Pokhran Tehsil, Jaisalmer District of Rajasthan under the Jawaharlal Nehru Solar Mission (JNNSM) Phase-I of the scheme. Under the JNNSM the total aggregated capacity of grid connected Solar Projects in Phase-1 was expected to be 1000 MW. The deployment of Solar PV and Solar Thermal projects would be in the ratio of 50:50. CIAL had acquired land for the project. The output from the project would be fed to the northern grid of India. CIAL had entered into a Technology agreement with Ener-T International Limited (Israel), one of the leading Technology and Engineering providers for Solar Thermal Projects, for providing the Solar Technology to this project. Shriram EPC Limited will execute the EPC work in partnership with ENER-T International Limited. The order for the turbines had been placed on Siemens, Sweden. The parabolic mirrors were bought from Rio Glass of Spain. The ‘heat transfer fluid' receivers would be supplied by Siemens, Israel, while Solutia (US) would supply the 1200-tonnes of the fluid. Hyspan (US) would supply the ‘ball joints',another critical component of CSP plant. CIAL had taken the approval from Powergrid for interconnection with the nearest substation of Powergrid at the volatage level of 33kV or above.  The JNNSM mission had designated NTPC’s Vidyut Vyapar Nigam Limited (NVVN) as the nodal agency for procurement of solar power. On 18th August 2010, NVVN invited RFQs from interested developers to develop 150 MW solar PV projects with a capacity of 5 MW each, and 500 MW solar thermal projects with a minimum capacity of 5 MW and maximum of 100 MW each. NVVN received 418 RFQ responses on September 24, 2010 from both PV and solar thermal project developers (343 applications for solar PV,55 for solar thermal projects, and 5 for combined thermal and PV projects). As the total capacity of the shortlisted projects were in excess of the approved capacity of 150 MW Solar PV Projects and 500 MW Solar Thermal Projects, bidders were required to submit proposals offering maximum discount on the CERC (Central Regulator) approved applicable tariff for grid connected solar power projects for FY 2010-11 - a reverse bidding auction process. The last date for the submission of proposal was November 16, 2010. For Solar Thermal projects, NVVN received 66 bids from project developers indicating discounts offered by each over CERC determined tariff of INR 15.31/kWh. Majority of the bids were below 300 paise. There were 17 bids which offered zero discount. Since, the target allocation for solar thermal projects was 500 MW, only the top 8 discounts were finally selected to set up solar power projects. The cutoff discount was 297paise. Corporate Ispat Alloys Limited (CIAL) won the project quoting a tariff of INR 12.24/kWh (a discount of 307 paise).   In January 2011, Corporate Ispat Alloys Limited (CIAL) had entered into a 25-year Power Purchase Agreement with NTPC Vidyut Vyapar Nigam (NVVN), which was the the nodal agency to purchase solar power generated by independent solar power producers, under JNNSM. JNNSM provided for a scheme of "bundling" relatively expensive solar power with cheaper power from the unallocated quota of the Government of India out of the capacity of the NTPC based coal stations.This cheaper bundled power would then be sold to state power distribution companies at the CERC regulated price. This would bring down the gap between the average cost of power and sales price of power of the state Discom. The total capacity of 50MW was also eligible for carbon credits. CIAL would pass on the gross benefits of CDM to the distribution licensee (NVVN) in the following manner - (a) 100% of the gross proceeds to be retained by CIAL in the 1st year after the date of COD, (b) in the 2nd year, the share of NVVN would be 10% which would be progressi
On July 31, 2011, a local private company, Hebei Yongyi Ecological and Environmental Engineering Co., Ltd. signed a management contract with Xinhe County Government to operate the Yushu Wastewater Treatment Plant in Xinhe County, Hebei Province. The capacity of the facility is 20,000 cubic meters per day.
In 2011, Madhya Pradesh Road Development Corporation (MPRDC) signed a 15-year concession with Valecha Engineering Limited (VEL) for the strengthening, improvement,two-laning, operation and maintenance,and tolling of 56.88kms of existing major district road- Badwani-Palsood- Sendhwa section of State Highway No.39 from Km 1.00 to Km 57.00,in the state of Madhya Pradesh.   Under the contract, VEL was responsible for the design, construction,finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway to 2-lane divided carriageway.The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges,culverts, road intersections,interchanges, drains, etc.The expansion project, part of the MDR (major district roads) development project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.    VEL established Valecha Badwani Sendhwa Tollways Limited (VBSTL),a special purpose vehicle in April 2011, to implement the project. The SPV won the tender through international competitive bidding, conducted by MPRDC,by requesting the lowest annuity payment of US$ 2.1mn (INR 99.4mn). Other details of bidding were not known at the time of collection of this information. Under the contract, the SPV was to recover the capital costs and operating costs including returns through semi-annual payments of INR 49.7mn from MPRDC as well as tolling, during the term of concession. VEL would execute the EPC for the project.  The concession agreement for the project was expected to be signed in 2011. Because of lack of information, it is assumed to be December 2011. The project was expected to be financed with a debt/equity ratio of 75/25. The estimated capital cost of the project at the time of financial closure was US$ 21.3mn (INR 995.2mn @46.7INR/USD). Financing comprised of a term loan of US$ 15.9mn (INR 745mn) and sponsor equity of US$ 5.3mn (INR 250.2mn). Other details of financing were not known at the time of collection of this information.  The project was slated for completion by October 10, 2013, but achieved early completion on July 03, 2012.
In June 2008, Consorcio Amazonas, an association of the state-owned Eletronorte (30%), Chesf (19,5%), the fund FIP- Brasil Energia (20.5%) and the Spanish Abengoa (30%), was awarded in a competitive bidding process the contract to build and operate 586-km of transmission lines and two substations located in the states of Amazonas and Para. Besides Consorcio Amazonas Consorcio Solimoes (Alupar -Brazil, Cobra and Elecnor-  Spain) took part in the contest.  The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. Consorcio Amazonas presented the lowest offer, a total value of US$ 56.8 million (BRL 101.6 million), 7% the ceiling set by the regulatory agency. The contract was signed in October 2008, and the sponsors created the company Manaus Transmissora de Energia to lead the project during the 30-year contract period.   The sponsor committed to invest US$ 796.6 million (BRL 1,3 billion) in the transmission line. The construction works were expected to start in 2011. In November 2010, the sponsor was granted a US$ 142.8 million (BRL 251.4 million) loan from BNDES; in March 2011, Banco da Amazonia committed to lend US$ 245.1 million (BRL 400 million). Finally, in October 2011, BNDES granted an additional US$ 245.7 million (BRL 401 million) loan.  Commercial operations commenced in July 2013.
Sanliurfa natural gas power plant was 270MW plant located in the Sanliurfa region in Turkey. The plant was to be built on a merchant basis, in the liberalized Turkish electricity market.  Turkish utility, Aksa Enerji, part of the Kanzanci Holding was to build own and operate the plant. The license to build the plant was granted by the Energy Market Regulatory Board in May, 2011 and was to last 49 years.  A 57 million euro(US$74million) engineering and equipment supply contract was signed with Finnish company, Wartsila. The first phase of the plant (120MW) was operational as of July 2011.  Total investment was ESTIMATED at 270MW x 1.3 million per MW (estimate), is $351 million.
Inox Wind Limited through its group subsidiary Gujarat Fluorochemicals Limited (GFL), entered into an agreement with Gujarat Government, to develop 50MW wind power project at Chotila, District Surendranagar in the state of Gujarat. The wind farm would involve the building of 25 wind turbines of INOX WT2000DF WEG of 2MW capacity each.The electricity generated from the project would be evacuated by NEWNE grid of India or traded on energy exchanges or wheeled for captive consumption through wheeling into the grid. The EPC for the power plant had been awarded to Inox Wind Limited (IWL). IWL would develop,construct,commission operate and maintain the project at an all-inclusive price.    Gujarat Fluorochemicals Limited had already approached Gujarat Urja Vikas Nigam Limited (Gujarat Discom )- for entering into Power Purchase Agreement. The APPC (Average Power Purchase Cost) 25-year base feed-in tariff as per GERC (Gujarat State Regulator) tariff order for 2013, was US$ 0.079/Unit (INR 4.23 per unit @ 53.44INR/USD). The transmission charges would be paid by GFL to the state transmission utility. The total capacity of 50MW was eligible for CDM benefits and the company had initiated the process with UNFCC.   Details of financial closure were not available.The total project cost estimated based on UNFCC Project Design Document was at the time of financial closure was US$ 64.3mn (INR 3000mn @46.67 INR/USD).  As per company announcement to the market, the project was commissioned on 11th December 2011.
The company Noble Brasil S.A., a subsidiary of the Noble Group (Hong Kong), was granted authorizations to build and operate two sugar-cane-residue fueled power plant located in the states of Sao Paulo (90 MW in total capacity). The 30-year contracts were signed with the regulatory agency ANEEL in May 2010. The sponsors created the special purpose company Noble Brasil S.A. to manage the projects:  * UTE Noble Energia II (30 MW)  * UTE Meridiano (60 MW)   Investment commitment was not available. The construction works on the power plants were concluded in October 2010. At that time, the power generated was sold only for large consumers. In August 2011, Noble Energia S.A. took part in a competitive bidding process and won the right to sign power purchase agreements with electricity distribution companies by offering the rate of US$ 61/MWh (BRL 99.61/MWh). These contracts were set to became into effect in 2014.  Also in August 2011, BNDES granted loans to finance infrastructure works in the power plants and in the additional industrial facilities that belonged to Noble Brasil S.A. (sugar cane processing units). The loan was worth US$ 250.6 million (BRL 409 million).
20MW PV plant located in Delingha, Qinghai Province, China, developed by Qinghai Baike Solar Power Co Ltd. Construction commenced in October 2011 and was completed in December 2011. The total investment is RMB 349.23 million (US$ 53.37 million). The plant has a life of 25 years. Qinghai Baike Solar Power Co Ltd. had a 100% stake in the project. It is a subsidiary of China Technology Solar Power Holdings Limited.
In July 2010, RPG group company Calcutta Electric Supply Company Limited (CESC), as part of its diversification into the solar energy sector, signed an MoU with Gujarat Energy Development Agency (GEDA) for setting up a 9-mw photovoltaic based solar power project in Kutch district in Gujarat under the Gujarat Solar Policy 2010. Integrated Coal Mining Limited (ICML), a company promoted by CESC, was implmenting the project. The project was being set up under Phase-II of the Gujarat Solar Policy 2010, which aimed at adding 500MW solar power for the state. In all, 24 developers accounting for 365 mw capacity, for PV projects ranging from 5 mw to 40 mw, had been approved under the solar policy so far. The Gujarat Solar Policy included a five-year no-change clause pertaining to the company's shareholding status, equity sharing of up to 49% by the technical partner, and an option to go for private land or government-approved solar park. ICML had acquired 60-plus acres of land for the project in Kutch district. The plant would be of 8 mw crystalline and 1 mw thin film. ICML had invited bids from EPC contractors for supply, erection and commissioning of the solar power plant.  ICML had entered into a 25-year Power Purchase Agreement with the state utility Gujarat Urja Vikas Nigam Limited (GUVNL), in December 2010, which would be effected at the time of commissioning of the project. The APPC (Average Power Purchase Cost) as per the Gujarat Solar Policy 2010, was US$ 0.33/Unit (INR 15 per unit @ 45INR/USD) fro the first 12 years, and US$ 0.11/Unit (INR 5 per unit @45 INR/USD) from 13th year to 25th year. The total capacity of 39.2 MW was eligible for carbon credits. Proceeds of carbon credit were to be shared as follows: (a) 100% by project developer in the first year after the date of commercial operation of the generating station/ transmission system; (b) 2nd year – share of beneficiaries (DISCOM-GUVNL) @ 10% to progressively increase by 10% every year up to 50% and than to be shared in equal proportion, by the generating company and the GUVNL.Transmission and/or wheeling charges would be paid by ICML.  Financial closure took place on May 2011.The total project cost was US$ 26.7mn (INR 1200 mn @45 INR/USD).The debt equity ratio for the project was 70/30. Financing comprised of Debt of US$ 18.7mn (INR 840mn @ 45INR/USD) and sponsor equity of US$ 8mn (INR 360mn @ 45INR/USD). Debt comprised of 13year Term loan from Yes Bank Limited. Apart from the loan, Yes Bank also provided financial assistance by way of issuance of letter of credit and annually revolving letters of undertaking to Integrated Coal Mining Limited.  Construction for the wind farm was expected to start in October 2010 and commercial operation was expected to start in January 2012.
Construction of a solid waste power plant commenced in Sep 2010 in Yuhuan County, Zhejiang Province. The sponsor was a local private company Zhejiang Weiming Environmental Protection Co., Ltd. that had a 100% stake in the project. The total investment was about RMB 260 million (US$ 41.20 million). The power plant had a capacity of 15MW and it could process 700 tons of solid waste per day. It came into operation in Oct 2012. The concession term was not reported. At least 25% of construction had been achieved by Apr 2011.
Piedra Larga Wind Farm Phase I was a 90 MW wind project located in Oaxaca, Mexico.  The project was the first phase of a planned 228 MW facility, of which 100% was owned by the Spanish project developer Renovalia.  Piedra Larga I was projected to consist of 45 Gamesa turbines.  The project was to be a 100% captive facility and would operate under the autobastecimiento model, whereby the project's output was contracted for sale to the bakery goods giant Grupo Bimbo under an 18-year power purchase agreement.    In January 2011, Renovalia Energy obtained US$171.1.5m in project finance from six lenders fo rthe 90 MW Piedra Larga first-phase wind farm. The project's 45 Gamesa turbines were due online before the end of 2011. The finance comprised 16-year loans fromNacional Financiera (Nafin), Banco Nacional de Comercio Exterior(Bancomext), Fondo Nacional de Infraestructura, Banco Esprito Santo, BancoSantander and La Caixa. Nafin acted as the agent bank in the financing.Renovalia would use the funds to build the first stage of the wind farm inUnion Noble, Oaxaca.  Comissioning was expected for the fourth quarter of 2011.    Construction works were concluded in October 2012.  In December 2015, the sponsor issued bonds in a value of US$ 126 million to refinance project's debt.
Can Enerji was planning the development of the 40 MW Metristepe wind farm, near Bozuyuk, Bilecik province, Marmara region. The project was to comprise 16 turbines of 2.5 MW, producing 140 GWh annually, with 40% capacity factor.  The developer received a 49 year production license for the project, awarded in January 2008. Equipment was to be supplied by Nordex, under a contract signed in February 2011. Nordex was expected to construct the farm on a turn-key basis. The project was reported as commissioned in 2011.   No financial information was available. Financial closure date was set at December 2011, date of commissioning. Total project cost was estimated at US$1.3 million/MW, or US$52 million.
Ukrtelecom was Ukraine's largest state owned telecommunications operator, having both fixed and mobile lines. Mobile operations were carried by Utel which has 643,000 mobile subscribers as of July 2011  and was the sole 3G license holder in Ukraine. Ukrtelecom had 10.126 million fixed lines as of 2011.  In March 2011, a 92.79% stake in Urktelecom was sold ESU LLC, a subsidiary of the Austrian-based investment group EPIC for US$ 1.32 billion (UAH 10.575billion). ESU was the sole bidder in the auction and as such the auction was cancelled. Other companies that pre-qualified for the bid were While several companies were prequalify to submit offers for Ukrtelecom, including Ukrainian financial and industrial group System Capital Management (SCM) and Russian multi-industry holding AFK Sistema.    Following an independent valuation of Ukrtelecom, the government of Ukraine offered ESU a direct sale for US$ 1.32 billion (UAH 10.575billion). The agreement between Ukraine's State Property Fund was signed on March 15, 2011, approved by the presidential administration on March 17, 2011. In October 2011, the State Property Fund transferred the proceeds from the divestiture to the state budget. According to the sale contract, ESU committed to repay Ukrtelecom's outstanding debt of about $624 million($160 million and UAH 3.7 billion).   EPIC Financial Consulting was founded in 1991 to provide consulting and investment services for conducting privatizations in Central and Eastern Europe. It is owned by four individual investors.   In August, 2011 the State Property Fund agreed to allow ESU to separate Ukrtelecom's mobile operator, Utel into a different legal entity. As of September 2011, Ukrtelecom reorganized its mobile unit, Utel into a new separate limited liability company called TriMob.  In June 2013, it was announced that Mr. Rinat Akhmetov, Ukraine's richest man, would buy EPIC Group's shares in Ukrtelecom at an undisclosed price. Following the takeover of Ukrtelecom by Ukranian conglomerate System Capital Management (SCM) in late 2013, negotiations are underway for the sale of Trimob. Leading contenders are MTS Ukraine and Turkcell. Trimob is Ukraine's sole 3G 2100MHz W-CDMA/HSPA network operator.
On 5th December 2011, Madhya Pradesh Road Development Corporation (MPRDC) signed a 15-year concession with Dilip Buildcon Limited (DBL) for the strengthening, improvement,two-laning, operation and maintenance,and tolling of 63.73kms of existing major district road- Mundi- Sanawad road section,in the state of Madhya Pradesh.   Under the contract, DBL was responsible for the design, construction,finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway to 2-lane divided carriageway.The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges,culverts, road intersections,interchanges, drains, etc.The expansion project, part of the MDR (major district roads) development project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.    DBL established DBL Mundi Sanawad Tollways Limited (DMSTL),a special purpose vehicle on 28th November 2011, to implement the project. The SPV won the tender through international competitive bidding, conducted by MPRDC,by requesting the lowest annuity payment of US$ 3.5mn (INR 165.6mn @46.7 INR/USD). Other details of bidding were not known at the time of collection of this information. Under the contract, the SPV was to recover the capital costs and operating costs including returns through semi-annual payments of INR 82.8mn from MPRDC as well as tolling, during the term of concession. DBL would execute the EPC for the project.  The concession agreement for the project was signed on 5th December 2011.The project was expected to be financed with a debt/equity ratio of 73/27. The estimated capital cost of the project at the time of financial closure was US$ 30.1mn (INR 1405.3mn @46.7INR/USD). Financing comprised of a term loan of US$ 22mn (INR 1030mn) and sponsor equity of US$ 8.0mn (INR 375.3mn). Other details of financing were not known at the time of collection of this information. Early completion entitled DMSTL to receive bonus annuity for early completion of about US$ 2.4mn (INR 139.7mn @58.6 INR/USD) - approximate annuity for 10 months early completion.  The project construction started in April 2012 (Appointed Date) and was slated for completion by 19th March 2014, but achieved early completion on 15th May 2013.
In July 2011, a local private company, the Wuhan based Anneng Group signed a concession agreement with the Zhongxiang Municipal Government to operate a wastewater treatment plant in Zhongxiang City, Hubei Province. Anneng wins the bid with a price of RMB 65.37 million (US$ 9.99 million) and will operate the facility for 28 years. The capacity of the plant is 50,000 cubic meters per day. Anneng has a 100% stake in the project.
In March 2011, a local private company Changye Group signed an agreement with the Longyan Municipal Government to build and operate the Longyan City No.2 Wastewater Treatment Plant. The 1st phase of the plant had a capacity of 20,000 cubic meters per day and the total investment was RMB 36 million (US$ 5.57 million). The concession term was 31 years (2 years of construction plus 29 years of operation). Changye Group had a 100% stake in the project. The plant served an adjacent industrial part and households in Yanshi Town (however the split was unknown).  The plant was substantially completed according to a report dated Sep 14, 2012. At least 25% of construction had been achieved by Jun 2011.
On 23rd February 2011, Maharashtra State Electricity Distribution Company Limited (MSEDCL)and Spanco Limited signed a Distribution Franchisee Agreement for Nagpur (Urban) city in the state of Maharashtra. Spanco would distribute power in Nagpur Urban distribution divisions comprising Civil Lines, Gandhibagh and Mahal divisions for the next 15 years. In this area, the Company would distribute power as an agent of the present distribution licensee - MSEDCL. There were about 400,000 registered power consumers in the city spread over approximately 400sq. kms. with an estimated annual power consumption of about 1100 Million Units.   Spanco Limited established Spanco Nagpur Discom Limited (SNDL),a special purpose vehicle, to execute this distribution franchise. However in September 2012, Essel Utilities Distribution Company Limited (Essel) bought 95% stake into this SPV so as to relieve Spanco of its fund crunch. The primary obligation of the Distribution Franchise (SNDL) included - (a) undertaking the distribution and supply of power to the consumers of MSEDCL in the designated Distribution Franchise Area, (b) undertaking reading of meters, generating of bills, payment collection, as per the retail tariff structure deterined by MERC (State Power Regulator), (c) maintaining the existing distribution network and replacing failed distribution transformers and defective meters and other network infrastructure assets,(d) making payments to MSEDCL,(e) collection of MSEDCL's outstanding arrears as their agent and remittance of the same.   Spanco Limited was selected through a competitive bidding process undertaken by MSEDCL in November 2010. The bid variable was the highest price at which power was purchased from MSEDCL (Discom) for subsequent distribution in the franchise area. The bids were evaluated on the basis of highest Net Present Value of the Input energy rate per Kwh (unit) for each year of the entire project tenure of 15 years. 11 companies including - CESC, A2Z, Indu Project, Vijay electrical, CGL, SMS, Spanco, GTL, Tata Power, Reliance,India Bulls, had finally submitted their bids.Spanco won the bid by quoting the highest NPV (over 15 years) of US$ 1001.9mn (INR 53500mn @53.4 INR/USD). The current revenue for Nagpur city covering the bid areas was about US$ 7.1mn (INR 380mn) per month. The average billing rate for the base year was INR 4.27/Unit. At the end of FY 2010-11, AT&C losses, (which included line loses, theft as well as non-billing) were to the tune of 38%.  SNDL would purchase power from the MSEDCL and would distribute it to consumers on the rates approved by MERC. SNDL may procure power from other sources for expected shortfall in supply with concurrence of MSEDCL and MERC and subject to regulatory provisions. Franchisee would remit a pre-determined share (65%) of the revenue collection at regular intervals to the Licensee, as per the Distribution Franchisee Agreement. SNDL was mandated to invest USD 57mn (INR 3340 mn @58.6 INR/USD) in Nagpur (Urban) for infrastructure upgrade to reduce T&D losses and improve collections. Capital expenditure incurred by SNDL shall be subject to MERC (state regulator) approval.  The project achieved financial closure on 13th May 2013 at a debt/equity ratio of 63/37.The estimated project cost at the time of financial closure was USD 57mn (INR 3340mn @58.6 USD/INR). Financing comprised a 12-year 6-months term loan of USD 35.8mn (INR 2100mn),and sponsor equity of USD 21.2mn (INR 1240mn). Financing also comprised a INR 1000mn 1-year fund based working capital facility, a INR 1000mn 1-year non-fund based working capital facility. State Bank of India was the sole arranger for the term loan.The other participating banks were SBI, IIFCL,Canara Bank, State Bank of Patiala, and Punjab National Bank.  SNDL commenced distribution franchisee operations in Nagpur Urban in May 2011.
In June 2009, Proinversion, Peru’s private investment promotion agency, called for tenders for a 30-year BOT contract to develop the Zapallal-Trujillo Transmission Line. The project included designing, building, operating and financing a 517km, 500kv transmission line extending from Lima and La Libertad regions, from the outskirts of Lima to the north­western city of Trujillo and was to supply power to the national grid.  The contract was awarded to Transmantaro in November 2009 in a competitive tender organized by Proinversion.  Transmantaro was comprised of Empresa Electrica de Bogota SA ESP (EEB) [Colombia, 40%] and Interconexion Electrica SA (ISA) [Colombia, 60%] and had participated in several private transmission line projects in Latin America. Including Transmantaro, there were three final bidders; the other two bidders were Abengoa Peru [Spain] and Transcobel SA [Peru]. Transmantaro offered the lowest annual revenue in transmission carrier fees.    The total project cost was US $230 million. The project reached financial closure in February 2011 through a 10-year, US dollar-denominated, $160 million syndicated construction and term loan.. Banco de Crédito del Perú was lead arranger and Bancolombia also lent to the project. The sponsors were to provide US $70 million in equity.
The Terminal Norte project, a multi-purpose terminal at Callao port, consisted of upgrading and expanding the capacity of docks one through five under a 30-year concession contract. Callao was Peru’s busiest port with a capacity of approximately 1.2 million TEU.  The project was to be implemented in five phases. Phase I and II would expand the container capacity to 1.6 million TEU, while the remaining phases would expand capacity to approximately 2.9 million TEU.  The contract was awarded on April 1, 2011 to the consortium APM Terminals Callao in a competitive tender organized by federal investment promotion agency Proinversion. The other bidder was DP World, which operated Callao’s South Dock Terminal (Muelle Sur). Initially, it was uncertain as to whether DP World could participate in the bid, due to competition clauses in the government. The bidding variable was the lowest cost per container and the level of discount given by the bidder. APM Terminals Callao consisted of APM Moeller Maersk [Denmark] and companies Central Portuaria SAC [Peru] and Callao Port Holding B.V. [Netherlands]. The shareholding percentage was not known.  The total project cost was US $749 million, of which US $313 would be spent on phases I and II by 2015. On May 11, 2011, the concession contract was signed between the Republic of Peru and APM Terminals Callao.   As of March 2014, Terminal Investment Ltd. (a subsidiary of the Swiss company Mediterranean Shipping Co. MSC) acquired 29% of the shares in the project company from APM Terminals, which kept a 51% stake. The other shareholder in the project was the Peruvian group Unimar (20%).  The concessionaire began operating the facility on July 1, 2011.  In June 2013, the sponsor was granted a US$ 217 million loan from the IFC to finance the expansion of its facilities under Phases I and II (US$ 75 million A loan; and US$ 142 million B loan).
Hydro Power Free Lanka (HPFL), subsidiary of Free Lanka Capital Holdings, was planning the development of the 0.83 MW Thebuwana Mini Hydropower Plant, Thebuwana, Sri Lanka. The subsidiary executing the development was Hydro Power Free Lanka 2. Hydro Power Free Lanka was part of Free Lanka Capital Holdings, a joint venture between Browns and Perpetual Holdings.  The project company entered into a Small PPA with Ceylon Electricity Board, as was reported in December 2011, and other concessions were awarded including duty free imports to the investor and grants tax holidays. Construction started in January 2011.  The plant was to cost Rupees 150 million.
The Federal Executive Council awarded a concession to Eko Support Services for the re-development of port facilities at Bullnose, Lagos Port Complex, Apapa. The contract was to upgrade the berthing facilities at the Lagos port. The company was also expected to develop oil and gas operational facilities on 20-years build-and-operate agreement. The berth lenght was to increase from 287 metres to 400 metres, while dredging and reclamation works were also part of the works (increasing the old 5.4 metre draft to a 12 metre depth). A new terminal was to increase terminal operations and container stacking capacity in the port by adding a back-up area of 17,000 square meters to the old 4.147 hectares.  Eko Support Services Limited is a 100% wholly owned Nigerian company. Boskalis from the Netherlands was contracted for dredging while Prodeco was to build the quay side, and Trevi for the piling and foundations.  The contractor was to run the facility for 20 years, worth $124.4 million (N20 billion). Construction was expected to start in March 2012 and the construction time was estimated to be 24 to 30 months.
On january 17th 2011, the Turkish Privatization Administration (Ozellestirme Idaresi Baskanligi or OIB) signed with the Turkish regional Electricity distributor Kayseri ve Civari Elektrik a 49 year concession granting the operating rights of four mini hydro power plants, known as Group 10 and with a total capacity of 8.308 MW. The minihydro power plants were 1.36 MW Bunyan, 0.069 MW Camardi, 0.099MW Pinarbasi, and 6.78 MW Sizir plant located in the central Anatolian province of Kayseri and Camardi plant (69 kW) in Nigde province, Turkey. The plants were transferred under the Transfer of Operating Rights (TOR) scheme for 49 years with no investment obligations to expand or rehabilitate the power plant. Based on this information, the project was classified as a lease contract in the PPI Database. The project was expected to sell electricity produced in the liberalized electricity market in Turkey.  In May 2010, Kayseri ve Civari Elektrik won the operating rights of Group 10 mini hydro plant in an open tender held by OIB by offering US$69.7 million in the public auction. The tender of this power plant received 57 bids in total. The tender of this power plant received 12 bids in total. The tender, which were conducted by competitive bidding , followed the sale of other groups over the past two weeks from the same tender that ended in February.    Group 10 was one of the 19 groups comprising of small and medium hydro power plants which OIB tendered to private consortia in May 2010. The 19 groups comprised 52 small and medium size hydro power generation plants which were owned by state-owned power firm Elektrik Uretim A.S. (EUAS) and had a total capacity of 141 MW. A group had between one and five dams and were grouped based on their geographical proximity. The 19 groups were auctioned in by competitive bidding attracting 615 bids. The privatization process of most of the 19 groups concluded in 2011.
Soma Enerji was planning the development of the 61.6 MW Soma II wind farm, Manisa province. The project was to comprise 77 turbines of 0.8 MW. Soma II was an addition to the 79.2 MW Soma I wind farm, comprising 99 turbines of 0.8 MW and commissioned in November 2010. Soma Enerji was a wholly-owned subsidiary of Polat Enerji. Polat Enerji was 50% owned by French EF Energies Nouvelles, and entrepreneur Adnan Polat. Annual output for the whole farm was estimated at 405 GWh.   Commissioning was expected in early-2012. Commissioning was realized in January 2012. Equipment was to be supplied by German Enercon. Financial close was reached in February 2011.Construction started in February 2011. The project leased 1.150.000 m2 from the Ministry of Forestry.   The project was divided in EUR62.45 million ($83 million) debt and EUR10.45 million ($13.9 million) equity. The debt included a EUR58.45 million ($77.7 million) 14 year term loan and a EUR4 million ($5.3 million) 1 year revolving credit, arranged by Garanti bank. There was a 2 year grace period. Total project costs were thus EUR72.90 million ($97 million).
In December 2010, construction of the Shaoxing Port Modern Logistics Park commenced in Shaoxing City, Zhejiang Province. The inland river port project is invested by a Zhejiang based private company Dingjia Investment Co., Ltd. The total investment is RMB billion and the investment on the 1st phase is RMB 500 million (US$ million). The project consists of seventeen 1000 ton berths and associated inventories. By December 2011, the 1st phase of the project  is almost finished and some of the berths are now in operation. Dingjia has a 100% stake in the project.
Helios Power (Bulgaria) developed the 1.82 MW Valchedram solar plant, near Valchedram, Northwestern Bulgaria. The project company was Solar Valchedram EOOD.   The plant was commissioned in August 2011. The tariff for the project is EUR 357.45/MWh, for a period of 20 years. Project life is 25 years. The project utilizes CSUN 230-60P solar panels, manufactured by CEEG Nanjing Renewable Company Ltd. (China). The inverter is supplied by SMA Solar Technology AG, string inverters Sunny Tripower 15000TL/17000TL. The Support structure is supplied by ATARO KLIMA, from Bulgaria.   Annual maintenance costs are EUR 0.013/kWh. Insurance for the project is provided by ALLIANZ. Corporate tax rate is 10%. Total project cost was unavailable, but the average cost in 2011 was US$3.9 million/MW: US$7.1 million. Financial closure date was estimated at August 2011, date of commissioning.   The coordinates of the project are: Lat. 43°27' N, Long. 23°11' E
KR Two Company Limited was planning the development of the 103.5MW West Huaybong 2 Wind Farm, Nakhon Ratchasima Province. The project was to generate 219.3 GWh annually with 45 turbines of 2.3MW. The turbines were to be supplied by Siemens Wind Power AS, incorporated in Denmark. The turbine used was the Siemens SWT-2.3 101. Aeolus Company is a wholly-owned subsidiary of Wind Energy Holding Company (WEH), from Thailand.   Operational life of the project was 23 years. A PPA was signed with EGAT. The Huaybong 2 Wind Farm Power Project was awarded a non-firm power purchase agreement for small power producers from the Electricity Generating Authority of Thailand with 10-year subsidy of Bt3.50 per unit adder from the Power Department Fund Management Division, Office of the Energy Regulatory Commission. In April 2012, commissioning was expected for February 2013. The 65 km 115 kV transmission line connecting the project site to the EGAT Chai Ba Dan Substation will also be constructed.  total project cost was estimated as THB 6.1 billion (USD 190 million) The project applied for UNFCCC/CDM financing (October 2011)and commissioning was expected for 2013.  According to the Thai newspaper The ANtion, financial close was reached in November 2011.  In June 2012, Partners Group (SWF:PGHN), a Switzerland-based alternative asset management company, announced it made an investment in Wind Energy Holding towards the development of the West Huaybong 2 and West Huaybong 3.
On January 3thd 2011, the Turkish Privatization Administration (Ozellestirme Idaresi Baskanligi or OIB) signed with the Turkish industrial group Boydak a 49 years concession granting the operating rights of three mini hydro power plants, known as Group 14, with a total capacity of 3.552 MW. The total capacity of minihydro power plants was 0.396 MW Bayburt, 3.040 MW Girevlik and 0.116 MW Cemisgezek, located in Bayburt, Tunceli, and Erzincan, Turkey.  The plants were transferred under the Transfer of Operating Rights (TOR) scheme for 49 years with no investment obligations to expand or rehabilitate the power plant. Based on this information, the project was classified as a lease contract in the PPI Database. The project was expected to sell electricity produced in the liberalized electricity market in Turkey.  In May 2011, Boydak Energy Production Co. won the operating rights of Group 14 mini hydro plant in an open tender held by OIB by offering $56.08 million in the public auction. The tender of this power plant received 54 bids in total. The tender, which were conducted by competitive bidding , followed the sale of other groups over the past two weeks from the same tender that ended in February.   Group 14 was one of the 19 groups comprising of small and medium hydro power plants which OIB tendered to private consortia in February 2010. The 19 groups comprised a total of 52 small and medium size hydro power generation plants which were owned by state-owned power firm Elektrik Uretim A.S. (EUAS) and had a total capacity of 141 MW. A group had between one and five dams and were grouped based on their geographical proximity. The 19 groups were auctioned in by competitive bidding attracting 615 bids. The privatization process of most of the 19 groups concluded in 2011.
The Brazilian company EMPA Servicos de Engenharia, a wholly-owned subsidiary of the Portuguese group Teixeira Duarte, was granted authorizations to build two small hydro power plants located in the states of Mato Grosso do Sul (30.2 MW in total capacity). The 30-year contracts were signed with the regulatory agency ANEEL in Marco 1999. Two special purpose companies were created to manage the projects: Indaia Grande Energia S.A. (PCH Indaia Grande) and Indaiazinho Energia S.A. (PCH Indaiazinho).  Investment commitment on the power plants was not available. Construction works were underway as of August 2011. PCH Indaia Grande commenced operations in March 2012, and PCH Indaiazinho commenced operations in May 2012.  In June 2012, the state-owned BNDES granted a US$ 37.1 million (BRL 72.5 million) loan to the PCH Indaia Grande project and a US$ 26.1 million (BRL 51 million) loan to the PCH Indaiazinho project.
The Brazilian company Galheiros Geracao de Energia Eletrica S.A., a subsidiary of Contour Global, was granted an authorization to build a 12.6-MW hydro power plant located in the state of  Goias (municipality of Sao Domingos).  The power plant was named PCH Galheiros I.  In July 2010, the company signed a 30-year contract with the regulatory agency ANEEL allowing the company to build and operate the power plant. In August of the same year, the company took part in a bidding process to establish 30-year power purchase agreements with electricity distribution companies; the company won the contracts by offering the tariff of US$ 85/MWh (BRL 144.5 /MWh). The company committed to commence operations in 2013.  The investment commitment was estimated at US$ 80 million (BRL 185 million). In October 2011, the company was granted a US$ 29.7 million (BRL 48.5 million) loan contract from BNDES, a state-owned development bank. The remaining costs were set to be financed with equity.  Operations commenced in November 2012.
Gehrlicher Solar AG was planning the expansion of its existing 1.2 MW Kosharevo solar PV plant to 3 MW. The project was owned and operated by Bulgarian investor group GSG Studena ood.   The first 1.2 MW of the project was completed in July 2011, and was expected to be connected to the grid promptly. The project was to receive feed-in tariffs for its production at 35.75 cents per kWh.   As of October 2011, no details about the financial structure of the project were available.
In September 2011, the Hong Kong based China WindPOwer Group Ltd signed an agreement with the Luotian County Government to build and operate the Mout Dabie Wind Farm in Luotian County, Hunan Province. The total investment was RMB 1.8 billiion (US$ 275.08 million). The capacity of the plant was 100MW.Wind surveying was already finished in 2011. It was planned that construction commenced in 2012 and was comleted in 5 month.
In November  2009, the Brazilian company Consorcio Jauru-Cuiaba, was awarded in a competitive bidding process the contract to build and operate a 348-km transmission line and one substations located in the state of Mato Grosso. Consorcio Jauru-Cuiaba was established as a joint venture of the state-owned Eletronorte - Centrais Eletricas do Norte (49%); the Brazilian company Alupar Investimentos S/A (31%), formerly known as Alusa; the Brazilian company Bimetal Indústria Metalúrgica Ltda. (15%); and the Colombian company ISA's subsidiary CTEEP-Companhia deTransmissao de Energia Eletrica Paulista (5%).  Besides Consorcio Jauru-Cuiaba, other companies took part in the contest: COBRA INSTALACIONES Y SERVICIOS S.A. (Spain); CYMI HOLDING S.A. (Spain); ORTENG EQUIPAMENTOS E SISTEMAS LTDA (Brazil); and ISOLUX  INGENIERIA S.A. (Spain). The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. Consorcio Jauru-Cuiba  presented the lowest offer, a total value of US$ 13.9 million (BRL 27.52 million), 30 % below the ceiling set by the regulatory agency.  The contract was signed in May  2009, and the sponsors created the company Transmissora Matogrossense de Energia  S.A.   Environmental clearance was awarded in July  2010, and the construction works started right away. Commercial operations commenced in November  2011.  The sponsor committed to invest US$ 125.3 million (BRL 247.50 million) in the electric complex. In February  2012, the sponsors were granted a US$ 44.2 million ( BRL 87.30 million) loan from state-owned bank BNDES. The remaining cost was set to be financed with the sponsors'  internal resources.   The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
In 2011, TVS Energy Limited entered into an agreement with Maharashtra Government to develop a 25.5MW wind farm located at Satara and Sangli districts (spread across 5 villages- Vibhutwadi, Kurundwadi, Kaledhon, Mulikwadi and Panchwad), in the state of Maharashtra. The windfarm would involve the building of 17 Vensys V82 wind turbines of 1500KW capacity each. The windfarm was designed at a load factor of 22.83%. The electricity generated from the project would be evacuated to Northern, Eastern, Western and North-Eastern grid of India. The WEGs were connected to the transformer (33 kV/690 V) at yard and this in turn would be fed to the pooling substation (220 kV / 33 kV). ReGen Powertech Private Limited signed a supply and operation and maintenance contract for the project in August 2011. For the first 3 years after COD, O&M would be not chargeable to TVS Energy. Renewable Energy Generation Private Limited was contracted for the erection and commissioning of the WEGs in August 2011.  TVS Energy Maharashtra Windfarm would sell the power to Maharashtra State Electricity Distribution Company Ltd (MSEDCL) through a 13-year PPA. The APPC (Average Power Purchase Cost) base tariff as per MERC tariff order (dated 29 April 2011 for Wind zone 1) was US$ 0.10/Unit (INR 5.37 per unit @53.44 INR/USD) for the first 13 years of operation. The transmission charges would be paid by TVS Energy to the state transmission utility.The total capacity of 25.5MW was eligible under GBI scheme (incentive of INR 0.5/kWh) and CDM benefits under UNFCC and validation process had been completed for CDM benefits.  Financial closure took place on 28th September 2011.The total project cost at the time of financial closure was US$ 35.1mn (INR 1640mn @46.67 INR/USD).The debt equity ratio for the project was about 70/30. Financing comprised a 10-year term loan of US$ 24.6mn (INR 1148mn) and sponsor equity of US$ 10.5mn (INR 492mn). The term loan was arranged by ICICI.   Land was acquired in March 2012. Pre-construction activities started in August 2011 and 2 WEGs had been commissioned by 31 March 2012. 4 WEGs were commissioned on 30 May 2012 and the last 11 WEGs had been commissioned on 17 September 2012.
In September 2010, the National Highway Authority of India (NHAI) awarded a 20-year concession (including construction period of 1095 days) to a consortium of Ramky Infrastructure Limited and Jiangsu Provincial Transportation Engineering Group Company Limited (China) for the strengthening, improvement,4-laning,operation and maintenance of 67.76 kms of Srinagar to Banihal section of National Highway-1A (NH-1A) in the state of Jammu & Kashmir - from KM 187.000 to KM 189.350 (Banihal Bypass) and KM 220.700 to KM 286.110 in  Jammu and Kashmir.  Under the contract,Ramky was responsible for the design, construction, finance, operation and maintenance and strengthening and widening of the existing passageway to a 4-lane highway with paved shoulders. The scope would include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, tunnels, viaducts, culverts, road intersections, interchanges, drains, etc.The expansion project, part of National Highway Development Project Phase -II was was an important link in the North-South corridor and was expected to give significant stimulus to trade and commerce in this difficult terrain.  The consortium of Ramky Infrastructure Limited (74% equity) and Jiangsu Provincial Transportation Engineering Group Company Limited (26% equity) established Srinagar Banihal Expressway Limited (SBEL), a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding,conducted by NHAI, by requesting the lowest fixed annuity of US$ 57.4 million (INR 2696.4 million @ 47 INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through fixed semi-annual payment of INR 1348.2mn from NHAI during the term of concession.  The concession agreement was signed on 28th October 2010. While in-principle sanction was given on March 2011, the project attained financial closure on 16th September 2011.The debt equity ratio of the project was estimated at 90:10.The estimated capital cost of the project at the time of financial closure was US$ 340.4 (INR 16000mn @ 47 INR/USD) million. Financing comprised of INR 12800mn 15-year term loan, a INR 1600mn 17-year term loan, and INR 1600mn sponsor equity. The INR 12800mn term loan had a repayment schedule of 22 semi-annual installments. The INR 1600mn term loan had a repayment schedule of 24 semi-annual installments. Debt was arranged by ICICI Bank.The participating banks were Indian Overseas Bank(2000mn),Federal Bank (750mn), State Bank of Patiala (1000mn), Oriental Bank of Commerce (1000mn),Jammu & Kashmir Bank (2000mn),Bank of India (2000mn),Andhra Bank (1000mn), ICICI Bank (1600mn).  Construction on the project began in April 2011 and was scheduled to be completed by April 2014.
L Solar 1 was a 8.7MW solar farm built in Prachin Buri province of Thailand. Upon completion, it would be the largest solar PV plant in Thailand.  Project sponsor L Solar was founded in 2010 in Thailand. Ownership stake is 45% held by Loxley Plc., 24.99% by MFC Asset Management, 14% by a Loxley executive as a private investor, and 16% by Leonics, a Thai supplier of solar cells. Majority owner Loxley Plc. is one of Thailand's largest trading conglomerates.  The project company has a Power Purchase Agreement (PPA) in place with the Thai Provincial Electricity Authority, which will supply it to the public grid. Tariff was locked in at US$ 0.21/kWh (THB 6.5/kWh), resulting in a 8-year break even period.   Total project costs were estimated to be US$ 27 million (850 million Thai baht). The Export-Import Bank of Thailand provided a loan of US$ 19.18 million (600 million baht) to the project, with the remainder put up by equity investors. Financial closure was reached in March 2011. Construction was expected to complete by November 2011.
Iskenderun Port was one of the largest ports in Turkey and it serves the south and southeastern Turkey as well as Middle Eastern countries.  The tender for the operation rights for the port was cancelled in 2005 and reinitiated in September 2010. Limak Yaritim submitted the highest bid with US$372 million, outbidding all other eleven competitors. Limak was to operate the port for 36 years and to increase the capacity of the port.  In December 2011, Limak secured financing for the project for US$425 million from Unicredit (US$50million), Finansbank (US$75 million), Garanti (US$100 million), Isbank (US$100 million), Sinai Kalkinma Bank (US$50 million) and Vakiflar Bank (US$50 million). The loan facility had a tenor of 13.5 years and a grace period of three years.  Limak paid US$372 million to the Turkish government and will use the remaining amount to fund a capex program to boost the port from its current size.  In April 2012, InfraMed acquired a 20% stake in the Iskenderun port. InfraMed was an investment vehicle launched by 5 investors:  Cassa Depositi e Prestiti (Italy),Caisse des Dépôts et de Consignations (France),  The European Investment Bank,Caisse de Dépôts et de Gestion (Morocco), EFG Hermes (Egypt) project.
49.5MW wind farm in Touzhijian, Taipusiqi in Inner Mongolia Autonomous Region, China, developed by China WindPower (RMB 40.94 million, 46%), Shanghai Shenhua Holdings (RMB 43.61 million, 49%), and Tianjin Deheng Wind Power Investment co., Ltd. (RMB 4.45 million, 5%). A project company with a registration equity of RMB 89 million Inner Mongolia Shenhua Xiehe Wind Power Investment Co Ltd, was registered in Sep 2010 to conduct the project. The total investment is RMB 445 million (US$ 68.01 million). It is challenging to identify the financial closing date. The call for proposal for generators was released in Mar 2011, implying that the financial closing must have achieved.  Construction commenced in Oct 2011 and the project is expected to be completed in Oct 2013.
In March 2009, Comet Power Private Limited (a subsidiary of Videocon Group),signed an MoU with Rajasthan Renewable Energy Corporation Limited (RREC) for setting up a 5MW photovoltaic solar project at Jodhpur district of Rajasthan. In July 2010, the project migrated from Generation Based Incentive (GBI) Scheme to Jawaharlal Nehru Solar Mission (JNNSM). Comet had acquired land for the project. The output from the project would be fed to the northern grid of India. Comet had awarded the EPC to ICB Solar.  In July 2010, Comet had entered into a 25-year Power Purchase Agreement with NTPC Vidyut Vyapar Nigam (NVVN), which was the the nodal agency to purchase solar power generated by independent solar power producers, under the Jawaharlal Nehru Solar Mission (JNNSM). Please note that this project had been transferred from Generation Based Incentive (GBI) Scheme to JNNSM. The APPC (Average Power Purchase Cost) as per the Rajasthan Solar Policy 2011, for projects migrated to JNNSM would be as per the rate agreed betwen NVVN and Comet as per guidelines of Ministry of Renewable Energy (MNRE), details of which could not be ascertained at the time of collection of this information. The total capacity of 5MW was eligible for carbon credits. Comet Power would pass on the gross benefits of CDM to the distribution licensee (NVVN). Transmission and/or wheeling charges would be paid by Comet Power.  Financial closure took place in January 2011.The total project cost was US$ 19.1mn (INR 839 mn @45 INR/USD).The debt equity ratio for the project was 72/28. Financing comprised of a 13 year term loan of US$ 13.8mn (INR 620mn @ 45INR/USD) and sponsor equity of US$ 5.3mn (INR 239mn @ 45INR/USD). IDBI Bank was the sole arranger of the term loan which had a repayment schedule of 44 quarterly installments.The Asian Development Bank (ADB) also provided a Partial Credit Guarante (PCG) for these projects under JNNSM.  Construction for the project started in January 2011 and commercial operation was expected to start in October 2011.
In December 2011, a local private company Anhui Asia-Pacific Environmental Engineering Tech Co, Ltd. was granted a management contract to operate a wastewater treatment plant in Jinde County, Xuancheng City, Anhui Province. How the agreement was granted was not released. The capacity of the plant was 7,500 cubic meters per day. The term of the agreement was also not released. Anhui Asia-Pacific Environmental Engineering Tech Co, Ltd. had a 100% stake in the project.
In May 2010, the National Highway Authority of India (NHAI) awarded a 30 year concession (including construction period of 30 months) to Ashoka Buildcon Limited for the strengthening, improvement, four-laning, operation and maintenance of 88kms of Sambalpur-Bargarh-Chattisgarh/Orissa Border Section of National Highway-6 (NH-6) in the state of Orissa.  Under the contract, Ashoka Buildcon was responsible for the design, construction,finance, operation and maintenance and strengthening of the existing carriageway to a four-lane highway with paved shoulders. The scope includes construction of 4lanes including construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, service roads, road intersections,interchanges, drains, etc.The expansion project, part of National Highway Development Project Phase - III will ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  The sponsor Ashoka Buildcon Limited established Ashoka Sambalpur Baragarh Tollways Private Limited, a special purpose vehicle, to implement the project. The SPV won the tender through competitive bidding, conducted by NHAI during April 2010, by quoting the lowest financial grant or highest premium offer to NHAI. Ashoka Sambalpur Baragarh Tollway Private Limited was required to pay NHAI a premium of US$0.29mn (INR13.3mn @45 INR/USD) during the first year, due and payable on a pro rata basis for the period remaining in that year; and for each subsequent year of the concession period, the premium shall be determined by increasing the proportion of the premium in the respective year by an additional 5% as compared to the immediately preceding year. For example, the premium for the second and third years would be equal to INR13.97mn and INR14.66mn for the respective years.The NPV of the total payout through the life of concessions was thus estimated to be about US$4.7mn at a discount rate of 10%. There were 20 bidders qualified for the financial bidding stage.Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.The toll rates are set forth in the concession agreement with a clause to increase the toll rates annually by 3%, without compounding (such increased rates shall be deemed to be the base rate for the subsequent years). The applicable base rates shall further be revised annually with effect from April each year to reflect the increase in Wholesale Price Index (restricted to 40% of the increase in WPI to be rounded to nearest INR5).  The concession agreement was signed on 29th June 2010. The project attained financial closure on 25th January 2011. The debt equity ratio of the project was 70:30. The estimated capital cost of the project at the time of financial closure was US$ 253.8mn (INR 11420mn @45INR/USD) million. Financing comprised INR 8100mn 17year term loan, and INR 3320mn equity. The INR 8100mn term loan had a repaymnet in 163 monthly instalments.The debt was arranged by Axis Bank Limited. There were a total of 5 lenders: Bank of Baroda (1650mn), Punjab National Bank (1650mn), Bank of India (1000mn), IIFCL (1650mn) and Axis Bank (2150mn).  Construction on the project began in January 2011 and was expected to be completed by July 2013.
On February 9th 2011, the Turkish Privatization Administration (Ozellestirme Idaresi Baskanligi or OIB)signed with the Turkish energy company Nas Enerji Turizm a 49 year concession granting the operating rights of three mini hydro power plants, known as Group 16, with a total capacity of 16.32 MW. The total capacity of the mini hydro power plants was 14.4-MW Cag Cag, 1.28-MW Otluca and 0.64-MW Uludere plant and was located in Mardin, Hakkari and Sirnak, Turkey. The plants were transferred under the Transfer of Operating Rights (TOR) scheme for 49 years with no investment obligations to expand or rehabilitate the power plant. Based on this information, the project was classified as a lease contract in the PPI Database. The project was expected to sell electricity produced in the liberalized electricity market in Turkey.  In May 2010, Nas Enerji won the operating rights of Group 16 mini hydro plants in an open tender held by OIB by offering US$40.8 million in the public auction. The tender of this power plant received 26 bids in total. The tender, which were conducted by competitive bidding, followed the sale of other groups over the past two weeks from the same tender that ended in February.   Group 16 was one of the 19 groups comprising of small and medium hydro power plants which OIB tendered to private consortia in February 2010. The 19 groups comprised a total of 52 small and medium size hydro power generation plants which were owned by state-owned power firm Elektrik Uretim A.S. (EUAS) and had a total capacity of 141 MW. A group had between one and five dams and were grouped based on their geographical proximity. The 19 groups were auctioned in by competitive bidding attracting 615 bids. The privatization process of most of the 19 groups concluded in 2011.
The Brazilian company Espirito Santo Geradora de  Energia S.A., a subsidiary of the Brazilian company Thermes Participacoes, was granted an authorization to build and operate a natural gas fueled power plant located in the state of Espirito Santo (127 MW in total capacity). The 35-year contract was signed with the regulatory agency ANEEL in April 2009.   The company committed to invest US$ 112 million (BRL 224 million) in the construction of the power plant. Financial closure was achieved in May 2011, when a US$ 81.2 million (BRL 134 million) loan was granted by the state-owned institution Sudene.  In 2008, Espirito Santo Geradora de Energia took part in a competitive bidding process and won the right to supply electricity in the regulated market starting in 2013.   As of August 2011, construction works had not started. Due to delays in the implementation of the project, the regulatory agency cancelled the concession contract in December 2012 and applied the due penalties.
Vietnam Trading Engineering Construction JSC was planning the development of the 45 MW Bac Me Hydropower Plant, Yen Phong commune, Bac Me district, Ha Giang province. The project was expected to generate 188,491 MWh annually to be supplied to the national grid.  The project was to consist of two turbines 25 MW each, and two generators 22.5MW each. Commissioning was expected for November 2014. The design was approved in June 2011. The EIA was completed in November 2011 was expected to be approved in February 2012. Construction was expected to start in Q2 of 2012, equipment supply contracts to be signed in Q4 of 2012 and commissioning for Q4 2012 as reported above. Expected project life was 40 years.  "According  to  Decision 2014, the tariff for hydropower projects with installed capacity smaller than 30MW ranges from  2.7UScent/kWh to 5.2 UScent/kWh in dry season and from 2.5UScent/kWh to 5.0 UScent/kWh in wet season. The dry season is defined from 1st October to 30thJune next year, and the wet season from 1stJuly to 30thSeptember, Thus the average power tariff is 4US$cent/kWh equivalent with 824.8 VND/kWh at the time of making the board decision." UNFCCC CDM PDD.  Financial close was reached in July 2011, with Industrial and Commercial Bank of China Limited. Total investment was expected to be VND 1,454 billion ($69.8 million).
Nam Can Hydro Electric JSC was planning the development of the 20 MW Nam Can 2 Hydropower Plant, on the Nam Can Stream, at Nam Can and Ta Ca communes, Ky Son District, Nghe An Province.  Annual output was expected to be 70,520 MWh, of which 69,815 MWh was to be exported to the national grid (99.0%). The project was designed to consist of 2 turbines of 10.417 MW each. The emission factor used in the CDM appliaction was 0.5764, as supplied by the DNA Vietnam (March 2010). Project IRR with CDM was estimated at 12.43%. The first contract was signed in October 2011.   Project life was estimated at 30 years. The CDM credit period was expected to start in January 2014, used here as the commissioning date.  Total investment was unknown. Financial closure date was unkonwn, but assumed to be October 2011 (signing of first contracts).
In July 2009, the Paradip Port Trust (PPT) signed a 30 year concession (including a construction period of 36months) with a consortium of Noble Group Limited,Gammon Infrastructure Projects Limited,and MMTC Limited for developing an all-weather deep draught iron ore terminal at Paradip port in India. Depths at the proposed channel and berth would be 17.1 meters and would be capable of handling up to 125,000 dwt bulk carriers to import iron ore, pellets.On completion, Paradip port would be able to handle an additional 10mtpa of iron ore.  Under the concession, the consortium was responsible for design, finance, construction, operation, maintenance and marketing of the iron ore handling facility with a capacity of handling 10 MTPA of iron ore per annum.Paradip Port would provide supporting facilities like dredging of channel and berth, railway lines and back-up area at an estimated cost of US$ 18.9mn.Concession would start from the date on which certain conditions precedent of the Paradip Concession Agreement were fulfilled, which included receipt of the forest approval from the relevant government authorities.   The consortium of Noble Group Limited (51%), Gammon Infrastructure Projects Limited (31%), and MMTC Limited (18%),established Blue Water Iron Ore Terminal Private Limited (BWIOTPL),a Special Purpose Vehicle (SPV), to implement the project.The consortium won the tender through an international competitive bidding by quoting the highest revenue share to the Paradip Port Trust of 36.802% during the concession period of 30 years (BWIOTPL was required to pay to PPT a monthly royalty equivalent to 36.802% of the gross revenue of BWIOTPL earned from the Paradip Iron Ore Berth Project). BWIOTPL had agreed to pay PPT an annual license fee of INR 6.5 million. Five bidders had been short-listed, including the successful bidder BWIOTPL.Since the project was located at a classified "Major Port" (Paradip Port), it was subject to tariffs regulated by the Tariff Authority of Major Ports (TAMP).These ports do not have the flexibility to determine certain charges and dues that are payable by vessels as TAMP had the authority to fix charges for pilotage, mooring and other services rendered to vessels. BWIOTPL was permitted to recover tariff from the users of the project facilities and services in accordance with the tariff notification set out in the Paradip Concession Agreement. Further, BWIOTPL would collect all cesses and charges from the users of the project facilities and services, as may be directed by PPT.  The concession was signed on 2nd July 2009.The project attained financial closure on 27th June 2011 with a debt equity ratio of 70:30. The estimated capital cost of the project was US$ 119.2 million. Financing comprised a US$ 86million 12-year term loan, and US$ 33.2million sponsor Equity. The term loan had a repayment schedule of 17 semi-annual installments ending in June 2023. The participating banks in the term loan were Sumitomo Mitsui Banking Corporation, Standard Chartered Bank, and ICICI Bank. Under the Paradip Concession Agreement, the consortium comprising Gammon, Noble and MMTC would have to maintain management control of BWIOTPL during the exclusivity period, being the period until the earlier of (i) 5years from the COD or (ii) the date on which the average annual volume of cargo handled at the project facilities and services reached a level of 75% of the project capacity for two consecutive years. The consortium was required to hold not less than 51% of the equity shareholding of BWIOTPL until three years after the COD and not less than 26% during the concession period. Further, Noble was required to hold a minimum stake of 50% of the consortium?s holding during the concession period.  Construction on the project was expected to begin in January 2010 and receive its first cargo in November 2014.But the project had not started as per schedule due to the delay in getting various clearances - forest and environment.
In July 2009, a consortium led by Conoisa and Aqualia was awarded  a 25 year BOT contract to build, operate and maintain the El Realito Aqueduct water supply and purification system by the water commission of San Luis Potosi State in Mexico. The El Realito Aqueduct was to bring water to 132km from the El Realito dam on Rio Santa Maria to the city of San Luis Potosi and included a 1m3/second (86,400m3/day) water treatment plant, the 132km pipeline and three pumping stations. The associated dam and reservoir were part of a US$66.2 million public project built in conjunction with the El Realito PPP. Conoisa and Aqualia were subsidiaries of ICA [Mexico, 51%] and FCC [Spain, 49%], respectively. Aquos El Realito was formed as the project company.   There were two other final bidders for the project Abengoa [Spain] and IDEAL [Mexico]. Bidding was based on the lowest NPV of payments. A fourth bidder, Makkro was disqualified. The winning bid was 2.71 billion pesos although the original budget was 2.38 billion pesos.   The total project cost was US$214.8 million.  In July 2011, Banco Santander was the sole lead arranger of US$97.04 million peso denominated syndicated loan with banks Banobras, Banorte and Bajio. The project received a US73.85 million capital grant from FONADIN backed by Banobras and US$43.9 million in equity from the sponsors. The ratio of debt to equity, not including the subsidy was 69:31.    Operations commenced in June 2015.
In January 2011, Ositran signed the 25-year concession contract with Aeropuertos Andinos, a consortium comprised of Andino Investment Holding [Peru] and Corporacion America [Argentina], to finance, expand and operate a package of six existing regional airports in the south of Peru. Exact shareholding was not publically available, but was presented as each sponsor having an equal stake in the project. The sponsors were to be responsible for maintaining and/or upgrading the airports to international standards stipulated in the concession contract.  Project investment was estimated at US $257 million.  In September 2010, the concessionaire won the project via a competitive tender projects by requesting the lowest amount of government payments US $76 million. The  tender launched by federal private investment promotion agency Proinversion.  There were three final bids. In addition to government payment, the concessioniare's revenues were to come through airport fees and retail sales at the terminals.
Vinacomin - Power Holding Corporation Limited, a private entity, was planning the development of the 150 MW Dong Nai 5 Hydropower Plant, Dong Nai river, Dak Sin commune, Dak R'Lap district, Dak Nong province and in Loc Bac commune, Bao Lam district, Lam Dong province. The project was expected to generate 604.430 GWh annually, to be supplied to the national grid via a new construction transmission line.  the project was to consist of two Francis turbines of 77.32MW each and 2 Synchronous 3 phases generators of 75MW each. Lifespan was 30 years. Commissioning was expected for 2015. Construction was expected to last 4 years. Electricity price was estimated at VND 730 per kWh ($0.035 per kWh).  The feasibility was finalized in September 2007 (140MW). The investment certifciate was issued in September 2007. In June 2009, the feasbility study for the 150MW variant was completed. The EIA was approved in June 2009. The first construction contract was signed in January 2011.  Total investment was estimated at VND 3,365,406 million ($161.6 million). Financial closure date was unknown, the FC was estimated as December 2011, after 25% of construction had been completed according to 2015 commissioning date. The project applied for UNFCCC/CDM financing.
Jilin Heiyupao Jilin Power-Xiehe Wind Farm Phase IV was a 49.5MW wind farm located in Heiyupao, Baicheng, Jilin Province, China and developed by China WindPower Group and Jilin Power, a subsidiaiy of China Power Investment.  The project was procured on an open bidding process. The concessionnaire was Jilin Power-Xiehe New Energy Co., Ltd. (established in July 2010, with a registration capital of RMB 100 million), in which China WindPower Group had a 49% stake with the remaining ownership belonging to the state owned Jilin Power Group. The total investment was estimated to be around RMB 500 million (US$ 77.40 million). Construction commenced in Aug 2011 and the project came into operation in Oct 2012. 25% of construction had been achieved by Dec 2011. The debt/equity ratio was estimated to be 60:40.
Senok Wind Power Pvt. Ltd., subsidiary of Senok Group, was planning the development of the 10MW Mapuri 2 and 10MW Mapuri 3 Wind Farms.  Senok group uses three SPVs for their wind farms: Mampuri 1: Senok Wind Power Pvt. Ltd (WPP) Mampuri 2: Senok Wind Energy Pvt. Ltd. (WEP) Mampuri 3: Senok Wind Resource Pvt. Ltd. (WRP)  Both Mamprui 2 & 3 involve the construction of 5 turbines of 2.1 MW. Mampuri 2 was to be build on the coastal stretch in Nawakkadu village. Mampuri 3 was to be build on the coastal stretch in Narakkali, Mamprui and Nawakkadu villages. Project was recorded here as under development as no details about financial closure were available. The FC date reported is the date of IFC equity stake.  The project also involves the construction of a transformer switchyard and park power line. Other facilities are shared with the operational Mapuri 1. The output was to be transmissioned to the Norochcholai 220kV substation. Electricity price was Rs.20.80 ($0.2292). The project held a Standard PPA with the Ceylon Electricity Board for 20 years. Commissioning of Mapuri 2 was expected for late 2011. The equipment supply contract was awarded to Suzlon, from India, supplying 10 turbines of the type S88 2.1 MW each. The contract was awarded in October 2011. The availability factor was 95% and the utilization factor 29.75% (wind measurements).  Senok received an equity investment from the IFC in May 2011 of $3.8 million.Total project cost for Mapuri 2 & 3 was estimated by IFC at $46 million. The project applied for UNFCCC CDM financing for levels one and two.   Wind Farm 2: CDM documentation reports KLR 2,932 million, of which LKR 1620 million in debt and LKR 180 million in equtiy (60:40). Expected interest rate on debt was 16.89%  The coordinates of the wind turbines (wind farm 2) are: WTG1 N 7° 58’ 33.3” E 79° 43’ 53.5”  WTG2 N 7° 58’ 23.3” E 79° 43’ 56.6”  WTG3 N 7° 58’ 07.0” E 79° 44’ 01.9”  WTG4 N 7° 58’ 52.35” E 79° 44’ 23.31”  WTG5 N 7° 59’ 04.4” E 79° 44’ 15.3”
30MW PV plant located in Delingha, Qinghai, China, developed by Linuo Group Co Ltd. Construction of the project commenced in August 2011 and it was completed in December 2011. Linuo has a 100% stake in the project. The total investment is RMB 600 million (US$ 91.69 milion). How the project was procured is still unknown.
On 22nd April 2010, the Uttar Pardesh Government, under a new Power policy 2009, signed a MoU with Bajaj Group for development of a 1980 MW (3 units of 660MW each) coal-fired supercritical thermal power plant at village Mirchwara and Buraugaon,in Mahroni Taluk,in Lalitpur District, in Uttar Pradesh. In December 2010, Bajaj Group, through its subsdiaries - Bajaj Hindusthan Limited (74%) and Bajaj Power Ventures Limited (26%), owned Lalitpur Power Generation Company Limited (LPGCL), a SPV created by UPPCl for executing this project. The land required for the project was 1500 acres.Water requirement, estimated at 49 million cubic meters per annum, would be met from Rajghat Dam reservoir through a pipeline at a distance of 50 km. LGPCL had received all major clearances like environment clearance, chimney clearance etc. The State Government would assist in the procurement of land for the project but the full cost of the purchase of land would be borne by LGPCL. LGPCL was also responsible for any transmission infrastructure to connect the power project to the designated substation.   The primary fuel for the project was domestic coal. LGPCL had applied for the coal linkage in July and Dec 2009, but no firm linkage had been provided (at the time of collection of this information). LGPCL's coal requirement had been estimated to be around 8.51 MTPA for indigenous coal or 6.70 MTPA for imported coal. Coal was expected to be imported from Indonesia. LPGCL had sought the state government permission to import coal, kicking off speculations that the generation cost may go up which in turn, would put burden on the financially ailing UPPCL. As per the PPA, LGPCL was supposed to get the coal linkage from the Standing Linkage Committee by June 9th, 2012. Pursuant to the PPA, LGPCL must source its coal from a domestic coal linkage and must seek the permission of the procurers to purchase coal from any other source. If the procurers withhold their permission, Lalitpur Power is permitted to sell available power to any third party.The company had awarded EPC contracts for Boiler-Turbine-Generator (BTG) to Bharat Heavy Electrical Limited (BHEL) in March 2011.  The power generated from the project of 1980MW was primarily expected to be sold to state owned utility company. As per the Power Purchase Agreement (PPA) signed with Government of Uttar Pradesh on 10th December 2010, LPGCL would sell 90% of the power generated from the project to UPPCL (through its subsidiary state Discoms- Paschimanchal Vidyut Vitran Nigam Limited, Poorvanchal Vidyut Vitran Nigam Limited, Madhyanchal Vidyut Vitran Nigam Limited,and Dakshinanchal Vidyut Vitran Nigam Limited, through a 25 year PPA, at a rate approved by the UP Electricity Regulatory Commission. Tariff would be determined on a two–part basis comprising Fixed Charge (Capacity Charge) and Variable Charges (Energy Charges) and shall be computed for each Tariff Period. The Tariff (Fixed Charge, Variable Charges) and Incentive shall be determined by the UPERC. LPGCL would be free to sell the rest 10% of the power to third parties. In addition, in the event that a particular procurer does not purchase its allocated quantity, LGPCL must offer the un-purchased power to the other procurers at the same rate. Only if the other procurers refuse to purchase the power, shall this power be available to third parties.Under the terms of the PPA, the procurers were responsible for the provision of transmission infrastructure and the associated transmission and interface costs.  The cost of the Project (1980MW) was initially estimated to be approximately USD 2520.8 million (INR 118480mn @47 INR/USD). Financial closure took place on 24th August 2011 at a Debt/Equity ratio of 75/25. Bajaj financed this project through an equity contribution of USD 630.2 mn (INR 29620mn) and a debt of USD 1890.6 mn (INR 88860mn). The debt, arranged by SBI Capital and IDBI Bank, had a door-to-door tenor of 15 years and was priced at a margin of 400bp
Construction of the solid waste power plant in Taizhou City, Zhejiang Province commenced in March 2011. The sponsor a local private company Mizuda Group had a 100% stake in the project. The total investment was RMB 295 million (US$ 45.67 million). Capacity of the plant was 12MW. It came into operation in Aug 2012. The concession term was not reported. A special project vehicle Taizhou Wangneng Environmental Protection Co., Ltd. was set up to conduct the agreement. At least 25% of construction had been achieved by Aug 2011.
Videocon Industries Limited (a subsidiary of Videocon Group),signed an MoU with Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL) for setting up a 5MW photovoltaic solar project at Warora in Mahrashtra. In July 2010, the project migrated from Generation Based Incentive (GBI) Scheme with MSEDCL to Jawaharlal Nehru Solar Mission (JNNSM). The output from the project would be fed to the western grid of India. Videocon had awarded the EPC to IBC Solar.  In July 2010, Videocon had entered into a 25-year Power Purchase Agreement with NTPC Vidyut Vyapar Nigam (NVVN), which was the the nodal agency to purchase solar power generated by independent solar power producers, under the Jawaharlal Nehru Solar Mission (JNNSM). Please note that this project had been transferred from Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL) to JNNSM. The APPC (Average Power Purchase Cost) as per MERC order, for projects migrated to JNNSM would be as per the rate agreed betwen NVVN and Videocon as per guidelines of Ministry of Renewable Energy (MNRE), details of which could not be ascertained at the time of collection of this information. The total capacity of 5MW was eligible for carbon credits. As per MERC (State Regulator) Regulation, Videocon would retain the gross benefits of CDM. Transmission and/or wheeling charges would be paid by Videocon.  Financial closure took place in January 2011.The total project cost was US$ 18.9mn (INR 852 mn @45 INR/USD).The debt equity ratio for the project was 72/28. Financing comprised of a 13 year term loan of US$ 13.5mn (INR 610mn @ 45INR/USD) and sponsor equity of US$ 5.4mn (INR 242mn @ 45INR/USD). IDFC was the sole arranger of the term loan which had a repayment schedule of 44 quarterly installments. The Asian Development Bank (ADB) also provided a Partial Credit Guarante (PCG) for these projects under JNNSM.  Construction for the project started in January 2011 and commercial operation was expected to start in October 2011.
Metro Line 12 in Mexico City was planned to transport 412,000 people/day through 20 stations, from Tlahuac to Mixcoac, connecting with lines 2, 3, 7 and 8.  Subway authority STC (Sistema de Transporte Colectivo) held a public tender for the operation of rolling stock. Offers were presented by Alstom, Ansaldo Breda, Bombardier, Norinco, PCZ, CAF and Siemens, after STC invited bids from the world's leading suppliers of rolling stock. Spanish firm CAF was awarded the contract to supply rolling stock to Mexico City's metro line 12 on December 22,2013. STC's acquisitions committee unanimously awarded the contract to CAF, as its proposal met with 99.5% of all technical requirements stipulated in the contract, and also offered the best financing options.  CAF was responsible for supplying and maintaining 30 trains for the metro line for a 15-year period through a public service provision (PPS) scheme.Construction of the fixed assets was executed, though an EPC contract, using the synergies of the mexican consortiums ICA-Alstom-CICSA.   The contract was worth up to US$1.40 billion (18 billion pesos) plus tax.  The first train was provided in August 2011 and the line started operation in October 30, 2012.
On August 2011, Sril Lanka Port Authority (SLPA) signed an agreement with China Harbour  Enginnering Company Ltd (China, 55 %) for the construction, operation and transfer of a new container terminal at Colombo port on a build-operate-transfer (BOT) basis with a term of 25 years.   The new terminal, Colombo International Container South Terminal (CICT) designed to give the Colombo port an added handling capacity of 2.4 million TEUs, was to be developed in two phases. Colombo South Container Terminal was a   joint venture, China Harbour  Enginnering Company Ltd will hold a 55% stake in the company, Sri Lanka’s Aitken Spence will have a 30% stake, while the Sri Lanka Ports Authority (SLPA) will have a 15% holding.   The BOT terminal project, awarded following competitive bidding, was the result of Government of Sril Lanka’s economic policy to encourage private sector investment and participation in the development of the country’s port infrastructure.  The total cost of the project was estimated at US$ 500 million. And reached financial closure on December 2011, according to an SLPA's source. Information’s about the loan still confidential.  Construction work on phase one started on December 2011 few days after the financial closure, and is expected to be completed by April 2014.
The KivuWatt Power Project is located in the Kibuye area of the District of Karongi in the Western Province of Rwanda. The project was to extract methane from the waters of Lake Kivu and use the gas to generate electricity. The project was to be developed by KivuWatt Ltd., a subsidiary of ContourGlobal.  Phase 1 of the project, which will generate 25MW, was expected to start commercial operation by July 2012. Phase 2 of the project, which was to generate an additional 75 MW, was expected to start construction six months after Phase 1 was commissioned, and to be completed by 2014. The full project size of 100MW would have exceeded Rwanda’s entire installed base of 75-80MW. Phase 2 of the project would require an additional $260 million of financing, for a total cost of $400 million to develop the 100MW concession. KivuWatt was to sell power under a 25-year concession agreement signed by the Government of Rwanda in 2009. Output was to be sold to the Rwandan state-owned utility, Electrogaz, through a 25-year power purchase agreement worth $325 million.  ContourGlobal closed the financing for the $142 million project. ContourGlobal holds a $50.5 million equity investment since 2011. Additionally, ContourGlobal obtained $91.5 million in support from various multilateral organizations. The debt facility had a tenor of 15 years which includes a two-year construction phase. The African Development Bank and the Emerging Africa Infrastructure Fund each provided $25 million in debt, while the Dutch Development Bank, FMO provided $41.5 million of which $10 million were sold down to Belgium’s development bank, BIO. MIGA signed a political risk guarantee covering 90% of CG’s first equity tranche of $28 million.  The methane extraction gas facility barge for phase one of the project was to be moved into position 14km into the lake and connected with a semi-submerged pipeline to the generating station. Wartsila of Finland was manufacturing the turbines was constructing the power generating station. The power plant site was sized to accommodate both phase one and two generation, including room for a new 220 kV switch yard which was to be built on the site to support the interconnection to the planned 220kV transmission system. Phase one output was to be connected to the national grid via a 11 kV transmission line installed by Electrogaz. Phase two was to be connected to the existing 220 kV transmission system via two new transformers to be installed by ContourGlobal’s subsidiary KivuWatt Ltd.  Studies have confirmed availability of 55 billion cubic meters of methane gas, sufficient to generate 700MW of electricity for 55 years. 350MW of this belongs to Rwanda, the other half to the DRC.  In February, 2012, MIGA issued a guarantee of $66.8 million to ContourGlobal Africa (Mauritius). The 20year coverage includes: expropriation, transfer restriction, war and civil disturbance, and breach of contract. This guarantee replaces a previous guarantee issued in FY2011 and brings the total to $95.4 million.  In March 2013, the plant became operational.
The Brazilian company Bioenergy was granted authorizations to build six wind parks located in the state of Rio Grande do Norte (115.5 MW in total capacity). The 35-year contracts were signed with the regulatory agency ANEEL starting in June 2009. The following special purpose companies were creates to handle the parks: Aratua Central Geradora Eolica S.A., Brasventos Aratua 1 Geradora de Energia S.A and Miassaba Geradora Eolica S.A.  The power plants were named EOL Aratua 1 (14.4 MW), EOL Aratua 2 (14.7 MW), EOL Aratua 3 (28.8 MW), Miassaba 2 (14.4 MW), Miassaba 3 (14.4 MW) and Miassaba 4 (28.8 MW). The total investment in the power plants Aratua 1 and Miassaba 3 were estimated at US$ 69.6 million (BRL 117 million) and was financed with a loan granted by the state-owned development bank BNDES approved in September 2011 (US$ 44.1 million or BRL 74.2 million) and with the emission of bonds by Bioenergy. As of August 2011, construction works only on these two plants were underway.  In 2009, EOL Aratua 1 and EOL Miassaba 3 signed power purchase agreements arranged with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA  (incentive program for alternative power generating companies) or established through competitive bidding processes. Operations commenced in early 2012.
Activ Solar was planning the development of the 7.5 MW Rodnikovoye solar PV plant, in Rodnikovoye, Simferopol region, Crimea. The project was planned to comprise 32,600 crystalline modules, producing 9.7 GWh annually. Activ Solar Holding GmbH was an Austrian developer with a number of local Ukrainian subsidiaries and SPVs: Crimea Solar 1, Crimea Solar 2, Crimea Solar 3, Crimea Solar 4, and Crimea Solar 5, as well as solar PV producer CHAO Zavod poluprovodnikov Zaporozhye (75%) and silicon producer OJSC Semiconductor Plant (a demerger of former-Soviet ZTMC). Ownership Activ Solar Holding GmbH, formally owned by Liechtenstein registered P&A  Corporate Trust,  was a sister company of Slav AG. As of November 2011, CEO of Activ Solar was Mr. Kaveh Ertefai.  Commissioning was expected in 2011. Construction was to be completed in two phases, the first 2.5 MW phase became operational in September 2010.  The second 5 MW phase became operational in March 2011. The Ukraine passed a Feed-in Tarrif bill in April 2009. The bill also included a minimum euro-denominated electricity price intended to mitigate exchange rate risk, as well as a domestic-content obligation.  As of October 2011, no details about the financial structure of the project was available.
The Orapa independent power plant was a project by Karoo Sustainable Energy (KSE), thad added 90MW to the national grid. It was one of two mid-merit or peaker power plants totalling 270MW in capacity. The other plant, 180MW, was located in Mmashoro. Both were to run off coal bed methane (CBM) produced at the coal mines of Kalahari Energy, which was a 50% steakholder in KSE. The other 50% of KSE was held by Turkish power company Tuten.   KSE had finalised a 15-year power purchasing agreement with Botswana Power Corporation (BPC), to sell 100% of the power produced. 90MW of the power was to be produced at Orapa, and another 180MW at Mmashoro. The Orapa diamond mine was to use around 50MW of capacity. Mmashoro is the site of Kalahari's Energy's mines.   The Orapa plant was to be a BOT, operated by KSE and owned by BPC, but KSE will own and operate the larger facility at Mmashoro. The Orapa turbine plant was officially handed over to Botswana Power Corporation by Debswana in October 2011. It was commissioned in August 2011. (Financial closure for February 2011, when most of the construction had been completed as the website showed).  The project was completed for $104 million (Pula 710 million) against a budgeted $124 million (Pula 850 million). Debt financing was to come entirely from the private sector owners.    N.B. The Orapa power station emerged from a tender awarded to KSE in 2008 for the development of a 250 MW CBM gas-fired power station. Following technical challenges, the original project did not materialise, resulting in restructuring of the project into the Orapa 90 MW and a 180 MW gas-fired power station to be developed by KSE in Mmashoro.
The project involves the implementation of a solid waste management system for Dehradun town, involving improved collection and transportation, treatment through composting and development of sanitary landfill. M/s SPML Consortium is the sponsor. Financial close took place on 3 March 2011. The total value of the project amounts to $5.43 million.
The Brazilian company SEBAND Ltda. was granted authorizations to build two small hydro power plants  located in the state of Sao Paulo (32 MW in total capacity). The 30-year contracts were signed with the regulatory agency ANEEL in December 2002.  In July 2007, SEBAND transferred the shareholding control of PCH Retiro (16MW) and PCH Palmeiras (16 MW) to DEB - Pequenas Centrais Eletricas, a subsidiary of the American company Duke Energy International.  The company committed to invest US$ 102.5 million (BRL 200 million) in the construction of the power plants. In 2009, the sponsor began the construction of power plants which were set to be entirely financed with the company´s own resources. In July 2011, the construction works of PCH Palmeiras were concluded, while, as of August 2011, construction works on PCH Retiro were still underway.  The company agreed to sell the output to CPFL, a Brazilian electricity distribution company.  In March 2014, PCH Retiro commenced operations.  In October 2016, the Chinese company China Three Gorges acquired Duke Energy's assets in Brazil in a transaction worth US$ 1.2 billion.
In Nov 2008, a local private company Wuhan Kaidi Holding Investment Co Ltd signed an agreement with the Songzi Municipal Government to build and operate a biomass power plant in Songzi City, Hubei Province. However substantial construction work actually commenced in March 2011. The total investment was RMB 296 million (US$ 45.82 million) and Kaidi had a 100% stake in the project. The total capacity of the plant was 30MW. Trial run was undertaken in May 2012. The concession term of the project was not reported in the media. Very possibly Kaidi got the agreement through direct negotiation. At least 25% of construction had been achieved by Jul 2011.
Alentek Enerji was planning the development of the 45 MW Susurluk wind farm, near Susurluk, Balikesir province. The project was designed to comprise 18 turbines of 2.5 MW, producing an annual output of 145 GWh. Alentek Enerji was an SPV set up by Iltek Iletsim Teknolojileri, the wind power subsidiary of Turkish industrial conglomerate Eksim Investment holding.   The project was commissioned in February 2011. Equipment was supplied by German Nordex under a supply contract signed in November 2010. Iltek Iletsim holds permits for a total of seven wind farms, including Susurluk, with a total capacity of 246.5 MW. Amongst these wind farms are the 40 MW Amasya and the 40 MW Tokat wind farms, also equiped with Nordex turbines under an equipment supply contract for 16 turbines announced in August 2011 and financed through Turkey's Yapi Kredi Bank (EUR68 million, $90.4 million). Nordex' local subsidiary was Nordex Enerji AS. The project company has applications pending for a further 584 MW of wind capacity and 294 MW of hydropower.   The turbine purchase was financed through Ak Bank, Turkey, with a EUR37 million ($51 million) loan. As of October 2011, no further details about the financial structure of the project were available.
Dogal Enerji was planning the development of the 30 MW Samurlu wind farm, Aliaga, Izmir province. The project was to comprise 15 turbines of 2 MW, producing 75 GWh annually. Dogal Enerji was a subsidiary of Turkish Polat Enerji. Polat Enerji was 50% owned by French EDF Energies Nouvelles and entrepreneur Adnan Polat. Polat Enerji spanned four wind energy related SPVs: Dogal Energy, Soma Energy, Poyraz Energy and Doruk Energy. Annual output was estimated at 90 GWh.  Commissioning was expected for 2012. The developer received a 49 year production license in December 2007, amended in October 2008. German Enercon was to supply the equipment. The project was reported as operated by EDF-EN.  In 2013, Polat Enerji still reported the project as expecting to be commissioned in 2012. No further information was avialable. Total project cost was estimated at EUR 37 million.
Hydro Power Free Lanka (HPFL), subsidiary of Free Lanka Capital Holdings, was planning the development of the 0.94MW Mini Hydropower Plant, Stellenberg, Sri Lanka. Hydro Power Free Lanka was part of Free Lanka Capital Holdings, a joint venture between Browns Investments and Perpetual Holdings.  The project company, Hydro Power Free Lanka 3, entered into a Small PPA with the Ceylon Electricity Board reported in December 2010 as was reported in December 2011. The PPA included tax holidays and other concessions like duty free imports for investors. Construction started in January 2011.  Total cost was estimated at Rupees 150 million ($1.16 million)
In November 2010, the National Highway Authority of India (NHAI) awarded a 12-year concession (including construction period of 540 days or approximately 1.5-years) to PNC Infratech Limited for the strengthening,improvement, 2-laning, operation and maintenance, and tolling of 123kms (from KM7.430 to KM130.100) of Kanpur to Kabrai section of National Highway-86 (NH86),in the state of Uttar Pradesh.   Under the contract, PNC was responsible for the design, construction, finance,operation and maintenance and widening of the existing carriageway to a 2-lane highway with paved shoulders, with a provision to augment capacity at a later date. The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc. The expansion project, part of National Highway Development Project Phase-IV would ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  PNC Infratech established PNC Kanpur Highways Limited (PKHL), a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by requesting the lowest upfront subsidy of US$ 20.9mn (INR 1230mn @58.6 INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement for the project was signed on 11th March, 2011. The project attained financial closure on 23rd August 2013. The grant/debt/equity ratio for the project was 27/58/15. The estimated capital cost of the project at the time of financial closure was US$ 78.2mn (INR 4585mn @58.6 INR/USD). Apart from viability gap funding (grant) of INR 1230mn, financing comprised of a term loan of US$ 45.8mn (INR 2680mn) and sponsor equity of US$ 11.5mn (INR 675mn). The debt was arranged by Oriental Bank of Commerce and the other participating bank was Central Bank of India.  Construction on the project was expected to begin in January 2013 and be completed by 14th July 2014.
In September 2008, CLP Group entered into an agreement with Maharashtra Government to develop a 113.6MW wind farm located at Andhra Lake,near Pune, in the state of Maharashtra. The project would be executed by CLP Wind Farms (India) Private Limited,the Group’s subsidiary in India. The project consisted of 2 phases - Phase-I of 56MW and Phase-II of 57.6MW. The wind  farm will involve the building of 142 gearless wind turbines of 800KW capacity each. The electricity generated from the project would be evacuated by the Maharashtra state grid. The delivery of the power plant had been done by Enercon (India) Limited.   The Andhra Lake Wind farm was expected to sell the power to Maharashtra State Electricity Distribution Company Ltd (MSEDCL), although the details of PPA could not be confirmed at the time of collection of this information. The APPC (Average Power Purchase Cost) tariff as per MERC tariff order (dated 29 April 2011 for Wind zone 1) was US$ 0.12/Unit (INR 5.37 per unit @ 45INR/USD) for the first 13 years of operation. The total capacity of 113.6 MW was eligible under REC as per the CERC and was also eligible for GBI (Generation Based Incentive) benefits and UNFCC had started the validation project for Certified Emission Reductions (CERs) in Aug/Sep 2011.   Financial closure took place in May 2011.The total project cost was US$ 138.2mn.The debt equity ratio for the project was about 65/35. Phase-I cost was US$ 74.7mn. Financing comprised of a 50mn US Dollar Term loan of 13years 9months and sponsor equity of US$ 24.7mn (INR 1112.3mn @ 45INR/USD). The foreign currency loan was arranged by Standard Chartered Bank and was priced at 370bp above LIBOR with a repayment schedule of 51 quarterly instalments.  Phase-II cost was US$ 63.5mn (INR 3362mn @45 INR/USD). Financing comprised of US$ 41.3mn (INR 1859.1mn @45INR/USD) Term loan of 13years 9months and sponsor equity of US$ 22.2mn (INR 1001.1 mn @ 45INR/USD). The domestic currency loan was arranged by IDFC Limited and was priced at 10.5% per annum with a repayment schedule of 51 quarterly instalments.   Construction for the wind farm started in September 2009. However, due to various delays in obtaining regulatory clearances, CLP decided to split the Project into two phases of 56.0 and 57.2 MW respectively, and commercial operations was expected to start in March 2011 for Phase-I and July 2011 for Phase-II. But Bombay High Court had restrained the developer, Enercon (India) Pvt. Ltd. from cutting a single tree until further orders. The proposed project, coming up in proximity of Bhimashankar Wild Life Sanctuary in the Western Ghats, required about 26600 trees to be cut down,  but activists alleged that more than 3 lakh trees had been cut in the forest area.region to construct a 20km long road along the mountains to reach the windmill site.
Sai Gon Machinery Spare Parts JSC (SMA) developed the 18 MW DakGlun hydropower plant, in Binh Phuoc Province. The company, SMA, was listed on the HCM Stock Exchange.   The project became operational in October 2011. By June 2012, the project was searching for an equity partner.  Total cost was VND 485 billion (US$23.1 million).  No further information was available. October 2011 was maintained as FC date, the month of commissioning. The project applied for UNFCCC CDM financing.
A PV project was developed by Suntech Power Holdings Co Ltd in Sangri County, Tibet Autonomous Region, China. Chinese articles showed that construction of the plant commenced in March 2011. However, there were no following reports about its progress not to speak of its completion. It seemed Suntech had a 100% stake in the project. The capacity of the plant was 10MW. Whether the project was procured through open bidding or not was unknown. Its total investment was RMB 245.63 million (US$ 38.02 million).The project came into operation in May 2012. At least 25% of construction had been achieved by Jul 2011.
In December 2010, the National Highway Authority of India (NHAI) awarded a 29 year concession (including construction period of 910 days) to Essel Group for the strengthening,improvement, four-laning, operation and maintenance of 78kms (from KM92.000 to KM 170.000) of Ludhiana to Talwandi section of National Highway-95 (NH-95) in the state of Punjab.  Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance and strengthening of the existing 2-lane highway to a 4-lane highway with paved shoulders. The scope included strengthening & maintenance of existing carriageway including construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, service roads, road intersections, interchanges, drains, etc.The expansion project,part of National Highway Development Project Phase -III, was expected to expedite the improvement of infrastructure in the state.  Essel Group, through its subsidiaries Essel Infraprojects Limited (74% equity) and Pan India Networks Limited (26% equity), established a special purpose vehicle, Essel Ludhiana Talwandi Toll Roads Private Limited (ELTL), to implement the project. The SPV won the tender through competitive bidding, conducted by NHAI,by quoting the lowest upfront subsidy from NHAI of US$0.38mn (INR 18mn @47 INR/USD).Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. ELTL has entered into an EPC contract with PINL for construction of the road for an estimated contract value of INR 5942mn including an escalation of five percent y-o-y upto the date of COD.  The concession agreement was signed on 20th January 2011. The project attained financial closure on 19th July 2011. The grant/debt/equity ratio of the project was 0.2/74.4/25.4. The estimated capital cost of the project at the time of financial closure was US$ 156.5mn (INR 7358mn @ 47 INR/USD) million. Apart from NHAI grant, financing comprised INR 5470mn 13year term loan,and INR 1870mn sponsor equity.The debt was solely arranged by Punjab National Bank.The INR 5470mn term loan had a subordinate debt component of INR 470mn from IIFCL. EIL & PINL had extended a joint & several sponsor support undertaking towards lender of ELTL to bring in additional funds to meet any cash flow shortfall towards ELTL’s debt obligations throughout the tenure of the loan and cover cash flow shortfall arising out of cost overrun.Further the sponsors (EIL & PINL) had given joint & severally undertaking for maintaining a DSCR of 1.00 for the first six years of the operation.To provide cushion for the debt payments against variability in the revenue, the Loan Agreement required ELTL to maintain a DSRA of INR 150mn (in form of Bank Guarantee) for entire loan period. However, for the first six years after operations, ELTL would maintain a BG of INR 480mn.  Construction on the project began in July 2011 and was expected to be completed by January 2014.As on February 2012, ELTL had received most of the approvals required for the execution of the project except for the approval of design of one Railway-over-bridge. ELTL planned to apply for the approval once the appointed date (due date of start of the concession period) was crystallised.The appointed date crystallization was pending as NHAI was in the process of clearing the land and once the same was done NHAI would give ‘right of way’ to ELTL.
Thien Nam Hydropower JSC was planning the development of the 8MW Thien Nam 1; 5,6MW Thien Nam 2; 6MW Thien Nam 3 Hydropower Plants, Thien Nam 1 is located on Nam Gie stream in Binh Lu commune, other two hydropower plants  are located on Nam Mu stream in Na Tam commune, Tam Duong district, Lai Chau province.  The projects (19.6MW combined) were expected to generate 83.21 GWh annually, to be supplied to the grid. The projects consisted of 7 turbines of 2.8, 2.9 and 3.0MW (Francis Vertical Axis).  Commissioning was expected for 2014. Construction period was 2 years, lifespan was 30 years. Electricity price was estimated at VND 877.8 per kWh ($0.0421 per kWh).  The investment license was issued in November 2010 by the province. The EPC contract was expected to be signed in December 2011. The FC date was unknown, but estimated at December 2011 (signing of EPC contract).  Total investment was VND 492.22 billion ($23.6 million). The project applied for UNFCCC/CDM financing, the credits were bought by the Nordic Environment Finance Corporation (NEFCO).
Empresa Brasileira de Terminais Portuarios S.A. (Embraport), a wholly-owned subsidiary of the Brazilian group Coimex was granted a contract to build, own and operate a container and liquid bulk terminal at the port of Santos, state of Sao Paulo, in August 2006. In the end of 2008, Coimex sold 33.33% of its shares in Embraport to the state owned pension fund FGTS. In August 2009, the Brazilian group Odebrecht and Dubai Ports each acquired 25.75% of Embraport’s shares from Coimex, which kept only 15.27% of the shares.  The project was divided into two phases: the first phase was set to include a container terminal with capacity of 1 million TEUs; while, in the second phase, the container terminal was set to increase its capacity to 2 million TEUs and the liquid bulk should be constructed (with capacity to handle 2 billion liters of ethanol). The total investment in the two phases was estimated at US$ 1.4 billion (BRL 2.3 billion).  The total investment in the first phase of project was estimated at US$ 800 million. Financial closure was achieved in November 2011, when the IADB approved a loan package to Embraport: US$ 100 million A-loan and US$ 330 million B-loan. In September 2011, the state-owned bank BNDES had approved a US$ 356 million loan intermediated by state-owned bank Caixa Economica Federal. The remaining of this first phase was set to be financed with the sponsors own resources.  As of the end of 2011, construction works were underway. The first phase of the project was set to be concluded by 2012, while the construction works on the second phase was expected to be finalized by 2014.  Operations commenced in July 2013.
Dogal Enerji was planning the development of the 30 MW Kozbeyli wind farm, Foca, Izmir province.  Dogal Enerji was a subsidiary of Turkish Polat Enerji. Polat Enerji was 50% owned by French EF Energies Nouvelles and entrepreneur Adnan Polat. Annual output was estimated at 88 GWh. The project was to consist of 15 turbines of 2.0MW each.  Commissioning was expected for 2012. The developer received a 49 year production license in December 2007.  In 2013, the Polat Enerji still reported on the corporate website that the wind farm was to be commissioned in 2012. No further updates were available. Total cost was estimated at EUR 37 million (US$ 48.1 million).
The Brazilian company Parnaiba Geracao de Energia S.A., a partnership of the Brazilian companies MPX (Group EBX) and Petra Energia (70% and 30%, respectively), was granted authorizations to build and operate  natural gas fueled power plants located in the state of Maranhao (676 MW in total capacity). The 35-year contract was initially signed by the Brazilian group Bertin with the regulatory agency ANEEL in December 2009 (the projects were known then as MC2 Joinville e MC2 Joao Neiva), but the authorization was transferred to MPX in August 2011.  The company committed to invest US$ 1.63 billion (BRL 3 billion) in the construction of UTE Maranhao IV and UTE Maranhao V (also known as UTE Parnaiba I). In March 2011, MPX shareholders approved a capital increase of US$ 796.6 million (BRL 1.3 billion). In December 2011, BNDES granted a US$ 245.1 million (BRL 400 million) loan. In February 2012, a US$ 137.9 million (BRL 225 million) loan was granted by the private bank Bradesco. Finally, in December 2012, BNDES approved a US$ 454.7 million (BRL 887.5 million) loan to the project company.  In August 2011, a supply agreement was signed with GE amounting to US$ 735.3 million (BRL 1.2 billion), and the first turbines were delivered in early 2012.  In August 2011, the company took part in a competitive bidding process and won the right to supply electricity in the regulated market starting in 2014. As of February 2012, construction works were underway.  Operations of the UTE Maranhao IV commenced in early 2013.  In September 2013, EBX sold part of its ownership in MPX, the subsidiary of EBX Capital Partners responsible for managing the group's energy projects. MPX changed its name to Eneva, and its ownership structure was established as follows: EBX, 20%; the German company E.ON, 42.9%; free float, 37.1%.
Darenhes Elektrik was planning the development of the 130 MW Pembelik hydropower plant, Peri river, part of the Euphrates, between the Elazig and Tunceli province, Eastern Anatolia region. The project was to produce an annual 410 GWh. Darenhes Elektrik was a joint venture between Limak Group and Bilgin Enerji.  Commissioning was expected in 2013. Darenhes received an operating license for the project until 2054, 41 years after exptected commissioning. The Turkish government opened up for tender concessions for 52 run-of river hydropower plants, between December 2009 February 2010. During the tenders, 615 bids were made and the deals were finalized in May/June 2010.  Total project cost was estimated at $600 million for the Pembelik hydropower plant and the 130 MW Tatar hydropower plant. In June 2011, it was announced that Darenhes Elektrik secured a credit line of $415 million from Turkish consortium of TSKB, Is Bankasi, Ziraat Bankasi and YapiKredi towards the two projects. On a MW pro-rata basis, this would imply a total cost of $300 million for the Tatar hydropower plant, and a total debt package of $207.5 million.
On 22nd December 2011, the Government of Rajasthan awarded a concession of 8-years 5-months and 5-days (including 15 month construction period) to GHV India Private Limited for the strengthening, improvement, 2-laning,operation and maintenance, and tolling of 93kms of Salumbar–Banswara section of road comprising SH-32 (72/000 to 165/000), in the state of Rajasthan.   Under the contract, GHV was responsible for the design, construction, finance, operation and maintenance,strengthening and 2-laning the existing carriageway of Salumbar–Banswara of SH32 with paved shoulders. The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts,road intersections, interchanges, drains, traffic signages, traffic safety measures, etc. This road upgradation was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   GHV India Private Limited won the tender through domestic competitive bidding, conducted by PWD Rajasthan, by quoting the lowest concession period of 8-years 5-months and 5-days. Under the contract, GHV was to recover the capital costs and operating costs including returns through tolling during the term of concession.   The concession agreement for the project was signed on 13th December 2011. The estimated capital cost of the project at the time of bidding was US$ 9.3mn (INR 463.3mn @ 50 INR/USD). Other details of financing were not available at the time of collection of this information.  The construction of 50kms of project road was almost complete and proportionate tolling operation for the stretch had started on 16th August 2012.
In May 2011, the Jaipur Development Authority (JDA) awarded a 28 year concession (including construction period of 21 months) to a consortium of Supreme Infrastructure India Limited (Supreme) and Sanjose Constructora Spain S.A. for the strengthening,improvement, 6-laning, operation and maintenance of 47kms of the Ring Road of the city of Jaipur in the state of Rajasthan.The ring road would connect Ajmer Road to Agra Road.This particular stretch was the first phase of the Jaipur Ring Road Project.   Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance and strengthening of the existing carriageway to a 6-lane highway with paved shoulders. The scope includes strengthening & maintenance of existing carriageway including construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, service roads, road intersections, interchanges, drains,etc.This expansion project was a part of the Phase-I of the Jaipur Ring Road project being implemented by Jaipur Development Authority to ease traffic congestion on this busy section.  The consortium of Supreme Infrastructure India Limited (40% equity) and Sanjose Constructora Spain S.A. (60% equity),established a special purpose vehicle,Sanjose Supreme Tollways Development Private Limited, to implement the project. The SPV won the tender through international competitive bidding, conducted by JDA,by quoting the highest premium to be paid to JDA - a payment of US$5.1mn (INR 239.9mn @47 INR/USD) every year through the concession period (This translates to an NPV of about US$51.4mn payout through the concession period at a discount rate of 10%).L2 bid by Mumbai based developer, Atlanta Limited, was INR 100mn per year. The third bid (by Om Metal-Shiv Vani Group consortium) was disqualified on procedural lapses. While 22 companies had bought the tender document, only 3 companies finally bid for the project. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.The toll rates would be fixed by JDA and it was expected that toll revenue share with JDA may also be incoporated into the concession agreement. The SPV would also be given 20,000 sq metres in two blocks, however, it would be required to pay half the reserve price for the commercial land leased.The EPC work would be executed jointly by Supreme and Sanjose in equal proportion.   The concession agreement was expected to be signed on May 27th 2011. The project attained financial closure on 24th October 2011. The debt/equity ratio of the project was 72:28. The estimated capital cost of the project at the time of financial closure was US$ 222.3mn (INR 10447 mn @ 47 INR/USD) million. Financing comprised INR 7900mn 13year 2months term loan,and INR 2547mn sponsor equity. The INR7900mn term loan had a repayment schedule of 44 quarterly instalments. The Debt was arranged by Punjab National Bank, Central Bank of India, IIFCL, Oriental Bank of Commerce and State Bank of Bikaner and Jaipur.  Construction on the project began in June 2011 and was expected to be completed by April 2013.The JDA had acquired around 1,620 hectares for the project.Officials claimed that the JDA has completed the land acquisition for the 47-km Phase-I.
49.5MW wind farm located in Wanjiayingzi of Jianping County, Chaoyang City, Liaoning Province of China and developed by Chaoyang Xiehe Wind Power, a Joint Venture between Liaoning Energy Investment and China WindPower Group. Construction commenced in Sep 2011 with some major items ordered in the same month according to quite a few calls for proposals. A project company Liaoning Xiehe Wanjiafengli Co., Ltd. was established to conduct the project. China WindPower Group has a 45% stake in the JV. The total investment is RMB 490 million (US$ 74.88 million). The project is expected to be completed in 2012.
On March 8th 2011, the Turkish Privatization Administration (Ozellestirme Idaresi Baskanligi or OIB) signed with Turkish Fides Reklam Enerji Hizmet Lojistik Turizm a 49 year concession granting the operating rights of Turuncova Finike power plant, known as Group, 5 with a total capacity of 0.552 MW. The total capacity of the mini hydro power plant was 0.552-MW and was located in Antalya, Turkey. The plant was transferred under the Transfer of Operating Rights (TOR) scheme for 49 years with no investment obligations to expand or rehabilitate the power plant. Based on this information, the project was classified as a lease contract in the PPI Database. The project was expected to sell electricity produced in the liberalized electricity market in Turkey.  In May 2010, Fides Reklam Enerji Hizmet Lojistik Turizm won the operating rights of Group 5 mini hydro plant in an open tender held by OIB by offering US$2.76 million in the public auction. The tender of this power plant received 12 bids in total. The tender, which were conducted by competitive bidding, followed the sale of other groups over the past two weeks from the same tender that ended in February.   Group 5 was one of the 19 groups comprising of small and medium hydro power plants which OIB tendered to private consortia in February 2010. The 19 groups comprised a total of 52 small and medium size hydro power generation plants which were owned by state-owned power firm Elektrik Uretim A.S. (EUAS) and had a total capacity of 141 MW. A group had between one and five dams and were grouped based on their geographical proximity. The 19 groups were auctioned in by competitive bidding attracting 615 bids. The privatization process of most of the 19 groups concluded in 2011.
Sanjen Jalavidhyut Company Limited (SJCL), subsidiary of Chilime Hydropower Company Limited (CHCL) was planning the development of the 42.5MW Sanjen Hydroelectric Project (SHEP) and the 14.5MW Sanjen-Upper Hydroelectric Project (SUHEP). Chilime was 51% owned by Nepal Electricity Authority.  The project equity structure was as follows: Chilime Hydropower Company: 38% Nepal Electricity Authority: 10% Employees: 4.5% Contributors of Employee Fund: 19.5% Project affected people: 10% General Public: 15%  The SUHEP project consisted of 3 Francis turbines of 5.1MW, and a 5km 132kv transmission line.  The SHEP projet consisted of Pelton Vertical Axis turbines (3x) of 14.75MW each, and 1.2km of 132kV transmission.  The project signed a PPA in October 2011 (SUHEP) and December 2011 (SHEP). Commercial operation was expected for December 2015. Generation license was valid for 35 years, from November 2012. The EIA was approved by Ministry of Environment. Civil construction contract was under bid, as well as hydroelectric works.   Debt was to be provided by the EPF, for wich a tri-partite loan agreement was signed in 8 December 2011.   Total project cost was unknown, but estimated at US$11.5 million per MW (average for SAR).
The Subic-Clark-Tarlac Expressway (SCTEx) was a 94 km, 4-lane expressway connecting the Subic Bay Freeport zone with the interior of the Philippines. The expressway was constructed in 2005 by the state-owned Bases Conversion Development Authority (BCDA), with a discounted loan from the Japan International Cooperation Agency (JICA). It became operational in March 2008, with a final project cost of US$ 760 million. The loan was due to mature in 2041.  In July 2011, the Manila North Tollways Corporation (MNTC) signed an agreement to take over the operation and management of the SCTEx from the BCDA. The agreement was for 25 years, renewable for another 8 years. No information was publicly available on the bidding process. The Manila North Tollways Corporation (MNTC), a SPV composed by Leighton Holdings Limited (17%) and Metro Pacific Investments Corporation (MPIC) (67%), has signed a lease contract to manage and operate the project. The MNTC operate the North Luzon Expressway since 2001 under a 30 year concession contract. MNTC expected to link North Luzon Expressway to the STEx.  Under the agreement signed in July 2011, the toll revenues from the expressway were to be share between MNTC and BCDA under the following rules: From 2011 to 2013, the MNTC would retain a 45% of the toll revenues and transfer the remaining 55% to BCDA; from 2014 to 2016, MNTC would retain 40% and transfer the remaining 60% to BCDA; from 2017 to 2043, the MNTC would retain 80%, and transfer the remaining 20% to BCDA.  The contract also stipulated that MNTC provide all ancillary facilities, equipment, and resources to run the STEx; the company announced its commitment to spend US$479 million over the duration of the contract , but these expenses have not been broken down into Capital Expenditures and/or Operations and Management expenses.  In the same period, the state-owned BCDA expected to gain US$ 1.487 billion from the expressway, which should adequately cover its remaining debt of US$ 627 million.
The Brazilian company Renova Energia was granted several authorizations to build fourteen wind power plants located in the state of Bahia in August 2010. In December 2009, the company took part in a competitive bidding process to sell electricity to the regulated wholesale market (15-year power purchase agreement was signed guaranteeing the sale of electricity to the national grid).  The 35-year contracts were signed with the regulatory agency ANEEL in 2010, and the plants were set to have a total capacity of 294.4 MW.   The wind parks named Pajeu do Vento, Planaltina, Porto Seguro, Nossa Senhora da Conceicao, Guirapa, Serra do Salto, Guanambi, Alvorada and Rio Verde received a loan from the state-owned development bank BNDES amounting to US$ 360.8 million (BRL 588.9 million) in January 2011. This value represented approximately 74% of total investments in these projects (US$ 473.1 million or BRL 795.8 million). These nine parks were set to have 195.2 MW of installed capacity and an average of 84 MW of firm power contracted.   The wind parks named Candiba, Ilheus, Igapora, Licinio de Almeida, and Pindai, in turn, achieved financial closure with a loan from the state-owned bank Banco do Nordeste. The loan was also granted in January 2011 and amounted to US$ 193.4 million (BRL 315.7 million). The total investment on these wind parks, which were set to have 99.2 MW of installed capacity and an average of 43 MW of firm power contracted, was estimated at US$ 222.5 million (BRL 374.2 million).  In the second semester of 2010, the company had issued shares in the local stock market rasing US$ 95.1 million (BRL 160 million).  Operations commenced in July 2012.
In November 2010, the consortium SPMar, comprised of the Brazilian companies Contern Construcoes e Comercio Ltda (74%) e Cibe Investimentos e Participacoes S.A. (26%), won in a competitive bidding the right to expand, rehabilitate and operate the 103.8 km of the western and southern access to the city of Sao Paulo (state of Sao Paulo). Both Contern and Cibe were subsidiaries of the Brazilian group Bertin.  The bidding criteria was the lowest tariff, and SPMar offered toll rates that were 63.3% below the ceiling set by the state government. Two other groups took part in the bidding process: consortium Serramar de Rodovias (Serveng Civilsan S.A.; EMS S.A.; and Encalso Construcoes) and consortium Rodoanel Sul e Leste (Odebrecht; Ecorodovias Infraestrutura e Logistica S.A.; Invepar; and Queiroz Galvão).  The 35-year concession contract was signed in March 2011. The investment was estimated at US$ 2.007 billion (BRL 3.375 billion) in the construction of the western access (60% of the investment figure) and the rehabilitation of the southern access. In addition, the sponsors agreed to pay US$ 214.5 million (BRL 350 million) for the concession rights.
In May 2010, the National Highway Authority of India (NHAI) awarded a 29 year concession (including construction period of 30 months) to a consortium of Valecha Engineering of India and KazStroyService (KSS) Limited of Kazakhstan,for the strengthening, improvement, four-laning, operation and maintenance of 67kms of Bhubaneswar-Puri Section of National Highway-203 (NH-203),from km0 to km59, in the state of Orissa.  Under the contract, the consortium was responsible for the design, construction,finance, operation and maintenance and strengthening of the existing carriageway to a four-lane highway with paved shoulders. The scope includes construction of 4lanes including construction of new pavement, rehabilitation of existing pavement,construction and/or rehabilitation of major and minor bridges, culverts, service roads, road intersections,interchanges, drains, etc.The project will have 4 bypasses avoiding catchment areas of Bhubaneshwar, Pipli, Chandanpur and Puri.The expansion project, part of National Highway Development Project Phase - IIIA would ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  The consortium of KazStroyService Infrastructure India Private Limited (KSSIIPL-60%) and Valecha Engineering Limited (40%), established Bhubaneswar Expressways Private Limited, a special purpose vehicle, to implement the project. The SPV won the tender through competitive bidding, conducted by NHAI during March-April 2010, by quoting the lowest financial grant from NHAI of US$43.1mn (INR 1937.8mn @ 45INR/USD).Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The project attained financial closure on 12th January 2011.The debt/equity/grant ratio of the project was 45/19/36. The estimated capital cost of the project at the time of financial closure was US$ 120.2mn (INR 5411 mn @ 45 INR/USD) million. Apart from INR 1937.8mn upfront grant from NHAI, financing comprised INR 2440mn 14year term loan, and sponsor equity of INR 1033.2mn. The INR 2440mn term-loan had a grace period of 12months and a repayment schedule of 133monthly instalments.The interest rate for the first year was 11% subject to annual review. The debt was arranged by SBI Capital Markets.  The participating banks were Punjab National Bank(700mn), L&T Infrastructure Finance Ltd(600mn),Axis Bank Ltd(600mn), India Infrastructure Finance Co Ltd(540mn).  Construction on the project began in January 2011 and was expected to be completed by July 2013.
On December 2010, Max Power (Bangladesh, 100%) a Bangladeshi Independent Power Producer, signed rental agreement with Bangladesh Power Development Board (BPDB) for the construction and operation for a 5 years term of a 78 MW natural gas power plants at Ghorasal.   Under the Rental agreement, Max Power was to supply 78 MW of energy to BPDB for a term of 5 years. The remainder of the energy was to be sold to the public.    Following a direct negotiation process, MAX was awarded to set up a 78 MW natural gas power plant at Ghorasal.  The total project cost was 30.96 US millions and reached financial closure in February 2011, few months after the signing date, said the BPDB.   Note that the power plant is actually under test run (April 2012), and is expected to start generating soon.
In April 2010, the National Highway Authority of India (NHAI) awarded a 20 year concession (including construction period of 36 months) to Shapoorji & Pallonji Company for the strengthening, improvement, two-laning, operation and maintenance of 65 kms Jammu-Udhampur Section of National Highway-1A (NH-1A) from Km.15 to Km.67 in the state of Jaummu & Kashmir.  Under the contract, the consortium was responsible for the design, construction,finance, operation and maintenance and strengthening of the existing carriageway to a four-lane highway with paved shoulders. The scope will include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, tunnels, viaducts, culverts, road intersections, interchanges, drains, etc.The project has many technical challenges, including building new tunnels totalling almost 3km, 59 major and minor bridges, 12 underpasses, 20km of new road alignments and 17km of service roads, all in mountainous terrain. The expansion project, part of National Highway Development Project Phase - II, was very important since NH-1A is the lifeline of the state of Jammu & Kashmir (J&K). The highway traverses through the difficult terrain of the Himalayan mountain range. There was an urgent need to upgrade this landslide and accident-prone two-lane highway to a modern four-lane highway with divided carriageways that facilitate safe and speedy travel and was expected to give significant stimulus to trade and commerce in the entire region.  The winning bidder, Shapoorji Pallonji & Company Limited (SPCL), established SP Jammu Udhampur Highway Private Limited, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by requesting the lowest fixed annuity of US$ 89.7 million (INR 4038 million @ 45 INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through fixed semi-annual payment of INR 2019mn from NHAI during the term of concession.SPCL has awarded a fixed-price, fixed-time EPC contract to Afcons Infrastructure Ltd. (a SPCL Group Company), which has considerable experience in constructing bridges and tunnelling in mountainous regions and is handling a large construction contract for Indian Railways in J&K.  The concession agreement was signed in October 2010. The project attained financial closure in January 2011.The estimated capital cost of the project at the time of financial closure was US$ 533.3 (INR 24000 mn @ 45 INR/USD) million. Financing comprised INR 6200mn 18year Rupee term loan, US$350 million 6year 5months foreign currency loan, and INR 2660mn sponsor equity (estimated based on public sources). The INR 6200mn term loan had a 2year grace period and repayment was in semi-annual instalments. The US dollar loan had a grace period of 3years 5months and a bullet repayment at the end of 6years 5months and the potential refinance risk was expected to be taken care of by a Bond refinance at the end of the tenure. The Indian Rupee loan was arranged by IDFC Ltd. and Foreign Currency loan was arranged by Standard Chartered Bank.The debt equity ratio of the project was estimated at 90:10, though the same couldnot be confirmed because of unreliable Equity estimates.     Construction on the project was expected to begin in July 2010 and was expected to be completed by July 2013.
48MW wind farm located in the Northeast of Chongming County, Shanhai Municipality, China and jointly developed by China Power International New Energy Holding (SOE, 20%), Shanghai Green Environmental Protection Energy (SOE, 51%)  and CLP Holdings (29%). The project was approved by the Shanghai Municipal Government in May 2010. Construction commenced in May 2011, and has been progressing well. The total investment is RMB 504.88 million (US$ 77.16 million). CLP has a 29% stake in the project. The local unitlity company was calling for bid for construction works to connect to the plant in Dec 2011, so it seems the project has substantially progressed. The project was planned to be completed in 2012.
Country Energy Pvt. Ltd., a subsidiary of Vallibel Power Erathna PLC, was planning the development of the 7.2MW Denawaka Ganga Mini Hydropower Plant, run-of-river, Denawaka Ganga at Duraikanda in the Ratnapura District. Located at Durekkanda, 9 km away from Rathnapura town in the Rathnapura Divisional secretariat in the district of Rathnapura. The project was expected to generate 25GWh annually.  The project was under construction in late-2011. Commissioning was expected for February 2012, and this was realized. In February 2012, it produced 341,106kWh, which increased to 1,447,874kWh in April 2012. Sri Lanka has a Standard PPA for all mini hydropower plants, Tariff is different in rain season or dry season. Hovers around $0.06/kWh.  253 crore ($1.9 million) of debt was provided by DFCC, with a tenor of 8 years.  253 crore ($1.9 million) of debt was provided by Hatton National Bank, with a tenor of 8 years. 253 crore ($1.9 million) of debt was provided by Commercial Bank of Ceylon, with a tenor of 8 years.  Total debt was 759 crore ($5.7 million). Total investment was estimated at Rs.1,124 million ($8.6 million), implying an equity portion of $2.9 million (66/34). The financial closure date was unknown. Assumed here is January 2011, but more information is required.
Asia Hydropower Generations was developing the 10MW Getambe small hydropower plant. Asia Hydropower Generations was a subsidiary of Rank Group.   The project was expected to commission in 2013. The project held a generation license with the Ceylon Electricity Board in 2012. In December 2011, the developer signed an agreement with the Board of Investment of Sri Lanka.   Total project cost was estimated at US$18 million. Financial closure was not reported on.
Activ Solar was planning the development of the 105.6 MW Perovo solar PV plant, in Perovo, Crimea. The project was planned to comprise 88,000 modules, producing 26.5 GWh annually. Activ Solar Holding GmbH was an Austrian developer with a number of local Ukrainian subsidiaries and SPVs: Crimea Solar 1, Crimea Solar 2, Crimea Solar 3, Crimea Solar 4, and Crimea Solar 5, as well as solar PV producer CHAO Zavod poluprovodnikov Zaporozhye (75%) and silicon producer OJSC Semiconductor Plant (a demerger of former-Soviet ZTMC). Ownership Activ Solar Holding GmbH, formally owned by Liechtenstein registered P&A  Corporate Trust,  was a sister company of Slav AG. As of November 2011, CEO of Activ Solar was Mr. Kaveh Ertefai.  Commissioning was expected in 2011. The initial 20 MW was announced as the first phase and formally registered as OOO Omao Solar. This project was one of three projects under development by Activ Solar in 2011, the other two being the 7.5 MW Rodnikovoye and the 60 MW Ohotnikovo solar PV plants. Production license was announced in July 2011, for 20 years. The land was leased for 49 years. The Ukraine passed a Feed-in Tarrif bill in April 2009. The bill also included a minimum euro-denominated electricity price intended to mitigate exchange rate risk, as well as a domestic-content obligation.  The project was compelted in December 2011. Total project size reached 105.56MW and consisted of 440,000 PV modules producing 132.5GWh annually.   As of October 2011, no details about the financial structure of the projects was available. The project was reported as having 30-40% of total cost in equity. The remainder in debt funded by VTB Bank OJSC (BTBR) and Sberbank of Russia (SBER). Total project cost was estimated based on $3.9 million/MW, the average price of solar plants in ECA (2011): $411.84 million.
Hemas Power, part of Hemas Group, was planning the development of the 2.4MW expansion of the 4.6MW Magal Ganga Mini Hydropower Plant, Magal Ganga, Sabaragamuwa province. Total capacity was to be 6MW. The project company name was Magal Ganga Power Company Private Limited.  The expansion also seems to be refered to as Upper Magal Ganga, which is developed via the project company Okanda Power Grid Pvt. Ltd. It is not 100% certain these are the same plants, but capacity is exactly the same.    The project was to supply electricity to the Ceylon Electricity Board. Commissioning of the expansion was expected for September 2011, but realized in August 2011. Sri Lanka has a standard PPA for mini hydropower. Tariff is different in rain season or dry season. Hovers around $0.06/kWh.  The project was fully financed through equity. Total investment cost was Rs. 450 million ($3.4 million).
The Subic Bay New Container Terminal-2 (NCT-2) was a container processing terminal located at the Subic Bay seaport in Subic Bay, Philippines. The terminal was constructed by the state-owned Subic Bay Metropolitan Authority (SBMA) at a cost of US$80 million, with help from a US$ 60 million loan from the Japan Bank for International Cooperation. In 2010 the capacity of NCT-2 was 300,000 twenty-equivalent units (TEUs) annually, expandable to 600,000 TEUs.  In April 2011, SBMA awarded a 25-year lease contract to operate the terminal to Subic Bay International Container Terminal Company (SBITC), which was a 100% subsidiary of ICTSI (Philippines).  SBITC also operated New Container Terminal-1 at Subic Bay seaport since 2008. SBMA selected SBITC via a competitive tender.  The bidding criteria were not publicly available. The tender was successful after two unsuccessful rounds of biddings. SBMA Special Bids and Award Committee (SBAC) initially bid out NCT-2 in 2009. However, while three entities purchased the bidding document, no bids were submitted on the scheduled submission date, thus the bidding was declared a failure. In 2010, a rebidding of NCT-2 was conducted, using the same procedure as in 2009, but with a revised TOR. Although the three entities again purchased the bidding document, but only the International Container Terminal Services Inc. (ICTSI) submitted eligibility/pre-qualification documents and bid. The contract award was put on hold until April 2011 due to management changes in SBMA.   In August 2011, the SBITC signed a 25-year lease contract for NCT-2 with the SBMA. SBITC was expected to take over port operations in the coming month or so. SBITC committed to bringing in at least 100,000 additional TEUs annually to the terminal. Annual lease payments to the government were expected to cover the SBMA's $60 million debt payments to JBIC.   There was no further information on lease payments.  There was no publicly available information on requirements of capital expenditures by SBITC either.
Foz do Brasil, a subsidiary of the Brazilian construction company Odebrecht, won the competitive bidding for the expansion, rehabilitation and operation of the water and sewerage facilities of the city of Uruguaiana (state of Rio Grande do Sul) in January 2011. The bidding criteria was the lowest tariff for the water services and, besides Foz do Brasil, two other companies took part in the bidding process: Queiroz Galvao and Carioca Christiani Nielsen Engenharia.  The sponsor created a special purpose company to manage the project called Foz de Uruguaiana S.A. The 30-year concession contract was signed in May 2011, but the sponsor only took over the operations in June 2011. The total investment commitment is estimated at US$ 104.2 million (BRL 170 million) over the life of the contract.
On 5th December 2011, Madhya Pradesh Road Development Corporation (MPRDC) awarded a 15-year concession (including construction periof of 2 years) to Dilip Buildcon Limited (DBL) for the strengthening, improvement,two-laning, operation and maintenance,and tolling of 34.97kms of existing Sitamau-Basai-Suwasara section in the state of Madhya Pradesh.  Under the contract, DBL was responsible for the design, construction,finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway to 2-lane undivided carriageway.The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges,culverts, road intersections,interchanges, drains, etc.The expansion project, part of the MDR (major district roads) development project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.    Dilip Buildcon established DBL Sitamau Suwasara Tollways Limited (DSSTL),a special purpose vehicle on 29th November 2011, to implement the project. The SPV won the tender through international competitive bidding, conducted by MPRDC,by requesting the lowest annuity payment. Other details of bidding were not known at the time of collection of this information. Under the contract, the SPV was to recover the capital costs and operating costs including returns through semi-annual payments from MPRDC as well as tolling, during the term of concession. DBL would execute the fixed price EPC for the project.  The concession agreement for the project was signed on 5th December 2011. The project attained financial closure on 29th February 2012. The project was expected to be financed with a debt/equity ratio of 73/27. The estimated capital cost of the project at the time of financial closure was US$ 12.2mn (INR 652.2mn @53.4 INR/USD). Financing was expected to be comprised of a term loan of US$ 8.8mn (INR 470mn) and sponsor equity of US$ 3.4mn (INR 182.2mn). Other details of financing were not known at the time of collection of this information.   The project started construction on 2nd June 2012 (Appointed Date) and and was slated for completion by 4th May 2014. DSSTL achieved final commercial operations date (COD) on June 15, 2013 as against Scheduled Project Completion Date (SPCD) of May 4, 2014. DSSTL received regular semi-annuity along with bonus semi-annuities from MPRDC within envisaged time frame.
Grupo Eolico Dominicano was created in order to build, own and operate a 34 MW wind farm located in Bani, Peravia province, west Santo Domingo.  Vestas Systems A.S. was contracted to supply 17 of its 2 MW turbines to the project.  Grupo Eolico Dominicano  was majority owned by the Spanish firm Inveravante.  At the time of financial close, the project had signed a 20 year PPA with the state-owned utility CDEE.  The power was to be bought by the CDEEE based on the price formula stipulated in Law 57-07 on Incentive to the Development of Renewable Energy Sources and Special Regimes.  Total required investment was USD 76 million,.  Financial close was achieved in July 2011, with the Inter-American Development Bank providing USD 26.7 million in loans for the project.  As of financial close, the project's EIA had been approved and commissioning was scheduled for 2013.
Aslancik Elektrik was planning the development of the 120 MW Aslancik hydropower plant, Harsit river, Giresun. The project was to comprise 2 Francis turbines of 60 MW. Aslancik Elektrik was an SPV set up and owned 33-33-33 by Anadolu Endustri Holding, itself owned by Yazicilar Holding, Dogan, and Dogus Holding.  Construction was expected to start in March 2012 and commissioning in September 2013 and October 2013 for the two turbines. Civil works was done by Hitit. The Turkish government opened up for tender concessions for 52 run-of river hydro power plants, between December 2009 February 2010. During the tenders, 615 bids were made and the deals were finalized in May/June 2010.  Aslancik Elektrik secured a 12 year loan of $160 million in January 2011 by Garanti Bank, Is Bank, Yapi Kedri and TSKB, as well as $60 million in equity. This brings total expected project costs to $220 million at a 28/72 debt equity ratio.
In October 2011, the government of Algeria renewed Suez’s management contract to manage Algiers’ water and wastewater utility Societe des Eaux d’Assainissement d’Alger (SEAAL) for another five years, for the modernisation of water supply and sanitation services in the city of Algiers, Algeria. SEAAL had been created in 2006 by AdE (the Algerian Water Authority) and ONA (the National Wastewater Authority) to take over the provision of potable water and wastewater services to Algiers’ 3.5 million population. By 2011, SEAL had 525,000 water connections.  The renewal came following Suez’s achievements over the course of its first contract (2006-2011) which saw access to 24-hour waste supply jump from 8% to 100% of the population.  The new contract, worth Euro105 million in sales, aimed to consolidate service improvements and knowledge transfer at SEAAL, and expand to incorporate the management of water and wastewater networks in the district of Tipaza, 70km west of Algiers. The objective, similar to the one in Algiers, is to provide water access 24 hours a day to the 600.000 inhabitants of Tipaza.
In May 2011, a consortium of Construtora Locatelli (50%) e Argesil Armazens Gerais e Silos Itaquere (50%) won a 28-year contract with the state of Mato Grosso to expand, rehabilitate and operate of 122 km of the  MT-030 Highway in the state of Mato Grosso (the section connecting the cities of Rondonopolis and Primavera do Leste, where the BR-070 Highway commences). The winning consortium beat another bidder by offering the lowest toll rate.   The sponsors committed to invest US$ 73.5 million (BRL 120 million) during the life of the concession. The concession contract was signed in July 2011 with the special purpose company created to manage the project (Morro da Mesa Concessionaria S.A.), after which the concessionaire began the initial construction works.  In February 2014, the state-owned bank BNDES approved a US$ 14.9 million (BRL 35 million) loan to the project.
In December 2010, China Gas signed an agreement with the Huazhou Municipal Government to build and operate urban pipelined LNG facilities in Huazhou City, Guangdong Province. The term for both construction and operation is 30 years. China Gas won the project through open bidding. A wholly foreign owned project company, Huazhou China Gas Urban Gas Development Co., Ltd. was established in April 2011 to conduct the project with a registration capital of RMB 10 million. The total investment is RMB 100 million. The facility will serve 100,000 households.
The Lima Electric Train – Line I was to be built in two phases totaling 20.9km. Phase I was to stretch cover an existing stretch of 9.2km and serve several existing stations. Phase II was to stretch 11.7 km from the Villa El Salvador district to the station Hospital 2 de Mayo in Avenida Grau.  It would pass through the following districts: Villa El Salvador, San Juan de Miraflores, Surco, Surquillo, San Borja, San Luis, La Victoria and Cercado de Lima. The train was to have an operating speed of 40km/hour. The project consisted of the state building the fixed assets and tunneling under an EPC contract for Phase II and offering a 33 year BOT contract to design, finance, operate and maintain passenger rolling stock for the entire Line I (phases I and II). The fixed assets were being built by a consortium of Odebrecht [Brazil] and Grana y Montero SA [Peru].   The project was awarded to the consortium Tren Lima in February 2011, in a competitive tender organized by federal investment promotion agency Proinversion. Tren Lima was comprised of Graña y Montero SA [Peru] and rail operator Ferrovías. The call for tenders was initially published in September 2007.  The financial bidding criteria was based on 1) the lowest public co-financing and 2) the performance bond of the concessionaire. The technical component was weighted heavily, however, and Tren Lima was awarded the concession after offering to use new rolling stock on the first stretch of the rail line, rather than refurbishing old wagons.  The total project was US $290 million. The project reached financing closure in April 2011, when France-based Alstom won a 130mn-euro (US$192mn) contract to supply 19 Metropolis trainsets for line 1 of Peruvian capital Lima's electric train system. The first trainset was to be delivered in 2012 and was due to be commissioned in 2013. The cars were to have extra wide seats and gangways between the coaches to facilitate movement on board.   In February 2015, the sponsors issued bonds arranged by CAF. The US$ 204.2 million (Soles 629 million) senior secured bonds were sete to mature in 2040. CAF and BNP Paribas acted as Sole Placement Agent and Joint Structuring Bank along with CAF.
Connect Wind (India) Private Limited (Connect Wind), a subsidiary of PPS Enviro Power Private Limited, entered into an agreement with Tamilnadu Government to develop a 5.4MW wind farm located at Thirunelveli district in Tamilnadu (Mythos Wind Park). The project involved building 9 units of Vestas V-47 wind turbines (660kW each). The electricity generated from the project would be supplied to the Tamilnadu Generation and Distribution Corporation (“TANGEDCO”) connected to the Southern Regional (“SR”) Electricity grid of India.   Connect Wind was expected to sell the power from Mythos Wind Park to Tamilnadu State Electricity Distribution Company Ltd (TNEDCL) through a PPA. The APPC (Average Power Purchase Cost) 20-year base feed-in tariff as per applicable TNRC (Tamil Nadu State Regulator) tariff order dated 28 Dec 2010,was US$ 0.040/Unit (INR 2.37 per unit @58.6INR/USD). The transmission charges would be paid by Conenct Wind to the state transmission utility (“TANTRANSCO” (Tamil Nadu Transmission Corporation Limited). The net tariff (INR 4.23/kWh) for the project activity (5.4 MW) would be the weighted average of tariff determined under APPC+ REC scheme (INR 4.77/kWh) and under preferential tariff scheme (INR 3.39/kWh). The total capacity of 5.4MW was eligible under CDM benefits under UNFCC.    Financial closure took place on 28th March 2011. The total project cost at the time of financial closure was US$ 6.45mn (INR 377.9mn @58.6 INR/uSD).The debt equity ratio for the project was about 65/35. Financing comprised of a 13-year term loan of USD 4.2mn (INR 245mn) and sponsor equity of US$ 2.3mn (INR 132.9mn). The term loan was arranged by Reliance Capital.  Construction for the wind farm started in June 2010 and was fully commissioned in March 2011.
In June 2010, Greenko Group entered into an agreement with Maharashtra Government to develop a 65.6MW wind farm located at Patan Taluka of Satara district, in the state of Maharashtra. The project would be executed by Ratnagiri Wind Power Projects Private Limited, the Group’s subsidiary in India. The wind  farm will involve the building of 41 WTGs (wind turbine generators) of 1600KW capacity each. The WTGs would be supplied by GE Energy India Limited. The farm was expected to have a load factor of 20.1%. The power generated by the  project activity will be exported to NEWNE grid (220 KV substation will be connected to 400/220 KV RS station at Karad at approximately 12 kms away). The gross power generation from the project activity had been estimated to be 115,506 MWh annually.   The Ratnagiri Wind farm was expected to sell the power to Maharashtra State Electricity Distribution Company Ltd (MSEDCL), although the details of PPA couldnot be confirmed at the time of collection of this information. The APPC (Average Power Purchase Cost) tariff as per MERC tariff order (dated 14 July 2010 for Wind zone 1) was US$ 0.108/Unit (INR 5.07 per unit @ 47INR/USD) for the first 13 years of operation. The total capacity of 65.6 MW was eligible for GBI (Generation Based Incentive) benefits and UNFCC had started the validation project for Certified Emission Reductions (CERs) since October 2010. The EPC contract was awarded in July 2010 and WTG supply contract awarded to GE in August 2010.   Financial closure took place in July 2011.The total project cost was US$ 91.5mn (INR 4300mn @47 INR/USD).The debt equity ratio for the project was about 70/30. Financing comprised of a US$ 63.8mn (INR 3000mn) Term loan of 14years 1month and sponsor equity of US$ 27.6mn (INR 1300mn). The term loan was fully provided by IDFC and State Bank of India.    Construction for the wind farm started in July 2010 and was expected to be commissioned by December 2011.
On July 9, 2011, a local private company Beijing Sound Environment Industry Group signed an agreement with Junan County Government to expand and operate two wastewater treatment plants in Junan County, Shandong Province. Beijing Sound pays the local government RMB 26 million to run the 1st phase of Longwanghe Wastewater Treatment Plant with a capacity of 10,000 cubic meters per day and invest RMB 32 million to construct and operate the 2nd phase with a capacity of 20,000 cubic meters per day. Beijing Sound also pays RMB 53 million to run the New District Wastewater Treatment Plant with a capacity of 30,000 cubic meters per day and invests 26 million to double its capacity. Both plants serve both household and industrial customers (their propositions are unknown, but since the plants serve a population of 100,000, it should meet the database criterion). Beijing Sound was granted the agreement following an open bidding process. It will run the facilities for 29 years.
Reparticion Solar S.A.C. was created to build, own and operate a 20 MW solar project located in the rural Arequipa region of southwestern Peru.  In 2011, The project company was a joint venture between 3 sponsors: the Spanish firms Grupo T solar and Solarpack, and the U.S. based Assured Guaranty Ltd.    The project would sell power to the SEIN grid system and had obtained through tender a 20 year PPA to sell power from the Peruvian Ministry of Mines and Energy.  Total project investment was scheduled to be USD 87.3 million, with 72.65 million in loan financing from OPIC.  The loan would have a 19-year term  including a 2-year grace period and a 17-year repayment  period. The OPIC loan will have a weighted average life of approximately 12 years. The tenor of the OPIC loan provides for a 2-year tail from the expected maturity date of the OPIC loan to the end of the Project’s power purchase agreements.  Expected commissioning was for 2012.  In August 2015, Sojitz Corp. aquired T-Solar 49% stake in the project.
Goynuk-Bolu was a 270MW lignite-fired power plant located in northwestern Turkey. Aksa Enerji is 81.22% owned by Kazanci Holding and 13.3% by Goldman Sachs Group (since April 2012, shares purchased for US$240 million). Kazanci Holding also own Aksa Elektrik.  Aksa Enerji, a privately-owned power producer received a 30-year license to build and operate the plant in March 2008.  In the summer of 2009, it signed contracts for the supply of equipment with Slovakia's Slovenske Energeticke Strojarne (SES), and Skoda Power from the Czech Republic. SES was to supply two CFB boilers (350 t/hr). Sokda Power was to supply two 120MW steam turbines. The unit was commissioned for 2014 and 2015 for turbine 1 and 2 respectively. Construction started in July 2012. The project has a coal supply contract for 35 years, with Aksa Goynuk Energy, wholly-owned by Kazanci Holding. The concession was awarded by Turkish Coal Enterprises.   Aksa Enerji secured a US$ 127 million long-term credit facility with a group of European Export-Import banks for the first unit, with a capacity of 135 MW, reported in October 2011. Construction started in June 2012. Commissioning of the first 135MW turbine was expected for October 2014. The second  turbine was expected for commissioning in March 2015. In July 2012, total project cost was estimated at US$319 million. The project received a loan from Turkiye Is Bankasi & Turkiye Garanti Bankasi and Garanti Bank Internationl for US$240 million: US$120 million each, with 19 year tenor and 3 year grace period. The remainder was equity (75/25). The lenders legal advisor was Verdi de Yazici.    Total investment was ESTIMATED at 270 MW x 1.3 million per MW (estimate), is $351 million.
In February 2011, the National Highway Authority of India (NHAI) awarded a 30 year concession (including construction period of 36 months) to SEW Infrastructure Limited (SEW) for the strengthening,improvement, four-laning, operation and maintenance of 78kms (KM 115.00 to KM 193.00) of Krishnanagar to Bahrampore section of National Highway-34 (NH-34) in the state of West Bengal.The project was covered in two districts of the State of West Bengal - Nadia and Murshidabad.  Under the contract, SEW Infra was responsible for the design, construction, finance, operation and maintenance and strengthening of the existing 2-lane highway to a 4-lane highway with paved shoulders. The scope included strengthening & maintenance of existing carriageway including construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, service roads, road intersections,interchanges, drains, etc.The expansion project,part of National Highway Development Project Phase -III, was expected to expedite the improvement of infrastructure in the state.NH-34 was an important highway and lifeline for North-South road transport in the State of West Bengal as it passes through the state longitudinally and connects the North-eastern States and neighbouring countries such as Nepal, Bhutan and Bangladesh. The traffic on this National Highway was expected to increase substantially due to the implementation of South Asia Free Trade Agreement (SAFTA) among SAARC Countries (Nepal, Bhutan and Bangaldesh). The commercial traffic generated/originated from Haldia Port, Kolkata and industrial areas in South Bengal heading towards North Bengal, North-eastern States and neighbouring countries had only a route i.e. NH-34.  SEW Infra established a special purpose vehicle, SEW Krishnagar Baharampore Highways Limited, to implement the project. The SPV won the tender through competitive bidding, conducted by NHAI,by quoting the lowest upfront subsidy from NHAI of US$13mn (INR 612mn @47 INR/USD).Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement was signed in July 2010. The project attained financial closure on 23rd November 2011. The grant/debt/equity ratio of the project was 7.5/74/18.5. The estimated capital cost of the project at the time of financial closure was US$ 172.7mn (INR 8116 mn @ 47 INR/USD) million. Apart from the upfront grant from NHAI, financing comprised INR 6003.2mn 13year 6months term loan,and INR 1500.8mn equity. The INR 6003.2mn term loan had a grace period of 6months and a repayment schedule of 21 semi-annual instalments. The loan was priced at 225bp over the prevailing SBI PLR (prime lending rate).The debt was arranged by State Bank of India (SBI). The participating banks were IIFCL(1000m), ICICI Bank(1000m),Indian Bank(500m), Indian Overseas Bank(500m),State Bank of Bikaner & Jaipur(250m), State Bank of Mysore(250m),Union Bank of India(750m), Allahabad Bank(250m).   Construction on the project began in February 2012 and was expected to be completed by July 2014.
The Brazilian company Lightger S.A., a subsidiary Light S.A. (51%) and the state-owned company Cemig (49%), was granted an authorization to build a 30-MW hydro power plant located in the state of  Rio de Janeiro (municipality of Ribeirao das Lajes).  As of 2011, Light S.A. shares were under control of EDF. The power plant was named PCH Paracambi.  In February 2001, the company signed a 30-year contract with the regulatory agency ANEEL allowing the company to operate in the electricity market as a independent producer. This authorization granted the sponsor with the right to sell electricity in the Brazilian wholesale market. The electricity produced by PCH Paracambi was set to be sold entirely to the electricity distribution company Light S.A.   Lightger committed to invest US$ 110 million (BRL 185 million) in the PCH Paracambi. In September 2011, the company was granted a US$ 74.7 million (BRL 125.6 million) loan contract from BNDES, a state-owned development bank.  Construction works on this plant started in January 2010 and, as of August 2011, were still underway.  Operations commenced in July 2012.
NatCom is a joint venture between Viettel Company and the Central Bank of Haiti. Viettel is a telephone company from Vietnam, and also operates in Cambodia and Laos.   It launched in September 2011, with 2G and 3G service.
The Itezhi-Tezhi hydropower station is a 120 MW facility located in the Itezhi-Tezhi District. The Itezhi-tezhi dam, built as a storage reservoir for the existing Upper Kafue Gorge Hydro (UKGH) Power Station, is located on the Kafue River about 230 km upstream from the existing Station.   The Zambian government granted a 25-year Power purchasing Agreement to the Itezhi-Tezhi Power Corporation (ITPC), a Joint Venture Company established by the state owned Zambia Electric Supply Corporation (ZESCO) and TATA AFRICA HOLDINGS LIMITED (TATA). ITPC will build, operate and transfer a hydroelectric power plant with 2 x 60 MW at the Itezhi-Tezhi dam. The plant is scheduled to begin commercial operation in 2014. The EPC contract was awarded to Sinohydro on a turnkey basis. The turbine and generator units were supplied by Alstom under a contract worth $26.25 million. The PPA tariff was to be USD 8.51 cents/kWh, under a three-year multi-tariff framework.  The US$239.5 million project cost, split between $71.7 million in equity and $167.8 million in debt. The debt will be supported by a US$29.04 million loan from Exim Bank of India agreed in 2010, the remaining $138 million in debt is divided equally between the AfDB (lead bank), PROPARCO, FMO and the Development Bank of Southern Africa (DBSA) in 2011, of $34.57 million each. A Single EPC contract has been signed with Chinese contractor Sinohydro, after a competitive international bidding process. Equity was contributed by TATA ($35.86 million) and ZESCO ($35.86 million). ZESCOs equity was funded via EIB and ADF ($17.8 million each). Project has an IRR of 16.2%. Average operating costs were USD 2.7 cents/kWh, for ZESCO in general.
On September 2011, Union Consultants PVT (India, 50 %) and Venture Energy Resources Ltd  (Australia, 50 %) an independent power Producer, was signed a Build Own and Operate agreement with Bangladesh Power Development Board (BPDB) for the construction and operation for a 15 years term of a 50 MW, combined cycle (natural gas) power plant at Comilla.   Under the BOO agreement, Lakdhanavi Ltd was to supply 50 MW of energy to BPDB for a term of 15 years. The remainder of the energy was to be sold to the public.    Following the direct negotiation process, Lakdhanavi Ltd was awarded to set up a 50 MW combined cycle power plant at Comilla.  The total project cost was 55 US millions. The project reached financial closure in September 2011 after BPDB's sources.  The construction of the plant started on January 2012.
Darenhes Elektrik was planning the development of the 130 MW Tatar hydropower plant, Peri river, part of the Euphrates, between the Elazig and Tunceli province, Eastern Anatolia region. The project was to produce an annual 400 GWh. Darenhes Elektrik was a joint venture between Limak Group and Bilgin Enerji.  Commissioning was expected in late-2011. Construction had started in 2008.  Total project cost was estimated at $600 million for the Tatar hydropower plant and the 130 MW Pembelik hydropower plant. In June 2011, it was announced that Darenhes Elektrik secured a credit line of $415 million from Turkish consortium of TSKB, Is Bankasi, Ziraat Bankasi and YapiKredi towards the two projects. On a MW pro-rata basis, this would imply a total cost of $300 million for the Tatar hydropower plant, and a total debt package of $207.5 million.
On August 16, 2011, a local private company, Chongqing Kangda Group signed an agreement with the Rushan Municipal Government to expand and operate a wastewater treatment plant in Rushan City, Shandong Province.  The existing plant has a capacity to treat household wastewater for 20,000 cubic meters per day and industrial wastewater treatment plant for 20,000 cubic meters per day. Chongqing Kangda also needs to double the capacity to treat household wastewater. That is, the expected total treatment capacity of the plan is 80,000 cubic meters per day. The total investment is RMB 130 million (US$ 19.57 million). However out of the total investment, the portion for obtaining the concession to run the existing facility and the portion to build the extension are unknown. The agreement was granted through an open bidding process, in which three bidders where shortlisted including Chongqing Kangda.
PT Westindo Utama Karya was a private Indonesian company contracted to build, own and operate a 5 MW geothermal plant (2x 2.5MW) in East Nusa Tengara, Indonesia. The geothermal field itself has a reported capacity of 40MW, according to the sponsor website.  The project would sell power under a PPA with the state-owned utility PT PLN with a price of power at 9 cents/kWh. Projected comissioning was for the end of 2012.    Total funds allocated by PT Westindo Utama Karya was USD 50 million, with 20 million going toward equipment supply & construction, 15 million to well exploration and another 15 million allocated to capacity expansion. PT Westindo Utama Karya was a a large petrochemicals company, the USD 50 million allocated towards geothermal development were financed off balance-sheet with internal cash (corporate financing), as was reported by Indonesia Finance Today in March 2011.
Abu Dhabi National Energy Company (TAQA), a subsidiary of Abu Dhabi Water and Electricity Authority(ADWEA) — wholly-owned by the Abu Dhabi government — closed the financing of a coal-fired power plant with a capacity of 700 MW in the Jorf Lasfar district in southwest of Casablanca, Morocco.  The EPC contract was awarded to Mitsui and Daewoo, valued at US$1.1 billion for phase 5 and 6 of the Jorf Lasfar.   The Japan Bank For International Cooperation portion was confinanced by the Tokyo branches of mandated lead arrangers BNP Paribas, Standard Chartered Bank, and Societe Generale CIB. JBIC was to lend $216 million out of a total cofinanced portion of $360 million with the three MLAs. Nippon Export and Investment Insurance (NEXI) was to provide buyer's credit insurance for the cofinanced portion and was set to guarantee a separate tranche of $150 million.  The electricity produced by the project would be sold to the state utiltiy ONE under a 30 year PPA  The Export-Import Bank of Korea (Kexim) is expected to provide a direct loan of $200 million, and guarantee a further tranche of $150 million. There are also two additional unsecured commercial tranches of $100 million each. Local bank participation, denominated in Moroccan dirhams and led by Banque Centrale Populaire, amounts to approximately $500 million, or 40% of the total debt.   Financial advisers were Lazard and Banque Marocaine du Commerce Enxterieur. Taqa was advised by BNP Paribas, Allen & Overy. ONE was advised by Chadbourne & Parke. The lenders received legal advice from Linklaters.
The project entails the construction of a landfill facility in Lianshui, Jiangsu Province. The site will process 300 tonnes of waste per day. The project's sponsor, Sound Environmental Resources (100%), signed an agreement with the Lianshui County People's Government of Jiangsu Province for a build-operate-transfer project with a concession period of 30 years.
In May 2012, a local private company Beijing Sound Environmental Protection Group signed a 30 year agreement with the Kai County Government to build and operate a solid waste power plant in Kai County, Chongqing Municipality. The plant would have a capacity of 12MW and could process 600 tons of solid waste per day. The total investment was RMB 307.5888 million (US$ 48.75 million) and Beijing Sound had a 100% stake in the project. Construction actually started in Jan 2012 and would be finished in Dec 2012. A SPV Chongqing Lvneng New Energy Co., Ltd was registered in Kai County in Jun 2012 with a registration capital of RMB 80 million.
On April 29, 2011, the Pingshun County Government granted an agreement to a local private company, Changzhi Yufei Biomass Electricity Generation Company to build and operate a biomass power plant in Pingshun County, Shanxi Province. This is a 2X15 MW plant with a total investment of RMB 660 million Yuan. The project is expected to commence in June 2011 and be completed by November 2013. RMB 140million Yuan is planned to be expended on the project in 2011. Changzi Yufei had a 100% stake in the project.
In July 2011, Pequena Central Hidreletrica Ze Tunin S.A., a wholly-owned subsidiary of the Brazilian company Energisa, was awarded the contract to build and operate a  8 MW hydro power plant located in the Paraiba do Sul River, state of Minas Gerais. The company signed a 30-year concession contract with ANEEL and the power plant was named PCH Ze Tunin.  PCH Ze Tunin established a power purchase agreement to sell all its output to the electricity distribution network of Energisa Minas Gerais S.A. The sponsor committed to invest US$ 35.9 million (BRL 70 million) in the project. In December 2012, the sponsor was granted a US$ 20.4 million (BRL 39.9 million) loan from state-owned bank  BNDES. The remaining cost was set to be financed with  sponsor' internal resources.  Construction works commenced in September 2011 and, by January 2013, the power plant started commercial operations.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.  In March 2015, Energisa sold its shares in the power plant to the Canadian group Brookfield.
In June 2012, United Water signed an agreement with the Suqian Municipal Government to build and operate the Yanghe New City Waster Supply Project in Suqian City, Jiangsu Province. The agreement involved construction of a 30km DN800 pipeline between the Suqian City No.2 Water Supply Company and the Yanghe New City, a new residential complex of Suqian City with a population about 100,000. The cost of the project was US$ 20.6 million (RMB 130 million), wholly invested by United Water. Suqian Yinkong Water Supply Company Limited, a local subsidy of United Water based in Suqian performed the agreement. How United Water won the job, through open bidding or direct negotiation, was not reported. The concession term of the build operate transfer agreement was not released either. Construction was completed by the end of 2013 (the exact time could not be found)
The company Enel Green Power, a wholly-owned subsidiary of the Italian Enel Group, was granted authorizations to build three wind parks located in the state of Bahia (90 MW in total capacity, municipality of Morro do Chapeu). The 35-year contracts were signed with the regulatory agency ANEEL in January 2012. The following special purpose companies were created to manage each park: Enel Green Power Primavera Eolica S.A., Enel Green Power Sao Judas Eolica S.A. and Enel Green Power Cristal Eolica S.A.  The power plants were named EOL Primavera, EOL Sao Judas and EOL Cristal, each with 30 MW in capacity. The total investment in the Cristal Wind Park was estimated at US$ 182.3 million (BRL 360 million) and was financed with a loan granted by the Denmark  state-owned export credit agency  EKF approved in May 2012. The US$ 180 million granted loan was set to finance Enel's wind parks in Romenia (Zephyr I), United States (Caney River) and Brazil (Cristal). In December 2013, the IFC approved a US$ 220 million A-loan to finance five of Enel's wind parks in Brazil: Modelo, Serra Azul, Fonte dos Ventos, Cristal and Curva dos Ventos. Information on how much of this funding was directed to each project was not released.  The government periodically runs public bidding for the sale of energy to the country´s distribution companies. The three power plants controlled by Enel won the public bidding that took place in August 2010, by offering an average tariff of US$ 68.75/MWh (BRL 121/MWh). The project companies signed 20-year power purchase agreements with the several electricity distribution companies. Enel Power committed to start supplying to the market in the second semester of 2013.   The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.  In November 2011, the company applied for carbon credits.
In February 2012, Consorcio Aeroportos Brasil was awarded in a competitive bidding process the contract to expand and operate the airport located at the city of Campinas (state of Sao Paulo). Consorcio Aeroportos Brasil was established as a partnership of the Brazilian companies TPI-Triunfo Participacoes e Investimentos S/A (45%) and UTC Participacoes S/A (45%) and the Franch company EGIS Airport Operation (10%).  A special purpose company named Aeroportos Brasil – Viracopos S.A. was created to manage the project, 51% owned by Consorcio Aeroportos Brasil and 49% owned by the state-owned company Infraero. The 30-year contract was signed with the regulatory agency in June 2012, and the private sponsors took over the operations of the facilities in August 2012.  Besides Consorcio Aeroportos Brasil, ten other companies took part in the contest (information on these companies was not available). The bidding criteria set by the regulatory agency ANAC was the highest payment for the concession rights. Consorcio Aeroportos Brasil  presented the highest offer, a total value of US$ 1957 million (BRL 3.821 billion), 159.75% above the minimum set by the regulatory agency. The payments were set to be made in annual installments over the life of the contract.  The project envisaged the rehabilitation of the existing facilities and the construction of new terminals (the total capacity of the airport was set to increase to 14 million passengers per year by 2014). The total investment in the first phase of the project was estimated at US$ 1055 million (BRL 2.06 billion), and was financed with a US$ 615 million (BRL 1.2 billion) loan from the state-owned bank BNDES granted in December 2012. Over the life of the contract the total investment is estimated at US$ 4.7 billion (BRL 9.2 billion).  In January 2014, the state-owned bank BNDES approved a US$ 636.9 million (BRL 1497 million) loan to the project. In addition, in November 2014, the state-owned Banco do Brasil granted a US$ 139.5 million loan.  In April 2015, BNDES approved US$ 190 million (BRL 633.7 million) in additional financing for the project.  In 2019 the concessionaire Aeroportos Brasil – Viracopos S.A. negotiated a termination of the concession contract due to financial difficulties.
Orient Green Power Company Limited through its subsidiary Beta Wind Farm Private Limited (Beta),entered into an agreement with Andhra Pradesh and Gujrat Government, to develop 144MW wind power project across the states of Andhra Pradesh (93.6MW) and Gujarat (50.4MW). Beta was initially planning to set up a 300 MW wind farm in Tamilnadu, but evacuation and infrastructure issues in Tamil Nadu forced them to split the 300-megawatt capacity across two states - 156 Mw in Tamil Nadu and 144 Mw in the states of Gujarat and Andhra Pradesh. The wind farm would involve the building of wind turbines of Gamesa, Vestas, GE & Suzlon (each with varying capacity). The farm was expected to have a load factor of 26%. The electricity generated from the project would be evacuated by the respective Andhra and Gujarat state grids.   The EPC for the power plant had been awarded to Shriram EPC. Shriram EPC would develop,construct,commission operate and maintain the project at an all-inclusive price. For the Andhra phase of the project, Beta had entered into sub-lease Agreement for the land with RCI Power post completion of alienation process. RCI power had already obtained the rights from Andhra Pradesh Government and the rights for the implementation of the 93.6 MW project have since been transferred to Beta Wind Farm Private Limited under tripartite Agreement. For the Gujarat project, Beta had entered into sublease agreement with Suzlon Energy Limited (SEL). The acquisition of land had been fully completed by Suzlon Energy. Shriram EPC had entered into an blanket O&M agreement with the WEG suppliers Gamesa, Vestas, GE, Suzlon & Leitwind Shriram. The WEG suppliers would be responsible and bear the cost for operating and maintaining WECs for at least the first 3 to5 years from the Commercial Operation Date of the project.   Beta Wind Farm Private Limited had already approached Andra Pradesh Central Power Distribution Company Limited (Andhra Discom) and Gujarat Urja Vikas Nigam Limited (Gujarat Discom )- for entering into Power Purchase Agreement. The APPC (Average Power Purchase Cost) 25-year base feed-in tariff as per APERC (Andhra Pradesh State Regulator) tariff order for 2013, was US$ 0.088/Unit (INR 4.70 per unit @ 53.44INR/USD). The APPC (Average Power Purchase Cost) 25-year base feed-in tariff as per GERC (Gujarat State Regulator) tariff order for 2013, was US$ 0.079/Unit (INR 4.23 per unit @ 53.44INR/USD). The transmission charges would be paid by Beta Wind Farm to the state transmission utility. The total capacity of 144 MW was eligible for CDM benefits and the company had initiated the process with UNFCC.   Financial closure took place on 12th January 2012.The total project cost at the time of financial closure was US$ 183.4mn (INR 9800mn @53.44 INR/USD).The debt equity ratio for the project was 54/46. Financing comprised of a 10-year term loan of US$ 100.3mn (INR 5360mn) and sponsor equity of US$ 83.1mn (INR 4440mn). The term loan would mature in 2023. Axis Bank (INR 730mn) was the mandated lead arranger. For the term loan, Orient Green Power had issued a corporate guarantee for the project to Axis Bank, on behalf of Beta Wind Farm. The other participating banks include Andhra Bank(600mn), Canara Bank (880mn), Dena Bank (410mn), Indian Overseas Bank (1000mn), Karnataka Bank (410mn), Tamilnad Mercantile Bank (330mn), Vijaya Bank (1000mn).  For the Andhra phase of project (93.6MW), the construction of Wind Electric Generators and Civil work are presently underway and expected to be completed by end of March 2013, with 50.4 MW to be completed by December 2012 and balance by March 2013. For the Gujarat phase of the project (50.4MW), the construction process for Wind Generators for 25.20 MW was presently underway and was expected to be completed by end of December 2012. The balance 25.20 MW was expected to be completed by March 2013.
Letsatsi Power Company was created to build, own and operate a 75 MW solar PV facility to be located in Soudrift, South Africa.  The project company was a joint venture between the US-based solar developer SolarReserve, the South African companies the Kensani Group and Intikon Energy. Letsatsi Power Company was a consortium between: Kensani Capital Investments (Pty) Ltd, SolarReserve South Africa (Pty) Ltd and Oakleaf Investment Holdings (Pty) Ltd. Solar Reserve South Africa was a subsidiary of US-based SolarReserve.  The project was awarded in a tender administered by the Department of Energy where a critical factor in the decision was the projected price of power.  Contractual negotiations on the PPA and financing were to be completed by June 2012. The tender was open to all technologies, 53 bids were submitted of which 28 made it to preferred bidder status. These 28 project account for a total of 1,416MW if all are implemented. The EIA was passed (as was required for all bidders). The PPA would be for 20 years with the South African state utility Eskom.  Total project cost was estimated at USD 300 million, with comissioning expected for 2014. Kensani Eaglestone Capital Advisory (Pty) Ltd was the financial advisor of the project. Rand Merchant Bank, a division of FirstRand Bank Limited, was the lead arranger and underwriter.  In November 2012 the project reached financial close.  The toal project cost was USD 280 million.  70 million was provided in equity by the sponsors, with an additional 10 million subordinated debt tranche.  Debt was provided by the Development Bank of South Africa, Rand Merchant Bank and Old Mutual.
In December 2011, a joint venture between Abengoa of Spain and South Africa's public Industrial Development Corporation (IDC) were awarded after a tendering process the rights to construct a 50 MW concentrating solar thermal power plant to be located in the Northern Cape region.  The technology was to be a solar power tower, only the third of it's kind to be developed after the construction of 2 similar projects by Abengoa in Spain.  The joint venture was owned 51% by abengoa and 49% by IDC.  Abengoa later dold its 51% stake in the Khi solar project, which was purchased by Son Riviera Pty.    Precise details of the PPA were not released with the announcment, with the understanding that contractual negotiations would be finalized by June, 2012.  The project was awarded through a governmnet tender where the projected price of power was a significant factor in the decision made and the length of the contract was 20 years.    Total project cost was estimated at USD 430 million, with expected comissioning for 2014. In December 2012, the IFC approved a financing package for Khi solar including a USD 90 million loan form its own account and and Clean Technologu Fund loan of USD 15 million.   Debt to equity was approximately 70/30.  The EIB provided a USD 50 million loan with 23.6 million from Proparca, a unit of the AFD.  FMO also put in USD 35 million to financine the project
AltEnergo LLC was planning the development of three biogas units of 2.4MW each. The project developers include OJSC Development Corporation, and EnviTec Biogas AG.   The EPC contract is awarded to EnviTec Biogas AG. Commissioning was expected in 2013. Information on power evacuation is unavailable, given the nature of the plant it may be a captured power plant - but this is also collected under the PPIRE methodology.  Total project cost was estimated at US$30 million for the three plants, or 10 million per plant.
The project entailed the development of landfill facility in Lakhodair, Pakistan. Sponsor of the project is Lahore Waste Management Company (LWMC). The facility was developed by National Engineering Services Pakistan (NESPAK) and ISTAC (Istanbul Environmental Management Industry and Trading Company) and reached commercial operation in April 2016.
Supervia Poetas was an elevated highway originally approximately 5.2km long consisting of five tunnels and bridges. The project stretched from Avenida Centenario to Luis Cabrera in Mexico City and provided direct access to Querétaro, Toluca and Cuernavaca.  The project was originally awarded by the local government in 2010 to a consortium of OHL Mexico {50%] and Inmobiliaria Copri, SAPI de CV [Mexico, 50%]. OHL Mexico was a subsidiary of OHL Spain. The concession agreement was signed in April 2010, and would extend 30 years from the start of operations. In July 2012, the project company, Controladora Vía Rápida Poetas, S.A de C.V. was awarded the right to a 2km extension to connect to Autopista Urbana Sur.  The total project length was now over 7km. In October 2012  the first 1.6km stretch became operational, and two months later, the final stretch of the original project became operational. The 2km extension was to be completed in early 2013.  Although OHL reported that the total investment over the life of the project was 300 million euro (385 million USD), as of December 31, 2012 OHL Mexico had invested $2,607 million pesos (198 million USD) in the project, corresponding to its 50% participation, so perhaps the actual project cost would be larger. In August 2012, A 700 million peso  (53 million USD) line of credit was provided by Banco Nacional de Obras y Servicios Públicos (Banobras), Sociedad Nacional de Crédito, Institución de Banca de Desarrollo y Banco Mercantil del Norte, S.A., Institución de Banca Múltiple, and Grupo Financiero Banorte. Information on how the remaining portion of investment was financed was not publically available.
In October 2011, the National Highway Authority of India (NHAI) awarded a 21year concession (including construction period of 730 days) to KNR Constructions Limited for the strengthening,improvement, two/four-laning, operation and maintenance, and tolling of 107.56 kms of (96.01 km two lane, 11.55 km four lane) of existing Muzaffarpur-Barauni section of National Highway - 28 (NH-28) from 519.6 KM to 627.0 KM in the state of Bihar.  Under the contract, KNR Constructions was responsible for the design, construction, finance, operation and maintenance and strengthening of the existing carriageway to a 2/4-lane highway with paved shoulders. The scope included construction of 96.01kms of 2-lanes and 11.55kms of 4-lanes of existing Muzaffarpur-Barauni section of NH28 and included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, service roads, road intersections,interchanges, drains, etc.The expansion project, part of National Highway Development Project Phase-IV would ease traffic congestion and give significant stimulus to trade and commerce in the entire region. The project road on NH-28 passes through three districts namely Muzaffarpur, Samastipur and Begusarai. Muzaffarpur is an important center of wholesale cloth trade, while Barauni has few major industrial units such as IOC refinery, Barauni thermal power plant, Hindustan Fertilizers Corporation and Barauni Dairy.  KNR Constructions Limited (KNRCL) established KNR Muzaffarpur Barauni Tollways Private Limited (KMBTPL), a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by quoting the highest annual premium to NHAI. The SPV would pay NHAI a sum of US$1mn (INR 50mn @50 INR/USD) in the first year of operations, with 5% increase in each subsequent year through the life of concession period (this amounted to an NPV payout of about US$ 12mn over the concession period at a discount rate of 10%). Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. KNR Constructions had received the approval of National Highways Authority of India ("NHAI") and in June 2012 divested 49% equity in this SPV to JKM Infra Projects Limited (JKM). The fixed price EPC contract for the project had been awarded to JKM at a price of INR 3150mn. The SPV had not entered into any O&M contract as the project was still in the construction phase and would enter into an agreement within 6 months before COD as agreed with the lenders.  The concession agreement was signed on 10th January 2012. The project attained financial closure in July 2012. The debt/equity ratio for the project was 56/44. The estimated capital cost of the project at the time of financial closure was US$ 89.3mn (INR 4465.5mn @ 50 INR/USD) million. Financing comprised a 15-year term loan of US$ 50mn (INR 2500mn) and sponsor equity of US$ 39.3mn (INR 1965.5mn). The participating banks were Punjab National Bank, State Bank of Bikaner and Jaipur, State Bank of Patiala and Corporation Bank.  Construction on the project began in September 2012 (Appointed Date was July 2012) and was expected to be completed by July 2014. Approximately 97% of the land has been handed over by NHAI till October 2012 and for the balance, land acquisition was in process.
The BOO project involves the development of the 80MW GEL (Gulf Energy Ltd.) Heavy Fuel Oil-Fired Power Plant in Kenya. The plant is to be located at Athi River on Mombasa Road, about 25KM from Nairobi City. It also includes a 66kV interconnector and backup metering equipment in the Mombasa Road area of Nairobi.  Total estimated cost is US$95.5 million and the SPV of the project is Gulf Power Limited, composed of Gulf Energy (50%) and Multiple Hauliers (50%). Debt-to-equity ratio is 80:20 and the US$81 million debt was financed in four tranches: 1) A loan of US$22 million by IFC, 2) Multilateral loan of US$5 million by IFC, 3) Multilateral loan of US$27 million from OPEC Fund for International Development, and 4) term loan of US$27 million by Standard Bank. The loan agreement was signed in July 2014 and the project reached financial closure.
In June 2010, the Spanish company COBRA INSTALACIONES Y SERVICIOS S.A. was awarded in a competitive bidding process the contract to build and operate 162-km of transmission lines and two substations located in the state of Minas Gerais. The transmission line was set to link the cities of Pirapora and Montes Claros.  Besides Cobra, five other companies took part in the contest: CONSORCIO MINAS TRANSMISSAO; the Spanish company ISOLUX ENERGIA E PARTICIPAÇOES S/A; ALUPAR INVESTIMENTO S.A.; ELECNOR TRANSMISSAO DE ENERGIA S.A.; and TRANSMISSORA ALIANÇA DE ENERGIA.  The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. Cobra presented the lowest offer, a total value of US$ 10.6 million (BRL 20.9 million), 26.2% below the ceiling set by the regulatory agency. The contract was signed in June 2010, and the sponsors created the company Linhas de Transmissao de Montes Claros Ltda to lead the project during the 30-year contract period.  The sponsor committed to invest US$  137.2 million (BRL 271 million) in the transmission line. In May 2012, the sponsor was granted a US$ 62.3 million (BRL 123.1 million) loan from state-owned bank BNDES. The remaining cost was set to be financed with the sponsors’ internal resources.  Enviromental clearence was awarded in June 2011. As of October 2012, construction works were underway. Operation was set to commence in November 2012, yet the works were on delay thus operation are likely to initiate in 2013.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures.  Operations commenced in July 2014.
In January 2012, Madhya Pradesh Road Development Corporation (MPRDC on behalf of National Highway Authority of India) ) signed a 30-year concession (including construction period of 2 years) with a consortium of Transstroy (India) Limited and OJSC Corporation Transstroy (Russia) for the strengthening, improvement,two-laning, operation and maintenance, and tolling of 105.6kms of  Bhopal-Biaora section of National Highway-12 from km 316/100 to km 423.400,in the state of Madhya Pradesh. The project stretch passed through the districts of Bhopal, Sehore and Rajgarh.  Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance,strengthening and widening the existing carriageway to 2-lane road The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections,interchanges, drains, etc.The expansion project, part of the MPRDC Highway Development Program, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region. The proposed section on NH12 would connect NH3 which was an important national highway of the north-south corridor.   The consortium of Transstroy (India) Limited (74%) and OJSC Corporation Transstroy (26%), established Transstroy Bhopal Biaora Tollways Private Limited, a special purpose vehicle, to implement the project. Details of the bidding were not available at the time of collection of this information. Government of India had sanctioned in-principle approval of US$ 28.2mn (INR 1408.5mn) for viability gap fund (VGF) grant. It may thus be inferred that the SPV may have won the tender through international competitive bidding, conducted by MPRDC, by requesting for the lowest upfront subsidy (viablity gap funding). There were 49 pre-qualified bidders for this project. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. Transstroy India would execute the EPC for the project.  The project attained financial closure on 20th September 2012. The debt/equity ratio of the project (excluding grant if any) was 70/30. The estimated capital cost of the project at the time of financial closure was US$ 142.3mn (INR 7115.9mn @50 INR/USD). Financing comprised of 15-year term loan of US$ 100mn (INR 5000mn) and sponsor equity of US$ 42.3mn (INR 2115.9mn).The term loan had a repayment schedule of 49 quarterly installments and was priced at 12.25%. Loan was arranged by Bank of India, Central Bank of India, Corporation Bank, IIFCL and Union Bank of India.  Construction on the project began in September 2012 and was expected to be completed by September 2014.
PT Megapower Makmur, an indirect 80% subsidiary of Bina Puri Holdings Bhd. developed the 4.2MW small hydro plant, Desa Patteneteang, Kecamatan Tompubulu, Kabupaten Bantaeng, Propinsi Sulawesi Selatan.  The project signed a BOO contract with PT.PLN (Persero) in May 2012.  Commissioning was expected for early 2014.  Total project cost was US$10 million. The project reached financial closure in October 2012 with Bangkok Bank Bhd. and signed a term loan of US$7.668 million.
The cable’s construction amounts to a total investment of around USD 700 million for the consortium, with around USD 250 million financed by the Group and its subsidiaries.   12,000 km of optical fibre running along the west coast of Africa have been deployed to connect 13 countries from France to Sao Tomé & Principe.  France, Portugal, Mauritania, Senegal, The Gambia, Guinea, Sierra Leone, Liberia, Côte d'Ivoire, Ghana, Equatorial Guinea, Gabon and Sao Tomé & Principe.
In April 2012, CLP Group entered into an agreement with Rajasthan Government todevelop a 102.4MW wind farm located at Bhakrani in Jaisalmer district,in the state of Rajasthan.The project would be executed by CLP Wind Farms (India) Private Limited, the Group’s subsidiary in India. The wind  farm will involve the building of 128 Enercon Gearless E53 wind turbines of 800KW capacity each. The electricity generated from the project would be evacuated by the Rajasthan state grid. CLP India has entered into agreements with major wind turbine manufacturer, Enercon India Ltd to develop (including operation and maintenance of) these greenfield projects.  The Bhakrani Wind farm was expected to sell the power to Rajasthan State Electricity Distribution Company (RVVNL), through a 25-year PPA signed on 1st July 2012.The APPC (Average Power Purchase Cost) base tariff as per RERC prevailing tariff order for Jaisalmer district was US$ 0.083/Unit (INR 4.46 per unit @ 53.44INR/USD) for the entire 25 years. The total capacity of 102.4 MW was eligible under REC as per the CERC and CDM benefits.   Financial closure took place on 15th October 2012.The total project cost at the time of financial closure was US$ 120mn (INR 6412.8mn @ 53.44 INR/USD).The debt equity ratio for the project was about 67/33. Financing comprised of a US$ 80mn (INR 4275.2mn) Dollar Term loan and sponsor equity of US$ 40mn (INR 2137.6mn).The 12.5-year U.S. dollar proceeds were swapped back to Indian rupees to mitigate foreign exchange risk.The foreign currency loan was arranged by HSBC and Standard Chartered Bank.   Construction for the wind farm started in July 2012 and was expected to be fully commissioned by March 2013. 21.6MW had already been commissioned by December 2012.
Bereket Enerji was planning the development of the 122 MW Goktas I hydropower plant, on the Zamanti branch of the Seyhan river, near Karaisali, Adana region. The project was to produce an annual 495 GWh.  Goktas I was part of a project which also included Goktas II. Goktas II was to be the first of two plants being developed by Bereket Enerji, the other being the 122.2 MW Goktas I hydropower plant. Commissioning for Goktas II was estimated at around late-2012. Goktas I was to be commissioned end-2013. Total output was estimated at 1,118 GWh annually for both projects.   As of October 2011, no details about the financial structure of the project were available.
A local private company Kaidi Electric Power was granted a contract to build and operate a 30MW biomass power plant in Huoqiu County, Anhui Province in March 2008. Construction commenced in April 2011 and civil works were finished in Mar 2012. The total investment was US$ 49.11 million (RMB 310 million) and Kaidi had a 100% stake in the project. A special purpose vehicle, Huoqiu County Kaidi Green Energy Development Company Limited was set up to perform the project. The plant came into operation in Mar 2013.
In March 2012, National Highway Authority of India (NHAI) awarded a 23-year concession (including construction period of 2.5 years) to Gammon Infrastructure Projects Limited, for the strengthening, improvement,4-laning,operation and maintenance, and tolling of 125.615kms of Birmitrapur to Barkote section from KM211.200 to KM336.815 of National Highway 23, in the state of Orissa.   Under the contract, Gammon was responsible for the design,construction,finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway to 4-lane divided carriageway.The scope included construction of new pavement,rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges,culverts, road intersections,interchanges, drains, etc.The expansion project, part of the National Highway Development Program (NHDP-IV), was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   Gammon Infrastructure Projects Limited established Birmitrapur Barkote Highway Private Limited (BBHPL),a special purpose vehicle on 13th April 2012, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by requesting the lowest upfront grant of US$ 58.2mn (INR 3110mn @53.4 INR/USD).Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling, during the term of concession. Gammon would execute the EPC contract for the project.  The concession agreement was signed on 31st May 2012. It could not be ascertained if the sponsors managed to obtain financial closure for the project. The estimated capital cost of the project at the time of bidding was US$ 145.7mn (INR 7781.5mn @53.4 INR/USD).   The project was expected to start construction in June 2014 and was expected to be completed by December 2016.  BBHPL was unable to start construction activities at the project site on account of non-availability of land and certain government approvals. Finally in March 2014, NHAI cancelled the concession for the project on amicable terms.
Kalkbult Project Company (pty) Ltd was created to build, own and operate a 72.5 MW solar PV facility to be located in Kulbult, South Africa.  The project company was a joint venture between the Norwegian firm Scatec Solar(60%) through its local subsidiary  Scatec Solar SA, Standard Chartered South Africa (10%), Old Mutual Investment Group of South Africa (10%), and Simacel Kalkbult Holding (pty) LTD (20%). Norwegian firm Scatec Solar was 62.5% owned by Scatec (Norway), and 37.5% by Itochu (Japan). Simacel Kalkbult Holding (pty) LTD existed of the Kalkbult Local Community Trust and the Black Women Community Trust.   The sponsor shares were assigned as follows: Scatec Solar holds 60% - Scatec holds 62.5% thereof (thus 37.5% of SPV); Itochu holds 37.5% thereof (thus 22.5% of SPV). The remaining sponsors all own less than 15%.  The project was awarded in a tender administered by the Department of Energy where a critical factor in the decision was the projected price of power.  Contractual negotiations on the PPA and financing were to be completed by June 2012. The tender was open to all technologies, 53 bids were submitted of which 28 made it to preferred bidder status. These 28 project account for a total of 1,416MW if all are implemented. The EIA was passed (as was required for all bidders). There would be a 20 year PPA with the state owned utility, Eskom. The project developer was envisioning a second phase (+180MW) and a third phase (+175MW).  Estimated project cost was EUR 200 million (USD 265 million), with expected commissioning in 2013.  In November 2012 the project reached financial close.  Total project cost was 259 million, of which 197 million was debt financed in local currency by Standard Bank.
Korea Midland Power Co., Ltd. (KOMIPO) and POSCO Engineering Co. Ltd. (formerly known as Daewoo Engineering) developed the 45MW Wampu small hydropower plant (run-of-river), Northern Sumatra. PT Mega Power Mandiri reportedly also participated in the project.  The plant was to be operated by Wampu Electric Power (project company), for 30 years. Commissioning was expected for 2015. Output was sold to Pursahaan Listrik Negara (PT PLN) under a PPA signed in April 2011. The project was to sell power under a 30 year PPA with the state utility PLN. The price of power for the duration of the contract was to be USD 0.0723/kWh. The project required 42km of new transmission lines, developed by the sponsors. EPC contract was awarded to POSCO Engineering & Construction (Formerly known as Daewoo).   The project reached financial closure in January 2012, with the Export-Import Bank of Korea (Korea Eximbank) and Sumitomo Mitsui Banking Corporation. The Eximbank provided US$72 million in financing, SMBC provided US$58 million. Total project cost was US$174 million. Tenor was 16 years and 4 months. The project applied for UNFCCC CDM financing. The legal advisor was Norton Rose Group, as well as Milbank, Tweed, Hadley & McCloy LLP. The project holds a business viability guarantee letter (BVGL) from the Ministry of Finance, under 2011 regulations.
The Soitec - CPV Solar project was a 50 MW concentrating solar PV project to be located in Touwsriver, South Africa.  The project was a joint venture between the French solar developer Soitec (60%) and various South African investors (40% collectively).  The project would use the proprietary CSP technology owned by Soitec. The project was located near the 700kW pilot Soitec pilot project.  The project was awarded in a tender administered by the Department of Energy where a critical factor in the decision was the projected price of power.  Contractual negotiations on the PPA and financing were to be completed by June 2012, but it was predicted that there would be a 20 year PPA with the state owned utility, Eskom.  Total project cost was estimated at roughly USD 150 million, with an intended debt ratio of 70%.  Commissioning was scheduled for 2014. The project reached financial closure in February 2012 with Investec bank, from South Africa.
On 28th January 2010, the board of Torrent Power Limited made an investment decision to develop a 49.6MW wind farm located at Jamnagar district (across three talukas - Lalpur, Jamjodhpur and Bhanvad) in the state of Gujarat . The windfarm would involve the building of 62 Enercon E53 gearless wind turbines of 800KW capacity each. The windfarm was designed at a load factor of 21.22%. The electricity generated from the project would be evacuated to Northern, Eastern, Western and North-Eastern (NEWNE) grid of India. Power evacuation would be done by 33kV transmission line and the 110kV/132kV Gujarat Energy Transmission Corporation Limited (GETCO) substation at Tebhada.  Torrent Jamnagar Windfarm would sell the power to Gujarat State Electricity Discom (GUVNL) through a 13-year PPA.The APPC (Average Power Purchase Cost) 25-year base feed-in tariff as per GERC (Gujarat State Regulator) prevalent tariff order, was US$ 0.079/Unit (INR 4.23 per unit @ 53.44INR/USD). The transmission charges would be paid by Torrent Power to the state transmission utility (GETCO).The total capacity of 49.6MW was eligible for the REC scheme under CERC and CDM benefits under UNFCC and the validation process had been completed in 2012. Selling of Renewable Energy Certificates (RECs) on power exchange has been started with first trade being carried out in the month of March 2012. Contracts for supply, erection and O&M had been executed with Enercon India Limited for this project in March 2011.  Details of financial closure were not available at the time of collection of this information. The total project cost, based on UNFCC Validation document was US$ 54.6mn (INR 2916.5mn @ 53.44 INR/uSD).The debt equity ratio for the project was considered as 70/30 (Debt US$ 38.2mn, Equity US$ 16.4mn).  Construction started in March 2011 (date of EPC contract) and was progressively commissioned from February 2012 (35 WEGs) to March 2012 (balance 27 WEGs). In absence of any confirmed date of loan sanction, we have considered February 2012 as the date of financial closure.
OAS Solucoes Ambientais, a subsidiary of the Brazilian group OAS, was awarded the 30-year concession contract to expand, rehabilitate and operate the water and sewerage facilities of the city of Aracatuba (state of Sao Paulo) in July 2012. The contract was awarded by the municipality's central administration, the private sponsor undertook the responsibility to supply water for the entire population of the municipality and to attend 15% of the sewerage services. The population of Aracatuba was estimated at 180,000, with a water system with 599-km in length and a sewerage system with 590-km in length.   OAS was awarded the contract by offering the highest payment to the government (US$  176,2 million or BRL 344 million). Three other Brazilian companies took part in the bidding process: the Sao Paulo state-owned company Sabesp, Odebrecht's subsidiary Foz do Brasil and Equipav.  The special purpose company created to manage the project Solucoes Ambientais de Aracatuba (Samar) took over the operation of the water and sewerage services in September 2012.  The private sponsor committed to invest US$  189.6 million (BRL 370 million) over the life of the project.  In 2015, OAS sold its shares in Samar to the Korean company GS Inima.
PT Supraco Mitra Energie, a subsidiary of PT Supraco Indonesia, was planning the development of the two small hydropower plants Gumanti I and Gumanti II, together 8.55MW.  The developer signed a PPA with PT PLN as was reported in October 2012. Construction was expected to start in 2013, with commissioning plant for 2015. Construction was to take 24 months.   Total project cost was estimated at US$25.6 million. Financing was yet to be arranged.
Acorn Infrastructure Services was operating the 100MW Juldah HFO rental power plant, reported as producing power on July 2012.  Information is limited on this project - but it is delivering power to the grid.  Contract length was unknown, based on a minimum of three years, total cost would be US$23.7 million. This is an estimate.
NuPower Renewables Limited (NuPower) entered into an agreement with Tamilnadu Government to develop a 100.5MW wind farm located at Tirunelvelli district in the state of Tamilnadu. NuPower initially conceptualized the project activity as a 150MW wind power generation facility. However, due to delays faced by them in receiving payments from the Tamilnadu electricity board for the electricity export, in February 2012, NuPower board decided to delay the implementation of 49.5 MW (of 150 MW) capacity under the project activity and develop it as another project at a later stage (possibly Phase II). There was also a possibility of change in the locations for 49.5 MW (Phase II) WTG installation even outside the state. The following project details thus pertain to 100.5 wind farm. The wind farm would involve the building of 67 Regen Vensys V77 make wind turbines of 1.5MW capacity each. The electricity generated from the project will be supplied to the Tamil Nadu Generation and Distribution Corporation (“TANGEDCO”) connected to the Southern Regional (“SR”) Electricity grid of India.   NuPower Renewables Limited (Tirunelvelli ) would sell the power to Tamilnadu State Electricity Distribution Company Ltd (TNEDCL) through a PPA. The APPC (Average Power Purchase Cost) 20-year base feed-in tariff as per applicable TNRC (Tamil Nadu State Regulator) tariff order dated 28 Dec 2010, was US$ 0.052/Unit (INR 2.37 per unit @ 45.73INR/USD). The transmission charges would be paid by NuPower to the state transmission utility (“TANTRANSCO” (Tamil Nadu Transmission Corporation Limited). The net tariff (INR 4.23/kWh) for the project activity (100.5 MW) would be the weighted average of tariff determined under APPC+ REC scheme (INR 4.77/kWh) and under preferential tariff scheme (INR 3.39/kWh). 61.5MW of the project capacity(100.5MW) was also registered under REC scheme in June 2012. Only 48MW of project capacity of 100.5MW had been registered till March 31, 2012 and for the units commissioned thereafter the GBI policy had been discontinued. However, the total capacity of 100MW was eligible under CDM benefits under UNFCC. The Wind Turbine Generators (WTGs) would be supplied by ReGen Powertech Private Limited (“ReGen”). Procurement order and EPC contract were signed in March 2011.Erection and Commissioning of the WTGs would be done by Renewable Energy Generation Private Limited (REGPL) while Essar Wind Farms Limited (“EWFL”) would be responsible for wind farm development (including land tie-up, installation, and commissioning of sub-station).   Financial closure reportedly took place in September 2012.The total project cost at the time of financial closure was US$ 133.1mn (INR 7112.6mn @ 53.44 INR/uSD).The debt equity ratio for the project was about 70/30. Financing comprised of a 12-year term loan of USD 93.2mn (INR 4978.8mn) and sponsor equity of US$ 39.9mn (INR 2133.8mn). The term loan was reported to be priced at 14.75%. The term loan was arranged by Punjab National Bank.  Construction for the wind farm started in March 2011 and was fully commissioned in September 2012. The 1st wind turbine generator was commissioned on 19th January 2012.
Song Da No 9.06 JSC, a subsidiary of Song Da Corporation, developed the 12.0MW Nam Xay Noi 2 small hydropower plant, on Nam Xay Noi stream, Nam Xay and Nam Xe communes, Van Ban district, Lao Cai province. The project was expected to generate 44,970 MWh anually. The project consisted of 3 Pelton turbines with horizontal shaft, of 4.179MW each and 88.75% efficiency.   The project held a PPA with Electricity Corporation of Vietnam (EVN). The pre-study of 6MW was finalized in May 2007. The revised feasibility study report (12MW) was finalized in April 2008. The investment license was issued in March 2010. The construction contract was signed in June 2010. The construction contract for the NV5 road was signed in August 2010. The construction for the pen stock was signed in November 2010. The construction period was 2.5 years. The lifetime of the project was 30 years. The expected electricity tariff was VND 724.57/kWh. Income tax was 25%. Commissioning was expected for October 2012.  Financial closure was reported in March 2011 with the signing of the credit contact. The expected cost of equity was 19.13%, following 70/30 debt to equity and debt costing 10.5% the WACC was expected to be 11.25%. Total investment was VND 267.6 billion (US$12.84 million). The project applied for UNFCCC CDM financing.    The coordinates of the project: Northern latitude +21.948611  Eastern longitude +104.030556
FFC Energy Limited, Fauji Fertilizer Company Energy Limitied (FFCEL), incorporated in 2009 and based in Rawalpindi, was a subsidiary of Fauji Fertilizer Company Ltd. The latest reported CEO of FFC Energy Limited was Lt.Gen Malik Arif Hayat. The company was planning the development of the 49.5 MW Jhimpir Wind Farm, Jhimpir, South Pakistan. Tapal Group was also reported to participate as a minority holder.  The project was to consist of 33 turbines, supplied by the German company Nordex AG, from their production facilities in China. Construction was expected to commence in July 2010. The equipment supply contract was announced in March 2010. Nordex AG was also the EPC contractor for the project. Commissioning was expected for late-2012. The PPA was signed April 5th 2011 with Central Power Purchasing Agency (CPPA). The project received the land from the Alternative Energy Development Board (AEDB) in 2007. The project was to receive Rs.16.5532 per kWh as awarded by the National Electric Power Regulatory Authority (NEPRA), the tariff was to go down after the 11th year of operation to Rs.4.44 per kWh. The feasibility study had been submitted.  Total value was estimated at $135 million. The project was reported here as under development as no record was found on Financial Closure, nor on commissioning. The FC date refers to the date of PPA signing.  In May 2012, it was reported that the project was financed by the company in cooperation with the Islamic Development Bank, under Islamic financing principles. The debt had a tenor of 12 years. The project reached financing together with a second wind farm. Total project cost for both plants was US$253 million, implying a pro rata cost of US$126.5 million for each wind farm. The financing consisted of a US$204 million debt portion and a US$49 million equity portion. The debt portion was split in a USD and a Rupee tranche. The Rupee tranche was lead arranged by National Bank of Pakistan, Faysal Bank, United Bank Limited, Allied Bank, and Meezan Bank. The USD tranche was led by the Islamic Development Bank with a credit guarantee from ADB.
A local private company Kaidi Electric Power was granted a contract to build and operate a 30MW biomass power plant in Rucheng County, Hunan Province. When construction commenced was not reported. The total investment was US$ 34.84 million (RMB 219.92 million) and Kaidi had a 100% stake in the project. The capital consisted of equity of US$ 10.45 million (RMB 65.976 million) contributed by Kaidi and debt of US$ 24.39 million (RMB 153.944 million) raised from a local public bank. A special purpose vehicle, Rucheng County Kaidi Green Energy Development Company Limited was set up to perform the project. A great deal of construction had been finished by Sep 2012.
Kansai was planning the development of the 61 MW Xe Katam hydropower plant near Champasak. Kansai, from Japan, held 55% of the shares, the 25% was held by the government of Laos and the remaining 20% by a Thai investor.   The PDA was signed in December 2007 and the EIA was reported as completed in 2010. Commissioning was reported by the Lao government for 2012.  Total cost was estimated at $120 million and the sponsor expected support from JBIC and Nippon Export and Investment Insurance (NEXI).   No additional information was available in 2012.
In March 2012, the National Highway Authority of India (NHAI) awarded a 24-year concession (including construction period of 30 months) to IVRCL Assets & Holdings for the strengthening, improvement, six-laning,operation and maintenance, and tolling of 120.74kms of Gundugolonu-Rajahmundry section from km.1022.494 to km.901.753 of National Highway-5 (NH-5) in the state of Andhra Pradesh.  Under the contract, IVRCL was responsible for the design, construction, finance, operation and maintenance and strengthening of the existing 4-lane carriageway to a six-lane highway with paved shoulders. The scope included construction of 6-lanes including construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of 1-major and 38-minor bridges, culverts, service roads, road intersections, 29-underpasses, 2-railway overbridges, interchanges, toll plaza, tunnel section, etc.The expansion project was part of National Highway Development Project Phase-IV. NH-5 that tuns along the India's East Coast through the states of Tamil Nadu, Andhra Pradesh, Odissa, West Bengal, is a major highway in India. The main object of the project is to expedite the improvement of infrastructure in Andhra Pradesh and also in reducing the time and cost of travel for traffic, particularly heavy traffic, plying between Gundugolanu and Rajahmundry. The stretch is a part of the Chennai-Kolkatta Golden Quadrilateral Corridor. The project is covered in the districts of Guntur, Krishna, West Godavari and East Godavari in Andhra Pradesh.   IVRCL established IVRCL Gundugolanu Rajahmundry Tollways Limited (IGRTL), a special purpose vehicle on 16th April 2012, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by quoting the highest annual premium. The SPV would would pay NHAI a sum of US$ 13.5mn (INR 721mn @53.44 INR/USD) in the first year of operations with 5% increase in each subsequent year (This amounted to an NPV payout of about US$ 187.6mn over the life of concession period at a discount rate of 10%). Of the 35 pre-qualified bidders, about 3 developers finally bid for the project. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. The EPC contract for the project had been awarded to IVRCL Limited.   Construction on the project was expected to begin before December 2012. However, due to delay in land acquisition along the right of way by NHAI, IGRTL failed to meet the project deadlines.While discussion of restructuring of premium payment was going on with NHAI, in December 2013 NHAI finally cancelled the concession for the project.   The concession agreement was signed sometime before November 2012, based on Investors call transcript dated November 2012. Due to lack of data, the CA signing date is assumed in November 2012. The estimated cost of the project at the time of bidding was US$ 302.6mn (INR 16170mn @53.44 INR/USD). Funding closure had not been achieved at the time of cancellation of the project.
ReNew Wind Power Private Limited entered into an agreement with Maharashtra Government, to develop 25.5MW wind power project at Agaswadi village in Satara district of Maharashtra. The project would be executed by ReNew Wind Energy (Varekarwadi) Private Limited, a special purpose vehicle. The wind farm would involve the building of 17 Vensys V82 wind turbines of 1500kW capacity each.The electricity generated from the project would be evacuated by state grid thorugh Northern, Eastern, Western and North-Eastern (NEWNE) grid of India. ReGen Powertech Private Limited would develop, construct, commission, operate and maintain the project at an all-inclusive price.    ReNew Wind Energy (Varekarwadi) Private Limited would sell the power to Maharashtra state Electricity Distribution Company Limited (MSEDCL). The APPC (Average Power Purchase Cost) base tariff as per MERC tariff order (dated 29 April 2011 for Wind zone 1) was US$ 0.10/Unit (INR 5.37 per unit @53.44 INR/USD) for the first 13 years of operation. The transmission charges would be paid by ReNew to the state transmission utility. The total capacity of 25.5MW was eligible for CDM benefits and the company had initiated the process with UNFCC.    Details of financial closure were not available at the time of collection of this information. As per UNFCC CDM filings, the project cost was US$ 31.6mn (INR 1686.91mn @ 53.44 INR/USD).  The project started construction in February 2012 (EPC contract signed) and as per company sources was expected to be commissioned in September 2012.
In May 2012, the Beijing based private company Sound Group won a concession agreement to operate a 20,000 cubic meters per day wastewater treatment plant in Hailun City, Heilongjiang Province with a price of RMB 30 million (US$ 4.75 million). The concession term of the agreement was not reported. Sound had a 100% stake in the project.
The project entails the construction of a 14.7MW Waste-to-Energy plant in Boluo County, Guangdong Province, south-eastern China. Total investment stands at ¥627 million ($119.73 million - 92.96 and 26.77 for phase I and II respectively). Sponsor of the project is China Everbright International (100%). The facility will be undertaken under build-operate-transfer concession, the contract period is unknown. Contract awarding took place on  and 10-14-2016 and July 2012 respectively (for Phase II and I).
In 2008, Hidrocanete S.A.,  a subsidiary of the, was granted the right to build and operate a small hydro power plant located in the province of Canete. The power plant was named Central Hidroelectrica Nuevo Imperial (4 MW).    The license contract was signed in March 2010. The sponsor committed to invest US$ 7.5 million in the construction of the power plant.   In 2011, Hidrocanete applied for carbon credits. Operations commenced in April 2012.  In June 2012, the sponsor was awarded the right to build and operate another small hydro power plant named Central Hidroelectrica Sayan (10.6 MW). Located at the Huaura province, this power plant was in development stage as of December 2014.  In November 2014, the IAIC approved a US$ 6.65 million loan  to refinance the debt Hidrocanete incurred to build the power plant.
The South African Government’s Department of Energy, announced the Preferred Bidders for Round 2 of the Renewable Energy Independent Power Producer Programme (REIPPP) on 21 May 2012.  Enel won the rights to develop the 10 MW project and it connected to the grid in May 2014.
In Nov 2012, a local private company Anhui Guozhen Environmental Protection Science & Technology Co. Ltd. signed a concession agreement with the Bozhou Municipal Government to operate the Bozhou City Wastewater Treatment Plant for 30 years in Bozhou City, Anhui Province. Guozhen offered the lowest operation price (0.72 Yuan per cubic meter) in the highly competitive open bidding in Sep 2012. The plant had a capacity of 80,000 cubic meters per day. Guozhen had a 100% stake in the project. Guozhen's total price to acquire the concession was not reported.
Ble-Klo-Ar developed the 12MW Tervol small hydropower plant, near Gramsh, Southern Albania. Annual output was estimated at 40 MWh.  The concession was awarded in 2007. The project was commissioned in June 2012. ERE issued Standard Basic PPA with Public Wholesale Supplier (KESH) for small HPPs.  Total project cost was estimated at EUR 8.0 million (US$10.1 million). No further information was available. Financial closure date was estimated at June 2012, commissioning date.
Baki Elektrik was planning the development of the 24 MW Samli II wind farm, near Balikesir, Bandirma, Northwestern Turkey. The project was to comprise 8 turbines of 3 MW, expanding the existing 90 MW park to 114 MW. Baki Elektrik was a subsidiary of Aksu Enerji (or Aksa energy), which in turn was 94.5% owned by Kazanci Holding A.S..  Equipment was to be supplied by Vestas. Vestas was also the equipment supplier to the original 90 MW. Vestas offered a 95% availability guarantee with the 5 year O&M contract signed with the developer. As of October 2011, no further details about permits or contracts were available. The project became operational in November 2011.  As of October 2011, no further information about the financial structure of the project was available.
In October 2012, the Punjab Infrastructure Development Board (PIDB) awarded a concession to Tantia Constructions Limited for the strengthening, improvement, two-laning, operation and maintenance, and tolling of 35.39kms (from KM0.000 to KM35.393 (MDR 66) of existing Batala-Mehta-Beas carriageway in the State of Punjab.Details of concession couldn't be ascertained.  Under the contract, Tantia Constructions was responsible for the design, construction, finance, operation and maintenance, strengthening and widening the existing carriageway of Batala-Mehta-Beas section of state highway MDR66 to two lane standard with paved shoulders.The scope would include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, high embankment/ elevated structures/ROBs, wayside amenitie, sculverts,road intersections, interchanges, etc. This Link road which would eliminate traffic congestions on the route besides benefiting the traffic on NH-1 (Jalandhar-Amritsar) and NH-15 (Amritsar-Pathankot Road) and give significant stimulus to trade and commerce in the entire region.   Tantia Constructions established Tantia Batala –Beas Tollways Private Limited, a special purpose vehicle, to implement the project. The SPV won the tender through domestic competitive bidding, conducted by PIDB. Details of bidding couldn't be obtained at the time of collection of this information. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.   The concession agreement for the project was signed on 2nd November 2012. The project cost reported by concessionaire was US$ 24mn (INR 1200mn @ 50INR/USD). Details of financing could not be ascertained at the time of collection of this information.   Construction for the project was expected to start in April 2013 and be completed by December 2014. Construction period as per the tender was 18 months.
In February 2012, Consorcio Inframerica was awarded in a competitive bidding process the contract to expand and operate the airport located at the city of Brasilia (Distrito Federal). Consorcio Inframerica was established as a partnership of the Brazilian company Infravix Participacoes (50%) - a subsidiary of Grupo Engevix - and the Argentine company Corporacion America (50%). A special purpose company named Inframerica Concessionaria do Aeroporto de Brasilia was created to manage the project, 51% owned by Consorcio Inframerica and 49% owned by the state-owned company Infraero. The 25-year contract was signed with the regulatory agency in June 2012, and the private sponsors took over the operations of the facilities in October 2012.  Besides Consorcio Inframerica, ten other companies took part in the contest (information on these companies was not available). The bidding criteria set by the regulatory agency ANAC was the highest payment for the concession rights. Consorcio Inframerica  presented the highest offer, a total value of US$ 2306 million (BRL 4.501 billion), 673.39% above the minimum set by the regulatory agency. The payments were set to be made in annual installments over the life of the contract.  The project envisaged the rehabilitation of two terminals and the construction of new terminal (the total capacity of the airport was set to increase from 16 to 41 million passengers per year). The total investment in the first phase of the project was estimated at US$ 384.2 million (BRL 750 million), and was financed with a US$ 250 million (BRL 488 million) loan from the state-owned bank BNDES granted in December 2012. Over the life of the contract the total investment is estimated at US$ 1460 million (BRL 2.85 billion).  In February 2014, BNDES approved an additional loan of US$ 237.4 million (BRL 558 million).
On 15th February 2010, Adani Enterprises Limited (AEL) had formed Maharashtra Eastern Grid Power Transmission Company Limited (MEGPTCL), a joint venture company with Maharashtra State Electricity Transmission Company Limited (“MSETCL”), to build, own and operate a Tiroda–Koradi–Akola–Aurangabad transmission system/network for evacuation of power generated by power plants located in north-eastern Maharashtra (consisting of five power plants with total capacity of about 8100 MW by year 2013-14). AEL held 74% and MSETCL held 26% of the equity capital of the JV Company. The transmission project comprises 2 Single Circuit 765 kV lines each of 630 km, one 400 kV Double Circuit (DC) line of 30 km (total 1290 kms) and substations on the eastern part of Maharashtra -Tiroda, Tidangi, Akola and Aurangabad.The project formed part of the Maharashtra intra-state transmission system. The route of transmission lines would pass through the districts of Gondia, Bhandara, Nagpur, Wardha, Amravati, Buldhan, Jalna & Aurangabad of Maharashtra.The proposed 765 kV intra-state transmission network would strengthen the power evacuation system of Maharashtra and shall improve the security and reliability of intra-state transmission system.   Maharashtra Eastern Grid Power Transmission Company Limited (MEGPTCL) entered into a transmission development agreement with MSETCL (“TDA”) for the development of transmission systems and networks. MEGPTCL also entered into a bulk power transmission agreement with MSEDCL and MSETCL (“BPTA”) for evacuating the power generated by the power plants. The BPTA was valid for a period of 25 years from the date of execution or for the period of the transmission license whichever was longer. The Maharashtra Electricity Regulatory Commission on 21st September 2010 had issued a transmission license, valid for 25 years, to MEGPTCL for establishing transmission lines as envisaged in the TDA. As per BPTA, MEGPTCL had the responsibility to procure and maintain all the consents required to erect the tranmission assets and to maintain and repair the transmission system as required by BPTA. MSEDCL would pay transmission tariff in accordance with the tariff orders issued by MERC from time to time under a Multi-Year Tariff framework (MYT) (vide Maharashtra Electricity Regulatory Commission (Terms and Conditions Tariff) Regulations, 2005).   Maharashtra Eastern Grid Power Transmission Company Limited (MEGPTCL) was awarded the license to construct this transmission project on a negotiated basis. While the said transmission lines had been planned by STU (MSETCL) and included in their State Transmission Network Plan 2008-09 - 2012-13, AEL had expressed willingness to develop the transmission system as “Transmission Licensee” in order to ensure its completion, matching with the first unit of Adani Power's Tiroda thermal Power project. State Transmission Utility (MSETCL had requested AEL to undertake construction of the above transmission system. As the said transmission lines had not followed development under the Competitive Bidding Guidelines issued by the Ministry of Power, MERC (Regulator) held that all the expenditure made on the Intra-State Transmission system was finally recovered from the Transmission System Users (TSU), as per the “pooled cost” concept. Hence, it was essential to take every step to optimize on the costs to be incurred in development of the projects. Hence MERC instructed that MEGPTCL would be following a transparent competitive bidding process for development of the transmission project to ensure that the cost of the project was the most reasonable and most competitive. In pursuance of this, in October 2010 MEGPTCL awarded the competitively bid EPC contract to PMC Projects (India) Private Limited.    The project reached financial closure on 17th August 2012. The total cost of the project estimated at the time of financial closure was USD 882.3million (INR 47150mn @53.44 INR/USD). The debt equity ratio of the project
Vietnam Rubber Group (VRG) Dak Nong developed the 27MW Dak Sin 1 small hydropower plant, Dong Nai River, Dak Sin and Hung Binh communes, Dak R'lap District, Dak Nong Province. The project comprised of two 13.5 turbines (88.5% efficiency) and was expected to generate 104,128 MWh annually. The project load factor was 44.57%.  The turbines had a lifetime of 25 years. The Feasibility Study Report was approved in January 2009. The EPC contract was signed in November 2009. The contract with the Department of Energy was signed in July 2010. Expected commissioning date was January 2012. Project life was expected to be 40 years. The tariff was expected to be US$ cents 4.4/kWh (VND 769/kWh). The EIA was approved by the ministry of Natural Resource and Environment in January 2008. The EPC contract was awarded to Cavico Corporation (Vietnam) in joint operations as Cavico-COMA-Song Da, at a value of US$30.2 million, of which US$18 million was Cavico's share. Construction time was 27 months.   Total project cost was VND 670,904 million (US$32.2 million).   Project coordinates: 107o 27'18" East longitude, 11o 47'25" North latitude
The companies Desenvix Energias Renovaveis S.A. (95%)  and  Agua Quente Participacoes Ltda (5%) were granted the authorization to build a wind park located in the state of Sergipe (30 MW in total capacity, municipality of Barra dos Coqueiros). Desenvix Energias Renovaveis initially belonged to the Brazilian company Jackson Empreendimentos, but, as of August 2011, the Norwegian company SN Power acquired 40.65% of Desenvix Energias Renoveis shares.     The 35-year contract was signed with the regulatory agency ANEEL in July 2010. The sponsors created the special purpose company Energen Energias Renovaveis to manage the project, which was named EOL Barra dos Coqueiros.  The total investment in the project was estimated at US$ 62.5 million (BRL 123,4 million) and, was financed with a loan granted by The China Development Bank (CDB) approved in  September 2012 (US$ 50 million or BRL 98.7 million).   The government periodically runs public bidding for the sale of energy to the country´s distribution companies. The power plant controlled by Eneergen l won the public bidding that took place in December  2009, by offering an average tariff of US$ 80.1/MWh (BRL 158.2/MWh). The project companies signed 20-year power purchase agreements with the several electricity distribution companies.  Energen  committed to start supplying to the market in the second semester 2013.    The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company is not subject to sectoral taxes.
Consorcio Dunas de Paracuru, owned by the Brazilian company  Ventos Brasil Comercio e Representacoes Ltda (60%)  and the Spanish company Inversiones Teneria Empreeendimentos do Brasil Ltda (40%), was granted the authorization to build a wind power plant located in the state of Ceara (42 MW in capacity, municipality of Paracuru). The 35-year contract was signed with the regulatory agency ANEEL in July 2010. The sponsors created the special purpose company Consorcio Dunas de Paracuru to manage the project, which was named EOL Dunas do Paracuru. In September 2012, Ventos Brasil acquired full ownership control over the project.  The total investment in the project was estimated at US$ 92 million (BRL 181.64 million).   The government periodically runs public bidding for the sale of energy to the country´s distribution companies. The power plant controlled by Dunas de Paracuru won the public bidding that took place in December  2009, by offering an average tariff of US$ 75.9/MWh (BRL 150/MWh), which would be annually adjusted to inflation. The project company signed 20-year power purchase agreements with several electricity distribution companies, and  committed to start supplying to the market in July 2012. As for October 2012, the power plant received the authorization from ANEEL to commence testing operations, and commercial operation was expected to begin in the second semester 2013.   The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company is not subject to sectoral taxes.   In 2012, the company  applied for carbon credits.  Operations commenced in December 2012.  In March 2013, the state-owned bank BNDES approved a US$ 16.8 million (BRL 39.5 million) to the project company.
On 12th December 2011, the Government of Rajasthan awarded a concession of 15-years 5-months and 2-days (including 1 year construction period) with a consortium of Chetak Enterprises Limited and M/s Hanuman Singh Mehta for the strengthening, improvement, 4-laning, operation and maintenance, and tolling of 100kms of Rohat-Jalore section of road comprising SH-64 (0/000 to 82/000) and SH-16 (165/500 to 183/500), in the state of Rajasthan.   Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway of Rohat-Jalore section of SH64 and SH16 to four lane standard with paved shoulders.The scope will include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts,road intersections,interchanges, drains, traffic signages, traffic safety measures, etc. This road upgradation was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   The consortium of Chetak Enterprises Limited (CEL-51.4%) and M/s Hanuman Singh Mehta (HSM-48.6%) established Chetak Mitra Tollways Private Limited (CMTPL), a special purpose vehicle, to implement the project. The SPV won the tender through domestic competitive bidding, conducted by PWD Rajasthan, by quoting the lowest concession period of 15-years 5-months and 2 days. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. Chetak Enterprises Limited would execute the EPC for this project.   The concession agreement for the project was signed on 17th January 2012. The project had attained financial closure. The debt equity ratio of the project was 68:32. The estimated capital cost of the project at the time of financial closure was US$ 17.75mn (INR 887.5 mn @ 50 INR/USD). Financing comprised term loan of US$ 12mn (INR 600mn) and equity of US$ 5.75mn (INR 287.5mn). Other details of financing were not available at the time of collection of this information.  The construction of project started in May 2012 (Appointed Date) and was expected to be operational by April 2013.
Santa Caterina was a 22 MW wind farm to be located in the state of Nuevo Leon, Mexico.  The project was sponsored by the NYC-based firm Conduit Capital Partners through it's Latin Power II Fund.  GE had been contracted as turbine supplier to supply 8 of its 2.75 MW turbines, with power from the project dedicated specifically to powering public lighting in Santa Catarina.  The permitting for the project was granted by Comision Reguladora de Energia (CRE), the federal agency.    Conduit announced that construction on the project had begun in August of 2012.  It was likely that the project had been financed by this point, however, no announcement had been made; thus the project has been marked for 2013 as advanced development, which most likely should be reversed in the 2014 collection cycle.
Triumph Power Generation developed the 83MW power plant, Kitengela, Athi River, close to Nairobi. The project was developed by local sponsors: Broad Holding, Southern Inter-trade, Taceflex, and Interpel Investments.   The project received a 20 year power purchase agreement with Kenya Power and Lighting Company (KPLC). The project was developed on Build, Own, Operate basis.  The project reached financial closure in December 2012. The project received a Partial Risk Guarantee (PRG) of US$45 million (SH. 3.8 billion) from the World Bank, signed between the Ministry of Finance, Kenya Power, JP Morgan and the World Bank in December 2012. JP Morgan provided the Letter of Credit. The project received US$103 million in long term debt, provided by Industrial and Commercial Bank of China and the CFC Stanbic Bank of South Africa. Total project cost was estimated at US$140 million.    On June 27, 2013, MIGA issued guarantees of $102.5 million to Industrial and Commercial Bank of China and Standard Bank of South Africa covering their-non shareholder loans to Triumph Power Generating Company Limited in Kenya. MIGA also issued a guarantee of $11.1 million to CfC Stanbic Bank, a subsidiary of Standard Bank of South Africa, covering its swap arrangement with Triumph to hedge against long-term interest rate risk. The coverage to all guarantee holders is for a period of up to 12 years against the risk of breach of contract.
The project entails the contract for urban cleaning in Ocasco, Brazil under 30 years contract. SPV is Foxx URE-BA Ambiental Ltda., a JV between the sponsors Foxx Inova Ambiental Ltda. and Tecipar Engenharia e Meio Ambiente Ltda. Total value of the contract is R$399,951,749 or $ 228.27 million. For the structuring of the project, a Public Consultation was held on 09/18/2010, followed by a Bid published on 03/29/2011. The bidding of this Administrative Concession took place through a National Competition. Financial close took place on January 27, 2012.
In July 2011, Madhya Pradesh Road Development Corporation (MPRDC) signed a 15-year concession (including construction period of 2years) with DP Jain & Company Infrastructure Private Limited for the strengthening, improvement,two-laning,operation and maintenance, and tolling of 29.17kms of Datia to Bhander section of MDR road in Madhya Pradesh.  Under the contract, DP Jain Co. was responsible for the design, construction, finance, operation and maintenance,strengthening and widening the existing carriageway to 2-lane road The scope will include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections,interchanges, drains, etc.The expansion project, part of MPRDC Highway Development Project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  DP Jain & Company won the tender through international competitive bidding, conducted by MPRDC,by quoting the lowest fixed annuity of US$ 1.52mn (INR 76mn @50 INR/USD). Under the contract, DP Jain & Company was to recover the capital costs and operating costs including returns through fixed semi-annual payment of INR 38mn from MPRDC as well as through tolling during the term of concession.  The project attained financial closure on 25th June 2012. The debt equity ratio of the project was 75:25. The estimated capital cost of the project at the time of financial closure was US$ 10.2mn (INR 510 mn @50 INR/USD). Financing comprised of an 11-year term loan of US$ 7.6mn (INR 380mn) and sponsor equity of US$ 2.6mn (INR 130mn). The term loan had a grace period of 3 months and a repayment schedule of 18 semi-annual installments. The debt was arranged by Dena Bank.   Construction on the project began in June 2012 and was expected to be completed by May 2014.
The project entails the construction of a waste-to-energy garbage incineration and power generation plant in Lianshui, Jiangsu Province. The site will process 350 tonnes of waste per day. The project's sponsor, Sound Environmental Resources (100%), signed an agreement with the Lianshui County People's Government of Jiangsu Province for a build-operate-transfer project with a concession period of 30 years. Total investment in the project stands at approximately $58.33 million.
Activ Solar GmbH, registered in Austria, was planning the development of the 54.8MW Priozernaya solar plant. The project consisted of 227,744 solar PV modules (crystalline), ground mounted, four row on 100 hectares of land.   The project was commissioned in March 2013, but reported as under development here as no financial closure date was available and commissioning date was >2012. Ukraine maintained a feed-in tariff of UAH4.8 (US$0.58) for solar plants in until 2012, when it was cut to UAH 3.5 (US$0.43). The price is guaranteed until 2030. The tariff is paid in UAH, but guaranteed against a fixed EUR amount (pegged), to absorb currency risk. The national utility is named Electricity Company Ukraine.    No financial details were available. Financial closure date was unavailable, estimated here at December 2012.
African Clean Energy Developments (ACED) was a project developer created to build, own and operate renewable energy projects in Sub-Saharan Africa, including the 139 MW Cookhouse Wind Project, to be located in the Eastern Cape Province of South Africa.  The developer was a joint venture, 50% owned by African Infrastructure Investment Fund (AIIF), a 50/50 joint venture between Macquarie Africa (Pty) Ltd and Old Mutual Investment Group South Africa (Pty) Ltd (OMIGSA); and the remaining 50% by AFPOC Limited, a Mauritian registered company specifically incorporated for this investment.  Construction equity was to be provided by: Globeleq, AFPOC Limited, AIIF II, IDEAS, and the Industrial Development Corporation. AIIF and IDEAS were funds partly owned by Old Mutual. The local community was to own part of the project (15%) through the Cookhouse Wind Farm Community Trust.  The project was awarded in a tender administered by the Department of Energy where a critical factor in the decision was the projected price of power.  Contractual negotiations on the PPA and financing were to be completed by June 2012. The tender was open to all technologies, 53 bids were submitted of which 28 made it to preferred bidder status. These 28 project account for a total of 1,416MW if all are implemented. The EIA was passed (as was required for all bidders).  As of 2011, Suzlon had been selected as the EPC contractor, scheduled to supply 68 of its 2.1 MW S88 turbines. Suzlon was also to maintain the project for 25 years.  Total project cost was estimated at ZAR 2.4 billion (USD 300 million), with Standard Chartered and Nedbank selected as the lead arrangers.  Expected commissioning was for 2014. The project applied for UNFCCC CDM financing. Financial closure was expected for June 2012, but got pushed out towards July 2012.  In November 2012, the project reached financila close.  Precise details of the transaction were not released, however Standard Ban and Nedbank were the MLAs on the deal.
In November 2010, Rajasthan Sun Technique Energy Private Limited (Sun Technique), a subsidiary of Reliance Power Limited (RPL),was awarded the license for setting up a 100MW concentrated solar thermal power project at Dhursar in Jaisalmer District of Rajasthan under the Jawaharlal Nehru Solar Mission (JNNSM) Phase-I (Batch-I) of the scheme. Under the JNNSM the total aggregated capacity of grid connected Solar Projects in Phase-I was expected to be 1000 MW. The deployment of Solar PV and Solar Thermal projects would be in the ratio of 50:50. Sun Technique had acquired the 340 hectares of land required for the project. Electricity generated from the project would be evacuated for consumption in the Combined Regional grid (comprising the electrical system of Northern,Eastern, Western, and North-Eastern grids) of India. The 100 MW Concentrated Solar Thermal Power Plant(CSP) would use Areva's Compact Linear Fresnel Reactor technology. Sun Technique had contracted Reliance Infrastructure (RInfra) for the project EPC, and Areva Solar Inc. would provide Solar Field technology supply. Sun Technique had taken the approval from Powergrid for interconnection with the nearest 132kV generation/pooling substation.  The JNNSM mission had designated NTPC’s Vidyut Vyapar Nigam Limited (NVVN) as the nodal agency for procurement of solar power. On 18th August 2010, NVVN invited RFQs from interested developers to develop 150 MW solar PV projects with a capacity of 5 MW each, and 500 MW solar thermal projects with a minimum capacity of 5 MW and maximum of 100 MW each. NVVN received 418 RFQ responses on September 24, 2010 from both PV and solar thermal project developers (343 applications for solar PV,55 for solar thermal projects, and 5 for combined thermal and PV projects). As the total capacity of the shortlisted projects were in excess of the approved capacity of 150 MW Solar PV Projects and 500 MW Solar Thermal Projects, bidders were required to submit proposals offering maximum discount on the CERC (Central Regulator) approved applicable tariff for grid connected solar power projects for FY 2010-11 - a reverse bidding auction process. The last date for the submission of proposal was November 16, 2010. For Solar Thermal projects, NVVN received 66 bids from project developers indicating discounts offered by each over CERC determined tariff of INR 15.31/kWh. Majority of the bids were below 300 paise. There were 17 bids which offered zero discount. Since, the target allocation for solar thermal projects was 500 MW, only the top 8 discounts were finally selected to set up solar power projects. The cutoff discount was 297paise. MEIL Green Power Limited (MGPL) won the project quoting a tariff of US$  0.262/kWh (INR 11.97/kWh @ 45.73 INR/USD) - a discount of 334 paise.   In January 2011, Rajasthan Sun Technique Energy Private Limited had entered into a 25-year Power Purchase Agreement with NTPC Vidyut Vyapar Nigam (NVVN), which was the the nodal agency to purchase solar power generated by independent solar power producers, under JNNSM. JNNSM provided for a scheme of "bundling" relatively expensive solar power with cheaper power from the unallocated quota of the Government of India out of the capacity of the NTPC based coal stations.This cheaper bundled power would then be sold to state power distribution companies at the CERC regulated price. This would bring down the gap between the average cost of power and sales price of power of the state Discom. The total capacity of 50MW was also eligible for carbon credits. Sun Technique would pass on the gross benefits of CDM to the distribution licensee (NVVN) in the following manner - (a) 100% of the gross proceeds to be retained by Sun Technique in the 1st year after the date of COD, (b) in the 2nd year, the share of NVVN would be 10% which would be progressively increased by 10% every year till it reaches 50%, where after the proceeds would be shared equally by Sun Technique and NVVN. Transmission and/or w
Theppana Wind Farm Company Limited was planning the development of the 7.5MW Theppana wind farm, in Chaiaphum province. Egco acquired 90% of the company.   The concept for this project was cleared in the ADB November 2011, and discussed in the management review meeting October 2012. The ADB is currently pursuing an environmental review. Commissioning was expected for third quarter 2013. The equipment supply contract was awarded to Xinjiang Goldwind Science & Technology (Goldwind) in September 2012, from China. Goldwind was to provide 3 GW109/2500, Permanent Magnet Direct-Drive (PMDD) wind turbines for the wind farm (7.5MW).   No further information was available.
In February 2012, the National Highway Authority of India (NHAI) awarded a 30 year concession (including construction period of 30 months) to Gammon Infrastructure Projects Limited for the strengthening, improvement, six-laning, operation and maintenance, and tolling of 103.59 kms of Vijayawada-Gundugolanu section from km 1076.48 to km 1022.48 including 6-lane Hanuman Junction bypass (length 6.72 km) and 4-lane Vijayawada bypass (length 47.88 km) of National Highway-5 (NH-5), in the state of Andhra Pradesh.  Under the contract, Gammon was responsible for the design, construction, finance, operation and maintenance and strengthening of the existing carriageway to a six-lane highway with paved shoulders. The scope includes construction of 6-lanes (except for the four lane Greenfield Vijayawada Bypass) including construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, service roads, road intersections,interchanges, drains, etc.The expansion project, part of National Highway Development Project Phase-V would ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  Gammon Infrastructure Projects Limited established Vijayawada Gundugolanu Road Project Private Limited (VGRPPL), a special purpose vehicle, to implement the project. The SPV won the tender through competitive bidding, conducted by NHAI, by quoting the highest annual premium. The SPV would pay NHAI a sum of US$11.5mn (INR 575.7mn @50 INR/USD) in the first year of operations with 5% increase in each subsequent year (This amounted to an NPV payout of about US$ 180.9mn over the life of concession period at a discount rate of 10%). Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. Gammon Infra had received the approval of National Highways Authority of India (NHAI) and in August 2012 divested 49% equity in this SPV to Simplex Infrastructure Limited. The EPC contract for the project had been awarded to Simplex Construction Limited. The responsibilities of maintenance of the project (existing highway) during construction period have been covered in EPC contractor scope  The concession agreement was signed on 21st March 2012. The project attained financial closure on 24th March 2012. The debt/equity ratio for the project was 80/20. The estimated capital cost of the project at the time of financial closure was US$ 417.4mn (INR 20870 mn @ 50 INR/USD) million. Financing comprised a 15-year term loan of US$ 334mn (INR 16700mn) and sponsor equity of US$ 83.4mn (INR4170mn). The term loan was syndicated by Central Bank of India.  Construction on the project was expected to begin in October 2012 and was expected to be completed by March 2015.
The project entails the construction of a 75MW bagasse-fuelled termal power plant located at the sponsor's plant of the same name in the town of Rio Brilhante, Mato Grosso do Sul. Biosev is the sponsor. On November 13, 2013, Agência Nacional de Energia Elétrica cleared the commercial operation of the 17 MW generation unit 1. Total investment amounts to $44.53 million.
In June  2010, the Brazilian company Consorcio MGE Transmissao was awarded in a competitive bidding process the contract to build and operate 258-km of transmission  lines and one substation (500/345 kV) located in the states of Minas Gerais and Espirito Santo. Consorcio MGE was established as a partnership of state-owned Furnas Centrais Eletricas (49%), the Brazilian company J. Malucelli Energia S.A. (20%) and Desenvix Energias Renovaveis S.A. (31%).  Besides  Consorcio MGE , other five companies took part in the contest:  CYMI HOLDING S.A; ISOLUX ENERGIA E PARTICIPAÇÕES S/A; ALUPAR INVESTIMENTO S.A.; ELECNOR TRANSMISSÃO DE ENERGIA S.A.; ABENGOA CONCESSÕES BRASIL HOLDING S/A; and TRANSMISSORA ALIANÇA DE ENERGIA ELETRICA S.A. The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue.  Consorcio MGE presented the lowest offer, a total value of US$ 11.6 million (BRL23 million), 28 % below the ceiling set by the regulatory agency.    The contract was signed in June  2010, and the sponsors created the company MGE Transmissao S.A. to manage the 30-year project. The sponsor committed to invest US$ 143.8 million (BRL 284.08 million) in the transmission line. In January 2012, the state-owned bank BNDES approved a US$ 60.3 million (BRL 119.1 million) loan to MGE. The remaining investment was set to be financed with the sponsors'  internal resources.  Environmental clearance was awarded in July  2011. As of October 2012, the construction works were underway, and commercial operations were expected to commence in December 2012.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.  Commercial operations commenced in August 2014.
In Nov 2011, a local private company Shuguang Group signed an agreement with the Dangtu County Government to build and operate the No. 2 Wastewater Treatment Plant in Dangtu County, Anhui Province. The capacity of the facilities was 15,000 cubic meters per day. The total investment was RMB 31.7655 million (US$ 5.03 million), and Shuguang Group had a 100% stake in the project. The concession term of the project was 30 years. The agreement was granted following an open bidding process.Construction commenced in Dec 2011. Till Sep 2012, 98% of the total investment had incurred,a little bit behind schedule (planned completion time: Aug 2012) according to a report.  At least 25% of construction had been achieved by Jan 2012.
CAB Ambiental, a subsidiary of the Brazilian group Queiroz Galvao, was awarded the 30-year concession contract to expand, rehabilitate and operate the sewerage facilities of the city of Estancia de Atibaia (state of Sao Paulo) in December 2012. The contract was awarded by the municipality's central administration, and the private sponsor committed to attend 100% of the population with sewerage services by the end of the contract's 5th year. The population of Atibaia was estimated at 125,000.   CAB Ambiental was awarded the contract by offering the lowest revenue required over the life of the contract (US$  276.6 million or BRL 540 million). All other companies which presented offers were not classified.  The special purpose company created to manage the project CAB Atibaia took over the operation of the water and sewerage services in the end of December 2012.  The private sponsor committed to invest US$  50.2 million (BRL 98 million) over the life of the project.
On 1st August 2011, the Uttar Pradesh State Highway Authority (UPSHA) signed a 25 year concession (including construction period of 30 months) with PNC Infratech Limited for the strengthening,improvement, 4-laning, operation and maintenance, and tolling of 54kms of Bareilly-Almora-Bhageshwar section on State Highway-37, in the state of Uttar Pradesh.  Under the contract, PNC Infratech was responsible for the design, construction, finance, operation and maintenance and strengthening of the existing carriageway to a 4-lane highway with paved shoulders. The scope includes construction of 4-lanes including construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, service roads, road intersections, interchanges, drains, etc. Besides cutting down on travel time, the other benefits expected of this road widening are increase in traffic and trade activities, entry of more businesses in the region and infrastructure developments.  PNC Infratech Limited established PNC Bareilly Nainital Highways Private Limited,a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by UPSHA.  Details of bidding couldn't be ascertained at the time of collection of this information. While it was understood that GoI had given an in-principle sanction of INR 708.1mn (US$ 14.2mn) viability gap funding (upfront grant) the actual outcome of bid was unknown. There were 10 pre-qualified bidders for this project. The SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The project attained financial closure on 17th March 2012. The debt equity ratio of the project was 76:24. The estimated capital cost of the project at the time of financial closure was US$ 120.9mn (INR 6045.5mn @ 50 INR/USD). Financing comprised 15-year term loan of US$ 92mn (INR 4600mn) and sponsor equity of US$ 28.9mn (INR 1445.5mn). The term loan had a repayment schedule of 144 monthly installments. The debt was solely arranged by Canara Bank.  Construction on the project began in March 2012 and was expected to be completed by September 2014.Over 90 percent of the land required for the construction of the road project had already been made available by UPSHA at the time of collection of this information.
Fenix was a 530 MW natural gas-fired IPP set to be located in chilca, just south of Lima.  The project was developed and sponsored by the US based developer AEI, which had an 87.5% stake in the project.    According to IJonline, the project reached finacial close in March of 2012.  Details released on the deal included a USD 350 million loan split equally between Export Development Canada, HSBC and Bancolombia.    Total project cost was 904 million, with 554 million of equity investment from the sponsors.  Confirmation of the transaction with limited other information was found on the export development canada website.  In December 2015, a consortium led by the Chilean company Colbun S.A. aquired full ownership of Fenix Power Peru. The project company's ownership structure was established as Colbun (51%), the Abu Dhabi Investment Authority (36%), and the Peruvian investment fund Sigma (13%).  In February 2016, the sponsors were granted a US$ 365.7 million loan to be used for the refinancing of theis existing debt associated with the project.
Alternergy, a local renewable energy developer, was planning the development of the 90MW Pililia wind farm, in Pililia, Riza, on the Northeastern coast of Laguna de Bay, near the Malaya diesel power plant. Total size of 67.5MW has also been reported (generating 134,400 MWh annually).   Alterenergy reportedly received six exlclusive wind energy service contracts by the department of energy,. These contracts included the Pililla wind farm (40MW), the Kalayaan/Cavinti wind farm (40MW), and the Abra de llog wind farm (30MW). Note that the capacities have been corrected upward.   The developer closed a PPA with Manila Electric Company (MERALCO), to directly connect the wind farm to the local electricity grid, avoiding using the transmission grid. The project was to consist of wind turbines by Gamesa, the G90-2000 type, of 2.0MW each. Project life was expected to be 21 years, which includes 1 year for construction. Expected tariff was Php 8.53/kWh.  The project was expected to classify under the Republic Act No. 9513 (Renewable Energy Act of 2008) for Feed in Tariffs, but no confirmation on FiT was given as of early 2012. The FiT was eventually put in place in July 2012. Commissioning was expected for October 2013.  Total investment was expected to be P11.687 billion towards the 90MW Pililla wind farm. Reportedly, the 50MW Abra de llog was to cost P4.772 billion. The Kalayaan/Cavinti (50MW) was expected to cost P6.47 billion. The project company for that farm was Cavinti Wind Energy. The project applied for UNFCCC CDM financing in September 2012.
Aboitiz was planning the development of the 11.5 MW Tamugan hydropower plant, near Davao City. The project was originally designed as a 27.5MW plant, but scaled down to 19MW, then to 11.5MW. Project company was Hedcor Tamugan, Inc.  In February 2011, the developer announced it expected to start construction after completion of the Tudaya expansion plants of the existing Sibulan hydropower plant. Expected to be completed between 2012-2014. Originally expected to become operational in 2010, the project received RE tax credits, including income tax holiday and duty-free importation of capital equipment. The expected offtaker was Davao Light and Power Company, the distribution utility of Davao City.  The project applied for UNFCCC CDM funding.
In February 2012, the Brazilian companies CAB Ambiental (50%), a subsidiary of Galvao Engenharia Group, and Serrana Engenharia Ltda (50%) were awarded the 30-year concession contract to expand, rehabilitate and operate the water and  sewerage facilities of the municipality of Itapoa located at the state of Santa Catarina. Located in a tourist area, the population of Itapoa was estimated at 13,000 (70,000 during the summer season). At the time the contract was awarded, the city had a water coverage ratio of 98%, but no sewerage treatment facilities.  The sponsors were awarded the contract by offering the best technical and economic package. Two other companies took part in the contest: Saneter Construtura and Grupo Aguas do Brasil S.A. The contract was signed in October 2012, and the private sponsors took over the operations of the sewerage services in the same month.  The special purpose company Itapoa Saneamento was formed as the project company. The company committed to invest US$ 38.2 million (BRL 90 million) over the life of the project. The performance target was established as 100% for water services coverage and 30% for sewerage services coverage by 2017. The company agreed to construct two new water and sewerage facilities.
Tranzen Group Incorporated (80%) and Lanao Hydropower Development Coproration (20%) via their joint-venture Agus 3 Hydropower Corporation, developed the 225MW Agus 3 Hydropower plant, Mindanao.   The project was expected to sell its output to the local grid. The EPC contract was awarded to China Gezhouba Group Company Limited. Commissioning date was unknown.   Total project cost was estimated at US$500 million. Total debt financing of US$350 million was arranged and reported by September 2012, with financing provided by China Development Bank Corporation.
Region Oil was planning the development of the 400 MW Xekong 5 hydropower plant, near Sekong. The project capacity was reported as 330 MW by the government of Laos.  The MOU for the project was signed in 2005 and expired in April 2009. The PDA was signed in June 2009 and the feasibility study submitted in June 2009. The environmental and social impact assessments were done by Norconsult AS from Noway and National Consulting Company from Laos. The output was partially to be exported to Thailand. The concession agreements and PPA were reported as under negotation by the Laos government.   No further financial details were available as of December 2011.
The  Brazilian company Energisa Geracao Centrais Eolicas RN S.A., a subsidiary of the Brazilian group Energisa S.A., was granted the authorizations to build five  wind power plants located in the state of Rio Grande do Norte (150 MW in total capacity ). The 35-year contracts were signed with the regulatory agency ANEEL starting in April 2011. The sponsor created the special purpose companies to manage the projects:  Energisa Geracao-Central Eolica Renascenca I - EOL Renascenca I (30 MW) Energisa Geracao-Central Eolica Renascenca II - EOL Renascenca II (30 MW) Energisa Geracao-Central Eolica Renascenca III - EOL Renascenca III (30 MW) Energisa Geracao-Central Eolica Renascenca IV - EOL Renascenca IV (30 MW) Energisa Geracao-Central Eolica Ventos de Sao Miguel - EOL Ventos de Sao Miguel (30 MW)  In August  2010, all four wind power plants took part in the same competitive bidding process to sell electricity to the regulated wholesale market, starting in 2013 (20-year power purchase agreement was signed guaranteeing the sale of electricity to the national grid). The average tariff offered in the bidding process by the power plants was US$ 68.9/MWh (BRL 136/MWh). A equipment supply agreement was signed with Vestas in March 2011.  The total investment in the project was estimated at US$ 364.6 million (BRL 720 million).   As of October 2012, construction works were underway. Commercial operation was  estimated to commence in September 2013.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company is not subject to sectoral taxes.  In May 2012, the sponsor applied for carbon credits.  In December 2012, the state-owned bank BNDES approved the following loans to the project companies:  Central Eolica Renascenca I - US$ 29 million (BRL 56.7 million) Central Eolica Renascenca II - US$ 29 million (BRL 56.7 million) Central Eolica Renascenca III - US$ 29 million (BRL 56.7 million) Central Eolica Renascenca IV - US$ 29 million (BRL 56.7 million) Central Eolica Ventos de Sao Miguel - US$ 29 million (BRL 56.7 million)  In September 2013, BNDES approved additional US$ 192.9 million (BRL 454.1 million) funding for the project.  In March 2015, the Canadian group Brookfield acquired all shares of Energisa Geracao Centrais Eolicas RN S.A.
The Grupo Musa/Synergy power plant was the 200 MW first phase of a 450 MW Concentrating PV facility to be constructed in Tecate, Mexico.  The project was sponsored by Grupo Musa, a Mexican real estate developer and Synergy, a US CPV project developer.  The OEM supplier for the project was Solfocus, a US manufacterer of CPV modules.    The project was to be located on the land of Grupo Musa and the first 50MW contracted under a PPA to sell power to Grupo Musa. further details on the PPA were not released and it was understood that subsequent 50 MW trnaches of the project might sell power to CFE under the IPP model.  Total cost of the project was also not released, however, it was announced by FINEXIM that USD 720 million had been "allocated" to the development of the forst 200 MW of the project.  Commisioning of the first first 50 MW was expected in 2013, with the further 150 MW financed by FINEXIM by the end of 2014.
The Brazilian company Equipav was awarded the 30-year concession contract to expand, rehabilitate and operate the sewerage facilities of the city of Piracicaba (state of Sao Paulo) in May 2012. The contract was awarded by the municipality's central administration. The population of Piracicaba was estimated at 367,300.   Equipav was awarded the contract by offering the lowest tariff. Only one other company took part in the contest: the Brazilian company Foz do Brasil. The contract was signed in June 2012, and the private sponsor took over the operations of the sewerage services in July 2012. The government agreed to make fixed payments to the concessionaire to compensate for the investments, but no detailed information on these payments was available.  Equipav's subsidiary AEGEA was set to lead the project through the establishment of the special purpose company Aguas do Mirante. The private sponsor committed to invest US$  151.9 million (BRL 300 million) over the life of the project.   In June 2012, the IFC approved an US$ 62 million loan to finance AEGEA’s investment in the water and sewerage concession projects led by the company.   The construction works in the expansion of the sewerage system commenced in November 2012.  In May 2014, the sponsors received the approval on a US$ 83.4 million (BRL 196.04 million) 24-year Term Loan provided from the state-owned bank Caixa Economica Federal and a US$ 65.9 million (BRL 155 million) 1-year bridge loan from Santander, HSBC and BES Investimento do Brasil.
Conergy Asia Pacific & Middle East was developing the 10.5MW solar plant in central Suphanburi Province, Thailand.   The developer signed an EPC contract with Annex Power in October 2012. The project was to consist of 43,430 solar panels of Conergy CPP 240 and 245, installed on 25 hectares of land. Construction time is expected to be 5 months. The contract also includes operational maintenance.   No further information was available.
Ukrainian natural gas distribution company Syrnygaz was partially divested in September 2012. The winning bidder was Gaztek JSC, from Kyiv, Ukraine. By winning the bid, Gaztek expanded its share in Syrnygaz with 25.8%. Other equity holders in the firm were Khmelnitskgaz (24.3%). Gaztek JSC was 96% held by four Cyprus-based companies: Krezer Holdings Limited, Nesiba Venchers Limited, Pasler Enterprise Limited, Polara Venchers Limited.  Two final bidders participated in the tender, the second firm being Finlex-Invest (Kyiv).   The value of the final bid was unknown. The Ukrainian bank representing Gaztek was Nadra Bank, Nadra Bank was 89.9% owned by Centragas Holding AG, from Austria. Gaztek raised UAH 250 million to purchase shares in Syrnygaz as well as 11 other natural gas utilities: Volyngazm (23.4%), Sevastopolgaz (25%), Zaporizhgaz (25%), Dnipropetrovskgaz (26%), Chernivtsigaz (20.4%), Zhytomyrgaz (15.9%), Syrnygaz (25.8%), Gaztek (23%), Ivano-Frankivskgaz (25%) and Kykolaivgaz (25%). Financial closure date was unavailable, reported here is month of tender winning.
In January 2002, Consorcio Cebranorte Urbano, a partnership of the Brazilian companies Urbano Agroindustrial Ltda (50%) and Cebranorte Geracao S.A. (50%), was granted the 30-year contract to build and operate a small hydro power plant (18.7 MW inl capacity), located near the municipalities of Sao Martinho and Sao Bonifacio, state of Santa Catarina. The power plant was named PCH Capivari.  The construction of power plant actually commenced in 1989, but it was later halted due to lack of funding. The construction works restarted in 2012, and were completed in June 2016. The total investment in the power plants was estimated at US$ 14.8 million (BRL 51.7 million). Financing information was not available.   In April 2016, the company was granted power purchase agreements to sell electricity to distribution companies starting in 2021. The company presented a winning bid of US$ 54.47/MWh (BRL 189.98/MWh).  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
In March 2012, the National Highway Authority of India (NHAI) awarded a 19 year concession (including construction period of 30 months) to L&T Infrastructure Development Projects Limited (LTIDPL) for the strengthening, improvement, four-laning, operation and maintenance, and tolling of 275kms of Amravati–Jalgaon section of NH-6 from KM 166.725 to KM 441.300 in the state of Maharashtra. This stretch was contiguous to Jalgaon to Gujarat/ Maharashtra Border 209km section of the same NH-6.  Under the contract, L&T IDPL was responsible for the design, construction, finance, operation and maintenance and strengthening of the existing 2-lane carriageway to a 4-lane highway with paved shoulders. The scope will include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections,bypass, flyovers, interchanges, drains, toll plazas etc.The expansion project, part of National Highway Development Project Phase-IV, was part of the NHAI's Mega Highway Program. This stretch is a prominent East-West connector, connecting hubs of economic activity like Gujarat & Maharashtra in the West to the mineral rich states like Orissa & Chattisgarh in the Eastern part of the country. The Project would offer seamless, safer and faster commute between places like Surat, Dhule, Nagpur and shall pave way for development in Vidharbha region of Maharashtra.  L&T IDPL established L&T East-West Tollway Limited (L&T EWTL), a special purpose vehicle, to implement this project. The SPV won the tender through competitive bidding, conducted by NHAI, by quoting the highest premium payment to NHAI. The SPV would pay NHAI a sum of of US$ 26.2mn (INR 1310.4mn @50 INR/USD) in the first year of operations with 5% increase in each subsequent year (This amounted to an NPV payout of US$ 315mn over a concession period of 19 years at a discount rate of 10%).There were 12 final bidders for this project. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. L&T would execute the EPC contract for this project.  The concession agreement was signed on 6th June 2012. The project attained financial closure on 30th November 2012. The debt/equity ratio of the project was 76/24. The estimated capital cost of the project at the time of financial closure was US$ 603.9mn (INR 30194mn @50 INR/USD). Financing included senior debt of US$ 400.9mn (INR 20043.2mn), subordinate debt of US$ 58.9mn (INR 2944mn), and sponsor equity of US$ 144.1mn (INR 7206.8mn). The lead arranger was ICICI Bank.    Construction on the project was expected to begin in December 2012 and get completed by June 2015.  According to the reports, the project financials had gone unfavorable, with key inputs such as bitumen, diesel and aggregates turning costlier, and the company fearing that the actual toll revenues would be lower than projected because of the economic slowdown setting in (2012-2014 period slowdown). Even the Government (NHAI) sop — allowing road developers to postpone payment of premium — would not be enough to make the projects profitable. L&T was in discussion with NHAI for exiting the project for some time. Finally in September 2014, NHAI canceled the concession for the project.
Godavari Green Energy Limited (GGEL) had successfully bid as one of the seven developers as part of Phase 1 of Jawaharlal Nehru National Solar Mission (JNNSM) for a 50 MW Solar Thermal Plant. The project was being implemented at Naukh village located in the Jaisalmer district in Rajasthan. GGEL had signed the Power Purchase Agreement with NTPC Vidyut Vyapar Nigam (NVVN)  for a period of 25 years and the power would be supplied at a fixed tariff of INR 12.20 per KW. GGEL had successfully completed the acquisition of land. The solar thermal power plant would be based on the parabolic trough technology and was expected to be commissioned by May 2013 in line with the guidelines of the PPA.   Plant was commissioned in June 2013 as per Government website.
The Brazilian company Renova Energia was granted authorizations to build fifteen wind power plants  located in the state of Bahia (364.2 MW in total capacity, municipalities of Caetite, Guanambi, Igapora, Urandi and Pindai). The project was named Alto Sertao II Wind Park. The following project companies were created to manage the power plants:  * Centrais Eolicas Ventos do Nordeste Ltda - EOL Ventos do Nordeste (19.5 MW) * Centrais Eolicas da Prata Ltda - EOL Da Prata (19.5 MW) * Centrais Eolicas dos Aracas Ltda - EOL Dos Aracas (30 MW) * Centrais Eolicas Morrao Ltda - EOL Morrao (30 MW) * Centrais Eolicas Tanque S.A. - EOL Tanque (24 MW) * Centrais Eolicas  Seraima S.A. - EOL Seraima (30 MW) * Centrais Eolicas Maron S.A. - EOL Maron (28.8 MW) * Centrais Eolicas Piloes S.A. - EOL Piloes (28.8 MW) * Centrais Eolicas Dourados S.A. - EOL Dourados (28.8 MW) * Centrais Eolicas Serra do Espinhaco S.A. - EOL Serra do Espinhaco (17.6 MW) * Centrais Eolicas Espigao S.A. - EOL Espigao (9.6 MW) * Centrais Eolicas Borgo S.A. - EOL Borgo (19.2 MW) * Centrais Eolicas Pelourinho S.A. - EOL Pelourinho (20.8 MW) * Centrais Eolicas Ametista S.A. - EOL Ametista (28.8 MW) * Centrais Eolicas Caetite S.A. - EOL Caetite (28.8 MW)  The 35-year contracts were signed with the regulatory agency ANEEL starting in April 2011. The total investment in the power plants and the associated transmission line was estimated at US$ 717.2 million (BRL 1400 million). Of this total, US$ 420.1 million (BRL 820 million) referred to a equipment supply contract Renova signed with GE in December 2012.  In December 2012, the state-owned development bank BNDES approved US$ 153.7 million or BRL 300 million in loans to finance the project. In addition, Renova issued long-term bonds amounting to US$ 154.2 million (BRL 301 million) to finance the power plants, and increased its capital by US$ 161.2 million  (BRL 314.7 million). In January 2013, an additional US$ 297 million (BRL 699 million) was granted by BNDES to roll over the first debt and to help financing the project.  In June 2014, BNDES approved another US$ 443.5 million (BRL 1044 million) to finance the remaining of the capital expenditures.  The government periodically runs public bidding for the sale of energy to the country´s distribution companies. The fifteen power plants controlled by Renova won the public bidding that took place in 2010 and 2011, by offering an average tariff of US$ 56.3/MWh (BRL 110/MWh). The project companies signed 20-year power purchase agreements with the several electricity distribution companies, and the agreements included the annual adjustment of the tariff to the inflation rate. Renova committed to start supplying to the market in September 2013 and March 2014.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company is not subject to sectoral taxes.  In 2012, the company applied for carbon credits.  EOL Seraima, EOL Tanque and EOL Ventos do Nordeste were the first units to commence operations in October 2014.
In May 2009, the Brazilian company ETEP, a subsidiary of Alupar (fomerly known as Alusa), was awarded in a competitive bidding process the contract to build and operate the Santos Dumont Substation located at the state of Minas Gerais.  Besides ETEP, four other companies took part in the contest: ORTENG EQUIPAMENTOS E SISTEMAS LTDA.; the Brazilian consortium TRANSENERGIA (J.MALUCELLI, 25.5%; FURNAS, 49%; and DELTA 25.5%); the Spanish company  ELECNOR TRANSMISSAO DE ENERGIA LTDA; and the Brazilian company ATP ENGENHARIA LTDA.  The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. Alupar presented the lowest offer, a total value of US$ 4.2 million (BRL 8.3 million), 23.1% below the ceiling set by the regulatory agency. The contract was signed in November 2009, and the sponsor created the company Empresa Santos Dumont de Energia (ESDE) to lead the project during the 30-year contract period.   The sponsor committed to invest US$  44.6 million (BRL  89.3 million) in the transmission line. Enviromental clearence was awarded in April 2011. Construction works commenced in May 2011 and were concluded by January 2013.  In November 2012, the state-owned bank BNDES granted a US$ 21.9 million (BRL 42.8 million) to finance the construction works.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures.
The project entails the contract for provision of public services of urban cleaning and solid waste management, consisting of collection, transportation, destination and disposal environmentally adequate household and commercial solid waste; collection, transportation, treatment, disposal and final disposition of solid waste from health services, from the sweeping and cleaning of public places and streets, as well as the operation of the landfills Dom Antônio Barbosa I and II and the construction of a new landfill to be called "Ereguaçu" under 25 years contract. SPV is CG Solurb Soluções Ambientais SPE Ltda., a wholly owned subsidiary of the sponsor Financial Construtora Industrial Ltda. Total value of the contract is R$1.303.941.220 or $ 767.51 million. Financial close took place on October 25, 2012.
South Asia Energy Management Systems LLC was planning the development of the 14MW Nyamwamba Mini Hydropower plant, near Kilembe village, Kasese district, Western Uganda. The project was to be run-of-river.  No information about the contracts was available.  Total project cost was estimated at $34 million. The project reached financial closure in January 2012, following a $24 million senior loan, of which $12 million was provided by the Dutch FMO, $6 million by the Emerging Africa Infrastructure Fund and, $4 million by DEG, and, $2 million by Finnfund. This implies $10 million in equity.  Update:  No evidence found of financial close in 2012.
In November 2012, the National Highway Authority of India (NHAI) awarded a 30-year concession (including construction period of 910 days or approximately 2.5 years) to Sadbhav Engineering Limited (SEL) for the strengthening, improvement, 4-laning, operation and maintenance, and tolling of 87.25kms (from KM0.000 to KM87.250) of Rajasmand to Bhilwara section of National Highway-758 (NH758),in the state of Rajasthan.   Under the contract, IRB Infra was responsible for the design, construction, finance, operation and maintenance and widening of the existing carriageway to a 4-lane highway with paved shoulders. The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc. The project road was a newly declared national highway under NHDP-IV program. It was a section of NH-758 starting from kakroli (Rajsamand) and ending at Bhilwara bypass on NH79. The project road passed through Rajsamand which was one of the major marble clusters of Rajasthan (around 20% of India’s marble reserve). There were about 500 mines and 250 modern gangsaw mills in the nearby region of project stretch.Furthermore, two mines on the project stretch were principal Indian sources of minerals like zinc, silver and manganese. Also,the project stretch was 12 km shorter than the existing Kishangarh-Udaipur route which was a part of Golden Quadrilateral (GQ).   Sadbhav Engineering Limited established Bhilwara Rajasmand Tollway Private Limited (IWTPL), a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by requesting the lowest upfront subsidy of US$ 45.5million (INR 2664mn @58.6 INR/USD). Out of the 35 pre-qualified bidders, Sadbhav was the sole particpant in the final bid. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. A fixed price EPC contract was given to Sadbhav Engineering Limited.  The concession agreement for the project was signed on 14th December 2012. The project attained financial closure on 14th September 2013. The grant/debt/equity ratio for the project was 28/29/43. The estimated capital cost of the project at the time of financial closure was US$ 160.8mn (INR 9425mn @58.6 INR/USD). Apart from viability gap funding (grant) of INR 2664mn, financing comprised of a 18-year term loan of US$ 47.2mn (INR 2764mn) and sponsor equity of US$ 68.2mn (INR 3997mn). The term load had a grace period of 3 years and a repayment schedule of 174 quarterly installments (door-to-door tenure of 18 years).The debt was arranged by ICICI Bank and the participating banks were Oriental Bank of Commerce (INR 500mn),Union Bank of India (500mn),Vijaya Bank(500mn).     Construction on the project was expected to begin in October 2013 (the assigned appointment date post signing of concession agreement in December 2012 and financial closure in September 2013) and be completed by April 2016.
Kurum, a Turkish steelmaker, won the bid for the divestiture of the Ulez & Shkopet  small hydropower plants, in Southern Albania. The plant consisted of 49.5MW: Ulet was 25.2MW, Shkopet was 24MW.  The competitive bid based on highest price paid to the government was won with a bid of EUR 57.5 million (US$75.75 million). Initial tenders of the same projects had to be canceled 4 times due to lacking interest over worries of the monopoly position of KESH. Output is to be sold to KESH. EVN also showed interest in the tender, but it is unknown if they have submitted a bid.  Total cost was US$75.8 million. The financial closure date was December 2012, date of finalizing the tender. The project is reported as under development as the final signing of the contract only took place in February 2013.
The project entails the construction of a waste-to-energy plant in Lanzhou, Gansu Province. Construction will be divided into two phases: phase one - construction of a WtE plant with a daily waste disposal capacity of 2,000 tonnes, and phase two - expansion of the plant up to a daily capacity of 3,000 tonnes. In October 2012, ZhongDe Waste Technology signed a contract for a build-operate-transfer (BOT) project with the Lanzhou Qinwangchuan Integrative Development Management Committee. The contract is valued at approximately $219.13 million. On 14th October 2016, ZhongDe entered into an agreement with Capital Yield Group for the sale of all its shares in its wholly-owned subsidiary, Chung Hua Environment Protection, which undertook all of its BOT projects.
Cong Ly was planning the development of the 16 MW first phase wind farm, Bac Lieu province, 200 km Soutwest of HCM City.   Equipment was to be supplied by GE (announced July 2011), 10 turbines of 1.6 MW and a long term maintenance contract. A phase II of the project was in the design phase, but would depend on the outcome of this project. Total capacity could grow by 120 MW in phase II. In the national power development program for Vietnam, dating August 2010, the project was already included listing as 99 MW, and projected to produce 310 GWh annually, with 66 turbines spread over 500 hectares of land. Commissioning dates were unknown.  Construction was scheduled to take three years. The output was to be bought by EVN at VND 1,614/kW ($78/MWh). Part will be subsidized by VND 207/kWh from the Vietnam Environment Protection Fund.   Total cost was estimated at VND 4.5 trillion ($228.4 million).
75 Mw PV project awarded under the REIPPP 2 window in South Africa.  Lead sponsor and developer Solar Capital.
The project involves the construction of a biomass plant in São Miguel dos Campos, Alagoas, Brazil. Construction started in July 2012. On 3 October 2014 the National Electric Energy Agency authorized the generation of the first unit of the plant, with a capacity of 30.7MW. The plant has the capacity to process 1,243,876 tonnes of biomass per year. Chemtex, a division of Gruppo Mossi & Ghisolfi (M&G), provideded EPC services and technical advice for the project. Yokogawa América do Sul - a subsidiary of Yokogawa Electric Corporation supplied the control system and field instruments for the facility. GranBio, which is controlled by the sponsor - GranInvestimentos, is the SPV for the project. GranEnergia - also a subsidiary of GranInvestimentos, managed the construction.
A local private company Kaidi Electric Power was granted a contract to build and operate a 30MW biomass power plant in Huainan City, Anhui Province. When construction commenced was not reported. The total investment was US$ 41.19 million (RMB 260 million) and Kaidi had a 100% stake in the project. A special purpose vehicle, Huainan City Kaidi Green Energy Development Company Limited was set up to perform the project. Substantial construction was completed in Dec 2012 and the plant came into operation in Jun 2013.
In December 2011, SEI Solar Power Private Limited (SEI), was awarded the license for setting up a 20MW grid connected solar Photo voltaic power project located at Phalodi, in Jodhpur District of Rajasthan under the Jawaharlal Nehru Solar Mission (JNNSM) Phase-I Batch-II of the scheme. SEI Solar Power was a joint venture between SunEdison Energy Holding (Singapore) Pte. Ltd. and Astronergy Solar Korea Co. Ltd.  (a CHINT Group company). Under the JNNSM the total aggregated capacity of grid connected Solar Projects in Phase-1 was expected to be 1000 MW. The deployment of Solar PV and Solar Thermal projects would be in the ratio of 50:50. 150MW aggregate has already been allotted in FY2010-11 as a part of Batch-I of JNNSM Phase-I, and allotment for the remaining 350 MW Solar PV Projects was carried out through the second batch. SEI had acquired land for the project. The output from the project would be fed to the northern grid of India.   The JNNSM mission had designated NTPC’s Vidyut Vyapar Nigam Limited (NVVN) as the nodal agency for procurement of solar power. In October 2011, NVVN invited RFQs from interested developers to develop 350 MW solar PV projects with a capacity of 5 MW each, with a minimum capacity of 5 MW and maximum of 50 MW each. NVVN received 210 RFQ responses on 17th November 2011 from PV solar project developers. As the total capacity of the shortlisted projects were in excess of the approved capacity of 350 MW Solar PV Projects, bidders were required to submit proposals offering maximum discount on the CERC (Central Regulator) approved applicable tariff for grid connected solar power projects for FY 2011-12 - a reverse bidding auction process. The last date for the submission of proposal was December 2011. NVVN received 180 bids from project developers indicating discounts offered by each over CERC determined tariff of US$ 0.329/kWh (INR 15.39/kWh @46.67 INR/USD). The winning bids for solar PV under Batch-II of JNNSM Phase-I varied from INR 7.49/kWh to INR 9.41/kWh, at an average bid price of INR 12.15/kWh. Since the target allocation for solar thermal projects was 350 MW, only the top 20 discounts were finally selected to set up solar power projects. SEI won the project by quoting a tariff of US$ 0.198/KwH (INR 9.28/kWh, a discount of 611 paise).   In January 2012, SEI had entered into a 25-year Power Purchase Agreement with NTPC Vidyut Vyapar Nigam (NVVN), which was the the nodal agency to purchase solar power generated by independent solar power producers,under JNNSM. JNNSM provided for a scheme of "bundling" relatively expensive solar power with cheaper power from the un-allocated quota of the Government of India out of the capacity of the NTPC based coal stations.This cheaper bundled power would then be sold to state power distribution companies at the CERC regulated price. This would bring down the gap between the average cost of power and sales price of power of the state Discom. Transmission and/or wheeling charges would be paid by SEI.  Financial closure reportedly took place in November 2012.The total project cost was estimated (based on newspaper reports) at US$ 50.6mn (INR 2705mn @53.44 INR/USD).The debt equity ratio for the project was 70/30. Financing comprised of a term loan of US$ 34.3mn (INR 1833mn) and sponsor equity of US$ 16.3mn (INR 872mn). IFC provided the term loan of US$ 34.3mn.   Construction for the project started in January 2012 and commercial operation for 20MW started on 11th February 2013.
Mainstream SA, a joint venture between Mainstream Renewable Power and Genesis Eco Energy,  was to build, own and operate a 138 MW wind farm to be located in Jeffreys Bay, Eastern Cape, South Africa. The equity was divided as follows:   1) Mainstream Renewable Power Jeffrey’s Bay (Pty) Lt., owned by Globeleq Holdings and Luxembourg Mainstream Renewable Power SARL (a joint venture between Mainstream Renewable Power and Genesis Eco Energy)(40%). 2) Old Mutual Insurance (20%) 3) Thebe Investment Corporation, Usizo Engineering Pty Ltd, Enzani Molene Technologies Pty Ltd. (14%). 4) Jeffreys Bay Renewable Energy Community Trust (6%).  The project was to consist of 60 Siemens SWT turbines of 2.3MW each, expected to generate 362 GWh annually. The project was awarded in a tender administered by the Department of Energy where a critical factor in the decision was the projected price of power.  Contractual negotiations on the PPA and financing were to be completed by June 2012. The tender was open to all technologies, 56 bids were submitted of which 28 made it to preferred bidder status. These 28 project account for a total of 1,416MW if all are implemented. The EIA was passed (as was required for all bidders). Construction was expected to start in July 2012. The PPA finalized in April 2012. Wind measurements were done between June 2007-2011, by Garrad Hassan. Siemens was to be the equipment supplier.   Total prject cost was estimated at ZAR 2.3 billion (USD 296 million), with comissioning expected for 2013. Financial closure was expected for June 2012.   In Novemebr 2012, the project reached financial close with ABSA Bank and the Development Bank of South Africa. The only detail released of the transaction was a debt/equity ratio of 75/25.
The project entails the concession for integrated solid waste management and management system in the Municipality of Sao Bernardo do Campo, comprising the execution of urban cleaning services, implementation of a program for the minimization and management of urban waste and construction, implementation and operation of the Waste Processing and Utilization System and Energy Recovery Unit (SPAR-URE-SBC), and remediation of the Alvarenga old dump area under 30 years contract. SPV is SBC Valorizacao de Residuos S.A., a JV between the sponsors Lara Central de Tratamiento de Residuos Ltda. and Revita Engenharia SA. Total value of the contract is R$5.518.985.201 or $ 2.685 billion. For the structuring of the project, a Public Consultation was held on 06/03/2011, followed by a Bid published on 02/15/2012. The Bidding for this Administrative Concession took place through a National Competition of the Technique and Price type in which consortia of up to three (3) companies were allowed to form. Financial close took place on June 20, 2012.
In February 2012, Consorcio Invepar was awarded in a competitive bidding process the contract to expand and operate the airport located at the city of Guarulhos (near Sao Paulo, capital of the state of Sao Paulo). Consorcio Invepar was established as a partnership of the Brazilian company Invepar Investimentos e Participacoes (90%) - a partnership of the construction company OAS, 25%, state-owned companies and banks pension funds, 75% - and the South African company Airport Company South Africa (10%). A special purpose company named Concessionaria Aeroporto Internacional de Guarulhos S.A. was created to manage the project, 51% owned by Consorcio Invepar and 49% owned by the state-owned company Infraero. The 20-year contract was signed with the regulatory agency in June 2012, and the private sponsors took over the operations of the facilities in December 2012.  Besides Consorcio Invepar, ten other companies took part in the contest (information on these companies was not available). The bidding criteria set by the regulatory agency ANAC was the highest payment for the concession rights. Consorcio Invepar  presented the highest offer, a total value of US$ 8306 million (BRL 16.213 billion), 373.5% above the minimum set by the regulatory agency. The payments were set to be made in annual installments over the life of the contract.  The project envisaged the rehabilitation of two terminals and the construction of new terminals (the total capacity of the airport was set to increase to 60 million passengers per year). The total investment in the first phase of the project was estimated at US$ 1060 million (BRL 2.071 billion), and was financed with a US$ 614.8 million (BRL 1.2 billion) loan from the state-owned bank BNDES granted in December 2012. Over the life of the contract the total investment is estimated at US$ 2408 billion (BRL 4.7 billion).  In March 2014, the sponsors issued two 12-year US$ 127.6 million (BRL 300 million) bonds with bookrunners Banco do Brasil, Bradesco and HSBC.
In December 2011, Umoya Energy - a local renewable energy developer - was awarded the rights to develop a 65.4 MW wind farm to be located in Hopefield, South Africa. The project company was: Umoya Energy (Pty) Ltd., African Infrastructure Investment Fund (AIIF),  Kagiso Infrastructure Empowerment Fund (KIEF), the Infrastructural, Developmental and Environmental Assets Managed Fund (IDEAS), and Tomlo Commodities (Pty) Ltd. held equity in the project company. AIIF was a 50/50 joint venture between  Macquarie Africa (subsidiary of Macquarie  Group) and Old Mutual Investment Group South Africa. Old Mutual was also shareholder in KIEF, Tomlo commodities, and IDEAS (not reported separately).  The project was awarded in a tender administered by the Department of Energy where a critical factor in the decision was the projected price of power.  Contractual negotiations on the PPA and financing were to be completed by June 2012. Under the tender, 56 bids were received of which 28 made it to preferred bidder status. These 28 project account for a total of 1,416MW if all are implemented. The EIA was passed (as was required for all bidders). Vestas was to be the equipment supplier. Commissioning was expected for 2014.  Total project cost was estimated as ZAR 1.6 Billion (USD 200 million).  In November 2012 the project reached financial close.  At closing, the principal project sponsors were Macquarie and Old Mutual, with 38.5% stakes each.  The reported total project cost was USD 173 million, with 120 in the form of debt financing and 73 in equity, for a debt/equity ratio of 70:30.
In December 2011, Red Cap Kouga Wind Development Company  - a local renewable energy developer - was awarded the rights to develop a 77.6 MW wind farm to be located in Oyster Bay, South Africa.  The project company was owned by Red Cap Investments, Afri-Coast Engineers SA (EPC contractor), Eurocape Renewables (South Africa, Project Manager), Inspired Evolution Investment Management (financier) and Standard Bank (financier). The project company was: Red Cap Kouga Wind Farm (Pty) Ltd. The project was to consist of 32 Nordex N90 2500 HS turbines in the first phase, 20 years expected life. The project was expected to generate 290 GWh annually. Local stakeholders, through the Red Cap Kouga Community Development Trust (with IDC assistance) were expected to hold 26% of the equity.  The project was awarded in a tender administered by the Department of Energy where a critical factor in the decision was the projected price of power.  Contractual negotiations on the PPA and financing were to be completed by June 2012. The tender was open to all technologies, 53 bids were submitted of which 28 made it to preferred bidder status. These 28 project account for a total of 1,416MW if all are implemented. The EIA was passed (as was required for all bidders). The equipment supplier was to be Nordex (Germany).  Total project cost was estimated as ZAR 2 Billion (USD 258 million), with comissioning expected for 2014. The project applied for UNFCCC CDM financing, the credits of which were to be bought by Electrabel (Belgium). The Industrial Development Corporation (IDC) was expected to provide a ZAR 120 million ($14.1 million) loan.  Project coordinates:  34.1470 S; 24.7110E  In November 2012 the project reached financial close.  The toal reported project cost was USD 222 million, 155 of which came in the form of senior debt.  Both debt tranches had a tenor of 15 years - pricing information was not released.  Standard Bank, Evolution One Fund and Micawber 864 Proprietary were the reported equity investors.
In August 2011, Consorcio Inframerica was awarded in a competitive bidding process the contract to build and operate the airport located at the city of Sao Goncalo do Amarante (near Natal, the capital of the state of Rio Grande do Norte). Consorcio Inframerica was established as a partnership of the Brazilian company Infravix Participacoes (50%) - a subsidiary of Grupo Engevix - and the Argentine company Corporacion America (50%). A special purpose company named Inframerica Concessionaria do Aeroporto de Sao Goncalo do Amarante was created to manage the project, 51% owned by Consorcio Inframerica and 49% owned by the state-owned company Infraero. The 28-year contract was signed with the regulatory agency in November 2011.  Besides Consorcio Inframerica, three other companies took part in the contest: Consorcio ATP-Contratec, Consorcio Aeroportos Brasil and Aeroleste Potiguar (a partnership of the Brazilian company Triunfo and the Spanish company FCC). The bidding criteria set by the regulatory agency ANAC was the highest payment for the concession rights. Consorcio Inframerica  presented the highest offer, a total value of US$ 104.2 million (BRL 170 billion), 329% above the minimum set by the regulatory agency. The payments were set to be made in annual installments over the life of the contract.  The airport was set to have a total capacity of 6.2 million passengers per year. The total investment in the project was estimated at US$ 205 million (BRL 400 million), and was financed with a US$ 169  million (BRL 330 million) loan from the state-owned bank BNDES granted in December 2012.  Commercial operations commenced in May 2014.
Akfen Holding (IST: AKFEN), via its subsidiary Akfen Hidroelektrik Santrali Yatirimlari, developed the 8.4MW Demirciler small hydropower plant, in Denizli province. The project was expected to generate 30.5GWh annually. The project company was PAK Enerji Uretimi.  The project was commissioned in two stages. The first 3.1MW became operational on August 3rd 2012. The second 5.3MW was commissioned on August 28th 2012. Output was sold to the national grid. Akfen's run-of-river hydro projects enjoy a purchase guarantee US$0.73/MWh for 10 years.  No financial information was available. Average cost for small hydropower plants in ECA (2011), was US$1.4 million, implying US$ 11.8 million. Financial closure date was estimated at August 2012 (commissioning date).
EVN-Enertrag Kavarna was planning the development of the 80 MW Bulgarevo wind farm, near Balgarevo and Poruchik Chunchevo village - cape Kaliakra. The project was to be deveped in two stages. The 20 MW first stage was to be completed and connected to the national grid in the second quarter of 2010, totalling 25 2 MW turbines. The 30 MW second stage is under development, with no clear time schedule available as of October 2011. EVN-Enertrag Kavarna was a joint venture between EVN Naturkraft of Austria (70%) and German Enertrag (30%). EVN was first listed on the Austrian stock exchange in 1989.  The development rights for the project were initially won by Universum Energy in two tenders held by the local municipality in 2004. Universum Energy was a joint venture between local and German firms, which initially planned for the development of a 69 MW project. Universum Energy received approval from the Varna  Regional Inspectorate for Environments and Waters (RIOSV Varna) in July 2005. Further development was delayed by environmental groups, with their final appeal rejected in 2008. EVN-Enertrag Kavarna took over the project in December 2008.  The investment costs of the first stage were estimated at EUR100 million ($133 million). Details on financing or estimated costs for the second stage were not available as of October 2011.
In February 2012, Madhya Pradesh Road Development Corporation (MPRDC) signed a 15-year concession (including construction period of 2 years) with Ramky Infrastructure Limited for the strengthening, improvement, two-laning,operation and maintenance, and tolling of 50.12kms of Sehore-Icchawar-Kosmi section from km 0/00 to km 50/120 of State Highway-53, in the state of Madhya Pradesh.  Under the contract, Ramky was responsible for the design,construction, finance, operation and maintenance,strengthening and widening the existing carriageway to 2-lane road The scope will include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections,interchanges, drains, etc.The expansion project, part of MPRDC Highway Development Project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  Ramky Infrastructure Limited established Sehore Kosmi Tollways Limited, a special purpose vehicle, on 2nd September 2011 to implement the project. The SPV won the tender through international competitive bidding, conducted by MPRDC,by quoting the lowest fixed annuity of US$ 1.8mn (INR 88.2mn @50 INR/USD). Under the contract, the consortium was to recover the capital costs and operating costs including returns through fixed semi-annual payment of INR 44.1mn from MPRDC as well as through tolling during the term of concession. EPC for the project would be executed by Ramky Infrastructure.  The project attained financial closure on 5th March 2012. The debt equity ratio of the project was 77:23. The estimated capital cost of the project at the time of financial closure was US$ 19.2mn (INR 961.8mn @50 INR/USD). Financing comprised of a 14-year term loan of US$ 14.8mn (INR 741.8mn) and sponsor equity of US$ 4.4mn (INR 220mn). The term loan had a repayment schedule of 45 quarterly installments. The debt was arranged by Yes Bank and was priced at 50 basis points above the bank's prime lending rate.  Construction on the project began in February 2012 and was expected to be completed by February 2014.
On June 2011, the Karnataka Road Development Corporation Limited (KRDCL) awarded a 30-year concession (including construction period of 48 months) to Abhijeet Group for the strengthening, improvement, 2-laning, operation and maintenance, and tolling of 70kms of Chikkanayakanahalli-Tiptur-Hassan section - from Chikkanayakanahalli to Tiptur (23 kms) and from Tiptur to Hassan (47 kms), in the State of Karnataka.  Under the contract, Abhijeet was responsible for design, construction, finance, operation and maintenance and widening of the existing carriageway to a 2-lane highway with paved shoulders. The existing road has single and intermediate two lane configuration without paved shoulders along the project highway. The scope would include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc. The expansion project, was part of Karnataka State Highway Improvement Project -KSHIP. The road mainly caters to traffic pertaining to iron/manganese ore to Mangalore port. In addition, this road serves as link for the traffic destined/originated between Tumkur and Hassan districts. The existing road condition is deficient and hence the improvement in road would enhance the traffic to Mangalore and Karwar port.  Abhijeet Group (through its subsidiaries - Abhijeet Infrastructure Limited, Abhijeet Roads Limited, and Corporate Ispat Alloy Limited), established Abhijeet Toll Road Karnataka Limited, a special purpose vehicle, to implement the project. The SPV won the tender through competitive bidding, conducted by KRDCL, by quoting the lowest viability gap funding (upfront subsidy) of US$ 18.6mn (INR 929.9mn). Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. Abhijeet Projects Limited would execute the EPC for the project.  The concession agreement was signed on 3rd June, 2011 but the Appointed Date (for start of the concession) was 5th January 2012. The project attained financial closure on January 2012. The grant/debt/equity ratio of the project was 29/42/29. The estimated capital cost of the project at the time of financial closure was US$ 63.8mn (INR 3189.7mn @ 50 INR/USD). Aside from INR 929.9mn (US$ 18.6mn grant from Government of India and INR 453.1mn from Government of Karnataka), financing comprised a 14-year 6 month term loan of US$ 26.6mn (INR 1330mn), and sponsor equity of US$ 18.6mn (INR 929.9mn). The INR 1330mn term loan had a grace period of 3months and repayment schedule of 49 quarterly installments. The Pricing was linked to SBI base rate with a positive spread of 275 basis points. The debt was arranged by State Bank of India and the other participating bank was India Infrastructure Finance Company Limited.     Construction on the project began in January 2012 (Appointed Date) and was expected to be completed by January 2014. The company was already in possession of 83.33% of the land. At the time of collection of this information, the work on development of Chikkanayakanahalli-Tiptur-Hassan road had come to a halt as promoters of the company had come under the scanner of the Central Bureau of Investigation (CBI) in connection with the coal block allocation scam, which resulted in fund flow being stopped for this project, thus hitting  road development project in the State of Karnataka.
Fidia Ambiente and EdilEurope (part of ADRE Group) (Italy) as well as local firm Xhemi sh.p.k., via their local subsidiary Korca SHPK, were developing the 5.0MW Verbe-Selce 1 & 2 small hydropower plants, in Albania. Annual output was estimated at 23 GWh.  The plants were licensed as renewable energy in February 2013 by the regulator. The production license was awarded in 2012, for 30 years. Commissioning was reported for June 2012 (Verba 1) and October 2012 (Verba 2), commissioning was initially expected in 2013. ERE issued Standard Basic PPA with Public Wholesale Supplier (KESH) for small HPPs  The project received financing from the EBRD in October 2012, a EUR 5.2 million US$ 7.73 million debt portion. Total project cost was unavailable, but reported here as US$7.73 million. The EBRD loan was funded from the EBRD Western Balkans Sustainable Energy Direct Financing Facility.
In July 2007, Autopistas del Sol, a partnership of the Colombian companies Cicon S.A, KMA Construcciones, Constructora EMMA, OBRESCA and KMA Inversiones, was awarded the right to build and operate 152 km of highways and rehabilitate and operate other 252-km of highways connecting the municipalities of Monteria, Sincelejo, Cartagena and Barranquilla. The toll road project was named Ruta Caribe.  Besides Autopistas del Sol, three other consortiums placed bids on the project: Santa Catalina de Indias S.A.; Consorcio Desarrollo Vial del Caribe; and Concesion Ruta Caribe S.A. The bidding criteria was the lowest investment cost.   The sponsors created the special purpose company Concesionaria Autopistas del Sol S.A. to manage the project. The 21-year contract was signed with the federal government regulatory agency  Instituto Nacional de Vias (INVIAS) in August 2007. Construction works commenced immediately and, by January 2012, were ahead of scheduled. Also in 2012, the project company started charging toll rates.  Investment in the project was estimated at US$ 385.4 million (COL 693 billion).
Kelag, from Austria, was planning the development of the 20MW small hydropower plant, near Decan, Western Kosovo.   Construction started in June 2012. The project was expected to be expanded in a second phase, to 100MW. The second phase was priced at EUR 200 million.   Total project cost was EUR 50 million (US$ 62.1 million). No further information was available.
In March 2012, the National Highway Authority of India (NHAI) awarded a 27-year concession (including construction period of 30 months) to Sadbhav Engineering Limited for the strengthening,improvement, four/six-laning,operation and maintenance, and tolling of 79.31 kms of Gomti ka Chauraha-Udaipur section from km 177/000 to km 260/100 of National Highway-8 (NH-8) in the state of Rajasthan.  Under the contract, Sadbhav Engineering was responsible for the design, construction, finance, operation and maintenance and strengthening of the existing 2-lane carriageway to a four/six-lane highway with paved shoulders. The scope included construction of 4/6-lanes including construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, service roads, road intersections,interchanges, toll plaza, tunnel section, etc.The expansion project, part of National Highway Development Project Phase-IV would ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  Sadbhav Engineering Limited established a special purpose vehicle, Shreenathji Udaipur Tollway Private Limited (SUTPL), to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by quoting the highest premium to NHAI. The SPV would pay NHAI a sum of US$4.3mn (INR 216mn @50 INR/USD) in the first year of operations with 5% increase in each subsequent year (this amounted to an NPV payout of US$64.6mn over the concession period at a discount rate of 10%). There were 39 pre-qualified bidders for this project out of which 10 offered their final bids. The L2 Bidder had offered a premium of INR 138mn. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. The EPC contract for the project has been awarded to Sadbhav Engineering Limited.   The concession agreement was signed on 17th April 2012. The project attained financial closure on 1st March 2013. The debt/equity ratio for the project was 73/27. The estimated capital cost of the project at the time of financial closure was US$ 196.5mn (INR 11514.6mn @58.6 INR/USD). Financing comprised of a 18-year term loan of US$ 143.3mn (INR 8400mn) and sponsor equity of US$ 53.1mn (INR 3114.6mn). The term loan had a repayment schedule of 174 monthly installments.The debt was arranged by ICICI and the participating banks were Central Bank of India (1500mn), Oriental Bank of Commerce (2000mn).  Construction on the project began on 18th April 2013 (the Appointed Date) and was expected to be completed by October 2015.
The Karoo Renewable Energy Facility was a 75 MW wind energy facility to be located in Karoo, South Africa.  The project was developed by a consortium comprising of the Spanish from Gestamp Corporation (60%), through their subsidiary Gestamp Wind, and the South African investment firm the Shanduka Group (25%). Other equity holders were SARGE (the Roux familiy), the land holder and original developer (12.5%), and Nobelsfontein Educational Trust (2.5%).  The project was awarded in a tender administered by the Department of Energy where a critical factor in the decision was the projected price of power.  Contractual negotiations on the PPA and financing were to be completed by June 2012, but it was predicted that there would be a 20 year PPA with the state owned utility, Eskom. Project advisers were: Standard  Bank (Financial), Wind Prospect (Wind), Dewey & Le Boeuf (Legal) and, Savannah (EIA). Wind measurements were undertaken starting in October 2010.  Total project cost was estimated at ZAR 1.7 billion (USD 220 million), with comissioning expected for 2014. The project applied for UNFCCC CDM financing. Senior debt was to be provided by Standard Bank.   In November 2012, the project reached financial close, with financing provided by Standard Bank.
In May 2011, the National Highway Authority of India (NHAI) awarded a 18 year concession (including construction period of 910 days) to JMC Projects (India) Limited for the  strengthening,improvement, 4-laning, operation and maintenance, and tolling of 46.2kms of Nagpur-Wainganga Bridge section of NH-06 from km. 498.000 to km. 544.200, in the State of Maharashtra.  Under the contract, JMC Projects was responsible for the design, construction, finance, operation and maintenance and strengthening of the existing carriageway to a 4-lane highway with paved shoulders. The scope includes construction of 4-lanes including construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, service roads, road intersections, interchanges, drains, etc.The expansion project, part of National Highway Development Project Phase-III will ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  JMC Projects (India) Limited established Wainganga Expressway Private Limited,a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI,by quoting the highest premium payment to NHAI. The SPV would pay NHAI a sum of of US$5.4mn (INR 273.5mn @50 INR/USD) in the first year of operations with 5% increase in each subsequent year (This amounted to an NPV payout of US$ 61.8mn over a concession period of 18 years at a discount rate of 10%). There were 15 final bids for the project. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. JMC Projects (India) Limited would execute the EPC for the project.  The concession agreement was signed on 21st June 2011. The project attained financial closure on 18th June 2012. The debt equity ratio of the project was 77/23. The estimated capital cost of the project at the time of financial closure was US$ 85.5mn (INR 4277.1mn @50 INR/USD). Financing comprised a 14-year and 6-month term loan US$ 65.6mn (INR 3280mn) and sponsor equity of US$ 19.9mn (INR 997.1mn). The term loan had a grace period of 1 year and repayment schedule of 44 quarterly installments. The debt was arranged by Yes Bank Limited (935mn). The other participating banks were Vijaya Bank(800mn), Corporation Bank(800mn),India Infrastructure Finance Co Ltd(745mn).  Construction on the project began in June 2012 and was expected to be completed by December 2014. At the end of November 2012, 15% of the construction target was already complete.
On 30th July 2011, Madhya Pradesh Road Development Corporation (MPRDC) signed a 30-year concession (including construction period of 2 years) with Gangotri Enterprises Limited for the strengthening, improvement, two-laning,operation and maintenance, and tolling of 38.46kms of Sarangpur-Akodia-Shujalpur section of State Highway-41 from km 0/000 (at Shujalpur) to km 38/600 (at Sarangpur), in the state of Madhya Pradesh.  Under the contract, Gangotri Enterprises was responsible for the design, construction, finance, operation and maintenance,strengthening and widening the existing carriageway to 2-lane road. The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections,interchanges, drains, etc.The expansion project, part of the MPRDC Highway Development Program, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  Gangotri Enterprises Limited established Gangotri Sarangpur Shujalpur Tollway Private Limited, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by MPRDC, by requesting for the lowest upfront subsidy (viability gap funding) of US$ 5.3mn (INR 267mn @50 INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The project attained financial closure on 13th February 2012. The grant/debt/equity ratio of the project was 46/34/19. The estimated capital cost of the project at the time of financial closure was US$ 11.6mn (INR 580mn @50 INR/USD). Apart from viability gap funding (grant) of INR 267mn (Central Government - INR 100mn, and Govt of Madhya Pradesh - INR 167mn), financing comprised of 14-year 2-months term loan of US$ 4mn (INR 200mn) and sponsor equity of US$ 2.3mn (INR 113mn). The term loan had a repayment schedule of 50 quarterly installments. The debt was arranged by Central Bank of India.  Construction for the project began in February 2012 (Appointed Date) and was expected to be completed by February 2014. 95 percent of the total land requirement had been handed over to the concessionaire.
In 2009, Welspun Energy Limited (WEL) along with private investors,signed an MoU with Gujarat Energy Development Agency (GEDA) for setting up a 15-MW photovoltaic solar project at Fatehpur Village, Surendranagar district, in the state of Gujarat, under the Gujarat Solar Policy 2009. The output from the project would be fed to the North-East-West-North-East (NEWNE) grid of India. The project has deployed fixed tilt poly-crystalline modules manufactured by Trina Solar Limited, a China based solar module supplier and Inverters have been sourced from Bonfiglioli Riduttori S.P.A., Italy.Power evacuation was planned through a 66KV line to substation, which, as per the state policy, was the responsibility of Gujarat Energy Transmission Corporation Limited (GETCO).  WEL (49%) and other private partners (51%) established MI Mysolar24 Private Limited (MMS), special purpose vehicle, to execute the project. MMS was initially owned by Mr. Mukesh Kumar Agarwal & Mrs Yogita Mohan and was awarded with project. Later on, WEL took 49% stake in the same. MMS had entered into a 25-year Power Purchase Agreement with the state utility Gujarat Urja Vikas Nigam Limited (GUVNL), which would be effected at the time of commissioning of the project. The APPC (Average Power Purchase Cost) as per the Gujarat Solar Policy 2009, was US$ 0.187/Unit (INR 9.98 per unit @53.4INR/USD) for the first 12 years, and US$ 0.13/Unit (INR 7 per unit) from 13th year to 25th year. The total capacity of 15MW was eligible for carbon credits. Proceeds of carbon credit were to be shared as follows: (a) 100% by MMS in the first year after the date of commercial operation of the generating station/ transmission system;(b) in the 2nd year the share of GUVNL would be 10% which would be progressively increased by 10% every year up to 50% whereafter the proceeds would be shared in equal proportion, by MMS and GUVNL. Transmission and/or wheeling charges would be paid by MMS. The project had been executed through a turnkey engineering, procurement and construction contract with WEL. O&M was being carried-out by an in house team.  The project was executed at a cost of US$ 25mn (INR 1333.3mn @53.44 INR/USD).The debt equity ratio for the project was 75/25. Financing comprised of Debt of US$ 18.7mn (INR 1000mn) and sponsor equity of US$ 6.2mn (INR 333.3mn). The 12-year 2-months term loan had a ballooning amortization profile with 162 monthly installments commencing in May 2013.The loan was priced at Base Rate(10%) and a spread of 110 basis points per annum (floating). Participating banks/FIs were L&T Infrastructure Finance Company, Vijaya Bank and India Infrastructure Finance Company.  The plant was commissioned and achieved Commercial Operation Date (COD) in November 2012 (for 6.92 MW) and December 2012 (for balance 8.07 MW).
A 30-year concession for the construction and operation of the project was awarded to Línea Amarilla, owned by Brazil's Invepar, in November 2009  The total project cost was US$983 million. The project reached financial closure in July 2012 with a combination of bank loans and bond financing.   In 2012, BNP Paribas closed the US$983mfinancing, including US$527m in debt, for Via Parque Rimac, formerly called Linea Amarilla. BNP Paribas acted as adviser, sole structuring bank,bookrunner and placement agent. The bank structured what it called asophisticated transaction, combining bond and bank tranches. The bondtranche had a record tenor of 25 years, and an AAA local rating from Apoyoy Asociados Internacionales, a Fitch affiliate in Peru. The debt portioninvolved US$140m for a 25-year bond, US$305m for a 25-year local inflationadjusted bond- both in nuevo soles- and US$82m for a 10-year loan fromlocal banks. Both bonds matured on June 30 2037.  In February 2013, after municipal government changed, an addenda to the contract was signed and the project got the name of Via Parque Rimac (initially called Linea Amarilla), including as main changes: some additional works, the participation of the government on 7% of toll collection, the expansion of the concession period to 40 years and a US$9.1 million contribution to the Fondo Municipal de la Inversión Privada (FOMPRI).  In August 2016, Vince acquired LAMSAC, the project company, from Invepar in a transaction valued at Euros 1.5 billion.
In November 2011, the National Highway Authority of India (NHAI) awarded a 23 year concession (including construction period of 30 months) to Ashoka Buildcon Limited for the strengthening, improvement, 4-laning, operation and maintenance, and tolling of  112kms of Cuttack-Angul Section of NH-42 from Km 0.000 to Km 112.000, in the State of Orissa.  Under the contract, Ashoka Buildcon was responsible for the design, construction, finance, operation and maintenance and widening of the existing 2-lane highway to a 4-lane highway with paved shoulders. The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc. The expansion project, part of National Highway Development Project Phase-III would ease traffic congestion and give significant stimulus to trade and commerce in the entire region. This stretch passed through south of NH6 in the mining and metals belt of Orissa and was expected to tap the commercial traffic.  Ashoka Buildcon Limited established Ashoka Cuttack Angul Tollway Limited, a special purpose vehicle, to implement the project. The SPV won the tender through competitive bidding, conducted by NHAI, by quoting the highest premium payment to NHAI. The SPV would pay NHAI a sum of of US$12.2mn (INR 610.9mn @50 INR/USD) as premium in the first year of operations with 5% increase in each subsequent year (this amounted to an NPV payout of US$ 165.2mn over a concession period of 23years at a discount rate of 10%). There were 27 pre-qualified bidders out of which 16 offered their final bids. The L2 bidder, NCC Infra, had quoted a premium payment of INR 512mn. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. The tolls would be escalated annually at the rate of 3% plus 40% of the CPI (Consumer Price Index).  The concession agreement was signed on 14th March 2012. The project attained financial closure in August 2012. The debt equity ratio of the project was 71:29. The estimated capital cost of the project at the time of financial closure was US$ 224.7mn (INR 11236.9mn @ 50 INR/USD). Financing comprised term loan of US$160.2mn (INR 8010mn), and sponsor equity of US$ 64.5mn (INR 3226.9mn).The loan was priced at an interest rate of 12.5%. The debt was arranged by Axis Bank Limited.   Construction on the project was expected to be completed by October 2014. NHAI was still to announce the date of commencement of the concession period (appointed date) for the project, after which Ashoka Cuttack Angul Tollway would start construction work. The project was yet to receive environment clearance and land acquisition status stood around 47% as on August 2012.  In April 2013, Ashoka Buildcon had approached the NHAI expressing its intention to exit the Cuttack-Angul highway project. The reasons mentioned were delay in land acquisition and getting environmental clearance for the project. Finally in July 2014, NHAI canceled the concession for the project.
In December 2006, Autopistas la Sabana, a partnership of the Colombian companies KMA Construcciones, CICON S.A., Constructora EMMA, OBRESCA and KMA Inversiones, won in a competitive bidding the right to build and operate the 380 km of highway connecting the cities of Monteria and Sincelejo, located in the provinces of Cordoba and Sucre, respectively.  The project was named Concesion Vial Cordoba - Sucre.  The bidding criteria was the lowest investment cost. Besides Autopistas la Sabana, six other consortiums presented bid offers: Unión Temporal CCS, Sociedad Futura Concesionaria Santa Lucia de la Cienega S.A., Unión Temporal Concesión Vial de la Costa, Consorcio Desarrollo Vial de la Costa, Sociedad Futura Vías de la Sabana and Concesion Cordoba – Vial S.A.  The 30-year concession contract was signed in February 2007. Construction works commenced in, and operations began in April 2012.  The investment was estimated at US$ 450 million. Around 50% of the investment was financed with loans granted from Colombian banks.  As of October 2014, around 60% of the construction works were concluded.
Chilime Hydropower was planning the development of the 111MW Rasywagadhi Hydropower Plant. Three Francis turbines of 38.5MW.   Rasuwagadhi Hydropower Company Limited (RGHPCL) is a 33% subsidiary of Chilime Hydropower Company Limited (CHPCL), incorporated in August 2011. The equity structure of the project company was as follows:   General public: 15% Project affected local people: 10% Contributors of Employers Provident Fund: 19.5% Employees: 4.5% Nepal Electricity Authority: 18% Chilime Hydropower Company: 33%  Chilime Hydropower Company was 51% owned by Nepal Electricity Authority, as well as floated on the local stock exchange.  The PPA was signed with NEA in November 2011. Land aquisition was in progress. The EIA was approved by the Ministry of Environment. A tri-parte loan agreement was signed December 8th 2011. Construction was expected to start in January 2013. Commissioning was expected for December 2016. The EPC contract was in pre-qualification phase.  Total cost for the project was estimated at  NRs. 13,684.20 million excluding financial cost (US$159 million). The financing structure was expected to be 50:50 debt-to-equity.
The China WindPower Gaoyouhu Wind Farm Project was a 49.5MW phase I of 300MW wind farm located in Gaoyouhu, Tianchang City, Anhui Province, China and being developed by China WindPower Group. Construction of the project commenced in August 2011, but debt financing was raised in January 2012. China WindPower had a 100% stake in the project. The total investment was RMB 3000 million (US$ 475.44 million) to develop a total capacity of 300MW. The 1st phase had a capacity of 49.5MW and its investment was RMB 406.53 million(US 64.43 million). Debt was sourced from the state owned China Agricultural Bank and the debt/equity ratio was 80:20. Construction commenced in Aug 2011 and some generators started to operate in June 2012.
On 30th November 2011, National Highway Authority of India (NHAI) awarded a 30-year concession (including construction period of 910 days) to Abhijeet Roads Limited, for the strengthening, improvement,4-laning,operation and maintenance, and tolling of 153 kms of Angul-Sambalpur section from KM112.000 to KM265.000 of National Highway 42,in the state of Orissa.   Under the contract, Abhijeet Roads was responsible for the design,construction,finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway to 4-lane divided carriageway.The scope included construction of new pavement,rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges,culverts, road intersections,interchanges, drains, etc.The expansion project, part of the National Highway Development Program (NHDP-IV), was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   Abhijeet Roads Limited established Abhijeet Angul-Sambalpur Toll Road Limited (AASTRL),a special purpose vehicle on 5th December 2011, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by requesting the lowest grant of US$ 63.1mn (INR 3370mn @53.4 INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling, during the term of concession.   The project was expected to start construction in September 2012 (scheduled appointed date), however no appointment date was issued since conditions precedent like land acquisition and funding closure was not achieved. Existing Right Of Way and land notified constitutes only 89% of land required for the Project due to delay on the part of NHAI and the State Government. The Concessionaire had also not submitted performance Guarantee.Finally NHAI canceled the concession in November 2013.  The concession agreement was signed on 13th March 2012. The project was in the process of obtaining funding, at the time of cancellation. However, as per the declared common loan agreement to NHAI, the estimated capital cost of the project was US$ 247.3mn (INR 13206.5mn @53.4 INR/USD).
CEZ developed the 5.0MW Oreshets solar plant, near Oreshets village, Dimovo Municipality, Vidin District. The project was expected to generate 5.7 GWh annually. CEZ was a partially privatized vertically integrated utility company.  The project was commissioned in May 2012. The construction contract was awarded to Solea, from Germany. The management of the solar plant was awarded to Continental Wind Partners. The project was executed as part of a commitment of CEZ to invest EUR 40 million in renewable energy, following the privatization of Varna power station.  Total project cost was EUR 10 million.
Erma (Albania) developed the 1.5MW Carshova small hydropower plant, municipality of Carshova, South Albania (near Permet). Annual production was estimated at 8.26 GWh.  The project received a generation license in October 2011, for 30 years.  The project was commissioned in August 2012. The project received a license as a renewable energy producer in December 2012, from the ERE. The project was expected to receive a PPA with KESH in its feasibility study, 2011. ERE issued Standard Basic PPA with Public Wholesale Supplier (KESH) for small HPPs.  Total project cost was EUR 1.5 million (US$ 1.8 million). Financial closure date was estimated at August 2012, date of commissioning.
In 2009, the Tamilnadu Government, signed a MoU with Nagai Power Private Limited (NPPL),a Special Purpose Vehicle (SPV) of KVK Energy & Infrastructure Private Limited, for development of a 300 MW (2x150 MW) coal based thermal power station in Okur and Venkidanthagal Villages at Nagapattinam, in the state of Tamilnadu. The project had been structured into a group captive unit. Equity was sponsored by KVK group (74.01%), IFCI (24.4%) and captive owners (1.59%). The project was planned to be executed in two phases of 150 MW each, based on sub critical technology. The land required for the project was 250 acres which had been acquired. Water requirement, estimated at 4,100 m3/hr, would be met from state water utility as well as sea water. NPPL had received all major clearances like environment clearance, coastal clearance, chimney clearance etc. NPPL would be responsible for any transmission infrastructure to connect the power project to the designated state grid substation.   The primary fuel for the project was domestic coal. NPPL had executed a fuel supply agreement (FSA) with Mahanadi Coal Field (MCL) for 0.9566mtpa coal. The annual requirement of coal for phase I was estimated to be 0.69mtpa, of which 0.55mtpa was to be met through MCL. The balance requirement was to be met through imports. However, FSA was loaded in the favour of MCL with no commitment on the grade of coal. Also, penalty for shortfalls below 50% of the annual contracted quantity was 0.1% of the value of the shortfall. Considering the supply commitments of MCL beyond its actual production, supply rationing was expected. However, the project benefits from its proximity (12km) to the Karaikal port, improving synchronisation of logistics and leading to potential cost savings on inland coal transportation, incase of use of imported coal. The company had awarded EPC contracts to Nagarjuna Constructions Company Limited. The steam turbine and boiler for Phase-I (150MW) had been designed and manufactured by Franco Tosi Meccanica Spa and Ansaldo Caldaie Boilers India (subsidiaries of Gammon India).  NPPL had executed a 15-year power purchase agreement (PPA) for a gross capacity of 105 MW with six group captive owners which were involved in cotton yarn manufacturing. The project would generate 114.75MW at 85% plant load factor PLF after accounting for auxiliary power consumption of 10%. PPA had a payment security mechanism in form of an 18-day revolving letter of credit. NPPL planned to sell power to group captive consumers at a discount to the tariff charged by Tamil Nadu Generation and Distribution Corporation Ltd (TANGEDCO). PPA mentioned the commencement date for power sales as 1 April 2013. Tangedco expected PPA to be rescheduled in line with the revised commercial operations date as the NPPL plans to sell power at a discounted tariff to TANGEDCO’s applicable tariff for industrial consumers. This provided an economic incentive to the buyers. Alternatively,the project could find off-takers given Tamil Nadu’s power deficit (2012-13: base deficit-17.5%; peak deficit-13.2%), although it could consume some time. There was strong industrial demand for power in the region from a wide variety of industries including textiles, auto components and foundries.   The cost of the Phase I of the Project (150MW) was estimated to be approximately US$ 143.7mn (INR 7679.7mn @53.44 INR/USD). Financial closure took place on 16th July 2012 at a Debt/Equity ratio of 75/25. NPPL financed this project through sponsor equity contribution of US$ 35.174mn (INR 1879.7mn) and a debt of USD 108.5mn (INR 5800mn). The debt, arranged by Capital Fortune, had a door-to-door tenor of 15 years. The loan would be repaid in 48 quarterly installments and was priced at 13.50%. The participating banks were Rural Electrification Corp Ltd (3000mn), Srei Infrastructure Finance Ltd (1260mn), IIFCL(1540mn).  Additional cost overruns (due to project delay) were funded through a term loan on 18th April 2013. Fina
In December 2011, a local private company Beijing Sound Environment Industry Group signed an agreement with the Ansha Municipal Government to build and operate the Ningyuan Wastewater Treatment Plant in Anshan City, Liaoning Province. The capacity of the facility was 80,000 cubic meters per day. The total investment was RMB 190 million (US$ 30.11 million) and Beijing Sound had a 100% stake in the project. The concession term of the project was 30 years. The agreement was granted following an open bidding process. Construction commenced in April 2012 and was completed in Dec 2012. At least 25% of construction had been achieved by Jun 2012.
The Brazilian company CAB Ambiental, a subsidiary of Galvao Engenharia Group, was awarded the 30-year concession contract to expand, rehabilitate and operate the sewerage facilities of ten municipalities (Arapiraca, Campo Grande, Coite do Noia, CraIbas, Feira Grande, Girau do Ponciano, Igaci, Lagoa da Canoa, Olho D'agua Grande e Sao Bras) located at the state of Alagoas in February 2012. The contract was awarded by the state-owned water and sewerage company Casal – Companhia de Saneamento de Alagoas. The population of the area was estimated at 220,000.   CAB Ambiental was awarded the contract by offering the best technical and economic package. Two other companies took part in the contest: Goetze Lobato Engenharia Ltda and Aguas do Brasil S.A. The contract was signed in June 2012, and the private sponsor took over the operations of the sewerage services in September 2012.  CAB Ambiental's subsidiary CAB - Aguas do Agreste was set to lead the project. The private sponsor committed to invest US$ 88.6 million (BRL 175 million) over the life of the project. The company agreed to construct a new sewerage facility with capacity to process 1,5 million liters of water, to expand the existing facilities and operate the region’s sewerage system.  The PPP contract envisaged the following government support mechanisms: the state government took the responsibility to pay for the electricity costs associated with sewerage system; and the state government also agreed to pay a monthly fee for the services provided by the private company (revenue guarantee based on the performance of the concessionaire).
On 29th August 2011, the National Highway Authority of India (NHAI) awarded a 28-year concession (including construction period of 910 days) to BSCPL Infrastructure Limited for the strengthening, improvement, 4-laning, operation and maintenance, and tolling of 150.4kms of Chattisgarh/Orissa border-Aurang section from KM88.00 to KM239.00 on NH-6 in the State of Chhattisgarh.  Under the contract, BSCPL was responsible for the design,construction, finance, operation and maintenance and strengthening of the existing 2-lane carriageway to a 4-lane highway with paved shoulders. The scope included construction of 4-lanes, including construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, service roads, road intersections, interchanges, drains, etc.The expansion project, part of National Highway Development Project Phase-IV would ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   BSCPL Infrastructure Limited established BSCPL Aurang Tollway Limited in September 2011, a special purpose vehicle, to implement the project. The SPV won the tender through competitive bidding, conducted by NHAI, by quoting the highest annual premium. The SPV would pay NHAI a sum of US$ 5.9mn (INR 297mn @50 INR/USD) in the first year of operations with 5% increase in each subsequent year (This amounted to an NPV payout of about US$ 90.8mn over the life of concession period at a discount rate of 10%). There were 10 final bidders for the project. The L2 bidder, Galfar-JMC consortium had quoted a premium of INR 166mn. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. BSCPL Infrastructure was awarded a fixed price EPC contract for this project in June 2012.  The concession agreement was signed on 25th January 2012. The project attained financial closure on 28th June 2012. The debt/equity ratio for the project was 69/31. The estimated capital cost of the project at the time of financial closure was US$ 247.2mn (INR 12360mn @ 50 INR/USD) million. Financing comprised a term loan of US$ 171.2mn (INR 8560mn) and sponsor equity of US$ 76mn (INR 3800mn). The term loan was solely arranged by ICICI Bank.The other participating banks were IIFCL, Corporation Bank, Tamil Nadu Mercantile Bank Limited, State Bank of Hyderabad.  Construction on the project began in February 2013 (the Appointed Date) and was expected to be completed by August 2015.
Energy Prima Limited (EPL), a subsidiary of Hosaf Group (incorporated to deal witht he Bangladesh power crisis), operated the Fenchuganj 50MW rental power plant which became operational early-2012.   The rental contract was for a period of 15 years, until 2015.  Total cost for the project was estimated at US$59.2 million, based on the rental calculation where cost/MW is $600k, and interest rate is 10%.
In June 2007, the Brazilian company LLX Logistica was granted an authorization to build, own and operate the Acu Port located in the city of São João da Barra (Rio de Janeiro state). Two subsidiaries of LLX were to operate the facilities: LLX Minas-Rio, which was owned by LLX (51%) and the British mining company Anglo American (49%); and LLX Acu, which was owned by LLX (70%) and LLX’s subsidiary Centennial (30%). LLX Minas-Rio undertook the responsibility of the operation of two berths and terminals dedicated to store and transport mining products, while LLX Acu was to manage 6 berths and terminals dedicated to the storage and transportation of other products (the infrastructure surrounding the port was supposed to be developed so as to create conditions for the installation of an industrial complex in the area).  The estimated total investment of LLX Acu was US$ 700 million. These investment commitments also included the construction of a 3-km bridge linking the continent with the berths. In Aug. 2008, LLX Acu signed a contract with the railway concessionaire FCA, which will be responsible for transporting the products in and out of the port (the investment figures also included the construction of a 15 km railway that will link the port with the mining companies and the country’s railway network).  In 2009, all environmental licenses had already been granted and the operations were expected to commence in 2012 (construction works started in the second half of 2007). In September 2010, LLX Acu was granted a 25-year licence to construct and operate the port facilities by the federal port regulatory agency ANTAQ.  With regards to the financing of LLX Acu’s infrastructure, the company signed a US$ 196 million (BRL 345 million) loan agreement with the privately-owned Brazilian bank Bradesco in March 2010. In March 2012, an additional loan was granted by the state-owned bank BNDES with a value of US$ 262.3 million (BRL 518 million). Finally, in August 2012, the company issued long term bonds with a total value of US$ 379.8 million (BRL 750 million).  LLX Acu signed contracts with Votorantim, Camargo Correa and Wisco for the installation of industrial units in the area and the use of the port facilities. The company also signed MOUs with over sixty companies interested in using the port infrastructure.  The Acu Port was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.  In August 2013, EBX Group faced financial difficulties and sold part of its shares in LLX, the subsidiary which undertook its port ventures. LLX Acu was acquired by Prumo Logistica Global, a partnership of EBX (20.8%), EIG Global Energy Partners (53%) and small investors (26.2%). The project company was renamed Porto do Acu Operacoes S.A.  By the end of 2013, the Japanese company Marubeni acquired EBX's shares in Prumo Logistica Global and, in 2014, EIG increased its stake in the company. By the end of 2015, Prumo's shareholders were EIG (74.3%), Marubeni (6,7%) and small local investors (19%).  In February 2014, the state-owned bank BNDES approved an additional loan of US$ 767.9 million (BRL 1805 million) to Porto do Acu.  In August 2015,  the state-owned bank BNDES approved an additional loan of US$ 1315.6 million (BRL 4389 million) to Porto do Acu.
Nascentes do Xingu, a subsidiary of AEGEA (Brazilian group Equipav), was awarded the 30-year concession contract to expand, rehabilitate and operate the water and sewerage facilities of the city of Porto Esperidiao (state of Mato Gross) in December 2012. The contract was awarded by the municipality's central administration, and the private sponsor committed to attend 100% of the population with sewerage services. The population of Atibaia was estimated at 11,000.   Information on the bidding process was not available.  The special purpose company created to manage the project Aguas de Porto Espiridiao took over the operation of the water and sewerage services in the end of December 2012.  The private sponsor committed to invest US$ 1.5 million (BRL 3 million) over the first five years of the project.
In Jul 2011, a local private company Kaidi Electric Power signed an agreement with the Chibi Municipal Government to build and operate a biomass power plant in Liushanhu Town, Chibi City, Hubei Province. Over 25% of construction had been completed by Aug 2012 according to a news article with a photo of the site. The total investment was RMB 326.18 million (US$ 51.69 million) and Kaidi had a 100% stake in it. The capacity of the power plant was 30MW. Concession term of the agreement was not reported in the media. Very possibly Kaidi secured the job through direct negotiation.
Activ Solar GmbH, registered in Austria, developed the 43.14MW Dunayskaya solar plant, Belgorod-Dnestrovskiy, Odessa. The project was constructed in two phases of 21.5MW. The project consists of 182,380 PV modules, 40 inverter stations and 645km of cables.   The second phase of the project was completed in November 2012. The Ukraine maintained a feed-in tariff for solar of UAH 4.8 (US$0.58), which was lowered to UAH 3.5 (US$0.43) in 2012. Guaranteed in EURO, paid in UAH.  No financial details were available, but according to the company Chinese financing was used. Financial closure date was unavailable, estimated here at November 2012, date of commissioning. Total cost was unknown, but estimated at $3.9 million per MW - the average cost per MW in ECA (2011), this leads to US$168 million.
Mirotin Energo, subsidiary of  Sava Kovacevic, developed the 1MW biogas plant in Vrbas municipality, Serbia.  The project received financing from Erste Bank Serbia, a local subsidiary of Erste Bank. Total project cost was US$7.2 million.   No further information was available.
CEGELEC (100% owned by Vinci Group), from France, was planning the development of the 10MW Kabertene Wind Farm, near Kabertene, 73km North of Adrar city, 1543km from Algiers.   The project was expected for commissioning in 2012, however there was no proof of comissioning or finacial closure. The initial tender was held in 2007 and awarded to Vergnet (EPA:ALVER), also from France. Its bid was EUR 24 million ($34 million), using 10 GEV HP turbines of 1MW. After revision of the offer, COPAM - the commissioning dealing with the tender, considered the price to be excessive. CEGELEC wond the second international tender with a bid of 2.21 billion dinars (EUR 22 million) in investment and an electricity price of 7.257 dinars per KWh ($0.0975/kWh). As part of the bid, CEGELEC is to hire local EPC contractors and equipment suppliers. The project was to be build on 30 hectares of land, construction was to last 20-25 months. The second tender result was announced in December 2010. Bid criteria were lowest tariff and highest investment.  Total cost was estimated at $30.3 million.
July 2012, Sierra Leone’s National Commission for Privatisation signed a three-year management contract with Management and Development International Co. (MDIC) of Beirut to run the state-owned telecommunications company, Sierratel.  Sierratel has a monopoly over landlines in the West African nation but the market is severely underdeveloped, with a household penetration of only around 2%. Sierratel also provides mobile-phone and internet services but it is struggling to compete with the three main players, Africell, Airtel and Comium.   Sierra Leone was a growth market. By 2012, mobile cellular subscriptions had grown to 2.21 million  or 36.97 per 100 inhabitants. Next door in Liberia, a country with lower per capita GDP and higher poverty levels, there were 58.39 mobile-cellular subscriptions per 100 inhabitants in 2012.   Financial details of the arrangement were not publicly available.
In February 2012, the Government of Haryana (Public Works Department) awarded a 20-year concession (including construction period of 30 months) to IVRCL Assets and Holdings Limited (an IVRCL Limited Company) for the strengthening, improvement, 4-laning, operation and maintenance, and tolling of 151 kms of Rai Malikpur (Rajasthan Border) – Narnaul - Mahendragarh – Dadri –Bhiwani – Kharak corridor, in the state of Haryana. The project highway includes four new four-lane bypasses of Nangal Choudhary (4.305 km), Narnaul (8.0 km), Nangal Shirohi (3.475 km) and Bhiwani (8.9 km).  Under the contract, IVRCL was responsible for the design, construction, finance, operation and maintenance and widening of the existing carriageway to a 4-lane highway with paved shoulders. The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc. The Government of India, Ministry of Road Transport and Highways (MORTH) through Public Works Department (PWD), Government of Haryana had decided to take up the development of various National Highway Corridors for augmentation of capacity for safe and efficient movement of traffic by widening existing roads with paved shoulder. Under this program, this project was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region. The Rai Malikpur - Kharak corridor would serve as major interstate connectivity between Rajasthan, Gujarat and Maharashtra to northern states of Punjab, Himachal Pradesh and Jammu and Kashmir and would give a major fillip to the interstate North-South connectivity between the States.  IVRCL Assets and Holdings Limited established IVRCL Narnaul Bhiwani Tollways Limited, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by PWD Haryana,  by quoting the highest annual premium. Details of bidding couldn't be ascertained. However it was understood that Haryana PWD (through Govt. of India's VGF scheme) had budgeted a grant of INR  2403mn (US $48.1mn), whereas the bidding resulted in premium payment of INR 4850mn (US$ 97mn, which works out to be an annual premium of US$ 5.5mn) to the Haryana Government through the life of concession. There were 24 pre-qualified bidders out of which only 4 had finally bid. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. IVRCL would execute the EPC for this project.   The concession agreement was signed on 30th November 2012. The project was expected to attain financial closure in June-July period of 2013. The estimated capital cost of the project at the time of bidding was US$ 240.3 (INR 12017mn @50 INR/USD) million.    Construction progress on the project was expected to begin in December 2012 and be completed by June 2015.
SPCG was planning the development of the 7.46MW Khon Kaen 2 solar plant. The project company is Solar Power (Bureerum 1) Company Limited ("SPKK2")  Construction started in August 2012 and commercial operation was expected for January 31 2013. The projects by SPCG held a PPA with the Provincial Electricity Authority (PEA), for 5 years - open ended. The PPA provided for a feed-in adder of THB 8.0 on top of the base tariff for 10 years after commissioning. The projects receive tax benefits of 0% for the first 8 years, and half of normal tax rate for the 5 year following. Financial information was unavailable.
Fauji Foundation and Tapal Energy were developing the 50MW Gharo Wind Farm, in Gharo.  The project signed a 20 year long-term agreement with the National Transmission and Distribution Company (NTDC).  The project obtained financing in May 2012, when the ADB and Islamic Development Bank committed tosupport of two wind farms: the 50ME Tapal/Fauji wind farm in Gharo, and the 50MW Fauji wind farm in Jhimpir.   In May 2012, it was reported that the project was financed by the company in cooperation with the Islamic Development Bank, under Islamic financing principles. The debt had a tenor of 12 years. Total project cost for both plants was US$126.5 million on a pro rata basis - since the financing was for 2 identical wind farms.  The financing comprised of a debt portion of US$204 million and an equity portion of US$49 million. Debt was split in USD and Rupee tranches. The Rupee tranche was arranged by National Bank of Pakistan, Faysal Bank, United Bank Limited, Allied Bank, and Meezan Bank. The USD tranche was led by the Islamic Development Bank with a credit guarantee from ADB.
Ukrainian natural gas distribution company Volyngaz was partially divested in September 2012. The winning bidder was Gaztek JSC, from Kyiv, Ukraine. By winning the bid, Gaztek expanded its share in Volyngaz from 0.0% to 23.4%. The sold equity portion originated form the State Property Fund (SPF).   Two final bidders participated in the tender, the second firm being Finlex-Invest (Kyiv). Finlex-Invest bid UAH 24.3 million, the mininum bid ($3.0 million).   Total value of the winning bid was UAH 25.05 million ($3.1 million), the minimum bid was UAH 24.3 million ($3.0 million). The Ukrainian bank representing Gaztek was Nadra Bank, Nadra Bank was 89.9% owned by Centragas Holding AG, from Austria. Gaztek raised UAH 250 million to purchase shares in Volyngazm as well as 11 other natural gas utilities: Volyngaz (23.4%), Sevastopolgaz (25%), Zaporizhgaz (25%), Dnipropetrovskgaz (26%), Chernivtsigaz (20.4%), Zhytomyrgaz (15.9%), Syrnygaz (25.8%), Gaztek (23%), Ivano-Frankivskgaz (25%) and Kykolaivgaz (25%). Financial closure date was unavailable, reported here is month of tender winning.
In December 2011, Metrowind - a local renewable energy developer - was awarded the rights to develop a 26.16 MW wind farm to be located in Van Staaden, Eastern Cape.  The project was also 35% backed by South African firm Basil Reade Holdings. The project was to consist of 9 turbines between 2.3-3.0MW each. A potential second phase was to include an additional 8-12 turbines. The project company was: Metrowind (Pty) Ltd.  The project was awarded in a tender administered by the Department of Energy where a critical factor in the decision was the projected price of power.  Contractual negotiations on the PPA and financing were to be completed by June 2012. The tender was open to all technologies, 53 bids were submitted of which 28 made it to preferred bidder status. These 28 project account for a total of 1,416MW if all are implemented. The EIA was passed (as was required for all bidders). Construction was expected to start mid-2012. Commissioning was expected for August 2013. Vestas was to be the equipment supplier - it was considering producing the wind mills locally. Basil Read was the EPC contractor for the project. Afri-coast was to be the civil engineer. TWP-ES was responsible for environmental monitoring. TWP investments was the project financier. The project was to be connected to the NMBM grid. Wind measurements were performed by Kjeller Windtechnik, from Norway. The land rights were held by the project company for the development period, plus 20 years.  Total project cost was estimated as ZAR 450 million (USD 58 million). IRR was expected at >20% at ZAR1.02/kWh tariff. The EPC contract was on a cost-plus (12%) basis. Financial closure was expected for February 2012. Under the tender, the deadline for Financial Closure was June 2013.  In November 2012, the project attained financial close.  The reported total project cost was USd 50 million.  Standard Bank provided loan financing to the project with a USD 37.5 million local currency loan.  The sponsors provided USD 12.5 million of equity to the project.
In December 2010, DDE Renewable Energy Private Limited (DREPL), a project SPV of Dee Development Engineers Limited (subsidiary of Lanco Solar Energy Private Limited), was awarded the license for setting up a 5MW grid connected solar Photo voltaic power project located at Askandra village, in Jaisalmer District of Rajasthan under the Jawaharlal Nehru Solar Mission (JNNSM) Phase-I Batch-I of the scheme. Under the JNNSM the total aggregated capacity of grid connected Solar PV Projects in Phase-1 was expected to be 500 MW. 150MW aggregate was allotted in FY2010-11 as a part of Batch-I of JNNSM Phase-I. DREPL had acquired land for the project. The output from the project would be fed to the Northern, Eastern,Western and North Eastern (NEWNE) grid of India. The plant would use high power modules using multi crystalline (mc-Si) modules cells consisting thin film technology.   The JNNSM mission had designated NTPC’s Vidyut Vyapar Nigam Limited (NVVN) as the nodal agency for procurement of solar power. On 18th August 2010, NVVN invited RFQs from interested developers to develop 150 MW solar PV projects with a capacity of 5 MW each, and 500 MW solar thermal projects with a minimum capacity of 5 MW and maximum of 100 MW each. NVVN received 418 RFQ responses on September 24, 2010 from both PV and solar thermal project developers (343 applications for solar PV,55 for solar thermal projects, and 5 for combined thermal and PV projects). As the total capacity of the shortlisted projects were in excess of the approved capacity of 150 MW Solar PV Projects and 500 MW Solar Thermal Projects, bidders were required to submit proposals offering maximum discount on the CERC (Central Regulator) approved applicable tariff for grid connected solar power projects for FY 2010-11 - a reverse bidding auction process. The last date for the submission of proposal was November 16, 2010. For PV Thermal projects, NVVN received  bids from project developers indicating discounts offered by each over CERC determined tariff of INR 17.91/kWh. Since, the target allocation for solar thermal projects was 150 MW, only the top 30 discounts were finally selected to set up solar power projects. The final 30 solar PV projects selected had bids between INR 10.95/kWh to INR 12.75/kWh. The cutoff discount was 515paise. DREPL won the project quoting a tariff of INR 11.55/kWh (a discount of 636 paise).  In January 2011, DDE Renewable Energy Private Limited (DREPL) had entered into a 25-year Power Purchase Agreement with NTPC Vidyut Vyapar Nigam (NVVN), which was the the nodal agency to purchase solar power generated by independent solar power producers,under JNNSM. JNNSM provided for a scheme of "bundling" relatively expensive solar power with cheaper power from the unallocated quota of the Government of India out of the capacity of the NTPC based coal stations.This cheaper bundled power would then be sold to state power distribution companies at the CERC regulated price. This would bring down the gap between the average cost of power and sales price of power of the state Discom. The total capacity of 5MW was also eligible for carbon credits. DREPL would pass on the gross benefits of CDM to the distribution licensee (NVVN) in the following manner - (a) 100% of the gross proceeds to be retained by DREPL in the 1st year after the date of COD, (b) in the 2nd year, the share of NVVN would be 10% which would be progressively increased by 10% every year till it reaches 50%, where after the proceeds would be shared equally by DREPL and NVVN. Transmission and/or wheeling charges would be paid by DREPL.  Financial closure took place on 28th June 2013.The total project cost estimated at the time of financial closure was US$ 11.8mn (INR 692.3mn @58.6 INR/USD).The debt equity ratio for the project was 69/31. Financing comprised of a 15-year term loan of US$ 8.2mn (INR 480mn), and sponsor equity of US$ 3.6mn (INR 212.3mn). The term loan had a grace period of 3-months are and repayment schedul
In March 2012, the Government of Rajasthan (Public Works Department on behalf of Ministry of Road Transport and Highways (MoRTH), Government of India) awarded a 11 year concession (including construction period of 2 years) to Unity Infraprojects Limited (UIL) for the strengthening, improvement, two-laning, operation and maintenance,and tolling of 78.01kms Suratgarh– Sriganganagar Section of NH-15, in the state of Rajasthan.  Under the contract, Unity Infraprojects Limited was responsible for the design, construction, finance, operation and maintenance and widening of the existing carriageway to a two-lane highway with paved shoulders. The scope will include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc. The Government of India, Ministry of Road Transport and Highways (MORTH) through Public Works Department (PWD), Government of Rajasthan had decided to take up the development of various National Highway Corridors for augmentation of capacity for safe and efficient movement of traffic by widening to 2-lane with paved shoulder. Under this program, this project was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  Unity Infraprojects Limited established Suratgarh Sriganganagar Toll Road Private Limited, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by PWD Rajasthan, by requesting the lowest upfront subsidy of US$ 1.1 million (INR 57mn @50 INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement was signed in November 2012.  Details of financing were not available at the time of collection of this information. The estimated capital cost of the project at the time of bidding was US$ 66mn (INR 3300mn @50 INR/USD).    Construction on the project was expected to begin in January 2013 and be completed by January 2015.
Ukrainian natural gas distribution company Krymgaz was partially divested in September 2012. The winning bidder was Gaztek JSC, from Kyiv, Ukraine. By winning the bid, Gaztek expanded its share in Krymgaz from 8.1% with 23.989% to 32.1%. Other equity holders in the firm were state-owned Chornornornaftogaz (15.455%), state-owned Naftogaz Ukrainy (25%) and the State Property Fund of Ukraine (23.989%). Gaztek JSC was 96% held by four Cyprus-based companies.  KrymGas was incorporated as a subsidiary of Ukrtransgas, a division of Naftogas, in 1997 to focus specifically on the local Crimean market. Its market includes 14 Regional Administrations, with a 6,000km gas distribution network, serving 15 cities and towns in the region and 792 villages with a total user base of 354,000 and employing 2,500 people (2004 data).  Two final bidders participated in the tender, the second firm being Finlex-Invest (Kyiv). Under the tender, the winning bidder obligates itself to invest UAH 8 million ($1 million) in the firm within three years.  Total value of the winning bid was UAH 42.64 million ($5.3 million). The starting price was UAH 41.8 million. The Ukrainian bank representing Gaztek was Nadra Bank, Nadra Bank was 89.9% owned by Centragas Holding AG, from Austria. Gaztek raised UAH 250 million to  purchase shares in Krymgaz as well as 11 other natural gas utilities:Volyngazm (23.4%), Sevastopolgaz (25%), Zaporizhgaz (25%), Dnipropetrovskgaz (26%), Chernivtsigaz (20.4%), Zhytomyrgaz (15.9%), Syrnygaz (25.8%), Luhanskgaz (26%), Ivano-Frankivskgaz (25%) and Kykolaivgaz (25%). Financial closure date was unavailable, reported here is month of tender winning.
Madhya Pradesh Road Development Corporation (MPRDC on behalf of National Highway Authority of India) signed a 30-year concession (including construction period of 2 years) with JMC Projects (India) Limited for the strengthening, improvement,four-laning,operation and maintenance, and tolling of 89 kms of Rewa-Hanumana to Uttar Pradesh/Madhya Pradesh Border section on National Highway-7,in the state of Madhya Pradesh.  Under the contract, JMC was responsible for the design, construction, finance, operation and maintenance,strengthening and widening the existing carriageway to 4-lane road. The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections,interchanges, drains, etc.The expansion project, part of the NHAI Phase-IV Highway Development Program, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region. NH-7 was a major North- South National Highway that runs through the states of Uttar Pradesh, Madhya Pradesh, Maharashtra, Andhra Pradesh,Karnataka and Tamil Nadu. NH-7 is the longest highway of India running over 2,369 Km from Varanasi to Kanyakumari.  JMC Projects established Vindhyachal Expressway Private Limited on 6th January 2012, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by MPRDC, by quoting the highest premium of US$8mn (INR 40mn). Details of bidding couldn't be ascertained at the time of collection of this information. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.The EPC would be executed by JMC.  The project attained financial closure on 18th July 2012. The debt equity ratio of the project was 75:25. The estimated capital cost of the project at the time of financial closure was US$ 134.5 (INR 6724mn @50 INR/USD) million. Financing comprised of 15-year term loan of US$ 100.8mn (INR 5040mn) and sponsor equity of US$ 33.7mn (INR 1684mn).The term loan had a grace period of 12 months and a repayment schedule of 144 monthly installments.The debt was arranged by Union Bank of India.   Construction on the project began in July 2012 and was expected to be completed by July 2014.
Geefspan solar PV was a 10 MW project to be located in the Northern Cape of South Africa.  The project was sponsored by The Old Mutual Life Assurance Company of South Africa and local developer AE-AMD Renewable energy.    The project was awarded in a tender administered by the Department of Energy where a critical factor in the decision was the projected price of power.  Contractual negotiations on the PPA and financing were to be completed by June 2012. The tender was open to all technologies, 53 bids were submitted of which 28 made it to preferred bidder status. These 28 project account for a total of 1,416MW if all are implemented. The EIA was passed (as was required for all bidders). Under bid rules, the project had to have at least 35% local content. There would be a 20 year PPA with the state owned utility, Eskom.   In Novemebr 2012 the project reached fiancial close.  The equity investors put in USD 14 million into the project, along with 34 million in debt financing.  The debt was provided in local currency by the Development Bank of South Africa, Standard Bank and Future Growth Asset manager
In April 2012, a local private company Mizuda Group acquired 100% share of the Deqing Jianeng Solid Waste Power Plant from the state controlled company, China Power International New Energy Holding Ltd.. Details of the transaction were not reported, such as the acquisition price. The plant had a capacity of 12MW and could process 400 tons of solid waste per day.
In Apr 2012, a local private company Anhui Shengyun Machinery Company Limited was granted a concession agreement to rehabilitate and operate a household solid waste incineration power plant in Tonglu County, Anhui Province. Shengyun paid US$ 16.16 million (RMB 102.0352 million) to get the already installed garbage processing facility of the plant and would invest more money to equip the facility electricity generation capacity of 9MW. The total investment was about US$ 31.68 million (RMB 200 million). A special purpose vehicle Tonglu Shengyun Environmental Protection and Energy Company Limited was set up to implement the project, with a registration capital of US$ 7.92 million (RMB 50 million). The concessional term was from Jan 1, 2012 through to Dec 31, 2038, covering the construction period. Shengyun had a 100% stake in the entire project.
In June 2012, a local private company Dayi Water signed a management agreement with the Pi County Government to operate the Fangbei Wastewater Treatment Plant and Dashiyan Wastewater Treatment Plant in Pi County, Sichuan Province. The plant each had a capacity of 2,000 tons per day. Dayi won the job through open bidding. The period of management for the plants was not released. Dayi took over the plants for operation in the same month.
In Apr 2012, construction of a PV power plant commenced in Gaotai County, Gansu Province. The sponsor was a local private company Zhejiang Zhengtai Group which had a 100% stake in the project. The plant had an electricity generation capacity of 100 MW. The total investment was US$ 205.95 million (RMB 1.3 billion). The plant came to operation in Sep 2013. The concession term was over 25 years.
In Aug 2012, a Shenzhen based private company Xingyuan Kongjian Environmental Technology Co., Ltd. signed an agreement with the Wuxue Municipal Government to rehabilitate and operate the Wuxue City Wastewater Treatment Plant Phase I in Wuxue City, Hubei Province. Xingyuan Kongjian won the bid with an offered price of RMB 24 million (US$ 3.80 million) and would operate the facility for 25 years. Xingyuan Kongjian had a 100% stake in the project.The total capacity of the plant was 15,000 cubic meters per day.
In October 2011, a local private company Sound Group won a bid to build and operate five township wastewater treatment plants in Jiangyan City, Jiangsu Province. Except the plants per se, Sound would build the associated pipeline networks but this part of work, once finished, would be transferred to the local utilities and Sound got compensated within a term of four years. The plants would be operated by Sound, as the concessionaire, for 25 years. The total cost was US$ 76.07 million (RMB 480 million) for the whole package and the plant component was worth US$ 11.89 million (RMB 75 million). The total capacity was 13,000 cubic meters per day. A project company Jiangyan City Zhenlong Water Affairs Company Limited was installed to perform the project with a registration capital of US$ 2.61 million (RMB 16.50 million) in May 2012. Sound had a 100% stake in the project.
In September 2011, a local private company, Beijing Sound Group signed an agreement with the Linqu County Government to build and operate a solid waste power plant and a waste landfill site in Linqu County, Shandong Province. Beijing Sould would invest RMB 350 million (US$ 53.49 million) in this project. The two facilities can process 350 tons of solid waste per day. The capacity of the power plant was however not released. Construction commenced at the  2nd half of 2011 and would take 1-2 years to finish.
A joint venture of Nareva Holdings and International Power was formed in order to develop renewable energy projects in Morocco.  The first of which was the 300 MW Tarfaya Wind Farm, to be located in Tarfaya, Morocco.    In April 2011, the state utility Office National de l’Electricite (ONE) signed a 20-year power purchase agreement (PPA) with International Power and Nareva Holding for a 300 MW wind farm at Tarfaya.  The 2.3MW turbines were supplied by Siemens (ETR:SIE). Commissioning was expected for 2014. The load factor was expected to be 45%.   According to a news agency, the price for the 20-year PPA has been fixed at MD 7.548 ($0.0863) per kWh.  Attijariwafa Bank and the Moroccan subsidiary of Banque Populaire Group have financially backed the project which will be financed on a 75:25 debt:equity basis (USD 350 million/117 million), with the two sponsors investing half of the equity each.  the project reached financial close in August 2012. Construction started 8 February 2013.
In May 2012, the sino foreign JV, Beijing Puresino-Boda Environmental Engineering Co.,Ltd.  (MWH Global, Inc. had a 60% ownership and a state owned enterprise owned the remaining share) signed a concession agreement with the Shifang Municipal Government to operate a wastewater treatment plant in Shifang City, Sichuan Province for 30 years after an open bidding process. The capacity of the plant was 30,000 cubic meters per day. Price of the deal was around RMB 36.08 million (US$ 5.72 million).
An 18MW PV power plant invested by a Singaporean company MEMC Singapore Pte. Ltd. was located in Dunhuang City, Gansu Province. Construction of the plant commenced in May 2012 the facility was operational in Sep 2012. The total investment was US$ 38.02 million (RMB 240 million) and MEMC Singapore Ptd. Ltd. had a 100% stake in the project. A special purpose vehicle Disheng (Dunhuang) Solar Power Generation Company Limited.
In May 2012, a Beijing based private company Beijing Sound Group won a bid to build and operate the Chang'an District Wastewater Treatment Plant Phase II under an agreement with the local government in the Chang'an District, Xi'an City, Shaanxi Province. Sound's winning price was RMB 58.6035 million (US$ 9.29 million). The total capacity of the plant was 50,000 cubic meters per day. Trial run of the plant was conducted in Dec 2012. Concession term of the agreement was not reported. Beijing Sound had a 100% stake in the project.At least 25% of construction had been achieved by Jun 2012.
The project entails the construction of a municipal waste-to-energy power plant located in Bangkok, Thailand and with 9.8MW capacity. The total value of the project is THB960 million ($30.21 million). Sponsor of the facility is C&G Environmental Protection Holdings. They signed a BOT contract for 20 years with the Bangkok Metropolitan Administration (BMA).  The plant is expected to process up to 182,500 tonnes of waste per annum.
In Oct 2012, a Sichuan based private company Haitian Group signed a concession agreement with the Emeishan Municipal Government to operate the Emeishan City Wastewater Treatment Plant for 30 years in Emeishan City, Sichuan Province. Haitian won the project in an open auction. The total capacity of the plant was 50,000 cubic meters. The plant actually had two parts with capacity of 40,000 and 10,000 cubic meters respectively. The actual price was not reported, but according to the Call for Auction document, the starting price was RMB 84 million (US$ 13.31 million). Haitian had a 100% stake in the project.
Carnauba Geracao de Energia S.A., a partnership of the  Brazilian companies Electra Power (82%) and Triton Energia (18%), was granted the authorization to build and operate a 16-MW hydro power plant located in the state of Goias (Bonito River). The power plant was named PCH Renic.  A 30-year authorization contract was granted by the regulatory agency ANEEL in January 2008. In December 2013, the company had been granted power purchase agreements to sell electricity to distribution companies starting in 2018. The company presented a winning bid of US$  41/MWh (BRL 136.9 MWh).  The investment committed to the power plant was estimated at US$  7 million (BRL 23.4 million). Construction works commenced in July 2012 and were nearly concluded by December 2015.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
Herbert solar PV was a 20 MW project to be located in the Northern Cape of South Africa.  The project was sponsored by The Old Mutual Life Assurance Company of South Africa and local developer AE-AMD Renewable energy.    The project was awarded in a tender administered by the Department of Energy where a critical factor in the decision was the projected price of power.  Contractual negotiations on the PPA and financing were to be completed by June 2012. The tender was open to all technologies, 53 bids were submitted of which 28 made it to preferred bidder status. These 28 project account for a total of 1,416MW if all are implemented. The EIA was passed (as was required for all bidders). Under bid rules, the project had to have at least 35% local content. There would be a 20 year PPA with the state owned utility, Eskom.   In Novemebr 2012 the project reached fiancial close.  The equity investors put in USD 30 million into the project, along with 68 million in debt financing.  The debt was provided in local currency by the Development Bank of South Africa, Standard Bank and Future Growth Asset manager.  The power plant started its operation in April 2014.
Hydropower Construction and Investment JSC was planning the development of the 15.6 MW Nam Si Luong 4 Hydropower Plant, Pa Ve Su Commune, Muong Te district, Lai Chau province.  The project was expected to generate 61,436 MWh annually. It was designed comprising 3 turbines of 5.2MW each, horizontal shaft Francis.   Commissioning was expected for July 2014. The investment license was awarded in August 2009. The PPA was signed in August 2009. The connection license awarded November 2009. The investment decision was made in January 2010. The loan application was done November 2010. The construction was expected to start in March 2012. The expected tariff was VND 730 per kWh ($0.035 per kWh).  Total investment cost was estimated at VND 359 billion ($17.2 million). The project applied for UNFCCC/CDM financing. The CERs were sold for EUR17 ($22.2).
In March 2012, the National Highway Authority of India (NHAI) awarded a 24year concession (including construction period of 30 months) to IL&FS Transportation Networks Limited (ITNL) for the strengthening, improvement, six-laning, operation and maintenance, and tolling of 119.3kms of  Kharagpur to Baleshwar section of NH-60  from KM 0.0 to KM 119.300 in the states of Orissa and West Bengal.  Under the contract, ITNL was responsible for the design, construction, finance, operation and maintenance and strengthening of the existing 4-lane highway with paved shoulders. The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections,interchanges, drains, etc.The expansion project, part of National Highway Development Project Phase-I, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  IL&FS Transportation Networks Limited established Baleshwar Kharagpur Expressway Limited (BKEL), a special purpose vehicle, on 22nd March, 2012, to implement the project. The SPV won the tender through competitive bidding, conducted by NHAI, by quoting the highest annual premium. The SPV would pay NHAI a sum of US$6.5mn (INR 350mn @53.4 INR/USD) in the first year of operations with 5% increase in each subsequent year (This amounted to an NPV payout of about US$ 91mn over the life of concession period at a discount rate of 10%). There were 40 pre-qualified bidders for this project, out of which 5 had finally bid for this project. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement was signed on 24th April 2012. The project attained financial closure in October 2012 at a debt/equity ratio of 69/31. The estimated project cost at the time of financial closure was US$ 123.6mn (INR 6600mn @53.4 INR/USD). Financing comprised a senior debt of US$ 74.1mn (INR 3960mn), a subordinate debt of US$ 11.2mn (INR 600mn) and sponsor equity of US$ 38.2mn (INR 2040mn). ILFS was the adviser and the syndicating banks were led by State Bank of Patiala. The project debt would be amortized in 43 structured quarterly installments over December 2015-May 2026. Over 65% of BKEL’s debt was likely to be amortized in the last 4-years. Loan covenants stipulated maintaining a debt service reserve account equivalent to one quarter’s principal and interest payments (to be funded through a bank guarantee). For a substantial part of the project, the debt was at a floating interest rate (reset every 2-years).  Construction on the project was expected to begin on 8th February (Appointed Date for start of Concession) and be completed by June 2015. According to the August 2013 lenders’ independent engineer’s report, the project was marginally ahead of schedule at 22.42% as against the planned progress of 19.34%. 100% right of way was available.
The project entails the construction of a 12 MW WtE plant in Jurong, Jiangsu Province. Total investment stands at RMB 310 million or $ 45.96 million. SPV is Jurong Green Power Renewable Energy Limited, a wholly owned subsidiary of the sponsor Dynagreen. The facility will be undertaken under BOT concession. Financial close took place in July 2012.
In February 2012,the National Highway Authority of India (NHAI) awarded a 28-year concession (including construction period of 3 years) to ILFS Transportation Networks Limited (ITNL) for the strengthening, improvement, 4-laning, operation and maintenance,and tolling of 84.32kms of Kiratpur to Ner-Chowk Section from km 73.200 to km 186.500 on NH-21, in the state of Himachal Pradesh.  Under the contract, ITNL was responsible for the design, construction, finance, operation and maintenance and widening of the existing carriageway to a 4-lane highway with paved shoulders. The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc. The expansion project, part of National Highway Development Project Phase-III would ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  ILFS Transportation Networks Limited (ITNL) established Kiratpur Ner Chowk Expressway Limited (KNCEL) on 12th February 2012,a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by requesting the lowest upfront subsidy of US$ 26.9million (INR 1345.7mn @50 INR/USD). There were 28 pre-qualified bidders out of which 4 offered their final bids. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement for the project was signed on 16th March 2012. The project attained financial closure on 29th March 2012. The grant/debt/equity ratio for the project was 6/64/30. The estimated capital cost of the project at the time of financial closure was US$ 457.8mn (INR 22888.6mn @50 INR/USD). Apart from viability gap funding (grant) of INR 1345.7mn, financing comprised of 15-year term loan of US$ 295mn (INR 14748.6mn) and sponsor equity of US$ 135.9mn (INR 6794.3mn).The term loan had a repayment schedule of 54 quarterly instalments. The applicable interest rates was 11.75% which was expected to be reduced by 50 basis points on commissioning of the project. The debt was arranged by Yes Bank Limited.     Construction on the project was expected to begin in March 2012 and be completed by September 2014.
The Italian company Enel Green Power developed the 85-MW hydro power project located at River Cotzal. The power plant was named Palo Viejo.  Construction works commenced in 2010 and were concluded in March 2012. The investment directed to the power plant as estimated at US$ 144 million.  The power plant was set to sell its output through Guatemala's national grid (Sistema Nacional Interconectado).  In January 2012, the project applied for carbon credit.
As early as in 2010, a local private company Herrel Environmental Protection Co., Ltd was granted an agreement by the Neijiang Municipal Government to build and operate a solid waste power plant in Neijing City, Sichuan Province. Construction commenced in Mar 2012. By Sep 2012, the plant building was finished and equipment was moved in to be set up. The project was scheduled to be operational in May 2013. The total investment was RMB 640 million (US$ 101.43 million). The plant had a capacity of 18MW and could process 700 tons of solid waste per day. The concession term was not reported. At least 25% of construction had been achieved by Sep 2012.
In December 2011, a local private company Beijing Sound Environment Industry Group signed an agreement with the Ansha Municipal Government to build and operate the Dagushan Wastewater Treatment Plant in Anshan City, Liaoning Province. The capacity of the facility was 30,000 cubic meters per day. The total investment was RMB 94 million (US$ 14.90 million) and Beijing Sound had a 100% stake in the project. The concession term of the project was 30 years. The agreement was granted following an open bidding process. Construction commenced in April 2012 and was completed in Dec 2012. At least 25% of construction had been achieved by Jun 2012.
The Brazilian company CAB Ambiental, a subsidiary of Galvao Engenharia Group, was awarded the 30-year concession contract to expand, rehabilitate and operate the water and sewerage facilities of Cuiaba (state of Mato Grosso) in December 2011. The contract was awarded by the municipality's central administration, and the private sponsor committed to reach 100% of the population with water and sewerage provision by 2015 and 2022, respectively. The population of the area was estimated at 553,000.  CAB Ambiental was awarded the contract by offering the lowest tariff (US$ 10 or BRL 19.80). The company also committed to pay to the government a total of US$ 261.3 million (BRL 516 million) for the concession rights. Only one other company took part in the contest: Foz do Brasil S.A. The contract was signed in February 2012, and the private sponsor took over the operations of the sewerage services in April 2012.  CAB Ambiental's subsidiary CAB Cuiaba was set to lead the project. The private sponsor committed to invest US$  455.7 million (BRL 900 million) over the life of the project.   In August 2014, the state-owned bank BNDES approved a US$ 100.8 million (BRL 327.5 million) to CAB Cuiaba.  In May 2016, the local government announced it would intervene in the management of the concession, as the private sponsors were not fulfilling their contractual obligations. However, in December 2016 Cab Ambiental announced it reached a new agreement with the municipality.
Activ Solar, registered in Austria, was developing the 29.3MW Voznesensk solar plant, in Mykolaiv Region. The project consisted of 121,176 crystalline PV panels, 27 inverters on a four-row mounting system. Total output was expected to be 35 GWh annually. Total land area was nearly 60 hectares.   The project was commissioned in February 2013. Tariff was UAH 4.8 (US$0.58), but this was lowered to UAH 3.5 (US$0.43) in 2012. Tariff was guaranteed in EURO, but paid in UAH.  No financial details were available. The project is reported as under development here as commissioning did not take place in 2012.
On June 6, 2011, a local private company Wuhan Kaidi Electric Power signed an agreement with the Minqin County Government to finance, build and operate a biomass power plant in Minqin County, Gansu Province. The total investment is RMB 300 million (US$ 45.85 million) and Kaidi has 100% stake in it. The plan has a capacity of 30MW. According to the website of Minqin County Government, by December 12, 2011, the front development has been progressing very well.  The site has been chosen, site surveying finished, biomass resource investigation completed, land transfer agreement signed, and geotechnical surveying completed. The project is now being reported to the provincial level government for approval and the feasibility study report is in progress. Once completed, the power plant will be connected to the State Grid Corporation (National Grid).
Clean Energy LLC was created in order to build, own and operate a 50 MW wind farm to be located in Ulaanbaatar, Mongolia.  the project company was a joint venture between the European Bank for Reconstruction and Development (EBRD) 25%, and the Mongolian firm the Newcom Group.    Details from public sources on the Power Purchase Agreement were not available, but various sources did state that the project would sell power to the Mongolian grid through a 26 year PPA. In November 2011, GE was selected as the equipment supplier. Leighton Asia was an EPC contractor. Commissioning was expected for April 2013.   Total project cost was estimated at USD 120 million. The EBRD invested USD 5 million in SPV Clean Energy LLC. Total debt was US$ 84 million with 15 year tenor, provided in equal portions by EBRD and FMO (US$ 42 million each). Legal advsiser to the lender was Norton Rose, and GTS. Legal adviser to the sponsor was DLA Piper.
Mytrah Energy Limited entered into an agreement with Rajasthan Government, to develop 75.6MW wind power project at Kaladonger village in the state of Rajasthan. Mytrah established Bindu Vayu Urja Private Limited (BVUPL), a special purpose vehicle, to execute this project. Mytrah Energy had subsequently increased the size of the project at Kaladonger by 21 MW, from 75.6MW to 96.6MW. The wind farm would involve the building of 46 wind turbines of Suzlon S95_90 model of 2.1MW capacity each.The electricity generated from the project would be evacuated by NEWNE grid of India. The EPC for the power plant had been awarded to Suzlon Energy Limited. Suzlon would develop, construct, commission, operate and maintain the project at an all-inclusive price.    The Kaladonger Wind farm was expected to sell the power to Rajasthan State Electricity Distribution Company (RVVNL), through a 25-year PPA signed on 1st July 2012.The APPC (Average Power Purchase Cost) base tariff as per RERC prevailing tariff order for Jaisalmer district was US$ 0.083/Unit (INR 4.46 per unit @ 53.44INR/USD) for the entire 25 years. The transmission charges would be paid by BVUPL to the state transmission utility. The total capacity of 96.6MW was eligible for CDM benefits and the company had initiated the process with UNFCC.   Details of financial closure or project cost were not available at the time of collection of this information.  As per company announcement to the market, the project was fully commissioned in the April 2012 to July 2012 quarter. Till further validated information, we are considering July 2012 as the financial closure date for the purpose of this database.
The company Brasventos, a partnership of the Brazilian company J. Malucelli (51%) and the Brazilian state-owned companies Furnas (24.5%) and Eletrobras (24.5%), was granted authorizations to build three wind power plants  located in the state of Rio Grande do Norte (165.7 MW in total capacity, municipalities of Galinhos e Macau). The partners established three companies to lead the projects:  * Brasventos Eolo Geradora de Energia S.A. - EOL Rei dos Ventos 1 (48.6 MW) * Rei dos Ventos Geradora de Energia S.A. - EOL Rei dos Ventos 3 (48.6 MW) * Brasventos Miassaba 3 Geradora de Energia S.A. - EOL Miassaba 3 (68.5 MW)  The sponsors also committed to  build a 120-km transmission line connecting the power plants to the national grid, whose cost was estimated at US$ 15.4 million (BRL 30 million).  The 35-year contracts were signed with the regulatory agency ANEEL starting in August 2010. The total investment in the power plants was estimated at US$ 362.8 million (BRL 708.2 million). In October 2012, the state-owned development bank BNDES approved the following loans (total of US$ 197.3 million or BRL 385.2 million): - EOL Rei dos Ventos 1: US$ 64.5 million (BRL 125.9 million) - EOL Rei dos Ventos 3: US$  68 million (BRL 132.8 million) - EOL Miassaba 3: US$ 64.8  million (BRL 126.5 million).  The remaining investment cost was set to be financed with the sponsor's own resources.  The government periodically runs public bidding for the sale of energy to the country´s distribution companies. The three  power plants controlled by Brasventos won the public bidding that took place in 2009, by offering an average tariff of US$ 76.5/MWh (BRL 153/MWh). The project companies signed 20-year power purchase agreements with the several electricity distribution companies , and the agreements included the annual adjustment of the tariff to the inflation rate. Brasventos committed to start supplying to the market in 2012, but, as of March 2013, construction works were still underway.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company is not subject to sectoral taxes.  Commercial operations commenced in February 2014.
Activ Solar GmbH, registered in Austria, was planning the development of the 43.8MW Limanskaya solar plant. The project consisted of 181,192 solar PV modules (crystalline), ground mounted, single row on 79.4 hectares of land.   The project was commissioned in March 2013, but listed here as under development as no financial closure information was available and the project was not commissioned before 2013. Ukraine maintained a feed-in tariff of UAH4.8 (US$0.58) for solar plants in until 2012, when it was cut to UAH 3.5 (US$0.43). The price is guaranteed until 2030. The tariff is paid in UAH, but guaranteed against a fixed EUR amount (pegged), to absorb currency risk. The national utility is named Electricity Company Ukraine.    No financial details were available. Financial closure date was unavailable, estimated here at December 2012.
In 1997, the Ministry of Public Works awarded a greenfield BOT contract to the consortium of PT Lintas Marga Sedaya to build a 116km highway connecting Cikampek and Palimanan in West Java. The highway was slated to connect to the existing Jakarta-Cikampek Toll Road as well as the planned Cileunyi-Sumedang-Dawuan Toll Road. It was to be the largest stretch of the 1500 km trans java toll road network. Malaysia’s PLUS Expressways Berhad purchased 55% of the shares in the project company while the remainder of the shares was held by Indonesia’s PT Baskhara Utama Sedaya.  The Cikampek – Palimanan Toll Road was delayed due the economic crisis by Presidential Decree no 39 of 1997. Presidential Decree no 15 of 2002 revoked Presidential Decree no 39 of 1997, and allowed the resumption of the projects if deemed necessary by the President. In December 2005, thirteen toll road projects including the Cikampek – Palimanan were re-evaluated by the federal government. Cikampek – Palimanan Toll Road was given approval by the government and officially signed in July 2006.  The project reached financial closure in July 2007 with a syndication given by 10 local banks for approximately US $555 million, the largest syndication in Indonesian toll road history at the time. The banks were: Bank Negara Indonesia (BNI), Bank Rakyat Indonesia (BRI), Panin Bank, Bank Jabar, Bank Bukopin, Bank Jatim, Bank International Indonesia (BII) and Bank DKI, with Bank Mandiri and Bank Central Asia (BCA) acting as the lead syndicators. The total project cost was estimated at US $812 million and the difference was to be financed through equity contributions from PLUS Expressways Berhad.   The Indonesian government agreed to provide funds to secure right of way and to allow tariff adjustments every two years to meet inflation. In 2007, tariffs were still controlled by the government’s toll road regulator. Construction of the toll road was expected within two and a half years.  Construction only started in December 2011. The government has helped in the acquisition of the 93% of the land required for the rad; the remaining 7% was mostly located in Cirebon. The project reached financial closure in September 2012 by securing US$915 million in debt from 22 banks and financial institutions with a maturity of 15 years. The revised project cost was estimated at US$1.3 billion and was financed on a debt to equity ratio of 70:30.  Bank Central Asia (BCA) providing a US$332 million load and Bank DKI were the mandated lead arrangers and book runners for the loans. The other banking and financial institutions involved in the syndicated loan are Bank Artha Graha, Bank CIMB, Niaga, Deutsche bank Indonesia, the Export Import Bank of Malaysia Berhad (MEXIM) US$95 million, Bank ICBC Indonesia,Indonesia Infrastructure Finance, Bank International Indonesia, Bank Panin and Sarana Multi Infrastruktur. Another 11 banks are regional development banks (BPD), comprising BPD Jambi, BPD Jawa Barat and Banten,BPD Jawa Tengah, BPD Jawa Timur, BPD Kalimantan Barat, BPD Kalimantan Selatan, BPD Kalimantan Tengah, BPD Kalimantan Timur, BPD Maluku, BPD Papua and BPD Sumatera Barat.
Swiss engineering group Alpiq Holding agreed in December 2010 to the extention of the 50 MW Vetrocom wind farm near the city of Kazanlak, Bulgaria, with 22.5 MW. This would bring total capacity to 72.5 MW. Alpiq Holding is a Swiss energy trading company, formed in 2009 through the merger of Atel Holding Ltd.n energie Ouest Suisse SA (EOS) and other smaller utilities, together with the Swiss branch of EDF. Atel Holding took over project developer Vetrocom back in 2008, when the project was still in development phase. The initial 50 MW existed of 20 turbines and was commissioned in November 2010.  The first phase of this project was contracted to and successfully completed by Technomash-Bulgarian Industrial Group AD (Technomash), with services provided by Energy Competence Centre GmbH (ECC), a subsidiary company of Corporate Energies in Berlin, Germany. The turbines were reported as supplied by Indian Suzlon Wind Energy from Aarhus, Denmark, but later reported as supplied by Germany's Fuhrland. The extension of 22.5 MW, 9 turbines, were planned to be supplied by German Fuhrland. The project had earned the company a top-investor certificate, implying fast-track administration and other state support.  The first phase of Vetrocom wind farm cost EUR80 million ($106 million). The second phase was projected to cost EUR36 million ($48 million). As of October 2011, no details about the financial structure of the project was available.
On 17th January 2012, Madhya Pradesh Road Development Corporation (MPRDC) signed a 15-year concession with a consortium of Concast Infratech Limited and Roman Tarmat Limited for the strengthening, improvement,two-laning,operation and maintenance,and tolling of 44.66kms of existing major district roads- Jawasa-Sunarpura from 0.0km to 22.625km and Pawai-Prithvipura from 0.0km to 22.34km,in the state of Madhya Pradesh.   Under the contract, Concast Infratech was responsible for the design, construction, finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway to 2-lane divided carriageway.The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections,interchanges, drains, etc.The expansion project, part of the MDR (major district roads) development project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.    The consortium of Concast Infratech Limited (74%) and Roman Tarmat Limited (26%), established Concast Jawasa Road Projects Private Limited (CJRPPL),a special purpose vehicle in December 2011, to implement the project. The SPV won the tender through international competitive bidding, conducted by MPRDC,by requesting the lowest annuity payment. Other details of bidding were not known at the time of collection of this information. Under the contract, the SPV was to recover the capital costs and operating costs including returns through periodic monthly payments from MPRDC, during the term of concession. Concast Infratech would execute the EPC for the project.  The concession agreement for the project was signed on 17th January 2012. The project was expected to be financed with a debt/equity ratio of 75/25. The estimated capital cost of the project at the time of financial closure was US$ 14mn (INR 747.7mn @53.4INR/USD). Financing comprised of a term loan of US$ 10.5mn (INR 560.8mn) and sponsor equity of US$ 3.5mn (INR 186.9mn). Other details of financing were not known at the time of collection of this information.  The project construction started on 18th October 2012 (Appointed Date) and was expected to be operational by April 2014.
The project entails the contract for urban cleaning in Alfenas, Brazil under 30 years contract. SPV is Alfenas Ambiental Tratamento de Resíduos e Limpeza Urbana Ltda. a wholly subsidiary of the sponsors Construtora Contorno Ltda. and Revita Engenharia S.A. Total value of the contract is R$144.344.409,60 or $ 80.93 million. For the structuring of the project, a Public Consultation was held on 04/13/2011, followed by a Bid published on 09/20/2011. Financial close took place on January 18, 2012
In July 2012, a Sino-foreign joint venture company Suizhou Lianheyulong Water Affairs Co., Ltd. signed an agreement with the Suizhou Municipal Government to build and operate the Suizhou City Wastewater Treatment Plant Phase II in Suizhou City, Hubei Province. United Water had a majority interest in the JV but its exact share was however unknown. The total investment was RMB 54.85 million (US$ 8.69 million) and the total capacity of the plant was 50,000 cubic meters per day. Construction commenced in April 2012, before the agreement was signed. Test run was conducted in Dec 2012. Concession term of the agreement was not reported. It seemed that the agreement was granted in a direct negotiation way, mainly because Suizhou Lianheyulong was the concessionaire in Phase I of the same plant (project 4505). At least 25% of construction had been achieved by Jul 2012.
On 10th May 2012, Madhya Pradesh Paschim Kshetra Vidyut Vitaran Company Limited (MPPKVVCL) and Essel Group consortium (Smart Wireless Private Limited as Lead member, and Pan India Network Limited, Pan India Infrastructures Private Limited - all Essel Group Companies)signed a Distribution Franchisee Agreement for Sagar city in the state of Madhya Pradesh(MP). Essel Group would distribute power in Sagar city for the next 15 years. In this area, the Company would distribute power as an agent of the present distribution licensee - Madhya Pradesh Paschim Kshetra Vidyut Vitaran Company Limited (MPPKVVCL). There were about 370,000 people (57,820 registered power consumers among these) in the city spread over 205 sq. kms. with an estimated demand of about 44MW with annual power consumption of about 163.56 MUs.   Essel group consortium established Essel Vidyut Vitaran (Sagar) Private Limited (EVVSPL), a special purpose vehicle, to execute this distributionfranchise. The primary obligation of the Distribution Franchise (EVVSPL) included - (a) undertaking the distribution and supply of power to the consumers of MPPKVVCL in the designated Distribution Franchise Area, (b) undertaking reading of meters, generating of bills, payment collection, as per the retail tariff structure deterined by MPERC (State Power Regulator), (c) maintaining the existing distribution network and replacing failed distribution transformers and defective meters and other network infrastructure assets, (d) making payments to MPPKVVCL, (e) collection of MPPKVVCL's outstandinf arreats as their agent and remittance of the same.   The Essel Group consortium was selected through a competitive bidding process undertaken by MPPKVVCL on 12th March 2012. The bid variable was the highest price at which power was purchased from MPPKVVCL (Discom) for subsequent distribution in the franchise area. 6 companies including - Spanco, Monte Carlo, Dainik Bhaskar Power, A2Z, ACME had submitted bids out of which only 5 qualified. Essel won the bid by quoting the highest purchase price - Levelized Input Rate (LIP) of INR 3.726 per unit. Minimum LIP was Rs. 2.422/unit among all quoted LIPs. The 2nd ranker in the bid was Spanco at INR 3.050/Unit.At the end of FY 2010-11, AT&C losses, (which included line loses, theft as well as non-billing) were to the tune of 40.81%. As per the DF agreement, EVVSPL needed to bring down power losses to 15 % by the end of FY2013-14.  EVVSPL would purchase power from the MPPVVCL and would distribute it to consumers on the rates approved by the MP Electricity Regulatory Commission. Franchisee would remit a pre-determined share of the revenue collection at regular intervals to the Licensee, as per the Distribution Franchisee Agreement. EVVSPL was mandated to invest USD 11.9mn (INR 700 mn @58.6 INR/USD) in Ujjain for infrastructure upgrade to reduce T&D losses and improve collections. EVVSPL had projected to improve the collection efficiency from 93.95% at present to 99.50% by the end of FY2013-14.  The project achieved financial closure in August 2013 at a debt/equity ratio of 64/36.The estimated project cost at the time of financial closure was USD 18.8mn (INR 1100mn @58.6 USD/INR). Financing comprised a term loan of USD 8.4mn (INR 490mn), and sponsor equity of USD 4.7mn (INR 276mn). Financing also comprised a long term credit line of INR 55mn, Standby Letter of Credit of INR 110mn, and Performance Guarantee facility of INR 70mn.   EVVSPL commenced distribution franchisee operation in Sagar in December 2012.
On 10th May 2012, Madhya Pradesh Madhya Kshetra Vidyut Vitaran Company Limited (MPMKVVCL) and Essel Group consortium (Smart Wireless Private Limited as Lead member, and Pan India Network Limited, Pan India Infrastructures Private Limited - all Essel Group Companies)signed a Distribution Franchisee Agreement for Gwalior city in the state of Madhya Pradesh(MP). Essel Group would distribute power in Gwalior city for the next 15 years. In this area, the Company would distribute power as an agent of the present distribution licensee - Madhya Pradesh Madhya Kshetra Vidyut Vitaran Company Limited (MPMKVVCL). There were about 1,050,000 people (202,000 registered power consumers among these) in the city spread over 174 sq. kms. with an estimated demand of about 298MW with annual power consumption of about 1031.3 MUs.   Essel group consortium established Essel Vidyut Vitaran (Gwalior) Private Limited (EVVGPL), a special purpose vehicle, to execute this distribution franchise. The primary obligation of the Distribution Franchise (EVVGPL) included - (a) undertaking the distribution and supply of power to the consumers of MPPKVVCL in the designated Distribution Franchise Area, (b) undertaking reading of meters, generating of bills, payment collection, as per the retail tariff structure deterined by MPERC (State Power Regulator), (c) maintaining the existing distribution network and replacing failed distribution transformers and defective meters and other network infrastructure assets, (d) making payments to MPMKVVCL, (e) collection of MPMKVVCL's outstandinf arreats as their agent and remittance of the same.   The Essel Group consortium was selected through a competitive bidding process undertaken by MPMKVVCL on 23rd March 2012. The bid variable was the highest price at which power was purchased from MPPKVVCL (Discom) for subsequent distribution in the franchise area. 9 companies including - Spanco, Monte Carlo, Dainik Bhaskar Power, A2Z, PNC Infratech, CESC,DPSCL,Torrent Power had submitted bids out of which all qualified. Essel won the bid by quoting the highest purchase price - Levelized Input Rate (LIP) of INR 4.140 per unit. Minimum LIP was Rs. 2.52/unit among all quoted LIPs. The 2nd ranker in the bid quoted INR 3.870/Unit. Average LIP of all quoted bids was INR 3.23/unit. At the end of FY 2010-11, AT&C losses, (which included line loses, theft as well as non-billing) were to the tune of 47.43%. As per the DF agreement, EVVGPL needed to bring down power losses to 15 % by the end of FY2013-14.  EVVGPL would purchase power from the MPMKVVCL and would distribute it to consumers on the rates approved by the MP Electricity Regulatory Commission. Franchisee would remit a pre-determined share of the revenue collection at regular intervals to the Licensee, as per the Distribution Franchisee Agreement. EVVGPL was mandated to invest USD 29mn (INR 1700mn @58.6 INR/USD) in Gwalior for infrastructure upgrade to reduce T&D losses and improve collections. EVVSPL had projected to improve the collection efficiency from 93.95% at present to 99.50% by the end of FY2013-14.  There was no news regarding financial closure in public domain at the time of collection of this information.  MPMKVVCL was yet to hand over the distribution assets to EVVGPL at the time of collection of this information.
The Soutpan Solar Park, a 28 MW solar PV facility, was under development by the US-based solar company Sunedison.  Sponsors of the project included Sunedison, backed by MEMC materials (51%) and an array of local South Africa businesses (49%). The project company was:  Erika Energy (Pty) Lt. Shareholders in the holding company were CHINT / ASK & MEMC. Astroenergy Solar Korea (ASK) was a wholly owned subsidiary of CHINT Solar (Zheijiang), of CHINT Groep. SunEdison was bought by MEMC in 2009.  The project was awarded in a tender administered by the Department of Energy where a critical factor in the decision was the projected price of power.  Contractual negotiations on the PPA and financing were to be completed by June 2012, but it was predicted that there would be a 20 year PPA with the state owned utility, Eskom. Construction was expected to start in December 2012. The project was to connect to the Soutpan substation. EPC partner was Izingwe Capital. O&M partner was Landelahni investments. Management services provider was SunEdison Energy Southern Africa  Total estimated project cost was ZAR 1.4 billion (USD 184.7 million), with commissioning expected for 2013.  Financial closure was expected in June 2012. This power plant commenced its operation in January 2014.  Coordinates were: 22° 59.5’ S  , 29° 15.1’ E.
Solar Capital De Aar (Pty) Ltd was created to build, own and operate a 75 MW solar PV facility to be located in De Aar, Northern Cape, south africa.  The project company was a 90% owned subsidiary of Solar Capital, a south africa based solar development firm and 10% by a community trust fund, representing small local sponsors. Solar Capital was a subsidiary of Phelan Holdings, but also has other (PE) investors.      The project was awarded in a tender administered by the Department of Energy where a critical factor in the decision was the projected price of power.  Contractual negotiations on the PPA and financing were to be completed by June 2012. The tender was open to all technologies, 53 bids were submitted of which 28 made it to preferred bidder status. Under bid rules, at least 35% had to be locally sourced. These 28 project account for a total of 1,416MW if all are implemented. The EIA was passed (as was required for all bidders). There would be a 20 year PPA with the state owned utility, Eskom. Solar Capital was expecting that the solar plant may be expanded to 300MW in additional phases.  Estimated total project cost was ZAR 2.1 billion (USD 275 million, with comissioning expected for 2014.  In November 2012 the project closed a local currency financing with Standard Bank for USD 194 million, with a tenor of 16 years and pricing between 300-300 bp over JIBAR.  total project cost was for 259 million, with Solar Capital providing an equity injection of 65 million.
A local private company Kaidi Electric Power was granted a contract to build and operate a 30MW biomass power plant in Gucheng County, Hubei Province. Construction commenced in Oct 2008 and was almost finished in Sep 2012. The total investment was US$ 47.84 million (RMB 302 million) and Kaidi had a 100% stake in the project. A special purpose vehicle, Gucheng County Kaidi Green Energy Development Company Limited was set up to perform the project. The plant was commissioned in Dec 2013.
In November 2011, Nagpur Municipal Corporation (NMC) awarded a 25-year concession (including initial rehabilitation and construction period of 5 years) to a consortium of Veolia Water India (a subsidiary of Veolia Water,France) and Vishvaraj Environment Limited (a subsidiary of Vishvaraj Infrastructure Limited, India) for the 24x7 drinking water service operation and maintenance, in the state of Maharashtra. This contract follows a successful pilot demonstration project(awarded in July 2007) between Nagpur Municipal Corporation and Veolia Water India in the Dharampeth zone of the city, where 150,000 citizens (including 30,000 slum inhabitants) enjoyed access to 24x7 safe water supply (PPI Project ID 4599).  Under the contract, the consortium was responsible for management of drinking water production, treatment, transport, storage and distribution through to the consumer's tap. The operator would have to deliver a continuous supply of drinking water to to the entire population of Nagpur,including the third of the population living in the city's slums, 24 hours a day and 7 days a week, up from the current 2-12 hours a day. The contract included an initial 5-year works program, mainly to rehabilitate and upgrade the city's 6 water production plants and repair the 2,500 km of pipe network. The production capacity of the system would eventually be close to 750 million liters/day (from current 550 MLD) and leakage from the network, which was currently 60%, would gradually be lowered to international standards. The project involved connecting up 2.7 million people (about 350,000 to 450,000 homes) to the distribution network. The amount of water available per person would be increased from 90 liters/day to 130 liters/day over the next 5 years. An average of 6000 to 8000 water meters a month would have to be installed to meet this target. To be able to complete all of the rehabilitation and extension works in the space of 5-years,the operator would employ the 430 people who worked for Nagpur Municipal Corporation and who would join the new company. This is the first time that an Indian city had decided to outsource the entire operation and maintenance of its water service to a private operator for such a lengthy term.   The consortium of Veolia Water India (50%) and Vishvaraj Environment Limited (50%)established Orange City Water (OCW),a special purpose vehicle,to implement the project. The consortium won the tender through international competitive bidding, conducted by Nagpur Municipal Corporation (NMC), by quoting the lowest management fees of US$ 0.15 (INR 7.90) for each cubic metre of water billed and paid for. Nagpur city’s current average tariff was around INR 14.00/m3 ($0.26/m3). Under the contract, the SPV was to recover the capital costs and operating costs including returns through this management fees during the term of concession.There would be performance based incentives as well as penalties during the O&M period. Under the contract, the government had retained important risks, notably the responsibility for furnishing and paying for raw water supply, as well as electricity cost risk. It had also kept key rights – to connect and disconnect customers and to set consumer tariffs.   The concession agreement was signed on 13th March 2012. The project attained financial closure on 30th March 2012. The grant/debt/equity ratio of the project was 47/38/15. The estimated capital cost of the project at the time of financial closure was US$ 115.6mn (INR 5780mn @50 INR/USD). Financing comprised a 14-year term loan of US$ 44.2mn (INR 210mn),sponsor equity of US$ 17.1mn (INR 855mn) and Government Grant of US$ 54.3mn(INR 2715mn). The grant of INR 2715mn would be provided by Central Government (through JNNURM Fund) to an extent of INR 1939.3mn and by State Government to an extent of INR 775.7mn. The term loan had a 3-year grace period and a repayment schedule of 44 quarterly installments. The lead arranger for the debt was IDBI and oth
In December 2010, the Brazilian consortium Teles Pires Energia Eficiente (Iberdrola's subsidiary Neoenergia, 50,1%, state-owned Eletrosul, 24,5%, state-owned Furnas, 24,5%, and Odebrecht, 0,9%)  was awarded in a competitive bidding process the contract to build and operate a 1820 MW hydro power plant located in the Teles Pires River, between the states of Para and Mato Grosso. Besides Teles Pires Energia Eficiente, three other companies took part in the bidding contest, but the names of the other bidders were not released.  The bidding criteria set by the regulatory agency ANEEL was the lowest tariff. Teles Pires Energia Eficiente presented the lowest offer, a value of US$ 34.7/MWh (BRL 58.36/MWh), 33% below the ceiling set by the regulatory agency. The contract was signed in June 2011, and sponsors created the company Companhia Hidreletrica Teles Pires to lead the project during the 35-year contract period.  Companhia Hidreletrica Teles committed to sell 85% of the output to the regulated market (a 30-year power purchase agreement was signed) and the remaining 15% to the unregulated market. Environmental regulator, Ibama, awarded an environmental license for the project in August 2011. Construction works stated in August 2011, and commercial operations were expected to commence by 2015.   The sponsor committed to invest US$ 1.9 billion (BRL 3.7 billion) in the power plant. As of August 2011, construction works had not commenced. The Consorcio Construtor Teles Pires comprised by Norberto Odebrecht, Voith and Alstom Hydro Energia Brasil Ltda was hired in November 2011 to conduct EPC works for the project.  In December 2011, the state-owned development bank BNDES granted a US$ 275.7 million (BRL 450 million) loan to the project company, but financial closure for the project was only achieved in September 2012, when BNDES approved an additional US$ 1235 million (BRL 2412 million) loan package to the project.
Construction of the Manzhouli-Xiwuhulitu Section of the Manzhouli-Yiershi Railway commenced in May 2012. The sponsor was a local private company Mengneng International Power Investment Company Limited. The total investment of the section was US$ 269.41 million (RMB 1.7 billion). It had a length of 84 km. 29.8% of construction was completed by October 2012. The 445 km Manzhouli-Yiershi Railway was the first private railway project approved by the Ministry of Railway which lined Manzhouli City and Yiershi Town in Inner Mongolia. The total investment for the whole line was US$ 2.37718 billion (RMB 15 billion).
Loma Blanca I was a 50 MW first stage of the planned 200 MW Loma Blanca wind facility located in the province of Chubut, near Puerto Madryn.  In 2011 the project developer, Isolux Ingeneria S.A. was a subsidiary of the Spanish firm Isolux Corsan with the mandate to develop, own and operate renewable energy projects in Latin America.   The project was awarded in a government tender for renewable energy known as GENREN, whereby the winning bids were awarded 15-year PPAs with the state utility Enarsa.  As of November 2011, the project was set to be financed by a USD 103 million local bond issue on the behalf of Isolux Corsan.  This amount was expected to cover the entire cost of development for Loma Blanca I.   Expected commissioning was for 2013.    Update:  Project was actually Loma Blanca IV and was financed through a local morket bond issue in 2012 (estimated here as June).  The bonds were rated by Fitch as "BBB".    Operations commenced in July 2013.
Continuum Wind Energy of Singapore (through its Indian subsidiary,Surajbari Windfarm Development Private Limited) entered into an agreement with Maharashtra Government to develop a 174.6MW wind farm located at Satara district, in the state of Maharashtra. The wind farm will involve the building of 97 gearless Vestas wind turbines of 1800KW capacity each. The electricity generated from the project would be evacuated by the Maharashtra state grid. The delivery of  the power plant would be done by Vestas Wind Systems(India) Limited. Power evacuation would be done by 43 km 220 kV transmission line and the 200 MVA substation, which are a part of the project.   Surajbari Windfarm Development Private Limited established Bothe Windfarm Development Private Limited (Bothe Windfarm), a special purpose vehicle to execute this 175MW project. Bothe Windfarm would sell the power to Maharashtra State Electricity Distribution Company Ltd (MSEDCL) through a 13-year PPA.The APPC (Average Power Purchase Cost) base tariff as per MERC tariff order (dated 29 April 2011 for Wind zone 1) was US$ 0.10/Unit (INR 5.37 per unit @53.44 INR/USD) for the first 13 years of operation. The transmission charges would be paid by Bothe Windfarm to the state transmission utility.The total capacity of 174.6MW was eligible under REC as per the CERC and CDM benefits under UNFCC. Contracts for supply, erection and O&M had been executed with Vestas for this project.  Financial closure took place in November 2012.The total project cost at the time of financial closure was US$ 244.7mn (INR 13080mn @ 53.44 INR/uSD).The debt equity ratio for the project was about 69/31. Financing comprised of a 13-year 3-months term loan of USD 168.4mn (INR 9000mn) and sponsor equity of US$ 76.3mn (INR 4080mn). The term loan had a repayment schedule of 46 quarterly instalments. The term loan was arranged by SBI Capital (INR2500mn). The participating banks were Central Bank of India (750mn), Indian Renewable Energy Development Agency (2250mn), IIFCL,State Bank of Patiala (1000mn), State Bank of Bikaner & Jaipur (500mn) and State Bank of Travancore (500mn).For equity, Continuum Wind Energy had an agreement with Morgan Stanley Infrastructure Partners (MSIP) LLP, a part of Morgan Stanley Investment Management for investment of US$200m for various wind projects of the group.  Construction for the wind farm was expected to be completed by December 2013.
Construction of a biomass power plant commenced in Sep 2011 in Yongshun County, Hunan Province. The sponsor was a local private company Kaidi Electric Power which had a 100% stake in the project. The total investment was RMB 306.97 million (US$ 48.65 million) and the capacity of the power plant was 30MW. According to an official article reporting the progress of construction, at least 25% of construction had been completed by July 2012 (RMB 80 million had been expended by July 2012). The concession term of the project was not reported. The agreement was signed with the Yongshun County Government.
Premier Power Renewable Energy was planning the development of four PV plants with a total capacity of 16.2 MW, individually varying between 3-5 MW, in Dimitrovgrad. The project was to be developed as a joint venture with EPC firm Plaan Czech.   Construction of the project was started in September 2011. As of October 2011, no further details about licenses was available.  Financing was to be provided by a private investment company from Chezch Republic. As of October 2011, no further information about financial structure was available.
In November 2011,the National Highway Authority of India (NHAI) awarded a 20-year concession (including construction period of 30 months) to Gammon Infrastructure Projects Limited (GIPL) for the strengthening, improvement, 4-laning, operation and maintenance, and tolling of 125.44kms of Patna-Buxar Section from km 0.000 to km 124.850 on NH-30 and NH-84,in the state of Bihar.  Under the contract, Gammon was responsible for the design, construction, finance, operation and maintenance and widening of the existing carriageway to a 4-lane highway with paved shoulders. The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc. The expansion project, part of National Highway Development Project Phase-III would ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  Gammon Infrastructure Projects Limited established Patna Buxar Highways Limited on 22nd November 2011,a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by requesting the lowest upfront subsidy of US$ 63.2million (INR 3160mn @50 INR/USD). There were 36 pre-qualified bidders but Gammon was the sole bidder in the final bid. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement for the project was signed on 21st March 2012. The project attained financial closure on 26th March 2012. The grant/debt/equity ratio for the project was 21/65/14. The estimated capital cost of the project at the time of financial closure was US$ 301.4mn (INR 15073mn @50 INR/USD). Apart from viability gap funding (grant) of INR 3160mn, financing comprised of 15-year term loan of US$ 197mn (INR 9850mn) and sponsor equity of US$ 41.2mn (INR 2062.7mn).The term loan had a repayment schedule of 138 monthly installments. The debt was arranged by Punjab National Bank.     Construction on the project was expected to begin in March 2012 and be completed by September 2014.  PBHL was in talks with NHAI for terminating the Patna-Buxar concession on amicable terms due to non-availability of land and government approvals.In August 2014, NHAI finally cancelled the concession for the project.
Premier Power Renewable Energy was planning the development of the 16.2 MWp Zdravetz solar plant, Bulgaria. The project was developed in cooperation with Plaan Czech, in a Joint Venture.  Commissioning was expected for 2012. The project was to receive US$0.30/kWh until 2032. Construction started in March 2012.
Mainstream Renewable Power De Aar PV (Pty) Ltd. was created to build, own and operate a 50 MW solar PV plant to be located in De Aar, South Africa.  The project company was owned by a consortium comprising of Ireland based Mainstream Renewable Power (60%) and assorted South African companies. The project was to consist of 160,000 solar PV panels.  The project was awarded in a tender administered by the Department of Energy where a critical factor in the decision was the projected price of power.  Contractual negotiations on the PPA and financing were to be completed by June 2012. The tender was open to all technologies, 53 bids were submitted of which 28 made it to preferred bidder status. Under bid rules, at least 35% had to be locally sourced. These 28 project account for a total of 1,416MW if all are implemented. The EIA was passed (as was required for all bidders). There would be a 20 year PPA with the state owned utility, Eskom.  total project cost was ZAR 1.2 billion (USD 150 million), with commissioning expected for 2014.
A local private company Kaidi Electric Power was granted a contract to build and operate a 30MW biomass power plant in Mian County, Hanzhong City, Shaanxi Province. When construction commenced was not released. The total investment was US$ 47.53 million (RMB 300 million) and Kaidi had a 100% stake in the project. A special purpose vehicle, Mian County Kaidi Green Energy Development Company Limited was set up to perform the project. Substantial construction had been finished by Dec 2012; 87% of the total investment had been expended by July 2013.
Renewable Energy Investments of South Africa (Pty) Ltd was created to build, own and operate renewable energy facilities, such as the 81 MW Kathu solar PV project to be located in Kathu, northern Cape, South Africa.  The developer was a south African based investment vehicle aimed specifically at RE investments. Lokian Trading & Investments (Pty) Limited was reported as the official bidder. The project was expected to generate 193 GWh annually. Italian renewable energy developer Building Energy was reported by the CDM document as the developer behind the project, but no further reports could be identified.  The project was awarded in a tender administered by the Department of Energy where a critical factor in the decision was the projected price of power.  Contractual negotiations on the PPA and financing were to be completed by June 2012. The tender was open to all technologies, 53 bids were submitted of which 28 made it to preferred bidder status. These 28 project account for a total of 1,416MW if all are implemented. The EIA was passed (as was required for all bidders). Under bid rules, the project had to have at least 35% local content. There would be a 20 year PPA with the state owned utility, Eskom. The developer expected that the project may be expanded in phases of 150MW to a total of 600MW. Construction was expected to start in July 2012. EIA was completed in September 2011, executed by Savannah Environmental (Pty) Ltd (SE).  Total project cost was estimated at ZAR 2.4 Billion (USD 250 million), with commissioning expected in early 2014. The project applied for UNFCCC CDM financing.  O&M costs were estimated at 0.24 million ZAR/kWh. Project IRR before tax, without CERs was estimated at -3.4%.   The project reached financial close in November 2012.  The total project cost was USD 396 million.  Equity injected totaled 112 million, including a 42 million sub-debt portion.  RMB Bank provided significant financing
On June 17, 2011, a local private company, Shangdong Hezhe Solar Power New Energy Investment Co., Ltd. (direct translation) signed an agreement with the Heze Municipal Government to finance, construct and operate a solar power plant in Heze City, Shandong Province. The investment on the first phase of the project is RMB 1.002 billion Yuan (US$ 153.13 million) and the capacity is 300MW. Shangdong Hezhe Solar Power New Energy Investment Co., Ltd. had a 100% stake in the project.
Ukrainian natural gas distribution company Ivano-Frankivskgaz was partially divested in September 2012. The winning bidder was Gaztek JSC, from Kyiv, Ukraine. By winning the bid, Gaztek expanded its share in Ivano-Frankivskgaz with 25.0% to 35.19%. Other equity holders include Naftohaz Ukrainy (25% + 1 share), Ahropromkomplekt Company (15,28%), Favorit Trade Network Ltd (10%) and Roliuks company (10.01%). Gaztek JSC was 96% held by four Cyprus-based companies: Krezer Holdings Limited, Nesiba Venchers Limited, Pasler Enterprise Limited, Polara Venchers Limited.  In 2007, LC "Continium Trust Company" was reported to hold 40.75% of the equity with the state holding another 50% + 1 share.  Two final bidders participated in the tender, the second firm being Finlex-Invest (Kyiv).   Total value of the winning bid was UAH 33.35 million ($4.1 million). The minimum price was UAH32.6 million ($4 million). The Ukrainian bank representing Gaztek was Nadra Bank, Nadra Bank was 89.9% owned by Centragas Holding AG, from Austria. Gaztek raised UAH 250 million to purchase shares in Ivano-Frankivskgaz as well as 11 other natural gas utilities: Volyngazm (23.4%), Sevastopolgaz (25%), Zaporizhgaz (25%), Dnipropetrovskgaz (26%), Chernivtsigaz (20.4%), Zhytomyrgaz (15.9%), Syrnygaz (25.8%), Gaztek (23%), Ivano-Frankivskgaz (25%) and Kykolaivgaz (25%). Financial closure date was unavailable, reported here is month of tender winning.
ETEA Group, from Italy, via its subsidiary Gjo-Spa Power, developed the 13.62MW Lapaj small hydropower plant, on the Bushtrice River, Notheastern Albania. The project was expected to generate 49,865 MWh annually.  The project was reported as being "launched" (i.e. commissioned) in November 2012. The power is transmissioned from the plant via a 22km 110kV transmission line, connecting to the 110/10kV Kukes HV substation. Peak turbine efficiency is 92%. Generator efficiency is 96%, aggregate efficiency is 90%. Plant load factor is 48%. The plant employs 10 people. The project negotiated a PPA with KESH, the national utility. Tariff was recorded as 3.7-6.2 ALL/kWh between 2004-2007, which were the numbers used in the feasibility study (6.2 ALL/kWh) and considered "attractive". Plant life wase expected to be 30 years. The feasibility study was completed in December 2008. ERE issued Standard Basic PPA with Public Wholesale Supplier (KESH) for small HPPs.  Total project cost was EUR15 million (US$19.4 million). The project design document expected a total cost of 1.45 billion Leke (US$13.6 million), which was expected to be financed with 30% equity, 70% debt.  Financial closure date was estimated at November 2012, date of commissioning.
Hung Hai Group was planning the development of the 78 MW Nam Na 3 hydrpower plant, in Lai Chau province, Northern Vietnam.  The plant was to be located in the province which also held the Dong Pao mine, producing rare earths required for the Japanese auto industry. Commissioning was expected for second quarter 2014. The EPC contract was awarded to Songda Group, via its subsidiary Song Da 4.   Hung Hai Group was developing over 10 other hydro projects.  Total cost was estimated at VND2.5 trilion (US$120.2 million). Nippon Export and Investment Insurance (NEXI) arranged and insured the loan in which Aozara Bank, Shizouka Bank, and Nishi-Nippon City Bank, as well as Tokyo-based BNP Paribas Bank participated. Total loan value was US$87.48 million, leaving US$32.7 million in equity financing. Debt/equity ratio was 73/27. Tenor was 13 years. Financial closure date was 20 April 2012. The legal adviser to the lender was Allen & Overy.
On December 2011, Orion-Long King, an Independent Power Producer, was signed a Build Own and Operate agreement with Bangladesh Power Development Board (BPDB) for the construction and operation for a 25 years term of a 522 MW, coal-fired power plant at Munshiganj Mawa. Orion-Long King was a joint venture between Orion Group (Bangladesh, 50 %) and Long King (China, 50%).  Under the BOO agreement, Orion-Long King was to supply 522 MW of energy to BPDB for a term of 25 years. The remainder of the energy was to be sold to the public.    Following an international tender process, Orion-Long King was awarded to set up a 522 MW coal-fired  power plant at Khulna.  The total project cost was 578.9 US millions. The project reached financial closure in February 2012, after a BPDB's source.  The BPDB will purchase electricity at 5.8497 US$ per unit 1kWh.
Western High-Speed Diameter (WHSD) Highway project was a high-speed highway linking St. Petersburg's trade seaports with the national road network. To the north it would provide a connection to the "Scandinavia" motorway and it would connect the north-western, southern and central parts of St. Petersburg.  The bid for building the eight-lane central section of the WHSD (11.7 km) which crossed the Ekateringofka and Bolshaya Neva river, and foroperating and maintaining the southern and northern sections was won by the Northern Capital Highway (NCH) Consortium comprised of VTB capital (lead equity investor), Gazprombank (equity investor), IC-Astaldi (contractor, a Turkish-Italian joint venture).  They outbid their competitor the Highway consortium by requesting a lower minimum revenue guarantee US$344 million (RUB 9.67 billion), as opposed to US$575 million (RUB 16.15 billion)and by having more competitive CAPEX and EPC terms. NCH consortium would also pay 90% of the excess toll revenue to the city.  The 30-year concession agreement was signed in December 2011, and pursuant to the contract, the NCH Consortium would build and operate the central section of the highway and operate and maintain the northern and southern sections.Construction of the initial sections of WHSD began in September 2005. Tolling on the completed sections began on May 14, 2011.According to the consortium's winning bid, the total estimated cost of the project was US$3.9 billion (Rb120 billion).  Financing was secured on December 21. 2012. Five MLAs came together and provided debt worth US$1.95 billion (Rb60billion): Vnesheconmbank US$812.5 million (Rb25 billion),  Eurasia Development Bank US$325 (Rb 10 billion), VTB Capital US$276 million (Rb8.5 billion), Gazprombank US$276 million (Rb8.5 billion)and EBRD US$266.5 million (200million euro in rubble equivalent - Rb8.2 billion). The Russian government is supporting the project with a US$1.6billion (Rb50 billion) loan. Equity contributions totaling US$325 million (Rb 10 bilion) were made by the project sponsors: VTB Capital (58.5%0 and Gazprombank (41.5%).  The senior debt has a tenor of 12 years. The ruble loans are lent a fixed rate with average pricing margins of 11.4% (a balloon payment will be due at the end of year 12 when margins may increase), while the euro loan (EBRD) has a floating rate - Eurobor+3% margins. The federal government loan was provided by the State Investment Fund and the city of St. Petersburg was to be pain to the sponsors in milestone construction payments.   The revised concession agreement was also signed on December 21, 2012.
In December 2011, Welspun Energy Limited (WEL), energy subsidiary of Welspun Group, was awarded the license for setting up a 50MW grid connected solar Photo voltaic power project located near Phalodi, in Jodhpur District of Rajasthan under the Jawaharlal Nehru Solar Mission (JNNSM) Phase-I Batch-II of the scheme. These were 3 separate projects in the same area of 15MW, 15MW and 20MW. Under the JNNSM the total aggregated capacity of grid connected Solar Projects in Phase-1 was expected to be 1000 MW. The deployment of Solar PV and Solar Thermal projects would be in the ratio of 50:50. 150MW aggregate has already been allotted in FY2010-11 as a part of Batch-I of JNNSM Phase-I, and allotment for the remaining 350 MW Solar PV Projects was carried out through the second batch. WEL had acquired land for the project. The output from the project would be fed to the northern grid of India. Meeco India Private Limited (subsidiary of Meeco Group of Switzerland) would execute the EPC work. WEL had taken the approval from Powergrid for interconnection with the nearest substation of Powergrid at the volatage level of 33kV or above.  The JNNSM mission had designated NTPC’s Vidyut Vyapar Nigam Limited (NVVN) as the nodal agency for procurement of solar power. In October 2011, NVVN invited RFQs from interested developers to develop 350 MW solar PV projects with a capacity of 5 MW each, with a minimum capacity of 5 MW and maximum of 50 MW each. NVVN received 210 RFQ responses on 17th November 2011 from PV solar project developers. As the total capacity of the shortlisted projects were in excess of the approved capacity of 350 MW Solar PV Projects, bidders were required to submit proposals offering maximum discount on the CERC (Central Regulator) approved applicable tariff for grid connected solar power projects for FY 2011-12 - a reverse bidding auction process. The last date for the submission of proposal was December 2011. NVVN received 180 bids from project developers indicating discounts offered by each over CERC determined tariff of US$ 0.329/kWh (INR 15.39/kWh @46.67 INR/USD). The winning bids for solar PV under Batch-II of JNNSM Phase-I varied from INR 7.49/kWh to INR 9.41/kWh, at an average bid price of INR 12.15/kWh. Since the target allocation for solar thermal projects was 350 MW, only the top 20 discounts were finally selected to set up solar power projects. WEL won three projects quoting a tariff of US$ 0.174/KwH (15MW), US$ 0.172/kWh (15MW), and US$ 0.170/kWh (20MW) (INR 8.14/kWh for 15MW capacity, INR 8.05/kWh for 15MW capacity, and INR 7.97/kWh for 20MW capacity).   On 27th January 2012, WEL had entered into a 25-year Power Purchase Agreement with NTPC Vidyut Vyapar Nigam (NVVN), which was the the nodal agency to purchase solar power generated by independent solar power producers,under JNNSM. JNNSM provided for a scheme of "bundling" relatively expensive solar power with cheaper power from the unallocated quota of the Government of India out of the capacity of the NTPC based coal stations.This cheaper bundled power would then be sold to state power distribution companies at the CERC regulated price. This would bring down the gap between the average cost of power and sales price of power of the state Discom. The total capacity of 5MW was also eligible for carbon credits. PTPL would pass on the gross benefits of CDM to the distribution licensee (NVVN) in the following manner - (a) 100% of the gross proceeds to be retained by PTPL in the 1st year after the date of COD, (b) in the 2nd year, the share of NVVN would be 10% which would be progressively increased by 10% every year till it reaches 50%, where after the proceeds would be shared equally by PTPL and NVVN. Transmission and/or wheeling charges would be paid by WEL.  Financial closure took place in September 2012.The total project cost was estimated (based on a Welspun project at Madhya Pradesh) at US$ 90mn (INR 4809.6mn @53.44 INR/USD).The debt equity ratio for the project wa
Indonesia's Bekasi Regency and PT Moya Indonesia, a wholly owned subsidiary of Moya Asia Ltd, a subsidiary of the Bahrain-based closed joint stock company Moya Holding Company signed a 25-year contract in August 2011 to design build own operate and transfer a fresh water treatment complex.  The contract has been the first PPP contract awarded through direct  negotiation. The project falls under a clause of the PPP regulations introduced in Indonesia that allow local water companies to directly contract with a private enterprise to operate an existing facility under what is known as a business-to-business (B2B) contract.  The project entailed two phases. The first phase entailed the construction of a new production unit that will supply 17,280 m3/day as well as upgrading the existing unit to supply 43,200 m3/day. After the first phase is completed, the total production of the complex should reach 60,480 m3/day. The second phase would further increase the capacity to 86,400 m3/day. The second phase was expected to be completed by 2017.   The project company, PT Moya Bekasi was owned by PT Moya Indonesia (95%) and by PT Bekasi Jaya (5%), a development and investment company owned by the local Bekasi Regency government.  According to PT Moya Indonesia the costs of the project (estimated at US$15-20 million) were to be covered by the company's internal sources. The first water treatment unit was inaugurated on September 30,2012 and it produces 19,008 m3/day (220 liters per second)
Kaidi Electric Power, a private company based in Wuhan City, Hubei Province was granted an agreement to build and operate a biomass power plant in Songtao County, Guizhou Province. The phase I of the plant had a design capacity of 60MW. The total investment was US$ 47.53 million (RMB 300 million) and Kaidi had a 100% stake in the project. Over 25% of construction had been finished by Sep 2012, and the plant was completed in March 2013. Concession term of the project was not released by media.
On 19th January 2011, Power Finance Corporation (PFC) awarded a concession of 35 years (including construction period of 3 years starting from the date of grant of Transmission License) to M/s Sterlite Transmission Projects Private Limited, for the development of the 368km 765kv double-circuit transmission and 242km single-circuit transmission project,in the states of Madhya Pradesh and Chattisgarh. The western region interconnection mega transmission project was aimed at system strengthening of western and northern region transmission grids through two sections - Dhramjaygarh-Jabalpur line and Jabalpur-Bina line. Given the huge potential of thermal power in Central coal-rich states, power transfer to meet the long term power transfer requirement i.e. next 10-15 years. Jabalpur Transmission Company Limited (JTCL) was incorporated on 8th September, 2009.   PFC Consulting Limited (subsidiary of PFC) conducted the bid process for the SPV, Jabalpur Transmission Company Limited (JTCL). The SPV had been formed to undertake preliminary survey work, identification of route, preparation of Survey Report, initiation of the process of land acquisition (if required), initiation of process of seeking forest clearance(if required) and to conduct the bidding process. 5 idetified Long Term Transmission Customers (LTTCs) - Audhunik Power and Natural Resources Limited, Corporate Power Limited, Essar Power (Jharkhand) Limited, West Bengal State Electricity Distribution Company Limited, and MB Power (Madhya Pradesh) Limited, were to enter into Transmission Service Agreement (TSA) with the successful bidder. 33 biders had shown interest in the RFQ stage, out of which 22 got qualified for the RFP stage. Only 13 bidders offered their finanical bids out of which 2 bids were rejected to non-conformance to the RFP requirement. Sterlite Transmission Projects Private Limited (subsidiary of Serlite Group) won the bid by quoting the lowest levelized transmission charges of USD 31.1mn per annum (INR 1421.28mn @45.73 USD/INR). The L2 bidder - Ashoka ICOMM Consortium had quoted INR 1440.90 mn/year and L3 bidder - Jyoti Energy Limited  had quoted INR 1499.48 mn/year respectively.The SPV Jabalpur Transmission Company Limited was subsequentlytransferred to Sterlite on 31st March 2011.   The tranmission license was awarded by CERC on 12th October 2011 for a period of 25 years (to be extended on request before the expiry of the license period). Adoption of Transmission Charges and grant of Transmission License by CERC was done on 28th October, 2011.The tariff adopted for the transmission system was valid for a period of 35 years. The tariff of the transmission assets beyond the period of 35 years were to be governed in accordance with the provisions of CERC Regulations. The tariffs or the Transmission Service Charges (TSC) comprised of a non-escalable component and an escalable component linked to inflation index as notified by CERC (Central Regulator). The ratio of the minimum and maximum quoted annual transmission charges during the term of the TSA should not be less than 0.7 and, the quoted escalable transmission charges were not to exceed 15% of the corresponding quoted nonescalable transmission charges for each of the corresponding contract year. Full TSC as per the quoted tariff structure were payable to BDTCL by the counterparty utilities subject to availability of the transmission lines at normative level of 98%. As mentioned in PTA, a payment security mechanism was in place which comprised of  a) revolving Letter of Credit (for 105% of monthly TSC), and  b) right for request to RLDC (Regional Load Dispatch Centre) for diversion of low cost power available to defaulting state utility in the peak time (7 to 10 pm) so that dues could be adjusted from the revenues arising out of sale of those diverted units at Unscheduled Interchange (UI) rate. Counter party credit risks post CoD were thus expected to remain largely mitigated by way of adequate payment securi
The 2MW PV plant developed by a local private company Trina Solar was officiated listed in the 2nd batch of Golden Sun program in December 2012 (which confirmed the government funding, and therefore financial closure). The project was completed in April 2013. Other attributes of the project were however not reported in the media, such as the total investment.
Helios Power (Bulgaria) developed the 2.0 MW Zelena Svetlina solar plant.   The plant was commissioned in June 2012. The tariff for the project is EUR 248.3/MWh, for a period of 20 years with EVN. Project life is 25 years. The equipment was provided by Mitsubishi International Corporation, supplying CSUN Quasar 260 series - 60P solar panels, from CEEG Nanjing Renewable Company Ltd. (CHina). The inverters were supplied by SMA Solar Technology AG, Tripower 17000TL-10 (1080ENDE). The support structure was supplied by Ellon.  Annual maintenance costs are EUR 0.013/kWh. Insurance for the project is provided by ALLIANZ. Corporate tax rate is 10%. Total project cost was unavailable, but the average cost in 2011 was US$3.9 million/MW: US$7.8 million. Financial closure date was estimated at June 2012, date of commissioning.   The coordinates of the project are: Lat. 42, 62 15 29 N, Long. 26 23 60 19 E
LS Industrial Systems (KRX:010120), subsidiary of LG, and CHINT Group Corporation (China) developed the 14.5MW solar plant in Yambol, Southeast Bulgaria.   The project was commissioned in August 2012. Power was sold to the national grid under Feed-in Tariff.  Total project cost was EUR 30.3 million (US$ 37.4 million). Financial closure date is estimated at August 2012, commissioning date.
In March 2012,the National Highway Authority of India (NHAI) awarded a concession(including construction period of 30 months) to Simplex Infrastructure Limited for the strengthening, improvement, 2-laning, operation and maintenance,and tolling of 102 kms of Jowai-Meghalaya/ Assam Border Section of NH-44 (km.69.200 to km 173.200) in the State of Meghalaya.  Under the contract, Simplex was responsible for the design, construction, finance, operation and maintenance and widening of the existing carriageway to a 2-lane highway with paved shoulders. The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc. The expansion project was part of National Highway Development Project Phase-III.The proposed two-lane road is expected to improve the connectivity in the interior areas of Jaintia Hills besides largely reducing traffic snarls in and around Jowai town.Significant stimulus to trade and commerce in the entire region was expected.  Simplex Infrastructure Limited established Jaintia Highway Private Limited, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by requesting the lowest upfront subsidy of US$ 25.1mn (INR 1253mn @50 INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement for the project was signed on 5th June 2012. The project attained financial closure on 20th September 2013. The grant/debt/equity ratio for the project was 28.3/34.1/37.6. The estimated capital cost of the project at the time of financial closure was US$ 85.5mn (INR 5010.9mn @58.6 INR/USD). Apart from viability gap funding (grant) of INR 1420mn, financing comprised of a 14-year 6-months term loan of US$ 29.2mn (INR 1711.1mn) and sponsor equity of US$ 32.1mn (INR 1879.8mn). The debt was arranged by ICICI Bank of India and the other participating bank was United Bank of India.   Construction on the project was expected to begin after the financial closure but Appointed Date was not confirmed by NHAI at the time of collection of this information.
Aguas de Votorantim, a partnership of  the Brazilian company Saneamento Ambiental Águas do Brasil S/A (Aguas do Brasil Group) and SGA – Sistemas de Gestão Ambiental LTDA (a subsidiary of the Portuguese company Somague), was awarded the 30-year concession contract to expand, rehabilitate and operate the water and sewerage facilities of the city of Votorantim (state of Sao Paulo) in February. The contract was awarded by the municipality's central administration. The population of Votorantim was estimated at 108,800.   Aguas do Brasil Group, a partnership of Developer S.A., Queiroz Galvao Participacoes-Concessoes S.A., Trana Construcoes Ltda and Construtora Cowan S.A. , held 60% of the shares in Aguas de Votorantim, while SGA held 40% of the shares.  Aguas de Votorantim was awarded the contract by offering the lowest tariff. Only one other company took part in the contest: the Brazilian CAB Ambiental. The contract was signed in May 2012, and the private sponsor took over the operations of the water and sewerage services in June 2012.  The private sponsor committed to invest US$  47.1 million (BRL 93 million) over the life of the project.
Lodos Elektrik was planning the development of the 120 MW Karaburun wind farm, near Yalakoy and Tepeboz villages, Karaburun, Izmir province. The project was to comprise 50 turbines of 2 MW (30x) and 3 MW (20x), producing 324.5 GWh annually. It was also to include a 33/380 kV substation, connecting the project to the grid via a network of underground 33 kV cables, also to be installed at the site. As of October 2009, the project was designed as comprising 60 turbines of 2 MW, but this was reduced to the 50 turbines reported above. Lodos Elektrik was a subsidiary of Alto Holding (Turkey). Lodos Enerji Ðn aat Elektronik Turizm Ðthalat Ðhracat San.Tic.ltd. Company was founded in 1999, renamed to Lodos Enerji Üretim A.S. in May 2004 and joined the Alto Holding in July 2004.  Commissioning was expected for 2012, supplying its output to the national grid. The land needed for the project was owned by the Treasury and General Directorate of Forestry. As of November 2011, it was reported that parts of the land were already rented and planted with olive trees. a Power Production License was acquired from EPDK in May 2008, and the Provincial Environment and Forestry Directorate decided in August 2005 that no EIA was required. Public meetings were planned between September 2008 and November 2009. Lodos had also developed the 24 MW Kemerburgaz wind farm, completed in August 2008. The equipment supply contract was eventually awarded to Enercon GmbH, for their E82 turbines (50x).   In July 2012, the project reached financial closure with Landesbank Baden-Wurttemberg Capital Markets, and KfW IPEX Bank GmbH. Total project cost was estimated at US$227 million and the project was to receive a US$164.5 million loan with a 14 year maturity, US$82.25 million from each lender. Germany was also to provide a debt guarantee to the lenders for a period of 14 years, via Hermes. The project had an expected IRR of 14.1 after 20 years without CDM credits, and 15% with 7 years of CDM credits was included - 15.4% with 14 years of CDM credits. Financial advisor to the sponsor was Daruma Corporate Finance.
Jinadasa developed the 1.5MW Loggal Oya mini hydropower plant, Badulla District. The project company was Cey Hydro Developers Pvt. Ltd. Reported related to the project was also the project company Loggal Oya Hydro Power (Pvt) Ltd.   Construction started in August 2011. Commissioning was expected for September 2012, but was not confirmed - hence reported here as under development. The project held a generation license with the Ceylon Electricity Board for 5.0MW.  Financial closure date was unavailable, but estimated at January 2012, based on 25% completion rule. Total cost was ESTIMATED at US$1.5 million based on a conservative US$1 million/MW.
Solar Power Company (SPCG) developed the seven solar plants of 6MW each in 2012: Korat 3, Korat 4, Korat 5, Korat 7, Korat 8, Korat 9, Khon Kaen 3, Khon Kaen 4, Khon Kaen 5, Khon Kaen 8. Total capacity was 42MW. Reported here are the Khon Kaen projects: 24MW.  Locations: KK3: Nampong Sub District, Nampong District, Khon Kaen Province KK4: Wanghinlard Sub District,Chumpare District, Khon Kaen Province KK5: Thapra Sub District, Mueng District, Khon Kaen Province KK8: Nai Mueng Sub District, Bann-Pai District, Khon Kaen Province  KR5:  Kudjock Sub District, Bua-Yai District, Nakhon Ratchasima Province KR8: Kudjock Sub District, Bua-Yai District, Nakhon Ratchasima Province KR9: Makleukao District, Soongnen District, Nakhon Ratchasima Province  The project companies were: Solar Power (Khon Kaen 3) Company Limited (KK3) Solar Power (Khon Kaen 4) Company Limited (KK4) Solar Power (Khon Kaen 5) Company Limited (KK5) Solar Power (Khon Kaen 8) Company Limited (KK8)  For all plants, the policrystalline solar panels were supplied by  Kyocera Corporation, Japan. The inverters were supplied by SMA Solar Technology (Germany).  The projects by SPCG held a PPA with the Provincial Electricity Authority (PEA), for 5 years - open ended. The PPA provided for a feed-in adder of THB 8.0 on top of the base tariff for 10 years after commissioning. The projects receive tax benefits of 0% for the first 8 years, and half of normal tax rate for the 5 year following.  Registered capital for each plant was Baht 157 million (US$6.53 million), making a total of US$65.3 million, and four times $6.53 million (US$26.1 million) towards the Khon Kaen projects.  The projects became operational over the course of 2012 and were reported as fully operational by January 2013. Korat 9, valued at US$16.2 million, was financed by Kasikornbank (MLA), Bank of Ayudhya, and Industrial & Commercial Bank of China (ICBC). Legal adviser to the lender was Hunton & Williams. Legal adviser to the sponsor was Clifford Chance. Korat 4 was financed by Kasikornbank, debt provided was US$16.7 million. Legal adviser to the lender was Hunton & Williams. Legal adviser to the sponsor was Clifford Chance. Korat 3 and 7 are financed by the same banks: Kasikornbank (MLA), Bank of Ayudhya. Korat 7 received US$ 15.8 million in debt (12 year tenor). Korat 3 received US$ 15.8 million as well as US$ 0.8 million in debt, with a tenor of 12 and 4 years respectively.  With US$6.53 million in equity and US$15.8 million in debt, the debt/equity ratio is 71/29. 10 projects with US$6.53 million in equity implies a total equity base of US$65.3 million, with 70/30 debt to equity this implies US$154.4 million in debt and total project cost of  US$218 million. Note that individual amounts have not been verified by project due to lacking information.
The Brazilian company Rio Bonito Energia Ltda was granted the authorizations to build two small hydro power plants located in the state of Santa Catarina (total capacity of 4.2 MW). The 30-year contracts were signed with the regulatory agency ANEEL starting in July 2009. The power plants were named PCH Rio Bonito and PCH Baitaca.  In August 2009, PCH Rio Bonito took part in a competitive bidding process to sell electricity to the regulated wholesale market. The power plant presented the winning offer to sell electricity to distribution companies for the price of US$ 72/MWh (BRL 144/MWh). A 30-year power purchase agreement was signed guaranteeing the sale of electricity to the national grid. The power plant committed to start supplying electricity in 2012.  The investment committed to the power plants were not available. Both PCH Rio Bonito and PCH Baitaca commenced commercial operations in June 2012.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.   In 2010, the company applied for carbon credits to finance both PCH Rio Bonito and PCH Baitaca.
In  April 2012, the municipality of Jauru, in the state of Mato Grosso, Brazil, awarded a 30-year rehabilitate, operate and transfer contract for its water and sewage infrastructure to private operator Aguas de Jauru. In 2012, the town of Jauru had a population of 10,774 people, 97% of which were served by the water system.   Aguas de Jauru was a special purpose company owned by Brazilian group Dias. By mid-2012, Aegea (subsidiary of the Brazilian company Equipav) acquired the project company along with another 15 water and wastewater concessionaries that were operating in the state of Mato Grosso and belonged to Grupo Dias. The ownership of all these companies were transfered to a newly created holding called Nascente do Xingu, itself a wholly-owned subsidiary of Aegea.  The concession was awarded through an open competitive tender. No information was available on the number of final bidders. Information on investment commitments was also not available.
In October 2007, the Bihar Government (through BIhar State Electricity Board), signed a MoU with Jas Infrastructure and Power Limited (JIPL),a Special Purpose Vehicle (SPV) of Abhijeet Group(94.40% equity), for development of a 1320 MW (2x660 MW) coal fired based thermal power station at Siriya village in Banka district of Bihar.This MOU was subsequently amended in December 2008 increasing capacity to 2640 MW.The project would be executed in 2 phases of 1320MW each. The project was based on super-critical technology. The land required for the project was 785 acres out of which about 460 acres had already been acquired. Water requirement,estimated at 39.50 million m3/day, would be met from Chandan Dam on Khudar river in Bihar located at approximately 7km from plant site (Received approval for 85 million cubic meter). JIPL had received all major clearances like environment clearance,chimney clearance etc. JIPL had approval for evacuation of power by using Powergrid infrastructure (JIPL had applied for 4x660 MW capacity). JIPL was however responsible for any transmission infrastructure to connect the power project to the designated PGCIL substation.   The coal requirement is estimated as 10.06 million TPA at 85% PLF.The primary fuel for the project was domestic coal and would be obtained from Mahuagarhi coal block (allotted in 50:50 Joint Venture with CESC - "Mahuagarhi Coal Company Private Limited" in December 2007).Mahuagarhi coal block was located at a distance of about 85kms from power project site and had an estimated total coal reserves of 220 MMT (110MT for each JV partner. JIPL had also applied for coal linkage for additional coal requirement. JIPL had awarded a fixed price EPC contract for the plant to Abhijeet Projects Limited (APRL) in December 2010.   The power generated from the Phase-1 project of 1320MW was primarily expected to be sold to state owned utility company-BSEB. As per the MoU, Bihar State Electricity Board (BSEB) had the first right to claim to purchase / refusal of powercupto 25% of the maximum power proposed power plant on the basis of laws and regulations in force.cBSEB would intimate JIPL their willingness to avail or refusal of 25% of power and the modality for the power purchase agreement with delivery point subject to declaration of power purchase rate by JIPL following Government of India guidelines. BSEB would have no objection in the event JIPL supplied power directly to the bulk consumer in the state of Bihar on mutually agreed tariff and applicable laws and regulations of open access for intra state transmission systems of Bihar to be notified by BERC.JIPL had proposed to sale 70% of power on long term basis and remaining 30% power would be sold on merchant basis.  The cost of the Phase I of the Project (1320MW) at the time of financial closure was estimated to be approximately US$ 1384.7mn (INR 74000mn @53.44 INR/USD). Financial closure took place on 24th March 2012 at a Debt/Equity ratio of 80/20. Financing comprised senior debt of US$ 1038.5mn (INR 55500mn), a subordinate debt of US$ 69.2mn (INR 3700mn) and sponsor equity of US$ 276.9mn (INR 14800mn) and a debt of USD 908.5mn (INR 42700mn). The debt,underwritten by Axis Bank,UCO and PNB had a door-to-door tenor of 14-year 9-months. The rate of interest was at an average of 11.5% linked to base rates for senior debt and 13.5% for subordinate debt. The loan would be repaid in 40 quarterly installments. The participating banks were Bank of India, Housing and Urban Development Corp,IIFCL,LIC of India,Oriental Bank of Commerce,PFC,Punjab National Bank,RECL,State Bank of Bikaner & Jaipur,UCO Bank.  The construction for the Unit-I (660MW) and II (660MW) of the project had started and were expected to be commissioned by July 2014 and October 2014 respectively.
Renewgen was developing the 10MW waste-to-energy plant in Kaduwela, Kotte Waste Management Zone. The project company was  RenewGEN Environment Protection Kotte Private Limited, in which the local government Waste Management Authority holds an equity share (5%).  The project is expected to use 500 MT of municipal solid waste daily. In March 2012, the IFC took an equity stake in the project company - approved by the board in July 2012.  The project was awarded via a competitive bidding process. Bids were invited from short listed companies in April 2011, closing in May 2011. The project was awarded in July 2011. Project commissioning was expected for December 2013. The expected life of the facility is 25 years. Output is expected to be sold to the national grid via Ceylon Electricity Board. The project held a 25 year concession under a BOO contract. Hitachi Zosen was the equipment supplier. Project consultant is Ramboll AG. The EPC turn-key contract went to Hyquip Technologies Ltd, from India.  Total project cost was reported as US$29 million. Financial closure date was unknown but estimated at February 2012 (25% rule). In March 2012, the IFC provided a package of US$9 million in debt and equity to the project company (IFC Project #31944). Reported here is the most conservative date - July 2012, date of IFC board approval.   The coordinates of the project are: 6.9129111 N, 80.0022912 E
In November 2009, ICTSI was awarded a 34-year concession for the development and operation of the second Specialized Container Terminal (TEC-II) at the Port of Manzanillo by Administracion Portuaria Integral de Manzanillo, S.A., de C.V. (API) .  In June 2010, ICTSI signed a 34-year concession agreement and established Contecon Manzanillo S.A. (CMSA) as the project company. CMSA paid upfront fees of MXN50.0 million (US$4.1 million) to API in two installments: MXN25.0 million (US$2.0 million) on June 3, 2010, the date of signing of the contract; and another MXN25.0 million (US$2.0 million) on September 17, 2010.  The container terminal was to be built in three phases. The first phase was to involve 42 hectares with 720 meters of quay length. CMSA was to build, equip, operate and develop the terminal that will specialize in the handling and servicing of containerized cargo. Investments in the Port of Manzanillo include maritime works, dredging, quay (including crossbeams and fenders), maneuver yards, storage installations, land access and signals, as well as all those works necessary to fulfill the productivity indexes contained in the contract.  Construction of the first phase development, which started in November 2011, was expected to be operational in May 2013.   For the first phase, CMSA was to pay fixed fees of MXN163.0 million (US$13.2 million) divided into 12 monthly payments, payable in advance. When CMSA has received the second and third phases of the ceded area, CMSA was to pay additional annual fixed fees of US$5.9 million (MXN72.3 million) and US$6.8 million (MXN83.8 million), respectively. Furthermore, CMSA was to pay monthly variable fees of US$16.2 (MXN200) per TEU, for a maximum of 1,500,000 TEUs per year.  Minimum lease payments were: due in 2013 amounted to US$14.6 million (MXN187.6 million); due starting 2014 up to 2017 totaled US$62.1 million (MXN0.8 billion); and due starting 2018 onwards totaled US$632.4 million (MXN8.1 billion).  The total investment for the first phase was estimated at US$ 238.84 million. Construction started in November 2011 and was due to finish in May 2013. In December 2012, a report was released by the local government of Colima declaring there was evidence of significant construction on the first phase and that it would be completed by May 2013. No debt facility was reported by ICTSI and the project appears to be financed with equity from the parent company.   Mexico's government authorised the operation of TEC II in July 2013, and operation by Contecon actually started in August 2013.  In November 2014, the IADB approved a US$ 90 million loan to the project.
Region Oil was planning the development of the 300 MW Xekong 4 hydropower plant, near Sekong. Region Oil held 80% of the shares, the remaining 20% was held by Lao Holding State Enterprise.   The MOU for the feasibility study was signed in 2006, followed by the PDA signed in June 2008. Commissioning was expected for 2013. In October 2010, Region Oil managed to secure the environmental compliance documents from the Lao Water Resources and Environment Agency. The concession agreement and PPA were reported under negotiation by the Government of Laos. The output was expected to be exported to Thailand.  Korea Western Power Co., Ltd. reportedly also expressed interest in the project (December, 2011).  Total investment cost is expected at $600 million. No further financial information was available.   Update: The project commenced operation in 2013.
The project entails the construction of a (15.4MW Waste-to-Energy plant in Weifang City, Shandong Province, eastern China. Total investment stands at $86.88 million (¥586 million). Sponsor of the project is China Everbright International. The facility will be undertaken under build-operate-transfer concession with a contract period of 30 years inclusive of the construction period. Contract awarding took place on 8-23-2012.
In July 2013, Welspun Energy Solar Rajasthan Private Limited (WESRPL, a subsidiary of Welspun Group), was awarded the license for setting up a 20MW wind power project in Dangri at Jaisalmer district of Rajasthan. The project used 10 wind turbines of 2MW each for generating an average annual net production of 43.1 GWh, with a capacity utilization factor (CUF) of 24.2%. Electricity generated from the project would be evacuated for consumption in the Northern Regional grid of India. WSMPPL would be responsible for connecting their power evacuation transmission line with the nearest substation of at the designated voltage level, for evacuating power generated at the solar facility.  The Rajasthan Government had designated Rajasthan Renewable Energy Corporation Limited (RRECL) as the nodal agency for procurement of renewable power. Details of bidding were not known at the time of collection of this information. The RERC (Rajasthan state regulator) determined tariff would be applicable for the project. WESRPL entered into a 25-year Power Purchase Agreement (starting from the date of commissioning) with RRECL for the project. Transmission and/or wheeling charges would be paid by WSMPPL.  Financial closure took place sometime in 2012.The total project cost (20MW) was estimated at US$ 22mn (INR 1174mn @53.4 INR/USD).The debt equity ratio for the project was 75/25. Financing comprised of a term loan of US$ 16.5mn (INR 880mn) and sponsor equity of US$ 5.5mn (INR 294mn). Other details of financing were not available at the time of collection of this information.   Construction for the project was expected to start started in June 2013 and commercial operation was achieved in September 2013.
In February 2012, construction of a PV power plant commenced in Qiemo County, Xinjiang. The sponsor Xinjiang Yutian New Energy Investment Co., Ltd. had a 100% stake in the project. The total capacity of the plant was 6MW . The project was listed in the 'Golden Sun' program in 2010, but subsidiary from the government was unknown. By May 2012, at least 25% of construction had been achieved. It was expected that the project could be operational by June 2012. The concession term was still unknown. The total investment was RMB 180 million (US$ 28.53 million).
Tubarao Saneamento, a partnership of  the Brazilian companies CAB Ambiental, Enops Engenharia S.A, Duane do Brasil and Saneter Construtora Ltda, was awarded the 30-year concession contract to expand, rehabilitate and operate the water and sewerage facilities of the city of Tubarao (state of Santa Catarina) in October 2011. The contract was awarded by the municipality's central administration. The population of Tubarao was estimated at 100,000.   Tubarao Saneamento was the only bidder and was awarded the contract by offering the lowest tariff. The contract was signed in February 2012, and the private sponsor took over the operations of the water and sewerage services in March 2012.  The private sponsor committed to invest US$  121.5 million (BRL 240 million) over the life of the project.
Sand Land Real Estates Private Limited  (SLREPL, a Moser Baer group company), signed an MoU with Gujarat Energy Development Agency (GEDA) for setting up a 25-MW photovoltaic solar project at Banskantha District in the state of Gujarat, under the Gujarat Solar Policy 2009. SLREPL had installed amorphous silicon thin-film solar PV modules from Dupont, Moser Baer and First Solar. The output from the project would be fed to the North-East-West-North-East (NEWNE) grid of India. Power evacuation, as per the state policy, was the responsibility of Gujarat Energy Transmission Corporation Limited (GETCO).  Sand Land Real Estates Private Limited  (SLREPL) had entered into a 25-year Power Purchase Agreement with the state utility Gujarat Urja Vikas Nigam Limited (GUVNL), which would be effected at the time of commissioning of the project. The PPA as per GEDA documents may have been signed before 11th December 2011. The APPC (Average Power Purchase Cost) as per the Gujarat Solar Policy 2010, was US$ 0.33/Unit (INR 15 per unit @ 45INR/USD) for the first 12 years, and US$ 0.11/Unit (INR 5 per unit @45 INR/USD) from 13th year to 25th year. The total capacity of 25MW was eligible for carbon credits and SLREPL had applied for the same. Proceeds of carbon credit were to be shared as follows: (a) 100% by SLREPL  in the first year after the date of commercial operation of the generating station/ transmission system;(b) in the 2nd year the share of GUVNL would be 10% which would be progressively increased by 10% every year up to 50% whereafter the proceeds would be shared in equal proportion, by SLREPL and GUVNL. Transmission and/or wheeling charges would be paid by SLREPL.  Dates of financial closure coldn't be verified.The total estimated project cost as per UNFCC document filings was US$ 72.7mn (INR 3886mn @53.44 INR/USD).  Construction for the plant was started in June 2011 (date of signing of contract for onshore services, civil works, onshore and offshore supply) and the plant became operational in March 2012 as per company sources. GEDA documents also indicate commissioning before May 9th 2012. In absence of credible information on details of financing, we have considered March 2012 as the financial closure date for our database.
Akfen Hidroelektrik was planning the development of the 28.8 MW Yenidoruk hydropower plant. Akfen Hidroelektrik was a subsidiary of Turkish Akfen Group.  Commissioning was expected in 2012, as of one 8 projects planned to be developed by the company with a total capacity of 119 MW. The Turkish government opened up for tender concessions for 52 run-of river hydropower plants, between December 2009 February 2010. During the tenders, 615 bids were made and the deals were finalized in May/June 2010.  Total costs were unkown as of October 2011. However, the project received a EUR137.8 million ($183 million) loan in May 2010 from a consortium of banks. As of October 2011, no detailed information was available for this project.
On 31st January 2011, Power Finance Corporation (PFC) awarded a concession of 35 years (including construction period of 3 years starting from the date of grant of Transmission License) to M/s Sterlite Transmission Projects Private Limited, for the development of the 910km 760kv single-circuit transmission and 80km of 400kv double-circuit transmission project,in the states of Madhya Pradesh, Gujarat, and Maharashtra. The western region interconnection mega transmission project was aimed at system strengthening of western region transmission grid through two sections - Vadodara-Dhule-Aurangabad line and Indore-Bhopal-Jabalpur line, with two1500 MVA substations at Dhule and Bhopal. Given the huge potential of thermal power in Eastern, Central coal-rich states, power transfer to meet the long term power transfer requirement i.e. next 10-15 years. Bhopal Dhule Transmission Company Limited (BDTCL) was incorporated on 8th September, 2009.   PFC Consulting Limited (subsidiary of PFC) conducted the bid process for the SPV, Bhopal Dhule Transmission Company Limited (BDTCL). The SPV had been formed to undertake preliminary survey work, identification of route, preparation of Survey Report, initiation of the process of land acquisition (if required), initiation of process of seeking forest clearance(if required) and to conduct the bidding process. 21 Long Term Transmission Customers (LTTCs) - Sterlite energy Limited, GMR Kamalanga Energy Limited, Navbharat Power Limited, Monnent Power Company Limited, Jindal India Thermal Power Limited, Lanco Babandh Power Limited, Ind Barat Energy (Utkal) Limited, MB Power (Madhya Pradesh) Limited, RKM Powergen Limited, Athena Chandigarh Power Limited, Jindal Power Limited, SKS Power Generation (Chhattisgarh) Limited, Korba West Power Company Limited, DB Power Limited, Visa Power Limited, KSK Mahanadi Power Company Limited, Bharat Aluminium Company Limited, Vandana Vidyut Limited, LANCO Amarkantak Power Limited, GMR Chhattisgarh Energy Pvt. Limited, Chhattisgarh State Power Trading Company Limited with power plants across Madhya Pradesh, Chattisgarh, Gujarat, Maharashtra, Orissa, were to enter into Transmission Service Agreement (TSA) with the successful bidder. 22 biders had shown interest in the RFQ stage, out of which 15 got qualified for the RFP stage. Only 9 bidders offered their financial bids. Sterlite Transmission Projects Private Limited (subsidiary of Sterlite Group) won the bid by quoting the lowest levelized transmission charges of USD 43.6mn per annum (INR 1995.30mn @45.73 USD/INR). The L2 bidder - Ashoka ICOMM Consortium had quoted INR 2184.75 mn/year and L3 bidder - Lanco Infratech Limited had quoted INR 2448.90 mn/year respectively.The SPV Bhopal Dhule Transmission Company Limited was subsequently transferred to Sterlite on 31st March 2011.   The tranmission license was awarded by CERC on 12th October 2011 for a period of 25 years (to be extended on request before the expiry of the license period). Adoption of Transmission Charges and grant of Transmission License by CERC was done on 28th October, 2011.The tariff adopted for the transmission system was valid for a period of 35 years. The tariff of the transmission assets beyond the period of 35 years were to be governed in accordance with the provisions of CERC Regulations. The tariffs or the Transmission Service Charges (TSC) comprised of a non-escalable component and an escalable component linked to inflation index as notified by CERC (Central Regulator). Full TSC as per the quoted tariff structure were payable to BDTCL by the counterparty utilities subject to availability of the transmission lines at normative level of 98%. As mentioned in PTA, a payment security mechanism was in place which comprised of  a) revolving Letter of Credit (for 105% of monthly TSC), and  b) right for request to RLDC (Regional Load Dispatch Centre) for diversion of low cost power available to defaulting state utility in the peak time (7 to 10 pm) so that du
In April 2012, the Government of Punjab awarded a concession agreement to a consortium of Supreme Infrastructure India Limited (SIIL) and SPML Infra Limited (SPML), for the  strengthening,improvement, two-laning, operation and maintenance, and tolling of 29.996 kms of State Highway-6 (SH6) of existing Kotkapura-Muktsar carriageway in the State of Punjab. Details of concession couldn't be ascertained.  Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance, strengthening and widening the existing carriageway of Kotkapura-Muktsar section of State Highway-6 to two lane standard with paved shoulders.The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, high embankment/elevated structures/ROBs, wayside amenities, culverts,road intersections,interchanges, etc. This Link road which would eliminate traffic congestion on the route besides benefiting the traffic on NH-95 (Ludhiana-Ferozepur Road) to NH-15 (Amritsar-Pathankot Road) and give significant stimulus to trade and commerce in the entire region.   The consortium of Supreme Infrastructure India Limited and SPML Infra Limited established Kotkapura Muktsar Tollways Private Limited, a special purpose vehicle, to implement the project. The SPV won the tender through domestic competitive bidding, conducted by PWD Punjab. Details of bidding couldn't be obtained at the time of collection of this information. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. The EPC work of the project would be executed by Supreme Infra (SIIL).  The concession agreement for the project was signed on 14th December 2012. The project cost reported by concessionaire was US$ 23.4mn (INR 1170mn @ 50INR/USD). Details of financing could not be ascertained at the time of collection of this information.   Construction for the project was expected to start in April 2013 and be completed by December 2014. Construction period as per the tender was 18 months.
The company Forca Eolica do Brasil S.A. was granted authorizations to build seven wind power plants  located in the state of Rio Grande do Norte (108 MW in total capacity, municipalities of Areia Branca, Bodo e Rio do Fogo). Forca Eolica was established as a 50/50 partnership of Iberdrola Renovaveis do Brasil (subsidiary of the Spanish Iberdrola Group) and Neoenergia (39% owned by Iberdrola and 12% owned by state-owned bank Banco do Brasil and 49% by Previ pension fund).  The 35-year contracts were signed with the regulatory agency ANEEL starting in February 2011. The following special purpose companies were created to manage each plant:  Arizona 1  Energia Renovavel S.A.,  Calango 1 Energia Renovavel S.A, Calango 2 Energia Renovavel S.A, Calango 3 Energia Renovavel S.A, Calango 4 Energia Renovavel S.A, Calango 5 Energia Renovavel S.A and Mel 2 Energia Renovavel S.A .  The power plants were named EOL Arizona 1 (28 MW), EOL Calango 1 (30 MW), EOL Calango 2 (30 MW),  EOL Calango 3 (30 MW), EOL Calango 4 (30 MW), EOL Calango 5 (30 MW) and EOL Mel 2 (20 MW). The total investment in the power plants was estimated at US$ 421.6 million (BRL 832.74 million). In March 2012, the state-owned development bank BNDES approved the following loans (total of US$ 164.6 million or BRL 325.1 million): - EOL Arizona 1: US$ 44 million (BRL 86.9 million) - EOL Calango 2: US$ 41.9 million (BRL 82.7 million) - EOL Calango 3: US$ 45.7 million (BRL 90.2 million) - EOL Mel 2: US$ 33.1 million (BRL 65.3 million).  In July 2012, the following additional loans were granted by BNDES: - EOL Calango 1: US$ 42.2 million (BRL 82.3 million) - EOL Calango 4: US$ 43 million (BRL 83.9 million) - EOL Calango 5: US$ 42.3 million (BRL 82.6 million)  The remaining investment cost was set to be financed with the sponsor's own resources.  The government periodically runs public bidding for the sale of energy to the country´s distribution companies. The seven  power plants controlled by Forca Eolica won the public bidding that took place in 2010, by offering an average tariff of US$ 67.3/MWh (BRL 133/MWh). The project companies signed 20-year power purchase agreements with the several electricity distribution companies , and the agreements included the annual adjustment of the tariff to the inflation rate. Forca Eolica do Brasil committed to start supplying to the market in 2013.   The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures. . Finally, the electricity sold by the company is not subject to sectoral taxes.  In 2011, the company applied for carbon credits.  EOL Mel 2 commenced operations in February 2013, while EOL Arizona 1 commenced operations in October 2013.
Enerjisa, a joint venture between Verbund (Austria) and Sabanci, developed the 89MW Menge hydropower plant, Seyhan River, Adapa, Southeast Turkey. The plant was expected to generate 202.6 GWh annually.   The project developer held a 49 year generation license for the project, awarded in July 2006 and acquired by Enerjisa in 2008. The construction contract was awarded and executed by Ozaltin, and Cengiz from June 2009, together with the Kopru plant on the same river. The equipment supply contract, as well as design and installation of the Francis turbines, was awarded to Alstom Hydro and GES under a EUR 100 million contract from December 2008, which also included the Kavsakbendi and Kopru plants. Construction started in May 2009. Commissioning was initially estimated at November 2011, but this became February 2012.  Total cost was unknown, but estimated at US$1.7 million/MW, or US$151.3 million. Financial closure date was unavailable, but estimated at February 2012, commissioning date.  In 2012, Verbund sold its shares in Enerjisa to E.ON in exchange for 8 hydropower plants in Germany and a cash sum. The deal was not finalized in 2012.
Energy Financing Team (EFT) developed the 300MW coal-fired power plant Stanari, in Northern Bosnia. Annual output was estimated at 2,000 GWh. The fuel, lignite, is expected to be sourced from nearby mines - where the lignite only holds small amounts of sulfur.  The developer held a 30 year concession won in a competitive tender in 2008. Commissioning was expected for 2015/2016. The EPC contract was awarded to Dongfang Electric Corporation (China). Construction started in December 2012. The project will connect to the grid via the Banja Luka/Tuzla transmission line. Power plant availability was expected to be 90%. Collenco Stenmuller worked on the feasibility study. Stanari is a merchant power plant.   Total project cost was estimated at EUR500 million (US$661.9 million). The project received EUR350 million (US$ 463 million) from the China Development Bank, December 2012. The remainder of project cost was to be financed through equity.
Ukrainian natural gas distribution company  Zhitomirgaz was partially divested in September 2012. The winning bidder was Gaztek JSC, from Kyiv, Ukraine. By winning the bid, Gaztek expanded its share in Krymgaz from 0.0% with 15.864%. Other equity holders in the firm were Materon Limited (registered in Cyprus, 21.1%) and the State Property Fund of Ukraine (25.0%). Gaztek JSC was 96% held by four Cyprus-based companies.  Two final bidders participated in the tender, the second firm being Finlex-Invest (Kyiv). Under the tender, the winning bidder obligates itself to invest UAH 3.4 million ($0.42 million) in the firm within three years.  Total value of the winning bid was UAH 16 million ($2 million). The starting bid was UAH9.7 million (1.19 million). The Ukrainian bank representing Gaztek was Nadra Bank, Nadra Bank was 89.9% owned by Centragas Holding AG, from Austria. Gaztek raised UAH 250 million to purchase shares in Zhitomirgaz as well as 11 other natural gas utilities: Volyngazm (23.4%), Sevastopolgaz (25%), Zaporizhgaz (25%), Dnipropetrovskgaz (26%), Chernivtsigaz (20.4%), Zhytomyrgaz (15.9%), Syrnygaz (25.8%), Krymgaz (23%), Ivano-Frankivskgaz (25%) and Kykolaivgaz (25%). Financial closure date was unavailable, reported here is month of tender winning.
Solarta, a joint venture between Yanhee Solar (51%) and Ratchaburi Electricity Generating Holding Public Company Ltd (49%), was developing the 12.4MW solar plant in Nakhon Pathom Province, Thailand. Total size of the project is 268,500 m2.   The project held a 5 year PPA with automatic renewal. The EPC contracts were awarded to Conenergy, which cooperated with local 'systems integrator'  Annex Power. Conergy is also the equipment supplier, supplying:  56,000 Conergy PowerPlus Premium modules 56 kilometers of Conergy SolarLinea mounting systems 200 Conergy IPG 15T string inverters 25 IPG 300C central inverters  Commissioning occurred in 2012.  The project uses "Conergy Output Insurance", providing 3rd party insurance on 90% of the output for 10 years. No commissioning date was available, but the Conergy website portraits a picture of the solar plant in operation. Noted here is the plant became operational December 2012 - also the estimated Financial Closure date. Total project cost was unavailable, but estimated at US$1.5 million per MW, or US$18.6 million.
The company Brazilian company Pioneiros Bioenergia S.A. was granted the authorization to build and operate a sugar-cane-residue fueled power plant located in the state of Sao Paulo (50 MW in total capacity). The 35-year contract was signed with the regulatory agency ANEEL in December  2007. The sponsor created a special purpose company named Pioneiros Termoeletrica Ilha Solteira S.A. to manage the project.  The value of the investment committed to the project was estimated in US$ 6.2 million (BRL 12.2 million).  In March 2007, the company had taken part in a competitive bidding process and had won the right to supply electricity for 30 years in the regulated market starting in 2010 (the company won the bidding by offering a tariff of US$ 71.3/MWh or BRL 139.12/MWh). The project suffered with delays and the construction works were only concluded early in 2012. As of October 2012, the power plant could not commence commercial operations because the construction works on the transmission line connecting the power plant to the national grid was not concluded.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.  Commercial operations commenced in September 2013.
The Maharashtra Government, signed a MoU with Sintex Power Limited (a Sintex Group company) for development of a 300MW (2 units of 150MW each) coal-fired thermal power plant at Nardana in Dhule District, in Maharashtra. Sintex Power Limited established Shirpur Power Private Limited (SPPL), a SPV for executing this project. The land is located at Nardana Industrial Area of MIDC and State Government would assist in the procurement of land for the project but the full cost of the purchase of land would be borne by SPPL. Water would be obtained from Sulewade Barrage. SPPL had received all major clearances like environment clearance, chimney clearance etc. Power generated at 15.75kV voltage level from each generator would be evacuated to grid through respective step up Generator transformers (GT),220kV switchyard and 220 kV double circuit overhead transmission line to MSETCL (Maharashtra State Electricity Transmission Company Ltd) –substation located approx 30km from the plant. SPPL was also responsible for any transmission infrastructure to connect the power project to the designated substation.   The coal requirement for the project was estimated at 1.2 million tons per annum (MTPA).The fuel for the project would be both domestic coal and imported coal. The Indigenous Coal would come via railway, whereas the imported coal would come from the port of Hajira(Surat) or Dahej and then to the site by Railway wagons. Necessary tie-up for the fuel was being done to ensure consistent supply of fuel. For movement of coal by rail from Indian Rail Network, SPPL would construct last-mile rail connectivity for takeoff from Nardana railway station on Udhna- Jalgaon section of Mumbai Division of Western Railway to the power plant site. The company had awarded a fixed price (INR 13000mn) EPC contracts to Sintex Infra Projects Limited (SIPL). While SIPL had no experience in execution of power projects, it would be able to leverage upon the technical strength of Zillion Infra projects Pvt Ltd (ZIPL - a company  acquired by Sintex Group), which had an established track record of successfully executing large sized infrastructure orders especially in power generation sector. SIPL had placed an order for boiler-turbine-generator (BTG) package and main plant DCS with BHEL in November 2011 for a value of INR 7010mn. Further, SIPL had also placed orders for other packages required for power project like coal handling system, cooling tower, chimney, switchyard package, ash handling systems and balance of the plant with other reputed suppliers.   Shirpur Power Private Limited (SPPL) was designed on a "Group Captive Project" basis and hence 51% of the capacity will be supplied to industrial consumers (In accordance with a notification issued by the Ministry of Power for captive power plants, at least 26% of the equity and at least 51% of the power must be sold to captive users). The plant was situated in the midst of industrial area (Nardana Industrial Area of Maharashtra Industrial Development Corporation) and would supply about 300MW to industries thus ensuring perpetual demand for the power generated from the plant. The balance capacity, if any, was expected to be sold on a merchant power basis to the power deficit Western region. SPPL would be responsible for the the associated transmission and interface costs.  Financial closure took place on 10th August 2012. The Project (300MW) cost at the time of financial closure was estimated to be USD 329.9mn (INR 17630mn @53.44 INR/USD). The Debt/Equity ratio of the project was 75/25. Financing comprised a 13-year 6-months term loan of US$ 247.4mn (INR 13220mn) and a sponsor equity of US$ 82.5mn (INR 4410mn). The debt, arranged by SBI Capital and IDBI Bank. The participating banks were State Bank of India (5000mn), IDBI Bank (3220mn), and Bank of Baroda (5000mn).  The construction for the project had started in 2011 and was expected to be progressively commissioned by early 2014. The Ist Unit (150MW) was schedul
On 15 January 2010, the Chattisgarh Government, signed a MoU with TRN Energy Limited (TRN),a subsidiary (74%) acquired by ACB (India) Power Limited in may 2009, for development of a 600 MW (2x300 MW) coal based thermal power station in at Nawapara Village in the Raigarh district of Chhattisgarh. The project was planned to be executed in two phases of 300 MW each,based on sub critical technology. The total land requirement for project was approximately 548acres out of which about 160acres land was acquired which was adequate for the main island of the project. TRN was currently in the process of acquisition of the remaining land. TRN had been granted the allocation of 19 million cubic meters per annum of water from the river Kurket on December 3, 2009 by the Water Resources Department, Raipur. The river Kurket was at a distance of approximately 4 kilometers from the site. TRN intended to transport the water to the project site by a water pumping station and a pipeline network.TRN had received all major clearances like environment clearance, chimney clearance etc. TRN would be responsible for any transmission infrastructure to connect the power project to the designated state grid substation.   The primary fuel for the Raigarh Power Project would be domestic coal. The expected consumption of coal for the project was 2.6 million tonnes per annum with an average gross calorific value of 3,800 kilo calories per kilogram of fuel at a Plant Load Factor of 80%.TRN had been granted a long-term coal linkage for 2.60 million tons per annum by the Standing Linkage Committee, Ministry of Coal under a letter of assurance from South Eastern Coalfields Limited on July 3, 2009. The raw coal would be transported by road from the mine to the project site, as the mine was at a distance of approximately 10 kilometers from the project site. TRN had entered into supplies and services contracts (both BTG and BOP) with BGR Energy System Limited for undertaking the engineering, procurement and construction of the Raigarh Power Project.  TRN had entered into a power purchase agreement with Chhattisgarh State Power Trading Company Limited for sale of 5% of the net power generated at variable cost. In the event TRN was allocated captive coal block also in the State of Chhattisgarh for supply of coal to the Raigarh Project, then TRN would provide, on an annualized basis, to the Purchasing Entity 7.5% per cent of the net power.In addition, the Government shall have the first right to purchase power up to 30% of the aggregate capacity of the generating unit(s) for a period of 20 years, through its nominated agency, at the rate to be approved by the appropriate electricity regulatory commission. The manner in which offer would be made by TRN for the sale of power had been detailed in the IA. On 26 June 2012, TRN and PTC had entered into a power purchase agreement. The PPA was valid for a period of 25 years from the commissioning of the power project. Under the PPA, TRN had agreed to sell 390 MW gross capacity at a specified delivery point to PTC and PTC had agreed to purchase the said power for onward sale. PTC would sell and market the power for long term/ medium term sale basis through the tariff based competitive bidding process or on short term sale basis through the negotiated route. TRN expected to sell 250MW through a long-term PPA with a bidder appointed throug competitive bidding, with the balance to be sold through short-term agreements to third parties on a merchant basis. TRN also expected approximately 9% of the power generated to be lost through auxiliary consumption and transmission losses. TRN had been granted long-term open access by Power Grid Corporation through their Tamnar Pooling Station and entered into a bulk power transmission agreement with Power Grid Corporation.  On 5th May 2012, the project attained financial closure at a debt equity ratio of 70/30. The estimated project cost at the time of financial closure was US$ 532.6mn (INR 2
Mulilo Renewable Energy Solar PV De Aar (PTY) LTD was created to build, own and operate a 9.7 MW solar PV facility to be located in De Aar, South Africa.  The project company was a joint venture between Gestamp Asetym Solar SL (60%), South African Mulilo Renewable energy (PTY) LTD(20%) and the remaining 20% was owned by Mulilo De Aar Solar Community (100% owned by Mulilo De Aar Solar Community Trust - funded by the Industrial Development Corporation IDC), a local community trust representing black-owned local businesses. Gestamp Asetym Solar SL was a subsidiary of Gestamp Solar (Spain), subsidiary of Corporacion Gestamp. The project consisted of 44,880 panels of 230W, manufactured by Trina Solar (China), and 20 inverters of 500kW manufactured by GP Tech (Spain). Mulilo Renewable Energy was part of the Mulilo Energy Group (South Africa), of which CSV Construction was a major shareholder.  The project was awarded in a tender administered by the Department of Energy where a critical factor in the decision was the projected price of power.  Contractual negotiations on the PPA and financing were to be completed by June 2012, but it was predicted that there would be a 20 year PPA with the state owned utility, Eskom. The project was to be connected to the De Aar 22kV substation. EPC and O&M contractor was to be Gestamp Solar Contracting (90% owned by Gestamp Asetym Solar SL, 10% owned by Rigamani Construction PTY LTD). The 22.5km 22kV transmission line was commissioned by Eskom. Solar resource measurements were executed by Garrad Hassan.   Estimated project cost was USD 35 million, with commissioning expected in 2013. Funding was to be provided by NedBank Capital (50%) and Industrial Development Corporation (IDC) (50%). The debt/equity ratio was expected to be 70/30.
Reliance Clean Power Limited (RCPL), a subsidiary of Reliance Power Limited, planned to set up a 200 MW wind power plant in Vashpet, Maharashtra.The Anil Dhirubhai Ambani Group company would invest Rs 1500 crore in this project and the long-term plan was to double the generation. According to company sources, orders had been placed for 80 wind electric generators with a rated capacity of 2.5 mw each. German firm Fuhrlander would be providing the technology. Reliance Power hoped to have the project operational by September 2012.  RCPL had entered into a long-term power purchase agreement with group firm Reliance Infrastructure at a tariff of Rs 5.37 per unit, as mooted by the Maharashtra State Electricity Regulatory Commission.The project would be eligible to get 3.7 million CERs in the initial 10 years of operation. This was expected to give additional revenue of Rs 300 crore for the project.
Foundation Wind (Fauji Foundation), iformerly Green Power Pvt. Ltd., was planning the development of the 50MW Wind Farm in Kuttikun, Sindh Province, Pakistan. Tapal Group holds 20% in the project and Islamic Infrastructure Fund (from ADB) also holds 25% in the project.  The project had been awarded land by the government of Pakistan for the 50MW project. The EPC contract (date certain, lump-sum, fixed-price) was awarded to Descon and Nordex, supplying its Nacelle N100/2.5 HCV turbines (40x). The project was connected to the grid via a 132kV transmission line, not included in the project but developed by the National Transmission and Dispatch Company (NTDC), grid operator. The project was developed under a BOO contract, with a 20 year PPA with NTDC, guaranteed by the central government. The electricity tariff bears the interest rate risk and currency exchange risk, via the islamic financing. The tariff allows for a guaranteed return of 17%. The central government provides a wind risk guarantee. In December 2011 it was reported by NEPRA that the tariff awarded by the NEPRA to Green Power was $10.2852 per kWh, after three review sessions.  Total project cost for Kuttikun 1 and 2 (50MW + 50MW) was US$ 270 million. Financing was provided by National Bank of Pakistan (MLA), Faysal Bank, United Bank, Allied Bank of Pakistan, and Meezan Bank, as well as the Islamic Development Bank. Financial adviser to the sponsors were Meezan Bank and Bridgefactor. Legal advisor to the sponsor was Orr Dignam & Company. Legal advisor to the lenders were Shearman & Sterling, as well as Haidermota & Company. The total debt was US$ 204 million. The equity was US$ 66 million. The debt/equity ratio was 76/24.  The tranches were divided as follows: Islamic financing: Ijarah and Musharaka (@295 bp)  Tranche 1: Musharaka, Rupee denominated.  The Musharaka tranche was lead-arranged by National Bank of Pakistan, and followed by United Bank, Allied Bank and Meezan Bank. The tranche was around US$68 million, but exact amount not available.   Tranche 2: Ijarah, USD denominated Islamic Development Bank provides literal working capital, over which the project pays "rent" equal to principal plus interest. The tranche is covered by an ADB partial risk guarantee covering non-payment to IDB towards 50% of the amount for a period of 12 years.
The Guatemalan company Multi Inversiones S.A. developed the 16.4-MW hydro power project located at Polochic River. The power plant was named Santa Teresa Central Hidroelectrica.  Construction works commenced in 2006 and were concluded in March 2012. The investment directed to the power plant as estimated at US$ 36 million.  The power plant was set to sell its output through Guatemala's national grid (Sistema Nacional Interconectado).  In January 2007, the project applied for carbon credit.
On 25th August 2011, state owned Power Development Board (PDB) signed a contract with Energypac Confidence Power Ventures Chittagong Limited (ECPVCL), a SPV set up by Energypac Generation Limited and Confidence Cement Limited, to set up a 108 MW HFO based power plant at North Patenga in Chittagong. The plant was being set up on a build-own-operate basis. The plant would generate and sell electricity to BPDB for a term of 15 years under a PPA between BPDB and ECPVCL.   The project reached financial closure on 21st November 2012. The estimated project cost at the time of financial closure was US$ 93mn (BDT 7613mn @81.86 BDT/USD). IDLC Finance Limited and Infrastructure Development Company Limited (IDCOL), the mandated arrangers, had raised BDT 2280mn (US$ 27.85) and USD 30mn (foreign currency loan) as syndicated loan for the project. 12 banks and financial institutions participated in the syndication. The participating banks and financial institutions of the loan were IDLC Finance Limited, IDCOL, Bank Asia Limited, United Commercial Bank Limited, Bangladesh Commerce Bank Limited, One Bank Limited, The City Bank Limited, Standard Bank Limited, Uttara Finance and Investments Limited, United Leasing Company Limited, Islami Bank Bangladesh Limited, and Industrial Promotion and Development Company Limited (IPDC).  The plant was currently under construction and was expected to be commissioned in May 2014.
Tawau Green Energy Sdn Bhd (TGE), was planning the development of the 30MW Apas Kiri geothermal plant, in the District of Tawau, Sabah. TGE was incorporated in the State of Sabah. Continental Energy (OTC:CPPXF)  held a 10% equity stake in the company.  Geological studies were conducted between December 2008 and January 2009 together with the Laboratory of Geothermal Energy, University of Indonesia. Maximum capacity was 67MW, on a depth of 2.5km. In November 2011, the developer received approval of a Renewable Energy Power Purchase Agreement (REPPA) from SESB. Under the PPA, the SESB offered a fixed tariff of MYR 0.21/kWh (US$c 7), for a period of 21 years.  PT Pisga and Aktif FA served as consultants to the project. Chemsain Consultant conducted air test for methane gas. Land lease agreement was signed between Sabah Parks and TGE in August 2012. Stakeholder meetings were organized in October 2012. Commissioning was expected for early-2015.  May 25th 2012, the project signed a Facilitation Fund Agreement under PPP concept with UKAS (the governmental PPP unit) and Bank Pembangunan Malaysia. The government provided a RM35 million (US$11.5 million) grant towards construction cost, to be disbursed by Bank Pembangunan Malaysia. The grant was exclusively to be used for constructing access roads and making related infrastructure improvements. The project has applied for UNFCCC CDM financing (282,400 metric tons CO2). Total cost was estimated at MYR419 million (US$136.7 million).
In October 2012, construction of a solar power plant invested by a local private company Erdos City Zhengli New Power Generation Company Limited commenced in Duguitala Industrial Park, Hangjin Qi, Erdos City, Xinjiang Uyghur Autonomous Region. The electricity generation capacity of the plant was 10MW. The total investment was RMB 120 million (US$ 19.01 million) and Zhengli had a 100% stake in the project. The power plant came into operation in January 2015. Zhengli was a JV of two leading local private companies, Chint Group and Elion Resources Group (their shares were however unknown).
The project company Nam Ngiep 1 Power Co, sponsored by KANSAI Electric Power Company (Japan) EGAT International (Thailand) and Lao State Holding Enterprise LHSE (Lao PDR), were planning the joint development of the 287 MW Namn Giep 1 hydropower plant, on the Nam Ngiep River, Lao. Project capacity was reported as 262.9 MW by the Laos government. The project was to consist of a 148 meter high concrete gravity dam, producing 1,515 GWh annually. The main power station has a capacity of 272 MW, with a re-regulation power station downstream of an additional 18 MW. Both power houses produce 1,515 GWh and 105 GWh annually respectively.  The project uses Francis turbines and is connected to the grid via a 230 kV transmission line of 130 kilometer, to Nabong S/S. The re-regulation station used a Bulb turbine, and is connected to the grid via a 115 kV transmission line of 40 kilomter connecting at Pakxan S/S. Kansai holds 45% of the shares, EGATi 30% and LHSE 25%. The consosrtium reached agreement in September 2007, and its MOU was amended in June 2009 reflecting the transfer of ownership from EGAT to EGAT international.  At the end of the concession period, the company is to transfer the facilities to the Government of Lao, either at zero value or at an amount agreed in the concession agreement.  Alternative resettlement locations were ordered by the Office of the PM in April 2011, after affected people disagreed with initial proposal in May 2010 and rejected the first plan on 11-12 April 2011. Construction is expected to start in 2012, commissioning was expected for 2018. Initial PPA was signed in April 2006 but expired in February 2009. In 2011, the constructin permit was reported by the Laos government as under negotiation.  The ADB announced it was to provide a B-loan of $122.3 million and organised a private sector loan of $76.4 million on May 1st 2011. Financial advisor was BNP Paribas. Legal advisor to the lenders was Clifford Chance and Allen & Overy advised the sponsors. Total cost was estimated at $1,000 million, with a debt to equity ratio of 70/30. Half of the debt was to be financed in Thai Baht, the other half in USD. The tenor was expected to be more than 15 years. Japanese banks were to finance the dollar-share of the debt, involved were BTMU, Mizuho Corporate Bank and SMBC. The ADB and JBIC would also provide debt. JBIC was expected to provide 40% (or $140 million). The Thai Baht part was arranged by BangkokBank, Kasikorn Bank, Siam Commercial Bank and Thai Exim Bank.   The project is under construction and commissioning is reported for January, 2019.
Vietnam-Lao Power JSC, from Vietnam, was planning the development of the 160 MW (66 + 96) Xekanman 4 hydropower plant, near Xekong. The capacity was also reported as 80 MW, by the government of Laos in 2011. Part of the production was expected to be exported to Vietnam.  The MOU was signed in November 2006, renewed in May 2008 and expired in February 2009. The feasibility study was reported as ongoing by the government of Laos, in 2011. Construction was expected to start late-2011. The feasibility study was submitted to the Lao government in April 2011.  No further financial details were available.
N.B.  These projects have been separated in the database as they have unique SPVs.    The 27MW Dassiesklip Wind, 10MW Aires Solar & 10MW Konkoonsies Solar projects were under development by BioThermEnergy (Pty) Limited (BTE), a South African renewable energy developed backed by South African private equity firm Denham Capital. Both solar projects were expected to hold 45,000 PV panels each. The wind farm was to comprise 9 turbines of 3.0MW initially, but capacity was reported to be up to 54.4MW by the developer.  The projects were awarded in a tender administered by the Department of Energy where a critical factor in the decision was the projected price of power.  Contractual negotiations on the PPAs and financing were to be completed by June 2012, but it was predicted that there would be a 20 year PPA with the state owned utility, Eskom. The EPC contractor for the solar plants was to be Juwi Solar (Germany), on turn-key basis. The wind farm was to constructed by a consortium of Sinovel, Group Five and Iberdrola.  The projects were to be financed together by Denham (equity) and Standard Bank, the Industrial Development Corporation (IDC) and Nedbank (debt), with a projected total investment of ZAR 1 billion (USD 128 million, with expected commissioning for the projects in 2014.  Update: In 2012 the solar portion of the project closed a local currency financing for a total project cost of USD 35 million. Debt was provided by Nedbank and the Industrial Development Corporation for a tenor of 15 years with interest priced at between 400-500 bps over JIBAR.  10 million of equity was put into the project by Biotherm.
In December 2010, Saidham Overseas Private Limited (SOPL), a project SPV of Lanco Solar Energy Private Limited, was awarded the license for setting up a 5MW grid connected solar Photo voltaic power project located at Askandra village, in Jaisalmer District of Rajasthan under the Jawaharlal Nehru Solar Mission (JNNSM) Phase-I Batch-I of the scheme. Under the JNNSM the total aggregated capacity of grid connected Solar PV Projects in Phase-1 was expected to be 500 MW. 150MW aggregate was allotted in FY2010-11 as a part of Batch-I of JNNSM Phase-I. SOPL had acquired land for the project. The output from the project would be fed to the Northern,Eastern,Western and North Eastern (NEWNE) grid of India. The plant would use high power modules using multi crystalline (mc-Si) modules cells consisting thin film technology.   The JNNSM mission had designated NTPC’s Vidyut Vyapar Nigam Limited (NVVN) as the nodal agency for procurement of solar power. On 18th August 2010, NVVN invited RFQs from interested developers to develop 150 MW solar PV projects with a capacity of 5 MW each, and 500 MW solar thermal projects with a minimum capacity of 5 MW and maximum of 100 MW each. NVVN received 418 RFQ responses on September 24, 2010 from both PV and solar thermal project developers (343 applications for solar PV,55 for solar thermal projects, and 5 for combined thermal and PV projects). As the total capacity of the shortlisted projects were in excess of the approved capacity of 150 MW Solar PV Projects and 500 MW Solar Thermal Projects, bidders were required to submit proposals offering maximum discount on the CERC (Central Regulator) approved applicable tariff for grid connected solar power projects for FY 2010-11 - a reverse bidding auction process. The last date for the submission of proposal was November 16, 2010. For PV Thermal projects, NVVN received  bids from project developers indicating discounts offered by each over CERC determined tariff of INR 17.91/kWh. Since, the target allocation for solar thermal projects was 150 MW, only the top 30 discounts were finally selected to set up solar power projects. The final 30 solar PV projects selected had bids between INR 10.95/kWh to INR 12.75/kWh. The cutoff discount was 515 paise. SOPL won the project quoting a tariff of INR 11.75/kWh (a discount of 616 paise).  In January 2011, Saidham Overseas Private Limited (SOPL) had entered into a 25-year Power Purchase Agreement with NTPC Vidyut Vyapar Nigam (NVVN), which was the the nodal agency to purchase solar power generated by independent solar power producers,under JNNSM. JNNSM provided for a scheme of "bundling" relatively expensive solar power with cheaper power from the unallocated quota of the Government of India out of the capacity of the NTPC based coal stations.This cheaper bundled power would then be sold to state power distribution companies at the CERC regulated price. This would bring down the gap between the average cost of power and sales price of power of the state Discom. The total capacity of 5MW was also eligible for carbon credits. SOPL would pass on the gross benefits of CDM to the distribution licensee (NVVN) in the following manner - (a) 100% of the gross proceeds to be retained by SOPL in the 1st year after the date of COD, (b) in the 2nd year, the share of NVVN would be 10% which would be progressively increased by 10% every year till it reaches 50%, where after the proceeds would be shared equally by SOPL and NVVN. Transmission and/or wheeling charges would be paid by SOPL.  Financial closure took place on 28th June 2013.The total project cost estimated at the time of financial closure was US$ 13.2mn (INR 773.3mn @58.6 INR/USD).The debt equity ratio for the project was 75/25. Financing comprised of a 15-year term loan of US$ 9.9mn (INR 580mn), and sponsor equity of US$ 3.3mn (INR 193.3mn). The term loan had a grace period of 3-months are and repayment schedule of 60 quarterly installments. The loan was solely arranged by ID
Yesil Enerji and Yilsan Haddecilik were planning the development of the 102 MW Kargi hydropower plant, on the Kizilirmak river, near Kargi, Corum province. The project was to produce an annual 467 GWh. Yesil Enerji was 95% owned by Norwegian state-controlled Statkraft.  Commissioning was expected for late-2013. Voith Hydro was to supply the electric systems and two vertical Francis turbines. Statkraft bought 95% of Yesil Enerji from Global Investment Holding in June 2009 for EUR139.2 million ($185 million).  As of October 2011, no details about the financial structure of the project were available. Total costs were estimated at EUR250 million ($341 million).  As of 2013, this project was not reported as having reached financial closure.
In May 2012, the National Highway Authority of India (NHAI) awarded a 20-year concession (including construction period of 30 months) to Essel Infraprojects Limited for the strengthening, improvement, 6-laning, operation and maintenance, and tolling of 93kms of Walajahpet to Poonamallee section of NH-4 (km 106.800 to km 13.800),in the State of Tamil Nadu.  Under the contract, Essel Infra was responsible for the design, construction, finance, operation and maintenance and strengthening of the existing 4-lane carriageway to a 6-lane highway with paved shoulders. The scope included construction of 6-lanes, including construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, service roads, road intersections, interchanges, drains, etc.The expansion project, part of National Highway Development Project Phase-V would ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   Essel Infraprojects Limited established Essel Walajahpet Poonamallee Toll Roads Private Limited, a special purpose vehicle, to implement the project. The SPV won the tender through competitive bidding, conducted by NHAI, by quoting the highest annual premium. The SPV would pay NHAI a sum of US$32.4mn (INR 1620mn @50 INR/USD) in the first year of operations with 5% increase in each subsequent year (This amounted to an NPV payout of about US$ 396.9mn over the life of concession period at a discount rate of 10%). There were 37 pre-qualified bidders out of which 19 offered their final bids. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.   The concession agreement was signed on 4th June 2012. The status of financing couldn't be ascertained at the time of collection of this information. The estimated capital cost of the project at the time of bidding was US$ 257.6mn (INR 12879.5mn @ 50 INR/USD) million.   Construction on the project was expected to begin after the financial closure but Appointed Date was not confirmed by NAHI at the time of collection of this information.
On 6th February 2012, the National Highway Authority of India (NHAI) awarded a 30-year concession (including construction period of 912 days) to a consortium led by Transstroy (India) Limited for the strengthening,improvement, four-laning,operation and maintenance, and tolling of 121.36 kms of Obedullaganj-Betul section from km.2.800 to km.8.300 and from km20.700 to km 137.000 of National Highway-69 (NH-69) and a 2-lane bypass stretch (km28.000 to km61.500, in the states of Madhya Pradesh.  Under the contract, Transstroy was responsible for the design, construction, finance, operation and maintenance and strengthening of the existing 2-lane carriageway to a four-lane highway with paved shoulders. The scope included construction of 4-lanes including construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, service roads, road intersections,interchanges, toll plaza, tunnel section, etc.The expansion project, part of National Highway Development Project Phase-III will ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  The consortium of Transstroy (India) Limited (74%) and OJSC Corporation Transstroy (26%), established Transstroy Obedullaganj-Betul Tollways Private Limited (TOBTPL), a special purpose vehicle in February 2012, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by quoting the highest annual premium. The SPV would pay to NHAI a sum of US$6.2mn (INR 330mn @53.4 INR/USD) in the first year of operations, with 5% increase in each subsequent year (This amounts to an NPV payout of about US$ 98.1mn over the concession period of 30 years at a discount rate of 10%). Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. The EPC contract for the project had been awarded to Transtroy (India) Limited.   The concession agreement was signed on 30th April 2012. Timeline for financial closure couldnot b ascertained. Based on Credit Report, the estimated capital cost of the project at the time of financial closure was US$ 184.1mn (INR 9829.5mn @53.4 INR/USD). The debt/ equity ratio was 70/30. Financing comprised of term loan of US$ 129.2mn (INR 6900mn) and sponsor equity of US$ 54.8mn (INR 2929.5mn). The loan was raised through a consortium of 6 banks.   Construction on the project was expected to began in April 2013 and was expected to be completed by August 2015. But because of delays in land acquisition, the Appointed Date (for start of concession) was shifted to February 2014 and now the project's scheduled completion was August 2016.
Dorper Wind Development was created to build, own and operate a 100 MW wind farm to be located in the Eastern Cape Privince of South Africa.  The project company was a joint venture between Sumitomo Corporation, Rainmaker Energy, and Broad Based Black Economic Empowerment partners. Sumitomo was the largest shareholder with a 60% equity stake. Also invested with a small stake was a community trust for Black Empowerment (25%). Rainmaker's Dorper Wind Development was to hold 15% of the equity. The project was to consist of 40 turbines of 2.5MW each.   The project was awarded in a tender administered by the Department of Energy where a critical factor in the decision was the projected price of power.  Contractual negotiations on the PPA and financing were to be completed by June 2012. The tender was open to all technologies, 53 bids were submitted of which 28 made it to preferred bidder status. These 28 project account for a total of 1,416MW if all are implemented. The EIA was passed (as was required for all bidders). The project was to hold a 20 year PPA with ESKOM Holdings. The project was to hold a payment guarantee from the South African DoE. Legal advice was provided by Shearman & Sterling.  The total project cost was estimated at ZAR 2 billion (USD 258 million), with commissioning expected for 2014. Financial closure was expected for mid-2012. The project was to apply for UNFCCC CDM financing.    According to the Project Design Document, the sponsor was envisaging a 550MW wind farm. The financial structure was as follows:  Development costs: ZAR 110 million EPC costs: ZAR 9,086 million Other costs (including financing fees, DSRA): ZAR 2,536 million Total project cost: ZAR 11,732 million  Of which was ZAR 3,530 million in equity, and ZAR 8,212 million in debt. Debt was expected to be provided by: Nedbank, Standard Bank, Rand Merchant Bank, FMO, Industrial Development Corporation, Development Bank of South Africa, covering 70% of total project cost. The project IRR without CER was expected at 12,58%, with CERs at 16.31%.  In November 2011, the Dorper project reached financial close.  Project debt was almost exclusively provided by South African Banks.  FMO, the dutch development bank was the only foreign debt provider to the project.  The project holds a guarantee from Euler Hermes, covering Y 12 billion (or: 80% of total loan amount).
On 30th November 2011, the National Highway Authority of India (NHAI) awarded a 16-year concession (including construction period of 30 months) to Oriental Structural Engineers Private Limited (OSEPL) for the strengthening, improvement, 6-laning, operation and maintenance, and tolling of 160.212kms (from KM323.475 to KM483.687) of Etawahto Chakeri section of National Highway-2 (NH2),in the state of Uttar Pradesh.   Under the contract, Oriental was responsible for the design, construction, finance, operation and maintenance and widening of the existing 4-lane highway to a 6-lane highway with paved shoulders. The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc. The expansion project, part of National Highway Development Project Phase-V would ease traffic congestion and give significant stimulus to trade and commerce in the entire region.The project passes through the districts of Etawah, Auraiya, Ramabai Nagar (Kanpur Dehat) and Kanpur Nagar.  Oriental Structural Engineers Private Limited established Etawah Chakeri (Kanpur) Highway Private Limited (ECPL), a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by quoting highest premium to NHAI. The SPV would pay NHAI a sum of of US$ 15.7million (INR 918.9mn @58.6 INR/USD) in the first year of operations with 5% increase in each subsequent year (this amounted to an NPV payout of US$157.1mn over the concession period at a discount rate of 10%). Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement for the project was signed on 5th March 2012. The project attained financial closure on 28th February 2013. The debt/equity ratio for the project was 69/31. The estimated capital cost of the project at the time of financial closure was US$ 383.9mn (INR 22500mn @58.6 INR/USD). Financing comprised of a 13-year term loan of US$ 264.5mn (INR 15500mn) and sponsor equity of US$ 119.4mn (INR 7000mn). Part of the equity was planned to be sourced through internal accruals (toll collection of existing stretch) of INR 2260mn. The term loan had a repayment schedule of 41 quarterly installments. The debt was co-arranged by Axis Bank Ltd (5200mn), Bank of India(5150mn), Central Bank of India (5150mn).     Construction on the project was expected to begin in March 2013 (the Appointed Date was March 13,2013) and be completed by September 2015.
On 30th November 2011, the National Highway Authority of India (NHAI) awarded a 25-year concession (including construction period of 30 months) to IVRCL Assets & Holdings for the strengthening,improvement, four/six-laning,operation and maintenance, and tolling of 126.5 kms of Raipur-Bilaspur section from km.0.00 to km.127.65 of National Highway-200 (NH-200) in the states of Chattisgarh.  Under the contract, IVRCL was responsible for the design, construction, finance,operation and maintenance and strengthening of the existing 4-lane carriageway to a four/six-lane highway with paved shoulders. The scope included construction of 4/6-lanes including construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, service roads, road intersections, interchanges, toll plaza, tunnel section, etc.The expansion project was part of National Highway Development Project Phase-IV.   IVRCL established IVRCL Raipur Bilaspur Tollways Limited (IRBTL), a special purpose vehicle in December 2011, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by quoting the highest annual premium. The SPV would would pay NHAI a sum of US$ 8.5mn (INR 454.5mn @53.4 INR/USD) in the first year of operations with 5% increase in each subsequent year (This amounted to an NPV payout of about US$ 121.4mn over the life of concession period at a discount rate of 10%). Of the 33 pre-qualified bidders, about 17 developers finally bid for the project. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. The EPC contract for the project had been awarded to IVRCL Limited.   Construction on the project was expected to began in July 2013 (expected appointed date) and was expected to be completed by January 2015. However, due to delay in land acquisition, the concessionaire failed to meet the construction deadlines. Moreover, given the subsequent slowdown in Indian economy, the sponsors found the road not very viable (given an aggressive premium bid by IRBTL). While discussion of restructuring of premium payment was going on with NHAI, in February 2014 NHAI finally cancelled the concession for the project.   The concession agreement was signed on 25th January 2012. The estimated cost of the project at the time of bidding was US$ 227.7mn (INR 12160mn @53.4 INR/USD). Funding closure had not been achieved at the time of cancellation of the project.
Northern Luzon UPC Asia Corporation (UPC) was planning the development of the 80MW Caparispisan and Balaoi wind farms, Pagudpud, Ilocos Norte, Luzon. The project was to consist of 40 turbines of 2.0MW each, connected to the grid via a 62km 115kV transmission line to the NGCP substation in Laoag City. Annual output was estimated at 243,424 MWh.   Turbines used were the Vestas V80 2MW, with a lifespan of 20 years. Commissioning was expected for March 2012. Electricity price was 4.66 PHP per kWh (INEC rates), expected to increase to 9.35 PHP/kWh (UPC).  Debt to equity ratio was 70/30. Total investment was $236.5 million. Financial closure was expected to be reached in September 2010, but not seen anywhere.
In September 2011, the National Highway Authority of India (NHAI) awarded a 26 year concession (including construction period of 3 years) to GMR Infrastructure Limited for the strengthening, improvement, six-laning, operation and maintenance, and tolling of 555.5kms of Kishangarh-Udaipur-Ahmedabad section of National Highway-76,79,79A,and 8 and including New Udaipur Bypass from Km 236.00 to Km 566.45, in the states of Rajasthan and Gujarat.  Under the contract, GMR was responsible for the design, construction, finance, operation and maintenance and strengthening of the existing 4-lane highway to a 6-lane highway with paved shoulders and 2 service land extensions. The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, service roads, road intersections, interchanges, drains, etc.This project was the first and the longest mega highway project of the country, part of National Highway Development Project Phase-V and would ease traffic congestion and will reduce the time and cost of travel between Kishangarh and Ahmedabad. It would also increase the employment potential for the local laborers and also development of economic activities in Gujarat and Rajasthan. The Project road  which will connect Vadodara and Mumbai in the West and Delhi in the East would carry predominantly long distance freight traffic along Delhi-Mumbai Industrial Corridor and was expected to offer high growth potential for commercial traffic.  GMR Infrastructure Limited established a special purpose vehicle, GMR Kishangarh Udaipur Ahmedabad Expressway Limited to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by quoting the highest premium payment to NHAI. There were 11 pre-qualified bidders for the project out of which 7 offered their final bids. The SPV would pay NHAI a sum of of US$127.2mn (INR 6360mn @50 INR/USD) in the first year of operations with 5% increase in each subsequent year (This amounted to an NPV payout of US$ 1838.5mn over the concession period at a discount rate of 10%). The L2 Bidder had quoted a premium payment of about INR 5200mn. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement was signed on 30th November 2011. The project attained financial closure on 24th May 2012.The debt/equity ratio of the project was 70/30.The estimated capital cost of the project at the time of financial closure was US$ 1542mn (INR 77100mn @ 50 INR/USD) million.Financing comprised of 14year 10month term loan of US$ 1080mn (INR 54000mn @50INR/USD) and sponsor equity of US$ 462mn (INR 23100mn). The INR 54000mn term loan had a grace period of 10 months and repayment schedule of 45 quarterly instalments.The loan was priced at an interest rate of 12%. The lead arranger was IDBI Bank and other participating banks included Central Bank of India (INR4000mn) and India Infrastructure Finance Co Ltd (INR4000mn).    The construction for the project and toll collection on existing highway was expected to start in September 2012 (Appointed Date) after receiving a pending environmental clearance, and was expecting to be completed by August 2015.   On 7th January 2013 GMR had cancelled this concession citing delays in securing mandatory environmental clearances, including right of way on the part of NHAI (mandated as per the concession agreement). NHAI had not yet accepted the unilateral cancellation of the concession and held that aggressive bidding (US$6360mn per annum is the highest premium ever quoted for any NHAI road project so far!) in the road sector and developers’ growing debt, coupled with banks tightening lending for road projects has led to GMR realizing that the project had become nonviable. GMR's initial expectation was to be able to earn at least 18% internal rate of return on this p
The project entails the construction of a WtE plant in Da Nang, Vietnam. Total investment stands at $17.2 million. Sponsor of the project is Vietnam Environment Joint-Stock Company’s (JSC). The facility will be undertaken under the PPP model Financial close took place Financial close date took place in 2012.
China Southern Power Grid, from China, and EDL were planning the development of the 168 MW Nam Tha 1 hydropower plant, near Oudomxay. Project size was also reported as 263 MW. China Southern Power Grid held 75% of the equity, and EDL the remaining 25%. Electricite de Laos (EdL) was 75% state-owned. Thailand's Ratchaburi Electricity Generating Holding (Ratch) owned 9.34% of EdL's shares, acquired for $43.36 million. Ratch itself was 45% owned by state-run Electricity Generating Authority Thailand (EGAT).  The MOU was signed in August 2006 and expired in May 2009, followed by a new MOU in June 2010 - valid for 18 months. The concession agreement and PPA were reported under negotiation by the Laos government in 2011. A construction agreement was signed with the Lao government in June 2010  CSPG announced it would invest $317 million (2 billion yuan), but total investment costs were unknown.  No update was reported in 2012.
In February 2011, the National Highway Authority of India (NHAI) awarded a 25 year concession (including construction period of 30 months) to Ashoka Buildcon Limited for the strengthening, improvement, 6-laning, operation and maintenance, and tolling of  111.4 kms of Dhankuni-Kharagpur Section of NH - 6 from Km. 17.600 to Km 129.000, including construction of a bridge over river Roopnarayan, in the State of West Bengal.  Under the contract, Ashoka Buildcon was responsible for the design, construction, finance, operation and maintenance and widening of the existing carriageway to a 6-lane highway with paved shoulders. The scope would include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc. The expansion project, part of National Highway Development Project Phase-V would ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  Ashoka Buildcon Limited established Ashoka Dhankuni Kharagpur Tollway Limited, a special purpose vehicle, to implement the project. The SPV won the tender through competitive bidding, conducted by NHAI, by quoting the highest premium payment to NHAI. The SPV would pay NHAI a sum of of US$25.2mn (INR 1260.6mn @50 INR/USD) as premium in the first year of operations with 5% increase in each subsequent year (this amounted to an NPV payout of US$ 359.9mn over a concession period of 22.5 years at a discount rate of 10%). Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. The tolls would be escalated annually at the rate of 3% plus 40% of the CPI (Consumer Price Index).  The concession agreement was signed on 20th June 2011 (the appointed date for the project was April 2012). The project attained financial closure on 15th June 2012. The debt equity ratio of the project was 79:21. The estimated capital cost of the project at the time of financial closure was US$ 441mn (INR 22051.5mn @ 50 INR/USD). Financing comprised 16year 4month term loan of US$349.2mn (INR 17460mn), and sponsor equity of US$ 91.8mn (INR 4591.5mn). The term loan had repayment schedule of 154 monthly instalments. The The loan was priced at an interest rate of 12.25%. The debt was arranged by Axis Bank Limited. The other participating banks were Central Bank of India (1000mn), Corporation Bank (2000mn), Dena Bank Ltd (1000mn), India Infrastructure Finance Company Limited (3200mn).  Construction on the project began in April 2012 (Appointed Date) and was expected to be completed by September 2014. Toll collection on the existing stretch had started in April 2012.
In December 2011, Berlin Wasser signed an agreement with the Chuzhou Municipal Government to build and operate the Chuzhou City No. 2 Wastewater Treatment Plant in Chuhou City, Anhui Province. The capacity of the facility was 50,000 cubic meters per day (phase 1). The total investment was RMB 150 million (US$ 23.77 million) and Berlin Wasser had a 100% stake in the project. The concession term of the project was 29 years including 1 year for construction. The agreement was granted following an open bidding process. Construction commenced in Feb 2012 and the facility came into operation in Oct 2012. At least 25% of construction had been achieved by Apr 2012.
The company Energias Eolicas do Nordeste S.A., a wholly-owned subsidiary of Tractbel Energia (GDF Suez Group), was granted authorizations to build four power plants located in the state of Ceara (115.4 MW in total capacity, municipality of Trairi). The 30-year contracts were signed with the regulatory agency ANEEL starting in September 2011. The following special purpose companies were created to manage each power plant: Central Eolica Fleixeiras I S.A.,Central Eolica Grajiru S.A.,  Central Eolica Mundau S.A. and  Central Eolica Trairi S.A. .  The power plants were named EOL Fleixeiras I, EOL Grajiru, EOL Mundau and EOL Trairi, all with 30 MW in capacity, but EOL Trairi which was set to have 25.4 MW in capacity. The total investment in the power plants was estimated at US$ 265 million (BRL 523.4 million) and was financed with a loan granted by the state-owned development bank BNDES approved in July 2012 (US$ 181.3 million or BRL 358 million).  The four power plants controlled by Energias Eolicas do Nordeste will offer to sell on the free eletricity distribuition market. As of October 2012, the power plants were under construction, and commercial operations were set to begin in 2013.   The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company is not subject to sectoral taxes.  In 2011, the company applied for carbon credits , which were approved in November 2012.  EOL Fleixeiras I e EOL Mundau commenced operations in January and April 2014.
In December 2011, a local private company Jiangsu Zhenfa Solar Power Technological Development Co., Ltd. signed an agreement with the Yili Government to build and operate 600MW Power plants in Yili Kazakh Autonomous Prefecture, Xinjiang Uyghur Autonomous Region. The first phase was a 30MW plant with a total investment of RMB 400 million (US$ 63.39 million). Zhenfa had a 100% stake in the project. According to an official document in Oct 2012, the actual expenses by that time had been RMB 100 million.
The Befese desalination plant was a seawater desalination plant in Ghana. The project involved the construction and operation of a 60,000 cubic meter per day seawater reverse osmosis desalination plant in the town of Teshie-Nungua, Greater Accra region, for approximately 500,000 people in the region.  The special purpose-vehicle Befesa Ghana was owned by Abengoa, Sojitz, and minority share-holder Hydrocol, a local community group. Befesa Ghana signed a 25-year water purchase agreement with national utility Ghana Water Company Limited (GWCL), which was the sole offtaker of the plant. The project was to draw from the national grid using a new transmission line.  The project reached financial close on October 26, 2012. Standard Bank fully underwrote the $88 million 12-year debt facility for the $126 million project. The lender was negotiating with another South African bank to sell down part of the debt. MIGA provided a $179.2 million guarantee covering the debt and equity commitments.  In February 2013, it was announced that Abengoa SA of Spain and Sojitz Corp. of Japan were covering 30 percent of the project costs with Standard Bank senior debt making up the balance.  In May 2013, it was announced that BASF-subsidiary Inge was picked by Abeinsa as a project partner, to provide the plant with reverse osmosis technology in the form of ultrafiltration lines.
In November 2010, MEIL Green Power Limited (MGPL), a subsidiary of Megha Engineering & Infrastructures Limited(MEIL),was awarded the license for setting up a 50MW solar thermal power project at Anantapur District of Andhra Pradesh under the Jawaharlal Nehru Solar Mission (JNNSM) Phase-I (batch-I) of the scheme. Under the JNNSM the total aggregated capacity of grid connected Solar Projects in Phase-1 was expected to be 1000 MW. The deployment of Solar PV and Solar Thermal projects would be in the ratio of 50:50. MGPL had acquired land for the project. The output from the project would be fed to the southern regional power grid of India. The 50 MW Concentrated Solar Thermal Power Plant(CSP) would use parabolic trough technology of US-based SkyFuel ("SkyTrough"). MGPL had contracted MEIL for the project EPC, to be assisted by SkyFuel. MGPL had taken the approval from Powergrid for interconnection with the nearest 132kV generation/pooling substation at Gooty.  The JNNSM mission had designated NTPC’s Vidyut Vyapar Nigam Limited (NVVN) as the nodal agency for procurement of solar power. On 18th August 2010, NVVN invited RFQs from interested developers to develop 150 MW solar PV projects with a capacity of 5 MW each, and 500 MW solar thermal projects with a minimum capacity of 5 MW and maximum of 100 MW each. NVVN received 418 RFQ responses on September 24, 2010 from both PV and solar thermal project developers (343 applications for solar PV,55 for solar thermal projects, and 5 for combined thermal and PV projects). As the total capacity of the shortlisted projects were in excess of the approved capacity of 150 MW Solar PV Projects and 500 MW Solar Thermal Projects, bidders were required to submit proposals offering maximum discount on the CERC (Central Regulator) approved applicable tariff for grid connected solar power projects for FY 2010-11 - a reverse bidding auction process. The last date for the submission of proposal was November 16, 2010. For Solar Thermal projects, NVVN received 66 bids from project developers indicating discounts offered by each over CERC determined tariff of INR 15.31/kWh. Majority of the bids were below 300 paise. There were 17 bids which offered zero discount. Since, the target allocation for solar thermal projects was 500 MW, only the top 8 discounts were finally selected to set up solar power projects. The cutoff discount was 297paise. MEIL Green Power Limited (MGPL) won the project quoting a tariff of INR 11.31/kWh (a discount of 400 paise).   In January 2011, MEIL Green Power Limited (MGPL) had entered into a 25-year Power Purchase Agreement with NTPC Vidyut Vyapar Nigam (NVVN), which was the the nodal agency to purchase solar power generated by independent solar power producers, under JNNSM. JNNSM provided for a scheme of "bundling" relatively expensive solar power with cheaper power from the unallocated quota of the Government of India out of the capacity of the NTPC based coal stations.This cheaper bundled power would then be sold to state power distribution companies at the CERC regulated price. This would bring down the gap between the average cost of power and sales price of power of the state Discom. The total capacity of 50MW was also eligible for carbon credits. MGPL would pass on the gross benefits of CDM to the distribution licensee (NVVN) in the following manner - (a) 100% of the gross proceeds to be retained by MGPL in the 1st year after the date of COD, (b) in the 2nd year, the share of NVVN would be 10% which would be progressively increased by 10% every year till it reaches 50%, where after the proceeds would be shared equally by MGPL and NVVN. Transmission and/or wheeling charges would be paid by MGPL.  Financial closure took place on 8th October 2012.The total project cost was US$ 134.7mn (INR 7200mn @53.44 INR/USD).The debt equity ratio for the project was 60/40. Financing comprised of a 15-year term loan of US$ 80.8mn (INR 4320mn) and sponsor equity of US$ 53.9mn (INR 2880mn). Th
Hong Anh Gai Lai Minderal JSC (HAG), from Vietnam, was planning the development of the 66 MW Nam Kong 2 and the 35 MW Nam Kong 3 hydropower plants.   The MOU for Nam Kong 2 was signed in January 2010 and expired July 2011. The PDA for the Nam Kong 2 was signed in March 2011 and valid for 18 months. The Nam Kong 3 MOU was signed December 2005 and expired in September 2008, was subsequently renewed in August 2009 and expired again in February 2011. Commissioning was expected for 2015 (Nam Kong 2).  Construction started in March 2011. The projects were expected to generate 170.13 million kWh (Plant 3) and 263.22 million kWh (plant 2), annually.  Nam Kong 2 was expected to cost VND 1.5 trillion ($71.42 million) and Nam Kong 3 VND 1.064 trillion ($50.6 million). Nam Kong 2 reached financial closure in March 2012 with Lao-Viet Bank. Lao-Viet Bank was a joint venture between Bank for Investment and Development of Vietnam (BIDV) and Banque Pour Le Commerce Exterieur Lao (BCEL), set up in 1999. Lao Viet Insurance Company, the insurance branch of Lao-Viet Bank provided insurance to the project.
G-Power Source Company, a subsidiary of Gunkul Engineering from Thailand, was developing four solar plants of 6.5MW each. The first 3 projects, Ta Khit and Ta Sang in Nakhon Sawan, and Dong Khon in Chai Nat, consisted of 19.5MW. Since 2012, 60% was owned by EGCO, from Thailand.EGCO purchased the equity via 4.5 million shares at a total amount of Baht 630 million (US$20.4 million). Total payments were Baht 738 million (US$24 million), which included a payment towards the development of the fourth plant (6.5MW).   G-Power held 4 PPA agreements with the state-owned Provincial Electricity Authority (PEA), 6.5MW each. On top of the standard tariff, the projects were to receive Baht 8/kWh (US$260/MWh) in adder payments, from the Power Department Fund Management Division, of the Energy Regulatory Commission. The plants were commissioned on the following dates: 1 Mar 2012, 2 March 2012, 5 March 2012, 1 February 2013.  Total cost were unknown, but estimated at US$2.8 million/MW (US$54.6 million). Financial closure date was ESTIMATED at March 2012, commissioning date of plants 1-3.
On 29th March 2012, the Government of Rajasthan (Public Works Department on behalf of Ministry of Road Transport and Highways (MoRTH), Government of India) awarded a 19-year concession (including construction period of 24 months) to Chetak Enterprises Limited for the strengthening, improvement, two-laning, operation and maintenance, and tolling of 117kms Chittorgarh Neemach (MP Border) Section of NH-79 (38kms) and Nimbahera-Pratapgarh section on NH-113 (80kms), in the state of Rajasthan.  Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance and widening of the existing carriageway to a two-lane highway with paved shoulders. The scope will include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc. The Government of India, Ministry of Road Transport and Highways (MORTH) through Public Works Department (PWD), Government of Rajasthan had decided to take up the development of various National Highway Corridors for augmentation of capacity for safe and efficient movement of traffic by widening to 2-lane with paved shoulder. Under this program, this project covering Chittorgarh, Neemach, Nimbahera and Pratapgarhand districts of Rajasthan was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  Chetak Enterprises Limited (CEL) established Chetak Tollways Limited, a special purpose vehicle, to implement the project. The consortium won the tender through competitive bidding, conducted by PWD Rajasthan,  by quoting the highest annual premium. The SPV would pay PWD Rajasthan a sum of US$54.4mn (INR 226.1mn @50 INR/USD) in the 1st year which would increase by 1% per annum in each subsequent year (this amounts to an NPV payout of about US$5.3mn over the concession life at a discount rate of 10%). There were 36 pre-qualified bidders for the project out of which 9 offered their final bids. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. CEL would execute the EPC for this project.   The concession agreement was signed on 5th September 2012. The project attained financial closure on 27th February 2013. The debt/equity ratio for the project was 73/27. The estimated capital cost of the project at the time of financial closure was US$ 98.5mn (INR 5770.6mn @58.6 INR/USD).Financing comprised of a 15-year term loan of US$ 72.4mn (INR 4240mn) and sponsor equity of US$ 26.1mn (INR 1530.8mn). The term loan had a grace period of 3-months and repayment schedule of 132 monthly installments. The debt was arranged by IDBI Bank and the participating banks were Dena Bank (950mn), IDBI Bank (940mn), IIFCL (600mn), State Bank of Bikaner & Jaipur (1000mn), State Bank of Patiala (750mn).   Construction on the project was expected to begin in February 2013 and be completed by June 2015.
In June 2012, the Ningbo Port Co., Ltd. signed a concession agreement with Maersk Group under which the two parties would form a JV (Ningbo Meishan bonded port Meilong Dock Management Co. Ltd.) to operate the Ningbo Meilong Port Berth #3, #4 and #5 in Ningbo City, Zhejiang Province. The total investment was RMB 1 billion (US$ 158.48 million) and Maersk had a 25% stake in it. The period of the concession was not reported. Construction of the three berths had already begun in Sep 2011 and was substantially completed by the end of 2012. The total capacity of the three berths was 400,000 TEU per year.
Helios Power (Bulgaria) developed the 1.82 MW Sredetz solar plant.   The plant was commissioned in May 2012. The tariff for the project is EUR 248.3/MWh, for a period of 20 years with CEZ, a partially privatized vertically integrated utility company. Project life is 25 years. The equipment was provided by Mitsubishi International Corporation, supplying CSUN Quasar 260 series - 60P solar panels, from CEEG Nanjing Renewable Company Ltd. (CHina). The inverters were supplied by SMA Solar Technology AG, Tripower 17000TL-10 (1080ENDE). The support structure was supplied by ATARO KLIMA, Bulgaria.  Annual maintenance costs are EUR 0.013/kWh. Insurance for the project is provided by ALLIANZ. Corporate tax rate is 10%. Total project cost was unavailable, but the average cost in 2011 was US$3.9 million/MW based on PPI-RE data: US$11.7 million. Financial closure date was estimated at June 2012, date of commissioning.   The coordinates of the project are: 42° 20'46 "N, 27° 1047" E
On 9th September 2011, Madhya Pradesh Road Development Corporation (MPRDC) signed a 30-year concession (including construction period of 1.5 years) with MBL Infrastructures Limited for the strengthening, improvement, two-laning, operation and maintenance, and tolling of 75.6kms of Seoni to Katangi section of SH-54 start from Ganesh Chowk Km. 1.5 of SH-26 to Km 51.4 (Seoni district) and Km 51.4 or 0.10 to 24.10 (in Balaghat district) on SH-54 (MP-Maharashtra Border), in the state of Madhya Pradesh.  Under the contract, MBL was responsible for the design, construction, finance, operation and maintenance,strengthening and widening the existing carriageway to 2-lane road with granular shoulders. The scope would include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc.The expansion project, part of the MPRDC Highway Development Program, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.The project road is used for transportation of manganese, coal and other minerals extracted in the nearby mines, items like herbs, teak, sal etc. from nearby forests, and agricultural products amongst others. The road was also used by tourists visiting nearby attractions like Pench National Park or Kanha National Park.  MBL Infrastructures Limited established MBL Highway Development Company Limited on 23rd August 2011, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by MPRDC, by requesting for the lowest upfront subsidy (viablity gap funding) of US$ 11.9mn (INR 595mn @50 INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The project attained financial closure on 21st February 2012. The grant/debt/equity ratio of the project was 25/54/21. The estimated capital cost of the project at the time of financial closure was US$ 48.1mn (INR 2405.9mn @50 INR/USD). Apart from viability gap funding (grant) of INR 595mn (Central Government - INR 305mn, and Govt of Madhya Pradesh - INR 290mn), financing comprised of external commercial borrowing (ECB) loans of US$ 26mn (INR 1300mn @50 INR/USD) and sponsor equity of US$ 10.2mn (INR 510.9mn).The ECB debt was arranged by London branches of Bank of Baroda and Punjab National Bank.   The Appointed Date of the project was February 21, 2012. 90 percent of the total land requirement had been handed over to the concessionaire. However, land acquisition for around 13.829 hectares was still pending and the process was underway. It was understood that construction works had commenced at the time of collection of  this information and completion was scheduled by February 2014.
The  Brazilian company CPFL Energias Renovaveis  S.A., a joint-venture company owned by CPFL Energia (63.6%) and ERSA (36.4%), was granted the authorizations to build four wind power plants located in the state of Rio Grande do Nortel (78,2 MW in total capacity ). The 35-year contracts were signed with the regulatory agency ANEEL starting in September 2011. The sponsors created the special purpose companies,  Juremas  Energia S.A. - EOL Juremas (16.1 MW) Macacos Energia S.A. - EOL Macacos (20.7 MW) Costa Branca Energia S.A. - EOL Costa Branca (20.7 MW) Pedra Preta Energia S.A. - EOL Pedra Preta (20.7 MW)  In August  2010, all four wind power plants took part in the same competitive bidding process to sell electricity to the regulated wholesale market, starting in 2013 (20-year power purchase agreement was signed guaranteeing the sale of electricity to the national grid). The average tariff offered in the bidding process by the power plants was US$ 67.4/MWh (BRL 133,22/MWh).  The total investment in the project was estimated at US$ 152.3 million (BRL 300.80 million).   As of October 2012, construction works were not yet underway. Commercial operations were  estimated to commence in September 2013.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company is not subject to sectoral taxes.  In May 2012, the sponsor was granted carbon credits.  In December 2012, BNDES approved the following loans to the project companies:  Juremas  Energia S.A. - US$ 18.6 million (BRL 36.4 million) Macacos Energia S.A. - US$ 24 million (BRL 46.8 million) Costa Branca Energia S.A. - US$ 23.7 million (BRL 46.2 million) Pedra Preta Energia S.A. - US$ 23.7  million (BRL 46.2 million)  In December 2013, BNDES approved additional US$ 124 million (BRL 291.8 million) loans to the project companies.   Commercial operations commenced in December 2014.
In December 2012, Avrasya Tuneli Isletme Ve Yatirim AS, an SPV, secured financing for a 14.5km road and tunnel under the Bosphorus Strait, connecting Europe and Asia to be developed under a build-own-transfer basis for 30 years.  The SPV was owned by a consortium of Turkish and South Korean sponsors comprising of Yapi Merkezi, SKEC, Samwhan, Fudong Engineering & Construction, hanshin Construction and Namkwang Engineering & Construction. The consortium won the tender for the project over a French-Turksih consortium formed between Cengiz Inssat Makyol Dogus Inssat and Vinci in December 2008.  Financing amounted to US$1.238 billion. Senior loans on the deal amounted to US$960 milion (77.6%), and equity on the deal was US$278 million(22.4%) with standby equity of US$7 5million (6.1%).   The EIB, the EBRD and Kexim/K Sure were involved, with US$150 million from the EBRD, a US$150 million direct loan and a US$200 million guaranteed loan from the EIB, a US$300 million loan from Kexim and a US$171 million guaranteed loan from K Sure.  The EIB guaranteed facility of US$200m was split equally amongst three Turkish banks - Garanti, Isbank and Yapi Kredi. The guarantee coverage was 110% of the underlying facility, such that in practice the three banks are lending US$220m. The Ministry of Transportation’s Infrastructure Investments Directorate (AYGM) provided a revenue guarantee of 25m crossings. 30% of the excess revenue was to be paid to AYGM. Commercial debt was provided by SMBC US75million, Standard Chartered US$75 million, Mizuho US$60 million.  Pricing for ECA facilities was 220bp and for commercial facilities 350bp with a loan term of 18 years. The credit spread on the swap was 42bp.   The financing included the first Debt Assumption Agreement with the Turkish Treasury, which seeks to partially mitigate against FX risk due to US$ denominated debt lent against toll revenues generated in Turkish Lira.
U-Thong Bio Power, from Thailand, was developing the 9.9MW biomass plant in Supanburi Province, Thailand.   The construction contract was awarded to AREVA Bioenergy and ENSYS (Thailand). Commissioning was expected for 2013. Fuel source was to be bagasse and rice husk.   Total project cost was estimated at US$17 million.
In September 2011, the National Highway Authority of India (NHAI) awarded a 29-year concession (including construction period of 30 months) to Essel Infraprojects Limited for the strengthening, improvement, 4-laning, operation and maintenance, and tolling of 125.3kms of Gwalior-Shivpuri section from from KM 15.600 (of NH-75, end of Gwalior bypass) to KM 236.000 (of NH-3),in the state of Madhya Pradesh.  Under the contract, Essel Infra was responsible for the design, construction, finance, operation and maintenance and strengthening of the existing 2-lane carriageway to a 4-lane highway with paved shoulders. The scope included construction of 4-lanes, including construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, service roads, road intersections, interchanges, drains, etc.The expansion project, part of National Highway Development Project Phase-IV would ease traffic congestion and give significant stimulus to trade and commerce in the entire region.Project corridor passes through Mangarh, Mohna, Ghatgaon and Nayagon.The Project road is a part of National Highway 3 (NH 3), commonly referred as the Mumbai-Agra Highway, is a major Indian National Highway that runs through the states of Uttar Pradesh, Rajasthan, Madhya Pradesh and Maharashtra states in India.  The stretch between Agra and Gwalior is marked as the North-South corridor by the National Highways Authority of India.   Essel Infrasprojects Limited established Essel Gwalior Shivpuri Toll Roads Private Limited (EGSTRPL), a special purpose vehicle, to implement the project. The SPV won the tender through competitive bidding, conducted by NHAI, by quoting the highest annual premium. The SPV would pay NHAI a sum of US$13.3mn (INR 666mn @50 INR/USD) in the first year of operations with 5% increase in each subsequent year (This amounted to an NPV payout of about US$ 207.6mn over the life of concession period at a discount rate of 10%). There were 28 pre-qualified bidders out of which 15 offered their final bids. The L2 bidder, Oriental Structures had quoted a premium of INR 506mn. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.   The concession agreement was signed on 9th January 2012. The project attained financial closure on 13th December 2012. The debt/equity ratio for the project was 68/32. The estimated capital cost of the project at the time of financial closure was US$ 320.3mn (INR 16017.7mn @ 50 INR/USD) million. Financing comprised a term loan of US$ 218mn (INR 10900mn) and sponsor equity of US$ 102.3mn (INR 5117.70mn). The term loan would mature on 30th September 2027. The term loan was syndicated by Yes Bank and Axis Bank.  Construction on the project was expected to begin in December 2012 and was expected to be completed by June 2015.
Kalehan Enerji Uretim ve Ticaret AS was planning the development of the 593MW Beyhan-1 hydropower plant, Murat River, Eastern Turkey. Total output was estimated at 1,250GWh annually. Kalehan was a subsidiary of Ozaltin Holding.  The equipment supply contract for a 35MW turbine was awarded to Alstom (EUR35 million, US$46.3 million), as well as a 380kV switchyard, power transformers, and automation system. The supply contract for another three Francis turbines (186MW each) was awarded to Andritz, valued at EUR 44 million. Voith Hydro was to supply three generators of 235MVA each, valued at EUR 39 million. The design contract was awarded to Poyry and its consortium partner Temelsu, from Finland, in July 2011, valued at EUR 2.9 million and expected to be completed in 2013. Commissioning was expected for 2015.   No further information was available.
The Italian company Enel Green Power (EGP) announced the development of the Chucas hydroelectric Plant located in Chucas de Mora, between Alajuela and San Jose, Costa Rica  (50 MW in capacity). The special purpose company P.H. Chucas S.A. was created to manage the project.  In 2008, the project signed a 20-year power purchase agreement (PPA) with Instituto Costarricense de Electricidad (Grupo ICE).   In December 2012, Italy’s public-private development financing institution Simest S.P.A invested US$ 13 million (EUR 10 million) in two of the company’s renewable power projects in Latin America: the Chucas hydroelectric Plant in Costa Rica (50MW) and another power plant in Mexico (74MW). The investment was estimated at US$ 273 million, and additional financing information was not available.   The EPC contract was awarded to the Chinese company Sinohydro in December 2010. The construction works started in March 2011, but early in 2014 Sinohydro was replaced by the Spanish company FCC.  Commercial operations were delayed due to geological problems. As of 2015, construction works were in its final stages, and the sponsor announced the construction works would be concluded by February 2016.
Because of population pressure in the Amman and Zarqa Governorates, the Jordan Ministry of Water and Irrigation (MWI) awarded Degrémont, a Suez Environnement subsidiary, a 25-year B(R)OT contract to expand the As Samra wastewater treatment plant.   The project expanded the plant's capacity from the current 267,000 to 365,000, an increase of 98,000 cubic metres a day.   The contract was signed in July 2012. It amounted to 192 million dollar (150 million euro) of construction revenues for Degrémont and its partner Morganti. Expansion was expected to take 3 years, to be followed by 22 years of operation. Degrémont and Morganti both control the Samra Project Company, which had been operating the plant since 2008. The projects total costs were $223 million. The Millenium Challenge Corporation funded $93 million. The Goverment of Jordan (GoJ) contribruted $20 million. Private debt and equity sources handled the remaining $110 million.  The US government’s Millennium Challenges Corporation (MCC) contributed to the project through a grant of $93 million. The balance of the financing was to be provided by the Samra Project Company and a syndicate of nine banks led by the Arab Bank.  The BOT project was signed between the GoJ's Ministry of Water and Irrigation (MWI) with the Samra Wastewater Treatment Plant Company Limited (SPC).   On June 27, 2013, MIGA issued guarantees of $13.1 million covering equity investments (including future retained earnings and performance bond) by Suez Environnement, SA (Suez), Infilco Degremont, Inc. (IDI), and Morganti Group Inc. (Morganti) in the AS Samra Wastewater Treatment Project in Jordan. The coverage was for a period of up to 20 years against the risk of breach of contract.
Ukrainian natural gas distribution company Zaporizhgaz was partially divested in September 2012. The winning bidder was Gaztek JSC, from Kyiv, Ukraine. By winning the bid, Gaztek expanded its share in Krymgaz from 0.0% with 25.0%. Gaztek JSC was 96% held by four Cyprus-based companies.  Two final bidders participated in the tender, the second firm being Finlex-Invest (Kyiv).   Total value of the winning bid was UAH 16.8 million ($2.1 million). The Ukrainian bank representing Gaztek was Nadra Bank, Nadra Bank was 89.9% owned by Centragas Holding AG, from Austria. Gaztek raised UAH 250 million to purchase shares in Zaporizhgaz as well as 11 other natural gas utilities: Volyngazm (23.4%), Sevastopolgaz (25%), Zaporizhgaz (25%), Dnipropetrovskgaz (26%), Chernivtsigaz (20.4%), Zhytomyrgaz (15.9%), Syrnygaz (25.8%), Gaztek (23%), Ivano-Frankivskgaz (25%) and Kykolaivgaz (25%). Financial closure date was unavailable, reported here is month of tender winning.
The Brazilian company UTE Parnaiba II Geracao de Energia S.A., a subsidiary of the Brazilian company MPX (Group EBX), was granted the authorization to build and operate a natural gas fueled power plants located in the state of Maranhao (499 MW in total capacity). The 35-year contract was signed with the regulatory agency ANEEL in March 2012.   In August 2011, the company had taken part in a competitive bidding process and won the right to supply electricity for 20 years in the regulated market starting in 2014 (the company won the bidding by offering a tariff of US$ 51.6/MWh or BRL 101.9/MWh). The value of the investment committed to the project was estimated at US$ 306.8 million (BRL 606 million). The EPC contract for the power plant was signed with the company Initec in August 2011. As of March 2013, the construction works were underway (58.5% was concluded). Commercial operations were set to commence  in February 2014.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.  In September 2013, EBX sold part of its ownership in MPX, the subsidiary of EBX Capital Partners responsible for managing the group's energy projects. MPX changed its name to Eneva, and its ownership structure was established as follows: EBX, 20%; the German company E.ON, 42.9%; free float, 37.1%.  In December 2013, the state-owned bank BNDES approved a US$ 135.8 million (BRL 280.7 million) loan to the project. In October 2015, BNDES granted an additional funding of US$ 76.9 million (BRL 256.6 million).
Sudamericana de Energia de Piura, subsidiary of the American company Olympic Oil and Gas, announced the development of a 30-MW natural gas thermal power plant at Tablazo, Piura Department. The electricity produced by the power plant was set to supply the municipalities of Piura, Sullana, El Arenal and Paita.  In December 2011, the sponsor was granted the authorization to build and operate the power plant.  The investment was estimated at US$ 22.5 million. Construction works were concluded in December 2011, but commercial operations commenced only in September 2012.
In October 2011, the National Highway Authority of India (NHAI) awarded a 25-year concession (including construction period of 30 months) to a consortium of PNC Infratech Limited and BF Utility Limited for the strengthening,improvement, four-laning,operation and maintenance, and tolling of 95.44 kms of Hospet-Bellary-Karnatka/Andhra Pradesh Border section from km.280.30 to km.375.74 of National Highway-63 (NH-63) in the state of Karnataka.  Under the contract, the consortium was responsible for the design, construction, finance,operation and maintenance and strengthening of the existing 2-lane carriageway to a four-lane highway with paved shoulders. The scope included construction of 4/6-lanes including construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, service roads, road intersections, interchanges, toll plaza, tunnel section, etc.The expansion project was part of National Highway Development Project Phase-IV.   The consortium of PNC Infratech Limited (65%) and BF Utility Limited (35%), established Hospet Bellary Highways Private Limited (HBHPL), a special purpose vehicle on 17th January 2012, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by quoting the highest annual premium. The SPV would would pay NHAI a sum of US$ 3.6mn (INR 180mn @50 INR/USD) in the first year of operations with 5% increase in each subsequent year (This amounted to an NPV payout of about US$ 51.4mn over the life of concession period at a discount rate of 10%). Of the 37 pre-qualified bidders, about 14 developers finally bid for the project. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. The EPC contract for the project had been awarded to PNC Infratech.   The concession agreement was signed on 28th March 2012. The estimated cost of the project at the time of bidding was US$ 170.4mn (INR 9100.8mn @53.4 INR/USD). Funding closure had not be achieved at the time of cancellation of the project.   However, financial closure could not be achieved by HBHPL within the stipulated period giving NHAI the right to encash performance security furnished by HBHPL of INR 91mn. HBHPL and the NHAI subsequently entered into a close-out and settlement agreement dated March 4, 2014, pursuant to which HBHPL agreed to submit a demand draft to the extent of INR 91mn as consideration towards complete closure of all existing and future claims and disputes with the NHAI in relation to the concession agreement (dated March 28, 2012). The concession was thus canceled on 28th March 2014.
Camco International (LON:CAO) was planning the development of the 2MW biogas plant in Palong, Pahang State. The project was originally developed by Thodia Energy, via its subsidiary Biopower Climate Care Holding SDN which was sold to Camco International in August 2012.   The project is developed under a 13 year BOOT contract with the local mill owner, which is to supply feed stock free of charge in return for a share in the revenue. The output is to be sold to the national grid via a PPA with the utility. Commissioning was expected for 2013.   Total project cost was US$4 million, including the acquisition of development rights. The project is reported as under development as there is no report of financial closure. The project was expected to apply for carbon credits.
China Three Gorges Corporation was planning the development of the 49.5MW Jhimpir Wind Farm, Jhimpir, Pakistan. The project company was named Three Gorges First Wind Farm Project Company, incorporated in Pakistan.  The project developer awarded an EPC contract to two Chinese companies in May 2011: China Huashui Development Corporation (CHDC) and China International Water & Electric Corporation (CWE). The EPC contracts are to install wind turbines produced by Xinjiang Goldwind Science & Technology (SHE:002202, HKG:2208), 26.7% owned by CTGC. The project followed an MOU signed in December 2010, foreseeing 2GW of wind power and 300MW of solar plants in Pakistan. The equipment supply contract was reconfirmed in December 2011, indicating that 33 turbines of the type GW77/1500 were to be supplied, using high-temperature Permanent Magnet Direct Drive (PMDD). CTGCP owned 26.7% of Goldwind. Construction started in January 2012.  Total investment was estimated at $130 million.
ASEA One Power Corporation (AOPC) developed the 12MW Aklan biomass plant, Bgry. Agbanawan, Banga, Aklan.  The tariff for the plant was P5.9/kWh. Local government endorsement was received in March 2010. The bidding for the EPC contract was conducted in September 2010, after previously being awarded to AREVA Bioenergy India which was denied due to too low pressure requirements. The project signed 54 supply contracts of rice with different millers in September 2010. The equity investor was identified in March 2011. The design contract was awarded to Dragon Power Clean Technology (China). The initial equity MOU with ASEA and LG International were signed in June 2011 - at that time negotiations with Dutch development bank FMO were also conducted over a US$10 million equity investment. The equity investors were confirmed in September 2011: LG International, FMO, and Boustead SALCON. The EPC contract was signed in April 2012 with Dragon Power Cleantech (China). Construction started in September 2012. Commissioning was expected for April 2014. Fuel supply was to consist of local sustainable agriculture rice crop residues, rice husk, rice straw, and woodchips. Output was expected to be sold to Aklan Electric Cooperative Inc under a 25 year PPA, starting in January 2013.  The project reached financial closure in June 2012, with LBP (Land Bank of the Philippines). The debt/equity ratio was 70/30. Total project cost was unknown. The project received tax benefits from the government.
Energy Development Corporation (EDC), privatized in 2006, was developing the Palinpinon II geothermal plant in Palinpinon Town, Negros Oriental. The plant was to consist of 20MW capacity.  The project was to be commissioned in 2014. In 2011 however, the company announced that their other geothermal plant, the Northern Negros (49MW) commissioned in 2007 was only producing 5-10MW and that the plant was to be decommissioned after being shut down in November 2011, and the equipment transfered to the 20MW Nasulo site, where it could be used to generate up to 45MW. The impairment cost were P5 billion, assumed to be additional to the development cost of the original 20MW plant. The original plant was to be commissioned in 2008.   The project applied for UNFCCC CDM financing in December 2006 at a total cost of US$40.2 million. Of this amount, US$24.8 million was financed by the Development Bank of the Philippines (DBP), and the remainder via internal cash generation of EDC. The original plant reached financing before it was privatized however, so that amount has been accounted for in the divestiture of EDC. The expansion is listed here.
Infrastructure Investment and Transportations Construction JSC (INTRACOM) developed the 10.5MW Ta Loi 2 small hydropower plant, on Ta Loi stream, a branch of Ma river, Bat Xat District, Lao Cai Province. The annual output is expected to be 46,057 GWh. The project consists of 3 turbines of 3.646 kW. Plant load factor was esitmated at 50.07%.  The project received a letter of acceptance on tha PPA from 1-EVN in August 2008. The EIA was approved in June 2007. The first feasibility report drawn up in April 2007. The investment certificate was recieved from the Lao Cai province in November 2009. Commissioning was expected for January 2014. Project life was expected to be 30 years. The tariff was expected to be 916VND/kWh, based on Decision 66/QD-DTDL of December 31 2010.  Total capital cost of the project was VND 219,186 million (US$10.5 million).  The project applied for UNFCCC CDM financing. The return on equity was estimated at 12.75%, the 'default expected ROE for Energy Industries in Vietnam'. The debt/equity ratio was expected to be 70/30. Weighted average cost of capital was 17.9%. Interest on debt was expected to be 12% with a loan term of 10 years (based on the feasibility study, more information was unavailable). Financial closure date was unavailable, as such the project was reported as advanced development.  The project cost was divided as follows: Construction: VND 102,952 million Hydro Mechanical & Eletrical Equipment: VND 98,973 million Project Management: VND 3,186 million Consulting: VND 10,190 million Other expense: VND 3,570 million Contingency: VND 22,387 million.   The location is: 22°29’22” North, 103°40’15” East
The extension of the Jiaxing River Container Terminal began in March 2012 by the project company Jiaxing River International Container Terminal Co. Ltd. which was a JV between the Hong Kong based PYI Corporation (90% share) and a local SOE (10% share). The project was located in Jiaxing City, Zhejiang Province. The total investment was RMB 69 million (US$ 10.94 million). The project was completed in Dec 2012 with an increased capacity of 200,000 TEU per year. The scope of the extension work was mainly about the increase of the yard area from 48,000 square meters to 71,000 square meters, construction of roads in the terminal area and some handling equipment. At least 25% of construction had been achieved by May 2012.
The Neap Electricity Authority (NEA) was planning the development of the 140MW Tanahun hydropower plant.   The project was to be 74% owned by NEA, and 26% by the consultant working with NEA. That consultant was to hold the equity share for 10 years, upon which NEA would purchase it back. Construction was expected to start in March 2014. Commissioning was expected for January 2020. The PPA will have to by at least Rs.7/kWh to cover cost, reportedly (US$0.0813). The project has applied for a construction license, and the MoE is preparing a draft PPA.  The project received pledges from ADB, JICA and EIB towards US$391 million in grants and soft loans: ADB: US$38 million (grant) ADB: US$123 million (concessional loan, @1%) JICA: US$180 million (concessional loan, @0.01%) EIB: US$50 million (concessional loan, @1%)  Total funding also includes government funds of Rs.2 billion (US$23.2 million), and other equity of US$48 million.
In January 2009, Moser Baer Energy & Development Limited (a Moser Baer group company),signed an MoU with Gujarat Energy Development Agency (GEDA) for setting up a 15-MW photovoltaic solar project at in Village-Bapodar, Taluka-Ranavav, District-Porbandar in the state of Gujarat, under the Gujarat Solar Policy 2009. The output from the project would be fed to the North-East-West-North-East (NEWNE) grid of India. MBEDL has installed Amorphous silicon Thin-film manufactured by Moser Baer and First Solar. Power evacuation was planned through a 66KV line to substation at Ranakandorna, which, as per the state policy, was the responsibility of Gujarat Energy Transmission Corporation Limited (GETCO).  Moser Baer Energy & Development Limited (MBEDL) had entered into a 25-year Power Purchase Agreement with the state utility Gujarat Urja Vikas Nigam Limited (GUVNL), which would be effected at the time of commissioning of the project. The APPC (Average Power Purchase Cost) as per the Gujarat Solar Policy 2010, was US$ 0.33/Unit (INR 15 per unit @ 45INR/USD) for the first 12 years, and US$ 0.11/Unit (INR 5 per unit @45 INR/USD) from 13th year to 25th year. The total capacity of 15MW was eligible for carbon credits. Proceeds of carbon credit were to be shared as follows: (a) 100% by MBEDL in the first year after the date of commercial operation of the generating station/ transmission system;(b) in the 2nd year the share of GUVNL would be 10% which would be progressively increased by 10% every year up to 50% whereafter the proceeds would be shared in equal proportion, by MBEDL and GUVNL. Transmission and/or wheeling charges would be paid by MBEDL.  Financial closure took place in May 2012.The total estimated project cost was US$ 34.8mn (INR 1857.4mn @53.44 INR/USD).The debt equity ratio for the project was 87/13. Financing comprised of Debt of US$ 30.5mn (INR 1627.8mn) and sponsor equity of US$ 4.3mn (INR 229.6mn). The 12-year 6-months term loan had a grace period of 1-year and a repayment schedule of 48 quarterly installments. The debt was arranged by IICL and United Bank of India.  The plant became operational in April 2012.
In Nov 2011, construction of a biomass power plant commenced in Jinan City, Shandong Province. The developer was a local private company Jinan QiQuan Thermoelectricity Co. Ltd. which had a 100% stake in the project. The total capacity of the plant was 30MW. The total investment was RMB 230 million (US$ 35.60 million). The plant came into operation in December 2012. At least 25% of construction had been achieved by March 2012.
In June 2010, the Brazilian company Alupar (fomerly known as Alusa) was awarded in a competitive bidding process the contract to build and operate the Varzea Grande Substation located at the state of Mato Grosso.  Besides ETEP, six other companies took part in the contest: the Spanish company COBRA INSTALACIONES Y SERVICIOS S.A.; the Spanish company ABENGOA CONCESSOES BRASIL HOLDING S/A; the state-owned company ELETRONORTE; the Brazilian company  ORTENG EQUIPAMENTOS E SISTEMAS LTDA;  the Brazilian company ENGEGLOBAL CONSTRUCOES LTDA; and the Brazilian company ATP ENGENHARIA LTDA.  The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. Alupar presented the lowest offer, a total value of US$ 1.7 million (BRL 3 million), 13.22% below the ceiling set by the regulatory agency. The contract was signed in November 2010, and the sponsor created the company Empresa de Transmissao de Varzea Grande S.A. to lead the project during the 30-year contract period.   The sponsor committed to invest US$  44.6 million (BRL  28.8 million) in the transmission line. Enviromental clearence was awarded in May 2011. Construction works commenced in February 2012 and were concluded by December 2012. Financial closure was based on construction progress.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures.
On 9th December 2011, the Government of Rajasthan awarded a concession of 12-years 7-months and 27-days (including 1-year construction period) to D.K.Infrastructure Private Limited for the strengthening, improvement, 2-laning, operation and maintenance, and tolling of 77.80kms of Jalore–Ramsingh–Revdar section of road comprising SH-64 (0/000 to 76/500), in the state of Rajasthan.   Under the contract,  D.K.Infrastructure was responsible for the design, construction, finance, operation and maintenance, strengthening and widening the existing carriageway of Jalore–Ramsingh–Revdar section to 2-lane standard with paved shoulders.The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts,road intersections,interchanges, drains, traffic signages, traffic safety measures, etc. The Government of India, Ministry of Road Transport and Highways (MORTH) through Public Works Department (PWD), Government of Rajasthan had decided to take up the development of various National Highway Corridors for augmentation of capacity for safe and efficient movement of traffic by widening to 2-lane with paved shoulder. This road project covering Jalore and Sirohi districts was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   D.K.Infrastructure Private Limited won the tender through international competitive bidding, conducted by PWD Rajasthan, by quoting the lowest concession period of 12-years 7-months and 27-days. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. D.K.Infrastructure would execute the EPC for this project.   The concession agreement for the project was signed on 10th May 2012. Details of financing were not available at the time of collection of this information. The estimated capital cost of the project at the time of financial closure was US$ 10.35mn (INR 517.5 mn @ 50 INR/USD).   The construction of project started in May 2012 (Appointed Date) and was expected to be operational by April 2013.
Mytrah Energy Limited entered into an agreement with Rajasthan Government, to develop 52.5MW wind power project at Jamanvada village in the state of Gujarat. Mytrah established Bindu Vayu Urja Private Limited, a special purpose vehicle, to execute this project. The wind farm would involve the building of 25 wind turbines of Suzlon S95 model of 2.1MW capacity each.The electricity generated from the project would be evacuated by NEWNE grid of India. The EPC for the power plant had been awarded to Suzlon Energy Limited. Suzlon would develop, construct, commission, operate and maintain the project at an all-inclusive price.    The Jamanvada Wind farm was expected to sell the power to Gujarat Urja Vikas Nigam Limited (Gujarat Discom )The APPC (Average Power Purchase Cost) 25-year base feed-in tariff as per GERC (Gujarat State Regulator) tariff order for 2013, was US$ 0.079/Unit (INR 4.23 per unit @ 53.44INR/USD). The transmission charges would be paid by Mytrah Energy to the state transmission utility. The total capacity of 52.5MW was eligible for CDM benefits and the company had initiated the process with UNFCC.   Details of financial closure were not available.The total project cost estimated based on UNFCC Project Design Document (Suzlon quotations) was US$ 58.7mn (INR 3138mn @53.44 INR/USD).  As per company announcement to the market, the project was fully commissioned in the April 2012 to July 2012 quarter. Till further validated information, we are considering July 2012 as the financial closure date for the purpose of this database.
In July 2011, IL&FS Renewable Energy Limited (“IREL”) set up a special purpose vehicle, Tadas Wind Energy Limited (“TWEL”) to develop 200.8MW wind power project across the states of Andhra Pradesh (50.4MW), Karnataka (100MW), and Gujarat (50.4MW). The 50.4MW Nallakonda wind farm in Anantpur district of Andhra Pradesh would involve building of 63 Enercon E53 wind turbines of 0.8MW each and the power would be evacuated to the Southern regional power grid.  The 100MW wind farm at Haveri and Dharwad district in Karnataka would involve building of 125 Enercon E53 wind turbines of 0.8MW each and the power would be evacuated to the Southern regional power grid. The 50.4MW Lalpur wind farm in Jamnagar district of Karnataka would involve building of 63 Enercon E53 wind turbines of 0.8MW each and the power would be evacuated to the North-East-West-North-East (NEWNE) regional power grid.   Tadas Wind Energy Limited had already executed PPA contracts with distribution entities in the States of Karnataka (Hubli Electricity Supply Company Limited) and Andhra Pradesh (Andhra Pradesh Central Power Distribution Company Limited) under the Renewable Energy Certificate (REC) route. The APPC (Average Power Purchase Cost) 25-year base feed-in tariff as per APERC (Andhra Pradesh State Regulator) tariff order, was US$ 0.088/Unit (INR 4.70 per unit @ 53.44INR/USD). The APPC (Average Power Purchase Cost) 10-year base feed-in tariff as per KERC (Karnataka State Regulator) tariff order, was US$ 0.069/Unit (INR 3.70 per unit @ 53.44INR/USD).The APPC (Average Power Purchase Cost) 25-year base feed-in tariff as per GERC (Gujarat State Regulator) tariff order, was US$ 0.079/Unit (INR 4.23 per unit @ 53.44INR/USD). The transmission charges would be paid by TWEL to the state transmission utility. Only 32 MW of project capacity of 200.8 MW had been registered till March 31, 2012 and for the units commissioned thereafter the GBI policy had been discontinued.However, the total capacity of 200.8MW was eligible for CDM benefits and the company had initiated the process with UNFCC. TWEL had entered into agreements with the wind turbine manufacturer in August 2011, Enercon India Limited, to develop (fixed-price EPC contract of INR 10940mn) and then operate and mainten these greenfield projects.  Financial closure took place on 2nd March 2012.The total project cost at the time of financial closure was US$ 218.5mn (INR 11680mn @53.44 INR/USD).The debt equity ratio for the project was 75/25. Financing comprised of a 14-year 6-months term loan of US$ 163.9mn (INR 8760mn) and sponsor equity of US$ 54.6mn (INR 2920mn). The loan was priced at 12.25% unitl the end of construction period and 11.75% after the construction period and had a ballooning repayment schedule. IL&FS Financial Services Limited (IFIN) was the mandated lead arranger. The other participating banks included Canara Bank (1510mn), Oriental Bank of Commerce (1500mn), Indian Renewable Energy Development Agency (1250mn), Central Bank of India (1000mn), Dena Bank (1000mn), State Bank of Mysore (1000mn), State Bank of Patiala (1000mn), and Corporation Bank (500mn).  As on September 7, 2012, 170.4 MW had already been commissioned, with the remaining 30.4 MW expected to be commissioned by September 30, 2012. The 50.4MW Andhra wind farm was commissioned by 20th July 2012 and 100MW Karnataka wind farm was commissioned by 30th September 2012.
On 9th January 2012, the Government of Rajasthan (Public Works Department on behalf of Ministry of Road Transport and Highways (MoRTH), Government of India) awarded a 16 year concession (including construction period of 24 months) to a consortium of MBL Infrastructures Limited (MBL) and SREI Infrastructure Finance Limited for the strengthening, improvement, two-laning, operation and maintenance, and tolling of 237.578 kms Bikaner – Suratgarh Section of NH-15 (from Km 553/869 of NH11 to Km 173/000 of NH15 via Km 10/630 of NH15), in the state of Rajasthan.  Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance and widening of the existing carriageway to a two-lane highway with paved shoulders. The scope will include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc. The Government of India, Ministry of Road Transport and Highways (MORTH) through PWD, Government of Rajasthan had decided to take up the development of various National Highway Corridors for augmentation of capacity for safe and efficient movement of traffic by widening to 2-lane with paved shoulder. Under this program, this project covering Suratgarh and Bikaner districts of Rajasthan was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  The consortium of MBL Infrastructures Limited (MBL) and SREI Infrastructure Finance, established Suratgarh Bikaner Toll Road Company Private Limited, a special purpose vehicle, to implement the project. The consortium won the tender through competitive bidding, conducted by PWD Rajasthan,  by quoting the highest annual premium of US$0.5mn (INR 25.1mn @50 INR/USD),which would increase by 5% per annum through the life of concession period (this amounts to an NPV payout of about US$5.3mn through the life of concession period at a discount rate of 10%). There were 33 pre-qualified bidders out of which 6 submitted their final bids. The second lowest bidder had quoted a premium of about INR 10mn. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. MBL would execute the EPC for this project. In September 2012, MBL had entered into an agreement with SREI Infrastructure to swap its stake (50%) in Rimuli-Roxy-Rajamunda toll road project with SREI’s stake (50%) in Bikaner-Suratgarh toll road project. With this agreement MBL Infra now held 100% stake in Bikaner-Suratgarh toll road project while SREI would hold 100% in Rimuli-Roxy-Rajamunda toll road project.  The concession agreement was signed on 9th May 2012. The project was expected to attain financial closure in January-March period of 2013. The estimated capital cost of the project at the time of bidding was US$ 100.2mn (INR 5010.8mn @50 INR/USD).    Construction off the project was expected to begin in May 2012 and be completed by May 2014. However the construction progress on the project could not be ascertained at the time of collection of this information.
Torrent Power Limited entered into an agreement with Maharashtra Government to develop a 75MW wind farm located at Sangli district (spread across 7 villages - Bhud, Madalmuthi, Devikhind, Balawadi, Mainganwadi, Valvan, and Gharniki), in the state of Maharashtra. The windfarm would involve the building of 50 ReGen make V82 gearless wind turbines of 1500KW capacity each. The windfarm was designed at a load factor of 20.72%. The electricity generated from the project would be evacuated to Northern, Eastern, Western and North-Eastern grid of India. Apart from the WTGs, the project activity also involved the installation of transformers, transmission lines/ cables and other equipment required for the generation and transfer of electricity to the grid.Power evacuation would be done by 33kV transmission line and the 110kV/132kV substation.  Torrent Sangli Windfarm would sell the power to Maharashtra State Electricity Distribution Company Ltd (MSEDCL) through a 13-year PPA.The APPC (Average Power Purchase Cost) base tariff as per MERC tariff order (dated 29 April 2011 for Wind zone 1) was US$ 0.10/Unit (INR 5.37 per unit @53.44 INR/USD) for the first 13 years of operation. The transmission charges would be paid by Torrent Power to the state transmission utility.The total capacity of 75MW was eligible under REC as per the CERC and CDM benefits under UNFCC. Contracts for supply, erection and O&M had been executed with Regen Powertech Private Limited for this project in March 2012.  Financial closure took place on 28th June 2012.The total project cost at the time of financial closure was US$ 97.5mn (INR 5208.4mn @ 53.44 INR/uSD).The debt equity ratio for the project was about 80/20. Financing comprised of a 13-year term loan of USD 77.8mn (INR 4160mn) and sponsor equity of US$ 19.6mn (INR 1048.4mn). The term loan had a repayment schedule of 52 quarterly installments. The term loan was arranged by IDFC.   Construction started in March 2012 and was expected to be completed by March 2013.
In December 2011, Sunborne Energy Rajasthan Solar Private Limited (SERSPL), a project SPV of SunBorne Energy Services India Private Limited, was awarded the license for setting up a 5MW grid connected solar Photo voltaic power project located at Gadna village, in Jodhpur District of Rajasthan under the Jawaharlal Nehru Solar Mission (JNNSM) Phase-I Batch-II of the scheme. Under the JNNSM the total aggregated capacity of grid connected Solar PV Projects in Phase-1 was expected to be 500 MW. 150MW aggregate had already been allotted in FY2010-11 as a part of Batch-I of JNNSM Phase-I, and allotment for the remaining 350 MW Solar PV Projects was carried out through Batch-II bidding. SERSPL had acquired land for the project. The output from the project would be fed to the Northern,Eastern,Western and North Eastern (NEWNE) grid of India. The plant would use high power modules using cells consisting of Cadmium Telluride (CdTe) based thin film technology. SunBorne Energy Services India Private Limited (SESIPL- a group company) was contracted in January 2012 to execute the EPC work.   The JNNSM mission had designated NTPC’s Vidyut Vyapar Nigam Limited (NVVN) as the nodal agency for procurement of solar power. In October 2011, NVVN invited RFQs from interested developers to develop 350 MW solar PV projects with a capacity of 5 MW each, with a minimum capacity of 5 MW and maximum of 50 MW each. NVVN received 210 RFQ responses on 17th November 2011 from PV solar project developers. As the total capacity of the shortlisted projects were in excess of the approved capacity of 350 MW Solar PV Projects, bidders were required to submit proposals offering maximum discount on the CERC (Central Regulator) approved applicable tariff for grid connected solar power projects for FY 2011-12 - a reverse bidding auction process. The last date for the submission of proposal was December 2011. NVVN received 180 bids from project developers indicating discounts offered by each over CERC determined tariff of US$ 0.329/kWh (INR 15.39/kWh @46.67 INR/USD). The winning bids for solar PV under Batch-II of JNNSM Phase-I varied from INR 7.49/kWh to INR 9.41/kWh, at an average bid price of INR 12.15/kWh. Since the target allocation for solar thermal projects was 350 MW, only the top 20 discounts were finally selected to set up solar power projects. Sunborne Rajasthan had won the project by quoting a tariff of US$ 0.193/KwH (INR 8.99/kWh - a discount of 640 paise).   On 27th January 2012, Sunborne Rajasthan had entered into a 25-year Power Purchase Agreement with NTPC Vidyut Vyapar Nigam (NVVN), which was the the nodal agency to purchase solar power generated by independent solar power producers,under JNNSM. JNNSM provided for a scheme of "bundling" relatively expensive solar power with cheaper power from the unallocated quota of the Government of India out of the capacity of the NTPC based coal stations.This cheaper bundled power would then be sold to state power distribution companies at the CERC regulated price. This would bring down the gap between the average cost of power and sales price of power of the state Discom. The total capacity of 5MW was also eligible for carbon credits. Sunborne would pass on the gross benefits of CDM to the distribution licensee (NVVN) in the following manner - (a) 100% of the gross proceeds to be retained by Sunborne in the 1st year after the date of COD, (b) in the 2nd year, the share of NVVN would be 10% which would be progressively increased by 10% every year till it reaches 50%, where after the proceeds would be shared equally by Sunborne and NVVN. Transmission and/or wheeling charges would be paid by Sunborne Rajasthan.  Financial closure took place in November 2012.The total project cost estimated at the time of financial closure was US$ 9.92mn (INR 530mn @53.44 INR/USD).The debt equity ratio for the project was 70/30. Financing comprised of a 13-year US Dollar term loan of US$ 4.67mn (INR 249.6mn), a 13-year domestic currency
Green Infra Limited (an IDFC Private Equity Company) entered into an agreement with Maharashtra Government to develop a 18MW wind farm located at Satara district, in the state of Maharashtra. Green Infra Wind Energy Limited (GIWEL), an SPV, would execute the project. The wind farm will involve the building of 12 Suzlon S82 make wind turbines of 1.5MW capacity each. The electricity generated from the project would be evacuated by the Maharashtra state grid. The delivery of  the power plant would be done by Suzlon Limited. Power evacuation would be done by 43 km 220 kV transmission line and the 200 MVA substation, which are a part of the project.   Green Infra Wind Energy Limited (Satara) would sell the power to Maharashtra State Electricity Distribution Company Ltd (MSEDCL) through a 13-year PPA.The APPC (Average Power Purchase Cost) base tariff as per MERC tariff order (dated 29 April 2011 for Wind zone 1) was US$ 0.10/Unit (INR 5.37 per unit @53.44 INR/USD) for the first 13 years of operation. The transmission charges would be paid by Green Infra to the state transmission utility.The total capacity of 18MW was eligible under REC as per the CERC and CDM benefits under UNFCC. Contracts for supply, erection and O&M had been executed with Suzlon for this project.  Financial closure took place in January 2012.The total project cost at the time of financial closure was US$ 21.4mn (INR 1146mn @ 53.44 INR/uSD).The debt equity ratio for the project was about 72/28. Financing comprised of a 15-year term loan of USD 15.5mn (INR 830mn) and sponsor equity of US$ 5.9mn (INR 316mn). The term loan had a repayment schedule of 52 quarterly instalments. The term loan was arranged by IDFC.  Construction for the wind farm started in October 2011 and was expected to be completed by December 2012.
A consortium of  Solar Semiconductor Private Limited (51%) and NSL Renewables Power Private Limited(49%),signed an MoU with Gujarat Energy Development Agency (GEDA) for setting up a 20-MW photovoltaic solar project in Kutch district in the state of Gujarat, under the Gujarat Solar Policy 2009. The output from the project would be fed to the North-East-West-North-East (NEWNE) grid of India through the state grid. The project has deployed amorphous silicon (a-si) based PV panels. PV panels and inverters for the project had been sourced from the Taiwan-based Sun well Corporation and Italy-based Elettronica Santerno SpA. Power evacuation was planned through a 66KV line to substation, which, as per the state policy, was the responsibility of Gujarat Energy Transmission Corporation Limited (GETCO).  SSPL (51%) and NSLRPPL (49%) established Solar Semiconductor Power Company (India) Private Limited (SSPCL), special purpose vehicle, to execute the project. SSPCL had entered into a 25-year Power Purchase Agreement with the state utility Gujarat Urja Vikas Nigam Limited (GUVNL), at a fixed tariff of INR 11.25/unit for the first 12 years and INR 7.5/unit for the remaining 13 years. For payment security mechanism GUVNL had established a revolving letter of credit equivalent to an average monthly billing. The project’s economic interest was protected if GUVNL defaulted and subsequently terminated the contract. The off-taker was liable to pay SSPCL an amount equivalent to three years billing based on the first-year tariff considered on normative plant load factor (PLF) of 20%. A 12-year operations and maintenance contract was executed with Lanco Solar Services Private Limited.The fixed-base price with a pre-determined annual escalation (5%) of costs in the contract mitigated uncertainty on operating costs.     The project was executed at a cost of US$ 43.4mn (INR 2320.5mn @53.44 INR/USD).The debt equity ratio for the project was 65/35. Financing comprised of Debt of US$ 28.1mn (INR 1500mn) and sponsor equity of US$ 15.4mn (INR 820.5mn).  The project was financed initially using sponsor equity and buyer’s credit. The buyer’s credit was subsequently refinanced by a long-term bank loan in July 2014. The 6-year 5-months term loan was arranged by Axis Bank (INR 680mn) and Aditya Birla Finance (INR 680mn).  The plant was commissioned in June 2012.
In February 2011, the Government of Rajasthan (Public Works Department) awarded a 25 year concession (including construction period of 18 months) to Unity Infraprojects Limited (UIL) for the strengthening, improvement, two-laning, operation and maintenance, and tolling of 89 kms of Chomu to Mahal via Renwal, Jobner (SH-8B, SH-19, SH-2C, SHG-8A & ODR-02), in the state of Rajasthan.  Under the contract, Unity Infra was responsible for the design, construction, finance, operation and maintenance and widening of the existing carriageway to a two-lane highway with paved shoulders. The scope will include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc. The Government of India, Ministry of Road Transport and Highways (MORTH) through Public Works Department (PWD), Government of Rajasthan had decided to take up the development of various National Highway Corridors for augmentation of capacity for safe and efficient movement of traffic by widening to 2-lane with paved shoulder. Under this program, this project was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  Unity Infraprojects Limited established Chomu Mahla Toll Private Limited, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by PWD Rajasthan, by requesting the lowest fixed subsidy of US$ 3.6 million (INR 180 million @50 INR/USD). There were 17 pre-qualified bidders for the project. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement was signed on 5th June 2011. The project attained financial closure on 25th July 2012 ( PWD Rajasthan penalized the SPV with a fine of INR 23.15mn for not adhering to scheduled financial closure deadline of 2nd December 2011). The grant/ debt/ equity ratio of the project was 6/75/29. The estimated capital cost of the project at the time of financial closure was US$ 58mn (INR 2900mn @50 INR/USD). Apart from the grant from PWD Rajasthan of INR 180mn, financing comprised of a 13-year term loan of US$ 43.5mn (INR 2175mn) and sponsor equity of US$ 10.9mn (INR 545mn). The term loan had a moratorium of 18 months and a repayment schedule of 10 years. Union Bank of India was the lead bank and other participating banks were Oriental Bank of Commerce, United Bank of India, State Bank of Patiala & State Bank of Hyderabad.   Construction on the project was expected to begin in June 2012 and be completed December 2013.
Inversiones Hidroelectricas SA was a Nicaraguan developer of small hydro projects.  In May 2012, the company received a loan of USD 8 million that would finance the company to build, own and operate a 5MW run of river hydro facility (Upa River).  The project construction was stated to have begun in 2012.    Further details were limited on the project, however it was indicated that the total project cost was USD 14 million.    Construction works were concluded in May 2013.
In October 2011, the National Highway Authority of India (NHAI) awarded a 30 year concession (including construction period of 30 months) to GVK Power & Infrastructure Limited for the strengthening,improvement, four-laning, operation and maintenance, and tolling of 332.46kms of Shivpuri to Dewas section of National Highway-3 (NH-3),from Km 236.00 to Km 566.45, in the state of Madhya Pradesh.  Under the contract, GVK was responsible for the design, construction, finance, operation and maintenance and strengthening of the existing carriageway to a four-lane highway with paved shoulders. The scope included construction of 4-lanes including construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, service roads, road intersections,interchanges, drains, etc.The expansion project, part of National Highway Development Project Phase-IV will ease traffic congestion and will reduce the time and cost of travel between Shivpuri and Dewas. It would also increase the employment potential for the local laborers and also development of tourism activities.The Project road lies on National Highway No. 3, one of India’s major national highways (commonly referred to as Mumbai-Agra highway) and a vital trade corridor connecting Western and Central India to Northern India. The Project road passes entirely through Madhya Pradesh, carrying predominantly long distance freight traffic and is expected to offer high growth potential for commercial traffic.  GVK Power and Infrastructure Limited established GVK Shivpuri Dewas Expressway Private Limited, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI,by quoting the highest premium payment to NHAI. The SPV would pay NHAI a sum of of US$ 36.2mn (INR 1809mn @50 INR/USD) in the first year of operations with 5% increase in each subsequent year (This amounted to an NPV payout of US$ 569.6mn over the concession period of 30 years at a discount rate of 10%). There were 19 pre-qualified bidders out of which 14 offered their final bids. The L2 bidder had quoted a premium payment of about INR 1100mn. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement was signed on 12th January 2012. The project had not obtained funding at the time of collection of this information. The estimated capital cost of the project at the time of bidding was US$ 587mn (INR 29351mn @ 50 INR/USD) million.   On 13th January 2013, GVK has cancelled this concession siting delays in securing mandatory clearances, including right of way on the part of NHAI (mandated as per the concession agreement). NHAI has not yet accepted the unilateral cancellation of the concession and holds that aggressive bidding ( US$36.2mn per annum was one of the highest premium ever quoted for any NHAI road project so far!) in the road sector and developers’ growing debt, coupled with banks tightening lending for road projects has led to GVK realizing that the project had become unviable. No decision has yet been formed on the cancellation of this project.  In May 2014, NHAI finally cancelled the concession for the project.
In March 2012, the National Highway Authority of India (NHAI) awarded a 20 year concession (including construction period of 30 months) to L&T Infrastructure Development Projects Limited (LTIDPL) for the strengthening, improvement, four-laning, operation and maintenance, and tolling of 209kms of Amravati–Jalgaon section of NH-6 from KM 441.950 to KM 650.794 in the state of Maharashtra. This stretch was contiguous to Amravati to Jalgaon 275km section of the same NH-6.  Under the contract, L&T IDPL was responsible for the design, construction, finance, operation and maintenance and strengthening of the existing 2-lane carriageway to a 4-lane highway with paved shoulders. The scope will include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, bypass, flyovers, interchanges, drains, toll plazas etc.The expansion project, part of National Highway Development Project Phase-IV, was part of the NHAI's Mega Highway Program. This stretch is a prominent East-West connector, connecting hubs of economic activity like Gujarat & Maharashtra in the West to the mineral rich states like Orissa & Chattisgarh in the Eastern part of the country. The Project would offer seamless, safer and faster commute between places like Surat, Dhule, Nagpur and shall pave way for development in Vidharbha region of Maharashtra.  L&T IDPL established L&T Great Eastern Highway Limited (L&T GEHL), a special purpose vehicle, to implement this project. The SPV won the tender through competitive bidding, conducted by NHAI, by quoting the highest premium payment to NHAI. The SPV would pay NHAI a sum of of US$ 29mn (INR 1450.8mn @50 INR/USD) in the first year of operations with 5% increase in each subsequent year (This amounted to an NPV payout of US$ 362mn over a concession period of 20 years at a discount rate of 10%). There were 17 final bidders for this project. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. L&T would execute the EPC contract for this project.  The concession agreement was signed on 6th June 2012. The project attained financial closure on 30th November 2012. The debt/equity ratio of the project was 70/30. The estimated capital cost of the project at the time of financial closure was US$ 471.2mn (INR 23559mn @50 INR/USD). Financing included senior debt of US$ 300.3mn (INR 15014.3mn), subordinate debt of US$ 63.2mn (INR 3160mn), and sponsor equity of US$ 107.7mn (INR 5385mn). The lead arranger was ICICI Bank.    Construction on the project was expected to begin in December 2012 and get completed by June 2015.  According to the reports, the project financials had gone unfavorable, with key inputs such as bitumen, diesel and aggregates turning costlier, and the company fearing that the actual toll revenues would be lower than projected because of the economic slowdown setting in (2012-2014 period slowdown). Even the Government (NHAI) sop — allowing road developers to postpone payment of premium — would not be enough to make the projects profitable. L&T was in discussion with NHAI for exiting the project for some time. Finally in September 2014, NHAI canceled the concession for the project.
On 31st March 2012, the National Highway Authority of India (NHAI) awarded a 30-yearconcession (including construction period of 30 months) to KMC Constructions Limited for the strengthening,improvement, six-laning,operation and maintenance, and tolling of 221.346 kms of Aurangabad-Barwa Adda section from km.180.00 to km.398.750 of National Highway-2 (NH-2) in the states of Bihar (70kms) and Jharkhand (151.346kms).  Under the contract, KMC was responsible for the design, construction, finance,operation and maintenance and strengthening of the existing 4-lane carriageway to a six-lanehighway with paved shoulders. The scope included construction of 6-lanes including construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, service roads, road intersections, interchanges, toll plaza, tunnel section, etc.The expansion project was part of National Highway Development Project Phase-V.   KMC established Aurangabad Barwa Adda Expressway Limited (ABEL), a special purposevehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by quoting the highest annual premium. The SPV would would pay NHAI a sum of US$ 25.3mn (INR 1350mn @53.44 INR/USD) in the first year of operations with 5% increase in each subsequent year (This amounted to an NPV payout of about US$ 401.1mn over the life of concession period at a discount rate of 10%). There were 16 pre-qualified bidders for the project. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.   Construction on the project was expected to began in November 2012 (expected appointed date as per standard CA conditions). But delay in getting the necessary clearance from the Ministry of Environment & Forests (MoEF) had led to NHAI abandoning the project. Till September 2013, NHAI had already incurred expenses of INR 32mn on the project.In November 2013 NHAI finally cancelled the concession for the project.   The concession agreement was signed on 18th May 2012. The estimated cost of the project at the time of bidding was US$ 437.9mn (INR 23400mn @53.44 INR/USD). Funding closure had not been achieved at the time of cancellation of the project.
On 5th November 2012, Madhya Pradesh Road Development Corporation (MPRDC) signed a 25-year concession (including construction period of 730 days) with a consortium of Aryavrat Project Developers Private Limited and Valecha Engineering Limited for the strengthening, improvement, two-laning, operation and maintenance, and tolling of 76.15kms of Guna-Ashoknagar-Ishagarh section of SH-54, in the state of Madhya Pradesh.  Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance,strengthening and widening the existing carriageway to 2-lane road with granular shoulders. The scope would include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc.The expansion project, part of the MPRDC Highway Development Program, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.The project road is used for transportation of items like herbs, teak, sal etc. from nearby forests, and agricultural products amongst others.  The consortium of Aryavrat Project Developers Private Limited (49%) and Valecha Engineering Limited (49%) (promoter of Valecha had an individual stake of 2%), established Aryavrat Tollways Private Limited in October 2012, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by MPRDC, by requesting for the lowest financial grant (viablity gap funding) of US$ 6.27mn (INR 367.5mn @58.6 INR/USD). Out of the total grant, INR 210.2mn portion of the subsidy availed under the VGF scheme of Goverment of India, was to be paid upfront during construction period. The balance 157.3mn was to be disbursed over a period of 5 years starting from commercial operation of the highway. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The project attained financial closure on 19th November 2013. The grant/debt/equity ratio of the project was 28/50/22. The estimated capital cost of the project at the time of financial closure was US$ 22.3mn (INR 1307mn @58.6 INR/USD). Apart from viability gap funding (grant) of INR 367.5mn (Central Government - INR 210.2mn, and Govt of Madhya Pradesh - INR 157.3mn), financing comprised of a 14-year term loan of US$ 11.2mn (INR 657.5mn) and sponsor equity of US$ 4.8mn (INR 282.0mn). The SPV had also availed a Bank Guarantee of US$ 0.897mn (INR 52.6mn). The debt was arranged by State Bank of India and the other participant was India Infrastructure Finance Company Limited (IIFCL).   The Appointed Date of the project was 30th August 2013. Substantial portion of the total land requirement had been handed over to the concessionaire and all permits had been obtained by the SPV. Construction had already started and the commercial operation was expected to start by November 2014.
In November 2011,the National Highway Authority of India (NHAI) awarded a 20-year concession (including construction period of 2 years) to Madhucon Projects Limited (MPL) for the strengthening, improvement, two-laning, operation and maintenance,and tolling of 63kms Vijayawada–Machiliapatnam Section of NH-9, in the state of Andhra Pradesh.  Under the contract, Madhucon Projects Limited was responsible for the design, construction, finance, operation and maintenance and widening of the existing carriageway to a two-lane highway with paved shoulders. The scope included construction of new pavement, rehabilitation of existing pavement, construction and rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc. The expansion project, part of National Highway Development Project Phase-III would ease traffic congestion and give significant stimulus to trade and commerce in the entire region.This road will be the link between Machilipatnam port (under development by Navayuga) to Vijayawada which was a major trading and business center.  Madhucon Projects Limited established Vijayawada Machiliapatnam Expressways Limited on 28th November 2011, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by requesting the lowest upfront subsidy of US$ 41.8million (INR 2090mn @50 INR/USD). Out of the 34 pre-qualified bidders, only 3 finally bid for this project. The L2 bidder was Punj Lloyd (INR 2163mn) and L3 bidder was Navayuga Infrastructure (INR 2357mn). Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  Madhucon announced financial closure of this project on September 2012. Details of financing were however not available at the time of collection of this information. The estimated capital cost of the project at the time of bidding was US$ 146mn (INR 7300mn @50 INR/USD).    Construction on the project was expected to begin in November 2012 and be completed by December 2014.  But the MoU expired in September 2013 and Madhucon Projects expressed its unwillingness to continue with the project.The NHAI had proposed bypass roads near Vuyyur, Sultan Nagaram near Machilipatnam, Pamarru and Kankipadu. For some administrative and other reasons, Madhucon had failed to start the construction works for the last two years. One of the important reasons for poor response from Madhucon was said to be the delay in the construction of Machilipatnam port and bifurcation of Andhra Pradesh into two states.The Vijayawada-Guntur region was in the race for the proposed new capital of the residual Andhra Pradesh. Finally NHAI terminated the Concession in December 2013.
The project involves the development of an integrated waste management facility, which will be located in Kanjur Village, Mumbai, India. The project  will comprise compost plant of 1000 TPD and a bio-reactor plant of 3000 TPD up to 6500 TPD in 65.96 Ha. The 25-year DBOOT concession was awarded to Antony Lara Enviro Solutions Pvt. Ltd. on 31 October 2012. The total project cost amounts to $760.90 million.
PT PLN and General Electric were planning the development of the 1MW pilot biomass plant, Sumba Island, East Nusa Tenggara.  The project was expected to be commissioned in 2014. Under the agreement, PLN is to supply the 100 hectares project site. GE is to privde the gasification technology. Cost of power was estimated at US$c 12-15 / kWh.  Total project cost was estimated at US$ 5 million.
On 31st May 2011, Uttar Pradesh Power Transmission Corporation Limited (UPPTCL) awarded a concession of 35 years (including construction period of 3 years starting from the date of grant of Transmission License) to a consortium of Cobra Instalactiones Y Servicios S.A. (Spain-84%) & Megha Engineering and Infrastructure Limited (India-16%), for the development of the 863km 765kv/400kv single/double-circuit transmission project,in the state of Uttar Pradesh. The western region intra-state mega transmission project was aimed at system strengthening of western Uttar Pradesh transmission grids through two sections - Mainpuri-Hapur line & Mainpuri-Greater Noida  line. Given the huge potential of thermal power in Central coal-rich states, power transfer to meet the long term power transfer requirement i.e. next 10-15 years. Western UP Power Transmission Company Limited (WUPPTCL) was incorporated on 11th September, 2009.   UPPTCL (UP state transmission utility) was mandated to conduct the bid process for the SPV, Western UP Power Transmission Company Limited (WUPPTCL). The SPV had been formed to undertake preliminary survey work, identification of route, preparation of Survey Report, initiation of the process of land acquisition (if required), initiation of process of seeking forest clearance(if required) and to conduct the bidding process. 4 identified Long Term Transmission Customers (LTTCs) - Paschimanchal Vidyut Vitran Nigam Ltd (PVVNL), Dakshinanchal Vidyut Vitran Nigam Ltd (DVVNL), Purvanchal Vidyut Vitran Nigam Ltd (PuVVNL) and Madhyanchal Vidyut Vitran Nigam Ltd (MVVNL) - all state Discoms, entered into Transmission Service Agreement (TSA) with the successful bidder on 27th December 2011. 4 bidders - L&T Transco Pvt. Ltd., Isolux Corsan Concesiones SA, Cobra Instalactiones y Servicios SA, and Sterlite Technolgies, had shown interest in the RFQ stage, out of which only 2 (Isolux and Cobra) got qualified for the RFP stage. Cobra-MEIL Consortium won the bid by quoting the lowest levelized transmission charges of USD 190.8mn per annum (INR 8905.37mn @46.67 USD/INR). Energy Task Force (ETF) of the Govt. of UP had approved minimum benchmark price for this project at INR 8404mn. ETF had also decided that if the price bid lied within 10% above the minimum benchmark price then Bid Evaluation Committee (BEC) would to negotiate with the L1 bidder otherwise if the price bid lied beyond 10% above the minimum benchmark price then Swiss Challenge Method was to be adopted. Since L1 levelised tariff was within 10% of the benchmark levelised tariff so in view of decision taken by ETF, there was no need to invoke Swiss Challenge Method, and BEC was to negotiate with L1-bidder. BEC held the negotiations with the lowest quoted bidder, Cobra-MEIL Consortium, to arrive at a final levelised transmission charge of USD 187.5mn per annum (INR 8750 million per annum) (vide their letter dated 30-03-11). The SPV Western UP Power Transmission Company Limited was subsequently transferred to Cobra-MEIL Consortium on 22nd September 2011.   The transmission license was awarded by UPERC (UP state electricity regulator) on 20th June 2012 for a period of 25 years (to be extended on request before the expiry of the license period). Adoption of Transmission Charges and grant of Transmission License by UPERC was done on 18th March 2013.The tariff adopted for the transmission system was valid for a period of 35 years. The tariff of the transmission assets beyond the period of 35 years were to be governed in accordance with the provisions of relevant CERC Regulations. The tariffs or the Transmission Service Charges (TSC) comprised of a non-escalable component and an escalable component linked to inflation index as notified by UPERC (State Regulator). The ratio of the minimum and maximum quoted annual transmission charges during the term of the TSA should not be less than 0.7 and, the quoted escalable transmission charges were not to exceed 15% of the corresponding quote
In June 2011, Greenko Group Plc entered into an agreement with Andhra Pradesh Government to develop a 100.8MW wind farm located at Balavenkatpuram in Anantpur district of Andhra Pradesh. The project would be executed in 2 phases - Phase-1 of 51.2MW and Phase-2 of 50MW. Additional phases Phase-III (50MW) and Phase-IV (50MW) were added to the site. The wind farm will involve the building of GE XLE Wind Turbines (either 63x1.6MW XLE or 56x1.8MW XLE). GE would engineer and construct the wind turbines. The electricity generated from the project would be evacuated by the Andhra Pradesh state grid. Power evacuation would be done by 33/220 kV transmission systems operated by the state transmission utility.   Greenko Group Plc established Rayala Wind Power Company Private Limited (Rayala Windfarm), a special purpose vehicle to execute this 100.8MW project. Rayala Windfarm would sell the power to Andhra Pradesh State Electricity Distribution Company Ltd (MSEDCL) through a 25-year PPA.The APPC (Average Power Purchase Cost) base tariff as per current APERC tariff order (for PPAs executed upto 31st March 2015) was US$ 0.088/Unit (INR 4.70 per unit @53.44 INR/USD). The transmission charges would be paid by Rayala Windfarm to the state transmission utility.The total capacity of 100.8MW was eligible CDM benefits under UNFCC.   Financial closure took place on 13th August 2012.The total project cost at the time of financial closure was US$ 120.5mn (INR 6440mn @ 53.44 INR/uSD).The debt equity ratio for the project was about 67/33. Financing comprised of a 14-year 4-months term loan of USD 81.4mn (INR 4350mn) and sponsor equity of US$ 39.1mn (INR 2090mn). The term loan had a repayment schedule of 48 quarterly instalments. The term loan was arranged by IDFC and Indian Renewable Energy Development Agency (IREDA).   Additional financing of US$ 55.9mn for Phase-III (50MW) was closed in March 2014 at a debt/equity ratio of 70/30. It comprised of a 14-year 3-month term loan of US$ 39.3mn (INR 2400mn @61 INR/USD) and sponsor equity of US$ 16.6mn (INR 1010).The participating banks were Central Bank of India (INR400mn), IDFC (1100mn), Indian Renewable Energy Development Agency (900mn).  Site access work had begun and all the land acquisition for the Phase-1 (51.2 MW) turbine bases was completed by December 2012. Initial commissioning had been targeted to start in mid-2013, with Phase-2 (50 MW) still planned to start construction in late 2013.The grid connection for the site's full capacity of 200 MW was completed in October 2013. In December 2013, Phase-I of 51.2MW was commissioned. In January 2014, Phase-II of 50MW was commissioned.In June 2014, 30MW of the Phase-III (total capacity of 50MW) was commissioned. Phase-4 (50.0 MW) was on schedule for commissioning ahead of the 2015 wind season.
In July 2011, ReNew Wind Energy (Rajkot) Private Limited, a SPV set up by ReNew Wind Power Private Limited, signed a MOU with Gujarat Energy Development Agency, to develop a 25.2MW wind farm located at Jasdan in Rajkot district of Gujarat. The wind farm would involve the building of 12 units of Suzlon S88 wind turbines with 2.1MW capacity each. The farm was expected to have a load factor of 23%. The electricity generated from the project would be evacuated to Northern, Eastern, Western and North-Eastern grid of India. A fixed-price EPC for the power plant had been awarded to Suzion Energy, Suzion Wind Park and Suzion Power Infrastructure in August 2011. Once the project was commissioned, Suzlon would assume responsibility for turbine operation and maintenance services.  ReNew Wind Energy (Rajkot) Private Limited had entered into a 25-year Power Purchase Agreement with the state utility Gujarat Urja Vikas Nigam Limited (GUVNL) for 23.1 MW capacity. The remaining output (2.1 MW) was to be sold through Open Access regime to Philips India. The APPC (Average Power Purchase Cost) base tariff as per GERC (Gujarat State Regulator) prevailing tariff order was US$ 0.079/Unit (INR 4.23 per unit @ 53.44INR/USD). The total capacity of 25.2 MW was eligible for CDM benefits and UNFCC had started the validation project for Certified Emission Reductions(CERs).  Proceeds of carbon credit were to be shared as follows: (a) 100% by ReNew Wind Rajkot in the first year after the date of commercial operation of the generating station/ transmission system;(b) in the 2nd year the share of GUVNL would be 10% which would be progressively increased by 10% every year up to 50% whereafter the proceeds would be shared in equal proportion, by ReNew Wind Rajkot  and GUVNL. Transmission and/or wheeling charges would be paid by ReNew Wind Rajkot.  Financial closure took place April 2012.The total project cost at the time of financial closure was US$ 26.3mn (INR 1406.7mn @ 53.44 INR/USD).The debt equity ratio for the project was about 72/28. Financing comprised 14-year 3-month term loan of US$ 17.8mn (INR 950mn) and sponsor equity of US$ 8.5mn (INR 456.7mn). The term loan had a repayment schedule of 52 quarterly instalments. The term loan was arranged by SBI Capital and was funded by PTC India Financial Services Limited.   Construction for the wind farm began in October 2011 and was completed in March 2012. Commercial operation started in May 2012.
PT Supreme Energy and International Power-GDF SUEZ were planning the development of the 220MW Muara Laboh geothermal plant, South Lampung Regency, 60km South East of Padang, West Sumatera Province. The project was to consist of 2 units of 110MW.   The developers received the concession following a tender in 2010. On March 2nd, 2012, a 30 year PPA was signed between Perusahan Listrik Negara (PLN) and the developers, which included a Guarantee Letter. Civil construction and exploration drilling started in March 2012. In September 2012, the first Exploration well drilling ML-A1 was conducted, a series of 4-6 drilling exploration wells. Exploration drilling is expected to last 6-9 months. The Environmental permit, location permit, water use permit and business license, as well electricity supply license were acquired. Commissioning was expected in 2016.  Funding support is expected from Japan Bank for International Cooperation.
In December 2011, a local private company Beijing Sound Environment Industry Group signed an agreement with the Ansha Municipal Government to build and operate the Dongtai Wastewater Treatment Plant in Anshan City, Liaoning Province. The capacity of the facility was 100,000 cubic meters per day. The total investment was RMB 227.14 million (US$ 36 million) and Beijing Sound had a 100% stake in the project. The concession term of the project was 30 years. The agreement was granted following an open bidding process. Construction commenced in April 2012 and was completed in Dec 2012. At least 25% of construction had been achieved by Jun 2012.
Minh Luong Hydro Power JSC (may be a subsidiary of HACO Group, Vietnam) developed the 22.5MW Minh Luong small hydropower plant, Ngoi Dien River, Van Ban district, Lao Cai province. The project consisted of two turbines of 11.25MW each and was expected to generate 102,430 MWh annually.   Annual tariff was expected to be VND 590/kWh. Operating life was 30 years. Construction period 3 years. Corporate tax rate 15%. An MoU with EVN was signed in January 2005. The technical design was completed in July 2005. The EIA was approved by the Department of Natural Resources and Environment of the Lao Cai province in March 2006. The construction contract was signed in February 2007. The construction contract for the tunnel and foundation intake was signed in October 2008. Commissioning was expected for March 2012.   Total capital cost was estimated at VND 369.5 billion (US$17.7 million), at 70/30 debt to equity. the ROE was estimated at 24.63% based on Morningstar International Cost of Capital (2006). The debt rate was estimated at 11.4%, based on Annual Report of State Bank of Vietnam (2006). The project applied for UNFCCC CDM financing. The financial closure date was unavailable. The project was expected to be closed in March 2012, but this was unconfirmed. Hence the project is reported as under development.  Project location: 22o 02’38.5” North latitude  104o 05’30.5” East longtude
In Nov 2011, a JV of the Hong Kong based company China Windpower Group Ltd. and a state owned enterprise was granted an agreement to develop the Dalupu wind farms in Jianghua Autonomous County, Yongzhou City, Hunan Province. Construction commenced in Nov 2011 and was completed in August 2013. The total investment for the Dalupu wind farm was US$ 70.81 million (RMB 447 million). The total capacity of the plant was 48MW. The concession term was not reported in the media. China Windpower had a 69.4% stake in the project.
In November 2008, Consorcio Madeira Transmissao, an association of  CTEEP (51%) and state-owned FURNAS (24.5%) and CHESF (24.5%), was awarded in a competitive bidding process the contract to build and operate 2375-km of transmission lines and two conversion stations located in the states of Mato Grosso, Rondonia, Goias, Sao Paulo and Minas Gerais. Besides Consorcio Madeira Transmissao, other companies took part in the contest, though only one participated in the final stage of the process: TME Trans (which belongs to the Brazilian company Neoenergia).  The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. Consorcio Madeira Transmissao presented the lowest offer, a value of US$ 96.5 million (BRL 176.6 million), 0.21% below the ceiling set by the regulatory agency. The contract was signed in February 2009, and the sponsors created the company Interligacao Eletrica do Madeira (IEMA) to lead the project during the 30-year contract period.   The sponsors committed to invest US$ 1.8 billion (BRL 3.5 billion) in the transmission line. In September 2010, the sponsor was granted a US$ 284.1 million (BRL 500 million) loan from BNDES. In December 2011, BNDES granted an additional US$ 171.6 million (BRL 280 million) loan to  the company to finance the infrastructure works. Finally, in October 2012 the project reached financial closure when BNDES approved a US$ 922 million (BRL 1800 million) loan package to the project.   The construction works commenced in 2010 and were expected to be concluded by 2012. As of March 2013, construction works were behind schedule and operations were expected to commence by April 2013.  Commercial operations commenced in August 2013.
Cypark Resources Bhd, was developing the 5MW solar and 2 MW biogas (from landfill gas) plant (combined), at the Integrated Renewable Energy Park, in Pajam. This was phase 2 of the project, adding to the earlier 8MW in PV panels. The PV element of this plant consisted of 20,000 panels. The biogas engines (2x1MW) are purchased from Guascor, from Spain. Cypark was cooperating with LG, from South Korea, on this project.  Construction started in March 2012 and commissioning was expected for 31 November 2012. The output was to be supplied to Tenaga Nasional Bhd (TNB). The Park was part of the government's Economic Transformation Programme. The project has a 21 year PPA.  No further information was available. Financial closure date was assumed at May 2012, 25% into construction time starting in March. Total cost was ESTIMATED at US$14 million, based on US$2.8 million per MW for the PV element, and US$3.2 million for the biogas element.
PT Medco Energi International Tbk led a consortium (27.5%)comprising of Japan's Kyushu electric Power Corp (25%), Itochu corp (25%) and the US company ORMAT Industries (12.75%), in the development of a 340 MW geothermal project to be located in Northern sumatra, Indonesia.  The project was to be constructed in two 110 MW and one 120 MW phases.  ORMAT would supply the turbines for the project.  PT Medco Power Indonesia received an equity investment of $25 million for the expansion of operations. The decision was approved in February 2012, and invested in March 2012.    The project was contracted to sell power to state utility PLN under a 30 year PPA with a price of power of USD 0.0697/kWh.  total project cost was estimated at USD 1.6 billion.  In August 2011, the project reached financial close when six banks, Bank of Tokyo-Mitsubishi UFJ Ltd., ING Groep NV (INGA), Mizuho Corporate Bank Ltd., National Australia Bank Ltd. (NAB), Societe Generale (GLE) SA and Sumitomo Mitsui Banking Corp were selected to syndicate a USD 410 million loan for the project.  It was reported that pricing for the loan was to be 200 basis points above the London Bank Inter-Offer Rate.  Further financing was to come from the the Japan Bank for International Cooperation for USD 600 million and the Asian Development Bank for USD 250 million - approved October 2011.  The remainder USD 310 million was expected as an equity contribution form the sponsors.  Expected final commissioning for the three phases was for 2016.  However, the commercial loan's financial closure was not yet reached due to disagreements between PLN and PT Medco over the underlying securities of the debt, concluded in May 2012. Financial closure was now expected for late-2012. The six banks were selected from 10-11 submissions to an RFP for the project. JBIC also provided an EPRG on the commercial loan.   In March 2012, the IFC acquired 11% equity share in the developer PT medco Power, at a value of US$112 million. This was done via a consortium led by Saratoga Capital.
In Aug 2012, a Shenzhen based private company Xingyuan Kongjian Environmental Technology Co., Ltd. signed an agreement with the Wuxue Municipal Government to build and operate the Wuxue City Wastewater Treatment Plant Phase II in Wuxue City, Hubei Province. Xingyuan Kongjian won the bid with a base operation price of RMB 1.2 Yuan per cubic meter. The concession term was 26 years including 1 year for construction. Xingyuan Kongjian had a 100% stake in the project. The total investment was close to RMB 30 million (US$ 4.75 million) and the capacity of the facility was 20,000 cubic meters per day. According to an article in Feb 2013, construction had beening progressing well and trial run could be performed in Mar 2013. At least 25% of construction had been achieved by Oct 2012.
The project entails the contract for urban cleaning in Sao Luis, Brazil under 20 years contract. SPV is SLEA – São Luís Engenharia Ambiental S.A., a wholly owned subsidiary of the sponsor Vital Engenharia Ambiental S.A. Total value of the contract is R$2.275.081.596,99 or $ 1.182 billion of which $ 116.43 (R$224.032.513,00) million will be invested in physical assets. For the structuring of the project, a Public Consultation was held on 07/07/2011, followed by a Bid published on 10/24/2011. The bidding for this Administrative Concession took place through an International Competition of the Technique and Price type. Financial close took place on May 4, 2012.
Moncada Energy (Italy), via its local subsidiary Moncada Energy Bulgaria EOOD, which owns the developer Electra Volt Trade, was developing the 16MW solar plant, in Bulgaria. The location remained unspecified, but financial closure was reported.  Construction started in April 2012. Commissioning was expected for June 2012.   Total project cost was EUR28.8 million (US$ 37.4 million). The project reached financial closure on March 26th 2012 with UniCredit Bulbank, with a 15-year EUR23.5 million loan (US$ 30.6 million) and a second (2-year) tranche of EUR 5.3 million (US$ 6.9 million), as VAT facility.
In December 2011, Essel Infraprojects Limited (EIL), a subsidiary of Essel Group, was awarded the license for setting up a 20MW grid connected solar Photo voltaic power project located at Horti & Kilaj Villages, District Osmanabad in the State of Maharashtra, under the Jawaharlal Nehru Solar Mission (JNNSM) Phase-I Batch-II of the scheme. Under the JNNSM the total aggregated capacity of grid connected Solar PV Projects in Phase-1 was expected to be 500 MW. 150MW aggregate had already been allotted in FY2010-11 as a part of Batch-I of JNNSM Phase-I, and allotment for the remaining 350 MW Solar PV Projects was carried out through Batch-II bidding. EIL had acquired land for the project. The output from the project would be fed to the Northern,Eastern,Western and North Eastern (NEWNE) grid of India. The plant would use thin film technology. EIL had awarded a fixed price EPC contract to Pan India Infraprojects Private Limited (PIIPL-a Essel group company). PIIPL had in turn entered into sub-contract with Nexpower Technology Corporation (Taiwan) for off-shore equipment supply and Visa Ecotech Limited for on-shore supply and on-shore services. EIL had contracted PPIPL for operation and maintenance of the plant.  EIL established Essel MP Energy Limited (EMPEL), a special purpose vehicle, to execute this project. The JNNSM mission had designated NTPC’s Vidyut Vyapar Nigam Limited (NVVN) as the nodal agency for procurement of solar power. In October 2011, NVVN invited RFQs from interested developers to develop 350 MW solar PV projects with a capacity of 5 MW each, with a minimum capacity of 5 MW and maximum of 50 MW each. NVVN received 210 RFQ responses on 17th November 2011 from PV solar project developers. As the total capacity of the shortlisted projects were in excess of the approved capacity of 350 MW Solar PV Projects, bidders were required to submit proposals offering maximum discount on the CERC (Central Regulator) approved applicable tariff for grid connected solar power projects for FY 2011-12 - a reverse bidding auction process. The last date for the submission of proposal was December 2011. NVVN received 180 bids from project developers indicating discounts offered by each over CERC determined tariff of US$ 0.329/kWh (INR 15.39/kWh @46.67 INR/USD). The winning bids for solar PV under Batch-II of JNNSM Phase-I varied from INR 7.49/kWh to INR 9.41/kWh, at an average bid price of INR 12.15/kWh. Since the target allocation for solar thermal projects was 350 MW, only the top 20 discounts were finally selected to set up solar power projects. EIL had won the project by quoting a tariff of US$ 0.198/KwH (INR 9.27/kWh - a discount of 612 paise).   On 27th January 2012, EMPEL had entered into a 25-year Power Purchase Agreement with NTPC Vidyut Vyapar Nigam (NVVN), which was the the nodal agency to purchase solar power generated by independent solar power producers,under JNNSM. JNNSM provided for a scheme of "bundling" relatively expensive solar power with cheaper power from the unallocated quota of the Government of India out of the capacity of the NTPC based coal stations.This cheaper bundled power would then be sold to state power distribution companies at the CERC regulated price. This would bring down the gap between the average cost of power and sales price of power of the state Discom. The total capacity of 20MW was also eligible for carbon credits. Sunborne would pass on the gross benefits of CDM to the distribution licensee (NVVN) in the following manner - (a) 100% of the gross proceeds to be retained by Sunborne in the 1st year after the date of COD, (b) in the 2nd year, the share of NVVN would be 10% which would be progressively increased by 10% every year till it reaches 50%, where after the proceeds would be shared equally by EMPEL and NVVN. Transmission and/or wheeling charges would be paid by EMPEL.  Financial closure took place in August 2012.The total project cost estimated at the time of financial closure was US$ 39.1mn (INR 2091.4mn @53.44 INR/USD).The debt equity ratio for the project was 70/30. Financing comprised of a 14-year term loan of US$ 27.4mn (INR 1464mn), and sponsor equity of US$ 11.7mn (INR 627.4mn). The term loan had a moratorium of 6-months and a repayment schedule of 49 quarterly installments.    Construction was expected to be completed by February 2013.
The  Brazilian company Livramento Holding  S.A., owned by the state-owned company Eletrosul Centrais Eletricas S.A. (49%), the investment fund Rio Bravo Energia I (41%), and Eletrosul pension fund (10%),  was granted the authorizations to build five wind power plants located in the state of Rio Grande do Sul (78 MW in total capacity ). The 35-year contracts were signed with the regulatory agency ANEEL starting in February  2012. The sponsors created the following special purpose companies to manage the projects:  Eolica Cerro Chato IV S.A. - EOL Cerro Chato IV (10 MW) Eolica Cerro Chato V S.A. - EOL Cerro Chato V  (12 MW) Eolica Cerro Chato VI S.A. - EOL Cerro Chato VI (24 MW)  Eolica Ibirapuita S.A. - EOL Ibirapuita (24 MW) Eolica Cerro dos Trindade S.A. - EOL Cerro dos Trindade (8 MW)  In August  2011, all wind power plants took part in the same competitive bidding process to sell electricity to the regulated wholesale market starting in 2014 (20-year power purchase agreements were signed guaranteeing the sale of electricity to the national grid). The average tariff offered in the bidding process by the power plants was US$ 49/MWh (BRL 96.84/MWh).  The total investment in the project was estimated at US$ 208.6 million (BRL 412 million).   As of October 2012, construction works were underway. The EPC contract was signed with the Argentine company IMPSA, the Portuguese Efacec and the Brazilian Iccila. Commercial operation were  estimated to commence in March 2014.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company is not subject to sectoral taxes.  In January 2012, the sponsors applied for carbon credits.  In November 2012, the state-owned bank BNDES approved the following loans to the project companies:  Eolica Cerro Chato IV S.A. - US$ 11.5 million (BRL 22.4 million) Eolica Cerro Chato V S.A. - US$ 13.8 million (BRL 27 million) Eolica Cerro Chato VI S.A. - US$ 30.5 million (BRL 59.5 million) Eolica Ibirapuita S.A. - US$ 30.6 million (BRL 59.7 million) Eolica Cerro dos Trindade S.A. - US$ 9.7 million (BRL 19 million)  Commercial operations commenced in early 2014.
The project entails the construction of a 12 MW WtE plant in Pizhou, Jiangsu Province. Total investment stands at RMB 330 million or $ 48.93 million. Sponsor of the project is China Everbright. The facility will be undertaken under BOT concession with a contract period of 30 years. The project benefitted from a RMB 20 million subsidy under the “2014 Central Budgetary Investment Plan”, which is jointly organised by the National Development and Reform Commission, the Ministry of Finance and other national ministries. Financial close took place in March 2012.
Foundation Wind (Fauji Foundation), in 2011 still called Beacon Energy Ltd., was planning the development of the 50MW Wind Farm in Kuttikun, Sindh Province, Pakistan. Islamic Infrastructure Fund (from ADB) also holds 35% in the project.  The project had been awarded land by the government of Pakistan for the 50MW project. The EPC contract (date certain, lump-sum, fixed-price) was awarded to Descon and Nordex, supplying its Nacelle N100/2.5 HCV turbines (40x). The project was connected to the grid via a 132kV transmission line, not included in the project but developed by the National Transmission and Dispatch Company (NTDC), grid operator. The project was developed under a BOO contract, with a 20 year PPA with NTDC, guaranteed by the central government. The electricity tariff bears the interest rate risk and currency exchange risk, via the islamic financing. The tariff allows for a guaranteed return of 17%. The central government provides a wind risk guarantee. In December 2011 it was reported by NEPRA that the tariff awarded by the NEPRA to Green Power was $10.2852 per kWh, after three review sessions.  Total project cost for Kuttikun 1 and 2 (50MW + 50MW) was US$ 270 million. Financing was provided by National Bank of Pakistan (MLA), Faysal Bank, United Bank, Allied Bank of Pakistan, and Meezan Bank, as well as the Islamic Development Bank. Financial adviser to the sponsors were Meezan Bank and Bridgefactor. Legal advisor to the sponsor was Orr Dignam & Company. Legal advisor to the lenders were Shearman & Sterling, as well as Haidermota & Company. The total debt was US$ 204 million. The equity was US$ 66 million. The debt/equity ratio was 76/24.  The tranches were divided as follows: Islamic financing: Ijarah and Musharaka (@295 bp)  Tranche 1: Musharaka, Rupee denominated.  The Musharaka tranche was lead-arranged by National Bank of Pakistan, and followed by United Bank, Allied Bank and Meezan Bank. The tranche was around US$68 million, but exact amount not available.   Tranche 2: Ijarah, USD denominated Islamic Development Bank provides literal working capital, over which the project pays "rent" equal to principal plus interest. The tranche is covered by an ADB partial risk guarantee covering non-payment to IDB towards 50% of the amount for a period of 12 years.
As of 2012, the Thai Solar Energy Co was invested to build, own and operate 2 concentrating solar thermal plants with a projected completion date by 2014.  Equipment supply had been selected for 5 MW TSE 1 and 9 MW TSE 2 projects to be located in Kanchanaburi and  Supahnburi provinces.  Thai Solar Energy was 53% owned by PM Energy and 25% by Wave Entertainment, with other investors holding 22% of the equity.    The projects would sell power to the local state utility under a 10 year PPA with the Very Small Power Producer (VSPP) program, whereby an USD 0.26/kWh "Adder" is applied to the price of power.  Total project cost for the the two facilities was approximately THB 940 million (USD 30 Million), and THB 1.3 billion (USD 42 million) for TSE 2.  Project comissioning was planned for the end of 2012.
The Brazilian company Sao  Sebastiao Empreeendimentos S.A. was granted the authorization to build a small hydro power plant (PCH Sao Sebastiao) located in the state of Santa Catarina (9.9  MW in total capacity). The 30-year contract was signed with the regulatory agency ANEEL in March 2011.   Sao Sebastiao Empreeendimentos  committed to invest US$  24.1 million (BRL 47.63 million) in the construction of the Sao Sebastiao power plant.  In August  2010, the power plant took part in the competitive bidding process to sell electricity to the regulated wholesale market starting in 2013 (20-year power purchase agreement was signed guaranteeing the sale of electricity to the national grid). The tariff offered in the bidding process by the power plant was US$ 67.5/MWh (BRL 133.25/MWh).  As of October 2012, the construction works were underway, and operations were expected to commence in 2013.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.  In September 2010, the company applied for carbon credits.
In November 2012, construction of the phase one of the 2GW PV solar power plant sponsored by a local private company Hanergy Group commenced in Xinhe County, Xinjiang Uygur Autonomous Region. The capacity of the project was 20MW. The total investment was US$ 42.15 million (RMB 266.0854 million) and Hanergy Group had a 100% stake in the project. The plant was completed and put into operation in November 2013. Hanergy Group would operate the PV plant for 25 years till 2038.
Sinohydro was planning the development of the 126 MW Nam Kan 2 and the 47 MW Nam Khan 3 hydropower plants, and a 230kV Hin Heup to Luangprabang Transmission Line Project of 164 kilometer.  The MOU was signed October 2006 and expired April 2008. In August 2009 Sinohydro and EDL signed a contract to build the two plants. Nam Khan 2 was expected to generate 556 million kWh annually, and Nam Khan 3 222 million kWh annually. The contracts for the three projects were signed between Sinohydro and EDL on August 11th 2009. On February 9th 2012 another MOU was signed between Sinohydro and EDL regarding the Nam Khan 3 project. Nam Khan 3 capacity was reported as 60 MW, producing 241 million kWh annually and commissioning was expected for 2016, after 3.5 years of construction. Construction for the Nam Khan 2 started in December 2011. The generated electricity was to be sold to EDL.   Expected investment costs were $559 million, of which $129 million was for the transmission line and $430 million for the two hydropower plants. Nam Khan 2 was valued at KIP 2.4 trillion ($308 million), of which 95% was financed via a loan from Exim Bank of China (tenor of 15 years) - the remainder was financed by EDL (5%). In February 2012, it was announced that the Lao government was to invest 1 trillion kip ($127 million) in the project via a low interest loan from Exim Bank of China. EDL was to hold 15% of the shares.
On September 11, 2010,the Chidambaranar Port Trust (CPT - formerly Tuticorin Port Trust) signed a 30 year concession (including a construction period of 18 months) with ABG-LDA Bulk Handling Private Limited for development of North Cargo Berth-II for handling coal and other bulk cargoes at Chidambarnar Port in the state of Tamilnadu. ABG-LDA Bulk Handling was a joint venture between ABG Infralogistics Ltd (51%) and French shipping company Louis Dreyfus Armateurs SA (49%) for handling dry bulk cargo at ports. The terminal would be capable of handling up to 7 million tons of coal cargo per annum and unloading 40000 tons of coal per day from Panamax ships.  Under the concession, ABG-LDA was responsible for design, finance, construction,operation, maintenance and marketing of the coal terminal. Chidambaranar Port would provide supporting facilities like dredging of channel and berth,and back-up area.Upon completion of this project, the port would have a capacity to handle 7 million Tons of coal and other bulk cargo. The major components of the development of the Terminal included-Construction of a 306-m long berth to accommodate Panamax vessels (75,000DWT, 60,000 tonnes parcel load) having LOA of 245 m, beam 35.5m and draft of 10.7m; Cranes to unload bulk cargoes from the ships and conveyor system to convey the material to the stack yards located in Hare Island, about 3 kms away; Front End Loaders for loading of stacked bulk cargoes on to trucks for evacuation from the Port. The evacuation would be mainly through trucks; Developing Stack Yard over an area of 12.6ha of land.The Stack Yard would also be provided with parking area for trucks waiting for loading. The project facilities would be equipped with modern state–of-the-art mechanized systems and pollution control devices.   ABG-LDA Bulk Handling Private Limited established Tuticorin Coal Terminal Private Limited (TCTPL),a Special Purpose Vehicle (SPV), to implement the project.The SPV won the tender through an international competitive bidding by quoting the highest revenue share to the Chidambaranar Port Trust of 52.17% during the concession period of 30 years.Six bidders had been short-listed, including the ABG-LDA, Sical Logistics,Vedanta Resources, Mundra Port. Since the project was located at a classified "Major Port" (Tuticorin Port), it was subject to tariffs regulated by the Tariff Authority of Major Ports (TAMP).These ports do not have the flexibility to determine certain charges and dues that are payable by vessels as TAMP had the authority to fix charges for pilotage, mooring and other services rendered to vessels. TCTPL was permitted to recover tariff from the users of the project facilities and services in accordance with the tariff notification set out by TAMP. Further, TCTPL would collect all cesses and charges from the users of the project facilities and services, as may be directed by CPT.  The concession was signed on 11th September 2010.The project attained financial closure on 7th June 2012 with a debt equity ratio of 64:36. The estimated capital cost of the project was US$ 96.4mn (INR 5150mn @53.4 INR/USD). Financing comprised a US$ 61.4mn (INR 3280mn) 14-year term loan, and US$ 35.0mn (INR 1870mn) sponsor Equity. Kotak Mahindra Investment Bank was the mandated lead arranger. The participating banks in the term loan were Bank of India (INR 910mn),Bajaj Finance Ltd(360m),Export-Import Bank of India (310m), India Infrastructure Finance Co Ltd (360m), Indian Bank (440mn),Indian Overseas Bank (440mn), Oriental Bank of Commerce (460mn).  Construction on the project was expected to begin on 1st March 2012 (the Appointed Date for the Concession) and receive its first cargo in September 2014.
United Energy Group Ltd (HKG: 0476), a Chinese oil and gas firm, was developing wind farms totalling 500MW in Pakistan.   The project developer received government permission in May 2012 for the 500MW program. Land use rights have been obtained for the first 150MW. The LOI is obtained for the second 350MW as well as for the first 150MW. The remaining rights are expected in August 2012. United Energy Group purchased USD750 million worth of oil and gas assets in Pakistan from BP (LON:BP) in 2011, and intends to poor US$3 billion in wind and solar projects. The projects were to be located close to the oil fields.  Total project cost was estimated at US$ 3 billion. The firm holds a US$5,000 million credit line with China Development Bank Corporation. As part of the financing plan, the firm considers issuing bonds.
Gnatkiv Solar, a subsidiary of Rengy Development, was planning the development oif the 5.0MW Gnatkiv solar plant, Gnatkiv Village, Tomashpil District, Vinnitsa region. Annual output was expected to be 5.7GWh.   Construction commenced in March 2013 and was expected to be completed in June 2013. Tariff was UAH 4.8 (US$0.58), but this was lowered to UAH 3.5 (US$0.43) in 2012. Tariff was guaranteed in EURO, but paid in UAH.  No further information was available.
The Alba Rivas wind farm was a proposed 39.6 MW facility to be located in Hacianda la Fe, Rivas, Nicaragua.  The project was sponsored by Albainsa, a company backed by funds from Venezuala, but listed in Nicaragua as a private entity.  In june, 2012, the project signed an equipment supply agreement with Vestas for 22 turbines.    Expected commsioning was for the second quarter of 2013.
On 28th July 2011, Madhya Pradesh Road Development Corporation (MPRDC) signed a 30-year concession (including construction period of 2 years) with a consortium of S&P Infrastructure Developers Private Limited and BLA Infrastructure Private Limited for the strengthening, improvement, two-laning, operation and maintenance, and tolling of 69.379kms of Rau Mhow Jamghat Mandleshwar section of State Highway-38 from km 14/780 (old NH3) to km 0/000, in the state of Madhya Pradesh.  Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance,strengthening and widening the existing carriageway to 2-lane road The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections,interchanges, drains, etc.The expansion project, part of the MPRDC Highway Development Program, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  The consortium of S&P Infrastructure Developers Private Limited and BLA Infrastructure Private Limited, established M/s Mhow Agroh Pathways Private Limited, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by MPRDC, by requesting for the lowest upfront subsidy (viability gap funding) of US$ 13.3mn (INR 663.3mn @50 INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The project attained financial closure on 18th June 2012. The grant/debt/equity ratio of the project was 24/50/26. The estimated capital cost of the project at the time of financial closure was US$ 55.1mn (INR 2754.8mn @50 INR/USD). Apart from viability gap funding (grant) of INR 663.3mn (Central Government - INR 352.1mn, and Govt of Madhya Pradesh - INR 311.2mn), financing comprised a 15-year term loan of US$ 27.7mn (INR 1387.3mn) and sponsor equity of US$ 14.1mn (INR 704.2mn).The term loan had a grace period of 2 years and a repayment schedule of 156 monthly installments. The debt was arranged by Dena Bank.   The Appointed Date of the project had not been notified as 90 percent land was not available. It had been informed that 80 percent of the total land requirement was available. However, additional land pertained to forest area and Ghat portion for which the process was underway. Construction works on Mhow bypass had commenced at the time of collection of this information and completion was scheduled in 2 years from the Appointed Date.
On 28th July 2011, Madhya Pradesh Road Development Corporation (MPRDC) signed a 30-year concession (including construction period of 2 years) with a consortium of Prakash Asphaltings & Toll Highways (India) Limited and Agroh Infrastructure Developers Private Limited for the strengthening, improvement, two-laning,operation and maintenance, and tolling of 131.95kms of Khandwa-Dehtalai-Burhanpur section of State Highway-50 from km 0/500 (at Khandwa) to km 4.730 (at Burhanpur), in the state of Madhya Pradesh.  Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance,strengthening and widening the existing carriageway to 2-lane road The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections,interchanges, drains, etc.The expansion project, part of the MPRDC Highway Development Program, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  The consortium of Prakash Asphaltings & Toll Highways (India) Limited and Agroh Infrastructure Developers Private Limited, established Khandwa Agroh Pathways Private Limited on 6th January 2012, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by MPRDC, by requesting for the lowest upfront subsidy (viablity gap funding) of US$ 13.3mn (INR 663.6mn @50 INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The project attained financial closure on 20th April 2012. The grant/debt/equity ratio of the project was 26/52/22. The estimated capital cost of the project at the time of financial closure was US$ 59mn (INR 2952.2mn @50 INR/USD). Apart from viability gap funding (grant) of INR 663.6mn (Central Government - INR 454.1mn, and Govt of Madhya Pradesh - INR 209.5mn), financing comprised of 15-year term loan of US$ 30.5mn (INR 1524.2mn) and sponsor equity of US$ 15.3mn (INR 764.4mn).The term loan had a grace period of 2 years and a repayment schedule of 156 monthly installments. The debt was arranged by Dena Bank.   Construction on the project began in April 2012 (Appointed Date) and was expected to be completed by April 2014. 90% of total land requirement had been completed at the time of collection of this information.
On December 19, 2008 the Government of Albania signed an agreement with the 50-50 Austrian-Norwegian joint venture consisting of the Austrian regional power producer and distributor EVN AG and the Norwegian renewable energy company Statkraft AS to build and operate three Albanian power plants on the Devoli River in the south of Albania.  EVN was awarded a 35-year build-operate-transfer concession for the projects by the Albanian government in January 2008 after winning an international tender for the rights to exploit the river's hydropower resources and its tributaries. Albania opened a tender for granting a BOT concession in July, 2007. Other bidders included the Turkish steel group Kurum Holding in a consortium with Iceland-based electricity company Landsvirkjun.  EVN and Statkraft, each would have a 50% stake in Devoll Hydropower Holding, a special-purpose vehicle established to carry out the concession to build, operate, and transfer the HPPs.  The HPPs on the Devoll River would be constructed over a period of eight years at a cost estimated at 950 million euro (US$1.37 billion) and would have a total generating capacity of 340MW. The three HPPs include completion of construction of a partially built facility in Banja, as well as new plants at Lozhane-Grabove and Skanderbegas.  At that time, the hydropower concession for the Devoll River was the second to be signed by Albania with an international partner and the second for EVN. In September 2008, the Austrian utility in partnership with compatriots Verbund signed a 35-year concession agreement with Albania's Minister of Economy, Trade and Energy to build and operate the 48-MW Ashta hydropower plant on the Drin River in northern Albania.  In December 2012, the project received an infrastructure permit for the construction of three plants from Albania's National Zoning Council, for the $1.06 billion 319MW project. Mott MacDonald (UK) and Coyne et Bellier (FR) were appointed as engineering consultants.
The company SPE Salto Goes Energia S.A., a wholly-owned subsidiary of CPFL Energias Renovaveis S.A. (a partnership of the Brazilian companies CPFL Energia, 63.6%; and ERSA, 36.4%), was granted the authorization to build a small hydro power plant located in the state of Santa Catarina (20 MW in total capacity). The 30-year contract was signed with the regulatory agency ANEEL in August 2010.    Also in August 2010, PCH Salto Goes had taken part in a competitive bidding process to sell electricity to the regulated wholesale market. The company offered the winning bid of US$ 83.8/MWh (BRL 147.47/MWh), and a 30-year power purchase agreement was signed guaranteeing the sale of electricity to the national grid for , starting in 2013.  Salto Goes Energia committed to invest US$ 58.3 million (BRL 115.21 million) in the construction of the Salto Gooes power plant. In January 2012, SPE Salto Goes Energia S.A. was granted a loan from state-owned bank BNDES of US$ 43.1 million (BRL 85.21 million) to finance the construction works of Salto Goes power plant. As of November 2012, construction works were underway and commercial operations was estimated to commence in September 2013.   The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.  In 2011, the company applied for carbon credits.  Construction works were concluded in December 2012.
In May 2012, the National Highway Authority of India (NHAI) awarded a 27-year concession (including construction period of 910days) to Unity Infraprojects Limited for the strengthening, improvement, 4-laning, operation and maintenance, and tolling of 68kms of Punjab/ Haryana Border to Jind Section from km 239.000 to km 307.000 of NH-71,in the State of Haryana.  Under the contract, Unity Infra was responsible for the design, construction, finance, operation and maintenance and strengthening of the existing 2-lane carriageway to a 4-lane highway with paved shoulders. The scope included construction of 6-lanes, including construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, service roads, road intersections, interchanges, drains, etc. The expansion project, part of National Highway Development Project Phase-V would ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   Unity Infraprojects Limited established Jind Haryana Border Toll Road Private Limited, a special purpose vehicle, to implement the project. The SPV won the tender through competitive bidding, conducted by NHAI, by quoting the highest annual premium. The SPV would pay NHAI a sum of US$ 2.04mn (INR 102mn @50 INR/USD) in the first year of operations with 5% increase in each subsequent year (This amounted to an NPV payout of about US$ 31mn over the life of concession period at a discount rate of 10%). There were 40 pre-qualified bidders out of which 5 offered their final bids. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.   The concession agreement was signed on 1st June 2012. The project attained financial closure on 17th June 2013 at a debt/equity ratio of 66/34. The estimated project at the time of financial closure was US$ 87mn (INR 5100mn @58.6 INR/USD). Financing comprised a term loan of US$ 57.1mn (INR 3347.5mn) and sponsor equity of US$ 29.9mn (INR 1752.5mn). The lead arranger for the term loan was ILFS Financial Services and the lead loan provider was Central Bank of India.   Construction on the project was expected to begin after the financial closure but Appointed Date was not confirmed by NHAI at the time of collection of this information.
In August 2011, a local private company Wulian County Yangguang Thermal Power Company Limited signed an agreement with the Rizhao City North Economic Development Zone to build and operate a biomass cogeneration plant in Rizhao City, Shandong Province. The plant would have a capacity of 25MW and the total investment was US$ 68.12 million (RMB 430 million). Construction commenced in December 2011 and came into operation in December 2013. Wulian County Yangguang Thermal Power Company Limited had a 100% stake in the project. A project company Rizhao Fenghe Biomass Thermal Power Company Limited was set up to implement the project. The concessional period of the project was not released.
Kentor Gold (AXS:KGL), from Australia, was planning the development of a 20MW geothermal plant on the island of Savo, Solomon Islands. The development was to take place via its subsidiary, Kentor Energy Pty Ltd.   The developer had secured a 3 year license for geothermal power from the Government of Solomon Islands. Kentor had also signed a surface access agreement with the landowners of the identified sites. Feasibility studies are to be conducted in 2013. Construction and drilling is expected to take place in 2015. The output was expected to be supplied to the city of Honiara, currently consuming diesel-generated electricity.  No further information was available.
In October 2010, the 40 MW biomass plant in Phu Tho province received its investment license from the local authorities. Commissioning was expected in 2013, producing 331.5 GWh annually.   Construction was done by Vietnam High-Tech Renewable Biomass Energy JSC, in the town of Phong Chau, Phu Ninh district.  The sponsor was unknown.  Total cost was estimated at $59 million (VND 1.2 trillion).
Compagnie de Developpement des Energies Renouvelables (CODER) was planning the development of the 42MW Imperatrice Hydropower Plant, on the Ngounie River.   The company received a 30 year concession package on electricity generation from the Gabonese government in May 2010. Construction time was expected to be 30 months. The project aimed to supply the mines of Mabounie  (niobium) and Ndjole (manganese), some timber facilities in Moyen-Ogooue province, and the cities of Mouila and Mandji.  The United Bank for Africa Plc. (UBA), through its subsidiaries UBA Gabon and UBA Capital (Africa) was collaborating with CODER, but no financial close has been reported. The project was valued at $134 million.
ReNew Wind Power Private Limited entered into an agreement with Karnataka Government, to develop 50.4MW wind power project at Tadas in Haveri & Darwada district of Karnataka. The project would be executed by ReNew Wind Energy (Karnataka) Private Limited, a special purpose vehicle. The wind farm would involve the building of 63 Enercon E-53 make wind turbines of 800kW capacity each.The electricity generated from the project would be evacuated by Southern grid of India. Enercon India Limited would develop, construct, commission, operate and maintain the project at an all-inclusive price.    ReNew Wind Energy (Karnataka) Private Limited was expected to sell the power to Karnataka state electricity distribution company. The APPC (Average Power Purchase Cost) 10-year base feed-in tariff as per KERC (Karnataka State Regulator) tariff order, was US$ 0.069/Unit (INR 3.70 per unit @ 53.44INR/USD). The transmission charges would be paid by ReNew to the state transmission utility.   The project attained financial closure on 2nd November 2012 at a debt equity ratio of 75/25. The estimated project cost at the time of financial closure was US$ 57.7mn (INR 3081.6 @53.4 INR/USD). Financing comprised a 14-year term loan of US$ 43.3mn (INR 2311mn) and sponsor equity of US$ 14.4mn (INR 770.6mn).The term loan had a grace period of 9 months and a repayment schedule of 50 quarterly installments including a ballooning repayment structure.The loan was priced at 10.5%. The mandated arranger was Yes Bank and the participating banks were Corporation Bank,Indian Renewable Energy Development Agency Ltd.  The project started construction in April 2012 and as per company sources was commissioned in April 2013.
PetroGreen Energy Corporation (PGEC), a 100% subsidiary of PetroEnergy Resources Corporation (PSE:PERC), was planning the development of the 50MW Nabas Wind Farm, Nabas, Aklan. The acronyum for the project is NWPP.  The project received an Environmental Compliance Certificate (ECC) in June 2012, by the Department of Environmental And Natural Resources Region 6 (DENR-6). Commissioning was expected for 2014. The wind energy service contract was awarded to the project by the Philippine Department of Energy in 2009.   Technical viability was established by Cowi Inc, from Denmark in November 2011.
Fauji Foundation was planning the development a 50MW Wind Farms, Sindh Province. A subsidiary of Fauji Foundation, Fauji Fertilizer Company, closed an equipment supply contract with Nordex for another 50MW wind farm in 2010.  The equipment supply contract was awarded to Nordex, from Germany, in October 2011. Nordex would supply two times 20 turbines of the type N100/2500, of 2.5MW each. The project was to be completed by 2013. The EPC contract was awarded to Korea Southern Power Company (KOSPO).  Total project cost was estimated at $220 million.  In June 2012, it was reported that the project was financed by the company in cooperation with the Islamic Development Bank, under Islamic financing principles. The debt had a tenor of 12 years. The project reached financing together with a second wind farm. Total project cost for both plants was US$133 million. A consortium of local banks also participated: National Bank of Pakistan, Faysal Bank, United Bank Limited, Allied Bank, and Meezan Bank.
49.5MW wind farm located near Hongze Lake, Sihong County of Suqian City, Jiangsu Province, China and developed by China WindPower Group. Phase I of 200MW Sihong Wind Farm. Construction commenced in Dec 2011. The total investment is RMB 550 millioin (US$  million). It seems China WindPower has a 100% stake in the project. There is however no concrete evidence for the financial closing of the project. Phase 1 is planned to be operational by the end of 2012.
In June 2010, Consorcio Atlantico, a partnership of the Brazilian companies ARM TELECOMUNICACOES (40%), ARM ENERGIA (20%) and the Portuguese company CME - CONSTRUCAO (40%), was awarded in a competitive bidding process the contract to build and operate 79-km of transmission lines (Integradora Sossego - Xinguara) and two substations (Carajas and Xinguara) located in the state of Para. The transmission line was set to link the cities of Sossego and Xinguara.  Besides Consorcio Atlantico, three other companies took part in the contest: the Brazilian state-owned company Eletronorte; the Brazilian company FR Incorporadora Ltda; and the Brazilian company ATP Engenharia Ltda.  The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. Consorcio Atlantico presented the lowest offer, a total value of US$ 3.6 million (BRL 6.42 million), 16.84% below the ceiling set by the regulatory agency. The contract was signed in December 2010, and the sponsors created the company Atlantico - Concessionaria de Transmissao de Energia do Brasil S.A. to lead the project during the 30-year contract period.   In June 2011, CME - Construcao acquired the shares of ARM Telecomunicacoes and ARM Energia in the project company.  The sponsor committed to invest US$  35.1 million (BRL  68.5 million) in the transmission line. In December 2012, the sponsor was granted a US$ 21.7 million (BRL 42.3 million) loan from state-owned bank BNDES. The remaining cost was set to be financed with the sponsors’ internal resources.  Enviromental clearence was awarded in December 2011. As of March 2013, construction works were underway. Operation was set to commence in May 2013.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures.
IC Ictas Enerji was planning the development of the 15.5 MW Kemercayir hydropower plant. Ictas Enerji was part of Ictas Holding and 51% owned by US-based AES Corporation.  Construction started in April 2010 and commissioning was expected early-2012. The Niksar plant was part of a broader investment plan expected to comprise 17 hydropower plants in Turkey, total capacity of 510 MW and a cost of $1,140 million. IC Ictas Construction was to be the EPC contractor for the project. The Turkish government opened up for tender concessions for 52 run-of river hydropower plants, between December 2009 February 2010. During the tenders, 615 bids were made and the deals were finalized in May/June 2010.  As of October 2011, details about the financial structures of the plants was not available.
In April 2012, Phillipine based-Anflo Management and Investment Corp. secured the financing for the development construction and operation of an eight-hectare container terminal with an average draft of 15.5m in Philippines.  Financing comprises a US$49.7 million (PHP2.1billion) credit facility arranged by BPI Capital and Sb Capital Investment. The debt providers were Bank of the Philippine Islands and Security Bank Corp.  DICT was intended to have two ship-to-store crane which can serve gearless vessels and modern container handling equipment and state-of the-art Terminal Operating Systems to ensure faster turn-around time.  Construction broke  ground in May 2012 and the container is expected to be operational by the end of 2013.
Construction of a biomass power plant commenced in Dec 2011 in De'an County, Jiujiang City, Jiangxi Province. The sponsor was a local private company Kaidi Electric Power which had a 100% stake in the project. The total investment was RMB 299.75 million (US$ 47.50 million) and the capacity of the power plant was 30MW. According to an article reporting the progress of construction, at least 25% of construction had been completed by Oct 2012. The concession term of the project was not reported. The agreement was signed with the De'an County Government.
On 10th May 2012, Madhya Pradesh Paschim Kshetra Vidyut Vitaran Company Limited (MPPKVVCL) and Essel Group consortium (Smart Wireless Private Limited as Lead member, and Pan India Network Limited, Pan India Infrastructures Private Limited - all Essel Group Companies)signed a Distribution Franchisee Agreement for Ujjain city in the state of Madhya Pradesh(MP). Essel Group would distribute power in Ujjain city for the next 15 years. In this area, the Company would distribute power as an agent of the present distribution licensee - Madhya Pradesh Paschim Kshetra Vidyut Vitaran Company Limited (MPPKVVCL). There were about 515,000 people (101,000 registered power consumers among these) in the city spread over 92.68 sq. kms. with an estimated demand of about 104MW with annual power consumption of about 388.69 MUs.   Essel group consortium established Essel Vidyut Viataran (Ujjain) Private Limited (EVVUPL), a special purpose vehicle, to execute this distribution franchise. The primary obligation of the Distribution Franchise (EVVUPL) included - (a) undertaking the distribution and supply of power to the consumers of MPPKVVCL in the designated Distribution Franchise Area, (b) undertaking reading of meters, generating of bills, payment collection, as per the retail tariff structure deterined by MPERC (State Power Regulator), (c) maintaining the existing distribution network and replacing failed distribution transformers and defective meters and other network infrastructure assets, (d) making payments to MPPKVVCL, (e) collection of MPPKVVCL's outstandinf arreats as their agent and remittance of the same.   The Essel Group consortium was selected through a competitive bidding process undertaken by MPPKVVCL on 7th March 2012. The bid variable was the highest price at which power was purchased from MPPKVVCL (Discom) for subsequent distribution in the franchise area. 10 companies including - Spanco, Monte Carlo, Dainik Bhaskar Power, A2Z, ACME, PNC Infratech,CESC, GTL, and Shyam Indus, had submitted bids out of which only 9 qualified. Essel won the bid by quoting the highest purchase price - Levelized Input Rate (LIP) of INR 3.781 per unit. Minimum LIP was Rs. 2.390/unit among all quoted LIPs. The 2nd ranker in the bid was GTL at INR 3.558. Four out of Nine companies has given the price bid in the range of 2.95 - 3.35 Rs./unit. Two bidded higher  and 3 bidded lower than this range. At the end of FY 2010-11, AT&C losses, (which included line loses, theft as well as non-billing) were to the tune of 38.71%. As per the DF agreement, EVVUPL needed to bring down power losses to 15 % by the end of FY2013-14.  EVVUPL would purchase power from the MPPVVCL and would distribute it to consumers on the rates approved by the MP Electricity Regulatory Commission. Franchisee would remit a pre-determined share of the revenue collection at regular intervals to the Licensee, as per the Distribution Franchisee Agreement. EVVUPL was mandated to invest USD 11.9mn (INR 700 mn @58.6 INR/USD) in Ujjain for infrastructure upgrade to reduce T&D losses and improve collections.   The project achieved financial closure on 25th November 2013 at a debt/equity ratio of 64/36.The estimated project cost at the time of financial closure was USD 18.8mn (INR 1100mn @58.6 USD/INR). Financing comprised a 13-year term loan of USD 12.1mn (INR 710mn), and sponsor equity of USD 6.6mn (INR 390mn). State Bank of India was the sole arranger for the term loan. Financing also comprised a INR 190mn 1-year fund based working capital facility, a INR530m 1-year non-fund based working capital facility.   EVVUPL commenced distribution franchisee operations in Ujjain in Decemeber 2012.
In Aug 2012, a local private company Anhui Guozhen Environmental Protection Science & Technology Co. Ltd. signed a 30 year concession agreement to operate a wastewater treatment plant with the Funing County Government in Funing County, Yunnan Province. Anhui Guozhen won the bid with a price of RMB 13.018 million (US$ 2.06 million). The total capacity of the plant was 10,000 cubic meters per day. Anhui Guozhen had a 100% stake in the project.
In November 2011, the National Highway Authority of India (NHAI) awarded a 30 year concession (including construction period of 910 days) to Ramky Infrastructure Limited for the strengthening, improvement, six-laning, operation and maintenance and tolling of 124.5kms of Agra–Etawah Bypass section of NH-2 from KM 199.660 to KM 323.525 in the state of Uttar Pradesh.  Under the contract, Ramky was responsible for the design, construction, finance, operation and maintenance of a 6-lane highway with paved shoulders. The scope would include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc.The bypass project, part of National Highway Development Project Phase - V, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.This stretch of Agra-Etawah was a part of Golden Quadrilateral (GQ) on NH2. The Delhi-Kolkata (NH2) link passes through UP which was to be widened.  Ramky Infrastructure Limited established Agra Etawah Tollways Limited (AETL) on 8th December 2011, a special purpose vehicle, to implement the project. The SPV won the tender through competitive bidding, conducted by NHAI, by quoting the highest premium payment to NHAI. The SPV would pay NHAI a sum of of US$25.6mn (INR 1280.7mn @50 INR/USD) in the first year of operations with 5% increase in each subsequent year (This amounted to an NPV payout of US$ 378.8mn over a concession period of 30 years at a discount rate of 10%).There were 33 prequalified bidders for this project, out of which 11 had finally bid for this project. The nearest competitor, Oriental Infra had quoted a premium of INR 1218.9mn. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.   The concession agreement was signed on 19th January 2012.The project attained financial closure on 29th December 2012. The debt/equity ratio of the project could not be ascertained as the project cost at the time of financial closure could not be obtained. The estimated capital cost of the project at the time of bidding was US$ 241.4 (INR 12070mn @50 INR/USD) million. Ramky reported debt financing of  US$ 245mn (INR 12250mn) term loan. The lead arranger was Oriental Bank of Commerce and other participating banks were Union Bank of India,Bank of India, Central Bank of India, India Infrastructure Finance Co Ltd,State Bank of Patiala, and Axis Bank.    Construction on the project began in December 2012 and was expected to be completed by June 2015.  However Ramky had backed out of the project citing lack of statutary environmental and wildlife clearances, which was affecting the viability of the project under the severe economic downturn and the associated upfront premium payment to NHAI. Ramky failed to deposit the 1% bank guarantee and start the work. Finally NHAI had terminated the Concession in August 2013.
Lucky Energy Pvt. Ltd., subsidiary of Yunus Brothers, was planning the development of the 50MW Wind Farm in Jhampir, Sindh Province, Pakistan.  The project had been awarded land by the government of Pakistan for the 50MW project. The feasibility study had been submitted, but no generation license had been awarded by NEPRA. No tariff had been set.  No further information was available. The Financial Closure date is an estimate. CEO of Alternate Energy Development Board Announced in January 2012 that the Lucky Cement wind farm had reached financial closure, but no other evidence was available.  Total investment is an estimate based on regional average cost per MW (1.4 million per MW), US$70 million.
DTEK developed the 200MW Botievo wind farm, Zaporizhzhya Region. The project was to be developed in two phases, the first phase of consisted of 30 turbines totaling 90MW. The second phase consisting of 100MW.   Commissioning of the second phase was expected for 2014. The first phase was expected to be fully connected to the grid by late-2013. The wind turbines are supplied by Vestas, 30 turbines of the V112 type (3.0MW each). The firm's german subsidiary Vestas Deutschland is also in charge of constructing the wind farm. The project received a feed-in tariff of 0.1131 EUR/kWh, paid in domestic currency but pegged to the EURO. The tariff was guaranteed by law until 2030, for projects commissioning before 2014.   Total project cost was estimated at EUR350 (US$458 million). Financial closure was unavailable.
Lesedi Power Company was created to build, own and operate a 75 MW solar PV facility to be located in Humansrus, South Africa.  The project company was the fruit of a joint venture between the US-based solar developer SolarReserve, and the South African companies the Kensani Group and Intikon Energy. Oakleaf Investments was also reported as participating in the consortium.   The project was awarded in a tender administered by the Department of Energy where a critical factor in the decision was the projected price of power.  Contractual negotiations on the PPA and financing were to be completed by June 2012. The tender was open to all technologies, 53 bids were submitted of which 28 made it to preferred bidder status. These 28 project account for a total of 1,416MW if all are implemented. The EIA was passed (as was required for all bidders). The PPA would be for 20 years with the South African state utility Eskom.  Total project cost was estimated at USD 300 million, with comissioning expected for 2014.   In November 2012 the project reached financial close.  Final total project cost was USD 294 million, with 210 million in debt financing.  Debt tenors averaged 19 years and were priced at between 200-300 bps over JIBAR.  The sponsors of the project injected USD 74 million, with 12 million in subordinated debt.  Rand Merchant Bank, Old Mutual Asset Managers and the Development Bank of South Africa provided the senior and subordinated debt tranches.
In December 2012, Italian power developer ENEL reported the operational status of two wind projects, Bii Nee Stipa II (74 MW) & III (70 MW).  Contrctual details on how the projects would sell power were not released and also financing details were thin.  However it was stated that it was likely the projects were financed mainly on the corporate balance sheet of ENEL, with the investment stated by Enel as approximately USD 160 million per project.    In addition, Bee Nee II was 50% financed by a loand from the IDB of USD 76 million.  The projects were announced on the Enel website in December 2012, however financial close has been recorded here as the same date as the IDB loan closing; August, 2012.
The Marena Wind Farm was a 396 MW WPP to be located in Oaxaca, Mexico.  As of November 2011, the project was expected to consist of 132 Vestas 3 MW turbines.  The sponsors of the project were two subsidiaries of Australian firm Macquarie - Macquarie Asset Finance Limited and Macquarie Mexican Infrastructure Fund - and the Mexican brewing and bottling company Fomento Economico Mexicano (FEMSA).      The project was to be a 100% captive facility and would operate under the autobastecimiento model, whereby the project's output was contracted for sale to subsidiaries of FEMSA and Heineken under 20-year power purchase agreements.    The total project cost was estimated as MXN 14 billion (USD 1.06 billion).  In December 2011, the IADB agreed to provide loans of up to MXN 750 million (USD 72 million) to partially finance the project.  In addition, 2 EIAs associated with the project were approved in 2009, with expected commissioning for 2013.    Update: On February 24, 2012, Macquarie announced a project financing of the Marena wind farm with a package of loans of USD 690 million.  The loan package included loans from Banorte, Credit Agricole, ISBC,SantanderBBVA, Bancomer in addition to development banks - IADB, Banco Nacional de Obras (Banobras) and Nasional Financiera.  EKF agreed to guarantee a portion of the loan.
In December 2011, the consortium I Quadrado, a partnership of the Mexican company Pinfra, the Spanish group Azvi and the Mexican companies Infraestructura Institucional FI and Sociedad Michoacana de Constructores (each with a 25% stake), won in a competitive bidding the right to expand, rehabilitate and operate the 362 km of highways Libramientos de Morelia and Uruapan and the highway Patzcuaro - Uruapan - Lazaro Cárdenas located in Mexico (state of Michoacan). The project was also known as Autopista del Siglo XXI.  The bidding criteria was the highest price paid for the right to develop the project. Besides I Quadrado, no other company presented offers. The winning bid was US$ 58.9 million (Pesos 752 million). The sponsor created the company Operadora de Autopistas de Michoacan  S.A. de C.V. to lead the project.  The 30-year concession contract was signed in March 2012. The investment was estimated at US$ 861.7 million (Pesos 11000 million) over the life of the project. Operations commenced in April 2012.
Parque Eolico C.E. Arriaga, a partnership of the Mexican groups Salinas and Dragon announced the development of a 28.8-MW wind park locate at Arriaga, state of Chiapas. Electricity produced by the power plant was set to be sold to the state of Chiapas, under a 20-year agreement approved in September 2012.  The construction of the power facility demanded an investment of US$ 83.5 million. Commercial operations commenced in March 2012.
IRM Solar Sdn Bhd, a subsidiary of IRM Group Bhd, was developing the 5 MW solar plant in Padang Besar.  The developer was granted Feed-in Tariff approval by the Sustainable Energy Development Board (SEDA) for the project, reported in March 2012. The FiT was to commence in April 2013, for a period of 21 years. The developer was expected to supply the output to Tenaga Nasional Bhd via a PPA with the utility and SEDA. The FiT was part of the GoM initiative under the Renewable Energy Act. Commissioning was expected for 2013.  No further information was available.
On 1st August 2011, the Uttar Pradesh State Highway Authority (UPSHA) signed a 25 year concession (including construction period of 30 months) with a consortium of SEW Infrastructure Limited and Prasad & Company Limited for the the strengthening,improvement, 4-laning, operation and maintenance, and tolling  four laning of 206kms of Delhi- Saharanpur-Yamunotri section upto Uttarakhand Border from 10.91 km to 217.00 km on SH-57 in the State of Uttar Pradesh.  Under the contract, Gammon was responsible for the design, construction, finance, operation and maintenance and widening of the existing carriageway to a 4-lane highway with paved shoulders. The scope would include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc. The expansion project, part of UP State Highway Development Program would ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   The consortium of  SEW Infrastructure Limited (70%) & Prasad & Company Limited (30%), established SEW LSY Highway Limited in July 2011, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by UPSHA by requesting for the lowest viability gap funding (upfront subsidy) of US$ 68mn (INR 3400mn). The SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. SEW Infrastructure Ltd was the EPC contractor of the project.   The concession agreement was signed on 1st August 2011. The project attained financial closure on 17th March 2012. The grant/debt/equity ratio of the project was 12/61/26. The estimated capital cost of the project at the time of financial closure was US$ 553.3 (INR 27664.8mn @ 50 INR/USD) million. Apart from the VGF grant of INR 3400mn from GoI, the financing comprised a 14-year 9-month term loan of US$ 340mn (INR 17000mn) and sponsor equity of US$ 145.4mn (INR 7264.8mn). The 17000mn term loan had a grace period of 6 months and repayment schedule of 46 quarterly installments. The term loan was priced at PNB Base Rate plus 1.75% (Floating). The debt was arranged by SBI Capital Markets Limited.The participating banks were Punjab National Bank(3000mn), ICICI Bank Ltd(2700mn), India Infrastructure Finance Co Ltd(2400mn), Corporation Bank(1400mn), Union Bank of India(1150mn), Indian Overseas Bank (900mn), Oriental Bank of Commerce(900mn), Dena Bank Ltd(700mn), State Bank of Hyderabad(450mn), State Bank of Mysore(450mn), State Bank of Patiala(450mn), Vijaya Bank(700mn), Central Bank of India(900mn), Punjab & Sind Bank (900mn).  Construction on the project began in April 2012 and was expected to be completed by September 2014. Over 90 per cent of the land required for the construction of the road project had already been made available by UPSHA.
FTJ Bio Power Sdn Bhd was created to build, own and operate a 10 MW empty fruit bunch biomass power plant to be located at Jenka, Pahang, Malaysia.  The project company was a joint venture between between Felda Palm Industries Sdn Bhd and Tenaga Nasional Bhd (TNB), with respective 60% and 40% equity stakes. The project is built on 4.2 hectares of land.     In October 2011, TNB signed a Power Purchase Agreement with FTJ Bio Power Sdn Bhd under the Small Renewable Energy Power (SREP) Programme.  SREP allows renewable projects of up to 10 MW to sell their output to the utility, under 21-year licence agreements (tariff: 30 'sen'/kWh). Any renewable energy plant (including biomass, biogas, municipal waste, solar, mini-hydropower and wind) may apply to sell energy to the grid on a "willing seller and willing buyer" basis. The project was expected to be operational by December 2012.  Estimated project cost was USD 36 million.  Exact details of the transaction were not publicly available.  Estimated commissioning was for December 2012. The project is reported as financial closure in December 2012, expected commissioning date.
Ayen Enerji was planning the development of the 70.8MW Gumushane hydropower plant, at Gumushane, Northeast Turkey. Ayen Enerji was owned by Aydiner Insaat.   Ayen Enerji received the rights to take over the licenses from state water authority DSI in March 2008. The project was commissioned in January 2012. In earlier notes, the plant was reported to be 48.8 MW, but at commissioning the project was 70.8MW. Concessions in Turkey are typically 49 years, but the exact length for this contract was unknown.  As of 2012, no further financial details were available. Total project cost was estimated at US$ 1.4 million, or US$ 99.1 million. Financial closure date was unknown but estimated at January 2012.
Soma Energy (Cambodia) was planning the devleopment of the 1.5MW biomass plant at the Hak Se mill, in the Kamphong Cham region.   The equipment supply contract was awarded to General Electric (USA), which expected to supply its VHP5904 Waukesha engines, fueled by rice husk. The gasification facility was to be developed by Ankur Scientific Energy Technologies PVt. The project holds a PPA, the first biomass-based power sales tariff.   No further information was available.
Exploitation Production and Construction Van Yen District JSC developed the 3.6MW Van Lang Bang small hydropower plant, Xuan Tam commune, Van Yen district. The project consisted of 2 turbines of 1.8MW each.  The output was sold to the grid via a 35kV transmission line. Commissioning was expected for May 2012, but no evidence was found (hence reported as under construction). The first project expenditures were made in February 2010. A stakeholder meeting was held in September 2010.  The project applied for UNFCCC CDM financing. Financial closure date was unavailable, but estimated at May 2012, expected commissioning date. Total cost was unknown, but estimated at US$3.6 million based on a conservative US$3.6 million per MW.  Location: 21o 54'25"N and 104o 32'13”E
The project involves the development of a solid waste management system for Haridwar town, including improved collection and transportation, treatment through composting and development of sanitary landfill. The 15-year BOT concession was awarded to KRL Waste Management Company Haridwar Private Limited on 22 October 2012. The total project cost amounts to $3.43 million, including a $3.09 million concession.
The Cerro del Aguila was a 510 MW large hydro facility finaced in august of 2012.  The principal project sponsor was Israel corporation, which held 75% of the project through it's subsidiary IC Power.  Quimpac, a Peruvian chemicals frim, held the remaining 25% of equity in the project.    The project had signed a 15 year PPA to sell power to the Peruvian state utility.    In august 2012, the project successfully closed a USD 585 million project financing package with leading international development/commercial and local public banks to finance the project.  Banco Interacional de Peru and Banco Credito de Peru noth provided USD 39 million packages.  The Dutch bank FMO provided a USD 45 million loan and included in the commercial debt were Canad'as Scotiabank and HSBC.  Tenors for the commercial debt were 12 years and public/development bank for 15 years.  The non-commercial debt was priced at roughly 500 bps over LIBOR.    Expected commisioning was for 2015.
In May 2012, a local private company Dayi Water signed a management agreement with the Dayi County Government to operate the Jinyuan Town Wastewater Treatment Plant and Huashuiwan Town Wastewater Treatment Plant in Dayi County, Sichuan Province. The former had a capacity of 20,000 tons per day and the latter had a capacity of 7000 tons per day. Dayi won the job through open bidding. The period of management for the plants was both 2 years, although it was initially set as 8 years in the first version of the call for bids document.
The Sipla Wind Farm was a 102.4MW project located at Jaisalmer District in the state of Rajasthan. Commissioning of the farm was expected in March 2012.  Powered by 128 Enercon Gearless E53 800kW wind turbines
The Argentine company 360 Energy agreed to develop the Chimbera Solar Park in the San Juan Province (departamento 25 de Mayo). The project envisaged the construction of three solar units: Chimbera I, Chimbera II and Chimbera III (with 2 MW, 3 MW and 5 MW in capacity, respectivelly). The equipment supplier for the Chimbera I power plant was the Norwegian company REC.   The sponsor signed a 15-year power purchase agreement to sell electricity to the national grid under the government program GENREN in 2009. The following special purpose companies were created to manage the power plants:  Chimbera I - Generacion Eolica S.A. Chimbera II - Generacion Solar San Juan S.A. Chimbera III - Nor Ardyl Solar S.A.  Operations of Chimbera I commenced in July 2013, and the sponsor invested US$ 10 million in the project. In 2012, the Argentine bank BICE had approved a US$ 8 million loan to finance the project.  The project applied for carbon credit in February 2012.
In April 2010, Consorcio Norte Brasil Energia, which was formed by state-owned CHESF (49,98%) and the Brazilian companies Queiroz Galvao (10,02%), Galvao Engenharia S.A. (3,75%), Mendes Junior Trading Engenharia S.A. (3,75%), Serveng-Civilsan S.A. (3,75%), J Malucelli Construtora de Obras S.A. (9.98%), Contern Construcoes e Comercio Ltda. (3,75%), Cetenco Engenharia S.A. (5%) and Grupo Bertin's subsidiary Gaia Energia e Participacoes S.A. (10,02%), was awarded in a competitive bidding process the contract to build and operate a 11.2 GW hydro power plant located in the Xingu River, state of Para. Besides Consorcio Norte Energia, another consortium of companies took part in the bidding contest: Consorcio  Belo Monte Energia, which was comprised by companies such as Andrade Gutierrez, Vale S.A., Furnas, Eletrosul, CBA and Neoenergia S.A.  The bidding criteria set by the regulatory agency ANEEL was the lowest tariff. Consorcio Norte Energia presented the lowest offer, a value of US$ 44.31/MWh (BRL 78/MWh), 6.02% below the ceiling set by the regulatory agency. The contract was signed in August 2010, and sponsors created the company Norte Energia S.A. to lead the project during the 35-year contract period.  The sponsor committed to invest US$ 14.8 billion (BRL 28.9 billion) in the power plant. The sponsors also agreed to pay US$ 10.17 million (BRL 16.6 million) per year to the government, starting when the construction works end.  In March 2011, the sponsor was granted a US$ 2.20 billion (BRL 3.6 billion) loan from BNDES. In June 2011, BNDES granted an additional loan of US$ 654 million (BRL 1.1 billion). The remaining cost was set to be financed with a project finance scheme coordinated by BNDES.   The project was expected to start operations in 2015. The company signed 30-year power-purchase agreements to sell the electricity to the state-owned electricity distribution company Cemig.  As of September 2011, construction works did not commence, and several non-government organizations were pressuring for the project to be cancelled because of environmental concerns.  As of October 2012, construction works had commenced (about 20% completed), despite the continuing pressures continued for the project to be cancelled.  In December 2012, BNDES approved an additional loan package to Norte Energia: US$ 5028 million (BRL 9815 million) in directed loand and US$ 5533 million (BRL 10800 million)in syndicated loans.
In November 2011, the National Highway Authority of India (NHAI) awarded a 25 year concession (including construction period of 910 days) to Ramky Infrastructure Limited for the strengthening, improvement, four-laning, operation and maintenance, and tolling of 124.5kms of Hospet-Chitradurga section of NH-13 from KM 299.000 to KM 418.600 in the state of Karnataka.  Under the contract, Ramky was responsible for the design, construction, finance, operation and maintenance and strengthening of the existing carriageway to a 4-lane highway with paved shoulders. The scope will include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc.The expansion project, part of National Highway Development Project Phase-III, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  Ramky Infrastructure Limited established Hospet Chitradurga Tollways Limited (HCTL), a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by quoting the highest upfront premium payment to NHAI of US$12.6mn (INR 630mn @50 INR/USD).There were 37 prequalified bidders for this project, out of which 14 had finally bid for this project. The nearest competitor, L&T IDPL had quoted a premium of INR 450mn. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement was signed on 19th January 2012. The project attained financial closure on 9th November 2012. The debt/equity ratio of the project was 75/25.  The estimated capital cost of the project at the time of financial closure was US$ 220.6 mn (INR 11028mn @50 INR/USD). The project was expected to be financed through debt financing of  US$ 166mn (INR 8300mn) and sponsor equity of US$ 54.6mn (INR 2728mn). The lead arranger was Axis Bank and other participating banks were IDBI Bank Ltd, Bank of India, India Infrastructure Finance Company Ltd, State Bank of Hyderabad, State Bank of Patiala, State Bank of Travancore, Central Bank of India and Oriental Bank of Commerce.  Construction on the project began in December 2012 and was expected to be completed by June 2015.  However Ramky had backed out of the project citing lack of viability of the project under the severe economic downturn and the associated upfront premium payment to NHAI. Although NHAI had agreed to defer premium payments (inspite of reported aggressive bids by developers) to help concessionaires to use cashflows from the initial few years for equity commitments for the project, Ramky failed to start the work. Finally NHAI had terminated the Concession in December 2013.
In March 2012, a local private company Shaanxi Huanghe Mining Group kicked off construction of the Longmen Highway project in Hancheng City, Shaanxi Province. Phase I of the project, a 12 km long section was completed in October 2013. The total investment on phase I was US$ 126.78 million (RMB 800 million). It had a 12 meter width. There were 2 tunnels and 14 bridges built along the highway.
The Brazilian company Rio Sirinhaem Energia Ltda, a partnership of the Brazilian companies Atiaia Energia S.A./Grupo Cornelio Brennand (70%) and Koblitz Energia Ltda (30%), was granted authorizations to build eight small hydro power plant located in the state of Pernambuco (24.62 MW in total capacity). The power plants were named:  PCH Pedra Furada (6,5 MW) PCH Cortes I (1,4 MW) PCH Cortes II (4,7 MW) PCH Cortes III (1,9 MW) PCH Cachoeira da Prata (1,05 MW) PCH Cachoeira da Onca (3,47 MW) PCH Cachoeira Alegre (1,6 MW) PCH Ilha das Flores (4 MW)  As of October 2012, all projects but PCH Pedra Furada had not been granted environmental licenses.  For PCH Pedra Furada, a special purpose company was created to manage the project: Pedra Furada Energia S.A. This company signed a 35-year contract with the regulatory agency ANEEL in January 2008 to build and operate the power plant.  For each of the other power plants, special purpose companies were created and the 30-year concession contracts were signed in March 2009.  In July 2007, PCH Pedra Furada had taken part in a competitive bidding process to sell electricity to the regulated wholesale market. The company presented the winning offer of US$ 69.2/MWh (BRL 134,97/MWh) and signed a 30-year power purchase agreement guaranteeing the sale of electricity to the national grid, starting in 2010. The company was not able to meet this deadline and commercial operations commenced only in March 2012.  Pedra Furada Energia committed to invest US$ 25.3 million (BRL 50 million) in the construction of the power plant.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
Energo-SAS developed the 8.6MW Sasaj small hydropower plant, in Saranda District, Southern Albania. Annual output was estimated at 38 GWh. Energo-SAS is a subsidiary of AGNA group. The project consisted of 2x 4,000kW. Energo-SAS was the project company, established in April 2006.  The project was commissioned in June 2012. The project was to be used for irrigation purposes during May/September and for generation purposes between October/May. The project was connected to the national grid via an existing 35kV transmission line, rehabilitated for the projects purpose. The project received the BOO concession in September 2003. The construction license was received in January 2009. The environmental license was received in August 2007. The generation license was received in November 2006. Construction was initially expected to be completed in September 2010. Commissioning was reported in June 2012. ERE issued Standard Basic PPA with Public Wholesale Supplier (KESH) for small HPPs.  Total project cost was EUR 8.5 million (US$10.6 million). Financing was provided by Raiffeisen Bank. Financial closure date was unavailable, estimated here is June 2012, commissioning date.
On February 2011, Marubeni (Japan, 100 %) a private Power Producer, was signed a Build Own and Operate agreement with Bangladesh Power Development Board (BPDB) for the construction and operation for a 20 years term of a 360 MW, combined cycle (natural gas) power plant at Haripur.   Under the BOO agreement, Marubeni was to supply 360 MW of energy to BPDB for a term of 20 years. The remainder of the energy was to be sold to the public.    Following the direct negotiation process, Marubeni was awarded to set up a 360 MW combined cycle   power plant at Haripur.  The total project cost was 370 US millions. The project reached financial closure in March 2012, when the loan from the Japan International Cooperation Agency was accorded.   The 370 US millions total cost of the project’s construction are supported by the Japenese ODA Loan FUNDED, from the Japanese government. The construction of the plant started on April 2012.
In September 2011, the Ministry of Road Transport & Highways, Government of India (MoRTH) awarded a 17-year concession (including construction period of 4.5years) to a consortium of IVRCL Infrastructure Limited and Sushee Infra Private Limited for the strengthening, improvement,two-laning,operation and maintenance of 311kms of Nechipu to Hoj section on NH229, from Tawang in Arunachal Pradesh to Bogibeel bridge in Assam, in the state of Arunachal Pradesh.  Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance,strengthening and widening the existing carriageway to 2-lane road. The scope would include construction of 52.60 km of realignments, 49 intersections, two major and 30 minor bridges and 1,707 culverts The expansion project, part of the Trans Arunachal Highway was a very important Highway which runs across the State of Arunachal Pradesh. The project road would improve the internal connectivity of western districts of Arunachal Pradesh with Itanagar, namely Seppa, Bomdila, and foster socio-economic development of the whole of the State. Apart from this, the road would help in hydro power projects coming up in Arunachal Pradesh. The road would also greatly facilitate the security/ defense agencies to combat anti-national activities and threat on border areas.  The consortium of IVRCL Infrastructure Limited (26%) and Sushee Infra Private Limited (74%) established Sushee IVRCL Arunachal Highways Limited, a special purpose vehicle, to implement this project. The SPV won the tender through international competitive bidding, conducted by MoRTH,by quoting the lowest fixed annuity of US$ 15.6mn (INR 780mn @50 INR/USD). The project was to be implemented on a "Hybrid Annuity" model under which, 80% of the estimated construction cost (US$ 200.8mn or INR 10040mn) would be disbursed to the SPV during construction phase (of 4.5years) and remaining construction cost and maintenance cost etc. will be disbursed through 25 semi-annual annuity (US$ 7.8mn or INR 390mn) to concessionaire during maintenance period (of 12.5years). Under the contract, the consortium was to recover the capital costs and operating costs including returns through both upfront subsidy of INR 10040mn and fixed semi-annual payment of INR 390mn from MoRTH during the term of concession. About 12 bidders submitted financial bids for this project. They included Madhucon, KNR-PLL, BSC-C&C, Coastal-SREI, Sew, KMC-, Gayatri, Era-Sibmost, Sushee-IVRCL, DSC, Gammon and Abhijeet. Tendering for 2 times held earlier were annulled owing to high annuity quotes. In bidding held in 2010,DS Construction had emerged as the lowest bidder and had demanded INR 920mn of semi-annuity payment from MoRTH. IVRCL limited would undertake part of the EPC for the project.  The concession agreement was signed on 19th December 2011. The project attained financial closure on 30th May 2012. The grant/debt/equity ratio of the project was 75/17.5/7.5. The estimated capital cost of the project at the time of financial closure was US$ 266.6mn (INR 13330mn @50 INR/USD). Apart from upfront cash support of INR 10040mn from MoRTH, financing comprised of a 14-year 9-month term loan of US$ 46.8mn (INR 2340mn) and sponsor equity of US$ 19mn (INR 950mn). The term loan had a repayment schedule of 40 structured quarterly installments. The debt was arranged by IDFC Bank.The other participating banks were United Bank of India,India Infrastructure Finance Co Ltd,State Bank of Bikaner & Jaipur,Indian Overseas Bank,South Indian Bank,State Bank of Hyderabad,IndusInd Bank. Financing also included a 4-year 6-month Bank Guarantee of US$ 34.9mn (INR 1743mn).   Construction on the project began in December 2011 and was expected to be completed by June 2016.
Viet Nguyen Construction Works Joint-Stock Company developed the 14.6MW Dak Nong 2 small hydropower plant, on the Dak Nong stream, Dak Nia commune, Gia Nghia town, Dak Nong province. The project was expected to generate 58,688 MWh annually, exporting 58,101 of this to the national grid. The project consisted of five units: 3 units of 4MW, 1 unit of 2MW and 1 unit of 0.63MW. The project load factor was 45.8%. The project consisted of 5 Francis horizontal axis turbines: 3x 4.388MW; 1x2.2MW; 1x0.689MW.  Output was transmitted with a 22kV transmission line. The investment license was approved by the local authority in May 2008. The EPC contract was signed in July 2009. Tariff was expected to be VND 650/kWh, as approved by the FSR (@ US$c 4). Commissioning was expected for January 2011.  Total project cost was VND 307,247 million (US$14.7 million). D/E was expected to be 70/30. Financial closure date was unknown, but estimated at January 2011 - expected commissioning date but this was unconfirmed (hence "advanced development").  Project coordinates: 11.9580o N  - 107.6644o E
Sinohydro was planning the development of the 1,156 MW Nam Ou 1-7 hydropower plants cascade, including 6-7 projects. Sinohydro held 75-90% of the equity, the remaining share owned by the government of Laos.   In November 2007, Sinohydro announced an agreement to sell 90% of the output to Thailand, as this was more profitable than selling to China. The project was included in the 2008 development plan of Thailand (PDP). The PDA was signed in October 2007 and commissioning was expected between 2013 and 2016. The concession agreement was reported as under negotiation by the government of Laos. The 'framework agreement' was reported as signed in April 2011. The project was expected to generate 5064 GWh annually.  Total cost was estimated at $2,000 million.
Region Oil and the Lao Holding State Enterprise (LHSE) were planning the development of the 150 MW Nam Kong 1 hydropower plant, near Attapeu. Project capacity has been reported as 75 MW by International Rivers, the Laos government reported 150 MW however, in 2011. Region Oil, from Russia, held an 80% stake in the project, and LHSE held 20%.   Status reports of the project were mixed. It was listed as in "planning stage", but International Rivers claims construction already started in April 2010. The PDA was signed in June 2008. Commissioning was expected for 2012 by the Lao government, whilst the Vientiane Times reports 2014. Part of the electricity was claimed to be for export to Thailand.  Total costs were estimated at $168 million, by International Rivers.
Ostrovica Energy, from Albania and Greece, developed the 7MW Faqekuq I and 7MW Faqekuq II, on the Osum river, Southern Albania.  The plants were commissioned in May 2012. ERE issued Standard Basic PPA with Public Wholesale Supplier (KESH) for small HPPs.  Total project cost was EUR 7 million (US$ 9 million). No further information was available. Financial closure date was estimated at May 2012, commissioning date.
The Nam Ngum 3 Power Company (NN3PC), sponsored by Mrubeni Corporation, Ratchaburi Electricitiy Generating Holding PLC, GMS Lao Company and Lao Holding State Enterprise were planning the development of the 440 MW Nam Ngum 3 hydropower plant, southwest of Ban Longcheng, Xiasomboun District of Vientianne.  Project capacity was reported as 460 MW by the Laos government. The project was to consist of an underground power station, 220 meter high dam and 105 km of transmission line (500 kV). Production was expected at 2,072 GWh annually, generating $770 million in revenue of which $200 million was earmarked for social services and environmental protection programs. GMS Lao was a subsidiary of Thailand's GMS Power Public Company, subsidiary of MDX public company. GMS was listed on the Stock Exchange of Thailand (SET). Ratchaburi Electricity Generating Holding was 45% owned by EGAT. Mrubeni participated in the project through its subsidiary Axia Power Holdings BV. Marubeni was listed on the Tokyo Stock Exchange. LSHE was a 100% state-owned entitiy of Lao PDR. GMS Lao held 27% of the equity, Ratchaburi Electricity held 25%, and Mrubeni (from Japan), held 25%. The remaining 23% was held by Lao State Holding Company.  All power produced was to be sold to the Electricity Generating Authority of Thailand (EGAT) under a PPA. Tariff MOU was signed with EGAT in December 2006, the original PDA was signed in November 1997. The MOU was renegotiated in July 2008. In February 2007, the ADB announced a Cumulative Impact Assessment costing $0.98 million. Commissioning was expected for 2013, but reported for 2018 by the Laos government. The project also included  100 km tranmission line and connects to the Nabong substation and onwards to the Udon Thani substation, owned by EGAT. The concession has a duration of 27 years. The constructin permit and PPA were reported as under negotiation by the Laos government.   Total project cost was estimated at $1.2 billion, funded half in Thai Baht and 50% in US dollars. IFC was considering a $100 million loan as of December 2011. The project received support from the ADB, exact amounts were still under negotiation but later announced at $465 million in November 2011. $350 million was to be lend by the ADB, under a risk participation agreement commercial financial firms were to assume up to $150 million of that ammount. Thai banks and other IFI's were to provide additional loans. The equity stake of the Lao government through LHSE was financed through a $115 million loan provided by the ADB. Estimated total costs of the project were $1 billion. Thailand's Kasikornbank also contributed to the debt financing, and provided THB 4 billion ($133 million) total to the Nam Ngum 3 hydropower plant, and the Nam Ngiep 1 hydropower plant together. Financial closure was not yet reached, in March 2012 it was reported the delay was caused by ongoing discussions on the interconnection and transmission issues. Total debt was valued at $800 million. FC was expected in June 2012.   In 2013, ADB reported the project as canceled/terminated. The IFC however, did not report the same. As such, the project maintains recorded as under advanced development.
Midland Power was planning the development of the 51MW Ahuganj Natural gas fired power plant, Ashuganj, Bahmanbaria district, Bangladesh. Midland Power was a joint venture between Viyellatex Group and Youth Group, from Bangladesh.  The project was developed under the IPP policy of Bangladesh, with a PPA with Bangladesh Power Development Board (BPDB). Bakharabad Gas Distribution Company was responsible for the gas supply contract. The equipment turbine was to be supplied by Rolls Royce, from Norway. Commissioning was expected for December 2012.  Total project cost was US$32 million, of which US$21 million in debt was provided by Standard Charter, as sole arranger and lender.
In April 2011, the Brazilian company Fertilizantes Santa Catarina Ltda (Fertisanta) was granted an authorization to lease, own and operate a fertilizer  and animal feedstock terminal at the Imbituba port located in state of Santa Catarina. The bidding criteria was the highest lease payment and the number of companies participating in the bidding process along with Fertisanta was not available. In January 2012, the 25-year least contract was signed and the private sponsor took over the terminal operations in 2012.  Fertisanta committed to invest US$ 9 million (BRL 17.8 million) over the first five years of the contract, which may be extended for an additional 25 years. This investment was expected to allow the terminal to expand its capacity from 250 to 450 thousand tons per year (the terminal area was expected to increase by an addtional 21.800 square-meters; the terminal area when the contract was granted was 59.263 square meters).
In September 2011, construction of the Ahebulong 2nd Cascade  Hydro Power Station commenced. The project was developed by a local private company Xinjiang Taisheng Energy Development Co., Ltd. which had a 100% stake in the project. By January 2012, RMB 40 million had been spent while the total investment was RMB 133 million (US$ 21.08 million). Therefore the project could be assumed to have reach financial closure (25% plus). The capacity of the plant was 15.4MW. Concession term was unknown.
In July 2010, the Brazilian company Triunfo Participacoes e Investimentos was awarded in a competitive bidding process the contract to build and operate a  178 MW hydro power plant located in the Canoas River, state of Santa Catarina. Besides Triunfo, four other companies took part in the bidding contest:   Spanish company Alupar,Consorcio Araca (Brazilian state-owned companies Eletrosul, 49%, and  Copel, 51%), Consorcio UHE Garibaldi (Brazilian companies Neoenergia, 51%, and state-owned Cemig Geracao, 49%), and Gaia Energia.  The bidding criteria set by the regulatory agency ANEEL was the lowest tariff. Triunfo presented the lowest offer, a value of US$ 64.2/MWh (BRL 107.98/MWh), 19% below the ceiling set by the regulatory agency. The contract was signed in December 2010, and sponsors created the company Rio Canoas Energia to lead the project during the 35-year contract period.  Rio Canoas Energia committed to sell 70% of the output to the regulated market (a 30-year power purchase agreement was signed) and the remaining 30% to the unregulated market. Environmental regulator, Ibama, awarded an environmental license for the project in January 2011.  The sponsor committed to invest US$ 428.1 million (BRL 720 million) in the power plant. In June 2012, the sponsor was granted a US$ 186.3 million (BRL 368 million) loan from state-owned bank  BNDES. In August 2012, the sponsor issued bonds worth US$ 50.6 million (BRL 100 million). The remaining cost was set to be financed with  sponsor's internal resources.  As of October 2012, construction works were underway. Commercial operation (first turbine) is expected to commence in October 2014.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.  Commercial operations commenced in September 2013.  In August 2015, Triunfo sold its stake in the project to China Three Gorges Brasil Energia Ltda. (“CTG Brasil”).
In July 2011, the Punjab Infrastructure Development Board (PIDB) signed a 16.5 years concession (including 1.5 years construction period) with Atlanta Limited for the  strengthening, improvement, 2-laning, operation and maintenance, and tolling of of 54.8kms of existing carriageway of Ropar-Chamkaur Sahib-Neefon-Dorah section of State Highway, in the state of Punjab.   Under the contract, Atlanta Limited was responsible for the design, construction, finance, operation and maintenance,strengthening and widening the existing carriageway of Ropar – Chamkaur Saheb - Neelon section of 45.175 Kms to two lane standard with paved shoulders and from Neelon-Doraha upto NH1 of 9.625 Kms to four lane standard with construction of new carriageway.The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts,road intersections, interchanges, drains, traffic signages, traffic safety measures, etc. This Link road connected three National Highways viz NH-21 at Ropar, NH-95 at Neelon and NH-1 at Doraha and was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   Atlanta Limited established Atlanta Ropar Tollways Private Limited, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by PIDB, by quoting the highest upfront premium payment to PIDB of US$ 1mn (INR 51mn). Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. Atlanta Limited would execute the EPC for this project.   The project attained financial closure on 17th December 2012. The debt equity ratio of the project was 60:40. The estimated capital cost of the project at the time of financial closure was US$ 44.4mn (INR 2220 mn @ 50 INR/USD). Financing comprised term loan of US$ 26.8mn (INR 1340mn) and equity of US$ 17.6mn (INR 880mn). The debt was underwritten by Union Bank of India.     The project was expected to be operational by August 2014.
Karhes was planning the development of the 49.1 MW Cirakdami hydropower plant, on the Aksu river, near Dereli, Giresun region. The project was expected to produce 140 GWh annually. Karhes was a subsidiary of Bereket Enerji.  The project received a 49 year production license. Commissioning was expected in 2011. The Turkish government opened up for tender concessions for 52 run-of river hydropower plants, between December 2009 February 2010. During the tenders, 615 bids were made and the deals were finalized in May/June 2010.  As of October 2011, no further details about the financial structure of the project were available.  In 2013, the corporate website still referred to the project as "planned to be commisioned in 2011". No further information was available.
The Brazilian company Foz Aguas 5, a partnership of Foz do Brasil and Saneamento Ambiental Aguas do Brasil (SAAB) or Aguas do Brasil group (itself a partnership of the Brazilian construction companies Developer, Queiroz Galvao, Trana Construcoes Ltda and Construtora Cowan S.A.), was awarded the 30-year concession contract to expand, rehabilitate and operate the sewerage facilities of the western zone of the city of Rio de Janeiro (Rio de Janeiro state) in November 2011. The contract was awarded by the municipality's central administration. The population of the concession area was estimated at 2.6 million.   Foz Aguas 5 was awarded the contract by offering the highest payment for the concession rights (the offer was of US$ 42.6 million or BRL 84.2 million, 8% above the floor established by the government). Only two other Brazilian companies took part in the contest: Construtora Delta and Equipav. The contract was signed in January 2012, and the private sponsor took over the operations of the sewerage services in May 2012.  The private sponsor committed to invest US$  1367 million (BRL 2700 million) over the life of the project with the aim to treat 90% of the area’s sewerage and to construct 2100 km of collection pipes. At the time the contract was awarded, only 4% of the sewerage in the area was treated.
The Thika Thermal Power Project was to be developed by Thika Power Ltd., a special purpose vehicle registered under the laws of Kenya, which is 90% owned by Melec PowerGen (BVI), with the remaining 10% owned by Africa Energy Resources Pte. Ltd.   The project consists of the development, design, construction and operation of a greenfield 87 MW Heavy Fuel Oil diesel power plant on a 20 years Build-Own-Operate basis in Thika, about 35 km from Nairobi, Kenya. The Project was to have a 20 year Power Purchase Agreement with Kenya Power and Lighting Company (“KPLC”), the national transmission and distribution company.  The project’s prime movers will be medium-speed reciprocating diesel engines, using HFO as primary fuel with supplemental firing of light fuel oil (LFO), and a steam turbine bottoming cycle. The plant configuration will consist of five 18V48/60 MAN diesel generating units (medium-speed diesel engines of 18.9MW each) with one MAN Model Marc2 C01 steam turbine driven generator (approximately 7 MW). The steam turbine is powered by steam produced using the waste heat of the five reciprocating engines. The net output of the project will be approximately 87 MW. The heat rate of the Project is improved as engine exhaust energy is used to generate steam for the steam turbine.  The electricity produced from the project was sufficient to power about 65,000 customers annually.  The AfDB announced on December 7, 2011 that it would support the development of the power plant with a loan of almost $40 million (€ 28.1 million). The IFC contributed with a similar amount.   However, actual financial close for the project was on the 23rd October, 2012.  Total project cost was USD 112 million, with 112 million provided in debt.  IFC and AFDB provided USD 28 million each.  ABSA Bank of South Africa provided USD 28 million with an undisclosed bank providing another 28 million.  IDA provided a 15 year.  In May 2012, MIGA issued guarantees of $61.5 million covering ABSA Capital to Thika Power Ltd. in Kenya. The 15 year guarantees will include: risk of breach of contract.
The project entails the construction of an animal WtE plant in Veliky Novgorod, Russia. It will produce 11,900 MWh of electricity per annum, based on a 1.4MW capacity for both heat and electricity. The main layout of the plant consists of the receiving unit for biomass, the gasification unit and the gas engine and turbine unit. Heat and electricity will be delivered directly to the  Novgorodsky Bekon  livestock breeding complex. A second stage of the project will aim to produce vermicompost and other biofertilisers at the site.The bioenergy plant is planning to enter into a long-term contract on the operation of the plant with international providers. The sale of heat and power will be on a long-term contract with the Novgorodsky Bekon meat production factory and to the free power market. Total investment costs are estimated at €6.7 million. Sources of funding for the project include Russia's Agency for Strategic Initiatives and the Baltic Sea Action Plan Fund (BSAP), a fund managed by the Nordic Investment Bank and the Nordic Environment Finance Corporation (NEFCO). BSAP funding will be up to €300,000.
AES Levant Holdings BV Jordan Psc was a joint venture between AES, the US based power project sponsor/developer, and the Japanese firm Mitsusi.  The AES diesel plant was a 240 MW, tri-fuel enabled power facility which was expected to use mostly diesel fuel for the purposes of power generation.  The project was to be located close to the capital Amman and was the second IPP project for the Mitsui & AES joint venture in Jordan.    The project entered into a 25 year PPA with the Jordanian  National Electric Power Company (NEPCO), with operations expected to commence in 2014.  Total project cost was stated by Mitsui as USD 350 million, with 270 million of debt financing from the US OPIC.  Equity invested by the joint venture was expected to be USD 80 million.
Activ Solar GmbH, registered in Austria, developed the 42.95MW Starokozache solar plant. The project consisted of 183,964 solar PV modules (crystalline), ground mounted, four rows on 80 hectares of land.   The project was commissioned in July 2012. Ukraine maintained a feed-in tariff of UAH4.8 (US$0.58) for solar plants in until 2012, when it was cut to UAH 3.5 (US$0.43). The price is guaranteed until 2030. The tariff is paid in UAH, but guaranteed against a fixed EUR amount (pegged), to absorb currency risk. The national utility is named Electricity Company Ukraine.    No financial details were available. Financial closure date was unavailable, estimated here at July 2012, date of commissioning. Total cost was unknown, but estimated at $3.9 million per MW - the average cost per MW in ECA (2011), this leads to US$167.5 million.
Vaayu Renewable Energy (Mahanadi) Private Limited entered into an agreement with Madhya Pradesh Government, to develop 28MW wind power project in Mahuriya in the state of Madhya Pradesh. The wind farm would involve the building of 35 Enercon wind turbines each of 800 kW capacity each.The electricity generated from the project would be evacuated by Northern, Eastern, Western and North Eastern (NEWNE) grid of India to the state grid. In August 2011, Enercon India was contracted to develop,construct,commission operate and maintain the project.   Vaayu Renewable Energy (Mahanadi) Private Limited was expected to sell the power to Madhya Pradesh Power Trading Company Ltd (MPPTCL). The APPC (Average Power Purchase Cost) 25-year base feed-in tariff as per MPERC (Madhya Pradesh State Regulator) tariff order, was US$ 0.081/Unit (INR 4.35 per unit @ 53.44INR/USD). The transmission charges would be paid by Vaayu to the state transmission utility. The total capacity of 28MW was eligible for CDM benefits and the company had initiated the process with UNFCC and was undergoing validation process.  Details of financial closure were not available. The total project cost estimated based on UNFCC Project Design Document (Enercon quotations) was US$ 30.9mn (INR 1655.35mn @53.44 INR/USD). ILFS was the lead arranger.  As per company sources, the project was in advanced stage of completion, land acquisition and other clearances had been obtained, financial closure was still awaited.
Mirae Asia Energy Corporation (MAEC), from South Korea, was developing the 20MW Currimao solar plant, in ILocos Norte Province. The plant was expected to generate 30 GWh annually, and consist of 60 hectares of land.  The project started construction in November 2012 and was expected for commissioning in May 2014. An MOU with the local government was signed in October 2011. Construction was expected to take 18 months. The site was considered favorable due to relatively little rainfall.   Total project cost was P2.4 billion (US$59 million). Debt funding was expected to come from both local and foreign banks.  No furhter information was available, therefore listed here as under development.
Helios Power (Bulgaria) developed the 3.0 MW Montana solar plant.   The plant was commissioned in June 2012. The tariff for the project was EUR 248.3/MWh, for a period of 20 years with CEZ, a partially privatized vertically integrated utility company. Project life is 25 years. The equipment was provided by Mitsubishi International Corporation, supplying CSUN 235/240 - P solar panels, from CEEG Nanjing Renewable Company Ltd. (CHina). The inverters were supplied by SMA Solar Technology AG, Tripower 17000TL. The support structure was supplied by Ellon.   Annual maintenance costs are EUR 0.013/kWh. Insurance for the project is provided by ALLIANZ. Corporate tax rate is 10%. Total project cost was unavailable, but the average cost in 2011 was US$3.9 million/MW based on PPI-RE data: US$11.7 million. Financial closure date was estimated at June 2012, date of commissioning.   The coordinates of the project are: Lat. 43°20.209´ N, Long. 23°11.334´ E
Akkoy Enerji was planning the development of the 230 MW Akkoy II hydropower plant, near Akkoy, Giresun. The project was to comprise of a 140m dam, 2 Pelton turbines of 117 MW. Akkoy Enerji was a subsidiary of Kolin Construction. Annual output was estimated at 872.5 GWh.   The developer received a 49 year BOT concession for the project from state water authority DSI. Construction started in 2007 and commissioning was expected in 2012. Equipment was supplied by Voith Siemens under a EUR36 million ($47.9 million) supply contract from 2009.  As of 2013, the project was still reported as "ongoing" by the construction company. No further updates were available, nor evidence of financial closure.
The state owned Miyi Wantan Hydro Power Plant was purchased by a local private company Zhaoheng Hydropower Company in Dec 2012 and Zhaoheng got 100% stake in the 32MW hydro power plant. The price of the transaction was about US$ 7.92 million (RMB 50 million). The procurement method for the transaction was not reported.
On November 2010, Summit Power Limited (SPL) a Bangladeshi Independent Power Producer, was signed a Build Own and Operate agreement with Bangladesh Power Development Board (BPDB) for the construction and operation for a 22 years term of a 450 MW, combined cycle (Natural gas) power plant at Meghnaghat. The contractors was a joint venture between Summit Industrial (Bangladesh, 50 %) and Mercantile Corporation Ltd (China, 50%).  The plant will be completed in two phases, the first phase up to 300MW, and a then it will be upgrade of 150MW capacity installation.  Under the BOO agreement, SPL was to supply 450 MW of energy to BPDB for a term of 22 years. The remainder of the energy was to be sold to the public.    Following a competitive bidding process, SPL was declared the lowest bidder to set up a 450 MW combined cycle power plant at Meghnaghat.  The total project cost was 300 US millions. according to BPDB publications The project reached financial closure in January 2012, few months after the signing of the loan agreement.   60 % (180 US millions) of the loan were arranged from capital market by issuing zero coupon bonds under the assistance of Janata Bank Limited and Industrial and Infrastructure Development Finance Company.  On December 28, 2012, MIGA issued a guarantee of $221.4 million to Hong Kong Shanghai Banking Corporation (HSBC) of the United Kingdom to cover its non-shareholder loan to Ashuganj Power Station Company Ltd.  On March 8, 2013, MIGA issued additional coverage of $30 million covering a swap arrangement to hedge against long-term interest rate risk. MIGA’s guarantees are for a period of up to 13.5 years against the risk of non-honoring of sovereign financial obligations. The Ministry of Finance of Bangladesh has provided an unconditional sovereign guarantee covering payment obligations of APSCL under the debt financing and the swap.
The project entails the construction of a 60.27 KM Cisumdawu toll road project which is compromised of six separate segments – Cileunyi-Rancakalong, Rancakalong-Sumedang, Sumedang-Cimalaka, Cimalaka-Legok, Legok-Ujunngjaya and Ujunjaya-Dawuan. Designed number of lanes is 2x2 with 3.6 m width. SPV is PT Citra Karya Jabar Tol a JV between the sponsors PT Citra Marga Nusaphala Persada Tbk (51%), PT Waskita Toll Road (15%), PT Pembanguan Perumahan (Persero) (14%), PT Brantas Abipraya (Persero) (10%) and PT Jasa Sarana (10%). Around 90% of the toll road project will be funded by a soft loan from the Export-Import Bank of China, with the remaining 10% through the state budget. Total cost of the project is IDR 13.626 trillion or $ $ 1.362 billion. The period of the BOT concession is 35 years. Financial close took place on December 2, 2012.
Orient Green Power Company Limited through its subsidiary Beta Wind Farm Private Limited (Beta),entered into an agreement with Tamilnadu Government, to develop a 156MW wind power project across Tirunelveli, Tuticorin and Theni districts in the state of Tamilnadu. Beta was initially planning to set up a 300 MW wind farm in Tamilnadu, but evacuation and infrastructure issues in Tamil Nadu forced them to split the 300-megawatt capacity across two states - 156 Mw in Tamil Nadu and 144 Mw in the states of Gujarat and Andhra Pradesh. The wind farm would involve the building of wind turbines of Gamesa, Vestas, GE & Suzlon (each with varying capacity). The farm was expected to have a load factor of 26%. The electricity generated from the project would be evacuated by the Tamilnadu state grid.   The EPC for the power plant had been awarded to Shriram EPC. Shriram EPC would develop,construct,commission operate and maintain the project at an all-inclusive price. As per the agreement signed, Shriram EPC would acquire the entire land required for the project and transfer the development rights to the company prior to commencement of operations. Shriram EPC had received all the statutory and non-statutory clearances necessary for the project. Shriram EPC had entered into an blanket O&M agreement with the WEG suppliers Gamesa, Vestas, GE & Suzlon. The WEG suppliers would be responsible for operating and maintaining WECs for at least the first 3 years from the Commercial Operation Date of the project.   Beta Wind Farm Private Limited had entered into PPA agreement (worth nearly INR 1500mn) with various industries in that belt under Group Captive Power Plant Policy in Tamil Nadu. The industrial /commercial consumers would have at least 26% equity stake in the company and would consume at least 51% of the power produced. The details of the pricing with these industrial consumers couldnt be ascertained at the time of collection of this information. However, the APPC (Average Power Purchase Cost) 20-year base feed-in tariff as per TNRC (Tamil Nadu State Regulator) tariff order, was US$ 0.066/Unit (INR 3.51 per unit @ 53.44INR/USD).  The transmission charges would be paid by Beta Wind Farm to the state transmission utility. The total capacity of 156 MW was eligible for CDM benefits and the company had initiated the process with UNFCC.   Financial closure took place on 12th January 2012.The total project cost at the time of financial closure was US$ 198mn (INR 10583 mn @53.44 INR/USD).The debt equity ratio for the project was 67/33. Financing comprised of Debt of US$ 132.9mn and sponsor equity of US$ 65.1mn. Debt comprised of  INR-Term loan of USD 102.9mn (INR 5500mn @ 53.44 INR/USD), a dollar denominated term loan of USD 30mn (INR 1603mn), and sponsor equity of USD 65.1mn (INR 3480mn). The US$ 30mn will mature in March 2019 (7-year term) and INR 5500mn term loan would mature in March 2022 (10-year term). Axis Bank (INR 1480mn) was the mandated lead arranger. For the term loan, Orient Green Power had issued a corporate guarantee for the project to Axis Bank, on behalf of Beta Wind Farm. The other participating banks include Canara Bank (980mn), Andhra Bank (800mn), Bank of India (590mn), Dena Bank (590mn), and Karnataka Bank (590mn), and Tamilnadu Mercantile Bank (470mn).  144.40MW out of the total 156MW capacity has already been commissioned. Construction for the wind farm was nearing completion and was expected to start by March 2013.
In May 2011, National Highway Authority of India (NHAI) awarded a 15-year concession (including construction period of 2years) to MBL Infrastructure Limited for the strengthening,improvement,two-laning, operation and maintenance of 182.182 kms of Krishnagiri-Tindivanam Road section of NH-66 from Km 37.600 to Km 214.110 in the state of Tamil Nadu.  Under the contract, MBL was responsible for the design, construction, finance, operation and maintenance,strengthening and widening the existing carriageway to 2-lane road The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc.The expansion project, part of National Highway Development Project Phase-III, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  The consortium of Transstroy (India) Limited (74%) and OJSC Corporation Transstroy (26%), established Transstroy Krishnagiri Tindivanam Highways Private Limited, a special purpose vehicle to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by quoting the lowest fixed annuity of US$ 16mn (INR 800mn @50 INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through fixed semi-annual payment of INR 400mn from NHAI during the term of concession. Transstroy India Limited would execute the EPC for the project.  The concession agreement was signed on 14th July 2011. The project attained financial closure on 9th January 2012. The debt/equity ratio for the project was 65/35. The estimated capital cost of  the project at the time of financial closure was US$ 112.3mn (INR 5615.5mn @50 INR/USD). Financing comprised of a 13-year term loan of US$ 73mn (INR 3650mn) and sponsor equity of US$ 39.3mn (INR 1965.5mn).The term loan had a repayment schedule of 42 quarterly instalments and was priced at 125 basis points over the Bank's base rate. The participating banks were Central Bank of India (INR1100mn), Andhra Bank(INR700mn), Corporation Bank(INR700mn), Indian Overseas Bank(INR450mn), Vijaya Bank(INR700mn).  Construction on the project began in April 2012 (Appointed Date) and was expected to be completed by April 2014.
The Brazilian company CPFL Renovaveis, a partnership of the Brazilian energy distribution company CPFL (63.6%) and ERSA (36.4%), was granted authorizations to build and operate two sugar-cane-residue fueled power plant located in the states of Minas Gerais and Parana (100 MW in total capacity). The 30-year contracts were signed with the regulatory agency ANEEL over the years starting in May 2002. The sponsors created the following special purpose companies to manage the projects:  UTE Bio Alvorada (50 MW) – UTE Bio Alvorada S.A. UTE Bio Coopcana (50 MW) – UTE Bio Coopcana S.A.  The value of the investment committed to the Alvorada and Coopcana projects was estimated at US$ 184.9 million (BRL 311 million).  The power plants signed supply agreements with sugar-cane processing facilities in July 2011. Three-fifths of the electricity generated in the power plants was committed to attending these facilities in exchange for the biomass, while the remaining of the electricity generated was set to supply the grid through contracts established with their parent company, CPFL Energia.  As of August 2011, construction works were underway, and the units were expected to commence operations by 2013.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.  In November 2011, the company applied for carbon credits.  Commercial operations commenced in August 2013.  In November 2012, the state-owned bank BNDES approved US$ 107.1 million (BRL 209 million) in loans to finance both power plants.
Zorlu Enerji Electrik (Zorlu Enerji) was planning the development of the 56.4 MW wind farm in Jhampir, Sindh Province. Zorlu Enerji was listed on the Istanbul Stock Exchange. The company was a subsidiary of Zorlu Holding AS (68%) (IST:ZOREN). The project was an expansion of a current wind farm of 6MW. The total expansion was 50.4MW.   The project was to supply its output to the national grid under a 20 year PPA (take-or-pay), signed in December 2011. The tariff was approved by the National Electric Power Regulatory Authority and set at $0.121057 per kWh, and agreed to drop over time as debt is repaid. The output of the original 6MW was sold to Hyderabad Electric Supply Company.  Annual production was estimated at 159 GWh. Commissioning was expected for 2012. The project held a generation license to expand up to 300MW. The equipment supply contract was awarded to Vestas Wind Systems A/S (CPH:VWS) in January 2012, to deliver 28 turbies of the type V90-1.8MW, including 2 years service and availability agreement.   Financial closure was reached in May 2012. Financing was provided by the ADB ($36.4 million), first announced in December 2010 and confirmed in February 2011. Total project cost was $147 million, under a 70/30 debt to equity arrangement. The equity was arranged by Zorlu Enerji, the US dollar denominated debt was arranged through the ADB, the IFC and the ECO Trade and Development Bank, a Pakinstani Rupee-denominated debt was arranged through Habib Bank Ltd. (KAR:HBL). IFC contributed $38.1 million. ECO Trade and Development contributed $20 million, and Habib bank provided $16.2 million The loan had a maturity of 12 years and a grace period of 2 years. The deal was eventually closed in October 2011 at a total of $111 million. Total project cost grew from $147 million reported earlier to $158.7 million.
On 4th August 2012, the National Highway Authority of India (NHAI) awarded a 20 year concession (including construction period of 910 days) to KNR Construction Limited for the strengthening, improvement, four-laning, operation and maintenance, and tolling of 54kms of Walayar-Vadakkancherry section on National Highway 47 between km 182.250 to km 240, in the state of Kerala.   Under the contract, KNR Construction was responsible for the design, construction, finance, operation and maintenance and strengthening of the existing carriageway to a 4-lane highway with paved shoulders. The scope will include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections,interchanges, drains, etc.The expansion project, part of National Highway Development Project Phase-II, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region. The stretch was an important highway connecting industrial hubs of Tamil Nadu with ports of Kerala. The major settlements influencing the traffic on the project road included Tirupur, Coimbatore, Palakkad, Kanzikode, Thrissur and Kochi. In the absence of competing roads of adequate capacity and quality, long-haul traffic has to necessarily pass through the project road. Nearly 60% of the projected traffic was likely to be commercial traffic, which, while holding high revenue potential, is also vulnerable to volatility mirroring economic cycles.  KNR Construction Limited established KNR Walayar Tollways Private Limited, a special purpose vehicle, to implement the project. The SPV won the tender through competitive bidding, conducted by NHAI, by quoting the lowest viability gap funding (upfront subsidy) of US$ 45.1mn (INR 2646mn @58.6 INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. KNR Constructions Limited would execute the EPC for the project.   The concession agreement was signed in 17th September 2012. The project attained financial closure on 13th May 2013. The grant/ debt/ equity ratio was 29/55/16. The estimated project cost at the time of financial closure was US$ 153.7mn (INR 9005.1mn @58.6 INR/USD). Apart from the upfront grant (VGF) of US$ 45.1mn, financing comprised a term loan of US$ 85.3mn (INR 5000mn) and sponsor equity of US$ 23.2mn (INR 1359.1mn). The bank debt's had a variable interest rate (currently 12.25%), with a reset every year post commercial operation date (COD). The loan providers were Central Bank of India, Bank of India, Corporation Bank, Canara Bank and Vijaya Bank.  Construction on the project was expected to begin in October 2012 and be completed by November 2015. 92% encumbrance free right of way was handed over to KWTPL by the National Highway Authority of India at the time of signing of concession agreement.
In September 2012, a local private company Chongqing Kangda signed a concession agreement with Wugang Municipal Government for the Zhulan Wastewater Treatment Plant in Wugang City, Henan Province. Chongqing Kangda won the agreement through open bidding. The capacity of the plant was 20,000 tons per day. Chongqing Kanda had a 100% stake in the project. The transfer fee was not released but it could be conservatively estimated to be around US$ 4.75 million (RMB 30 million) based on the call for bids. The term of concession was not released.
The Brazilian company J. Malucelli Energia, a wholly-owned subsidiary of Grupo J. Malucelli, was granted the authorization to build five small hydro power plant located in the states of Goias, Parana and Mato Grosso (76.1 MW in total capacity). The 30-year contracts were signed with the regulatory agency ANEEL starting in December 2002.  J. Malucelli Energia was set to control directly the project management of the following power plants: PCH Burro Branco (10 MW), PCH Foz do Turvo (8.8 MW), PCH Pinhalzinho (10.9 MW) and PCH Portão (16.4 MW). For PCH Queixada (30 MW), the management was transferred to Queixada Energetica S.A. Only this latter project is under advanced development.  In August 2010, PCH Queixada took part in a competitive bidding process to sell electricity to the regulated wholesale market (15-year power purchase agreement was signed guaranteeing the sale of electricity to the national grid).  J. Malucelli Energia committed to invest US$ 124.9 million (BRL 210 million) in the construction of the Queixada power plant. As of July 2011, construction works were underway, and commercial operations commenced in September 2012.   In October 2012, PCH Queixada received a US$ 25.4 million (BRL 49.5 million) loan from the state-owned bank BNDES.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.  In 2010, the company applied for carbon credits.
Eolos Wind Energy Generation was planning the development of the 24 MW Senkoy wind farm, near the city of Hatay, Southern Turkey. The project was to comprise 8 turbines of 3 MW, producing 83 GWh annually. Eolos Wind Energy Generation was a subsidiary of Turkish Guris Construction.  Commissioning was expected for late-2011. Equipment was to be supplied by Alstom under a contract announced in September 2010. Alstom was also to provide operation and maintenance services during the first 5 years of the project. The project was reported as commissioned in May 2012.   No details on financing were avialable. Total cost were estimated at US$1.3 million/MW, or US$31.2 million. Financial closure date was estimated at May 2012, commissioning date.
In April 2011, the National Highway Authority of India (NHAI) awarded a 25 year concession (including construction period of 36 months) to IRB Infrastructure Developers Limited for the  strengthening, improvement, 6-laning, operation and maintenance, and tolling of 102.300 kms of Ahmedabad to Vadodara section of NH-8 from km. 6.400 to km. 108.700 and improvment of 93.302 kms of existing 4-lane Ahmedabad Vadodara Expressway (NE1 section from km. 0.000 to km 93.302), in the State of Gujarat.  Under the contract, IRB was responsible for the design, construction, finance, operation and maintenance and widening of the existing carriageway to a 6-lane highway with paved shoulders. The scope would include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc. The expansion project, first project under Ultra Mega Highway Program (part of National Highway Development Project Phase-V) would ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  IRB Infrastructure Developers Limited (IRBIDL) established IRB Ahmedabad Vadodara Super Express Tollway Private Limited, a special purpose vehicle, to implement the project. The SPV won the tender through competitive bidding, conducted by NHAI,by quoting the highest premium payment to NHAI. The SPV would pay NHAI a sum of of US$ 61.9mn (INR 3096mn @50 INR/USD) in the first year of operations with 5% increase in each subsequent year (This amounted to an NPV payout of US $872.7mn over a concession period of 25 years at a discount rate of 10%). There were 22 pre-qualified bidders out of which 13 offered their final bids. The L2 Bidder offered a premium of about INR 1200mn. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. Traffic toll rates would be subject to annual revision and are partially linked to the wholesale price index (WPI). Modern Road Makers Private Limited (MRMPL), the construction arm of IRBIDL would execute the EPC for the project.  The concession agreement was signed on 25th July 2011. The project attained financial closure on 10th February 2012. The debt equity ratio of the project was 68/32. The estimated capital cost of the project at the time of financial closure was US$ 976mn (INR 48800mn @ 50 INR/USD). Financing comprised debt of US$ 660mn (INR 33000mn), and sponsor equity of US$ 316mn (INR 15800mn). The debt comprised INR 28500mn (US$ 560mn) Rupee term loan of 18 years maturity and US$100mn (INR 5000mn) external commercial borrowing. The INR28500 term loan had a grace period of 1 year and was priced at 12.35% interest rate with annual resets (including during construction period). The repayment schedule had 168 structured monthly installments commencing in April 2016 with maturity in March 2030. The ECB of US$ 100mn was priced at 495 basis points over the prevailing 6-month LIBOR. The repayment to the ECB lender will be in line with the repayment schedule of the existing rupee lenders. IRB had also undertaken to meet any shortfall in debt servicing due to LIBOR or exchange rate fluctuations.The debt was arranged by Bajaj Consultant Private Limited. The participating banks were IDFC, Punjab National Bank, ICICI, Andhra Bank, Bank of India, Indian Overseas Bank, Union Bank of India, IIFCL.  Construction on the project was expected to begin in January 2013 (Appointed Date declared by NHAI, which acts as the beginning of the concession period) and be completed by December 2015. Delay in getting various clearances led to a delay in the Appointed Date.
Saytha Construction Company, Dongfang Electric Corporation and Far East Industrial were planning the development of the 60 MW Nam Mang 1 hydropower plant, near Bolikhamxay.   The MOU was signed in February 2007, but expired in April 2009. The PDA was signed in May 2010 by Saytha Construction Company (Sichuan, China), Dongfang Electric Company (China) and Far East Industrial (Hong Kong). The PPA was expected to be signed in 2011, with construction starting end-2011 and taking 30 months. Commissioning was expected for 2014-2015. The concession agreement and the PPA was reported as under negotiation by the Laos government.  No information about cost was available. As of December, 2014 40% of the project was completed.
Madhya Pradesh Road Development Corporation (MPRDC) signed a 30-year concession (including construction period of 2years) with a consortium of S&P Infrastructure Developers Private Limited and Bla Infrastructure Private Limited for the rehabilitation, strengthening, improvement, two-laning, operation and maintenance, and tolling of 43.67kms of Umari-Phook-Pratapur Road section of MDR road in the state of Madhya Pradesh.  Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance,strengthening and widening the existing carriageway to 2-lane road The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections,interchanges, drains, etc.The expansion project, part of MPRDC Highway Development Project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  The consortium of S&P Infrastructure Developers Private Limited and Bla Infrastructure Private Limited won the tender through international competitive bidding, conducted by MPRDC, by quoting the lowest fixed annuity of US$ 2.8mn (INR 139.4mn @50 INR/USD). Under the contract, the consortium was to recover the capital costs and operating costs including returns through fixed semi-annual payment of INR 69.7mn from MPRDC as well as through tolling during the term of concession.  The project attained financial closure on 21st June 2012. The debt equity ratio of the project was 69:31. The estimated capital cost of the project at the time of financial closure was US$ 14.5mn (INR 726.5mn @50 INR/USD). Financing comprised of a 15-year term loan of US$ 10mn (INR 500mn) and sponsor equity of US$ 4.5mn (INR 226.5mn). The term loan had a grace period of 1 year and a repayment schedule of 24 semi-annual installments. The debt was arranged by Allahabad Bank.   Construction on the project began in June 2012 and was expected to be completed by May 2014.
GS Inima Brasil, a subsidiary of the South Korean group GS, was awarded the 30-year concession contract to expand, rehabilitate and operate the sewerage treatment facilities of the city of Sertaozinho (state of Sao Paulo) in April 2012. The 30-year contract was awarded by the municipality's central administration. The population of Sertaozinho was estimated at 112,000.   GS Inima was awarded the contract by offering the highest payment to the government (US$ 2.7 million or BRL 5.2 million). Two other groups took part in the bidding process:  Foz de Sertaozinho (a partnership of Foz do Brasil S.A. and Odebrecht) and Aguas de Sertaozinho (a  artnership of Delta Construcoes S/A, Tejofran de Saneamento e Servicos Ltda and  J. Malucelli Constrututora de Obras S.A.).  GS Inima took over the operation of the water and sewerage services in the second semester of 2012.  The private sponsor committed to invest US$  123 million (BRL 240 million) over the life of the project.
The 53km Hangzhou Metro Line 1 located in Hangzhou City, Zhejiang Province was MTR Corporation's third metro project in the China's mainland. The Build Operate Transfer agreement was officially signed in Sep 2012. It was operated under a joint venture company named Hangzhou MTR Corporation Limited (Hangzhou MTR) which was also registered in Sep 2012. The new line was a Public-Private Partnership project with a total capital of about RMB 22bn. The joint venture was responsible for the mechanical and electrical element of the project (Part B) including the rolling stock which equaled to an investment of RMB 8.29bn (US$ 1313.79 million), out of which the equity was RMB 4.54bn. MTR Corporation had a 49% stake in Hangzhou MTR with the balance owned by Hangzhou Metro Group Company Limited. Hangzhou MTR would operate the line (both part A and part B) for 25 years. The metro line featured 31 stations running from the south to the north of the Hangzhou City. Construction commenced in Mar 2007 and the project came into operation in Nov 2012. The debt/equity ratio was 45/55.
Panamericana solar S.A.C. was created to build, own and operate a 20 MW solar project in the rural Arequipa region of southwestern Peru.  In 2011, The project company was a joint venture between 3 sponsors: the Spanish firms Grupo T solar and Solarpack, and the U.S. based Assured guaranty Ltd.  The project would sell power to the SEIN grid system and had obtained through tender a 20 year PPA to sell power from the Peruvian Ministry of Mines and Energy.  Total project investment was scheduled to be USD 87.3 million,, with the  expected project commissioning in 2012.  Update:  In 2012 the project, along with the Tacna solar facility were purchased by the US firm Conduit Capital partners.  Conduit then achieved as USD 185 million loasn form OPIC to finance the project in June 2012.  Total project cost was USD 210 million.   Operations commenced in March 2013.
Los Origenes Power Plant SRL, a subsidiary of the Dominican company Cesar Iglesias S.A., announced the development of Los Origenes natural-gas fueled power plant, located in San Pedro de Macoris, Dominican region of Punta Garza. The transmission network connecting the power plant was the Sistema Electrico Nacional Interconectado (SENI).  The first phase of the project involved the commission of a 25-MW power plant with an investment was estimated at US$ 30 million. Construction works on this first phase commenced in 2010, and commercial operations started in July 2014 (ID# 8670).  In the second phase, the sponsor increased the generating capacity by an additional 34 MW, with an investment of US$ 40 million. Construction works in the second phase commenced in October 2012, and commercial operations started in July 2014.
The Brazilian group Cosan's subsidiary Cosan Centroeste  S.A. was granted the authorization to build and operate a 105-MW sugar-cane-residue fueled power plants located in the state Goias. The power plant was named UTE Jatai. The 35-year contract was signed with the regulatory agency ANEEL in February 2009.  The value of the investment committed to UTE Jatai was estimated at US$ 179.1 million (BRL 327.8 million).   UTE Jatai  won the public bidding that took place in August 2008 to sell electricity to several distribution companies, by offering a tariff of US$ 32.8/MWh (BRL 60/MWh). The project company signed 15-year power purchase agreements with the several electricity distribution companies. UTE Jatai committed to start supplying to the market in 2011, but commercial operations commenced only in February 2013.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company was free from sectoral taxes.
In March 2012, Rosvodokanal (RSK) signed a 30-year concession agreement with the Voronezh local government for Voronezh Vodokanal. Rosvodokanal was the sole (and consequently preferred) bidder in a tender launched by the local authorities in spring 2010.  Under the terms of the agreement, RSK would start operation of Voronezh and Voronezhvodokanal municipal unitary enterprises. The concession fee was US$30 million (RUB 800 million)that was expected to cover the municipal company's liabilities. Additionally, the sponsor committed to an investment program of at least US$70 million (RUB 2 million) to be designed in the course of a year and implemented within three years. The public partner would approve the investment program and guarantee to redeem the investment within 10 year.  The investment program would focus on enhancing the reliability of the utility networks and facilities through modernization and construction, and the application of the best engineering practices of utility operation. The investment program for 2012-2016 designed by RVK Voronezh was approved by the local administration on October 29th, 2012.
Helios Power (Bulgaria) developed the 5.0 MW Yerusalimovo solar plant.   The plant was commissioned in June 2012. The tariff for the project is EUR 248.3/MWh, for a period of 20 years with EVN, a vertically integrated utility company from Austria (51% state-owned). Project life is 25 years. The equipment was provided by Mitsubishi International Corporation, supplying CSUN 240-60P solar panels, from CEEG Nanjing Renewable Company Ltd. (CHina). The inverters were supplied by SMA Solar Technology AG, Tripower 17000TL-10 (1080ENDE).   Annual maintenance costs are EUR 0.013/kWh. Insurance for the project is provided by ALLIANZ. Corporate tax rate is 10%. Total project cost was unavailable, but the average cost in 2011 was US$3.9 million/MW based on PPI-RE data: US$11.7 million. Financial closure date was estimated at June 2012, date of commissioning.   The coordinates of the project are:  41.857881° N Latitude 26.125695° E Longtitude
The project entails the construction of a 40 MW Waste-to-Energy plant in Ningbo City, Zhejiang Province, eastern China. Total investment stands at ¥560 million ($111.2 million). Sponsor of the project is China Everbright (100%). The facility will be undertaken under Build-Operate-Transfer concession with a contract period of 30 years. Construction started in November 2012.  The project benefited from a RMB 20 million (around $2.98 million) subsidy under the “2014 Central Budgetary Investment Plan”.
Ayen Enerji was planning the development of the 30.75 MW Mordogan wind farm, at Karaburun, Izmir province. The project was to comprise 15 turbines of 2 MW and 1 turbine of 0.75 MW, producing an annual 100 GWh. Ayen Enerji was a subsidiary of Aydiner Insaat.  Commissioning was expected for 2012. The developer received a 49 year production license for the project in  May 2008. In June 2012, construction work was expected to begin shortly (summer 2012). The equipment supply contract was awarded to Suzlon in October 2009. The project was reportedly co-developed with the Seferihisar wind farm, also equiped with Suzlon turbines.  In November 2012 it is reported the project reached financial closure, though limited information was available (only article title). Total investment was estimated at US$30.75 million, based on a conservative US$1.0 million per MW.   The project became operational in September 2013.
Ukrainian natural gas distribution company Sevastopolgaz was partially divested in September 2012. The winning bidder was Gaztek JSC, from Kyiv, Ukraine. By winning the bid, Gaztek expanded its share in Krymgaz from 0.0% with 25.0%. Other equity holders in the firm were Materon Limited (registered in Cyprus, 21.1%) and the State Property Fund of Ukraine (25.0%). Gaztek JSC was 96% held by four Cyprus-based companies.  Two final bidders participated in the tender, the second firm being Finlex-Invest (Kyiv). Under the tender, the winning bidder obligates itself to invest UAH 0.6 million ($0.5 million) in the firm within three years.  Total value of the winning bid was UAH 4.45 million ($0.55 million). The Ukrainian bank representing Gaztek was Nadra Bank, Nadra Bank was 89.9% owned by Centragas Holding AG, from Austria. Gaztek raised UAH 250 million to purchase shares in Sevastopolgaz as well as 11 other natural gas utilities: Volyngazm (23.4%), Sevastopolgaz (25%), Zaporizhgaz (25%), Dnipropetrovskgaz (26%), Chernivtsigaz (20.4%), Zhytomyrgaz (15.9%), Syrnygaz (25.8%), Krymgaz (23%), Ivano-Frankivskgaz (25%) and Kykolaivgaz (25%). Financial closure date was unavailable, reported here is month of tender winning.     The project received UNFCCC JI financing to reduce natural gas leakage in 2012. The number of connections reported in the UNFCCC document was 2,300, however this may refer to only a part of the company's network. More information is not available.
In June 2012, construction of the phase I of the 500MW PV power plant sponsored by a local private company Jiangsu Zhenfa New Energy Technology Company Limited commenced in Gulang County, Gansu Province. The capacity of the phase I was 50MW. The total investment was US$ 89.90 million (RMB 567.5 million) and Jiangsu Zhenfa had a 100% stake in it. The part of the project was completed in Nov 2013.
Panasian Power PLC acquired 90% of the project company Padiyapellella Hydropower (Pvt) Ltd, which was developing small hydropower plants totalling 6.6MW. The development was expected to take place in two stages. The first stage was to be 3.6MW. Panasian Power was a wholly-owned subsidiary of Power Hub International Sbn Bhd, from Malaysia - a subsidiary of Majulia Group.   Commissioning of the first stage was expected for August/September 2012. Construction licenses were obtained by the project company for phase 2, consisting of 3.0MW. Panasian Power also operated the Rathganga Power plant, which was expected to be expanded from 2MW to 3MW.  Total project costs were unavailable, however the 90% equity was purchased for a price of Rs.910 million (US$ 7 million). The project applied for UNFCCC CDM financing in 2010.
Enerjisa Enerji Uretim AS (Enerjisa) was planning the development of the 142.5MW Bares Wind Farm, in the Balikesir province, Western Turkey. Enerjisa was a joint-venture between Haci Omer Sabanci Holding AS (Sabanci) and Verbund International GmbH (Verbund), each holding 50%. Enerjisa acquired the project through acquiring Italgen Elektrik Uretim AS (Italgen), which held equity in the project company: Bares Elektrik Uretimi AS (Bares). The project does not hold a PPA.  The project reached financial closure in April 2012 under an A/B loan scheme with a direct loan from EBRD of EUR100 million (US$131 million) and a syndicated loan of EUR35 million (US$46 million), syndicated to BAWAG commercial bank. Tenor for both loans is 12 years. Debt/equity ratio is 60/40, because Enerjisa shareholders require overall leverage at max 60/40, and because the project holds no PPA. Total project cost US$ 299 million.  In 2012, E.ON acquired Verbund's shares in Enerjisa in return for 8 run-of-river hydropower projects totalling 351MW in Germany as well as EUR300 million in cash payments. The swap was expected to be finalized in the first quarter of 2013 after approval from the European Commission.  The plant was put into operation in May 2013.
Argentine wind turbine manufacturer and project developer secured in January 2012 a project financing agreement for its  Malaspina I wind farm - a 50 MW facility.  The project would sell power to the public Utility CAMMESA under a 15 year PPA as stipulated under the GENREN program that provides support to renewable energy development.    The USD 138 million project was financed with a 10 year loan from CAF and BICE (USD 100 million), with 38 million of equity from the sponsor.
Kiroba Elektrik was planning the development of the 20 MW Madranbaba wind farm, Aydin province, Southwestern Turkey. The project was to comprise 10 turbines of 2 MW, producing 70 GWh annually.  Commissioning was expected for late-2011, early-2012. Equipment was to be supplied by Spanish Gamesa (G9X-2.0MW), under a contract announced in January 2011. Gamesa was also to provide operation and maintenance services for the first 16 years of operation.   In 2013, no information on commissioning was available.
The project entails the construction of a biomass gasification plant in Nongbua, Thailand. Total investment is $118 million. Sponsors of the project are APT Energy and Güssing Renewable Energy (Thailand). The plant was completed on November 28th 2012.
Activ Solar GmbH, registered in Austria, developed the 31.55MW Mityaevo solar plant. The project consisted of 134,288 solar PV modules (crystalline), ground mounted, double row on 59 hectares of land.   The project was commissioned in April 2012. Ukraine maintained a feed-in tariff of UAH4.8 (US$0.58) for solar plants in until 2012, when it was cut to UAH 3.5 (US$0.43). The price is guaranteed until 2030. The tariff is paid in UAH, but guaranteed against a fixed EUR amount (pegged), to absorb currency risk. The national utility is named Electricity Company Ukraine.    No financial details were available. Financial closure date was unavailable, estimated here at April 2012, date of commissioning. Total cost was unknown, but estimated at $3.9 million per MW - the average cost per MW in ECA (2011), this leads to US$123 million.
N.B.  These projects have been separated in the database as they have unique SPVs.    The 27MW Dassiesklip Wind, 10MW Aires Solar & 10MW Konkoonsies Solar projects were under development by BioThermEnergy (Pty) Limited (BTE), a South African renewable energy developed backed by South African private equity firm Denham Capital. Both solar projects were expected to hold 45,000 PV panels each. The wind farm was to comprise 9 turbines of 3.0MW initially, but capacity was reported to be up to 54.4MW by the developer.  The projects were awarded in a tender administered by the Department of Energy where a critical factor in the decision was the projected price of power.  Contractual negotiations on the PPAs and financing were to be completed by June 2012, but it was predicted that there would be a 20 year PPA with the state owned utility, Eskom. The EPC contractor for the solar plants was to be Juwi Solar (Germany), on turn-key basis. The wind farm was to constructed by a consortium of Sinovel, Group Five and Iberdrola.  The projects were to be financed together by Denham (equity) and Standard Bank, the Industrial Development Corporation (IDC) and Nedbank (debt), with a projected total investment of ZAR 1 billion (USD 128 million, with expected commissioning for the projects in 2014.  Update: In 2012 the 27 Mw wind portion of the project closed a local currency financing for a total project cost of USD 68 million. Debt was provided by standard Bank and the Industrial Development Corporation for a tenor of 15 years with interest priced at between 400-500 bps over JIBAR.  20 million of equity was put into the project by Biotherm.
The project entails the construction of a 9.9MW biomass plant in the Chana district of Songkhla Province, Thailand. The total value of the project is THB800 million ($25.2 million). The sponsors: Ratchaburi Electricity Generating Holding (40%), Precise Power Producers (40%) and Assiddeek Savings Cooperative (20%) provided THB180 million ($5.67 million). A THB620 million ($19.53 million) loan was signed with the Islamic Bank of Thailand.  In July 2012, Songkhla Biomass entered into a 25-year PPA to distribute 9.1 MW to the Provincial Electricity Authority (PEA).
Sao Gabriel Saneamento, a partnership of the Brazilian companies Vega Engenharia Ambiental Ltda and GMEC Projetos e Obras Ltda (a subsidiary of Grupo Solvi), was awarded the 30-year concession contract to expand, rehabilitate and operate the water and sewerage facilities of Sao Gabriel (state of Rio Grande do Sul) in February 2012. The contract was awarded by the municipality's central administration. The population of the area was estimated at 60,000.   Sao Gabriel Saneamento was awarded the contract by offering the lowest tariff. Two other companies took part in the contest, but the names of the other bidders were not available. The contract was signed in March 2012, and the private sponsor took over the operations of the services in May 2012.  The private sponsor committed to invest US$ 55.7 million (BRL 110 million) over the first five years of the project.
The company Forca Eolica do Brasil was granted authorizations to build a wind park  located in the state of Bahia (90 MW in total capacity, municipality of Caetite). Forca Eolica was established as a 50/50 partnership of Iberdrola Renovaveis do Brasil (subsidiary of the Spanish Iberdrola Group) and Neoenergia (39% owned by Iberdrola and 12% owned by state-owned bank Banco do Brasil and 49% by Previ pension fund).   The wind park was set to have three power plants named EOL Caetite 1, EOL Caetite 2 and EOL Caetite 3, each with 30 MW in capacity. The 35-year contracts were signed with the regulatory agency ANEEL starting in February 2011. The following special purpose companies were created to manage each plant:  Caetite 1 Energia Renovavel S.A., Caetite 2 Energia Renovavel S.A. and Caetite 3 Energia Renovavel S.A.  The total investment in the power plants was estimated at US$ 182.3 million (BRL 360 million). EOL Caetite 3 was financed with a loan granted by the state-owned development bank BNDES, which was approved in March  2012 (US$ 32.4 million or BRL 64 million), and the sponsors own resources. In July 2012, EOL Caetite 1 and EOL Caetite 2 also received loans from the BNDES totalling US$ 66.5 million or BRL 129.8 million.  The government periodically runs public bidding for the sale of energy to the country´s distribution companies. The two power plants controlled by Forca Eolica won the public bidding that took place in 2010, by offering an average tariff of US$ 70/MWh (BRL 138/MWh). The project companies signed 20-year power purchase agreements with several electricity distribution companies, and the agreements included the annual adjustment of the tariff to the inflation rate. Forca Eolica do Brasil committed to start supplying to the market in 2013.   The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company is not subject to sectoral taxes.  In 2011, the company applied for carbon credits.  Commercial operations commenced in October 2014.
The project entails the construction of a 27 MW paper WtE plant in Corlu, Turkey. Total investment stands at $110 million. Sponsors of the project are Modern Karton, a subsidiary of Eren Holding.  Financial close took place in November 2012.
Palace Solar Energy Private Limited (Essel Mining & Industries Limited held a 49% stake), signed an MoU with Gujarat Energy Development Agency (GEDA) for setting up a 15-MW photovoltaic solar project at Charanka Village in Patan District of Gujarat, under the Gujarat Solar Policy 2009. The 24,083 MWh output from the project would be fed to the North-East-West-North-East (NEWNE) grid of India. The project comprised of installation and operation of total 6,345,660 number of Poly Crystalline PV modules having capacity of 235 W(p) and 240 W(p). Canadian Solar International Limited was the manufacturer and supplier of the PV modules. EPC would be executed by Electrotherm Immodo Renewables Limited. Palace Solar had a 7-year operations and maintenance contract with Etain Immodo Renewables Limited (a JV between Electrotherm (India) Ltd and ImMODO Solar SA). Power evacuation was planned through a 66KV line to nearest substation, which, as per the state policy, was the responsibility of Gujarat Energy Transmission Corporation Limited (GETCO).  Palace Solar Energy Private Limited (Palace Solar) had entered into a 25-year Power Purchase Agreement with the state utility Gujarat Urja Vikas Nigam Limited (GUVNL), on 17 November 2011, which would be effected at the time of commissioning of the project. The APPC (Average Power Purchase Cost) as per the Gujarat Solar Policy 2010, was US$ 0.25/Unit (INR 15 per unit @58.6 INR/USD) for the first 12 years, and US$ 0.085/Unit (INR 5 per unit @58.6 INR/USD) from 13th year to 25th year. The total capacity of 15MW was eligible for carbon credits. Proceeds of carbon credit were to be shared as follows: (a) 100% by Palace Solar in the first year after the date of commercial operation of the generating station/ transmission system;(b) in the 2nd year the share of GUVNL would be 10% which would be progressively increased by 10% every year up to 50% whereafter the proceeds would be shared in equal proportion, by Palace Solar and GUVNL. Transmission and/or wheeling charges would be paid by Palace Solar.  Financial closure took place on 7th May 2013.The total estimated project cost was US$ 29mn (INR 1700mn @58.6 INR/USD).The debt equity ratio for the project was 76/24. Financing comprised a 10-year term loan of US$ 22.2mn (INR 1300mn) and sponsor equity of US$ 6.8mn (INR 400mn). The term loan had a repayment schedule of 41 quarterly installments. The debt was arranged by HDFC Bank.  The plant became operational in March 2012.
The La Chira Waste Water Treatment plant was a a 25-year BOT contract to supply treated water to Lima. The concessionaire was to build the necessary infrastructure to provide the national drinking water and sewer system Servicio de Agua Potable y Alcantarillado (Sedapal) with treatment services of roughly 25% of the wastewater of the Peruvian capital, covering 2.5 million people. The plant was to have an average capacity of 6.3 cubic metres a second and a maximum level of 11.3 metres a second. This was to help Peru meet its Milenium Goals of 100% treated wastewater by 2015.  In November 2010 ProInversion, Peru's federal investment promotion agency awarded a 25-year PPP concession to ACCIONA Agua and the Peruvian company Graña Montero. Grana y Montero and Acciona Agua were also the EPC contractors of the project. The winning consortium beat rival groups including ACS Servicios, Comunicaciones y Energía (Spain); Consorcio Odebrecht - Foz (Brazil) and Consorcio PTAR La Chira, comprising Andrade Gutiérrez (Brazil) and Abengoa (Peru).  The total project cost was The PEN280m ($104.52m. Financing comprised PEN30m ($US11.2m) equity and PEN250m ($US93.32m) 23-year term loan arranged by BBVA. Loan agreement was signed on 2 Feb 2012. Delmar & Ugarte was the legal adviser to borrower. BBVA was the financial adviser to borrower.  The plant was expected to be operational in March 2014.
Ratchaburi Electricity Generating Holding (RATCH), developed the 4.2MW generation facility from flared gas, from the onshore crude oil production wells.   The project followed a demonstration project in 1997, by PTTEP, PTT Exploration and Production, the owner of the oil field. The pilot was done at Pradu Tao oil field, Sukhothai.   The project total cost was baht 190 million (US$6.2 million). No further information was available. Financial closure date was estimated at March 2012, date of commissioning.
North Trade Cement Corporation developed the 5MW Nam Cat small hydropower plant, Hoang Then commune, Phong Tho district, Lai Chau province. The project was expected to generate 17.601 MWh annually. The project consisted of 2 Pelton turbines of 2.6MW each.   Output was evacuated via a 35kV transmission line (3km). Project life was 30 years. Commissioning date was expected for May 2012. A stakeholders meeting was held in September 2010.   No further information was available. The project applied for UNFCCC CDM financing. The project was UNFCCC CDM validated by KEMCO, from Korea. Total project cost was unknown, but estimated at US$5 million, based on a conservative US$1 million/MW. Financial closure date was unknown, therefore the project is reported as under development.   Not to be confused with the Nam Cat hydroplant in Bach Thong District, Don Phong Commune - developed by Bac Kan Petro VietNam power joint stock Company (3.2MW).  Project coordinates: 22o 36’03’’N and 103o 17’14’’E.
Akuo Energy was planning the development of the 168 MW Geycek wind farm, near Kirsehir, Northcentral Turkey. The project was to comprise 44 turbines of 3.4 MW. Akuo Energy was the Turkish subsidiary of the French wind power developer Perfect Wind. Perfect Wind was in turn part of Spanish Iberdrola. In December 2012, when the project reached closure, the project was reported as being developed by EDF Energies Nouvelles, and Polat Enerji Sanayi ve Ticaret AS. Annual output was estimated at 384 GWh.  Commissioning of the project was expected in late-2011, but construction did not start until 2013. Equipment was supplied by German REpower Systems under a contract signed in April 2010 with Al-Yel Elektrik, a subsidiary of Akuo Energy. Under the supply contract, REpower Systems was assigned the service and maintenance of the turbines for the first 12 years of the project. Project developer Al-Yel Elektrik received a 25 year production license in May 2008. The EPC contract was now awarded to Enercon and Siemens.  The project reached financial closure in December (20th) 2012. Total project cost was estimated at US$254 million. Debt was provided by Garanti Bankasi, US$191 million. The remaining US$63 million was equity. The legal advisors to the sponsor were Fidan & Fidan Law Firm.
Construction of a biomass power plant commenced in Dec 2011 in Yongxin County, Jiangxi Province. The sponsor was a local private company Kaidi Electric Power which had a 100% stake in the project. The total investment was about RMB 280 million (US$ 44.37 million) and the capacity of the power plant was 30MW. The project was almost completed in May 2013. At least 25% of construction had been achieved by April 2012. The concession term of the project was not reported. The agreement was signed with the Yongxin County Government.
Gamesa was planning the development of the 200MW Gamesa Gabal el Zeit Wind Farm, 400km south of Cairo.   Gamesa was to supply 100 turbines of the G80 type, 2.0MW each. Turbines were to be supplied by 2013. The contract was signed in January 2012, reported here as under development in 2011. The project was tendered in September 2009, and was open to 10 shortlisted firms. Initially, 72 firms were interested. The projects were to be commissioned by 2014.   No financial closure was reported. The project was expected to be funded by the KfW, the EIB and the EU Neighborhood Investment Facility (NIF).   In 2010 it was reported that Japan promised a $432 million soft loan. An estimated cost of $432 million was maintained here (Japanese potential loan). This seems to be either old information, of a separate wind farm. It also involved a different contract structure (BOO + 20yr PPA).
SPCG was developing the Bureerum 1 (7.46MW), Bureerum 2 (7.46MW) and Bureerum 3 (7.46MW) solar power plants. The developer holds PPAs with the Provincial Electricity Authority (PEA) for 34 projects, with a separate subsidiary developing each project. The project Korat 1 was also part of this group of projects. the Bureerum projects are numbers 18, 19 and 20 out of 34.  Bureerum 1 was located at: Hinclone Sub District, Jakaraj District, Nakhon Ratchasima Province. The project company was named: Solar Power (Bureerum 1) Company Limited (BR1)  Bureerum 2 was located at: Toung-Katent Sub District, Nongkii District, Bureerum Province. The project company was named: Solar Power (Bureerum 2) Company Limited (BR2)  Bureerum 3 was located at: Bansai Sub District, Prakhonchai District, Bureerum Province. The project company was named: Solar Power (Bureerum 3) Company Limited (BR3)  Commissioning for all three plants was expected in January 2013, construction started in August 2012. The panels were supplied by Kyocera Corporation, Japan (all 3 plants). The inverters were supplied by SMA Solar Technology in Germany.The projects by SPCG held a PPA with the Provincial Electricity Authority (PEA), for 5 years - open ended. The PPA provided for a feed-in adder of THB 8.0 on top of the base tariff for 10 years after commissioning. The projects receive tax benefits of 0% for the first 8 years, and half of normal tax rate for the 5 year following.  Total project cost for each plant was reported at 157,500,000 Baht(US$5.3 million), or a total of US$ 15.9 million. Financial closure date was unavailable, hence the project was reported as under development here. Financial closure would be estimated at January 2013 based on the commissioning date, which requires an update for 2013 collection cycle.
Koladeniya Hydropower Pvt. Ltd. developed the 1.2MW Koladeniya small hydropower plant. In April 2011, it was announced Property Development PLC (PDL), the property arm of Bank of Ceylon, acquired 94.6% of the equity in Koladeniya Hydropower Pvt. Ltd. for Rs. 24 million (US$0.19 million).  The project was commissioned on 25th April 2012, selling its output to the Ceylon Electricity Board.  Financial closure date was unavailable, but estimated at April 2012, commissioning date. Total project cost was estimated at US$1.2 million, based on a conservative US$1 million/MW.
Star Hydro Power Ltd., jointly owned by Korea Water Resources Corporation (KSE:071320) (80%), Daewoo Engineering & Construction Corporation (KSE:047040) and Sambu Construction Corporation (KSE:001470) via their joint investment vehicle KDS Hydro (Singapore), was planning the development of the 147MW Patrind Hydropower plant, run-of-river, between Kunhar River and Jhelum river, Muzaffarabad district, Patrind. Star Hydro Power Ltd. is incorporated via KDS Hydro Private Limited, Singapore.  The project was to operate under a 30 year PPA with National Transmission and Dispatch Company (NTDC), a state-owned singlebuyer. Commissioning was expected for December 2016. The project was developed under a BOOT contract, with 30 year concession. EPC contractor was Sambu Construction Company.   The project reached financial closure in January 2012. The IFC and the Islamic Development Bank (IDB) provided $60 million each. IFC was to provide a $60 million loan. IDB was to provide a $60 million lease financing. In October 2011, the ADB decided to provide $97 million in loans. Total cost was estimated at $409-436 million. Part of the financing was to be provided by the Export-Import Bank of Korea ($110 million, announced May 2011). Debt/equity ratio is 70/30. Legal advisers to the lenders were Shearman & Sterling. Legal advisers to the sponsor were Rizvi, Isa, Afridi & Angell. Financial advisers were Habib Bank, and United Bank.   MIGA provided a guarantee to cover (a portion of) the equity investment of K-Water, to the amount of US$148.5 million for a period of 20 years. The guarantee covers breach of contract. MIGA approved the guarantee in May 2012 (project id: 10003).
PT Supreme Energy and International Power-GDF SUEZ were planning the development of the 220MW Rajabasa geothermal plant, South Lampung Regency, 60km South East of Bandar Lampung, Lampung Province. The project was to consist of 2 units of 110MW.   The developers received the concession following a tender in 2010. On March 2nd, 2012, a PPA was signed between Perusahan Listrik Negara (PLN) and the developers, which included a Guarantee Letter. Civil construction and exploration drilling started in March 2012. In September 2012, the first Exploration well drilling ML-A1 was conducted, a series of 4-6 drilling exploration wells. Exploration drilling is expected to last 6-9 months. The Environmental permit, location permit, water use permit and business license, as well electricity supply license were acquired. Commissioning was expected in 2016.
In June  2010, the Brazilian company Consorcio Goias Transmissao, was awarded in a competitive bidding process the contract to build and operate three transmission  lines with 259 km in lenght and one substatio, all located in the state of Goias. Consorcio Goias is a joint venture of Furnas Centrais Eletricas (49%), J. Malucelli Construtora de Obras S.A. (31%), and Engevix Engenharia S.A. (20%).  Besides Consorcio Goias , four other companies took part in the contest: COBRA INSTALACIONES Y SERVICIOS S.A.; ALUPAR INVESTIMENTO  S.A.; TRANSMISSORA ALIANÇA DE ENERGIA ELETRICA S.A.; and CYMI HOLDING S.A. The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. Consorcio Goias  presented the lowest offer, a total value of US$ 17.1 million (BRL 33.75 million), 32.44 % below the ceiling set by the regulatory agency.  The contract was signed in November  2011, and the sponsors created the company Goias Transmissao S.A.     The sponsor committed to invest US$ 180.6 million (BRL 356.67 million) in the electric complex. In May 2012 the sponsors were granted a US$ 49.6 million ( BRL 98 million) loan from state-owned bank BNDES. The remaining cost was set to financed with the sponsors'  internal resources.  Environmental clearance was awarded in December  2011. As of October 2012, construction works were underway, and operations were expected  to commence in January 2013.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.  Commercial operations commenced in December 2013.
In July 2010, the Brazilian company Alupar, a wholly-owned subsidiary of Alusa Group, was awarded in a competitive bidding process the contract to build and operate a 252 MW hydro power plant located in the Araguari River, state of Amapa. Besides Alupar, three other Brazilian companies took part in the bidding contest: Consorcio Atlantico Norte (Neoenergia, 51%, and state-owned Eletronorte, 49%), Triunfo Participações e Investimentos, and Desenvix.  The bidding criteria set by the regulatory agency ANEEL was the lowest tariff. Triunfo presented the lowest offer, a value of US$ 41.5/MWh (BRL 69.78/MWh), 16% below the ceiling set by the regulatory agency. The contract was signed in November 2010, and sponsors created the company Ferreira Gomes Energia S.A. to lead the project during the 35-year contract period.  Ferreira Gomes Energia S.A. committed to sell 70% of the output to the regulated market (a 30-year power purchase agreement was signed) and the remaining 30% to the unregulated market. Environmental regulator, Ibama, awarded an environmental license for the project in January 2011.  The sponsor committed to invest US$ 466 million (BRL 910 million) in the power plant. As of August 2011, construction works had commenced, but financial closure still had not been achieved. Commercial operations were expected to commence in 2015.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company is not subject to sectoral taxes.  In June 2011, the sponsor applied for carbon credits.  In September 2012, Alupar was granted the authorization to issue bonds (under the coordination of the state-owned bank BNDES) to help finance the project. As of October 2012, construction works were underway.  In December 2012, BNDES approved a US$ 241.1 million (BRL 470.6 million) loan to the project. The project company had also issued bonds amounting to US$ 179.3 million (BRL 350 million) in November 2011 and May 2012.  In July 2014, the project company issued 13-year 6-month bonds worth US$ 89.3 million (BRL 210 million) arranged by BTG Pactual.  Commercial operations commenced in November 2014.
Helios Renewable Energy and Emergent Venture India (EIV) developed the 2.5MW Kattimuruchchana biomass plant, in Kattimuruchchana, Thirappane, Anuradhapura district. The project company was Helios-Thirappane Biopower Project Pvt. Ltd.  The project held a generation license with Ceylon Electricity Board in 2012. Commissioning of the plant was expected in April 2012.  Total project cost was estimated at Rs. 380 million (US$3.0 million). Financial closure was not reported, as such the project is labeled as advanced development here.
Lower Kotmale Oya Hydro Power Pvt. Ltd. developed the 4.0MW run-of-river  Lower Kotmale Oya small hydropower plant, at Kotmale, Nuwaraeliya District,  Sri Lanka. Annual output was estimated at 10.9Gwh, at 31.2% plant factor. The project consisted of 3 Francis turbines, 2x 1.6MW and 1x 0.8MW.    The first hydrology study was completed May 2010. The EIA was completed January 2011 and approved in March 2011. Grid interconnection approval was received in April 2011 and the energy permit in May 2011. The Board of Investment of Sri Lanka agreed in June 2011 and the Standard PPA was signed in July 2011. Project implementation decision was made June 2012, civil contract was signed June 2012. Equipment supply contract was expected to be signed December 2012. Project life was estimated at 25 years. Electricity tariff was estimated at LKR 14.25/kWh (US$0.11/kWh). Commissioning was expected for August 2013.  Total project cost was estimated at LKR 817.6 million (US$6.4 million). Project IRR was estimated at 10.86% without CDM.  Project coordinates: Latitude: + 7.0215° N  Longitude: + 80.6342° E
KLS Energy was planning the development of the 35MW Wind and Solar Power Plant, near Jaffna, Sri Lanka. Project company is KLS Energy Lanka (Pvt.) Ltd.   KLS Energy signed an EPC contract with China Machinery Engineering Company in October 2011. The project is to operate under a BOO contract. Commissioning was expected for 2013. In December 2011 it was reported the company held a generation licence from the Sri Lanka Sustainable Energy Authority. The project included 40 wind turbines, 50 acres of solar PV panels, and an electricity storage system.  Total cost was estimated at $280 million.
Daily Life Renewable Energy, from Singapore, was developing the 10MW wind farm in Kalpitiya (Noroccholai in the Puttalam district). The project consisted of 8 turbines. The developer was working with Sri Lankan investors, including Akbar Brothers. The project was also refered to as Madurankuliya.  The project commissioned in August 2012, reportedly. Its output was to be sold to the Ceylon Electricity Board.  Financial closure date was unknown but estimated at August 2012 (commissioning). Total cost was reporteda s 7.2 billion Rupee (US$55.8 million) together with 2 other wind farms, totaling 30MW. On a pro rata basis, this implies a project cost of US$16.8 million.
Yanhee Solar Power Company and EGCO were planning the development of 6 solar plants of 9.5MW each, in Nakorn Pathom and Suphanburi Provinces. Total capacity was 57MW.  EGCO was to hold a 49% stake in the project company, Yanhee Egco. Yanhee Solar owned the remaining 51%. The projects held PPAs with Provincial Electricity Authority (PEA), for a period of 5 years. The PPAs were four-time renewable, for a total of 25 years.  Total cost was estimated at Baht 7 Billion (US$229.3 million).
The Rojana Power Co. anounced plans to build, own and operate a 24 MW solar pv project to be constructed in the Rojana Industrial Park, Thailand.  The project developer was a joint venture between the Japanese steel trader Sumikin Bussan Corp and Thailand-based Rojana Industrial Park PCL.  As of January 2012, specific contractual details of the project were not available, but a company statementby Rojana Power Co had indicated that the project would sell power to the local state utility.  Total project cost was quoted as JPY 7 billion (USD 92 million), with project comissioning planned for December of 2012.
SPCG was planning the development of the 7.46MW Korat 6 solar plant. The project company is Solar Power (Korat 6) Company Limited ("SPKR6")  Construction started in August 2012 and commercial operation was expected for January 31 2013. The projects by SPCG held a PPA with the Provincial Electricity Authority (PEA), for 5 years - open ended. The PPA provided for a feed-in adder of THB 8.0 on top of the base tariff for 10 years after commissioning. The projects receive tax benefits of 0% for the first 8 years, and half of normal tax rate for the 5 year following.  The developer SPCG was in the process of developing 34 small PV plants, when more information becomes available a review of SPCG plants is required to guarantee comprehensiveness. At this point different names are used in public sources for similar projects.   Financial information was unavailable.
In December 2006, Fraport signed a 25-year management contract with the Senegalese government (GoS) for the operation and maintenance of the Blaise Diagne Airport (AIBD), Dakar’s second airport scheduled for opening in 2009-2010. As of December 2007, information on the tender process were not known.  Fraport was neither involved in the construction nor in the financing process. Construction began in April 2007 and was carried out by Saudi Binladen Group. Financing was provided directly by banks and through departure taxes.  The management contract of Fraport was expected to start in 2008-2009, some months before the opening of the airport. Under the terms of the contract, Fraport was in charge of managing the entire airport operation (airside and landside), such as terminal management, retailing, facility and airside management, real estate development and passenger handling.   In 2007, Dakar’s old airport had a capacity of around 1.5 million passengers per year. Capacity was expected to reach 5 million passengers per year after completion of the Blaise Diagne International Airport.  [In 2011, a group of several banks agreed to financing amounting to $564 million (406 million euro), with funds due to come from the African Development Bank, the French Development Agency, the West-African Development Bank, and other banks from South Africa, Canada and Saudi Arabia. They loaned the money directly to the government.  In 2012, the AfDB estimated that the total project cost were to amount to $730 million (575 million euro) to be financed by loans, $22 million (17 million euro) to be financed by the GoS (small costs and relocation costs for the affected population), and $54 million (42 million euro) financed under the BOT-contract. The AfDB was to support the project with a loan of $100 million (70 million euro) with a maturity of 18 months. The loan was approved on December 15, 2010, the first tier was paid out on 16 February 2012.  The AfDB was also the co-arranger for loans from other banks and conventional lenders, including the French Development Agency AFD, the West-African Development Bank; the Islamic Development Bank brought on board a further three Islamic lenders.]   Construction was nearing 50% completion by September 2012. Opening was foreseen for 2014.  The operator company Daport S.A. was for 60% owned by Fraport. Daport was to be in charge of the management, operation and maintenance of the apron and terminal area as soon as the airport was in operation.
In January 2012, a Hong Kong based private company Jinliya Group signed an agreement to build and operate a solid waste power plant in Zhuzhou City, Hunan Province following an open bidding process earlier in May 2008. The concession term was 30 years before the plant was transferred to the local government. The capacity of the plant was 2X12 MW . The total investment was RMB 504.69 million (US$ 79.98 million) but the figure for phase I was unknown. Construction of the 1st phase commenced in May 2012. The capacity of the Phase I was 2X12 MW. Zhuzhou City Jinliya Environmental Protection Tech. Co., Ltd. was established to run the project with a registration capital of RMB 120 million (which should be above 25% of the total investment for Phase I, therefore Phase I should be taken as financially closed).
In June 2011, a Hong Kong based company, Hong Kong Renewable Energy JV Co., Ltd. signed an agreement with Yichun City Hongxing District Government to finance, build and operate the Hongxing Solar Power Plant Project Phase Two in Yichuan City, Heilongjiang Province. The total investment is US$ 1 billion and the Hong Kong company has a 100% stake in the project. The total capacity of the power plant is 250MW.  According to the website of the Hongxing District Government dated November 2011, construction of the plant is about to commence. Once completed, the solar power plant will be connected to the State Grid.
In June 2011, a local private company, Shangdong Hezhe Solar Power New Energy Investment Co., Ltd. signed a 200MW solar power plant development agreement with the local government in Heze City, Shandong Province. The first phase 20MW was completed in November 2014, under the "Golden Sun" national program. The total investment for the 20MW plant was RMB 220 million (US$ 34.85 million). Hezhe had a 100% stake in the project.
On 15th November 2011, Uttar Pradesh State Highway Authority (UPSHA) awarded a 20-year concession (including construction period of 900 days) with a consortium of Apco Infratech Limited (AIL), Chetak Enterprises Limited (CEL), and Patel Engineering Limited (PEL) for the strengthening, improvement, 4/6-laning, operation and maintenance, and tolling of 115kms of  of the existing Varanasi-Shaktinagar road from Narayanpur to Hathinala section of SH-05A,in the state of Uttar Pradesh.The project road passes through districts of Mirzapur and Sonebhadra.   Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance,strengthening and widening the existing carriageway to 2-lane road. The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc.The expansion project, part of the UPSHA Highway Development Program, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region. The project road was on the connecting link between two National Highways – NH7 and NH75E. The project corridor passed through one of the most industrially active areas of the country and had presence of numerous power plants, coal fields, limestone quarries, cement and chemical factories.  The consortium of Apco Infratech Limited (35%),Chetak Enterprises Limited (33%),and Patel Engineering Limited (32%),established ACP Tollways Private Limited (ATPL), a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by UPSHA, by requesting the lowest upfront subsidy (viability gap funding) of US$ 48.4million (INR 2419.2mn @50 INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. Apco Infratech would execute the EPC for the project. The project had earlier been bid out twice. During the first round of bidding, a single bid was received, and hence, rejected; and a second round of bidding was undertaken wherein no bids were received. The main reasons cited for inadequate response was that there were local interests group who were unwilling to pay toll for the stretch and also the traffic volume comprised of lower levels of commercial traffic. Adequate changes were subsequently made to the final tender document.   The concession agreement for the project was signed on 8th December 2011. The project attained financial closure on 2nd June 2012. The grant/debt/equity ratio of the project was 14/71/15. The estimated capital cost of the project at the time of financial closure was US$ 351.5mn (INR 17573.9mn @50 INR/USD). Apart from the upfront grant of INR 2419.2mn, financing comprised of 15-year term loan of US$ 250mn (INR 12500mn) and sponsor equity of US$ 53.1mn (INR 2654.7mn). The term loan had a grace period of 6 years and a repayment schedule of 49 quarterly instalments. The lead arranger for the term loan was Punjab national Bank (INR3500mn). The other participating banks were Vijaya Bank (INR750mn), Oriental Bank of Commerce (INR1000mn), Corporation Bank (INR1000mn), Central Bank of India (INR1000mn), Bank of India (INR1350mn), Dena Bank(INR1500mn), India Infrastructure Finance Co Ltd (INR2400mn). Other financing instruments included a 15-year INR 5050mn Letter of Credit Facility, and a 1.5-year Guarantee facility of INR 600mn.  Construction on the project was expected to begin in June 2012 (Appointed Date) and was expected to be completed by November 2014. The appointed date (handing over of 90% of the project land requirement to the concessionaire), however, was yet to be announced (June 2012 was based on assumption of lenders for the loan agreement) as the general approval of design from railway authority was pending. The Right of Way (RoW) for 95% of the
In December 2013, construction of a wind farm invested by a Hong Kong based company China WindPower Group commenced in Fan Village, Yiyang County, Henan Province. The electricity generation capacity of the plant was 48MW. The total investment was RMB 500 million (US$ 80.70 million) and China WindPower had a 100% stake in the project. Significant construction had been completed by February 2015.
In October 2011, the National Highway Authority of India (NHAI) awarded a 23-year concession (including construction period of 30 months) to a consortium of Atlanta Limited and Essar Projects (India) Limited for the strengthening, improvement, four-laning, operation and maintenance, and tolling of 125.9 kms of Lucknow–Sultanpur section of NH-56 from KM 11.500 to KM 134.700 in the state of Uttar Pradesh. The project was covered in the districts of Sultanpur, Pratapgarh and Varanasi in Uttar Pradesh.   Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance and strengthening of the existing 2-lane carriageway to a 4-lane highway with paved shoulders. The scope would include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections,bypass, flyovers, interchanges, drains, toll plazas etc.The expansion project was part of National Highway Development Project Phase-IVA. This project would reduce the time and cost of travel for traffic, particularly heavy traffic, plying between Sultanpur and Varanasi. NH 56 was an important link connecting two major cities of Lucknow and Varanasi. Gosaiganj, Haidergarh, Musafirkhana and Jagdishpur Industrial area are major settlements along the project road. Lucknow is a major marketing and trading center in North India.   The consortium of Atlanta Limited (49%) and Essar Projects India Limited (51%) established Lucknow Varanasi Tollways Private Limited, a special purpose vehicle, to implement this project. The SPV won the tender through competitive bidding, conducted by NHAI, by quoting the highest premium payment to NHAI. The SPV would pay NHAI a sum of US$ 1.9mn (INR 96mn @50 INR/USD) in the first year of operations with 5% increase in each subsequent year (This amounted to an NPV payout of US$ 26mn over the concession period at a discount rate of 10%). Out of the 34 pre-qualified bidders, 12 developers offered their final bids for this project. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. Atlanta Limited would execute the EPC contract for this project.  The project attained financial closure on 11th July 2012. The debt/equity ratio of the project was 70/30. The estimated capital cost of the project at the time of financial closure was US$ 279.1 (INR 13955.4mn @50 INR/USD) million. Financing included term loan of US$ 195.4mn (INR 9768.8mn) and sponsor equity of US$ 83.7mn(INR 4186.6). The lead arranger for the term loan was Punjab National Bank.    Construction on the project was expected to begin in October 2012 (Appointed Date) and get completed by June 2015.  However LVTPL had backed out of the project citing lack of viability of the project under the severe economic downturn and the associated upfront premium payment to NHAI. Although NHAI had agreed to defer premium payments (inspite of reported aggressive bids by developers) to help concessionaires to use cashflows from the initial few years for equity commitments for the project, LVTPL failed to start the work. Finally NHAI had terminated the Concession in October 2013.
South African Mainstream Renewable Power Droogfontein Pty Ltd was created to build, own and operate a 50 MW solar PV plant to be located in Droogfontein, South Africa.  The project company was owned by a consortium comprising of Ireland based Mainstream Renewable Power (60%) and assorted South African companies. The project was expected to generate 89GWh annually.   The project was awarded in a tender administered by the Department of Energy where a critical factor in the decision was the projected price of power.  Contractual negotiations on the PPA and financing were to be completed by June 2012. The tender was open to all technologies, 53 bids were submitted of which 28 made it to preferred bidder status. These 28 project account for a total of 1,416MW if all are implemented. The EIA was passed (as was required for all bidders). There would be a 20 year PPA with the state owned utility, Eskom. The land was owned by: Droogfontein Communal Property Association, and leased to Mainstream. Solar resource measurements were done for 1 year by GL Garrad Hassan. EIA authorization received in November 2011. PPA was expected to be signed in April 2012. Commissioning was expected for October 2013, construction was expected to start in July 2012.  Total project cost was ZAR 1.2 billion (USD 150 million), with commissioning expected for 2014. Senior debt was underwritten by  Absa Capital.
SunEdison developed the 8MW SPP5 solar plant, in Roi Et. Subsequently, the project was sold to EGCO which purchased 99.99% of the shares in June 2012 at a value of THB 450 million (US$15.1 million).  The project was equipped with a solar tracking system, increasing effiency by 20%. The project held a "non-firm PPA" with the Provincial Electricity Authority (PEA), with a subsidy (adder tariff) of THB 8 per unit for a period of 10 years.  The project reached financial closure in July 2012, with Siam Commercial Bank. SCB provided THB 830 million (US$ 27.8 million).
SSJD Energy, from California, together with the Acumen Fund, were developing the 12MW Sind Biomass Plant, fired with (various) agricultural waste. The project is located 54 miles east of Hyderabad and 154 miles northeast of Karachi.   The output is to be sold to the National Transmission and Dispatch Company.   In August 2012, OPIC committed US$16.7 million towards the project.
Loma Blanca I & II consituted the first 100 MW stage of the planned 200 MW Loma Blanca wind facility located in the province of Chubut, near Puerto Madryn.  The project developer, Isolux Ingeneria S.A. was a subsidiary of the Spanish firm Isolux Corsan with the mandate to develop, own and operate renewable energy projects in Latin America.   The project was awarded in a government tender for renewable energy known as GENREN, whereby the winning bids were awarded 15-year PPAs with the state utility Enarsa in June 2010.  In November 2012 Isolux secured an agreement with the China Development Bank for a USD 261 million loan to finance Loma Blanca I & II.  As part of the arrangement, a Chinese turbine manufacturer was selected for equipment supply.  The terms of the financing were a tenor of 12 years at a rate of 6% above LIBOR, approximately half the rate offered by local commercial financial institutions.    Operations commenced in July 2013.
The sponsor of the Binzhou biomass power plant was Shandong Tiandiyuan Industrial Co., Ltd. which had a 100% stake in the project. When the agreement was signed was unknown, but the loan agreement was signed with the Communications Bank in June 2012. The total investment was RMB 439 million (US$ 69.57 million). The total capacity of the plant was 2X24MW.  The plant came into operation in Dec 2012. How the agreement was granted, through open bidding or direction negotiation was also not reported in the media.
30MW PV plant located in Nantong City, Jiangsu Province, China and solely developed by LDK Solar and Jiangsu Haidong PV Co Ltd. The two companies' shares in the project are unknown. Construction commenced in Oct 2011, one month following the approval of the local government. The total investment is RMB 490 million (US$ 74.88 million). There is however no concrete evidence regarding the financial closing status.
Ozaltin Enerji was planning the development of the 24 MW Yedisu hydro power plant, near Bingol, on the Euphrates river. The project was expected to generate an annual 70 GWh. Ozaltin Enerji was 50% owned by Turkish industrial company Ozaltin.  Commissioning was expected in 2011. Construction started in early-2008. As of October 2011, no further details about permits or contracts were available.  The project was reported as fully commissioned in February 2012. No financial details were available. The total cost was estimated at US$1.4 million/MW, or US$33.6 million.
Ukrainian natural gas distribution company Mykolaivgaz was partially divested in September 2012. The winning bidder was Gaztek JSC, from Kyiv, Ukraine. By winning the bid, Gaztek expanded its share in Mykolaivgaz by 25.0%. Gaztek JSC was 96% held by four Cyprus-based companies. In 2007, Gaztek was reported as holding 26% already. Based on this information, it is likely (but unverified) that Gaztek now owns 26%+25%=51% of the shares.  Two final bidders participated in the tender, the second firm being Finlex-Invest (Kyiv).   Total value of the winning bid was unavailable. The Ukrainian bank representing Gaztek was Nadra Bank, Nadra Bank was 89.9% owned by Centragas Holding AG, from Austria. Gaztek raised UAH 250 million to purchase shares in Kykolaivgaz as well as 11 other natural gas utilities: Volyngazm (23.4%), Sevastopolgaz (25%), Zaporizhgaz (25%), Dnipropetrovskgaz (26%), Chernivtsigaz (20.4%), Zhytomyrgaz (15.9%), Syrnygaz (25.8%), Gaztek (23%), Ivano-Frankivskgaz (25%) and Mykolaivgaz (25%). Financial closure date was unavailable, reported here is month of tender winning.
Ukrainian natural gas distribution company Dnipropetrovskgaz was partially divested in September 2012. The winning bidder was Gaztek JSC, from Kyiv, Ukraine. By winning the bid, Gaztek expanded its share in Krymgaz with 26.0%.to 50.85%. Gaztek JSC was 96% held by four Cyprus-based companies. Regardless of its majority position, the state maintains a "blocking stake".  Two final bidders participated in the tender, the second firm being Finlex-Invest (Kyiv). Under the tender, the winning bidder was required to invest UAH 5.21 million ($0.64 million) in the firm within three years.  Total value of the winning bid was UAH 58 million ($7.1 million). The Ukrainian bank representing Gaztek was Nadra Bank, Nadra Bank was 89.9% owned by Centragas Holding AG, from Austria. Gaztek raised UAH 250 million to purchase shares in Dnipropetrovskgaz as well as 11 other natural gas utilities: Volyngazm (23.4%), Sevastopolgaz (25%), Zaporizhgaz (25%), Dnipropetrovskgaz (26%), Chernivtsigaz (20.4%), Zhytomyrgaz (15.9%), Syrnygaz (25.8%), Gaztek (23%), Ivano-Frankivskgaz (25%) and Kykolaivgaz (25%). Financial closure date was unavailable, reported here is month of tender winning.
Khao Kor Wind Power Company Limited (a subsidiary of Ratchaburi Holding company) was planning the development of the 59.8MW Khao Kor Wind Farm, Petchabun Province, Northern Thailand. Annual production was expected to be 93,368 MWh. The project was to consist of 26 turbines of 2.3 MW each. Wind Energy Holdings (WEH), held 30% equity in the project.  Commissioning was expected in 2012.   The project applied for UNFCCC/CDM financing, February 2011.  Total investment was unknown.  Updated November 2012.
Trans-Asia Renewable Energy Corporation, a subsidiary of Trans-Asia Oil and Energy Development Corporation (PSE:TA), was planning the development of the 54MW San Lorenzo Wind Farm, San Lorenzo municipality, Guimaras Province. The project was to consist of 27 turbines of 2.0MW, generating 120,790 MWh annually to be supplied to the Luzon and Visayas Electric Power Grids.   The turbines were to be the Gamesa G90 turbines, with a lifespan of 20 years and a capacity factor of 28.4%. Commissioning was expected for Q1 2014. The Feed-in Tariff for the project was 8.53 PHP/kWh ($0.20 per kWh). The first equipment supply contract was to be signed in December 2011. The FiT were for 20 years. the connection to the transmission line was secured in February 2012. The EPC was negotiated in June 2012. Construction was expected to begin in July 2012.  Total investment was to be $151,066,875. The project applied for UNFCCC/CDM financing (December 2011). Financial closure date was unknown, but in November 2012 FC was reported as 'close to pocketing' for a total amount of PHP 4.3 billion (US$104 million) in debt.
Greenko Group Plc entered into an agreement with Karnataka Government to develop 100.8MW wind power project at Bijapur district in the state of Karnataka. The agreement was for a capacity of 128MW, but currently 100.8MW project was being developed. Greenko Group established Fortune Five Hydel Projects Private Limited, a special purpose vehicle, to execute this project. The wind farm would involve the building of 63 GE 1.6XLE wind turbines each of 1.6MW capacity. The project was expected to generate about 200,090 MWh of power annually at a PLF of 22.66% and would reduce approximately 179,474 tCO2/annum of GHG emissions.The electricity generated from the project would be evacuated by the Southern regional grid of India to the Karnataka Power Transmission Corporation Limited’s substation at Basavana Bagewadi, which was located at about 12 km from the wind farm. The installation and commissioning of WTGs is under the scope of GE India Industrial Private Limited, the WEG supplier.   Fortune Five Hydel Projects was expected to sell the power to Karnataka State Electricity Board (or state Discom). The APPC (Average Power Purchase Cost) 10-year base feed-in tariff as per KERC (Karnataka State Regulator) relevant tariff order of December 2009, was US$ 0.069/Unit (INR 3.70 per unit @ 53.44INR/USD). The transmission charges would be paid by Fortune Five Hydel Projects to the state transmission utility. The total capacity of 100.8MW was eligible for CDM benefits and the company had initiated the process with UNFCC.  Financial closure took place on 1st June 2012.The total project cost at the time of financial closure was US$ 114.3mn (INR 6110.3mn @53.44 INR/USD).The debt equity ratio for the project was 70/30. Financing comprised of a 14.25-year term loan of US$ 79.5mn (INR 4250mn) and sponsor equity of US$ 34.8mn (INR 1860.3mn). The term loan was priced at 13%. IL&FS Financial Services was the lead arranger. A consortium of 5 Banks/FIs, led by Oriental Bank of Commerce provided the term loan.   The project started in January 2012 (the date on which the contract for the purchase of equipment executed with GE India). Land acquisition for the project was expected to be completed by September 2012. The commissioning of WTGs was expected to be between January and June 2013.
Green Infra Limited (an IDFC Private Equity Company) entered into an agreement with Maharashtra Government to develop a 25.5MW wind farm located at Rasingapuram,Theni district, in the state of Tamilnadu. Green Infra Wind Energy Limited (GIWEL), an SPV, would execute the project. The wind farm will involve the building of 17 Regen Vensys V82  make wind turbines of 1.5MW capacity each. The electricity generated from the project would be evacuated by the Tamilnadu state grid. The delivery of  the power plant would be done by ReGen Powertech. Power evacuation would be done by 43 km 220 kV transmission line and the 200 MVA substation.   Green Infra Wind Energy Limited (Theni) would sell the power to Tamilnadu State Electricity Distribution Company Ltd (TNEDCL) through a PPA. APPC (Average Power Purchase Cost) 20-year base feed-in tariff as per TNRC (Tamil Nadu State Regulator) tariff order, was US$ 0.066/Unit (INR 3.51 per unit @ 53.44INR/USD). The transmission charges would be paid by Green Infra to the state transmission utility.The total capacity of 18MW was eligible under REC as per the CERC and CDM benefits under UNFCC. Contracts for supply, erection and O&M had been executed with ReGen Powertech for this project.  Financial closure took place in October 2012.The total project cost at the time of financial closure was US$ 28.7mn (INR 1537mn @ 53.44 INR/uSD).The debt equity ratio for the project was about 64/36. Financing comprised of a 14-year term loan of USD 18.3mn (INR 980mn) and sponsor equity of US$ 10.4mn (INR 557mn). The term loan had a repayment schedule of 52 quarterly instalments. The term loan was arranged by IDFC and other participating banks were State Bank of Mysore and United Bank of India.  Construction for the wind farm started in October 2011 and was expected to be completed by December 2012.
Vindkraft Ukraina LLC developed the 9MW Novorossiske wind farm, Kherson region. The project consisted of 3 Vestas turbines.  The first turbine was commissioned in October 2012. The project received a feed-in tariff of 0.1131 EUR/kWh, paid in domestic currency but pegged to the EURO. The tariff was guaranteed by law until 2030, for projects commissioning before 2014.   No further information was available. Financial closure date is reported here as October 2012, commissioning of 33% of the project. Total cost was estimated at $1.8 million/MW, the 2011 average for wind farms in ECA, or: $16.2 million.
The Wiktop Solar Park, a 30 MW solar PV facility, was under development by the US-based solar company Sunedison.  sponsors of the project included Sunedison, backed by MEMC materials (51%) and an array of local South Africa businesses (49%).    The project was awarded in a tender administered by the Department of Energy where a critical factor in the decision was the projected price of power.  Contractual negotiations on the PPA and financing were to be completed by June 2012, but it was predicted that there would be a 20 year PPA with the state owned utility, Eskom.  Total estimated project cost was ZAR 1.5 billion (USD 195 million), with commissioning expected for 2013.    Coordinates were:  24° 2.5' S , 29° 21.7' E
Mytrah Energy Limited entered into an agreement with Andhra Pradesh Government, to develop 63MW wind power project at Vajrakarur village in the state of Andhra Pradesh. Mytrah established Mytrah Vayu (Pennar) Private Limited, a special purpose vehicle, to execute this project. The wind farm would involve the building of 30 wind turbines of Suzlon S88 model of 2.1MW capacity each.The electricity generated from the project would be evacuated by Southern grid of India. The EPC for the power plant had been awarded to Suzlon Energy Limited. Suzlon would develop, construct, commission, operate and maintain the project at an all-inclusive price.    Mytrah Vayu (Pennar) Private Limited was expected to sell the power to Andhra Pradesh Central Power Distribution Company Limited (Andhra Discom )- for entering into Power Purchase Agreement. The APPC (Average Power Purchase Cost) 25-year base feed-in tariff as per APERC (Andhra Pradesh State Regulator) tariff order, was US$ 0.088/Unit (INR 4.70 per unit @ 53.44INR/USD). The transmission charges would be paid by Mytrah to the state transmission utility. The total capacity of 63MW was eligible for CDM benefits and the company had initiated the process with UNFCC.   Details of financial closure were not available.The total project cost estimated based on UNFCC Project Design Document (Suzlon quotations) was US$ 72.6mn (INR 3881mn @53.44 INR/USD).  As per company announcement to the market, the project was fully commissioned in the April 2012 to July 2012 quarter. Till further validated information, we are considering July 2012 as the financial closure date for the purpose of this database.
In April 2005, the Maharashtra Government, issued letter of support with Gupta Energy Private Limited (GEPL), a Gupta Global Resources Private Limited subsidiary, for development of 660 MW coal fired thermal power plants. The Phase-I consisted 120 MW (2 x 60 MW) & Phase-II consists of 540 MW (2 x 270 MW), at Ghugus Taluka in Chandrapur district. The project was based on sub critical technology.   The primary fuel for the project was washery rejects and residual requirement would be met by raw coal. At 120 MW, the plant would have the highest capacity for any, using coal washery rejects as the fuel in the entire country.  The power generated from the project of 120 MW was primarily expected to be sold through a mix of long term power purchase agreements (PPA) and short term sales (merchant). The company had entered into a power purchase agreement (PPA) with Tata Power Trading Company and the tariff would range between US$ 0.048 to 0.066 (INR 2.60 and INR 3.55 per unit), depending upon the demand. Maytas Infra Limited was the EPC contractor for the project.The plant would use Circulating Fluidized Bed Combustion (CFBC) technology, with the boilers being acquired from Germany and the turbines from China.   The earlier details of the project financing were not known. However the details of refinancing were available. The project attained financial closure (for refinancing) on 28th March 2014 at a debt/equity ratio of 70/30. The estimated cost of the Project (120MW) at the time of financial closure was US$ 95.9mn (INR 5849.2 @61 INR/USD). Financing comprised a 12-year term loan of US$ 95.9mn (INR 5849.2mn). Details of sponsor equity were not known. Axis Bank underwrote the entire debt. The participating banks were Axis Bank, L&T, Bank of India, Corporation Bank, State Bank of Mysore and SBI.  The EPC contract for the project was awarded in May 2008 and the project was to be completed within 20 months. The first Unit of 2 x 60 MW Thermal Power Plant had achieved COD in May 2012 and Second Unit in September 2012.
In December 2011,the National Highway Authority of India (NHAI) awarded a concession(including construction period of 24months) to Vijai Infrastructure Limited (VIL) for the strengthening, improvement, 4-laning, operation and maintenance,and tolling of 48.6kms of Rohtak-Jind Section from km 307.000 to km 347.800 of NH-71 and connecting link from km 347.800 of NH-71 to km 9.400 of NH-71A in the State of Haryana.  Under the contract, VIL was responsible for the design, construction, finance,operation and maintenance and widening of the existing 2-lane carriageway to a 4-lane highway with paved shoulders. The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc. The expansion project was part of National Highway Development Project Phase-III.The proposed two-lane road is expected to improve the connectivity in the interior areas of Jaintia Hills besides largely reducing traffic snarls in and around Jowai town.Significant stimulus to trade and commerce in the entire region was expected.  Vijai Infrastructure Limited established VIL Rohtak-Jind Highway Private Limited, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by requesting the lowest upfront subsidy of US$ 11.7mn (INR 685mn @58.6 INR/USD). Please note that the project was first awarded to NKG Infrastructure Limited in August 2011 at a quoted premium of INR 10mn. However NHAI cancelled the Letter of Award (LOA) to NKG Infra on 28 October 2011. Reasons for the cancellation couldn't be ascertained. The LOA was then awarded in December 2011 to L2 Bidder- Vijai Infrastructure Limited. The other bidder was PNC Infratech which quoted a grant of INR 990mn. There were 42 pre-qualified bidders out of which 5 offered their final bids for the project. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement for the project was signed on 5th June 2012. The project attained financial closure on 16th April 2013. The grant/debt/equity ratio for the project was 17/66/17. The estimated capital cost of the project at the time of financial closure was US$ 70mn (INR 4100mn @58.6 INR/USD).Apart from viability gap funding (grant) of INR 685mn,financing comprised of a 15-year term loan of US$ 46.1mn (INR 2700mn) and sponsor equity of US$ 12.2mn (INR 715mn). The term loan had a grace period of 12-months and repayment schedule of 144 monthly installments.The debt was arranged by Central Bank of India and the participating banks were Corporation Bank (450mn),Dena Bank (500mn),Union Bank of India (750mn),Vijaya Bank (200mn).  Construction on the project was expected to begin in April 2013 and complete by April 2015.
On 14th November 2011, Madhya Pradesh Road Development Corporation (MPRDC) awarded a 15-year concession (including construction period of 1.5 years) to MBL Infrastructure Limited for the strengthening, improvement, two-laning, operation and maintenance of 18.303 kms of Waraseoni-Lalbarra Road section of MDR roads in Balaghat District, in the state of Madhya Pradesh.  Under the contract, MBL was responsible for the design, construction, finance, operation and maintenance,strengthening and widening the existing carriageway to 2-lane road. The scope includes construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc.The expansion project, part of MPRDC Highway Development Project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  MBL Infrastructure Limited established MBL (MP) Toll Road Company Limited on 31st October 2011, a special purpose vehicle to implement the project. The SPV won the tender through international competitive bidding, conducted by MPRDC, by quoting the lowest fixed annuity of US$ 1.3mn (INR 65.2mn @50 INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through fixed semi-annual payment of INR 32.6mn from MPRDC as well as through tolling during the term of concession. MBL would execute the EPC for the project.  The concession agreement was signed on 7th December 2011. The project is presumed to have attained financial closure in March 2012, based on Annual Reports filed by MBL in March 2012. The debt/equity ratio for the project was 73/27. The estimated capital cost of  the project at the time of bidding was US$ 11.1mn (INR 553mn @50 INR/USD). Financing comprised of external commercial borrowing (ECB) loans of US$ 8.06mn (INR 403mn) and sponsor equity of US$ 3mn (INR 150mn). ECB of US$ 8.06 million was sanctioned by the Reserve Bank of India (India's Central Bank) in March 2012.  Construction on the project began in March 2012 and was expected to be completed by March 2013.
In August 2013, the Dominican company JRC Electronic SRL and the German company EPC Wirsol announced the development of the Monte Plata Solar photovoltaic power plant, located in Monte Plata (30 MW in capacity). In October 2011, the sponsors  had been awarded a 20-year power purchase agreement (PPA) with the state-owned company Corporacion Dominicana de Empresas Eléctricas Estatales (CDEEE). By 2014, Wirsol declared insolvency, and the German company Soventix took over Wirsol's stake in the project.  The investment was estimated at US$ 50 million and was financed by a Taiwan-German investment operation. There was no additional disclosed information on the financing of the project.  The construction works started in 2012, commercial operations begun in September 2015.
Rustmo1 Solar energy was a 7 MW solar PV facility to be located near Rustenberg, South Africa. The project was 51% owned by the investment management firm Inspired Evolution (South Africa), a community trust comprised of local South African businesses (17%) - funded with the help of the IDC, and the project developer Momentous Energy (15%).    The project was awarded in a tender administered by the Department of Energy where a critical factor in the decision was the projected price of power.  Contractual negotiations on the PPA and financing were to be completed by June 2012, but it was predicted that there would be a 20 year PPA with the state owned utility, Eskom. The EPC contractor was to be Juwi Solar (Germany).  Total estimated project cost was ZAR 200 million (USD 25 million), with commissioning expected for 2013. Debt was expected to be provided by NedBank Capital and Industrial Development Corporation (IDC), each 50%.
In March 2012, the National Highway Authority of India (NHAI) awarded a 20-year concession (including construction period of 30 months) to Sadbhav Engineering Limited for the strengthening,improvement, four/six-laning,operation and maintenance, and tolling of 110.542 kms of Solapur-Bijapur section from km. 0.00 to km. 110.542 of National Highway-13 (NH-13) in the states of Maharashtra (35kms) and Karnataka (75.542km).  Under the contract, Sadbhav Engineering was responsible for the design, construction, finance, operation and maintenance and strengthening of the existing 2-lane carriageway to a four/six-lane highway with paved shoulders. The scope included construction of 4/6-lanes including construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, service roads, road intersections, interchanges, toll plaza, tunnel section, etc.The expansion project, part of National Highway Development Project Phase-III will ease traffic congestion, particularly heavy traffic, plying between Solalpur and Bijapur and give significant stimulus to trade and commerce in the entire region.  Sadbhav Engineering Limited established Solapur Bijapur Tollway Private Limited (SBTPL), a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by quoting the highest annual premium. The SPV would pay to NHAI a sum of US$15.1mn (INR 756mn @50 INR/USD) in the first year of operations, with 5% increase in each subsequent year (This amounts to an NPV payout of about US$ 185.1mn over the concession period of 20 years at a discount rate of 10%). There were 38 pre-qualified bidders at the RFQ stage. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. The EPC contract for the project had been awarded to Sadbhav Engineering Limited.   The concession agreement was signed on 17th April 2012. The project attained financial closure on 5th February 2013. The debt/equity ratio for the project was 74/26. The estimated capital cost of the project at the time of financial closure was US$ 201.9mn (INR 11836mn @58.6 INR/USD). Financing comprised of a 20-year term loan of US$ 146.4mn (INR 8758.6mn) and sponsor equity of US$ 52.5mn (INR 3077.4mn). The term loan had a repayment schedule of 174 monthly installments.The debt was co-arranged by Bank of India (4379.3mn) and IndusInd Bank (4379.3mn).  Construction on the project was expected to began in February 2013 and was expected to be completed by August 2015.  By August 2013, SBTPL had acquired 65% of the total land required. SBTPL was planning to commence construction by January 2014 subject to having received environment and forest clearances. While SBTPL expected to get a go ahead from the Ministry of Environment & Forest (MoEF) by November 2013, forest clearance was expected by December 2013. However, since NHAI failed to get the necessary clearances, so as per Clause 37.2.2 of the concession agreement, SBTPL opted to terminate the agreement in December 2013. NHAI had provided its approval for the foreclosure without any claims/damages or debarring the concessionaire for future NHAI projects.
In March 2012, the Government of Rajasthan (Public Works Department on behalf of Ministry of Road Transport and Highways (MoRTH), Government of India) awarded a 25 year concession (including construction period of 2 years) to ILFS Transportation Networks Limited (ITNL) for the strengthening, improvement, two-laning, operation and maintenance, and tolling of 237.578 kms Sikar-Bikaner Section from Km 340.188 of NH-11 to Km 557.775 of NH-11 via Sikar Bypass and Bikaner Bypass from Km 553.869 of NH-11 to Km 267.325 of NH-89, in the state of Rajasthan.  Under the contract, ITNL was responsible for the design, construction, finance, operation and maintenance and widening of the existing carriageway to a two-lane highway with paved shoulders. The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc. The Government of India, Ministry of Road Transport and Highways (MORTH) through Public Works Department (PWD), Government of Rajasthan had decided to take up the development of various National Highway Corridors for augmentation of capacity for safe and efficient movement of traffic by widening to 2-lane with paved shoulder. Under this program, this project covering Sikar, Churu and Bikaner districts of Rajasthan was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  ILFS Transportation Networks Limited (ITNL) established Sikar Bikaner Highway Limited on 9th May 2012, a special purpose vehicle, to implement the project. The consortium won the tender through competitive bidding, conducted by PWD Rajasthan, by requesting the lowest upfront subsidy of US$ 49.5 million (INR 2473.2 million @50 INR/USD). ITNL was the sole bidder. Under the contract, Sikar Bikaner Highway Limited was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement was signed on 29th June 2012. The project attained financial closure in December 2012. The grant/debt/equity ratio of the project was 27.5/44.5/28. The estimated capital cost of the project at the time of financial closure was US$ 179.6 mn (INR 8981.6mn @50 INR/USD). Apart from the grant from MoRTH, GoI of US$ 49.5mn, financing comprised term loan of US$ 80mn (INR 4000mn) and sponsor equity of US$ 50.2mn (INR 2508.4mn). The lead arranger for the debt was Central Bank of India and other participating banks were Punjab & Sind Bank, Allahabad Bank, Oriental Bank of Commerce.    Construction on the project began in January 2013 and was expected to be completed by December 2014.
Ukrainian natural gas distribution company Luhanskgas was partially divested in September 2012. The winning bidder was Gaztek JSC, from Kyiv, Ukraine. By winning the bid, Gaztek expanded its share in Krymgaz from 0.0% with 26.0%. Other equity holders in the firm iuncluded the State Property Fund of Ukraine. Gaztek JSC was 96% held by four Cyprus-based companies.  Its market includes 16 Regional Administrations, servicing the gas system in Luhansk city and Luhansk region. Profit in 2012 amounted to UAH 55.583 million. The company managed 7,961km of pipes, 4,337 yard gasification, 835 control points, 1,332 drying gas control points, 967 boiler rooms, 574 industrial enterprises, 3,527 public utility objects and 624,000 flats covering 32 cities, 32 settlements and 245 villages. Total population of Luhansk Oblast was ~2,500,000 people.   Two final bidders participated in the tender, the second firm being Finlex-Invest (Kyiv). Under the tender, the winning bidder obligates itself to invest UAH 4 million ($0.5 million) in the firm.  Total value of the winning bid was UAH 81.41 million ($10.0 million). The Ukrainian bank representing Gaztek was Nadra Bank, Nadra Bank was 89.9% owned by Centragas Holding AG, from Austria. Gaztek raised UAH 250 million to purchase shares in Luhanskgas as well as 11 other natural gas utilities: Volyngazm (23.4%), Sevastopolgaz (25%), Zaporizhgaz (25%), Dnipropetrovskgaz (26%), Chernivtsigaz (20.4%), Zhytomyrgaz (15.9%), Syrnygaz (25.8%), Krymgaz (23%), Ivano-Frankivskgaz (25%) and Kykolaivgaz (25%). Financial closure date was unavailable, reported here is month of tender winning.
In January 2012, Argentine wind turbine manufacturer and project developer secured a project financing agreement for its  Koluel Kayke II wind farm - a 25 MW facility.  The project would sell power to the public Utility ENARSA under a 15 year PPA as stipulated under the GENER program that provides support to renewable energy development.    The USD 81 million project was financed with a 10 year loan from CAF and BICE (USD 52 million), with 29 million of equity from the sponsor.
Orient Green Power, a subsidiary of Shriram Group from Chennai, India, was planning the development of the 10.5 MW wind farm in Puttalam, Sri Lanka. Orient Green Power owned 90% of the company Powergen Lanka (Pvt) Ltd, responsible for executing the project. In July 2012, Orient Green Power divested its 90% share in the company to Windforce Private Limited, from Colombo Sri Lanka. The project was located in Uppudaluwa, Kalpitiya. Output was expected to be 26.28 GWh annually.  The project held a PPA with Ceylon Electricity Board (CEB), for a period of 20 years at a price of `10 per KWH (US$0.08). Typical here is that RE is not subsidized, and the project is selling at market price. The wind farm was reported as operational in July 2012, but no further reference to commissioning years, or financial closure dates were available. Assumed here is January 2012. The project consisted of 7 x 1.5 Mw LTW 77-1.5 Leitner Shriram Wind Turbines. An agreement with the Board of Investment (BOI) was signed in August 2010. Construction was expected to start in September 2010. Commissioning was initially expected for June 2011.  Total cost was estimated at 80 crore, around US$14 million. The equity transfer in 2012 happend at a cost of US$8 million.
Fujian Longking Company and Dhaka West Power (subsidiary of Maisha Group) are to build the 108MW Keraniganj furnace oil-fired power plant, and sell the power to BPDB at Tk6.92/kWh for a period of 15 years.   The project was reported as producing power by July 2012. The fuel is HFO, not diesel (but that is not in the list, so listed as diesel, the closest substitute). The contract was agreed to by the government in September 2011.  Total cost was estimated at US$59.2 million, based on 15 year contract, 10% interest rate, US$600k per MW.
In October 2010, GMR Energy Limited (through its SPV, GMR Gujarat Solar Power Private Limited), signed an MoU with Gujarat Energy Development Agency (GEDA) for setting up a 25MW photovoltaic solar project at Charanka in Patan district of Gujarat, under the Gujarat Solar Policy 2010. The output from the project would be fed to the North-East-West-North-East (NEWNE) grid of India. Power evacuation was planned through an 8 Km 66 KV line, which, as per the state policy, was the responsibility of Gujarat Energy Transmission Corporation Limited (GETCO) and GETCO had already commenced work on it.  GMR Gujarat had entered into a 25-year Power Purchase Agreement with the state utility Gujarat Urja Vikas Nigam Limited (GUVNL), which would be effected at the time of commissioning of the project. The APPC (Average Power Purchase Cost) as per the Gujarat Solar Policy 2010, was US$ 0.33/Unit (INR 15 per unit @ 45INR/USD) for the first 12 years, and US$ 0.11/Unit (INR 5 per unit @45 INR/USD) from 13th year to 25th year. The total capacity of 25MW was eligible for carbon credits. Proceeds of carbon credit were to be shared as follows: (a) 100% by GMR Gujarat in the first year after the date of commercial operation of the generating station/ transmission system;(b) in the 2nd year the share of GUVNL would be 10% which would be progressively increased by 10% every year up to 50% whereafter the proceeds would be shared in equal proportion, by GMR Gujarat and GUVNL.Transmission and/or wheeling charges would be paid by GMR Gujarat.  Financial closure took place in May 2012.The total project cost was US$ 56.1mn (INR 3000mn @53.44 INR/USD).The debt equity ratio for the project was 70/30. Financing comprised of Debt of US$ 42.3mn (INR 2260mn) and sponsor equity of US$ 13.8mn (INR 740mn). The 12-year 7-months term loan had a repayment schedule of 47 quarterly installments. The debt was solely arranged by IDBI and other participating banks were Export-Import Bank of India and IDFC.  The project was successfully commissioned in December 2011.
Madhya Bhotekoshi Jalavidhyut Company Limited (MBJCL), subsidiary of Chilime Hydropower Company Limited (CHCL), was planning the development of the 102MW Middle Bhotekoshi Hydroelectric Project (MBKHEP). Chilime was 51% owned by Nepal Electricity Authority.  The equity structure was as follows: Chilime Hydropower Company: 38% Nepal Electricity Authority: 10% Employees: 4.5% Contributors of Employee Fund: 19.5% Project affected people: 10% General Public: 15%  The project consisted of three Francis Vertical Axis turbines, of 36MW each. The transmission line was 4km, 220kV.   The PPA was signed on 14 November 2011. Financial closure was reported as completed, but a date was not available. Construction was scheduled to start January 2013. EIA study was in final stage, land aquisition was in progress. Financial closure date was estimated at January 2012.  Total cost was unknown but estimated at US$1.5million per MW (average for SAR), US$153 million.
49.5MW wind farm located in Lijin District of Shandong Province, China by Guohua Energy Investment and CLP Holding. There are several calls for bids regarding some equipment and construction works, however construction is expected to commence in June 2012 and be completed in June 2013. There is hence very limited evidence for the financial closing. The total investment is RMB 400 million (US$ 61.13 million). CLP Holdings has a 49% stake in the project with the remaining owership belong to Guohua Energy Investment, a SOE. In Oct 2011, some substantial calls for proposals were released by the concessionnaire.
In 2012, the Brazilian company Dix Empreendimentos Ltda, subsidiary of Agemar group, was awarded in a competitive bidding process the contract to build, rehabilitate and operate the airport located at the island of Fernando de Noronha (state of Pernambuco). Information  on the other companies that took part in the bidding process and on the bidding criteria set by the regulatory agency was not available.   The 10-year contract was signed with the regulatory agency in September 2012, and the sponsor took over the operations of the facilities in October of the same year. The sponsor agreed to pay US$ 2.9 million (BRL 5.6 million) for the concession rights.  The project company committed to invest US$ 1.5 million (BRL 3 million) in the project. The airport's capacity was estimated at 75 thousand passengers per year.
Rwanda Mountain Tea, a Rwandese tea processing company, was planning the construction of a 4.5MW Giciye Mini Hydropower Plant, part of the output was to be fed into the national grid. The plant was to be located on the Giciye River, Nyabihu region. The project was to consist of 2 Pelton turbines, 2.0MW each.  The developer was to sell the surplus output to the national energy and water utility EWSA. The percentage surplus was unknown. The company signed an EPC contract with Horizon Group. Horizon Group was expecting to partner with the Tanzanian electricity production firm Aquifer. Construction was expected to last 18 months, and start in February 2012, implying a commissioning date not before late-2013. The project was partly captured, feeding electricity to nearby factories of tea producers.  Total cost was estimated at $12 million. The sponsor received assistance from the Dutch development organization FMO. The project applied for UNFCCC CDM funding   Project coordinates were:  141’09.66”S and 29 34’30.39”
In January 2011, the board of Bhilwara Green Energy Limited, a SPV of Bilwara Energy Limited (a Bhilwara Group subsidiary) took an investment decision to develop a 49.5MW wind farm located at Satara district, in the state of Maharashtra. The project was initially conceptualized as a 51MW wind power project, but due to limitation of step up power transformer capacity at the project substation, the investment board of Bhilwara Green decided to reduce the capacity to 49.5MW in October 2011. The wind farm would involve the building of 33 Vensys V77 wind turbines of 1.5MW capacity each. The electricity generated from the project would be evacuated by the Maharashtra state grid through the North Eastern Western and North Eastern (NEWNE) grid.   Bhilwara Green Energy Limited (Satara) would sell the power to Maharashtra State Electricity Distribution Company Ltd (MSEDCL) through a 13-year PPA.The APPC (Average Power Purchase Cost) base tariff as per MERC tariff order (dated 29 April 2011 for Wind zone 1) was US$ 0.10/Unit (INR 5.37 per unit @53.44 INR/USD) for the first 13 years of operation. The transmission charges would be paid by Bhilwara Green to the state transmission utility.The total capacity of 49.5MW would be eligible for CDM benefits under UNFCC. The validation process had been completed for CDM benefits. 30MW (commissioned till March 2012) was eligible for availing Generation Based Incentives (GBI) provided by MNRE (Government of India) for machines commissioned till 31st March 2012 and Bhilwara Green had already registered for the same. In October 2011, contracts for supply, erection and O&M had been executed with ReGen PowerTech Private Limited for this project.  The total project cost at the time of financial closure was US$ 59.6mn (INR 3183.53mn @ 53.44 INR/uSD).Details of financial closure couldn't be ascertained at the time of collection of this information. IREDA sanctioned part of the debt requirement in September 2011. IFC sanctioned a term loan of US$ 15mn in March 2012. For our records the financial closure date has been considered as March 2012.   Construction for the wind farm started in October 2011 (EPC contract) and was expected to be completed by November 2012. 20WTGs (amounting to installed capacity of 4.50 MW) had been commissioned by March 2012 and another 3 WTGs amounting to installed capacity of 4.50 MW had been commissioned on 30th May 2012.
Molnia Power was planning the development of the 5MW small hydropower plant on the Mailung Khola River, Rasuwa District.   The project was reported as having obtained a PPA and being under construction by the NEA in 2007, but no further information was available. Commissioning was expected for January 2013.  Financing was provided by the Clean Energy Development Bank, but no date or amount was available.
Ace Wind Power, a subsidiary of Aitken Spence developed the 3.0MW pilot wind farm, in Ambewela, Sri Lanka. The project consisted of 12 wind turbines of 250kW each.   The project was commissioned in February 2012.  Total cost was ESTIMATED at US$3 million. Financial closure date was ESTIMATED at February 2012 (commissioning date).   The coordinates of the project were: 06°50'36?N 80°48'47?E
ZBE Partners, the project company, subsidiary of SunEdison, itself subsidiary of MEMC Electronic Materials, developed the 60.4MW Karadzhalovo solar plant, municipality of Parvomay, Plovdiv District. The project was to consist of 42 PV blocks with 214,000 PV panels, 42 inverters, a local 20/110kV substation, and a 7.5km 110kV underground transmission line connecting to Borisovgrad substation.  Output was to be sold to Natsionalna Elektricheska Kompania EAD (“NEK”), the national electricity company, under a 20 year PPA with a feed-in tariff which was expected to be BGN 485.6/MWh (EUR248.3/MWh). The EPC contractor of the project was Sienit Holding, also reported is SunEdison Spain Construction. Technical advisor to the lender was Fichtner GmbH. The project was located on 100 hectares, previously owned by Parvomay Municipality. Construction started in September 2011, commissioning is expected for spring 2012. Construction lasted 4 months. In June 2012, the project was sold to ACF Renewable Energy (Malta), for the price of BGN 350 million, equal to the construction price. It is also reported to be a consortium consisting of First Reserve Energy Infrastructure Fund, Crescent Capital (Turkey), and ACWA Power (Saudi Arabia). Other sources report ACF Renewables is owned by US, Sri Lankan, Indian and Pakistani investors. The  The project reached financial closure on 30 March 2012 with the IFC. The IFC provided an A loan of EUR46.1 million, and a B loan of EUR41.1 million by UniCredit Bank Austria AG. OPIC provided EUR 50 million. The loans had a tenor of 16 years. UniCredit Bulbank Bulgaria provided EUR 30 million, as a 2 year VAT facility. Total project cost was estimated at EUR 181.4 million. Legal advisor to the lender was Allen & Overy, and Spasov & Bratanov. Legal advisor to the sponsor was Linklaters.
In December 1997, the Brazilian company Jari Energetica S.A.  was awarded the contract to build and operate a  373.4 MW hydro power plant located in the Jari River, states of Para and Amapa. Although the 30-year concession contract was only signed in February 2002, the project has suffered several delays and was only able to sell electricity in the regulated market in December 2010. The concession contract was restructured, and, as of January 2012, its expiration date was set for December 2044.   In 2008, ECE Participacoes acquired a 90% stake in the project, and the sponsors created the company Amapa Energia to lead the project (10% of the shareholdings remained with Jari Energetica). In July 2011, when the Portuguese company EDP Energia do Brasil acquired ECE Participacoes and bought Jari Energetica´s participation in the project, the company name was changed to CEJA - Companhia Energetica do Jari S.A.  In December 2010, the project company took part in a competitive bidding for the sale of electricity to the regulated market and won the bidding process by presenting a tariff of US$ 59.1/MWh (BRL 104/MWh), which was exactly the ceiling set by the regulatory agency. CEJA committed to sell 65% of the output to the regulated market (a 30-year power purchase agreement was signed) and the remaining 35% to the unregulated market, starting in January 2015.  The sponsor committed to invest US$ 512.3 million (BRL 1 billion) in the project, which also includes a 20-km transmission line connecting the power plant to the grid. In December 2012, the sponsor was granted a US$ 377.5 million (BRL 736.8 million) loan from state-owned bank  BNDES. The remaining cost was set to be financed with  sponsor' internal resources.  Environmental regulator, Ibama, awarded an environmental license for the project in June 2011. The project company signed an EPC contract with CESBE, Alstom and Areva Koblitz for the construction works, which were underway as of March 2012.   The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.  Commercial operations commenced in September 2014.
Yangjiang Henergy Industrial Co Ltd was a local private company based in Yangjiang City, Guangdong Province. Its roof PV plan with a capacity of 7.11MW was listed in the Golden Sun Program of Chinese government in 2012. The total investment was RMB 81.7469 million (US$ 12.96 million), among them, RMB 24.5667 million (US$ 3.89 million) was equity invested by Henergy, RMB 27 million (US$ 4.28 million) was government subsidy (which was paid at the end of 2012) and the remaining was debt from local bank(s). Construction commenced in Dec 2012 and would be finished within one year.The debt/equity ratio was 55/45.
Precise Power Producer Company (40%) was planning the development of the 9.9MW Songkhla Biomass Plant. Ratchubarui Electricity Gernating Holding (Ratch) aquired a 40% stake in the project in 2010, for BHT 356 million. The remaining 20% was held by Assiddeek Savings Cooperative.  The project was under construction as of June 2012, and was expected to be commissioned in 2014. The project signed a 25 year PPA in August 2012 with the Provincial Electricity Authority (PEA), which includes an adder payment of THB 1.3/kWh for a period of 7 years  Total project cost was estimated at BHT 600 million. The project secured a Bt620-million (US$20 million) project loan from the Islamic Bank of Thailand, in September 2012.
The project entails the construction of a new 12MW biomass power plant in San Jose City, Nueva Ecija, the Philippines. The developer, the San Jose City I-Power Corporation (SJC I), was established by the San Jose City Rice Millers Association. Construction started in October 2012 and lasted 30 months. The facility utilizes 220,000 tonnes rice husks per year.
In December  2010, the company Elecnor Transmissao de Energia S.A., a subsidiary of the Spanish group Elecnor, was awarded in a competitive bidding process the contract to build and operate 240 km of transmission  lines and one substation located in the state of Maranhão.   Besides Elecnor, other companies took part in the contest: the Spanish company Cobra Instalaciones y Servicios;  the Brazilian state-owned company ELETRONORTE; the Brazilian companies Alupar Investimento, FR Incorporadora, Transmissora Aliança de Energia Elétrica and ATP Engenharia.  The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. Elecnor  presented the lowest offer, a total value of US$ 4.1 million (BRL 8.1 million), 33.95 % below the ceiling set by the regulatory agency.  The 30-year contract was signed in June  2010, and the sponsors created the company Encruzo Novo Transmissora de Energia Ltda.     The sponsor committed to invest US$ 43.1 million (BRL 85.17 million) in the project. In October 2012, the state-owned bank BNDES approved a US$ 27.2 million (BRL 53 million) loan to the project. Operation was set to start in May 2012, but actually started in July 2012.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
Phuong Mai Wind Power JSC was planning the development of the 30 MW Phuong Mai 1 wind farm, in the central province of Binh Dinh, located near Nhon Hoi. The project was to consist of 12 turbines.   Initially, construction reportedly started Q2 2011, commissioning expected for Q1 2012. Approved by the Binh Dinh province. The project was expected to be built in two phases, the first phase consisting of 6 turbines (2.5 MW each). The project was reported as having received approval from the province in April 2011. In April 2012, it was reported the project started construction, with commissioning expected for April 2013.  The Phuong Mai 1 wind farm was expected to cost VND880 billion ($41.9 million, but in 2012 project cost raised to US$60.25 million.
AltEnergo LLC developed the first biogas units of 2.4MW in Belgorod region, Russia. The project was expected to generate 19 million kWh annually.  The EPC contract is awarded to BD Agro Renewables. BD Agro is a subsidiary of Big Dutchman Group. The project was commissioned in October 2012. Information on power evacuation is unavailable, given the nature of the plant it may be a captured power plant - but this is also collected under the PPIRE methodology. Construction took 9 months.  Total project cost was estimated at US$13 million, based on the total cost of three additional (similar) plants being developed by AltEnergo at a cost of US$39 million. Financial closure date was unavailable, but estimated here at October 2012 - date of commissioning.
Ban Ve Hydropower JSC was planning the development of the 20MW Nam Non Hydropower Plant, on the Nam Non River, Luong Minh and Xa Luong communes, Tuong Duong district, Nghe An province. The project was expected to produce 89.74 GWh annually.   The project was to consist of 2 turbines, 10.394 MW each, Kapsun type. Commissioning was expected for March 2014. Construction was expected to last 3 years. Electricity price was estimated at VND 742.45 per kWh ($0.0356 per kWh). The EIA was approved in August 2011. The Investment license was awarded in August 2011. The construction contract was signed in September 2011.  Total investment was estimated at VND 513 billion ($24.6 million). The date of FC was unknown, but estimated here at September 2011 (signing of EPC contract). The project applied for UNFCCC/CDM financing.
4MW PV Plant in Hengshui City, Hebei Province, China solely developed by Yingli Power Holding subsidiary Hengshui Yingli New Energy Co. Ltd. it seems the construction of the project commenced in July 2011, and it was still under construction in October 2011. It has also been approved by the local government in Dec 2011. The total investment is also unknown.  This project will possibly be completed in 2012.
Madhya Pradesh Road Development Corporation (MPRDC) signed a 15-year concession (including construction period of 1 year) with Vijai Infrastructure Limited (VIL) for the strengthening, improvement, two-laning, operation and maintenance of 106.33kms of Mandla-Pindrai Road (33.15kms in Mandla district) and Salimnabad Vilayatkalan Road (73.18kms in Katni district) sections of MDR roads in Jabalpur Division in the state of Madhya Pradesh.  Under the contract, VIL was responsible for the design, construction, finance, operation and maintenance,strengthening and widening the existing carriageway to 2-lane road. The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections,interchanges, drains, etc.The expansion project, part of MPRDC Highway Development Project-II, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  Vijai Infrastructure Limited established VIL MPSV Tollways Private Limited, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by MPRDC,by quoting the lowest fixed annuity of US$ 4.74mn (INR 237mn @50 INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through fixed semi-annual payment of INR 118.5mn from MPRDC during the term of concession. VIL would execute the EPC for the project.  The project attained financial closure on 21st June 2012. The debt equity ratio of the project was 75:25. The estimated capital cost of the project at the time of financial closure was US$ 28.4mn (INR 1418.1mn @50 INR/USD). Financing comprised of a 15-year term loan of US$ 21mn (INR 1050mn) and sponsor equity of US$ 7.4mn (INR 368.1mn). The term loan had a grace period of 6 months and a repayment schedule of 47 quarterly instalments.The debt was arranged by ICICI Bank.   Construction on the project began in June 2012 and was expected to be completed by June 2013.
The Eolo wind project was a 44 MW wind facility to be located in about 125 km south of Managua, Nicaragua.  The project was sponsored by Globeleq Generation Limited, the UK-based project developer.   The project received a 20 year PPA to sell power to the utility, privately owned Distribuidora Electricidad de Sur S.A (DISSUR) and Distribuidora Electricidad de Norte S.A. (DISNORTE).  Total project cost has been estimated here as USD 116 million.  This estimate is taken from the size of the debt package led by the Dutch Bank FMO (USD 91.5 million), and the extent of coverage provided by MIGA (USD 25 million), with the purpose of covering the equity stake in the project.  Operations commenced in 2012.
On 12th December 2011, the Government of Gujarat awarded a concession of 14 years (including 730 days construction period) to Dilip Buildcon Limited for the strengthening, improvement, 4-laning,operation and maintenance of existing 108kms of two-lane Nadiad-Madhudha-Kathlal-Kapadwanj-Bayad-Modasa section of road comprising SH-7,in the state of Gujarat.   Under the contract, Dilip Buildcon was responsible for the design, construction, finance, operation and maintenance,strengthening the existing 2-lane carriageway of Nadiad-Modasa section of SH7 to 4-lane standard with paved shoulders.The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts,road intersections,interchanges, drains, traffic signages, traffic safety measures, etc. This road upgradation was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   Dilip Buildcon Limited, the winning bidder, established DBL Nadiad Modasa Tollways Limited (DNMTL), a special purpose vehicle, to implement the project. The SPV won the tender through domestic competitive bidding, conducted by PWD Gujarat, by requesting the lowest fixed annuity of US$ 7mn (INR 349.2mn @ 50INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through fixed semi-annual payment of INR 174.6mn from Gujarat PWD during the term of concession. Dilip Buildcon Limited would execute the EPC for this project on a fixed price contract.   The concession agreement for the project was signed on 5th January 2012. The project attained financial closure in May 2012. The debt equity ratio of the project was 72:28. The estimated capital cost of the project at the time of financial closure was US$ 41.4mn (INR 2072.2 mn @ 50 INR/USD). Financing comprised term loan of US$ 30mn (INR 1500mn) and sponsor equity of US$ 11.4mn (INR 572.2mn).   The construction of project started in July 2012 (Appointed Date-handover of 50% of the land) and was expected to be operational by July 2014. DNMTL had achieved Commercial Operations Date in December 2013 against Schedule Project Completion Date (SPCD) of July 3, 2014.
In April 2012, a local private company Anneng Group signed a concession agreement with the Zhongxiang Municipal Government to operate the Zhongxiang City Urban Wastewater Treatment Plant located in Zhongixiang City, Hubei Province. Anneng won the agreement through open bidding with an offer of US$ 10.36 million (RMB 65.37 million). It would operate the plant with a processing capacity of 50,000 tons per day for 28 years. Anneng set up a subsidiary Zhongxiang City Donghai Water Affairs Company Limited in Zhongxiang City to operate the plant.
Solar Power Company (SPCG) developed the seven solar plants of 6MW each in 2012: Korat 3, Korat 4, Korat 5, Korat 7, Korat 8, Korat 9, Khon Kaen 3, Khon Kaen 4, Khon Kaen 5, Khon Kaen 8. Total capacity was 42MW. Reported here are the Korat projects: 36MW.  Locations: KK3: Nampong Sub District, Nampong District, Khon Kaen Province KK4: Wanghinlard Sub District,Chumpare District, Khon Kaen Province KK5: Thapra Sub District, Mueng District, Khon Kaen Province KK8: Nai Mueng Sub District, Bann-Pai District, Khon Kaen Province  KR5:  Kudjock Sub District, Bua-Yai District, Nakhon Ratchasima Province KR8: Kudjock Sub District, Bua-Yai District, Nakhon Ratchasima Province KR9: Makleukao District, Soongnen District, Nakhon Ratchasima Province  The project companies were: Solar Power (Khon Kaen 3) Company Limited (KK3) Solar Power (Khon Kaen 4) Company Limited (KK4) Solar Power (Khon Kaen 5) Company Limited (KK5) Solar Power (Khon Kaen 8) Company Limited (KK8)  For all plants, the policrystalline solar panels were supplied by  Kyocera Corporation, Japan. The inverters were supplied by SMA Solar Technology (Germany).  The projects by SPCG held a PPA with the Provincial Electricity Authority (PEA), for 5 years - open ended. The PPA provided for a feed-in adder of THB 8.0 on top of the base tariff for 10 years after commissioning. The projects receive tax benefits of 0% for the first 8 years, and half of normal tax rate for the 5 year following.  Registered capital for each plant was Baht 157 million (US$6.53 million), making a total of US$65.3 million, and four times $6.53 million (US$39.2 million) towards the 2012 Korat projects.  The projects became operational over the course of 2012 and were reported as fully operational by January 2013. Korat 9, valued at US$16.2 million, was financed by Kasikornbank (MLA), Bank of Ayudhya, and Industrial & Commercial Bank of China (ICBC). Legal adviser to the lender was Hunton & Williams. Legal adviser to the sponsor was Clifford Chance. Korat 4 was financed by Kasikornbank, debt provided was US$16.7 million. Legal adviser to the lender was Hunton & Williams. Legal adviser to the sponsor was Clifford Chance. Korat 3 and 7 are financed by the same banks: Kasikornbank (MLA), Bank of Ayudhya. Korat 7 received US$ 15.8 million in debt (12 year tenor). Korat 3 received US$ 15.8 million as well as US$ 0.8 million in debt, with a tenor of 12 and 4 years respectively.  With US$6.53 million in equity and US$15.8 million in debt, the debt/equity ratio is 71/29. 10 projects with US$6.53 million in equity implies a total equity base of US$65.3 million, with 70/30 debt to equity this implies US$154.4 million in debt and total project cost of  US$218 million. Note that individual amounts have not been verified by project due to lacking information.
In December 2011, a joint venture between Abengoa (MCE: ABG) of Spain and South Africa's public Industrial Development Corporation (IDC) were awarded after a tendering process the rights to construct a 100 MW concentrating solar thermal power plant to be located in the Northern Cape region.  The technology was to be a solar parabolic trough.  The joint venture was owned 51% by Abengoa and 49% by IDC.  Precise details of the PPA were not released with the announcment, with the understanding that contractual negotiations would be finalized by June, 2012.  The project was awarded through a governmnet tender where the projected price of power was a significant factor in the decision made.    Total project cost was estimated at USD 844 million, with expected comissioning for 2015.   In December 2012, the KaXu project reached fiancial close.  Full details of the transaction were not released, however the IFC did provide USD 125 million in loans from its own account and USD 25 million in loans from the CTF.  Debt was provided with an 18 year tenor with the particiaption of local public banks IDC and the Development Bank of South Africa.  In addition, two local commercial Banks, Nedbank and RMB Bank participated in the loan tranche.
The company BEN - Bioenergia, Geracao e Comercializacao de Energia do Nordeste Ltda, a subsidiary of the Brazilian company Brasilterm Energia (Grupo Bolognesi), was granted the authorization to build and operate a sugar-cane-residue fueled power plant located in the state of Alagoas. Initially, the power plant was set to be run using grass residue as fuel, to have a capacity of 30 MW and to be established in the state of Piaui; however, due to technical difficulties, the fuel and location were changed, as well as capacity, which was increased to 53 MW.  The 35-year contract was signed with the regulatory agency ANEEL in February 2009. The total investment committed to the project was estimated at US$ 79.8 million (BRL 157.7 million).   The electricity produced was set to be sold under power purchase agreements with electricity distribution companies established in August 2008. Commercial operations were set to begin in 2010, but construction works commenced in late 2011. ANEEL approved the changes in the commercial operation scheduled date, and operations were set to commence in  2013.  As of October 2012, construction works were underway. The EPC contract was signed with the company Areva Koblitz.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures.  Operations commenced in April 2013.
On 3rd December 2009, the Kandla Port Trust (KPT) signed a 30 year concession (including a construction period of 24 months) with Ras Infraport Private Limited for developing Berth-13, a multi-purpose cargo berth (other than liquid and container) at Kandla Port in India.The port was located in the district of Kutch on the west bank of Kandla creek.The civil structure of berth was designed to handle 150,000 DWT Vessels but initially the berth would be handling 75,000 DWT vessels at 14m draft,the draught at the access channel would be 12.5m.The area of the berth was 16,500 sq.meters (300 mtrs. length and 55 mtrs.width) and back up area of 216,900 sq.meters. to accommodate open/storage area, weigh-bridges and other utilities.The Berth would cater to Food grains, Coal, Minerals, Sugar, Salt, Timber and other Dry bulk cargo with the base case cargo for the FY2013 expected to be around 3.0 million tons which was projected to grow more than 5million tonnes within a few years.  Under the concession, the consortium was responsible for design, finance, construction, operation, maintenance and marketing of the cargo  handling facility with a capacity of handling 5 Million Tons of cargo per annum.Kandla Port would provide supporting facilities like dredging of channel and berth, railway lines and back-up area. Various design parameters considered include capacity to carry superimposed load, mooring bollard capacity and dredge level at the berth among others to ensure infrastructure longevity and scalability to ensure optimal investment returns   Ras Infraport Private Limited (RASIPL) had been promoted as a Special Purpose Vehicle in 2009 by a consortium of Alpha Vinimay (25%),Riviera Infra (25%), Sainath International (25%), Regal Shipping (25%) having business interests in diverse activities such as international trade, freight handling, infrastructure development,hospitality, on-shore shipping support services, logistics and warehousing services among others. The promoter group had very strong in house operations and management, EPCM and EPC capabilities along with strategic joint ventures with leading global partners in the field which would benefit the Company. The SPV (RASIPL) would implement the project.RASIPL won the tender through an international competitive bidding by quoting the highest revenue share of 31.62%. Since the project was located at a classified "Major Port" (Kandla Port), it was subject to tariffs regulated by the Tariff Authority of Major Ports (TAMP).These ports do not have the flexibility to determine certain charges and dues that are payable by vessels as TAMP had the authority to fix charges for pilotage, mooring, storage and other services rendered to vessels. RASIPL was permitted to recover tariff from the users of the project facilities and services in accordance with the tariff notification set out by TAMP vide its notification Order No.TAMP/35/2008-KPT dated 12 November 2008. Further, RASIPL would collect all cesses and charges from the users of the project facilities and services, as may be directed by KPT.  The concession was signed on 3rd December 2009.The project attained financial closure in August 2012 with a debt equity ratio of 70:30. The estimated capital cost of the project was US$ 53.54 million. Financing comprised a US$ 37.5mn term loan, and US$ 16.04mn sponsor Equity. The 14-year 9-months term loan had a repayment schedule of 47 quarterly installments. SBI Capital Markets was the madated lead arranger. The participating banks in the term loan were State Bank of India ($9.64mn), IDBI Bank ($8.6mn), IIFCL ($6.42mn), EXIM Bank ($4.28mn), Indian Bank ($4.28mn), Indian Overseas Bank ($4.28mn).  Construction on the project was expected to begin on 15th March 2011 (the Appointed Date for start of concession period) and complete by March 2013. RASIPL completed and attained commercial operation of the Berth-13 on 18th February 2013.
W&W Energy, from Kragujevac, Serbia, developed the 0.96MW Crkvina and 1.4MW Recica small hydropower plants, on the Bistrica river, Serbia. Crkvina was expected to generate 4.3 million kWh annually. Recica was expected to generate 6.7 milion kWh annually.  Construction started in September 2012. Commissioning was expected for January 2013. Output was expected to be sold to state-owned utility company Elektromreza Srbija (EMS) from March 2013 onward.   Total cost for Crkvina was EUR1.25 million (US$ 1.63 million). Total cost for Recica was EUR2.0 million (US$ 2.6 million). The projects were financed by Erste Bank Serbia, a local subsidiary of Erste Bank. The debt/equity ratio was 80/20.
On 23rd March 2012, the Government of Rajasthan (Public Works Department on behalf of Ministry of Road Transport and Highways (MoRTH), Government of India) awarded a 21 year concession (including construction period of 2 years) to GVR Infraprojects Limited (GVR) for the strengthening, improvement, two-laning, operation and maintenance, and tolling of 148.21kms Ajmer–Nagaur Section of NH-89, in the state of Rajasthan.  Under the contract, GVR Infraprojects Limited was responsible for the design,construction, finance, operation and maintenance and widening of the existing carriageway to a two-lane highway with paved shoulders. The scope will include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc. The Government of India, Ministry of Road Transport and Highways (MORTH) through Public Works Department (PWD), Government of Rajasthan had decided to take up the development of various National Highway Corridors for augmentation of capacity for safe and efficient movement of traffic by widening to 2-lane with paved shoulder. Under this program, this project was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  GVR Infraprojects Limited established a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by PWD Rajasthan, by requesting the lowest fixed subsidy of US$ 9mn(INR 450mn @50 INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement was signed in November 2012.  Details of financing were not available at the time of collection of this information. The estimated capital cost of the project at the time of bidding was US$ 75.4mn (INR 3771.5mn @50 INR/USD).    Construction on the project was expected to begin in January 2013 and be completed by December 2014.
Gulf JP UT Company (GUT) was planning the development of the 1,600MW natural gas fired combined cycle power plant in Rojana Industrial Park Phase 8.2, Uthai District, Ayutthaya. The project consists of two blocks of 800MW with dual fuel capacity (natural gas and diesel oil).  GUT is a wholly-owned subsidiary of Gulf JP Company Limited, which in turn is 90% owned by Electric Power Development Co., Ltd. (J-Power) of Japan via a local subsidiary and Gulf Energy Development Company Limited (10%), a local power developer.   The output was sold to the Electricity Generating Authority of Thailand (EGAT) under a 25 year PPA signed in October 2008. In November 2008 GUT signed a 25 year Gas Supply Agreement with PTT PLC. Commissioning was expected for 2015. The land was purchased in October 2010 (300 rai). The turn-key EPC contract was awarded to Mitsubishi Heavy Industries, Ltd. (MHI). MHI also closed the long term parts contract. The plant consisted of four M701F4 gas turbines, two steam turbines and six generators. The generators are supplied by Mitsubishi Electric Corporation. Civil works was done by Sino-Thai Engineering and Construction Public Company, Ltd.   Total project cost was THB 38 billion (US$1.28 billion). Financial closure was reported in November 2012. Banks involved were Kasikorn Bank, Bangkok Bank, Siam Commercial Bank, and Land and Houses Bank, as well as four foreign banks: Japan Bank for International Cooperation (JBIC), Asian Development Bank (ADB), The Bank of Tokyo-Mitsubishi (BTMU) and Sumitorno Mitsui Banking Corporation (SMBC). The facility contained a THB portion and a USD portion. The debt financing consisted of two tranches of US$600 million. The first tranche was THB denominated, with KasikornBank as lead arranger and also including The Bank of Tokyo-Mitsubishi (BTMU) and Sumitorno Mitsui Banking Corporation (SMBC), Bangkok Bank and Land and Houses Bank. The US denominated tranche was lead arranged by JBIC, followed by BTMU and ADB.   The division was as follows: JBIC: US$284 million ADB: US$185 million
Aboitiz Power, through its subsidiary Hedcor, was planning the expansion of the 42.5MW Sibulan hydropower plant (#3816), with 13.6 MW by constructing the 6.6MW Tudaya-1 and 7.0MW Tudaya 2 small hydropower plants.  The projects were expected for commissioning in December 2012, although other sources claim Q1 2014. Construction started in July 2012. Tudaya 2, a run-of-river, plant, was expected to be completed in 2014. Construction started in August 2012. Total output was to be 76GWh annually. Output was to be supplied to the Davao del Sur Electric Cooperative, and the electric utility Davao Light and Power Company, a unit of Aboitiz.  Total cost was estimated at P1.8 billion (US$42.4 million) for the Tudaya -2. The project applied for UNFCCC CDM financing.
Sunedison Thailand Holdco was created to build own and operate 51 solar pv generation facilities with a total installed capacity of 520 MW.  The project company was a subsidiary of the U.S.-based solar project developer Sunedison, which in turn was a wholly owned subsidiary of MEMC Electronic Materials Inc. The project was to consist of 51 distinct facilities ranging from 1 to 51 MW in installed capacity. Phase 1, which included SunWat 1-4, totaled 36MW.  Each installation was to benefit from a five-year power purchase agreement with automatic renewal from one of three state-owned power companies: the Electricity Generating Authority of Thailand, the Provincial Electricity Authority or the Metropolitan Electricity Authority of Thailand. As such, the project formed part of the Thai Government’s initiative to diversify the country’s sources of power generation and have 20% of generation capacity come from renewable power by 2022.  The total project cost was projected to be USD 1.5 billion.  In October 2011, the project closed a fiancing arrangement with OPIC with loan financing of USD 250 million.  Commissioning of the facilities was scheduled for 2012. SunEdison also received an equity (US$55 million in total) contribution from IFC and debt financing (US$26 million, A Loan), for the four Thai projects as well as a single project in India. The four plants in Thailand included: SunWat-1, 9.6MW (Saraburi); SunWat-2, 7.2MW, SunWat-3 9.6MW (Sri Sa Ket); and, SunWat 4, 9.6MW (Roi Et).      As of June 2012, SunEdison started to divest completed solar projects in this program, including: SPP3, SPP4, and SPP2. The plants, together 22MW, were sold to Electricity Generating Public Company Limited (Egco), a private power producer from Thailand. SPP2 was sold to Egco for Baht 370 million ($11.7 million), averaging $1.463/kW. This high price was justified by a subsidiy on the output over a 10 year period, of Baht 8/kWh ($252.2/MWh), from the Power Department Fund Management Division, of the Office of the Energy Regulatory Commission. SPP2 entered commercial operation in May 2, 2012 and holds a non-firm PPA with state-owned Provincial Electricity Authority (PEA). Total cost of the three plants was estimated at 36MW x $1.463/kW = US$32.3 million.  Plants 2, 3 and 4 reportedly had a debt/equity ratio of 70/30 (SPP2) and 75/25 (SPP3 and 4).
WTE Wassertechnik GmbH, a subsidiary of EVN signed a US$33.3 million (25.5 million euro) contract with the city of Zrenjanin to design build operate and transfer a water treatment plant for the Serbian municipality.  The plant was expected to provide services to 86,000 users. Following a construction period of three years, the plant with be operated by WTE for a period of 15 years. The contract stipulates that the water must meet European quality standards, the plant should not consume over 55kWh of energy and that there could be up to 5% of wastewater.  The plant was financed by a 15-year corporate loan with a repayment period starting in 2015.
Gunkul Engineering was developing the 60MW Huaibong wind farm,  Nakhon Ratchasima province, 250km northeast of Bangkok. The project was expected to be commissioned in two stages. The first 10MW was expected to be completed in 2013. The second stage, of 50MW, was expected to be completed in 2014.  The first year of wind measurements was completed in September 2012, reporting average wind speeds between 4.8/6.2 m/s.   No further information is available.
Hiraratna Hydropower Pvt. Ltd. was developing the 5.0MW Tadi Khola small hydropower plant, in Nuwakot. Annual output was estimated at 24 GWh.  Commissioning was expected for July 2014. The project held a generation license from NEA. Construction started in May 2012.  Clean Energy Development Bank and Kumar Bank were reported as involved in the project, but no conclusive information on financial closure was available. Hence, the project was reported on as advanced development.
Ukrainian natural gas distribution company Chernivtsigaz was partially divested in September 2012. The winning bidder was Gaztek JSC, from Kyiv, Ukraine. By winning the bid, Gaztek expanded its share in Chernivtsigaz with 20.393%. Gaztek JSC was 96% held by four Cyprus-based companies.  Two final bidders participated in the tender, the second firm being Finlex-Invest (Kyiv). The auction made 18 steps, increasing the price by nearly 20%.  Total value of the winning bid was UAH 8.0 million ($1.0 million). The minimum price was UAH 6.7 million ($0.82 million). The Ukrainian bank representing Gaztek was Nadra Bank, Nadra Bank was 89.9% owned by Centragas Holding AG, from Austria. Gaztek raised UAH 250 million to purchase shares in Chernivtsigaz as well as 11 other natural gas utilities: Volyngazm (23.4%), Sevastopolgaz (25%), Zaporizhgaz (25%), Dnipropetrovskgaz (26%), Chernivtsigaz (20.4%), Zhytomyrgaz (15.9%), Syrnygaz (25.8%), Gaztek (23%), Ivano-Frankivskgaz (25%) and Kykolaivgaz (25%). Financial closure date was unavailable, reported here is month of tender winning.
The transmission line was a dual-cable connection between the Itezhi-Tezi hydro project and the Mumbwa substaion.  The project consisted of the construction of a) a 142 km, 220kV single-circuit line taking power from the power station to Mumbwa substation, b) a new 2x 125 MVA, 330/220/33kV substation at Mumbwa, c) a 134 km, 330kV double-circuit line taking power from Mumbwa substation to Lusaka West substation, and d) extension of the Lusaka West Substation to accommodate a new 330kV line bay and two transformer bays (1 No.330/132kV and 1 No.132/33kV)  Debt financing for the project was provided by the EIB, AFD of France and the African Development Bank.  Equity was provided by Tata Enterprises and ZESCO.
A local private company Kaidi Electric Power was granted a contract to build and operate a 30MW biomass power plant in Anren County, Hunan Province. When construction commenced was not reported. The total investment was US$ 46.87 million (RMB 295.87 million) and Kaidi had a 100% stake in the project. US$ 17.43 million (RMB 110 million) had been expended in construction by Jun 2012. A special purpose vehicle, Anren County Kaidi Green Energy Development Company Limited was set up to perform the project. The plant was commissioned in Dec 2013.
The Witkop Solar Park, a 30 MW solar PV facility, was under development by the US-based solar company Sunedison.  Sponsors of the project included Sunedison, backed by MEMC materials (51%) and an array of local South Africa businesses (49%). Shareholders in the holding company were CHINT / ASK & MEMC. Astroenergy Solar Korea (ASK) was a wholly owned subsidiary of CHINT Solar (Zheijiang), of CHINT Groep. SunEdison was bought by MEMC in 2009. The project company was: Core Energy (Pty) Ltd.  The project was awarded in a tender administered by the Department of Energy where a critical factor in the decision was the projected price of power.  Contractual negotiations on the PPA and financing were to be completed by June 2012, but it was predicted that there would be a 20 year PPA with the state owned utility, Eskom. Construction was expected to start in December 2012. The project was to connect to the Witkop substation. EPC partner was Izingwe Capital. O&M partner was Landelahni investments. Management services provider was SunEdison Energy Southern Africa  Total estimated project cost was ZAR 1.560 billion (USD 180 million), with commissioning expected for 2013.  Financial closure was expected in June 2012. The power plant commenced its operation in April 2014.  Coordinates were:  24° 2.5' S , 29° 21.7' .
Enerjisa Enerji Uretim AS (Turkey) was developing the 450MW Tufanbeyli lignite-fired thermal power plant, Tufanbeyli, Adana Region, Southern Turkey. The project was to consist of 3x 150MW generators using Circulating fluidized bed technology. Enerjisa is a joint-venture between Turkish Haci Omer Sabanci Holding AS, and Swiss Verbund AG.   Commissioning was expected for 2015, when the project was expected to sell its output to the wholesale market without a purchasing guarantee. The coal was expected to be mined from a local surface mine, also expected to be operated by Enerjisa. The EPC contract was awarded to SK Engineering & Construction, from Korea, ITOCHU Corporation, from Japan, and SK E&C Engineering and Construction Company, from Turkey in 2011. Total value of the EPC contract was estimated at YEN 80 billion (US$817 million).  The project seems to operate under a new "Royalty Model" from the Turkish Energy Ministry, where Turkish Coal Enterprises (TKI) receives royalties on electricity production instead of charging for the coal for a period of 30 years.   The project reached financial closure on July 25th 2012, with a EUR750 million (US$921 million) financing package by a consortium of banks. The debt was split as follows: EUR750 million 11 year, and EUR350 million equity. The EUR750 million debt consisted of a EUR608 million insured portion, and a EUR 142 uncovered portion. The debt was distributed as follows:  Akbank (EUR62 million),  Bank of Tokyo Misubishi UFC (EUR94 million),  HSBC (EUR 80 million as part of EUR608 million loan, and EUR20 million as part of EUR142 million laon),  BNP Paribas (EUR 60 million as part of EUR608 million loan, and EUR30 million as part of EUR142 million loan),  Deutsche Bank (EUR 50 million),  Erste Bank (EUR 30 million),  Natixis (EUR 40 million),  Raiffeisenbank Hungary (EUR 94 million),  Societe Generale (EUR 50 million),  UniCredit Group (EUR 140 million).   The project received a risk insurance on the EUR608 million portion of the loan from Korea Trade Insurance Corporation, covering 95%. Total project cost was estimated at EUR1.1 billion (US$1,350 million).  Legal advisors to the project  were Clifford Chance (Soc-Gen), Paul Hastings (K-sure), and White & Chase (Enerjisa).   The expected coordinates were: 38.263333, 36.220556  In 2012, E.ON acquired Verbund's shares in Enerjisa in return for 8 run-of-river hydropower projects totaling 351MW in Germany as well as EUR300 million in cash payments. The swap was expected to be finalized in the first quarter of 2013 after approval from the European Commission.
In 2005, NSL Renewable Power Private Limited (NRPPL), through its subsidiary NSL Wind Power Company (Phoolwadi) Private Limited,entered into an agreement with Tamilnadu Government, to develop a 49.5 MW wind power project in Phoolwadi, in Tirupur district of Tamilnadu. The project would be executed in 2 phases - Phase-I of 30MW, and Phase-II of 19.5MW. The wind farm involved the building of 33 ReGen V82 wind turbines of 1500KW capacity each.. The farm was expected to have a load factor of 27.5%. The electricity generated from the project would be evacuated by the Tamilnadu state electricity grid.   The EPC for the power plant had been awarded to ReGen Powertech in October 2010. ReGen Powertech would develop,construct,commission operate and maintain the project at an all-inclusive price. As per the agreement signed, ReGen would acquire the entire land required for the project and transfer the development rights to the company prior to commencement of operations. ReGen Powertech had received all the statutory and non-statutory clearances necessary for the project. NSL Phoolwadi Wind Farm had entered into an blanket O&M agreement with the WEG supplier ReGen for operating and maintaining WECs for the life of the project. Please note that NSL Group was the promoter of Regen Powertech Private Limited.  NSL Wind Power Company (Phoolwadi) Private Limited had entered into PPA agreement with various industries in that belt under "Group Captive" Power Plant Policy in Tamil Nadu. The industrial /commercial consumers would have at least 26% equity stake in the company and would consume at least 51% of the power produced.The details of the pricing with these industrial consumers couldnt be ascertained at the time of collection of this information. However, the APPC (Average Power Purchase Cost) 20-year base feed-in tariff as per TNRC (Tamil Nadu State Regulator) prevailing tariff order, was US$ 0.066/Unit (INR 3.51 per unit @ 53.44INR/USD).  The transmission charges would be paid by NSL Phoolwadi Wind Farm to the state transmission utility. The total capacity of 49.5MW was eligible for GBI as well as CDM benefits and the company had initiated the process with UNFCC.   Financial closure took place on 22nd June 2012.The total project cost at the time of financial closure was US$ 49.4mn (INR 2640mn @53.44 INR/USD).The debt equity ratio for the project was 57/43. Financing comprised a 12-year 6-months term loan of US$ 28.1mn (INR 1500mn) and sponsor equity of US$ 21.3mn (INR 1140mn). The term loan had a repayment schedule of 50 quarterly installments. IDFC Bank was the mandated lead arranger.   Phase-I of the project was expected to be commissioned by 31/08/2011 and Phase-II was expected to be commissioned by 30/09/2011. The company achieved month-wise commercial operation of wind turbine generators starting from July 2011. As per the company information, both phases of the project had been commissioned in 2012.
Bilgin Enerji Yatirim Holding A.S was planning the development of the 50MW Zeytineli wind farm, Alacati-Cesme, Izmir Province. The project was to consist of 20 turbines of 2.5MW. The annual output was estimated at 165 GWh. Capacity factor was estimated at 38% (high).  The equipment supply contract was awarded to Nordex in January 2012, which was expecting to supply its N90 and N100 Gamma Generation turbines (20x). Commissioning was expected for 2012. Under Turkish Renewable Eneryg Law, wind farms receive 7.3 $ cents per kWh, for 10 years.  The financial partners for Bilgin Enerji were BayernLB and Euler Hermes Kreditversieherung. Financial closure was reported in January 2012. Total project cost was unavailable, but estimated at US$1.8 million/MW based on 2011 ECA average price per MW, or US$90 million.
The China Africa Development Fund and Sino Hydro, as well as the Zambian power utility Zesco Corporation in a Joint Venture, were planning the development of the 600MW Kafue Gorge Lower Hydropower Plant, Kafue River Basin, 65km upstream from confluence of Kafue river and Zambezi river.  Commissioning was expected for 2017. Construction was expected to start in April 2011. Prefeasibility work had been done in 1975, based ona 450MW design. This was continued in 1994-5. The Ministry of Water Development received 11 expressions of interest, from: Sinohydro; China Gezhouba Group; SN Power; Alstom Power; Sithe Global; VINCI Group; CMC Di Ravenna; International Mineral Resources BV; Noesis Strategic Consulting; CEC, but some have withdrawn due to the financial crisis. Construction officially started in July 2011. Commissioning was expected for 2017.  The project was estimated to cost $1.5 billion, of which the first $1.0 billion was to be provided by a loan of the China Development Bank. The remaining $500 million was to be provided in equity. The IFC was appointed as lead advisor.
Green Ventures Pvt. Ltd., from Mumbai India, a subsidiary of Bhilwara Energy Limited (LNJ Bhilwara Group) from India and Triveni Energy Pvt. Ltd. from Nepal, were planning the development of the 120MW Green Ventures Likhu Hydropower Plant, on the Likhu River, Nepal. Green Ventures was a carbon credit firm from Mumbai, but branched into hydropower. The project was to exist of 3 turbines of 40MW.  The project was part of a group of hydropower projects under development by Green Ventures, holding up to 2GW in permits and planning to develop up to 1GW before 2016. Construction for the project already started before March 2011. 12% of the output was to be supplied to the Nepali grid. Nepal was also to receive royalties from the electricity sale as well as for the generation capacity (capacity payments). The contract was on a BOOT basis. The EPC contract was tendered, and the bid documents were open for review between September 2011 and October 2011. The project was to receive $0.05995 per kWh. As per the PPA, the prices of power of both projects can increase up to 15 times by the rate of 3% in a single time in every fiscal year.  The project reached financial close on January 9th 2012. Total project cost was INR 10.2 billion ($192 million). The debt had a tenor of 14 years, at the size of INR 6.6 billion ($127 million). The equity portion was INR 3.5 billion (US$65 million). The D/E was 64/36. IDBI Bank lead the deal. Oriental Bank of Commerce (1,720m), Export-Import Bank of India (1,400), PTC India Financials Services (860m), Punjab & SindhBank (860m) and Everest Bank Ltd (50m) were the lenders to the deal. Total project cost was estimated at Rs 15 billion ($262.9 million), which seems more reasonable than the reported FC for January 2012, and is thus reported.
N.B.  These projects have been separated in the database as they have unique SPVs.    The 27MW Dassiesklip Wind, 10MW Aires Solar & 10MW Konkoonsies Solar projects were under development by BioThermEnergy (Pty) Limited (BTE), a South African renewable energy developed backed by South African private equity firm Denham Capital. Both solar projects were expected to hold 45,000 PV panels each. The wind farm was to comprise 9 turbines of 3.0MW initially, but capacity was reported to be up to 54.4MW by the developer.  The projects were awarded in a tender administered by the Department of Energy where a critical factor in the decision was the projected price of power.  Contractual negotiations on the PPAs and financing were to be completed by June 2012, but it was predicted that there would be a 20 year PPA with the state owned utility, Eskom. The EPC contractor for the solar plants was to be Juwi Solar (Germany), on turn-key basis. The wind farm was to constructed by a consortium of Sinovel, Group Five and Iberdrola.  The projects were to be financed together by Denham (equity) and Standard Bank, the Industrial Development Corporation (IDC) and Nedbank (debt), with a projected total investment of ZAR 1 billion (USD 128 million, with expected commissioning for the projects in 2014.  Update: In 2012 the Aires Solar PV project closed a local currency financing for a total project cost of USD 35 million. Debt was provided by Nedbank and the Industrial Development Corporation for a tenor of 15 years with interest priced at between 400-500 bps over JIBAR.  10 million of equity was put into the project by Biotherm.
The South African Government’s Department of Energy, announced the Preferred Bidders for Round 2 of the Renewable Energy Independent Power Producer Programme (REIPPP) on 21 May 2012.
In November 2011, the Maharashtra Public Works Department (PWD) awarded a 25-year concession (including construction period of 3 years) to a consortium of Man Infraconstruction Limited and Ajwani Infrastructure Private Limited, for the strengthening, improvement, widening, operation and maintenance, and tolling of 41kms of Hadapsar Saswad Belsar Phata Section of State Highway No. 64 from KM 9.800 to KM 42.860 and Belha Pabal Uralikanchan Jejuri Nira Section of State Highway No. 61 from KM 110.00 to KM 118.00 at Taluka Purandar, Pune in the state of Maharashtra.  Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance,strengthening and widening the existing bitumen road to a 4-lane highway with rigid pavement. The project included the widening of existing and new major and minor creek bridges, flyovers, vehicular and pedestrian underpasses, toll plazas and foot over-bridges. Besides cutting down on travel time, the other benefits expected of this road widening are increase in traffic and trade activities, entry of more businesses in the region and infrastructure developments.  The consortium of Man Infraconstruction Limited (64%) and Ajwani Infrastructure Private Limited (36%), established Manaj Tollway Private Limited on 18th November 2011, a special purpose vehicle, to implement the project. The SPV won the tender through domestic competitive bidding, conducted by PWD Maharashtra. Details of bidding could not be ascertained at the time of collection of this information.Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement for the project was signed on 10th July 2012. The project was yet to attain financial closure at the time of collection of this information. The estimated capital cost of the project at the time of bidding was US$ 71.7mn (INR 3583.7mn @50 INR/USD).      Construction on the project was expected to begin in July 2012 and was expected to be completed by June 2015.
Continental Wind Partners was planning the development of the 300 MW Kovin wind farm, near Kovin, in Southern Banat. Continental Wind Partners was financially supported by its partner Good Energies. Good Energies was also represented in the board of Continental Wind Partners by Mr. Wayne Woo, of the department European Development Equity at Good Energies. As of October 2011, founder and chairman of CWP since 2007 was Mark Crandall.   Commissioning was expected between 2013 and 2014, with construction starting late-2012 in two phases, the first phase comprising 170 MW. Permitting was reportedly to be completed in August 2011 and a PPA was to be signed early-2012.   As of October 2011, no details about the financial structure of the project were available.
In March 2012, the National Highway Authority of India (NHAI) awarded a 22-year concession (including construction period of 2.5 years) to Gammon Infrastructure Projects Limited (Gammon) for the strengthening, improvement, 4-laning, operation and maintenance, and tolling of 104.77kms of Uttar Pradesh/Haryana Border-Yamunanagar-Saha-Barwala- Panchkula Section on NH-73, in the state of Haryana. The project includes new bypasses at Yamunanagar, Saha, Sahazadpur, Dangri and Barwala.  Under the contract, Gammon was responsible for the design, construction, finance, operation and maintenance and widening of the existing carriageway to a 4-lane highway with paved shoulders. The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc. The expansion project, part of National Highway Development Project Phase-III would ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  Gammon Infrastructure Projects Limited established Yamunanagar Panchkula Highway Private Limited (YPHPL), a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by requesting the lowest upfront subsidy of US$ 55.8mn (INR 2790mn @50 INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement for the project was signed on 30th July 2012. The project attained financial closure on 26th November 2012. The grant/debt/equity ratio for the project was 20/69/10. The estimated capital cost of the project at the time of financial closure was US$ 275.2mn (INR 13760mn @50 INR/USD). Apart from viability gap funding (grant) of INR 2790mn, financing comprised of 15-year term loan of US$ 191mn (INR 9550mn) and sponsor equity of US$ 28.4mn (INR 1420mn). The debt was arranged by Bank of India.     Construction on the project was expected to begin in November 2012 and be completed by May 2015.  In March 2014, NHAI canceled the concession for the project on amicable terms as YPHPL was unable to start construction activities at the project site on account of non-availability of land and certain government approvals.
In November 2011, National Highway Authority of India (NHAI) awarded a 17-year concession (including construction period of 2.5years) to Essel Infraprojects Limited for the strengthening,improvement,4-laning,operation and maintenance of 70kms of Lucknow-Raebareli Road section of NH-24B from Km 12.700 to Km 82.700 in the state of Uttar Pradesh.  Under the contract, Essel was responsible for the design,construction, finance, operation and maintenance,strengthening and widening of the existing 2-lane carriageway to a 4-lane highway with paved shoulders. The scope included construction of new pavement, rehabilitation of existing pavement,construction and/or rehabilitation of major and minor bridges, culverts, road intersections,interchanges, drains, etc.The expansion project, part of National Highway Development Project Phase-IV, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  Essel Infraprojects Limited established Essel Lucknow Raebareli Toll Roads Private Limited, a special purpose vehicle to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by quoting the lowest fixed annuity of US$ 20.2mn (INR 1008mn @50 INR/USD). There were 37 pre-qualified bidders out of which 12 offered their final bids for the project. The L2 bidder L&T had quoted a semi-annual payment of INR 560.7mn. Under the contract, the SPV was to recover the capital costs and operating costs including returns through fixed semi-annual payment of INR 504mn from NHAI during the term of concession.   The project had attained financial closure by November 2012. The debt/equity ratio for the project was 80/20. The estimated capital cost of  the project at the time of financial closure was US$ 131.9mn (INR 6595mn @50 INR/USD). Financing comprised of a 16-year senior term loan of US$ 92.3mn (INR 4616.5mn), a sub-debt of US$ 13.2mn (INR 659.5mn), and sponsor equity of US$ 26.4mn (INR 1319mn).The term loan had a repayment schedule till March 2028. The sub-debt was brought in by IIFCL. Yes Bank was the sole book runner and the other participating banks were Oriental Bank of Commerce, Dena Bank, Vijaya Bank,United Bank of India, Corporation Bank, and Standard Chartered. In December 2012, Standard Chartered Bank arranged for a 13-year 10-months external commercial borrowings of US$ 46mn (INR2300mn @ 50 INR/USD) for substitution of a part of existing rupee loans.  Construction on the project began in April 2012 and was expected to be completed by October 2014. Till November 2012, about 65% of the required land had been acquired.
BLP Wind Project (Amberi) Private Limited, a subsidiary of Bharat Light and Power Private Limited,entered into an agreement with Maharashtra Government to develop a 26.2MW wind farm at Satara and Sangli Districts in Maharashtra. The windfarm would involve the building of 20 AE59 wind turbines of 800kW and 12 G58 units of 850kW capacity each. The windfarm was designed at a load factor of 20%. The electricity generated from the project would be evacuated to Northern, Eastern, Western and North-Eastern grid of India. Gamesa Wind Turbines Private Limited was the technology supplier and also had been contracted to develop, construct, commission, operate and maintain the project in December 2011.  BLP Wind Project (Amberi) Private Limited was expected to sell the entire power from the windfarm to Maharashtra State Electricity Distribution Company Ltd (MSEDCL) through a 13-year PPA.The APPC (Average Power Purchase Cost) base tariff as per MERC tariff order (dated 29 April 2011 for Wind zone 1) was US$ 0.10/Unit (INR 5.37 per unit @53.44 INR/USD) for the first 13 years of operation. The transmission charges would be paid by BLP Wind to the state transmission utility. The total capacity of 26.2MW was eligible for generation based incentive (GBI) as per CERC guidleines and CDM benefits under UNFCC and was currently undergoing the validation process.   Dates of financial closure couldn't be ascertained at the time of collection of this information. UNFCC documents however indicate a loan agreement had been signed and the project cost was estimated as US$ 33.2mn (INR 1773.1mn @53.44 INR/USD). The debt equity ratio was 67.5/32.5. Financing comprised a term loan of US$ 22.4mn (INR 1197mn) and sponsor equity of US$ 10.8mn (INR 576.2mn). The term loan had a tenure of 11.75 years with a payment moratorium of 0.75 years. The term loan was prices at 12.9%.  Construction started in December 2011 and as per company sources, was progressively commissioned through March to June 2012. In the absence of loan sanction information, for our records we have considered March 2012 as the financial closure date.
The Turkish consortium consisting of Çalik & Limak Energy Company won the tender for the privatization of Kosovo Electricity Distribution and Supply (KEDS), with a bid of EUR26.3 million, EUR3.5 million higher than the second bid, as well as the obligation to invest EUR300 million further.   The served population is 1.8 million. The agreement was signed in October 2012. The consortium will take operational control from May 2013 onward. The winner is obligated to reduce commercial losses by at least 13.5% within 5 years. The tender was launched in June 2010. Five companies responded to the EoI, of which 4 fulfilled pre-qualification these included: Calik Holding (Turkey), Limak Holding (Turkey), Elsewedy Electric (Egypt), TAIB-Yildizlar Consortium (Turkey/Bahrain). Eventually consortia were formed and 2 bids were submitted. The winner, Limak-Calik, submitted the highest bid. EUR26 million from the sale will flow to the Kosovo Treasury. Previous annual subsidies of EUR25 million are also expected to be canceled going forward. Elsewedy was the second bidder, with EUR22.8 million.   The company owns 675km of 35kV network, 445km of 10(20) kV network, 5,863km of 10kV network, 46km of 6kV network, and 11,870km of 0.4kV network. Also: 6,200 transformer stations, 220kV level.  The project received IFC (legal advisory, structuring transaction, undertaking marketing and sales) support during the privatization process. The advisory work was supported by DevCo (DfID), Austrian Development Agency, the Dutch Ministry of Foreign Affairs, and the Swedish International Development Agency.   N.B. the project received criticism because the eventual sales price was 3x lower than investments made in the company in the 5 years prior.
A local private company Kaidi Electric Power was granted a contract to build and operate a 30MW biomass power plant in Youyang County, Chongqing Municipality. When construction commenced was not released. The total investment was US$ 51.96 million (RMB 328 million) and Kaidi had a 100% stake in the project. A special purpose vehicle, Youyang County Kaidi Green Energy Development Company Limited was set up to perform the project. Substantial construction had been finished by Dec 2012; 87% of the total investment had been expended by Aug 2013.
Mytrah Energy Limited entered into an agreement with Maharashtra Government, to develop 39MW wind power project at Chakala village in the state of Maharashtra. Mytrah established Bindu Vayu Urja Private Limited, a special purpose vehicle, to execute this project. The wind farm would involve the building of 26 wind turbines of Suzlon S82 model of 1.5MW capacity each.The electricity generated from the project would be evacuated by NEWNE grid of India. The EPC for the power plant had been awarded to Suzlon Energy Limited. Suzlon would develop, construct, commission, operate and maintain the project at an all-inclusive price.    Bindu Vayu Urja Private Limited had already approached Maharashtra State Electricity Distribution Company Limited (Maharashtra Discom )- for entering into Power Purchase Agreement. The APPC (Average Power Purchase Cost) base tariff as per MERC tariff order (dated 29 April 2011 for Wind zone 1) was US$ 0.10/Unit (INR 5.37 per unit @53.44 INR/USD) for the first 13 years of operation. The transmission charges would be paid by GFL to the state transmission utility. The total capacity of 39MW was eligible for CDM benefits and the company had initiated the process with UNFCC.   Details of financial closure were not available.The total project cost estimated based on UNFCC Project Design Document (Suzon quototations) was US$ 32.9mn (INR 1757mn @53.44 INR/USD).  As per company announcement to the market, the project was fully commissioned in the April 2012 to May 2012 period. Till further validated information, we are considering May 2012 as the financial closure date for the purpose of this database.
The project entails the contract for execution of services of public cleaning and solid waste management, through the collection, transportation, treatment and final destination of solid household waste, with implementation of the Palmeiras Waste Treatment Center, in the Municipality of Piracicaba under 20 years contract. SPV is Piracicaba Ambiental Sociedade Anônima, a JV between the sponsors Enob Engenharia Ambiental Ltda. and Kuttner GMBH & CO.KG. Total value of the contract is R$744.620.863 or $ 363.95 million out of which R $99,403,372 ($ 48.59 million) will be invested in physical assets. Financial close took place on August 1, 2012.
Solar Guys International (SGI), and Mitabu Australia developed the 50MW first phase of a project named "1 solar watt per person" expected to total 250MW.   The project was expected to use  Kyocera Solar’s 320W c-Si poly PV modules. The project holds a PPA. The project holds a MOU with the Indonesian Ministry of Energy and Mineral Resources to develop the full 250 MW. All contracts were expected to be completed by mid-2013. Construction was expected to start immediately thereafter, and take over 12 months.   Islamic financing was applied following a government initiative to promote the practice. Financial closure was reported in November 2012, via Islamic Bond (osshore-domiciled Sukuk) of A$100 million (US$104 million) with a 7 year tenor. The full 250MW was expected to require A$550 million in financing, all of which was expected to be done under Islamic principles. The financiers have informed the developer that funding is available for the entire 250MW, dealt out in tranches for each 50MW parcel. The initial Sukuk is domiciled in Labuan, an offshore financial center in Malaysia. The placing was expected to be almost 100% with local Malaysian investors. During the construction period, the financing follows an 'Istisna', where goods are paid for and subsequently produced and delivered. The cashflow back to the investors is established under a Ijara structure - similar to a rental agreement. After 20 years, this would change to a Musharaka structure, sharing returns between the developer and the investors under a profit-sharing ratio.
Green Agro Service LLC, a subsidiary of Swiss firm Rengy Development, developed the 4.5 MW Porogi solar plant, Vinnitsya Region. Annual output was expected tob e 5.37 GWh. The project consisted of 18,348 solar PV modules.  Martifer Solar, subsidiary of Martifer Group, acted as EPC contractor of the project. Construction started in Summer of 2012 and the project was commissioned in November 2012. Output was transferred to the 110kV distribution grid via a 110/35/10kV substation and 100m long 10kV aerial transmission line - sold under the Green Tariff Law. The national utility, Energy Company of Ukraine, is a state-owned enterprise with a subsidiary by region. The Ukraine maintained a feed-in tariff for solar of UAH 4.8 (US$0.58), which was lowered to UAH 3.5 (US$0.43) in 2012. Tariff was guaranteed in EURO until 2030, paid in UAH.  The project reached financial closure in October 2012. The project was financed by EBRD with a EUR5.7 million package (US$7.46 million), consisting of a EUR4.1 8 year tranche for the EBRD and a EUR1.6 million 15 year tranche from the Clean Technology Fund.
In August 2009, Degremont, a subsidiary of the French group Suez, was awarded the 17-year contract to build and operate the wastewater treatment plant named PTAR Juarez Sur-Sur (Ciudad Juarez, state of Chihuahua). The treatment plant was set to have a capacity of 500 liters/second (43.2 m3/day), benefiting 180,000 people.  The sponsors established the special purpose company Tratamiento de Aguas Residuales de Ciudad Juarez, S.A. de C.V. to lead the project. Detailed information on the award process led by the municipality was not available.  The investment was estimated at US$ 42.3 million. The project was granted a US$ 9.3 million loan from the Nadbank, as well as an US$ 8.0 million grant through Border Environment Infrastructure Fund (BEIF), also funded by EPA and administered by the Nadbank. The loan was approved in March 2010, but its first disbursement occurred in September 2012. The remaining costs were financed with grants from the federal government (33%) and equity investment (26%).  Construction works commenced in March 2012 and were concluded by March 2014.
The project entails the development of a solar PV plant with a capacity of 7.46 MW in Surin province, Thailand. The project is one of the 3 solar PV plants sponsored by Solar Power Co.
In August 2013, Beijing Sound Group a local private company signed an agreement with the state owned Beijing Municipal Road & Bridge Construction Holding (Group) for concession to operate three wastewater treatment plants in Beijing Municipality. The three plants were Fatou Wastewater Treatment Plant in Chaoyang District, Liqiao Wastewater treatment Plan in Shunyi District, and Wulituo Wastewater Treatment Plant in Shijingshan District. Sound Group then signed a collaborative agreement with Beijing Water Authority to provide wastewater treatment services based on the three plants for 25 years. It was not reported whether the concession was granted on a competitive basis or not. Sound paid US$ 38.71 million (RMB 240 million) for the concession and would rehabilitate the plants but the construction cost for doing so was not released. Other sources of information showed that the capacity of Fatou and Wulituo plants was both 20,000 tons per day, while the number for Liqiao plant could not be found. Beijing Sound had a 100% stake in the projects.
The project entails the construction of a 2.2 MW WtE plant in Naivasha, Kenya. Total investment stands at $6.97 million. Sponsor of the biogas-fired project is Biojoule Kenya, an IPP part of Tropical Power. Financial close took place on October 31, 2013.
In August 2011, the Dominican company Baez y Rannik (B&R) and the American company Carnival Corporation announced a private venture to build  and operate a passenger terminal at Maimon Port in the Dominican Republic. The port authority authorized the project in 2012, which was named Amber Cove Cruise Terminal.  In March 2013, the sponsors created the company Operadora de Puerto Cortes S.A. de C.V. (OPC) to lead the project. The project's investment was estimated at US$ 65 million. The terminal was expected to receive 250 thousand passengers in its first year of operation.  In September 2013, the construction works were in advanced stage and were expected to be completed by mid-2014. The project was funded with the sponsors own resources.
In February 2013, Madhya Pradesh Road Development Corporation (MPRDC) signed a 15-year concession (inclduing construction period of 2-years) with Dilip Buildcon Limited (DBL) for the strengthening, improvement,two-laning/intermediate laning, operation and maintenance,and tolling of 55.60kms of Uchera–Nagod–Singhpur-Kalinjer section starting from Km 32.000 (near Nagod, NH-75) to Km 87.000 (near UP border) including 1.70 Km Nagod bypass on the section of SH-56 in the state of Madhya Pradesh.   Under the contract, DBL was responsible for the design, construction,finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway to 2-lane divided carriageway.The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges,culverts, road intersections,interchanges, drains, etc.The expansion project, part of the MDR (major district roads) development project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.    DBL established DBL Uchera-Nagod Tollways Limited (DUNTL),a special purpose vehicle on 29th August 2012, to implement the project. The SPV won the tender through international competitive bidding, conducted by MPRDC,by requesting the lowest annuity payment. Details of bidding were not known at the time of collection of this information. Under the contract, the SPV was to recover the capital costs and operating costs including returns through semi-annual payments from MPRDC as well as tolling, during the term of concession. DBL would execute the fixed price EPC (INR 993.2mn) for the project.  The concession agreement for the project was signed sometime around February 2013. The project was expected to be financed with a debt/equity ratio of 69/31. The estimated capital cost of the project at the time of financial closure was US$ 19.8mn (INR 1158.4mn @58.6 INR/USD). Financing was expected to be comprised of a term loan of US$ 13.6mn (INR 800mn) and sponsor equity of US$ 6.1mn (INR 358.4mn). Other details of financing were not known at the time of collection of this information.  The project started construction in April 2013 (Appointed Date) and was slated for completion by March 2015. DUNTL achieved early completion by May 2014.
In July 2013, a local private company  Beijing Sound Environment Industry Group invested in a landfill gas power plant in Urumqi City, Xinjiang Uyghur Autonomous Region. The total investment was RMB 34.20 million (US$ 5.52 million) and Beijing Sound had a 100% stake in the project. The plant came into operation in June 2015. The electricity generation capacity of the plant was 2.5MW. An SPV Xinjiang Huameidechang Environmental Protection Technology Company Limited was established to undertake the project.
Theolia Wind Power Private Limited (known as SITAC RE), a special purpose vehicle of UK based SITAC Group, entered into an agreement with Gujarat Government, to develop 200MW wind power project across sites at Rajkot, Jamnagar, Bhavnagar, Surendranagar,and Amreli districts of Gujarat. As part of the first phase, 50MW project was being executed at Rajkot. The electricity generated from the project would be evacuated by NEWNE grid of India to the state transmission network. Sitac RE had already completed 100MW of power evacuation infrastructure and was completing the other 100MW. Land for 100MW had been acquired and the process of acquiring land for the other 100MW was underway.   Details of financial closure were not available at the time of collection of this information. However in January 2013, it had been reported that Gujarat Venture Finance Limited (GVFL) had invested US$ 7.5mn (INR 400mn) for this project. The project cost (50MW) was reported to be US$ 47mn (INR 2520mn).  The project was under construction and was expected to be commissioned by April 2013.
Khanom Electricity Generating Company Limited (KEGCO) developed a new 970 MW gas fired combined cycle power plant, Khanom 4, in Nakhon Si Thammarat province in southern Thailand to replace the existing Khanom 2 and 3 gas-fired combined cycle power plants (total capacity of 749 MW) that KEGCO acquired through divestiture in 1996. KEGCO planned to sell electricity generated to state owned Electricity Generating Authority of Thailand (EGAT) for 25 years under a power purchase agreement that went into effect once Khanom 4 began operations in 2016.  KEGCO is a wholly owned subsidiary of Electricity Generating Company Limited (EGCO), major independent power producer (IPP) in Thailand. EGCO is listed on the Stock Exchange of Thailand (SET). Its major shareholders are EGAT (25%) and TEPDIA Generating B.V. (24%), a fifty-fifty joint venture between Tokyo Electric Power Company, Incorporated (TEPCO) and Mitsubishi Corporation.   In December 2013, the Japan Bank for International Cooperation (JBIC) signed a USD 187 million project financing loan with KEGCO for the Khanom 4 power plant. The loan is cofinanced in the amount of USD 622 million by a consortium of banks that included Sumitomo Mitsui Banking Corporation, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Mizuho Bank, Ltd., Bangkok Bank Public Company Limited and Oversea-Chinese Banking Corporation Limited.
In April 2007, the Gujarat Government, signed a MoU with OPGS Power Gujarat Private Limited (OPGL),a Special Purpose Vehicle (SPV) of OPG Energy Private Limited (OEPL), for development of a 300 MW (2x150 MW) coal based thermal power station in Bhadreshwar in Kutch district of Gujarat. OPGL had initially planned to setup a 270 MW (2 x 135 MW) coal based power plant but had subsequently revised its plant capacity to 300 MW (2 x 150 MW). The project was planned to be executed based on sub critical technology. The land required for the project was had been acquired. Water requirement would be met from state water utility as well as sea water. OPGL had received all major clearances like environment clearance, coastal clearance, chimney clearance etc. OPGL would be responsible for any transmission infrastructure to connect the power project to the designated state grid substation.                                      The primary fuel for the project was domestic coal (expected to cater to about 70% of the requirement) while the residual 30% of the requirement was expected to be met by imported Indonesian coal. OPGL had fuel supply agreements with Indonesian coal supplier (which also catered to OEPL's other plants in India). OPGL had applied for coal linkage to South Eastern Coalfields Limited and Letter of Assurance (LOA) was in place. However the Fuel Supply Agreement was yet to be executed (supposed to sign the FSA with South Eastern Coalfields Ltd before December 30, 2013). OPGL had sought the intervention of the Project Monitoring Group (PMG) of the Cabinet Secretariat (Gov of India) to expedite the grant of FSA. OPGL had already entered into a contract with Bharat Heavy Electrical Limited (BHEL) for supply of BTG (boiler-turbine-generator) package on fixed price basis and major orders for balance of plant (BOP) packages have also been placed.Tata Power would provide Project Management Services to OPGL. The evacuation of the power from the project would be through the transmission networks of Gujarat Energy Transmission Corporation Limited (GETL- transmission agreement signed on 21 December 2010)  Power generated was expected to be distributed to industrial users in the area, though it couldn't be ascertained if this project fell under the "group captive power project" scheme under existing power regulations.  As on March 2014, PPAs had been signed for about 53% of the total capacity with group captive customers at tariffs linked to discom rates, with effective realization of around INR 5.7 per unit (USD 0.097/kWh) under prevailing tariffs in Gujarat. OPGL had also signed a PPA with Reliance Energy Trading Limited for the entire 300 MW of capacity - however this PPA didnot provide any minimum off-take or guaranteed realizations for OPGL. However the high grid tariff rates in Gujarat and power deficit scenario in neighboring states in Western India, offered a significant upside.  The total cost of the project was initially estimated at INR 12820mn, however, following the increase in project scope (revised to 300MW from initial plan of 270MW) the total project cost had been revised to INR 16400mn. OPGL finally refinanced the approved term loans with a marginally lower project cost estimate. The estimated project cost at the time of revised financial closure was USD 276.6mn (INR 16210mn @ 58.6 USD/INR). The project reached financial closure on 20th November 2013 with a debt/equity ratio of 75/25. Financing comprised a 13-year 6-month term loan of USD 207.4mn (INR 12154.1mn) and sponsor equity of USD 69.1mn (INR 4051.4mn). The term loan facility was syndicated by Rural Electrification Corp Limited (RECL) and the lenders were REC, State Bank of Hyderabad and Punjab National Bank. As on December 2013, the financial progress achieved on the project was 71%, with most of the equity requirement for the project already brought in by OGPL. OGPL was well placed to meet the pending equity requirements in the project through the funds (GBP 57
The project entails the development of 7.46 MW of Solar PV plant in Surin province, Thailand. This is one of the 3 solar PV plants to be developed by Solar Power Co. in Surin.
In April 2011, the National Highway Authority of India (NHAI) awarded a 23-year concession (including construction period of 30 months) to L&T IDPL for the strengthening, improvement, four-laning,operation and maintenance, and tolling of 244.12 kms of Beawar-Pali-Pindwara section of National Highway-14 (NH-14) in the states of Rajasthan.  Under the contract, L&T was responsible for the design, construction, finance,operation and maintenance and strengthening of the existing 2-lane carriageway to a four-lanehighway with paved shoulders. The scope included construction of 4/6-lanes including construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, service roads, road intersections, interchanges, toll plaza, tunnel section, etc.The expansion project was part of National Highway Development Project Phase-III. This section was considered to be one of the main evacuation routes for traffic from Kandla and Mundra Ports travelling towards Northern India - to Rajasthan, Haryana, Delhi, Punjab and beyond. The Project Corridor falls within the proposed Delhi-Mumbai Industrial Corridor (DMIC) and was expected to accelerate the development and growth prospects in this region.  L&T IDPL established L&T BPP Tollway Limited (BPPTL), a special purpose vehicle in May 2011, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by quoting the highest annual premium. The SPV would would pay NHAI a sum of US$ 53.5mn (INR 2510.1mn @46.7 INR/USD) in the first year of operations with 5% increase in each subsequent year (This amounted to an NPV payout of about US$ 726.7mn over the life of concession period at a discount rate of 10%). Of the 19 pre-qualified bidders, about 16 developers finally bid for the project. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. The EPC contract for the project had been awarded to L&T Limited.   The concession agreement for the project was signed on 22nd June 2011.The project was financed with a debt/equity ratio of 75/25. The estimated capital cost of the project at the time of financial closure was US$ 529.3mn (INR 24720mn @46.7INR/USD). Financing comprised of a term loan of US$ 397mn (INR 18540mn) and sponsor equity of US$ 132.3mn (INR 6180mn). As regards the premium restructuring approved by NHAI for host of highway projects in 2013, BPPTL could now defer premium payable to the tune of INR 15000mn, i.e ~65% of total premium payable, till FY 2021-2022 subject to a minimum annual payment. This was expected to result in an increase in the operational funds available for debt servicing and obviate the need for additional fund infusions from the promoter.Other details of financing were not known at the time of collection of this information.  Construction on the project was expected to began on 19th December 2013 (Appointed Date) and was expected to be completed by June 2014. BPPTL now expects to achieve COD and commence tolling by March 2015 (as against initial estimate of June 2014, delay attributable to delays in handover of Right of Way by NHAI).
10MW Neusberg Hydro Electric Plant reached financial closure by securing a syndicated loan of US$42.62 million arranged by Nedbank (50%) and Industrial Development Corporation (50%).  This BOT project would involve the development of a run-of-river hydroelectric power plant with an installed capacity of 10 MW . The produced electricity from this BOO project would be supplied to and sold to the national grid of Eskom via a Power Purchase Agreement under “Independent Power Producer Procurement Program (IPPPP). The estimated total cost of the project amounts to USD56 million and would consist of three turbines and the associated infrastructure.  The project company of the project is Kakamas Hydro Electric Power, a consortium comprising Hydro Tasmania, Old Mutual and the Kakamas Community Trust funded by the Industrial Development Corporation.   In October 2013, Entura officially started construction of the project and the scope of work would encompass the whole lifecycle of the project from design through construction and ongoing support for the operation and maintenance after completion in January 2015.  This project was expected to generate 71.9 GWh of base load energy per year with a capacity factor of 82%, enough to provide power to around 5,000 households.
Aksa Enerji was developing the 24MW Kiyikoy wind farm, Turkey.  The project was operated as a lease. Wind turbines were supplied by Gamesa (Spain).  Financial closure was achieved in August 2013. Total cost was estimated at EUR17.5 million ($24 million), provided by Garanti Finansal Kiralama AS.
In June 2013, construction of a solar power plant invested by a local private company Hebei Yingli Group commenced in Tiemenguan City, Xinjiang Uyghur Autonomous Region. The electricity generation capacity of the plant was 30MW. The total investment was RMB 257 million (US$ 41.48 million) and Hebei Yingli had a 100% stake in the project. The power plant came into operation in January 2015.
In Dec 2012, a local private company Hong Solar Co., Ltd. signed an agreement with the Hejing County Government to build and operate a 60 MW PV power plant in Hejing County, Xinjiang Uyghur Autonomous Region. Construction of the first phase of 30MW commenced in October and the plant was finished within two months. The total investment for the first phase was about US$ 48.42 million (RMB 300 million). Hong Solar had a 100% stake in the project.
Voltalia Energia do Brasil, a subsidiary of the French company Voltalia, was granted authorizations to build seven wind power plants  located in the state of Rio Grande do Norte (200 MW in total capacity, municipalities of Sao Miguel do Gostoso, Touros and Areia Branca). The partners established ten companies to lead the projects: * Usina de Energia Eolica Sao Joao Ltda. - EOL Sao Joao (28.8 MW) * Usina de Energia Eolica Carnauba Ltda - EOL Carnaubas (27.2 MW) * Usina de Energia Eolica Carcara I Ltda - EOL Carcara I (28.8 MW) * Usina de Energia Eolica Carcara II S.A. - EOL Carcara 2 (28.8 MW) * Usina de Energia Eolica Terral S.A. - EOL Terral (28.8.8 MW) * Usina de Energia Eolica Reduto Ltda - EOL Reduto (28.8 MW) * Usina de Energia Eolica Santo Cristo S.A. - EOL Santo Cristo (28.8 MW)   The 35-year contracts were signed with the regulatory agency ANEEL starting in March 2012. The total investment in the power plants was estimated at US$ 527 million (BRL 860 million).   The seven  power plants won the public bidding for the sale of energy to the country´s distribution companies run by the government that took place in July2011 and in December 2011, by offering an average tariff of US$ 60.7/MWh (BRL 99/MWh) and US$ 65.6/MWh (BRL 107/MWh) , respectively . The project companies signed 20-year power purchase agreements with the several electricity distribution companies , and the agreements included the annual adjustment of the tariff to the inflation rate. The sponsors committed to start supplying the market in 2014 and 2016 (for EOL Carcara 2 and EOL Reduto).  As of March 2013, the environmental licenses had been issued, but construction works had not commenced. In May 2013, Voltalia sign an agreement with Acciona Windpower for the supply of wind turbines that were set to be installed in the wind farms located in the state of Rio Grande do Norte.  The projects were granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company is not subject to sectoral taxes.  Financial closure of the projects EOL Carcara I, EOL Carcara II and EOL Terral was achieved in December 2013, when the state-owned bank BNDES granted a US$ 67 million (BRL 157.7 million) loan to these projects. These three power plants required an investment of US$ 147.1 million (BRL 346.3 million). In May 2014, BNDES approved an additional loan of US$ 131.5 million (BRL 309.2 million) for these power plants.  In August 2014, financial closure was achieved for the other power plants: EOL Reduto, EOL Carnauba, EOL Santo Cristo e EOL Sao Joao. The four power plants were granted 1-year bridge loans arranged by the banks Santander and Itau Unibanco amounting to US$ 162.5 million (BRL 382 million). The remaining cost was set to be financed with equity (US$ 65.5 million or BRL 154 million). Total investment on these power plants was estimated at US$ 228 million (BRL 536 million).  EOL Carcara II commenced commercial operations in December 2014.  In July 2014, the state-owned company Copel acquired a 49% stake in the project.  In August 2015, the state-owned bank BNDES approved a US$ 85.7 million (BRL 286 million) to the project companies responsible for developing the power plants EOL Reduto, EOL Carnauba, EOL Santo Cristo e EOL Sao Joao.  In March 2016, the sponsors issued US$ 15.53 million worth in long-term bonds. Credit Agricole acted as sole bookrunner and DCADV acted as legal adviser to the sponsors.
The Colombian company Tecnologica Intercontinental (Ticsa) was awarded the 20-year contract to build and operate two wastewater treatment plants named PTAR Tuchtlan (ID# 8696) and PTAR Paso Limon (Tuxtla Gutierrez, state of Chiapas). A total of 600,000 people benefitted from the project.  In November 2006, the sponsor had established the special purpose company Ecosistemas de Tuxtla S.A. de C.V. to lead the project. Detailed information on the project award process led by the state government was not available.  PTAR Paso Limon was set to have a capacity of 400 liters/second (34.6  m3/day). The investment was estimated at US$ 19.9 million (Pesos 316.2 million), of which 26% was financed with funds from the federal government. Construction works commenced in April 2013, and as of early 2015, the construction works were in its final stages.  In May 2013, the Colombian company EPM acquired 80% of Ticsa's shares for US$ 113 million. The remaining 20% of the shares were held by the Mexican family Primelles.
Generadora Eolica Argentina del Sur (GEASSA) received the environment approval to build own and operate a 1,350 MW wind farm to be located in the region of Chubut, Argentina.  As of late 2012, the project was close to achieving a financing package arranged by the China Development Bank for USD 3.5 billion.  Under the arrangement, Beijing turbine manufacturer Beijing contruction Engineering Group would provide the turbines for the project.    Project comissioning was expected for late 2014.    Financial closure was achieved in June 2013, when the China Development Bank approved a US$ 261 million 12-year credit package for the initial phase of the 1350 MW Gastre wind complex (the first two 150 MW plants).
In March 2012, Consorcio Sino-Copeliano, a partnershiip of the Brazilian state-owned company Copel (49%) and the Chinese company State Grid (51%), was awarded in a competitive bidding process the contract to build and operate the 1005-km transmission line connecting Paranaita-Claudia-Paranatinga-Ribeiraozinho, located at the state of Mato Grosso.   Six other companies took part in the contest: ABENGOA CONCESSOES BRASIL HOLDING S/ A; CONSORCIO PARANAITA; CONSORCIO TRANSMISSAO TELES PIRES; ELECNOR TRANSMISSAO DE ENERGIA S/A;  ISOLUX ENERGIA E PARTICIPACOES S/A; and NEOENERGIA S.A. The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. Consorcio Sino-Copeliano presented the lowest offer, a total value of US$ 64.8 million (BRL 126.4 million), 43% below the ceiling set by the regulatory agency. The contract was signed in May 2012, and the sponsors created the company Matrincha Transmissora de Energia (TP Norte) S.A. to lead the project during the 30-year contract period.   The sponsor committed to invest US$  764.7 million (BRL  1800 million) in the transmission line. In December 2013, Matrincha Transmissora was awarded a US$ 293.7 million (BRL 691.4) million loan from the state-owned bank BNDES. Environmental clearance was awarded in February 2013. Construction works commenced in June 2013 and were expected to be concluded by January 2015.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures.  In August 2014, the sponsors were granted a US$ 150.2 million (BRL 353 million) 2-year bank guarantee provided by Banco Santander and HSBC. In May 2016, the sponsors were granted an additional US$ 78.7 million in loans from the same financial institutions.
Asya Port Limani is a joint venture between Global Terminal Ltd, part of the Mediterranean Shipping Company (MSC) group, and the Soyuer family. Local special purpose company Asya Port Limani A.S. was to use the financing to design, build, operate and maintain the container terminal which was to be able to handle mega-vessels at the Sea of Marmara side of the Bosporus. The terminal was going to be equipped to handle 1.9 million TEU. Aysa was to become a trans-shipment hub (loading on to smaller ships to go through the Bosporus into the Black Sea), and becoming one of the largest container terminals in the country.  The European Bank for Reconstruction and Development (EBRD) was to provide a $92 million (67 million euro) loan for the AsyaPort trans-shipment container terminal project in the town of Barbaros in the northwestern Turkish province of Tekirdag. Further financing was provided by the International Finance Corporation ($69 million) and Turkish lender Isbank ($106.6 million) in parallel loans.
The project entails the construction of a biomass plant at Aratu industrial complex in Candeias municipality, Bahia state, Brazil. The Dow Chemical Company and Energias Renováveis do Brasil (ERB) are the sponsors. The facility exports 11 MW to the National Interconnected System. It was opened on 26 March 2014. Total investment amounts to $72.40 million. An 18-year contract was signed. BNDES and  Fundo Caixa Ambiental, run by Mantiq Investimentos(Grupo Santander) provided debt financing for the project.
Foz do Brasil, a subsidiary of the Brazilian group Odebrecht, was awarded the 30-year concession contract to expand, rehabilitate and operate thewater and sewerage facilities of the city of Redencao (state of Para) in September 2012. The contract was awarded by the municipality's central administration.   The private sponsor committed to connect 100% of the population with water services by the 5th year of the concession contract, and with sewerage services by the 10th year of the contract. The population of Redencao was estimated at 75,000.   Information on the bidding process was not available.  The special purpose company created to manage the project Foz Redencao S.A. took over the operation of the water and sewerage services in January 2013. The private sponsorcommitted to invest US$  61.6 million (BRL 145 million) over the life of the project.
The project entails the construction of a 12.3 MW WtE plant in Ninghai, Zhejiang Province. Total investment stands at RMB 360 million or $ 53.37 million. Sponsor of the project is China Everbright. The facility will be undertaken under BOT concession. The Ninghai Project is designed to process household waste totalling 1,050 tonnes per day. Financial close took place in February 2013.
ReNew Wind Power Private Limited entered into an agreement with Maharashtra Government, to develop 74.65MW wind power project at Jath Mandal village in Sangli district of Maharashtra. The project would be executed by ReNew Wind Energy (Jath) Private Limited, a special purpose vehicle. The wind farm would involve the building of 29 units of Gamesa G58 wind turbines (850kW each) and 25 units of Gamesa G97 (2MW each).The electricity generated from the project would be evacuated by state grid thorugh Northern, Eastern, Western and North-Eastern (NEWNE) grid of India. Gamesha Wind Turbines Private Limited would develop, construct, commission, operate and maintain the project.    ReNew Wind Energy (Jath) Private Limited would sell the power to Maharashtra state Electricity Distribution Company Limited (MSEDCL). The APPC (Average Power Purchase Cost) base tariff as per MERC tariff order (dated 29 April 2011 for Wind zone 1) was US$ 0.10/Unit (INR 5.37 per unit @53.44 INR/USD) for the first 13 years of operation. The transmission charges would be paid by ReNew to the state transmission utility. The total capacity of 74.65MW was eligible for CDM benefits and the company had initiated the process with UNFCC.    The project attained financial closure on 1st August 2013 at a debt/equity ratio of 75/25. The estimated project cost at the time of financial closure was US$ 104.2mn (INR 6105.7mn @ 58.6 INR/USD). Financing comprised of a 13-year 3-month term loan of US$ 78.1mn (INR 4579mn) and sponsor equity of US$ 26mn (INR 1526.7mn).The term loan had a grace period of 6-months and a repayment schedule of 50 quarterly installments. The loan was priced at at 225 basis points over the prime lending rate of Yes bank Limited. The lead arranger of the term loan was Yes Bank and the other participating banks were Central Bank of India and Vijaya Bank.  The project started construction in May 2012 (EPC contract signed). The company progressively commissioned the generation capacity between October 2012 and June 2013.
The project entails the construction of hazardous solid waste landfill in Binhai, Jiangsu Province. Sponsor of the project is China Everbright. Total investment stands at RMB 186 million or $ 27.58 million. The plant will operate on a build-operate-transfer basis for 20 years. It is designed for a total landfill capacity of 600,000 cubic metres and an annual hazardous waste processing capacity of 30,000 tonnes.  Financial close took place in May 2013.
On 7th December 2011, National Highway Authority of India (NHAI) awarded a 30-year concession (including construction period of 2.5 years) to Simplex Infrastructure Limited, for the strengthening, improvement,4-laning,operation and maintenance, and tolling of 125.9kms of Mahulia to Baharagora (Km.277.50 to 333 .50) of NH-33 and Baharagora to Kharagpur (Km.199.500 to 129.600)of NH-6, in the state of Jharkhand and West Bengal.   Under the contract, Simplex was responsible for the design,construction,finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway to 4-lane divided carriageway.The scope included construction of new pavement,rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges,culverts, road intersections,interchanges, drains, etc.The expansion project was part of the National Highway Development Program (NHDP-III).The project was covered in the East Singhbhum district of Jharkhand and West Midnapur district of West Bengal. The main object of the project was to expedite the improvement of infrastructure in the States of Jharkhand and West Bengal and also in reducing the time and cost of travel for traffic, particularly heavy traffic, plying between Mahulia, Baharagora, Kharagpur. This project would link the two arms of Golden Quadrilateral traversing through Ranchi, Jamshedpur (Mahulia), Baharagora and Kharagpur.  Simplex Infrastructure Limited established Maa Durga Expressways Private Limited (MDPL),a special purpose vehicle on 15th December 2011, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by requesting the lowest grant of US$ 21.5mn (INR 1260mn @58.6 INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling, during the term of concession. Simplex Infra would execute the EPC contract for the project.  The concession agreement was signed on 29th February 2012. The project attained financial closure in 17th July 2013. The estimated capital cost of the project at the time of bidding was US$ 197.7mn (INR 11585.9mn @58.6INR/USD).The term loan was arranged by Union Bank of India.   The project was expected to start construction in July 2013 and was expected to be completed by January 2016. However the project got delayed at NHAI's end because of land acquisition and other permission. NHAI finally canceled the concession in September 2014.
In August 2012, a local private company, Sound Group signed an agreement with the Jingbian County Government to build and operate the phase II of the Jingbian County Wastewater Treatment Plant in Jingbian County, Shaanxi Province. The total investment was US$ 13.14 million (RMB 81.49 million) and the concession term was 30 years. The capacity of the second phase of the plant was 15,000 tons per day. Construction commenced in March 2013 and was substantially completed in December 2013. How the BOT agreement was granted was not reported, although it was very possible to be direct negotiation. Sound Group had a 100% stake in the project.
In October 2013, a local private company Beijing Sound Group was granted a management contract to operate the wastewater treatment plant of Nanhe County, Xingtai City, Hebei Province. The capacity of the plant was 30,000 tons per day. The term was one year only. Whether there were clauses in the contract regarding the renewal of the contract was unknown.
In January 2013, the Brazilian companies Foz do Brasil (80%), a subsidiary of Odebrecht Group, and Lidermac Construcoes (20%) were awarded the 35-year concession contract to expand, rehabilitate and operate the sewerage facilities of the metropolitan region of Recife and Goiana located at the state of Pernambuco (15 municipalities in total). The PPP contract was awarded by the state-owned company Compesa, and the investments were expected to benefit around 3.7 million people.  The sponsors were awarded the contract by offering the lowest payment to be received to perform the services (Compesa established the ceiling of 90% of the revenues with the collected sewerage fees; the winning bid was 86.5%). Only another bidder took part in the bidding process: the consortium of the Brazilian company OAS and the Spanish company AGBAR. The contract was signed in February 2013, and the private sponsor took over the operations of the sewerage services in July 2013.  The special purpose company Foz do Atlantico S.A. was set to lead the project. The total investment in the project was estimated at US$ 1911.8 million (BRL 4.5 billion).The PPP contract envisaged a public funding for the project amounting to US$ 478 million (BRL 1.125 billion).  In February 2014, the state-owned bank BNB approved a US$ 176.8 million (BRL 415.6 million) loan with funding from Sudene to the project.
The partnership of the Brazilian state-owned Chesf (49%) and the Brazilian group Brennand (51%)  were granted the authorizations to build three wind power plants located in the state of Bahia (30 MW in capacity each). The 35-year contracts were signed with the regulatory agency ANEEL in February 2011. The sponsors created the special purpose companies Pedra Branca S.A., Sao Pedro do Lago S.A. and Sete Gameleiras S.A. to manage the projects, which were named EOL Pedra Branca, EOL Sao Pedro do Lago  and EOL Sete Gameleiras.  The total investment in the project was estimated at US$ 214.5 million (BRL 350.4 million).   In August  2010, all three wind power plants took part in the same competitive bidding process to sell electricity to the regulated wholesale market, starting in 2013 (20-year power purchase agreement was signed guaranteeing the sale of electricity to the national grid). The average tariff offered in the bidding process by the power plants was US$ 67.1/MWh (BRL 132.5/MWh). A equipment supply agreement was signed with Vestas in July 2011.  As of October 2012, construction works were underway. Commercial operations were  estimated initially to commence in September 2012, but construction delays led to the postponement of this date to 2013.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company is not subject to sectoral taxes.  In January 2012, the sponsor applied for carbon credits.  In January 2013, the state-owned bank BNDES granted a US$ 166.4 million (BRL 391.7 million) to finance the power plants. Commercial operations commenced in March 2013.
In April 2012, a local private company, Shandong Linuo Group signed an agreement to build and operate a 30MW PV plant in Xiajin County, Shandong Province. The plant would be conducted in two phases. Phase 1 had a total investment of US$ 96.84 million (RMB 220 million) and the figure for phase 2 was RMB 380 million. Linuo had a 100% stake in the PV plant. The concession term was unknown. Significant progress had been achieved in construction by Jul 2013.
Enel Brasil Participacoes, a subsidiary of the Italian company Enel, was granted authorizations to build three wind power plants  located in the state of Pernambuco (78 MW in total capacity, municipality of Taracatu). Enel established three companies to lead the projects: * Enel Green Power Tacaico Eolica S.A. - EOL Tacaico (18 MW) * Enel Green Power Pau Ferro Eolica S.A. - EOL Pau Ferro (30 MW) * Enel Green Power Pedra do Geronimo Eolica S.A. - EOL Pedra do Geronimo (30 MW)  The 35-year contracts were signed with the regulatory agency ANEEL starting in March 2012. The total investment in the power plants was estimated at US$ 159.3 million (BRL 374.9 million).   The three power plants controlled by Enel won the public bidding for the sale of energy to the country´s distribution companies that took place in 2011, by offering an average tariff of US$ 50.5/MWh (BRL 98.6/MWh). The project companies signed 20-year power purchase agreements with the several electricity distribution companies , and the agreements included the annual adjustment of the tariff to the inflation rate. Enel committed to start supplying to the market in January 2014.  As of March 2013, the environmental licenses had been issued, but construction works had not commenced. Construction works commenced in July 2013, and were in its final stages by December 2013. Commercial operations were expected to begin in October 2014.  In December 2013, the IFC approved a US$ 220 million A-loan to finance five of Enel's wind parks in Brazil: Modelo, Serra Azul, Fonte dos Ventos, Cristal and Curva dos Ventos. Information on how much of this funding was directed to each project was not released.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company is not subject to sectoral taxes.  In December 2011, the sponsor applied for carbon credits.
The company Santa Vitoria do Palmar Holding, a partnership of the Brazilian investment fund Rio Bravo Energia (51%%) and the Brazilian state-owned company Eletrosul (49%), was granted authorizations to build ten wind power plants  located in the state of Rio Grande do Sul (252 MW in total capacity, municipality of Santa Vitoria do Palmar). The partners established ten companies to lead the projects: * Eolica Geribatu I S.A. - EOL VERACE I (20 MW) * Eolica Geribatu II S.A. - EOL VERACE II (20 MW) * Eolica Geribatu III S.A. - EOL VERACE III (26 MW) * Eolica Geribatu IV S.A. - EOL VERACE IV (30 MW) * Eolica Geribatu V S.A. - EOL VERACE V (30 MW) * Eolica Geribatu VI S.A. - EOL VERACE VI (18 MW) * Eolica Geribatu VII S.A. - EOL VERACE VII (30 MW) * Eolica Geribatu VIII S.A. - EOL VERACE VIII (26 MW) * Eolica Geribatu IX S.A. - EOL VERACE IX (30 MW) * Eolica Geribatu X S.A. - EOL VERACE X (28 MW)  The 35-year contracts were signed with the regulatory agency ANEEL starting in February 2012. The total investment in the power plants was estimated at US$ 417 million (BRL 981.6 million).   The ten  power plants won the public bidding for the sale of energy to the country´s distribution companies run by the government that took place in 2011, by offering an average tariff of US$ 60.2/MWh (BRL 98.2/MWh). The project companies signed 20-year power purchase agreements with the several electricity distribution companies , and the agreements included the annual adjustment of the tariff to the inflation rate. The sponsors committed to start supplying the market in March 2014.  As of March 2013, the environmental licenses had been issued, and construction works had commenced.  The projects were granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company is not subject to sectoral taxes.  In 2012, the sponsors applied for carbon credits.  In December 2013, the state-owned bank BNDES approved a US$ 171.6 million (BRL 404 million) loan to finance the construction of the power plants.
In April 2013, construction of the first phase of a wind farm commenced in Jun County, Henan Province. The developer was China WindPower Group Ltd., a Hong Kong based company. The project was completed in September 2014. The total investment was RMB 500 million (US$ 80.70 million) and China WindPower had a 100% stake in the project. The electricity generation capacity of the plant was 49.5MW. How the agreement was granted to Kaidi was not reported. Neither was the concession term.
In August 2013, a local private company Shaanxi Lanhuan Company Limited was granted a management contract to operate the urban wastewater treatment plant of Gangu County, Gansu Province. The capacity of the plant was 13,000 tons per day. The term of operation was 25 years.  Whether the project was granted on an open competitive basis was not reported.
Palmillas-Apaseo El Grande Toll Road was a 86 km, four-lane, high specification toll road in the states of Queretaro and Guanajuato, that created a new link between the Mexico City metropolitan region, the Bajio region, and the North. The highway provided a bypass around the city of Queretaro and reduced congestion, while also improving environmental and highway safety conditions. The project included the construction of nine interchanges, 15 bridges and 29 vehicular overpasses and underpasses.   In November 2012, Autovia Queretaro SA de CV (Conoisa), a subsidiary of ICA SAB de CV (ICA) was awarded the 30-year greenfield contract to build, operate, exploit, conserve and maintain Palmillas - Apaseo El Grande highway, through an international bidding process by Mexico's Secretariat of Communications and Transportation (SCT). Conoisa fulfilled all the required criteria of the bidding documents and offered the highest initial payment, which was the variable to determine the winer.   The price of the construction amounted to approximately US$ 403 million (MXN 5,313 million). The concession had a total estimated value of approximately US$ 741 million (MXN 9,630 million). Financial closure was reached on November 5, 2013, and ICA made an initial draw on a $434 million (MXN 5.68 billion) debt financing. Banobras, Banorte and Santander arranged the 10-year debt, which featured a full cash sweep and a two-year grace period on interest, covering the road's construction period. Pricing started at about 275bp over TIIE, and stepped up to 350bp, though ICA agreed a 10-year swap that fixed the rate on 80% of the debt to 6.92%. The debt had a base-case debt service coverage ratio of 1.2x, according to lender models. ICA also closed a 17-year $69 million (MXN 900 million) subordinated contingent liquidity facility with Fonadin, the government-sponsored infrastructure fund, which provided additional comfort to the senior lenders during the project's operational period.
In August 2013, the state-owned company Aguas de Palmira awarded the 20-year contract to expand, rehabilitate and operate the water and sewerage services of Palmira to Union Temporal Aquaoccidente. Aquaoccidente was established as a partnership of the Spanish company Sociedad General Aguas de Barcelona, its subsidiary Aqualogy Latam S.A. E.S.P. and the Colombian companies of the group Empresas de Via Grupo S.A.S. (Inversiones Castillo del Mar S.A.S., Jerbi S.A.S. y Promociones J. Villegas & CIA). Aqualogy Latam was chosen to by the project operator.  Besides Aquaoccidente, only another bidder took park in the bidding process: Consorcio Inassa. The criteria used to select the private sponsor was the best technical and economical proposal. The concession contract was signed in September 2013, and the sponsors committed to invest US$ 129 million in the project.  As of 2014, The municipality of Palmira had a population of 380 thousand.
In December 2010, Consorcio Caldas Novas was awarded in a competitive bidding process the contract to build and operate the Corumba Substation, located at the state of Mato Grosso do Sul. Consorcio Caldas Novas was established as a partnership of the state-owned Brazilian company  Furnas (49,9%), and the Brazilian companies Desenvix Energias Renovaveis SA (25%), Construtora Santa Rita Comercio e Instalacoes (12,525%) e CEL Engenharia (12,535%).  Four other companies took part in the contest: ?? ABENGOA CONCESSOES BRASIL HOLDING S/ A; ALUPAR INVESTIMENTO S/A; CONSORCIO PIRINEUS; and ORTENG EQUIPAMENTOS E SISTEMAS. The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. Consorcio Caldas Novas presented the lowest offer, a total value of US$ 1.8 million (BRL 3.3 million), 20% below the ceiling set by the regulatory agency. The contract was signed in May 2012, and the sponsor created the company Caldas Novas Transmissora S.A. to lead the project during the 30-year contract period.   The sponsor committed to invest US$  9.9 million (BRL  23.3 million) in the transmission line. In December 2013, Caldas Novas Transmissora was awarded a US$ 6.9 million (BRL 16.2) million loan from the state-owned bank BNDES. Environmental clearance was awarded in early 2013. Construction works commenced in May 2012 and were concluded by August 2013. Commercial operations started in August 2013.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures.
The  Italian company Enel Grenn Power was granted the authorization to build two  wind power plants located in the state of Bahia (52.8 MW in total capacity ). The project was named Curva dos Ventos Wind Park. The 35-year contracts were signed with the regulatory agency ANEEL in March 2012, and the following special purpose companies were created to manage the power plants:  EOL Joana (25.6 MW) - Enel Green Power Joana Eolica S.A. EOL Emiliana (27.2 MW) - Enel Green Power Emiliana Eolica S.A.  In February 2011, both wind power plants took part in the same competitive bidding process to sell electricity to the regulated wholesale market starting in 2014 (20-year power purchase agreement was signed guaranteeing the sale of electricity to the national grid). The tariff offered in the bidding process by the power plants was US$ 60.3/MWh (BRL 98.5/MWh).  The total investment in the project was estimated at US$ 115.1 million (BRL 270.9 million). Construction works commenced in May 2013 and were concluded in October 2013. In December 2013, the IFC approved a US$ 220 million A-loan to finance five of Enel's wind parks in Brazil: Modelo, Serra Azul, Fonte dos Ventos, Cristal and Curva dos Ventos. Information on how much of this funding was directed to each project was not released.  Commercial operations were set to begin in January 2014.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company is not subject to sectoral taxes.  In December 2011, the sponsor applied for carbon credits.
The project entails the provision of services for the collection and final disposal of solid waste, remediation and closure of the municipal controlled landfill, operation of transshipment station, solid waste composting unit, as well as implementation and operation of an effluent treatment plant, in the Municipality of Paulista, Brazil.  The winning concessionaire is formed by Empresa Pernambucana de Engenharia e Construções Ltda., Locar Saneamento Ambiental Ltda. and the concession will have a term of 25 years, with a contract value of USD268.9 million (BRL606.4 million).  The project company I9 Paulista Gestão de Residuos SA signed the contract with Paulista Municipality on 29 September 2013.
The project consists of the rehabilitation and upgrading of the National Highway 20 that extends from the Dong Nai to Lam Dong provinces of Vietnam, under a build-transfer contract between the BT20 Consortium and the Ministry of Transportation. The project is split into two phases. The first phase entails the construction of 123km of highway from the Dau Giay intersection in Dong Nai Province to Provincial Road 725 in Lam Dong Province. The second phase will stretch 145km from Bao Loc city to Dran Town, both in Lam Dong Province.  Proceeds will be used for the rehabilitation and upgrading of the National Highway 20 that extends from the Dong Nai to Lam Dong provinces of Vietnam, under a build-transfer contract between the BT20 Consortium and the Ministry of Transportation. The NH20 road is a critical connector road for the Ho Chi Minh City-Dalat (Central Highlands - South Central Coastal Ports) corridor, and its proposed upgrade and rehabilitation is expected to result in travel time savings, improved road safety, and reduced vehicle operating costs. The proposed project is also expected to supporting the economic growth and development of the Central Highland area, home to a high concentration of impoverished ethnic minority groups.  Equity Sponsor: Dong Mekong Construction (50%) Public PetroViet (30%) Cuu Long Corporation (10%) Building Material Corporation (10%)   $12.75m USD PetroVietnam	 30	$7.65m USD Cuu Long Corporation	 10	$2.55m USD Building Material Corporation (Vietnam)	 10	$2.55m USD
The project involved implementation of an integrated solid waste management facility for Tambaram and Pallavapuram Municipalities. The work involves the construction of RDF plant, transfer station and scientific land fill. The 20-year DBOT concession was awarded to Essel Private Limited on 21 April 2013. The total cost of the project is $18.35 million, of which $4.1 million grant.
The Brazilian company Inxu Geradora e Comercializadora de Energia Eletrica S.A. was granted the authorization to build a small hydro power plant (PCH Inxu) located in the state of Mato Grosso (20.6 MW in total capacity). The 30-year contract was signed with the regulatory agency ANEEL in September 2011.   Inxu Geradora  committed to invest US$ 56.5 million (BRL 133 million) in the construction of the power plant. In April 2013, the state-owned bank BNDES approved a US$ 42.5million (BRL 100 million) to finance the project.  In August  2010, the power plant took part in the competitive bidding process to sell electricity to the regulated wholesale market starting in 2013 (20-year power purchase agreement was signed guaranteeing the sale of electricity to the national grid). The average tariff offered in the bidding process by the power plants was US$ 65.8/MWh (BRL 129.93/MWh).  In April  2012, the sponsor began the construction works. As of April 2014, operations were expected to begin by September 2014.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.  In 2012, the company applied for carbon credits.
In April 2010, the Spanish company Abengoa was awarded the contract to build and operate a 872-km transmission line connecting CHILCA – MARCONA - MONTALVO. Five competitive bidders made offers for the project: Transcobel, Interconexion Electrica (ISA), Korean Electric Power Corporation, Asa Iberoamerica (Abengoa) and Alupar Investimentos. The bidding criteria was the lowest cost of service.  The sponsor signed a 30-year concession contract in June 2012, and created the special purpose company Abengoa Transmision Sur S.A. – ATS to manage the project.  The sponsor committed to invest US$ 480 million in the project. Construction works commenced in April 2010 and were concluded in November 2013. Commercial operations began in February 2014.  In May 2014, ATS issued US$ 432 million in bonds to refinance the project.
In October 2013, the company Odebrecht Ambiental, a wholly-owned subsidiary of the Brazilian group Odebrecht, was awarded the 15-year concession contract to expand, rehabilitate and operate the water treatment facility named Agua Rio Manso (state of Minas Gerais).  The 15-year PPP contract was award by the state-owned company Copasa. The sponsor committed to expand the treatment facility from the current 345.6 million of liters per day to 501.12 million of liters per day. Rio Manso was initially established as the main water supplying facility of Belo Horizonte, capital of the state of Minas Gerais (population of million).The company committed to invest US$ 195 million (BRL 450 million) in the expansion of the facility.  The sponsor was awarded the contract by offering the lowest payment to deliver the services: the ceiling established by Copasa was US$ 320.9 million or BRL 755.3 million, and Odebrecht's winning bid was 8.15% below this value (or US$ 295 million).Three other companies took part in the contest: a consortium of the Brazilian companies SAAB and Queiroz Galvao; a consortium of the Spanish company Abengoa and the Brazilian companies Pampulha Engenharia and PB Construcoes; and the Brazilian construction company OAS.The contract was signed in December 2013, and the private sponsors took over the operations of the sewerage services in the same month.
In August 2012, the consortium Concesion Vial del Sur, a partnership of the Colombian companies Pavimentos Colombia, Sainc Ingenieros Constructores S.A., Nexus Infraestructura and Nexus Banca de Inversion S.A. and the Peruvian company Chung & Tong Ingenieros, won in a competitive bidding the right to expand, rehabilitate and operate the 430-km highway connecting the municipalities of Arequipa and Tacna located in Peru.   Three contestants took part in the bidding process, but additional information on the bidding criteria was not avaliable. The sponsor created the company Concesionaria Peruana de Vías – Covinca S.A. to lead the project.  The 25-year concession contract was signed in January 2013. The investment was estimated at US$ 396 million over the life of the project. In March 2013, the private sponsors commenced the operations of the toll road.
This 21MW power project of $36.25 million comprises construction of the 21MW Chaba wind farm situated west of the town of Grahamstown in the Eastern Cape Province of the Republic of South Africa. The project is part of Round 2 of the South African Department of Energy's renewable energy independent power producer procurement program.  The wind farm would be developed by EDF (100%) and expected to be operational in 2014.
The Brazilian company ERB - Energias Renovaveis do Brasil S.A.  (a partnership of the investment funds FIP Ambiental, 26,4%; Rioforte Investment Holding, 26.2%; state-owned FI-FGTS, 26.2% and BNDES Participacoes, 20.5%) was granted the authorization to build and operate a 16.8-MW wood-residue fueled power plants located in the state Bahia. The power plant was named UTE ERB Candeias, and the sponsors created the company ERB Aratinga S.A. to manage the project. The 35-year contract was signed with the regulatory agency ANEEL in October 2012.  The value of the investment committed to UTE ERB Candeias was estimated at US$ 16.3  million (BRL 38.4 million).   UTE ERB Candeias  won the public bidding that took place in December 2013 to sell electricity to several distribution companies, by offering a tariff of US$ 57.6/MWh (BRL 135.5/MWh). The project company signed 15-year power purchase agreements with the several electricity distribution companies. UTE ERB Cadeias committed to start supplying to the market in 2018.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company was free from sectoral taxes.  As of December 2013, the construction works were in its final stages.  Commercial operations commenced in October 2014.
Orange Renewable Power Private Limited (ORPPL), a Special Purpose Vehicle promoted by Orange Renewable Holdings Pte Limited (ORHPL) of Singapore, entered into an agreement with Rajasthan Government to develop a 19.5MW wind farm located at Dalot village in Pratapgarh district of Rajasthan.The wind  farm would involve the building of 13 Units of Vensys V-82 wind turbines (1.5MW capacity each). The electricity generated from the project would be evacuated by the Rajasthan state grid. ORPPL implemented the project on lump sum turnkey (LSTK) basis with ReGen Powertech Private Ltd (RPPL) and its wholly owned subsidiary, Renewable Energy Generation Private Ltd (REGPL).ORPPL had entered into a 12-year comprehensive O&M contract with RPPL.  The Bhesada Wind farm was expected to sell the power to Jaipur Vidyut Vitran Nigam Ltd (JVVNL), through a 25-year PPA, singed in September 2012.The APPC (Average Power Purchase Cost) base tariff as per RERC preferential tariff order for Pratapgarh district was US$ 0.093/kWh (INR 5.44 per unit @58.6 INR/USD) for the entire 25 years. The project was also eligible for a 4% extra billable energy on account of compensation for transmission losses for the supply of power to the Rajasthan Vidyut Prasaran Nigam Ltd (RVPNL), Dalot substation at 132 KV. The total capacity of 19MW was eligible under REC as per the CERC and CDM benefits.   Financial closure took place in April 2013.The total project cost at the time of financial closure was US$ 22.2mn (INR 1304.4mn @58.6 INR/USD).The debt equity ratio for the project was about 69/31. Financing comprised of a 14-year term loan of US$ 15.3mn (INR 900mn) and sponsor equity of US$ 6.9mn (INR 404.4mn). The term loan was priced at 175 basis points over the prevailing SBI Base rate and had a repayment schedule of 54 quarterly installments (starting from 31 December 2013). As per terms of the loan sanction, a DSRA equivalent to 2 succeeding quarters’ of debt service obligation (principal and interest) was to be built up from the cash accruals of the project after meeting the debt service obligations or alternatively a BG for equivalent amount was to be furnished by the sponsors. The lead arranger of the loan was State Bank of India and the participating banks were State Bank of Patiala, and Indian Renewable Energy Development Agency.   Construction started in October 2012 and the project was fully commissioned in March 2013. The project had stabilized and had reported average monthly Plant Load Factor (PLF) of 30.96% from April to August 2013 period.
In Aug 2012, a local private company Hanergy Group signed an agreement with the Qinghai Provincial Government to build and operate PV power plants in Gonghe County, Qinghai Province. Construction of the first phase (50MW) commenced simultaneously. The second and third phases of the program began in Sep 2013. The total investment of the plants was still unknown, but conservative estimate was RMB 1584 million (US$ 255.66 million). It seemed that Hanergy Group held 100% share of the facilities. Concession periods of the projects were not released either.
Sky Solar Group a Hong Kong based company was granted an agreement by the Qinghai Provincial Government to build and operate a 50MW PV power plant in Gonghe County, Qinghai Province. Construction commenced in Oct 2012 and the plant came into operation in Dec 2013. The total investment was US$ 95.39 million (RMB 591 million) and Sky Solar had a 100% stake in the project. Sky Solar would operate the facility for 25 years.
The project involves development of solid waste management unit in Ahmedabad district, India. The 29-year DBFOT concession was awarded to Abellon CleanEnergy Limited on 1 July 2013. The total project cost amounts to $19.56 million.
A joint venture between Kiler and Calik Holding Groups (Kiler-Calik JV) of Turkey signed the final share transfer agreement in August 2013 to acquire 100% shares of Aras Elektrik Dagitim A S (Aras EDAS), a state-owned power distribution company that distributes electricity to over 815,000 customers in 7 cities throughout East Anatolia - Erzurum, Agri, Ardahan, Bayburt, Erzincan, Kars and Igdir.   The competitive tender was conducted by turkish privatization administration, Ozellestirme Idaresi Baskanligi (OIB) in September 2008. The Kiler group originally participated in the tender alone and won the tender by offering the highest price of USD 128.5 million. After much delays, Kiler decided to team up with Calik Holding in 2013 to take over Aras EDAS. Kiler formed a joint venture with majority stake of 51% and the balance is held by Calik.  The Kiler-Calik JV signed a thirty year Transfer of Operating Rights (“TOR”) agreement in August 2013 that was backed by Share Sale model ("TSS model"). Under the TSS model, asset ownership of new as well as existing distribution assets belong to the state-owned power distribution company Turkiye Elektrik Dagitim Anonim Sirketi (TEDAS), while the investor (Kiler-Calik JV) attains the right to operate the distribution network together with the obligation to undertake all new necessary investments. According to this model, Kiler-Calik JV is the sole owner of the shares of Aras EDAS and has the sole license (monopoly) for the distribution of electricity in the designated region from Energy Market Regulatory Authority (EMRA). All EMRA approved investments shall be realized by the Kiler-Calik JV and will be recovered through the tariffs. Except for cases of investor misconduct, the part of investments not recovered via the tariffs shall be paid by TEDAS to the private operator upon the expiry or termination of the contract.  Kiler-Calik JV took over Aras EDAS in August 2013 after it paid 100% of the bid amount of USD 128.5 million.
In Sep 2010, a Hong Kong based company China WindPower Group Ltd. was granted an agreement to finance, build and operate the Zilingpu Wind Power Plant in Jingmen City, Hubei Province. The total investment was RMB 453.6435 million (US$73.22 million) and China WindPower had a 100% stake in the project. The capacity of the plant was 48MW. A SPV Jingmen Xiehe Wind Power Generation Company Limited was established to implement the proejct. Construction commenced in March 2013 and the power plant was put into operation in September 2014.
Mytrah Energy Limited entered into an agreement with Andhra Pradesh Government, to develop 37.4MW wind power project at Burgula in Kurnool district of Andhra Pradesh. The wind farm would involve the building of Gamesa wind turbines.The electricity generated from the project would be evacuated by Southern grid of India. Gamesa would construct, commission, operate and maintain the project at an all-inclusive price. Mytrah Vayu (Krishna) Private Limited (MVKPL) was a special purpose company, formed to construct and operate a 137.7MW wind power project in Burgula (37.4MW) in Andhra Pradesh and Savalsung (100.3MW) in Karnataka.    Mytrah Vayu (Krishna) Private Limited was expected to sell the power to Andhra Pradesh Central Power Distribution Company Limited (Andhra Discom). The APPC (Average Power Purchase Cost) 25-year base feed-in tariff as per APERC (Andhra Pradesh State Regulator) tariff order, was US$ 0.088/Unit (INR 4.70 per unit @ 53.44INR/USD). The transmission charges would be paid by Mytrah to the state transmission utility.   Financing was closed for 2 projects - Mytrah 37.4MW Burgula Windfarm and Mytrah 100.3MW Savalsung Windfarm on 26th September 2013. Project costs for individual projects were not knowm. By deduction based on USD/MW, the estimated project cost of Burgula Windfarm was US$ 42mn (INR 2465.5mn @58.6 INR/USD). Financing comprised of a 14-year 6-months term loan of US$ 27.1mn (INR 1585.8mn) and sponsor equity of US$ 15mn (INR 879.7mn). The Debt Equity ratio was 64/36. The term loan had a grace period of 6-months and repayment schedule of 53 quarterly installments. SBI capital was the lead arranger and the participating banks were Central Bank of India, Bank of Baroda, Canara Bank, State Bank of Travancore, Vijaya Bank.  The project was under construction and was expected to be commissioned by September 2013. The original commercial operations date (COD: 30 September 2013) was postponed to 31 March 2014 due to delays in obtaining government approvals and related clearances. The management expected to commission all 44 wind turbine generators (WTGs) in Burgula by 31 January 2014.
Hetero Wind Power Limited, a subsidiary of Hetero Group of India, entered into an agreement with Andhra Pradesh Government, to develop 54MW wind power project at Tirumalayapalli in Cuddapah district of Andhra Pradesh. The wind farm would involve the building of 36 units (1.5MW each) of ReGen make V-87 model wind turbines.The project was expected to export 111,088 MWh to Southern Grid of India. The plant load factor was expected to be 25.41%. ReGen Powertech was expected to construct, commission, operate and maintain the project at an all-inclusive price.     Hetero Wind Power Limited was expected to sell the power to Andhra Pradesh Central Power Distribution Company Limited (Andhra Discom). The APPC (Average Power Purchase Cost) 25-year base feed-in tariff as per APERC (Andhra Pradesh State Regulator) tariff order, was US$ 0.094/Unit (INR 5.50 per unit @58.6INR/USD). The transmission charges would be paid by Hetero to the state transmission utility.   The project attained financial closure on 15th May 2013 at a debt/equity ratio of 78/22. The estimated project cost at the time of financial closure was US$ 65.2mn (INR 3822mn @58.6 INR/USD). Financing comprised of a 15-year term loan of US$ 30.7mn (INR 1800mn), a US$ 20mn external commercial borrowing, and sponsor equity of US$ 14.5mn (INR 850mn). ICICI Bank was the lead arranger for both domestic currency loan and external commercial borrowing.   The project was under construction and Hetero was expected to be commission 30MW in 2012 and 24MW in 2013.
The project entails development of a solar PV farm with a capacity of 7.46 MW in Surin province, Thailand. Solar Power Co. is the sponsor for the project.
In December 2011, Mahindra Suryaprakash Private Limited (MSPL), a special purpose vehicle of Mahindra Solar One Private Limited and Kiran Energy Private Limited, was awarded the license for setting up 2 units (20MW and 10MW) of grid connected solar Photo voltaic power projects located at Rawra village in Jodhpur district of Rajasthan, under the Jawaharlal Nehru Solar Mission (JNNSM) Phase-I Batch-II of the scheme. Under the JNNSM the total aggregated capacity of grid connected Solar PV Projects in Phase-1 was expected to be 500 MW. 150MW aggregate had already been allotted in FY2010-11 as a part of Batch-I of JNNSM Phase-I, and allotment for the remaining 350 MW Solar PV Projects was carried out through Batch-II bidding.The output from the project would be fed to the Northern,Eastern,Western and North Eastern (NEWNE) grid of India. The plant would use thin film PV cells supplied by First Solar. Mahindra EPC was contracted to execute the EPC for the project.    The JNNSM mission had designated NTPC’s Vidyut Vyapar Nigam Limited (NVVN) as the nodal agency for procurement of solar power. In October 2011, NVVN invited RFQs from interested developers to develop 350 MW solar PV projects with a capacity of 5 MW each, with a minimum capacity of 5 MW and maximum of 50 MW each. NVVN received 210 RFQ responses on 17th November 2011 from PV solar project developers. As the total capacity of the shortlisted projects were in excess of the approved capacity of 350 MW Solar PV Projects, bidders were required to submit proposals offering maximum discount on the CERC (Central Regulator) approved applicable tariff for grid connected solar power projects for FY 2011-12 - a reverse bidding auction process. The last date for the submission of proposal was December 2011. NVVN received 180 bids from project developers indicating discounts offered by each over CERC determined tariff of US$ 0.329/kWh (INR 15.39/kWh @46.67 INR/USD). The winning bids for solar PV under Batch-II of JNNSM Phase-I varied from INR 7.49/kWh to INR 9.41/kWh, at an average bid price of INR 12.15/kWh. Since the target allocation for solar thermal projects was 350 MW, only the top 20 discounts were finally selected to set up solar power projects. MSPL had won the 2 projects (20MW+10MW) by quoting a tariff of US$ 0.200/KwH (INR 9.34/kWh - a discount of 605 paise).   MSPL had entered into a 25-year Power Purchase Agreement with NTPC Vidyut Vyapar Nigam (NVVN) in January 2012, which was the the nodal agency to purchase solar power generated by independent solar power producers,under JNNSM. JNNSM provided for a scheme of "bundling" relatively expensive solar power with cheaper power from the unallocated quota of the Government of India out of the capacity of the NTPC based coal stations.This cheaper bundled power would then be sold to state power distribution companies at the CERC regulated price. This would bring down the gap between the average cost of power and sales price of power of the state Discom. The total capacity of 30MW was also eligible for carbon credits. MSPL would pass on the gross benefits of CDM to the distribution licensee (NVVN) in the following manner -(a) 100% of the gross proceeds to be retained by MSPL in the 1st year after the date of COD, (b) in the 2nd year, the share of MSPL would be 10% which would be progressively increased by 10% every year till it reaches 50%, where after the proceeds would be shared equally by MSPL and NVVN. Transmission and/or wheeling charges would be paid by MSPL.  Financial closure took place in January 2013. The total project cost estimated at the time of financial closure was about US$ 59.1mn. The debt equity ratio for the project was about 72/28. Financing comprised of a 14-year 1-month term loan of US$ 8.2mn (INR 480mn), a US Dollar term loan of US$ 34.36mn (INR 1834.8mn @53.4 INR/USD), and sponsor equity of US$ 16.5mn (INR 969.2mn). The USD loan was provided by US EXIM Bank in July 2012. The INR 480mn 14-year 1-month term loa
In May 2013, the Ningyang County Government granted concession to a local private company Anhui Zhonghuan Environmental Protection Technology Company Limited to operate the urban wastewater treatment plant in Ningyuang County, Shandong Province. Anhui Zhonghuan was selected through direct negotiation. The term of the concession agreement was 30 years and Ahui Zhonghuan had a 100% stake in the project. The capacity of the plant was 40,000 tons per day.
In May 2013, Madhya Pradesh Road Development Corporation (MPRDC) signed a 15-year concession with a consortium of Bansal Group and Path Group for the strengthening, improvement,two-laning, operation and maintenance,and tolling of 117.93kms of existing Damoh-Katni section of State Highway No.14,in the state of Madhya Pradesh.   Under the contract, the consortium was responsible for the design, construction,finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway to 2-lane divided carriageway.The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections,interchanges, drains, etc.The expansion project, part of the state highway development project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.    The consortium of Bansal Group and Path Group established Bansal Pathways (Damoh – Katni) Private Limited (BPDKPL),a special purpose vehicle in May 2013, to implement the project. The SPV won the tender through international competitive bidding, conducted by MPRDC,by requesting the lowest annuity payment of US$ 6.1mn (INR 355.2mn @58.6 INR/USD). Other details of bidding were not known at the time of collection of this information. Under the contract, the SPV was to recover the capital costs and operating costs including returns through semi-annual payments of INR 177.6mn from MPRDC as well as tolling, during the term of concession. PATH group would execute the EPC for the project.  The concession agreement for the project was expected to be signed in May 2013.The project was expected to be financed with a debt/equity ratio of 72/28. The estimated capital cost of the project at the time of financial closure was US$ 46.4mn (INR 2720.7mn @58.6 INR/USD). Financing comprised of a term loan of US$ 33.4mn (INR 1960mn) and sponsor equity of US$ 13mn (INR 760.7mn). Other details of financing were not known at the time of collection of this information.  The project was expected to start construction by June 2013 and get completed by December 2014.
On 1st August 2009, the Chattisgarh Government, signed an Implementation Agreement (MoU signed on 26 September 2006) with Maruti Clean Coal and Power Limited (MCCPL), a joint venture company of ACB India Limited (45%), Hira Ferro Alloys Limited (Hira subsequently had sold its 13% stake in April 2014),Gupta Global Resources Private Limited (10%), Spin Packaging Limited (10%), Kolahai Infotech Private Limited (10%), for development of a 300 MW (2x150 MW) coal fired thermal power station in Village Bandhakar in Korba district of Chhattisgarh. The project was based on sub critical technology.The 449 acres of land required for the project had been acquired.Clearance for Water requirement,estimated at 3,09,000 m3/day had been obtained in May 2008. Environmental clearance was received on 12 May 2010. All statutory approvals were in place.Open access had been granted from Sipat Pooling Station from PGCIL (Powergrid) and Bulk Power Transmission Agreement signed on 24th February 2010.    The primary fuel for the project was domestic coal (40% of the requirement) and washery rejects (60% of the requirement). MCCPL had a coal beneficiation plant with a capacity of 10 million TPA near Village Ratija, Korba in the proximity to the Dipka-Gevra coalfields of SECL. Coal would be transported from the beneficiation plant of MCCPL to the project site by pipe conveyor and alternatively by trucks. A part of the coal was also required from the SECL coalfields and that coal would be transported to the site by road. Letter of assurance had been received from Ministry of Coal, however FSA was yet to be signed. The company had awarded EPC contracts to IOT Infrastructure & Services Limited in 7th June 2011.  The power generated from the project of 300 MW was primarily expected to be sold through a mix of long term power purchase agreements (PPA) and short term sales (merchant). Long term PPA for sale of  105 MW Power was already signed with Government of Chhattisgarh (state power utility) and for sale of 195 MW signed with PTC on minimum assured price.  The project attained financial closure on 6th September 2013 at a debt/equity ratio of 70/30. The estimated cost of the Project (300MW) at the time of financial closure was US$ 248.5mn (INR 14560mn @58.6 INR/USD).Financing comprised a 12-year 6-months term loan of US$ 173.9mn (INR 10190mn) and sponsor equity of US$ 74.6mn (INR4370mn). The term loan had a repayment schedule of 40 quarterly installments. Axis Bank underwrote the entire debt on the initial date of signing on 3 Aug 2011. Later ICICI Bank Limited had entered the syndication on 3 May 2013, while Rural Electrification Corporation Limited (RECL) entered the syndication pursuant to the signing of the Amended and Restated Facility Agreement on 6 Sep, 2013.The participating banks were Axis Bank, Bank of Maharashtra, ICICI,RECL.  The construction for the project were in progress and were expected to be commissioned by March 2014.
The financing will be used for development of a Medium Speed Diesel (MSD) power plant, located in the Athi River area, about 25km from the Nairobi city in Kenya. The plant has a total installed capacity of 81MW and will consist of 10 x 9.0 MW medium speed diesel (MSD) units type 18V32/40 manufactured by ZGPT-MAN of China. Sponsor is Triumph Power Generating Company. The sponsor will enter into a 20-year power purchase agreement with Kenya Power and Lighting Company. Standard Bank and the Industrial and Commercial Bank of China (ICBC) arranged the $108 million debt financing package. Standard Bank provided $28 million while ICBC supplied the remaining $80 million for the plant. The Multilateral Investment Guarantee Agency (MIGA) is providing US$102.5 million in breach of contract cover to Industrial and Commercial Bank of China and Standard Bank of South Africa for their long-term commercial financing to Triumph. In addition, MIGA is providing US$11.1 million in coverage to CfC Stanbic Bank Limited covering its swap arrangement with Triumph to hedge against long-term interest rate risk.
The  Brazilian company CPFL Energias Renovaveis  S.A., a joint-venture company owned by CPFL Energia (63.6%) and ERSA (36.4%), was granted the authorizations to build a wind power plant located in the state of Rio Grande do Nortel (30 MW in total capacity ). The 35-year contract was signed with the regulatory agency ANEEL in April 2011. The sponsors created the special purpose company Campo dos Ventos II Energias Renováveis S.A. to manage the project which was named EOL Campo dos Ventos II.  In August  2010, the power plant had taken part in the competitive bidding process to sell electricity to the regulated wholesale market, starting in 2013 (20-year power purchase agreement was signed guaranteeing the sale of electricity to the national grid). The tariff offered in the bidding process by the power plant was US$ 63.9/MWh (BRL 126.19/MWh).  The total investment in the project was estimated at US$  60,8 million (BRL 120 million).   As of October 2012, construction works were not yet underway. Commercial operations were  estimated to commence in August 2013.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company is not subject to sectoral taxes.  In 2011, the sponsor applied for carbon credits.  In November 2013, the state-owned bank BNDES approved a US$ 42.2 million (BRL 99.3 million) loan to finance the project.  As of April 2014, construction works were still underway. Commercial operations commenced in December 2014.
Piedra Larga Wind Farm Phase II was a 138 MW wind project located in Oaxaca, Mexico.  The project was the second phase of a total 228 MW facility, of which 100% was owned by the Spanish project developer Renovalia.  Piedra Larga I was projected to consist of 69 Gamesa turbines.  The project was to be a 100% captive facility and would operate under the autobastecimiento model, whereby the project's output was contracted for sale to the bakery goods giant Grupo Bimbo under an 18-year power purchase agreement.  The second phase of the Piedra Larga Wind Farm was projected to cost USD 346.7 million.  As of 2011, the project had signed a PPA with Grupo Bimbo and an equipment supply contract with Gamesa.  Projected comissiong was for the last quarter of 2012.    Financial closure was achieved in June 2013, when the project company was awarded a US$ 228.6 million term loan and a US$ 43.2 million VAT facility arranged by Santander, NAFIN, Banorte, Bancomext, Banco Sabadell and Caixa. The remaining of the cost of the project was equity financed.
In Oct 2012, a local private company Changqing Group was granted a concession agreement to build and operate a solid waste incineration power plant in Rongcheng City, Shandong Province. The total investment was US$ 44.22 million (RMB 274 million) and Changqing Group had a 100% stake in the project. Construction commenced in Dec 2012. Over 25% of construction had been finished by May 2013. The power generation capacity of the plant was 27 MW. The concessional period was 30 years (including 2 years for construction).
In December 2010, the the Spanish company Elecnor was awarded in a competitive bidding process the contract to build and operate the 295-km transmission line connecting Anastacio-Corumba, located at the state of Mato Grosso do Sul.  Ten other companies took part in the contest: ??  ABENGOA CONCESSOES BRASIL HOLDING SA; ALUPAR INVESTIMENTO S/A; COBRA INSTALACIONES Y SERVICIOS S.A.; CONSORCIO ATPEG; CONSORCIO CORUMBA MAXIMA S/A; CONSORCIO XARAIES; COPEL GERACAO E TRANSMISSAO; CTEEP - COMPANHIA DE TRANSMISSAO DE ENERGIA ELETRICA PAULISTA; ISOLUX ENERGIA E PARTICIPACOES; and ORTENG EQUIPAMENTOS E SISTEMAS LTDA.  The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. Copel and Elecnor presented the lowest offer, a total value of US$ 9.4 million (BRL 16.6 million), 50% below the ceiling set by the regulatory agency. The contract was signed in June 2011, and the sponsor created the company Linha de Transmissao Corumba Ltda to lead the project during the 30-year contract period.   The sponsor committed to invest US$  108.4 million (BRL  255.1 million) in the transmission line. In August 2013, Linha de Transmissao Corumba was awarded a US$ 38.9 million (BRL 91.6) million loan from the state-owned bank BNDES. Environmental clearance was awarded in early 2013. Construction works commenced in May 2013 and were concluded by August 2013. Commercial operations commenced in September 2013.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures.
Aeolus Power Ltd., a local Kenyan project devloper, applied to build, own and operate a 160 MW wind farm to be located in the aeolus Hills, Kenya.  The first phase of the project was 60.8 MW.  GE had been selected as the equipment supplier, and was contracted for 38, 1.6 MW turbines.  As of December 2012, the PPA for the project had been signed with Kenya Power, the details of which were not released.    The project was rapidly approaching financial close; Standard Bank was selected as lead arranger and JP Morgan to handle registration under the CDM mechanism.  Comissioning for the first 60.8 MW phase was expected by the end of 2013.Total project cost was estimated at 16 billion Kenyan shillings (USD 171 million).   Update: Reported as under construction
In December 2011, the Brazilian company CGG Trading S.A.  won in a competitive bidding the right to build, lease  and operate a grain terminal at the Itaqui Port (state of Maranhão). The facility was set to have 125 thousand tons in storage capacity.  The bidding criteria was the highest payment for the right to construct and operate the terminal. The port authority conducted the bidding for the construction of four new terminals and Glencore was one of the winners by offering US$ 10.8 million (BRL 25.5 million). There was no additional information on the other bidders. The four companies that won the bidding process established a partnership named Consorcio Tegram to undertake the construction works, but each were set to sign separate lease contracts and to operate their own terminal independently. The state government granted the companies 50% tax reduction.  The 25-year contract was signed in February 2012. CGG's investment was estimated at US$ 58.4 million (BRL 137.5 million) in the construction of the terminal. Construction works commenced in November 2012, and operations were expected to commence by July 2014. By February 2014, construction works were in its final stages.
In June 2012, a local private company based in Wenzhou Zhejiang Province, Zhengtai Group signed an agreement with the Baicheng County Government to build and operate a 20MW PV Plant in Baicheng County, Xinjiang Uyghur Autonomous Region. The project was granted through direct negotiation. The total investment was US$ 48.42 million (RMB 300 million). Construction commenced in March 2013 and the plant came into operation in December 2013. Zhengtai had a 100% stake in the project. The concession term was unknown.
30MW biomass plant located in Qujialing of Jingshan county, Jingmen city of Hubei province, China and developed by Anneng Thermoelectricity Group. Construction of the project commenced in Feb 2012. Financial closing date was about Dec 2013. The facility was substantially completed in April 2014. The total investment was about US$ 45.68 million (RMB 283 million). Anneng had a 100% stake in the project. The concessional period was not reported.
In March 2012, board of ReNew Wind Power Private Limited made an investment decision to develop a 45MW wind farm located at Kolgiri and Karajangi in Vaspet villages of Sangli district of Maharashtra. The wind farm would involve the building of 30 units of Vestas V82 wind turbines with 1.5MW capacity each. The farm was expected to have a load factor of 25.57%. The electricity generated from the project would be evacuated through Northern, Eastern, Western and North-Eastern grid of India to the state grid. A EPC for the wind farm had been awarded to ReGen Powertech Private Limited in March 2012. Once the project was commissioned, ReGen would assume responsibility for turbine operation and maintenance services.  ReNew Wind was expected to sell power to the state utility Maharashtra State Electricity Distribution Company Limited (MSEDCL) through a 13-year PPA. The APPC (Average Power Purchase Cost) base tariff as per MERC tariff order (dated 29 April 2011 for Wind zone 1) was US$ 0.10/Unit (INR 5.37 per unit @53.44 INR/USD) for the first 13 years of operation. The transmission charges would be paid by ReNew to the state transmission utility.The total capacity of 45MW was eligible for CDM benefits under UNFCC and validation process was completed.  The Project attained financial closure on 3rd September 2013 at a debt/equity ratio of 76/24. The estimated project cost at the time of financial closure was US$ 63.2mn. Financing comprised of a US$ 48mn US Dollar term loan and sponsor equity of US$ 15.2mn (INR 893mn @ 58.6 INR/USD). The foreign currency loan of US$ 48mn was arranged by Rabobank Nederland and FMO (Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden).  The project had started commissioning on 26th September 2012 and completed commissioning of all turbines on 6th August 2013.
In 2013, Eren Enerji Elektrik Üretim AS (Eren Enerji), a subsidiary of Eren Holding, began construction of a 1,320 MW coal fired ZETES 3 (Zonguldak Eren Termik Santrali III) power plant in Zonguldak, Turkey. Eren Enerji has two other coal fired power plants in Zonguldak – 160 MW Zetes 1 and 1,320 MW Zetes 2 that began operations in 2010. All plants run on imported bituminous coal, which arrives via a nearby coal port, also owned by Eren Enerji.   The total cost of Zetes 3 was estimated at USD 1.05 billion. The project reached financial close in November 2013 by securing a loan of USD 400 million each from Garanati Bank and Isbank for a total debt of USD 800 million. The balance of USD 250 million was funded by Eren Enerji for a debt equity ratio of 76:24.  The power plant with two units of 660 MW is expected to start operations in 2015 after a construction period of 21 months. Harbin Electric International Company Limited is the EPC contractor.
In April 2013, two local private companies, Beijing Origin Water Company Limited and its subsidiary Beijing Jiuan Construction Investment Group Limited. signed a concession agreement with the Water Authority of Shunyi District of Beijing City signed to build and operate four township water reclamation plants and also operate four existing water reclamation plants in Shunyi District, Beijing Municipality. The concession term of the agreement was 25 years. The concessionaires were selected through open bidding. The total and individual capacity of the 4 existing plants were unknown. The offer price was not released either. The shares of the two partners could not be found.
ReNew Wind Power Private Limited entered into an agreement with Maharashtra Government, to develop 28MW wind power project at Jamb in Satara district of Maharashtra. The project would be executed by ReNew Wind Energy (Delhi) Private Limited, a special purpose vehicle. The wind farm would involve the building of 14 Kenersys K-82 make wind turbines of 2MW capacity each. The electricity generated from the project would be evacuated to the state grid through Northern, Eastern, Western and North-Eastern grid of India. Kenersys India Private Limited would develop, construct, commission, operate and maintain the project at an all-inclusive price.The O&M agreement with Kenersys was for a period of 10-years.    ReNew Wind Energy (Delhi) Private Limited was expected to sell all the power to the state utility Maharashtra State Electricity Distribution Company Limited (MSEDCL) through a 13-year PPA. The APPC (Average Power Purchase Cost) base tariff as per MERC tariff order (dated 29 April 2011 for Wind zone 1) was US$ 0.10/Unit (INR 5.37 per unit @53.44 INR/USD) for the first 13 years of operation. The transmission charges would be paid by ReNew to the state transmission utility.The total capacity of 28MW was eligible for CDM benefits under UNFCC.   The project attained financial closure on 18th March 2013 at a debt equity ratio of 70/30. The estimated project cost at the time of financial closure was US$ 29.4mn (INR 1723mn @58.6 INR/USD). Financing comprised a 12-year term loan of US$ 20.6mn (INR 1210mn) and sponsor equity of US$ 8.7mn (INR 513mn).The loan was provided by PTC India Financial Services Ltd.  The project capacity was progressively commissioned between May and July 2013. Further, as on May 2014, the construction of related evacuation infrastructure was also complete.
The 8MW solar power plant is located in Sri Satchanalai District, Sukhothai Province in Thailand.   The solar power plant is owned and implemented by Golden Light Solar Co Ltd.  The total cost of the power plant was estimated at 26.17 million. The project reached financial closure in August 2013 with a term loan of USD 18.8 million from Siam commercial bank.
Gebze-Orhangazi-Izmir Motorway is a 421km toll road running from Gebze to Izmir, Turkey. The toll road was implemented in three phases, with three financial packages. Phase 1, the 53km Gebze-Orhangazi section, including the Izmit Bay Bridge reached financial closure in 2013. The 25km Orhangazi-Bursa route, Phase 2A, reached financial closure in 2014. Phase 2B of implementation will go 301km from Burza-Izmar, Turkey.  The toll road will consist of 377km of motorway, 44km of access roads, one 3km suspension bridge, 4 tunnels, 209 other bridges, 30 viaducts, 18 toll collection areas, 5 motorway maintenance-operation centers, 7 service areas, and 7 park areas.  Otoyol Yatirim ve Isletme A.S. (Otoyol AS) is an SPV owned in five equal parts by Ozaltin AS, Mak-Yol Construction Industry Tourism and Trading Co. Inc, Astaldi Group, Nurol Holding, and Gocay Group; Yuksel Insaat AS owns a portion of Phase 1.  Atoyol AS obtained a 22yr and 4mo concession agreement with Turkish Highways Directorate General through a competitive bidding process.  Phase 1 of Atoyol AS reached financial closure in March, 2013 at a projected cost of 2800m USD. Of the total cost 1400m USD will be covered by equity in 6 equal 233.3m USD parts from each sponsor. Debt financing of 1400m USD will be provided by Akbank (175m USD), Finansbank (175m USD), Garanti Bank (175m USD), Halkbank (175m USD), Isbank (175m USD), Vakifbank (175m USD), Yapi Kredi (175m USD), and Ziraat Bankasi (175m USD). The deb/equity ratio is 50/50.  Phase 2A of Atoyol AS reached financial closure in July, 2014 at a projected cost of 600m USD of which all will be debt financed. Debt financing is provided by), Akbank (75m USD), Finansbank (75m USD), Garanti Bank (75m USD), Halkbank (75m USD), Isbank (75m USD), Vakifbank (75m USD), Yapi Kredi (75m USD), and Ziraat Bankasi (75m USD). The deb/equity ratio is 100/0.  Phase 2B of Atoyol AS reached financial closure in July, 2015 at a projected cost of 6356m USD. Of the total cost 1400m USD will be covered by equity in 5 equal 280m USD parts from each of the sponsors. Debt financing of 4956m USD will be provided by Deutsche Bank (550.7m USD), Akbank (550.7m USD), Finansbank (550.7m USD), Garanti Bank (550.7m USD), Halkbank (550.7m USD), Isbank (550.7m USD), Vakifbank (550.7m USD), Yapi Kredi (550.7m USD), and Ziraat Bankasi (550.7m USD). The deb/equity ratio is 78/22.  This toll road is expected to be fully operational by mid-2020.
The project entails the construction of the 2.6MW Alejandro Roca located in Alejandro Roca, Argentina. The facility is run by Promaíz SA, utilising ethanol technology licensed by Vogelbusch. The plant is bioethanol and animal feed by-products are for the domestic market. Total investment stands at USD211 million. Sponsors of the project is Promaiz SA.  Financial close took place in July, 2013.
The project comprises construction of a 660MW coal-fired power plant located in the village of Salira in Pulau Ampel in Banten province, West Java. The plant would be supplying electrical energy to the Java-Bali System. The plant has a 25-year power-purchase agreement (PPA) with Persero.
This project was South Africa's first IPP tender. In 2007 AES was originally awarded the projects, but pulled out due to the disagreements with the Department for Minerals and Energy. Then the project was offered to Suez, which was the second preferred bidder in the original tender.   The IPP project would involve the development of two oil-fired open-cycle gas turbines operating as peaking plants. A 670MW plant would be located in Avon, near Shakaskraal, in KwaZulu-Natal(See #7959 Avon OCGT for more), and the second plant of 342MW capacity, would be located in the Coega Industrial Development Zone, in Port Elizabeth, Eastern Cape.   Power Purchase Agreements (PPAs) for both were signed in June 2013 with state utility Eskom under 15 year PPAs, awarded by the Department of Energy on a Build, Own, Operate (BOO) basis. In parallel, two Implementation Agreements (IAs) with South Africa’s National Department of Energy were signed for each power plant. Investec was co-ordinating mandated lead arranger and sole documentation bank providing senior debt in a syndicate of six financial institutions to the two IPPs. The other lenders were Absa Capital, DBSA, RMB, Nedbank, and South African institution Sanlam.  342MW Dedisa site is located in the Industrial Development Zone of Coega, which is 20 km North-East of Port Elizabeth, in the Eastern Cape Province. It would be a Gas Turbine Open Cycle Power Plant based on 2 x AE 94.2 GTs supplied by Ansaldo Energia. Finmeccanica is providing EPC services through subsidiaries, Fata and Ansaldo Energia. The facility lay-out design allows for future change in primary fuel to gas and for future conversion to combined cycle technology (CCGT). The plant is designed for peaking operation and emergency situations.  Construction had already begun and commercial operation was expected to start at Dedisa in 2015.
In Nov 2013, a local private company Anhui Shengyun Machinery Company Limited acquired 75% share in the Tongcheng City Solid Waste Incineration Power Plant for US$ 5.33 million (RMB 33 million) in Tongcheng City, Anhui Province. Construction of the project commenced earlier in Feb 2012 and the facility was commissioned in Nov 2013. The plant could process 250 tons of solid waste per day and have an electricity generation capacity of 7.5 MW.  The total investment of the project was US$ 28.73 million (RMB 178 million).
In July 2011, a local private company, Gansu Ning's Industrial Co. Ltd. signed an agreement with the Yumen Municipal Government to build and operate a 2X15 MW co-generation power plant in Yumen City, Gansu Province. The project was expected to commence in Mar 2012 and come into operation at the end of 2012. All necessary approvals were cleared in March 2012. However, construction commencement did not take place until Oct 2012 and the total investment increased to US$ 77.47 million (RMB 480 million). A project company Gansu Tianning Co. Ltd. was establish to implement the build operate transfer project. The plant was expected to consume 250000 tons of straw a year and generate an annual revenue of RMB  150 million Yuan and 200 jobs. Ning's had a 100% stake in the project. Majority of the civil works had been completed by September 2013.
In May 2012, Consorcio Aeroportos Bahia, a partnership of the Brazilian companies Sinart and UTC Engenharia (a subsidiary of UTC Participacoes), was awarded in a competitive bidding process the contract to expand, rehabilitate, operate and manage the airport located at the city of Feira de Santana (state of Bahia). The airport was named Aeroporto Joao Durval Carneiro. Besides Consorcio Aeroportos Bahia, no other company took part in the contest. The bidding criteria set by the state of Bahia regulatory agency AGERBA was the highest percentage of the gross revenues to be transferred to the government (Aeroportos Bahia made the winning offer of 5%).   The sponsors established the special purpose company Aeroporto Feira de Santana S.A. to lead the project. The 25-year contract was signed with the regulatory agency in May 2013, and the sponsors took over the operations in the same month. The project company committed to transfer 5% of its net revenues to the state government.  The total investment in the project was estimated at US$ 21.2 million (BRL 50 million). The population attended by the airport wass estimated at 400 thousand.
In August 2012, the Brazilian companies Foz do Brasil, a subsidiary of Odebrecht Group, was awarded the 30-year concession contract to expand, rehabilitate and operate the sewerage facilities of the municipality of Macae located at the state of Rio de Janeiro. The sponsor also bid for operating the water distribution system of this city, which has a population of 195,000.  Foz do Brasil was awarded the contract by offering the best technical and economic package. No additional information was available on the other bidders that took part in the bidding process. The contract was signed in November 2012, and the private sponsor took over the operations of the sewerage services in January 2013.  The special purpose company Foz de Macae S.A. was set to lead the project. The company committed to invest US$ 237.9 million (BRL 560 million) in the first five years of the project. The sponsor agreed to add 224 km in collection ducts, besides expanding and maintaining the city's sewerage treatment plants.  The PPP contract envisaged a public funding of US$ 367.7 million (BRL 865.2 million).
In April 2013, Empresa Hidroelectrica Maranon S.A., a subsidiary of the Canadian company Riverbank Power Corp., begun the construction of the 88-MW hydro power plant located at the Maranon River, Huanuco Department. The authorization contract had been signed with the regulatory agency in September 2009.  In November 2014, the Peruvian company Celepsa - Compania Electrica El Platanal S.A., controlled by Unacem - Union Andina de Cementos, acquired the project. The company announced that it would finance the project with its own cash flow.  The total investment in the project was estimated at US$ 183.9 million.   The first phase of the project envisaged an investment of US$ 60 million in a 20-MW unit. As of June 2015, 30% of the construction works had been concluded, and operations on this unit were expected to commence in December 2016.
The 8MW solar power plant is located in Prankratai District, Kamphaengphet Province in Thailand.   The solar power plant is owned by Nine A Solar Power.  The total cost of the power plant was estimated at 27.25 million. The project reached financial closure in August 2013 with a term loan of USD 19.2 million from Siam commercial bank.
In April 2013, National Highway Authority of India (NHAI) awarded a 20-year concession (including construction period of 910 days) to IL&FS Transportation Networks Limited (ITNL), for the strengthening, improvement,6-laning,operation and maintenance, and tolling of 122.9kms connecting Barwa Adda in Dhanbad district of Jharkhand to Panagarh in Bardhman district of West Bengal including Panagarh Bypass, from Km.398.24 to Km.521.12 of National Highway-2, in the states of Jharkhand (43Kms) and West Bengal (79.88kms).   Under the contract, ITNL was responsible for the design,construction,finance, operation and maintenance,strengthening and widening the existing 4-lane carriageway to 6-lane divided carriageway.The scope included construction of new pavement,rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges,culverts, road intersections,interchanges, drains, etc.The expansion project, part of the National Highway Development Program (NHDP-V), was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   ITNL established Barwa Adda Expressway Limited (BAEL),a special purpose vehicle on 23rd April 2013, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by quoting the highest annual premium. BAEL would pay to NHAI a sum of US$ 7.2mn (INR 420mn) in the first year of operations, with 5% increase in each subsequent year (this amounts to an NPV payout of about US$ 87.8mn over the concession period of 20 years at a discount rate of 10%).Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling, during the term of concession. The NHAI, in November 2009, had put the Barwa Adda-Panagarh 6-laning project on the block. DSL Ltd was awarded the work order in May 2011. However, the contract was terminated in August 2012 as BAEL failed to achieve financial closure.  The concession agreement was signed on 8th May 2013. The project attained financial closure in November 2013. The debt equity ratio of the project was 70/30. The estimated capital cost of the project at the time of financial closure was US$ 415.5mn (INR 24349mn @58.6INR/USD). Financing comprised a term loan of US$ 290.1mn (INR 17000mn) and sponsor equity of US$ 125.4mn (INR 7349mn). Providers for the debt are IndusInd Bank and IL&FS Financial Services.  The project construction started in April 2014 (Appointed Date) and was expected to be completed by September 2016.
In July 2011, a local private company, Hankore Environment signed a framework agreement with the Liquan County Government to build and operate a portfolio of three wastewater treatment plants in Liquan County, Shaanxi Province. Within the portfolio was the phase II of the Liquan County Wastewater Treatment Plant which was an expansion to an existing plant with a capacity of 13,000 tons per day. This project would add 20,000 tons per day capacity to the plant. Construction commenced in February 2012 and operational test was conducted in December 2013. The total construction cost was about US$ 6.45 million (RMB 40 million). Hankore had a 100% stake in the project. Term of the build operate transfer project was not reported. How Hankore won the project was not released either. A special purpose vehicle, Xianyang Liquan Hankore Water Affairs Company Limited was set up to perform the project.
In May 2013, Bogazici Elektrik Perakende Dagitim A. S. took over Bogazici Electricity Distribution Inc (BEDAS or Bogazici grid) on for a concession term of 30 years.  BEDAS distributed electricity to the European side of Istanbul to over 4 million customers.  Bogazici Elektrik Perakende Dagitim A S is a joint venture of local Turkish companies, Cengiz Holding, Limak Holding and Kolin Construction. The Cengiz-Limak-Kolin consortium won a competitive tender held in December 2012 for the BEDAS concession with the highest bid of USD 1.96 billion.   The concession was part of a government program to bring private management and investment in the regional electricity distribution companies owned by the state-owned Turkiye Elektrik Dagitim A.S. (TEDAS).  The program followed a Transfer of Operating Rights and Share Sale model ('TSS model'). In this model, the private investor became the sole owner of the distribution companies' equity and the unique licensee for distributing electricity in each region for a period of 30 years. However, TEDAS retained ownership of the distribution network assets and of certain other items essential for operating the distribution assets. The private investor was obliged to undertake the necessary network investments, recoverable through the tariffs. These investments and tariffs needed to be approved by the regulator, Energy Market Regulatory Authority (EMRA).  In May 2013, Cengiz-Kolin-Limak consortium secured $1.96 billion in financing from seven Turkish banks for the Bogazici grid. The lenders for the 12-year loan, with a two-year grace period were Isbank, Garanti, Yapi Kredi, Halkbank, Denizbank , Vakifbank and Ziraat.
In 2013, Madhya Pradesh Road Development Corporation (MPRDC) signed a 15-year concession (including construction period of 2 years) with Agroh Infrastructure Developers Private Limited (AIDPL) for the strengthening, improvement,2-laning,operation and maintenance,and tolling of 43.58kms of Ratlam – Sailana - Banswada (SH-39) Road (km 0/00 to 42/6),in the state of Madhya Pradesh. The project road started from Ratlam city and ends at MP border (Banswada).   Under the contract, AIDPL was responsible for the design, construction,finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway to 2-lane undivided carriageway.The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges,culverts, road intersections,interchanges, drains, etc.The expansion project, part of the MDR (major district roads) development project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region. The project road was an important corridor connecting Bhopal, Central Madhya Pradesh with Kota, Jaipur and North India.   AIDPL established Agroh Ratlam Tollways Private Limited (ARTPL),a special purpose vehicle in 7th May 2013, to implement the project. The SPV won the tender through international competitive bidding, conducted by MPRDC,by requesting the lowest annuity of US$ 2.0mn (INR 119.8mn). Other details of bidding were not known at the time of collection of this information. Under the contract, the SPV was to recover the capital costs and operating costs including returns through semi-annual payment of INR 59.9mn from MPRDC and through tolling, during the term of concession.   The concession agreement for the project was expected to be signed in 2013. In absence of information, we are assuming concession signing date of December 2013. The project was financed with a debt/equity ratio of 70/30. The estimated capital cost of the project at the time of financial closure was US$ 18.1mn (INR 1063.9mn @58.6INR/USD).Financing comprised of a term loan of US$ 12.8mn (INR 750mn) and sponsor equity of US$ 5.3mn (INR 313.9mn). Other details of financing were not known at the time of collection of this information.  The project was expected to be completed by June 2015.
In January 2012, construction of a solid waste incineration power plant commenced in Chenzhou City, Hunan Province. The developer was a local private company Hunan Huiming Environmental Protection Technology Company Limited, a subsidiary of China Environment Holdings Limited. The total investment for the first phase was RMB 340 million (US$ 54.88 million). Hunan Huiming had a 100% stake in the project. By Oct 2013, RMB 137 million (US$ 22.11 million) had been expended on construction of the plant. The first phase had a solid waste processing capacity of 700 tons per day and the electricity generation capacity of 12MW. The concession term was 30 years.
Enda Enerji was developing the 68.6MW wind farms Alacati, Germiyan, Urla, Mordogan, and Yaylakoy. Annual output was estimated at 197 GWh.  Commissioning was expected for Q1 2015.  Total project cost was $120 million. Financing was provided by Isbank in September 2013, for an amount of $96 million.
In December 2011, the Chilean company SAAM Puertos (Sudamericana Agencias Aéreas y Marítimas S.A. – SAAM) won in a competitive bidding the right to expand, rehabilitate and operate a multipurpose terminal at Mazatlan Port in Mexico. The bidding criteria was the best technical and economical proposal. The port authority conducted the bidding process, and three other bidders presented offers (no information was available on the names of these companies).   The sponsors created the company Terminal Maritima Mazatlan S.A. de C.V. to lead the project. The 20-year contract was signed in April 2012. The project's investment was estimated at US$ 31.1 million (Pesos 400 million). The sponsors took over the operations in November 2012.
In Aug 2012, a local pirate company Zhuzhou Yifeng Green Energy Company Limited signed an agreement with the Jiangan County Government to build and operate a biomass power plant in Jiangan County, Yibin City, Sichuan Province. The total investment was US$ 59.91 million (RMB 371.205 million) and Zhuzhou Yifeng Green Energy had a 100% in the project. The electricity generation capacity of the plant was 30 MW. A special purpose vehicle, Yibin Yifeng Green Energy Company Limited was set up to implement the project. The concessional period of the project was unknown.
In August 2011, the National Highway Authority of India (NHAI) awarded a 24-year concession (including construction period of about 2years) to Gayatri Projects Limited for the strengthening, improvement, 4-laning, operation and maintenance, and tolling of 166.173kms (from KM0.000 to KM163.000) of Panikholi to Rimoli section of National Highway-215 (NH215),in the state of Orissa.   Under the contract, Gayatri Projects Limited was responsible for the design,construction, finance,operation and maintenance and widening of the existing 2-lane carriageway to a 4-lane highway with paved shoulders. The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc. The expansion project, part of National Highway Development Project Phase-III would ease traffic congestion and give significant stimulus to trade and commerce in the entire region.The key driver of traffic on the project road was the demand for iron ore from industrial plants in the proximity. The project corridor acts a major connection for mining industries which are located at Joda and northern Keonjhar areas.  Gayatri Projects Limited established Sai Maatarini Tollways Limited (SMTL) in September 2011, a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by requesting the lowest upfront subsidy of US$ 93.6mn (INR 5484.9mn @58.6 INR/USD).Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. Toll rates were subject to annual escalation, based on inflation indices (40% of Wholesale Price Index), in addition to the fixed escalation of 3.0% per year. SMTL had a fixed-price, fixed-time engineering, procurement and construction contract with Gayatri Projects Limited.   The concession agreement for the project was signed in early 2013 (date couldn't be confirmed at the time of collection of this information). The project attained financial closure in April 2013. The grant/debt/equity ratio for the project was 24/60/16. The estimated capital cost of the project at the time of financial closure was US$ 393.5mn (INR 23061.6mn @58.6 INR/USD). Apart from viability gap funding (grant) of INR 5484.9mn, financing comprised of a 14-year term loan of US$ 238.4mn (INR 13973.5mn) and sponsor equity of US$ 61.5mn (INR 3603.2mn). The Term Loan had a variable interest rate (currently at 12.25%), with a reset every year post COD (commercial operation date) at Base Rate plus 2%. Debt/Equity ration was not to exceed 1.75:1.0 at any point of time until maturity of rated debt. Term loan would mature on 1st October 2027.The debt was arranged by IDBI Bank and SBI Capital Markets. The other participating banks were IIFCL(2000mn), Bank of India (2000mn), Canara Bank (1500mn), Central Bank of India (1000mn), Indian Overseas Bank(1000mn), Oriental Bank of Commerce (1000mn),LIC(1000mn), Andhra Bank (973.5mn).     Construction on the project was expected to begin in May 2013 (this was the assigned appointment date) and be completed by June 2015.
In December 2011, Solarfield Energy Two Private Limited (SETPL), a special purpose vehicle of Kiran Energy Solar Power Private Limited (Kiran), was awarded the license for setting up a 20MW grid connected solar Photo voltaic power project located at Rawra village in Jodhpur district of Rajasthan, under the Jawaharlal Nehru Solar Mission (JNNSM) Phase-I Batch-II of the scheme. Under the JNNSM the total aggregated capacity of grid connected Solar PV Projects in Phase-1 was expected to be 500 MW. 150MW aggregate had already been allotted in FY2010-11 as a part of Batch-I of JNNSM Phase-I, and allotment for the remaining 350 MW Solar PV Projects was carried out through Batch-II bidding.The output from the project would be fed to the Northern,Eastern,Western and North Eastern (NEWNE) grid of India. The plant would use thin film PV cells supplied by First Solar. L&T was contracted to execute the EPC for the project.    The JNNSM mission had designated NTPC’s Vidyut Vyapar Nigam Limited (NVVN) as the nodal agency for procurement of solar power. In October 2011, NVVN invited RFQs from interested developers to develop 350 MW solar PV projects with a capacity of 5 MW each, with a minimum capacity of 5 MW and maximum of 50 MW each. NVVN received 210 RFQ responses on 17th November 2011 from PV solar project developers. As the total capacity of the shortlisted projects were in excess of the approved capacity of 350 MW Solar PV Projects, bidders were required to submit proposals offering maximum discount on the CERC (Central Regulator) approved applicable tariff for grid connected solar power projects for FY 2011-12 - a reverse bidding auction process. The last date for the submission of proposal was December 2011. NVVN received 180 bids from project developers indicating discounts offered by each over CERC determined tariff of US$ 0.329/kWh (INR 15.39/kWh @46.67 INR/USD). The winning bids for solar PV under Batch-II of JNNSM Phase-I varied from INR 7.49/kWh to INR 9.41/kWh, at an average bid price of INR 12.15/kWh. Since the target allocation for solar thermal projects was 350 MW, only the top 20 discounts were finally selected to set up solar power projects. SEPTL had won the project by quoting a tariff of US$ 0.200/KwH (INR 9.34/kWh - a discount of 605 paise).   SEPTL had entered into a 25-year Power Purchase Agreement with NTPC Vidyut Vyapar Nigam (NVVN) in January 2012, which was the the nodal agency to purchase solar power generated by independent solar power producers,under JNNSM. JNNSM provided for a scheme of "bundling" relatively expensive solar power with cheaper power from the unallocated quota of the Government of India out of the capacity of the NTPC based coal stations.This cheaper bundled power would then be sold to state power distribution companies at the CERC regulated price. This would bring down the gap between the average cost of power and sales price of power of the state Discom. The total capacity of 20MW was also eligible for carbon credits. SEPTL would pass on the gross benefits of CDM to the distribution licensee (NVVN) in the following manner -(a) 100% of the gross proceeds to be retained by SEPTL in the 1st year after the date of COD, (b) in the 2nd year, the share of SEPTL would be 10% which would be progressively increased by 10% every year till it reaches 50%, where after the proceeds would be shared equally by SEPTL and NVVN. Transmission and/or wheeling charges would be paid by SEPTL.  Financial closure took place in January 2013. The total project cost estimated at the time of financial closure was about US$ 39.2mn. The debt equity ratio for the project was about 72/28. Financing comprised of a 14-year 1-month term loan of US$ 5.3mn (INR 310mn), a US Dollar term loan of US$ 22.98mn (INR 1227.8mn @53.4 INR/USD), and sponsor equity of US$ 10.9mn (INR 642.806mn). The USD loan was provided by US EXIM Bank in July 2012. The INR 310mn 14-year 1-month term loan was arranged by IDFC and had a repayment schedule of
In April 2012, a private company Beijing Tianxingjian Investment Management Company Limited was granted an agreement to build and operate a 20MW PV power plant in Hongxing Erchang, Hami City, Xinjiang Uyghur Autonomous Region. Construction commenced in July 2013 and was completed in December 2013. The total investment was US$ 48.42 million (RMB 300 million) and Tianxingjian had a 100% stake in the project. The concession term of the agreement was not reported. How the concession was granted, competitive bidding or direct negotiation, was not released either.
Vestas developed the 70MW Gebeleisis wind farm, and the 14MW Hrabrovo wind farm in Bulgaria. Gebeleisis was commissioned in February 2013. The Hrabrovo wind farm was commissioned in March 2012.   As part of its business strategy, which does not include owning/operating, the two wind farms were divested and sold to Lukerg Renew, a joint venture between Lukoil (Russia) and ERG Renew (Italy).   Total costs were EUR109.2 million ($165 million) for Gebeleisis and EUR17.6 million for Hrabrovo. Financing was provided by Raiffeissen Bank International for a period of 5 years.
The water utility serving Mexico's Sonora state capital Hermosillo, Agua de Hermosillo, awarded a tender to build a new wastewater treatment plant. The plant was planned with capacity to treat 2.5m3/s in a first phase and 3m3/s at a later stage. The plant was part of the 11bn-peso Sonora SI integrated water plan, which also included the construction of new dams and reservoirs and a 250km pipeline to supply water to state capital Hermosillo.  The utility received seven bids for the plant, with 18 firms participating. Offers were presented by Mexican firm Atlatec; Spanish, French and Mexican consortium Aqualia, and Spanish and local group Promotora del Desarrollo de America Latina. Local companies Grupo Mexicano de Desarrollo (GMD), Ingenieria de Sistemas Sanitarios y Ambientales and Servicios Integrales de Ingenieria y Administracion de Obras also presented an offer. The plan was awarded to the consortium led by local firm Cobra. However, after disconformity from another bidder, the bidding was declared null. The bid was later awarded to TIAR Hermosillo, S.A.P.I. de C.V., comprised by Mexican firms Fypasa Construcciones, S.A. de C.V. and Gech Ingeniería y Servicios, S.A. de C.V.   TIAR Hermosillo built the plant under a public services provision (PPS) contract, a type of PPI often used in Mexico, in which the bidder receives fixed payments from the government for service provision. The contract was initially awarded to Cobra in October 2010 and the plant was initially scheduled to start operations in 2012. However, the contract was signed on April 11, 2012, construction started in August 2012 and operation was postponed to the end of 2013.    The plant cost was US$86.15 million (Mexican Peso (MX$) $1.045 billion). A loan from North American Development Bank (NADB) financed US$34.62 million (MX$420 million), 40.2% of project costs. The remaining costs were covered by a Mexican federal grant through the Mexican national infrastructure fund, FONADIN (US$15.7 million); a loan from a commercial bank (US$13.8 million), and an equity contribution from the private concessionaire under the service agreement (US$9.8 million). According to another source, the contribution from National Infrastructure Fund was planned to be a 27.40% capital grant, equity 20.70% and 51.90% were to be loans.  North American Development Bank (NADB) also provided a loan to the Municipality of Hermosillo for the monthly availability payments.   As of March 7, 2013, 25% of construction had been executed.
Project developers Masdar (31%), InfraMed (50%), and EP Global Energy (19%), were developing the 117MW Tafila wind farm, East of Ghurandil town, Jordan. The project consisted of 32 turbines of the type V112-3.0MW supplied by Vestas Wind Systems (Denmark). The project was expected to generate 400GWh annually. Masdar, from UAE, is owned by Mubadala, an investment vehicle of the Abu Dhabi government.   The project held a 20 year power purchase agreement with National Electric Power Company (NEPCO). The project was developed under Build-Own-Operate contract (BOO). The project was developed under the Jordanian Renewable and Energy Efficiency Law (2010), aiming to achieve 7% renewable energy generation by 2015, increased to 10% by 2020. Vestas also held a 10 year service agreement.  Financial closure was achieved 29 November 2013. Total project cost was US$290.05 million. Financing package consisted of $70 million in equity and $220.05 million debt. IFC was Lead Adviser. Financing split in four tranches and was provided by: 1) the European Investment Bank ($72.24 million), 2) the IFC ($ 75 million), 3) Netherlands development bank FMO ($28.72 million), 4) and OPEC Fund for International Development ($20 million). In addition to that, the International Finance Corporation will provide a syndication for $ 141 million. Other institutions reportedly involved were the Danish Export Credit Agency EKF, and the Capital Bank of Jordan. The EIB loan is portion is covered by the EU Guarantee for EIB loans outside of the EU. Legal advisors to the lenders were Chadbourne & Parke. Legal advisers to the sponsors were Nabarro.
In January 2013, Mexican retailer Soriana secured a US$51mn loan for construction of the 54MW El Porvenir wind farm in the municipality of Reynosa in Tamaulipas state. Mexican homebuilder Gemex and Swiss investor group Grupo Ecos were developing the project through  Compañía Eólica de Tamaulipas (Cetsa).   Soriana will purchase the energy generated by the farm under a long-term PPA to power 163 of its retail stores.  Financing was provided by the Mexican financial group Banorte and the North American Development Bank (NADB)through a US$51mn loan.  Construction began on March 5 2013 2013 with total project cost estimated at US$130mn.  The project was recently registered as a CDM project and the OEM selected was Vestas.     Operations commenced in March 2014.
In March 2009, the Mexican-Colombian consortium EEB/EDM Proyecto Guatemala (Empresa de Energia de Bogota, S.A. - 90%; EDEMTEC S.A DE C.V - 10%)., through its local subsidiary Transportadora de Energia de Centroamerica S.A (TRECSA), was awarded the contract to build and operate an 853-km transmission line passing through 15 departments, 74 municipalities and 340 communities in Guatemala. The project was established as an expansion of the red de transmision electrica (PET).   Interconexion Electrica S.A. (ISA), EEB/EDM Proyecto Guatemala and la Empresa de Transporte y Control de Energia Electrica (ETCEE) were the three partnerships that took part in the bidding process. The bidding criteria was the lowest tariff.  In February 2012, TRECSA signed a 50-year concession contract with the Guatemala Comision Nacional de Energia Eléctrica (CNEE). The sponsor committed to invest US$ 523 million.   Construction works commenced in the second half of 2013, and 53% of the construction works were concluded by July 2015. In July 2014, the Citibank Guatemala arranged a US$ 87 million credit agreement.
In Aug 2012, construction of a biomass power plant in Qiyang County, Hunan Province commenced. The sponsor was a local private company, Wuhan Kaidi Holding Investment Co Ltd which had a 100% stake in the project. The total investment was US$ 37.23 million (RMB 230.64 million), out of which 70% was secured from the Bank of China, a state owned bank. The debt/equity ratio was therefore 7/3. The total capacity of the power plant was 25MW. Over 25% of construction had been finished by Jul 2013. It was expected that the project could be finished in 2013. A special purpose vehicle Qiyang County Kaidi Green Energy Development Company Limited was set up to implement the project.
The Brazilian company Canaa Geracao de Energia S.A., a subsidiary of Electra Power (99%) and Design Head Engenharia (1%), was granted authorizations to build three small hydro power plant located in the state of Rondonia (54 MW in total capacity). The 30-year contract was signed with the regulatory agency ANEEL in June 2006, and the power plants were named:  PCH Canaa - 17 MW PCH Jamari - 20 MW PCH Santa Cruz de Monte Negro - 17 MW  Canaa Geracao committed to invest US$ 127.4 million (BRL 300 million) in the construction of the Santa Cruz de Monte Negro, Jamari and Canaa power plants. Construction works at the PCH Santa Cruz were concluded in April 2014, and the other two power plants were expected to be concluded until the end of the same year.  In July  2010, all three power plants had taken part in the same competitive bidding process to sell electricity to the regulated wholesale market starting in 2013 (30-year power purchase agreement was signed guaranteeing the sale of electricity to the national grid). The average tariff offered in the bidding process by the power plants was US$ 78/MWh (BRL 154/MWh).  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
The project consist of 1320MW Egbin power plant located in Nigeria. The plant has a dedicated pipeline, 330KVA transmission line and sub-stations and physical capacity to double to 2,640MW. The plant is in close proximity to the Lagos commercial center.  In March 2013, financial closure of this divestiture project was reached, as the Bureau of Public Enterprises (BPE) has sanctioned the 70 percent acquisition of state-owned Egbin Power Plant by KEPCO Energy Resources for the sum of $407.3 million.  PHCN -> KEPCO
The project consists of development of a new hydropower project with a capacity of 10MW, located on the Kreung Isep river in Indonesia. The project amount is $30.70 million.
EDC Burgos Wind Power Corporation (EBWPC) was created to build, own and operate an 87 MW wind farm to be located in Llocos Norte, the Philippines.  The output of the power plant was expected to be sold at the premium feed-in tariff paid for eligible wind farm projects.   EBWPC was a wholly-owned subsidiary of the Philippine  Developer, Energy Development Corporation.  The total cost of the project was estimated at USD 300 million which covered the costs of the wind farm, substation and transmission line. The project reached financial close in April 2013 after EDC signed a USD 80 million loan facility. The lead arrangers for the loan transaction were Mizuho Corporate Bank, Ltd and Sumitomo Mitsui Banking Corporation.   EBWPC began construction in April 2013 and the power plant was scheduled for commissioning in 2014. EDC had selected the Danish wind turbine manufacturer Vestas to supply the plant's wind turbines. The plant comprised 29 of Vestas' V90 3-MW turbines, and is projected to generate an average of about 233 GWh a year.
94MW West Coast One Wind Farm project, located 130km North of Cape Town, worth of US$213.4 million reached financial closure in June 2013. The sponsor consortium was led by GDF Suez (43%) and consisted of other equity sponsors or Investec (34.5%), Kagiso Tiso Holdings (20%), and a local community trust (2.5%) under state rules. This consortium was selected as a preferred bidder in May 2012 under South Africa's renewables procurement programme and signed a 20-year Power Purchase Agreement (PPA) with Eskom Holdings in May 2013. This project would be funded using a mixture of debt and equity (70/30). Investec and Nedbank respectively provided the project with a US$75 million loan required for the development of the project at the financial close.  GDF Suez led consortium name is not available.
Empresa de Generacion Electrica de Junin, a partnership of Latin American Power and GCZ Energía, was awarded the contract to build and operate two small hydro power plant located at Comas, Concepcion (39.1 MW in capacity).  The power plants were named Runatullo II (19.1 MW) and Runatullo III (20 MW). Total investment committed to both power plants were estimated at US$ 89 million.  The concession contract signed in 2012 was established for a duration of 20 years plus the construction time. In July 2012, the project company applied for carbon credits.  In May 2013, the project reached financial closure as it was granted a US$ 62 million loan from Grupo Credito, Interbank and Scotiabank. The remaining US$ 27 million was equity-financed.  Commercial operations commenced in December 2014.
The project involves the construction and expansion of three biomass-fuelled facilities located in Maracaju & Bocaina, Brazil. The plants have a capacity to process 1661 thousand of tons of waste per year. Energisa is the sponsor which invested $421 million in the project. Financial close took place in December 2013. The sponsor will expand its existing Usina VistaAlegre I (60 MW) sugarcane biomass-fuelled thermal power plant and construct 2  cogeneration facilities on sugarcane biomass, namely: Usina Vista AlegreII (30 MW) and Usina Santa Cândida II (55 MW). The term of the contract is 25 years.
Bollore Africa Logistics was awarded a 25-year concession to develop a roll-on/roll-off terminal in the Port Autonome de Dakar (PAD). The company planned to extend the existing terminal by 165 meters and deepen it to 10.5 meters, to accommodate larger vessels.   Bollore pledged to invest US$132 million (97 million euro) over the course of 25 years, the duration of the concession.  Bollore Africa Logistics, a subsidiary of the French Bollore Groupe, was awarded the contract after negotiations between the Senegal authorities and Italy-based Grimaldi Group had broken down. The bidding process was launched in 2010.
In December 2011, the Brazilian state-owned company Copel (49%) and the Spanish company Elecnor (51%) were awarded in a competitive bidding process the contract to build and operate the 365-km transmission line connecting Acailandia - Miranda II, located at the state of Maranhao.   Five other companies took part in the contest: ?? ABENGOA CONCESSOES BRASIL HOLDING S/ A; ALUPAR INVESTIMENTO S/A; CONSORCIO ACAILANDIA	;  CONSORCIO ATLANTICO NORDESTE; and CONSORCIO NORDESTE TRANSMISSAO. The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. Copel and Elecnor presented the lowest offer, a total value of US$ 16.3 million (BRL 26.6 million), 40% below the ceiling set by the regulatory agency. The contract was signed in May 2012, and the sponsors created the company Integracao Maranhense Transmissora de Energia S.A. (IMTE) to lead the project during the 30-year contract period.   The sponsor committed to invest US$  139.8 million (BRL  329 million) in the transmission line. In December 2013, Caiua Transmissora was awarded a US$  60.4 million (BRL  142.2 million) million loan from the state-owned bank BNDES. Environmental clearance was awarded in early 2013. Construction works commenced in April 2013 and were expected to be concluded by September 2014.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures.  In January 2014, the sponsors were granted a US$ 30.2 million (BRL 71 million) 1-year term loan, provided by Banco Bradesco.  Commercial operations commenced in December 2014.
In June 2012, Pacific Infrastructure, a subsidiary of the Canadian oil company Pacific Rubiales,  was granted through direct negotiations with federal authorities the right to build, own and operate the multipurpose terminal facilities named Puerto Bahia located at the Cartagena Bay (Colombia). The pier will have two berths, one for 80,000 ton ships and another for ships of up to 150,000 tons. The crude oil and products terminal was set to have a storage capacity of 3.0 million barrels of crude oil and derivatives and projected port throughput of 54.0 million barrels per year.  The Puerto Bahia terminal project also included facilities for the handling of dry bulk and general cargo, in addition to a fully interconnected tank farm with direct access to local refineries and a crude oil pipeline.  The investment was estimated at US$ 620 million over the life of the project. Financial closure was achieved in October 2013, when Milbank, Tweed, Hadley & McCloy LLP represented Itau BBA S.A. in providing a US$ 370 million loan to the sponsor. The remaining investment cost was set to be equity financed.  An EPC contract for the construction of the facilities was signed with Isolux Corsan (Spain), Tradeco (Mexico) and Tampa Tanks (USA) in September 2012. As of March 2013, construction works were underway. Operations were set to commence in 2015.
In April 2012, Gujarat Government's Department of Energy and Petrochemicals signed a 25-year concession agreement (from the scheduled commercial operation date) with Azure Sun Energy Private Limited (“Azure Sun”), a 100% subsidiary of Azure Power India Private Limited, to construct and operate a 2.5 MW rooftop solar power (“Project”) in Gandhinagar.The Gujarat Government shall provide Azure Sun access to around 25 state government owned building rooftops which should be sufficient to generate about 2 MW, while the balance 0.5 MW would be generated by installing rooftop systems on around 250 households. As per agovernment notification the city residents shall be encouraged to come forward to participate and shall be offered “green incentive” – which is set as INR 3/ kWh of electricity generated by the SPV system installed on their property. Azure Sun will then connect power generated by the panels to the city grid  While about 40 companies had expressed interest in the project, finally only four companies submitted their bids. This included Lanco Infratech, SunEdison, Azure Power and Mahindra Solar. The winning bidders were those quoting the lowest tariff. Out of these SunEdison and Azure Power were selected and have been awarded for individual phases of 2.5 MW each. The International Finance Corporation (IFC) was the Lead Transaction Advisor for designing and implementing the transaction. The power generated under the Project will be sold at the bidded tariff to Torrent Power Limited (“TPL”), a privately owned distribution company that holds the license for electricity distribution in Gandhinagar and several other cities in Gujarat. Azure Sun won the bid at a quoted tariff of (through a 25-year Power Purchase Agreement) US$ 0.208/Unit (INR 11.14 per unit @53.44 INR/USD).  Financial closure was achieved on 24th May 2013. The project was estimated to cost US$ 5 million at the time of financial closure. IFC provided a loan of US$ 3mn and equity of US$1mn. The residual equity of US$ 1mn was brought in by US$ 1mn.
The Brazilian company Carman Participacoes e Incorporacao Ltda (Carman) was granted the authorization to build and operate a 30-MW wood-residue fueled power plant located at the state Mato Grosso. The power plant was named UTE Guacu, and the sponsor created the company Guacu Geracao de Energia S.A. to manage the project. The 35-year contract was signed with the regulatory agency ANEEL in May 2012.  The value of the investment committed to UTE ERB Candeias was estimated at US$ 36.8   million (BRL 86.7 million).   UTE Guacu  won the public bidding that took place in March 2011 to sell electricity to several distribution companies, by offering a tariff of US$ 43.3/MWh (BRL 102/MWh). The project company signed 15-year power purchase agreements with the several electricity distribution companies. UTE Guacu committed to start supplying to the market in 2014.  In May 2013, UTE Guacu commenced commercial operation.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company was free from sectoral taxes.
Located in San Marcos de Colon, the project involves the DBFOM of a 49.5MW wind farm and 37km transmission line and substation.   Vientos de Electrotecnia, a subsidiary of family-owned Grupo Terra closed a US$127.5 million debt-financing on 22 November 2013.  Debt was provided by five lenders:   •Netherlands Development Finance Company (FMO) US$42.5 million  •Deutsche Investitions- und Entwicklungsgesellschaft (DEG) US$30 million  •Proparco US$21 million  •Interact Climate Change Facility (ICCF) US$19 million  •OPEC Fund for International Development (OFID) US$15 million   FMO acted as mandated lead arranger and facility and paying agent. Investment was estimated at US$ 130 million.  Gamesa and Iberdrola were EPC contractors for the wind farm, while Cobra was EPC contractor for the transmission line. Gamesa was to provide operation and maintenance.   Sidley Houston and Melara Tegucigalpa provided legal counsel to the sponsors, while Shearman & Sterling and Matamoros & Asociados provided legal counsel to the lenders. Mott MacDonald was environmental consultant to the project.   The wind farm had a 20-year PPA agreement with Honduras state power company Empresa Nacional de Energia Electrica (ENEE). The facility and transmission line were to be transferred to ENEE seven years from the beginning of operations.   Operations commenced in February 2015.
The Acapulco Scenic Bypass toll road initially included a 3.3 km tunnel from the Brisamar interchange to Cayao - Puerto Marques and a 4.7 km highway from the tunnel entrance to the Zona Diamante section of Acapulco. The road was planned to provide a more rapid connection between the city center and the rapidly growing areas in the Zona Diamante.   In November 7, 2012, the state government of Guerrero, Mexico, awarded Mexican engineering and construction firm ICA (NYSE: ICA) a 30 year concession to build and operate the toll road. The project was awarded through a national bidding process.   The construction amount was estimated at approximately US$147 million (1.94 billion Mexican pesos-MXP) and will be included in ICA's backlog. Total investment was initially estimated to be approximately US$ 213 million (2.8 billion MXP), which included cost of construction, right of way payments, and contingency funds.   In June 6, 2013, construction started. The final total cost was estimated to be US$ 266 million (MXP 3.5 billion). From those, MXP 100 million was to be provided by FONADIN, state government were to provide MXP 300 million pesos and the rest would come from IDEAL company from Carso Group (Carlos Slim). ICA was in charge of construction. Construction of the mega tunnel was expected to last for 2 years.   The agreement to provide financing between the Guerrero Government and IDEAL was signed on May 31, 2013. Both Carlos Slim (IDEAL) and Bernardo Quintana (ICA) accompanied Guerrero Governor on June 6 2013 in the inauguration of the civil works.
In December 2011, the Swiss company Glencore Xstrata, through its subsidiary Glencore Servicos e Comercio de Produtos Agricolas Ltda,  won in a competitive bidding the right to build, lease  and operate a grain terminal at the Itaqui Port (state of Maranhão). The facility was set to have 125 thousand tons in storage capacity.  The bidding criteria was the highest payment for the right to construct and operate the terminal. The port authority conducted the bidding for the construction of four new terminals and Glencore was one of the winners by offering US$ 15 million (BRL 35.4 million). There was no additional information on the other bidders. The four companies that won the bidding process established a partnership named Consorcio Tegram to undertake the construction works, but each were set to sign separate lease contracts and to operate their own terminal independently. The state government granted the companies 50% tax reduction.  The 25-year contract was signed in February 2012. Glencore's investment was estimated at US$ 58.4 million (BRL 137.5 million) in the construction of the terminal. Construction works commenced in November 2012, and operations were expected to commence by July 2014. By February 2014, construction works were in its final stages.
Solarco Company Limited developed three solar photovoltaic (PV) plants with a total generating capacity of 57 MW at three sites in the Thai provinces of Nakhonpathom and Suphanburi under the country’s “very small power producer” program. The power from all three solar projects is sold to state owned Provincial Electricity Authority  (PEA)  at premium power sales tariff. Solarco has entered into a 5-year power purchase agreements (PPAs) with PEA and the company is allowed to renew PPAs every 5 years throughout 25 years of operation.  Solarco Company Limited is a special-purpose company that is a joint venture of Electricity Generating Public Company Limited (EGCO) and Yanhee Solar Power Company Limited (51%).  In April 2013, Asian Development Bank (ADB) approved an USD 87 million concessional debt to Solarco – USD 52 million as direct loan and the remaining USD 35 million of debt from the ADB Clean Technology Fund.
In December 2011, the consortium Canel Seco de Honduras, comprised of the Colombian group Grodco and the Honduran company Prodecon Profesionales de la Construccion, won in a competitive bidding the right to expand, rehabilitate and operate the 122.6 km of highways connecting the muncipalities of El Progreso-Tela, San Pedro Sula-El Progreso and La Barca–El Progreso located in Honduras. The project was named Corridor Turistico El Progreso.  The bidding criteria was the best technical and economical proposal. Besides Canal Seco de Honduras, two other companies made public offers for the project. The sponsors created the company Autopistas del Atlantico to lead the project.  The 30-year concession contract was signed in December 2012. The investment was estimated at US$ 150 million over the life of the project. Operations commenced in January 2013.  In April 2015, the sponsors were granted a MIGA-backed US$145 million debt financing for the Corredor Turístico toll road. MIGA provided provided guarantees of US$124.3 million to the project's two international lenders - JP Morgan and CIFI. JP Morgan granted a US$ 100 million loan, while CIFI provided a US$ 15 million loan. In addition, the Honduran bank Ficohsa granted a US$ 30 million loan to the project.
On March 15, 2013, Iskaya Dogu Hatti Enerji Yatirim joint venture offered the highest bid of USD 387 million to acquire 100% shares of Dicle Elektrik Dagitim A.S. (Dicle EDAS), a state-owned power distribution company that distributes electricity to Turkey's south-eastern provinces of Diyarbakir, Sanliurfa, Siirt, Mardin, Batman and Sirnak.  Iskaya -Dogu Hatti Enerji Yatirim joint venture subsequently formed Dicle Enerji Yatirim A.S. (Dicle Enerji), which in turn acquired Dicle EDAS.  Dicle Energi signed a thirty year Transfer of Operating Rights (“TOR”) agreement in August 2013 that was backed by Share Sale model ("TSS model"). Under the TSS model, asset ownership of new as well as existing distribution assets belong to the state-owned power distribution company Turkiye Elektrik Dagitim Anonim Sirketi (TEDAS), while the investor (Dicle Energi) attains the right to operate the distribution network together with the obligation to undertake all new necessary investments. According to this model, Dicle Energi is the sole owner of the shares of Dicle EDAS and has the sole license (monopoly) for the distribution of electricity in the designated region from Energy Market Regulatory Authority (EMRA). All EMRA approved investments shall be realized by Dicle Energi and will be recovered through the tariffs. Except for cases of investor misconduct, the part of investments not recovered via the tariffs shall be paid by TEDAS to the private operator upon the expiry or termination of the contract.  The competitive tender was conducted by turkish privatization administration, Ozellestirme Idaresi Baskanligi (OIB). There were five other bidders - Limak Construction company, Fina Energy-Fina Porting OGG, Calik Energy company, Mes company-Iskur company OGG, and Fernas Construction company.  Dicle Energi took over Dicle EDAS in August 2013. The acquisition was financed by Kuveyt Turk together with three other Turkish banks: Albaraka Turk, Halkbank and Ziraat Bankasi.
Enel Green Power Dois Riachos Eolica S.A., Enel Green Power Damascena Eolica S.A., and Enel Green Power Manicoba Eolica S.A., subsidiaries of the Italian company Enel Green Power, were granted authorizations to build three wind power plants  located in the municipality of Cafarnaum, state of Bahia (90 MW in total capacity). The power plants were named EOL Dois Riachos, EOL Damascena and EOL Manicoba, each with 30 MW in capacity.  The 35-year contracts were signed with the regulatory agency ANEEL starting in May 2013. The total investment in the power plants was estimated at US$ 142 million (BRL  422.7 million).   The government periodically runs public bidding for the sale of energy to the country´s distribution companies. The  power plants controlled by Enel won the public bidding that took place in December 2012 and August 2013 by offering an average tariff of US$ 30 /MWh (BRL 89,20/MWh) and US$ 33.8 /MWh (BRL 100,60/MWh), respectively. The project companies signed 20 -year power purchase agreements with the several electricity distribution companies.    The companies committed to start supplying to the market in 2015 (EOL Damascena and EOL Manicoba) and in 2017 (EOL Dois Riachos).  In December 2013, the IFC approved a US$ 220 million A-loan to finance five of Enel's wind parks in Brazil: Modelo, Serra Azul, Fonte dos Ventos, Cristal and Curva dos Ventos. Information on how much of this funding was directed to each project was not released.  Construction works commenced in September 2015, and were in its final stages by June 2015.  In December 2015, the state-owned bank BNDES approved a loan of US$ 41.6 million (BRL 138.7 million).  The projects was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company is not subject to sector taxes.  In January 2012, the company applied for carbon credits.  In February 2016, the project companies issued US$ 16.6 million in long-term bonds to refinance previous debts.
In October 2013, construction of a 50MW PV power plant commenced in Xinhe County, Inner Mongolia Autonomous Region. The developer was Hareon Solar Technology Co., Ltd., a Shanghai Exchange floated local private company. The total investment was RMB 530 million (US$ 85.54 million) and Hareon Solar had a 100% stake in the project. The power plant was completed and came into operation in December 2013.
Phase 4B of the expansion of Onne port in the state of Rivers included the construction of port facilities at Onne Oil and Gas Free Zone.  The project was to be pre-financed by the developer.  Under the 25-year concession agreement that was signed with Deep Offshore Services Nigeria Ltd., the company was to invest US$2.9 billion to build port facilities within six years. Costs were to be recovered from boat services and other port charges.  There was no special information publicly available as to how the contract was awarded.
In September 2013, construction of a 20MW PV power plant sponsored by ZNSHINE Solar a private company headquartered in Jintan City, Jiangsu Province commenced in Hejing County, Xinjiang Uyghur Autonomous Region. The total investment was US$ 40.67 million (RMB 252 million) and ZNSHINE Solar had a 100% stake in the project. The concession term was still unknown. The plant came into operation in December 2013.
Maharashtra Vidyut Nigam Limited (MVNL), a subsidiary of Gupta Corporation, signed memorandum of understanding with Government of Maharashtra to set up a 10MW biomass based cogeneration power plant at Deoli MIDC in Wardha district of Maharashtra. Environmental clearance was obtained in 12th July 2010. The EPC contract was awared to Cethar Vessels Limited in April 2009. The output from the project would be fed through the 132kV Deoli substation to the Northern, Eastern, Western and North Eastern (NEWNE) grid of India. MVNL would bear the cost of project switchyard and interconnection facilities at the site up to the point of energy metering point and MSETCL would bear the cost of transmission lines and associated facilities beyond the energy metering point of MSETCL substation at MIDC.  The primary fuel for the projeact would be 100% biomass - a mix of Cotton Stalk (80%); Soyabean Stalk (10%), and Red gram Stalk (10%).The project would use only biomass over the life of project except the use of coal during start-up and emergency situations of unavailability of biomass fuel or given quality. Based on MERC’s (regulator) recommendation and the GCV of biomass envisaged to be used, the fuel price should be in the range of INR 1110 to INR 1330/MT. MERC had fixed a cost of INR 315 /MKcal or INR 2065/MT. MERC in their tariff order dated 8th August 2005 had recommended an annual biomass price escalation of 5%.    MVNL signed a power purchase agreement with Reliance Energy Trading Limited (RETL) on 13th June 2008. As per the Power Purchase agreement, the tariff at US$ 0.084/kWh (INR 4.90/kWh @58.6 INR/USD) was fixed for the block commencing from the date of commissioning till 31st December 2012. Hence the tariff at Rs. 4.90/kWh had been considered from the date of commissioning to 31st December 2012. After that considering the fact that the PPA states that the tariff would not be less than the tariff recommended by MERC, tariff at Rs.4.98/kWh (which Was MERC recommended tariff in the tariff order dated 14th July 2010) was considered.An annual escalation of 1.01% was considered. All transmission charges, transmission losses and other open access charges beyond the Delivery Point shall be borne by RETL. The transmission losses beyond the delivery point would be borne by RETL. The losses till the delivery point would be borne by MVNL.   Financial closure took place on 8th October 2013. The estimated cost of the project at the time of financial closure was USD 9.5mn (INR 556.6 mn @58.65 INR/USD).The debt to equity ratio for the project was 57/43. Financing comprised of a 10-year term loan of USD 5.4mn (INR 318.8mn) and  sponsor equity of USD 4.0mn (INR 237.8mn). The term loan was priced at 325 basis points over Yes Bank's base rate. Yes Bank was the sole arranger for the loan.  Construction of the project was started in June 2009 and was expected to be completed by January 2011.The plant was commissioned in September 2012.
In November 2012, Beijing MTR Corporation Limited a joint venture of the Hong Kong based MTR Corporation (49% share) and two Beijing SOEs (Beijing Infrastructure Investment Company Limited 25%; Beijing Capital Group 49%) was granted the concession agreement to build and operate the Beijing Subway Line 14. The line had a length of 47.3 KM and the total investment was US$ 8.06452 billion (RMB 50 billion). The project was split into part A and B. Part A, the civil works would be financed and implemented by an SOE Beijing Subway Line 14 Investment Company Limited. Beijing MTR Corporation Limited would finance and implement Part B covering the vehicle, signal and mechanical systems for US$ 2.41935 billion (RMB 15 billion). US$ 2.23452 billion (RMB 13.854 billion) construction was completed by February 2013. Construction of the works actually commenced in April 2010. The west section of the line, 12.4km long, came into operation in May 2013. Beijing MTR Corporation would operate the project for 30 years. The concession agreement was officially signed in November 2014. In January 2015, the whole line was still not through. There were 6 stations and the lines in between with a total length of 6km which were still not opened to the public, so only the east and west sections of the Line were operational.
In Sep 2011, a local private company Tianhua Sunshine New Energy Co. Ltd. signed an agreement with Awati County Government to build and operate a 300MW solar power plant in Awati County,  Xinjiang Uyghur Autonomous Region. The total investment was about US$ 96.84 million (RMB 6 billion). Construction would commence in 2011 and be finished in 2016. Construction and operation of the plant was by Xinjiang Jiasheng Sunshine Wind Power Tech Co. Ltd. All required approvals were cleared in Feb 2012. First phase of the plant actually commenced in December 2012. Its capacity was 20 MW and the total investment was US$ 41.96 million (RMB 260 million). Construction of phase was finished in Dec 2013. Tianhua Sunshine had a 100% stake in the project.
In Jul 2011, a local private company Jiangsu Tianying Group was granted a concession agreement to build and operate a solid waste power plant in Binzhou City, Shandong Province. Construction of the first phase commenced in May 2013. The total investment on the first phase was US$ 61.33 million (RMB 380 million) and by Feb 2014, US$ 41.96 million (RMB 260 million) had been incurred. It was expected that the plant could be completed by Aug 2014. The first phase of the plant could operate 800 tons of household solid waste per day and the power generation capacity was 15MW. Tianying Group seemed to have 100% share of the project.
In November 2011, construction of a biomass power plant commenced in Dashitou Town, Dunhua City, Jilin Province. The developer was local private company Kaidi Electric Power. The total investment was RMB 668 million (US$ 107.82 million) and Kaidi had a 100% stake in the project. The capacity of the power plant was 60MW. A SPV Dunhua Kaidi Green Energy Development Company Limited was established in Dunhua to implement the project. Substantial construction was finished by September 2013. The project was expected to be completed in 2015.
The Brazilian company Carolina Geracao de Energia Ltda, a partnership of CRERAL - Cooperativa de Geracao de Energia e Desenvolvimento (30%) and Grupo Arbaza (70%), was granted the authorization to build a 10.5-MW small hydro power plant located in the municipalities of Andre Rocha and Muitos Capoes, state of  Rio Grande do Sul.  The power plant was named PCH Santa Carolina.  In January 2012, the company signed a 30-year contract with the regulatory agency ANEEL allowing the company to build and operate the power plant. In August 2015, the company took part in a bidding process to establish 30-year power purchase agreements with electricity distribution companies. The company won the contracts by offering the tariff of US$ 68.2/MWh (BRL 203/MWh). The company agreed to commence operations in 2018.  The investment was estimated at US$ 14.1 million (BRL 42 million). Construction works commenced in July 2013. As of June 2015, the construction works were in advanced stage.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures.  In 2011, the company applied for carbon credits.
The company MS Participacoes Societarias, a wholly-owned subsidiary of the Spanish bank Santander, was granted authorizations to build four wind parks located in the state of Ceara and Rio Grande do Norte (90 MW in total capacity). The 35-year contracts were signed with the regulatory agency ANEEL starting in June 2010. The following special purpose companies were creates to handle the parks:  Embuaca Geracao e Comercializacao de Energia S.A. (25.2 MW) Eolica Mar e Terra Geracao e Comercializacao de Energia S.A. (23.1 MW) Eolica Bela Vista Geracao e Comercializacao de Energia S.A. (27.3 MW) Eolica Icarai Geracao e Comercializacao de Energia Ltda. (14.4 MW)  The projects initially belonged to the Portuguese group Martifer, which sold its shares to Santander Bank in October 2011.  The total investment in the power plants was estimated at US$ 152.2 million (BRL 358.35 million). In July 2013, the state-owned bank BNDES approved a US$ 47.3 million (BRL 111.3 million) loan to finance the project.  All special purpose companies signed power purchase agreements arranged with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA  (incentive program for alternative power generating companies) in 2009 and 2010.  As of October 2011, construction works had not commenced, but the equipment had been acquired and the EPC contracts had been established. Due to the delays in the construction works, commercial operations were expected to commence only in 2013.  The project companies were granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company is not subject to sectoral taxes.  In July 2012, the sponsor applied for carbon credits.  In September 2012, construction works commenced. Commercial operations started in February 2014.  In January 2014, the power plants EOL Embuaca and EOL Icarai were granted 2-year term loans arranged by Bradesco amounting to US$ 39.8 million (BRL 93.6 million).  Commercial operations commenced in February 2014.
In April 2012, Gujarat Government's Department of Energy and Petrochemicals signed a 25-year concession agreement (from the scheduled commercial operation date) with Sun Edison Private Limited, to construct and operate a 2.5 MW rooftop solar power (“Project”) in Gandhinagar. The Gujarat Government shall provide Sun Edison access to around 25 state government owned building rooftops which should be sufficient to generate about 2 MW, while the balance 0.5 MW would be generated by installing rooftop systems on around 250 households. As per a government notification the city residents shall be encouraged to come forward to participate and shall be offered “green incentive” – which is set as INR 3/ kWh of electricity generated by the SPV system installed on their property. Sun Edison would then connect power generated by the panels to the city grid  While about 40 companies had expressed interest in the project, finally only four companies submitted their bids. This included Lanco Infratech, SunEdison, Azure Power and Mahindra Solar. The winning bidders were those quoting the lowest tariff. Out of these SunEdison and Azure Power were selected and have been awarded for individual phases of 2.5 MW each. The International Finance Corporation (IFC) was the Lead Transaction Advisor for designing and implementing the transaction. The power generated under the Project will be sold at the bidded tariff to Torrent Power Limited (“TPL”), a privately owned distribution company that holds the license for electricity distribution in Gandhinagar and several other cities in Gujarat. Sun Edison won the bid at a quoted tariff of (through a 25-year Power Purchase Agreement) US$ 0.220/Unit (INR 11.793 per unit @53.44 INR/USD).  Financial closure was achieved on 6th February 2013. The project was estimated to cost US$ 5 million at the time of financial closure.
Aksa Enerji was developing the 24.6MW Sebenoba wind farm (phase II), in Hayay, Turkey. Total project size was 30MW.  The project was expected to be commissioned in late-2013. The project was operated as a lease. Wind turbines were supplied by Gamesa (Spain).  Financial closure was achieved in August 2013. Total cost was estimated at EUR17.2 million ($24 million), provided by Yapi Kredi Finansal Kiralama.
In August 2013, a private local company Beijing Sound Group won a bid to finance, build and operate the Fuqing City No. 2 Wastewater Treatment Plant in Fuqing City, Fujian Province. The total investment was RMB  325.7592 million (US$ 52.58 million) and the capacity of the plant (phase I) was 60,000 tons per day. When construction commenced was not reported, but according to a media article substantial construction had been completed by May 2015. The concession term was unknown. Beijing Sound had a 100% stake in the facilities.
In April 2013, construction of the phase II of the 500MW PV power plant sponsored by a local private company Jiangsu Zhenfa New Energy Technology Company Limited commenced in Gulang County, Gansu Province. The capacity of the phase I was 100MW. The total investment was US$ 193.68 million (RMB 1.2 billion) and Jiangsu Zhenfa had a 100% stake in it. The part of the project was almost completed in Dec 2013.
The Port of Durres was a port operated by the government of Albania. The GoA awarded a 35-year concession on the container terminal to a joint venture of Turkey’s Kurum and Malta’s Mariner. Kurum committed to investing $30.5 million (22.8 million euro) in port facilities. The Port of Durres volumes were 3.5 million tons in 2013, and 83,000 TEU, attracting 90 percent of all national seaborne trade.  In total, 21 percent of the proceeds from the concession were earmarked go to the port, 2.0 percent for the Albanian state, while the concessionaire was to receive the remaining 77 percent.  Steel maker Kurum (Turkey) was one of the biggest foreign investors in Albania. Malta-based Mariner was an investor, developer, and independent operator of sea terminals. Its share in the JV was 48 percent.  Kurum was awarded the concession (partly) as compensation of the expropriation of Durres shipyard, acquired in 2003.
The project comprises construction of the 50MW Bokpoort Concentrated solar power plant in the Northern Cape, South Africa. The project is under South African Renewable Energy Independent Power Producer Procurement Program. The plant will able to generate a record-high of roughly 200 GWh per year.
In August 2013, construction of a wind power plant commenced in Gaotong Town, Yantai City, Shandong Province. The Hong Kong based China WindPower Group was the developer which had a 100% stake in the project. The total investment was about US$ 69.40 (RMB 430 million). The power generation capacity of the plant was 48MW. Construction was finished in April 2015, and it became operational in July 2015, serving the Northern China Grid. Other key information was not released so far about this project.
Gestamp Eolica was developing the 10MW Adares wind farm, in Turkey. The project was developed in joint-venture with Faik Celik. The wind farm was located in Selcuk, Izmir province.  The turbines were supplied by Gestamp (G90-2.0MW).  The project reached financial closure in December 2013, with Garanti Bank. Total project cost was $19.5 million. The debt/equity ratio was 79/21, after a loan of $15.4 million was extended to the project company.
In October 2012, a local private company Sound Group won a bid to upgrade and operate the Hancheng City Wastewater Treatment Plant in Hancheng City, Shaanxi Province. The total investment was US$ 15.81 million (RMB 98 million) and out of it, US$ 3.47 million (RMB 21.51 million) was for upgrading the existing old plant. Construction was completed in September 2013 and then the plant came into operation with a capacity of 25,000 tons per day. Sound Group had a 100% stake in the facility. A special purpose vehicle, Hancheng City Yiqing Water Affairs Company Limited, was set up by Sound to perform the project.
Construction of the China WindPower Delingha Solar Power Plant phase 3 commenced around October 2013 in Delingha City, Qinghai Province. WindPower had a 100% stake in the 20MW plant. The total investment was US$ 30.67 million (RMB 190 million). WindPower implemented the project through its subsidiary registered locally Delingha Xiehe Solar Power Co., Ltd. . By January 2014, US$ 17.75 million (RMB 110 million) had been incurred in construction. In December 2013, WindPower officially signed a loan agreement with the China Development Bank for this project.
The project entails the construction of a waste-to-energy plant in Haikou, Hainan Province. Upon completion, the plant will have a daily waste processing capacity of 2,400 tons. Sponsor of the project is China Power International New Energy Holding Ltd (100%).
A local private company Kaidi Electric Power was granted a contract to build and operate a 30MW biomass power plant in Yangxin County, Hubei Province. Construction commenced in Aug 2012 and was substantially finished in Aug 2013. The total investment was US$ 51.65 million (RMB 320 million) and Kaidi had a 100% stake in the project. A special purpose vehicle, Yangxin Kaidi Green Energy Development Company Limited was set up to perform the project.
On 26th November 2012, the National Highway Authority of India (NHAI) awarded a 21-year concession (including construction period of 910 days or approximately 2.5-years) to Galfar Engineering and Contracting SAOG of Oman (Galfar) for the strengthening, improvement, 4-laning, operation and maintenance, and tolling of 77.2kms (from KM175.0 to KM252.0) of Kashipur-Sitarganj section of National Highway-74 (NH74),in the states of Uttarakhand (74kms) and Uttar Pradesh (3.2kms). The project was covered in the districts of Udhamsingh Nagar in Uttarkhand and in Rampur and Bareilly in Uttar Pradesh.    Under the contract, Galfar was responsible for the design, construction, finance, operation and maintenance and widening of the existing 2-lane carriageway to a 4-lane highway with paved shoulders, with a provision to augment capacity at a later date. The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections,interchanges,drains,etc. The expansion project was part of National Highway Development Project Phase-IV.The project would expedite the improvement of infrastructure in Uttarakhand and Uttar Pradesh and also help in reducing the time and cost of travel for traffic plying between Kashipur-Sitarganj. The NH-74 was an important link connecting rapidly growing industrial and commercial hubs like Haridwar, Kashipur, Udhamsingh Nagar of Uttarkhand and Bareilly and eastern parts of Uttar Pradesh.   Galfar established Kashipur Sitarganj Highways Private Limited (KSHPL), a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding,conducted by NHAI, by requesting the lowest upfront subsidy of US$ 38.0million (INR 2230mn @58.6 INR/USD). Out of the 30 pre-qualified bidders, only Galfar particpated in the final bid. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The project attained financial closure on 12th September 2013. The grant/debt/equity ratio for the project was 29/56/15. The estimated capital cost of the project at the time of financial closure was US$ 129.2mn (INR 7574.1mn @58.6 INR/USD). Apart from viability gap funding (grant) of INR 2230mn, financing comprised of a 15-year term loan of US$ 72mn (INR 4220mn) and sponsor equity of US$ 19.2mn (INR 1124.1mn). The term loan had a grace period of 12-months and repayment schedule of 138 monthly installments.The debt was arranged by Central Bank of India and the participating banks were Corporation Bank (740mn),Dena Bank (740mn),Bank of India (1000mn),Vijaya Bank (740mn).     Construction on the project was expected to begin in November 2013 and be completed by May 2015.
The Honduran Green Power Corporation S.A. de C.V. was granted the authorization to build and operate a 35-MW biomass power plant located in the municipality of Choloma, Department of Cortes. In 2012, the power plant signed a 15-year power purchase agreement to sell the electricity to Empresa Nacional de Energia Eletrica.  The investment was estimated at US$ 118 million. In June 2013, BCIE approved a US$ 32.7 million loan to finance the project.  Construction works commenced in April 2014.
In August 2011, a local private company Guangdong Changqing Biomass Power Group Company signed an agreement with Ning'an Municipal Government to build and operate a biomass co-generation power plant in Ning'an City, Heilongjiang Province. The construction commencement ceremony was held in the same month. Construction was progressing well according to an article dated June 2012 and over 25% of construction should have been finished by July 2013. The 1st phase of the plant has a capacity of 30MW and total investment is US$ 48.42 million (RMB 300 million). The 2nd phase with an investment of 200 million is under plan. A special project vehicle, Heilongjiang Province Mudanjiang Nongken Ning'an Changqing Environmental Protection Energy Co., Ltd. was set up to implement to the BOT project. It seems Changqing had a 100% stake in the project. The concession term was still unknown.
In December 2011, the Brazilian company Desenvix Energias Renovaveis, a subsidiary of Jackson Empreendimentos, was awarded in a competitive bidding process the contract to build and operate a  135 MW hydro power plant located in the Canoas River, state of Santa Catarina. The power plant was named UHE Sao Roque.  Besides Triunfo, four other companies took part in the bidding contest: Spanish company Alupar, Consorcio Araca (Brazilian state-owned companies Eletrosul, 49%, and  Copel, 51%), Consorcio UHE Garibaldi (Brazilian companies Neoenergia, 51%, and state-owned Cemig Geracao, 49%), and Gaia Energia.  The bidding criteria set by the regulatory agency ANEEL was the lowest tariff. Desenvix presented the lowest offer, a value of US$ 38.7/MWh (BRL 91.2/MWh), 25.9% below the ceiling set by the regulatory agency. The contract was signed in August 2012, and sponsors created the company Sao Roque Energetica to lead the project during the 35-year contract period.   The sponsor committed to invest US$ 297.4 million (BRL 700 million) in the power plant. In November 2013, the sponsor was granted a US$ 119 million (BRL 420 million) loan from state-owned bank  BNDES and a US$ 59.8 million (BRL 420 million) loan from another state-owned bank named  BRDE. The remaining cost was set to be financed with  sponsor' internal resources.  Sao Roque Energetica committed to sell 90% of the output to the regulated market (a 30-year power purchase agreement was signed) and the remaining 10% to the unregulated market.   Construction works began in November 2013. Commercial operation was expected to commence in April 2015 with the sale of electricity to the unregulated market. The sale of electricity to the distribution companies was set to begin in 2016.   The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.  In August 2014, the state-owned bank BNDES approved a US$ 118.6 million (BRL 267 million) to CAB Cuiaba.
In December 2013, the 40.29MW Kuvaninga Energia gas-fired power plant reached financial closure in Mozambique. The sponsors of the project were Investec Bank, Eventure Partners and KDM.   The developers funded the roughly $99 million project through $74 million in debt financing, provided by Investec and the Industrial Development Corporation (IDC), and around $25 million in equity. The three sponsors developed the project and brought it to financial close, at which point Investec and Eventure Partners sold down their combined 75% equity stake. The equity breakdown following financial close is as follows: KDM (comprising several Mozambican companies and individuals) – 25% Public Investment Corporation – 30.6% Kastel Group (a local subsidiary of US-based Eventure Partners) – 28% Pele Clean Energy – 16.4%   The debt had a tenor of 13 years and three months, and splits into two tranches. Investec was providing a $40 million facility with cover from an unnamed export credit agency (ECA). This portion would draw down on 28 February. A smaller direct loan of $34 million, which draws down on 31 January, came from Investec ($11 million) and IDC ($23 million). Both facilities had semi-annual repayment schedules with 27-month grace periods. The financing had a debt service coverage ratio of 1.34x and a loan life coverage ratio of 1.37x.   Group Five was responsible for engineering, construction and maintenance for the plant, which was scheduled to begin operations in the second quarter of 2015. The plant was located in Chokwe, in Gaza Province, next to the natural gas pipeline co-owned by Sasol and the government of Mozambique. The sponsors had a 16-year power purchase and concession agreements with state utility Electricidade de Moçambique, which would supply the plant with gas until 2029, at which point it took control of the asset. ADC Projects would operate the site over the length of the concession, and GE Jenbacher is equipment supplier
This project was South Africa's first IPP tender. In 2007 AES was originally awarded the projects, but pulled out due to the disagreements with the Department for Minerals and Energy. Then the project was offered to Suez, which was the second preferred bidder in the original tender.   The IPP project would involve the development of two oil-fired open-cycle gas turbines operating as peaking plants. A 670MW plant would be located in Avon, near Shakaskraal, in KwaZulu-Natal, and the second plant of 342MW capacity, would be located in the Coega Industrial Development Zone, in Port Elizabeth, Eastern Cape(See #7960 Dedisa OCGT for more).   Power Purchase Agreements (PPAs) for both were signed in June 2013 with state utility Eskom under 15 year PPAs, awarded by the Department of Energy on a Build, Own, Operate (BOO) basis. In parallel, two Implementation Agreements (IAs) with South Africa’s National Department of Energy were signed for each power plant. Investec was co-ordinating mandated lead arranger and sole documentation bank providing senior debt in a syndicate of six financial institutions to the two IPPs. The other lenders were Absa Capital, DBSA, RMB, Nedbank, and South African institution Sanlam.  The Avon Site is located near Shakaskraal which is 45km North-East of Durban in the Kwa-ZuluNatal Province. The plant would be a Gas Turbine Open Cycle Power Plant based on 4 x AE 94.2 GTs supplied by Ansaldo Energia. The total capacity of the Avon Open Cycle Gas Turbine (OCGT) Peaking Facility would amount to 670 MW, and the facility would comprise 4 Units (Turbine and Generator). Facility lay-out design allowed for future change in primary fuel to gas and for future conversion to combined cycle technology (CCGT). Construction had already begun and commercial operation was expected to start at Avon in 2016
In January 2013, Madhya Pradesh Road Development Corporation (MPRDC) signed a 15-year concession (inclduing construction period of 730 days) with Dilip Buildcon Limited (DBL) for the strengthening, improvement,two-laning/intermediate laning, operation and maintenance,and tolling of 87.77kms of 4 existing major district roads in the state of Madhya Pradesh - i) Jaora–Piploda–Jalandharkheda & Piploda–Sailana Road (Ratlam district, 42.27kms), ii) Raipuriya – Patlabad – Bamniya Road (Jhabua district, 18.18kms), iii) Javad –Khoh Road (Neemach district, 21.07kms) and, iv) Soyat Pidawa Road (Shajapur district, 6.25.96kms).   Under the contract, DBL was responsible for the design, construction,finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway to 2-lane divided carriageway.The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges,culverts, road intersections,interchanges, drains, etc.The expansion project, part of the MDR (major district roads) development project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.    DBL established DBL Jaora-Sailana Tollways Limited (DJSTL),a special purpose vehicle on 29th November 2012, to implement the project. The SPV won the tender through international competitive bidding, conducted by MPRDC,by requesting the lowest annuity payment of US$ 4.1mn (INR 241.2mn @58.6 INR/USD) . Other details of bidding were not known at the time of collection of this information. Under the contract, the SPV was to recover the capital costs and operating costs including returns through semi-annual payments of INR 120.6mn from MPRDC, during the term of concession. DBL would execute the EPC for the project.  The concession agreement for the project was signed sometime around January 2013. The project was expected to be financed with a debt/equity ratio of 70/30. The estimated capital cost of the project at the time of financial closure was US$ 23.2mn (INR 1360mn @58.6INR/USD). Financing was expected to be comprised of a term loan of US$ 16.2mn (INR 950mn) and sponsor equity of US$ 7mn (INR 410mn). Other details of financing were not known at the time of collection of this information.  The project started construction in April 2013 (Appointed Date) and was slated for completion by March 2015, but achieved early completion by May 2014.
In December 2011, the Consorcio Crescimento, a partnership of the French company Louis Dreyfus Commodities Brasil S.A and the Brazilian company Amaggi Exportacao e Importacao Ltda, won in a competitive bidding the right to build, lease  and operate a grain terminal at the Itaqui Port (state of Maranhao). The facility was set to have 125 thousand tons in storage capacity.  The bidding criteria was the highest payment for the right to construct and operate the terminal. The port authority conducted the bidding for the construction of four new terminals and Glencore was one of the winners by offering US$ 8.6 million (BRL 20.2 million). There was no additional information on the other bidders. The four companies that won the bidding process established a partnership named Consorcio Tegram to undertake the construction works, but each were set to sign separate lease contracts and to operate their own terminal independently. The state government granted the companies 50% tax reduction.  The sponsors created the project company Amaggi & LD Commodities Terminais Portuarios S.A. to lead the project. The 25-year contract was signed in February 2012. The investment in the construction of the terminal was estimated at US$ 58.4 million (BRL 137.5 million). Construction works commenced in November 2012, and operations were expected to commence by July 2014. By February 2014, construction works were in its final stages.
Turkish privatization administration, Ozellestirme Idaresi Baskanligi (OIB) finalized the sale of 1,156 MW Hamitabat Combined Cycle Power Plant (Hamitabat CCPP) in Kirklareli province to Limak Holding in August 2013. Hamitabat CCPP was built in 1985 and was Turkey’s first natural gas based power plant.  The project was awarded to Limak Holding after it made the highest offer of USD 105 million in a competitive bidding conducted by OIB in February 2013. A total of seven companies entered the race; Turkish power companies Karkey Karadeniz Elektrik Uretim, Enerjisa Enerji Uretim, Limak and Saudi Arabia's International Company for Water and Power Projects were subsequently joined by Eksim, Ozkar and Fernas. The tender included five elimination rounds that ended in close competition between Fernas Construction and Limak Holding.  This acquisition was part of Limak’s strategic intiative to reach 5,000 MW generation capacity target. Turkey’s Limak Holding is active in the whole energy value chain including electricity generation, distribution, sales and trading.   Limak Holding took over Hamitabat CCPP from state generation company Elektrik Uretim AS (EUAS) in August 2013. Limak holding plans to invest USD 1.2 billion in the power plant over the next two years to increase its production capacity to 1,200 megawatts and to make the power plant more efficient and competitive.  In 2015 it reached FC on an additional debt financing of $562 million to expand the project. See new project for details.
A local private company Kaidi Electric Power was granted a contract to build and operate a 30MW biomass power plant in Hongya County, Sichuan Province. Construction commenced in Aug 2012. The total investment was US$ 46.81 million (RMB 290 million) and Kaidi had a 100% stake in the project. A special purpose vehicle, Hongya Kaidi Green Energy Development Company Limited was set up to perform the project. Substantial construction had been finished by Nov 2013.
In August 2010, the partnership of the Colombian companies ISA (60%) and Empresa de Energia de Bogota (40%) was awarded the contract to build and operate a 106-km transmission line connecting Talara - Piura. Two competitive bidders made offers for the project: ASA Iberoamericana de Espana, Consorcio REI - AC Capitales, Centrais Electricas Brasileiras (Eletrobras), SNC - Lavalin Ingenieros and the consortium of ISA and Empresa de Energia de Bogota. The bidding criteria was the lowest cost of service.  The sponsors signed a 30-year concession contract in August 2013, and created the special purpose company Consorcio Transmantaro - CTM to manage the project.  The sponsor committed to invest US$ 14.6 million in the project. Commercial operations began in May 2013.
The Interchange Vanuatu to Fiji Cable Project entails the establishment of Vanuatu's first international submarine cable system linking Port Vila in Vanuatu to Suva (Fiji). This milestone cable project, which will link Vanuatu directly into the high capacity Southern Cross cable between Sydney and Hawaii, is scheduled for completion in January 2014.  Borrower is Interchange Ltd. Sponsors are Vanuatu National Provident Fund (37.5%), Interchange Holdings Ltd (25.0%), Vanuatu Post Ltd (12.5%), Vanuatu Government (12.5%), Fidelity Pacific Life Insurance Company (12.5%). Legal adviser to borrower is Rockwell Olivier. Legal adviser to lender is Ashurst.  The total cost of the project is US$17.8m. Financing comprises a US$15.3m 5-year term loan, a US$1.5m 5-year term loan and a US$1m 5-year term loan arranged solely by ANZ, who is also the facility agent. Loan agreement was signed on 11 May 2013.
In April 2012, a Hong Kong based company China Gas Group signed an agreement with the Tangyuan County Government to build and operate LNG facilities in Tangyuan County, Jiamusi City, Heilongjiang Province. Construction commenced in July 2012. The total investment was US$ 10.69 million (RMB 66.2027 million) and China Gas had a 100% stake in the project. By Oct 2013, US$ 4.08 million (RMB 25.29 million) had been expended in construction. The concession term of the project was not reported. It was planned that by 2015, the LNG facilities could serve 10,000 households.
In December 2010, the Spanish company Abengoa Concessoes Brasil Holding S.A. was awarded in a competitive bidding process the contract to build and operate 108-km connecting Itacaiunas-Carajas, located at the state of Para.   Besides  Abengoa Concessoes , two other companies took part in the bidding process:  CME - CONSTRUCAO E MANUTENCAO ELECTROMECANICA S.A.;  and  ELETRONORTE - CENTRAIS ELETRICAS DO NORTE DO BRASIL S.A. The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. Abengoa presented the lowest offer, a total value of US$ 2.7 million (BRL 4.9 million), 11.85 % below the ceiling set by the regulatory agency.    The contract was signed in June 2011, and the sponsors created the company ATE VIII Transmissora de Energia S.A. In July 2012, Abengoa Brasil transferred 50% of its shares in ATE VIII Transmissora to Empresa Brasileira  de Desenvolvimento e Participacoes Ltda.  The sponsor committed to invest US$ 20.5 million (BRL 48.3 million) in the transmission line. Environmental clearance was awarded in March 2012, and the construction works commenced in late 2012. Commercial operation began in January 2014.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
In 2010 the development of expansion project of Takoradi Thermal Power Station at Aboadze, 17km east of Sekondi Takoradi in the Western Region of Ghana started. This project involves the expansion of the three power plants operating since 1997, converting the existing gas-fire plant into a combined cycle unit with additional output from 220MW to 330MW with dual firing capability of Light Crude Oil and natural gas. The extra energy would be sold to Volta River Authority (VRA) under the terms of a revised 25-year power purchase agreement.  In January 2013, Abu Dhabi National Energy Company PJSC (TAQA) and its partner, Volta River Authority (VRA), have completed the US$330 million financing through a consortium of international development finance institutions led by FMO of the Netherlands for the 110MW expansion of the Takoradi 2 power plant in Ghana. The plant was recently converted from primarily an oil-fired plant to one fuelled by natural gas as part of a considered effort within Ghana’s power generation industry towards cleaner-burning fuel.  The project financing is being provided by the International Finance Corporation (IFC), and a consortium of international development finance institutions led by FMO. The lenders participating in the consortium include African Development Bank, Deutsche Investitions-und Entwicklungsgesellschafte, Emerging Africa Infrastructure Fund, ICF-Debt Pool, Proparco, the Opec Fund for International Development and the Canada Climate Change Program.  The Takoradi 2 plant is Ghana's first independent power project (IPP) and currently represents approximately 15% of Ghana’s installed capacity. The Takoradi 2 plant is also the first IPP in Ghana to utilize project financing. It is owned by Takoradi International Company, a joint venture between TAQA (90%) and VRA (10%), the main generator and supplier of electricity in Ghana. TAQA is the operator of the facility.  EPC contract with an approximate value of US$260 million was awarded to a consortium comprising Mitsui and KEPCO in 2011. Construction started in 2012 following cabinet and parliamentary approvals by the Government of Ghana, and the signature of financing agreements in July 2012. The expanded plant is scheduled for commissioning in 2015.
In July 2013, a local private company, Sound Group signed an agreement with the Xingping County Government to build and operate the phase II of the Xingping County Wastewater Treatment Plant in Xingping County, Shaanxi Province. The total investment was US$ 19.91 million (RMB 12.34591 million). Sound won the agreement via open bidding. The concession term of the BOT agreement was not reported. Sound Group had a 100% stake in the project. The capacity of the second phase of the plant was 50,000 tons per day. The plant would serve a population of 100,000 and two industrial parks. 35% of the sewage came from households and the remaining 65% from industrial users. By October 2013, US$ 7.42 million (RMB 46 million) had been spent on construction.
Amata B. Grimm Power 5 Limited (ABP5) was created to build and operate a 132MW gas fired combined cycle cogeneration power plant in the Amata Nakorn Industrial Estate, Chonburi Province, approximately 57km from Bangkok. The project company agreed to sell power to Electricity Generating Authority of Thailand (EGAT) under a 25 year power purchase agreement (PPA) at a contracted capacity of 90MW that falls under Thailand’s small power producer (SPP) program. The remaining capacity is sold to numerous industrial users within the Amata Nakorn Industrial Estate under Power purchase agreements with three to five-year terms. Under the EGAT PPA, EGAT would pay ABP4 the capacity payment of 90MW, which consists of Thai baht and US dollar-linked Thai baht portions under a take-or-pay structure.   ABP4 is owned by an experienced group of sponsors - 50% by Amata B. Grimm Power Ltd (ABP); 29.9% by B.Grimm Power Ltd (BGP); and 20.1% by Amata Corporation Public Company Ltd (Amata). Sumitomo Corporation, one of the largest worldwide trading companies, is a 30% shareholder in ABP through its subsidiary Summit Sunrise Energy Ltd. BGP in turn has a more than 50% shareholder in ABP. Additionally, Amata, Thailand’s leading developer of industrial estates, is a 13.8% shareholder in ABP.  The total cost of the power plant was estimated at USD 171m. The project reached financial close in 2013 with USD 47 million to be funded by group of lenders under a project financing arrangement with the longest loan tenor of 20 years in Thailand’s power project finance market. Kasikornbank Public Company Ltd was the mandated lead arranger and the other lenders were - Land & Houses Bank Public Company Ltd, Mizuho Bank Ltd Bangkok Branch and Sumitomo Mitsui Banking Corporation.
In December 2011, NVR Infrastructure & Services Limited (NVR), a subsidiary of Atha Group, was awarded the license for setting up a 10MW grid connected solar Photo voltaic power project located at Kisnayat village in Bikaner district off Rajasthan, under the Jawaharlal Nehru Solar Mission (JNNSM) Phase-I Batch-II of the scheme. Under the JNNSM the total aggregated capacity of grid connected Solar PV Projects in Phase-1 was expected to be 500 MW. 150MW aggregate had already been allotted in FY2010-11 as a part of Batch-I of JNNSM Phase-I, and allotment for the remaining 350 MW Solar PV Projects was carried out through Batch-II bidding. NVR had acquired land for the project. The output from the project would be fed to the Northern,Eastern,Western and North Eastern (NEWNE) grid of India. The plant would use a combination of poly-crystalline PV cells and thin film PV cells supplied by First Solar (2MW) and HHV Solar (8MW). Refex Energy was contracted to execute the EPC for the project.    The JNNSM mission had designated NTPC’s Vidyut Vyapar Nigam Limited (NVVN) as the nodal agency for procurement of solar power. In October 2011, NVVN invited RFQs from interested developers to develop 350 MW solar PV projects with a capacity of 5 MW each, with a minimum capacity of 5 MW and maximum of 50 MW each. NVVN received 210 RFQ responses on 17th November 2011 from PV solar project developers. As the total capacity of the shortlisted projects were in excess of the approved capacity of 350 MW Solar PV Projects, bidders were required to submit proposals offering maximum discount on the CERC (Central Regulator) approved applicable tariff for grid connected solar power projects for FY 2011-12 - a reverse bidding auction process. The last date for the submission of proposal was December 2011. NVVN received 180 bids from project developers indicating discounts offered by each over CERC determined tariff of US$ 0.329/kWh (INR 15.39/kWh @46.67 INR/USD). The winning bids for solar PV under Batch-II of JNNSM Phase-I varied from INR 7.49/kWh to INR 9.41/kWh, at an average bid price of INR 12.15/kWh. Since the target allocation for solar thermal projects was 350 MW, only the top 20 discounts were finally selected to set up solar power projects. NVR had won the project by quoting a tariff of US$ 0.196/KwH (INR 9.16/kWh - a discount of 623 paise).   NVR had entered into a 25-year Power Purchase Agreement with NTPC Vidyut Vyapar Nigam (NVVN) in January 2012, which was the the nodal agency to purchase solar power generated by independent solar power producers,under JNNSM. JNNSM provided for a scheme of "bundling" relatively expensive solar power with cheaper power from the unallocated quota of the Government of India out of the capacity of the NTPC based coal stations.This cheaper bundled power would then be sold to state power distribution companies at the CERC regulated price. This would bring down the gap between the average cost of power and sales price of power of the state Discom. The total capacity of 10MW was also eligible for carbon credits and NVR had applied for registration undr UNFCC in June 2012. NVR would pass on the gross benefits of CDM to the distribution licensee (NVVN) in the following manner -(a) 100% of the gross proceeds to be retained by NPR in the 1st year after the date of COD, (b) in the 2nd year, the share of NVVN would be 10% which would be progressively increased by 10% every year till it reaches 50%, where after the proceeds would be shared equally by NVR and NVVN. Transmission and/or wheeling charges would be paid by NVR.  Financial closure took place in February 2013. The total project cost estimated at the time of financial closure was about US$ 17.6mn (INR 1030mn @58.6 INR/USD).The debt equity ratio for the project was about 70/30. Financing comprised of a 13-year 6-months term loan of US$ 12.3mn (INR 720mn), and sponsor equity of US$ 5.3mn (INR 310mn). The term loan was priced at 300 basis points over prevailing SBI base
The Brazilian Group EBX (26%), the German company E.on (31%) and the Brazilian company Petra Energia (30%) were granted authorizations to build and operate  natural gas fueled power plants located in the state of Maranhao (212 MW in total capacity). The 35-year contracts were signed with the regulatory agency ANEEL in November 2009 (UTE Parnaiba III) and in July 2013 (UTE Parnaiba IV). The sponsors created the following special purpose companies to manage the power plants:  UTE Parnaiba III, formerly known as UTE MC2 Nova Venecia (176 MW) - UTE Parnaiba III Geracao de Energia S.A. UTE Parnaiba IV (56 MW) - Parnaiba Geracao e Comercializacao de Energia S.A.  Investment values of these projects were not available. In 2008, UTE Parnaiba III took part in a competitive bidding process and won the right to supply electricity in the regulated market starting in 2013 (for a 15-year period). Commercial operations of this unit commenced in October 2013. As of December 2013, UTE Parnaiba IV had not signed any power purchase agreement in the regulated markets.  Both power plants were granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, they were allowed to use accelerated depreciation methods of accounting for construction expenditures.  In September 2013, EBX sold part of its ownership in MPX, the subsidiary of EBX Capital Partners responsible for managing the group's energy projects. MPX changed its name to Eneva, and its ownership structure was established as follows: EBX, 20%; the German company E.ON, 42.9%; free float, 37.1%. In the restructuring process, the ownership of UTE Parnaiba III and UTE Parnaiba IV was established as follows: Petra (30%), Eneva (35%) and Eneva/E.ON joint venture (35%).  In July 2014, the sponsors were granted a US$ 51 million (BRL 120 million) 1-year term loan by Banco Bradesco.
In May 2012, construction of the 80MW PV plant sponsored by the Runfeng Group commenced in Wuwei City, Gansu Province. The agreement was signed by Runfeng Group and Wuwei Municipal Government sometime in 2011. Runfeng had a 100% stake in the project. Concession term was known. The project would be conducted in three phases: phase 1, 30MW, almost completed by March 2013; phase II, 50 MW, 20% completed by March 2013 and expected to be completed in Oct 2013. Preparation for phase III of 100MW was ongoing in March 2013. The total investment for the first two phases was about US$ 161.40 million (RMB 1 billion) and the number for the whole project (3 phases) was US$ 322.80 million (RMB 2 billion).
In November 2011, a joint venture Xinjiang Hongnaosan Railway Company Limited was set up to build and operate the Hongliuhe-Naomaohu Railway in Xinjiang Uygur Autonomous Region. A local private company Guanghui Energy Co., Ltd. had an 82.3% stake in the project. The total investment was US$ 1.7529 billion (RMB 10.868 billion) and the total length (including the main line and branch lines) was 438 KM. The project was approved by State Development and Reform Commission in Feb 2013. Construction commenced in 2012, even before it was officially approved. The registration capital of the JV was US$ 483.87 million (RMB 3 billion )and by August 31, 2013, US$ 179.19 million (RMB 1.111 billion) registration capital was injected by partners. By this time, a substantial portion of construction had been completed, according to some news. In September 2013, Guanghui Energy sold its 40% share of the project to a state owned enterprise and kept holding the remaining 42.3% stake. The equity debt ratio in this project was 3:7.
The project comprises construction of a 650MW combined-cycle, gas-turbine power plant in Kuala Sungai Baru, Perlis. Under a power purchase agreement (PPA) with Tenaga Nasional Bhd (TNB), TTPC sells generating capacity and electricity energy to TNB for 21 years.
Aksa Enerji was developing the 14MW Atik wind farm (phase II), in Hayay, Turkey. Total project size was 30MW.  The project was expected to be commissioned in late-2013. The project was operated as a lease. Wind turbines were supplied by Gamesa (Spain).  Financial closure was achieved in August 2013. Total cost was estimated at EUR9.3 million ($12.4 million), provided by Garanti Finansal Kiralama AS.
In July 2012, construction of a LNG project sponsored by Heilongjiang Shuanghe Gas Company Limited, a local private company commenced in Tongbei Town, Beian City, Heilongjiang Province. The total investment was US$ 7.83 million (RMB 48.51 million) and Shuanghe had a 100% stake in the project. By Mar 2013 RMB 16 million had been expended on the project.
138MW Amakhala wind farm project, located near Bedford, Eastern Cape Province reached financial closure, as the signing of financing agreements was completed on May 9, 2013. Amakhala is a 27,000 hectare area that is lightly populated yet close to good infrastructure such as roads and the national electricity grid. The wind farm will consist of 56 N117/2400 turbines. The project was awarded in round two of the country's renewable energy independent power producer procurement programme (REIPPP).  Cennergi Proprietary Limited, a project company for the wind farm project, is composed of Tata Enterprise(50%) and Exxaro Resources(50%) and it successfully tied up the entire debt requirement through a consortium of lenders, namely Standard Bank(US$164.15 million) and International Finance Corporation(US$164.15 million) with a 18 year loan. The total cost of the project is estimated at US$410.38 million and would be funded through a debt equity ratio of 80:20.
The 8MW solar power plant is located in Sam Ngao District, Tak Province  in Thailand.   The solar power plant is owned and implemented by Chiangmai Renewable Energy Co Ltd.  The total cost of the power plant was estimated at 26.14 million. The project reached financial closure in August 2013 with a term loan of USD 18.8 million from Siam commercial bank.
Salamanca-Leon highway was a 77.6km tollroad in central Guanajuato state. It will link the city of Leon with the municipalities of Silao, Romita, Irapuato y Salamanca, with access and exit to inner harbor of Guanajuato. Work was planned in two stretches; the first running over 28.7km from Salamanca to Irapuato and the second over 48.9km to Leon.   Twenty-five bidders were interested and registered for the bidding process fulfilling all economic and technical criteria required. 16 of them participated in the signing of drawings and finally only three bids were open, being the consortiums:  - Pavimentos Laguna, Grupo Hermes y Grupo Profezac - Ascendi Mexico, Construcciones Rubau y Constructora Vise - Coconal, Operadora de Autopistas y México Constructora Industrial  In March 2011, Mexico's transport and communications ministry (SCT) awarded a contract to build, operate, and maintain the Salamanca-Leon highway for 30-years to the consortium comprised of Coconal, Operadora de Autopistas and Mexico Constructora Industrial (CONCESIONARIA DE INFRAESTRUCTURA DEL BAJIO S.A. DE C.V.). There was not available information about % ownership of each of them. The consotium leader was Coconal.   Total investment was $397 million (4.7 billion pesos). No evidence about financial closure but according to a press release as of March 27, 2013 23% of civil works were executed.
In July 2013, Madhya Pradesh Road Development Corporation (MPRDC) signed a 15-year concession (inclduing construction period of 730 days) with Dilip Buildcon Limited (DBL) for the strengthening, improvement,two-laning/intermediate laning, operation and maintenance,and tolling of 65.40kms of 3 existing major district roads in the state of Madhya Pradesh - i) Bankhalafta-Dogawa via Borawa-Savardevala (Khargone district, 23.67kms), ii) Punasa-Mundi-Singhaji (Thermal power plant) & Singhaji bridge approach road (Khandwa district, 13.30kms), iii) Beed-Mundi-Devaa-Khutala-Attoot-NVDA (Khandwa district, 28.43kms).   Under the contract, DBL was responsible for the design, construction,finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway to 2-lane divided carriageway.The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges,culverts, road intersections,interchanges, drains, etc.The expansion project, part of the MDR (major district roads) development project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.    DBL established DBL Bankhlafata Dogawa Tollways Limited (DBDTL),a special purpose vehicle on 31st December 2012, to implement the project. The SPV won the tender through international competitive bidding, conducted by MPRDC,by requesting the lowest annuity payment. Details of bidding were not known at the time of collection of this information. Under the contract, the SPV was to recover the capital costs and operating costs including returns through semi-annual payments from MPRDC, during the term of concession. DBL would execute the EPC for the project.  The concession agreement for the project was signed sometime around July 2013. The project was expected to be financed with a debt/equity ratio of 73/27. The estimated capital cost of the project at the time of financial closure was US$ 20.1mn (INR 1177.1mn @58.6 INR/USD). Financing was expected to be comprised of a term loan of US$ 14.7mn (INR 860mn) and sponsor equity of US$ 5.4mn (INR 317.1mn). Other details of financing were not known at the time of collection of this information.  The project started construction in 1st September 2013 (Appointed Date) and was slated for completion by 31st August 2015, but achieved early completion by 31st March 2014.
The project involves the construction of a biomass plant in Ivinhema, Mato Grosso do Sul, Brazil. The SPV - Adecoagro Vale Do Ivinhema is a wholly-owned subsidiary of the sponsor - Adecoagro. The project is done in 2 phases. On January 14, 2013, the Banco Nacional de Desenvolvimento Economico e Social (BNDES) announced that it had granted financial support for the project. The total investment amounts to $159.27 million.
On March 15, 2013, Enerjisa Elektrik Dagitim offered the highest bid of USD 1.725 billion to acquire 100% shares of Toroslar Elektrik Dagitim A S (Toroslar EDAS), a state-owned power distribution company that distributes electricity to over 7.7 million customers in Adana, Gaziantep, Hatay, Kilis, Mersin and Osmaniye provinces in Southern Turkey with approximately 76,000 km long distribution grid.   Enerjisa is joint venture equally owned by Turkey's Haci Omer Sabanci Holding A.S. and Germany's E.ON.   Enerjisa signed a thirty year Transfer of Operating Rights (“TOR”) agreement in August 2013 that was backed by Share Sale model ("TSS model"). Under the TSS model, asset ownership of new as well as existing distribution assets belong to the state-owned power distribution company Turkiye Elektrik Dagitim Anonim Sirketi (TEDAS), while the investor (Enerjisa) attains the right to operate the distribution network together with the obligation to undertake all new necessary investments. According to this model, Enerjisa is the sole owner of the shares of Toroslar EDAS and has the sole license (monopoly) for the distribution of electricity in the designated region from Energy Market Regulatory Authority (EMRA). All EMRA approved investments shall be realized by Enerjisa and will be recovered through the tariffs. Except for cases of investor misconduct, the part of investments not recovered via the tariffs shall be paid by TEDAS to the private operator upon the expiry or termination of the contract.  The competitive tender was conducted by turkish privatization administration, Ozellestirme Idaresi Baskanligi (OIB).  Enerjisa took over Toroslar in October 2013 after it paid 40% of the bid amount or USD 690 million, in cash. The balance of 1.035 billion was to be paid in three equal installments in three years.
Globaleq Mesoamerica Energy, a subsidiary of Globeleq Mesoamerica Energy, in turn a partnership of Globeleq [United Kingdom, 70%] and the Costa-Rican company Mesoamerica Energy (30%), agreed to build and operate the Orosi Wind Power Project located at the municipality of Liberia, Guanacaste Province (50 MW in capacity). The sponsors signed a 20-year power purchase agreement with Instituto Costarricense de Electricidad (Costa Rica National grid authority).  The sponsor created the special purpose company Inversiones Eólicas de Orosí Dos, S.A. (IEDO) to manage the project. The EPC contract was signed with the Spanish company Gamesa. Construction works commenced in 2014 and were expected to be completed by 2015.  Investment was estimated at US$ 139.6 million. Financial closure was achieved in December 2013, when the sponsor was granted US$ 104.7 million loans from Export Import Bank, Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden (FMO), and Banco Internacional de Costa Rica(BICSA). The sponsors committed US$ 34.9 million in equity.    The sponsors applied for carbon credits in June 2012.
In September 2012, construction of the Yangzhong Port Area Runhua Logistics Multipurpose Terminal commenced. The sponsor was a local private company Zhejiang Herun Group which had a 100% stake in the project. The terminal had a 70000 tons per day bulk cargo berth, a 7000 tons per day multipurpose berth and 8 1000 tons per day inner river berths. The total investment was US$ 132.9 million (RMB 824 million). Substantial construction was completed by October 2013. A special purpose vehicle Runhua Logistics Company Limited was set up to implement the project.
The consortium of Cengiz, Kolin and Limak won the tender of the Akdeniz grid on the Mediterranean.   The consortium won the bid for the Akdeniz grid with an amount of $546 million. The tender was held based on highest price paid. The Akdeniz grid services 1.5 million customers. The tenders were approved by the Board of Privatization in March 2013.   The consortium reached financial closure in May 2013 in the amount of $2.5 billion, together with the Bogazici power grid. The lenders were seven Turkish banks, including: Isbank, Garanti Bank, Yapi Kredi, Halkbank, Deniz Bank, Vakifbank and Ziraat. The loan had a tenor of 12 years.
In March 2008, the Spanish company Natural Gas Fenosa was awarded the contract to build, operate and transfer the Torito Hydro Power Project located at the Cartago Province (50 MW in capacity). The sponsors signed a 20-year power purchase agreement with Instituto Costarricense de Electricidad (Costa Rica National grid authority). After this period, the sponsors committed to transfer back the project to the government.  The sponsors created the special purpose company Unión Fenosa Generadora Torito S.A. to manage the project. Construction works commenced in April 2013 and were expected to be completed by 2014.  Investment was estimated at US$ 135 million. Financial closure was achieved in June 2013, when local investors agreed to undertake a 35% stake in the project, while Fenosa guaranteed the remaining 65%.   The sponsors applied for carbon credits in November 2012.
The Los Altos Wind Power Project was a 50 MW wind farm to be located in Baja California (Jalisco), Mexico.    The developer Regeneracion Electrica Mexicana SA sined an OEM agreement with Vestas for 28 units of its 1.8 MW turbines. The sponsor was granted an authorization from the Mexican regulatory agency CRE in January 2013, and created the special purpose company Eolica Los Altos SAPI de CV to lead the project.  Investment in the project was estimated at US$ 54.8 million (Pesos 700 million). Commercial operations commenced in February 2014.
In October 2013, the Colombian company Hidalgo e Hidalgo S.A.S. won in a competitive bidding the right to rehabilitate and operate the 370 km of highways connecting the muncipalities of Zipaquira and Bucamaranga located in Colombia.   The bidding process was organized by federal agency Agencia Nacional de Infraestructuras (ANI), and the bidding criteria was highest amount to be invested in the project. The sponsor offered to invest US$ 163 million in the roadways (the total project was estimated at US$ 196.4 million, so the government was expected to invest about half of this amount). Besides Hidalgo e Hidalgo, six other companies made public offers for the project: Construcciones El Condor, Conalvias, Carlos Alberto Solarte Solarte, Valorcon, AIA, Construvicol y Adeco. The sponsors created the company Concesionaria Vial de Colombia S.A.S. to lead the project.  The 3-year concession contract was signed in July 2013, and operations commenced in January 2014.
In May 2012, construction of the Jiangling County Biomass Power Plant commenced in Jiangling County, Jingzhou City, Hubei Province. The developer was Kaidi Electric Group which has a 100% stake in the 30 MW power plant. The total investment was US$ 58.1 million (RMB 360 million). The project was almost ready for commissioning in April 2014. A special project vehicle, Jiangling County Kaidi Green Energy Development Co., Ltd. was established to implement the BOT project. Concession term of the project like others by Kaidi was not released in the media.
In April 2011, Consorcio Suape Rodovias was awarded in a competitive bidding process the contract to build and operate a 45-km expressway linking the highway BR-101 South to the Suape Port (state of Pernambuco). Consorcio Suape Rodovias was established as a partnership of the Brazilian company Invepar Investimentos e Participacoes (50%) - a partnership of the construction company OAS, 25%, state-owned companies and banks pension funds, 75% - and the Brazilian group Odebrecht (50%). A special purpose company named Concessionaria Rota do Atlantico was created to manage the project. The 35-year contract was signed with the regulatory agency in July 2011.  Besides Consorcio Suape Rodovias, only another company took part in the contest: the Brazilian company Queiroz Galvao. The bidding criteria set by the regulatory agency was the lowest toll rate and the highest investment amount. Consorcio Suape Rodovias presented the lowest offer, a toll rate of US$ 1.54 (BRL 3).  The total investment in the project was estimated at US$ 230.5 million (BRL 450 million), and was financed with a US$ 32.4 million (BRL 63.3 million) loan from the state-owned bank BNDES granted in June 2012.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.  Construction works commenced in November 2012 and were expected to be completed by November 2013. Operations commenced in January 2014.  In February 2014, the state-owned bank BNDES approved a US$ 55.5 million (BRL 180.5 million) to the sponsors.
ACME Solar Energy (Madhya Pradesh) Private Limited (ASEMPPL), a subsidiary of Acme Solar Private Limited, was establishing a 25 MW Solar PV project in Rajgarh district of Madhya Pradesh.ACME Solar was a SPV established by ACME Cleantech Solutions (50%), EDF Energies Nouvelles (25%), and Société Internationale d’Investissements Financiers ENR (SIIF ENR -25%) to develop solar projects across India.   In October 2012, ASEMPPL had entered into a 25-year power purchase agreement (“PPA”) with MP Power Management Company and is estimated to supply 50 GWh per year.The prevailing feed-in tariff in Madhya Pradesh was US$ 0.2619/kWh (INR 15.35/Unit @ 58.6 INR/USD).  On April 2013, IFC sanctioned an overall senior debt facility of US$ 50 million for various solar power farms to be developed over the next two years by Acme Solar. Out of the US$ 50 million facility, a local currency-A loan of approximately US$ 12.5 million-equivalent was proposed for ACME Solar Energy (Madhya Pradesh) Private Limited to develop the 25 MW Madhya Pradesh project, which was expected to cost around US$ 36 million.No further information was available at the time of collection of this information.  The deadline for commissioning was November 2013. The project was fully commissioned in February 2014.
The Mexican company Gauss Energia announced the development the Aura Solar I power plant in La Paz, Mexico (38.6 MW in capacity). The sponsors signed a 20-year renewable PPA with the Federal Electricity Commission (CFE). The project was set to operate under a Small Producer Scheme permit granted by the Energy Regulatory Commission (CRE).  The sponsor created the special purpose company Corporacion Aura Solar to manage the project. Investment was estimated at US$ 100 million. Financial closure was achieved in June 2013, when the sponsor was granted a US$ 25 million loan from the IFC. Nafinsa - Nacional Financiera also provided financing to the project (US$ 50 million, as well as a separate US$ 10 million separate VAT facility).  The Portuguese company Martifer Solar was responsible for the engineering, procurement and construction (EPC) of the plant, and will be responsible for the Operation and Maintenance (O&M) services.  Operations commenced in March 2014.
Atlantic Energias Renovaveis S.A., a partnership of the Brazilian company Pattac Empreendimentos e Participacoes S.A. and the Spanish companies Adelanta Corporacion, Servinoga S.L. and Cupa Renovables, was granted authorizations to build two wind power plants  located in the state of Rio Grande do Norte (60 MW in total capacity, municipalities of Joao Camara and Parazinho). Atlantic established two companies to lead the projects: * Renascenca V Energias Renovaveis Ltda. - EOL Renascenca V (30 MW) * Eurus II Energias Renovaveis Ltda. - EOL Eurus II (30 MW)  The 35-year contracts were signed with the regulatory agency ANEEL starting in April 2011. The total investment in the power plants was estimated at US$ 102 million (BRL 240 million), US$ 51 million each power plant.  The two power plants controlled by Atlantic won the public bidding for the sale of energy to the country´s distribution companies that took place in 2010, by offering an average tariff of US$ 69.2/MWh (BRL 121.83/MWh). The project companies signed 20-year power purchase agreements with the several electricity distribution companies , and the agreements included the annual adjustment of the tariff to the inflation rate. Atlantic committed to start supplying to the market in 2013.  As of March 2013, the environmental licenses had been issued, but construction works had not commenced.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company is not subject to sectoral taxes.  In September 2011 , Atlantic applied for carbon credits for these power plants.  In February 2013, the state-owned bank BNDES approved a US$ 17.5 million (BRL 41.3 million) loan to finance EOL Eurus II.  In December 2013, the construction works were completed, and the sponsors were waiting for the authorization to commence operations.  In December 2014, BNDES approved an additional US$ 40.2 million (BRL 94.5 million) loan.  In December 2015, an additional financing of US$ 57.2 million was approved to the project, which included 2 guarantee facilities with maturity of 2 year arranged by Santander and Banco Bradesco and two term loans with maturity 2 and 16 years from BNDES.
PCC DEG Renewables was planning the development of 5 small hydropower plants totaling 6MW. PCC DEG Renewables was a company owned by German energy company PCC SE as well as German development and investment company DEG, itself owned by KfW. The projects were on the Gradecka river.  The first plant, Gradecka, was expected to be commissioned early 2013. Construction of the second and third plant (Patiska and Galicnik) started in December 2012. Commissioning was expected late 2013/2014. In June 2012, the developer signed a 20 year land lease with the government of Macedonia for the following two projects:  Galicnik and Gradecka. The fourth plant, Brajcino, had its construction permit tendered in April 2012.  The project were expecting to receive financing from the EBRD under an agreement signed in April 2011 for the Patiška, Galicnik 3, Brajcino 2 and Gradecka projects (EUR 6 million), but was unconfirmed. Total project cost for the initial four projects of 4.1MW was EUR 11 million (US$ 14.2 million).
Tabacal Agroindustria invested US$ 50 million in the construction of a 40-MW thermal sugar-cane residue fueled power plant located at the province of Salta. Of the total energy production, 28 MW was set to be directed to the national grid (Sistema Interconectado Nacional), while the remaining was to be used for the company own needs.  Commercial operations commenced in April 2013.
In September 2013, the consortium Planalto, comprised of the Brazilian companies SENPAR LTDA, CONSTRUTORA ESTRUTURAL LTDA, CONSTRUTORA KAMILOS LTDA, ELLENCO CONSTRUCOES LTDA, ENGENHARIA E COMERCIO BANDEIRANTES LTDA, GRECA DISTRIBUIDORA DE ASFALTOS LTDA, MAQTERRA TRANSPORTES E TERRAPLENAGEM LTDA, TCL TECNOLOGIA E CONSTRUCOES LTDA e VALE DO RIO NOVO ENGENHARIA E CONSTRUCOES LTDA, won in a competitive bidding the right to expand, rehabilitate and operate the 436.6 km of highway BR-050 located at the states of Goias and Minas Gerais.   The bidding criteria was the lowest tariff, and Planalto offered toll rates that were 42.38% below the ceiling set by the state government. Seven other groups took part in the bidding process: consortium Triunfo Participacoes; Verdemar; Rodovia do Sertao; Queiroz Galvao; Invepar-Odebrecht Transporte; Companhia de Participacoes em Concessoes; and Consorcio Arteris.   The 30-year concession contract was signed in December 2012. The investment was estimated at US$ 1.275 billion (BRL 3 billion) over the life of the project. In addition, the sponsors agreed to pay US$ 148.7 million (BRL 350 million) for the concession rights.  The sponsors created the company MGO Rodovias to lead the project. Operations commenced in January 2014.  In June 2014, the state-owned bank BNDES approved a US$ 40.8 million (BRL 95.8 million) loan to the project. In December 2015, BNDES approved an additional funding of US$ 165.7 million (BRL 552.7 million).
On September 4, 2012,the Chidambaranar Port Trust (CPT - formerly Tuticorin Port Trust) signed a 30 year concession (including a construction period of 21 months) with ABG Container Handling Private Limited for converting Berth No.8 into a Container Terminal at Chidambarnar Port in India. The terminal would be capable of handling up to 750,000 TEUs. The container berth will have a draft of 14.1 meters and can handle larger vessels unlike the neighboring berths that only handle feeder vessels.  Under the concession, ABG was responsible for design, finance, construction,operation, maintenance and marketing of the container terminal facility with a capacity of handling 750000 TEUs per annum. Chidambaranar Port would provide supporting facilities like dredging of channel and berth,and back-up area.Upon completion of this project, the port would have a capacity to handle 1 million TEUs. The EXIM traders of the hinterland, particularly Tirupur,Coimbatore,Karur and Erode belt, would benefit by the additional container terminal. The berth,unlike others,will also have high efficiency,high capacity cranes. The present container terminal of V.O. Chidambaranar Port was operated by PSA SICAL with a capacity of 4,17,000 TEUs.   ABG Container Handing Private Limited established Dakshin Bharat Gateway Terminal Private Limited (DBGTPL),a Special Purpose Vehicle (SPV), to implement the project.The SPV won the tender through an international competitive bidding by quoting the highest revenue share to the Chidambaranar Port Trust of about 55.19% during the concession period of 30 years. Since the project was located at a classified "Major Port" (Tuticorin Port), it was subject to tariffs regulated by the Tariff Authority of Major Ports (TAMP).These ports do not have the flexibility to determine certain charges and dues that are payable by vessels as TAMP had the authority to fix charges for pilotage, mooring and other services rendered to vessels. DBGTPL was permitted to recover tariff from the users of the project facilities and services in accordance with the tariff notification set out by TAMP. Further, DBGTPL would collect all cess and charges from the users of the project facilities and services, as may be directed by CPT. ABG had contracted to French company Socopao to oversee the operation and management of the container terminal.  The concession was signed on 4th September 2012.The project attained financial closure on 10th July 2013 with a debt equity ratio of 70:30. The estimated capital cost of the project was US$ 45.2mn (INR 2652mn @ 58.6 INR/USD). Financing comprised a US$ 34mn (INR 1992mn) 13-year 6-months term loan, and US$ 11.3mn (INR 660mn) sponsor Equity. IDFC was the mandated lead arranger. The participating banks in the term loan were State Bank of Bikaner & Jaipur,Tamilnad Mercantile Bank,Union Bank of India.  Construction on the project was expected to begin in March 2013 (the Appointed Date for the Concession) and receive its first cargo in December 2014.
In Jun 2007, a local private company Kaidi Electric Power was granted a contract to build and operate a 30MW biomass power plant in Chaling County, Hunan Province. When construction commenced was not reported. The total investment was US$ 45.38 million (RMB 281.17 million) and Kaidi had a 100% stake in the project. A special purpose vehicle, Chaling County Kaidi Green Energy Development Company Limited was set up to perform the project. 39% of the total investment had been expended by Aug 2013.
The Daang Hari-SLEX Link Road Project involves the construction of a 4 km, 4-lane paved toll road of two overpasses from the junction of Daang Reyna and Daang Hari in Las Piñas/Bacoor, Cavite to SLEX through the vicinity of Susana Heights Interchange in Muntinlupa. The project would complement the Cavite-Laguna-East-West Highway and provide additional access for the increasing traffic between the cities of Las Piñas and Muntinlupa and the province of Cavite, which is one of the most rapidly growing areas around Metro Manila. The total estimated project cost is Php 2.0117 billion.  The project is into two segments. Segment 1 starts at junction Daang Hari - Daang Reyna, Elliptical Road or Rotunda and Segment 2 starts from ends at South Luzon Expressway near Susana Heights Interchange.   BOT  P 338.44 million Government Support
On 31st July 2011, state owned BPDB signed an implementation agreement with Baraka Patenga Power Limited (BPPL), a SPV set up by Barakatullah Electro Dynamics Limited (51% share), to set up a 50 MW HFO based power plant at Patenga in Chittagong. The plant was being set up on a build-own-operate basis.The plant would use total 8 units of Rolls-Royce B32:40V16 liquid fuel engines having a generation capacity of 6.984 MW per unit along with other balance of plants.  The BPPL plant would generate and sell electricity to BPDB for a term of 15 years under a PPA signed between BPDB and BPPL on July 31, 2011.The Project was awarded through a competitive bidding process by BPDB to supply power for 15 years as Independent Power Plant (IPP).   The project reached financial closure on 20th March 2013. The estimated project cost at the time of financial closure was US$ 40.3mn (BDT 3150mn @78.1 BDT/USD). Financing comprised term loans of US$ 27.5mn (BDT 2150mn) and sponsor equity of US$ 12.8mn (BDT 1000mn). The debt equity ratio was 68/32. Investment Promotion and Financing Facility (IPFF) Project disbursed around US$20 million from its on-lending component. The loan was for a tenure of 12 years and was priced at 330 basis points over LIBOR. This was the first US Dollar Financing from IPFF. IPFF is a project financed by the World Bank and the government of Bangladesh and implemented by Bangladesh Bank on behalf of Finance Division under the Ministry of Finance.  The company started its commercial operation from 4th May 2014 having dependable capacity of 50.815 MW.
In August 2011, a Canada based company Canadian Solar Inc. was granted agreement to build and operate 20MW solar power plants in Sihong County, Suqian City, Jiangsu Province. The first phase of the project commenced in September 2012 with a capacity of 6MW and was completed in January 2014. Canadian Solar had a 100% stake in the project. The total investment in the first phase was US$ 9.37 million (RMB 58.082 million). Canadian Solar would operate the facility for 25 years.
The company Santos Energia Participacoes, a partnership of the Spanish bank Santander (99.98%) and the Spanish companies Abengoa (0.01%) and Instalaciones Inabensa S.A. (0.01%), was granted authorizations to build three wind power plants  located in the state of Ceara (73.6 MW in total capacity, municipalities of Trairi). The partners established three companies to lead the projects: * Central Eolica Sao Jorge S.A. - EOL Sao Jorge (27.6 MW) * Central Eolica Sao Cristovao S.A. - EOL Sao Cristovao (29.9 MW) * Central Eolica Santo Antonio de Padua S.A. - EOL Santo Antonio de Padua (16.1 MW)  The 35-year contracts were signed with the regulatory agency ANEEL starting in July 2012. The total investment in the power plants was estimated at US$ 118 million (BRL 277.9 million).   The three  power plants controlled by Santos Energia won the public bidding for the sale of energy to the country´s distribution companies run by the government that took place in August 2011, by offering an average tariff of US$ 63.7/MWh (BRL 104/MWh). The project companies signed 20-year power purchase agreements with the several electricity distribution companies , and the agreements included the annual adjustment of the tariff to the inflation rate. Santos Energia committed to start supplying the market in 2014.  As of March 2013, the environmental licenses had been issued, but construction works were not underway yet.  The projects was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company is not subject to sectoral taxes.  In July 2012, the sponsor applied for carbon credits.  Construction works commenced in July 2013, and were in its final stages by December 2013. Commercial operations were expected to begin in November 2014.  In June 2014, the state-owned bank BNDES granted a US$ 82.4 million (BRL 193.9 million) loan to the project.  Commercial operations commenced in November 2014.
On October 16, 2015, construction of the Chaodong wind power plant commenced in Fuchuan Autonomous County, Guangxi Zhuang Autonomous Region. The total investment was US$ 74.24 million (RMB 340 million) and the developer, the Hong Kong based China WindPower Group had a 100% stake in the project. The power generation capacity of the power plant was 48MW. An SPV, Fuchuan Xiehe Wind Power Generation Company Limited was locally registered to implement the project. Other key information about the project was not available.
In July 2012, construction of a biomass power plant commenced in De'an County, Jiujiang City, Jiangxi Province. The developer was Kaidi Electric Power, a Wuhan based local private company. Substantial construction had been completed by April 2013 and was expected to be completed in July 2013 (this however could not be confirmed). The plant would have a capacity of 25MW. The total investment was RMB 340 million (US$ 54.88 million) and Kaidi had a 100% stake in the project. How the agreement was granted to Kaidi was not reported. Neither was the concession term. A SPV Dean County Kaidi Green Energy Development Company Limited was established to implement the project.
In June 2013, a local private company Beijing Sound Group was granted a management contract to operate the urban area wastewater treatment plant of Ziyang County, Shaanxi Province. The capacity of the plant was 8,000 tons per day. The term was not reported.
In May 2013, it became known that the government of Congo (Republic of) and the Societe Nationale de Distribution d'Eau (SNDE) had signed an agreement in Brazzaville with Veolia, to improve the supply and the quality of potable water in Pointe-Noire and Brazzaville, the two biggest cities in the country.   The project included a rehabilitation of 212km of pipes in the distribution network, as well as 53000 private branches with meters and 175 public fountains.  There was no information publicy available on the award method, or any of the other details usually described in the below.  The turnaround for the contract was 4 years; the value of the contract was FCFA 6,833,632,021.   The deal was part of the PEEDU program (Projet Eau, Electricité et Développement Urbain), co-financed by the World Bank (IDA, 20 percent) and the government of Congo (80 percent), for a total cost of $125.5 million. The deal was to serve 1,050,000 inhabitants of the two cities.
In July 2013, BLP Vayu (Project1) Private Limited (incorporated on Februaruy 26, 2013), through its promoter BLP Energy Private Limited (BLP Energy- a subsidiary of Bharat Light & Power Private Limited), acquired operational wind farm assets with 150MW capacity situated in the Kutch district of Gujarat from DLF Limited.These assets became operational in April 2008 and had a track record of over 6-years.These assets (100 Suzlon Turbines of 1.5MW each) have reported an average gross plant load factor (PLF) of around 23 per cent over the past six years.  The power generated from these assets is entirely contracted to Gujarat Urja Vikas Nigam Limited (GUVNL- state Discom) through a PPA at a predetermined fixed price, which eliminates any off-take risks.  BLP Vayu funded the acquisition of these wind farm assets in a debt-to-equity ratio of over 5 times. Out of the acquisition cost of INR 5280mn, the bank debt would be INR 3470mn and the total promoter contribution of INR 1810mn, of which the equity contribution was at INR 660mn and the INR 1150mn of interest-free loans. The INR 1150mn interest-free loans will be subordinated to the senior debt of INR 3470mn.
In Dec 2011, a Hong Kong based company China WindPower Group Ltd. signed an agreement with the Pei County Government to build and operate a 55MW PV plant in Pei County, Jiangsu Province. Key approvals were acquired in the first half of 2012. Construction commenced in Jul 2013 and was substantially finished in Dec 2013. The total investment was about US$ 88.77 million (RMB 550 million) and China WindPower had a 100% stake in the project.
In March 2013, the National Highway Authority of India (NHAI) awarded a 22-year concession (including construction period of 910 days which was about 2.5 years) to Sadbhav Engineering Limited for the strengthening, improvement, 4-laning, operation and maintenance, and tolling of 98.81kms (from KM87.000 to KM170.000 including connecting link from KM87.000 on NH10 to KM348.000 on NH71) of Rohtak to Hissar section of National Highway-10 (NH10),in the state of Haryana.   Under the contract, Sadbhav Engineering Limited was responsible for the design, construction, finance,operation and maintenance and widening of the existing 2-lane carriageway to a 4-lane highway with paved shoulders. The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc. The expansion project, part of National Highway Development Project Phase-III would ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  Sadbhav Engineering Limited established Rohtak Hissar Tollway Private Limited (RHTPL), a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by requesting the lowest upfront subsidy of US$ 36mn (INR 2115mn @58.6 INR/USD). Out of the 34 pre-qualified bidders, 5 developers participated in the final bid. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement for the project was signed in October 2013. The project attained financial closure on 9th November 2013. The grant/debt/equity ratio for the project was 17/75/8. The estimated capital cost of the project at the time of financial closure was US$ 217mn (INR 12715.8mn @58.6 INR/USD). Apart from viability gap funding (grant) of INR 2115mn, financing comprised of a 18-year term loan of US$ 162.5mn (INR 9524mn) and sponsor equity of US$ 18.4mn (INR 1076.8mn). The term loan had a repayment schedule of 174 monthly installments. The debt was solely arranged by Canara Bank.     Construction on the project was expected to begin in 26th December 2013 (this was the assigned appointment date post signing of concession agreement in October 2013 and financial closure in November 2013) and be completed by June 2016.
On 11th February 2013, the Government of Rajasthan (Public Works Department on behalf of Ministry of Road Transport and Highways (MoRTH), Government of India) awarded a 20-year concession (including construction period of 18 months) to GR Infraprojects Limited for the strengthening, improvement, 4-laning, operation and maintenance, and tolling of 71.55 kms of Jodhpur–Pali Section of NH-65 (from Km 308.000 to Km 366.000 and including bypass to Pali starting from KM366.000 of NH-65 connecting NH-14 at KM 114.000,in the state of Rajasthan.  Under the contract, GR Infraprojects was responsible for the design, construction, finance, operation and maintenance and widening of the existing carriageway to a 4-lane highway with paved shoulders. The scope would include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc. The Government of India, Ministry of Road Transport and Highways (MORTH) through PWD, Government of Rajasthan had decided to take up the development of various National Highway Corridors for augmentation of capacity for safe and efficient movement of traffic by widening to 4-lane with paved shoulder. Under this program, this project covering Jodhpur and Pali districts of Rajasthan was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  GR Infraprojects Limited established Jodhpur Pali Expressway Limited, a special purpose vehicle, to implement the project. The SPV won the tender through competitive bidding, conducted by PWD Rajasthan,  by quoting the highest annual premium of US$0.18mn (INR 10.8mn @58.6 INR/USD),which would increase by 5% per annum through the life of concession period (this amounts to an NPV of about US$2.3mn @ 10% discount rate).Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. GR Infraprojects would execute the EPC for this project.   The concession agreement was signed on 28th February 2013. The project attained financial closure in September 2013. The estimated capital cost of the project at the time of financial closure was US$ 65.9mn (INR 3864.1mn @58.6 INR/USD) implying a debt/equity ratio for the project of 78/22. Financing comprised of a 14-year 9-month term loan of US$ 51.2mn (INR 3000mn) and sponsor equity of US$ 14.7mn (INR 864.1mn).The debt was arranged by HDFC Bank and the participating banks were State Bank of Mysore (500mn), Allahabad Bank (500mn), Union Bank of India (500mn).    Construction had already progressed at the time of collection of this information and was expected to be completed by February 2015.
In July 2013, Madhya Pradesh Road Development Corporation (MPRDC) signed a 26-year concession (including construction period of 2 years) with Agroh Infrastructure Developers Private Limited (AIDPL) for the strengthening, improvement,2-laning,operation and maintenance,and tolling of 61kms of on Biaora-MP/Rajasthan border section of National Highway 12,in the state of Madhya Pradesh.   Under the contract, AIDPL was responsible for the design, construction,finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway to 2-lane divided carriageway.The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges,culverts, road intersections,interchanges, drains, etc.The expansion project, part of the MDR (major district roads) development project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region. The project road was an important corridor connecting Bhopal, Central Madhya Pradesh with Kota, Jaipur and North India.   AIDPL established Agroh Biaora Tollways Private Limited (ABTPL),a special purpose vehicle in 19th July 2013, to implement the project. The SPV won the tender through international competitive bidding, conducted by MPRDC,by requesting the lowest grant of US$ 10.7mn (INR 624.9mn @58.6 INR/USD). Other details of bidding were not known at the time of collection of this information. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling, during the term of concession.   The concession agreement for the project was expected to be signed in 2013. In absence of information, we are assuming concession signing date of December 2013. The project was financed with a grant/debt/equity ratio of 75/25. The estimated capital cost of the project at the time of financial closure was US$ 27.7mn (INR 1626.7mn @58.6INR/USD). Apart from the grant of INR 624.9mn, financing comprised of a term loan of US$ 10.9mn (INR 640mn) and sponsor equity of US$ 6.2mn (INR 361.8mn). Other details of financing were not known at the time of collection of this information.  The project was expected to be completed by June 2015.
In April 2013, construction of a 50MW solar PV power plant sponsored by the Hong Kong based China WindFarm Group Limited commenced in Ganbala, Chuxiong Yi Minority Autonomous Prefecture, Yunnan Province. The total investment was US$ 110.88 million (RMB 687 million) and China WindFarm had a 100% stake in the project. In September 2013, the facility was completed and put into operation. The electricity generated was fed into the China Southern Power Grid.
Tata Power Renewable Energy Limited (TPRENL), a subsidiary of Tata Power Limited entered into an agreement with Rajasthan Government to develop a 100.5MW wind farm located at Dalot village in Pratapgarh district of Rajasthan. The project would be executed in two phases- 30MW in Phase-I and 70.5MW in Phase-II. The wind  farm would involve the building of Regen wind turbines. The electricity generated from the project would be evacuated by the Rajasthan state grid. TPRENL had entered into agreements with Regen Powertech Limited for EPC and operation and maintenance of this greenfield project.  The Dalot Wind farm was expected to sell the power to  Jaipur Vidyut Vitaran Nigam Limited, through a 25-year PPA.The APPC (Average Power Purchase Cost) base tariff as per RERC preferential tariff order for Pratapgarh district was US$ 0.093/kWh (INR 5.44 per unit @58.6 INR/USD) for the entire 25 years. The project was also eligible for a 4% extra billable energy on account of compensation for transmission losses for the supply of power to the Jaipur Vidyut Vitaran Nigam Ltd, Dalot substation at 132 KV. The total capacity of 30MW was eligible under REC as per the CERC and CDM benefits.   Financial closure for 30MW Phase-I took place in March 2013.The total project cost of Phase-I (30MW) at the time of financial closure was US$ 33.2mn (INR 1944mn @58.6 INR/USD). The debt equity ratio for the project was about 70/30. Financing comprised of a 12-year 9-months term loan of US$ 23.2mn (INR 1361mn) and sponsor equity of US$ 9.9mn (INR 583mn). The term loan had a moratorium of 15 months and had a repayment schedule of 44 quarterly installments. The lead arranger of the loan was SBI Capital Markets and the participating bank was State Bank of Patiala.   Construction started in August 2012 and 21MW of the 30MW Phase-I was commissioned in March 2013. Balance capacity was awaiting commissioning pending announcement of the Tariff regime in Rajasthan for Financial Year 2014-15.
In March 2013, the National Highway Authority of India (NHAI) awarded a 20-year concession (including construction period of 910 days which was about 2.5 years) to ILFS Transportation Networks Limited (ITNL) for the strengthening, improvement, 4-laning, operation and maintenance, and tolling of 137.946kms (from KM42.000 to KM177.000 including a bypass section of 31.78kms) of Khed to Sinnar section of National Highway-50 (NH50),in the state of Maharashtra.   Under the contract, ITNL was responsible for the design, construction, finance,operation and maintenance and widening of the existing 2-lane carriageway to a 4-lane highway with paved shoulders. The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc. The expansion project, part of National Highway Development Project Phase-IVB would ease traffic congestion and give significant stimulus to trade and commerce in the entire region.Khed - Sinnar section of was proposed as a part of Delhi Mumbai Industrial corridor and thus was considered an important link. NH-50 is a link between NH-3 in Maharashtra and shall be giving feeder service to Golden Quadrilateral (GQ) 4 at Pune city.  ILFS Transportation Networks Limited established Khed Sinnar Expressway Limited (KSEL), a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by requesting the lowest upfront subsidy of US$ 50.6mn (INR 2966mn @58.6 INR/USD). Out of the 40 pre-qualified bidders, 4 developers participated in the final bid. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement for the project was signed on 8th May 2013. The project attained financial closure on 1st November 2013. The grant/debt/equity ratio for the project was 15/66/19. The estimated capital cost of the project at the time of financial closure was US$ 341.3mn (INR 20000mn @58.6 INR/USD). Apart from viability gap funding (grant) of INR 2966mn, financing comprised of a 14-year 9-months term loan of US$ 226.1mn (INR 13250mn) and sponsor equity of US$ 64.6mn (INR 3784mn).The debt was solely arranged by Yes Bank Limited.     Construction on the project was expected to begin in November 2013 (this was the assigned appointment date post signing of concession agreement in May 2013 and financial closure in November 2013) and be completed by May 2016.
In December 2012, the Peruvian company Grana y Montero won in a competitive bidding the right to expand and operate the 4.6 km of highways connecting Barroncos and Panamericana Sur located in the city of Lima, Peru. The project was also known as Via Expressa Sur.  The bidding criteria and the names of other participants were not available. Besides I Quadrado, no other company presented offers. The sponsor created the company Concesionaria Via Expressa Sur  S.A. to lead the project.  The 40-year concession contract was signed in August 2013. The investment was estimated at US$ 230 million over the life of the project.
In November 1998, Consorcio Rio Barra, a partnership of the Brazilian companies Queiroz Galvao, Constran Construcoes e Comercio and Trans Sistemas de Transporte, won in a competitive bidding process the right to build and operate the 16-km metro line connecting Ipanema and Barra da Tijuca located at the municipality of Rio de Janeiro (state of Rio de Janeiro). The 25-year PPP contract was signed in November 1998, but the project suffered several delays. The last edition to the contract changed the termination date to June 2036.  The bidding criteria was the lowest fare. No additional information was available on the winning bid or on other bidders.  The sponsors created the company Concessionaria Rio Barra S.A. to lead the project. In 2010, the shareholding structure of the company changed to Queiroz Galvao, Odebrecht, Carioca, Cowan and Servix. In 2013, the Brazilian company Invepar, a partnership of Construtora OAS and pension funds Previ, Petrus and Funcef, acquired the totality of Concessionaria Rio Barra's shares.  The investment was estimated at US$ 3.611 billion (BRL 8.5 billion) over the life of the project. In March 2013, the state-owned bank BNDES approved a US$ 1.8 billion (BRL 4.3 billion) loan to finance the project. Previously, BNDES had approved a US$ 53.7 million (BRL 126.3 million) in January 2012. The state government agreed to fund US$ 3.229 billion (BRL 7.6 million), while the private sponsors were supposed to finance the rest of the investment (acquisition of rolling stock).  Construction works of Metro Line 4 started in March 2010, and were underway as of December 2013. Operations were expected to commence by June 2016.
In July 2012, the National Highway Authority of India (NHAI) awarded a 28-year concession (including construction period of 910 days or approximately 2.5 years) to IRB Infrastructure Developers Limited (IRB Infra) for the strengthening, improvement, 4-laning, operation and maintenance, and tolling of 187.24kms (from KM93.700 to KM283.300) of Goa/Karnataka Border to Kundapur section of National Highway-17 (NH17),in the state of Karnataka.   Under the contract, IRB Infra was responsible for the design, construction, finance, operation and maintenance and widening of the existing carriageway to a 4-lane highway with paved shoulders. The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc. The expansion project, part of National Highway Development Project Phase-IV would ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  IRB Infrastructure Developers Limited established IRB Westcoast Tollway Private Limited (IWTPL), a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by requesting the lowest upfront subsidy of US$ 91.5million (INR 5362.2mn @58.6 INR/USD). Out of the 35 pre-qualified bidders, 2 developers participated in the final bid. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement for the project was signed in March 2013. The project attained financial closure on 24th December 2013. The grant/debt/equity ratio for the project was 20/53/27. The estimated capital cost of the project at the time of financial closure was US$ 450.4mn (INR 26392.2mn @58.6 INR/USD). Apart from viability gap funding (grant) of INR 5362.2mn, financing comprised of term loan of US$ 239.9mn (INR 14060mn) and sponsor equity of US$ 118.9mn (INR 6970mn). The debt was arranged by IDBI Bank and the participating banks were Allahabad Bank (INR 2000mn),Bank of Baroda (2000mn),Bank of India (2750mn),Canara Bank (1500mn),Union Bank of India (2750mn).     Construction on the project was expected to begin in March 2014 (the assigned appointment date post signing of concession agreement in March 2013 and financial closure in December 2013) and be completed by September 2016.
On October 16, 2015, construction of the Shijia Wind Power plant commenced in Fuchuan Autonomous County, Guangxi Zhuang Autonomous Region. The total investment was US$ 54.88 million (RMB 460 million) and the developer, the Hong Kong based China WindPower Group had a 100% stake in the project. The power generation capacity of the power plant was 48MW. An SPV, Fuchuan Xiehe Wind Power Generation Company Limited was locally registered to implement the project. Other key information about the project was not available.
The Dutch group Bunge's subsidiary Bunge Acucar e Bionergia (80%) and the Japanese company Itochu Corporation's subsidiary JB Bioenergy (20%) was granted the authorization to build and operate a 80-MW sugar-cane-residue fueled power plant located in the state Tocantins. The power plant was named UTE Pedro Afonso, and the sponsors created the company Pedro Afonso Acucar e Bioenergia Ltda to manage the project. The 35-year contract was signed with the regulatory agency ANEEL in May 2011.  The value of the investment committed to UTE Pedro Afonso was estimated at US$ 83.4 million (BRL 162.7 million).   UTE Pedro Afonso  won the public bidding that took place in 2010 to sell electricity to several distribution companies, by offering a tariff of US$ 76.3/MWh (BRL 134.25/MWh). The project company signed 15-year power purchase agreements with the several electricity distribution companies. UTE Pedro Afonso committed to start supplying to the market in 2013.  Commercial operations commenced in September 2013.  As of March 2013, construction works were underway and ahead of schedule.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company was free from sectoral taxes.
The Brazilian company Usina Santo Angelo Ltda was granted the authorization to build and operate a 40-MW sugar-cane residue fueled power plant located at the state Minas Gerais. The power plant was named UTE Santo Angelo. The 35-year contract was signed with the regulatory agency ANEEL in May 2012.  The value of the investment committed to UTE Santo Angelo was estimated at US$ 23.4    million (BRL 55 million).   UTE Santo Angelo  won the public bidding that took place in December 2013 to sell electricity to several distribution companies, by offering a tariff of US$ 57.5/MWh (BRL 135.4/MWh). The project company signed 15-year power purchase agreements with the several electricity distribution companies. UTE Santo Angelo committed to start supplying to the market in 2018.  In December 2013, commercial operations commenced.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company was free from sectoral taxes.
In August 2013, a subsidiary of Guozhen, Guozhen Environmental Protection Wuhu Regional Company and Langxi County Committee of Housing and Construction signed an agreement to renew the management of the Langxi County Wastewater Treatment Plant in Langxi County, Anhui Province. The original management contract had a term of three years and it expired in 2013. The new management contract had a term of 8 years. The capacity of the plant was 20,000 tons per day. Like many management contracts in the water sector, management fee was not released by the media regarding this project. It seemed the renewal was agreed upon through direct negotiation.
This project consisted of the extension of a 730-km transmission gas pipeline from Ciudad Pemex, Tabasco, to power plants in Campeche and Yucatan. The project was sponsored by TransCanada Pipelines (62.5%), InterGen (32.5%), and Gutsa Construcciones (5%), which created the special purpose company Energia Mayakan S. de R.L. de C.V.  The initial pipeline was completed in 1999 (ID# 780) and involved an investment of $266 million. The regulatory agency Comision Reguladora de Energia (CRE) awarded the contract in April 1997.  In December 2000, TransCanada sold its stake in the project to GDF Suez. Later on, Gutsa also divested its stake in the project to GDF Suez, and GE Energy Financial Services acquired InteGen's 32.5% shareholding.  In June 2013, the sponsors announced the investment of US$ 136 million to expand the pipeline financed with the sponsors' equity. The extension was set to run 75 km from the Nuevo Pemex Gas Processing Plant owned by Pemex Gas y Petroquímica Basica (PGPB) in Nuevo Pemex (Tabasco) and the existing Mayakan pipeline in Macuspana (Tabasco).  In July 2016, GE Energy Financial Services closed the sale of its 32.5% stake in Energia Mayakan to Mexico Infrastructure Partners.
The project entails the construction of an incineration plant for municipal and hazardous waste in Sarawak, Malaysia. Total investment stands at $21.9 million. Sponsors of the project are Sarawak State Government and Trienekens. The facility will be undertaken under a 25-year concession. Financial close took place on July 10, 2013.
In August 2010, the partnership of the Colombian companies ISA (60%) and Empresa de Energia de Bogota (40%) were awarded the contract to build and operate a 106-km transmission line connecting POMACOCHA – CARHUAMAYO. Two competitive bidders made offers for the project: Abengoa Peru and the consortium of ISA and Empresa de Energia de Bogota. The bidding criteria was the lowest cost of service.  The sponsors signed a 30-year concession contract in August 2013, and created the special purpose company Consorcio Transmantaro - CTM to manage the project.  The sponsor committed to invest US$ 16.4 million in the project. Construction works commenced in  and were concluded in August 2013. Commercial operations began in September 2013.
Tenaga Nasional Bhd (TNB) developed a new 1,071 MW combined-cycle gas-fired power plant in Prai, Pulau Pinang on a build-own-operate basis. The electricity generated from the project would be sold to government of Malaysia for a period of 21 years through a power purchase agreement.  TNB formed TNB Prai Sdn. Bhd. (TPSB), a 100% subsidiary of TNB, to implement the power project. TNB is the largest electricity utility company in Malaysia with core businesses in the generation, transmission and distribution of electricity. TNB is a publicly listed company in the Malaysian stock exchange.  In November 2012, Malaysia's Energy Commission awarded the new Prai power project to TNB in a competitive bidding process where five other qualified international consortiums submitted their proposals to develop a 1,000-1,400MW CCGT in Prai. TNB offered two blocks of the latest proven design single shaft combined cycle plant with state-of-the-art technology with a total capacity of 1,071MW and plant efficiency of approximately 60%.  The project achieved financial close on 22 May 2013 by raising Islamic project bond financing (Sukuk) of US$ 512 million for the construction and development of the power plant.  HSBC and KAF Investment Bank acted as lead arrangers to the company for the financing. The total cost of the project is estimated at US$ 786 million.  The new 1,071 MW Prai power plant is expected to commence operation by March 1, 2016.
The project comprises construction of two solar power plants in the vicinity of the Kuala Lumpur International Airport. The projects consist of a 10MW and a 5MW facility and are located on land owned by Malaysia Airways Holdings. Power from the plants will be sold to state firm Tenaga Nasional at feed-in-tariff rates. The solar plant expected to generate over 370 million Kwh of energy over 20 years, enough energy to power over 6,000 homes while offsetting approximately 12 million kg of carbon dioxide emissions every year.
Mexico Generadora de Energia (MGE), a subsidiary of  Grupo Mexico S.A. de C.V., announced the development the El Retiro wind power plant in La Ventosa, Oaxaca, Mexico (74 MW in capacity). The sponsors signed power purchase agreements with private companies and the Federal Electricity Commission (CFE) issued the licence to implement the project in September 2013. The project will operate under a Small Producer Scheme permit granted by the Energy Regulatory Commission (CRE).  The sponsor created the special purpose company Eolica El Retiro SAPI de CV to manage the project. Investment was estimated at US$ 148 million. Financial closure was achieved in November 2013, when the sponsor was granted a US$ 96.5 million loan from HSBC and BBVA Bancomer. Gamesa signed an agreement to supply equipment for the project.  Commercial operations were expected to commence in May 2014.
In July 2009, Termeletrica Pernambuco S.A., a partnership of the Brazilian group Bolognesi (86.4%) and the Brazilian state-owned investment fund FI-FGTS (13.6%),  was granted the authorization to build and operate a 200.8-MW diesel fueled power plant located in the state Pernambuco. The power plant was named UTE Pernambuco III. The 35-year contract was signed with the regulatory agency ANEEL in February 2009. The project was initially proposed by Multiner S.A and A&G Energia e Empreendimentos Ltda, but Bolognesi and investment funds acquired Multiner S.A. in April 2012.  The value of the investment committed to UTE Pernambuco III was estimated at US$ 195.4 million (BRL 460 million).   UTE Pernambuco III won the public bidding that took place in September 2008 to sell electricity to several distribution companies, by offering a tariff of US$ 79/MWh (BRL 144.7/MWh). The project company signed 15-year power purchase agreements with the several electricity distribution companies. UTE Pernambuco committed to start supplying to the market in 2013, and, as of March 2013, 53.25% of the construction works had been concluded.   Commercial operations commenced in December 2013. In November 2013, the company issued US$ 127.4 million (BRL 300 million) in 12-year bonds.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company was free from sectoral taxes.
In December 2011, the Brazilian state-owned company Copel (49%) and the Spanish company Elecnor (51%) were awarded in a competitive bidding process the contract to build and operate the 136-km transmission line connecting Umuarama-Guaira and Cascavel Oeste-Norte, located at the state of Parana. The project also included the construction of two new substations: Cascavel  Norte ( 300 MVA) and Santa Quiteria (400 MVA).  Two other companies took part in the contest: ABENGOA CONCESSOES BRASIL HOLDING S/ A; and ALUPAR INVESTIMENTO S/A. The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. Copel and Elecnor presented the lowest offer, a total value of US$ 10.8 million (BRL 17.7 million), 23% below the ceiling set by the regulatory agency. The contract was signed in May 2012, and the sponsor created the company Caiua Transmissora de Energia S.A. to lead the project during the 30-year contract period.   The sponsor committed to invest US$  91.6 million (BRL  215.7 million) in the transmission line. In December 2013, Caiua Transmissora was awarded a US$ 35.9 million (BRL 84.6) million loan from the state-owned bank BNDES. Environmental clearance was awarded in early 2013. Construction works commenced in April 2013 and were expected to be concluded by May 2014.  The project was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures.   In January 2014, Brazilian private bank Bradesco approved a US$ 17.9 million (BRL 42 million) loan to the company.  Commercial operations commenced in July 2014.
The Somalian government cancelled its contract with SKA Air & Logistics, a Dubai-based company specialized in operating in conflict zones. The ten-year contract had been concluded in 2010 by the then President, but was never put before Parliament for approval.  Operations were put into the hands of a Turkish consortium in March 2013. The consortium was to build, rehabilitate, operate, and transfer the airport, by taking over operations, starting building works, and also providing security. The contract was valued at $10 million for the new passenger terminal. It followed an agreement between the Turkish transport ministry and its Somalian counterpart.  The consortium consisted of Favori LLC, a subsidiary of Cetim Group (Turkey) and the firm Kardesler Yapi San, which is a subsidiary of the group owned by Adem Kozuva.
The biogas plant is located at the site of the Durango city landfill. The 1MW facility generates energy from waste at the site, capturing the methane gas emitted from 1 million tons of waste and converting it to clean energy. The sponsor is Ylem Energy (previously known as ENER-G) in partnership with its sister company Biogas Technology. The sponsor was appointed by the Municipality of Durango to design, finance, build and operate the facility.  The energy generated is used by the municipal government to power half of its street lighting for the city. Total investment in the project is around USD3 million. Financial close was achieved in 2013.
In September 2013, a local private company Beijing Jiahexing Environmental Protection Engineering Company Limited was granted a management contract to operate the urban area wastewater treatment plant of Gaotai County, Shaanxi Province. The capacity of the plant was 6,000 tons per day. The term of operation was 30 years.
In April 2012, the consortium Rio Olimpico, comprised of the Brazilian companies Invepar, Odebrecht Transporte and CCR (each with 33.3% of the shares), won in a competitive bidding the right to build and operate the 13 km of expressway connecting the neighborhoods of Deodoro and Barra da Tijuca at the city of Rio de Janeiro.   The bidding criteria was the lowest payment to undertake the project, and Planalto offered to pay US$ 24.5 million (BRL 57.7 million) to the municipality. Two other groups took part in the bidding process: Queiroz Galvao; and Encalso and Delta.   The 35-year PPP contract was signed in April 2012 with the municipality government. The investment was estimated at US$ 658.5 million (BRL 1.55 billion) over the life of the project. Of this value, the municipality committed to invest US$ 470.3 million (BRL 1.107 billion). In January 2013, the sponsors signed an equity support agreement to guarantee a loan undertaken to implement the project (the loan was granted by Banco do Brasil and BTG Pactual). In May 2013, the sponsors issued bonds worth US$ 80.7 million (BRL 190 million).  The sponsors created the company Concessionária ViaRio S.A. to lead the project. Construction works commenced in February 2013 and were underway as of December 2013.
Akfen Holding (IST: AKFEN), via its subsidiary Akfen Hidroelektrik Santrali Yatirimlari (99.71%), developed the 8.9MW Kavakcali small hydropower plant, in Denizli province. The project was expected to generate 48.2GWh annually. The executing subsidiary was PAK Enerji Uretimi.  The project was commissioned in in February 2013. Output was sold to the national grid. Akfen's run-of-river hydro projects enjoy a purchase guarantee US$0.73/MWh for 10 years.  No financial information was available. Average cost for small hydropower plants in ECA (2011), was US$1.4 million, implying US$ 12.5 million. The project was reported as under development because it is not commissioned until February 2013, and no financial closure date is available.   The project became operational in April 2013
In September 2013, construction of a 20MW PV solar power plant sponsored by a local private company Hanergy Group commenced in Fuhai County, Xinjiang Uygur Autonomous Region. The total investment was Us$ 40.35 million (RMB 250 million) and Hanergy Group had a 100% stake in the project. The plant was completed and put into operation in December 2013.  The concessional period of the project was not released.
In November 2008, Energie Baden-Wurttemberg AG – EnBW and ALUZ C&O Peru S.A.C. (hereafter referred to as Aluz) were awarded the contract to build and operate the 18-MW hydro power plant located at Cajamarca, Santa Cruz. The bidding criteria was the lowest tariff, and of the 17 proposals for the construction of hydro power plants only two proposas were accepted (for the Las Pizarras power plant and for the Chancay power plant).  In 2011, EnBW and ALUZ sold their shares in the project to the Spanish firm Alarde Sociedad de la Energia S.A.  The special purpose company Electrica Rio Doble S.A. was created to lead the project. The concession contract was established for a duration of 20 years plus the construction time.  The investment in the project was estimated at US$ 39.6 million.  In June 2011, the project company applied for carbon credits.  Commercial operations commenced in April 2013.
The state owned Dashiban Hydro Power Plant was listed at the Tianjin Property Rights Exchange in July 2013 and then it was purchased by a local private company Zhaoheng Hydropower Company. The deal was closed in Dec 2013 and Zhaoheng got 100% stake in the 13MW hydro power plant. The price of the transaction was about US$ 3.34 million (RMB 20.70 million).
On 26th April 2013, Madhya Pradesh Power Transmission Company Limited (MPPTCL) awarded a concession of 25 years (which could be extended by another 10 years, including construction period of 15 months) starting from the date of grant of Transmission License, to Kalpataru Power Transmission Limited, for the development of 246km of 400kv DCDS twin Moose ACSR Transmission Line between Satpura and Ashta for evacuation of additional power from 2x250MW extension units at Satpura Thermal Power Station,in the state of Madhya Pradesh. The central region intra-state mega transmission project was aimed at system strengthening of Madhya Pradesh transmission grids.  Madhya Pradesh Power Transmission Company Limited (MPPTCL) was mandated to conduct a two-stage bid process for the SPV - Power Transmission Company. MPPTCL adopted a concept of “unitary charge”-this unitary charge was the monthly fee for provision of transmission services indicated upfront by the grantor of concession – in this case the state transmission utility MPPTCL. A bidder could put in a bid that was lower than the unitary charge, in which case the bidder would be paying a “premium,” or he could quote a higher unitary charge implying that the bidder was seeking a grant. This grant came as Central assistance under the Viability Gap Funding (VGF) mechanism. The bidder quoting the lowest grant or highest premium was selected. In August 2012, MPERC (State regulator) had approved a notional "unitary charge" of USD 0.54mn (INR 31.5mn) to be paid by MPPTCL to KSTPL every month for the 1st year of operation. Int eh subsequent years, the Unitary Charge was to be reduced by 3% and revised to reflect 30% of WPI variation. Kalpataru Power Transmission Limited had won the bid by quoting the lowest grant of USD 10.4mn (INR 607.5mn @ 58.6 USD/INR) from MPPTCL. KPTL  established Kalpataru Satpura Transco Private Limited (KSTPL), special purpose vehicle,on 10th May,2013 to execute the project.MPPTCL entered into Transmission Service Agreement (TSA) with KSTPL on 6th June 2013.     The transmission license was awarded by MPERC (MP state electricity regulator) on 31st October 2013 for a period of 25 years (to be extended on request before the expiry of the license period). Adoption of Transmission Charges and grant of Transmission License by MPERC was done on 8th August 2012.The tariff adopted for the transmission system was valid for a period of 25 years. The tariff of the transmission assets beyond the period of 25 years were to be governed in accordance with the provisions of relevant CERC Regulations. Apart from the fixed Unitary Charges mentioned above, the other sources of revenue for KSTPL were - (a) 20% of actual wheeling charges (additional revenue) for transmission for other parties, on spare capacity availability (80% of additional revenue for MPPTCL), and (b)75% Revenue from Advertisement on poles (25% to MPPTCL)   The project achieved financial closure on 2nd December 2013 at a grant/debt/equity ratio of 18/66/16.The estimated project cost at the time of financial closure was USD 58.2mn (INR 3412.1mn @58.6 USD/INR). Apart from an upfront grant of INR 607.5mn, financing comprised a 14-year 9-months term loan of USD 36.2mn (INR 2122.5mn), subordinated debt of USD 2mn (INR 116.7mn), and sponsor equity of USD 9.6mn (INR 565.4mn). ICICI Bank was the sole arranger for the term loan. The 14-year 9-month term loan had a quarterly repayment schedule.70% of the loan was to be repaid in 51 structured quarterly installments and 30% of the loan was to be repaid in single bullet installment along with the 51st installment   The company started the construction in October 2013 and was expected to complete the work by April 2015. As on June 2014, 50% of the construction was reported to be completed.
The French company EDF announced the development the Eoliatec del Pacifico wind power plant in Oaxaca, Mexico (160 MW in capacity). The Project obtained the Generation Permit from the CRE (Energy Regulatory Commission or Comision Reguladora de Energía) on March 2005, and 15-year Power Purchase Agreements with the consuming partners were already signed.  The sponsor created the special purpose company Eoliatec del Pacifico SAPI de CV to manage the project. Investment was estimated at US$ 401.1 million. Financial closure was achieved in December 2013, when the sponsor was a awarded US$ 285.3 million loan. The remaining US$ 115.8 million investment was equity-financed.  In December 2013, the Japanese company Mitsui acquired a 50% stake in the project.  Operations commenced in February 2014.  In ?, the sponsor applied for carbon credits.
In March 2012, a local private company ZNSHINE Solar signed an agreement to build and operate a 20MW PV power plant in Maigaiti County, Xinjiang. The project was approved by the provincial government in May 2012. The total investment was US$ 40.35 million (RMB 250 million) and ZNSHINE Solar had a 100% stake in the project. A special project vehicle Maigaiti Daolang New Energy Tech Co., Ltd. was established to conduct the project. The concession term was still unknown. The plant came into operation in November 2013.
In August 2011, the Mexican company Impulsora del Desarrollo y el Empleo en América Latina (IDEAL) won in a competitive bidding the right to build and operate the 168.6 km of highways connecting the municipalities of Guadalajara and Tepic located in Mexico (states of Jalisco and Nayarit).   The bidding criteria was the highest price paid for the right to develop the project. Besides IDEAL, four other companies made public offers for the project: the Mexican companies ICA, ALDESEM, OHL, and COCONAL. IDEAL´s offer was US$ 336.8 million (Pesos 4300 million). The sponsor created the company Autopistas de Guadalajara-Tepic S.A. de C.V. to lead the project.  The 30-year concession contract was signed in November 2011. The investment was estimated at US$ 642 million (Pesos 8200 million) over the life of the project. In February 2012, Autopistas de Guadalajara-Tepic signed a US$ 157 million construction contract with the Mexican company ICA.  As of February 2014, 45% of the construction works were completed, and the toll road was expected to be operational by mid-2014.
In August 2012, United Water signed an agreement with the Suqian Municipal Government to build and operate the City north Wastewater Treatment in Suqian City, Jiangsu Province. The total investment for the first phase was about US$ 8.06 million (RMB 50 million). United Water was selected via direct negotiation. It would operate the plant for 25 years and the base price for water treatment was 1.04 Yuan per ton. Construction commenced in May 2013 and was completed in December 2013. Phase one of the facility had a capacity of 15,000 tons per day. The agreement was performed by Suqian Yinkong Water Supply Company Limited, a subsidiary of United Water in the Suqian City.
The Brazilian company Omega Energias Renovaveis, a partnership of the Brazilian company Tarpon (49.2%) and the American investment fund Warburg Pincus (50.1%), was granted authorizations to build three wind power plants  located in the state of Piaui (75.6 MW in total capacity, municipality of Parnaiba). Omega established three companies to lead the projects: * Porto das Barcas Energia S.A. - EOL Porto das Barcas (28.8 MW) * Porto Salgado Energia S.A. - EOL Porto Salgado (18 MW) * Porto do Parnaíba Energia S.A. - EOL Delta do Parnaiba (28.8 MW)  The 35-year contracts were signed with the regulatory agency ANEEL starting in April 2012. The total investment in the power plants was estimated at US$ 121.1 million (BRL 285.1 million).   The three power plants controlled by Omega won the public bidding for the sale of energy to the country´s distribution companies that took place in 2011, by offering an average tariff of US$ 61.3/MWh (BRL 100/MWh). The project companies signed 20-year power purchase agreements with the several electricity distribution companies , and the agreements included the annual adjustment of the tariff to the inflation rate. Omega committed to start supplying to the market in 2014.  As of March 2013, the environmental licenses had been issued, but construction works had not commenced.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company is not subject to sectoral taxes.  In December 2013, the state-owned bank BNDES approved a US$ 88.5 million (BRL 208.2 million) to finance the power plants.  Commercial operations commenced in July 2014.
The project entails the construction of a 12 MW WtE plant in Shouguang City, Shandong Province. Total investment stands at RMB 339 million or $ 50.26 million. Sponsor of the project is China Everbright. The facility will be undertaken under BOT concession. The plant is expected to have an annual processing capacity of 260,000 tonnes and generate approximately 80,000,000 kWh of electricity per year. Financial close took place in June 2013.
In October 2013, Bihar State Power Holding Company Ltd (BSPHCL), the state owned Power Distribution utility, and Essel Group company (Essel Adi Smart Grid Solution Limited (EASGL)) signed a Distribution Franchisee Agreement for Muzzafarpur city in the state of Bihar. EASGL would distribute power in Muzzafarpur city for the next 15 years. In this area, the Company would distribute power as an agent of the present distribution licensee - North Bihar Power Distribution Co. Ltd. (NBPDCL). There were about 2,665,000 people (149,000 registered power consumers among these) in the city spread over 3172 sq. kms. with an estimated annual power consumption of about 450 MUs.   EASGL established Essel Vidyut Vitaran (Muzzafarpur) Limited (EVVML),a special purpose vehicle, to execute this distribution franchise. The primary obligation of the Distribution Franchise (EVVML) included - (a) undertaking the distribution and supply of power to the consumers of NBPDCL in the designated Distribution Franchise Area, (b) undertaking reading of meters, generating of bills, payment collection, as per the retail tariff structure deterined by BERC (State Power Regulator), (c) maintaining the existing distribution network and replacing failed distribution transformers and defective meters and other network infrastructure assets, (d) making payments to NBPDCL, (e) collection of NBPDCL's outstanding arrears as their agent and remittance of the same.   EASGL was selected through a competitive bidding process undertaken by BSPHCL in March 2013. The bid variable was the highest price at which power was purchased from NBPDCL (Discom) for subsequent distribution in the franchise area. As per information available, only Essel Group consortium bid for this franchise.Bihar State Power (Holding) Company Limited (BSPHCL) had given minimum benchmark input price curve for all the regions, mandating bidders to bid higher than given price curve for all 15 years. The base year price or Muzzafarpur was INR 2.576/Unit and reached upto a maximum of INR 4.742/Unit in the 15th year (Levelized Input Price (LIP) came out to be INR 4.030/Unit). EASGL won the bid by quoting the highest purchase price - for the base year it was INR 2.670/Unit. At the end of FY 2012-13, AT&C losses, (which included line loses, theft as well as non-billing) were to the tune of 66.17%. As per the DF agreement, EVVML needed to bring down power losses to 15% by the end of FY2014-15.  EVVML would purchase power from the NBPDCL and would distribute it to consumers on the rates approved by the Bihar Electricity Regulatory Commission. Franchisee would remit a pre-determined share of the revenue collection at regular intervals to the Licensee, as per the Distribution Franchisee Agreement. EVVML was mandated to invest USD 18.0mn (INR 1057.2 mn @58.6 INR/USD) within the first 3 years, in Muzzafarpur DF area for infrastructure upgrade to reduce T&D losses and improve collections.   The project achieved financial closure in February 2014 at a debt/equity ratio of 70/30. The estimated project cost at the time of financial closure was USD 18.0mn (INR 1057.2mn @58.6 USD/INR). Financing comprised a 13-year term loan of USD 12.6mn (INR 740mn), and sponsor equity of USD 5.4mn (INR 317.2mn). Financing also comprised a INR 100mn 1-year fund based Working Capital Facility and a INR 415.4mn 1-year non-fund based Working Capital facility. SBI was the mandated lead arranger. Canara Bank was the lead bank, India Infrastructure Finance was the other participating bank.  EVVML commenced distribution franchisee operation in Muzzafarpur in November 2013.In the 5-months of operations since November 2013, EVVML reduced the losses marginally to 52% at FYE14.
The project involves the construction of a 41.4MW biomass-fuelled cogeneration plant at the Santa Vitoria Açúcar e Álcool (SVAA) ethanol-producing complex in the municipality of Santa Vitoria,  Minas Gerais, Brazil. The project company is SVAA - a 50:50 joint venture controlled by Dow Chemical and Mitsui& Co Ltd. Total investment amounts to $64.75 million. Financial close took place on 15 October 2013. The facility became operational on 5 March 2015.
59.8MW Grassridge Wind Farm project reached financial closure in May 2013. This BOO project worth of USD 109.4 million would involve the development of a wind farm in the west of the town of Grahamstown in the Eastern Cape Province of the Republic of South Africa. This wind farm consists of 20 Vestas V-112 3 MW wind turbines. The wind project would produce enough electricity equivalent to the yearly consumption of about 40,000 households with expected operation in 2015. The project is a part of Round 2 of the South African Department of Energy's renewable energy independent power producer procurement program (REIPP) and the wind farm would be connected to the Eskom grid through a 132 kV power line and new on-site substation under the agreement of 20 years.
In 2012, the Dominican company Terminales Maritimas de Samana (Temarsam SRL) won a competitive bidding process to build and operate a turism and freight terminal at Samana Port in the Dominican Republic. No additional information was available on additional bidders or bidding criteria.  The 30-year contract was signed with the port authority in April 2013. The project's investment was estimated at US$ 8.4 million. Construction works commenced in May 2013 and were expected to be completed by 2014. The project was funded with the sponsors own resources.
In June 2013, Turkish privatization administration, Ozellestirme Idaresi Baskanligi (OIB) finalized the sale and operating rights transfer agreement of 600 MW Seyitomer Thermal Power Plant (Seyitomer TPP) in Kutahya province to Celikler Seyitomer Elektrik Uretim Sirketi. The thermal power plant is made up of four units with an installed capacity of 600 megawatts. The first two units began operations in 1973 followed by the third unit in 1977 and the final unit became operational in 1990.  The project was awarded to local Turkish conglomerate Celikler Holding after it made the highest offer of USD 2,248 million in a competitive bidding conducted by OIB in December 2012. The tender included sale of the 600 MW coal-fired power plant and operating rights for the mine which supplies coal to the plant. Celikler Holding formed Celikler Seyitomer Elektrik Uretim Sirketi as the project company for the operation of the Seyitomer TPP. The project company has also received a generation license from Turkey’s Energy Market Regulatory Authority (EMRA).  There were 16 groups that took part in the tender - Torunlar-Eren Joint Venture, Dogan Energy, Altek Alarko, D Energy, Ayen Energy, Park Holding, Ozkar Construction, Aksa Energy, Elsan, Limak Construction, Celikler Construction, Eti Bakir, Bilgin Energy-Suba Joint Venture , Kolin Construction, IC Ictas Energy-Fernas Construction Joint Venture and Konya Seker Sanayi- Siyahkalem Engineering. The tender included over five elimination rounds that ended in the final round between Eti Bakir and Celikler.  Celikler Seyitomer Elektrik Uretim Sirketi, took over the Seyitomer TPP from the state generation company Elektrik Uretim AS (EUAS) in June 2013.
Welspun Solar Madhya Pradesh Private Limited (WSMPPL), a wholly owned subsidiary of Welspun Renewable Private Limited, has won a 125 MW Solar PV project in Madhya Pradesh. The bidding process was conducted by MP Power Management Company Limited, at Jabalpur on 10th May 2012. WSMPPL won the bid by quoting a tariff of Rs. 8.05 per unit. Welspun  Energy Ltd has emerged one among the four winning bidders for solar projects in Madhya Pradesh. After the formal award of the project, Welspun Solar MP Pvt. Ltd will put up one solar photovoltaic project of 100 MW and another of 25 MW capacities.The company was successful in winning this bid against 12 qualified bidders by quoting the second lowest tariff. The company proposes to develop this Project in the Mandsaur district in the Malwa region of Madhya Pradesh in a record time of 19 months from the date of signing the PPA  On March 5th 2013, Welspun Energy Ltd. (WEL) had achieved financial closure for this solar project at a debt equity ratio of 80/20. The project cost was estimated at US$ 187.7mn (INR 11000mn @58.6 INR/USD). Financing comprised a 15-year 9-month term loan of US$ 151.0mn (INR 8850mn) and sponsor equity of US$ 36.7mn (INR 2150mn). The term loan had a repayment schedule of 56 quarterly installments. Central Bank of India had been appointed the Lead Lender and Facility Agent for the consortium. The participating banks were Central Bank of India (INR 2500mn),Yes Bank Ltd(850mn), Union Bank of India(2000mn), Vijaya Bank(500mn),State Bank of Patiala(1000mn), India Infrastructure Finance Co Ltd(2000mn).   On-ground work for the project was already in progress and it was slated to be commissioned by May 2014. The project was fully commissioned in February 2014.
In December 2011, the APM Terminals (95%), a subsidiary of the Danish group Maersk, and the Mexican construction company ICA (5%) won in a competitive bidding the right to build, lease  and operate a new 4.1 million TEU container terminal at Lazaro Cardenas Port in Mexico. The facility was named Lazaro Cardenas Terminal 2 (TEC 2).  The bidding criteria was the best technical and economical proposal. The port authority conducted the bidding process, but no additional information on the other bidders was available. The sponsors created the company APM Terminals Lazaro Cardenas S.A. de C.V. to lead the project. The 32-year contract was signed in August 2012. The project's investment was estimated at US$ 900 million. Construction works commenced in November 2012, and operations were expected to commence by the first quarter of 2015.  In November 2013, the IFC approved a US$ 300 million loan to finance the first phase of the project, which included (i) the construction of a 750 meter quay, (ii) the creation of a 16.5 meter draft alongside the Terminal, (iii) installing the necessary cargo handling equipment and rail tracks, and (iv) developing an automated container yard and supporting backup areas and infrastructure. IFC’s long-term financing included USD$100 million from its own account and an additional USD$200 million raised through its syndication program from Bank of Tokyo-Mitsubishi UFJ, Ltd; Nordea Bank AB; and Skandinaviska Enskilda Banken AB. The estimated investment of this first phase was estimated at US$ 600 million.
The Brazilian company Brasil Biofuels S.A. was granted the authorization to build, own and operate a palm-residue fueled power plant located in the state of Roraima (16 MW in total capacity). The 30-year contracts were signed with the regulatory agency ANEEL starting in June 2009.   The power plants were named UTE Brasil Biofuels (16 MW), UTE BBF Benjamin Constant (9.8 MW) and BBF Tefe (9.8 MW).  The electricity produced in the UTE Brasil Biofuels was sold under power purchase agreements with electricity distribution companies established in the auction promoted by ANEEL in April 2010. The power purchase agreement established that the company was to supply electricity to the state of Roraima between 2013 and 2027. The other power plants had not established power purchase agreements as of December 2013.  The total investment committed to the UTE Brasil Biofuels was estimated at US$ 32.9 million (BRL 65 million). Commercial operations began in January 2013.  As of December 2013, construction works on the other power plants had not commenced.
On Oct 22, 2013, a 20MW PV power plant was connected to the State Grid after one year construction in Linze Town, Gaoyou City, Jiangsu Province. The plant was sponsored by a local private company Jiangsu Zhenfa New Energy Technology Company Limited which would operate the plant for 25 years. The total investment was US$ 34.54 million (RMB 214 million) and Jiangsu Zhenfa had a 100% stake in the project. A special purpose vehicle Gaoyou Zhenfa New Energy Technology Company Limited was established to conduct the project.
In April 2012, Canadian Solar Inc. signed an agreement with the local authority to build and operate a 100MW PV plant in Tumushuke City, Xinjiang. The 1st phase was a 30MW plant with an investment of US$ 58.10 million (RMB 360 million). Key approvals have been cleared in 2012. CSI has a 100% stake in the project. But like many other projects in the solar power sector, concession term was not reported. A special project vehicle Tumushuke City CSI (China) Investment Co., Ltd. was established to implement the project. Over 25% of construction had been finished by August 2013.
In August 2013, Companhia de Participacoes em Concessoes, a subsidiary of the Brazilian group CCR (Soares Penido, Camargo Correa and Andrade Gutierrez, each with 17% of the shares; and small investors, 48%), won in a competitive bidding the right to expand, rehabilitate and operate the 33.4-km metro rail system located at the municipality of Salvador (state of Bahia). The sponsors agreed to finish the construction of Line 1, which was in advanced stage by the time the bidding took place, and to construct Line 2.  The bidding criteria was the lowest subsidy to be received annually from the government to undertake the project. The winning bid was US$ 54.2 million (BRL 127.6 million), 5.05% below the ceiling set by the state government. No other company took part in the competitive bidding process.   The 30-year PPP contract was signed in October 2013. The investment was estimated at US$ 1.657 billion (BRL 3.9 billion) over the life of the project, of which US$ 977 million (BRL 2.3 billion) was set to be granted by the government of the state of Bahia.  The sponsors created the company Companhia do Metro de Salvador to lead the project. Operations of Line 1 commenced in June 2014.
In January 2009, the Mexican group Omega was awarded in a competitive bidding process the right to build and operate the 104 km of highways connecting the muncipalities of Barranca Larga-Ventanilla in the state of Oaxaca, Mexico. Since the company was unable to raise financing for the project, federal agency Secretaria de Comunicaciones y Transportes (SCT) allowed the Mexican company ICA to undertake the project by becoming a shareholder of Desarrolladora de Infraestructura Puerto Escondido, S.A. de C.V. in April 2012, the project company was created to undertake the project.  The new 30-year concession contract was signed in April 2012. The sponsors committed to invest US$ 405 million in the construction works. Funding for the project was arranged with the state-owned bank Banobras and the National Infrastructure Fund. As of December 2013, construction works were underway (25% of the works were completed), and the toll road was expected to be operational by the third quarter of 2014.
In March 2008, Hidrotarcoles S.A. was awarded the contract to build and operate a 50-MW hydro power plant located at the Tarcoles River (2x25MW Francis turbine generating units, with an annual average power generation of 205GWh).  A 20-year power purchase contract was signed with the state-owned electricity company ICE. After the contract expires, the power plant was set to be transferred to ICE's control. The contract was approved in July 2012.  The EPC contract was signed with the Chinese company Hydrochina in September 2013. Operations were expected to commence in 2016.  The investment was estimated at US$ 141 million. The state-owned bank Banco Nacional de Costa Rica granted a US$ 117 million to Hidrotarcoles S.A. to finance the project. The remaining costs were equity financed.
The government of Montenegro signed a 30-year concession contract for the cargo terminal of the port of Bar with Kontejnerski Terminal i Generalni Tereti (KTGT), a unit of Turkish company Global Ports Holding. A 62.09% stake in KTGT was sold to the Turkish company, a subsidiary of Global Investment Holding. The stake was worth $11 million (8.08 million EUR).   Global Ports Holding was to take over KTGT's management in early 2014.
In 2011, the Spanish company Cobra Instalaciones y Servicos and Honduran company Energia Renovable SA - ENERSA (Grupo Terra) were awarded the contract to build and operate the 230-MW natural gas fueled power plant located at Chiclayo, Puerto Eten. The competitive bidding process was based on the lowest tariff, and two bidders took part, the consortium Cobra/Enersa and Consorcio Samay I.  The sponsors created the special purpose company Planta de Reserva Fría de Generación de Eten S.A. to lead the project. The concession contract was signed in January 2014, and it was established for a duration of 20 years plus the construction time.  The investment in the project was estimated at US$ 145 million. Financial closure was achieved in December 2013 with the issuance of a US$ 132.8 million international project bond launched by BTG Pactual. The bond received a partial credit guarantee from Corporación Andina de Fomento.  The commissioning of the power plant was estimated for 2015.
Enso Hydro (Austria) was developing a 9MW hydropower plant near Lengarica, Albania.   The project reached financial closure in December 2013. Total cost was estimated at EUR14.1 million ($19.4 million) Lending was provided by the Austrian development bank OeEB (EUR5.0 million) and the GGF (Green for Grwoth Fund, Southeast Europe, EUR9.1 million).
In August 2013, Turkish privatization administration, Ozellestirme Idaresi Baskanligi (OIB) finalized the sale and operating rights transfer agreement of 457 MW Kangal thermal power plant (Kangal TPP) in Sivas province to a consortium of Konya Seker Sanayi ve Ticaret A.S. and Siyahkalem Muhendislik Insaat San. ve Tic. Ltd. Sti. Kangal TPP began operations in 1989 and accounted for 0.75 percent of Turkey’s installed power in 2013.  The project was awarded to Konya Seker - Siyakhalem consortium after making the highest offer of USD 985 million in a competitive bidding conducted by OIB in February, 2013. The tender included sale of the 457 MW coal-fired power plant and operating rights for the mine which supplies coal to the plant. Konya Seker is the subsidiary of Anadolu Birlik Holding.   After the takeover from state generation company Elektrik Uretim AS (EUAS) in August 2013, Konya Seker consortium has invested in the rehabilitation of the reactor and plans to raise production by using effective management principles. As a result, since August 2013 to December 2013, gross production increased by 34% compared with last 5 years’ same period results.
Burgas-West was a port terminal, on the country’s Black Sea coast. The Bulgarian government had selected  local company BMF Port Burgas as the concessionaire for the project, a 35-year concession.  BMF Port Burgas offered to invest a total of 34.8 million levs ($23.4 million/17.8 million euro) in fixed assets and technical equipment over the term of the concession. The annual concession fee was set at 900,000 levs, Value Added Tax excluded.  BMF Port Burgas, a subsidiary of Bulgarian maritime shipping company Navibulgar, won a 35-year concession on the Burgas East-2 cargo terminal in 2011.   Additional information on the financing of the deal was not publicly available.
In January 2012, the consortium Rodovia da Vitoria, comprised of the companies ECORODOVIAS INFRAESTRUTURA E LOGISTICA S/A (a subsidiary of the Brazilian group CR Almeida)  and SBS ENGENHARIA E CONSTRUCOES LTDA, won in a competitive bidding the right to expand, rehabilitate and operate the 475.9 km of highway BR-101 located at the states of Bahia and Espirito Santo.   The bidding criteria was the lowest tariff, and Rodovia da Vitoria offered toll rates that were 45.63% below the ceiling set by the federal government. Seven other groups took part in the bidding process: CONSORCIO VIA ESPÍRITO SANTO BR-101, CONSORCIO ITAUNA, CONSÓRCIO ODEBRECHT TRANSPORT - INVEPAR, TPI - TRIUNFO PARTICIPACOES E INVESTIMENTOS, CONSORCIO RODOVIA CAPIXABA, and CONSORCIO INTEGRACAO SUDESTE.   The 25-year concession contract was signed in April 2013. The investment was estimated at US$ 1.8 billion (BRL  4.2 billion) over the life of the project.  The sponsors created the company Eco101 Concessionaria de Rodovias S.A. to lead the project. Operations commenced in May 2013.  In March 2014, the state-owned bank BNDES approved a US$ 113.9 million (BRL 267.8 million) to Eco101. In March 2016, BNDES approved an additional financing of US$ 238.2 million (BRL 882.1 million).
The project entails the construction of a 1.2 MW biogas plant in Jambi Province, Sumatra, Indonesia. Total investment stands at $6 million. Sponsor of the project is Kubota Corporation. The plant went into operation in 2015. Financial close took place in August 2013.
In January 2013, a local private company Anhui Guozhen signed a concession agreement with the Huoshan County Government to operate the Huoshan County Wastewater Treatment Plant in Huoshan County, Anhui Province. Anhui Guozhen was selected by the local government through direct negotiation. A special purpose vehicle, Guoshan County Guozhen Wastewater Treatment Company Limited was set up in April 2013 and took over the plant for operation right away. The total investment was RMB 26 million (US$ 4.20 million). The plant had a capacity of 18,700 tons per day and Guozhen had a 100% stake in the project. Under the agreement, Guozhen needed to rehabilitate the facilities for better operation performance. The term of the concession agreement was 30 years.
In June 2013, Tangerang Water Supply project, a 25 year BOT project under public-private partnership scheme, reached financial closure, as the 12 year US$76 million debt financing for the US$140 million project was signed with International Finance Corporation (US$23.4 million), PT Indonesia Infrastructure Finance (US$28.8 million), and PT Sarana Multi Infrastruktur (US$24.5 million). PT Moya Indonesia, a project company is wholly owned by Moya Holding. IFC is also an equity investor for the amount of US$7.91 million and the debt/equity ratio is 55/45.   This project involved the construction of a clean water installation at Tangerang, Banten and included the development of bulk water supplies and water treatment plant (WTP) of 350 liters per second, purchasing bulk water from Kabupaten Serang of 550 liters per second, developing a distribution system at Pasar Kemis, Cikupa, Balaraja and Jayanti district   Bulk water would be sold to PDAM Kabupaten Tangerang to serve Sepatan district at 25 liters per second. This rehabilitation project aimed to quadruple the capacity of its water treatment plant to 168,480 cubic meter per day from 38,880 cubic meter per day. It would also help the company build a distribution network that would connect about 150,000 new households and industrial customers to address the growing demand of clean water in Tangerang and allow the city to achieve its millennium development goal of improving clean water access.   According to the IFC official, project has been cancelled.
The company Suzlon Energia Eolica do Brasil Ltda., a wholly-owned subsidiary of the Indian  group Suzlon, was granted authorizations to build five wind parks located in the state of Ceara (128.1 MW in total capacity). The 35-year contracts were signed with the regulatory agency ANEEL starting in June 2010. The following special purpose companies were creates to handle the parks:  Eolica Faisa I – Geracao e Comercializacao de Energia Ltda. (25.2 MW) Eolica Faisa II – Geracao e Comercializacao de Energia Ltda. (25.2 MW) Eolica Faisa III – Geracao e Comercializacao de Energia Ltda. (25.2 MW) Eolica Faisa IV – Geracao e Comercializacao de Energia Ltda. (25.2 MW) Eolica Faisa V – Geracao e Comercializacao de Energia Ltda. (27.3 MW)  The projects initially belonged to the Portuguese group Martifer, which sold its shares to Suzlon in October 2011. In March 2012, Suzlon sold its ownership in the project to the Brazilian investment fund Participacoes em Infraestrutura (FIP) IE BB Votorantim Energia Sustentavel (60%) and to Enerplan (40%), a subsidiary of the Brazilian company Oleoplan for US$ 276.6 million (BRL 540 million).  The total investment in the power plants was estimated at US$ 203.9 million (BRL 480 million). In May 2013, all projects received loans from the state-owned institution Sudene (total: US$ 127.2 million): EOL Faisa I – US$ 27.4 million (BRL 64.4 million) EOL Faisa II – US$ 25.4 million (BRL 59.9 million) EOL Faisa III – US$ 23.5 million (BRL 55.3 million) EOL Faisa IV – US$ 23.5 million (BRL 55.3 million) EOL Faisa V – US$ 27.4 million (BRL 64.5 million)  In addition, in July 2013 the state-owned bank BNDES approved a US$ 39.2 million (BRL 92.2 million) loan to help finance the project.  All special purpose companies signed power purchase agreements arranged with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA  (incentive program for alternative power generating companies) in 2009 and 2010. As of October 2011, construction works were underway and operations were expected to commence in 2012.  Commercial operations commenced in March 2014.  In February 2016, the Brazilian bank Bradesco approved a US$ 25.2 million loan to the project.
In December 2011, the joint venture Consorcio Vial Latinoamericano, comprised of the Equatorian company Hidalgo e Hidalgo and the  Peruvian company Construcción y Administracion S.A., won in a competitive bidding the right to expand, rehabilitate and operate the 391 km of highways connecting the muncipalities of Goascoran – Villa de San Antonio, and Tegucigalpa – Puerto Cortes located in Honduras. The project was named Corridor Logistico El Progreso.  The bidding criteria was the best technical and economical proposal. Besides Canal Seco de Honduras, thirteen other companies made public offers for the project (among others the following companies took part in the bidding process: Consultores en Ingenieria SA from Honduras (CINSA), Asociacion de Profesionales de Honduras S.A (ASP),  Gabinete Tecnico S.A (GATESA) and Helios Corporacion de Peru). The sponsors created the In December 2011, the joint venture Consorcio Vial Latinoamericano, comprised of the Peruvian company Hidalgo e Hidalgo and the Equatorian company Construcción y Administracion S.A., won in a competitive bidding the right to expand, rehabilitate and operate the 391 km of highways connecting the muncipalities of Goascoran – Villa de San Antonio, and Tegucigalpa – Puerto Cortes located in Honduras. The project was named Corridor Logistico El Progreso.  The bidding criteria was the best technical and economical proposal. Besides Canal Seco de Honduras, thirteen other companies made public offers for the project (among others the following companies took part in the bidding process: Consultores en Ingenieria SA from Honduras (CINSA), Asociacion de Profesionales de Honduras S.A (ASP),  Gabinete Tecnico S.A (GATESA) and Helios Corporacion de Peru). The sponsors created the Consorcio Vial Honduras (COVI Honduras) to lead the project.  The 20-year concession contract was signed in March 2012. The investment was estimated at US$ 375 million over the life of the project. Operations commenced in June 2013.  In October 2014, the sponsors were granted a US$ 120 million loan from Banco Fichosa of Honduras and Panama’s Metrobank.
Hidrosanbartolo S.A. announced the construction and operation of a 48-MW hydro power plant located at the Negro River, Morona Santiago province. The project company signed a power purchase agreement to sell electricity to the national grid.  The investment in the power plant was estimated at 76.7 million. In November 2012, the IIC approved a financing package for the project consisting of a US$ 10 million A-loan and a US$ 26.4 million B-loan. In March 2013, CAF announced the approval of a US$ 25 million loan to the project.  In 2012, the sponsor applied for carbon credit.  Commercial operations were expected to begin in March 2015.
In May 2013, the Colombian company CSS Constructores won in a competitive bidding the right to rehabilitate and operate the 54 km of highways connecting the muncipalities of Loboguerrero and Buga located in Colombia.   The bidding process was organized by federal agency Agencia Nacional de Infraestructuras (ANI), and the bidding criteria was highest amount to be invested in the project. The sponsor offered to invest US$ 31 million in the roadways (the total project was estimated at US$ 34.3 million, so the government was expected to invest about half of this amount). Besides CSS Constructores, five other companies made public offers for the project: Pavimentos Colombia, El Condor, Latinco, Termotecnica Coindustrial and Hidalgo & Hidalgo. The sponsors created the company Loboguerrero Buga SAS to lead the project.  The 3-year concession contract was signed in July 2013, and operations commenced in October 2013.
In July 2011, SSA Mexico, a subsidiary of the American Group Carrix, won in a competitive bidding the right to build and operate a new car terminal at Lazaro Cardenas Port in Mexico. The facility was named Lazaro Terminal Especializada de Autos (TEA), and the project envisaged a terminal capacity to handle 750 thousand cars per year.  The bidding criteria was the highest offer for the right to develop the project. The port authority conducted the bidding process, and SSA Mexico offered US$ 24 million (Pesos 311 million). Two other companies took part in the bidding process: the Mexican companies Amports and Pasha Group.  The sponsors created the company APM Terminals Lazaro Cardenas S.A. de C.V. to lead the project. The 30-year contract was signed in October 2012. The project's investment was estimated at US$ 38.1 million (Pesos 486 million). Operations commenced in October 2013.
Jhimpir Power (Private) Limited (JPPL), formerly Dewan Energy (Private) Limited, was developing a 49.6MW wind power generation plant located over 6.28km2 of land in the Jhimpir Wind Corridor, Thatta District of Sindh province in Pakistan. The project involved engineering, design, procurement, construction, turbine erection, grid tie-in, commissioning and operation & maintenance of the 49.6MW wind power generation facility. The project would involve use of 31 units of GE 1.6-82.5-type wind turbines of 1.6MW each provided by GE-HE Wind Energy (Shenyang) Company Limited. On 3rd April, 2013, Harbin Electric International Co., Ltd. (HEI) and Pakistan Dewan Energy (Pvt.) Ltd. formally signed the contract for execution of the EPC for this project.General Electric International, Inc. will be providing operation and maintenance services to the project for a total term of approximately 10 years.   The Project would be an independent power producer and will sell electricity to the National Transmission and Despatch Company Limited (NTDC) under a 20-year fixed price Energy Purchase Agreement under the Government of Pakistan's Renewable Energy Policy for the Development of Power Generation (2006).JPPL had opted for an upfront tariff setting by the regulator. The Upfront Tariff was being offered for projects based on take-and-pay arrangement without the wind risk coverage. The companies opting for this Upfront Tariff would have to achieve the financial closure by 30th September 2014. On 24th April,2013, NEPRA announced Upfront Tariff of US cents 13.5244 per kWh for wind power projects.  The total Project Cost was estimated at US$ 135.4 million and was expected to be funded with a debt to equity ratio of 75/25. In September 2013, OPIC sanctioned a 11.5-year term loan of US$ 101.5mn. The term loan had a grace period of 18-months and repayment period of 10-years.   Construction of the project was in progress and commissioning was expected by end of 2015.
The Ouarzazate Phase I solar project was the 160 MW first phase of a planned 500 MW solar thermal project to be located in Ouarzazate, Morocco.    The project was in preparation as a PPP scheme between the Moroccan Ministry of Renewable Energy (MASEN), with 25% of the equity in the SPV and a to be selected private partner with a 75% equity stake in the project.  The project was scheduled to sell power under a PPA with the state Utility ONE, with the Moroccan government providing payment guarantees to make up the difference between the market price and the cost of power produced.    Total project cost for the first phase was estimated to be roughly USD 1.5 billion.  Some financing from development Banks was agreed in 2011, with the IBRD (USD 300 million), AFDB (236 million) and the EIB (156 million) among the contributors.  Germany's KfW and France's AFD both provided loans of USD 136 million. The financing was provided by the development banks to MASEN, which would in turn lend it directly to the project. Expected commissioning was scheduled for 2014.    In September 2012, a consortium led by the Saudi Firm ACWA Power won the rights to develop the project.  The price of power bid was USD 190/MWh, which has been estimated to give and equity IRR of 5%.  Competitor consortia led by Grupo ACS and ENEL respectively bid prices of power of USD 240/MWh, leading to an estimated IRR of 10%.  In October 2013, Munich Re (MUV2:XE) was appointed as supplier of insurance and risk management services for the 160MW Noor 1 plant. Together with GCube, Munich Re was expected to provide 50% of the risk coverage, including 28 months of construction and 12 months of commercial operation for the sponsor, ACWA Power.
Enel Brasil Participacoes, a subsidiary of the Italian company Enel, was granted authorizations to build two wind power plants  located in the state of Rio Grande do Norte (52.8 MW in total capacity, municipality of Joao Camara). Enel established two companies to lead the projects: * Enel Green Power Modelo I Eolica S.A. - EOL Modelo I (28.8 MW) * Enel Green Power Modelo II Eolica S.A. - EOL Modelo II (24 MW)  The 35-year contracts were signed with the regulatory agency ANEEL starting in March 2012. The total investment in the power plants was estimated at US$ 91.7 million (BRL 215.9 million).   The two power plants controlled by Enel won the public bidding for the sale of energy to the country´s distribution companies that took place in 2011, by offering an average tariff of US$ 50.5/MWh (BRL 98.53/MWh). The project companies signed 20-year power purchase agreements with the several electricity distribution companies , and the agreements included the annual adjustment of the tariff to the inflation rate. Enel committed to start supplying to the market in January 2014.  As of March 2013, the environmental licenses had been issued, but construction works had not commenced.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company is not subject to sectoral taxes.  In December 2011 , Enel applied for carbon credits for these power plants.  Construction works commenced in May 2013 and were in advanced stages as of December 2013. Also in December 2013, the IFC approved a US$ 220 million A-loan to finance five of Enel's wind parks in Brazil: Modelo, Serra Azul, Fonte dos Ventos, Cristal and Curva dos Ventos. Information on how much of this funding was directed to each project was not released.  Commercial operations commenced in October 2014.
The project entails the construction of a 650 tpd Waste Treatment plant in Zibo, Shandong Province. Sponsor of the project is China Everbirght. Total investment stands at RMB 400 million or $ 59.3 million. Government of Zibo awarded the contract. Financial close took place in May 2013.
Parque Eolica Marcona S.A. was created to build, own and operate a 32 MW wind farm in Nazca province, Peru.  In 2011, the project company was a subsidiary of Consorcio Cobra, a Peruvian subsidiary of the Spanish Company ACS.  The Marcona wind project was scheduled to have 16 2-MW turbines.  The project would sell power to the SEIN grid system and had obtained through tender a 20 year PPA to sell power from the Peruvian Ministry of Mines and Energy.  Scheduled investment for the project was USD 61.1 million; the project's EIA had been approved in June, 2011, with commissioning scheduled for late 2012.  In August 2013, the project was granted a US$ 55 million loan from CAF.  Construction works were concluded in January 2014, and commercial operations commenced in April 2014.
As of 2011, the Cupisnique wind farm was an 80 MW project consisting of 15 turbines to be located 55 miles north of Trujillo in the La Libertad department, Peru. The project developer - Energia Eolica S.A. - was a Peruvian based firm with Spanish investors and was created with the intention of building, owning and operating wind farms in Peru.      The project would sell power to the SEIN grid system and had obtained through tender a 20 year PPA to sell power from the Peruvian Ministry of Mines and Energy.  The investment was estimanted at USD 198.9 million.  The EIA of the Energia Eolica S.A.  - Cupisnique wind farm was approved and as of 2011, expected commissioning was for 2012.  The project was purchased by US Conjtour Global in 2012 and is scheduled for financing in the first quarter of 2013. In 2013, OPIC approved a US$ 193 million loan to finance two of the sponsor's wind farms in Peru, the Cupisnique and the Talara wind farms.  As of June 2014, 88% of the construction works were concluded.  The project applied for carbon credits in July 2012.  Commercial operations commenced in August 2014.
In September 2011, a local private company Beijing Sound Group signed an agreement with the Linqu County Government to finance, build and operate a solid waste incineration power plant in Linqu County, Shandong Province. The total investment was RMB 350 million (US$ 56.49 million) and Beijing Sound had a 100% stake in the project. The plant had come into operation by December 31, 2013. The concession term was 30 years. A project company Linqu Yiqing Environmental Protection Power Company Limited was established to implement the project.
The Japanese company Mitsui (50%) and the French company EDF (50%) announced the development the Bii Stinu Wind Energy Project in Oaxaca, Mexico (164 MW in capacity). The Project obtained the Generation Permit from the CRE (Energy Regulatory Commission or Comision Reguladora de Energía) on March 2005, and several Power Purchase Agreements with the consuming partners have already been signed.  The sponsors created the special purpose company EOLIATEC DEL ISTMO, S.A.P.I. DE C.V.to manage the project. Investment was estimated at US$ 400 million (Pesos 5.1 billion).   Operations commenced in March 2013.  In January 2009, the sponsor applied for carbon credits.
On March 15, 2013, Turkerler Holding A.S. offered the highest bid of USD 118 million to acquire 100% shares of Vangolu Elektrik Dagitim A.S. (VEDAS), a state-owned power distribution company that distributes electricity to 485,318 customers (over 2 million people) who live in Van, Biltlis, Hakkari and Mus provinces in Turkey.   Turkerler signed a thirty year Transfer of Operating Rights (“TOR”) agreement that was backed by Share Sale model ("TSS model"). Under the TSS model, asset ownership of new as well as existing distribution assets belong to the state-owned power distribution company Turkiye Elektrik Dagitim Anonim Sirketi (TEDAS), while the investor (Turkerler) attains the right to operate the distribution network together with the obligation to undertake all new necessary investments. According to this model, Turkerler is the sole owner of the shares of VEDAS and has the sole license (monopoly) for the distribution of electricity in the designated region from Energy Market Regulatory Authority (EMRA). All EMRA approved investments shall be realized by Turkerler and will be recovered through the tariffs. Except for cases of investor misconduct, the part of investments not recovered via the tariffs shall be paid by TEDAS to the private operator upon the expiry or termination of the contract.  The competitive tender was conducted by Turkish privatization administration, Ozellestirme Idaresi Baskanligi (OIB). The four bidders for VEDAS were Limak Insaat Sanayi Ve Ticaret A.S., Genpa Telekomunikasyon ve Iletisim Hizmetleri San. ve Tic. A.S., Turkerler Construction Tourism Mining Energy Production Industry and Trade Co. Inc. and Is-Kaya Insaat Sanayi ve Ticaret Ltd.  Turkerler took over VEDAS in 2013.
Sapphire Wind Power Company Pvt. Ltd. was planning the development of a 50MW Wind Farm, Jhampir, Sindh Province.The project sponsors were Sapphire Textile Mills Limited and Bank Alfalah Limited, both companies organized under the laws of Pakistan.  The equipment supply contract was awarded to GE, from the USA. GE would supply turbines of the type GE 1.5-MW XLE, of 1.5MW each. In October 2011, the company was seeking government approval to construct the wind farm. No tariff had been set by the NEPRA, but Sapphire has requested a tariff in August 2011. The feasibility study had been submitted. The EPC contract was awarded to CMEC, from China. The O&M contract was signed with GE, for a period of 10 years. 1372 acres of land were assigned to the company by AEDB.  Incentives for the project included: Attractive tariff (cost plus 17% ROE, inflation and exchange rate protected) No import duties on equipment  Exemption on income tax/withholding tax and sales tax Permission to issue corporate registered bonds  Project cost was estimated at US$ 127.7mn. Financing included a 12-year term loan of $95mn provided by OPIC approved in March 2013. The term loan had a grace period of 2 years and repayment schedule of 10 years.The project had already registered for carbon credits from UNFCC.
Gama Enerji AS and General Electric were developing the 840MW Kirikkale natural gas fired power plant. The project also included a 58km transmission line and a 13km natural gas pipeline to and from the facility. Commissioning was planned for 2016. Expected annual outputw as 6,300GWh.  The EPC contract was awarded to GAMA Power Systems and GE Energy, based on the GE STAG 209 9FB technology. Operational life was estimated at 30 years.  The project reached financial closure in December 2013 with a $600 million loan provided by Yapi Kredi, TSKB, Deniz Bank and Is Bank. Each offered a $130 million 12-year tranche expect TSKB.   GAMA already operated a 150MW diesel power plant in Kirikkale. The new plant is located next to the ACWA owned power plant, which reached closure in January 2013.
NSL Renewable Power Private Limited established NSL Wind Power Company (Satara) Private Limited to execute a 75MW wind power project at Chilarewadi village, Satara district in the state of Maharashtra. The wind farm would involve the building of 50 wind turbines of ReGen V87 make of 1.5MW capacity each. The company proposed to implement the project in two phases with 25.5 MW in the first phase and 49.5MW in second phase. The electricity generated from the project would be evacuated by North, East, West and North East (NEWNE) grid of India. The EPC for the power plant had been awarded to ReGen Powertech Limited. ReGen Powertech would develop, construct, commission, operate and maintain the project at an all-inclusive price.    NSL Wind Power Company (Satara) Private Limited was expected to sell the power from this project to Maharashtra State Electricity Distribution Company Limited (Maharashtra Discom). The APPC (Average Power Purchase Cost) base tariff as per MERC tariff order (dated 29 April 2011 for Wind zone 1) was US$ 0.10/Unit (INR 5.37 per unit @53.44 INR/USD) for the first 13 years of operation. The transmission charges would be paid by NSL to the state transmission utility. The total capacity of 75MW was eligible for CDM benefits and the company had initiated the process with UNFCC.   The Project attained financial closure on 23 June 2013 at a debt equity ratio of 72/28. Total project cost estimated at the time of financial closure was US$ 88.4mn (INR 5183.6mn @ 58.6 INR/USD). Financing comprised a 13-year 9-months term loan of US$ 21.3mn (INR 1250mn), a 12-year 6-months US Dollar term loan of US$ 17.2mn (INR 1008.6mn), a 12-year 6-months US Dollar loan of 25mn (INR 1465mn), and sponsor equity of US$ 24.9mn (INR 1460mn).The USD Loan (ECB) of $25mn had a grace period of 1 year and repayment schedule of 23 semi-annual payments. It was priced at 403 basis points over the LIBOR rate. The loan provider was Standard Chartered bank. The INR 1250mn term loan had a grace period of 1 year and repayment schedule of 48 quarterly installments. It was priced at 13%. The loan provider was PTC India Financial Services. The USD Loan (ECB) of $ 17.2mn had a grace period of 1 year and repayment schedule of 23 semi-annual installments. It was priced at 450 basis points over LIBOR. The loan provider was International Finance Corporation (IFC). All loans were arranged by SBI Capital Markets.  Information on construction couldn't be ascertained, however each phase was expected to have a construction period of six months from the commencement of work.
The project entails the construction of a 2.9 MW Waste-to-Energy plant in Chennai, Tamil Nadu. SPV is Essel Pallavapuram and Tambaram MSW Private Ltd, a wholly owned subsidiary of Essel Group. The project contract was awarded by Pallavaram Municipality on a public-private partnership basis and was developed under the Swachch Bharat Mission which is focused on sanitation and solid waste management. The waste management plant will come up at Vengadamangalam on a Design, Build, Operate and Transfer (DBOT) basis with contract period of 20 years. Total investment stands at RS 100 or $ 13.99 million. Financial close took place in May, 2013.
In August 2013, Madhya Pradesh Road Development Corporation (MPRDC) signed a 15-year concession (including construction period od 730 days) with Dilip Buildcon Limited (DBL) for the strengthening, improvement,two-laning, operation and maintenance,and tolling of 35.68kms of existing road from the bypass junction of Ashoknagar to Bangla Chauraha Jaora,in the state of Madhya Pradesh.   Under the contract, DBL was responsible for the design, construction,finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway to 2-lane divided carriageway.The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges,culverts, road intersections,interchanges, drains, etc.The expansion project, part of the MDR (major district roads) development project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.    DBL established DBL Ashoknagar Vidisha Tollways Limited (DAVTL),a special purpose vehicle on 27th February 2013, to implement the project. The SPV won the tender through international competitive bidding, conducted by MPRDC,by requesting the lowest annuity payment of US$ 1.7mn (INR 99.4mn). Other details of bidding were not known at the time of collection of this information. Under the contract, the SPV was to recover the capital costs and operating costs including returns through semi-annual payments of INR 49.7mn from MPRDC as well as tolling, during the term of concession. VEL would execute the EPC for the project.  The concession agreement for the project was signed sometime in August 2013.The project was expected to be financed with a debt/equity ratio of 74/26. The estimated capital cost of the project at the time of financial closure was US$ 15.1mn (INR 887mn @58.6INR/USD). Financing comprised of a term loan of US$ 11.3mn (INR 660mn) and sponsor equity of US$ 3.9mn (INR 227mn). Other details of financing were not known at the time of collection of this information.  The project started construction in November 2013 (Appointed Date) and was slated for completion by October 2015, but achieved early completion on June 2014.
The Colombian company Tecnologica Intercontinental (Ticsa) was awarded the 20-year contract to build and operate two wastewater treatment plants named PTAR Tuchtlan and PTAR Paso Limon (Tuxtla Gutierrez, state of Chiapas). A total of 600,000 people benefitted from the project.  In November 2006, the sponsor had established the special purpose company Ecosistemas de Tuxtla S.A. de C.V. to lead the project. Detailed information on the project award process led by the state government was not available.  PTAR Tuchtlan was set to have a capacity of 320 liters/second (27.6  m3/day). The investment was estimated at US$ 15.9 million (Pesos 252.3 million), of which 26% was financed with funds from the federal government. Construction works commenced in April 2013, and as of early 2015, the construction works were in its final stages.  In May 2013, the Colombian company EPM acquired 80% of Ticsa's shares for US$ 113 million. The remaining 20% of the shares were held by the Mexican family Primelles.
In December 2011, the Brazilian company Nova Agri Infraestrutura de Armazenagem e Escoamento Agricola S.A  won in a competitive bidding the right to build, lease  and operate a grain terminal at the Itaqui Port (state of Maranhão). The facility was set to have 125 thousand tons in storage capacity.  The bidding criteria was the highest payment for the right to construct and operate the terminal. The port authority conducted the bidding for the construction of four new terminals and Nova Agri was one of the winners by offering US$ 26.3 million (BRL 62 million). There was no additional information on the other bidders. The four companies that won the bidding process established a partnership named Consorcio Tegram to undertake the construction works, but each were set to sign separate lease contracts and to operate their own terminal independently. The state government granted the companies 50% tax reduction.  Nova Agri created the company Terminal Corredor Norte (TCN) to lead the project. The 25-year contract was signed in February 2012. TCN's investment was estimated at US$ 58.4 million (BRL 65 million) in the construction of the terminal. Construction works commenced in November 2012, and operations were expected to commence by July 2014. By February 2014, construction works were in its final stages.  In May 2012, the American company CHS do Brasil acquired a 25% stake at TCN.  In December 2013, the state-owned bank BNDES approved a US$ 33.5 million (BRL 78.8 million) loan to the project. In December 2015, BNDES approved an additional funding of US$ 6 million (BRL 20 million).
IQ Networks, a wholesale Internet provider based in the northern autonomous region of Kurdistan, aims to carry international traffic through Iraq to link Asia and Europe, boosting Iraq's hopes of becoming an international hub for Internet traffic despite the country's internal chaos. Iraq relies heavily on Kurdistan for Internet connectivity after Baghdad's insistence on state control of fixed infrastructure within its jurisdiction stifled development and spooked private investors. The government also segregates networks carrying transit and locally-destined traffic.  IQ Networks began in 2010 to build the transit-only fibre network connecting Iraq with Turkey, Iran, Kuwait, Saudi Arabia and Syria, plus submarine cables landing near Basra on Iraq's Gulf coast. The project has faced numerous hurdles. It was cancelled in 2011 and awarded to another company before that decision was reversed in 2013.  Under a deal with Baghdad, IQ Networks be granted a 15-year renewable licence to operate the network but will hand ownership of the cable outside of Kurdistan to state-owned Iraq Telecommunications and Post Company (ITPC) and will pay 26 percent of all revenue to the government.
The Brazilian state-owned company Petrobras (20%) and Savana SPE Incorporacao Ltda (80%) were granted the authorization to build and operate a 356-MW diesel fueled power plant located at the state Pernambuco. The power plant was named UTE Suape II, and the sponsors created the company Energetica Suape S.A. to manage the project. The 35-year contract was signed with the regulatory agency ANEEL in June 2008.  The value of the investment committed to UTE Suape II was estimated at US$ 302.6    million (BRL 590 million).   UTE Suape II won the public bidding that took place in January 2007 to sell electricity to several distribution companies, by offering a tariff of US$ 136.1/MWh (BRL 265.4/MWh). The project company signed 15-year power purchase agreements with the several electricity distribution companies. UTE Suape II committed to start supplying to the market in 2012.  In January 2013, UTE Suape II commenced commercial operation.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company was free from sectoral taxes.
The project involved the development of the Kwale Sugar plantation which consists of a greenfield sugar plantation, a sugar refinery and a 18MW cogeneration plant run on baggasse, a by-product of cane. On completion the project would have a capacity of 3,000 tons of cane per day. The sponsor was a joint partnership between the sugar trading Pabari Family Investment Trusts (75%) and Mauritian sugar miller Omnicane (25%). The power plant was being built by Indian contractor Isgec.   In July 2013, Kwale International Sugar Company Ltd (KISCOL) reached financial close on its US$200 million project, the first of its kind in the country. A consortium of banks led by Standard Banks Stanbic agreed financing of US$120 million, split into US$100 million over a nine-year tenor and the remaining US$20 million over a 12-year tenor. The debt to equity ratio was 60/40. Stanbic was joined by local development bank PTA. Standard Mauritius provided US$15 million, Standard Bank Kenya provided US$22.5 million, PTA provided US$20 million and the balance was divided between a combination of Mauritian and Kenyan banks. The pricing was Libor plus 700bp on the nine-year loan and Libor plus 600bp on the 12-year, with a floor of 10%. It was a dollar transaction with no real currency risk. Stanbic arranged the floating to fixed interest rate hedging. As was typical for project finance transactions in Kenya, the banks received a direct agreement and a letter of comfort from the government. Stanbic mitigated some of this risk through a cash sweep that came into place once market prices and covered ratios reach a certain level. Based on the boom-bust nature of sugar prices, the cash sweep would work when sugar prices rose as well as fall. The mechanism essentially flattened out the commodity cycle and offered protection to the lenders from the first day of operation. The risk on the sugar supply was also balanced with considerable due diligence on the sponsor. Omnicane had experience in the sugar industry but the project was its first in the Kenyan market. The lenders also built in quite a conservative model on their base case sugar supply, ensuring it was robust to market movements and shock weather conditions. The interface between the three separate project components (sugar farm, refinery and power plant) was understood to have posed some challenges to the project before Omnicane and Standard Bank came onboard two years ago. Water availability was also a crucial element to sugar production, and this required various dams to be either improved or built, along with night storage facilities, to provide water for irrigation of the estate. As a result, a lot of new documentation was needed around all the various EPC components. Freehills was adviser to the banks.  About 10MW of the power produced would be used by the sugar refinery, with the remainder of 8MW to be sold to Kenya Power. Given the limited capacity of power being sold to the grid, there was no power purchase agreement (PPA) on the project. It was understood the project company planned to sell 80% of the sugar in the domestic market with rest being shipped to outlets in Comesa and international markets. However, given the unpredictable nature of sugar cultivation there was no guarantee sought on the sugar supply. Although lenders discussed using the P90 and P60 predictability scenarios commonly used in wind projects, it was decided to maintain as much flexibility as possible on supply. The start of milling operations was scheduled for this year, and it was expected that the full 5,500 hectares, when under cane cultivation, together with outside growers canes, would initially produce about 52,500 tons of sugar per year.
In June 2012, the Chinese company China Harbor Engineering was granted through direct negotiations with federal authorities the right to build and operate the 67.2-km toll road named North South Link of the Highway 2000 Project in Jamaica.  The 50-year concession contract was signed in June 2012, and the sponsor created the company Jamaica North South Highway Company Limited to lead the project. The investment was estimated at US$ 600 million over the life of the project. Financial closure was achieved in June 2013, when a US$ 225.5m 20-year credit facility was granted by China Development Bank. The remaining investment cost was set to be equity financed.  Construction began in January 2013 and was expected to be fully completed in early 2016, although operations were set to commence by August 2014.
In October 2013, construction of a solar power plant invested by a local private company Shandong Linuo Group commenced in Shanshan County, Xinjiang Uyghur Autonomous Region. The electricity generation capacity of the plant was 20MW. The total investment was RMB 277 million (US$ 44.71 million) and Linuo had a 100% stake in the project. An SPV Shanshan Linuo Solar Power Engineering Company Limited was established in Shanshan County to undertake the project.
In April 2011, the Mexican company Fuerza de Apoyo Constructiva de Occidente S.A. de C.V. was awarded the 20-year contract to build and operate the wastewater treatment plant named PTAR Bahia de Banderas (Bahia de Banderas, state of Nayarit). The treatment plant was set to have a capacity of 600 liters/second (51.8 m3/day), benefiting 77,000 people.  The sponsor had established the special purpose company Equipamiento y Servicio de Agua de Bahía de Banderas, S.A.P.I. de C.V. to lead the project. Five bidders presented offers in the award process led by the state government of Nayarit: Aqualia Infraestructuras de Mexico, Ecossistemas del Agua, Fuerza de Apoyo Constructiva de Occidente, FYPASA Construccion and Ticsa. Information on the bidding criteria was not available.  The investment was estimated at US$ 18.6 million (Pesos 245.4 million), of which 35.5% was funded by the Federal government. Construction works commenced in early 2013 and were concluded by February 2015.
In November 2012, construction of the phase one of the 2GW PV solar power plant sponsored by a local private company Hanergy Group commenced in Xinhe County, Akesu District, Xinjiang Uygur Autonomous Region. The capacity of the project was 20MW. The total investment was RMB 266.0854 million (US$ 42.95 million) and Hanergy Group had a 100% stake in the project. The plant was completed and put into operation in November 2013. Hanergy Group would operate the PV plant for 25 years till 2038.
The project entails the construction of 22MW biomass plant located in the Landhi Cattle Colony area of Karachi, Pakistan. The plant will utilise biogas recovered from cow manure in Landhi, food waste and organic waste from the Korangi and Landhi industrial areas. Sponsor of the project is Karachi Organic Energy, a joint venture between Karachi Electric Supply Company (KESC) and the Aman Foundation. Commissioning is expected in Q4 2020.
In March 2013, a local private company Anhui Guozhen signed a concession agreement with the Shuangbo County Government to operate the Shuangbo County Wastewater Treatment Plant in Shuangbo County, Yunnan Province. It was unknown whether Anhui Guozhen won the job through open bidding and the conditions for selection could not be found either. The plant came into operation in 2011 and had a capacity of 10,000 tons per day. Guozhen had a 100% stake in the project and would operate the plant for 30 years. It could not be found how much Guozhen paid for the concession in the media.
In March 2012, the National Highway Authority of India (NHAI) awarded a 15-year concession (including construction period of 1-year) to JSR Constructions Private Limited for the strengthening,improvement, four-laning, operation and maintenance, and tolling of 22.18 kms (from KM216.912 to KM239.100) of Mulbagal to Andhra Pradesh/ Karnataka Border section of National Highway-4 (NH-4) in the state of Karnataka.  Under the contract, JSR Constructions was responsible for the design, construction, finance, operation and maintenance and strengthening of the existing 2-lane carriageway to a 4-lane highway with paved shoulders. The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, service roads, road intersections,interchanges, drains, etc.The expansion project, part of National Highway Development Project Phase-III would ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   JSR Constructions Private Limited established JSR Mulbagal Tollways Private Limited (JSRMTPL),a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by quoting the highest annual premium to NHAI. The SPV would pay NHAI a sum of US$0.96mn (INR 56.7mn @58.6 INR/USD) in the first year of operations, with 5% increase in each subsequent year through the life of concession period (this amounted to an NPV payout of about US$ 10mn over the concession period at a discount rate of 10%). Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. The fixed price EPC contract for the project had been awarded to JSR Constructions.  The project attained financial closure on 12th September 2013. The debt/equity ratio for the project was 71/29. The estimated capital cost of the project at the time of financial closure was US$ 26.3mn (INR 1540.1mn @ 58.6 INR/USD) million. Financing comprised a 13-year 6-months term loan of US$ 18.7mn (INR 1097mn) and sponsor equity of US$ 7.6mn (INR 443.1mn). The participating banks were Corporation Bank,Bank of Baroda,and Canara Bank.  Construction on the project was expected to begin in May 2013 and was expected to be completed by May 2014.
50 MW CSP plant to be developed un the REIPPP wind 2.  Lead sponsor and developer is Saui power and water developer ACWA power
In June 2011, construction of a biomass power plant commenced in Congjiang County, Guizhou Province. The developer was Kaidi Electric Power, a Wuhan based local private company. Substantial construction was completed in March 2013. The total investment was RMB 360 million (US$ 58.10 million) and Kaidi had a 100% stake in the project. The electricity generation capacity of the plant was 30MW. How the agreement was granted to Kaidi was not reported. Neither was the concession term.
The Italian company Enel Green Power announced the development the Sureste I-Phase II wind power plant in the municipality of Charcas (Oaxaca), Mexico (102 MW in capacity). Enel Green Power was awarded the right to build Sureste I-Phase II in a public tender organized by the regulatory agency Comision Federal de Electricidad (CFE). A 20-year power purchase agreement (PPA) was associated to this project, and the license was issued in February 2013.  The sponsor created the special purpose company Energias Renovables La Matato manage the project. Investment was estimated at US$ 160 million. Financial closure was achieved with a US$ 100 million loan granted by BBVA in June 2013.  Construction began in December 2013. Operations were expected to commence in the second half of 2014.
The company Centrais Eolicas de Caetite Participacoes S.A., a subsidiary of Rio Energy Fundo de Investimento (controlled by Denham Capital), was granted authorizations to build three  wind power plants  located in the state of Bahia, municipality of Caetite (75 MW in total capacity). The35-year contracts were signed with the regulatory agency ANEEL starting in February 2014. The company Centrais Eolicas de Caetite Participacoes S.A. created three special purpose companies to manage the projects:  EOL Caetite A - Eolica Caetite A S.A. (30 MW) EOL Caetite B - Eolica Caetite B S.A. (30 MW) EOL Caetite C - Eolica Caetite C S.A. (15 MW)  The total investment in the power plants was estimated at US$ 70.4 million (BRL 209.6 million). Construction works commenced in September 2013, and were in its final stages by June 2015. Commercial operations were expected to begin by November 2015.  The government periodically runs public bidding for the sale of energy to the country´s distribution companies. The power plants EOL Caetite A and EOL Caetite B won the public bidding that took place in August 2013 by offering an average tariff of US$ 49.73/MWh (BRL 116,29/MWh). The power plant EOL Caetite C won the public bidding that took place in November 2013 by offering an average tariff of US$ 53.37/MWh (BRL 125.46/MWh).   The project companies signed 20-year power purchase agreements with the several electricity distribution companies. Centrais Eolicas de Caetite committed to start supplying the market in 2015.   The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.  In June 2015, the state-owned bank BNDES approved a US$ 51 million (BRL 152 million) loan to the project.
The project sponsors KEPCO (60%, South Korea), Mitsubishi Corporation (35%, Japan), and Wartsila Corporation (5%, Finland) were developing the 573MW tri-fuel (natural gas/HFO/LFO) power plant IPP3. The project was expected to consist of a 300-350MW base load and 200-250MW peaking plant capacity. The project is expected to operate on HFO until 2015, it is expected the plant will switch to natural gas once supply infrastructure becomes available.  The project company, Amman Asia Electric Power, held a 25 year dollar power purchase agreement with state-owned electricity utility NEPCO, which included a fixed US dollar denominated capacity charge and fuel pass through. The EPC contract was awarded to Wartsila and Lotte Engineering & Construction. The project was awarded following a competitive tender which closed October 2011. Bid criteria was lowest tariff, as well as other technical criteria.  Other contenders included a consortium of Saudi Oger, Samung C&T and Korea East-West. KEPCO's bid involved Wartsila's dual fired technology. Eighteen companies responded to the initial Request for Pre-qualification in November 2010. During the process, shortlisted consortium AES, Malakoff, CCC and Sithe, dropped out early. Total EPC contract was valued at $552 million, of which Wartsila's share wasw $334 million. Wartsila was also responsible for a 15 year parts-supply-agreement and a 5 year Technical Service Agreement. Commissioning of phase 1 (250MW) was expected for January 2014.  Financial closure was achieved in 30 January 2013. Total project cost was estimated at US$812 million. Financial advisors of the sponsor were Mizuho. Financing was provided by Mizuho, BTMU, KfW-IPEX and SMBC. The project loans were covered by KEXIM and NEXI. Financing consisted of three tranches: 1) $290 million, 2) $125 million, and 3) $181 million. The first and second tranches was covered by KEXIM and funded by BTMU, KfW-IPEX, Standard Chartered, Mizuho and SMBC. The third tranche was funded by BTMU, KfW-IPEX, Mizuho and SMBC. The tenor was 19.8 years. NEXI also provided an extended political risk coverage on the Jordan government guarantee. KEXIM reports it provided a $320 million loan and $107 million guarantee. Based on this information, debt/equity ratio is 72/28.
In May 2007, Dirang Energy Private Limited, a subsidiary of Patel Engineering Limited, signed a 40-year concession agreement with Arunachal Pradesh Government for setting up a 2x72 MW run-of the river type hydro power project on river Gongri, a tributary of river Bichom in Kameng Basin in West Kameng district. Gongri HEP had earlier been planned with 90 MW capacity. However, the capacity was later revised to 144 MW after detailed scrutiny of the project.The project used 2 numbers of Francis type turbines each of rated capacity of 72MW. The project was expected to generate 623.19 MU in every 90% dependable year.The electricity that was generated was exported to the Arunachal Pradesh state power transmission Company. The operation and maintenance (O&M) of the Hydel Project was expected to be done in-house by Patel Engineering. The forest clearance for the project was accorded in November 2012 and environment clearance in March 2013. Land for the project had been acquired.  Dirang Energy Private Limited (DEPL) had got the project on an allotment basis from the Government of Arunachal Pradesh on build, own, operate, and transfer basis. The ownership of the unit vests with DEPL for a period of 40 years.Patel Engineering held a 74% stake in the project while the Government of Arunachal Pradesh held a 26% stake. Arunachal Pradesh State Electricity Board (APSEB) had signed a power purchase agreement (PPA) with Dirang Energy Private Limited, the SPV established to implement the project. As per the APERC (state regulator) approved feed-in tariff, APSEB was expected to purchase electricity at the levelized rate of US$ 0.078/Unit (INR 3.69/unit @47INR/USD) from the date of commissioning. Out of the expected net energy generation, 12% of the energy generated was to be provided at free of cost to Arunachal Government. Dirang Energy was also expected to give free power (up to 35 units) at INR 0.01/kWh for local catchment area development. The project was eligible for UNFCC carbon credits.   The project attaned financial closure in February 2013. The estimated project cost at the time of financial closure was US$ 229.3mn (INR 13440mn @58.6 INR/USD). Financing comprised of a 17-year 6-months term loan of US$ 152.5mn (INR 8940mn) and sponsor equity of US$ 76.8mn (INR 4500mn). The debt equity ratio was 66/34. The lead arrangers were Axis Bank and IDBI bank. The other participating banks were Central Bank of India, Canara Bank, and Corporation Bank.  The construction activities of the project were expected to start in August 2013, and get commissioned in 2017.
In October 2013, construction of a solar power plant invested by a local private company Shanghai Lingyun Industrial Development Company Limited commenced in Jingyuan County, Gansu Province. The electricity generation capacity of the plant was 100MW. The total investment was RMB 850 million (US$ 137.19 million) and Lingyun had a 100% stake in the project. The power plant came into operation in December 2014.
82MW clean coal power plant located in in Toledo City, Cebu, expected to become operational by 2015. The P10.2bn power plant is set to supply the additional electric power requirements of Carmen Copper Corp who will need the additional supply to power its mining expansion undertakings.
On 26th November 2012, the National Highway Authority of India (NHAI) awarded a 30-year concession (including construction period of 910 days or approximately 2.5-years) to Galfar Engineering and Contracting SAOG of Oman (Galfar) for the strengthening, improvement, 2-laning, operation and maintenance, and tolling of 154.141kms (from KM0.0 to KM154.141) of Rajasthan Border-Salasar section of National Highway-65 (NH65),in the state of Rajasthan.   Under the contract, Galfar was responsible for the design, construction, finance, operation and maintenance and widening of the existing carriageway to a 2-lane highway with paved shoulders, with a provision to augment capacity at a later date. The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc. The expansion project, part of National Highway Development Project Phase-IV would ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  Galfar established Salasar Highways Private Limited (SHPL), a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by requesting the lowest upfront subsidy of US$ 24.2mn (INR 1420mn @58.6 INR/USD). Out of the 32 pre-qualified bidders, only 2 developers participated in the final bid. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The project attained financial closure on 12th November 2013. The grant/debt/equity ratio for the project was 23.5/59.5/17. The estimated capital cost of the project at the time of financial closure was US$ 103.2mn (INR 6047.3mn @58.6 INR/USD). Apart from viability gap funding (grant) of INR 1420mn, financing comprised of a 10-year term loan of US$ 61.4mn (INR 3600mn) and sponsor equity of US$ 17.5mn (INR 1027.3mn). The term loan had a grace period of 6-months and repayment schedule of 78 monthly installments.The debt was arranged by Union Bank of India and the participating banks were Canara Bank (INR 1000mn), and Bank of India (1000mn).     Construction on the project was expected to begin in November 2013 and be completed by May 2015.
In June 2013, RDL Aeroportos, a wholly-owned subsidiary of RDL Construtora e Incorporadora, was awarded in a competitive bidding process the contract to operate and manage the Aeroporto Regional Sul Airport located at the city of Jaguaruna (state of Santa Catarina). Besides RDL Aeroportos, no other company took part in the contest. The bidding criteria set by the state of Santa Catarina Infrastructure Secretary was the best technical proposal.  The 5-year contract was signed with the regulatory agency in June 2013, and the sponsors took over the operations in August 2013.
On March 15, 2013, Enerjisa Elektrik Dagitim offered the highest bid of USD 1.227 billion to acquire 100% shares of Istanbul Anadolu Yakasi Elektrik Dagitim A.S. (AYEDAS), a state-owned power distribution company that distributes electricity to 4.7 million people who live in the Anatolian side (Asian side) of Istanbul with 18,500 km long distribution power line.   Enerjisa is joint venture equally owned by Turkey's Haci Omer Sabanci Holding A.S. and Germany's E.ON.   Enerjisa signed a thirty year Transfer of Operating Rights (“TOR”) agreement in August 2013 that was backed by Share Sale model ("TSS model"). Under the TSS model, asset ownership of new as well as existing distribution assets belong to the state-owned power distribution company Turkiye Elektrik Dagitim Anonim Sirketi (TEDAS), while the investor (Enerjisa) attains the right to operate the distribution network together with the obligation to undertake all new necessary investments. According to this model, Enerjisa is the sole owner of the shares of AYEDAS and has the sole license (monopoly) for the distribution of electricity in the designated region from Energy Market Regulatory Authority (EMRA). All EMRA approved investments shall be realized by Enerjisa and will be recovered through the tariffs. Except for cases of investor misconduct, the part of investments not recovered via the tariffs shall be paid by TEDAS to the private operator upon the expiry or termination of the contract.  The competitive tender was conducted by turkish privatization administration, Ozellestirme Idaresi Baskanligi (OIB).  Enerjisa took over AYEDAS in August 2013 after it paid 40% of the bid amount in cash. The balance will be paid in three equal installments in three years.
Amata B. Grimm Power 4 Limited (ABP4) was created to build and operate a 132MW gas fired combined cycle cogeneration power plant in the Amata Nakorn Industrial Estate, Chonburi Province, approximately 57km from Bangkok. The project company agreed to sell power to Electricity Generating Authority of Thailand (EGAT) under a 25 year power purchase agreement (PPA) at a contracted capacity of 90MW that falls under Thailand’s small power producer (SPP) program. The remaining capacity is sold to numerous industrial users within the Amata Nakorn Industrial Estate under Power purchase agreements with three to five-year terms. Under the EGAT PPA, EGAT would pay ABP4 the capacity payment of 90MW, which consists of Thai baht and US dollar-linked Thai baht portions under a take-or-pay structure.   ABP4 is owned by an experienced group of sponsors - 50% by Amata B. Grimm Power Ltd (ABP); 29.9% by B.Grimm Power Ltd (BGP); and 20.1% by Amata Corporation Public Company Ltd (Amata). Sumitomo Corporation, one of the largest worldwide trading companies, is a 30% shareholder in ABP through its subsidiary Summit Sunrise Energy Ltd. BGP in turn has a more than 50% shareholder in ABP. Additionally, Amata, Thailand’s leading developer of industrial estates, is a 13.8% shareholder in ABP.  The total cost of the power plant was estimated at USD 184m. The project reached financial close in 2013 with USD 50 million to be funded by group of lenders under a project financing arrangement with the longest loan tenor of 20 years in Thailand’s power project finance market. Kasikornbank Public Company Ltd was the mandated lead arranger and the other lenders were - Land & Houses Bank Public Company Ltd, Mizuho Bank Ltd Bangkok Branch and Sumitomo Mitsui Banking Corporation.
The company Guarani  S.A., a parnership of Tereos Internacional S.A. (60.44%), a subsidiary of the French Group Tereos,  and the state-owned company Petrobras Biocombustivel S.A. (39,56%), was granted authorizations to build and operate five sugar-cane-residue fueled power plants located in the states of Sao Paulo (275.2  MW in total capacity). The 30-year contracts were signed with the regulatory agency ANEEL over the years starting in November  2000 (only the Guarani-Tanabi 2 unit signed a 35-year contract). The power plants were named as follow:  * UTE Guarani (9.4 MW)  - this captive unit started operations in 1977 * UTE Guarani-Andrade (14 MW) - this captive unit started operations in 2009 * UTE Guarani-Cruz Alta (64.8 MW) - a 8 MW unit commenced operations in 1997, initially as a captive unit; 22 MW unit commenced commercial operations in June 2003 (with the electricity generated being sold to the unregulated market); a 10 MW unit commenced operations in 2009 (still with the electricity generated being sold to the unregulated market); a 25 MW unit commenced operations in January 2013 (this expansion took place so that the company would be to able to attend the contracts signed in 2014 for the sale of electricity in the regulated market, as described below). * UTE Guarani-Tanabi (38 MW) - commenced commercial operations in May 2014 (electricity sold to the regulated market) * UTE Guarani-Tanabi 2 (34 MW) - under construction, as of December 2014 (electricity to be sold to the regulated market)  The investment directed to the 25 MW unit of UTE Guarani-Cruz Alta was US$ 26.4 million (BRL 62.1 million), to UTE Tanabi was US$ 39.9 million (BRL 93.8 million) and to UTE Tanabi II was US$ 36.3 million (BRL 85.7 million)  The government periodically runs public bidding for the sale of energy to the country´s distribution companies. The UTE Guarani-Tanabi and UTE Guarani-Tanabi 2 won the public bidding that took place in 2013, by offering an average tariff of US$ 57.2/MWh (BRL 134.4/MWh). The UTE Guarani-Cruz Alta won the public bidding that took place in 2014, by offering a tariff of US$ 84.4/MWh (BRL 198.5/MWh). UTE Guarani-Tanabi and UTE Guarani-Tanabi 2 signed 25-year power purchase agreements with several electricity distribution companies, while UTE Guarani-Cruz Alta 2 signed 30-year agreements. UTE Guarani-Tanabi and UTE Guarani-Tanabi 2  committed to start supplying to the market in 2018, while UTE Guarani-Cruz Alta 2 committed to start supplying the market in 2019.
ReNew Wind Power Private Limited entered into an agreement with Maharashtra Government, to develop 49.5MW wind power project Peth Shivpur village in Kolhapur district of Maharashtra. The project would be executed by ReNew Wind Energy (Shivpur) Private Limited, a special purpose vehicle. The wind farm would involve the building of 33 ReGen Powertech wind turbines of 1500kW capacity each.The electricity generated from the project would be evacuated by state grid thorugh Northern, Eastern, Western and North-Eastern (NEWNE) grid of India. ReGen Powertech Private Limited would develop, construct, commission, operate and maintain the project at an all-inclusive price.    ReNew Wind Energy (Shivpur) Private Limited would sell the power to Maharashtra state Electricity Distribution Company Limited (MSEDCL). The APPC (Average Power Purchase Cost) base tariff as per MERC tariff order (dated 29 April 2011 for Wind zone 1) was US$ 0.10/Unit (INR 5.37 per unit @53.44 INR/USD) for the first 13 years of operation. The transmission charges would be paid by ReNew to the state transmission utility. The total capacity of 49.5MW was eligible for CDM benefits and the company had initiated the process with UNFCC.    The project attained financial closure on 8th March 2013 at a debt/equity ratio of 75/25. The project cost estimated at the time of financial closure was US$ 55.6mn (INR 3257mn @58.6mn INR/USD). Financing comprised a 12-year term loan of US$ 41.6mn (INR 2440mn) and sponsor equity of US$ 13.9mn (INR 817mn).The loan was provided by PTC India Financial Services Limited. ReNew had availed financing at satisfactory terms from its lenders, including a ballooning repayment structure, 12-month moratorium period and long tenure of repayment.  The project started construction in September 2011 (EPC contract signed) and as per company sources expected to be commissioned in December 2012.The project was progressively commissioned between April and September 2013.
Fina Enerji was planning the development of 4 new wind farms:  14.4MW Kizilcaterzi Wind Farm: consisting of 9x 1.6-100 turbines 16MW Karadere Wind Farm: consisting of 10x 1.6-100 turbines 38.5MW Sadilli Wind Farm: consisting of 14x 2.75-100 turbines 27.5MW Salman Wind Farm: consisting of 10x 2.75-100 turbines  The equipment was expected to be supplied by GE (NYSE:GE) following an agreement from November 2012. The Sadilli wind farm reached closure in August 2013. The capacity was adjusted to 33MW. Total project cost was $58.33 million. Financing was provided by Garanti Bank and ING and composed of a EUR8 million term loan and a EUR28 million term loan.Debt to equity ratio was 82/18  The Salman wind farm closed in October 2013 at a total project cost of $35.8 million for 20MW. Financing was provided by Garanti Bank and ING in the amount of EUR17.5 million, split in a EUR5.5 million term loan and a EUR12 million term loan. Debt/equity ratio was 67/33  The 15MW Karadere wind farm reached closure in October 2013 at a total cost of $33.1 million. The loan costied of a EUR7 million and a EUR12 million term loan from Garanti Bank and ING. The debt/equity ratio was 79/21.
In May 2012, a local private company Zhejiang Kinguo Holdings Ltd. signed an agreement with the local authority to build and operate 200MW PV plants in Tumushuke City, Xinjiang. The first part was the 90MW demonstration PV plant and the first phase thereof was a 20MW PV plant. Construction had commenced by Nov 2012 according to an article and the project would be completed in 2013. The total investment for the 20MW plant is US$ 38.74 million (RMB 240 million). Once finished, it could reduce carbon emission of 32614 tons per year. A special project vehicle Tumushuke City Kinguo Power Co. Ltd. was established to implement the plants. Zhengguo had a 100% stake in the project. Over 25% of construction had been finished by August 2013.
This BOO project comprises construction of a 40MW solar photovoltaic power plant at Linde in Northern Cape. The project falls under the second round of the South African Renewable Energy Independent Power Producer Program (REIPPP).  Financial closure was reached in May 2013.
In Jan 2011, a local private company Jiangsu Tianying Group was granted a concession agreement to build and operate a solid waste power plant in Liaoyuan City, Jilin Province. Construction of the first phase commenced in Dec 2011. The total investment on the first phase was US$ 51.65 million (RMB 320 million) and by May 2013, a great deal of construction had been completed. The first phase of the plant could operate 800 tons of household solid waste per day and the power generation capacity was 15MW. Tianying Group seemed to have 100% share of the project.
In July 2012, United Water signed an agreement with the Suqian Municipal Government to build and operate the Gengche Wastewater Treatment Platn in Suqian City, Jiangsu province. The plant had a design capacity of 49,000 tons per day and the first phase would have 25,000 tons per day. The total investment was US$ 9.68 million (RMB 60 million). United Water would operate the plant for 25 years when construction was finished. According to official news, substantial civil works of the plant was finished in March 2013. How United Water was selected for the BOT agreement was not reported, although given its influence in Suqian City, it was very possible that the agreement was granted via direct negotiation. The agreement was performed by Suqian Yinkong Water Supply Company Limited, a subsidiary of United Water in the Suqian City.
The project comprises construction of a 24MW wind farm situated west of the town of Grahamstown in the Eastern Cape Province of the Republic of South Africa. The project is part of Round 2 of the South African Department of Energy's renewable energy independent power producer procurement program.
In Jan 2012, a local private company Huashuo Investment Company Limited signed an agreement with the Longan County Government to build and operate LNG facilities in Longan County, Guangxi Zhuang Autonomous Region. Construction commenced in Nov 2012 and the facilities were operational in May 2013. The total investment was US$ 40.35 million (RMB 250 million) and Huashuo Investment had a 100% stake in the project. The LNG facilities had a supply capacity of 350 million cubic meters per year.
The Specialized Container and General Cargo Terminal of Puerto Cortes was expected to have 1,100 meters of quay for containers and 400 meters for general cargo, 14 meters of draft (that could reach 15 meters), 62.2 hectares of total surface area, 12 STS cranes and an annual volume capacity of approximately 1.8 million TEUs.  Two proposals were presented by the consortium of companies: Grup Maritim TCB, S.L./Bolloré Africa Logistics S.A.S. from Spain and France, respectively, and the company International Container Terminal Services Inc. (ICTSI) from the Philippines. ICTSI won the International Public Bidding Process for the Design, Financing, Construction, Maintenance, Operation and Exploitation of the Specialized Container and General Cargo Terminal of Puerto Cortes in Honduras. The announcement was made during a public hearing held on 1 February 2013 in Tegucigalpa, Honduras. At the same public hearing, the Technical Committee of the bid process composed of members of the Commission for the Public-Private Alliance (COALIANZA), an entity of the federal government of Honduras, and FICOHSA bank, the trustee of the conferred contract, awarded to ICTSI the Contract for the Design, Finance, Construction, Preservation, Operations and Exploitation of the Container and General Cargo Terminal of Puerto Cortes in the Republic of Honduras for a period of 30 years.   Under the terms of the deal, ICTSI was in charge of the revamp of docks, enlargement of the berthing line and the construction of a container terminal at the port, as well as operation and maintenance for 30 years.  Investment commitments were US$ 624.3 million (EUR 462.9 million). ICTSI was required to put up at the inception a minimum capital stock of US$ 31.0 million. It had to pay certain contributions such as 4 percent of the gross income to the Municipality of Puerto Cortés, without considering the tax over sales, payable monthly. Payment of US$ 100,000 to the National Port Company for each hectare occupied of the existing surfaces, which was payable annually. An amount of US$ 75,000 for each hectare of the new built payable annually; a certain amount for each movement of the container of importation/exportation regardless if it is full or empty, with a right to reimbursement in an amount equivalent to 25 percent of the imposed amount; for the load not packed in containers, US$ 1 for each ton of fractioned load that is operated in the terminal; US$ 5 for each unit of rolling load that was to be operated in the terminal and US$ 1 for each passenger operated in the terminal. Also an upfront payment of US$ 25.0 million with 70 percent paid on execution date of the agreement and the balance within 6 months from said execution date. For COALIANZA, two percent of the total of the reference investment of the project, paid on execution date of the Agreement. Lastly, for the trustee, FICOHSA Bank, a 0.37 percent of the annual gross income, payable monthly and US$ 1.584 million paid on execution date of the agreement.  In November 12, 2013 Operadora Portuaria Centroamericana S. A. de C.V. (OPC)  executed the Delivery and Reception Deed No. 1 of the Terminal Area with the Commission for the Promotion of the Public-Private Alliance, the National Port Authority and Banco Financiera Commercial Hondurena S.A., pursuant to the contract for the design, finance, construction, preservation, operations and exploitation of the container and general cargo terminal for Puerto Cortes in the Republic of Honduras. The actual and physical takeover of the operations of the terminal was planned before end of the November 2013.  In December 2013, OPC took over the operations of the terminal facilities.
In December 2011, Consorcio Garanhuns - a partnership of the Brazilian state-owned company Companhia Hidro Eletrica do Sao Francisco (49%) and CTEEP - Companhia de Transmissao de Energia Eletrica Paulista (51%; subsidiary of the Colombian company ISA) -  was awarded in a competitive bidding process the contract to build and operate the 666-km transmission line connecting Luiz Gonzaga-Guaranhuns-Pau Ferro-Campina Grande III-Angelim, located at the states of Alagoas, Paraiba and Pernambuco.   Four other companies took part in the contest: ?? ABENGOA CONCESSOES BRASIL HOLDING S/ A; ALUPAR INVESTIMENTO S/A; COBRA INSTALACIONES; and NEOENERGIA. The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. Consorcio Garanhuns presented the lowest offer, a total value of US$ 42.2 million (BRL 68.9 million), 38% below the ceiling set by the regulatory agency. The contract was signed in December 2011, and the sponsors created the company Interligacao Eletrica Garanhuns S.A. to lead the project during the 30-year contract period.   The sponsor committed to invest US$  398.9 million (BRL  939 million) in the transmission line. In December 2013, Interligacao Eletrica Garanhuns was awarded a US$  151.8 million (BRL  357.4 million) million loan from the state-owned bank BNDES. Environmental clearance was awarded in July 2013. Construction works commenced in August2013 and were expected to be concluded by November 2014.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures.
The project entails the development of 23.5MW biomass power plant in the city of Butuan, Mindanao, the Philippines. Project sponsor is Eastern Petroleum. The facility will utilize wood chip feedstock provided by plantations located in Agusan del Norte and Agusan del Sur. Eastern Petroleum plans the double the size of the plant's capacity as local energy demand rises.
The project entails the construction of a 12 MW WtE plant in Sanya City, Hainan Province. Total investment stands at RMB 430 million or $ 63.75 million. Sponsor of the project is China Everbright. The facility will be undertaken under BOT concession. China Everbright revealed that the project had received a RMB 40 million subsidy under the “2014 Central Budgetary Investment Plan”. Financial close took place in June 2013.
In May 2013, the Shandong Provincial Government approved the project to construct three berths (#8, #9 and #10) in the middle area of Weifang Port in Weifang City, Shandong Province. A Malaysia based company Sime Darby Group was the sponsor holding 100% stake in the project. Each multipurpose berth had a capacity of 20,000 tons per day. Sime Darby Group invested US$ 61.94 million (RMB 384 million) on the projects. A project company Weifang Sime Darby Port Company Limited was established to operate the project. One berth came into operation in September 2013.
In July 2010, the Mexican group Comexhidro commenced the development of a 30-MW hydro power plant located at Puente Porras, municipality of Zongolica, state of Veracruz. The power plant was named Luis de la Mora Ostos and the sponsor created the special purpose company Electricidad del Golfo, S de RL de CV to manage the project.  The project was set to supply 15% of the electricity needs of the municipalities of Zongolica, Mixtla de Altamirano and San Juan Texhuaca.  Commercial operations began in June 2013. The investment in the power plant was estimated at US$ 45 million.
In September 2012, Rutas de Lima, a partnership of the Brazilian company Odebrecht and the Peruvian Sigma, won in a competitive bidding the right to expand, rehabilitate and operate the 115 km of highways of districts located in Lima, Peru. The project was named Vias Nuevas de Lima.  No information was available regarding the contract awarding process.  The 30-year concession contract was signed in January 2013. The sponsors created the company Concesionaria Rutas de Lima to lead the project. Operations commenced in February 2013.  The investment was estimated at US$  590 million.  In June 2014, a financing package comprised of a US$ 200 million 15-year loan and US$ 520 million in long-term bonds was approved. BBVA and Creditcorp were the leading arrangers of the financing package.
The project comprises construction of the 138MW Gouda wind farm located in the municipality of Drakenstein, Western Cape Province. The wind farm consist of 46 units of 3MW Acciona wind power turbines.
The  company, a subsidiary of Capital de Riesgo Global (a company of the Santander Group), was granted the authorizations to build three  wind power plants located in the state of Rio Grande do Sul (62 MW in total capacity ). The 35-year contracts were signed with the regulatory agency ANEEL in March 2011. The projects, which were set to be managed by REB Empreendimentos e Administradora de Bens S.A., were named:  EOL REB Cassino I (22 MW) EOL REB Cassino II (20 MW) EOL REB Cassino III (20 MW)  In August  2010, all three wind power plants took part in the same competitive bidding process to sell electricity to the regulated wholesale market , starting in 2013 (20-year power purchase agreement was signed guaranteeing the sale of electricity to the national grid). The average tariff offered in the bidding process by the power plants was US$ 69.2/MWh (BRL 136.6/MWh).  The total investment in the project was estimated at US$ 117.3 million (BRL 276 million).   As of October 2012, construction works had not yet commenced. Commercial operation were  estimated to commence in November 2012.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company is not subject to sectoral taxes.  In 2011, the sponsor applied for carbon credits.  Construction works commenced in January 2013 and were in its final stages as of December 2013. Commercial operations were expected to commence in December 2014.  In December 2014, the state-owned bank BNDES approved a US$ 93.3 million (BRL 219.3 million) loan to the project.
20MW Biomass based cogeneration plant at Budhewal in Punjab by Purab Urja Private Limited.
In August 2013, a local private company Beijing Sound Group won the management contract for twelve township wastewater treatment plants in Jinhu County, Huaian City, Jiangsu Province following an open bidding process. These township plants were located in ten towns including Jinbei Town, Qianfeng Town, Chenqiao Town, Lvliang Town, Minqiao Town, Qinji Town, Taji Town, Dailou Town, Tugou Town, and Jinnan Town. The total capacity of the plants was 5000 tons per day. Beijing Sound would operate the plants for three years for a management fee of US$ 0.80 million (RMB 4.98225 million). Sound had a 100% stake in the projects.
In July 2009, the company Transportadora del Callao, a partnership of  the British company Glencore Xstrata (30%), the Dutch company Trafigura (30%), and the Peruvian companies Santa Sofia Puertos (25%), El Brocal (8%) and Chinalco (7%), was awarded through direct negotiations with the federal port authority the contract to build and operate a mineral terminal at Callao Port (Peru).   The 20-year contract was signed with the port authority in December 2010.  The total investment in the project was estimated at US$ 150 million to be directed the new facilities. Financial closure was achieved in October 2013, when BBVA, Banco de Credito de Peru and Natixis approved a US$ 100 million 10-year loan.  Construction works commenced in August 2012.
A local private company Kaidi Electric Power was granted a contract to build and operate a 30MW biomass power plant in Huoshan County, Anhui Province. Construction commenced in July 2009. The total investment was US$ 45.71 million (RMB 283.21 million) and Kaidi had a 100% stake in the project. The equity contributed by Kaidi was US$ 13.76 million (RMB 85.28 million) and remaining capital was raised from local public banks. A special purpose vehicle, Huoshan County Kaidi Green Energy Development Company Limited was set up to perform the project. Equipment installation was completed in Jan 2013. Commissioning of the plant started in Dec 2013.
In November 2013, PSA International and Lianyungang Port Group signed an agreement with China Shipping to purchase 55% share of the latter in the Lianyungang New Oriental Container Terminal Company in Lianyungang City, Jiangsu Province. Through the deal, PSA acquired 49% share in the container terminal with a handling capacity of 2.8 million TEU per year. PSA International paid US$ 108.67 million (RMB 673.75 million) for the share. Lianyungang New Oriental Container Terminal Company had 5 new container berths at Santudi, Gangmiao, Lianyungang.
In April 2012, Yunnan Provincial Government approved the Yongren County Ganbala 50MW PV Plant signed between the Hong Kong based China WindPower Group and Yongren County Government in 2011, signalling the start of the project. The total investment was US$ 110.88 million (RMB 687 million) and China WindPower had a 100% stake in the project. A special project vehicle, Yongren Xiehe Solar Power Co., Ltd., was established to implement the BOT project. Concession term was unknown. Construction commenced in April 2013 and the plant was operational in Sep 2013.
The Energia Eolica - Talara wind project was a 30 MW wind farm to be located in Parinas district, province of Talara (Piura).   The project developer - Energia Eolica S.A. - was a Peruvian based firm with Spanish investors and was created with the intention of building, owning and operating wind farms in Peru.    The project would sell power to the SEIN grid system and had obtained through tender a 20 year PPA to sell power from the Peruvian Ministry of Mines and Energy.  The investment was estimated at USD 71.1 million.  The EIA of the Energia Eolica S.A.  - Talara wind farm was approved and as of 2011, expected commissioning was for 2012.  In 2012, the project was purchased from energia Eolica by the NY based investment firm Countour Global.  In November 2012, the sponsors applied for carbon credits.  The project was purchased by US Conjtour Global in 2012 and is scheduled for financing in the first quarter of 2013. In 2013, OPIC approved a US$ 193 million loan to finance two of the sponsor's wind farms in Peru, the Cupisnique and the Talara wind farms.  As of June 2014, 90% of the construction works were concluded.  Commercial operations commenced in August 2014.
In September  2011, the Brazilian company Isolux Energia e Participacoes S.A. , a subsidiary of the Spanish company Isolux, was awarded in a competitive bidding process the contract to build and operate 247-km of transmission lines and one substation located in the states of Sao Paulo and Rio de Janeiro.  The 500-kV transmission line was set to connect the city of Taubate (Sao Paulo) to the city of Nova Iguacu (Rio de Janeiro). The substation had a planned capacity of 500/345 kV and was named SE Nova Iguacu.  Besides Isolux Energia e Participacoes S.A., four other companies took part in the contest: Consorcio Linha Verde; the state-owned Brazilian company Furnas Centrais Eletricas S/A; the Brazilian company ALUPAR INVESTIMENTO S.A;  and CTEEP- Companhia de Transmissao de Energia Eletrica Paulista (subsidiary of the Colombian company ISA).   The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. Isolux Energia e Participacoes S.A. presented the lowest offer, a total value of US$ 17.1 million (BRL 27.98 million), 44% below the ceiling set by the regulatory agency. The contract was signed in November 2011, and the sponsors created the special purpose company Linhas de Taubate Transmissora de Energia S.A. to lead the project during the 30-year contract period.   The sponsor committed to invest US$ 175.3 million (BRL 412 million) in the transmission line. To finance the project, the sponsor made four bond issuances: 2012 - US$ 76.8 million (BRL 150 million) 2013 - US$ 70.2 million (BRL 165 million)  Environmental clearance was awarded in December 2011. As of January 2015, construction works were underway and commercial operation was expected for March 2016.   The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures.  In December 2014, the state-owned bank BNDES approved a US$ 83.4 million (BRL 196 million) loan to the project. In February 2015, BNDES approved an additional US$ 15.5 million (BRL 46.2 million) loan.
In December 2012, construction of the China WindPower Delingha Solar Power Plant phase 2 commenced in Delingha City, Qinghai Province. WindPower had a 100% stake in the 20MW plant. The plant came into operation in December 2013. WindPower implemented the project through its subsidiary registered locally Delingha Xiehe Solar Power Co., Ltd. . The total investment was US$ 35.51 million (RMB 220 million).
In 2013, Sumber Segara Primadaya (S2P) began development of a 660 MW coal-fired power plant, an expansion of its existing 600 MW coal fired Cilacap power plant in Karang Kandri village in central Java province in Indonesia. The power plant construction was expected to be completed within 36 months and scheduled to commence operation in 2016. The projected average output of 4.3 TWh/year would be sold to state power utility PT Perusahaan Listrik Negara (PLN) under a long-term power purchase agreement (PPA).  S2P is a joint venture between the local investor PT Sumber Energi Sakti Prima (51%) and local generator PT Pembangkitan Jawa Bali (PJB). PT PJB is in turn a wholly-owned subsidiary of the state power utility PT Perusahaan Listrik Negara (PLN).  The total cost of the 660 MW expansion was USD 900 million and was financed though loans and internal cash. The project reached financial close in April 2013 after finalizing a USD 700 million concessional debt from China Development Bank (CDB) with no collateral and guarantee. The plant is built and equipped by Chinese companies.
74MW Sishen Solar PV project reached financial closure in June 2013, as Windfall 59 Properties, a project company for the project signed a loan facility with Nedbank and Investec to finance the project. The facility would be constructed on a 620 hectare site 17km northwest of the town of Kathu, an area known as one of the best irradiation sites globally, and would use 319,600 crystalline solar panels. Sponsors of the project were Acciona Energy SA (51%), Aveng Limited (29%), Soul City Institute (10%) and Dibeng Trust (Local Community Fund) (10%).   EPC contractors were Acciona(50%)/Aveng (50%) and legal advisers were Webber Wentzel for the borrower and Bowman for the lenders. HSBC was financial advisor to the project. Electricity produced from this Solar PV power plant would be connected and sold to Eskom under a PPA for 20 years. Expected operation date would be December 2014.  Estimated total cost of the project is US$238.8 million. As for the financing details, Investec and Nedbank Capital acted as joint mandated lead arrangers for US$179 million of senior debt, with primary shareholders being Acciona Energy South Africa (51%) and Aveng Africa (29%). The MLAs arranged and underwrote US$89.5 million each and both banks wrote interest rate swaps on their debt.
In December 2009, the Brazilian company Odebrecht was awarded the contract to build and operate the 406-MW Chaglla Hydro Power Plant located at Huanuco and Pachitea. The sponsor created the special purpose company Empresa Generacion Huallaga S.A. to lead the project. A 15-year PPA contract was signed with Electroperu.  Six companies took part in the competitive bidding process, of which three were awarded the right to build power plants: Consorcio Generadora Pucara, Empresa de Generación Huallaga and Cerro del Aguila (the names of the other companies were not available). The bidding criteria was the lowest tariff.  The investment was estimanted at US$ 1.2 billion. Financial closure was achieved in July 2013. The project financing raised a total of US$ 774 million in senior secured debt commitments, led by two anchor agency lenders: Banco Nacional de Desenvolvimento Econômico e Social – BNDES from Brazil and the Inter-American Development Bank (IADB).  BNDES and IADB made a direct loan of US$150 million. There were six other banks involved in the lending, including BNP Paribas, Sumitomo Mitsui Banking Corporation (SMBC) and Cofide (the Peruvian development bank).  The project applied for carbon credits in May 2013.  As of June 2014, 72% of the constructions works were concluded.
In December 2012, the company Foz do Brasil, a subsidiary of the Brazilian group Odebrecht, was awarded the 30-year concession contract to expand, rehabilitate and operate the water and sewerage facilities of four municipalities (Aparecida de Goiania, Trindade, Jatai and Rio Verde) located at the state of Goias. The contract was awarded by the state-owned water and sewerage company Saneago – Saneamento de Goias S.A. The population of the area was estimated at 1.2 million, and the private sponsor committed to reach a sewerage collection rate of 90% of the municipalities' population by the end of the contract.   Foz do Brasil was awarded the contract by offering the best technical and economic package (details on the selection criteria was not available). Three other groups took part in the contest: the Brazilian construction company Mendes Junior along with the Spanish company Agbar; Aguas de Goias, a partnership of the Brazilian companies Ferreira Guedes, Trail Incorporadora, Enorsul Saneamento and Evolutti; Equipav. The contract was signed in July 2013, and the private sponsor took over the operations of the sewerage services in November 2013. The private sponsor committed to invest US$ 424.8 million (BRL 1 billion) over the life of the project, in addition to the payment of US$ 116 million (BRL 273 million) to Saneago for the concession rights.
The 50 MW PV project located in Jinchang City, Gansu Province was originally developed by China Technology Solar Power Holdings as two related earlier projects showed, but latest news indicated that the Hong Kong based Shunfeng Photovoltaic had a 95% stake in the project when it was completed in Dec 2013 with China Technology holding the remaining 5% share. The total investment was US$ 79.89 million (RMB 495 million). A project company, Gansu Longchang Solar Power Co., Ltd was established to conduct the project. The term of the agreement was 25 years.
Orange Jaisalmer Wind Energy Private Limited (OJWEPL), a Special Purpose Vehicle promoted by Orange Renewable Holdings Pte Limited (ORHPL) of Singapore entered into an agreement with Rajasthan Government to develop a 50.4MW wind farm located at Bhesada village in Jaisalmer district of Rajasthan. The wind  farm would involve the building of 24 Units of Suzlon S-88 wind turbines (2.1MW capacity each). The electricity generated from the project would be evacuated by the Rajasthan state grid. OJWEPL had entered into agreements with Suzlon Energy Limited to develop (including operation and maintenance of) this greenfield project.  The Bhesada Wind farm was expected to sell the power to Jodhpur Vidyut Prasaran Nigam Limited, through a 25-year PPA signed on 1st July 2012.The APPC (Average Power Purchase Cost) base tariff as per RERC prevailing tariff order for Jaisalmer district was US$ 0.087/kWh (INR 5.12 per unit @58.6 INR/USD) for the entire 25 years. The total capacity of 50.4 MW was eligible under REC as per the CERC and CDM benefits.   Financial closure took place on 18th April 2013.The total project cost at the time of financial closure was US$ 47.5mn (INR 2783.6mn @58.6 INR/USD).The debt equity ratio for the project was about 70/30. Financing comprised of a 14-year 4-months term loan of US$ 33.2mn (INR 1948.5mn) and sponsor equity of US$ 14.2mn (INR 835.1mn). The term loan was priced at 275 basis points over the prevailing SBI Base rate and had a repayment schedule of 54 quarterly installments. The lead arranger of the loan was State Bank of India and the participating banks were State Bank of Hyderabad, and Indian Renewable Energy Development Agency.   Construction started in October 2012 and 39.9 MW of the project was commissioned in March 2013. Construction for the residual 10.5 MW was under progress.
In July 2013, a consortium of Elsan-Tumas-Karacay OGG signed the 30 year concession agreement to take over Gediz Elektik Dagitim A.S. (Gediz EDAS).  Gediz EDAS distributed electricity to the western provinces of Izmir and Manisa to over 2.4 million customers.  The Elsan-Tumas-Karacay OGG consortium won a competitive tender for Gediz EDAS held on December 19, 2012 by beating eight other groups with the highest bid of USD 1.231 billion.  The tender was conducted via auction and bidding companies included: Genpa Telekomünikasyon ve Iletisim Hizmetleri Sanayi ve Ticaret A.S., Park Holding A.S., Enerjisa Elektrik Dagitim A.S., Torunlar Gida Sanayi ve Ticaret A.S., Elsan-Tümas-Karaçay Joint Venture Group, Fernas Insaat A.S., Çalik Enerji Sanayi ve Ticaret A.S., IC Içtas Insaat Sanayi ve Ticaret A.S. and Zorlu Holding.  The concession was part of a government program to bring private management and investment in the regional electricity distribution companies owned by the state-owned Turkiye Elektrik Dagitim A.S. (TEDAS).  The program followed a Transfer of Operating Rights and Share Sale model ('TSS model'). In this model, the private investor became the sole owner of the distribution companies' equity and the unique licensee for distributing electricity in each region for a period of 30 years. However, TEDAS retained ownership of the distribution network assets and of certain other items essential for operating the distribution assets. The private investor was obliged to undertake the necessary network investments, recoverable through the tariffs. These investments and tariffs needed to be approved by the regulator, Energy Market Regulatory Authority (EMRA).
TOYO THAI POWER MYANMAR CO. LTD. (TTPMC) developed a 121MW Combined Cycle Gas Turbine (CCGT) Power Plant in Ahlone Township, Yangoon, Myanmar on build-own-operate (BOO) basis. The plant’s first gas turbine installation was completed in April 2013 followed by the second gas turbine in July 2013. The construction is expected to be completed in the second half of 2014 with a total investment cost of USD 170 million.  In November 2012, the Ministry of Electric Power signed an agreement with TTPMC to build the Ahlone CCGT power plant. There does not appear to be any competitive bidding process to award the project.  TTPMC is a 100% subsidiary of TOYO-THAI CORPORATION PUBLIC COMPANY LIMITED (TTCPCL), a publicly listed company in the Thai Stock exchange. Other major shareholders in TTCPCL include Japanese Toyo Engineering Corporation (22.3 %) and Chiyoda Corporation (6%).  TTPMC took short terms loans for a period of six months from a commercial bank in the amount of USD 30 million to finance the import of major machines and equipment that was expected to be repaid in the first half of 2014.
The Brazilian company Odebrecht Energias Alternativas, a subsidiary of Odebrecht Group, was granted authorizations to build four wind power plants  located in the state of Rio Grande do Norte (104.4 MW in total capacity, municipality of Rio Grande). Atlantic established two companies to lead the projects: * OEA Eólica Vento Aragano I Ltda. - EOL Vento Aragano I (28.8 MW) * OEA Eólica Corredor do Senandes 2 Ltda. - EOL Corredor do Senandes 2 (21.6 MW) * OEA Eólica Corredor do Senandes III Ltda. - EOL Corredor do Senandes III (17 MW) * OEA Eólica Corredor do Senandes IV Ltda. - EOL Corredor do Senandes IV (27 MW)  The 35-year contracts were signed with the regulatory agency ANEEL starting in March 2012. The total investment in the power plants was estimated at US$ 245.7 million (BRL 401 million).   The four power plants controlled by Odebrecht won the public bidding for the sale of energy to the country´s distribution companies that took place in 2011, by offering an average tariff of US$ 61/MWh (BRL 99.5/MWh). The project companies signed 20-year power purchase agreements with the several electricity distribution companies , and the agreements included the annual adjustment of the tariff to the inflation rate. Odebrecht committed to start supplying to the market in 2014.  As of March 2013, the environmental licenses had been issued, but construction works had not commenced.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company is not subject to sectoral taxes.  In November 2011 , Odebrecht applied for carbon credits for these power plants.  Financial closure was achieved in October 2012, when the state-owned bank BNDES approved a US$ 117.9 million (BRL 277.5 million) loan to the project.  Construction works commenced in April 2013.
Mytrah Energy Limited entered into an agreement with Karnataka Government, to develop 100.3 4MW wind power project at Savalsang in the state of Karnataka. The wind farm would involve the building of Gamesa wind turbines.The electricity generated from the project would be evacuated by Southern grid of India. Gamesa would construct, commission, operate and maintain the project at an all-inclusive price. Mytrah Vayu (Krishna) Private Limited (MVKPL) was a special purpose company, formed to construct and operate a 137.7MW wind power project in Burgula (37.4MW) in Andhra Pradesh and Savalsung (100.3MW) in Karnataka.     Mytrah Vayu (Krishna) Private Limited was expected to sell the power to Karnataka state electricity distribution company. The APPC (Average Power Purchase Cost) 10-year base feed-in tariff as per KERC (Karnataka State Regulator) tariff order, was US$ 0.078/Unit (INR 4.20 per unit @ 53.44 INR/USD). The transmission charges would be paid by Mytrah to the state transmission utility.   Financing was closed for 2 projects - Mytrah 37.4MW Burgula Windfarm and Mytrah 100.3MW Savalsung Windfarm on 26th September 2013. Project costs for individual projects were not knowm. By deduction based on USD/MW, the estimated project cost of Savalsang Windfarm was US$ 112.8mn (INR 6611.9mn @58.6 INR/USD). Financing comprised of a 14-year 6-months term loan of US$ 72.6mn (INR 4252.7mn) and sponsor equity of US$ 40.2mn (INR 2359.2mn). The Debt Equity ratio was 64/36. The term loan had a grace period of 6-months and repayment schedule of 53 quarterly installments. SBI capital was the lead arranger and the participating banks were Central Bank of India, Bank of Baroda, Canara Bank, State Bank of Travancore, Vijaya Bank.  The project was under construction and was expected to be commissioned by September 2013. The original commercial operations date (COD: 30 September 2013) was postponed to 31 March 2014 due to delays in obtaining government approvals and related clearances. The management expected to commission 50 out of 118 WTGs in Savalsung by 31 January 2014. The remaining land for 20 WTGs in Savalsung was under advanced stages of acquisition. While there were no cost overruns at this time, the project sponsor Mytrah Energy had provided an undertaking to meet cost overruns. The project had achieved 70% physical completion as on December 2013.
In June 2013, four parties, Fuzhou Port Group, PSA International, Jiangxi Province Railway Investment Group, and Rongqiao Group signed an agreement to consolidate three container terminals they had to form a united Fujian Jiangyin International Container Terminal Company Limited. PSA International was the second largest shareholder after Fuzhou Port Group in the Joint Venture, holding 39% equity interest. The JV expected to increase its handling capacity to 2.6 million TEU per year in 2015. The total investment was also not released.
Clean Wind Power (Devgarh) Private Limited (CWPPL), a Special Purpose Vehicle promoted by Hero Future Energies Private Limited (HFEPL, a Hero Group company) entered into an agreement with Rajasthan Government to develop a 37.5 MW wind farm located at Pratapgarh district of Rajasthan. The project was intended to be implemented as 51 MW (34 turbines of 1.5 MW) wind power project. However, Hero had decided to short close the project to the capacity of 37.5 MW at the same location. The wind  farm would involve the building of 25 Units of ReGen V-87 wind turbines (1.5MW capacity each). The electricity generated from the project would be evacuated by the Rajasthan state grid. CWPPL had entered into agreements with ReGen Powertech Limited to develop (including operation and maintenance of) this greenfield project.  The Devgarh Wind farm was expected to sell the power to  State distribution company through a 25-year PPA. The APPC (Average Power Purchase Cost) base tariff as per RERC prevailing tariff order for Jaisalmer district was US$ 0.087/kWh (INR 5.12 per unit @58.6 INR/USD) for the entire 25 years. The total capacity of 37.5 MW was eligible under REC as per the CERC and CDM benefits.   Financial closure took place on 13th November 2014.The total project cost at the time of financial closure was US$ 20.6mn (INR 1257mn @61 INR/USD).The debt equity ratio for the project was about 60/40. Financing comprised of a 15-year term loan of US$ 12.3mn (INR 750mn) and sponsor equity of US$ 8.3mn (INR 507mn). The term loan was provided by IndusInd Bank Limited. The capital cost of INR33.5mn/MW is very much on the lower side for a 37.5MW. Again the date of financial closure doesn't seem consistent with commissioning date of March 2013. But further information on capital cost couldnot be ascertained at the time of collection of this information. We have assumed March 2013 as date of financial closure.  The project was commissioned in March 2013.
The  Brazilian company CPFL Energias Renovaveis  S.A., a joint-venture company owned by CPFL Energia (63.6%) and ERSA (36.4%), was granted the authorizations to build four  wind power plants located in the state of Rio Grande do Sul (120 MW in total capacity ). The 35-year contracts were signed with the regulatory agency ANEEL starting in February 2011. The sponsors created the following special purpose companies to manage the power plants:  Atlantica I Parque Eolico S.A. -  EOL Atlantica I (30 MW) Atlantica II Parque Eolico S.A. -  EOL Atlantica II  (30 MW) Atlantica IV Parque Eolico S.A. -  EOL Atlantica IV (30 MW) Atlantica V Parque Eolico S.A. -  EOL Atlantica V (30 MW)  In August  2010, all wind power plants took part in the same competitive bidding process to sell electricity to the regulated wholesale market, starting in 2013 (20-year power purchase agreements were signed guaranteeing the sale of electricity to the national grid). The average tariff offered in the bidding process by the power plants was US$ 68.4/MWh (BRL 135/MWh).  The total investment in the project was estimated at US$  368.4 million (BRL 727.60 million).   As of October 2012, construction works were not yet underway. Commercial operations were  estimated to commence in July 2013.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company is not subject to sectoral taxes.  In 2011, the sponsor applied for carbon credits.  In April 2013, the state-owned bank BNDES was granted a US$ 112.1 million (BRL 263.8 million) loan to finance the construction works.  In July 2014, BNDES approved another loan amounting to US$ 163 million (BRL 383.7 million).  Construction works were underway in 2013, and operations commenced in February 2014.
In May 2012, a local private company Shitai Natural Gas Company Limited based in Inner Mongolia signed an agreement with the Mayang County Government to build and operate LNG facilities in Mayang County, Hunan Province. Construction commenced in July 2012 and was expected to take three years to finish. It seemed over 25% of construction was completed in Nov 2012. First phase of the project was completed in Nov 2013. The total investment was about US$ 24.21 million (RMB 150 million) and Shitai had a 100% stake in the project. A special purpose vehicle Mayang Sentai Gas Company Limited was set up in Mayang County to conduct the project.
In December 2011, Pokaran Solaire Energy Private Limited (PSEPL), a special purpose vehicle established by Solairedirect S.A. (SDF), was awarded the license for setting up a 5MW grid connected solar Photo voltaic power project located at Phalodi Village in Jodhpur district off Rajasthan, under the Jawaharlal Nehru Solar Mission (JNNSM) Phase-I Batch-II of the scheme. Under the JNNSM the total aggregated capacity of grid connected Solar PV Projects in Phase-1 was expected to be 500 MW. 150MW aggregate had already been allotted in FY2010-11 as a part of Batch-I of JNNSM Phase-I, and allotment for the remaining 350 MW Solar PV Projects was carried out through Batch-II bidding. PSEPL had acquired land for the project. The output from the project would be fed to the Northern,Eastern,Western and North Eastern (NEWNE) grid of India. The plant would use thin film technology. PSEPL had awarded a fixed price EPC as well as O&M contract to SDF.   The JNNSM mission had designated NTPC’s Vidyut Vyapar Nigam Limited (NVVN) as the nodal agency for procurement of solar power. In October 2011, NVVN invited RFQs from interested developers to develop 350 MW solar PV projects with a capacity of 5 MW each, with a minimum capacity of 5 MW and maximum of 50 MW each. NVVN received 210 RFQ responses on 17th November 2011 from PV solar project developers. As the total capacity of the shortlisted projects were in excess of the approved capacity of 350 MW Solar PV Projects, bidders were required to submit proposals offering maximum discount on the CERC (Central Regulator) approved applicable tariff for grid connected solar power projects for FY 2011-12 - a reverse bidding auction process. The last date for the submission of proposal was December 2011. NVVN received 180 bids from project developers indicating discounts offered by each over CERC determined tariff of US$ 0.329/kWh (INR 15.39/kWh @46.67 INR/USD). The winning bids for solar PV under Batch-II of JNNSM Phase-I varied from INR 7.49/kWh to INR 9.41/kWh, at an average bid price of INR 12.15/kWh. Since the target allocation for solar thermal projects was 350 MW, only the top 20 discounts were finally selected to set up solar power projects. PSEPL had won the project by quoting a tariff of US$ 0.198/KwH (INR 7.49/kWh - a discount of 790 paise).   PSEPL had entered into a 25-year Power Purchase Agreement with NTPC Vidyut Vyapar Nigam (NVVN), which was the the nodal agency to purchase solar power generated by independent solar power producers,under JNNSM. JNNSM provided for a scheme of "bundling" relatively expensive solar power with cheaper power from the unallocated quota of the Government of India out of the capacity of the NTPC based coal stations.This cheaper bundled power would then be sold to state power distribution companies at the CERC regulated price. This would bring down the gap between the average cost of power and sales price of power of the state Discom. The total capacity of 5 MW was also eligible for carbon credits. PSEPL would pass on the gross benefits of CDM to the distribution licensee (NVVN) in the following manner - (a) 100% of the gross proceeds to be retained by PSEPL in the 1st year after the date of COD, (b) in the 2nd year, the share of NVVN would be 10% which would be progressively increased by 10% every year till it reaches 50%, where after the proceeds would be shared equally by PSEPL and NVVN. Transmission and/or wheeling charges would be paid by PSEPL.  Financial closure took place in January 2013. The total project cost estimated at the time of financial closure was US$ 8.6mn (INR 502.4mn @58.6 INR/USD).The debt equity ratio for the project was 60/40. Financing comprised of a 13-year 11-months term loan of US$ 5.1mn (INR 300mn), and sponsor equity of US$ 3.4mn (INR 202.4mn). The term loan was priced at 260 basis points over prevailing SBI base rate and had a repayment schedule of 53 quarterly installments. The loan was arranged by SBI Capital.   The plant was fully c
In October 2011, Hidrelgen S.A. was awarded the 50-year contract to build and operate the Sabanilla hydro power plant (capacity of 30 MW). The contract guarantees that all the power produced by the power plant will be purchased by the government during 15 years.  The power plant was set to be build in the Sabanilla river, located at the Zamora Chinchipe province. The investment was estimated at US$ 60 million.  Financial closure was announced in 2013, when part of Hidrelgen's shares were sold to the investment fund Fideicomiso Magisterio Energía Renovable (FMER) for US$ 12 million. In addition, US$ 44 million in funding was raised with a 10-year loan. Construction works commenced in November of the same year.
The project comprises construction of 3.73MW PV plant located in the Lopburi Province, Thailand.   The project was sponsored by NED, National Energy Development. This was a JV between EGCO (Thailand), Diamond Generating Asia limited (a subsidiary of Mitsubishi Corporation), and Hong Kong-based CLP (China Light & Power Company).
Therma South Inc., a wholly-owned subsidiary of Aboitiz Power Corporation, is the project company responsible for the development of a 300 MW circulating fluidized-bed coal-fired power plant in Barangay Binugao, Toril District, Davao City and Barangay Inawayan, Sta. Cruz, Davao del Sur.  The power project was initiated by Therma South in response to the urgent need to build the plant in order to augment power supply in Davao and the entire Mindanao. The project received endorsement from local government units in Davao City and the municipality of Sta. Cruz in Davao del Sur.   The total cost of the project was estimated at $720 million with 75 percent funding from nonrecourse financing while the remaining 25 percent to be funded by equity. The project achieved financial close in October 2013 after signing a USD 557 million loan agreement with a consortium of lenders and banks for the construction and operation of the power plant.   The two 150-MW units are slated to start commercial operations in the first half of 2015.
The port of Lazaro Cardenas was the largest Mexican seaport and one of the largest seaports in the Pacific Ocean basin in 2013, located in Michoacan State, with an annual traffic capacity of around 25 million tonnes of cargo and 2,200,000 TEU's (2013). It was comprised of public and private terminals. Among the public terminals there were: grain, multi-purpose and container terminals. This project refers to the third multi-use terminal of the port, some other terminals of the port are included under different project numbers. Lazaro Cardenas Third Multipurpose Terminal (LCMT) was a multipurpose terminal located in the port of Lazaro Cardenas. It had a total area of 19.6 hectares, a 286 metre berth with depth alongside of 14 metres.  Hutchison Port Holdings (HPH) won a 30-year concession to operate the third multi-use terminal at Lazaro Cardenas port in November 2012.   HPH was expected to invest some US$59.5million (784 million pesos) in the terminal.  In May 2013 the terminal was already operational. HPH carried out an equipment installation phase that included the installation of 30 forklifts, 10 tractors and 10 grain trucks.   HPH also operated one of Lazaro Cardenas' container terminals.
The project entails the construction of a 3 MW Waste-to-Energy plant in Venkatamangalam, Tamil Nadu. Capacity of the facility is 3 MW. Total investment stands at Rs. 1 billion or $ 13.99 million. SPV is Essel Pallavapuram and Tambaram Municipal Solid Waste Private Limited, a wholly owned subsidiary of Essel Group. The company will operate the plant for 20 years. Financial close took place in April 2013.
The Italian company Enel Green Power announced the development the Dominica I wind power plant in the municipality of Charcas (San Luis Potosi), Mexico (100 MW in capacity). The project is supported by two long-term agreements to supply energy to two large companies, or PPAs, for a total value of around US$ 485 million.  The sponsor created the special purpose company  Dominica Energía Limpia to manage the project. Investment was estimated at US$ 196 million, fully equity-financed.  Construction began in December 2013, and operations were expected for the second half of 2014.  In March 2012, the sponsor applied for carbon credits.  Operations commmenced in December 2014.
In July 2013, the Brazilian companies Camargo Correa and Andrade Guitierrez were awarded the 25-year contract to build and operate a water treatment facility, located at the metropolitan region of Sao Paulo, state of Sao Paulo. The contract was awarded by the state-owned company Sabesp. The works included building water uptakes, treatment plants and pumping stations, as well as reservoirs with a total capacity of 110Ml. The facility was expected to supply 4700 liters of water per second, benefiting around 1.5 million people.  The sponsors were awarded the contract by offering the least counterpart funding from the government. Information on other bidders was not available. The contract was signed in August 2013, and the private sponsor created the special purpose company Sistema Produtor Sao Lourenco S.A. to lead the project.   The total investment in the project was estimated at US$ 1112 million (BRL 2.614 billion).The PPP contract envisaged a public funding for the project amounting to US$ 765.8 million (BRL 1.8 billion). Financial closure was achieved in December 2014, when the federal government approved a US$ 1 billion (BRL 2.353 billion) financing package through the state-owned bank Caixa Economica Federal and private banks Itau and BTG Pactual. The remaining of the project cost was equity financed.  Construction works commenced in April 2014, and operations were expected to commence in 2017.
Unique Hydropower Company Pvt. Ltd. was planning the development of the 1.0MW small hydropower plant on the Baramchi Khola River, Sindhupalchowk District.  The project was reported as holding a PPA with the NEA, but no further information was available.   Total cost was not available.
The project involves solid waste collection and transport services in Straldzha, Bulgaria. BKS Hristo Nanev Ltd. was awarded the contract on 19 June 2014. The total cost of the project is $1.25 million.
In March 2014, Welspun Energy Private Limited (WEPL), was awarded a contract for setting up a 50-MW photovoltaic solar project at Shirsupal, in Baramati taluka of Pune district in the state of Maharashtra. The 50 MW capacity would be installed in two phases - Phase-I of 36MW would be installed on 74.74 hectares of government land. Balance 14MW capacity will be installed after acquisition of balance 29.97 hectares required for the project. The output from the project would be fed to the North-East-West-North-East (NEWNE) grid of India. The project would deploy thin-film technology. Power evacuation was planned through a 66KV line to substation, which, as per the state policy, was the responsibility of Maharashtra state transmission utility.  Welspun Energy Private Limited had established Clean Sustainable Solar Energy Private Limited (CSSEPL) in March 2014, to execute the project. CSSEPL had entered into a 25-year Power Purchase Agreement with Maharashtra State generation company (Mahagenco), which was the agency to purchase solar power generated by independent solar power producers. The PPA would be effected at the time of commissioning of the project. In February 2014, Mahagenco had received expressions of interest from Tata Power, Welspun Energy and Essel Power to set up the 50MW solar unit. For the project, Mahagenco would arrange the land, the necessary approvals, and distribution infrastructure. Further, Mahagenco would pay INR 30mn/MW as its contribution till the commissioning of the project. This amounted to a grant of US$ 24.6mn (INR 1500mn @61 INR/USD) for the project. Once the project was commissioned and started generating revenue, the developer would have to share some percentage of the income with the company. WEPL had emerged as the highest revenue sharing bidder by offering 38.75% revenue share over a period of 25 years with a guaranteed revenue from the project at 19% capacity utilization factor (CUF) annually. The tariff would be as per the prevailing MERC tariff order applicable for solar projects. WEPL would be fully responsible for part finance, design, engineering, manufacturing, supply, erection, testing and commissioning of this grid connected solar power, including operation and maintenance for 25 years. Transmission and/or wheeling charges would be paid by CSSEPL.  The project attained financial closure on 10th October 2014 with a grant/debt/equity ratio of 40/45/15. The estimated project cost at the time of financial closure was US$ 61.5mn (INR 3750mn @61 INR/USD). Apart from the grant of INR 1500mn from Mahagenco (which in turn was in form of a soft loan from German deveopment bank KfW), financing comprised of Debt of US$ 27.7mn (INR 1687.5mn) and sponsor equity of US$ 9.2mn (INR 562.5mn). The 13-year 6-months term loan was provided by Bank of India.  The plant construction started in July 2014 and was commissioned in December 2014.
The project entails the construction of 16 biomass plants across the Philippines. The plants are to be developed by Torche Energy, a joint venture between Torftech Energy and CHE Metal Works. The plants will have a combined capacity of 191MW and will be built on a number of strategic locations.
In August 2013, construction of a solid waste incineration power plant commenced in Gaolan County, Lanzhou City, Gansu Province. The developer was ZhongDe Waste Technology AG, a private company floated at the Frankfurt Exchange. The total investment of the first phase was RMB 983 million (US$ 160.10 million) and ZhongDe Waste had a 100% stake in the project. The power plant has an electricity generation capacity of 40MW and can process 700,000 tons of household solid waste each year. Substantial construction was finished by April 2014.
On 5th October 2013, Government of Orissa (through Odisha Works Department) awarded a 22-year concession (including 3 years of construction period) to L&T IDPL for the strengthening, improvement, 4-laning,operation and maintenance,and tolling of 161.737kms of  Sambalpur-Rourkela section of State Highway-10 (SH-10) from km 4/900 to km 167.900,in the state of Orissa.   Under the contract, L&T was responsible for the design, construction, finance, operation and maintenance,strengthening and widening the existing 2-lane highway to 4-lane divided carriageway.The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections,interchanges, drains, etc.The expansion project,part of the State Highway Development Program, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region. Major companies located in the vicinity of the road were Rourkela Steel Plant, L&T Kansbahal Works, UltraTech Cement, Vedanta Aluminum, Bhushan Power and Steel and large areas of coal mines of Coal India Limited.   L&T established L&T Sambalpur Rourkela Tollway Limited (SRTL),a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by OWD, by requesting the lowest upfront subsidy of US$ 76.3mn (INR 4653mn @61 INR/USD). Government of India had already sanctioned the grant of INR 2585.1mn, and the balance of INR 2067.9mn will be provided by the State Government of Orissa, for this project. According to the provisions under the Concession Agreement for disbursement of Grant, INR 2585.1mn would be disbursed during the construction period and balance INR 2067.9mn would be disbursed during the Operations period (over four years at INR 517mn per annum).Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.   The concession agreement for the project was signed on 8th November 2013. The project attained financial closure on 6th May 2014. The estimated capital cost of the project at the time of financial closure was US$ 281.6mn (INR 17177.3mn @61 INR/USD). Apart from the upfront grant of US$ 76.3mn (INR 4653mn), financing comprised a 15-year term loan of US$ 166.6mn (INR 10164mn), and sponsor equity of US$ 47.5mn (INR 2900.3mn). As per the terms of the concession agreement, the sponsor equity contribution couldn't be less than the GoI VGF (INR 2585.1mn) and that unsecured debt couldn't form part of equity.  The term loan had a repayment schedule of 132 monthly installments. The participating banks were Canara Bank (3000mn), IndusInd Bank (4000mn), L&T Infrastructure Finance (2664mn), Vijaya Bank (500mn).  The construction for the project was started in July 15, 2014 (Appointed date) and was expected to be operational by July 15, 2017. About 91% of the land requirement had been provided at the time of Appointment date.
In December 2014, a local private company, Beijing Sound Group won a management contract to operate 9 township wastewater treatment plants in Hongze County, Jiangsu Province through open bidding. The total treatment capacity of the plants was 4500 tons per day. The term of the management contract was 26 years.
In May 2014, a local private company Jinkopower Co., Ltd. signed an agreement with the Hengfeng County Government to finance, build and operate a solar power plant in Hengfeng County, Jiangxi Province. The electricity generation capacity of the plant was 50MW. The total investment was RMB 540 million (US$ 87.90 million) and Jinkopower had a 100% stake in the project. Construction commenced in September 2014, and the power plant came into operation in February 2015.
The company Eolos Energias Renovaveis S.A., a wholly-owned subsidiary of the Brazilian company Queiroz Galvao S.A., was granted authorizations to build three wind parks located in the state of Ceara (76 MW in total capacity) municipality of Amontada. The 30-year contracts were signed with the regulatory agency ANEEL starting in December  2011. The following special purpose companies were created to manage each park:   EOL Ilha Grande ( 30 MW) - Central Eletrica Ilha Grande Ltda EOL Ribeirao (22 MW) - Central Eolica Ribeirao Ltda EOL Boca do Corrego (24 MW) - Central Eletrica Palmas Ltda.  The total investment in the power plants was estimated at US$ 131.2 million (BRL 308.5 million) and was financed with a loan granted by the state-owned development bank BNDES approved in July 2014, US$ 73.7 million (BRL 173.3 million). Commercial operations commenced in August 2014.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures.
The project entails the rehabilitation and construction and operation of waste elimination and recycling facility in Meknes, Morocco. SPV is SITA ATLAS, a wholly owned subsidiary of the sponsor Suez Environment . Funding is provided by the government under 20 years BOT contract. Financial close took place in January 2014.
In Maio 2014, the Brazilian company Galvao Participacoes (Grupo Galvao) won in a competitive bidding the right to expand, rehabilitate and operate the 624.8 km of the  highway BR-153 connecting Anapolis/state of Goias (BR-060) and Alianca do Tocantins/State of Tocantins (TO-070).   The bidding criteria was the lowest tariff, and Grupo Galvao offered toll rates that were 46% below the ceiling set by the federal government. Two other groups took part in the bidding process: Consorcio Norte-Sul and Triunfo Participacoes.  The 30-year concession contract was signed in September 2014. The sponsors created the company Concessionaria de Rodovias Galvao BR 153 SPE S.A. (Galvao Rodovia BR-153) to lead the project. Operations commenced in November 2014.  The investment was estimated at US$  1829.3 million (BRL  4.3 billion) over the life of the project.  The project was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
The brownfield ROT project entails the rehabilitation of an existing 53MW thermal facility located outside of the capital city Dakar, in Senegal. The new plant would burn heavy fuel oil and natural gas and use Wartsila 18V46 high efficiency engines. The estimated cost of the project is US$172 million (85 million Euro) and it was financed from equity investment came from a sole sponsor, ContourGlobal.
The companies Contour Global do Brasil (37%), a subsidiary of the American company Contour Global, the state-owned Brazilian company CHESF (49%) and the Brazilian investment fund Salus (14%) were granted authorizations to build seven wind parks located in the state of Piaui (210 MW in total capacity). The 35-year contracts were signed with the regulatory agency ANEEL starting in March 2014. The following special purpose companies were created to manage each plant: *  Ventos de Santa Joana IX Energias Renovaveis S.A. – EOL Ventos de Santa Joana IX  * Ventos de Santa Joana X Energias Renovaveis S.A. – EOL Ventos de Santa Joana X  * Ventos de Santa Joana XI  Energias Renovaveis S.A. – EOL Ventos de Santa Joana XI  * Ventos de Santa Joana XII Energias Renovaveis S.A. – EOL Ventos de Santa Joana XII  * Ventos de Santa Joana XIII Energias Renovaveis S.A. – EOL Ventos de Santa Joana XIII  * Ventos de Santa Joana V  Energias Renovaveis S.A. –  EOL Ventos de Santa Joana XV * Ventos de Santa Joana XVI Energias Renovaveis S.A. –  EOL Ventos de Santa Joana XVI The total investment in the power plants of the wind complex was estimated at US$  306.4 million (BRL 720.3 million). In July 2014, the state-owned development bank BNDES approved a US$ 135.9 million (BRL 319.5  million) loan to the project. In March 2015, BNDES approved another US$ 186.5 million loan to the project (BRL 555 million).  The government periodically runs public bidding for the sale of energy to the country´s distribution companies. The six power plants controlled by Contour Global won the public bidding that took place in 2013, by offering an average tariff of US$ 46.8/MWh (BRL 109.96/MWh). The project companies signed 20-year power purchase agreements with the several electricity distribution companies. Contour Global committed to start supplying to the market in 2015.   The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
Th project entails the construction of 0.6MW biogas power plant in Botos, Serbia. The sponsors are Mladost doo Botos, an agricultural co-operative in Botos, Zrenjanin, and Bioelektra doo Botos. ,Beet pulp and sugar beet waste, supplemented with corn silage, are digested. The heat is used to heat up the digester while the electricity is fed into the national grid. The project, worth €2.5 million, was financed with a €1.2 million credit line from Erste Bank, alongside a €688,000 loan from the government of the Netherlands. The project was also helped with US$275,000 as a part of project ‘Reducing Barriers to Accelerate Development of Biomass Markets in Serbia’, financed by the Global Environmental Fund and delivered by United Nations Development Programme, in partnership with the Serbian Ministry of Mining and Energy. Financial close was reached on 19 December 2014.
The company Eolos Energias Renovaveis S.A., a subsidiary of the Brazilian company Queiroz Galvao Desenvolvimento de Negocios S.A. (Group Queiroz Galvao), was  granted authorizations to build seven wind parks located in the municipality of Caldeirao Grande, state of Piaui (210 MW in total capacity, each power plant with 30 MW of capacity). The 30-year contracts were signed with the regulatory agency ANEEL starting in July 2014. The following special purpose companies were created to manage each park:  * Central Eolica Coqueiral Ltda. – EOL Santo Amaro do Piaui * Central Eolica Cruzeiro Ltda. – EOL Santo Anastacio * Central Eolica Danubio Ltda. – EOL Sao Basilio * Central Eolica Florenz Ltda. –  EOL  Sao Felix * Central Eolica Japura Ltda. – EOL Sao Moises * Central Eolica Lira Ltda. -  EOL  Santa Veridiana  * Central Eolica Notus Ltda. –  EOL Veronica   The total investment in the seven power plants of  the complex was estimated at US$  360 million (BRL 847.54  million). Financial closure was achieved in November 2014, when Santader, Itausa  Investimentos Itau S.A. and ING Groep NV arranged a bridge facility amounting to US$ 276 million (BRL 649.1 million). The remaining of the project cost was equity financed (US$ 84 million or BRL 197.54  million).  An EPC contract was signed with Alstom in December 2013. Construction works commenced in September 2014, and operations were expected to begin in 2015.  In May 2016, additional financing of US$ 223.3 million was approved to the project by Banco Santander, ING Bank and Itau Unibanco.
In April 2013, the Spanish company Terminales de Contenedores de Barcelona (TCB) was awarded in a competitive bidding process the contract to build, lease and operate the new Puerto Quetzal Container Terminal (TCQ) in Puerto Quetzal on Guatemala’s Pacific coast. As part of its 25-year concession agreement, the company committed to invest $250 million in new infrastructure. The company also agreed to pay TCB one million dollars per year and $4 per container handled for the usufruct granted.  Information on the bidding criteria and on the other participants in the contest was not available.  The project was structured in two phases. In phase one, the company committed to invest $120 million to build 300 metres of pier with a depth of 12.5 metres, yard area of 13 hectares, and annual throughput capacity of 340,000 TEUs. In phase two, the company established the expansion of the yard to 21 hectares, extension of the pier to 540 meters, berth deepening to 14 meters and boosting annual throughput capacity to 700,000 TEUs.  In March 2014, the IFC approved a financing package for the first phase of the project: US$ 35 million A-loan and a US$ 9.7 million in equity.  Construction works commenced in August 2014, and operations were set to begin in 2015.  In December 2015, APM Terminals acquired Grup Maritim TCB in a transaction valued at US$ 1 billion.
The Brazilian company Nova  Galia Bioenergia Ltda, a subsidiary of the Brazilian company  Usina Nova Galia Ltda, was granted the authorization to build and operate a sugar-cane residue fueled power plant located in the state of Goias. The power plant was named UTE NG Bioenergia I (47 MW). The electricity generated by the power plant was set to be partially directed to Usina Nova Galia industrial facilities. The exceeding production was expected to be sold to the unregulated and regulated markets.  The 30-year contract was signed with the regulatory agency ANEEL in January 2013. The value of the investment committed to the UTE  NG Bioenergia I project was estimated at US$  17 million (BRL 40 million). In October  2014, the state-owned bank BNDES granted a loan to finance the project of US$  14.6 million (BRL 34.29 million).  As of December 2014, the construction works of the power plant were underway. Commercial operations were expected to commence in June 2016.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
On 26 February 2014, the Jawaharlal Nehru Port Trust (JNPT) awarded a 30 year concession (including a construction period) with PSA International Pte Ltd (Singapore) for development of the fourth container terminal at JNPT which would add a further 4.8 million twenty-foot equivalent units (TEU) and a berth of 2000m in length to the existing 4 million TEU capacity in Raigarh district, Navi Mumbai, India. The project would be developed in 2-phases (each with 1000m of quay and approach bridges, and 2.4mn TEUs, 12 quay cranes) with capacity of about 30mmtpa in each phase.  Under the concession, PSA was responsible for design, finance, construction,operation, maintenance and marketing of the berth. JNPT Port would provide supporting facilities like dredging of channel and berth,and back-up area.Upon completion of this project it would handle container traffic to be tune of 10m TEUs by the year 2018-19. The major components of the development of the berth included construction of a 2000-m long berth to acommodate large super post-Panamax vessels; Cranes and conveyor system; Front End Loaders.  The berths would have a depth of 16.5 metres. It would also be equipped with the latest technology and equipment to offer customers fast turnaround of their vessels. BMCT was well-connected by major highways and rail networks to key markets in Maharashtra, Gujarat, and the National Capital Region of India.  PSA International Pte Ltd established Bharat Mumbai Container Terminals Private Limited (BMCTPL),a Special Purpose Vehicle (SPV), to implement the project.The SPV won the tender through an international competitive bidding by quoting the highest revenue share to the Chidambaranar Port Trust of 35.79% during the concession period of 30 years. 3 bidders had been short-listed, including the Reliance-Anil Dhirubhai Ambani Group (RADAG), PSA International and CMA CGM (France). This was the second attempt at auctioning the project. A consortium of PSA and local firm ABG Ports Ltd was awarded the project after it quoted a record high revenue share then of 50.828% in a public tender in 2011. But in October 2012, JNPT withdrew the letter of award given to the consortium after the group failed to sign a concession agreement a year after it was awarded the project (26 September 2011), since they failed to finance the project. The consortium had offered a very optimistic bid. On 3rd June 2013 JNPT Trust announced a new tender for the construction and operation of the 4th terminal of the port.  Since the project was located at a classified "Major Port" (JNPT Port), it was subject to tariffs regulated by the Tariff Authority of Major Ports (TAMP). This project would be the first to utilize the new guideline for tariff-setting at ports owned by the Union Government that was announced in July 2013. The new rules granted flexibility to cargo handlers to raise rates every year based on market conditions subject to a cap of 15% if they comply with certain performance standards. In the earlier rule, cargo handlers had to seek approval for rate increases from the TAMP (regulator) once in three years. BMCTPL was permitted to recover tariff from the users of the project facilities and services as well as collect all cesses and charges from the users of the project facilities and services, as may be directed by JNPT.  The concession was signed on 6th May 2014.The project (Phase-I) attained financial closure on 13th October 2014 with a debt equity ratio of 65:35. The estimated capital cost of the project was US$ 765.1mn. Financing comprised a US$ 497.3mn (SG$ 630mn @1.266 SGD/USD) 7-year term loan, and US$ 267.8mn sponsor Equity. DBS (Singapore) was was the provider of SGD loan.  Construction on the project was expected to begin in May 2014 (the Appointed Date for the Concession) and start commercial operation by January 2018.
In February 2014, Xe Pian Xe Namnoy hydropower project reached financial closure by securing debt financing of $736.5 million at 20 year maturity. This 410MW HPP greenfield BOT project was to be located on the Bolaven plateau, about 500km south-east of the Lao capital Vientiane, in Attapue and Champasak provinces.  Xe Pian Xe Namnoy Power Co Ltd is the SPV of the project and the sponsors included SK Engineering & Construction (26%), Korea Western Power Co (25%), Ratchaburi (25%) and Lao Holding State Enterprise (24%) making an investment of $306 million. The total value of this project was estimated at $1,042.5 million and the debt/equity ratio was 71:29. The $736.5 loan was funded by Krung Thai Bank, Bank of Ayudhya, Export-Import Bank of Thailand, and Thanachart Group.  Both the Asian Development Bank and Kexim had looked at the project, but when neither were able to complete their environmental assessments in time for construction to start during the dry weather period, the sponsors opted to proceed with just the Thai banks.   The project involved damming the Xekong river, a tributary of the Mekong, and its resettlement and environmental risk mitigation practices attracted criticism from non-governmental organizations.   Concession period is not available.
The Brazilian investment fund Salus Fundo de Investimentos  em Participacoes was granted authorizations to build five wind power plants located in the municipality of Simoes, state of Piaui (108 MW in total capacity). The company established eight special purpose companies to manage the projects:  * Ventos de Santo Augusto I Energias Renovaveis S.A. - EOL Ventos de Santo Augusto I (16 MW) * Ventos de Santo Augusto II Energias Renovaveis S.A. - EOL Ventos de Santo Augusto II (30 MW) * Ventos de Santo Augusto III Energias Renovaveis S.A. - EOL Ventos de Santo Augusto III (30 MW) * Ventos de Santo Augusto IV Energias Renovaveis S.A. - EOL Ventos de Santo Augusto IV (30 MW) * Ventos de Santo Augusto V Energias Renovaveis S.A. - EOL Ventos de Santo Augusto V (30 MW) * Ventos de Santo Augusto VI Energias Renovaveis S.A. - EOL Ventos de Santo Augusto VI (30 MW) * Ventos de Santo Augusto VII Energias Renovaveis S.A. - EOL Ventos de Santo Augusto VII (16 MW) * Ventos de Santo Augusto VIII Energias Renovaveis S.A. - EOL Ventos de Santo Augusto VIII (16 MW)  The 35-year contracts were signed with the regulatory agency ANEEL starting in May 2012. The total investment in the power plants was estimated at US$ 228.2 million (BRL 679.2 million).   The government periodically runs public bidding for the sale of energy to the country´s distribution companies. The power plants EOL Ventos de Santo August III, IV and V won the public bidding that took place in November 2013, by offering an average tariff of US$ /MWh (BRL 125.36/MWh). The power plants EOL Ventos de Santo August I, II, VI, VII and VIII won the public bidding that took place in December 2013, by offering an average tariff of US$ /MWh (BRL 120.47/MWh).   The project companies signed 20-year power purchase agreements with the several electricity distribution companies.  The companies committed to start supplying electricity to the market in 2016 (EOL Ventos de Santo Augusto III, IV and V ) and 2018 (EOL Ventos de Santo Augusto I, II, VI, VII and VIII).  Construction works on EOL Ventos de Santo Augusto III, IV and V started in December 2014, and were in advanced stage as of June 2015. The investment on these power plants was estimated at US$ 103.7 million (BRL 308.7 million).  As of June 2015, construction works on the other power plants had not commenced.  The projects was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company is not subject to sectoral taxes.
In July 2010, the Peruvian company Luz del Sur (80% owned by the American company Sempra and the remaining of the shares with other small investors) was granted the right to build and operate a hydro power plant located in the Vilcanota River, Cuzco.  Besides Luz del Sur, only another consortium presented a bidding offer: Consorcio Chancadora Centauro-Sinohydro Corporation (Estados Unidos-China). The bidding criteria was the highest electricity power to supply to the state-owned company Empresa de Generacion Electrica Machupicchu (Egemsa).  The concession contract was awarded in February 2011. The power plant was named Central Santa Teresa (90.7 MW). The sponsor committed to invest US$ 154.5 million in the construction of the power plant.   Engineering and supervision of the construction works were undertaken by MWH (Montgomery, Watson & Harza), while the civil construction works was granted to Consorcio Río Urubamba (Graña y Montero and Astaldi. Equipment supply was under the responsibility of the Austrian company Andritz Hydro.  As of November 2014, 95% of the construction works were concluded.
In December 2013, Aguas do Brasil, a joint venture of the Brazilian companies Developer, Queiroz Galvao, Trana and Construtora Cowan, was awarded the PPP contract to expand, rehabilitate and operate the water and sewerage facilities of Paraty, located at the state of Rio de Janeiro. The contract was awarded by the municipality, and the investments were expected to benefit around 35,730 people.  The bidding criteria and the other companies that took part in the bidding process were not available. The 30-year contract was signed in February 2014, and the private sponsor took over the operations of the sewerage services in April 2014.  The special purpose company Aguas de Paraty was established to lead the project. The total investment in the project was estimated at US$ 61.7 million (BRL 145 million). The project will be partially funded with resources from the municipality, state and federal funds.
Borusan EnBW Enerji, a joint venture consisting of German energy supplier EnBW and Borusan Holding from Turkey, built a 50 MW onshore wind power plant near the city of Tekirdag in Turkey. Germany’s Siemens supplied a total of 22 wind turbines. Each of the wind turbines had a capacity of 2.3 megawatts (MW) and a rotor diameter of 108 meters. The installed capacity of 50 MW was sufficient to supply about 43.000 households with clean electricity.  The project reached financial closure in February 2014. The Danish export credit agency, EKF, teamed up with Unicredit on a buyer credit facility in the amount of DKK 442 million to fund the export of Siemens wind turbines. The non-recourse project finance deal with ELO structure included USD 65.1 m ECA covered loan, USD 8 m commercial project finance loan, USD 5 m non-cash loan. The loan had a tenor of 13 years and 10 months.  The wind farm became operational in September 2014.  “The guarantee covered 95% of the senior debt equivalent to USD 68 million under EKF’s a buyer credit product and also included an export loan of USD 100million. EKF is the only public actor involved in the transaction by offering UniCredit Bank a guarantee in the form of a buyer credit. The EKF share is, therefore, 95% of senior debt equivalent to USD 68 million.”
In November 2014, a local private company Haitian Water Affairs Group won a bid to manage the Luonan Wastewater Treatment Plant in Guanghan City, Sichuan Province. The treatment capacity of the plant was 25000 tons per day. The term of management agreement was not reported.
In December 2013, the Brazilian company CCR won in a competitive bidding the right to expand, rehabilitate and operate the 847 km of highways BR-163 MS, located in the state of Mato Grosso do Sul.   The bidding criteria was the lowest tariff, and CCR offered toll rates that were 57.2% below the ceiling set by the federal government. Four other companies took part in the bidding process: Queiroz Galvao, Odebrecht, Triunfo e Invepar.  The 30-year concession contract was signed in March 2014. The sponsors created the company MS VIA – Concessionaria de Rodovia Sul-Matogrossense S. A. to lead the project. Operations commenced in April 2014.  The investment was estimated at US$ 2425 million (BRL  5.7 billion) over the life of the project. In July 2014, the state-owned bank BNDES approved a US$  275.1 million (BRL 646.6 million) loan to the project.  The project was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.  In March 2016, BNDES approved an additional US$ 569.8 million (BRL 2.11 billion) to the project.
The project entails the construction of 6MW solid waste-to-energy (WtE) plant at the Calajunan waste dump in the province of Iloilo, the Philippines. In February 2014 Iloilo City Government awarded 20-year BOT contract to  Korean Dream Engineering. The city will own up to a 15% share in the plant, while the Korean investors will own a minimum of 85%.
The  local company Promociones y Desarrollos Hídricos, S.A. (PDHSA) was awarded contracts to build and operate two small hydro power plants located in Ixquisis, department of Huehuetenango.  The power plants were named Hidroelectrica San Andres (10.65 MW) and Hidroelectrica Pojom II (20 MW). The 50-year contracts were awarded to the special purpose companies created to manage the contracts, GSM - Generadora San Mateo (Pojom II) and GSA - Generadora San Andres in December 2011 and September 2013, respectively.  The investment figures were not available (the value included as project cost was approximated to the value of the debt raised by the sponsor). The IIC approved a US$ 6 million loan for GSA and a US$ 9 million loan to GSM in September 2013. In 2014, the CABEI approved a US$ 5 million syndicated loan for GSA and a US$ 20 million syndicated loan to GSM.  The electricity generated by the power plant was set to be directed to the national grid.   Construction works commenced in 2013, and commercial operation was expected to begin in 2015.
In January 2014, a local private company Beijing Sound Group signed an agreement with the Tacheng Municipal Government to expand and operate a wastewater treatment plant in Tacheng City, Xinjiang and meanwhile manage the existing facility. The capacity of the existing facility was 20,000 tons per day and Sound would expand it to 40,000 tons per day. Tthe total investment was RMB 80 million. Beijing Sound had a 100% stake in the project and would operate the plant for 30 years. How the agreement was granted, on competitive or direct negotiation basis, was not reported. In July 2014, the existing wastewater treatment plant with a capacity of 20,000 tons per day was transferred to Beijing Sound for management.
In February 2014, Welspun Solar UP Private Limited (WSUP), a special purpose vehicle of Welspun Energy Private Limited (WEPL), was awarded the license for setting up a 5MW grid connected solar Photo voltaic power project located at Bikaner district of Rajasthan, under the Jawaharlal Nehru Solar Mission (JNNSM) Phase-II Batch-I of the scheme. Under the JNNSM Phase-II the total aggregated capacity of grid connected Solar PV Projects was expected to be 750 MW. The output from the project would be fed to the Northern,Eastern,Western and North Eastern (NEWNE) grid of India.     The JNNSM mission had designated Solar Energy Corporation of India (SECI) as the nodal agency for procurement of solar power under Phase-II bidding. The winners were the project developers who sought the minimum possible funds to make their projects viable to sell power to SECI at the designated tariff. With an objective to promote local manufacturing, SECI invited bids in two separate categories, reserving half of the projects under domestic content requirement (DCR) restrictions. Separate bids were called for 375 MW capacity under DCR category and remaining 375 MW under open category. INR 18.75 billion was earlier approved for viability gap funding (VGF) of all the projects under JNNSM Phase-II Batch-I. 122 bids amounting to 2170MW were offered. Since the bids were more than the 750MW, winners were decided based on reverse bidding for viability gap funding demand. In the DCR category, bids varied from INR 13.5 million/MW to INR 24.56 million/MW. In the Open category, the bids varied from INR 1.7 million/MW to INR 13.5 million/MW. Welspun (WSUP) had won the bid under the DCR category by quoting a viability gap funding of INR 24.56mn/MW, which amounted to a VGF grant of US$ 2.0mn (INR 122.8mn @61 INR/USD).  Welspun (WSUP) had entered into a 25-year Power Purchase Agreement with SECI. Transmission and/or wheeling charges would be paid by WSUP.The feed-in tariff was designated at INR 5.45/kWh (INR 4.75/kWh for projects claiming accelerated depreciation) for 25 years.  Financial closure took place in October 2014. The total project cost estimated at the time of financial closure was about US$ 8.8mn (INR 537.2mn @61 INR/USD). The grant/debt/equity ratio for the project was about 23/58/19. Apart from the grant from SECI of US$ 2mn, financing comprised of a 15-year term loan of US$ 5.1mn (INR 310.8mn), and sponsor equity of US$ 1.7mn (INR 103.6mn). The term loan was priced at 200 basis points over the prevailing Base Rate (10%) and had a repayment schedule of 56 quarterly installments. The term loan was arranged by Central Bank of India.   The construction for the project started in October 2014 and was expected to be commissioned by March 2015 (13 months from award).
In July 2014, a local private company Hunan Xiangniu Environmental Protection Company Limited (a subsidiary of Xiangniu Group) signed a management contract to renew its service regarding the wastewater treatment plant in Shuangfeng County, Loudi City, Hunan Province. Xiangniu had already managed the plant for 5 years from 2000. The term of the new contract was 10 years. The capacity of the plant was 25000 tons per day.
Tata Power Renewable Energy Limited (TPREL, a wholly owned subsidiary of Tata Power)entered into an agreement with Maharashtra Government, to develop 49.5MW wind power project at Pethshivpur in Kolhapur district of Maharashtra. The project would be executed by Tata Power. The wind farm would involve the building of wind turbines of ReGen. The electricity generated from the project would be evacuated to the state grid through Northern, Eastern, Western and North-Eastern grid of India. ReGen Powertech Private Limited would develop, construct, commission, operate and maintain the project at an all-inclusive price.   Tata Power had entered into a PPA with TPREL (a private distribution company) on 16th January 2014, for purchase of wind energy from the 49.5MW wind energy project through a 13-year PPA, which would be sold in the Mumbai distribution region. The PPA would commence from 1st June 2014 and remain valid till 31st May,2027. The APPC (Average Power Purchase Cost) base tariff as per MERC tariff order (dated 29 April 2011 for Wind zone 1) was US$ 0.10/Unit (INR 5.37 per unit @53.44 INR/USD) for the first 13 years of operation. The transmission charges would be paid by TPREL to the state transmission utility.The total capacity of 32 MW was eligible for CDM benefits under UNFCC.   The project attained financial closure on 24th February 2014 at a debt equity ratio of 70/30. The estimated project cost at the time of financial closure was US$ 51.6mn (INR 3150mn @61 INR/USD). Financing comprised a 13-year term loan of US$ 36.2mn (INR 2210mn) and sponsor equity of US$ 15.4mn (INR 940mn). The term loan had a grace period of 2-year 4-months and repayment schedule of 45 quarterly installments. The loan was provided by IDFC Limited.  The project construction started in 2013 and was expected to be commissioned by March 2015.
In September 2010, Government of Maharashtra (through MSRDC) signed a 30-year concession (including construction period of 2 years) with IVRCL Limited (IVRCL) for the strengthening, improvement,four-laning,operation and maintenance,and tolling of 85.11kms of Karanji-Wani-Ghuggus-Chandrapur section of Maharashtra State Highway 6 & 7 in Yavatmal and Chandrapur district in Maharashtra.  Under the contract, IVRCL was responsible for the design, construction, finance, operation and maintenance,strengthening and widening the existing carriageway to 4-lane road. The scope would include construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc.The expansion project was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.The project stretch passed through a region with intense mining activity. The project stretch was also an important inter-state link, connecting Madhya Pradesh, Andhra Pradesh and Maharashtra.   IVRCL established IVRCL Chadrapur Tollways Limited (ICTL), a SPV in October 2010, to execute this project. The SPV won the tender through international competitive bidding, conducted by MSRDC,by quoting the lowest upront grant of US$ 36mn (INR 2110mn). Subsequently the grant amount was revised to INR 1995mn (with a corresponding increase in sponsor equity committment). Government of India had sanctioned the release of grant amount of INR 997.5mn and the balance INR 997.5mn was to be arranged by State Government. Under the contract, the SPV was to recover the capital costs and operating costs including returns through fixed upfront payment from MSRDC as well as through tolling during the term of concession.  The concession agreement was signed in June 2012. The project attained initial financial closure in 2012, details were however not known. The estimated capital cost of the project at the time of financial closure was US$ 125.6mn (INR 7359.9mn @58.6 INR/USD). However, owing to delay in execution of the project the total cost had increased to US$ 132.4mn (INR 7757.7mn), primarily on account of interest during construction component.The revised project expenditure was expected to be funded with a debt of US$ 58.3mn (INR 3418.3mn), grant of US$ 34mn (INR 1995mn), and sponsor equity of US$ 40mn (INR 2344.3mn). On 30th June 2014, a 14-year 11-months term loan had been arranged by India Infrastructure Finance Co Ltd (614mn), Indian Overseas Bank (635mn), Central Bank of India (635mn), Bank of India(1255.9mn). The term loan had a repayment schedule of 49 quarterly installments. The balance of INR 278.4mn was yet to be tied-up.  Construction on the project began in June 2011 and was expected to be completed by June 2014 (revised against an earlier schedule of July 2013). With continuing delay in receipt of grant from state government resulting in delay in the project progress, ICTL’s management is in the process of seeking further modification in the scheduled commercial operation date (SCOD) and the subsequent debt repayment commencement date.
In March 2014, Consorcio Novo Oriente, which was formed by state-owned Furnas Centrais Eletricas (49.9%)and the investment fund FIP Constatinopla (50.1%), was awarded in a competitive bidding process the contract to manage and operate a  807.5 MW hydro power plant located in the Tiete River, state of Sao Paulo. The power plant was previously concessioned to CESP, but the contract was not renewed. In March 2014, the Brazilian company Triunfo acquired FIP Constantinopla.  The bidding criteria set by the regulatory agency ANEEL was the lowest cost of operation. Consorcio Novo Oriente presented the solo offer, a value of US$ /MWh (BRL 31.6 million), equal to the ceiling set by the regulatory agency. The 30-year contract was signed in September 2014, and sponsors created the company Tijoa Investimento e Participacoes S.A.  to lead the project.   Tijoa Investimento e Participacoes took over the operations of the power plant in October 2014.
Zaf Group and Tefirom Group were planning the development of the 27MW Senbuk wind farm, in Turkey. The project was to consist of 9 turbines by Vestas (V112-3.0MW). Annual output was estimated at 97,800 MWh.   The equipment supply contract was awarded to Vestas in October 2012. The construction was expected to start in early 2013. Commissioning was expected mid-2013. Vestas was also responsible for 10 years under an "Active management output (AOM) 4000 service agreement".
In December 2012, the Brazilian company CPFL Geracao de Energia S.A., a subsidiary of CPFL Energia S.A., was awarded in a competitive bidding process the contract to build and operate  one substation located in the state of Sao Paulo.  The substation named SE Piracicaba was set to have a planned capacity of 440/138/13,8 kV.  Besides CPFL Geração de Energia S.A., three other companies took part in the contest: the Spanish company Abengoa Concessoes Brasil S.A. ; Consorcio Santa Barbara; the Spanish company Cobra Instalaciones Y Servicios S.A.  The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. CFPL presented the lowest offer, a total value of US$  4.5 million (BRL 8.87 million), 39.42% below the ceiling set by the regulatory agency. The contract was signed in February 2013, and the sponsors created the company CPFL Transmissao Piracicaba S.A. to lead the project during the 30-year contract period.  The sponsor committed to invest US$ 63.8 million (BRL 150 million) in the substation. In April 2014, CPFL Trasmissao Piracicaba issued US$ 29.8 million (BRL 70 million) in bonds to finance the project.  Environmental clearance was awarded in March 2014, and the construction works commenced in April 2014. As of December 2014, operation were expected to commence in May 2015.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures.
In October 2014, a local private company, Beijing Sound Group signed a management contract with the SOE of Jiulongpo District of Chongqing Municipality to operate 2 municipal wastewater treatment plants and 14 township wastewater treatment plants in Jiulongpo District, Chongqing Municipality. The total capacity of the 16 plants was 41300 tons per day. The term of the management contract was 25 years.
In December 2013, a local private company Anhui Shengyun Machinery Company Limited signed an agreement with the Kaili Municipal Government to finance, build and operate a solid waste incineration power plant in Kaili City, Guizhou Province. The plant had an electricity generation capacity of 18MW and can treat 1050 tons per day. The total investment was RMB 450 million (US$ 73.25 million) and Shengyun had a 100% stake in the project. The concession term was 30 years (January 1, 2014 through to December 31, 2043). Construction commenced in July 2014 and the project was expected to be completed in June 2015.
In 2012, a local private company Kaidi Electric Power signed an agreement with the Nenjiang County Government to build and operate a biomass power plant in Nenjiang County, Heihe City, Heilongjiang Province. The total investment was RMB 600 million (US$ 97.67 million) and Kaidi had a 100% stake in the project. The capacity of the power plant was 60MW. Construction commenced in May 2013. An amount of RMB 240 million (US$ 39.07 million) had been expended on the project by August 2014. The concession term was 50 years. An SPV Nenjiang Kaidi Sunshine Biomass Energy Development Company Limited was established to implement the project.
In February 2014, ACME Solar Energy Private Limited (ASEPL), was awarded the license for setting up a 100MW solar thermal power project at various locations across Jodhpur district in Rajasthan, under the Jawaharlal Nehru Solar Mission (JNNSM) Phase-II (Batch-I) of the scheme. The 100MW would be executed through ASEPL's five wholly owned subsidiaries, Ranji Solar Energy Private Limited (20MW), Acme Gurgaon Power Private Limited, Acme Rajdhani Power Private Limited, Acme Mumbai Power Private Limited and Medha Energy Private Limited. Under the JNNSM-II the total aggregated capacity of grid connected Solar Projects in Batch-I was expected to be 750 MW. Electricity generated from the project would be evacuated for consumption in the Combined Regional grid (comprising the electrical system of Northern,Eastern, Western, and North-Eastern grids) of India. The projects would be based on Solar Photo Voltaic technology using Tandem Structure (with Amorphous & Microcrystalline Silicon) and Thin Film PV modules for power generation.The SPVs planned to sign the EPC and O&M agreements for the Projects with Acme Cleantech Solutions Limited and ASEPL respectively.  The JNNSM mission had designated Solar Energy Corporation of India (SECI) as the nodal agency for procurement of solar power through competitive bidding in October 2013. The off taker for the Project would be SECI. On 21 February, 2014,a total of 68 bids were received from 58 developers, for 122 projects with a cumulative capacity of 2,170 MW. Of these, 5 companies were disqualified on technical grounds and 63 were asked to submit price bids. 36 projects with a capacity of 700 MW opted to bid under the Domestic Content Requirement (DCR) part of the bidding process and the remaining 86 projects with a capacity of 1,470 MW opted for the open bids. Each part would be allocated an equal capacity of 375 MW. Bids in both DCR and non-DCR category exceeded the capacity to be allocated.Letters of Interest (LoIs) were awarded for 750MW, by 10 March 2014.  Bidders were required to submit proposals requesting the viability gap funding (VGF) per each MW of solar power installed. The CERC (Central Regulator) approved applicable tariff for grid connected solar power projects for FY 2010-11 would be applicable. Since, the target allocation for solar thermal projects was 750 MW, only the lowest VGF seeking projects were finally selected to be set up. The lowest bid for VGF was received from Gujarat Power Corporation Limited (GPCL) at INR 1.75mn/MW in the non-DCR category. Highest VGF quoted in non-DCR category was INR 24.9mn/MW by Madhav Infra Projects Limited. In the DCR category, the lowest bid was INR 13.5mn/MW by Swelect Energy Systems Limited. The highest bid for the DCR category it was INR 25mn/MW by IL&FS Renewable Energy Limited. ASEPL won five projects quoting the lowest VGF -  Ranji Solar Energy Private Limited (DCR Category, 20MW, VGF of INR 24.499872mn/MW), Acme Gurgaon Power Private Limited (non-DCR category, 20MW, VGF of INR12.999943mn/MW), Acme Rajdhani Power Private Limited (non-DCR category, 20MW, VGF of INR11.898897mn/MW), Acme Mumbai Power Private Limited (non-DCR category, 20MW, VGF of INR11.399884mn/MW), and Medha Energy Private Limited (non-DCR category, 20MW, VGF of INR9.779439mn/MW). The total VGF sought comes out to a cumulative amount of US$ 23.1mn (INR 1410.8mn @61 INR/USD). Transmission and/or wheeling charges would be paid by the respective SPVs.  Financial closure took place on 20th November 2014.The total project cost was estimated at US$ 132.4mn (INR 8080mn @61 INR/USD).The debt equity ratio for the project was expected to be 73/27. Financing was expected to comprise debt of US$ 96.7mn and sponsor equity of US$ 35.7mn. The proposed IFC investment consists of an IFC ‘A’ Loan (16-year tenor) of up to US$ 33.1mn (INR 2019mn @61 INR/USD) and possible syndication of up to US$ 63.6mn (INR 3883mn).  Comissioning of all the projects were expected by 28th April 2015.
Tigre Producao de Energia Eletrica Ltda, a partnership of the  Brazilian companies BICC Participacoes Ltda (30%), Industrias de Compensados Guararapes Ltda (29%) and small local investors (41%), was granted the authorization to build and operate a 9-MW hydro power plant located in the state of Parana (Marrecas River). The power plant was named PCH Tigre.  A 30-year authorization contract was granted by the regulatory agency ANEEL in December 2004. In May 2015, the company had been granted power purchase agreements to sell electricity to distribution companies starting in 2020. The company presented a winning bid of US$  58.4/MWh (BRL 195 MWh).  The investment committed to the power plant was estimated at US$  20.5 million (BRL 29.7 million). Construction works commenced in  November 2014 and were in advanced stages by December 2015. Commercial operations were expected to commence in 2017.
In October 2013, a local company Yibin Yilin Group Co., Ltd. was granted an agreement to finance, design, build and operate the Yibin City Belt Expressway in Yibin City, Sichuan Province. Construction commenced in March 2014, and substantial construction had been completed by June 2015. The two way four lane highway had a total length of 37.817 KM and the total investment was RMB 3593 million (US$ 584.85 million). Yilin Group had a 100% stake in the project. A special purpose company Yibin Yili Belt Expressway Investment Co., Ltd. was established to implement the project. Yibin Yilin was granted the job through competitive bidding .
In March 2013, a Sichuan based private company Haitian Water Affairs Group was granted a concession agreement by the Henan Province Kaifeng New Distrct Administration Bureau to operate the Majiahe Wastewater treatment Plant in Kaifeng City, Henan Province. When the agreement was signed, the plant was still under construction. The capacity of the plant was 100,000 tons per ton. Haitian quickly registered a SPV, Kaifeng Haitian water Affairs Company Limited to implement the project. Haitian oversaw the construction process, which was completed in June 2014. The concession term was 30 years. Haitian paid RMB 200 million (US$ 32.56 million) to acquire the concession.
The Brazilian company Agroenergetica Mato Grosso Ltda was granted the authorization to build a small hydro power plant located in the state of  Mato Grosso . The 30-year contract was signed with the regulatory agency ANEEL in May 2012.  The power company was named PCH Nova Mutum (14 MW).  The government periodically runs public bidding for the sale of energy to the country´s distribution companies. In December 2013, PCH Nova Mutum took part in a competitive bidding process to sell electricity to the regulated wholesale market (the tariff offered was US$ 59.1/MWh (BRL 139/MWh). A 30-year power purchase agreement was signed guaranteeing the sale of electricity to the national grid.  The sponsor committed to invest US$ 29.1  million (BRL 68.5 million) in the construction of the Nova Mutum power plant.   The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.  In December 2013, the company applied for carbon credits.  Construction works commenced in , and commercial operations started in November 2014.
The project entails the construction of a 7.55 MW waste treatment plant in Ukraine. Total investment stands at $70 million. The project is being undertaken as a public-private partnership with a 25-year concessionary term. Sponsor of the project is OAK Utility Solutions & Development. The plant will convert 140,000 tonnes per year of municipal solid waste (MSW) and additional homogeneous waste into electricity. Financial close took place in 2014.
The project involves setting up of a plant for conversion of waste plastics from municipal solid waste into fuel/hydrocarbon derivatives in North Goa at Pernem Municipal Council.  MK Aromatics Limited is the project company. The 30-year DBOOT concession was signed on 12 November 2014. Total cost of the project amounts to $2.44 million, of which $970 thousand grant.
In September 2014, construction of a 20MW PV power plant commenced in the Hami Industrial Park in Hami City, Xinjiang Uygur Autonomous Region. The developer was a local private company Hanergy Holding Group Limited. The total investment was RMB 246 million (US$ 40.04 million) and Hanergy Holding Group Limited had a 100% stake in the project. The project came into operation in January 2015.
In December 2012, Turkey’s Kurum International SH. A. won the competitive tender conducted by the Government of Albania (Ministry of Economy, Trade and Energy) to acquire 100% stake in four operational state owned hydropower plants -  namely Uleza, Shkopeti, Bistrica I, and Bistrica II - with a combined capacity of 76.7 MW. Kurum offered the highest price of USD 149 million (Euro 109.5 million). Additionally, Kurum planned to rehabilitate the HPPs to improve the reliability of the power supply. Under the sale, Kurum operated the HPPs as merchant plants, selling electricity on the national and regional electricity markets.  The project reached financial close in March 2014 with an eight year debt facility in the amount of USD 144 million. Kurum made an equity investment of USD 33 million. The debt facility included a €33 million (USD 44.9 million) loan for IFC’s own account and €73 million (99.4m USD)  of financing syndicated to a diverse group of commercial banks and developmental finance institutions. The financing included B Loans of €27 (USD 37.5 million) million from FMO (Netherlands Development Finance Company), and €14 million from Odeabank, the Turkish subsidiary of Bank Audi (Lebanon). It included parallel loans of €18 million (USD 25 million) from the Black Sea Trade and Development Bank, €7 million from Banka Kombetare Tregtare, a local bank in Albania, and €7 million from Raiffeisen Bank Albania (which is also acting as the collateral agent).
In March 2014, the Brazilian consortium Novo Oriente (Furnas – 49.9% and Investment Fund Constantinopla – 50.1%) was awarded in a competitive bidding process the contract to operate the Tres Irmaos hydro power plant (807 MW) located at the Tiete River, state of Sao Paulo. The names of other bidders were not disclosed.  UHE Tres Irmaos became operational in November 1993, and was under the management of the Brazilian state-owned company CESP, but this initial concession contract expired in 2011. CESP indicated to the federal government it had no interest in renewing the concession contract.  The bidding criteria set by the regulatory agency ANEEL was the lowest revenue. Novo Oriente presented the winning bid, a value of US$ 13.4 million/year (BRL 31.6 million/year), 0,1% below the ceiling set by the regulatory agency.   In July 2014, Investment Fund Constantinopla sold its stake in the project company to the Brazilian company Triunfo Participacoes.  The 30-year contract period was signed in September 2014, and the sponsors took over the assets in October 2014. The special purpose company Tijoa Participacoes e Investimentos Ltda  was created to manage the project. The sponsors committed to sell 100% of the output to the regulated market.
The project involves waste collection services and transport in Pleven, Bulgaria. The total investment amounts to $3.81 million. ?.?.?. Bulgaria was awarded a contract on 25 August 2014.
On June 4, 2013, a local private company Chongqing Kingland Gas Group signed an agreement with the Wushan County Government to finance, build and operate pipeline gas facilities in Wushan County, Gansu Province. In July 2014, construction commenced. The total investment was above US$ 8.14 million (RMB 50 million). Chongqing Kingland had a 100% stake in the project. An SPV, Wushan County Kingland Gas Company Limited was locally registered to implement the project.
The Brazilian companies Brennand Energia S.A. (51%) and state-owned CHESF (49%) were granted authorizations to build three wind parks located in the state of Bahia (150 MW in total capacity), municipality of Sento Se. This constituted an extension of the wind park the partners established in the same municipality, which became operational in 2013.  The 35-year contracts were signed with the regulatory agency ANEEL starting in February 2014. The following special purpose companies were created to manage each plant:  Mussambe Energetica  S.A. –  EOL Mussambe (30 MW) Morro Branco I Energeica  S.A. – EOL Morro Branco I (30 MW) Baraunas I Energetica S.A. – EOL Baraunas I (30 MW)  The total investment in the power plants of the wind complex was estimated at US$  132.7 million (BRL 311.85  million) and was financed with loans granted by the state-owned bank BNDES to the three special purpose companies above mentioned. The loans were approved in December 2014 and had a total value US$ 91.9 million (BRL 216.14  million).  The government periodically runs public bidding for the sale of energy to the country´s distribution companies. All three power plants won the public bidding that took place in August 2013, by offering an average tariff of US$ 44.2/MWh (BRL 103.95/MWh). The project companies signed 20-year power purchase agreements with the several electricity distribution companies. The sponsors committed to start supplying to the market in 2015.   The sponsors were granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures.  In July 2013, the company applied for carbon credits.
In March 2011, Consorcio Transmantaro, a subsidiary of the Colombian company ISA, contract to build and operate the 325-km Trujillo - Chiclayo transmission line, located in the provinces of Trujillo and Sechura.  Besides Consorcio Transmantaro, only another company took part in the contest: the Spanish company Abengoa. The bidding criteria set by the regulatory agency was the lowest cost of operation (investment expenditure plus operation and maintenance costs). The 30-year contract was signed in May 2011.  The sponsor committed to invest US$ 128 million in the project. As of April 2014, 97% of the construction works had been concluded, and operations commenced in July 2014.
In June 2002, the Peruvian company S&Z Asociados S.A. was granted the right to build and operate a hydro power plant located in the Quitaracsa River, province of Huaylas. The power plant was named Central Hidroelectrica Quitaracsa (112 MW).  In December 2007, the concession rights was acquired by the Peruvian company Atacocha, and in March 2009 Enersur S.A., a subsidiary of the French company GDF Suez, acquired 100% of the shares of the project company created to manage the project, Empresa de Generacion Electrica Quitaracsa SA.  The license was awarded by the Federal regulators to Enersur in April 2010. The sponsor committed to invest US$ 365 million in the construction of the power plant. Enersur signed long-term power purchase agreements with distribuition companies to sell the electricity produced in the power plant in April 2010.  In February 2011, the EPC contract was signed with Constructora JME, while the equipment supply contract was signed with Consorcio Rainpower (Rainpower Norway AS, Rainpower Peru and STE Energy).   As of November 2014, 82% of the construction works were concluded. Operations were expected to begin in April 2015.
In March 2010, the Brazilian company Xavantina Energetica S.A. (Celesc Geracao S.A.– 40% and Ritmo Energia S.A. – 60%) was granted the 30-year contract to build and operate the Xavantina Small Hydro Power Plant (6.07 MW total capacity), located between the municipalities of Xavantina e Xanxere, state of Santa Catarina (Irani River). The power plant was named PCH Xavantina.  In August 2015, the company was  granted power purchase agreements to sell electricity to distribution companies starting in 2018. The company presented a winning bid of US$  60.8/MWh (BRL 202,85/MWh).  The investment committed to the power plant was estimated at US$ 20.5 million (BRL 40 million). Construction works began in April 2014, and commercial operations commenced in September 2015.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
The Los Ramones Gás Pipeline Phase II Sur project envisaged the construction of a 287-km natural gás pipeline starting in the state of San Luis Potosí and passing through the states of Queretaro and Guanajuato. The pipeline was set to have a capacity of 1.42 billion cubic feet per day.  In April 2014, the project was awarded by the Mexican state-owned company Pemex to TAG Pipelines Sur S. de R.L. de C.V., a partnership of Mexico Power and Gas Ventures (wholly-owned subsidiary of the French company GDF Suez), PMI Holdings and TAG Pipelines (both companies wholly-owned by Pemex). The contract lenght was established as 25 years of commercial operations.  The investment in the project was estimated at US$ 1100 million.  Financial closure was achieved in December 2014. Financing comprised a term facility, a standby facility, a VAT facility and a working capital facility, as well as interest-rate and currency hedge agreements. The US$ 884 million financing package was provided by an international consortium of banks and Mexico’s development banks Nafin and Banobras. The sponsors contributed US$ 216 million in equity.  In April 2014, the EPC contract was granted to ICA Fluor, a partnership of the Mexican construction company ICA and the American company Fluor Corporation. Construction works started in August 2014, and commercial operations were expected to commence in 2016.  In September 2015, PMI's 45% stake in the project company was sold to Blackrock and First Reserve for US$ 900 million.
The Honduran company Empresa de Construccion y Transporte, Eterna, S.A. (Grupo Eterna) was awarded the contract to rehabilitate and operate the 38.7-km highway connecting San Juan–Gracias and to build and operate the 5.5-km road connecting Gracias a Celaque (Department of Gracias e Intibuca).  The 10-year contract was signed in August 2014. The sponsor committed to invest US$ 22.5 million (HON 477 million). The investment was set to be financed with funding from the state-owned bank Banco Ficohsa and the sponsors own resources.  Five companies took part in the bidding process: 1) Empresa de Construccion y Transporte, Eterna, S.A.; 2) Profesionales de la Construccion, S.A. de C.V. (PRODECON); 3) Astaldi, S.A. de C.V.; 4) Cordon’s Heavy Equipment; and, 5) Constructora Celaque.
On 1st February 2014, Government of Karnataka (through PWD) awarded a 10-year concession (including a 30-months construction period) to a consortium of Ashoka Buildcon Limited and GVR Infra Projects Limited for the strengthening, improvement,two-laning,operation and maintenance,and tolling of 107.937 kms of existing state highway SH-18, from Mudhol to Maharashtra Border,in Bagalkot district of Karnataka.   Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway to 2-lane divided carriageway.The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections,interchanges, drains, etc.The expansion project,part of the Karnataka State Highways Improvement Project (KSHIP), was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.    The consortium of Ashoka Buildcon Limited (51%) and GVR Infra Projects Limited (49%), established Ashoka GVR Mudhol Nipani Roads Limited (AGNRL),a special purpose vehicle on 3rd March 2014, to implement the project. The SPV won the tender through international competitive bidding, conducted by Karnataka PWD,by requesting the lowest annuity payment. Under the KSHIP annuity concession contracts, it was proposed to avail of The World Bank assistance for an upfront payment of 50 per cent of the construction cost and the remaining payments during the maintenance period of 7-years on annuity basis to be met out of Karnataka state funds. Under this concession, AGNRL was to recover the capital costs and operating costs including returns through an upfront payment of US$ 22.3mn (INR 1360mn) and semi annual payment of US$ 6.5mn (INR 395mn) during the term of operation of concession (7 years).   The concession agreement for the project was signed in March 2014. The project attained financial closure in September 2014. The grant/debt/equity ratio of the project was 29/59/12. The estimated capital cost of the project at the time of financial closure was US$ 77.2mn (INR 4712.3mn @61 INR/USD). Apart from the upfront grant of US$ 22.3mn, financing comprised of a 9-year 1-month term loan of US$ 45.9mn (INR 2800mn), and sponsor equity of US$ 9.0mn (INR 552.3mn). The loan was priced at 115 basis points above the base rate. The loan was arranged by HDFC Bank.   The project construction was expected to start in March 2014 and was expected to be operational by September 2016.
The project entails the construction of a 62MW biomass plant located in the department of Escuintla, Guatemala. The project required an investment of 577 million quetzals ($74.2 million).  Sponsors of the project is Grupo Corporativo Santa Ana. Financial close took place in 2014.  The plant  will provide electricity to 138,000 homes.  The generator is designed to use biomass residue from sugarcane that is collected during the harvest season and granulated coal the rest of the year, which can also be supplemented by wood. About 90 tonnes of bagasse per hour is required to generate the electricity.
In October 2014, a local private company Anhui Shengyun Machinery Company Limited increased the registration capital of a JV Zaozhuang Zhongke Environmental Protection Power Company Limited to develop a solid waste incineration power plant in Zaozhuang City, Shandong Province. The registration capital increased to RMB 108.6515 million (US$ 17.69 million). The three partners to the JV were Anhui Shengyun (80%), Shanghai Jingtai Environmental Protection Technology Company Limited (16%) and Beijing Zhongke General Power Company Limited (4%, a SOE). The total investment of the plant was RMB 360 million (US$ 58.60 million). The capacity of the power plant was 24MW.
In October 2013, the Brazilian company AEGEA Saneamento e Participacoes (Grupo Equipav), was awarded the 30-year concession contract to expand, rehabilitate and operate the water and sewerage facilities of Barcarena, located at the state of Para. The contract was awarded by the municipality, and the investments were expected to benefit around 112,921 people.  The sponsors were awarded the contract by offering the highest investment amount. Besides AEGEA, only the Brazilian company Hidro Forte Administracao e Operacao Ltda took part in the bidding process. The contract was signed in February 2014, and the private sponsor took over the operations of the sewerage services in the same month.  The special purpose company Aguas de Sao Francisco was set to lead the project. The total investment in the project was estimated at US$ 80.2 million (BRL 188.6 million).
Fisterra Energy (a subsidiary of the American investment firm Blackstone), the mexican company Cemex and other small investors were granted the license to build and operate two wind power facilities in the municipality of General Bravo, state of Nuevo Leon (252 MW in capacity). The private sponsors signed a 20-year contract with the spanish company Acciona for engineering and construction works, supply of the turbine generators and operation of the facility. Part of the electricity generated by the wind farm was committed to be sold to the Mexican companies FEMSA, Deacero, Tecnologico de Monterrey and Cemex; part was set to be directed to the grid.  The wind farms were named Ventika I (126 MW) and Ventika II (126 MW). The sponsors created the special purpose companies Ventika I S.A. de C.V. and Ventika II S.A. de C.V. to manage the projects.  Financial closure for the the US$ 650 million project was achieved in April 2014, when the NADBank approved a US$ 140 million loan to the project. Besides the NADBank, Banobras, Nafin, Bancomext and Santander contributed to a US$ 347.5 million debt package, while investors injected US$ 162.5 million in equity.  Construction works began in April 2014, and operations were set to commence in 2016.  In December 2016, IEnova, Sempra's subsidiary, acquired the Ventika project in a transaction worth US$ 900 million.
In December 2011, Consorcio Luziania-Niquelandia, a partnership of the State Grid Brazil Holding S.A. (51%), a subsidiary of State Corporation of China, and the Brazilian state-owned company Furnas (49%), was awarded in a competitive bidding process the contract to build and operate two substations located in the state of Goias. The SE Luziania was set to have a planned capacity of 500/138 kV and SE Niquelandia, 230/69 kV.  Besides Consorcio Luziania-Niquelandia, only another company took part in the contest, Alupar Investimentos S/A. The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. Consorcio Luziania-Niquelandia presented the lowest offer, a total value of US$  4.6 million (BRL 7.45 million), 5.2% below the ceiling set by the regulatory agency. The contracts were  signed in May 2012 for SE Luziania and in January 2013, for SE Niquelandia. The sponsors created the company Luziania-Niquelandia Transmissora S.A. to lead the project during the 30-year contract period.  The sponsor committed to invest US$ 25.2 million (BRL 59,3 million) in the two substations. SE Luziania commenced operations in June 2014 and, as of December 2014, the construction works of SE Niquelandia were in advance stage.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures.
The financing for the upgrade of the 1360MW Saratovskaya Hydroelectric power plant on Volga river in Saratov was closed in March 2014. The Saratovskaya Hydroelectric power plant was owned 100% by RusHydro. Rushydro in turn is majority owned by the state (60%).   The total cost of the upgrade - replacement of eight existing turbines with new generation hydraulic design hydro turbines by Voith Hydro – was estimated at USD 262 million. The financing comprised of  EUR95.4m ($131.371m) 15 years term loan and a EUR94.9m ($130.682m) 14 years term loan provided by ING Group and Credit Agricole.
The project involves the construction of a 4.6MW biogas power plant in Bronkhorstspruit, South Africa. The project sponsor is Bio2Watt, under a BOO commercial scheme. The USD17 million facility benefits from a 10-year PPA with BMW for its Rosslyn (Pretoria) car factory. Financial close was reached in mid-2014.
The Brazilian company Usina Delta S.A., a subsidiary of Carlos Lyra Group, was granted an authorization to build a 31.9-MW sugar-cane residue fueled power plant located in the state of  Minas Gerais  (municipality of Delta).  The power plant was named UTE Delta.  In March 2002, the company signed a 30-year contract with the regulatory agency ANEEL allowing the company to build and operate the power plant. The power plant had already commenced operations as a captive unit prior to 2002 (self-supply), but the new contract allowed the trade of electricity also to large consumers in the unregulated market. Investment on the power plant was not available  In 2014, the company took part in a bidding process to establish 30-year power purchase agreements with electricity distribution companies. The company won the contracts by offering the tariff of US$  59/MWh (BRL 197 /MWh). The company committed to commence operations by 2019.  The power purchase agreement required the power plant to expand its capacity to 71.9 MW. The investment committed to the expansion was estimated at US$  9 million (BRL 30 million). Construction works commenced in  October 2014 and were nearly concluded by December 2015.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
In December 2014, a local private company, Beijing Sound Group won a management contract to operate the No.2 wastewater treatment plant in Baoying County, Yangzhou City, Jiangsu Province. The total treatment capacity of the plants was 20000 tons per day. The term of the management contract was 3 years.
Surya Vidyut Limited, a wholly owned subsidiary of CESC Limited, entered into an agreement with Gujarat Government, to develop 26 MW wind power project at Surendranagar district of Gujarat. The project would be executed under the Gujarat Wind Power Policy-2013. The electricity generated from the project would be evacuated to the state grid through Northern, Eastern, Western and North-Eastern grid of India.   Surya Vidyut Limited was expected to sell all the power to the Gujarat state utility company (GUVNL) through a PPA. The APPC (Average Power Purchase Cost) base tariff as per GERC (State Electricity Regulator) tariff order was US$ 0.068/Unit (INR 4.15 per unit @61 INR/USD) for the 25 years of operation. The transmission charges would be paid by SVL to the state transmission utility. The project was eligible for CDM benefits as well. The sharing of net proceeds on account of CDM benefits realized through sale of CER generated from corresponding annual energy generation would be as follows: 100% of net proceeds through sale of CER generated in the 1st year after the date of commercial operation of the wind power project shall be retained by the eligible unit. In the 2nd year, the share of the beneficiary shall be 10% which shall be progressively increased by 10% every year till it reaches 50% in the 6th year; thereafter the proceeds shall be shared in equal proportion by the eligible unit and the GUVNL.  The project attained financial closure on 14th August 2014 at a debt equity ratio of 70/30. The estimated project cost at the time of financial closure was US$ 26mn (INR 1589.2mn @61 INR/USD). Financing comprised a 14-year term loan of US$ 18.2mn (INR 1112.4mn) and sponsor equity of US$ 7.8mn (INR 476.8mn).The loan had a repayment schedule of 53 quarterly installments. The loan was provided by Yes Bank.  The project was expected to be commissioned by December 2015.
The 96MW Tobene IPP reached financial closure in August 2014, when the loan agreement was signed. This BOO project involved the development of a greenfield heavy fuel oil (HFO) thermal power plant and auxiliary installation with an installed capacity of 87.5 MW (5x 15.5 MW MAN combustion engines) and a guaranteed capacity of 70 MW at 91% availability. The project would be located in Taiba Ndiaye, Senegal and would be connected to the existing Tobene 220/90 kV substation which is located less than 100 meters from the project site. The PPA was arranged with Senegal’s state-owned electric utility, SENELEC, which will be the sole off-taker for 20 years. Construction of the plant was planned to take place for a period of 16 to 18 months.   The project company is Tobene Power SA, owned by Malec Power Gen (90%), an affiliated company of the Matelec Group of Lebanon and IFC (10%) which is to retain a 10 percent stake in the project upon completion of a proposed equity investment.   Debt-to-equity ratio is 76:24 with an equity investment of US$39.52 million. The financing also included a US$124.69 million (93.4 million euro) 15 year loan arranged by IFC (International Finance Corporation 	US$38.04 million; Emerging Africa Infrastructure Fund US$33.38 million; FMO US$33.38 million; West African Development Bank US$19.89 million) and a $40 million equivalent IDA partial risk guarantee project agreement. The project will provide power to over one and half million residents in Senegal.
The project entails the construction of a 12 MW WtE plant in Ruzhou, Henan Province. Total investment stands at RMB 436.3 million or $ 68.89 million. Sponsors of the project is China Everbright (70%). The facility will be undertaken under 30 years concession. Financial close took place on September 22, 2017.
In September 2011, GS Inima Environment S.A., a subsidiary of the Spanish company OHL, was awarded the contract to build and operate a desalination plant located at Ensenada, Baja California. The El Salitral Plant was established to produce 7.88 million m³/year and benefit 96,000 people.  The bidding criteria was the best technical and economic offer, and seven bidders took part in the process. The names of the other participants were not available.  The 20-year contract was signed in December 2011. Inima created the special purpose company Aguas de Ensenada S.A. de C.V. to manage the project. The investment was estimated at US$ 48.3 million.  In December 2014, the Nadbank approved a US$ 22 million loan to the project.
The project entails the construction of a wood pellet facility in Sarawak, Borneo, Malaysia. The facility, which includes three 355 kW pellet mills, will process about 175,000 tonnes of wet, raw biomass material annually. The feedstock will largely comprise wood waste such as slabs, chips, sawdust, veneer and plywood residuals. Total investment stands at $52 million. Sponsors of the project are Cellmark, Sarawak Timber Industries Corp and Derasas Jaya SBD. Financial close took place in 2014.
In June 2013, Zuma Energia (95%), a partnership of the British investment fund Actis (70%) and Mesopower Mexico Corp. (30%), and Comexhidro (5%) was awarded the license to build and operate a wind farm located at the municipality of Santo Domingo Ingenio, state of Oaxaca. The power plant was designed to have a total capacity of 50 MW. The electricity generated by the power plant was set to be directed to the Mexican national grid.  The special purpose company P.E. Ingenio, S.A.P.I. de C.V. to manage the project. Total investment in the wind farm was estimated at US$ 250 million.   In September 2014, Bancomext approved a financing package for the project but the details were not disclosed.  The Spanish company Acciona Energia was hired to undertake the construction works and operate the facility for a 15-year period. The contract with Acciona was worth US$ 111 million.
In September 2011, the Brazilian company Orteng Energia Ltda was awarded in a competitive bidding process the contract to build and operate 24-km of transmission lines and one substation located in the state of Minas Gerais.  The transmission line was set to connect Mesquita  Substation and Timoteo Substation (230 kV, single  circuit). In addition, the sponsor committed to build a new substation with planned capacity of 230 kV named SE Timoteo 2.  Besides Orteng, two other companies took part in the contest: the Brazilian company TAESA-Transmissao Alianca de Energia and the Brazilian state-owned company Furnas Centrais eletricas S.A. .  The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. Orteng presented the lowest offer, a total value of US$  1.8 million (BRL 2.87 million), 13% below the ceiling set by the regulatory agency. The contract was signed in January 2012 and the sponsors created the company Empresa de Transmissao Timoteo-Mesquita Ltda to lead the project during the 30-year contract period.   The sponsor committed to invest US$ 15.7 million (BRL 37 million) in the transmission line. In October 2014, the sponsor was granted a US$ 5.5 million (BRL 13 million) loan from Minas Gerais state-owned bank BDMG. The remaining cost was set to be financed with the sponsors’ internal resources.  Environmental clearance was awarded in July 2013. As o December 2014, construction works were underway. Operation was expected to commence in 2015.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
In December 2013, the Brazilian company AEGEA Saneamento e Participacoes (Grupo Equipav), was awarded the 30-year concession contract to expand, rehabilitate and operate the water and sewerage facilities of Matao, located at the state of Sao Paulo. The contract was awarded by the municipality, and the investments were expected to benefit around 80,000 people.  The sponsors were awarded the contract by offering the highest investment amount. Besides AEGEA, only another bidder took part in the bidding process, but its name was not disclosed. The contract was signed in February 2014, and the private sponsor took over the operations of the sewerage services in the same month.  The special purpose company Aguas de Matao was set to lead the project. The total investment in the project was estimated at US$ 42.5 million (BRL 100 million).
BKS Sofia Ltd. was awarded a contract on 20 June 2014. The total cost of the project is $2.09 million.
The project entails the construction of a 15MW biomass power plant in Gishoma, Rusizi district (Rwanda). Project sponsor is Shenhua Group  (100%), under a BOO scheme. At the time of completion which was October 2014 it was estimated that the facility would boost Rwanda's current 96 MW national grid capacity by 15%.
The Brazilian company Energisa Geracao FIP Biomassa, a subsidiary of group Energisa Geracao , was granted authorizations to build and operate four sugar-cane-residue fueled power plants located in the state of Mato Grosso do Sul (175 MW in total capacity). The sponsors created special purpose companies to manage each power plant, detailed below:  * Energisa Bioeletricidade Vista Alegre I - UTE Vista Alegre I (30 MW) - Investment: US$  40.2 million (BRL 94.55 million) * Energisa Geracao Vista Alegre II - UTE Vista Alegre II (30 MW) - Investment: US$  40.2 million (BRL 94.55 million)  A 30-year authorization contract was granted by the regulatory agency ANEEL to UTE Vista Alegre I in December 2008, and 35-year authorization for the others starting in 2014.  The construction works at the UTE Vista Alegre I and UTE Vista Alegre II commenced in January 2014 and August 2013, respectively. As of December 2014, works were in advanced stage, and operations were expected to begin in early 2015.   The government periodically runs public bidding for the sale of energy to the country´s distribution companies. UTE Vista Alegre I and UTE Vista Alegre II won the public bidding that took place in December 2013 by offering an average tariff of US$ 56.6/MWh (BRL 133.00/MWh). The project companies signed 25-year power purchase agreements with the several electricity distribution companies.   The project companies were granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures.  In December 2014, the Brazilian company Geracao Bioeletricidade Holding S.A., a subsidiary of the Canadian group Brookfield, acquired the power plants from Energisa Geracao.
NSL Renewable Power Private Limited entered into an agreement with Maharashtra Government, to develop 12MW wind power project at Chilweri in Satara district of Maharashtra. The project would be executed by Sispara Renewable Power Private Limited, a special purpose vehicle. The wind farm would involve the building of 8 units of ReGen V87 wind turbines (1500kW each).The electricity generated from theproject would be evacuated by state grid thorugh Northern, Eastern, Western and North-Eastern (NEWNE) grid of India. ReGen Powertech Private Limited would develop, construct, commission, operate and maintain the project.   Sispara Renewable Power Private Limited (SRPPL) would sell the power to Maharashtra state Electricity Distribution Company Limited (MSEDCL). The feed-in tariff was US$ 0.093/Unit (INR 5.7 per unit @61 INR/USD) for the first 13 years of operation. The transmission charges would be paid by SRPPL to the state transmission utility. The total capacity of 12MW was eligible for CDM benefits.    The project attained financial closure on 14th November 2014 at a debt/equity ratio of 71/29. The estimated project cost at the time of financial closure was US$ 13.9mn (INR 850mn @61 INR/USD). Financing comprised of a 13-year 3-month term loan of US$ 9.8mn (INR 600mn) and sponsor equity of US$ 4.1mn (INR 250mn).The term loan had a grace period of 12-months and a repayment schedule of 48 quarterly instalments. The loan was priced at at 250 basis points over the prime lending rate. The lead arranger of the term loan was SBI Capital Markets and the loan provided by PTC India Financial Services Limited.  The project was expected to be commissioned by April 2015.
The project envisages the construction Plastics-to-Fuel plant in Bicholim, Goa. Sponsor of the project is M.K. Aromatics. The concession period is 15 years. The contractor will convert the plastic into fuel and pay the government a 2% share of the sales. Financial close took place in September, 2014
In early 2014, the local sponsor Grupo Terra (SPV) was awarded the right to develop, construct and operate a 25MW greenfield solar photovoltaic power project in Santa Lucia, the Choluteca province, in Honduras. The investment was estimated at US$69.3 million.   The special purpose company Sociedad Mecanismos de Energia Renovable S.A. de C.V. (MECER) was established to manage the project.   Mecer benefits from a 20-year power purchase agreement (PPA) with Honduran national power company (ENEE). It is one of several solar projects being developed in Honduras within a framework in which the first 300MW reaching technical completion by mid-2015, are eligible to benefit from an additional solar incentive. First Solar is providing solar panels for the Mecer project.  In December 2014, the Project achieved financial closure with a debt-to-equity ratio of 75:25 on the US$ 69.3 million project. The US$52 million debt package consisted of loans from FMO (US$12.5 million), DEG (US$11 million), Proparco (US$11 million), Opec Fund for International Development (US$10 million) and Interact Climate Change Facility (US$7.5 million). Grupo Terra provided US$17.3 million in equity.  Commercial operations commenced in August 2015.
In April 2013, a local private company Hanergy Group signed an agreement with Jimusaer County Government to finance, build and operate a solar power plant in Jimusaer County, Xinjiang Uyghur Autonomous Region. Construction of the first phase (20MW) commenced in September 2014 and it was completed in June 2015. The total investment was RMB 210 million (US$ 34.18 million) and Hanergy had a 100% stake in the project.
In April 2014, a local private company Beijing Sound Group won a concession agreement granted by the local county government to finance, build and operate three township wastewater treatment plants in Huangping County, Guizhou Province. The total investment was RMB 56 million (US$ 9.12 million) and Sound had a 100% stake in the project. The total treatment capacity of the plants was 5500 tons per day. A SPV, Huangping County Sound Water Affairs Company Limited was established to implement the project. By the end of 2014, substantial construction had been completed, according to a media report.
Turkey’s Energy Market Regulatory Authority, EMRA, granted permit to STEAG GmbH to develop a 66MW onshore wind power generating facility in Suloglu, Turkey.   The total cost of the Soluglu wind farm was estimated at USD 123 million. The project reached financial closure in October 2014 with a debt equity ratio of 65/35.   Construction phase began in September 2014 and start of commercial operations is scheduled for October 2015. Vestas supplied 20 V126-3.3 MW wind turbines for the project.   Turkey’s national transmission company is required to provide grid connections to all renewable power projects. Wind developers in Turkey are qualified for a fixed feed-in tariff or they can sell the electricity generated on the free market and achieve a higher return than would be available with the fixed tariff.
In June 2014, a partnership of the Israeli company Shikun & Binui (Arison Group, 50%) and the Colombian company Grodco (50%) won in a competitive bidding the right to expand, rehabilitate and operate 153-km of the Perimetral Oriental de Cundinamarca highway connecting the cities of Caqueza-Choachi-Calera-Sopo and Salitre-Guasca-Sesquile, Patios-La Calera and Límite de Bogota-Choachi.   The bidding criteria was the lowest funding to be provided by the government. Four groups of companies presented offers: OHL Concesiones, Autopista Perimetral de Cundinamarca, Infraestructura Vial de Colombia and Shikun & Binui-Grodco. Shikun & Binui-Grodco's request was 19% below the ceiling set by the goverment, a value of US$  428.4 million, or 80% of the project costs. The investment was estimated at US$  535.5 million.  The 25-year concession contract was signed in September 2014. The sponsors created the company Perimetral Oriental de Bogota SAS to lead the project. Operations commenced in December 2014.  In May 2016, the IADB approved a US$ 158.1 million loan to the project. In addition, US$ 252.5 million in loans was granted by Bancolombia, Corpbanca and Financiera de Desarrollo Nacional (FDN) - US$ 84.2 million by each financial institution.  In December 2016, InfraRed Capital Partners paid US$ 60 million for Shikun & Binui's shares in the project company.
In October 2014, Consorcio Autopistas del Nordeste, a partnership of KMA Construcciones S.A. (Colombia, 25%); Ortiz Construcciones Y Proyectos S.A. (Spain, 25%); Equipo Universal S.A. (Colombia, 25%) and Valores Y Contratos S.A. (Colombia,25%), won in a competitive bidding the right to expand, rehabilitate and operate the 146 km of the Conexion Norte highway connecting the cities of  Remedios-Zaragoza-Caucasia.  The bidding criteria was the lowest funding to be provided by the government. Two groups of companies presented offers: Consorcio Autopistas del Nordeste and China Gezhouba Group Company Limited. Consorcio Autopistas del Nordeste request was 11.4% below the ceiling established by the government, a value of US$ 435.3 million, or 88.8% of the project costs. The investment was estimated at US$  490.5 million.   The 25-year concession contract was signed in December 2014. The sponsors created the company Consorcio Autopistas del Nordeste SPV to lead the project.   In January 2016, the project was granted a US$ 428 million financing deal. SMBC provided a US$ 250 million dollar tranche, and Bancolombia, Davivienda, Financiera de Desarrollo Nacional (FDN) provided a Pesos 520 billion senior credit facility. FDN also provided a Pesos 80 billion multipurpose subordinate credit facility (MSF).
The partnership of the Brazilian companies Atlantic Energias Renovaveis  S.A. (80%) and Casa dos Ventos Energia Renovaveis S.A.(20%)  was granted authorizations to build six wind power plants located in the municipality of Campo Formoso, state of Bahia (180 MW in total capacity). The 35-year contracts were signed with the regulatory agency ANEEL  in September 2012.   The sponsors created the following special purpose companies to manage the projects:   * Ventos da Andorinha Energias Renovaveis S.A. - EOL Ventos da Andorinha (30 MW) * Ventos de Campo Formoso I Energias Renovaveis S.A. - EOL Ventos da Campo Formoso I (30 MW) * Ventos de Campo Formoso II Energias Renovaveis S.A. - EOL Ventos da Campo Formoso II (30 MW) * Ventos de Morrinhos Energias Renovaveis S.A. -  EOL Ventos de Morrinhos (30 MW) * Ventos do Sertao  Energias Renovaveis S.A. - EOL Ventos do Sertao (30 MW) * Ventos dos Guaras Energias Renovaveis S.A. - EOL Ventos dos Guaras I (30 MW)  The total investment in the power plant was estimated at US$  210.2million (BRL 625.5 million).  The government periodically runs public bidding for the sale of energy to the country´s distribution companies. Except for EOL Ventos dos Guaras, all the other  power plants won the public bidding that took place in July 2011, by offering an average tariff of US$ 34.9/MWh (BRL [103.87/MWh). EOL Ventos dos Guaras I won the bidding that took place in September 2013,  offering a tariff of US$ 39.6/MWh (BRL 118/MWh).The  project companies signed 20 -year power purchase agreements with the several electricity distribution companies.  Commercial operations were expected to begin in  2016.  In October 2014, Casa dos Ventos sold its 20% stake in the project to Actis Brasil Energia Fundo de Investimento em Participacoes, a subsidiary of the UK investment fund Actis. Atlantic Energias Renováveis was established as a joint-venture of Actis (60%), the Brazilian company Pattac Empreendimentos (24%) and the Spanish company Servinoga (16%).  Construction works commenced in August 2014, and they were in advanced stages as of June 2015.  In November 2015, the state-owned bank BNDES approved a US$ 89.1 million (BRL 297.1 million) loan to the project.  The companies were granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.  In March 2016, the sponsors were granted US$ 106 million from the banks Bradesco and Santander to refinance its previous debt commitments. In addition, BNDES granted a US$ 34.3 million (BRL 126.9 million) loan to the project.
Turkish firm, Erciyas Celik Boru A.S., developed a 52 MW Kavakli RES wind power plant in the southern province of Balikesir in Turkey. Vestas supplied a total of 16 wind turbines for the wind farm. The annual production from Kavakli farm is estimated at 193,000 MWh per year, which will save the environment from over 95,000 tons of CO2 emissions on an annual basis. The wind farm would produce enough electricity to cover the residential electricity consumption of more than 390,000 people.  The project reached financial closure in March 2014. The Danish export credit agency, EKF, teamed up with Landesbank on a buyer credit facility in the amount of USD 65 million (DKK 358 million) to fund the export of Vestas wind turbines.  The loan had a tenor of 14 years and 11 months.  The wind farm was commissioned in the second quarter of 2014.
Scatec Solar ASA obtained a license from the Government of Jordan to build, own and operate a 20 MW solar power plant near the city of Ma’an in the south of Jordan for 20 years. ?The power generated form this plant was to be sold to the Jordanian National Electric Power Company (NEPCO) under a 20-year power purchase agreement (PPA).   The power plant was jointly owned by European Jordanian Renewable Energy Projects LLC (60%), a Jordanian renewable energy developer, and Norwegian Scatec Solar AS (40%).  The total project cost was estimated at USD 65.0 million. The project reached financial close in November 2014 million with debt financing from the European Bank for Reconstruction and Development and the French development finance institution, PROPARCO, with each providing USD 24 million each. The sponsors invested $17m as equity for a debt equity ratio of 74:26.  Construction of the project had begun with completion and grid connection expected to take place in second half of 2015.
The project entails the construction of a 30 MW WtE plant in Dingyuan County, Anhui Province. Total investment stands at RMB 320 million or $ 47.44 million. Sponsor of the project is China Everbright. Chongqing Sanfeng Covanta Environmental Industry a wholly owned subsidiary of Martin GmbH, had been awarded a contract to supply a grate system for the facility. DP Cleantech is the EPC contractor. Financial close took place in August 2014.
The project involves the construction of a 5MW biomass power plant in the rural region of Mahiyanganaya, Sri Lanka. The Dendro project sponsor is Tokyo Cement Group. The Rs 2.4 billion biomass plant was built by Tokyo Power, the energy arm of Sri Lanka’s leading cement and concrete manufacturer, Tokyo Cement Group, in co-operation with LAWI Engineering.The 5 MW Dendro power plant is expected to contribute approximately 40 million kWh annually to the national grid using sustainable green energy sources, notably Gliricidia, a fast-growing tree. Financial close was reached in April 2014.
The US$977 million Nam Ngiep 1 HPP project involved the development of the greenfield 272.8MW generation facility located in Xaysomboun and Bolikhamxay province of Laos and a 125km of transmission line. Commercial operation was expected to begin in 2019. This BOT project reached financial closure in October 2014, as the loan agreement was signed.   The Kansai Electric Power(45%) led Nam Ngiep 1 Power Co Ltd, a consortium that consists of three sponsors: Kansai Electric Power (45%), EGAT International (EGATi) (30%), which is a subsidiary of Electricity Generation Authority of Thailand (EGAT), and Lao Holding State Enterprise (25%), a wholly-owned subsidiary of the Government of Laos. Nam Ngiep 1 Power Co signed agreements with the Japan Bank for International Cooperation (JBIC), the Asian Development Bank and Thai and international banks. The ADB would provide US$50 million as a direct loan, and has mandated Mizuho, Sumitomo Mitsui Banking Corporation and the Bank of Tokyo-Mitsubishi UFJ to lend a US$72 million B loan facility. ADB would be lender of record on the B loan. The debt package would also include a Thai baht tranche equivalent to US$321.5 million (THB10.2bn). The ADB was supplying US$95 million of this tranche. JBIC was also lending US$200 million as a project finance loan to the project. The sponsors would provide around US$336 million in equity to the project. The majority of hydropower generated would be delivered to neighboring Thailand. It would be sold to Electricity Generating Authority of Thailand. The plant would also supply power domestically to Laos's state-owned electricity company over a 27-year concession period.
On December 18, 2014, construction of a solid waste incineration power plant commenced in Jianli County, Hubei Province. The developer was a local private company, the Zhejiang based MIZUDA Group. MIZUDA implemented the project through its subsidiary Zhejiang Wangneng Environmental Protection Company Limited, which would finance, build and operate the power plant. The entire facility which would be carried out in two phases, could process 600 tons of solid waste per day and have a power generation capacity of 12MW. The first phase, which was currently beiing undertaken, had a solid waste processing capacity of 300 tons per day and power generation capacity of 6MW. The total investment for Phase was US$ 30.93 million (RMB 190 million) and MIZUDA had a 100% stake in the project.
In August 2014, a local private company, Beijing Sound Group won a management contract to operate 4 wastewater treatment plants in Yancheng City, Jiangsu Province. The total treatment capacity of the plants was 18000 tons per day. The term of the management contract was 25 years.
The Spanish company Gestamp announced the development of the Marcovia Solar power plant at Choluteca, Honduras (49 MW in capacity). The sponsors signed a 20-year PPA with the state-owned company ENEE.  The sponsor created the special purpose company Compania Energia Solar Centroamericana S.A. de C.V. to manage the project. Investment was estimated at US$ 90 million.  The American company Trina Solar was responsible for the equipment supply, while the Spanish Group Ortiz was granted the EPC and O&M contracts.  Construction works commenced in 2014, while operations begun in June 2015.
In May 2013, the  Brazilian company Genrent, a subsidiary of the American company First Solar, was granted the right to build and operate a thermal power plant (diesel fueled) located in Iquitos (Maynas province), with 70 MW in capacity. The power plant was named Central Termoelectrica Iquitos Nueva. The electricity from the power plant was set to be directed to the national grid under a 20-year power purchase agreement signed with the Ministry of Energy.   The bidding criteria established by the regulatory agency Proinversion was the lowest tariff. Besides Genrent, only Cobra Instalaciones y Servicios took part in the contest. The contract was signed in September 2013, and its duration included 30 months for the construction and 20 years for the operation of the power plant. The sponsor created the company Genrent del Peru S.A.C. to manage the project.  The sponsor committed to invest US$ 100 million in the construction of the power plant. Financial closure was achieved in May 2014, when the sponsor was granted a US$ 30 million loan from Espirito Santo Bank.  Operations were set to begin in 2016.
In September 2011, the Spanish companies Abengoa and its subsidiary Abeinsa were awarded the contract to build and operate a water treatment, transport and distribuition facilities from the El Zapotillo dam. The project was set to benefit the municipalities of Leon, Canadas de Obregon, Jalostotitlan, San Miguel el Alto, San Julian, Encarnacion de Díaz, San Juan de los Lagos, San Diego de Alejandria, Lagos de Moreno, Union de San Antonio, Valle de Guadalupe and Villa Hidalgo (1.5 million people).  The bidding criteria was the highest price paid for the right to develop the project. Two bidders presented offers: Abengoa/Abeinsa and Samsung/Techint. The winning bid was a value of US$ 347 million.  The project included the construction of 139 kilometers of large diameter pipes, pumping stations with a total installed capacity of 24,000 kilowatts, a water treatment plant with a 3,800 liter/second capacity, a 100,000 cubic meter storage tank, and a 40 kilometer distribution circuit in the municipality of Leon.  The 25-year contract was signed the Mexican Water Comission Conagua and the special purpose company Concesionaria del Acueducto El Zapotillo, S.A. de C.V. in October 2011. Investment was estimated at US$ 640 million.  National Infrastructure Fund committed to provide 49% of the investment, while the remaining 51% would be covered by project ifinancing. Financial closure was achieved In December 2014, when state-owned bank Banobras approved a US$ 177 million long-term loan.
The company Tecneira Acarau Geracao e Comercio de Energia Eletrica S.A., a wholly-owned subsidiary of the Portuguese Group CME ,was granted the authorization to build a wind power plant located in the state of Ceara (30 MW in capacity). The 35-year contract was signed with the regulatory agency ANEEL  in March 2012.  The power plant was named EOL Cataventos Paracuru I. The total investment in the power plant was estimated at US$ 46.4 million (BRL 109 million) and was financed with a loan granted by the state-owned development bank BNDES approved in February 2014 (US$ 34.5 million or BRL 81 million).  The government periodically runs public bidding for the sale of energy to the country´s distribution companies. The power plant EOL Cataventos Paracuru I won the public bidding that took place in 2011, by offering an average tariff of US$ 63.1/MWh (BRL 103/MWh). The project company signed 20-year power purchase agreements with the several electricity distribution companies and committed to start supplying to the market in 2014.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures.  Construction works commenced in June 2013 and were still underway as of December 2014.
In November 2014, construction of a solar power plant invested by a Hong Kong based company Hong Solar Company Limited commenced in Yingjisha County, Xinjiang Uyghur Autonomous Region. The electricity generation capacity of the plant was 20MW. The total investment was RMB 240 million (US$ 39.07 million) and Hong Solar had a 100% stake in the project. An SPV Yingjisha County Tianhuaweiye Solar Power Technology Company Limited was established in Yingjisha County to undertake the project. The plant came into operation in March 2015.
In October 2014, a private local company Beijing Sound Group won a bid to finance, build and operate the Baiyangdu Wastewater Treatment Plant in Leiyang City, Hunan Province. The total investment was RMB 330 million (US$ 53.72 million) and the capacity of the plant (phase I) was 100,000 tons per day. Construction commenced in October 2014 and the plant was completed and came into operation in June 2015. The concession term was 30 years. Beijing Sound had a 100% stake in the facilities.
In July 2013, a local private company Beijing Sound Group won the bid to finance, build and operate a wastewater treatment plant in the Gaoshan Town, Fuqing City, Fujian Province. The total investment in the first phase of the plant which had a capacity of 10,000 tons per day was RMB 33.41 million (US$ 5.44 million). Beijing Sound had a 100% stake in the project. Construction commenced in January 2014 and was almost finished in December 2014. The concession term of the project was not reported. A SPV, Fuqing Sound Rongqing Water Affairs Company Limited was registered by Beijing Sound Group to implement the BOT project.
In January 2014 Serm Sang Lopburi Solar PV reached financial closure, as the $83.86 million debt financing became secured. This 52MW solar PV greenfield BOO project worth of $111.81 million was to be located in Lopburi, Thailand.    The equity sponsor of the project was Tang Kim Heng Group, a parent company of Serm Sang Palang Ngan Co., Ltd., a SPV of this 52MW Solar PV project. Serm Sang Palang Ngan was joined by four high net worth individuals as equity investors. The sponsors have signed a five-year power purchase agreement with the Electricity Generating Authority of Thailand, which would be renewed for another five years provided there is no breach of contract.   TMB Bank and Kasikornbank were the two lenders for the debt financing and provided $83.86 million debt facility for 10 years 11 months. The debt/equity ratio was 75:25 with $27.95 million equity for the project.
In December 2013, Invepar, a partnership of the Brazilian construction company OAS (25%) and three Brazilian pension funds (Banco do Brasil PREVI, Caixa Economica Federal FUNCEFand Petrobras Petros, each with 25% of the shares), won in a competitive bidding the right to expand, rehabilitate and operate the 936.8 km of highway BR-040 connecting the cities of Brasilia and Rio de Janeiro.   The bidding criteria was the lowest tariff, and Invepar offered toll rates that were 61.13% below the ceiling set by the federal government. Seven other groups took part in the bidding process: Consórcio Via Capital (Ecorodovias Infraestrutura e Logistica s.a., Coimex Empreedimentos e Participacoes Ltda.,  Rio Novo Locacoes Ltda; Tervap Pitanga Mineracao e Pavimentacao Ltda; Contek Engenharia S.A.; A. Madeira Industria e Comercio Ltda; Urbesa Administracao Ltda); Companhia de Participacoes em Concessoes (CPC/CCR); TPI – Triunfo Participacoes e Investimentos; Queiroz Galvao Infraestrutura; Consorcio Caminho Novo (Encalso Construcoes Ltda; Camter Construcoes e Empreendimentos S/A; Infravix participacoes S/A; Conter Construcoes e Comercio S/A; Firpavi Construtora e Pavimentadora S/A ); Consorcio Integracao ( Fidens Engenharia S.A.; Construtora Aterpa M. Martins S.A.; Construtora ); and Contern Construções e Comércio Ltda.  The 30-year concession contract was signed in March 2014. The sponsors created the company Concessionaria BR-040 S.A. (Via 040) to lead the project. Operations commenced in April 2014.  The investment was estimated at US$ 3369 million (BRL  7.92 billion) over the life of the project. In September 2014, the state-owned bank BNDES approved a US$ 410.8 million (BRL 965.7 million) loan finance the investment costs in the first two years of the project.  The project was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
The company Sao Tome Holding S.A., a subsidiary of the Brazilian company Salus Fundo de Investimento em Participações S.A., was granted authorizations to build two seven power plants located in the state of Pernambuco, municipalities of Caetes, Paranatama and Pedras (total capacity of 191.7 MW). The 35-year contracts were signed with the regulatory agency ANEEL starting in Feb 2014. The wind park was also referred to as Parque Eolico Caetes.  The Sao Tome Holding S.A. created the following special purpose companies to manage the power plants: Ventos Santa Brigida I Energias Renovaveis S.A. (13.5 MW), Ventos Santa Brigida II Energias Renovaveis S.A. (29,7 MW), Ventos Santa Brigida III Energias Renovaveis S.A. (29,7 MW), Ventos Santa Brigida IV Energias Renovaveis S.A. (29,7 MW), Ventos Santa Brigida V Energias Renovaveis S.A. (29,7 MW), Ventos Santa Brigida VI Energias Renovaveis S.A (29,7 MW) and Ventos Santa Brigida VII Energias Renovaveis S.A. (29,7 MW).  The total investment in the power plants was estimated at US$ 20 million (BRL 47 million) for EOL Santa Brigida I  and at US$ 260.1 million (BRL  611.4 millions) for other power plants. The project was financed with a loan granted by the state-owned development bank BNDES approved in  June 2014  (US$ 68.2 million or BRL 160.3 million). In July 2015, Sao Tome Holding issued US$ 26.7 million (BRL 89 million) in long-term bonds, of which US$ 6 million (BRL 20 million) worth was acquired by BNDES.  The government periodically runs public bidding for the sale of energy to the country´s distribution companies. All power plants won the public bidding that took place in 2013, by offering an average tariff of US$ 49.3/MWh (BRL  116/MWh). The project companies signed 20-year power purchase agreements with the several electricity distribution companies. Sao Tome Holding S.A. committed to start supplying the market in the second semester 2015.   The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.  Construction works commenced in August 2014, and were in advanced stage by December 2014.  In January 2016, the UK based company Cubico acquired the project from Salus along with another wind farm located in Piaui in a deal worth US$ 588 million (BRL 2 billion).
In July 2013, Government of Tamil Nadu, Highways and Minor Ports Department, awarded a 20-year concession (including a 30-months construction period) to a consortium of GVR Infra Projects Limited and Ashoka Buildcon Limited for the strengthening, improvement,six-laning, operation and maintenance of 32kms of Chennai Outer Ring Road Phase-II from Nemilicheri in NH-205 to Minjur in Thiruvottiyur–Ponneri–Panchetti (TPP) Road, in Tamilnadu.   Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance,strengthening and widening the existing carriageway to 6-lane divided carriageway.The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections,interchanges, drains, etc. The 62-km ORR project linked the peripheral areas of Chennai city from Vandalur in the south, about 25 km from Chennai on NH 45, to Minjur to the north of Chennai.The expansion project was expected to ease traffic congestion. The first phase of the project, 29.5 km linking Vandalur to Nazarathpet on NH 4 to Nemilichery on NH 205, was nearing completion (GMR Chennai Outer Ring Road Private Limited).  The consortium of GVR Infra Projects Limited (50%) and Ashoka Buildcon Limited (50%), established GVR Ashoka Chennai ORR Limited (GACOL),a special purpose vehicle on 23rd July 2013, to implement the project. The SPV won the tender through international competitive bidding, conducted by TNRDC,by requesting the lowest annuity payment. Under the concession contract, it was proposed to avail an upfront payment of certain per cent of the construction cost and the remaining payments during the operation and maintenance period (17.5 years) of on annuity basis to be met out of state funds. Under this concession, GACOL was to recover the capital costs and operating costs including returns through an upfront payment of US$ 32.3mn (INR 1970mn) and 35 semi annual payment of US$ 19.7mn (INR 1199.7mn) during the term of operation of concession (17.5 years).   The concession agreement for the project was signed on 18th September 2013. The project attained financial closure on 13th May 2014. The grant/debt/equity ratio of the project was 13/74/13. The estimated capital cost of the project at the time of financial closure was US$ 240.3mn (INR 14660mn @61 INR/USD). Apart from the upfront grant of US$ 32.3mn (INR 1970mn), financing comprised of a term loan of US$ 177mn (INR 10800mn), and sponsor equity of US$ 31mn (INR 1890mn). Other details of financing were not available at the time of collection of this information.   The project construction started in March 2014 (Appointed Date) and was expected to be operational by August 2016.
In 2011, the Canadian company Transcanada was awarded the right to build and operate a natural gas pipeline starting in the state of San Luis Potosi and finishing in the state of Queretaro. The pipeline named Gasoducto Tamazunchale-El Sauz was set to have 235 km in extension with a maximum transport capacity of 630 mmpcd.   The bidding criteria and the names of other participants were not available. The sponsors agreed to supply natural gas to electricity generating units located in the states of San Luis Potosi, Queretaro and Hidalgo. Transcanada assigned its subsidiary Transportadora de Gas Natural de la Huasteca (TGNH) to manage the project. The 25-year contract was signed with the regulatory agency CFE was signed in February 2012.  The total investment in the project was estimated at US$ 600 million.  Construction works began in November 2012 and were concluded by November 2014.
In December 2013, the Brazilian company Nascente do Xingu, a subsidiary of AEGEA Saneamento e Participacoes (Grupo Equipav), was awarded the 30-year concession contract to expand, rehabilitate and operate the water and sewerage facilities of Confresa, located at the state of Mato Grosso. The contract was awarded by the municipality, and the investments were expected to benefit around 27,749 people.  Information on the bidding criteria and on the names of other bidders was not available. The contract was signed in January 2014, and the private sponsor took over the operations of the sewerage services in February 2014.  The special purpose company Aguas de Confresa was set to lead the project. The total investment in the project was estimated at US$ 36.6 million (BRL 86 million).
The project entails the construction of a 12 MW WtE plant in Gaochun, Jiangsu Province. Sponsor of the project is China Everbright. Total investment stands at RMB 260 million of which 34.24 are provided as a grant under the Provincial Plan of Dedicated Projects and Funds for the Treatment of Lake Tai. The project has been undertaken on a build-operate-transfer (BOT) basis, with the operating contract running for 30 years. Financial close took place on April 29, 2014.
Scatec Solar ASA obtained a license from the Government of Jordan to build, own and operate a 10 MW solar power plant near the city of Ma’an in the south of Jordan for 20 years. ?The power generated form this plant was to be sold to the Jordanian National Electric Power Company (NEPCO) under a 20-year power purchase agreement (PPA).   The power plant was majority owned and controlled by Norwegian Scatec Solar AS with 70% equity. The remainder of the share capital was owned by local Jordanian entities and individuals including Kingdom Electricity Company.  The total project cost was estimated at USD 30.0 million. The project reached financial close in November 2014 million with debt financing from the European Bank for Reconstruction and Development and the French development finance institution, PROPARCO, with each providing USD 13 million each. The sponsors invested USD 4 million as equity for a debt equity ratio of 87:13.  Construction of the project had begun with completion and grid connection expected to take place in second half of 2015.
In May 2014, Consorcio P.S.F. Concesion La Pintada, a partnership of Grupo Odinsa (Colombia, 25%), Mincivil (Colombia, 21.15%), Construcciones El Condor (Colombia, 21.15%), Termotecnica Coindustrial (Colombia, 13.5%), ICEIN SAS (Colombia, 9.20%) and Mota Engil Engenharia e Construcao (Portugal, 10%), won in a competitive bidding the right to expand, rehabilitate and operate the 98 km of the Autopista Conexion Pacifico 2 highway connecting the cities of  Bolombolo - La Pintada - Primavera.   The bidding criteria was the lowest funding to be provided by the government. Only Consorcio P.S.F. Concesion La Pintada bid for the project. Conexion Pacífico 1's request was US$  251.6 million, or 55.2% of the project costs. The investment was estimated at US$  455.4 million.  The 25-year concession contract was signed in September 2014. The sponsors created the company Concesion La Pintada S.A. to lead the project.  In October 2015, the project was granted a US$ 312.4 million loan from Itau-Unibanco.
Green Infra Wind Energy Limited (GIWEL), a Special Purpose Vehicle promoted by Green Infra Limited (a IDFC Group Company) entered into an agreement with Maharashtra Government to develop a 49MW wind farm located at Bhud village in Sangli district of Maharashtra. The project scope was revised to 43.5MW subsequently. The wind  farm would involve the building of 29 Vensys V82 turbine units of 1.5MW capacity each. The electricity generated from the project would be evacuated by the Maharashtra state grid. GIWEL had entered into agreements with ReGen Powertech Limited to develop (including operation and maintenance of) this greenfield project.  The Bhud Wind farm was expected to sell the power to  State distribution company through a 25-year PPA.  GIWEL had already signed PPA for 43.5MW at an preferential of INR 5.81 per unit for 13.0 years with MSEDCL (Maharashtra State Electricity Distribution Company Limited). The total capacity of 43.5 MW was eligible under REC as per the CERC and CDM benefits.   Financial closure took place on 24th March 2014.The total project cost at the time of financial closure was US$ 53.6mn (INR 3267mn @61 INR/USD).The debt equity ratio for the project was about 75/25. Financing comprised of a term loan of US$ 40.2mn (INR 2450mn) and sponsor equity of US$ 13.4mn (INR 817mn). The term loan had a repayment schedule of 49 quarterly installments. The term loan was arranged by IDFC. The participating FIs were Indian Renewable Energy Development Agency (INR750mn), Axis Bank (550mn), Tata Capital (400mn).  The 43.5 Windfarm was commissioned in phases in March 2014.
The project entails the construction of a 18 MW WtE plant in Ma’anshan City, Anhui Province. Total investment stands at RMB 519 million or $ 76.95 million. Sponsors of the project are China Everbright (50%) and Ma'anshan Municipal Public Utility Investment Company (50%). The facility will be undertaken under 30 years concession. The Ma’anshan facility is located approximately 20 kilometres from the Nanjing Waste-to-Energy Project, so the two plants can take advantage of synergies to help save construction and operational management costs.  Financial close took place in January 2014.
The project entails the provision of urban cleaning services and solid waste management in the municipality of Estância Turística de Salto-SP, Brazil.  The winning concessionaire is formed by Corpus Saneamento e Obras Ltda. and the concession will have a term of 30 years, with a contract value of USD191.75 million (BRL999.8 million).  The project company CSO Ambiental de Salto SPE SA signed the contract with the Municipal Department of the Environment of Salto Municipality on 17 November 2014.
In December 2013, Azure Energy Private Limited (AEPL), signed an MoU with Punjab Energy Development Agency (PEDA) for setting up a 34-MW photovoltaic solar project at two locations - district Muktsar and district Fazilka in the state of Punjab under the Punjab New & Renewable Sources of Energy (NRSE) Policy 2012. The output from the project would be fed to the North-East-West-North-East (NEWNE) grid of India. The project has deployed thin-film technology. Power evacuation was planned through a 66KV line to substation, which, as per the state policy, was the responsibility of Punjab state transmission utility.  Azure Energy Private Limited had entered into a 25-year Power Purchase Agreement with Punjab State Power Corporation Limited (PSPCL), which was the agency to purchase solar power generated by independent solar power producers. The PPA would be effected at the time of commissioning of the project. The CERC determined tariff for normal rate of depreciation was INR 8.75/kWh (US$ 0.143/kWh)and for accelerated rate of depreciation was INR 7.87/kWh (US$ 0.129/kWh). Transmission and/or wheeling charges would be paid by AEPL.  The project attained financial closure on 13th March 2014 with a debt/equity ratio of 75/25. The estimated project cost at the time of financial closure was US$ 41.1mn (INR 2510mn @61 INR/USD). Financing comprised of Debt of US$ 30.8mn (INR 1880mn) and sponsor equity of US$ 10.3mn (INR 30mn). The 14-year 6-months term loan was arranged by PTC India Financial services Limited.  The plant construction started in January 2014 and was commissioned on 30th October 2014.
The project entails the construction of Hangzhou Waste-to-energy in Jiufeng Village of Yuhang District, Hangzhou, Zhejiang Province. The facility is designed with a total daily household waste processing capacity of 3,000 tonnes. In October 2014, China Everbright signed a concession agreement with the Urban Administration Committee of Hangzhou City to invest in and build the household waste-to-energy plant. The contract is being undertaken on a build-operate-transfer (BOT) basis, with the operational concession period lasting 30 years. The facility was built through a joint investment by China Everbright (70%), Hangzhou Environmental Group (20%) and Hangzhou Yuhang City Construction Group (10%). Total investment stands at around $293 million.
In August 2013, Border Roads Organisation (BRO) awarded a 20-year concession (including construction period of 5 years) to a consortium of Soma Enterprises Limited and ILFS Transportation Networks Limited (ITNL), for building and operation and maintenance of 6.5 kilometer tunnel with 6kms approach roads, between Gagangir and Sonamarg in Ganderbal district of Jammu & Kashmir.   Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance,of a 2-lane divided carriageway.The scope included construction of new pavement.The expansion project was part of mega road communication project to ensure undisrupted connectivity between Kashmir and Ladakh. The areas beyond Z-Morh including Sonamarg and Ladakh region, generally remain cut off from Kashmir for over six months owing to heavy snowfall during winters. Z-Morh tunnel was being constructed around 22 kilometers ahead of Zojilla tunnel The two-lane, 10 metre-wide tunnel would include an egress of 3.5 metres to be used in emergency. The tunnel, located 2637 metres above sea level, would ensure the passage of 1000 vehicles an hour at an approved maximum speed of 80 km per hour.    The consortium of Soma Enterprises Limited (51%) and ILFS Transportation Networks Limited  (49%), established Srinagar Sonamarg Tunnelway Limited (SSTL),a special purpose vehicle on 9th April 2013, to implement the project. (On 5th June 2014 IL&FS Transportation Networks increased its equity stake from initial 14.5% to 49%). The SPV won the tender through international competitive bidding, conducted by BRO,by requesting the lowest annuity payment of US$ 76.9mn (INR 4694mn). Other details of bidding were not known at the time of collection of this information. Under the contract, the SPV was to recover the capital costs and operating costs including returns through semi-annual payments of US$ 38.5mn (INR 2347mn) from BRO, during the term of concession.   The concession agreement for this project was signed in April 2014. The project attained financial closure in August 2014. The debt/equity ratio of the project was 72/28. The estimated capital cost of the project at the time of financial closure was US$ 539.2mn (INR 32890mn @61 INR/USD). Financing comprised of 17-year 3-months term loan of US$ 387.4mn (INR 23630mn) and sponsor equity of US$ 151.8mn (INR 9260mn). The term loan had a repayment schedule of 24 semi-annual installments. The loan was arranged by ICICI Bank.  The project construction was expected to start in August 2014 and operation was expected to start by August 2019.
The project entailed the development of a 4MW hydro power project on river Mutha near Temghar, District Pune in the state of Maharashtra, India. Sponsors - Hindalco Industries Limited (51%) and Laxmi Organics Industries Limited (49%) signed the Hydro Power Development Agreement with Maharashtra Government on 25th July 2011.   The project attained financial closure on 26th September 2014 at a debt/equity ratio of 70/30. The estimated project cost at the time of financial closure was US$ 4.5mn (INR 277.4mn @61 INR/USD). Financing comprised a 11-year term loan of US$ 3.2mn (INR 194.2m) and sponsor equity of US$ 1.4mn (INR 83.2mn). The term loan was solely arranged by Axis Bank.  The project construction was in progress, though as per development agreement it was expected to be commissioned in March 2013.
The project entails the construction of a 10.3 MW WtE plant in Yiyang, Hunan Province. Total investment stands at RMB 372 million or $ 55.15 million. Sponsor of the project is China Everbright. The facility will be undertaken under BOT concession with a contract period of 30 years. Financial close took place in January 2014.
In March 2012, National Highway Authority of India (NHAI) awarded a 30-year concession (including construction period of 2 years) to a consortium of Transstroy and OJSC Transstroy, for the strengthening, improvement,4-laning,operation and maintenance, and tolling of 80.02kms of Hoskote-Dobbasapet section from KM58.30 to KM138.32, of National Highway 207.The project road was a segment of NH-207, which started in the state of Tamil Nadu near Hosur and ends at Dobbaspet in Karnataka.   Under the contract, Transstroy led consortium was responsible for the design,construction, finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway to 4-lane divided carriageway.The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges,culverts, road intersections,interchanges, drains, etc.The expansion project, part of the state highway development project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   The consortium of Transstroy (74%) and OJSC Transstroy (26%) established Transstroy Hoskote Dobbaspet Tollways Private Limited (THDT),a special purpose vehicle on 30th April 2012, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by requesting the lowest grant of US$ 4.4mn (INR 270mn). Among the 34 pre-qualified bidders, only 4 developers participated in the final bids.Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling, during the term of concession.   The project attained financial closure in February 2014. The project was financed with a grant/debt/equity ratio of 4/72/24. The estimated capital cost of the project at the time of financial closure was US$ 119.2mn (INR 7274.2mn @61 INR/USD). Apart from the grant of US$ 4.4mn (INR 270mn), financing comprised of a 15-year term loan of US$ 86.1mn (INR 5250mn), and sponsor equity of US$ 28.7mn (INR 1754.2mn). The term loan was arranged by India Infrastructure Finance Co Ltd (1120mn), Bank of Baroda (910mn), Canara Bank (910mn), Dena Bank (910mn), Central Bank of India (1400mn).  The project started construction on 5th May 2014 (Appointed Date) and was expected to be completed by May 2016. THDT had achieved physical progress of 5% upto October 13,2014.
A partnership of the Norwegian companies Scatec Solar ASA (40%) and Norfund KLP (30%) and the local company PEMSA (30%) was granted the authorization to build and operate a 60-MW solar power plant located at Nacaome, Valle Department . The electricity generated by the power plant was set to be directed to the country's national grid (a 20-year power purchase agreement (PPA) was signed with Honduras’s state-owned company Empresa Nacional de Energía Eléctrica).  The project cost was estimated at US$ 125 million. Operations were expected to commence in the second semester of 2015.  In December 2014, Export Credit Norway, Norwegian Export Credit Guarantee Agency and Corporación Interamericana approved a US$ 90 million loan.  Operations commenced in May 2015.
The US$2.2 billion project entails the construction and operation of 12 gas-fired cogeneration power plants (the "12 SPPS") in Thailand with a total capacity of 1,470MW. Sponsors were Gulf Energy Development (70%) and Mitsui Co (30%). Financing comprises a US$500 million term loan arranged by BTMU, Mizuho and CIMB Thai with a tenor up to 24-year, an three THB tranches totalling US$1.7 billion (THB56 billion) arranged by Bank of Ayudhaya (MUFG), Siam Commercial Bank, Bangkok Bank, Kasikorn Bank and Land & House Bank. MUFG is the facility agent and documentation agent. Financial close occurred on 28 Nov 2014.
Scatec Solar ASA obtained a license from the Government of Jordan to build, own and operate a 10 MW solar power plant near the city of Ma’an in the south of Jordan for 20 years. ?The power generated form this plant was to be sold to the Jordanian National Electric Power Company (NEPCO) under a 20-year power purchase agreement (PPA).   The power plant was owned by Norwegian Scatec Solar AS with 40% equity. The remainder of the share capital was owned by local Jordanian firm, Greenland Alternative Energy.  The total project cost was estimated at USD 30.0 million. The project reached financial close in November 2014 million with debt financing from the European Bank for Reconstruction and Development and the French development finance institution, PROPARCO, with each providing USD 13 million each. The sponsors invested USD 4 million as equity for a debt equity ratio of 87:13.  Construction of the project had begun with completion and grid connection expected to take place in second half of 2015.
In May 2011, a local private company Tianjin Hongfa Investment Group signed an agreement with Tianjin Port (Group) Company Limited, a SOE to build and operate the Tianjin Port Shenghan Petrochemical Wharf in Tianjin Municipality. The total investment was RMB 577.38 million (US$ 93.98 million) and Hongfa Group had a 49% stake in the project. The wharf consisted of two 50,000 ton berths for bulk petrochemical liquid handling. Substantial construction had been finished by August 2014. Main works were completed in December 2014. The concession term was 50 years.
In August 2013, a local private company Anhui Shengyun Machinery Company Limited signed a BOT contract to finance, build and operate a solid waste incineration power plant in Lhasa, capital of Tibetan Autonomous Region. Anhui Shengyun got the project through direction negotiation with the Lhasa Municipal Government. The total investment was US$ 102.55 million (RMB 630 million) and Anhui Shengyun had a 100% stake in the project. Once completed the facility can process 1050 tons of solid waste per day and had a power generation capacity of 22.5MW. The first phase had a solid waste treatment capacity of 700 tons per day and power generation capacity of 15MW. The concession term was 30 years on top of 18 months of construction period. The initial solid waste treatment tariff was 110 Yuan per ton and the tariff would be adjusted according to a formulae in the concession agreement. Construction commenced in April 2014.
In June 2011, Consorcio Extremoz, a partnership of the CTEEP (51%), a subsidiary of the Colombian company ISA, and the Brazilian state-owned company Chesf (49%), was awarded in a competitive bidding process the contract to build and operate the 300-km transmission line connecting Ceara-Mirim, Campina Grande III, Joao Camara II and Extremoz, and to build and operate de substations SE Ceara-Mirim, SE Campina Grande III and SE Joao Camara II.  Besides Consorcio Extremoz, three other bidders took part in the contest: the Spanish company Abengoa; the Brazilian company Alupar; and the Spanish company Cobra. The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. Consorcio Extremoz presented the lowest offer, a total value of US$  19.5 million (BRL 31.9 million), 58% below the ceiling set by the regulatory agency. The contract was  signed in September 2011 , and the sponsors created the company Extremoz Transmissora do Nordeste S.A. to lead the project during the 30-year contract period.  The sponsor committed to invest US$ 264.2 million (BRL 622 million) in the project. Construction works commenced in April 2013 and were concluded by May 2015. In the same month, ANEEL announced CTEEP's intention to sell its equity stake in the project company to CHESF. As of December 2015, the deal had not yet been approved by the antitrust agency, CADE.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
Digital Power & Associates Limited, was a SPV created by Orion Group to set up a 102 MW HFO based Independent Power Plant (IPP) on the bank of the Buriganga river at Gognagar in Narayanganj, Bangladesh. Orion received its Letter of Intent (LOI) from Bangladesh Power Development Board (BPDB) on 06 July 2011 and singed the Contract on 01.08.2012. The Power Purchase Agreement (PPA) was executed with BPDB on 01 August 2012. The project consisted of 12 engines of 20V32 manufactured by the globally renowned Wartsila of Finland.  The estimated cost of the project was US$ 86.6mn (BDT 6766.7mn). The capital structure of the project was expected to include 70% debt and 30% equity contribution of the total estimated project cost (equity amounting BDT 2057.2 million and term loan amounting BDT 4709.5 million).The details of financial closure event could nto be ascertained. However the plant was commissioned on 8th June 2014. For records, we have thus assumed June 2014 as the financial closure date.
In January 2011, PCHS Los Molinos SAS ESP, a subsidiary of the Panamanian company Latin American Renewable Energy Income Fund LAREIF I, S de RL (itself a joint-venture of the Canadian Century Energy Corporation and the American Cornerstone Group), was granted the right to build and operate two 19.9-MW run-of-river small hydro power plants located in the San Matias River, Department of Antioquia.  The sponsor committed to start supplying all its power to the national grid in 2016 through a connection with Empresa Publica de Medellin (EPM)'s network.   The power plants were named PCH El Molino and PCH San Matias. The sponsor committed to invest US$ 125 million in the construction of the power plants.   The Colombian company HMV Ingenieros agreed to undertake the EPC works, while Voith Hydro signed a contract in 2013 to supply four Francis horizontal turbines and four generators to the project, in addition to governors, automation systems, and engineering, installation and commissioning supervision services for El Molino and San Matias.  The environmental licenses were issued in August and September 2012. Construction started in early 2013.   In March 2014, the IIC approved a US$ 12 million loan to the project. Also in 2014, OPIC approved a US$ 50 million loan.
In August 2014, a local private company Hebei Aoda Environmental Protection Engineering Company Limited signed an agreement to manage the Yingzi District Liuyuan Wastewater Treatment Plant in Chengde City, Hebei Province. The treatment capacity of the plant was 20000 tons per day. The term of management agreement was 5 years.
In December 2012, Hidroelectrica del Alto Porce SAS (Hidralpor), a subsidiary of the Colombian company Mincivil, was granted the right to build and operate a run-of-river hydro power plant located in the Aburra River, Department of Antioquia.  The sponsor committed to start supplying all its power to the national grid in December 2015 through a connection with Empresa Publica de Medellin (EPM)'s network. The sponsor took part in an auction for the sale of electricity in December 2011 offering a tariff of US$ 15.7/MWh.  The power plant was named Carlos Lleras Restrepo Hydro Power Plant (78.2 MW). The sponsor committed to invest US$ 206.6 million in the construction of the power plant.   As of October 2014, 78.6% of the construction works were concluded.  The environmental license was issued in August 2011. In October 2012, the sponsor applied for carbon credits.
The project entails the construction of a 50MW biomass plant in Limeira, São Paulo state, Brazil. Suzano Papel eCelulose is the sponsor. The facility will be connected to the national grid. It will have 2 units with capacities of 36.9 MW and 16.6 MW. Financial close took place in February 2014. Total investment amounts to $95 million.
The project entails the construction of a 1.9 MW Jiangsu Xuyi Biomass Cogeneration plant. Total investment stands at RMB 190 million or $ 25.2 million. The type of concession is BOT with contract period of 30 years. The annual agricultural waste and straw processing capacity will be approximately 150,000 tonnes. Financial close took place in April 2014.
The project entails the construction of a 30 MW WtE plant in Lingbi County, Anhui Province. Total investment stands at RMB 320 million or $ 47.44 million. Sponsor of the project is China Everbright. The facility will process approximately 300,000 tonnes of waste straw and is equipped with a 130 tonnes/hour furnace. DP Cleantech is the EPC contractor. Financial close took place in October 2014.
The project involved implementation of solid waste management facility at Calangute, Saligao in North Goa. The 10-year DBFOT concession was awarded on 14 August 2014. The total cost of the project amounts to $23.84. Hindustan Waste Treatment Private Limited is the project company.
In April 2013, construction of a biomass power plant commenced in Guiyang County, Hunan Province. The developer was Kaidi Electric Power, a Wuhan based local private company. Substantial construction had been completed by March 2014. The total investment was RMB 300 million (US$ 48.86 million) and Kaidi had a 100% stake in the project. The power plant had a a capacity of 30MW. How the agreement was granted to Kaidi was not reported. Neither was the concession term.  A SPV, Guiyang County Kaidi Green Energy Development Company Limited was established to implement the project.
In November 2010, a local private company Changqing Group signed an agreement with the Yutai County Government to finance, build and operate a biomass power plant in Yutai County, Jining City, Shandong Province. Yutai Changqing Environmental Protection Power Company Limited was registered in March 2011 as the SPV to implement the project. The project was approved by the Shandong Province Development and Reform Commission in August 2012.  The SPV received a subsidiary of RMB 16.20 million (US$ 2.57 million) in December 2012. In April 2014, Changqing Group raised RMB 210 million (US$ 34.20 million) for the project. The total investment was RMB 256.59 million (US$ 41.79 million) and Changqing had a 100% stake in the project. The plant had a capacity of 30MW.
In Feb 2014, Turkish Dogus Group took over the Istanbul Salpazari cruise port from the federal Turkish Maritime Organisation under a 30 year concession. The concession agreement included a brand new passenger terminal, investment in infrastructure (mainly for quays), restoration of historical buildings; and regeneration of the waterfront into a recreational and hospitality sector with hotels, museums, open spaces and squares.   Dogus holding won the concession by making the highest bid of USD 702 million for the right to operate the port for 30 years. The four other competitors were: Alsim Alarko; a consortium of Polimeks, Folkart and Sembol; Torunlar; and a consortium of Global Yatirim Holding, Özak REIT and Delta Insaat.  The project reached financial close in February 2014 with a debt equity ratio of 85:15. The USD 600 million debt was provided by Garanti Bank, Yapi Kredi Bank, Denizbank, HSBC Turkey, Finansbank and TSKB. Dogus Holding invested $102m as equity. In addition, Dogus group expected to invest USD 350 million for the new terminal and for the restoration and the redevelopment of the surrounding areas.
The project entails the development of a multipurpose terminal and ship repairing facilities at Karanja Creek, Village Chhanje, district Raigad, Maharashtra, India. The project would be built under a 30-year BOOT concession. The Karanja Terminal was located near the Jawaharlal Nehru Port (JNPT). Project sponsor was Skil Ports & Logistics Ltd. Concession was awarded by Maharashtra Maritime Board.   EPC contractors were ITD India Cementation Ltd and Starwort Engineers Pvt Ltd.  The project attained financial closure on 28th February 2014 at a debt/equity ratio of 49/51. Financing comprised US$ 78.7mn (INR 4800mn @61 INR/USD) 10-year term loan and US$ 82.1mn (INR 5008.9mn) sponsor equity. Lenders were Canara Bank, Syndicate Bank, Vijaya Bank and Punjab & Sind Bank. Facility agent was Canara Bank.
In October 2014, construction of a solar power plant invested by a Hong Kong based company Hong Solar Company Limited commenced in Wushi County, Xinjiang Uyghur Autonomous Region. The electricity generation capacity of the plant was 20MW. The total investment was RMB 247 million (US$ 40.21 million) and Hong Solar had a 100% stake in the project. An SPV Wushi County Huayangweiye Solar Power Technology Company Limited was established in Wushi County to undertake the project.
Kabeli-A HPP is a 37.6MW Hydropower Plant located on the Kabeli River in the Taplejung and Panchthar districts in eastern Nepal. At completion the project, run by Kabeli Energy Limited, is expected to generate an average 206GWh per year.  Kabeli Energy Limited is an SPV owned by Gurans Energy Limited (InfraCo) 69%, Butwal Power Company 26%, and Asia Pacific Power Tech Co Ltd 5%. The consortium won an international bid for the project in the early 2000s.  Kabeli Energy Limited was awarded the project under a 35yr Build Own Operate Transfer (BOOT) with the Government of Nepal. The SPV signed a Project Development Agreement on January 31, 2010 and it was amended in 2013. A generation license was granted by the Department of Electricity Development, Ministry of Energy on May 20, 2014. Subsequentyly a 25yr Power Purchase Agreement (PPA) was signed in 2015.  Kabeli Energy Limited reached Financial Closure in May 2015. The projected costs is 108.1m USD, of which 79.1m USD is to be debt financed and 29m USD will be financed through equity. Of the 79.1m USD debt financing amount, IDA will cover 40m USD, IFC 38.1m USD (two separat loans), and a 1m USD loan from the GoN. The 29m USD equity will be provided by Gurans Energy Limited 7.7m USD, Butwal Power Company 7.7m USD, Asia Pacific Power Tech Co Ltd 7.6m USD, and a 6m USD grant from IDA.  Kabeli-A HPP is expected to begin construction in early 2016 and reach full production by 2020.
The Khare Khola Hydropower Project was a 24.1 MW run-of-the-river hydro power project located on the Khare Khola River, in the district of Dolakha in Nepal. On May 4, 2014, Consortium Power Developers (Pvt) Limited (CPD) was issued the Generation License by Government of Nepal (Ministry of Energy) that allowed CPD to design, build, own, operate and maintain this project for a period of 30 years from the date of commissioning of the project under the BOOT format. The project would include 2 number of Vertical Shaft Pelton Type turbines and construction of a 9-km long transmission line to connect the power plant to a sub-station at Singati which would be built by the utility company.The power generated by the project could be used for irrigation, industry, commercial and domestic needs of the people and ensure economic upliftment of the region.  Consortium Power Developers (Pvt) Limited (CPD), was the special purpose vehicle to implement the project. CPD won the international competitive bid conducted by the Department of Electricity Development (Government of Nepal). The criterion and other details of bidding was not known at the time of collection of this information. A 30-year PPA had already been signed with DoED (GoN).   The estimated cost of the project was estimated at US$ 39.3mn (NR 3920mn @99.62 NR/USD). The Project achieved financial closure in October 2014. The project would be financed with a debt of USD 29.5mn (NR 2940 mn) and equity of USD 9.8mn (NR 980mn) at a debt/equity ratio of 75/25. The loan was arranged by a consortium of 10 banks - led by Machhapuchchhre Bank, Nabil Bank, Everest Bank, Global IME Bank, Nepal SBI Bank, Nepal Credit & Commerce Bank, Kumari Bank, Bank of Kathmandu , Siddhartha Bank and Nepal Bangladesh Bank.  Civil construction had already begun on the Khare Khola project and it was expected to be commissioned on FY2017.
The Airport International Group (AIG) consortium was awarded a 25-year concession to operate, rehabilitate and manage the Queen Alia International airport (QAIA) in 2007. QAIA is located 36km away from central Amman, the capital of Jordan. Under the concession, AIG’s works were planned to be completed in two stages/phases. Stage 1 was completed in March 2013 with the opening of a new terminal. Phase 2 involved demolition of the old terminal building and the building of seven new contact stands and the construction of other support services. The Phase II expansion of a new terminal building would increase the capacity to 12 million passengers per annum.  Phase 2 reached financial closure in June 2014 after raising an additional US$100 m of debt from the project’s existing lenders. The IFC and IDB approved an additional USD 21.2 million and USD 25 million of debt financing respectively in May 2014.   The AIG consortium consists of: •	ADIC (38%) •	Noor Financial Investments (24%) •	Engineering and Development Group (9.5%) •	Aeroports de Paris Management (9.5%) •	J&P Overseas Limited (9.5%) •	J&P Avax (9.5%)  Construction of Phase II is expected over the 3-year period 2014-2016 to increase the capacity of the airport.
The  Colombian company HMV Ingenieros, a subsidiary of Helm Group, was awarded a 25-year contract to build and operate a small hydro power plant located in the municipality of Cocoma, Antioquia.  The power plant was named PCH El Popal  (19.9 MW). The electricity generated by the power plant was set to be directed to the national grid.   The sponsor created the special purpose company Popal S.A.S E.S.P to lead the project, and committed to invest US$  53 million in the construction of the power plant.   The EPC contract was signed with the construction companies Morichal and Bajo Tierra. Construction works commenced in 2011, and operations began in March 2014.
The project entails the construction of an integrated waste management facility, consisting of a 25 MW waste-to-energy (WtE) plant, a sanitary landfill site and other components  in Ladang Tanah Merah (Port Dickson), Negri Sembilan, Malaysia. Total investment stands at $73.23 million. Sponsor of the project is Cypark Resources .The facility will be undertaken under BOMT concession with a contract period of 25 years. Financial close took place in 2014.
The  project involved implementation of municipal solid waste treatment facilities at Bardez in North Goa. Hindustan Waste Treatment Private Limited is the project company. The 10-year DBFOT concession was awarded on 10 February 2014. Total cost of the project amounts to $23.67 million, including a $11.28 million grant.
The third phase of Soma wind farm in Soma district of Manisa Province in Turkey involved a capacity increase by an additional 100 MW. Polat Enerji is the sponsor of Soma wind farm.   The total cost of the third phase of the Soma expansion is estimated at USD 168 million. The project reached financial close in August 2014 and was funded by a mix of debt and equity. The debt involved a $134.4m term loan from Garanti Bank with 14-year maturity. Polat enerji provided USD 33.6m of equity.
In August 2014, Libramiento Elevado de Puebla S.A. de C.V, a partnership of The Mexican company Promotora y Operadora de Infraestructura (Pinfra, 49%) and Obrascon, Huarte y Lain Concesiones Mexico (OHL, 51%), was awarded the contract to expand, rehabilitate and operate the 13.3-km road between the state of Puebla and the kilometers 115 and 128.3 of the Mexican federal highway Mexico-Veracruz.  In August 2014, the 30-year contract was signed under a public-private partnership (PPP) model. The investment was estimated at US$ 629.4 million (Pesos 10000 million). About half of the investment was set to be financed by the government.  This contract replaced a previous contract signed by the sponsors and the government of Puebla state, and was cancelled. This project was named Libramiento Norte de Puebla.  Construction works commenced in February 2014.
On 25th February 2011, Madhya Pradesh Road Development Corporation (MPRDC) signed a 25-year concession (including construction period of 2 years) with a consortium of Transstroy and OJSC Transstroy, for the strengthening, improvement,2-laning,operation and maintenance, and tolling of 106.9kms of Bhopal-Bersia-Sironj section of National Highway 23,in the state of Madhya Pradesh.   Under the contract, Transstroy led consortium was responsible for the design, construction,finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway to 2-lane divided carriageway.The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges,culverts, road intersections,interchanges, drains, etc.The expansion project, part of the state highway development project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.   The consortium of Transstroy (74%) and OJSC Transstroy (26%) established Transstroy Bhopal Berasia Sironj Tollways Private Limited (TBBST),a special purpose vehicle on 20th February 2012, to implement the project. The SPV won the tender through international competitive bidding, conducted by MPRDC,by requesting the lowest grant of US$ 4mn (INR 245.5mn). Other details of bidding were not known at the time of collection of this information. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling, during the term of concession.   The concession agreement for the project was signed on 25th February 2011. The project attained financial closure in January 2014. The project was financed with a grant/debt/equity ratio of 13/69/18. The estimated capital cost of the project at the time of financial closure was US$ 31.9mn (INR 1948.1mn @61 INR/USD). Apart from the grant of US$ 4mn (INR 245.5mn), financing comprised of a 13-year term loan of US$ 17.9mn (INR 1090mn), an unsecured loan of US$ 4.3mn (INR 260mn) from Sponsor, and sponsor equity of US$ 5.8mn (INR 352.6mn). The term loan had a repayment schedule of 42 quarterly installments. The term loan was arranged by Allahabad Bank (750mn), and IIFCL (340mn).  The project started construction in January 2014 (Appointed Date) and was expected to be completed by January 2016. TBBST had achieved physical progress of 26.13% upto June 25, 2014.
In November 2012, a floated private company Anhui Shengyuan Machinery Company Limited signed an agreement with the Zhaoyuan Municipal Government to finance, build and operate a solid waste incineration power plant in Zhaoyuan City, Shandong Province. A SPV, Zhaoyuan Shengyuan Environmental Protection Company Limited was registered in August 2013 to implement the project with an initial registration capital of RMB 5 million (US$ 0.81 million). In March 2014, the registration capital of the SPV increased to RMB 60 million (US$ 9.77 million). The total investment of the project was RMB 200 million (US$ 32.57 million) and Anhui Shengyuan had a 100% stake in the project. The capacity of the plant was not reported. The concession term was 25 years, excluding 18 month construction period.
In October 2014, Consorcio Litoral Norte, led by the Brazilian construction company Queiroz Galvao, won in a competitive bidding the right to expand, rehabilitate and operate the 199-km of the  highway Rodovia dos Tamoios (SP-99), state of Sao Paulo.   The bidding criteria was the lowest government funding for the project, and Consorcio Litoral Norte bid was 39.63% below the ceiling set by the state government (in addition to this transfer from the government, toll rates were defined to contribute to the private sponsors revenues). Three other groups took part in the bidding process: Consorcio Via Nova Tamoios, led by EcoRodovias; Consorcio Desenvolvimento Nova Tamoios, led by J&F Investimentos; and Consorcio Novos Caminhos, led by Galvao Engenharia.  The 30-year concession contract was signed in December 2014. The sponsors created the company Rodovia dos Tamoios S.A. to lead the project, and operations commenced in early 2015.  The investment was estimated at US$  1659.1 million (BRL  3.9 billion) over the life of the project. The PPP project envisaged the investment from the government amounting to US$ 936 million (BRL 2.2 billion).
DJ Energy Private Limited entered into an agreement with Madhya Pradesh Government, to develop 98.7MW wind power project across Ratlam and Mandsaur districts in the state of Madhya Pradesh. The wind farm would involve the building of 47 wind turbines of Suzlon S97 make each of 2.1MW capacity each.The electricity generated from the project would be evacuated by Northern, Eastern, Western and North Eastern (NEWNE) grid of India to the state grid.The EPC for the power plant had been awarded to Sravanthi Infratech Private Limited (SIPL). SIPL would develop,construct,commission operate and maintain the project at an all-inclusive price.  The estimated annual electricity generation from the project is 193,673.09 MWh resulting in annual emission reductions (estimated) of 184,542 tCO2e. The project is expected to generate 184,542 CERs (Certified Emission Reductions) annually.  DJ Energy Private Limited was expected to sell the power to Madhya Pradesh Paschim Kshetra Vidyut Vitaran Company Limited (Madhya Pradesh Discom) through a 25-year Power Purchase Agreement. The APPC (Average Power Purchase Cost) 25-year base feed-in tariff as per MPERC (Madhya Pradesh State Regulator) tariff order, was US$ 0.081/Unit (INR 4.35 per unit @ 53.44INR/USD). The transmission charges would be paid by DJ Energy to the state transmission utility. The total capacity of 98.7MW was eligible for CDM benefits and the company had initiated the process with UNFCC.  Details of financial closure were not available. The total project cost estimated based on UNFCC Project Design Document (ReGen quotations) was US$ 116.3mn (INR 6213.59mn @53.44 INR/USD).  As per company sources, the project was in advanced stage of completion, land acquisition and other clearances had been obtained, financial closure was still awaited.
Veysi Madencilik was awarded the operating rights of 2.56 MW Kayakoy Hydro power plant for 49 years.   Veysi Madencilik, a local turkish mining company, won the competitive tender conducted by the Privatization Administration of Turkey (OIB) on 9 May 2014 by submitting the highest bid of USD 10.3 million. 12 companies had submitted their bids for the Kayakoy HPP.   Final negotiations of the tender were completed on May 21, 2014 and the final agreement was signed thereafter.
In July 2013, Welspun Solar Punjab Private Limited (WSPPL, a subsidiary of Welspun Group), was awarded the license for setting up a 32MW solar thermal power project at various locations across Punjab under a competitive bid to acquire 300MW under Punjab New & Renewable Sources of Energy (NRSE) Policy 2012. Electricity generated from the project would be evacuated for consumption in the Northern Regional grid of India. WSPPL would be responsible for connecting their power evacuation transmission line with the nearest substation of PSPCL at the designated voltage level, for evacuating power generated at the solar facility.  The Punjab Government had designated Punjab Energy Development Agency (PEDA) as the nodal agency for procurement of solar power. In March 2013, PEDA invited RFQs from interested developers to develop 300 MW solar PV projects in two categories. In Category-I, total 50 MW was proposed to be allotted. In this category, the minimum capacity of the project would be 1 MW and the maximum capacity would be 4 MW. In Category-II, total 250 MW was proposed to be allotted. The minimum capacity of the project would be 5 MW and maximum 30 MW. However, as of now PEDA had awarded contracts for only 200 MW.    Bidders were required to submit proposals offering maximum discount on the CERC (Central Regulator) approved applicable tariff for grid connected solar power projects for FY 2013-14 - a reverse bidding auction process. The CERC determined tariff for normal rate of depreciation was INR 8.75/kWh and for accelerated rate of depreciation was INR 7.87/kWh. The tariff discovered in the competitive bidding process varies from INR7.20 per kWh to INR 8.70 per kWh for Category-I projects and INR 7.67 per kWh to INR8.74 per kWh for Category-II projects. For Category-I projects, Welspun won the bid for supplying through a 2MW project at a net tariff of INR 8.56/kWh (US$ 0.146/kWh). For Category-II projects, Welspun won the bid for supplying through 20MW and 10MW projects at net tariff of INR 8.33/kWh (US$ 0.142/kWh) and INR 8.42/kWh (US$ 0.144/kWh) respectively.    By March 2014, Welspun Solar Punjab Private Limited was expected to enter into a 25-year Power Purchase Agreement (starting from the date of commissioning) with Punjab State Power Corporation Limited (PSPCL), which was the agency to purchase solar power generated by independent solar power producers and specifically under the above bid. Transmission and/or wheeling charges would be paid by WSPPL.  Financial closure took place on 13th November 2014.The total project cost (32MW) was estimated at US$ 44.1mn (INR 2692mn @61 INR/USD).The debt equity ratio for the project was 75/25. Financing comprised of a 13-year term loan of US$ 16.4mn (INR 1000mn) arranged by EXIM Bank of India, a term loan of US$ 16.7mn (INR 1019mn) arranged by IDBI Bank, and sponsor equity of US$ 11mn (INR 673mn). At the time of collection of this information the debt of INR 1000mn and sponsor equity of INR 250mn had been tied up. The other portion of financing was under discussion.   Construction for the project was expected to start started in March 2014 and commercial operation was expected to start by March 2015.
Summit Meghnaghat Power Company Limited (SMPCL), a special purpose vehicle owned by Summit Industrial and Mercantile Corporation (Pvt.) Limited and GE Energy LLC, participated in a bidding process initiated by Bangladesh Power Development Board (BPDB) for development of a dual fuel (natural gas and furnace oil) 335MW (net) CCPP Project at Meghnaghat, Narayanganj in Bangladesh on build, own and operate (BOO) basis and won the concession right out of a total of two bidders.  SMPCL would be responsible for developing, implementing, owning, commissioning,operating, insuring and maintaining the project till the end of the agreement term, which was 22-years. All the relevant project agreements, namely Power Purchase Agreement (PPA), Gas Supply Agreement (GSA), Implementation Agreement (IA), Fuel Supply Agreement (FSA) and Land Lease Agreement (LLA) with the respective authorities had already been signed.Fuel suppliers were PetroBangla subsidiaries. Considering the structure of the agreements, the project does not face 'demand risk' since SMPCL would be paid on the basis of 'availability' based on quoted tariff, and this payment was more than sufficient to meet the debt service obligations along with operational expenses of the Com pany. KEPCO Plant Service & Engineering Co. Ltd. was appointed for Plant Operation & Maintenance (“O&M”).The project would incorporate frame GE make 9E gas turbines.   Project attained financial closure on 10th April 2014. Financing comprised a US$ 120mn 12-year term loan, a US$ 40mn 8-year term loan, a US$ 30mn 12-year term loan and US$ 130mn sponsor equity. Loans were provided by Standard Chartered, IDCOL, DEG, NFMO, OPEC and CDC Group. Facility agent was Standard Chartered Bank.  The plant was expected to achieve commercial operation (COD) in two phases with the simple cycle COD (203 MW - HFO, 220 MW Gas) expected in March 2014 and combined cycle COD expected by August 2014.
In December 2012, the company EDP Brasil S/A , was awarded in a competitive bidding process the contract to build and operate a  219 MW hydro power plant located in the Araguari River, state of Amapa. The names of other bidders were not disclosed.  The bidding criteria set by the regulatory agency ANEEL was the lowest tariff. EDP Brasil S/A presented the lowest offer, a value of US$ 48.83/MWh (BRL 95.31/MWh), 5.63%% below the ceiling set by the regulatory agency. The contract was signed in May 2013, and sponsors created the company Empresa de Energia Cachoeira Caldeirao S/A to lead the project during the 35-year contract period.  Empresa de Energia Cachoeira Caldeirao  committed to sell 100% of the output to the regulated market . Environmental regulator, Ibama, awarded an environmental license for the project in August  2013. The company Cesbe S/A engenharia e Empreendimentos  was hired to conduct the EPC works for the project and supply equipment.  The sponsor committed to invest US$  468 million (BRL 1.1 billion) in the power plant. Financial closure was achieved in October 2014, when the sponsor was granted a US$  214.5 million (BRL 504.1 million) loan from BNDES. The remaining cost was set to be financed with the sponsors’ internal resources and the chinese group China Three Gorges Corporation, which acquired 50% of the project company's shares.  Construction works commenced August 2013, and operations were expected to begin by 2017.  In January 2015, BNDES granted na additional US$ 53.9 million (BRL 160.3 million) loan to the Project.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
In February 2014, SEI Surya Lab Private Limited (SSLPL),a special purpose vehicle of Sunedison Inc., was awarded the license for setting up a 30 MW grid connected solar Photo voltaic power project in Rajasthan, under the Jawaharlal Nehru Solar Mission (JNNSM)Phase-II Batch-I of the scheme. Under the JNNSM Phase-II the total aggregated capacity of grid connected Solar PV Projects was expected to be 750 MW. The output from the project would be fed to the Northern,Eastern,Western and North Eastern (NEWNE) grid of India.     The JNNSM mission had designated Solar Energy Corporation of India (SECI) as the nodal agency for procurement of solar power under Phase-II bidding. The winners were the project developers who sought the minimum possible funds to make their projects viable to sell power to SECI at the designated tariff. With an objective to promote local manufacturing, SECI invited bids in two separate categories, reserving half of the projects under domestic content requirement (DCR) restrictions. Separate bids were called for 375 MW capacity under DCR category and remaining 375 MW under open category. INR 18.75 billion was earlier approved for viability gap funding (VGF) of all the projects under JNNSM Phase-II Batch-I. 122 bids amounting to 2170MW were offered. Since the bids were more than the 750MW, winners were decided based on reverse bidding for viability gap funding demand. In the DCR category, bids varied from INR 13.5 million/MW to INR 24.56 million/MW. In the Open category, the bids varied from INR 1.7 million/MW to INR 13.5 million/MW. SEI Surya Lab Private Limited (SSLPL) had won the bid under the non-DCR category by quoting a viability gap funding of INR 8.73mn/MW, which amounted to a VGF grant of US$ 4.3mn (INR 261.86mn @61 INR/USD).  SSLPL had entered into a 25-year Power Purchase Agreement with SECI. Transmission and/or wheeling charges would be paid by WSUP.The feed-in tariff was designated at INR 5.45/kWh (INR 4.75/kWh for projects claiming accelerated depreciation) for 25 years.  Financial closure took place in October 2014. The total project cost estimated at the time of financial closure was about US$ 33.8mn (INR 2061.86mn @61 INR/USD). Apart from the grant from SECI of US$ 4.3mn, financing comprised of a term loan of US$ 29.5mn (INR 1800mn). Details of sponsor equity were not available. The term loan was provided by ORIX Corp and Rabobank Nederland.   The construction for the project started in October 2014 and was expected to be commissioned by March 2015 (13 months from award).
In May 2013, construction of a solar power plant invested by a local private company Sichuan Tongwei Group (which actually took over the project from another company in July 2014) commenced in Qiemo City, Inner Mongolia Autonomous Region. The electricity generation capacity of the plant was 20MW. The total investment was RMB 236.94 million (US$ 38.24 million) and Tongwei had a 100% stake in the project. The power plant came into operation in December 2014.
In January 2014, Khanom 4 Gas-fired Combined Cycle Power Generation Project reached financial closure, as the $622 million 23-year debt financing got secured. This greenfield project worth of $822 million involved the development of a gas-fired combined cycle power plant with a capacity of 970 MW (485 MW×2), in Nakhon Si Thammarat Province, about 700 km south of the country's capital, Bangkok. Sponsors of the project are Tokyo Electric Power (50%) and Mitsubishi Corp (50%) and each of them has $54.8 million for the total equity of $109.16 million. The project is financed at a debt/equity ratio of 87:13 and the debt financing of $712.85 million breaks into 1) export credit facility of $186.73 million by Japan Bank for International Cooperation; 2) 23 year term loan of $124.49 by OCBC Bank and Mizhuho Financial Group; 3) THB denominated 23 year term loan of $306.06 million by Bangkok Bank, Sumitomo Mitsui Banking Corporation and Bank of Tokyo-Mitsubishi UFJ; 4) Working capital of $56.13 million by Bangkok Bank; 5) VAT facility of $24.94 million by Bangkok Bank; and 5) $14.5 million guarantee from Bangkok Bank.        Electricity generated will be sold to Electricity Generating Authority of Thailand (EGAT) for 25 years.  As of Jan 2015, the plant is under construction.
In August 2012, a Hong Kong based company China WindPower Group Ltd. signed an agreement with the Pingyuan County Government to finance, build and operate a PV power plant in Pingyuan County, Shandong Province. The total investment was about RMB 500 million (US$ 80.70 million) and China WindPower had a 100% stake in the project. The capacity of the plant was 40MW. The power plant was put into operation in November 2014.
In July 2014, construction of the Hongfang Helicopter Airport project, invested by a local private company Shanghai Zenisun Group Co., Ltd. commenced in Longyan City, Fujian Province. The total investment was RMB 1100 million (US$ 179.05 million). Zenisun Group had a 100% stake in the project.
In 2012, Turkey’s ministry of transportation awarded the Third Bosphorus Bridge and Northern Maramara Highway Project to a joint venture of  IC Holding (67%) and Astaldi (33%) on a BOT basis for 10 years, 2 months, and 20 days. The project comprised of building a 1,875-metre tolled suspension bridge with a 1,275-metre span between the villages of Poyrazköy and Garipçe, which would automobiles and railway traffic on separate levels. The project also included 60 km dual four lane Northern Marmara motorway between Odayeri and Pasakoy. Additionally, the project included construction of 55km of connection roads, 19 motorway junctions, 67 viaducts, and seven tunnels and a road/rail stay cable stiffened suspension bridge across the Bosphorus.  The IC Ictas-Astaldi consortium bid the shortest shortest concession period for the project, 10 years, two months and 20 days including 36 months for construction. The sponsors took construction risk but obtained commitments from the government for availability payments - there is a minimum guarantee on revenue of $150 million per year. The second placed bidders, Cengiz/Kolin/Limak/Makyol/Kalyon, bid 14 years, nine months and four days, while the third prequalified team of Salini and Gülermak were disqualified on the grounds that their bid was not compliant.  The total cost of the project was estimated at USD 2.9 billion. The project reached financial closing in May 2014 with a debt equity ratio of 80:20. Lenders for the nine year USD 2.3 billion loan were Isbank, Yapi Kredi, Vakifbank, Garanti, Halkbank, Ziraat Bank and Garanti Bank International NV.  Construction of the bridge and highway began in May 2013 and is expected to become operational by the end of 2015.
In November 2010, Consorcio Transmantaro, a subsidiary of the Colombian company ISA, contract to build and operate the 204-km Machupicchu - Abancay - Cotaruse transmission line, located in the provinces of Unubamba, Abancay and Aymaraes.  Besides Consorcio Transmantaro, only two other companies took part in the contest: the Spanish company Abengoa and the local consortium REI-AC Capitales. The bidding criteria set by the regulatory agency was the lowest cost of service (investment expenditures and operation and maintenance costs). The 30-year contract was signed in December 2010.  The sponsor committed to invest US$ 75 million in the project. As of December 2014, 92.7% of the construction works had been concluded, and operations were expected to commence in March 2015.
The project entails the construction of a 5.8 MW biomass cogeneration plant in Suqian, Jiangsu Province. Sponsor of the project is China Everbright. The project involved the development of a biomass pellet fuel manufacturing plant to convert agricultural waste and straw into pellet fuel, and a heat source plant which will use the pellet fuel to produce heat and steam for the Sucheng Economic Development Zone and the Suzhou & Suqian Industrial Park. BOO is the type of concession. Total investment stands at RMB 170 million or $ 25.2 million. Financial close took place in June 2014.
In July 2012, a local private company Chongqing Hiter Environmental Protection (Group) Company Limited signed an agreement with the Jiahe County Government to finance, build and operate pipeline gas in Jiahe County, Chenzhou City, Hunan Province. The total investment was RMB 124.05 million (US$ 20.20 million) and Hiter had a 100% stake in the project. Construction commenced in August 2012, and by Oct 2013, RMB 11.82 million had been expended on the project. According to an official report, by the middle of 2014, substantial construction had been completed. Hiter was granted the agreement following an open bidding process. The concession term was 30 years. A SPV Jiahe Hiter Gas Company Limited was established to implement the project.
Metek Hidro Enerji was awarded the operating rights of Esendal and Isiklar (Visera) Hydro Power Plants for 49 years.   Metek Hidro Enerji, a local Turkish company, won the competitive tender conducted by the Privatization Administration of Turkey (OIB) on 9 May 2014 by submitting the highest bid of USD 1.85 million. Five companies had submitted their bids.  Final negotiations of the tender were completed on May 21, 2014 and the final agreement was signed thereafter.
On 24th August 2012, Karnataka Road Development Corporation Limited (KRDCL on behalf of PWD) signed a 24-year concession (including 2 years of construction period) with GKC Projects Limited for the strengthening, improvement,two-laning,operation and maintenance,and tolling of 83kms of  Sindhanur-Gangavati-Ginigera section of State Highway-23 (part of NH-63) from km 79/000 to km 161.990,in Raichur district in the state of Karnataka.   Under the contract, GKC was responsible for the design, construction, finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway to 2-lane divided carriageway (3m wide).The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections,interchanges, drains, etc.The expansion project, part of the State Highway Development Program (through KRDCL), was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region. These roads were used by mining companies to transport iron ore to ports.    GKC Projects Limited established Sindhanur Gangavathi Tollway Private Limited (SGTPL),a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by KRDCL,by requesting the lowest upfront subsidy of US$ 6.2mn (INR 380.3mn @61 INR/USD). Government of India had already sanctioned in-principle the grant for this project. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.   The project attained financial closure on 10th February 2014. The estimated capital cost of the project at the time of VGF approval (as per Gov of India records) was US$ 31.2mn (INR 1901.6mn @61 INR/USD). However the details of financial closure indicate a 16-year term loan of US$ 29.5mn (INR 1800mn) and details of sponsor equity were not available at the time of collection of this information. The term loan had a grace period of 1-year 3-months and a repayment schedule of 52 quarterly installments. IDBI Bank (500mn) was the lead arranger and the other participating banks were Canara Bank (500mn), India Infrastructure Finance Co Ltd (400mn), Syndicate Bank (400mn).  The construction for the project was started in January 2014 (Appointed date) and was expected to be operational in December 2015.
In January 2014, a local private company Beijing Sound Group won a concession agreement to finance, build and operate the Yining City No. 3 Wastewater Treatment Plant in Yining City, Xinjiang Uygur Autonomous Region. The total investment for the firs phase was RMB 225.71 million (US$ 36.74 million) and Sound had a 100% stake in the project. The total treatment capacity of the first phase of the plant was 25000 tons per day. By September 2015, substantial construction had been completed, according to a media report.
On October 2013, the Yibin Municipal Government signed an agreement with a consortium led by the Yibin Yili Group under the build operate transfer framework. The total investment was US$ 2,685.79 million (RMB 16,500 million). The shares of each partner were not reported but media files implied that Yibin Yili had a substantial stake in the project. The 4 lane 130km road had a design speed of 80km per hour. An SPV Yibin Yili Yizhao Expressway Investment Company Limited was established to implement the project. Construction commenced on February 20, 2014. The planned construction duration was 1440 calendar days.
The Nicaraguan company Corporacion Montelimar announced the development of a 38-MW sugar cane residue fueled power plant in Nicaragua. The power plant output represented 5% of the country's electricity demand in 2016.  The sponsor established the special purpose company Green Power S.A. to lead the project. Green Power signed 15-year power purchase agreements with the distribution companies Disnorte and Dissur.  The project's investment was estimated at US$ 76 million. Construction works commenced in 2014, and commercial operations began in April 2016.
The project entails the construction of a 10.9 MW WtE plant in Rizhao, Shandong Province. Total investment stands at RMB 350 million or $ 51.89 million. Sponsor of the project is China Everbright. Phase I is designed to have a daily household waste processing capacity of 600 tonnes. All gas emissions comply with the Euro 2000 Standard and it is expected to generate over 71,000,000 kWh of green electricity annually. Financial close took place in August 2014.
In February 2014, a local private company Beijing Sound Group won a concession agreement to finance, build and operate twelve township wastewater treatment plants in Xishui County, Guizhou Province. The total investment was RMB 260 million (US$ 42.32 million) and Sound had a 100% stake in the project. The total treatment capacity of the plants was 10000 tons per day. By the end of 2015, substantial construction had been completed, according to a media report.
The recycling and waste-to-energy plant is located in Mérida, in the state of Yucatán, Mexico. The facility has a capacity to treat 30,000 tonnes of waste per month. It has a bio digester with a 7MW of energy generation capacity.  The excess energy is sold to the Federal Electricity Commission (CFE). The sponsor of the project is Tratamientos Reciclados del Sureste. The investment is around USD8.37 million.  Financial close was achieved in 2014.
Costa Rican companies New Tessela and Gruman Energy announced the development of the 21-MW wind power located at Tilaran, province of Guanacaste. The power plant was named Central Eolica Tilawind.  In 2012, Tilawind Corporation signed a 20-year power purchase agrément with the Costa Rican utility ICE after taking part in a competitive bidding. The company winning offer was a rate of US$ 86/MWh.  The sponsors created the special purpose company Tilawind Corporation. Information on the investment amount was not available.  In 2014, the state-owned bank Banco Nacional granted a US$ 40 million for the project.  In February 2014, Tilawind Corporation had signed an equipment supply contract with Vestas.  Construction works started in 2014, and operations were expected to commence in the second semestre of 2015.
In May 2009, United Telecoms Limited (UTL),signed an MoU with Madhya Pradesh Government for setting up a 49.5-MW wind project at Kukru village, Betul District in the state of Madhya Pradesh, under the MP Solar Policy 2010. The output from the project would be fed to the North-East-West-North-East (NEWNE) grid of India. The project has deployed 33 Regen wind electric generators of 1500kW each. Power evacuation was planned through a 66KV line to substation, which, as per the state policy, was the responsibility of M.P.Power Management Company Limited. ReGen Powertech would execute the EPC and O&M of the project.  United Telecoms Limited (100%) established Betul Wind Farms Limited (BWFL), special purpose vehicle, to execute the project. In March 2014, Atria Group acquired 50% of equity stake from UTL. BWFL had signed a PPA with the state utility MP Power Management Company Limited  (MPPCL) on 22.07.2011 for sale of power generated by 30 MW (20 X 1500 kW) WEGs. BWFL had signed second PPA with BPPCL on 8.11.2012 for sale of entire energy generated by additional 19.5 MW (13 X 1500 kW) WEGs (over and above 30 MW). On 26.03.2013, the Commission had issued revised tariff order which was applicable to all new WEGs power projects commissioned on or after 01.04.2013 during the control period 01.04.2013 to 31.03.2016 for sale of electricity to distribution licensees within the state of Madhya Pradesh. The tariff at US$ 0.097/Unit (INR 5.92 per unit @61 INR/USD) would remain valid for the project life of 25 years.  The project attained financial closure on 19th March 2014 with a debt equity ratio 70/30. The estimated project cost at the time of financial closure was US$ 56.4mn (INR 3441.1mn @61 INR/USD). Financing comprised of Debt of US$ 39.5mn (INR 2408.8mn) and sponsor equity of US$ 16.9mn (INR 1032.3mn). Lenders were State Bank of India (1000mn, India Infrastructure Finance Company Limited (600mn), and PTC India Financial Services (808.8mn).  The plant was expected to be commissioned in December 2014.
The project entails the construction of a 14.82 km. 6-lane elevated toll road and the last of three (3) stages of Metro Manila Skyway (MMS) System. It is intended to connect South Luzon Expressway (SLEX) at Alabang to Balintawak in Quezon City before North Luzon Expressway (NLEX) through Central Metro Manila Area by using predominantly median of Quirino, G. Araneta and A. Bonifacio road networks. Skyway-3 is being undertaken by Citra Central Expressway Corp. (CCEC) – a joint venture of Indonesia's Citra Lamtoro Gung Persada and state-run Philippine National Construction Corp. (PNCC) in partnership with San Miguel Corporation. The private partner will take on the financing, design, construction, and operation and maintenance of the entire four-lane toll road. Subsequently, the Supplemental Toll Operation Agreement (“STOA”) covering the Skyway Stage 3 project was signed on September 26, 2013 among TRB, PNCC, and CCEC. As of December 31, 2015, S3HC, a 95.0% owned subsidiary of SMC, has an ownership interest of 88.89% in CCEC. Financial close took place on February 17, 2014.
In November 2012, construction of a 48MW wind farm commenced in Yongqiao District, Suzhou City, Anhui Province. The developer was the Hong Kong based China WindPower Group Ltd. The total investment was RMB 450 million (US$ 72.63 million). The wind farm consisted of 24 2MW units. How the project was procured was unknown. China WindPower had a 100% stake in the project. The project was completed in April 2014.
In February 2013, the Xinjiang Uygur Autonomous Region Government approved the construction of the Baluntai-Yiergen Railway in Hejing County, Xinjiang Uygur Autonomous Region. The total length was 93.5 km and the total investment was RMB 4.5 billion. Construction commenced in October 2013 and substantial progress was achieved by April 2014. The investor was called Xinjiang Jinyangguang Railway Construction and Management Company Limited, which was a private company. The railway was mainly to serve the iron mines and  iron and steel enterprises in Hejing County.
In December 2014, construction of a solar power plant invested by a local private company Shandong Linuo Group commenced in Maigaiti County, Xinjiang Uyghur Autonomous Region. The electricity generation capacity of the plant was 20MW. The total investment was RMB 220 million (US$ 35.81 million) and Linuo had a 100% stake in the project. The solar power plant came into operation in August 2015.
In October 2012, Sinersa was awarded the contract to build and operate a 19-MW hydro power plant located at Chancay River, Huaral Province.  The sponsor was awarded a power purchase agreement to sell electricity to the grid at a rate of US$ 5.85/MWh in July 2010.  The project envisaged an investment of US$ 36.2 million. Construction works commenced in February 2014, when the sponsor signed an EPC contract with Energoprojekt.  In June 2012, the project had applied for carbon credits.  As of June 2015, 58% of the construction works had been concluded. Commercial operations were expected to commence in December 2015.
The project entails the construction of a 12 MW WtE plant in Tengzhou City, Shandong Province. Total investment stands at RMB 339 million or $ 50.26 million. Sponsor of the project is China Everbright. The facility will be undertaken under BOT concession with a contract period of 30 years. China Everbright announced that it has obtained a subsidy totalling RMB 73.5 million towards the project under the 2016 Central Budgetary Investment Plan Financial close took place in May 2014.
In April 2008, Contugas, a subsidiary of the Colombian Grupo Energia de Bogota (EEB), was awarded the right to build and operate a natural gas transport and distribution system in the department of ICA (cities of Pisco, Ica, Nazca, Marcona and Chicha). The sponsors committed to install 50,000 connections.   The bidding criteria and the names of the other participants in the bidding process were not available. The 30-year contract was signed in March 2009, and commercial operations commenced in April 2014.  The total investment in the project was estimated at US$ 250 million.
In October 2013, Madhya Pradesh Road Development Corporation (MPRDC) signed a 15-year concession with D P Jain & Co Infrastructure Limited (DPJ) for the strengthening, improvement,two-laning, operation and maintenance,and tolling of 14.98kms of existing major district road- Nagda-Gogapur (from KM0.000 from the end of CC road of Nagda village to KM14.980 at Gogapur village connecting to Mahidapur-Tal MDR in Ujjain district,in the state of Madhya Pradesh.   Under the contract, DPJ was responsible for the design, construction,finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway to 2-lane divided carriageway.The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges,culverts, road intersections,interchanges, drains, etc.The expansion project, part of the MDR (major district roads) development project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.    D P Jain & Co Infrastructure Limited (DPJ) established DP Jain Nagda Gogapur BOT Annuity Road Project Private Limited,a special purpose vehicle in October 2013, to implement the project. The SPV won the tender through international competitive bidding, conducted by MPRDC,by requesting the lowest annuity payment of US$ 1.0mn (INR 59.9mn). Other details of bidding were not known at the time of collection of this information. Under the contract, the SPV was to recover the capital costs and operating costs including returns through semi-annual payments of US$ 0.51mn (INR 29.95mn) from MPRDC, during the term of concession. This was a free-use road, so no tolling would be applicable. DPJ would execute the EPC for the project.  The concession agreement for the project was expected to be signed in October 2013. The project attained financial closure in April 2014. The project was expected to be financed with a debt/equity ratio of 75/25. The estimated capital cost of the project at the time of financial closure was US$ 5.3mn (INR 321.3mn @58.6 INR/USD). Financing comprised of a 12-year term loan of US$ 3.9mn (INR 240mn) and sponsor equity of US$ 1.3mn (INR 81.3mn). Other details of financing were not known at the time of collection of this information.  The project was slated for completion by April 2016.
In October 2012, the the Spanish group Ortiz won the public bidding for the sale of its electricity production to the national grid through a 15-year power purchase contract with Empresa Electrica de Guatemala (EEGSA), which was signed early in 2013. Later that year, the power purchase agreement was transferred to Anacapri S.A., a subsidiary of the Guatemalan group Onyx.  The solar project located in Departamento de Chiquimula was named Horus Energy. The photovoltaic solar power plant with 50 MW in capacity was named Horus I solar power plant.   The sponsor committed to invest US$ 100 million in the power plant. The EPC contract was undertaken by the Spanish group Ortiz.  Construction works commenced in March 2014, and commercial operations started in March 2015.  In August 2014, Anacapri was awarded another power purchase agreement for the sale of an additional 30 MW of electricity. The sponsor signed another EPC contract with group Ortiz to built this news unit, which was named Horus II solar power plant. Construction works were expected to commence in August 2015.
In September 2011, the  company Comercializadora Capo was awarded the license to build and operate a wind farm in Ojuelos de Jalisco, state of Jalisco. The first phase  included the installation of 30 MW in solar panels; in the second phase, the capacity was set to increase to 100 MW. The electricity generated by the power plant was set to be directed to the national grid.   The sponsor committed to invest a total of US$  149 million in the construction of the power plant. The first phase involved a cost of US$ 82 million, 70% of which was financed with a loan from Nacional Financiera.  The EPC contract was signed with the construction companies Morichal and Bajo Tierra. Operations were expected to commence in June 2014. As of September 2014, construction works were underway.
The project entails the construction of a 12 MW biomass power plant at Marigat in Baringo County, Kenya. Total investment stands at$38 million. Sponsors of the project are Cummins  and Gen-tech. The plant will be able to utilize a variety of combustible biomass, including agro-waste, agro-residues, woody biomass, invasive species, household waste, as well as rubber and coal.  Financial close took place in June 2014.
The company Ventos de Santo Tito Holding, a subsidiary of the American company Contour Global, was granted authorizations to build seven wind parks located in the municipalities of Caldeirao Grande, Marcolandia and Simoes, state of Piaui (210 MW in total capacity). The 35-year contracts were signed with the regulatory agency ANEEL starting in February 2014, and the sponsor created the following special purpose companies to manage power plant:  * Ventos de Santa Joana II Energia Renovaveis S.A.  -  EOL Ventos de Santa Joana II (30 MW) * Ventos de Santa Joana VI Energia Renovaveis S.A.  -  EOL Ventos de Santa Joana VI (30 MW) * Ventos de Santa Joana VIII  Energia Renovaveis S.A.  -  EOL Ventos de Santa Joana VIII (30 MW) * Ventos de Santa Joana XIV Energia Renovaveis S.A.  -  EOL Ventos de Santa Joana XIV (30 MW) * Ventos de Santo Onofre I Energia Renovaveis S.A. - EOL Ventos de Santo Onofre I (30 MW) * Ventos de Santo Onofre II  Energia Renovaveis S.A. - EOL Ventos de Santo Onofre II (30 MW) * Ventos de Santo Onofre III Energia Renovaveis S.A. - EOL Ventos de Santo Onofre III (30 MW)  The total investment in the power plants of the wind complex was estimated at US$  306.4 million (BRL 720.3  million). In September 2014, the state-owned development bank BNDES approved a US$ 75.6 million (BRL 177.78  million) loan. In April 2015, BNDES approved another US$ 208.8 million loan to the project (BRL 621.3 million). In September 2015, the project companies' issued US$ 33.3 million (BRL 111 million) in long-term bonds.  The government periodically runs public bidding for the sale of energy to the country´s distribution companies. The seven power plants controlled by Contour Global won the public bidding that took place in August 2013, by offering an average tariff of US$ 46.8/MWh (BRL 109.99/MWh). The project companies signed 20-year power purchase agreements with the several electricity distribution companies. Contour Global committed to start supplying to the market in 2015.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.  In January 2016, the UK based company Cubico acquired the project from Contour Global along with another wind farm located in Pernambuco in a deal worth US$ 588 million (BRL 2 billion).
SunEdison Inc obtained a license from the Government of Jordan to build, own and operate a 23.8 MW solar power plant near the city of Ma’an in the south of Jordan for 20 years. ?The power generated form this plant would be sold to the Jordanian National Electric Power Company (NEPCO) under a 20-year power purchase agreement (PPA). The power plant would connect to the grid via a substation built by NEPCO.  The power plant was developed by a 100% subsidiary of SunEdison, Inc.  The total project cost was estimated at USD 66.0 million. In October 2014, SunEdison closed on a USD 50 million debt financing arrangement with the European Bank for Reconstruction and Development and the Overseas Private Investment Corporation (OPIC) with each providing USD 25 million each.  Construction of the project was scheduled to commence in Q4 2014 with completion and grid connection was expected to take place in Q3 of 2015.
The Chiripa wind project was a planned 49.5 MW wind generation facility to be located in Costa Rica.  The project was to be designed, developed and operated by a consortium comprised of the Spanish firm Acciona and local firm Grupo Ecoenergia, with respectively 65% and 35% stakes in the project.  Acciona was to provide 33 of its 1.5 MW turbines for its Chiripa wind farm.    The project was awarded a 20 year PPA to sell power on a build, operate and transfer basis by the state utility Instituto Costarricense de Energia.  Projected investment was USD 125 Million.  Construction works began in the end of 2012, and commercial operations commenced in November 2014.
In November 2013, Consorcio AeroBrasil, a joint-venture of the Brazilian construction company  CCR (75%), the Swiss company Flughafen Zurich (24%) and the German company Flughafen Munchen (1%), was awarded in a competitive bidding process the contract to expand and operate the airport located at the city of Belo Horizonte (capital of the state of Minas Gerais).   A special purpose company named Concessionaria do Aeroporto Internacional de Confins S.A. (BH Airport) was created to manage the project, 51% owned by Consorcio AeroBrasil and 49% owned by the state-owned company Infraero. The 30-year contract was signed with the regulatory agency in April 2014, and the private sponsors took over the operations of the facilities in May 2014.  Besides Consorcio AeroBrasil, three other companies took part in the contest (information on these companies was not available). The bidding criteria set by the regulatory agency ANAC was the highest payment for the concession rights. Consorcio AeroBrasil presented the highest offer, a total value of US$ 774 million (BRL 1.82 billion), 66% above the minimum set by the regulatory agency. The payments were set to be made in annual installments over the life of the contract.  The project envisaged the rehabilitation of the existing terminals and the construction of a new terminal (the total capacity of the airport was set to increase to 60 million passengers per year). The total investment in the project was estimated at US$ 1489 million (BRL 3.5 billion).  In December 2015, the state-owned bank BNDES approved a US$ 109.4 million (BRL 405 million) loan to the project.
The Brazilian company Usina Eldorado S.A., a subsidiary of Odebrecht Agroindustrial (fomerly known as ETH Bioenergia - Odebrecht Group), was granted an authorization to build a 25-MW sugar-cane residue fueled power plant located in the state of  Mato Grosso do Sul  (municipality of Rio Brilhante).  The power plant was named UTE Eldorado (ID# 5564).  In October 2004, the company signed a 30-year contract with the regulatory agency ANEEL allowing the company to build and operate the power plant. The power plant commenced operations as a captive unit in 2006, but the new contract allowed the trade electricity also to large consumers in the unregulated market. Investment on the first phase was estimated at US$ 15.4 million.  In August 2010, UTE Eldorado took part in a competitive bidding process to sell electricity to the regulated wholesale market (a 15-year power purchase agreement was signed guaranteeing the sale of electricity to the national grid).  In October 2013, the company took part in another bidding process to establish 30-year power purchase agreements with electricity distribution companies. The company won the contracts by offering the tariff of US$  39.7/MWh (BRL 132.3/MWh). The company committed to start supplying electricity to the regulated market by 2018.  The power purchase agreement required the power plant to expand its capacity to 141 MW. The investment committed to the expansion was estimated at US$  64.6 million (BRL 215.4 million). Construction works commenced in  June 2014 and were nearly concluded by December 2015.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
The Brazilian company Energisa Geracao FIP Biomassa, a subsidiary of group Energisa Geracao , was granted the authorization to build and operate a 55-MW sugar-cane-residue fueled power plant located in the state of Minas Gerais. The sponsors created the following special purpose company to manage the project:  * Energisa Geracao Santa Candida II - UTE Santa Candida II  A 35-year authorization contract was granted by the regulatory agency ANEEL in August 2014. By December 2014, the Brazilian company Geracao Bioeletricidade Holding S.A., a subsidiary of the Canadian group Brookfield, acquired the project from Energisa Geracao.  In December 2013, the company had been granted power purchase agreements to sell electricity to distribution companies starting in 2018. The investment committed to the power plant was estimated at US$  65.6 million (BRL 218.84 million). Construction works commenced in  December 2014 and were nearly concluded by December 2015.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
Ulke Yatirim Arastirma Gelistirme Madencilik was awarded the operating rights of Dere and Ivriz Hydro Power Plants for 49 years.   Ulke Yatirim Arastirma Gelistirme Madencilik, a local Turkish company, won the competitive tender conducted by the Privatization Administration of Turkey (OIB) on 9 May 2014 by submitting the highest bid of USD 2.3 million. Six companies had submitted their bids.  Final negotiations of the tender were completed on May 21, 2014 and the final agreement was signed thereafter.
The Lorean Energy Group, a partnership of the Mexican companies Grupo Didsa, Colibri Capital and Canromex and the Spanish company Guascor, announced the development of a 1.7-MW biogas power plant located at Saltillo, state of Coahuila.  In September 2011, the company signed 21-year concession contract to build and operate the power plant, which was set to supply 45% of the electricity needs of the municipality of Saltillo. The contract was awarded through a competitive bidding process in which eight companies presented offers. The name of the other bidders and the bidding criteria was not available.  The investment was estimated at US$ 6.2 million. In December 2014, the NADBank approve a US$ 2.6 million loan to finance the project. The remaining investment was set to be equity financed.
The project entails the construction and operation of a small hydro power plant (4 MW) near Shanti Danda and Barbote. Project developer is Puwa Khola One Hydropower Pvt. Ltd.  This is a greenfield project initiated on a license scheme and will benefit from a PPA with Nepal Electricity Authority (NEA).   Total investment in the project stands at $11 million and is financed in part by Sidhhartha Bank and Citizen Bank, in equal amounts.  Project was completed in November 2017.
The Ressano Garcia Gas-Fired Plant reached financial closure in June 2014. The sponsors of the project consist of the Gigajoule Group, Old Mutual, WBHO and a group of private Mozambique shareholders. More than 50% of the project’s equity is held by local shareholders but Gigajoule is the largest single shareholder in the project company.  The financing will be used for the development of the 100MW gas-fired power plant in Mozambique.The project has a total cost of around $200m debt set to cover 80% of this expenditure and the rest to be met by equity investment. Standard Bank is the sole lender on the deal. Eaglestone acted as financial adviser to the sponsors on the transaction. Standard Bank is the sole lender on the deal, but is likely to have 100% of its commitment covered by a political risk guarantee from World Bank subsidiary Multilateral Investment Guarantee Agency (MIGA). The MIGA guarantee would still being negotiated.  State utility EdM will be the sole offtaker from the plant under a 15-year power purchase agreement, while local company Matola Gas Company will supply the project with fuel under another 15-year contract. Several of the project’s sponsors, including Gigajoule, are shareholders in Matola, which aggregates gas from various gas extractors including Sasol.  Gigawatt is one of several power projects being developed in Mozambique, including the gas-fired 140MW Ressano Garcia and 40MW Kuvaninga plants and the Moatize coal-fired plant. The project reached financial close on 24 June 2014 and construction on the plant has already commenced. Eaglestone acted as financial adviser to the sponsors on the transaction  In July 2014, Standard Bank began the process of selling down its US$170m debt on the 100MW GigaWatt IPP. It was understood to be in discussions with the IFC, Proparco and another South African lender, and would make a decision on sizing. The transaction, with capex above US$200m, was financed by sole lender Standard funded with 75% senior debt and 5% subordinated debt, with a door-to-door tenor of 12 years.
In April 2011, the Consorcio Portuario Yurimaguas, a partnership of the companies Hidalgo e Hidalgo Constructores - HeH (Ecuador; 35%) and Construccion y Administracion S.A. – CASA (Peru; 65%), was awarded the contract to design, finance, construct and operate the Nuevo Terminal Portuario Yurimaguas (multipurpose terminal) located at Nuevo Terminal Portuario Yurimaguas. The facility was expected to reach a capacity of 600,000 tons/year.  Consorcio Portuario Yurimaguas was the only bidder in the process. Three other companies (Consorcio Nuevo TP Yurimaguas, Consorcio Unimar Yurimaguas and Cosmos Agencia Marítima) were pre-sorted but did not presented technical and economic propositions. The bidding criteria was a combination of the lowest tariff (PAMO), construction (PPO) and investments costs. The winning bid was an amount of US$ 6,7 million to the PO (2% below the ceiling), US$ 2,7 million to the PAMO (1% below the ceiling).   The 30-year contract was signed in May 2011, and the sponsors commenced the construction in May 2014. The special purpose Puerto Amazonas S.A. (COPAM) was created to manage the project.  Investment in the project was estimated at US$  54.6 million. As of July 2016, the construction works were nearly concluded.
Participaciones Choluteca Dos S.A., a subsidiary of the American company Sunedison, was granted the authorization to build and operate three solar power plants located at the southern region of Choluteca. The electricity generated by the power plants was set to be directed to the country's national grid (a 20-year power purchase agreement (PPA) was signed with Honduras’s state-owned company Empresa Nacional de Energía Eléctrica).  The power plants were named Pacific I, Choluteca I and Choluteca II, with an installed capacity of 20 MW (23.2 MWp), 20 MW (23.3 MWp) and 30 MW (35.0 MWp), respectively.  The project cost was estimated at US$ 210 million. Operations were expected to commence in the second semester of 2015.  Financial closure was achieved in September 2014. The IFC provided direct financing for US$85.9 million, including US$65.5 million senior debt and US$20 million subordinated debt. IFC’s funding included US$19.5 million in concessional senior and subordinated debt from the Clean Technology Fund, as well as US$20.7 million senior debt from institutional investors under the Managed Co-Lending Portfolio Program. The IFC played a leading role in bringing CABEI and OFID, which provided US$45.0 million and US$15.0 million respectively. The total financing for the project is approximately US$146 million.  In June 2015, MIGA issued a US$ 56.7 million guarantee to Sun Edison's project in Choluteca.
In October 2014 Kpone IPP project involving the development of a 340MW CCGT in the municipality of Kpone reached financial closure, as the project has closed a $900 million project finance loan. This BOO project was expected to begin in the second half of 2014 and commercial operations were expected to begin in 2016. The project development includes two General Electric frame 9E gas turbines, two double pass heat recovery steam generators from NEM of the Netherlands, a Siemens' Steam Turbine, Electrical Generators and Auxiliaries.  This project was developed by Cenpower Generation Co, an SPV established by Cenpower and AFC and InfraCo. InfraCo left the project as a result of a share purchase agreement on 24 September 2014. The new sponsor group included AFC (31.85%), Cenpower Holdings (21%), Sumitomo Corp (28%), African Infrastructure Investment Managers(15%, AIIM, Macquarie & Old Mutual) and FMO (4.15%, Dutch Development Bank). The consortium's legal adviser was Trinity International while Allen & Overy advised Sumitomo Corp separately on the deal.   Financing comprised US$420 million long term debt, US$250 million equity and US$225 million credit facility financing. US$420 million 15 year loan was arranged by FirstRand as Global MLA and Coordinating Bank while Standard Bank of South Africa and Nedbank were Co-MLAs on the same tranche. FMO and OPEC Fund for International Development lended US$225 million in addition to the project. The loan agreements were signed on October 2 2014.  As for the brief summary of the project history,in April 2010, Africa Finance Corporation, local partner Cenpower and PIDG-backed Infraco were planning to develop a 340MW CCGT in Tema, Kpone. The Kpone IPP would cost US$450 million, backed by equity from the three sponsors, and an AFC-arranged debt package. AFC would tap other DFIs, as well as ECAs and international and local commercial banks for loans. The project site was adjacent to the West African Gas Pipeline landing point, and a planned 330kV transmission corridor and 161kV substation. The sponsors were aiming to get the facility operating in 2013.   In Dec 2012, Rand Merchant Bank had been appointed MLA of the debt funding for the 340MW Kpone Independent Power Project near Tema. It would be supported by the Export Credit Insurance Company of South Africa. The US$600 million power plant combines cycle gas turbine technology using GE frame 9E gas turbines and would operate on both natural gas and liquid fuel to ensure high and continuous power supply. Local firm Cenpower Generation Company was behind the project. Africa Finance Company with a 76% stake, Infraco Ltd and Cenpower Holding Company were shareholders of the project, making it one of the largest African private sector-owned power projects. South Africas Group Five and Consolidated Power of South Africa were the contractors. A 20-year PPA had been signed between Cenpower and the Electricity Company of Ghana. Initial preparatory work began in 1999. In November 2013, credit approvals were nearly complete for the 340MW Kpone Independent Power Project near Tema, with financial close expected early next year. Rand Merchant Bank was MLA and would take the majority of senior debt, bringing in two or three other South African banks at close. There would also be a DFI tranche, supported by the Export Credit Insurance Company of South Africa. Tenors would be somewhere between 10 and 15 years. The capex had increased from the original US$600 million as the developers had been unavailable to secure a long-term gas contract from the West African Gas Pipeline and as a result had opted to start production with baseload liquid fuel, rather than dual-fuel. The construction of a liquid tank and offshore oil terminal along with extra working capital facilities for procurement risk mean the capex had increased to just below US$1 billion. The project would run off liquid fuel for the first few years until it could access Ghana gas, probably through the
The project entails the construction of a WtE plant in Nantong, Jiangsu. SPV is SITA Waste Services, a JV between the sponsors (SUEZ (60 %), Shanghai Chemical Industry Park Investment Corporation (30 %) and Nantong Economic Technology and Development Area Company (10%). Total investment stands at RMB 320 million or $ 47.44 million. The plant has a capacity of 30,000 tonnes per year for the treatment of locally generated hazardous waste and the treatment of 3,300 tonnes per year of medical waste. The facility will be undertaken under BOO concession.Financial close took place in March 2014.
The project involves the development of a 5.88 MW solar power plant in Kudjock Sub District, Bua-Yai District, Nakhon Ratchasima Province, in Thailand. Korat 5 is the tenth of 36 solar projects launched by the sponsor, Solar Power Co, under the electricity distribution agreement with the Provincial Electricity Authority (PEA).
In December 2014, a local private company Haitian Water Affairs Group signed a management contract with the Zhaoyang District Government of Zhaotong City, Yunnan Province regarding a 60,000 tons per day wastewater treatment plant. The term of the management contract was 10 years.
The company EDP Renovaveis Brasil  S.A.,  owned by the Portuguese  EDP Energias de Portugal, was granted authorizations to build four  wind parks located in the municipality of Jandaira, state of Rio Grande do Norte (120 MW in total capacity). The 35-year contracts were signed with the regulatory agency ANEEL starting in August 2012. The company EDP Renovaveis Brasil  created four special purpose companies to manage the complex:  Central Eolica Baixa do Feijao S.A. I (30 MW) Central Eolica Baixa do Feijao S.A. II (30 MW) Central Eolica Baixa do Feijao S.A. III (30 MW) Central Eolica Baixa do Feijao S.A. IV (30 MW)  The power plants were named EOL Baixa do Feijao I, EOL Baixa do Feijao II, EOL Baixa do Feijao III  and EOL Baixa do Feijao IV. The total investment in the power plants was estimated at US$  199.1 million (BRL 468 million) The project was financed with a loan granted by the state-owned development bank BNDES approved in  December  2014  (US$  119  million or BRL 306.3 million).  The government periodically runs public bidding for the sale of energy to the country´s distribution companies. The power plants EOL Baixa do Feijao I, II, III, IV won the public bidding that took place in 2011, by offering an average tariff of US$ 59.4/MWh (BRL 97 /MWh). The project companies signed 20-year power purchase agreements with the several electricity distribution companies. The sponsor  committed to start supplying to the market in 2016.   The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures.  In April 2016, the Brazilian bank Itau/Unibanco granted a US$ 23 million (BRL 80.6 million) loan to  finance the Baixa do Feijao I power plant; US$ 21 million (BRL 73.6 million) to finance the Baixa do Feijao II power plant; US$ 22.7 million (BRL 79.5 million) to finance the Baixa do Feijao III power plant; and US$ 22 million (BRL 79.5 million) to finance the Baixa do Feijao IV power plant.
The Brazilian companies Servtec  Investimentos e Participacoes Ltda (50%) and Rio Bravo Investimentos (50%) were granted the authorization to build one  wind park located in the municipality of Ibiapina, state of Ceara (23.1 MW in total capacity). The 35-year contract was signed with the regulatory agency ANEEL  in April  2012, and the sponsors created the special purpose company Geradora Eolica Bons Ventos da Serra I S.A. to lead the project.  The power plant was named EOL Malhadinha 1. The total investment in the power plant was estimated at US$  38.8 million (BRL 91.12 million) and was financed with a US$ 14 million (BRL 33 million) loan granted by the state-owned development bank BNDES approved in July 2014. In 2015, BNDES approved additional financing of US$ 15.1 million loan (BRL 50.3 million) to the project.  The government periodically runs public bidding for the sale of energy to the country´s distribution companies. EOL Malhadinha 1 won the public bidding that took place in August 2011, by offering an average tariff of US$ 60.6/MWh (BRL  98.95/MWh). The project company signed 20-year power purchase agreements with the several electricity distribution companies. Geradora Eolica Bons Ventos da Serra I S.A. committed to start supplying to the market in 2014.  Construction works commenced in May 2014.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures.  In July 2012  the company applied for carbon credits.
On April 10, 2014, Gazprom signed a deal to acquire 100 percent of shares of KyrgyzgazProm for $1 and assumed the responsibility to repay $40 million of debt owed by the KyrgyzgazProm, a state gas company responsible for importing, transmission and distribution of natural gas to residents of Kyrgyz Republic. In July 2014, KyrgyzgazProm was renamed Gazprom Kyrgyzstan.   Under the 25-year agreement, Gazprom guaranteed the development and upgrade of Kyrgyzstan's gas equipment and pipelines as well as uninterrupted supplies of gas to local consumers. Gazprom pledged to invest close to USD 563 million in the first five years in the company’s 700-kilometer gas distribution grid upgrades.
In March 2014, the Hong Kong based China Water Affairs Group signed an agreement with the Hegang Municipal Government to set up a JV, Sanli Water Affairs Company Limited to operate the raw water supply, potable water treatment and sewerage treatment services in Hegang City, Heilongjiang Province. In November 2014, the JV was successfully established. China Water Affairs had a 90.9% stock in the JV with the remaining shares belong to the municipal government. The total registration capital was RMB 110 million (US$ 17.91 million). The JV would then have a total water treatment capacity of 86000 tons per day. The concession term was 30 years.
In February 2014, Government of Karnataka (through PWD) awarded a 10-year concession (including a 30-months construction period) to a consortium of Sadbhav Engineering Limited and GKC Projects Limited for the strengthening, improvement,two-laning,operation and maintenance,and tolling of 193.344 kms of existing state highways SH-3 and SH-33, from Malavalli to Pavagada (Malavalli-Maddur-Huliyurdurga-Kunigal-Tumkur-Koratagere-Madhugiri-Pavagada section),in Karnataka.   Under the contract, the consortium was responsible for the design, construction, finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway to 2-lane divided carriageway.The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections,interchanges, drains, etc.The expansion project,part of the Karnataka State Highways Improvement Project (KSHIP-II), was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.    The consortium of Sadbhav Engineering Limited (74%) and GKC Projects Limited (26%), established Mysore-Bellary Highway Private Limited (MBHPL),a special purpose vehicle on 21st February 2014, to implement the project. The SPV won the tender through international competitive bidding, conducted by Karnataka PWD,by requesting the lowest annuity payment. Under the KSHIP-II annuity concession contracts, it was proposed to avail of The World Bank assistance for an upfront payment of certain per cent of the construction cost and the remaining payments during the maintenance period of 7-years on annuity basis to be met out of Karnataka state funds. Under this concession, MBHPL was to recover the capital costs and operating costs including returns through an upfront payment of US$ 39.2mn (INR 2392.09mn) and semi annual payment of US$ 11.7mn (INR 711.5mn) during the term of operation of concession (7 years).   The concession agreement for the project was signed on 20th March 2014. The project attained financial closure on 21st October 2014. The grant/debt/equity ratio of the project was 28/62/10. The estimated capital cost of the project at the time of financial closure was US$ 139.2mn (INR 8490.8mn @61 INR/USD). Apart from the upfront grant of US$ 39.2mn, financing comprised of a term loan of US$ 87mn (INR 5308mn), and sponsor equity of US$ 13mn (INR 790.7mn). The loan was arranged by Kotak Bank.   The project construction started in December 2014 (Appointed Date) and was expected to be operational by 10th January 2017.
Lake Turkana Wind Power Limited (LTWP) reached financial closure in December 2014, to build, own and operate and transfer 310 MW wind project to be located on the shores of Lake Turkana, Kenya.  The project company was 51% owned by Aldwych International, South Africa’s Industrial Development Corporation (25%), Pan Africa Investment Development Fund and Vestas, the leading Danish manufacturer of wind turbines (12.5%) and the six co-founders (6.5%.  Vestas was selected as the equipment supplier, providing 365 V52 turbines rated at 850kw. Aldwych International, registered in London (UK) received early investments from the Shell Foundation and a significant contribution from the Dutch FMO development institution. The project was to consist of 365 turbines of 850kW.    In September 2010 LTWP signed a 20 year PPA with the state-owned Kenya Light and Power Company. The PPA was reaffirmed in September 2011. Wind measurements started in November 2006. The premium tariff for power was set at EUR 72.20/MWh, subject to limited variability according to market conditions. In 2011 the project was registered as a CDM project, with full comissioning was expected for 2014. Construction was expected to last 32 months. Maintenance contract was signed with Vestas. Operations were to be performed by Aldwych International over the 20 year period.      Total project cost was USD 635 million, not including construction of the transmission line to connect the project to the grid.  Government transmission company Ketraco was to build the 428km transmission line at a cost estimated at USD 177 million, partially financed by export credit (concessional financing) form Spain. Cost for the facilities construction was estimated at EUR 430 million (USD 563 million).     No financial closure had been reported and was targeted for March 2012 by the project company. The project was expected to generate Ksh 26 billion ($308.6 million) in carbon credits through UNFCCC CDM, registered February 2011.  Update:  As of 2012 the world Bank had pulled out of the project.  However the AFDB had stated its intention to continue the project by implemented its new guarantee product. Financial close expected at some point in 2013.  In 2013, the Board of Directors of the African Development Bank (AfDB) approved USD 149.5 million in financing for a wind power project in Kenya’s Lake Turkana region. The project will add 300 MW to power generation capacity and will benefit Kenya by providing clean and affordable energy that will reduce the overall energy cost to end consumers. Also AfDB would provide a EUR-20-million (USD 27.2m) transmission line delay partial risk guarantee (PRG).
The project scope includes the construction of an automated waste sorting complex and landfill in Gubkinsky urban district, Belgorod Oblast. Total investment amounts to $39.84 million. LLC “Flagman” was awarded a 4-year contract on 28 April 2014.
On February 26, 2014, construction of a private terminal commenced in Tongling City, Anhui Province. The developer was a local private company, Tongling County Huicheng Port Logistics Company Limited, which had a 100% stake in the project. The total investment was above US$ 32.56 million (RMB 200 million). The terminal consisted of two berths with a total processing throughput of 2.8 million tons of cargo. The terminal was expected to be operational following the 2016 Spring Festival.
The project entails the redevelopment of a waste-to-energy facility in Chengdu, Sichuan Province. The upgraded facility has a throughput of 600 tonnes per day, generating a total of 50 MW. Sponsor of the project is Chengdu Xing Rong Renewable Energy Co. (100%). Hitachi Zosen was awarded a contract to supply, install and commission equipment at the facility in December 2014.
The Colombian company Tecnologica Intercontinental (Ticsa) was awarded the 15-year contract to build and operate the wastewater treatment plant named PTAR San Antonio (Uruapan, state of Michoacan). The treatment plant was set to have a capacity of 300 liters/second (25.9 m3/day), benefiting more than 370,000 people.  In November 2009, the sponsor established the special purpose company Ecosistemas de Uruapan S.A. de C.V. to lead the project. Detailed information on the project award process led by the state government was not available.  The investment was estimated at US$ 11.2 million (Pesos 178.1 million), partially funded by the Federal government (value unknown). Construction works commenced in 2014. By August 2015, 98% of the construction works had been concluded.  In May 2013, the Colombian company EPM acquired 80% of Ticsa's shares for US$ 113 million. The remaining 20% of the shares were held by the Mexican family Primelles.
Tata Power Renewable Energy Limited (TPREL, a wholly owned subsidiary of Tata Power)entered into an agreement with Maharashtra Government, to develop 32MW wind power project at Visapur in Satara district of Maharashtra. The project would be executed by Tata Power. The wind farm would involve the building of 16 wind turbines of Kenersys K-82 make wind turbines 2MW capacity each. The electricity generated from the project would be evacuated to the state grid through Northern, Eastern, Western and North-Eastern grid of India. Kenersys India Private Limited would develop, construct, commission, operate and maintain the project at an all-inclusive price.   Tata Power had entered into a PPA with TPREL (a private distribution company) for purchase of wind energy from the 32MW wind energy project through a 13-year PPA. The PPA would remain valid till December 31,2027. The APPC (Average Power Purchase Cost) base tariff as per MERC tariff order (dated 29 April 2011 for Wind zone 1) was US$ 0.10/Unit (INR 5.37 per unit @53.44 INR/USD) for the first 13 years of operation. The transmission charges would be paid by TPREL to the state transmission utility.The total capacity of 32 MW was eligible for CDM benefits under UNFCC.   The project attained financial closure on 27th March 2014 at a debt equity ratio of 70/30. The estimated project cost at the time of financial closure was US$ 32.6mn (INR 1991.1mn @61 INR/USD). Financing comprised a 12-year 4-month term loan of US$ 22.8mn (INR 1393.8mn) and sponsor equity of US$ 9.7mn (INR 597.3mn). The term loan had a repayment schedule of 44 quarterly installments. The loan was provided by State Bank of India.  Out of the total capacity of 32 MW, the Company had commissioned 24 MW by March 2014 and 26 MW by November 2014.
In September 2011, Moquegua FV S.A.C., a subsidiary of the Spanish company Solarpack Corporacion Tecnologica, was granted the right to build and operate a solar power plant located in the province of Mariscal Nieto. The power plant was named Central Solar Moquegua FV (16 MW).    The license was awarded by the Federal regulators October 2012. The sponsor committed to invest US$ 43 million in the construction of the power plant. The sponsor signed power purchase agreements to sell the electricity from the power plant at a rate of US$119.90/Mwh.  In June 2012, the sponsor applied for carbon credits. In August 2014, OPIC approved a US $41.5 million 18-year-6-month loan to the project.  Construction works commenced in the second quarter of 2014. As of November 2014, 85% of the construction works were concluded. Operations were expected to begin in March 2015.
In 2013, Madhya Pradesh Road Development Corporation (MPRDC) awarded a 15-year concession (including construction periof of 2 years) to Dilip Buildcon Limited (DBL) for the strengthening, improvement,two-laning, operation and maintenance,and tolling of 124.1kms of existing major district road- Betul-Sarni-Tikadhan-Junnardeo-Parasiya section of State Highway No.43, starting at Km 0.00 from Kamani Gate Betul to Ch 124.10 at Parasiya Bus-stand,in Betul and Chhindwara districts of Madhya Pradesh.  Under the contract, DBL was responsible for the design, construction,finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway to 2-lane undivided carriageway.The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges,culverts, road intersections,interchanges, drains, etc.The expansion project, part of the MDR (major district roads) development project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.    Dilip Buildcon established DBL Betul Sarni Tollways Limited (DBSTL),a special purpose vehicle on 2nd May 2013, to implement the project. The SPV won the tender through international competitive bidding, conducted by MPRDC,by requesting the lowest annuity payment of US$ 5.1mn (INR 309.6mn). Other details of bidding were not known at the time of collection of this information. Under the contract, the SPV was to recover the capital costs and operating costs including returns through semi-annual payments of INR 154.8mn from MPRDC as well as tolling, during the term of concession. DBL would execute the fixed price (INR 2850mn) EPC for the project.  The project attained financial closure on 2nd April 2014. The project was expected to be financed with a debt/equity ratio of 75/25. The estimated capital cost estimated at the time of financial closure was US$ 52.7mn (INR 3215.9mn @61 INR/USD). Financing comprised a 13-year term loan of US$ 39.5mn (INR 2410mn) and sponsor equity of US$ 13.2mn (INR 805.9mn). The term loan had a grace period of 6-months and a repayment schedule of 24 semi-annual installments. Mandated lead arranger was Bank of Baroda.The other participating banks were Allahabad Bank (750mn), Canara Bank(600mn), Vijaya Bank (350mn), Corporation Bank (600mn).  The project started construction in 2013 and DBSTL had completed 40.12% of physical progress till June 26, 2014.
In December 2011, the Brazilian company ECTE (Empresa Catarinense de Transmissao de Energia), a partnership of the Brazilian companies Alupar - Grupo Alusa (52%) and Taesa Transmissora Aliança de Energia Eletrica (48%), was awarded in a competitive bidding process the contract to build and operate two substations located in the state of Santa Catarina. The substations were named SE Abdon Batista (520/230 kV)  and SE Gaspar (230/138  kV).  The state-owned Cemig acquired 43.4% in Taesa in 2009. The remaining shares remained with private institutional investors.  Besides ECTE another company took part in the contest: Consorcio Barriga verde.  The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. ECTE presented the lowest offer, a total value of US$  7.4 million (BRL 14.424 million), 38% below the ceiling set by the regulatory agency. The contract was signed in May 2012, and the sponsors created the company ETSE (Empresa de Transmissao Serrana S.A.) to lead the project during the 30-year contract period.   The sponsor committed to invest US$  74.4 million (BRL 174.8 million) in the transmission line.   Environmental clearance for SE Abdon Batista was awarded in September 2012, and for SE Gaspar in March 2013. Construction works on both substations were concluded by December 2014.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
The Brazilian company Sigma Energia S.A., a subsidiary of Omega Energia e Implantacao 1 S.A., was granted an authorization to build a 28-MW hydro power plant located in the state of  Minas Gerais  (municipalities of Monjolos and Diamantina).  The power plant was named PCH Serra das Agulhas.  In July 2013, the company signed a 30-year contract with the regulatory agency ANEEL allowing the company to build and operate the power plant. In December of the same year, the company took part in a bidding process to establish 30-year power purchase agreements with electricity distribution companies; the company won the contracts by offering the tariff of US$ 57.4/MWh (BRL 134.9 /MWh). The company committed to commence operations by the end  2016.  The investment commitment was estimated at US$  53.5 million (BRL 125.66 million). In November 2014, the company was granted a US$ 13 million (BRL 30.66 million) loan contract from BNDES, a state-owned development bank. By August 2015, BNDES granted additional financing of US$ 29 million (BRL 96.6 million).  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures.  In October 2011, the company applied for carbon credits.
In May 2014 Sarulla Geothermal project reached financial closure, as the debt financing became secured. This BOO project involved the development of the 330MW Sarulla geothermal power plant in Tapanuli Utara, North Sumatra, Indonesia.  The project comprised three 110MW units, which would be constructed in three phases, with each phase consisting of 110MW. It was part of the Fast Track Program 2 initiated by the Indonesian government for 10,000MW electricity development program.  The SPV of the project was Sarulla Operations LTD (SOL) and the sponsor was the consortium consisting of Itochu Corp (25%), PT Medco Energi International (37.25%), Kyushu Electric (25%) and Ormat Technologies (12.75%). The equity invested by the sponsors amounted to $350.38 million. The debt amount of $1190.1 million was provided by commercial lenders and development banks.  The debt financing carried a tenor of 20 years and comprised 1)a $250 million loan from the Asian Development Bank (ADB) at a 20 year maturity; a $80 million mezzanine loan from the ADB-administered Clean Technology Fund; a $20 million mezzanine loan from the Canadian Climate Fund for Private Sector Investment; a $490 million loan from the Japan Bank for International Cooperation (JBIC); a $330 million loan from six commercial banks.   The six commercial banks on the deal were ING, Mizuho (insurance bank, intercreditor facility and security agent), MUFJ (documentation bank), NAB (environmental bank), SMBC (modeling bank) and Societe Generale (technical bank).  The commercial bank facility was priced at 210bp over Libor for years one to  four, 180bp for years four to 10, 220bp for years 10 to 15, and 250bp for years 15 to 20. The average debt service coverage ratio (DSCR) under the base case was 1.38x. Sweeps of excess cash take place in the event that the DSCR dips below 1.25x.   The financing was rounded off with $350 million in equity and $80 million in pre-operating revenue. The sponsors were unable to receive any dividend payments until all three units were completed, even though they would start receiving revenues from the project before the third phase become complete, so revenue from earlier phases would help fund construction.   The project consisted of three phases of 110MW, with the first phase due to come online in 2016, the second phase in 2017 and the final phase in 2018. PLN was the offtaker under a 30-year energy sales contract priced at $0.0679 per KwH.
In December 2013, the Brazilian company Triunfo Participacoes e Investimentos won in a competitive bidding the right to expand, rehabilitate and operate the 1176.5 km of highways BR-060, BR-153 and BR-262, located in the states of Goias and Minas Gerais. The highways connect the cities of Brasilia and Belo Horizonte (capital of the state of Minas Gerais).  The bidding criteria was the lowest tariff, and Triunfo offered toll rates that were 52% below the ceiling set by the federal government. Four other groups took part in the bidding process: Invepar, Queiroz Galvao, CCR, and Consórcio Via Capital (Ecorodovias Infraestrutura e Logistica S.A., Coimex Empreendimentos e Participacoes Ltda, Rio Novo Locacoes Ltda, Tervap Pitanga Mineracao e Pavimentacao Ltda, Contek Engenharia S.A., A. Madeira Industria e Comercio Ltda e Urbesa Administracao e Participacoes Ltda).  The 30-year concession contract was signed in January 2014. The sponsors created the company CONCEBRA - Concessionaria das Rodovias Centrais do Brasil S. A. to lead the project. Operations commenced in March 2014.  The investment was estimated at US$ 3042 million (BRL  7.15 billion) over the life of the project. In June 2014, the state-owned bank BNDES approved a US$  450.9 million (BRL 1.06 billion) loan finance the project. In February 2016, BNDES approved an additional US$ 966.8 million (BRL 3.58 billion) loan to the project.  The project was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
The project entails the construction of a 11.5 MW WtE plant in Jabalpur, Madhya Pradesh. SPV is Essel Jabalpur Projects, a subsidiary of Essel Infra. Total investment stands at $ 68 million. Hitachi Zosen India and ISGEC Heavy Engineering are the EPC contractors. The sponsor has a long-term concession agreement for municipal waste treatment in a public-private partnership contract with the Jabalpur Municipal Corporation. Financial close took place in April 2014.
In November 2013, the Brazilian company Odebrecht won in a competitive bidding the right to expand, rehabilitate and operate the 850.9 km of highways BR-163 MT, located in the state of Mato Grosso.   The bidding criteria was the lowest tariff, and Odebrecht offered toll rates that were 52.03% below the ceiling set by the federal government. Six other companies took part in the bidding process: Triunfo, CCR, Fidens, Queiroz Galvao, Ecorodovias and Invepar.  The 30-year concession contract was signed in March 2013. The sponsors created the company CRO - Concessionaria Rota do Oeste S.A. to lead the project. Operations commenced in March 2014.  The investment was estimated at US$ 1999.5 million (BRL  4.7 billion) over the life of the project. In July 2014, the state-owned bank BNDES approved a US$  324.2 million (BRL 762 million) loan to the project.  The project was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
The project involves the development of the first phase of the Basra Gate Terminal at the Port of Umm Qasr in Iraq. International Container Terminal Services, Inc. (ICTSI) signed a concession for 26 years with General Company for Ports of Iraq (GCPI) to develop and operate three new berths, in addition to a 10-year agreement to redevelop the existing container terminal at Berth 20 at the Port of Umm Qasr.   The concession was signed in April 2014 and the total cost of the first phase was $130 million. In October 2016, ICTSI formally opened the first phase of the new greenfield terminal.
On December 23, 2014, Turkey’s privatization administration (OIB) signed the final agreement to with Turkish energy firm, IC Ictas Enerji, to take over 420 MW Yenikoy and 630MW Kemerkoy thermal power plants as well as the Kemerkoy port field in the Aegean province of Mugla. The Kemerkoy thermal plant had three units and Yenikoy had two units of 210 MW each. Both plants used lignite coal and were near the end of their life-cycle.  Bidding for the thermal power plants was held in April 2014. IC Ictas Enerji offered the highest bid of USD 2.67 billion to acquire 420 MW Yenikoy and 630MW Kemerkoy thermal power plants as well as the Kemerkoy port field. The tender had attracted six initial bids from Park Holding, Celikler-Kalyon consortium, Limak Insaat, Elsan Insaat, IC Ictas and Konya Seker.  Financing closed on 23 December 2014. The financing covered the takeover from the Turkish state of the two projects and capital investments into the stations. The sponsors arranged the equity financing of USD 635 million. A club of five lenders provided $4.27 billion in debt. The lenders are:  •Garanti Bank – facility agent •Is Bank – security agent •Yapi Kredi Bank •Ziraat Bank •Halk Bank  The debt facility comprised a 15 year term loan tranche of USD 1.9 billion, a 13 year term loan tranche of USD 200 million, a 1 year working capital of USD 75 million and a 4 year L/C of USD 2.092 billion.
ReNew Wind Power Private Limited entered into an agreement with Karnataka Government, to develop 18 MW wind power project at Chikodi in Belgaum district of Karnataka. The project would be executed by ReNew Wind Energy (AP) Private Limited (RWEAP), a special purpose vehicle. The wind farm would involve the building of 9 Gamesa make wind turbines of 2MW capacity each. The electricity generated from the project would be evacuated to the state grid. Gamesa Wind Turbines Private Limited would develop, construct, commission, operate and maintain the project.    ReNew Wind Energy (AP) Private Limited (RWEAP) was expected to sell the power to industrial captive consumers located in the state through a 25-year PPA. RWEAP had already signed long-term power purchase agreements (PPAs) for 17.2 MW out of its total installed capacity of 18 MW, thereby reducing off-take risk. The price risk was also mitigated as PPAs had been signed with industrial and commercial captive consumers yielding a weighted average base tariff of INR 5.71/kWh. The tie-up of power sales with five counterparties diversified the consumer base, thereby partially mitigating the counter-party risk profile.  The transmission charges would be paid by ReNew to the state transmission utility.The total capacity of 18 MW was eligible for CDM benefits under UNFCC and it was already approved.   The wind farm was commissioned on 29th June 2013.   The project debt was tied up post completion of the project  on 21st January 2014 at a debt/equity ratio of 75/25. The estimated project cost at the time of financial closure was US$ 20.6mn (INR 1258.335mn @61 INR/USD). Financing comprised a 13-year 1-month term loan of US$ 15.6mn (INR 951mn) and sponsor equity of US$ 5mn (INR 307.335mn). The term loan had a repayment schedule of 52 quarterly installments. The loan was provided by SBI (INR500mn), and Yes Bank (INR451mn).
Rajamandala Hydro Power Plant reached financial closure in June 2014 when the joint MLA and financial adviser Mizuho Bank signed a US$110m loan for the financing of the project. This $110.67 million BOT greenfield project involved the development of the 47MW run-of-river hydroelectric power plant located in Rajamandala Village, Cianjur Regency, West Java Province of Indonesia.   The plant was scheduled to start operations in May 2017. Sponsors are Kansai Electric Power and PT Indonesia Power. The electricity produced will be sold to PT PLN for 30 years. Mizuho is financial adviser.  Financing comprised a US$66.4m term loan and a US$44.2m term loan. Mizuho is sole MLA and facility agent. JBIC is providing the US$66m financing. Loan agreement was signed on 24 June 2014   The Japan Bank for International Cooperation (JBIC) signed on June 24 a loan agreement, in project financing*1, totaling up to USD66 million (JBIC portion) with PT. Rajamandala Electric Power (REP), SPV by the Kansai Electric Power Co., Inc. , for financing the Rajamandala Hydro Power Plant Project. The loan was co-financed with Mizuho Bank, Ltd., which brings the total co-financing amount to about $110 million.
In December 2013, Consorcio Terra Nova, a partnership of EDP (66,67%) and Furnas (33.33%), was awarded in a competitive bidding process the contract to build and operate a 700 MW hydro power plant located in the Teles Pires River, state of Para. The names of other bidders were not disclosed.  The bidding criteria set by the regulatory agency ANEEL was the lowest tariff. Consorcio Terra Nova presented the lowest offer, a value of US$ 35.52/MWh (BRL 83.49/MWh), 22% below the ceiling set by the regulatory agency. The contract was signed in April 2014, and sponsors created the company Empresa de Energia Sao Manoel S/A to lead the project during the 35-year contract period.  Empresa de Energia Sao Manoel S/A  committed to sell 100% of the output to the regulated market . Environmental regulator, Ibama, awarded an environmental license for the project in August  2014. The Consorcio Constran-UTC UHE was hired to conduct the EPC works for the project.  The sponsor committed to invest US$  695.2 million (BRL 2.069 billion) in the power plant. In July 2014, the sponsors issued US$ 245.5 million (BRL 532 million) in bonds and US$ 15.1 million (BRL 45 million) in bridge loans. The issued bonds were fully acquired by the state-owned bank Banco do Brasil. In May 2015, the state-owned bank BNDES approved a US$ 151.2 million (BRL 450 million) loan to the project. In September 2015, the sponsor issued an additional US$ 14.4 million (BRL 48.1 million) in long-term bonds.  In November 2014, EDP Brasil sold  part of its shares in the project company to the subsidiary of the Chinese state utility Three Gorges Corporation (TGC). The ownership structure was established as follows: EDP Brasil S/A (33,33%), Furnas (33,33%) and TGC (33.33%).  Construction works commenced in the second semester of 2014, and operations were expected to begin by 2018.  In January 2015, the construction license was suspended by the federal court, as the project company was not complying with several issues related to environmental protection. In July 2015, the construction works resumed.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
In January 2014, a local private company Beijing Sound Group was granted an agreement to build and operate the Yingzhou Wastewater Treatment plant in Fuyang City, Anhui Province. The capacity of the first phase was 100,000 tons per day. The total investment was RMB 240 million (US$ 39.09 million), excluding the 30 km connection pipeline. Construction commenced in early 2014 and by June 2014, substantial part had been completed. The project was expected to be operational by the end of 2014. The concession term was 30 years including the construction period. Beijing Sound had a 100% stake in the project.
The Eolico San Antonio El Sitio, a subsidiary of the local company Centrans Energy Services,  was granted the authorization to build a wind power plant located in the municipality of Villa Canales (50 MW in capacity). The power plant was set to supply electricity through the national grid starting in 2015.  The total investment in the power plant was estimated at US$ 84 million. Financial closure was achieved in March 2014 with a syndicated loan approved by BCIE amounting to US$ 50.7 million.  The turbines supply contract was signed with Vestas in May 2014.  Construction works commenced in April 2014.  In June 2012, the sponsor applied for carbon credits.
In June 2014, Consorcio Vial Helios, a partnership of the Colombian companies CSS Constructores, IECSA, Constructora Conconcreto and Carlos Alberto Solarte (each with 25% of the shares), won in a competitive bidding the right to build and operate a new 78.3-km highway connecting the cities of  Villeta-El Koran.   The bidding criteria was the lowest funding to be provided by the government. Seven groups of companies presented offers, but the names of the other bidders were not disclosed. Consorcio Vial Helios requested a value of US$  481.4 million, or 60% of the project costs. The investment was estimated at US$  800.7 million.  The 25-year concession contract was signed in January 2010. The sponsors created the company Consorcio Vial Helios SAS to lead the project.   Construction works commenced in June 2010 and concluded in the second semester of 2014. The charging of toll rates commenced in November 2014.
In April 2014, Consorcio Rota 323, a partnership of the Brazilian companies Odebrecht Transport (70%), Tucumann Engenharia (10%), Goetze Lobato Engenharia (10%) and America Empreendimentos (10%), won in a competitive bidding the right to expand, rehabilitate and operate the 220 km of the  highway PR-323 connecting Maringa - Paisandu and Paysandy - Francisco Alves (state of Parana).   The bidding criteria was the lowest tariff, and Consorcio Rota 323 offered toll rates that were 7.1% below the ceiling set by the state government. The names of the other bidders were not available.  The 30-year concession contract was signed in June 2014. The sponsors created the company Rota das Fronteiras to lead the project, and operations commenced in September 2014.  The investment was estimated at US$  1531.5 million (BRL  3.6 billion) over the life of the project. The PPP project envisaged the payment of US$ million (BRL 95 million) per year to the concessionaire in addition to the revenues raised by collecting tolls from users.  The project was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
In May 2014, the Paracas Consortium, a partnership of the companies Servinoga S.L. (Spain), Pattac Empreendimentos e Participacoes S.A. (Brazil), Tucumann Engenharia e Empreendimentos Ltda (Brazil) and Fortesolo Servicos Integrados Ltda (Brazil), was awarded the contract to expand, rehabilitate and operate the Terminal Portuario General San Martín de Pisco (multipurpose terminal) located at the Ica Region.  Besides Paracas Consortium, two other groups took part in the bidding process: Terminales Portuarios Andinos-Pisco and  APM Terminals Pisco. The bidding criteria was a combination of the lowest tariff and the highest amount additional investment. The winning bid was an amount of US$ 80 million, in addition to the benchmark US$ 102.4 million.   The special purpose company Terminal Portuario Paracas was established to manage the project. The 30-year contract was signed in July 2014, and the sponsors took over the project in August 2014.  Investment in the project was estimated at US$ 230 million. The terminal was expected to reach a capacity of 100,000 TEU/year.
In December 2010, the Spanish company Cobra Instalaciones y Servicios S.A. was awarded in a competitive bidding process the contract to build and operate  one substation located in the state of Minas Gerais. The substation was named SE Sete Lagoas 4, with planned capacity of 345/138 kV.   Besides Cobra Instalaciones y Servicios S.A., five other companies took part in the contest: Consorcio Caldas Novas; CTEEP-  Companhia de Transmissao de Energia Eletrica Paulista; TAESA- Transmissora Alianca de Energia Eletrica S.A.;  Consorcio Empresarial Sete Lagoas; and ATP Engenharia Ltda.   The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. Cobra Instalaciones presented the lowest offer: a value of US$  1.9 million (BRL 3.876 million), 45.08% below the ceiling set by the regulatory agency. The contract was signed in June  2011, and the sponsors created the company Sete Lagoas Transmissora de Energia Ltda to lead the project during the 30-year contract period.   The sponsor committed to invest US$  42.3 million (BRL 99.50 million) in the substation. In August  2014, the sponsor was granted a US$ 10.4 million (BRL 24.35 million) loan from state-owned bank BNDES.   Environmental clearance was awarded in June 2011, and the construction works commenced right away. Commercial operations started in June 2014.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures.
The one-year renewed contract entails the municipal collection service in Benito Juárez, Quintana Roo, in the city of Cancún, Mexico. The contract was won by Veolia, through its Mexican subsidiary, Proactiva (SETASA) in December 2014.  Under the contract  230 people were employed and the volume of waste disposed is 542 tons per day or 197,830 tons per year. The project serves a total of 550,000 people.   The value of the contract is MXN72 million, the equivalent of $4.95 million.  Benito Juárez, located in the state of Quintana Roo, includes the city of Cancún, in the region of Yucatan peninsula. It is the most important tourist destination in Mexico and one of the most recognized at the world.
Lajes Energia S.A., a subsidiary of the Brazilian company Light (a joint-venture of the state-owned company Cemig (31%), state-owned bank BNDES (9%), Andrade Gutierrez (8%) and investment funds (52%)), was granted the authorization to build and operate a 17-MW hydro power plant located in the state of Rio de Janeiro (Ribeirao das Lajes River). The power plant was named PCH Lajes and its construction was set to replace an old power plant that ceased to operate in 1989.  A 30-year authorization contract was granted by the regulatory agency ANEEL in May 1996, and this authorization was transferred to Light S.A. in August 2013. In March 2015, a power purchase agreement was signed with Light Energia for a total of 8 MW.   The investment committed to the power plant was estimated at US$  21 million (BRL 70 million).   The EPC contract was signed with  WEG Equipamentos Eletricos S.A. e Hidraulica Industrial S.A in August 2014. Construction works commenced in the same month and were nearly concluded by December 2015. Commercial operations were expected to commence in May 2016.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.  In May 2016, the state-owned bank BNDES approved a US$ 11.2 million (BRL 51.6 million) loan to the project.
The Brazilian company Triton Energia Ltda was granted the authorization to build a small hydro power plant located in the state of Goias. The 30-year contract was signed with the regulatory agency ANEEL in December 2007. In December 2012, Triton transferred 65.3% of the shares to Electra Power and 24.7% to Bonito Energia Investimentos (only 10% of the shares remained with Triton). The special purpose company Tamboril Energetica S.A. was created to lead the project. The power plant was named PCH Tamboril (22 MW)  The government periodically runs public bidding for the sale of energy to the country´s distribution companies.  In December 2013, the power plant  took part in a competitive bidding process to sell electricity to the regulated wholesale market (30-year power purchase agreement was signed guaranteeing the sale of electricity to the national grid). The power plant offered a tariff of US$  58.2/MWh (BRL 136.9/MWh) and committed to start supply the market in 2018.  Tamboril Energetica committed to invest US$  9.3 million (BRL 21.9 million) in the power plant. As for December 2014, construction works were in its final stages, and commercial operation was expected to start in February 2015.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
Tata Power Renewable Energy Limited (TPREL, a wholly owned subsidiary of Tata Power) entered into an agreement with Maharashtra Government, in July 2013, to develop 25MW solar power project in Maan taluka in Satara district of Maharashtra. The project would be executed by Tata Power. The solar plant uses Crystalline Silicon Photo-Voltaic Technology. The solar plant was expected to generate approximately 46 MU per year which would enable Tata Power meet its Solar Renewable Purchase Obligations (RPO). This plant was one of the largest of its kind by a private power utility in the State and the power would be evacuated through  Maharashtra State Electricity Transmission's network. The plant would be spread over 130 acres of land. EPC contractor was Tata Power Solar Systems, ABB and API.  Tata Power had entered into a PPA with TPREL (a private distribution company), for purchase of solar energy from the 25MW AC solar plant through a 25-year PPA, which would be sold in the Mumbai distribution region. The PPA would commence from 31st March 2014 and remain valid till 31st March,2039. The tariff would be as per relevant MERC tariff order. The transmission charges would be paid by TPREL to the state transmission utility. The total capacity of 25 MW was eligible for CDM benefits under UNFCC.   The project attained financial closure on 24th February 2014 at a debt equity ratio of 70/30. The estimated project cost at the time of financial closure was US$ 40.8mn (INR 2490mn @61 INR/USD). Financing comprised a 13-year 7-months term loan of US$ 28.5mn (INR 1740mn) and sponsor equity of US$ 12.3mn (INR 750mn). The term loan had a grace period of 1-year 10-months and repayment schedule of 48 quarterly installments. The loan was provided by IDFC Limited.  The project construction started in 2013 and was expected to be commissioned by October 2014. The project was successfully commissioned on 31st May 2014. The project was ready during last week of March but could not be connected to state grid due to non availability of shutdown in existing lines and substations.
The Spanish company Eosol Energy Mexico was awarded the license to build and operate a solar farm, municipality of Durango, state of Durango. The Tai Durango project was designed to have a total capacity of 169 MW structured in three phases, with the first set of power units having a capacity of 16.8 MW. The electricity generated by the power plant was set to be directed to the Mexican national grid.  The total investment in the solar farm was estimated at US$ 1000 million. The first phase involved an investment of US$ 37.6 million (Pesos 500 million) and commenced operations in May 2014. The other phases were set to be operational by 2016.
In April 2013, Essel Mining & Industries Limited (EMIL), was awarded a 20 MW solar thermal power project at Bhadla village, Phalodi tehsil of Jodhpur district in Rajasthan, under the Rajasthan Solar Energy Policy 2011 - Phase-I bidding. Under the scheme the total aggregated capacity of grid connected Solar projects was expected to be 100 MW. Electricity generated from the project would be evacuated for consumption in the Combined Regional grid (comprising the electrical system of Northern,Eastern, Western, and North-Eastern grids) of India. The projects would be based on Solar Photo Voltaic technology for power generation.The EPC and O&M agreements for the project were with Essel Infra.  The Rajasthan Government had designated Rajasthan Renewable Energy Corporation Limited (RRECL) as the nodal agency for procurement of solar power through competitive bidding in February 2013. The off-taker for the Project would be RRECL. In February 2013, a total of 23 bids were received for projects with a cumulative capacity of 185MW. The highest rate quoted was INR 8.25/kWh. 17 of the bidders had quoted rates less than INR 8/kWh, and 12 of them INR 7.50/kWh or below. 4 bidders had offered to sell solar-generated electricity at rates of INR 7/kWh or below. Essel Mining won 20MW project by 	quoting the lowest tariff of INR 6.45/kWh (US$ 0.1057/kWh). However, the other bidders were asked to match the lowest price (L-1, which was INR 6.45/kWh), since the allocation of projects would be based on the L1 quoted tariff. Only 75MW worth of projects agreed to the L1 prices.  Financial closure took place on 31st January 2014.The total project cost was estimated at US$ 25.7mn(INR 1565mn @61 INR/USD).The debt equity ratio for the project was expected to be 70/30. Financing was expected to comprise 13-year 3-months term loan of US$ 18.0mn (INR 1095mn) and sponsor equity of US$ 7.7mn (INR 470mn). The term loan had a quarterly repayment schedule. The loan was provided by HDFC Bank.  Comissioning of all the projects were expected by December 2014.
Safi Energy Company S.A. (SAFIEC) developed the greenfield Safi Independent Power Project (Safi IPP), a 1,360 MW coal-fired power plant located near the city of Safi in southwest Morocco, on a 30 year BOOT basis. The project included two ultlra-supercritical units of 693 MW each.   SAFIEC entered into a power purchase agreement (PPA) with Morocco state power utility, ONEE, that ran for 30 years and was to be paid in local dirham, euros and US dollars, relating to the currency of the loans. The PPA was backed by a government support letter but not a full guarantee.  SAFIEC was awarded the Safi IPP by Morocco state power utility/ONEE after an international competitive tender in 2010.  SAFIEC made the lowest bid with a levellised electricity tariff of 1,053.66 Moroccan dirhams per MWh. The only other bidder was a consortium led by EDF. SAFIEC is owned by a consortium of GDF SUEZ S.A. (France) with 35% equity, Mitsui Ltd. (Japan) with 30% equity and Nareva Holding (Morocco) with 35% equity.  The project reached financial close in September 2014. The total project cost was estimated at USD 2.6 billion, financed through a USD 2.01 billion multi-tranche project financing and the remainder USD 565 million through equity.  The sponsors achieved an 18-year tenor on the financing. The significant participation of Japanese export credit agencies Nexi and JBIC, supporting Mitsui’s equity investment, was vital to the deal’s success.   The deal comprised of a USD 500 million local bank tranche, in dirham and swapped into euros during construction, a USD 900 million JBIC loan with USD 200 million in dollars and the rest in euros, a USD 500 million Nexi covered bank tranche in euros, a USD 70 million Islamic Development Bank tranche in euros and a USD 100 million international uncovered bank tranche in euros.   The Japanese banks in the deal – BTMU, Mizuho, SMBC and Sumitomo Mitsui Trust Bank – have joined only the Nexi covered tranche. Credit Agricole, SG and Standard Chartered have taken small amounts of the Nexi tranche and have funded the international tranche. The local banks leading the dirham tranches are Attijariwafa and BCP.  Construction on the plant was expected to be complete by 2018. The construction works for Safi’s new coal import terminal were launched by His Majesty the King of Morocco in April 2013. South Korea’s Daewoo Engineering & Construction was awarded the USD 1.8 billion EPC on the project. The electricity produced would then be sold to ONEE for 30 years under a Power Purchase Agreement.
The Honduran company Energía Básica, S.A. (ENERBASA), a subsidiary of Grupo Lufussa, announced the development of a 24-MW solar power plant located at the community of Pavana, Choluteca.  In September 2014, the EPC contract was awarded to the American company Sybac Solar, while the equipment supplier chosen was the Chinese company Yingli Green Energy. Construction works commenced in September 2014 and were concluded in April 2015.  The investment was estimated at US$ 60 million. Financial closure was achieved with a financing deal signed with the financial institutions G&T Continental de Guatemala, BAC Credomatic and Ficensa, in addition to the sponsor's equity investment. No details on the terms of the loans were available.  The electricity generated by the power plant was set to be sold to the state-owned distribution company ENEE. The power purchase contract was signed in January 2014.
In April 2014, a local private company, Beijing Origin Water Technology Company signed a management agreement with the Shiyan Municipal Government regarding the Shendinghe Wastewater Treatment Plant. After some rehabilitation work for RMB 80 million (US$ 13.03 million), the Plant increased its treatment capacity to 165,000 tons per day. Origin Water would then operate the plant for 8 years.
The project entails the treatment of urban solid waste in RMBH, Minas Gerais state, Brazil.  The winning concessionaire is formed  by the companies Construtora Barbosa Mello SA, Revita Engenharia SA, Vital Engenharia Ambiental SA. The concession will have a term of 30 years, with a contract value of USD516.6 million (BRL1,199 million).  The project company Metropolitan Waste Treatment Company SA signed the contract with Secretaria de Estado de Cidades e Integração Regional – SECIR  on 7 March 2014.
Guanhaes Energia S.A., a partnership  of the Brazilian state-owned company Cemig (49%) and the Brazilian company Light Energia (a partnership of Cemig, 26%; Rio Minas Energia, 13%; Luce Empreendimentos, 13%; state-owned bank BNDES, 10%; and other small investors, 38%), was awarded the contract to build and operate four small hydro power plants located in the Corrente Grande River and Guanhaes River, state of Minas Gerais  (total capacity of 44 MW). The company signed 30-year concession contracts with ANEEL starting in December 2001. The projects were named:  PCH Fortuna II (9MW)  PCH Senhora do Porto (12 MW) PCH Jacare (9 MW)  PCH Dores de Guanhaes (14 MW)  Guanhaes Energia established a power purchase agreement to sell all its output to the electricity distribution network of Cemig. The sponsor committed to invest US$ 137.9 million (BRL 269.2million) in the power plants.  In August 2012, Investminas sold its shareholding in Guanaes Energia to the Brazilian company Light Energia for US$ 13.6 million (BRL 26.6 million). Light Energia was set to invest an additional US$ 30.8 million (BRL 60.2 million) to finance the construction works. Cemig held a 26% interest in Light Energia at the time the deal took place (Rio Minas Energia, 13%; Luce Participações, 13%; BNDES, 10%; other investors, 36%). In January 2014, the sponsor was granted a US$  81.7 million (BRL 192 million) loan from BNDES.  Construction works commenced in September 2012, and commercial operations were set to start in the early 2015.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.  In November 2009, Guanhaes Energia applied for carbon credits.
In March 2014, construction of a solar power plant invested by a local private company Hareon Solar Corporation commenced in Suining County, Jiangsu Province. The electricity generation capacity of the plant was 19MW. The total investment was RMB 215.47 million (US$ 35.07 million) and Hareon Solar had a 100% stake in the project. The power plant was expected to be operational in early 2015.
The 130MW EA Solar Lampang Solar PV Power Plant reached financial closure in September 2014, as the loan term loan of US$149.41 was signed arranged by Siam Commercial Bank pcl. The pricing and fees were not disclosed.   The project company was EA Solar Lampang Co Ltd. and 100% owned by Energy Absolute plc., with an equity investment of US$49.8 million out of the estimated cost of US$199.2 million. The EPC contract of this BOO project was awarded to Pöyry Plc.
The  company Forca dos Ventos Energia Eolica S.A., a company wholly-owned by the Brazilian company Enerplan Participacao Societaria Ltda (a subsidiary of Oleoplan S.A.), was granted the authorization to build one wind power plant located in the state of Rio Grande do Sul (11.20 MW in total capacity ). The 35-year contract was signed with the regulatory agency ANEEL in March 2011, and the power plant was named EOL Pontal 2B.  In August  2010, the wind power plant took part in a competitive bidding process to sell electricity to the regulated wholesale market, starting in 2013 (20-year power purchase agreement was signed guaranteeing the sale of electricity to the national grid). The average tariff offered in the bidding process by the power plants was US$ 68.3/MWh (BRL 134.81/MWh).  The total investment in the project was estimated at US$ 18.4 million (BRL 43.2 million). In July 2014, the state-owned bank BNDES approved a US$ 13.7 million (BRL 32.3 million) to the project.  As of October 2012, the construction works were underway. Commercial operation was  estimated to commence in 2015.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures.  In 2011, the company applied for carbon credits.
Infraestructura Energetica Nova (IEnova), a subsidiary of the American company Sempra Generation, was awarded the license to build and operate a wind facility in the La Rumorosa area, municipality of Ejido Jacume, state of Baja California. The Project was designed to have a capacity of 1,000 MW when fully operational in 2023. The Project was structured in five phases, with the first set of towers in operation in the first half of 2015 (156 MW in capacity).   The sponsor created the special purpose company Energia Sierra Juarez to manage the project. The electricity generated by the power plant was set to be directed to the Mexican national grid and exported to the United States (Energia Sierra Juarez has a 20-year power purchase agreement with San Diego Gas & Electric).  In April 2014, the American company Intergen Energy acquired a 50% stake in the first phase of the project development. The investment in this phase was estimated at US$ 300 million. In June 2014, IEnova announced the execution and funding of a US$ 270 million project financing, including letter of credit facilities, for the construction of the first phase of the Energia Sierra Juarez wind project. The financing package also included a US$ 39.2 million loan from the NADBank.
In May 2013, the Mexican company Consorcio Multisur S.A. de C.V. (Grupo Naviero Peninsular S.A de C.V.) were awarded the contract to lease and operate a bulk terminal at the Cortes Port ( 360,000 tons/month in capacity). The bidding criteria was the best technical proposal and three other companies presented offers: Consorcio Copreca-CYES, Consorcio Eterna Comsa and Empresa Astaldi S.P.A.  The 20-year contract was signed in July 2013. The project involved an investment of US$ 50 million to expand the existing facilities and it was financed by a syndicated loan arranged by Banco Atlantida. The construction contract was awarded to Consorcio Copreca-CYES.  Terminal Especilizada de Honduras (TEH), the company created to manage the facilities, took over the operations in January 2014.
In December 2014, a local private company Beijing Sound Environment Industry Group won a bid to finance, build and operate 5 township wastewater treatment plants in Yangchun City, Guangdong Province. One of the plants was located in Heshui Town. The concession term (including construction period) was 26 years and 3 months. Construction commenced in December too. The treatment capacity of the facility was 16,000 tons per day. The total investment was US$ 7.32 million (RMB 45 million) and Beijing Sound had a 100% stake in the project. This was the first township wastewater treatment portfolio contract of Beijing Sound in Guangdong Province.
On 9th January 2012, BPDB signed a contract with consortium of Peoples Energy Ltd & Venture Energy Resources Ltd (both group companies of Sinha Group of Bangaldesh) to set up a 52.5MW HFO based power generation facility at Katpotti, Munshiganj,in Bangaldesh.  On 19th June 2014, the project attained the debt syndication of US$ 27.9mn (BDT 2,180 Million). The total cost of the project could not be ascertained at the time of collection of this information. The lenders were BIFFL, ONE Bank Ltd., National Bank Ltd, Union Capital Ltd and IIDFC Ltd, with IIDFC Ltd. being the Arranger and Agent of the Syndication.
In August 2014, a local private company Chongqing Kangda Group signed an agreement to acquire 90% share of a SOE Shandong Guohuan Industry in 4 wastewater treatment plants in Shandong Province. They were Yanggu Plant, Xin County Plant, Liaocheng Plant and Jiaxiang Plant. The total capacity of the 4 plants was 210000 tons per day. Kanda acquired the facilities for RMB 270 million (US$ 43.95 million).
In December 2013, Consorcio Rio Santa - Chavimochic, a partnership of the Brazilian company Odebrecht (73.5%) and the Peruvian company Grana y Montero (26.7%), was awarded the 25-year concession contract to build and operate a water treatment and distribution facility, located at La Libertad region (provinces of Viru, Trujillo and Ascope). The contract was awarded by the federal regulatory agency Proinversion, and the investments were expected to benefit around 241,311 people.  The sponsor was awarded the contract by offering the lowest required government funding. Besides Consorcio Rio Santa, five other bidders presented offers: Cintra/JJC; Hidalgo e Hidalgo/Dell' Acqua; Abengoa/Abeinsa/Strabag/Eren; Queiroz Galvao; and Andrade Gutierrez.   The contract was signed in December 2014, and the special purpose company Concesionaria Chavimochic was set to lead the project.   The total investment in the project was estimated at US$ 715 million, of which US$ 373.8 million funded by the government.  In December 2013, CAF had approved a US$ 303.8 million loan to the government of Peru to  fund the project. In March 2014, CAF approved an additional US$ 150 million.
According to Bangladesh's bdnews24.com, the Ministry of Posts and Telecommunications and Bangladesh Submarine Cable Company Limited (BSCCL) have both confirmed to connect with SEA-ME-WE-5 (SMW5). SMW5 is expected to land at Kuakata in Patuakhali district in the first quarter of 2016. SMW5 will be the second submarine cable system landing in Bangladesh. Bangladesh will invest a total of US$ 70 million on SEA-ME-WE 5, of which US$ 40 million would be managed from the Islamic Development Bank (IDB) as loan.
In March 2014, the Brazilian company Newco Hidroforte Saneamento Ltda was awarded the 30-year concession contract to expand, rehabilitate and operate the water and sewerage facilities of four municipalities located at the state of Para: Sao Joao do Araguaia, Bom Jesus do Tocantins, Santana do Araguaia and Sao Domingos do Araguaia. The contract was awarded by the municipalities, and the investments were set to benefit a population of 53,924.  The bidding criteria was the lowest rate, but the names of other bidders was not available. The private sponsor took over the operations of the water and sewerage services in June 2014. In December 2014, Odebrecht Ambiental acquired 100% of Newco Hidroforte's shares and transferred its assets and liabilities to  a newly established company Odebrecht Ambiental – Araguaia Saneamento S.A.   The total investment in the project was estimated at US$ 25.4 million (BRL 80.88 million).
The 18-month management contract is for the Bahía de Banderas waste storage facility in Nayarit, Mexico, with 134 tons of waste being disposed of every day for 154,000 residents.  The contract was won by Veolia, through its Mexican subsidiary, Proactiva (SETASA) in December 2014.  The value of the project is MXN27 million, the equivalent of $1.86 million.
In September 2014, construction of a solar power plant invested by a Hong Kong Exchange Market listed Chinese company Solargiga Energy Holdings Limited commenced in Yu County, Shanxi Province. The electricity generation capacity of the plant was 50MW. The total investment was RMB 480 million (US$ 80.63 million) and Solargiga Energy Holdings Limited had a 100% stake in the project. The power plant came into operation in January 2015. An SPV Yu County Jinyang New Power Generation Company Limited was established to undertake the project.
In July 2011, Madhya Pradesh Road Development Corporation (MPRDC) awarded a 15-year concession to KCC Buildcon Private Limited for the strengthening, improvement,two-laning,operation and maintenance,and tolling of 76.09kms of existing major district roads - (32.20kms of) Sijhata-Hinoti-Malgaon-Khamariya-Ater section, the (25.09kms of) Poudi-Maharajpur-Parsamaniya section and the (18.80kms of) Mangawar-Bekunthpur section,in the state of Madhya Pradesh.   Under the contract, KCC was responsible for the design, construction, finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway to 2-lane divided carriageway.The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges,culverts, road intersections,interchanges, drains, etc.The expansion project, part of the MDR (major district roads) development project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.    KCC Buildcon Private Limited established KCC Roads Construction Private Limited (KCCR),a special purpose vehicle on 4th March 2013, to implement the project. The SPV won the tender through international competitive bidding, conducted by MPRDC,by requesting the lowest annuity payment. Other details of bidding were not known at the time of collection of this information. Under the contract, the SPV was to recover the capital costs and operating costs including returns through periodic payments from MPRDC, during the term of concession. KCC Buildcon would execute the EPC for the project.  The timeline of signing concession agreement for this project couldn't be ascertained at the time of collection of this information. The project attained financial closure on 20th January 2014. The debt/equity ratio of the project was 76/24. The estimated capital cost of the project at the time of financial closure was US$ 16.4mn (INR 1000.7mn @61 INR/USD). Financing comprised of 12-year 9-months term loan of US$ 12.4mn (INR 760mn) and sponsor equity of US$ 3.9mn (INR 240.7mn). The term loan had a grace period of 9 months and repayment schedule of 22 semi-annual installments. The loan was priced at 24.05%. The loan was arranged by Allahabad Bank.  The project construction was scheduled to start on 19th September 2013 and operation was expected to start on 23rd March 2015.
In January 2014, the National Highway Authority of India (NHAI) awarded a 29-year concession (including construction period of 910 days or approximately 2.5-years) to IRB Infrastructure Developers Limited for the strengthening, improvement, 4-laning, operation and maintenance, and tolling of 98.72kms (from KM0.0 to KM100.000) of Solapur-Yedeshi section of National Highway-211 (NH211),in the state of Maharashtra.   Under the contract, IRB was responsible for the design, construction, finance, operation and maintenance and widening of the existing carriageway to a 4-lane highway with paved shoulders, with a provision to augment capacity at a later date. The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains, etc. The expansion project, part of National Highway Development Project Phase-IV would ease traffic congestion and give significant stimulus to trade and commerce in the entire region.  IRB established Solapur Yedeshi Tollway Private Limited (SYTPL), a special purpose vehicle, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by requesting the lowest upfront subsidy of US$ 31mn (INR 1890mn). Out of the 8 qualified bidders, only 2 developers participated in the final bid. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession.  The concession agreement was signed on 3rd March 2014. The project attained financial closure on 28th August 2014. The grant/debt/equity ratio for the project was 13/61/26. The estimated capital cost of the project at the time of financial closure was US$ 244.6mn (INR 14920mn @61 INR/USD). Apart from viability gap funding (grant) of INR 1890mn, financing comprised of a 19-year 9-months term loan of US$ 149.2mn (INR 9100mn) and sponsor equity of US$ 64.4mn (INR 3930mn). The average cost of the financing was approximately 11.75% per annum. The debt was arranged by IDBI Bank and the participating banks were India Infrastructure Finance Co Ltd (2000mn), Canara Bank (2000mn), Union Bank of India (1000mn), Corporation Bank (850mn), Indian Overseas Bank (750mn).     Construction on the project was expected to begin in March 2014 and be completed by April 2017.
The project entails the construction of a waste transfer and medical waste treatment facility, located at Teshie in the Ledzokuku-Krowor Municipality in the Greater Accra Region of Ghana. The two facilities required a total investment of $7 million. Sponsors of the project is Jospong Group. Financial close took place in 2015. The transfer facility can process up to 1,300 tonnes of waste per day and will also serve the landfill site in Tema. The medical waste facility will manage all the medical waste generated by the healthcare facilities and has a fleet of vehicles to transfer about 1,350 tonnes of waste per day. It has waste management programmes such as segregation of waste, proper waste disposal, transport and waste storage and implementation of contingency plans.
The project entails the construction of a 9.2 MW WtE plant in Pei County, Jiangsu Province. Sponsor of the project is China Everbright. Total investment stands at RMB 250 million or $ 37.07 million. Phase I was designed to have a daily household waste processing capacity of 400 tonnes and will generate electricity totalling over 60,000,000 kWh annually. The Pei County facility is being constructed on a build-operate-transfer (BOT) basis under a 25-year contract. Financial close took place in August 2014.
The project involves development of a regional landfill and municipal solid waste processing facility for Cuttack. Essel Bhubaneswar MSW Ltd. is the project company. The 20-year DBFOT concession was awarded on 29 May 2014. The total project cost amounts to $33.95.
In November 2012, construction of the Naidong 20MW PV Power Plant commenced in Naidong, Tibet Autonomous Region. The developer was the Hong Kong based developer, China WindPower Group Ltd. who had a 100% stake in the project. The total investment was RMB 350 million (US$ 56.49 million). The plant was operational in December 2014.
On 5th July 2011, Uttar Pradesh Power Transmission Corporation Limited (UPPTCL) awarded a concession of 35 years (including construction period of 3 years starting from the date of grant of Transmission License) to Isolux Corsan Concesiones S.A (Spain), for the development of the 1600km 765kv/400kv single/double-circuit transmission project along with 5 sub-stations,in the state of Uttar Pradesh. The intra-state mega transmission project was aimed at system strengthening of South Eastern Uttar Pradesh transmission grids through section - Mainpuri-Bara line.Given the huge potential of thermal power in Central coal-rich states, power transfer to meet the long term power transfer requirement i.e. next 10-15 years. south East UP Power Transmission Company Limited (SEUPPTCL) was incorporated on 11th September, 2009. EPC contract was a fixed price contract awarded to a joint venture between Isolux Corsan India Engineering & Constructions Private Limited and C&C Construction Company Limited.   UPPTCL (UP state transmission utility) was mandated to conduct the bid process for the SPV, South East UP Power Transmission Company Limited (SEUPPTCL). The SPV had been formed to undertake preliminary survey work, identification of route, preparation of Survey Report, initiation of the process of land acquisition (if required), initiation of process of seeking forest clearance(if required) and to conduct the bidding process. 4 identified Long Term Transmission Customers (LTTCs) - Paschimanchal Vidyut Vitran Nigam Ltd (PVVNL), Dakshinanchal Vidyut Vitran Nigam Ltd (DVVNL), Purvanchal Vidyut Vitran Nigam Ltd (PuVVNL) and Madhyanchal Vidyut Vitran Nigam Ltd (MVVNL) - all state Discoms, entered into Transmission Service Agreement (TSA) with the successful bidder on 20th January 2012. 4 bidders - L&T Transco Private Limited, Isolux Corsan Concesiones SA, Cobra Instalactiones Servicios SA, and Sterlite Technolgies, had shown interest in the RFQ stage, out of which only 2 (Isolux and Cobra) got qualified for the RFP stage. Isolux won the bid by quoting the lowest levelized transmission charges of US$ 195.0mn per annum (INR 9101.82mn @46.67 USD/INR). Energy Task Force (ETF) of the Govt. of UP had approved minimum benchmark price for this project at INR 8337.7mn. ETF had also decided that if the price bid lied within 10% above the minimum benchmark price then Bid Evaluation Committee (BEC) would to negotiate with the L1 bidder otherwise if the price bid lied beyond 10% above the minimum benchmark price then Swiss Challenge Method was to be adopted. Since L1 levelized tariff was within 10% of the benchmark levelized tariff so in view of decision taken by ETF, there was no need to invoke Swiss Challenge Method, and BEC was to negotiate with L1-bidder. BEC held the negotiations with the lowest quoted bidder, Isolux, to arrive at a final levelized transmission charge of US$ 186.4mn per annum (INR 8700 million per annum). The SPV South East UP Power Transmission Company Limited was subsequently transferred to Isolux on 16th December 2011.   The tranmission license was awarded by UPERC (UP state electricity regulator) on 29th April 2013 for a period of 25 years (to be extended on request before the expiry of the license period). Adoption of Transmission Charges by UPERC was done on 30th May 2013.The tariff adopted for the transmission system was valid for a period of 35 years. The tariff of the transmission assets beyond the period of 35 years were to be governed in accordance with the provisions of relevant CERC Regulations. The tariffs or the Transmission Service Charges (TSC) comprised of a non-escalable component and an escalable component linked to inflation index as notified by UPERC (State Regulator). The ratio of the minimum and maximum quoted annual transmission charges during the term of the TSA should not be less than 0.7 and, the quoted escalable transmission charges were not to exceed 15% of the corresponding quoted non-escalable transmission ch
The project entails the construction of a 600 tpd composting plant, located at Adagya, in the Bosomtwe District in the Ashanti Region, Ghana. The project required an investment of US$44 million. Sponsors of the project is Accra Compost & Recycling Plant is a subsidiary of the Zoomlion Group. Financial close took place in 2014. The plant will process 600 tonnes of waste and produce up to 100 tonnes of organic compost each day. The plant will receive, sort, process and recycle solid and liquid waste and produce organic manure for agronomic purposes. It will also address the problem of plastic waste through sorting, collection, processing and recycling of such waste.
Port Lafito S.A., a subsidiary of the Gilbert Bigio Group (GB Group), developed a multi-purpose port and terminal in Lafiteau area in Haiti. The initial capacity of the facility (Phase 1) was estimated at 70,000  twenty-foot equivalent unit containers and 1,000,000 metric tons of bulk cargo. This first phase involved the construction of a 450-meter quay for offloading and loading; the deepening the terminal’s draft alongside to 12-meters; the installation and acquisition of the necessary cargo handling equipment; and, the development of container yard and supporting backup areas.  In February 2014, the GB Group reached an agreement with SSA Marine to undertake the operation of the port facilities. The investment in this first phase was estimated at US$ 57 million.   Construction works in Phase 1 commenced in 2012 and were concluded in March 2015. In July 2014, the IFC approved a US$ 15 million A-loan. In September 2014, the FMO approved a US$ 12 million loan to the project.
Vietnam National Coal and Mineral Industries Group (Vinacomin), China Southern Power Grid Company (CSG) and China Power International Holdings (CPIH) were developing the 1,200MW Vinh Tan 1 coal-fired power plant, Vinh Tan Commune, Tuy Phong District, Binh Thuan Province. CPIH operates via its subsidiary  China Power International Development Limited. CPIH is itself a subsidiary of  China Power Investment Corporation, from Hong Kong (China).  The project was developed under a BOT contract, signed December 26 2012. The contract length was 25 years (of operation). Commissioning was expected for 2017. Initially, the project was expected to become operational in 2010-2011 with construction starting in November 2009, but negotiations starting in November 2006 have taken longer than expected. Power was to be supplied to Electricity of Vietnam (EVN). An MOU on the project was signed in November 2006. Initial principals on the BOT contract was signed in March 2008. The master plan for the Vinh Tan-Binh Thuan Power Center, which included Vinh Tan 1, 2 and 3, was signed into law with Decision 1532/QD-BCN in May 2007.  Total project cost was US$1.74 billion. Advisors to the deal were Allen & Overy, Clifford Chance, Vilaf Hong Duc, and Audier & Partners. The project holds a government guarantee (not further specified). Financing comprises a US$1.4 billion facility provided by a syndicate of BOC, China Construction Bank, China Development Bank Corp, ICBC and EXIM Bank of China. Loan agreement was signed on 23 Oct 2014.
In May 2014, construction of the Linzhou General Aviation Airport project, invested by a local private company Henan Zhongyu General Aviation Co., Ltd. commenced in Linzhou City, Henan Province. The total investment was RMB 500 million (US$ 81.39 million). Zhangyang Group had a 100% stake in the project. The project was expected to be completed in October 2015.
In December 2014, InfraCo has closed a US$23 million equivalent local currency financing for the 29.7MW Coc San hydropower project in Vietnam.   The financing comprised a single loan from Saigon Hanoi Commercial Joint Stock Bank for the project whose total project costs are around $50 million. The details of the debt financing were not disclosed.  The financing was to support the development of a 29.7MW run-of-river hydroelectric power project located on the Dum River near Lao Cai city in Vietnam. The project is due to come online in 2016.   InfraCo is the majority shareholder in the project company with Colben Energy Holdings(wholly owned by Asiatic Group), HVD Construction and Vietnam Infrastructure Development and Finance Investment holding minority interests.
DeWind Energy PPP (a subsidiary of Daewoo) was a partnership set up to build and operate a 300 MW wind farm to be located in Aysha, Ethiopia.  The project was designed as a PPP, however the actual structure of the deals were not released.  Contractual details were not released, but it was clear that the project would sell power to the Ethiopian state utility, EEPco. Equipment was supplied by Xinjiang Goldwind Science & Technology (SHE:002202; HKG:2208), from China.   Total project cost of the 60 MW phase 1 of the project was estimated at USD 120 million, but it was unclear as to whether the project had indeed reached financial close.  Project commissioning was projected for 2012.
In January 2014, construction of two wind farms invested by a local private company Daqing Dafeng Technology Group commenced in Lindian County, Heilongjiang Province. The electricity generation capacity of the plant was 99MW. The total investment was RMB 830 million (US$ 135.10 million) and Dafeng had a 100% stake in the project. The power plant came into operation in June 2015.
In July 2010, Indiabulls Power Limited (IPL) had formed Amravati Power Transmission Company Limited (APTCL), a joint venture company with Maharashtra State Electricity Transmission Company Limited (MSETCL) to build,own and operate a transmission system/network for evacuation of power generated by 1350 (5x270) MW thermal plant (phase I) of Indiabulls Power Limited at Amravati, Maharashtra. IPL held 74% and MSETCL held 26% of the equity capital of the JV Company. The project included (a) 400 KV D/C Quad Moose Amaravati TPP- Akola S/S Transmission line. (b) LILO of 400 KV S/C Akola to Koradi Transmission line at Amravati TPP,and (c) 2 Nos. 400 KV line bays at MSETC Akola-I Sub- station. The proposed project was a part of the Maharashtra Intrastate Transmission System network plan. The Amravati-Akola transmission line was approximately 104kms.   APTCL had received MSETCL’s approval for this project. APTCL had entered into a  transmission development agreement with IPL Amravati Power Plant (“TDA”) for the development of transmission systems and networks for supplying power generated by IPL to the state transmission system. APTCL also entered into a bulk power transmission agreement with IPL (Amravati) and MSETCL (“BPTA”) for evacuating the power generated by the power plant. The BPTA was valid for a period of 25 years from the date of execution or for the period of the transmission license whichever was longer. The Maharashtra Electricity Regulatory Commission on 30th December 2010 had issued a transmission license, valid for 25 years, to APTCL for establishing transmission lines as envisaged in the TDA. As per BPTA, APTCL had the responsibility to procure and maintain all the consents required to erect the tranmission assets and to maintain and repair the transmission system as required by BPTA. IPL (Amravati) and other transmission system users of Maharashtra Intra State Transmission System (“InSTS”) would pay transmission tariff in accordance with the tariff orders issued by MERC from time to time.   Amravati Power Transmission Company Limited (APTCL) was awarded the license to construct this transmission project on a negotiated basis. As the said transmission lines had not been identified for development under the Competitive Bidding Guidelines issued by the Ministry of Power, IPL (Amravati) had applied for the grant of Transmission License for development and operation of the proposed transmission project. MERC (State Regulator) held that all the expenditure made on the Intra-State Transmission system was finally recovered from the Transmission System Users (TSU),as per the “pooled cost” concept. Hence, it was essential to take every step to optimize on the costs to be incurred in development of the projects. Hence MERC instructed that APTCL would be following a transparent competitive bidding process for development of the transmission project to ensure that the cost of the project was the most reasonable and most competitive.     The project attained financial closure on 20th February 2014. The project was financed at a debt/equity ratio of 75/25. The cost of the project was estimated to be US$ 45.3mn (INR 2761.5mn @61 INR/USD) at the time of financial closure. Financing comprised a 12-year term loan of USD 33.9mn (INR 2071.1mn) and sponsor equity of USD 11.3mn (INR 690.4mn).The term loan was arranged by Power Finance Corporation Limited (INR 1380.8mn) and Rural Electrification Corporation Limited (INR 690.3mn).  The transmission line was commissioned in April 2014.
The project entails the construction of a 36 MW WtE plant in Lianyungang, Jiangsu Province. Total investment stands at RMB 320 million or $ 47.44 million. Sponsor of the project is China Everbright. The facility will be undertaken under BOO concession. It will be equipped with two 75 tonnes per hour furnaces and two 18 MW power generators. The project is expected to generate approximately 191,000,000 kWh of green electricity and 70,000 tonnes of steam annually. Financial close took place in June 2014.
DJ Jasdan Energy Private Limited (a subsidiary of DJ Energy Private Limited), entered into an agreement with Gujarat Government, to develop 36 MW wind power project at Kalorana village in Amreli district and villages Shivrajpur and Gokhlana in Rajkot district of Gujarat. The project would be executed under the Gujarat Wind Power Policy-2013. The electricity generated from the project would be evacuated to the state grid through Northern, Eastern, Western and North-Eastern grid of India. The project would use 18 Wind Turbine Generators of Inox WT 2000 DF model with a capacity of 2MW each. EPC contractors were Inox Wind Ltd, Inox Wind Infrastructure Services Ltd.  DJ Jasdan Energy Private Limited (DJJEPL) was expected to sell all the power to the Gujarat state utility company (GUVNL) through a PPA. The APPC (Average Power Purchase Cost) base tariff as per GERC (State Electricity Regulator) tariff order was US$ 0.068/Unit (INR 4.15 per unit @61 INR/USD) for the 25 years of operation. The transmission charges would be paid by DJJEPL to the state transmission utility. The project was eligible for CDM benefits as well. The sharing of net proceeds on account of CDM benefits realized through sale of CER generated from corresponding annual energy generation would be as follows: 100% of net proceeds through sale of CER generated in the 1st year after the date of commercial operation of the wind power project shall be retained by the eligible unit. In the 2nd year, the share of the beneficiary shall be 10% which shall be progressively increased by 10% every year till it reaches 50% in the 6th year; thereafter the proceeds shall be shared in equal proportion by the eligible unit and the GUVNL.  The project attained financial closure on 15th September 2014 at a debt equity ratio of 68/32. The estimated project cost at the time of financial closure was US$ 34.6mn (INR 2110mn @61 INR/USD). Financing comprised a 14-year term loan of US$ 23.5mn (INR 1435mn) and sponsor equity of US$ 11.1mn (INR 675mn).The loan had a repayment schedule of 52 quarterly installments. The loan was provided by State Bank of India and Bank of India.  The project was expected to be commissioned by December 2015.
In October 2012, Infraestructura Energetica Nova (IEnova), a subsidiary of the American company Sempra Generation, was awarded the right to build and operate a natural gas pipeline in the states of Sonora and Sinaloa (Sasabe - Guayamas and Guayamas - El Oro). The pipeline named Gasoducto Sonora was set to have 833 km in extension.   The bidding criteria and the names of the other participant companies were not available. In October and November 2012, two 25-year contracts were signed with the special purpose company established to manage the project Gasoductos de Agua Prieta, one for each segment. The total investment in the project was estimated at US$ 1000 million. In June 2014, 95% of the construction works on the 505-km Sasabe-Guayamas segment was completed (construction works had commenced in September 2013). This first segment was expected to be completed by August 2015 with a capacity of  770 MMPCD.  The 328-km Guayamas - El Oro segment was expected to be operational by 2016 with a capacity of  510 MMPCD.
In March 2014, the Brazilian company Nascente do Xingu, a subsidiary of AEGEA Saneamento e Participacoes (Brazilian group Equipav), was awarded the 30-year concession contract to expand, rehabilitate and operate the water and sewerage facilities of Diamantino, located at the state of Mato Grosso). The contract was awarded by the municipality, and the investments were expected to benefit around 500,000 people.  The sponsors were awarded the contract by offering the highest investment amount. Information on other bidders was not available. The contract was signed in May 2014, and the private sponsor took over the operations of the sewerage services in June 2014.  The special purpose company Aguas de Diamantino was set to lead the project. The total investment in the project was estimated at US$ 17 million (BRL 40 million).
In May 2011, a local private company, the Chongqing based Fanggen Energy Group signed an agreement with the Pingtang County Government to finance, build and operate pipeline gas facilities in Pingtang County, Guizhou Province. Three years later, in April 2014, construction actually commenced. The total investment was US$ 24.42 milion (RMB 150 million) and it was expected to be finished at the end of 2014 or beginning of 2015. However, whether the project was completed and came into operation could not be confirmed based on the media. Other information was not released regarding this project.
The project entails the construction of a 11.3MW WtE plant with an adjacent MSW processing facility in Yakutsk, Russia. Total investment stands at USD173 million. The project sponsor is RT-Invest (100%). The facility will be operational in Q3 2022. Financial close took place on 21 August 2014.
The project entails the construction of a recycling facility in Kality, Addis Ababa. Sponsors of the project are Coba Impact Plc (90%) and Universal Plastics Factory (10%). Total cost is 30 million Ethiopian birr or $ 1.05 million. The total capacity of the facility is 700 kgs of flakes an hour. As of September 21, 2014 the project is in construction phase.
Mulilo Renewable Energy Solar PV Prieska (PTY) LTD was created to build, own and operate a 20 MW solar PV facility to be located in Prieska, South Africa. The SPV was majority owned (60%)by Gestamp Asetym Solar SL, subsidiary of Gestamp Solar, of Gestamp Group. Mulilo  Renewable Energy (subsidiary of Mulilo Energy Group, of which CSV Construction was a major shareholder) owned 20%. The remaining 20% was owned by Mulilo Prieska Solar Community, 100% owned by Mulilo Prieska Solar Community Trust - with support of the Industrial Development Corporation (IDC). The project was to consist of 89,760 panels of 230W, and 40 inverters of 500kW.  The project was awarded in a tender administered by the Department of Energy where a critical factor in the decision was the projected price of power.  Contractual negotiations on the PPA and financing were to be completed by June 2012, but it was predicted that there would be a 20 year PPA with the state owned utility, Eskom. Equipment was to be supplied by Trina PV (China), through a contract with Gestamp Solar. The inverters were to be supplied by GP Tech. The project was to be connected to Cuprum substation 11kV. The EPC & O&M contractor was to be Gestamp Solar Contracting (90% owned by Gestamp Asetym Solar SL, 10% owned by Rigamani Construction PTY LTD). The EIA was completed in April 2011.  Estimated project cost was ZAR 554.4 million ($70 million), with commissioning expected in 2013. The project applied for UNFCCC CDM financing, through Blueworldcarbon (BWC). Funding was expected to be provided by NedBank Capital (50%) and the Industrial Development Corporation (50%), the debt/equity ratio was expected to be 70/30.  The coordinates were: Geographical latitude: 29°58' S.  Geographical longitude: 22°19' E.
In November 2013, Consorcio Aeroportos do Futuro, a joint-venture of the Brazilian construction company  Odebrecht (60%), the Singarope company Changi (40%), was awarded in a competitive bidding process the contract to expand and operate the airport located at the city of Rio de Janeiro (capital of the state of Rio de Janeiro).   A special purpose company named Concessionaria Aeroporto Internacional do Rio de Janeiro S.A. was created to manage the project, 51% owned by Consorcio Aeroportos do Futuro and 49% owned by the state-owned company Infraero. The 25-year contract was signed with the regulatory agency in April 2014, and the private sponsors took over the operations of the facilities in May 2014.  Besides Consorcio Aeroportos do Futuro, five other companies took part in the contest (information on these companies was not available). The bidding criteria set by the regulatory agency ANAC was the highest payment for the concession rights. Consorcio AeroBrasil presented the highest offer, a total value of US$ 8083 million (BRL 19 billion), 293% above the minimum set by the regulatory agency. The payments were set to be made in annual installments over the life of the contract.  The total investment in the project was estimated at US$ 2425 million (BRL 5.7 billion).  In August 2014, the state-owned bank BNDES granted a US$ 468 million (BRL 1.1 billion) loan to the project.
In November 2014, Consorcio Aeroporto Zona da Mata, a joint-venture of the Brazilian companies Socicam and Universal Armazens Gerais Alfandegados, was awarded in a competitive bidding process the contract to expand and operate the airport located at the city of Goiana (state of Minas Gerais).   Besides Consorcio Aeroporto Zona da Mata, only the Brazilian company Multiterminais took part in the contest. The bidding criteria set by the regulatory agency was the required contribution from the government. Consorcio Aeroporto Zona da Mata presented the lowest offer, 32% below the minimum set by the regulatory agency. The payments were set to be made in annual installments over the life of the contract.  A special purpose company named Concessionaria do Aeroporto da Zona da Mata S.A. was created to manage the project. The 30-year contract was signed with the regulatory agency in December 2014, and the private sponsors commenced the operations of the facilities early in 2015.  The project envisaged the rehabilitation of the existing terminals and the expansion of the runway. The total investment in the project was estimated at US$ 80.4 million (BRL 188.9  million).
In October 2014, OHL Concesiones, a subsidiary of the Spanish group OHL, won in a competitive bidding the right to expand, rehabilitate and operate the 144 km of the Autopista Rio Magdalena 2 highway connecting the cities of  Remedios - Alto de Dolores, Maceo - Puerto Berrio.   The bidding criteria was the lowest funding to be provided by the government. Two groups of companies presented offers: OHL Concesiones; and  SAC VT, a partnership of RM Holdings S.A.S. (26,87%), MC Victorias Tempranas S.A.S. (30%) and Sacyr Concesiones Colombia (43,13%). OHL Concesiones' request was 11.4% below the ceiling established by the government, a value of 947.7 million, or 77.4% of the project costs. The investment was estimated at US$  1.37 billion.  The 25-year concession contract was signed in December 2014. The sponsors created the company Concesionario de Autopista Magdalena 2 to lead the project.  In January 2016, the Colombian development bank FDN approved a US$ 59 million loan to the project.
In November 2015, the Peruvian company Sociedad Electrica Del Suroeste S.A. (SEAL) was awarded the contract to build and operate a 75,9-km transmission line at the Caravelí District. The project was established as an expansion of the Bella Union substation and the construction of the new Chala substation.  The sponsor signed a definitive concession agreement with the Peru’s Ministry of Energy and Mines (MINEM) in November 2015.   The sponsor committed to invest US$ 8.3 million (Soles 19 million) in the project, financed with the sponsor’s equity.  Environmental clearance was awarded in September 2014, and operations were expected to commence in 2016.
In July 2011, Madhya Pradesh Road Development Corporation (MPRDC) awarded a 15-year concession to a consortium of Concast Infratech Limited and Roman Tarmat Limited for the strengthening, improvement,two-laning,operation and maintenance,and tolling of 95.1kms of two existing major district roads - (51.31km) Badnagar-Sundarabad-Kharsod Kalan-Unhel section and (43.79km) Sundarabad-Runija-Khachrod and Runija-Satrunda section,in the state of Madhya Pradesh.   Under the contract, Concast Infratech was responsible for the design, construction, finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway to 2-lane divided carriageway.The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges, culverts, road intersections,interchanges, drains, etc.The expansion project, part of the MDR (major district roads) development project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region.    The consortium of Concast Infratech Limited (74%) and Roman Tarmat Limited (26%), established Concast Badnagar Road Projects Private Limited (CBRPPL),a special purpose vehicle on 18th December 2012, to implement the project. The SPV won the tender through international competitive bidding, conducted by MPRDC,by requesting the lowest annuity payment. Other details of bidding were not known at the time of collection of this information. Under the contract, the SPV was to recover the capital costs and operating costs including returns through periodic payments from MPRDC, during the term of concession. Concast Infratech would execute the EPC for the project.  The concession agreement for the project was singed on 24th December 2012. The project attained financial closure on 10th May 2014. The debt/equity ratio of the project was 75/25. The estimated capital cost of the project at the time of financial closure was US$ 25.9mn (INR 1387.1mn @53.4 INR/USD). Financing comprised of 14-year term loan of US$ 19.5mn (INR 1040.3mn) and sponsor equity of US$ 6.5mn (INR 346.8mn). The term loan had a repayment schedule of 22 semi-annual installments and was priced at 125 basis points over the Base Rate. The loan was arranged by Bank of Baroda (520.3mn) and Corporation Bank(520mn).  The project construction started in January 2013 and was expected to be operational by June 2014.
In January 2013, Jiangsu Provincial Government approved the first phase of a wind farm development program of China WindPower Group, a Hong Kong based company. Substantial construction was completed in January 2014 and was expected to be completed in one year. The total investment was RMB 434.7225 million (US$ 70.80 million). A project company Sihong Xiehe Wind Power Generation Company Limited was registered in June 2011 to implement the project. In October 2013 a state owned enterprise Shenzhen Power Group acquired 70% stake of the project company with China WindPower holding the remaining share (30%). The concessional term of the project was not released.
132MW SPP gas-fired power plant in Hemaraj Chonburi Industrial Estate in Chonburi reached financial closure in September 2014, as the loan agreement was signed. The total cost of this BOO project was estimated at US$188.92 million and the financing would be used for the development of Bowin1, a 132MW SPP gas-fired power project. The financing includes a term loan of US$85.48 million (THB2.76 billion) provided by Bangkok Bank and TMB Bank. It also included another term loan of US$53.9 million (22 year two months) provided by Mizuho Bank Ltd. and SMBC. It included an equity investment of US$49.54 million provided by the sponsor B. Grimm Power, which owns Bowin Power Co Ltd by 100%, a SPV for the project. The plant was expected to be operational by 2016.  EPC contract was awarded to Toshiba Plant Systems & Services Corp and Sumitomo Corp. The power plant would be connected to Electricity Generating Authority of Thailand - EGAT.
The two-year contract entails the collection and final disposal service of municipal solid waste in the Sanitary Landfill of Santiago Tulantepec, Mexico. The contract was won by Veolia, through its Mexican subsidiary, Proactiva (SETASA) and in December 2014.  With a volume of waste disposed of 127 tons per day, the project serves a population of 150,000 population. The value of the contract is MXN18 million, the equivalent of $1.2 million.
The company Chui Holding S.A., a partnership of the Brazilian investment fund Rio Bravo Energia (51%) and the Brazilian state-owned company Eletrosul (49%), was granted authorizations to build six wind power plants  located in the state of Rio Grande do Sul (144 MW in total capacity, municipalities of Chui). The partners established six companies to lead the projects: * Eolica Chui I S.A. - EOL Chui I (24 MW) * Eolica Chui II S.A. - EOL Chui II (22 MW) * Eolica Chui IV S.A. - EOL Chui IV (22 MW) * Eolica Chui V S.A. - EOL Chui V (30 MW) * Eolica Minuano I S.A. - EOL Minuano I (22 MW) * Eolica Minuano II S.A. - EOL Minuano II (22 MW)  The 35-year contracts were signed with the regulatory agency ANEEL starting in February 2012. The total investment in the power plants was estimated at US$ 342.9 million (BRL 806 million). In December 2014, the state-owned bank BNDES approved a US$ 161.5 million (BRL 379.6 million) loan do the project. In June 2015, BNDES approved another US$ 127.6 million (BRL 379.8 million) to the project.  The six  power plants controlled by Chui Holdings won the public bidding for the sale of energy to the country´s distribution companies run by the government that took place in 2011, by offering an average tariff of US$ 62.5/MWh (BRL 102/MWh). The project companies signed 20-year power purchase agreements with the several electricity distribution companies , and the agreements included the annual adjustment of the tariff to the inflation rate. Chui Holding committed to start supplying the market in 2014.  As of December 2014, construction works were underway, and commercial operations were expected to commence in mid-2015.  The projects was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company is not subject to sectoral taxes.
In April 2014, a local private company Beijing Sound Group won a concession agreement to finance, build and operate the 2nd phase of the wastewater treatment plant in Dingbian County, Shaanxi Province. The total investment was RMB 50 million (US$ 8.14 million) and Sound had a 100% stake in the project. The total treatment capacity of the plant was 20000 tons per day. By October 2015, substantial construction had been completed, according to a media report.
In November 2009, the Brazilian Consorcio Nordeste de Tramissao de Energia, a partnership of federal state owned CHESF (49%) and ATP Engenharia Ltda (51%), was awarded in a competitive bidding process the contract to build and operate 36-km of transmission lines, located in the state of Maranhao and two substations located in the state of Ceara. The sponsors created  the special purpose company Transmissora Delmiro Gouveia S.A. (TDG) to lead the project.  Besides Consorcio Nordeste de Tramissao de Energia, only another company took part in the contest: Alupar Investimento S/A . The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. Consorcio Nordeste de Tramissao de Energia presented the lowest offer, a total value of US$  12.7 million (BRL 25.4 million), 30.99% below the ceiling set by the regulatory agency. The 30-year contract was signed in June 2010.  The sponsor committed to invest US$ 82.8 million (BRL 194.7 million) in the transmission line and substations.   The construction works were concluded for SE Aquiraz II in December 2013 and for SE Pecem II in April 2014. Construction works in the transmission line commenced in July 2014, and, as of December 2014, commercial operation was expected to commence in June 2015.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
On December 22, 2014, Turkish energy firm, Elsan Elektrik, took over the state owned 300 MW Catalagzi coal-fired thermal power plant in the province of Zonguldak after signing the final sale agreement with Turkey’s privatization administration (OIB).   Elsan Elektrik submitted the second highest bid of USD 350 million in the tender for the rights to operate the plant in April 2014. Local mining company Demir Madencilik, which also supplied hard coal to the plant, placed the highest bid, USD 351m, for a potential vertical integration. However, due to failure to finance by the deadline, OIB passed the tender award to the second highest bidder, Elsan Elektrik.
Central Generadora Santa Lucia S.A. developed a 44-MW coal-fired power plant located at Santa Lucia Cotzumalguapa.  No information was available at to when the construction works stated, but reports indicated that was ready to operate by November 2014.  In December 2014, the regulatory agency CNEE granted a licence for the power plant to be connected to the grid which would expire in December of 2018.  In April 2015, the power plant signed a short-term power purchase agreement with the electricity distribution companies EEGSA and Energuate.  Information on the investment figures was not available.
The company BW Guirapa I S.A., a partnership of the Brazilian company Brazil Wind (34%) - subsidiary of Brazil Energy - and the Spanish bank Santander (66%), was granted authorizations to build seven  wind power plants located in the state of Bahia, municipalities of Pindai and Caetite (162 MW in total capacity). The35-year contracts were signed with the regulatory agency ANEEL starting in February 2012. The company BW Guirapa I created seven special purpose companies to manage the projects:  Central Eolica Angical S.A. Central Eolica Caititu S.A. Central Eolica Coqueirinho S.A. Central Eolica Corrupiao S.A. Central Eolica Inhambu S.A. Central Eolica Tamandua Mirim S.A. Central Eolica Teiu S.A.  The power plants were named EOL Angical, EOL Caititu, EOL Coqueirinho, EOL Corrupião, EOL Inhambu, EOL Tamandua and EOL Teiu. The total investment was estimated at US$  268 million (BRL  630 million) and was financed in early 2014, when Santander bank agreed to invest US$ million (BRL 155 million) in the project in exchange for its shareholding in BW Guirapa I. In August 2013, the project companies had issued a total of US$ 177 million (BRL 416 million) in short-term bonds to finance the start up of the construction works.  The government periodically runs public bidding for the sale of energy to the country´s distribution companies. The power plants  controlled by BW Guirapa I S.A.  won the public bidding that took place in 2011, by offering an average tariff of US$ 60.3/MWh (BRL 98.48/MWh). The project companies signed 20-year power purchase agreements with the several electricity distribution companies. BW Guirapa I committed to start supplying to the market in second semester 2014.   The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures.  Construction works commenced in October 2013 and were in advanced stage by December 2014.
Wind Alliance Group was planning the development of the 350 MW Dolovo wind farm, in Dolovo, near Pancevo, Northern Serbia. Wind Alliance Group was a consortium consisting of: Windiberica SA (Spain), Windnoroeste Renovables SL (Spain), Iberoperuana Inversiones SAC (Peru), Gabeira Internacional SL (Spain), Loger AD (Serbia).  The project was announced in January 2010, when a memorandum of understanding was signed between the Spanish Agency for International Cooperation and the Serbian Ministry of Energy. All permits were acquired through local partner Loger. The project was part of a larger 1,050 MW wind power portfolio, most of which was in early phases of development (700 MW).  Total project cost were estimated at EUR420 million ($558.6 million). As of October 2011, no details about the financial structure were available.
On 24th September 2012, Bangladesh Power Development Board (BPDB) signed a contract with Regent Power & Energy Limited to develop a 108 MW gas fired power plant on a 15 years build-own-and-operate basis in Ghorashal, Bangladesh. The developer, Regent Energy and Power Limited (“REPL”), was a special purpose company established in Bangladesh by Habib Group. REPL had entered into a 15 year Power Purchase Agreement (“PPA”) with BPDB, the national power generation and distribution company.  The project attained financial closure in April 2014 at a debt/equity ratio of about 65/35. The total project cost was estimated at US$84 million and the proposed IFC investment was an A Loan of up to US$20.2 million.The other loan providers were Infrastructure Development Company Limited (IDCOL) with a commitment of US$ 30mn and and Bangladesh Infrastructure Financing Fund Limited (BIFFL) with US$ 5mn.
Diamantina Eolica Participacoes, a wholly-owned subsidiary of the Brazilian company Renova Energia, was granted authorizations to build twenty-four wind power plants  located in the state of Bahia (416.3 MW in total capacity, municipalities of Caetite, Urandi, Licinio de Almeida, Riacho de Santana, Pindai e Igapora). The project was named Alto Sertao III - Phase A Wind Park. The following project companies were created to manage the power plants:  * Central Eolica Abil S.A. - EOL Abil (23.7 MW) * Central Eolica Acacia S.A.- EOL Acácia (16.2 MW) * Central Eolica Amescla S.A. - EOL Amescla (13.5 MW) * Central Eolica Angelim  S.A. - EOL Angelim (24.0 MW) * Central Eolica Angico S.A. - EOL Angico (8.1 MW) * Central Eolica Barbatimao S.A. - EOL Barbatimao (16.2 MW) * Central Eolica Cedro  S.A. - EOL Cedro (11.1 MW) * Central Eolica Facheio  S.A. - EOL Facheio (16.5 MW) * Central Eolica Folha da Serra S.A. - EOL Folha de Serra (21.0 MW) * Central Eolica Imburana Macho S.A. - EOL Imburana Macho (16.2 MW) * Central Eolica Jabuticaba S.A. - EOL Jabuticaba (9.0 MW) * Central Eolica Jacaranda do Cerrado S.A. - EOL Jacarandá do Cerrado (21.0 MW) * Central Eolica Jatai S.A. - EOL Jatai (16.2 MW) * Central Eolica Juazeiro S.A. - EOL Juazeiro (18.9 MW) * Central Eolica Manineiro S.A. - EOL Manineiro (14.4 MW) * Central Eolica Pau d'Agua - EOL Pau d'Agua (18.0 MW) * Central Eolica Sabiu  S.A. - EOL Sabiu (13.5 MW) * Central Eolica Sao Salvador S.A. - EOL Sao Salvador (22.4 MW) * Central Eolica Taboquinha S.A. - EOL Taboquinha (21.6 MW) * Central Eolica Taboa S.A. - EOL Tabua (15.0 MW) * Central Eolica Umbuzeiro S.A. - EOL Umbuzeiro (21.6 MW) * Central Eolica Unha d'Anta  S.A. - EOL Unha d'Anta (13.5 MW) * Central Eolica Vaqueta S.A. - EOL Vaqueta (23.4 MW) * Central Eolica Vellozia  S.A. - EOL Vellozia (21.3 MW)  The 35-year contracts were signed with the regulatory agency ANEEL starting in May 2013. The total investment in the power plants and the associated transmission line was estimated at US$ 696 million (BRL 1635.8 million). In December 2014, the state-owned development bank BNDES approved a US$  220.2 million or BRL 517.8 million loan to finance the project. In October 2015, BNDES provided an additional loan of US$ 49.2 million (BRL 164 million).  The government periodically runs public bidding for the sale of energy to the country´s distribution companies. Ten of the listed power plants controlled by Renova won the public bidding that took place in 2012 and 2013, by offering an average tariff of US$ 44.7/MWh (BRL 105/MWh). The project companies signed 20-year power purchase agreements with the several electricity distribution companies, and the agreements included the annual adjustment of the tariff to the inflation rate. Renova committed to start supplying to the market in September 2015 and January 2017.  Twelve of the power plants signed power purchase agreements with the distribution company Light, and the operation of these power plants were estimated to commence in September 2015. One power plant sold its electricity in the unregulated market.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company is not subject to sector taxes.
In March 2014, TAV Airport Holdings was awarded a 20-year lease transfer concession to manage Turkey’s Milas-Bodrum Airport located in Mugla province by Turkey’s State Airports Authority (DHMI). TAV Airports Holding submitted the highest bid of USD 981 million plus VAT for the operating rights of the Milas-Bodrum Airport (both the domestic and international terminals) for 20 years. The airport handled 3.6 million passengers in 2013, of which 1.9 million were through the international terminal.  Other bidders in the international competitive tender for the concession were - Fraport IC JV, Astaldi-Göçay-ROM Airport JV and YDA Construction.  TAV Airports Holding made an advance payment of USD 191.4 million, 20% of the bid amount, in August 2014. The sponsor was expected to pay the remainder of the bid amount over the life of the concession. TAV did not plan to make any significant capital investments to upgrade or redevelop the existing facilities other than necessary system upgrades, as both the domestic and international terminals were in good condition. The international terminal was built two years ago at a cost of roughly €100 million.  The company started operating the domestic terminal on July 15, 2014. Under the tender terms, the company was expected to take over the operation of the international terminal from October 22, 2015.
Poyrazgolu Wind Power Project entailed the development and construction of a 30 MW onshore wind power plant in Sinop, Turkey. It comprised 15 Enercon turbines, each with 2MW capacity. The power plant was capable of powering 32,000 homes by producing 77 million kWh of electricity annually. The wind farm would reduce 77,000 ton carbon dioxide emission per year.  Poyrazgolu Wind Power Plant was developed by a joint venture of three local companies – Ortadogu Enerji, Demirer Holding and Yesil Enerji. The total cost of the wind farm was estimated at USD 61 million. The project reached financial closure in November 2014 with USD 47 million as debt and the balance USD 14 million as equity from the three sponsors.   Construction began in 2012 and commercial operations was targeted for end of 2014.  Turkey’s national transmission company is required to provide grid connections to all renewable power projects. Wind developers in Turkey are qualified for a fixed feed-in tariff or they can sell the electricity generated on the free market and achieve a higher return than would be available with the fixed tariff.
In July 2013, Gasoductos de Chihuahua, a 50/50 partnership of Infraestructura Energetica Nova (IEnova) - a subsidiary of the American company Sempra Generation - and the Mexican state-owned company Pemex, was awarded the right to build and operate a natural gas pipeline starting in the municipality of Camargo, state of Tamaulipas, and finishing in the municipality of Los Ramones, state of Nuevo Leon. The pipeline named Gasoducto Los Ramones Phase I was set to have 116 km in extension with a maximum transport capacity of 1,000 mmpcd.   Gasoductos de Chihuahua established the special purpose company Gasoductos del Noreste do manage the project. The 25-year contract was signed with Pemex for the operation and sale of the totality of the natural gas transported in the pipeline imported from the United States. Pemex was set to transfer the imported natural gas to other national users.  The total investment in the project was estimated at US$ 800 million.  Construction works began in March 2014 and were concluded by December 2014. Also in December 2014, the sponsors signed an agreement with the American company SunGard to help manage its pipeline operations.
On December 2, 2014, Turkish energy firm, Elsan Elektrik, took over the state owned 630 MW Yatagan coal-fired thermal power plant in the Aegean province of Mugla after signing the final sale agreement with Turkey’s privatization administration (OIB).  Elsan Elektrik submitted the highest bid of $1.09 billion in the tender for the rights to operate the plant in June 2014. Six Turkish companies participated in the tender. Elsan won the operating rights for the plant after outbidding its rivals - Alsim Alarko, Konya Seker, Limak, IC Ictas, and Celikler.
In July 2014, the partnership of the Colombian company Mario Alberto Huertas (75%) and the Costa Rican company Constructora MECO (25%) won in a competitive bidding the right to expand, rehabilitate and operate the 146 km of the Autopista Conexion Pacifico 3 highway connecting the cities of La Pintada - La Felisa - Irra - Tres Puertas - Tres Puertas-La Manuela - Asia - La Virginia - Variante Tesalia.   The bidding criteria was the lowest funding to be provided by the government. Two groups of companies presented offers: Estructura Plural Mario Alberto Huertas -Constructora MECO; and  Shikun & Binui–Grodco. Estructura Plural Mario Alberto Huertas -Constructora MECO 's request was 13% below the ceiling established by the government, a value of US$  389.5 million, or 60.3% of the project costs. The investment was estimated at US$  645.6 million.  The 25-year concession contract was signed in September 2014. The sponsors created the company Concesion Pacifico Tres S.A.S. to lead the project.  In August 2015, the sponsors were able to raise financing for three of their projects, including the Autopista Conexion Pacifico 3. The financing consisted of a bond issue for Pesos 2.5 trillion (US$ 867 million) and a Pesos 1.5 trillion (US$ 520 million) syndicated term loan from both local and international banks with Goldman Sachs as lead arranger.  In February 2016, the project was granted a US$ 650.3 million financing package, which included a US$ 89.46 million in loans from Corpbanca, US$ 89.46 million in loans from Bancolombia, US$ 44.7 million in loans from Credicorp, US$ 44.7 million in loans from Sura Asset Management, US$ 381.93 million in bonds issued by Goldman Sachs.
In July 2014, ACWA Power obtained the generation license from Turkey’s energy regulator, EMRA, to develop a 950 MW combined cycle power plant in Kirikkale (50 km east of Ankara) as a pure merchant plant. Electricity generated from the plant was expected to be sold in the day ahead market and potentially also through bilateral contracts.  Kirikkale Independent Power Project (KIPP) is developed by Acwa Güç Elektrik Isletme ve Yönetim Sanayi ve Ticaret A.S. (“ACWA Guc”), a subsidiary of Saudi based ACWA Power and which includes Samsung C&T Corporation as a shareholder. ACWA Power and Samsung C&T held 90% and 10% equity interests in ACWA Guc respectively.   The total investment in KIPP was approximately USD 1.0 billion. The project reached financial close in December 2014 with a debt equity ratio of 65/35. The European Bank for Reconstruction and Development (EBRD) played a key role in securing long-term financing by arranging a syndicated loan of USD 250 million: USD 200 million for the EBRD's own account and USD 50 million syndicated to Banque Saudi Fransi which in addition, was providing parallel financing of USD 100 million under a murabaha Islamic financial instrument. The International Finance Corporation (IFC) provided syndicated loan of US$ 170 million, of which US$ 45 million is syndicated to the Korea Development Bank. Korea Eximbank and Standard Chartered Bank, with cover from Korea Eximbank, joined as parallel lenders with US$ 90 million and US$ 60 million respectively.  The plant is expected to be commissioned in May 2017.
Clean Wind Power (Satara) Private Limited (CWSPL), a Special Purpose Vehicle promoted by Hero Future Energies Private Limited (HFEPL, a Hero Group company) entered into an agreement with Maharashtra Government to develop a 44MW wind farm located at Sangli district of Maharashtra. The project was intended to be implemented as 74 MW (2x37 MW) wind power project. However, Hero had decided to short close the project to the capacity of 44MW at the same location. The wind  farm would involve the building of 22 Inox turbine units of 2MW capacity each. The electricity generated from the project would be evacuated by the Maharashtra state grid. CWSPL had entered into agreements with Inox Wind Limited to develop (including operation and maintenance of) this greenfield project.  The Satara Wind farm was expected to sell the power to  State distribution company through a 25-year PPA.  CWSPL had already signed PPA for 24.0 MW at an attractive preferential of INR 5.81 per unit for 13.0 years with MSEDCL (Maharashtra State Electricity Distribution Company Limited). The total capacity of 44 MW was eligible under REC as per the CERC and CDM benefits.   Financial closure took place on 29th March 2014.The total project cost at the time of financial closure was US$ 47mn (INR 2870mn @61 INR/USD).The debt equity ratio for the project was about 75/25. Financing comprised of a 13-year 4-month term loan of US$ 35.2mn (INR 2150mn) and sponsor equity of US$ 11.8mn (INR 720mn). The term loan was provided by State Bank of India.  Part of the plant (24.0 MW) was commissioned in March 2014, however the generation had been low due to non-availability of transmission infrastructure. The balance 20.0 MW capacity was expected to be operational in February 2015.
Borusan EnBW Enerji, a joint venture consisting of German energy supplier EnBW and Borusan Holding from Turkey developed four wind farms with a total capacity of 191.4 MW across four locations in Turkey.  The four wind farms were – 1.	52.8 MW Mut RES wind power plant in Mersin 2.	52.8 MW Harmanlik RES wind power plant in Bursa  3.	52.8 MW Koru RES wind power plants in Çanakkale 4.	33 MW Fuat RES wind power plant in the city of Izmir  The total cost to develop the four wind farms was estimated at USD 525 million. The project reached financial closure on December 22, 2014 with a debt equity ratio of 80/20. The $422m debt package consisted of USD 211 million term loan USD 211 million L/C facility. Both the facilities came with 16-year maturity. Garanti Bank, KFW-Ipex and BBVA were the lenders on the deal. The sponsors were supporting the development with a USD 103 million equity.  Vestas supplied a total of 58 units of V112-3.3 MW turbines for the four wind farms. Delivery of the turbines was expected in the final quarter of 2014 with commissioning in the second quarter of 2015.   Turkey’s national transmission company is required to provide grid connections to all renewable power projects. Wind developers in Turkey are qualified for a fixed feed-in tariff or they can sell the electricity generated on the free market and achieve a higher return than would be available with the fixed tariff.
NSL Renewable Power Private Limited signed an MOU with Maharastra Government to develop a 40 MW wind farm located at Jath taluka in Sangli district of Maharashtra. The wind farm would involve the building of 20 units of WT2000DF Inox make wind turbines with 2MW capacity each. The electricity generated from the project would be evacuated through Northern, Eastern, Western and North-Eastern grid of India to the state grid. A EPC for the wind farm had been awarded to Inox Wind Infrastructure Services Limited. Once the project was commissioned, Inox would assume responsibility for turbine operation and maintenance services. The pooling station would be a common facility shared by other developers (like Renew wind (50 MW), NU power (50 MW), NSL wind (49.5 MW project located around 4 kms from the project site) and others (yet to be identified). The pooling station would be connected to the project site through a 9 kms 33KV transmission (double line).   NSL established Jath Wind Energy Private Limited (JWEPL), a special purpose vehicle, to execute the project. JWEPL was expected to sell power to the state utility Maharashtra State Electricity Distribution Company Limited (MSEDCL) through a 13-year PPA. The APPC (Average Power Purchase Cost) base tariff as per MERC tariff order (dated 29 April 2011 for Wind zone 1) was US$ 0.10/Unit (INR 5.37 per unit @53.44 INR/USD) for the first 13 years of operation. The transmission charges would be paid by JWEPL to the state transmission utility.The total capacity of 40 MW was eligible for CDM benefits under UNFCC and validation process was in progress. The project would contribute to meet the Renewable Purchase Obligation (RPO) of the state of Maharashtra.  The Project attained financial closure in June and March 2014 at a debt/equity ratio of 66/34. The estimated project cost at the time of financial closure was US$ 42.3mn. Financing comprised of a US$ 12.02mn IFC "A" loan, US$ 14.8mn term loan arranged by Indian banks, and sponsor equity of US$ 15.48mn. The IFC "A" Loan was signed on 13th June 2014. The US$ 14.8mn term loan was arranged by SBI and EXIM Bank of India on 27th March 2014. The term loan had a grace period of 1-year and repayment schedule of 48 quarterly installments.   The project was expected to be commissioned by March 2014.
Centrais Eolicas Assarua S.A., a subsidiary of the Brazilian company FIP Infraestrutura Energia Renovaveis (CER Energia), was granted authorizations to build a wind complex in the state of Bahia. The wind farm named Complexo Eolico Capoeiras e Assurua was set to be built in four phases.   The first phase included the construction of three power plants with total capacity of 68 MW. The following special purpose companies were created to manage each plant:   * Pedra Branca S.A. - EOL Assurua II (30 MW) * Sao Pedro do Lago S.A. - EOL Assurua V (20 MW) * Sete Gameleiras S.A. - EOL Assurua VII (18 MW)  The 35-year contracts were signed with the regulatory agency ANEEL starting in February 2014. In 2013, both power plants had been granted 20-year power purchase agreements with the several electricity distribution companies through public biddings. The sponsors offered an average tariff of US$  43.6/MWh (BRL 102.78/MWh).   The total investment in this first phase was estimated at US$  81.7 million (BRL 272.6  million). Construction works commenced in November 2014 and were in advanced stages by December 2015.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.  In June 2016, the state-owned bank BNDES approved a US$ 267.3 million (BRL 162.8 million) loan to the project.
In January 2014, a JV company Qingdao Port Dongjiakou Ore Terminal Company Limited was established in Qingdao, Shandong Province to develop the Dongjiakou ore terminal. The four partners and their shares in the JV were Qingdao Port Group (30%), China Merchants (25%), COSCO (25%), and IMC Group (20%). The total investment was RMB 3.8 billion (US$ 618.89 million) and the registration capital of the JV was RMB 1.4 billion (US$ 228.01 million). The terminal would consist of 1 300,000 ton iron ore berth and a 200,000 ton iron ore berth.
In November 2013, Consorcio Move Sao Paulo, a partnership of the Brazilian companies Odebrecht (19.6%), Queiroz Galvao (19.6%), UTC Participacoes (13.1%) and Eco Realty Fundo de Investimentos (47.7%), won in a competitive bidding process the right to build and operate the 16-km metro line (Line 6 - Orange) connecting Sao Joaquim and Brasilandia located at the municipality of Sao Paulo (state of Sao Paulo). The 25-year PPP contract was signed with the state government in December 2013.  The bidding criteria was the lowest management fee to be paid by the government to the sponsors. Consorcio Move Sao Paulo, the only company that took part in the bidding process, offered US$ 258 million per year (BRL 607 million), 0.004% below the ceiling set by the government. In addition, the sponsors were granted the right to keep part of the resources collected with the user fees. The government also agreed to pay for the land displacement.   The sponsors created the company Concessionaria Move Sao Paulo to lead the project. The investment was estimated at US$ 3.786 billion (BRL 8.9 billion) over the life of the project. Financial closure was achieved in June 2014, when the state-owned bank BNDES approved a US$ 1.902 billion (BRL 4.47 billion) loan to finance the project. The state government agreed to contribute with 13% of the project costs and the private sponsors were set to contribute with 46.9% in equity.  Construction works were underway as of December 2014. Operations were expected to commence by June 2020.  The project was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.  The concessionaire Move São Paulo (Move SP) halted construction works in 2016. The government has since tried several times to end the concession, which finally expired on 7 July (2020). A new concessionaire was signed later on.
The companies Contour Global do Brasil (36%), a subsidiary of the American company Contour Global, the Brazilian state-owned company CHESF (50%) and the Brazilian Investment Fund Salus (14%) were granted authorizations to build six wind power plants located in the municipalities of Caldeirao Grande and Simoes, state of Piaui (180 MW in total capacity, each with 30 MW).  The 35-year contracts were signed with the regulatory agency ANEEL starting in May 2014. The following special purpose companies were created to manage each plant:  * Ventos de Santa Joana I Energias Renovaveis S.A. – EOL Ventos de Santa Joana I * Ventos de Santa Joana III Energias Renovaveis S.A. – EOL Ventos de Santa Joana III * Ventos de Santa Joana IV  Energias Renovaveis S.A. – EOL Ventos de Santa Joana IV * Ventos de Santa Joana V Energias Renovaveis S.A. – EOL Ventos de Santa Joana V * Ventos de Santa Joana VII Energias Renovaveis S.A. – EOL Ventos de Santa Joana VII * Ventos de Santo Augusto IV  Energias Renovaveis S.A. – EOL Ventos de Santo Augusto IV  The total investment in the power plants of the wind complex was estimated at US$  267.8 million (BRL 629.4 million). Financial closure was achieved in December 2014 when the state-owned development bank BNDES approved a US$ 143.8 million (BRL 338.05  million) loan to finance the project. In November 2015, BNDES approved an additional US$ 155.3 million (BRL 575.1 million) loan to the project. In January 2016, BNP and Santander arranged a US$ 176.1 million loan to the project.  The government periodically runs public bidding for the sale of energy to the country´s distribution companies. The six power plants won the public bidding that took place in 2013, by offering an average tariff of US$ 53.3/MWh (BRL 125.37/MWh). The project companies signed 20-year power purchase agreements with the several electricity distribution companies. The sponsors committed to start supplying to the market in 2016.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
Agahozo-Shalom Youth PV Solar Plant involved the development of 8.5MW solar PV project in Rwanda. The plant was located 60km from Rwanda’s capital city Kigali on land owned by the Agahozo-Shalom Youth Village, a residential and educational site for orphans of the country’s 1994 genocide. Sponsors of the project were Gigawatt Global (20%), Norwegian Investment Fund for Developing Countries (Norfund) and Scatec Solar(40%).   The PV plant would benefit from a 25-year power purchase agreement with state utility Rwanda Energy, Water and Sanitation Authority that signed in July 2013. The loan would be funded by FMO, Emerging Africa Infrastructure Fund and Norfund and Overseas Private Investment Corporation provided grant.
In February 2014, a Hong Kong based company China Water Affairs Group won a contract to finance, build and operate a water diversion project in Yanshan County, Jiangxi Province. Phase one of the project commenced in April 2014 and was expected to be completed by January 2015. The capacity of the Phase one was 100,000 tons per day and the total investment was RMB 160 million (US$ 26.06 million). A SPV was established to implement the project (the name of the SPV was not reported) and the registration capital was RMB 80 million (US$ 13.03 million). China Water Affairs Group had a 75% stake in the project through its subsidiary in Jiangxin Yinlong Water Affairs Investment Company Limited and the remaining shares belonged to the local utilities. Construction commenced in April 2014. The concession term of the project was 50 years and at the end of the term the works would be transferred to the local government free of charge.
The company Ventos dos Indios S.A., a subsidiary of the company Ventos do Sul Energia (a partnership of the Spanish companies Elecnor,36%, and Enerfin, 64%), was granted authorizations to build two wind power plants located in the state of Rio Grande do Sul, municipality of Osorio (53 MW in total capacity). The35-year contracts were signed with the regulatory agency ANEEL starting in Feb 2012.  The power plants were named EOL Parque Eolico dos Indios 2 (29.9 MW) and EOL Parque Eolico dos Indios 3 (23 MW). The total investment in the power plants was estimated at US$ 54.5 million (BRL 128 million) for Parque Eolico dos Indios 2  and at US$ 34 million (BRL 80 million) for EOL Parque Eolico dos Indios 3. The projects were financed with a loan granted by the state-owned development bank BNDES approved in  February 2014  (US$  79 million or BRL 128.9 million).  The government periodically runs public bidding for the sale of energy to the country´s distribution companies. The power plant  Dos Indios 2 won a public bidding that took place in 2011, by offering an average tariff of US$ 61.3/MWh (BRL 100.01/MWh). The power plant  Dos Indios 3 won a public bidding that also took place in 2011, by offering an average tariff of US$ 63.71/MWh (BRL 103.99/MWh). The project company signed 20-year power purchase agreements with the several electricity distribution companies. Ventos dos Indios committed to start supplying to the market in 2016.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures.  Commercial operations commenced in December 2014.
The project entails the construction of a 5.2 MW WtE plant in Zhenjiang City, Jiangsu Province. Sponsor of the project is China Everbright. Total investment stands at RMB 200 million or $ 29.65 million. BOT is the type of concession. Financial close took place in April, 2014.
In 2011, ATN 2 S.A.,  a subsidiary of the Spanish company Abengoa, was awarded the contract to build and operate the 131.8-km Cotaruse - Las Bambas transmission line, located in the provinces of Ayamaraes and Cotabambas. The 18-year license was signed in June 2014.  The sponsor committed to invest US$ 32.77 million in the project. As of December 2014, 97% of the construction works had been concluded, and operations were expected to commence in April 2015.
Samay I S.A., a subsidiary of Israeli company Israel Corp. Ltd (IC Power), announced the development of a 720-MW natural gás thermal power plant at Mollendo, Arequipa Department. In the first phase of the project, the power plant was expected to run on diesel, until natural gas was made available through the natural gas pipeline Gasoducto Sur Peruano.  In November 2013, the sponsor took part in a competitive bidding for the sale of electricity to the national grid, and won a long-term power purchase agreement at a rate of US$ 6.899/MW per month.  The investment was estimated at US$ 390 million. The construction contract was signed with the Ecuadorian firm Santos CMI in March 2014. As of June 2015, 48% of the construction works had been concluded. Operations were expected to commence in 2016.  In December 2014, the sponsor was granted a US$ 311 million loan to finance the project. No additional details were made available on the transaction.
The Peruvian company Empresa de Generacion Santa Ana S.R.L. (Obrainsa - 50%; Peruana de Energia - 20%) announced the development of the Renovandes H1 Hydroelectric Plant, located in the department of Junin, Chanchamayo provice (20 MW in capacity). The sponsor was granted a 20-year power purchase agreement to sell electricity to the grid for US$ 53.9/MWh.  The investment was estimated at US$ 58.8 million.  Generacion Electrica Santa Ana contracted the Spanish company Cobra Infraestructura Hidraulica to build the project. The construction works started in October 2014, and commercial operations were scheduled to commence in October 2016.  As of December 2015, 35% of the construction works had been concluded.
In August 2014, a private local company Beijing Sound Environment Industry Group signed an agreement to acquire Bazhong Best Environmental Protection Investment Company Limited, through which Sound Group acquired two BOT projects. One was the Bazong City Enyang District Wastewater Treatment Plant and the other was Bazhong City Enyang District Water Supply Plant Phase I. The capacity of the wastewater treatment plant (phase I) was 15000 tons per day. The total investment was RMB 27 million (US$ 4.39 million). Construction commenced in December 2014 and by March 24, 2015, RMB 15 million had been spent on the project. Sound had a 100% stake in the plant. The concession term was 30 years.
In October 2013, Consorcio Serra Ambiental, a partnership of the Brazilian companies Sonel Engenharia and Aterpa M. Martins (subsidiaries of Grupo Aterpa) and Maua Participacoes Estruturadas,  was awarded the 30-year concession contract to expand, rehabilitate and operate the sewerage facilities of Serra, located at the state of Espirito Santo. The contract was awarded by the state-owned water and sewerage company Cosan, and the investments were expected to benefit around 467,000 people.  The sponsors were awarded the contract by offering the lowest tariff (US$ 0.458 or BRL 1.06 per cubic meter, 22.05% below the ceiling set by the authorities). Besides Consorcio Serra Ambiental, three other companies took part in the bidding process: the Brazilian companies Aguas do Brasil, OAS Investimentos and Aegea. The contract was signed in July 2014, and the private sponsor took over the operations of the water and sewerage services in the same month.  The special purpose company Concessionaria de Saneamento Serra Ambiental S/A was set to lead the project. The total investment during the 30-year project was estimated at US$ 267.2  million (BRL 628 million).   The PPP contract envisaged that the concessionaire would receive the payments for its services from Cosan. This payments were comprised of a fixed remuneration to reimburse investment expenditures and a variable remuneration for its operational expenditures.
In September 2014, the Brazilian company Nascente do Xingu, a subsidiary of AEGEA Saneamento e Participacoes (Grupo Equipav), was awarded the 30-year concession contract to expand, rehabilitate and operate the water and sewerage facilities of Sinop, located at the state of Mato Grosso. The contract was awarded by the municipality, and the investments were expected to benefit around 630,000 people.  The sponsor was awarded the contract by offering the lowest tariff. Information on other bidders was not available. The contract was signed in October 2014, and the private sponsor took over the operations of the sewerage services in November 2014.  The special purpose company Aguas de Sinop was set to lead the project. The total investment in the project was estimated at US$ 144.2 million (BRL 339 million).
On August 8, 2014, a local private company, Surpass Sun Electric Co. Ltd signed an agreement with the Tianmen Municipal Government to finance, build and operate a solar power plant in Tianmen City, Hubei Province. The total investment was US$  51.38 million (RMB  320 million) and Surpass Sun had a 100% stake in the project. The power generation capacity of the facility was 40MW. Construction commenced in August 2015 and it was expected that construction could be completed within 6 months. When operational, the solar power plant could contribute RMB 6.8 million tax to the government.
In May 2013, the Brazilian company NC Energia S.A. (Neoenergia group, a joint-venture of the Spanish company Iberdrola, 39%; the Investment fund PREVI, 49%; and the state-owned bank Banco do Brasil, 12%) was awarded in a competitive bidding process the contract to build and operate the 196-km transmission line connecting CAMPINA GRANDE III - CEARÁ MIRIM II, C2.  Besides NC Energia, no other bidder placed offers. The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. Neoenergia presented the lowest offer, a total value of US$  8 million (BRL 18.8 million), 6.3% below the ceiling set by the regulatory agency. The contract was  signed in August 2013 , and the sponsors created the company  Potiguar Sul Transmissao de Energia S.A. to lead the project during the 30-year contract period.  The sponsor committed to invest US$ 55.7 million (BRL 185.8 million) in the project. In August 2015, BNDES approved a US$ 26.5 million (BRL 88.4 million) loan to finance the project. In October 2015, Potiguar issued US$ 9.5 million (BRL 31.6 million) in long-term bonds. The remaining investment cost was set to be equity-financed.  Construction works commenced in November 2014, and commercial operations were expected to begin by August 2016.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
The Russian Toll Collection System PPP was created to collect tolls from all vehicle weighing over 12 tons that utilize the Russian road system. Toll charges are calculated based on vehicle travel distance on federal roads. Main elements of the system are on-board units with GPS/GLONASS, control systems (stationary frames and mobile vehicles), IT-systems, control and monitoring center. The works involve installation of 2 million onboard units, 481 stationary control frame and covering 50,000 km of roads.  LLC RT-Invest Transportnye Sistemy is an SPV owned by RT-Invest.  RT-Invest was awarded a 13yr BOT Concession in August 2014.  LLC RT-Invest Transportnye Sistemy reached Financial Closure March 2015 with a projected cost of 520.2m USD. 52m USD of equity will be provided by RT-Invest (26m USD) and Rotenberg (26m USD). Debt financing will be provided by Gazprombank (468.2m USD). The concession will have a debt/equity ratio of 90/10.  The Russian Toll Collection System PPP began operation in November 2015.
Omega Solar PV Power Plant is a 10.5MW facility located in Village Sangat Pura, District Sangrur, Punjab, India.  Omega Solar Projects Private Limited is an SPV wholly owned by the Lanco Group of India (100%).  Omega Solar Projects Private Limited has entered into a 25yr PPA with the government of Punjab, facilitated by the Punjab Energy Development Agency.  Omega Solar Projects Private Limited reached financial closure in January, 2015. Of the $7.71m USD cost all has been debt financed. Debt financing is provided by the State Bank of India ($3.86m USD), and Lakshmi Vilas Bank ($3.85m USD).  Omega Solar PV Power Plant is fully operational as of July, 2015.
On June 4, 2015, construction of a solar power plant commenced in Guanyintang Town, Shan County, Shaanxi Province. The developer was a local private company Shan County Hezhong New Energy Company Limited, which had a 100% stake in the project. The total investment was about US$ 28.90 million (RMB 180 million). The solar PV power plant had a capacity of 20MW. Other key information points were unavailable.
The project entails the development of a 150MW on-shore windfarm in Laoshibeihe in Huanghua, Hebei province, China. It was announced on 15 April 2015, that Sembcorp received regulatory approval to build the windfarm. The project is expected to be completed by the second half of 2017. The project was estimated to cost US$ 218.3498 million (RMB 1.3361263 billion), with Sembcorp's equity contribution of around US$ 37.447 million. Construction commenced by the end of 2015. Semcorpo had a 49% stake in the project with the remaining shares belonging to Guohua Electric Power Company Limited, a subsidiary of the state owned Shenhua Group.  The concession term was 40 years.
In December 2012, the Spanish company Abengoa was awarded the contract to build and operate the 286-km transmission line MILAGRES II - AÇU III, located at the states of Ceara, Paraiba and Rio Grande do Norte (500 kV in capacity).  Besides Abengoa, three other bidders took part in the contest: Elecnor, CYMI Holding S.A and STN-Sistema de Transmissao Nordeste S.A. The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. Abengoa presented the lowest offer, a total value of US$ 16.4 million (BRL 32 million), 30.7% below the ceiling set by the regulatory agency.   The contract was signed in February 2013, and the sponsors created the company ATE XVII Transmissora de Energia S.A. to lead the project during the 30-year contract period.  The sponsor committed to invest US$ 67.4 million (BRL 225 million) in the project. In September 2015, the state-owned bank BNDES approved a US$ 59.3 million (BRL 198 million) loan to finance the project.   The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
IGA Airport is the new thirds Istanbul airport. The airport will be located between Yenikoy and Akpinar districts in the European side of Istanbul. The airport will have at least 3 runways and 3 taxi ways.  IGA Havalimani Isletmesi SA is an SPV owned by a consortium of Limak Holding, Cengiz Holding, Kolin Group, MNG Holding, and Kaylon Group; each owning equal 20% shares. IGA was awarded tender for the airport in 2013 by the General Directorate of State Airports Authority (DHMI). 17 companies/consortium initially submitted bids, but only 4 presented. The winning consortium bid USD$29.1 billion(€22.2 billion) for the project.  IGA signed a 25yr BOT agreement with DHMI in 2014.  IGA reached financial closure in October of 2015. The airport is expected to cost 6486.5m USD, of which 1595m USD will be provide by sponsor equity and 4891.5m USD is to be debt financed. The 1595m USD equity will be provided in five 391m USD parts from each of the sponsors (Cengiz, Kolin, MNG, Kaylon). Debt financing is to be provided by Vakifbank (1063.4m USD), Halkbank (1063.4m USD), Ziraat Bankasi (1595m USD), DenizBank (531.7m USD), Finansbank (319m USD), and Garanti Bank (319m USD).  IGA Airport is expected to be operational in 2018.
On June 24, 2015, construction of a mega 686 MW wind power plant commenced in Ruyang County, Henan Province. The total investment was US$ 603.77 million (RMB 3760 mill)ion. The SPV, China-Korea Yatai New Energy Co., Ltd. was a joint venture of a local private company Luoyang Yatai New Energy Co., Ltd. and KEPCO from Korea South. Once completed, the project was expected to bring about U$ 104.38 million (RMB 650 million) tax to the local government. Other information was not released.
The project entails the construction of a 6 MW WtE plant in Ya'an, Sichuan Province. Sponsor of the project is China Everbright. Total investment stands at RMB 280 million or $ 41.51 million. China Everbright will undertake the Ya'an project on a build-operate-transfer (BOT) basis for a concession period of 30 years. Financial close took place on September 10, 2015.
The project entails the second phase of Ningbo Beilun Waste-to-energy plant in Beilun and Jiangdong districts of Ningbo City, China. China Everbright originally secured the project in 2012. The newly contracted Phase II will require a total investment of RMB190m ($30.8m) and is designed to have a daily household waste processing capacity of 500 tonnes.
In August 2014, the Guatemalan company Grupo Onyx was awarded the contract to build and operate the Horus Solar II solar power plant, located at Santa Rosa Department  (30 MW in capacity). The sponsor signed a 15-year power purchase agreement with state power company EEGSA and created the special purpose company Anacapri S.A. to lead the project. This was the second project awarded to Anacapri S.A., which was granted a license to build and operate the Horus Solar Power plant in 2010 (ID# 8189)  The investment on the Horus Solar II was estimated at US$ 60 million. The EPC contract was signed with the Spanish company Grupo Ortiz. Construction works commenced in early 2015, and commercial operations began in July 2015.
Yedeshi Aurangabad Tollway is a 190KM toll road in the state of Maharashtra, India operated by an SPV, Yedeshi Aurangabad Tollway Private Limited.  Yedeshi Aurangabad Tollway Private Limited is owned by IRB Infrastructure Developers Limited (100%).  Yedeshi Aurangabad Tollway Private Limited entered into a 26yr Concession agreement with the National Highway Authority of India in May 2014 (30 month construction period included in the agreement). This project is to expand 190km of existing NH-211 (KM 100 to KM 290 from two lanes to a divided four lane toll road. The expansion project is part of the National Highway Development Program (NHDP-IV).  Yedeshi Aurangabad Tollway reached financial closure in March, 2015. Of the projected $505.12m USD cost, $225.94m USD will be financed through equity and $279.18m USD will be debt financed. Equity will be provided by the National Highways Authority of India ($88.72m USD) and IRB Infrastructure Developers ($137.22m USD). Debt Financing will be provided by Andhra Bank ($46.53m USD), IDBI Bank ($46.53m USD), India Infrastructure Finance Company ($46.53m USD), Infrastructure Development Finance Company ($46.53m USD), Indian Overseas Bank ($46.53m USD), and Union Bank of India ($46.53m USD).
In November 2015, Beijing MTR Corporation Limited (BJ MTR) formally signed a concession agreement with the Beijing Municipal Government to finance, construct, and operate the Metro 16 Line in Beijing after a negotiation process. The total length was about 50 km and it linked 29 stations. BJ MTR was involved in Part B (operation) of the project, and Part A was conducted by the government side. The concession term was 30 years. The total investment was 2.29458 billion (RMB 15 billion) and MTR  had a 49% stake in it. BJ MTR was the first foreign invested cooperation company in urban railway transportation sector in mainland China. BJ MTR was established in January 16, 2006 jointly invested by Beijing Infrastructure Investment Co. Ltd (BIIC, 2%), Beijing Capital Group (BCG, 49%) and MTR Corporation (MTR, 49%).
In June 2014, Consorcio Maceio Saneamento, a parnership of the Brazilian company Enorsul – Servicos em Saneamento Ltda, the South Korean company GS Inima, and the Brazilian company STE Servicos Tecnicos de Engenharia S/A, was awarded the 30-year concession contract to expand, rehabilitate and operate the sewerage facilities of the Farol and Tabuleiro regions of Maceio, located at the state of Alagoas. The contract was awarded by the municipality, and the investments were expected to benefit around 300,000 people.  The bidding criteria included technical parameters and the lowest amount of government contribution to the project. Besides Consorcio Maceio Saneamento, only another bidder took part in the contest: OAS Investimentos. The contract was signed in September 2014, and the private sponsor took over the operations of the water and sewerage services in January 2015.  The special purpose company Concessionaria Sanama – Saneamento Alta Maceio was set to lead the project. The total investment in the project was estimated at US$ million (BRL 289.5 million).
In June 2014, BMR Jamaica Wind Ltd. signed a 20-year power purchase agreement from the Jamaican Public Service Company. The 36-MW wind power plant was set to be developed near Malvern, St Elizabeth. The Project was awarded to Blue Mountain Renewables LLC (BMR Energy), the parent company of BMR Jamaica Wind Ltd, in September 2013 on a Build, Own and Operate (BOO) basis.  The project cost was estimated at US$ 89.6 million. In October 2014, the IFC granted a US$ 10 million A-loan to BMR Jamaica Wind. In addition, the IFC-Canada Climate Change Program also approved a US$ 10 million loan. In January 2015, OPIC granted a US$ 42.7 million to the project. Equity investment amounted to US$ 26.9 million.  Vestas was contracted as equipment supplier and as EPC developer.  Construction works commenced in February 2015. Operations were expected to commence in 2016.
In March 2015, construction of a solar power plant invested by a local private company Canadian Solar Incorporation commenced in Datong City, Shanxi Province. The electricity generation capacity of the plant was 50MW. The total investment was RMB 460 million (US$ 75.06 million) and Canadian Solar had a 100% stake in the project. Substantial construction had been completed by May 2015.
In 2012, the Peruvian firm Fenix Power Peru announced the construction and operation of the Colbun thermal power plant (ID# 7144), located at Chilca District (570 MW). The thermal power plant was set to have a desalination and purification system, generating 2,000 cubic meters of potable water per day for the population of Las Salinas and Chilca cities. In July 2012, Fenix Power sign an agreement with Lima's district to build the treatment plant and provide the water to the population at no cost. The government agreed to finance the construction of the treatment plant.  In 2015, the sponsor signed a water transportation agreement with municipality of Chilca. The network was established to connect the desalination plant with the water distribution system of Las Salinas and Chilca. Commercial operations began in the January 2015.  The investment in the desalination and purification system was estimated at US$ 4 million.
The project entails the contract for urban cleaning in Chapadao do Sul, Brazil under 25 years contract. SPV is Central de Tratamento de Resíduos Chapadão do Sul SPE Ltda. a wholly owned subsidiary of the sponsor Repram Reciclagem e Preservação Ambiental Ltda. Total value of the contract is R$92.050.431 or $ 29.39 million. For the structuring of the project, a Public Consultation was launched on February 28, 2014, followed by a Bid published on 10/15/2014. The bidding of this Administrative Concession took place through a National Competition of the Technique and Price type. Financial close took place on April 6, 2015.
The waste-to-energy plant is located in Ajakanga village, Nigeria. The sponsor Highland Energy Solution Services Limited (HESSL) is developing the 5MW facility on a build, operate and transfer (BOT) basis. The private partner will either transfer or renew the contract for the facility to the Oyo State Government after 25 years of operation.  The investment for the project is USD25 million which are solely financed by HESSL through Stanbic Bank. Financial close was achieved in 2015.
The project entails the construction of a 11 MW WtE plant in Pingdu, Shandong Province. Total investment stands at RMB 360 million or $ 53.37 million. Sponsor of the project is China Everbright. The facility will be undertaken under BOT concession with a contract period of 30 years. All gas emissions will comply with the Euro 2000 Standard and the facility is expected to generate 70,000,000 kWh of electricity per year. Financial close took place in December 2015.
In December 2011, the Brazilian company  Neoenergia S.A., was awarded in a competitive bidding process the contract to build and operate a substation located at the state of Rio Grande do Norte (SE Extremoz II, 230/69 kV-300 MVA).  Two other companies took part in the contest: ALUPAR INVESTIMENTO S/A; and state-owned company CHESF. The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. Neoenergia presented the lowest offer, a total value of US$ 0.8  million (BRL 2.28 million), 43.53% below the ceiling set by the regulatory agency. The contract was signed in May 2012, and the sponsor presented the company Narandiba S.A. to lead the project during the 30-year contract period.   The sponsor committed to invest US$ 8.3 million (BRL  24.66 million) in the SE Extremoz II. Environmental clearance was awarded in late 2012. Construction works were concluded in April 2015, and commercial operation commenced  in July 2015.   The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures.
In December 2013, Consorcio SPS Siglo XXI (William & Molina Constructores) was awarded the contract to expand, rehabilitate, maintain and operate the road network of the municipality San Pedro Sula.  Details on the bidding process were not available. The 15-year contract was signed in January 2014, and the construction works commenced in January 2015. The sponsors agreed to invest US$ 87.9 million (HNL 1845 million) in the project.   No toll rates would be charged to the users. Intead, the project's revenues would come from a fund established with the collection of tax payment charged to car owners of the municipality. In case the revenues were not enough to cover the capital expenditures, the government agreed to reimburse the sponsors.
The project involved the construction of a 68.8-megawatt (MW) hydropower plant in Bukidnon.  On September 24, 2015, it was reported that a Php10bn peso loan was signed by sole bookrunner and mandated lead arranger BPI Capital Corp along with lead arrangers SB Capital and Asia United Bank for a hydropower plant in Bukidnon under borrower Hedcor Bukidnon Inc a subsidiary of Aboitiz Equity Ventures.
The Italian Enel Green Power  was granted the authorization to build two solar power plants  located in the state of Pernambuco, municipality of Tacaratu (11 MW in total capacity). The 20 years contracts were signed with the Administration of Pernambuco starting in April 2015. The power plants are:  UFV Fontes Solar I (5,5 MW) UFV Fontes Solar II (5,5 MW)  The total investment in the power plants was estimated at US$ 18 million, financed with the sponsor's equity. Construction works commenced in February 2015 and were concluded by September of that year.  In December 2013, Enel won the public bidding promoted by the state of Pernambuco for a 20-year power purchase agreement to provide electricity to that state commencing in April 2015. UFV Fontes Solar I and II won the public bidding by offering an average tariff of US$ 97/MWh (BRL 228/MWh).   In September 2015, Enel connected the two solar power plants to its wind power plant Fontes dos Ventos (90 MW), creating the  Fontes Complex, the first hybrid project in the country.   The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
In May 2014, the Brazilian company Alupar Investimentos  S.A. was awarded in a competitive bidding process the contract to build and operate the 20-km transmission line connecting SE Henry Boeden and Manoel da Nobrega, located at the state of Sao Paulo. The project also included the construction of two new substations: Manoel da Nobrega  ( 230/80 kV-75 MVA) and Domenico Rangoni (345/138 kV-133 MVA).  Two other companies took part in the contest:  ABENGOA CONTRUCAO BRASIL LTDA; and CPFL S/A. The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. Alupar presented the lowest offer, a total value of US$ 9.7 million (BRL 28.9 million), 4.99% below the ceiling set by the regulatory agency. The 35-year contract was signed in September 2014, and the sponsor created the company Empresa Litoranea de Energia S.A. – ELTE to lead the project during the 30-year contract period.   The sponsor committed to invest US$  88 million (BRL  262 million) in the transmission line. In April 2015, Alupar S.A. issued bonds in the amount of US$ 84  million (BRL 250 million) to finance four of its transmission projects, including the one led by ELTE. The funds raised with the bond issuance would finance 41.7% of ELTE's investment needs. Construction works were underway  as of December 2014, and commercial operation was set to commence by September  2017.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelated depreciation methods of accounting for construction expenditures.
The 135MW Cap des Biches heavy fuel oil (HFO)-fired power plant is located in Rufisque near the Atlantic coast, 23 km east of the capital city of Senegal, Dakar. The plant was initially built with a capacity of 82MW and runs on naphtha fuel produced at the SAR refinery.The existing 82MW gas-fired plant will be refurbished and a new 53MW flexi-cycle HFO, combined cycle and steam powered plant will be built next to the existing facility, along with a short transmission line of around 500m connecting the plant to a nearby substation.   The project sponsor is CONTOUR GLOBAL and it has signed an agreement with the Senegalese national utility, Société Nationale d’Electricité du Sénégal (SENELEC), to rehabilitate the existing brownfield site and construct the new 53 MW thermal facility under a 20-year Power Purchase Agreement (“PPA”).  The total project cost is USD $114.5 million to be financed in a debt to equity ratio of 80:20.  Financing will be used to rehabilitate and expand the Cap des Biches power plant complex. The US-government’s Overseas Private Investment Corporation (OPIC) is the only lender on the deal, providing roughly USD $91 million in debt. The International Finance Corporation is also providing an 18-year cross-currency swap to Euros of OPIC's US Dollar financing and will have a loan equivalent exposure of $9 million. OPIC’s involvement in the deal is linked to the US government’s Power Africa initiative, under which it has pledged more than $1.5 billion in funding towards Africa power projects to date.
Gul Ahmed Wind Power Plant is a 50MW wind power facility run by Gul Ahmed Wind Power Limited, a subsidiary of Gul Ahmed Energy of the Gul Ahmed Group. The project is located about 100km away from the ocean in the middle of the desert in Sindh Province, Pakistan near Jhampir.  Gul Ahmed Wind Power Limited is a SPV sponsored by Gul Ahmed Energy Limited (41.15%), InfraCo Asia (38.85%), and the International Finance Corporation (20%).  Gul Ahmed Wind Power Limited signed a PPA with the National Transmission and Dispatch Company Limited (Government of Pakistan). The project will be a 20yr BOOT.  Gul Ahmed Wind Power Plant reached Financial Closure in April, 2015 and has an estimated cost of $135.3m USD, of which $33m USD will be financed through equity and $102.3m USD will be financed through debt. Equity will be provide by Gul Ahmed Energy Limited ($41.15m USD), InfraCo ($38.85m USD), and the IFC ($6.6 USD). Debt will be provided by the National Bank of Pakistan ($22.34m USD), the United Bank Limited of Pakistan ($22.34m USD), Alfalah Bank ($11.18m USD), Proparco ($20.64m USD), FMO ($13.73m USD), and the IFC ($12.08m USD).  Gul Ahmed Wind Power Plant is expected to started production in December, 2016.
The companies Brazilian Brennand Energia S.A. (Grupo Brennand; 50.90%) and the state-owned company CHESF (49%) were granted authorizations to a wind complex in the state of Bahia. The wind farm was set to be built in three phases. The following special purpose companies were created to manage each plant:   Phase I (registered in the database with ID# 6871): * Pedra Branca S.A. - EOL Pedra Branca (30 MW) * Sao Pedro do Lago S.A. - EOL Sao Pedro do Lago (30 MW) * Sete Gameleiras S.A. - EOL Sete Gameleiras (30 MW)  Phase II (registered in the database with ID# 8267): * Mussambe Energetica  S.A. – EOL Mussambe (30 MW) * Morro Branco I Energeica  S.A. – EOL Morro Branco I (30 MW) * Baraunas I Energetica S.A. – EOL Baraunas I (30 MW)  This present project is the third phase of the wind complex: * Baraunas II Energetica S.A. – EOL Baraunas II (21.6 MW) * Banda de Couro Energetica S.A. – EOL Banda de Couro (12.9 MW)  The 35-year contracts were signed with the regulatory agency ANEEL starting in June 2014. In December 2013, both power plants had been granted 20-year power purchase agreements with the several electricity distribution companies through public biddings. The sponsors offered an average tariff of US$  51.4/MWh (BRL 120.90/MWh).   The total investment in this third phase was estimated at US$  53.8 million (BRL 179.5  million). Construction works commenced in September 2015 and were in advanced stages by December 2015.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.  In June 2016, the state-owned bank BNDES approved a US$ 31.2 million (BRL 115.6 million) loan to the project.
The Project entails the design, construction, operation and maintenance of a 450 megawatt (“MW”) gas-fired open cycle power plant on a Build-Own-Operate basis and represents the first phase of a potential 1,000 MW power plant facility. The Azura-Edo Independent Power Plant (the “Azura-Edo IPP”) will be located in the northeastern outskirts of Benin City in Edo State, Nigeria.   The project sponsors are Amaya Capital Partners (25.00%), American Capital Energy & Infrastructure (25.00%), Macquarie (15.00%), Old Mutual Group (15.00%), Aldwych International (14.00%), and Asset & Resource Management (6.00%).  The Project will sell power under a 20-year Power Purchase Agreement to the Nigerian Bulk Electricity Trading PLC ("NBET"). NBET is wholly-owned by the Federal Government of Nigeria and was incorporated in 2011 as part of the ongoing Nigeria power sector reforms.   The total project cost is USD $890 million. Financing comprises approximately USD $690 million in debt and USD $190 million in sponsor equity. The IFC and FMO arranged a USD $267.5 million, 15-year development finance institution tranche of senior debt. The other lenders on the tranche were: DEG, Proparco, SwedFund, CDC Group, ICF Debt Pool, OPIC, EAIF. The IFC provided USD $50 million in this senior debt tranche, with all other lenders taking tickets of between USD $20 million and USD $50 million. The IFC (USD $30 million), OPIC (USD $15 million), Proparco (USD $10 million) and EAIF (USD $10 million) also contributed to a USD $65 million mezzanine facility. Rand Merchant Bank and Standard Chartered arranged 12-year commercial bank debt split between two $117 million tranches covered by MIGA and IBRD, respectively. KfW IPEX only participated in the MIGA tranche, Standard Chartered only participated in the IBRD tranche, while Siemens Bank, Standard Bank and Rand Merchant Bank lent on both. Local bank First City Monument Bank (FCMB) on-lent USD $121 million from the Nigerian government. Central Bank of Nigeria’s Power and Airline Intervention Fund provided the liquidity for the loan, while FCMB has taken the commercial risk.
In July 2015, a local private company Anhui Shengyun Machinery Company Limited signed a BOT contract to finance, build and operate a solid waste incineration power plant in Yushu City, Qinghai Province. The total investment was RMB 250 million Anhui and the first phase had a total investment of US$ 32.12 million (RMB 200 million). Shengyun had a 100% stake in the project. Once completed the facility (Phase I) can process 300 tons of solid waste per day. The plant (Phase I) had a power generation capacity of 6MW. The concession term was 30 years on top of 20 months of construction period. Construction commenced in December 2015. Anhui Shengyun won the project through an open bidding process.
Ventos de Sao Clemente Holding S.A., a subsidiary of the Brazilian company Salus Fundo de Investimento e Participacoes, was granted authorizations to build eight wind power plants located in the state of Pernambuco (220 MW in total capacity). The wind farm was named Sao Clemente Wind Complex, and the sponsors created different special purpose companies to manage each power plant, as described below.  * EOL Ventos de Sao Clemente 1 (30 MW) - Ventos de Sao Clemente I Energias Renovaveis S.A.  * EOL Ventos de Sao Clemente 2 (30 MW) - Ventos de Sao Clemente II Energias Renovaveis S.A.  * EOL Ventos de Sao Clemente 3 (30 MW) - Ventos de Sao Clemente III Energias Renovaveis S.A.  * EOL Ventos de Sao Clemente 4 (30 MW) - Ventos de Sao Clemente IV Energias Renovaveis S.A.  * EOL Ventos de Sao Clemente 5 (30 MW) - Ventos de Sao Clemente V Energias Renovaveis S.A.  * EOL Ventos de Sao Clemente 6 (26 MW) - Ventos de Sao Clemente VI Energias Renovaveis S.A.  * EOL Ventos de Sao Clemente 7 (24 MW) - Ventos de Sao Clemente VII Energias Renovaveis S.A.  * EOL Ventos de Sao Clemente 8 (20 MW) - Ventos de Sao Clemente VIII Energias Renovaveis S.A.  The 35-year contracts were signed with the regulatory agency ANEEL in November 2014.   In June 2014, the company took part in a competitive bidding process to sell electricity to the regulated wholesale market (power purchase agreements were signed guaranteeing the sale of electricity to the national grid). The sponsor submitted the winning bids of US$ 39 /MWh (BRL 130/MWh) for all power plants.  The total investment committed to the power plants was estimated at US$ 226.2 million (BRL 754.7 million). In December 2015, the state-owned bank BNDES approved a US$ 197.3 million (BRL 658.3 million) loan to the project. The remaining investment cost was set to be equity financed.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company was not subject to sector taxes.
In November 2014, Consorcio Agua e Esgoto de Sao Francisco do Sul, a partnership of the Brazilian companies AEGEA Saneamento e Participacoes and Equipav Engenharia (subsidiaries of Equipav group), was awarded the 35-year concession contract to expand, rehabilitate and operate the water and sewerage facilities of Sao Francisco do Sul, located at the state of Santa Catarina. The contract was awarded by the municipality, and the investments were expected to benefit around 47,547 people.  The sponsors were awarded the contract by offering the highest investment amount. Information on other bidders was not available. The contract was signed in January 2015, and the private sponsor took over the operations of the water and sewerage services in the same month.  The special purpose company Aguas de Sao Francisco do Sul was set to lead the project. The total investment in the project was estimated at US$ 73.9 million (BRL 220 million).
The project involves the construction of a 5MW CHP plant in Rustenburg, South Africa, The project sponsors are Anglo American Platinum (AAP), Vuselela Energy and H1 Holdings. The USD11.258 million project benefits from a commercial PPA. Financial close was reached in June 2015.
The Second 86MW Mulilo-Sonnedix Prieska solar PV reached financial closure in February 2015, as the loan agreement was signed. This BOO project worth of US$133 million would entail the development of solar PV power plant located at 50km south west of Prieska. It was a part of Window 3 of the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) by Department of Energy (DoE). The DoE selected six solar photovoltaic, seven wind, two concentrated solar power, one landfill gas and one biomass project as preferred bidders in October 2013 for the third round of its REIPPP and the sponsors for each project were scheduled to simultaneously sign power purchase agreements with state utility Eskom and reach financial close on 30 July. The financial closure was delayed mainly due to the insufficient transmission infrastructure for the generation facilities. On July 22, DoE confirmed that the 17 projects involved in the third round of REIPPP would not reach financial close on 30 July 2014, as planned. Unlike in previous rounds of the REIPPP, where the signing of project documents and financial close happened simultaneously, none of the Window 3 deals was expected to close before January 2015 at the earliest, according to sources working on the transactions.   The financing comprised US$33 million equity and US$100 million debt at the debt/equity ratio of 75:25. The project company was Mulilo-Sonnedix Prieska solar PV (Pty) Ltd. and the equity sponsors were Sonnedix Solar Africa Holdings (60%, 100% owned by Sonnedix Africa B.V.), Mulilo Sonnedix Solar Enterprises (20%, 100% owned by Mulilo Group Holdings), Mulilo Prieska Solar Community Trust (5%), and Ixowave (15%). The debt funding was provided by Nedbank, lending US$65 million (R755 million) to this project, alongside Standard Bank (US$35 million), which was taking 35% of the senior debt.
In September 2011, APM Terminals signed a 33-year concession contract with the Costa Rican government to design, finance, construct, operate and maintain the new Moin Container Terminal on the Caribbean coast. The project was awarded to APM on the grounds of its technical and economical proposal, which included the lease fee and the investment amount. The port authority conducted a bidding process, but no additional information on the other bidders was available.  In October 2013, the sponsors contracted Van Oord-BAM consortium for the construction of the first phase (Phase 2A) of the new Moin Container Terminal. APM agreed to pay  US$ 460 million for the EPC works in this first phase. There were delays in the starting of the construction works due to judicial hurdles that were overthrown by October 2014.  Construction works finally commenced in February 2015 financed by APM Terminals' own resources. The first phase of the project envisaged an investment of US$ 663 million (the total project costs was estimated at US$ 992 million), which would increase the port's capacity to 2.5 million TEU by 2030. Commercial operations were due to start in 2018.
The project entails the development of a 100MW AC grid connected solar power plant to be established in District Trichy in the state of Tamil Nadu, India by Welspun Solar Technology Private Ltd.   The sponsor Welspun Renewables Energy Pvt Ltd has secured a 25 year power purchase agreement (PPA)  with the Tamil Nadu Generation and Distribution Corporation (Tangedco). Under its terms, Tangedco will buy the generated electricity at INR 7.01 (USD 0.112/EUR 0.105) per kWh.  The total project cost of USD $102 million(INR 7 billion) is to be funded in the debt to equity ratio of 74:26. Financing comprises a USD $75 million (INR5.2 billion) long term facility, a USD $2.9 million (INR200 million)working capital facility and a USD $6.5 million(INR 450million) hedge facility to be arranged by State Bank of India and sponsor equity of USD $ 27 million(INR 1.8 billion). Financial close occurred on 18 June 2015.
On June 25, 2015, construction of a wind power plant commenced in Shilipingtan Village, Chengbu Autonomous County, Hunan Province. This project had a total investment of US$ 64.23 million (RMB 400 million) and power generation capacity of 50MW. The developer was a local private company Sany Group.  Construction was expected to be completed in May 2016. It was expected that the project can bring about RMB 5 million plus tax for the local government. An SPV, Chengbu New Energy Co., Ltd. was established to implement the project. Other information was not released so far.
The Solous 1 material recovery facility (MRF) is located in Igando, Nigeria. The plant has a capacity of 300,000 tons per annum of solid waste. The sponsor is WestAfricaENRG.  Total investment in the facility is around USD3.6 million. It was implemented in collaboration with the Lagos State Waste Management Authority. Financial close was achieved in 2015.
The Mactan-Cebu International Airport worth of US$750 million (PHP33 billion) would entail the construction of a new passenger terminal building in the Mactan-Cebu International Airport in Lapu-Lapu City, Cebu, the Philippines. This greenfield BOT project would include the work of renovating the existing passenger terminal and building a new international terminal. The construction began in Jun 2015 and the the project was expected be commercially operational in 2018. Once operational, the airport would be upgraded to handle 25 million passengers per year, up from the current 6.7 million. It was the biggest PPP project for airport in the Philippines.  On 12 December 2013, GMR Infrastructure and Megawide Construction Corp won the airport terminal tender through GMR-Megawide Cebu Airport Corporation (GMCAC) or their consortium, where GMR held 40% and Megawide 60% of the stake. The total number of bidders was seven that participated in the tender. GMR-Megawide Cebu Airport Corporation (GMCAC) won ahead of six others offering a premium of  PHP14.4 billion (US$327.3 million) for the 25-year concession. GMCAC had to post a PHP180 million (US$4 million) bond and pay the premium for the concession as a winning bidder before signing it. Financing was provided by US$75 million loan from Asia Development Bank (ADB) and US$450 million (PHP20 billion) debt from a six-bank-consortium consisting of BDO Unibank, Bank of the Philippine Islands, Philippine National Bank, Land Bank of the Philippines, Metropolitan Bank & Trust Company and Development Bank of the Philippines in January 2015.
The 56.6MW Semangka Hydropower Plant Project reached financial closure in May 2015. Sponsors are POSCO, Korea Midland Power, BS Energy and Nusantara Hydro signed a US$142.81 million debt financing getting to a debt/equity ratio of 75:25. This greenfield BOO project worth of US$191 million would entail the development of 2 X 28.3MW hydroelectric conduit-type power generating facility located in the Tanggamus region in the southern part of the Sumatra Island.   PT Tanggamus Electric Power was the special purpose vehicle set up by Korea Midland Power Co., Ltd.(60%), Posco Engineering Co.(20%), Ltd., PT BS Energy(10%)and PT Nusantara Hydro Alam(10%).   The Export-Import Bank of Korea(US$52.5 million), BNP Paribas (US$38 million), ING Bank N.V.(US$52.5 million) are the lenders on US$142.81 million. The debt financing involved two tranches of US$66.4 million each maturing in 2029 and 2031 respectively. It also included a US$10 million tranche maturing in 2030. Business Viability Guarantee Letter (BVGL) was provided by Indonesia Government on 17 Oct 2014.  In May 2015, the construction started with expected construction period of two years and seven months from now and to be completed in Sept. 2017. The EPC contract was awarded to a group of five Korean companies, including POSCO Engineering and Haechang Construction Co.
AES Corporation (51.00%), Electricity Generating Public Co (41.00%), International Finance Corporation (8.00%)  The 660MW Masinloc coal-fired power plant is located on a 137 hectare lot in the Mango Capital town of Masinloc, province of Zambales, about 250KM northwest of Manila. The plant began operating in 1998. The expansion will double the capacity of the Masinloc I coal-fired power plant.  The proceeds are used to double the size of AES' 660MW Masinloc I coal-fired power plant, which it acquired through privatization in 2008. AES has already increased Masinloc's capacity from 450MW to 630MW and improved availability from 50 per cent to 74 per cent, and increased net production by 62 per cent since buying the plant. AES also improved the plant's environmental performance, lowering emissions levels so that they are in compliance with World Bank standards. Masinloc II would use the existing infrastructure, transmission interconnection and AES' operating experience in the Philippines.
In October 2014, ATCO Servicios y Energia S.A. de C.V. and ATCO Gas and Pipelines Ltda (subsidiaries of the Canadian ATCO Group) were awarded the 25-year contract to build and operate a 17-km natural gas pipeline connecting the Zempoala - Santa Ana pipeline to Tula Power Plant and Francisco Perez Rios Power Plant, state of Hidalgo, Mexico. The pipeline was set to have a capacity of 485 million cubic feet per day.   Besides ATCO/Grupo Hermes, only the Mexican company Arendal took part in the bidding process. The bidding criteria was the lowest investment cost (the winning offer was 15% below the ceiling established by the regulatory agency CFE).  The investment was estimated at US$ 65.7 million. ATCO financed the project with its own resources.  Construction works started in February 2015, and commercial operations were expected to commence in the end of 2015.
The Red Dorsal Nacional de Fibra Óptica Network project entails the development of a 13,400 km fiber optic network to connect 23 regions, 180 cities and 136 municipalities in Peru under a 20-year concession period.   Borrower is Red Dorsal. Sponsor is Azteca Holdings, part of the conglomerate Grupo Salinas. The legal adivsers to issuer are Estudio Echecopar and Chadbourne & Parke. Legal advisers to bookrunner are Clifford Chance, Hogan Lovells and J&A Garrigues.  The total cost of the project is US$273.7m. Borrower is Red Dorsal Finance. Sponsor is Azteca Holdings. Financing comprises a US$273.7m credit facility. MLAs are Banco Espirito Santo and Credit Suisse. Financing closed on 31 March 2015.
In April 2013, Consorcio VLT Carioca, a partnership of the Brazilian companies Odebrecht TransPort, Invepar, CCR and Fetranspor (each with 24,5% of the shares), the French company RATP (0,25%) and the Argentine company Benito Roggio Transporte (2%), won in a competitive bidding the right to build and operate the 30-km light rail system located at the municipality of Rio de Janeiro (state of Rio de Janeiro). The light rail system was set to link the city's airport with the central metro station.  The bidding criteria was the lowest subsidy to be received monthly from the municipality government to undertake the project. The winning bid was US$ 2.5 million (BRL 6 million), 1.35% below the ceiling set by the government. No other company took part in the bidding process.   The sponsors created the company Concessionária VLT Carioca S.A. to lead the project. The 25-year PPP contract was signed in June 2013. The investment was estimated at US$ 509.8 million (BRL 1.2 billion) over the life of the project, of which US$ 226 million (BRL 532 million) was set to be granted by the federal government. The private sponsors funded the project by issuing bonds amounting to US$ 127.4 million (BRL 300 million) in November 2013.  In March 2015, the state-owned bank BNDES approved a US$ 58.4 million (BRL 194.8 million) loan to VLT Carioca. Finally, in November 2015, BNDES approved an additional funding of US$ 223.8 million (BRL746.6  million).
Praddin Energy Tamil Nadu Solar Portfolio is a compilation of three solar projects in Tamil Nadu, India totaling 23MW of capacity run by the SPV T N Solar Power Energy Private Limited. These facilities include a 5MW solar facility at Perumpalli, a 8MW solar facility at Muthuramalingapuram village, and a 10MW solar facility at Cithivinayakanpatti.  T N Solar Power Energy Private Limited is an SPV wholly owned by Pradin Energy (100%).  T N Solar Power Energy Private Limited has a PPA agreement with the Government of Tamil Nadu.  T N Solar Power Energy Private Limited reached financial closure in May, 2015. Of the projected $32.32m USD costs, $9.75m USD will be financed through equity (Praddin Energy), and $22.57m USD will be debt financed (the State Bank of India).
The PHP17.65bn (US$380m) project entails the development of the 650MW combined cycle gas-fired power plant  in Pagbilao, Quezon Province, the Philippines.  Construction started in 2014 and operations are expected to start in 2016.   Borrower is Energy World Power Operations Philippines. Sponsor is Energy World Corp. Legal advisers to consortium are Hogan Lovells and Sycip. Legal advisers to lender are Abuda Asis & Associates and Marsden Law.   Financing comprises a PHP6.75bn 5-year term loan and a PHP10.9bn equity. MLAs are Development Bank of Philippines, Land Bank of the Philippines and Asia United Bank. Financial close occurred on 18 September 2015.
On December 28, 2015, construction of phase I of the Jinshan Wastewater Treatment Plant commenced in Huizhou City, Guangdong Province. The capacity of the plant was 100,000 tons per day. The total investment was US$ 55.94 million (RMB 365.66 million). There was a government subsidy for construction of US$ 4.59 million (RMB 30 million). Beijing Sound Environment Industry Group won the project through an open bidding process in July 2015 and it had a 100% stake in it.  The concession term was 27 years.
In December 2014, Fermaca Pipeline El Encino S de R.L. de C.V was awarded a 25-year contract to construct and operate a 465-km natural gas pipeline linking the northern Mexico the towns El Encino (Chihuahua) and La Laguna (Durango). The contract was awarded by the national regulatory agency Comision Federal de Electricidad (CFE).   The Swiss private equity fund Partners Group is the majority shareholder (87%) in Fermaca, alongside Mexican pipeline developer Compania Mexicana de Gas Natural (Grupo Diavaz). Besides Fermaca Pipeline el Encino, the following companies took part in the competitive bidding: IEnova, Transcanada, Carso-Energy Transfer-MTCO y Energia de Mexico and Enagas-Elecnor. The bidding criteria was the lowest cost of investment in the project. The winning bid was 59% below the ceiling set by CFE.  The investment was estimated at US$ 826.2 million. The financial closure was achieved in July 2015, when a financing package of US$ 610.2 million was provided by international banks. Citigroup, ING Group, Nord LB and Santander each contributed US$ 121.3 million, while Banco Sabadell lent US$ 75 million and Goldman Sachs lent US$ 50 million. The three-and-a-half year loan was priced at Libor plus 185 basis points (the grace period on the loans was the duration of the construction period plus six months). The sponsors contributed US$ 216 million in equity.  Construction works started in March 2015, and commercial operations were expected to commence by March 2017. The pipeline was set to have a capacity of 1500 million cubic feet per day.
The project entails the contract for urban cleaning in Itu, Brazil under 30 years contract. SPV is Empresa Administrador Leste Ambiental Ltda., a JV between the sponsors of the project Dpark Serviços de Estacionamento Ltda. and Pavotec – Pavimentação e Terraplenagem S.A. Total value of the contract is R$1.483.726.580 or $ 379.72 million. A Public Consultation was held on 06/11/2015, followed by a tender published on 08/29/2015. The bidding of this Administrative Concession occurred through a National Competition of the Technique and Price type in which the formation of consortia was allowed without restriction of the number of companies. Financial close took place on December 31, 2015.
The project entails the construction of a 600 tpd WtE plant in Xintai, Shandong Province. Total investment stands at RMB 339 million or $ 50.26 million. Sponsor of the project is China Everbright. The facility will be undertaken under BOT concession with a contract period of 30 years. A subsidy of RMB 10.7 million towards construction work on the project from the Central Budgetary Investment Plan was granted.  Financial close took place on June 25, 2015.
On September 22, 2015, construction of a solar power plant commenced in Poyang County, Jiangxi Province. The project was developed by a local private company Jinkopower Co., Ltd. The total investment was US$ 16.06 million (RMB 100 million) and power generation capacity was 120MW. Jinkopower had a 100% stake in the project. Other key information points were not available.
In April 2015, a local private company Chongqing Kangda Group won a PPP contract to finance, build and operate the No.6 Wastewater Treatment Plant of Shangqiu City, in Shangqiu City, Henan Province. The design capacity of the plant was 100,000 tons per day and the first phase was 50,000 tons per day. The total investment was US$ 14.89 million (RMB 92.72 million) for phase I. The concession term was 28 years. Chongqing Kangda had a 100% stake in the project. When exactly construction commenced was not reported, but one article released that by September 2015, US$ 1.61 (RMB 10 million ) had been expended on construction.
In May 2014, the Brazilian company OAS Solucoes Ambientais, a subsidiary of Grupo OAS, was awarded the 30-year PPP contract to expand, rehabilitate and operate the sewerage facilities of Guarulhos, located at the state of Sao Paulo. The contract was awarded by the municipality, and the investments were expected to benefit around 1,312,197 people.  The sponsors were awarded the contract by offering the lowest tariff and the best technical proposal. Besides OAS, two other companies took part in the bidding process: the Brazilian companies Queiroz Galvao and AEGEA (Grupo Equipav). The contract was signed in February 2014, and the private sponsor took over the operations of the sewerage services in May 2015.  The special purpose company Sagua - Solucoes Ambientais de Guarulhos S.A. was set to lead the project. The total investment in the project was estimated at US$ 510.5 million (BRL 1.2 billion). The goal established in the contract was to increase the sewerage collection and treatment coverage from the initial rate of 15% to 80% by the end of the concession.  Details on the government support to the project were not available.
"In February 2015, a local private company Anhui Guozhen Environmental Protection Science & Technology Co. Ltd. won a bid to operate an existing facility, Hengshan County Wastewater Treatment Plant Phase I in Hengshan County, Hunan Province. The capacity of the facility was 20,000 tons per day. Guozhen paid RMB 34.28 million (US$ 5.59 million) for the concession. The concession term was 30 years and Guozhen had a 100% stake in the project.  "
The proceeds of USD43.5m will fund the construction costs for a greenfield 30MW wind power plant in Tokat, border of Turkey. It will utilize the power of 10 Siemens SWT-3.2-113 turbines to generate the nameplate capacity.  Borrower is Bereketli Elektrik Enerji Üretim ve Ticaret A.S, owned by Kinesis Energy Group. Garrad Hassan & Partners advised the borrower. Windfor is the technical consultant to the lenders.  USD33.8m EKF (ECA) term loan is funded by LBBW. Financing closed on 17 March 2015.  Source: Dealogic
The Brazilian company Alupar was granted the authorization to build a wind power plant in the state of Ceara. The power plant, named EOL Ventos de Horizonte, was planned to have a capacity of 16.8 MW. The special purpose company Energia dos Ventos X S.A. was created to manage the project.   The 35-year contract was signed with the regulatory agency ANEEL in July 2012. In December 2011, the power plant had been granted a 20-year power purchase agreement with several electricity distribution companies through public bidding. The sponsors offered tariff of US$  54.4/MWh (BRL 107.69/MWh) and committed to start supplying the market in 2016.  The investment was estimated at US$ 26.6 million (BRL 51.9 million). Construction works commenced in May 2015, and the power plant commenced operations in January 2016.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
In January 2015, the Brazilian company Socicam Administracao, Projetos e Representacoes Ltda was awarded the 5-year contract to maintain and operate the Brigadeiro Cabral airport located at Divinopolis, state of Minas Gerais.  The bidding criteria was the lowest fee to operate the facilities. Sociedade Nacional de Apoio Rodoviario e Turistico (Sinart) presented the winning offer but was disqualified. Socicam offered US$ 3 million (R$ 10 million).  The contract was signed in February 2015, and the sponsors took over the operations in June 2015.
The Italian company Enel Green Power was granted the authorization to build a wind power plant located in the state of Bahia (28 MW in total capacity). The new plant which was named EOL Esperanca was the last power plant to be built in the Serra Azul wind complex (total capacity of 118 MW, see ID# 8374).   The special purpose company Enel Green Power Esperanca Eolica S.A. was created to manage the project, and a 35-year contract was signed with the regulatory agency ANEEL in February 2014.   In August 2013, the company had taken part in a competitive bidding process to sell electricity to the regulated wholesale market (20-year power purchase agreements were signed guaranteeing the sale of electricity to the national grid). The sponsor submitted the winning bid of US$ 43.8 /MWh (BRL 102.4/MWh).  The total investment committed to the power plants was estimated at US$ 41.8 million (BRL 139.6 million). Construction works commenced in January 2015 and were in advanced stages by December 2015. Enel financed the project with equity.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company was not subject to sector taxes.
In March 2013, the Brazilian company  Foxx URE-BA Ltda, a subsidiary of Foxx Inova Ambiental  S. A., was granted the 30-year authorization by the regulatory agency ANEEL to build and operate a urban waste residue fueled power plant located in the municipality of Barueri, state of Sao Paulo (20 MW in total capacity). In 2011, the company had signed a 30-year public-private partnership to build the waste to energy facility with the municipality of Barueri (the power plant was allowed to be built on the municipalities land and to use local solid waste).  Foxx-Haztec focuses its activities in waste recovery, renewable energy, and disposal in landfills. The company currently manages 30,000 tons of waste daily, representing 15% of the national market.  The total investment committed to project was estimated at US$ 111 million. In May 2015, the IFC granted a loan of US$ 30 million to the project. In addition, the state-owned bank Caixa Economica Federal also granted a US$ 69 million loan to the project. The remaining costs were equity financed.  In September 2014, the sponsor signed a 15-year electricity offtake agreement with the distribution company CEMIG. The project company agreed to provide the interconnection of the WtE plant to the electricity grid through an existing transmission line of 88/138 kV and an existing energy substation adjacent to the site. Commercial operation was set to initiate in June 2018.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.  In August 2012, the sponsor applied for carbon credits.
The Brazilian company Alupar Investimentos (Grupo Alusa) was granted an authorization to build two small hydro power plants located in the state of  Goias (municipalities of Santa Helena de Goias, Acreuna and Tuverlandia).  The following special purpose companies were established to manage the projects:  * Agua Limpa Energia S.A. - PCH Antonio Dias (23 MW, fomerly known as PCH Agua Limpa) * Verde 08 Energia S.A. - PCH Verde 08 (28.5 MW)  In October 2012, the company signed 30-year contracts with the regulatory agency ANEEL allowing the company to build and operate the power plants. In December 2013, PCH Antonio Dias took part in a bidding process to establish 30-year power purchase agreements with electricity distribution companies; the company won the contracts by offering the tariff of US$ 46.4/MWh (BRL 138 /MWh). PCH Antoino Dias committed to commence operations in 2018.  In August 2013, PCH Verde 08 also won power purchase agreements to sell electricity to distribution companies. The company offered the tariff of US$ 43.7/MWh (BRL 130 /MWh). PCH Verde 08 also committed to commence operations in 2018.  Alupar estimated the investment in each power plant as follows:  * PCH Antonio Dias - US$ 47.8 million (BRL 142.4 million) * PCH Verde 08 - US$ 68.8 million (BRL 204.8 million)  In April 2015, the company issued bonds in the value of  US$  84 million (BRL 250 million) to help finance both power plants and two transmission lines. The funding was set to cover 31.7% of PCH Verde 08 costs and 20% of PCH Antonio Dias costs.  The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%).  In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures.
Upower Honduras, a partnership of the American companies Upower (80%) and 3G Energy (20%), announced the construction and operation of two power plants located at La Gaceta, Nacaome region (each power plant with 50 MW in capacity). In January 2014, Upower was granted a 20-year power purchase agreement with the state-owned electricity distribution company ENEE.  The special purpose companies Produccion de Energia Solar y Demas Renovables, S.A. (PRODERSSA) and Pacific Solar Energy, Inc. (PSE) were established to manage the projects.  The investment was estimated at US$ 190 million. In September 2014, Upower signed an EPC contract with the american company WTEC.  Information on the precise date the construction works started was not available. Commercial operation commenced in May 2015.  In December 2015, BCIE approved a US$ 40 million loan to Pacific Solar.
On Dec 18, 2015, construction of a solar power plant commenced in Wusha Town, Chizhou City, Anhui Province. The developer was a local privae company Risen Energy Co., Ltd. This was a program to be implemented in three phases. The first phase had a total investment of US$ 112.40 million (RMB 700 million) and power generation capacity of 80MW. Construction was expected to be completed within 8 month. The entire program had a total investment of US$ 289.04 million (RMB 1800 million) and the total power generation capacity was 170MW. Other information was not released so far.
In 2014, the Brazilian company Odebrecht Ambiental, a subsidiary of Construtora Odebrecht, was awarded the 35-year concession contract to expand, rehabilitate and operate the water and sewerage facilities of Sao Jose de Ribamar and Paco do Limiar, located at the state of Maranhao. The contract was awarded by a consortium established by the municipalities, and the investments were expected to benefit around 278,618 people.  Details on the bidding criteria and on other bidders were not available. The contract was signed in January 2015, and the private sponsor took over the operations of the water and sewerage services in the same month.  The special purpose company Odebrecht Ambiental Maranhao was set to lead the project. The total investment in the project was estimated at US$ 151.2 million (BRL 450 million).
The project includes financing for the development of 3 greenfield waste management facilities and one brownfield waste management plant in Turkey. Heksagon Kati Atik (HKA) and IFC are sponsors. HKA’s operational plant is located in Pamukova, Sakarya (Turkey, Marmara Region). The 3 greenfield facilities will be located in Bilecik, (Turkey, Marmara Region), Soke, Aydin (Turkey, Aegean Region) and Odemis, Izmir (Turkey, Aegean Region). IFC provided a $50 million loan and $20 million equity contribution. The total project cost is $226 million. Financial close took place on May 28, 2015.
In July 2013, Colombian company Interconexion Electrica (ISA), through its subsidiary Consorcio Supervisor Transmantaro (CST), was awarded the contract to design, finance, construct, operate and maintain Mantaro-Marcona-Socabaya-Montalvo (MAMO) 920-km transmission line at the Huancavelica, Ica, Arequipa and Moquegua districts (500kv).  Besides CST, two other bidders took part in the process: ASA Iberoamerica S.A and Consorcio Redes Energeticas Nacionais. The bidding criteria was the lowest annual revenue.  The sponsor signed a 30-year concession contract with the Peruvian Energy and Mines Ministry in September 2013.  The sponsor committed to invest US$ 447 million in the project. Financial closure took place in March 2015 when a US$ 250 million credit agreement was arranged by Banco de Crédito del Perú to finance five CST projects in the country, including the Mantaro-Marcona-Socabaya-Montalvo transmission line.  Environmental clearance was granted in November 2015. Construction works commenced in the same month, and operations were expected to commence in 2017. As of August 2016, 75% of the construction works had been concluded.
In October 2013, the Brazilian company Santa Vitoria Acucar e Alcool Ltda was granted the 30-year authorization to build and operate a sugar-cane-residue fueled power plant located in the state of Minas Gerais (124.2 MW in total capacity). The power plant was named UTE Santa Vitoria.  Santa Vitoria Acucar e Álcool Ltda was established as a subsidiary of ERB - Energias Renováveis do Brasil S.A.(a partnership of the investment funds FIP Ambiental, 26,4%; Rioforte Investment Holding, 26.2%; state-owned FI-FGTS, 26.2% and BNDES Participacoes, 20.5%). In July 2014, the contract was transferred to a newly created Project company named ERB MG Energias S.A.  The value of the investment was estimated at US$ 82.4 million (BRL 245.2 millions).   The government periodically runs public bidding for the sale of energy to the country´s distribution companies. The power plant  won the public bidding that took place in April 2015, by offering an average tariff of US$ 91.4/MWh (BRL 272/MWh) for 25-year power purchase agreements with the several electricity distribution companies.   Commercial operations of the power plant commenced in June 2015. In November 2015, the state-owned bank BNDES approved a US$ 10.5 million (BRL 35.1 million) loan to the project company.
The project entails the construction of a 3MW WtE power plant in Kigali, Rwanda. Project sponsor is Agruni (100%). Financial close took place on 18 November 2015.
On May 14, 2015, construction of a solar power plant commenced in Lingtou Town, Ruzhou City, Henan Province. The developer, the Hong Kong based Hengyuan Hong Kong Properties Group (details of this company were actually unknown) had a 100% stake in the project. The total investment was US$ 93.14 million (RMB 580 million). The PV plant had a capacity of 60MW. No more key information points were available in the media about this project. An SPV Ruzhou City Yihui PV Technology Company Limited was established to implement the project.
In July 2011, the American company Stevedoring Services of America and the Mexican company Braniff (minority shareholder) won in a competitive bidding the right to build, lease  and operate a new container terminal at Tuxpan Port in Mexico. The project consisted of (i) the construction of a 560 meter quay; (ii) the installation of four Super Post-Panamax Ship-to-Shore gantry cranes, eight Automatic Stacking Cranes (ASCs) and other terminal handling equipment; and (iii) the construction of a 13 hectare container yard. The facility's capacity was expected to reach 900 thousand containers per year.   The bidding criteria was the best technical and economical proposal. The port authority conducted the bidding process, but no additional information on the other bidders was available. The sponsors created the special purpose company Riberas Pantepec S.A. de C.V. to lead the project, and the 20-year contract was signed in July 2011.   The project's investment was estimated at US$ 370 million. In June 2014, the IFC approved a US$ 75 million A-loan to the project, but financial closure was achieved in May 2015, when Mexican banks Banobras and Bancomext have agreed to provide US$ 224 million in 15 year debt financing for the Tuxpan Container Terminal.  Construction works began in April 2013, and operations were expected to commence by 2015.
The 105MW Ambuklao hydroelectric power plants is located in Bokod, Benguet, Philippines. The power plant got operational in 1956 with a total capacity of 75MW. Rehabilitation of its turbines and generators is planned. The fully rehabilitated plant has 3 turbines of 35 MW each with a combined average annual production of about 332 GWh.  The financing will be used to repay existing loans, to fund the rehabilitation of both Ambuklao and Binga hydropower plants and for general corporate purposes. The Ambuklao plant has a capacity of 105MW following upgrades. The new loan agreement comprises both a refinancing and extension of the company’s credit facility up to $436.23 million from a group of four lenders, according to local media reports.
Content Solar Ltd., a wholly-owned subsidiary of the American company WRB Enterprises, announced the development of a 20-MW solar power plant in Claredon, Jamaica. The sponsor signed a 20-year PPA with the country's electricity utility.  The investment was estimated at US$ 60 million. In June 2015, OPIC granted a US$ 47 million loan to the project. The remaining cost was set to be equity financed.  Construction works commenced in July 2015. Operations were expected to commence in June 2016.
On October 12, 2015, a local private company Anhui Guozhen won a bid to rehabilitate and operate the Langxi County Wastewater Treatment Plant in Langxi County, Anhui Province. The project scope included operation of the existing 1st phase of the plant of 20,000 tons per day, and build and operate the 2nd phase of 20,000 tons per day together with 30 km associated networks. Anhui Guozhen won the work through an open bidding process. The 1st phase was acquired at a price of US$ 21.22 million (RMB 191 million) and the construction cost for the 2nd phase was US$ 6.12 million (RMB 20 million). The concession term was 25 years.
The project entails the construction of a 30 MW WtE plant in Chuzhou City, Anhui Province. Total investment stands at RMB 320 million or $ 47.44 million. Sponsor of the project is China Everbright. The facility will process approximately 300,000 tonnes of agricultural waste and straw per annum. DP Cleantech is the EPC contractor. Financial close took place in January 2015.
Khuti Kun Wind Farm is 49.5MW facility run by Tenaga Generasi Limited. The project is located about 30km southwest of Gharo town in the Thatta district of Singh Provence, Pakistan.  Tenaga Generasi Limited is a wholly owned by Dawood Lawrencepur Limited a subsidiary of Dawood Group.  Tenaga Generasi has signed license agreement with the National Electric Power Regulatory Authority (Government of Pakistan). The agreement is for a 20yr DBFMO. PPA has yet to be signed. The wind farm is expected to produce 156GWh of electricity annually.  Khuti Kun Wind Farm is expected cost $117m USD, of which $29m USD is expected to be financed by equity and $88m USD is expected to be financed by debt. The $29m USD in equity will be provided by Dawood Lawrencepur Limited. Debt financing will be provided by the IFC ($22m USD), Overseas Private Investment Corporation ($44m USD), Habib Bank ($11m USD), and Soneri Bank ($11m USD). Tenaga Generasi Limited reached Financial Closure in March, 2015.  Khuti Kun Wind Farm is expected to by operational 2016
Bibiyana Power Project is a 341MW Combined Cycle Gas Power Plant operated by Summit Bibiyana II Power Company. The power plant is located near Parkul Village in the Bibiyana Gas field on the banks of the Kushiyara River.  Summit Bibiyana II Power Company is an SPV owned by Summit Industrial and Mercantile Corporation (80%) and General Electric Energy (20%). A 22yr Power Purchased Agreement was awarded by the Bangladesh Power Development Board in 2011 through a competitive bidding process.  Bibiyana Power Project is a Build Own Operate facility. Bangladesh Power Development Board is the sole offtaker.  Summit Bibiyana II Power Company reached financial closure in April 2015. The Project is expected to cost 305m USD, of this 95m USD will be equity financed and 210m USD will be debt financed, with a debt equity ratio of 70:30. Of the proposed 90m USD equity 45m is to be provided by the Summit Group and 45m is to be provided by GE Electric. For the 210m USD debt financing, $ 80 million ( $ 75 million in debt and $ 5 million in equity) is provided by IFC, $ 75 million by ADB, and $ 60 million by IsDB.  Bibiyana Power Project was expected to begin simple-cycle production during the first quarter of 2015 and combined-cycle production by the end of the year
The  project being developed by Kaithal Tollway Pvt Ltd ("Project Company") entails the four-laning of 166KM Kaithal-Rajasthan border section of the National Highway 152/65 (NH-152/65) toll road in India.   The project company is a 100% subsidiary of  IRB Infrastructure Developers ("Sponsor"). The contract was awarded by a process of competitive bidding by National Highways Authority of India (NHAI), under National Highway Development Project Phase - IV.   This is a brownfield project to developed on a DBFOT toll basis.Concession period is 27 years with an estimated construction time of just under three years. The project is expected to get USD $ 36.0 million as viability gap funding from NHAI.  The total project cost is USD $359.7 million to be funded in a debt to equity ratio of 60:40. The total debt of USD $ 218.62 million will be provided by 8 local project finance institutions-Bank of Baroda, Bank of Maharashtra, Canara Bank, IDBI Bank, India Infrastructure Finance Company, Indian Overseas Bank, Infrastructure Development Finance Company, Union Bank of India. They will be contributing USD 27.33 million each. The sponsor will invest USD $141.1 million in equity.
In March 2013, a local private company Zhongde (China) Environmental Protection Company Limited signed an agreement with the Xuanwei Municipal Government to finance, build and operate the 2nd solid waste incineration power plant commenced in Xuanwei City, Yunnan Province. The total investment was US$ 35.64 million (RMB 233 million) and Zhongde had a 100% stake in the project. The facility could process 500 tons of solid waste per day and the power generation capacity was 7.5MW. Construction commenced in April 2015 and would be completed in 18 months.
In April 2015, Estructura Plural Autopistas del Meta, a partnership of the Colombian Companies Estudios y Proyectos del Sol S.A. (Episol, 80%) and Sociedad Colombiana de Concesiones y Licitaciones S.A.S (Concecol, 20%), was awarded the contract to financing, construct, expand, rehabilitate and operate the 85.6-km road between Chirajara-Fundadores Intersection and Villavicencio-Bogota. Both Episol and Concecol were wholly-owned by the Colombian company Corficolombiana.  The project included the operation and improvement of the entire existing road (85.6 km) between Bogota and Villavicencio, and the construction of a second lane (24.6-km) between Chirajara and the entrance of Villavicencio (El Tablon), 7 tunnels, 20 bridges and viaducts.  Estructura Plural Autopistas del Meta, which was the party that proposed the project, was the only company to take part in the bidding process. The bidding criteria was the lowest funding provided by the government, and since there was no other bidder, no public financing was made available to the project.  The special purpose company Concesion Vial de Los Llanos SAS was created to manage the project. The 30-year contract was signed in May 2015, and the sponsors took over the operation of the existing assets in July 2015.  The total investment was estimated at U$$ 1164.3 million (Pesos 3200 billion).
In November 2015, Aguas de Camboriu S.A., a subsidiary of the Brazilian Aegea Saneamento e Participacoes (Grupo Equipav), was awarded the 35-year concession contract to provide water distribution and sewerage collection services to the city of Camboriu, State of Santa Catarina.   The municipality's population was estimated at 74.4 thousand. The project company committed to reach 98% of the city's population with water distribution until 2017 (100% by the end of the concession contract). With regards to sewerage collection services, the project company agreed only to maintain and operate the infrastructure to be provided by the municipality.  The bidding criteria was the lowest tariff, but no additional information was available on the winning bid and on the name of the other companies that took part in the bidding contest.  The total investment was estimated at US$ 48 million (BRL 160 million) over the concession period.
The project developed by Compania Hondurena de Energia Solar envisaged the construction and operation of a 70 MW photovoltaic power plant at Nacaome. The sponsor had secured a 20-year Power Purchase Agreement with state-owned utility Empresa Nacional de Energía Eléctrica (ENEE).  Compania Hondurena de Energia Solar was established as a wholly-owned subsidiary of Inversiones y Representaciones Electromecánicas, S.A. de C.V. (IRESA).  The investment was estimated at US$ 120 million. In January 2015, the IFC approved a US$ 30.75 million financing package (US$ 0.75 risk management; US$ 30 million loan). In addition, the Austrian development bank OEEB also approved a 25 million loan. The remaining costs were equity financed.
In November 2015, Aguas de Penha Saneamento SPE S.A., a 50/50 partnership of the Brazilian companies Aegea Saneamento e Participacoes (Grupo Equipav) and Serrana Engenharia, was awarded the 35-year concession contract to provide water and sewerage services to the city of Penha, State of Santa Catarina.   The municipality's population was estimated at 28.7 thousand. The project company committed to reach 95% of the city's population with water distribution by 2020 and 61% with sewerage collection services by 2025. Full coverage was set to be attained by the end of the concession contract.  The bidding criteria was the lowest tariff, only Aguas de Penha took part in the bidding contest. No additional information was available on the bidding process, which took place in October 2015.  The total investment was estimated at US$ 54.3 million (BRL 181 million) over the concession period.
The project entails the construction of a 6.7 MW WtE plant in Guanyun County, Jiangsu Province. Total investment stands at RMB 270 million or $ 40.03 million. Sponsor of the project is China Everbright. The project will be constructed on a build-operate-own (BOO) basis. Financial close took place on June 17, 2015.
Metro Wind Power Project is a 50MW facility located in the Jhimpir Wind Corridor of the Thatta District, Sindh Province, Pakistan and run by the SPV, Metro Power Company Limited.  Metro Power Company Limited is owned by the Iqbal Alimohamed family (%45.1), InfraCo (%45.1), and the IFC (%9.8). The Metro Wind Power Project received a 20yr license from the National Electric Power Regulatory Authority in 2014.  Metro Power Company Limited has entered into a 20yr EPA with the National Transmission & Dispatch Company.  Metro Wind Power Project reached financial closure in February, 2015. Of the projected $130.16m USD cost, $20.16m USD is to be financed through equity and $110m USD is to be financed through debt. Equity is provided by the Iqbal Alimohamed family ($8.43m USD), InfraCo ($8.43m USD), and the IFC ($3.3m USD). Debt financing is provided by the IFC ($22.5m USD), ECO Trade and Development Bank ($22.5m USD),the National Bank of Pakistan ($16.25m USD), United Bank Limited of Pakistan ($16.25m USD), Askari Bank ($16.25m USD), and Alfalah Bank ($16.25m USD).  Metro Wind Power Project is expected to start producing electricity by the end of 2015.
In November 2014, the Brazilian company Odebrecht Ambiental was awarded the 30-year concession contract to expand, rehabilitate and operate the water and sewerage facilities of Sumare, located at the state of Sao Paulo. The contract was awarded by the municipality, and the investments were expected to benefit around 241,311 people.  The sponsor was awarded the contract by offering the highest payment for the concession rights (US$ 38.7 million or BRL 91 million, 13.75% above the minimum set by the authorities). Besides Odebrecht, only the Brazilian company Aegea took part in the bidding process. The contract was signed in December 2014, and the private sponsor took over the operations of the water and sewerage services in June 2015.  The special purpose company Odebrecht Ambiental Sumare was set to lead the project. The total investment in the project was estimated at US$ 148.9 million (BRL 350 million).
The project entails the construction of a 18 MW biomass power generation plant in Huai'an City, Jiangsu Province. Sponsor of the project is China Everbright. Total investment stands at RMB 240 million or $ 35.58 million. BOO is the type of concession. Financial close took place on December 14, 2015.
The project entails development of  a 100.8MW wind power plant in the district Bhesada of  Rajasthan by Renew Wind Energy (Rajasthan 3) Private Limited ("Project Company"). The Project Company is a 100% subsidiary of Renew Power Ventures. The project will use Suzlon Energy manufactured 2.1 MW wind turbine generators. The power from the project will be sold to the Rajasthan state utility under a long term fixed price contract. Further details on contract award or contract period were not available.  Financing comprises a USD $50 million (INR2.97 billion) 6-year term loan facility by Rabo Bank, a USD $50 million (INR2.97 billion) 15-year  term loan by FMO, Netherlands and USD $32 million (INR1.98 billion) equity. Financial close occurred on  20 August 2015.
YDA Group won the tender for the 25-year rights to operate the Dalaman airport by offering the highest bid of 705 million euro (US$ 800.7m) in the tender held by DHMI (General Directorate Of State Airports Authority) in March 2014. In addition, EBRD is providing €175 (US$ 197.7m) a 16-year A-loan  composed of of €87.5 million for the Bank’s own account and a 15-year B-loan €87.5 million syndicated to UniCredit Bank Austria. The concessionaire YDA Construction is also investing €75 (US$ 88m) million of equity  Both the international and the new domestic terminal will be run by YDA Havalimani Yapim ve Isletme A.S. under a concession agreement until the end of 2040. The domestic capacity with the new terminal should increase from 3 million to 10 million passengers per year.  The ATM Airport concession, a joint-venture of YDA (80%) and Turkuaz (20%), has held a concession for the Dalaman International Airport since 2006, which expires on the 28 April. However, as of August 2014, the YDA Havalimani Yapim ve Iskletme SPV began operational responsibility for the domestic terminal.
The project entails the construction of Laiwu Food Waste Treatment Plant in Laiwu City, Shandong Province. Sponsor of the project is China Everbright. It has a total investment of RMB 50 million or $ 7.41 million and will be operated under a build-operate-transfer (BOT) type, with a concession period of 30 years. It has a designed daily food waste processing capacity of 100 tonnes and will adopt an operating model that integrates collection,transportation and processing. Financial close took place on June 2, 2015.
In December 2001, Terlogs Terminal Maritimo Ltda, a subsidiary of SOGO South Ocean Graos e Oleos (Grupo Agrenco), announced the development a grain terminal at Sao Francisco do Sul Port, state of Santa Catarina with 107,000 thousand tons in capacity.   The sponsors invested US$ 15 million in constructing the new merchant terminal, which became operational in March 2003.  In 2005, the Japanese company Marubeni signed 10-year priority sales rights to Terlogs' shares. The company initially acquired a 6.8% stake in the terminal, and later increased its ownership to 25.5%. By November 2011, Marubeni invested US$ 60 million to acquire full ownership of the terminal, which by that time accounted for more than 50% of the port's cargo.  In July 2015, the state-owned bank approved a US$ 10.8 million (BRL 35.9 million) loan to finance Terlog's expansion of its terminal facilities capacity to 182,000 thousand tons. The total investment on the facility was estimated at US$ 25.5 million (BRL 85 million).
The project entails the construction of a 12 MW WtE plant in Laiwu City, Shandong Province. Total investment stands at RMB 385 million or $ 57.08 million. Sponsor of the project is China Everbright. The facility will be undertaken under BOT concession with a contract period of 30 years. Financial close took place on June 2, 2015.
In April 2015, a local private company Anhui Guozhen Environmental Protection Science & Technology Co. Ltd. won a bid to finance, build and operate the Qingxi Wastewater Treatment Plant in Hefei City, Anhui Province. The concession term (including construction period) was 29 years. Construction of the plant commenced in November 2015. The design treatment capacity of the facility was 200,000 tons per day. The total investment was US$ 169.25 million (RMB 1054 million) and Anhui Guozhen had a 100% stake in the project.  The plant was an underground one to prevent pollution to the community.
The project entails the construction of a 18 MW biomass power plant in Nanjing, Jiangsu Province with a waste processing capacity of 180,000 tonnes per annum in Nanjing, Jiangsu, China. Sponsor of the project is China Everbright. BOO is the type of concession. Financial close took place on October 5, 2015.